# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072043
**Filing Date:** 2023-3
**Character Count:** 919951
**Document Hash:** 53bdee4b785b4ed0dd2cb735f82d679e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072043.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072043

**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:** 23774176

**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 High Yield Muni ETF (Series ID: S000019193)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000053010 | VanEck High Yield Muni ETF | HYD             |

## Nport-Ex

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 98.2%** |  |  |
| **Alabama: 2.3%** |  |  |
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/25 | $315 | $311516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/26 (c) | 1400 | 1332219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/26 (c) | 2000 | 1811271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/26 (c) | 5900 | 5412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)<br> 5.00%, 10/01/27 (c) | 1000 | 1056718 |
| &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) | 3960 | 3903688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB)<br> 6.38%, 11/01/30 (p) | 1180 | 1324911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)<br> 5.75%, 10/01/29 (c) | 15040 | 15714601 |
| Jefferson County, Sewer Revenue, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/23 (c) | 10000 | 10684479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/23 (c) | 9000 | 9623047 |
| Jefferson County, Sewer Revenue, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/23 (c) ^ | 100 | 47683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/23 (c) ^ | 60 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District, Project No. 2 (RB) (SAW)<br> 4.00%, 12/01/25 (c) (p) | 1000 | 1004793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB)<br> 5.00%, 03/01/26 (c) | 1350 | 1354114 |
| &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;Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB)<br> 6.00%, 07/15/32 (c) (p) | 14500 | 13320996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)<br> 4.50%, 05/01/29 (c) | 3204 | 2930696 |
|  |  | 70854723 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Alaska: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Tobacco Securitization Corp., Series A (RB)<br> 4.00%, 06/01/31 (c) | $1500 | $1369434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Tobacco Securitization Corp., Series B-1 (RB)<br> 4.00%, 06/01/31 (c) | 4030 | 4009902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Tobacco Securitization Corp., Series B-2 (RB)<br> 0.00%, 06/01/31 (c) ^ | 3000 | 399079 |
|  |  | 5778415 |
| **American Samoa: 0.2%** |  |  |
| American Samoa Economic Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 (c) | 4250 | 4283346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/28 | 250 | 271085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/01/25 (c) | 1000 | 1054773 |
|  |  | 5609204 |
| **Arizona: 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB)<br> 4.50%, 07/01/29 (c) | 1000 | 925723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)<br> 5.00%, 01/01/27 (c) | 200 | 205059 |
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/27 (c) | 2940 | 3018673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/27 (c) | 1320 | 1374287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB)<br> 5.00%, 09/01/27 (c) | 1545 | 1524969 |
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/01/26 (c) | 250 | 251425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/26 (c) | 500 | 490986 |
| Arizona Industrial Development Authority, Basis School Project, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 270 | 255784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 515 | 481680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)<br> 5.00%, 07/01/27 (c) | 500 | 473673 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)<br> 5.25%, 07/01/28 (c) | $1000 | $983536 |
| Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 07/15/27 (c) | 1155 | 1076891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 (c) | 400 | 391934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 (c) | 300 | 281194 |
| Arizona Industrial Development Authority, Education Facility, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 1050 | 1055694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 2100 | 2110494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Kaizen Education Project (RB)<br> 5.70%, 07/01/26 (c) | 1000 | 1017593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)<br> 6.62%, 07/01/27 (d) \* | 1000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM)<br> 6.75%, 07/01/27 (c) (d) \* | 2000 | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB)<br> 4.00%, 07/01/24 (c) | 500 | 481600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB)<br> 4.00%, 07/15/28 (c) | 1370 | 1197176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB)<br> 4.50%, 07/15/25 (c) | 500 | 490391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB)<br> 4.00%, 12/15/29 (c) | 1400 | 1097832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Series B (RB) (AGM)<br> 4.00%, 07/01/29 (c) | 1040 | 1033301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG)<br> 5.00%, 07/01/29 (c) | 6990 | 7353391 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **Arizona (continued)** |  |  |
| Glendale Industrial Development Authority, Beatitudes Campus Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/24 (c) | $250 | $237722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/24 (c) | 1000 | 900580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB)<br> 5.00%, 05/15/26 (c) | 1340 | 1193394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Industrial Development Authority, Sun Health Services, Series A (RB)<br> 5.00%, 11/15/26 (c) | 3000 | 2990612 |
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/25 | 315 | 311709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 900 | 904689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1000 | 952255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 500 | 478541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)<br> 5.00%, 07/01/28 (c) | 750 | 754559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)<br> 5.00%, 07/01/25 (c) | 2320 | 2235119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)<br> 5.00%, 07/01/26 (c) | 750 | 754875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB)<br> 4.00%, 01/01/26 (c) | 5830 | 4949152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)<br> 6.00%, 07/01/28 (c) | 1000 | 1040142 |
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1400 | 1461606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1300 | 1362873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)<br> 5.00%, 07/01/29 (c) | 500 | 467026 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | $500 | $500794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1990 | 1883930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Paradise School Project (RB)<br> 5.00%, 07/01/26 (c) | 1750 | 1706558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)<br> 5.00%, 11/15/24 (d) \* | 255 | 232344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB)<br> 4.15%, 12/01/31 (c) | 5000 | 3900864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County Industrial Development Authority, American Leadership Academy Project (RB)<br> 5.62%, 06/15/25 (c) | 1250 | 1261337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG)<br> 5.00%, 06/15/25 (c) | 500 | 474711 |
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/26 (c) | 250 | 252115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/26 (c) | 250 | 246868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/26 (c) | 250 | 248215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Arizona Industrial Development Authority, Edkey Charter School Project (RB)<br> 5.00%, 07/01/26 (c) | 1000 | 1020498 |
| Salt Verde Financial Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 | 9605 | 10188564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 | 305 | 313276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/25 | 265 | 276199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/27 | 215 | 229465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 | 245 | 264228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Friendship Village of Tempe (RB)<br> 5.00%, 12/01/26 (c) | 355 | 307510 |
| Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/27 (c) | 1200 | 1115849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/01/27 (c) | 5300 | 4786918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/01/27 (c) | 600 | 534673 |
|  |  | 80263056 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arkansas: 0.8%** |  |  |
| Arkansas Development Finance Authority, Big River Steel Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/26 (c) | $20570 | $18644975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/27 (c) | 2000 | 1884786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)<br> 5.45%, 09/01/25 (c) | 6000 | 6003389 |
|  |  | 26533150 |
| **California: 11.2%** |  |  |
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 1650 | 1719578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 2055 | 2134701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 5000 | 5176260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 3000 | 3144422 |
| Anaheim Community Facilities District No. 08-1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 420 | 388031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 615 | 584165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 160 | 159070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority, Anaheim Public Improvements Project, Series A (RB) (BAM)<br> 5.00%, 09/01/27 (c) | 2000 | 2158768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antelope Valley Healthcare District, Series A (RB)<br> 5.25%, 03/01/26 (c) | 1480 | 1524371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice, Financing Authority Clean Energy Project, Series A-1 (RB)<br> 5.00%, 08/01/29 (c) (p) | 1000 | 1068217 |
| &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) | 1500 | 1521482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community College Financing Authority, Orange Coast College Project (RB)<br> 5.25%, 05/01/28 (c) | 1695 | 1753682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Arbors, Series A (RB)<br> 5.00%, 08/01/30 (c) | 3100 | 3049926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Creekwood, Series A (RB)<br> 4.00%, 08/01/31 (c) | 11735 | 9633107 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB)<br> 4.00%, 08/01/31 (c) | $8150 | $7185804 |
| California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/31 (c) | 4000 | 2863678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 2000 | 1664842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM)<br> 4.00%, 08/01/32 (c) | 3000 | 2265054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB)<br> 4.00%, 08/01/31 (c) | 4000 | 3162256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB)<br> 5.00%, 02/01/30 (c) | 3000 | 2900799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB)<br> 4.00%, 08/01/32 (c) | 2000 | 1604512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Series A-1 (RB)<br> 4.00%, 08/01/31 (c) | 4500 | 3974482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Stoneridge Apartments, Series A (RB)<br> 4.00%, 02/01/31 (c) | 6000 | 4724993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)<br> 5.88%, 01/30/23 (c) | 15 | 15269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)<br> 5.00%, 01/17/23 (c) | 15 | 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Series A (RB)<br> 4.00%, 06/01/30 (c) | 1170 | 1080219 |
| California Health Facilities Financing Authority, Children's Hospital, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/27 (c) | 250 | 235430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/15/27 (c) | 500 | 502987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 460 | 483238 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (c) | $990 | $1022627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)<br> 4.00%, 04/01/30 (c) | 2110 | 1962989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, El Camino Hospital, Series A (RB)<br> 5.00%, 02/01/25 (c) | 1000 | 1021193 |
| California Health Facilities Financing Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/30/23 (c) | 1150 | 1150418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/23 (c) | 2000 | 1903358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Sutter Health, Series A (RB)<br> 5.00%, 11/15/27 (c) | 2500 | 2594755 |
| California Housing Finance Agency, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/35 | 973 | 943590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/33 | 3800 | 3853256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB)<br> 5.00%, 08/01/29 (c) | 1085 | 1251958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB)<br> 5.00%, 07/01/30 (c) | 1000 | 847348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)<br> 5.00%, 01/01/31 (c) | 2500 | 2092997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL)<br> 5.00%, 04/01/25 (c) | 1910 | 1882972 |
| California Municipal Finance Authority, California Baptist University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/25 (c) | 500 | 508225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 11/01/23 (c) | 1000 | 1016453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB)<br> 5.00%, 07/01/32 (c) | 1000 | 922761 |

---

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---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB)<br> 5.00%, 11/15/28 (c) | $500 | $519546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM)<br> 4.00%, 11/15/28 (c) | 150 | 146998 |
| California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/31 (c) | 3650 | 2916775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/31 (c) | 5000 | 4795833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM)<br> 4.00%, 05/15/31 (c) | 1500 | 1477436 |
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 200 | 214778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 250 | 268349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Healthright 360, Series A (RB)<br> 5.00%, 11/01/29 (c) | 2000 | 1998900 |
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 500 | 472546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 500 | 462163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 500 | 497172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Julian Charter School Project, Series A (RB)<br> 5.62%, 03/01/25 (c) | 2390 | 2300767 |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 2490 | 2543889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 600 | 650526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 500 | 541849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 | 65 | 70515 |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/30/28 (c) | 1950 | 1902409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 1000 | 1040721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 1035 | 1117627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 (c) | 700 | 742522 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)<br> 5.25%, 11/01/26 (c) | $230 | $233683 |
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 500 | 474030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 130 | 126588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1000 | 903712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM)<br> 4.00%, 11/15/28 (c) | 250 | 243464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB)<br> 4.00%, 07/15/29 | 19000 | 18850383 |
| California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/01/22 (d) \* | 1000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/30/23 (c) (d) \* | 10500 | 525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/01/29 (c) (d) \* | 7000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/27 (c) (d) \* | 6635 | 331750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)<br> 7.50%, 07/01/32 (d) \* | 1000 | 130000 |
| California Public Finance Authority, Enso Village Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29 (c) | 1000 | 899762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 400 | 375349 |
| California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 485 | 476832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 110 | 107497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 1000 | 994603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 300 | 296375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB)<br> 5.00%, 07/01/26 (c) | 2000 | 2023493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Charter School Ivy Academia, Series A (RB)<br> 4.00%, 06/01/28 (c) | 1150 | 954617 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Charter School, John Adams Academies, Series A (RB)<br> 5.00%, 07/01/30 (c) | $1000 | $930219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Hawking Steam Charter School Project (RB)<br> 5.50%, 07/01/29 (c) | 1000 | 1007463 |
| California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/31 (c) | 1000 | 788156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/31 (c) | 2700 | 2084674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Partnerships To Uplift Communities Valley Project, Series A (RB)<br> 6.75%, 02/01/24 (c) | 1400 | 1451770 |
| California School Finance Authority, River Springs Charter School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 1000 | 931946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/25 (c) | 4425 | 4859697 |
| California School Finance Authority, Rocketship Education, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/01/26 (c) | 250 | 239427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/26 (c) | 250 | 241283 |
| California Statewide Communities Development Authority, Baptist University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/27 | 1500 | 1448269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1000 | 1005795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/23 (c) | 1000 | 1014498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, College Housing (RB)<br> 5.25%, 07/01/29 (c) | 250 | 228997 |
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/30/23 (c) | 32 | 30193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 6 | 5777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)<br> 5.75%, 01/30/23 (c) | 2 | 1702 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | $385 | $402141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 545 | 564824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, John Muir Health, Series A (RB)<br> 5.00%, 12/01/27 (c) | 2305 | 2413534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)<br> 5.00%, 06/01/29 (c) | 435 | 434970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Lancer Plaza Project (RB)<br> 5.62%, 11/01/23 (c) | 75 | 75497 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 1595 | 1621375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 12445 | 12486717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 1100 | 1144563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 350 | 364034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 (c) | 8975 | 9011543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 (c) | 1740 | 1789794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/26 (c) | 13380 | 13407586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/28 (c) | 1000 | 1022860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/24 (c) | 20180 | 20297054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/28 (c) | 6500 | 6589465 |
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 3230 | 3151424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 125 | 125023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB)<br> 3.50%, 05/15/26 (c) | 615 | 562641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB)<br> 5.00%, 05/15/27 (c) | 3170 | 3223532 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB)<br> 6.00%, 01/30/23 (c) | $3175 | $3235095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)<br> 6.00%, 01/30/23 (c) | 900 | 917032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fontana, Community Facilities District No. 90 (ST)<br> 4.00%, 09/01/28 (c) | 500 | 445738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fremont, Community Facilities District No. 1 (ST)<br> 5.00%, 09/01/25 (c) | 250 | 255529 |
| City of Irvine, Community Facilities District No. 2013-3 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 230 | 233298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 250 | 252989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) | 250 | 252208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Irvine, Reassessment District No. 15-2 (SA)<br> 5.00%, 09/02/25 (c) | 750 | 765362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Oroville Hospital (RB)<br> 5.25%, 04/01/29 (c) | 2500 | 2504607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST)<br> 4.00%, 09/01/26 (c) | 180 | 178227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rocklin, Community Facilities District No. 10 (ST)<br> 5.00%, 09/01/25 (c) | 810 | 831083 |
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/01/27 (c) | 500 | 483633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 155 | 165071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 130 | 137330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST)<br> 5.00%, 09/01/27 (c) | 3450 | 3545574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Roseville, Westpark Community Facility District No. 1 (ST)<br> 5.00%, 09/01/25 (c) | 200 | 205989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Clemente, Facilities District No. 2006-1 (ST)<br> 5.00%, 09/01/25 (c) | 1045 | 1068112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB)<br> 4.00%, 04/01/31 (c) | 6000 | 4795501 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency VII, Essential Housing, Series A-1 (RB)<br> 3.00%, 08/01/31 (c) | $3000 | $2143789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB)<br> 4.00%, 08/01/31 (c) | 1995 | 1615662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB)<br> 3.00%, 08/01/31 (c) | 6650 | 4639787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB)<br> 4.38%, 02/01/32 (c) | 1000 | 827084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency, Essential Housing, Series A-1 (RB)<br> 4.00%, 02/01/32 (c) | 2500 | 2206200 |
| Compton Public Finance Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/24 (c) | 1000 | 990485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/24 (c) | 1585 | 1577630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Los Angeles Community Facilities District No 2021-01 (ST)<br> 5.00%, 09/01/29 (c) | 1000 | 1030992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB)<br> 3.50%, 10/01/31 (c) | 1000 | 774603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB)<br> 4.00%, 10/01/31 (c) | 7750 | 6084470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, City Anaheim, Series A (RB)<br> 5.00%, 01/01/31 (c) | 6000 | 5318123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)<br> 3.00%, 12/01/31 (c) | 2000 | 1426772 |
| CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/32 (c) | 1000 | 731272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/32 (c) | 1500 | 1108882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB)<br> 3.00%, 07/01/31 (c) | 1000 | 771777 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB)<br> 3.12%, 06/01/31 (c) | $3000 | $2146611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB)<br> 4.00%, 07/01/31 (c) | 5350 | 4351769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB)<br> 3.25%, 07/01/32 (c) | 2000 | 1442004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB)<br> 3.00%, 07/01/32 (c) | 2500 | 1991083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB)<br> 4.00%, 08/01/31 (c) | 2000 | 1725792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB)<br> 4.00%, 06/01/32 (c) | 1000 | 776021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB)<br> 4.00%, 12/01/31 (c) | 1000 | 759552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB)<br> 4.00%, 07/01/31 (c) | 6200 | 4887263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB)<br> 4.00%, 04/01/32 (c) | 500 | 376770 |
| Dublin Community Facilities District No 2015-1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 529013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 520142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 516292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 485 | 496412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 1150 | 1199612 |
| Folsom Ranch Financing Authority (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 1100 | 1165461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 2000 | 2063442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)<br> 3.95%, 07/15/27 (c) | 100 | 94791 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB)<br> 3.50%, 07/15/29 (c) | $475 | $412101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series A-1 (RB)<br> 5.00%, 12/01/31 (c) | 2000 | 2127547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hastings Campus Housing Finance Authority, Series A (RB)<br> 5.00%, 07/01/30 (c) | 1000 | 824939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Cities Finance Authority, Mobil Home Park, Series A (RB)<br> 3.75%, 10/15/26 (c) | 250 | 194919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Elsinore Public Financing Authority, Local Agency (ST)<br> 5.00%, 09/01/25 (c) | 405 | 413957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lammersville Joint Unified School Distric, Community Facilities District No. 2014-1 (ST)<br> 5.00%, 09/01/25 (c) | 1000 | 1032468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)<br> 6.00%, 01/30/23 (c) | 37 | 37107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series C (GO)<br> 5.00%, 07/01/24 (c) | 1600 | 1665765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSR Energy Authority, Series A (RB)<br> 6.12%, 11/01/29 | 455 | 513186 |
| Orange County Community Facilities District No. 1, Series A (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/25 (c) | 975 | 979960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/25 (c) | 455 | 466826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health (RB)<br> 5.00%, 11/01/26 (c) | 250 | 264399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Pomerado Health, Series A (GO) (NATL)<br> 0.00%, 08/01/25 ^ | 125 | 116235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perris Union High School District Financing Authority (ST)<br> 5.00%, 03/01/25 (c) | 1000 | 1017191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poway Unified School District Public Financing Authority, Series A (ST)<br> 5.00%, 09/01/25 (c) | 750 | 779510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)<br> 5.00%, 09/01/26 (c) | 500 | 515913 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romoland School District No. 2004-1 (ST)<br> 5.00%, 09/01/25 (c) | $500 | $512994 |
| Sacramento County, Community Facilities District No. 2005-2 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 495 | 506223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 345 | 354921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A (RB)<br> 5.00%, 07/01/31 (c) | 745 | 801101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, International Airport, Series A (RB)<br> 5.00%, 01/01/29 (c) | 1475 | 1538847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS)<br> 5.00%, 05/01/24 (c) | 4750 | 4817543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jacinto Unified School District Financing Authority (ST)<br> 5.00%, 09/01/26 (c) | 300 | 310294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)<br> 5.00%, 01/15/25 (c) | 500 | 527168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)<br> 5.25%, 01/15/25 (c) | 200 | 203506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB)<br> 4.00%, 01/15/32 (c) | 2000 | 1945822 |
| San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/25 ^ | 1000 | 941335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/32 ^ | 145 | 105030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/36 ^ | 105 | 61943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)<br> 5.00%, 03/01/26 (c) | 500 | 511030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thousand Oaks, California Community Facilities, District No. 1994-1 (ST)<br> 5.38%, 09/01/23 (c) | 1035 | 1047419 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST)<br> 4.00%, 09/01/28 (c) | $1290 | $1183044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Northern California (RB)<br> 4.00%, 12/01/30 (c) | 4500 | 4109294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, Series A (RB)<br> 5.00%, 12/01/29 (c) | 3495 | 3665829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, Series B (RB)<br> 4.00%, 12/01/30 (c) | 1205 | 1199113 |
| Tustin Community Facilities District, Series A (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 (c) | 100 | 102187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 (c) | 100 | 101692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Val Verde Unified School District (ST)<br> 5.00%, 03/01/25 (c) | 750 | 767363 |
| Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/21 (d) \* | 850 | 297500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 09/01/23 (c) (d) \* | 530 | 185500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William S. Hart Union High School District No. 2015-1 (ST)<br> 5.00%, 09/01/26 (c) | 445 | 456941 |
|  |  | 351833713 |
| **Colorado: 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3rd and Havana Metropolitan District, Series A (GO)<br> 5.25%, 12/01/25 (c) | 1000 | 934819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Metropolitan District in the City and County of Broomfield, Series A (GO)<br> 5.00%, 12/01/23 (c) | 500 | 492957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas River Power Authority, Power Supply System, Series A (RB)<br> 5.00%, 10/01/28 (c) | 2010 | 2033226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Village Metropolitan District No. 2, Series A (GO)<br> 5.75%, 01/30/23 (c) | 1000 | 1005712 |
| Brighton Crossing Metropolitan District No. 6, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 500 | 468667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 500 | 484860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadway Station Metropolitan District No. 3, Series A (GO)<br> 5.00%, 06/01/24 (c) | 1425 | 1205940 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerra Metropolitan District No. 1 (GO)<br> 5.00%, 12/01/25 (c) | $1000 | $891013 |
| Centerra Metropolitan District No. 1 (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 500 | 482202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 500 | 500709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 500 | 463773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, United Airlines, Inc. Project (RB)<br> 5.00%, 10/01/23 (c) | 5195 | 5210772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)<br> 5.50%, 01/01/28 (c) | 2250 | 1775590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA)<br> 5.00%, 01/30/23 (c) | 1035 | 1022901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Creek Transit Metropolitan District No. 2, Series A (GO)<br> 5.00%, 12/01/26 (c) | 1000 | 884965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Crossing Metropolitan District No. 2, Series A-2 (GO)<br> 5.00%, 12/01/25 (c) | 3000 | 2663481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB)<br> 5.00%, 07/01/26 (c) | 1000 | 929594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)<br> 5.00%, 10/01/27 (c) | 500 | 475257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)<br> 4.00%, 08/01/29 (c) | 510 | 507878 |
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/29 (c) | 5 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/29 (c) | 5735 | 5401101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB)<br> 2.00%, 07/01/32 (c) | 536 | 268081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)<br> 5.00%, 12/31/24 (c) | 7250 | 7156333 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/24 (c) | $350 | $346813 |
| Creekwalk Marketplace Business Improvement District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 (c) | 500 | 453309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/26 (c) | 500 | 445112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)<br> 5.62%, 12/01/23 (c) | 1000 | 1008271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Water and Sanitation District (RB)<br> 5.88%, 12/01/28 (c) | 1000 | 1005032 |
| Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/25 (c) | 820 | 774233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/25 (c) | 2345 | 2293033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/25 (c) | 1865 | 1814128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Valley Ranch East Metropolitan District No. 6, Series A (GO)<br> 5.88%, 09/01/25 (c) | 1000 | 982824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Center Metropolitan District No. 1, Series A-2 (RB)<br> 4.38%, 12/01/23 (c) | 1000 | 833065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinston Metropolitan District No. 5, Series A (GO)<br> 5.12%, 12/01/25 (c) | 2000 | 1809911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painted Prairie Public Improvement Authority (RB)<br> 5.00%, 12/01/24 (c) | 1000 | 976857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Metropolitan District No. 1, El Paco County, Series A (GO)<br> 4.00%, 03/01/26 (c) | 540 | 466110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No. 3, Series A (RB)<br> 5.00%, 12/15/26 (c) | 4000 | 3999740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy (RB)<br> 6.50%, 11/15/38 | 2000 | 2480329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pueblo Urban Renewal Authority, Evraz Project, Series A (TA)<br> 4.75%, 12/01/30 (c) | 5030 | 4242473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)<br> 3.62%, 06/01/26 (c) | 981 | 736284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB)<br> 4.00%, 10/01/26 (c) | 5750 | 4114449 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB)<br> 4.00%, 07/15/39 | $1500 | $1466659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB)<br> 4.00%, 07/15/40 | 1615 | 1564250 |
| Rocky Mountain Rail Park Metropolitan District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 6850 | 5597732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 1000 | 882857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southglenn Metropolitan District (GO)<br> 5.00%, 01/30/23 (c) | 1000 | 955689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands Metropolitan District No. 1, Series A-1 (GO)<br> 5.00%, 12/01/27 (c) | 1200 | 1150712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)<br> 4.25%, 12/01/25 (c) | 1000 | 803516 |
| Transport Metropolitan District No. 3 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 4200 | 3831212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 4000 | 3284976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tree Farm Metropolitan District (GO)<br> 4.75%, 12/01/26 (c) | 2000 | 1748844 |
| Velocity Metropolitan District No. 3 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/01/23 (c) | 500 | 501773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/23 (c) | 1500 | 1505934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve Metropolitan District No. 1 (GO)<br> 5.00%, 03/01/26 (c) | 1025 | 1025489 |
| Windler Public Improvement Authority, Series A-1 (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 1000 | 826109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 1000 | 766713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/01/26 (c) | 4980 | 3535253 |
|  |  | 93493321 |
| **Connecticut: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgeport Housing Authority, Energy Performance Equipment (RB)<br> 5.60%, 01/10/23 (c) | 630 | 618906 |
| Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 3000 | 2721569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 2500 | 2317177 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Connecticut (continued)** |  |  |
| Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | $2630 | $2539283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1100 | 1080061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB)<br> 5.00%, 10/01/24 (c) | 8000 | 6608334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB)<br> 5.00%, 01/01/26 (c) | 2000 | 1875924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)<br> 4.00%, 07/01/29 (c) | 250 | 211509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)<br> 4.00%, 07/01/29 (c) | 250 | 202753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB)<br> 4.00%, 07/01/29 (c) | 500 | 471216 |
|  |  | 18646732 |
| **Delaware: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB)<br> 5.00%, 01/01/28 (c) | 1450 | 1403337 |
| Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/32 (c) | 915 | 722903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 1000 | 979696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 250 | 252195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware River & Bay Authority (RB)<br> 4.00%, 01/01/32 (c) | 1540 | 1547086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority (RB)<br> 5.00%, 06/01/26 (c) | 1100 | 1062751 |
|  |  | 5967968 |
| **District of Columbia: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Federal Highway Grant Anticipation (RB) (SAW)<br> 5.00%, 12/01/29 (c) | 1975 | 2303022 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **District of Columbia (continued)** |  |  |
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | $250 | $240542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 1180 | 1065729 |
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 2500 | 2368036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 500 | 495961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB)<br> 0.01%, 10/01/37 | 11325 | 5921582 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/37 ^ | 2020 | 1114739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/29 (c) | 7315 | 7148381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/29 (c) | 250 | 254187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/28 (c) | 245 | 281229 |
|  |  | 21193408 |
| **Florida: 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brevard County, Florida Health Facilities Authority, Series A (RB)<br> 5.00%, 04/01/32 (c) | 1000 | 1063314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)<br> 6.00%, 07/01/25 (c) | 295 | 270597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Education Growth Fund, Series A-1 (RB)<br> 5.00%, 07/01/31 (c) | 7200 | 6714200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB)<br> 5.00%, 07/15/26 (c) | 250 | 251646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)<br> 5.00%, 07/15/26 (c) | 500 | 495888 |
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/29 (c) | 500 | 495044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/01/29 (c) | 500 | 492616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/29 (c) | 500 | 480651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/01/29 (c) | 500 | 484865 |
| Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/27 | 260 | 256684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/27 (c) | 500 | 484601 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/28 | $2200 | $2084457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 (c) | 2200 | 2075410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 (c) | 2000 | 1960149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)<br> 5.00%, 07/01/30 (c) | 2250 | 1873739 |
| City of Orlando, Tourist Development Tax, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 | 1100 | 1221014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 500 | 542848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 2500 | 2757320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 3000 | 3312394 |
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/25 (c) | 230 | 228511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 1210 | 1229681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 300 | 304258 |
| Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/15/24 (d) \* | 590 | 342200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 05/15/24 (c) (d) \* | 460 | 266800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Airport System, Series A (RB)<br> 5.00%, 10/01/25 (c) | 2135 | 2246655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Clay (RB)<br> 4.00%, 10/01/29 (c) | 2100 | 2135256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lake, Retirment Facility, Series A (RB)<br> 5.75%, 08/15/27 (c) | 2000 | 1799414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue (RB) (BAM-TCRS)<br> 5.00%, 10/01/24 (c) | 3000 | 3055261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW)<br> 5.00%, 02/15/30 (c) | 2650 | 2858653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Central Charter School Project (RB)<br> 5.88%, 08/01/32 (c) | 1000 | 958794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB)<br> 5.00%, 06/15/27 (c) | 2225 | 2213714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)<br> 5.00%, 06/01/28 (c) | 425 | 403566 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/28 (c) | $1250 | $873250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/28 (c) | 1600 | 1260592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/27 (c) | 1000 | 930130 |
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/24 (c) | 1000 | 1019961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/25 (c) | 500 | 508550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/15/25 (c) | 685 | 691312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB)<br> 5.00%, 02/01/32 (c) | 1000 | 959932 |
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/01/26 (c) (p) | 9695 | 8959017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/29 (c) (p) | 9750 | 8869797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)<br> 3.00%, 06/01/24 (c) | 1500 | 1157369 |
| FRERC Community Development District (SA) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/29 (c) | 1500 | 1482133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/29 (c) | 2450 | 2395535 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/31 (c) | 1500 | 1209864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/31 (c) | 6500 | 6149929 |
| Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 500 | 500152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB)<br> 5.25%, 10/01/29 (c) | 1000 | 883126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County, Florida Airport, Series A (RB)<br> 5.00%, 10/01/25 | 1000 | 1049662 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/24 (c) | 3000 | 3011962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/24 (c) | 1880 | 1910097 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| Miami World Center Community Development District (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 11/01/27 (c) | $750 | $755088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/27 (c) | 250 | 250105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children's Hospital Project, Series A (RB)<br> 4.00%, 08/01/31 (c) | 1000 | 969646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Industrial Development Authority (RB)<br> 5.50%, 07/01/29 (c) | 1000 | 912731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Date County, Florida Subordinate Special (RB)<br> 5.00%, 10/01/26 (c) | 1360 | 1475285 |
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 2500 | 2551866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 500 | 515990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB)<br> 5.00%, 10/01/25 (c) | 1000 | 1017212 |
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/23 (c) | 705 | 703925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/23 (c) | 4135 | 4135388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Broward Hospital District, Series B (RB)<br> 5.00%, 01/01/28 (c) | 155 | 165814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Miami Beach Florida Water, Series A (RB) (SAW)<br> 5.00%, 08/01/30 (c) | 1000 | 1095180 |
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 200 | 201197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 200 | 195674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority, Orlando Health Obligated Group (RB)<br> 4.00%, 04/01/32 (c) | 2800 | 2641364 |
| Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/29 (c) ^ | 2905 | 1072650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/29 (c) ^ | 1250 | 492701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, Health Facilities Authority, Series A (RB)<br> 5.00%, 06/01/25 (c) | 3750 | 3436154 |
| Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 2500 | 2298424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 1000 | 977174 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Cost Park Community Development District (SA)<br> 5.70%, 01/30/23 (c) | $155 | $155099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Country Industrial Development Authority, Florida Industrial Development (RB)<br> 5.88%, 01/01/33 | 5000 | 5099427 |
| Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/26 (c) | 500 | 427917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/26 (c) | 2500 | 2182996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB)<br> 4.25%, 01/30/23 (c) | 2600 | 2436845 |
| Village Community Development District No. 12 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/01/26 | 195 | 189596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 05/01/26 (c) | 1000 | 951492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/01/26 (c) | 2365 | 1921749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/28 (c) | 920 | 846100 |
| Village Community Development District No. 13 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/29 | 720 | 665066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 05/01/29 (c) | 2780 | 2335038 |
|  |  | 132257463 |
| **Georgia: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Augusta Development Authority, AU Health System Inc. Project (RB)<br> 5.00%, 01/01/29 (c) | 1100 | 1082738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Series C (RB) (SAW)<br> 4.12%, 02/01/28 (c) | 6525 | 6117657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Series D (RB)<br> 4.12%, 02/01/28 (c) | 2000 | 1875144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG)<br> 5.50%, 12/01/24 (c) | 1250 | 1243748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM)<br> 5.00%, 03/01/27 (c) | 700 | 586374 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II World Congress Center Authority, Series A (RB)<br> 4.00%, 01/01/31 (c) | $2250 | $1888589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Local Government, Grantor Trust, Series A (CP) (NATL)<br> 4.75%, 06/01/28 | 416 | 448732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)<br> 5.75%, 06/15/27 (c) | 250 | 256374 |
| Main Street Natural Gas, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/27 (c) (p) | 7000 | 6749621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/49 | 2405 | 2478735 |
| Marietta Development Authority, Life University, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1000 | 956171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 5000 | 4978975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)<br> 5.00%, 07/01/25 (c) | 375 | 378637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB)<br> 5.00%, 07/01/28 (c) | 4500 | 4548830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A (RB) (BAM-TCRS)<br> 4.00%, 01/01/32 (c) | 2900 | 2812845 |
| White County Development Authority, Truett McConnell University Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 10/01/26 (c) | 500 | 459702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/26 (c) | 500 | 441931 |
|  |  | 37304803 |
| **Guam: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaum Government Limited Obligation, Section 30, Series A (RB)<br> 5.00%, 12/01/26 (c) | 2290 | 2378932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Business Privelage Tax, Series F (RB)<br> 4.00%, 01/01/31 (c) | 1000 | 991083 |
| Guam Government, Business Privilege Tax, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/25 (c) | 600 | 571135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 1100 | 1126402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 1040 | 1070097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 1085 | 1101592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 5805 | 5994601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Business Privilege Tax, Series F (RB)<br> 4.00%, 01/01/31 (c) | 7000 | 6596267 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Guam (continued)** |  |  |
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/30 | $500 | $509109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/30 (c) | 500 | 509847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Hotel Occupancy Tax, Series A (RB)<br> 5.00%, 11/01/30 | 750 | 834725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Limited Obligation, Series A (RB)<br> 5.00%, 12/01/26 (c) | 3120 | 3127506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority, Series A (RB)<br> 5.00%, 10/01/27 (c) | 500 | 517251 |
|  |  | 25328547 |
| **Hawaii: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB)<br> 4.00%, 03/01/27 (c) | 5000 | 4864102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuakini, Hawaii Health System, Series A (RB)<br> 6.38%, 01/30/23 (c) | 1775 | 1660772 |
| State of Hawaii, Department of Budget and Finance, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/23 (c) | 1400 | 1409472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 07/01/23 (c) | 2085 | 2102098 |
|  |  | 10036444 |
| **Idaho: 0.1%** |  |  |
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/26 (c) | 450 | 419129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 1135 | 1154279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, Terraces of Boise, Series A (RB)<br> 3.80%, 10/01/28 (c) | 100 | 86100 |
|  |  | 1659508 |
| **Illinois: 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Education of the City of Chicago, Series H (GO)<br> 5.00%, 12/01/27 (c) | 4000 | 4083356 |
| Chicago Board of Education, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 4975 | 4461968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 10000 | 8797499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 17255 | 17253530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 1265 | 1325516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 250 | 260103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1000 | 1063502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 1195 | 1259676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 6000 | 6146367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 7850 | 8005833 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | $4100 | $4341159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 9990 | 10326918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 3610 | 3715403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 100 | 103932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 395 | 413804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 4300 | 4366411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 5575 | 5923217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 8000 | 8057146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/25 (c) | 14210 | 15156237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/25 (c) | 5200 | 5618978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/27 (c) | 2250 | 2468944 |
| Chicago Board of Education, Series A (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/23 | 300 | 305331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 250 | 266119 |
| Chicago Board of Education, Series A (GO) (AMBAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/25 | 145 | 151419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 175 | 185135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/30 | 2500 | 2772333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/31 | 1285 | 1438090 |
| Chicago Board of Education, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/27 | 760 | 638331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/28 | 390 | 314431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/30 | 55 | 40604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 355 | 370664 |
| Chicago Board of Education, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 7130 | 6480378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 5000 | 4572029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 5000 | 4620926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 1105 | 1104960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 3235 | 3234713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 1500 | 1572603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 200 | 209469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 3600 | 3837217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/26 (c) | 4000 | 4260726 |
| Chicago Board of Education, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 3750 | 3869241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 2000 | 2096804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 (c) | 8040 | 8081130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 (c) | 8485 | 8539483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/24 (c) | 1160 | 1199390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Series C (GO) (AGM)<br> 5.00%, 12/01/28 (c) | 500 | 538593 |
| Chicago Board of Education, Series D (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/23 (c) | 4000 | 3963591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 2500 | 2497200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Series E (GO)<br> 5.12%, 12/01/24 (c) | 2415 | 2430117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Series G (GO)<br> 5.00%, 12/01/27 (c) | 4960 | 5118394 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | $3000 | $3019796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series H (GO)<br> 5.00%, 12/01/27 (c) | 7080 | 7106629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport, Series A (RB)<br> 5.00%, 01/01/24 (c) | 2500 | 2543012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport, Series A (RB) (AGM)<br> 5.00%, 01/01/24 (c) | 4000 | 4064307 |
| Chicago O'Hare International Airport (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 3000 | 3011448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/30/23 (c) | 400 | 401070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 8915 | 9050037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 1585 | 1609033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series B (RB)<br> 4.00%, 01/30/23 (c) | 1500 | 1500833 |
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/25 | 355 | 323474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/29 | 1460 | 1126997 |
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 690 | 556300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/29 ^ | 645 | 497886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/24 | 1165 | 1096256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/25 | 1650 | 1503472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/26 | 1630 | 1428350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/27 | 1030 | 865107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/31 | 520 | 366153 |
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/24 | 1200 | 1235284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 100 | 106695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 | 1000 | 1122079 |
| City of Chicago, City Colleges (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/30 ^ | 420 | 326231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 01/01/28 | 345 | 290871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 01/01/33 | 985 | 672783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 01/01/34 | 760 | 496479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)<br> 5.00%, 01/01/25 | 235 | 240692 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 200 | 209295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 1000 | 1046473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 3000 | 3225611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 3000 | 3214274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/24 (c) | 1810 | 1820020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/29 (c) | 1000 | 1040490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/27 (c) | 5000 | 5330791 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO) (NATL)<br> 0.00%, 01/01/29 ^ | $140 | $113440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO) (SAW)<br> 5.00%, 01/01/29 | 2775 | 2956478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series B (GO)<br> 5.25%, 01/01/25 (c) | 2195 | 2253783 |
| City of Chicago, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/32 ^ | 195 | 137431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 | 10 | 10125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 | 1760 | 1802629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 250 | 257497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 380 | 393614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series D (GO)<br> 5.50%, 01/01/25 (c) | 5000 | 5098219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Water Revenue, Second Lien (RB)<br> 5.00%, 03/03/23 (c) | 2500 | 2500798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Water Revenue, Second Lien (RB) (AMBAC)<br> 5.75%, 11/01/30 | 990 | 1087927 |
| City of Harvey, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/30/23 (c) (d) \* | 465 | 426056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/30/23 (c) (d) \* | 3600 | 3298500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County, Illinois, Series B (GO)<br> 4.00%, 11/15/26 | 1200 | 1266265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Acero Charter Schools, Inc. (RB)<br> 4.00%, 10/01/31 (c) | 1000 | 782508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Admiral Lake Project (RB)<br> 5.12%, 05/15/24 (c) | 390 | 287267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Central Baptist Village (RB)<br> 5.38%, 01/30/23 (c) | 35 | 34939 |
| Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1340 | 1132461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1000 | 962778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 4125 | 4133204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Christian Homes, Inc. (RB)<br> 5.00%, 05/15/26 (c) | 1875 | 1781981 |
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/23 (c) | 615 | 605621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/15/23 (c) | 230 | 221419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/23 (c) | 750 | 730855 |
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) (d) \* | 6500 | 2925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (d) \* | 3000 | 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/27 (c) (d) \* | 6130 | 2758500 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Greenfields of Geneva Project (RB)<br> 7.10%, 11/01/27 (c) | $100 | $86713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Institute of Technology (RB)<br> 5.00%, 09/01/29 (c) | 175 | 170857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Intrinsic School Project, Series A (RB)<br> 6.00%, 12/01/25 (c) | 500 | 517806 |
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 250 | 242485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 5 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 500 | 488498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Roosevelt University (RB)<br> 5.50%, 01/30/23 (c) | 475 | 467586 |
| Illinois Sports Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 | 1000 | 1040724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 1000 | 1043950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 (c) | 3055 | 3169605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 | 1000 | 1036573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AGM)<br> 5.00%, 06/15/24 (c) | 1000 | 1024728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AMBAC)<br> 0.00%, 06/15/26 ^ | 690 | 619066 |
| Illinois State, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 500 | 531135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 500 | 512239 |
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/31 (c) ^ | 1025 | 559704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/31 (c) ^ | 1175 | 606393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/24 (c) | 2000 | 1992545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/31 (c) | 75 | 70338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 (c) | 1030 | 1035071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/27 (c) | 1935 | 1946502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 7500 | 7621276 |
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/34 ^ | 590 | 363914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/31 ^ | 125 | 91729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/34 ^ | 190 | 120504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/39 ^ | 115 | 55167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/15/30 | 475 | 356693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 06/15/30 | 745 | 571874 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeastern Illinois University, Capital Improvement Project (CP)<br> 4.00%, 01/30/23 (c) | $585 | $480712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Illinois University, Auxiliary Facilities System (RB) (BAM)<br> 4.00%, 04/01/31 (c) | 1200 | 1199065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority (RB)<br> 5.35%, 01/30/23 (c) | 230 | 156227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)<br> 5.75%, 01/30/23 (c) | 2000 | 2000274 |
| State of Illinois (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/26 (c) | 935 | 938376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/26 (c) | 175 | 174362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/26 (c) | 610 | 617995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/30/23 (c) | 150 | 150128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/24 | 660 | 669310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 3000 | 3025687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 360 | 361916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 460 | 452571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 1720 | 1740500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 270 | 270538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/30/23 (c) | 160 | 160113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/26 (c) | 600 | 611387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 2700 | 2748224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 | 200 | 207166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/24 | 820 | 850649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 (c) | 375 | 382252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 (c) | 350 | 356390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/26 | 2750 | 2905186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 500 | 534949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/28 | 805 | 870499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 (c) | 1000 | 1062872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 (c) | 1470 | 1497107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 1025 | 1047907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 175 | 177613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 2735 | 2785545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 1295 | 1317721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 2390 | 2412588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 100 | 101364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 800 | 846048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 125 | 132646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 1040 | 1096063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/24 (c) | 5000 | 5092372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 550 | 554832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 290 | 292224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 510 | 514258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 560 | 563501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/25 | 500 | 533124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO) (AGC)<br> 5.75%, 05/01/30 (c) | 2710 | 2911447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (RB)<br> 3.00%, 06/15/26 (c) | 100 | 94247 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| State of Illinois, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/30/23 (c) | $100 | $100043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 5000 | 5329715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | 500 | 543191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 | 3200 | 3478491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 | 1800 | 1897056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 100 | 105507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 2500 | 2697388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 | 2740 | 3003732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/23 (c) | 110 | 110144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 1400 | 1446170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 365 | 375827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/26 | 880 | 959802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series C (GO)<br> 5.00%, 11/01/27 (c) | 13425 | 14343904 |
| State of Illinois, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/26 | 1755 | 1764267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 1920 | 2021091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 7715 | 8229808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 9700 | 10408461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 | 6000 | 6468725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Bolingbrook, Special Service Area No. 1 (ST)<br> 5.25%, 03/01/28 (c) | 500 | 468504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Bridgeview (GO)<br> 5.00%, 01/30/23 (c) | 360 | 334947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Bridgeview, Series A (GO)<br> 5.50%, 01/30/23 (c) | 1175 | 1157223 |
| Will County Community High School District No. 210, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/29 ^ | 90 | 73907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/31 ^ | 245 | 186412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/33 ^ | 540 | 377551 |
|  |  | 424744586 |
| **Indiana: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, Indiana Economic Development, Anderson University (RB)<br> 4.75%, 01/30/23 (c) | 215 | 208344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB)<br> 5.00%, 10/01/23 (c) | 150 | 150281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Baptist Healthcare System, Series A (RB)<br> 5.00%, 08/15/27 (c) | 4000 | 4088852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Deaconess Health System, Series A (RB)<br> 5.00%, 09/01/26 (c) | 1000 | 1089329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br> 4.25%, 11/01/30 | 7000 | 6961847 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Indiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)<br> 3.00%, 11/01/30 | $3500 | $3150526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, United States Steel Corp. Project, Series A (RB)<br> 4.12%, 12/01/26 | 5500 | 5420285 |
|  |  | 21069464 |
| **Iowa: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Coralville, Marriott Hotel and Convention Center, Series E (CP)<br> 4.00%, 06/01/24 (c) | 1025 | 1028700 |
| Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 3365 | 2804101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 8770 | 7523768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 655 | 580785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB)<br> 4.75%, 01/30/23 (c) | 7025 | 6867566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB)<br> 5.00%, 12/01/42 (c) (p) | 7500 | 7669093 |
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/25 | 1660 | 1632302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 2115 | 2016096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 990 | 969889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Tobacco Settlement Authority, Series B-1 (RB)<br> 4.00%, 06/01/31 (c) | 2500 | 2501647 |
|  |  | 33593947 |
| **Kansas: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hutchinson, Regional Medical Center, Inc. (RB)<br> 5.00%, 12/01/26 (c) | 250 | 251910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB)<br> 5.00%, 05/15/27 (c) | 1000 | 972593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan (RB)<br> 4.00%, 06/01/28 (c) | 1000 | 851897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB)<br> 4.00%, 06/01/28 (c) | 3000 | 2301360 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Kansas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB)<br> 4.00%, 06/01/25 (c) | $850 | $854552 |
| City of Topeka, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/29 (c) | 1000 | 1017518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/29 (c) | 1000 | 1017311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Health Care Facilities, Series III (RB)<br> 5.00%, 05/15/26 (c) | 250 | 237956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Health Care Facilities, Series IV (RB)<br> 6.50%, 05/15/23 (c) | 2995 | 3002363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC)<br> 5.25%, 11/15/23 (c) | 1000 | 741315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB)<br> 4.50%, 12/01/26 (c) | 780 | 719761 |
| Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 (c) | 315 | 300712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/25 (c) | 4565 | 4267808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/25 (c) | 2125 | 1986051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB)<br> 0.00%, 09/01/34 ^ | 7500 | 2819226 |
|  |  | 21342333 |
| **Kentucky: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christian County, Jennie Stuart Medical Center (RB)<br> 5.38%, 02/01/26 (c) | 100 | 103952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM)<br> 5.00%, 01/30/23 (c) | 760 | 760302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM)<br> 5.00%, 12/01/27 (c) | 4655 | 4799848 |
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 350 | 308973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 250 | 200737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 2545 | 2388420 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Kentucky (continued)** |  |  |
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/20/23 (c) | $400 | $374345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/20/23 (c) | 250 | 215953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)<br> 4.25%, 07/01/25 (c) | 865 | 845934 |
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 175 | 186659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 990 | 1009317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/27 (c) | 750 | 775813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)<br> 5.00%, 06/01/27 (c) | 500 | 512141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM)<br> 5.00%, 04/01/27 (c) | 2000 | 2207540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paducah Electric Plant Board, Series A (RB) (AGM)<br> 5.00%, 10/01/26 (c) | 1045 | 1131678 |
|  |  | 15821612 |
| **Louisiana: 1.1%** |  |  |
| Calcasieu Parish Memorial Hospital Service District (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 1750 | 1782586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 4950 | 4824253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)<br> 5.00%, 12/01/25 | 100 | 106160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB)<br> 4.00%, 02/01/31 (c) | 2075 | 1980682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Sales Tax District, Series A (RB) (AGM)<br> 5.00%, 12/01/25 | 1255 | 1350430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB)<br> 5.00%, 07/01/29 (c) | 500 | 437786 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB)<br> 5.62%, 06/01/25 (c) | $950 | $826539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB)<br> 4.00%, 11/01/30 (c) | 2000 | 1766845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)<br> 4.25%, 01/30/23 (c) | 175 | 144956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)<br> 5.00%, 07/01/29 (c) | 500 | 401740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Loyola University Project, (RB)<br> 5.25%, 10/01/33 (c) | 1500 | 1477631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB)<br> 7.75%, 07/01/24 (c) (d) \* | 1647 | 16 |
| Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/01/23 (d) \* | 2259 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/24 (c) (d) \* | 1389 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Stadium and Exposition District Senior Revenue, Series A (RB)<br> 5.00%, 07/01/23 (c) | 2555 | 2573042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Stadium and Exposition District, Series A (RB)<br> 5.00%, 07/01/23 (c) | 2400 | 2417046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Orleans Aviation Board, North Terminal Project, Series A (RB)<br> 5.00%, 01/01/25 (c) | 3160 | 3207839 |
| Parish of St James, Nustar Logistics, LP Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/25 (p) | 750 | 773452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 06/01/30 (c) | 4000 | 4353259 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parish of St James, Nustar Logistics, LP Project, Series A (RB)<br> 6.35%, 06/01/30 (c) | $3000 | $3264925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangipahoa Parish Hospital Service District No. 1, North Oaks Health System Project (RB)<br> 4.00%, 02/01/31 (c) | 1530 | 1502139 |
|  |  | 33191363 |
| **Maine: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Finance Authority, GO Lab Madison, LLC Project (RB)<br> 8.00%, 12/01/36 (c) | 1000 | 702030 |
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/26 (c) | 1270 | 1158322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 5345 | 5070456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1000 | 1003456 |
|  |  | 7934264 |
| **Maryland: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Maryland, Special Obligation, Harbor Point Project (RB)<br> 5.00%, 06/01/31 (c) | 1000 | 979305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, East Baltimore Research Park Project, Series A (RB)<br> 5.00%, 09/01/27 (c) | 500 | 507102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, Harbor Point Project (RB)<br> 5.12%, 06/01/26 (c) | 250 | 251586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore, Riderwood Village, Inc. Facility (RB)<br> 4.00%, 01/01/27 (c) | 1000 | 946578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Frederick, Jefferson Technology Park Project, Series B (TA)<br> 4.62%, 07/01/30 (c) | 2000 | 1954490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary's University, Series A (RB)<br> 5.00%, 09/01/27 (c) | 1000 | 973712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Prince George's, Chesapeake Lighthouse Chapter School Project, Series A (RB)<br> 7.00%, 11/01/25 (c) | 500 | 519857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick County Maryland, Urban Community Development Authority, Series A (ST)<br> 4.00%, 07/01/30 (c) | 2000 | 1749105 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Maryland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick County, Education Facilities Project, Series A (RB)<br> 5.00%, 09/01/27 (c) | $4100 | $3806559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howard County, Series A (TA)<br> 4.50%, 02/15/26 (c) | 500 | 457416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)<br> 5.75%, 01/30/23 (c) | 7785 | 7864904 |
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/01/27 (c) | 100 | 97746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/01/27 (c) | 470 | 452660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/27 (c) | 530 | 497412 |
| Maryland Economic Development Corp., Port Covington Project (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/30 | 1500 | 1390339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/30 (c) | 3250 | 2727912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/30 (c) | 2250 | 2020479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Purple Line Light Rail Project (RB)<br> 5.25%, 06/30/32 (c) | 3085 | 3174592 |
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/26 (c) | 400 | 371761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 250 | 256800 |
| Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/25 (c) | 210 | 212108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/25 (c) | 145 | 145649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1500 | 1515249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 500 | 508535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 625 | 646351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB)<br> 4.00%, 06/01/31 (c) | 750 | 700420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority Built to Learn Revenue (RB)<br> 4.00%, 06/01/31 (c) | 1000 | 977821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George County, Collington Episcopal Life Care Community, Inc. (RB)<br> 5.25%, 04/01/27 (c) | 1000 | 941756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Suitland-Naylor Road Project (TA)<br> 4.75%, 01/01/26 (c) | 500 | 504583 |
|  |  | 37152787 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Massachusetts: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegiate Charter School of Lowell (RB)<br> 5.00%, 06/15/26 (c) | $365 | $364978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (RB) (NATL)<br> 5.50%, 01/01/25 | 1220 | 1286000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)<br> 4.00%, 07/01/25 (c) | 535 | 490466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Student Housing Project (RB)<br> 5.00%, 10/01/26 (c) | 1000 | 988529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Emerson College (RB)<br> 5.00%, 01/01/25 (c) | 500 | 511344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)<br> 5.00%, 10/01/26 (c) | 1035 | 1053865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lasell University (RB)<br> 4.00%, 07/01/31 (c) | 2400 | 1918262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lawrence General Hospital (RB)<br> 5.00%, 07/01/27 (c) | 1000 | 918937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)<br> 5.25%, 07/01/24 (c) | 350 | 328787 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 500 | 519901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 11/15/25 (c) | 500 | 516801 |
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/20/23 (c) | 1000 | 994409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/20/23 (c) | 2500 | 2341119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 14550 | 13926346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 1400 | 1386196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB)<br> 4.00%, 07/01/26 (c) | 1500 | 1476857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM)<br> 4.00%, 06/01/30 (c) | 5 | 4301 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB)<br> 5.00%, 10/01/26 (c) | $1930 | $1937557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB)<br> 5.00%, 10/01/28 (c) | 2000 | 1900090 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 510 | 520906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 190 | 201491 |
| Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/29 (c) | 5000 | 4436128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/29 (c) | 1000 | 1012812 |
|  |  | 39036082 |
| **Michigan: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)<br> 5.00%, 02/15/27 (c) | 290 | 294570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan Unlimited Tax (GO)<br> 5.50%, 04/01/30 (c) | 250 | 259124 |
| City of Detroit, Michigan Unlimited Tax, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/31 (c) | 1475 | 1449476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/31 (c) | 135 | 134288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF)<br> 4.00%, 07/01/28 (c) | 1000 | 831731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Hospital Building Authority, Hurley Medical Center (RB)<br> 4.00%, 07/01/30 (c) | 500 | 438155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Hospital Building Authority, Series A (RB)<br> 5.25%, 07/01/23 (c) | 2000 | 2005945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Michigan Hospital Building Authority, Series B (RB)<br> 4.75%, 07/01/23 (c) | 395 | 396447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project (RB)<br> 5.00%, 05/15/27 (c) | 1000 | 954540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Mid Michigan Health Credit Group (RB)<br> 5.00%, 06/01/24 (c) | 1040 | 1076254 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Michigan (continued)** |  |  |
| Michigan Finance Authority, Presbyterian Villages of Michigan (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/25 (c) | $250 | $238986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/25 (c) | 300 | 273843 |
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 3575 | 3593232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 215 | 216542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Series B-1 (RB)<br> 5.00%, 12/01/30 (c) | 2235 | 2303464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB)<br> 5.00%, 12/01/30 | 9000 | 9353895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)<br> 5.00%, 07/01/24 (c) | 795 | 806770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Tobacco Settlement Bonds, Series A-1 (RB)<br> 4.00%, 12/01/30 (c) | 2750 | 2487787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB)<br> 0.01%, 12/01/30 (c) | 15500 | 1617988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Building Authority, Series F (RB)<br> 4.00%, 10/01/24 | 100 | 100550 |
| Michigan Strategic Fund, Evangelical Homes Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/30/23 (c) | 2450 | 2333393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/30/23 (c) | 2000 | 1777042 |
| Michigan Strategic Fund, I-75 Improvement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/28 (c) | 700 | 747821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/28 (c) | 1250 | 1267960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/28 (c) | 600 | 642951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Tobacco Settlement Finance Authority, Series B (RB)<br> 0.01%, 01/17/23 (c) | 260 | 31620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Academy North, Michigan Public School (RB)<br> 4.00%, 11/01/28 (c) | 1000 | 851949 |
|  |  | 36486323 |
| **Minnesota: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chippewa County, Chippewa County-Montevideo Hospital Project (RB)<br> 4.00%, 03/01/26 (c) | 135 | 129670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anoka, Homestead at Anoka, Inc. Project (RB)<br> 4.25%, 11/01/24 (c) | 500 | 478183 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Minnesota (continued)** |  |  |
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/25 (c) | $245 | $222273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/25 (c) | 250 | 236642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Crookston, Health Care Facilities, Riverview Health Project (RB)<br> 5.00%, 05/01/29 (c) | 3000 | 2768020 |
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/25 (c) | 500 | 503064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/25 (c) | 2860 | 2880375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forest Lake, International Language Academy, Series A (RB) (SAW)<br> 5.38%, 08/01/27 (c) | 500 | 500406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Grove, Minnesota Health Care Facilities (RB)<br> 3.38%, 05/01/27 (c) | 115 | 112115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis Park, Place Via Sol Project (RB) (AMBAC)<br> 6.00%, 07/01/27 (d) (p) \* | 2000 | 1800000 |
| City of St. Paul, Housing and Redevelopment Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/25 (c) | 1000 | 1010013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/26 (c) | 325 | 328664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Woodbury, Woodbury Leadershi Academy Project, Series A (RB)<br> 4.00%, 07/01/28 (c) | 1150 | 849908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB)<br> 5.00%, 05/01/26 (c) | 3730 | 3524022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB)<br> 4.25%, 01/20/23 (c) | 975 | 838310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, Bethel University (RB)<br> 5.00%, 05/01/27 (c) | 2000 | 1826868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)<br> 4.00%, 08/01/26 (c) | 250 | 218095 |
|  |  | 18226628 |
| **Mississippi: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp., Enviva Inc. Project (RB)<br> 7.75%, 07/15/32 (c) (p) | 4000 | 4051063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp., System Energy Resources Inc. Project (RB)<br> 2.38%, 06/01/26 (c) | 1250 | 878549 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mississippi (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Development Bank, Magnolia Regional Health Center Project (RB)<br> 4.00%, 10/01/31 (c) | $3500 | $3046402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Development Bank, Water and Sewer System (RB) (AGM)<br> 6.88%, 12/01/23 (c) | 1000 | 1025277 |
|  |  | 9001291 |
| **Missouri: 1.0%** |  |  |
| Boone County, Boone Hospital Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/26 (c) | 410 | 320524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 565 | 453837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 1000 | 989319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 1000 | 992920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB)<br> 3.00%, 03/01/31 (c) | 3750 | 2659153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Girardeau County Industrial Development Authority, Series A (RB)<br> 5.00%, 03/01/27 (c) | 1000 | 1057671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Blue Springs, Adams Farm Project, Series A (TA)<br> 4.00%, 06/01/24 (c) | 15 | 14486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Liberty, Liberty Commons Project, Series A (TA)<br> 5.75%, 06/01/25 (c) | 500 | 468875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Nevada, Regional Medical Center (RB) (ACA)<br> 4.30%, 01/30/23 (c) | 40 | 39308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA)<br> 4.62%, 11/01/27 (c) | 1000 | 972332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)<br> 4.38%, 11/15/26 (c) | 250 | 205106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB)<br> 4.00%, 02/01/29 (c) | 475 | 398600 |
| I-470 Western Gateway Transportation Development District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/26 (c) | 300 | 297894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/26 (c) | 1100 | 1107496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB)<br> 5.00%, 11/15/46 | 5352 | 4115274 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Missouri (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM)<br> 5.00%, 02/01/28 (c) | $4475 | $3327068 |
| Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/27 (c) | 1500 | 1391576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/27 (c) | 4000 | 3441756 |
| Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/24 (c) | 1550 | 1455525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/25 (c) | 2000 | 1810035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee's Summit, Missouri Summit Fair Project (TA)<br> 4.88%, 11/01/27 (c) | 2500 | 2277746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB)<br> 5.00%, 02/01/24 (c) | 3000 | 2924589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB)<br> 5.00%, 01/01/26 (c) | 1000 | 797633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB)<br> 5.00%, 09/01/25 (c) | 500 | 488347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Industrial Development Authority, St. Andrew's Resources, Series A (RB)<br> 5.00%, 12/01/25 (c) | 150 | 148034 |
|  |  | 32155104 |
| **Montana: 0.2%** |  |  |
| &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) | 2000 | 2000522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB)<br> 4.00%, 06/01/31 (c) | 1500 | 1495810 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 07/01/28 (c) | 500 | 491505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1270 | 1289312 |
|  |  | 5277149 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Nebraska: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrail Plains Energy Project, Series G (RB)<br> 5.00%, 10/01/29 (c) (p) | $1000 | $1057204 |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 | 1000 | 1112196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 | 500 | 545627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/42 | 1780 | 1872561 |
|  |  | 4587588 |
| **Nevada: 0.3%** |  |  |
| City of Las Vegas, Special Improvement District No. 814 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/29 (c) | 235 | 207450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/29 (c) | 540 | 467193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Reno, Tax Increment Senior Lien, Series C (TA)<br> 5.40%, 01/30/23 (c) | 1175 | 1170189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County School District, Series A (GO)<br> 5.00%, 06/15/26 | 2000 | 2175721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Special Improvement District No. 159 (SA)<br> 5.00%, 08/01/25 (c) | 170 | 172217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Local Improvement District No. T-18 (SA)<br> 4.00%, 09/01/26 (c) | 625 | 580221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Las Vegas, Special Improvement District No. 64 (SA)<br> 4.62%, 12/01/28 (c) | 230 | 215517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Las Vegas, Special Improvement District No. 64 (SA) (SAW)<br> 4.62%, 12/01/28 (c) | 480 | 459523 |
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 (c) | 500 | 482390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 (c) | 400 | 401991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 (c) | 2000 | 2018492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/25 (c) | 1000 | 993942 |
|  |  | 9344846 |
| **New Hampshire: 0.6%** |  |  |
| National Finance Authority, Ascentria Care Alliance Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1220 | 1007229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 2000 | 1608770 |
| National Finance Authority, Covanta Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/02/40 (c) (p) | 2250 | 1818822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 07/01/23 (c) | 4000 | 3594643 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Hampshire (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Resource Recovery, Series A (RB)<br> 3.62%, 07/02/40 (c) (p) | $6045 | $4802402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, The Vista Project, Series A (RB)<br> 5.62%, 07/01/25 (c) | 1600 | 1526891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Covanta Project, Series C (RB)<br> 4.88%, 07/01/23 (c) | 3375 | 3134077 |
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/01/24 (c) (d) \* | 835 | 183653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/01/24 (c) (d) \* | 1252 | 275480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/24 (c) (d) \* | 417 | 91826 |
|  |  | 18043793 |
| **New Jersey: 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden County, New Jersey Improvement Authority, Series A (RB)<br> 5.00%, 02/15/24 (c) | 150 | 151657 |
| Casino Reinvestment Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/24 (c) | 8450 | 8627400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/24 (c) | 1410 | 1443005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Atlantic City, New Jersey Tax Appeal (GO)<br> 5.00%, 12/01/23 (c) | 65 | 65132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)<br> 5.00%, 06/01/26 (c) | 470 | 461894 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/30/23 (c) | 5000 | 5052958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/23 (c) | 60 | 60773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/05/24 (c) | 2035 | 2083895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/05/24 (c) | 285 | 291848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 6035 | 6042511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA)<br> 5.75%, 04/01/31 | 55 | 55688 |
| New Jersey Economic Development Authority, Lions Gate Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/01/24 (c) | 655 | 634539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 500 | 469886 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/27 (c) | $1640 | $1680489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/27 (c) | 2000 | 2033887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 4640 | 4983053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)<br> 0.00%, 07/01/26 ^ | 515 | 464676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)<br> 4.00%, 11/01/25 | 120 | 124026 |
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 (c) | 725 | 768992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 (c) | 305 | 320990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/26 (c) | 1205 | 1330698 |
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/26 (c) | 2545 | 2789615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/26 (c) | 165 | 185430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB)<br> 5.00%, 12/15/28 (c) | 2880 | 3000448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)<br> 5.00%, 01/25/23 (c) | 470 | 470677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB)<br> 5.00%, 01/25/23 (c) | 125 | 125115 |
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 600 | 643283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 2125 | 2263505 |
| &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) | 500 | 514666 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | $15 | $15027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 285 | 285593 |
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 580 | 600803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 100 | 103116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 920 | 948236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 140 | 145021 |
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/29 (c) | 205 | 195558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/30 (c) | 600 | 598724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/30 (c) | 700 | 723136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/30 (c) | 600 | 604157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB)<br> 5.00%, 06/15/24 (c) | 620 | 642238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)<br> 5.00%, 06/15/24 (c) | 2500 | 2527325 |
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 1235 | 1283706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 630 | 647281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 680 | 703519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 1055 | 1129248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 435 | 460639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 2565 | 2745518 |
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/24 | 220 | 223879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/25 (c) | 885 | 914494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/25 (c) | 420 | 434856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 | 1080 | 1113462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 | 1450 | 1526014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 105 | 110713 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/01/24 (c) | 350 | 354184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/24 (c) | 1000 | 1017419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/01/24 (c) | 900 | 910552 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/24 (c) | $500 | $509400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)<br> 4.12%, 07/01/25 (c) | 150 | 138263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)<br> 5.00%, 09/01/24 (c) | 330 | 341858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Montclair State University, Series A (RB)<br> 5.00%, 07/01/24 (c) | 3730 | 3792975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Rider University, Series F (RB)<br> 5.00%, 07/01/27 (c) | 490 | 445580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)<br> 5.00%, 04/01/28 (c) | 500 | 551839 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/25 ^ | 230 | 211238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/25 ^ | 270 | 247975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/15/33 | 5 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 | 5 | 5437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 | 200 | 225402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 385 | 410094 |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/25 (c) | 150 | 154170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 640 | 642888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 605 | 609945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 135 | 136132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 200 | 201695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 340 | 346224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/23 (c) | 130 | 131031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 505 | 516615 |
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/24 ^ | 430 | 406890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/25 ^ | 250 | 229932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/28 ^ | 185 | 154094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL)<br> 0.01%, 12/15/31 | 365 | 270122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL)<br> 5.25%, 01/01/27 | 100 | 107956 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Port Corp., Marine Terminal, Series B (RB)<br> 5.00%, 01/01/28 (c) | $360 | $382011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A (RB)<br> 5.00%, 06/01/28 (c) | 13290 | 13721742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B (RB)<br> 5.00%, 06/01/28 (c) | 11330 | 11445172 |
|  |  | 104445192 |
| **New Mexico: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan And Four Corners Projects, Series B (RB)<br> 2.15%, 10/01/31 (c) | 6000 | 5041715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - LA Vida Llena Expansion Project, Series A (RB)<br> 5.00%, 07/01/26 (c) | 4980 | 4168512 |
|  |  | 9210227 |
| **New York: 10.1%** |  |  |
| Brooklyn Arena Local Development Corp., Barclays Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/15/33 ^ | 370 | 229540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 07/15/32 | 395 | 257689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 07/15/47 | 180 | 50091 |
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/27 (c) | 4050 | 4049893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 | 345 | 355904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB)<br> 5.50%, 09/01/25 (c) | 4920 | 4981018 |
| Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/28 | 5435 | 5206545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/31/28 (c) | 9700 | 9086081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/31/28 (c) | 4700 | 4183750 |
| Build NYC Resource Corp., Canal West Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/32 (c) | 1000 | 1055336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/32 (c) | 1000 | 1047665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/32 (c) | 1500 | 1558723 |
| Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/30 (c) | 1000 | 1045480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/30 (c) | 1000 | 1025128 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| Build NYC Resource Corp., Metropolitan College of New York Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | $1560 | $1481761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/24 (c) | 250 | 251262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB)<br> 5.62%, 12/01/28 (c) | 2200 | 2183549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW)<br> 5.00%, 06/15/31 (c) | 4000 | 3768795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB)<br> 4.00%, 06/15/31 | 300 | 288609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chautauqua Tobacco Asset Securitization Corp. (RB)<br> 5.00%, 06/01/24 (c) | 1000 | 1000346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Albany Capital Resources Corp., College of Saint Rose Project (RB)<br> 4.00%, 07/01/31 (c) | 1000 | 730321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Troy Capital Resource Corp., Series A (RB)<br> 4.00%, 09/01/30 (c) | 1250 | 1216553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, Series D (GO) (BAM)<br> 4.00%, 10/15/27 (c) | 1000 | 1059619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dormitory Authority of the State of New York, Montefiore Medical Center, Series A (RB)<br> 4.00%, 08/01/28 (c) | 1000 | 921935 |
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1000 | 981450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1500 | 1509167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 8370 | 8074425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)<br> 5.00%, 07/01/26 (c) | 910 | 921390 |
| Erie Tobacco Asset Securitization Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 10000 | 9945723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 5 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County Civic Facility Development Corp. (RB)<br> 4.00%, 11/01/27 (c) | 2320 | 1923610 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/30 (c) | $5 | $3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 500 | 557044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series A-3 (RB)<br> 5.12%, 01/17/23 (c) | 3905 | 3766054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series F (RB)<br> 4.50%, 05/15/24 (c) | 4500 | 4437045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial Development Agency, Airport Facilities, Series A (RB)<br> 5.00%, 01/30/23 (c) | 2000 | 2001530 |
| New York Counties Tobacco Trust IV, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/01/26 (c) | 500 | 411188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/17/23 (c) | 9000 | 8664701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/17/23 (c) | 785 | 746439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/17/23 (c) | 1000 | 1000653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Series E (RB)<br> 0.00%, 01/17/23 (c) ^ | 5 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Series A (RB)<br> 5.00%, 06/01/26 (c) | 1270 | 1243154 |
| New York Liberty Development Corp., 3 World Trade Center Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 11/15/24 (c) | 7710 | 7744613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/24 (c) | 7000 | 7108557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB)<br> 2.80%, 03/15/29 (c) | 7000 | 6423563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC)<br> 5.50%, 07/01/35 | 480 | 538268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL)<br> 5.25%, 07/01/31 | 150 | 161434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Fordham University, Series A (RB)<br> 5.00%, 07/01/26 (c) | 2800 | 2914961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)<br> 5.00%, 08/01/27 | 3500 | 3679741 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New School University, Series A (RB)<br> 5.00%, 07/01/25 (c) | $2500 | $2553502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Orange Regional Medical Center Obligated Group (RB)<br> 5.00%, 06/01/27 (c) | 1000 | 1014804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)<br> 5.00%, 10/01/24 | 1365 | 1423551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A (RB)<br> 5.00%, 01/01/27 (c) | 1370 | 1465580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, The New School, Series A (RB)<br> 5.00%, 01/01/27 (c) | 2500 | 2572462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Yeshiva University, Series A (RB)<br> 5.00%, 07/15/32 (c) | 5000 | 5098710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., Casella Waste Syatems Inc. Project (RB)<br> 2.88%, 12/03/29 (p) | 1000 | 881387 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/26 | 1625 | 1535495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 10640 | 10640102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 12520 | 12522293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/30 (c) | 2810 | 2897974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/01/30 (c) | 3000 | 3047130 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 2750 | 2679656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/01/30 (c) | 25550 | 24299872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 5230 | 5457652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1300 | 1358759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 18300 | 18731532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 16150 | 16886635 |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/30 | 8665 | 8703805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 160 | 167403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1600 | 1677337 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., John F. Kennedy International Airport Project (RB)<br> 3.00%, 08/01/31 | $4885 | $4517267 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/24 (c) | 1000 | 1003482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 8130 | 8135132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 420 | 428539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 230 | 234231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/24 (c) | 2200 | 2206480 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 1000 | 1044308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 1000 | 1030953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 1000 | 1033884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)<br> 4.00%, 12/01/30 (c) | 1000 | 975030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB)<br> 4.75%, 07/01/23 (c) | 5250 | 4796601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB)<br> 5.00%, 10/01/25 (c) | 355 | 297425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB)<br> 4.00%, 06/01/31 (c) | 3600 | 3570250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB)<br> 0.01%, 06/01/31 (c) | 10515 | 1290716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)<br> 5.00%, 01/01/26 (c) | 200 | 148470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B (RB)<br> 5.00%, 12/16/24 | 10000 | 10456696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)<br> 5.00%, 06/01/27 (c) | 18780 | 17904403 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/24 (c) | $525 | $497558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/24 (c) | 400 | 332296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/24 (c) | 180 | 135939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Medical Center (RB)<br> 5.00%, 11/01/25 (c) | 4285 | 4158120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB)<br> 5.00%, 07/01/27 (c) | 1000 | 812558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester Tobacco Asset Securitization Corp., Series B (RB)<br> 5.00%, 06/01/27 (c) | 200 | 207041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester Tobacco Asset Securitization Corp., Series C (RB)<br> 5.00%, 06/01/23 (c) | 4575 | 4583237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)<br> 5.00%, 10/15/29 (c) | 275 | 254067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM)<br> 5.00%, 10/15/29 (c) | 315 | 302899 |
|  |  | 317772689 |
| **North Carolina: 0.9%** |  |  |
| North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/25 (c) | 1430 | 1435108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/25 (c) | 1000 | 1016491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Health Care Facilities, Series A (RB)<br> 4.00%, 01/01/30 (c) | 205 | 204555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB)<br> 5.00%, 10/01/25 | 90 | 90994 |
| North Carolina Medical Care Commission, Retirement Facilities (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 07/01/25 (c) | 550 | 507087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/24 (c) | 250 | 241168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/24 (c) | 250 | 247560 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **North Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)<br> 5.00%, 10/01/24 (c) | $165 | $163952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM)<br> 5.00%, 07/01/26 (c) | 385 | 362413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Salemtowne Project (RB)<br> 5.25%, 10/01/25 (c) | 465 | 457960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Monroe Expressway, Series A (RB)<br> 5.00%, 07/01/26 (c) | 5120 | 5174260 |
| North Carolina Turnpike Authority, Triangle Expressway System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 (c) | 1250 | 1174996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1000 | 1066538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 (c) | 1705 | 1777404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)<br> 5.00%, 01/01/29 (c) | 100 | 111774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM)<br> 5.00%, 02/01/24 | 12975 | 13279663 |
|  |  | 27311923 |
| **North Dakota: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Grand Forks, Altru Health System (RB) (AGM)<br> 4.00%, 12/01/31 (c) | 1000 | 938733 |
| City of Williston, Eagle Crest Apartments LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/23 (d) \* | 615 | 276750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/23 (c) (d) \* | 1285 | 578250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)<br> 7.00%, 06/15/26 (c) (d) \* | 5500 | 3025000 |
|  |  | 4818733 |
| **Ohio: 3.4%** |  |  |
| Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/26 (c) | 3000 | 3070148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/26 (c) | 500 | 514332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB)<br> 5.00%, 02/15/24 (c) | 1585 | 1608385 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB)<br> 5.00%, 06/01/30 (c) | $47465 | $45329246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Centerville (RB)<br> 5.25%, 11/01/27 (c) | 1000 | 919515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB)<br> 5.00%, 12/01/28 | 800 | 827039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG)<br> 6.50%, 03/01/25 (c) | 3900 | 3191808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cuyahoga, Ohio Convention Hotel Project (CP)<br> 5.00%, 06/01/24 (c) | 1805 | 1856399 |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/27 (c) | 340 | 339706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 5000 | 4864946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 3010 | 2941772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/15/27 (c) | 1750 | 1767942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/27 (c) | 1225 | 1240365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM)<br> 5.25%, 11/15/28 (c) | 1500 | 1347286 |
| County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/29 (c) | 3940 | 3711036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/29 (c) | 2250 | 2063861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Washington, Hospital Facilities (RB)<br> 6.75%, 12/01/32 (c) | 2235 | 2271420 |
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 3000 | 2864577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 4030 | 3687259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 490 | 490288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)<br> 2.60%, 10/01/29 (c) (p) | 1500 | 1379596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, AMG Vanadium Project (RB)<br> 5.00%, 07/01/29 (c) | 13565 | 12396615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB)<br> 4.25%, 06/01/27 (p) | 1000 | 1024981 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br> 3.25%, 09/01/29 | $2750 | $2558810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)<br> 4.50%, 01/15/28 (c) | 2250 | 2133571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio University, Series A (RB)<br> 5.00%, 06/01/27 (c) | 1250 | 1333978 |
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/24 (c) | 2000 | 1911728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/24 (c) | 245 | 245472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/24 (c) | 70 | 70583 |
|  |  | 107962664 |
| **Oklahoma: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atoka Industrial Development Authority, Gladieux Metals Recycling Oklahoma, LLC Project (RB)<br> 8.00%, 08/01/26 (c) | 1000 | 1021747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdenville Public Works Authority, Series A (RB)<br> 4.38%, 11/01/24 (c) | 605 | 421550 |
| Norman Regional Hospital Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/29 (c) | 340 | 285251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 150 | 141118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/29 (c) | 2000 | 1788757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/29 (c) | 7155 | 7361162 |
| Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 825 | 412500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/23 (d) \* | 90 | 45000 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/28 (c) | 700 | 697293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/28 (c) | 8000 | 7359609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/28 (c) | 2900 | 2745352 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/28 (c) | 1300 | 1261007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/28 (c) | 7290 | 6997226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers County Industrial Development Authority (RB)<br> 3.62%, 04/01/25 (c) | 375 | 353921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)<br> 5.00%, 06/01/25 (c) (p) | 4455 | 4488780 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Oklahoma (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB)<br> 5.50%, 06/01/23 (c) | $2100 | $2102544 |
|  |  | 37482817 |
| **Oregon: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospital Facilities Authority of Multnomah County Oregon (RB) (AGM)<br> 4.00%, 12/01/28 (c) | 1000 | 861235 |
| **Pennsylvania: 4.1%** |  |  |
| Allentown Neighborhood Improvement Zone Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 2000 | 1888805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 250 | 252021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 1000 | 1016885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 250 | 251810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 785 | 797442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/28 (c) | 4000 | 3932719 |
| Berks County Industrial Development Authority, Tower Health Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 | 500 | 480871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 120 | 110229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 110 | 85929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 470 | 411111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1000 | 838877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB)<br> 5.00%, 01/20/23 (c) | 1000 | 716219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Tower Health Project (RB)<br> 4.00%, 11/01/27 (c) | 3425 | 2004746 |
| Berks County Municipal Authority, Tower Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 1000 | 912426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/30 | 860 | 733863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Tower Health Project, Series B-2 (RB)<br> 5.00%, 02/01/27 (c) (p) | 6000 | 5430839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Tower Health Project, Series B-3 (RB)<br> 5.00%, 02/01/30 (c) (p) | 670 | 565201 |
| Bucks County Industrial Development Authority Hospital (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 1000 | 811918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 1500 | 1394843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butler County Hospital Authority, Series A (RB)<br> 5.00%, 07/01/25 (c) | 1465 | 1470941 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)<br> 6.00%, 10/01/24 (c) | $1000 | $998602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Health and Education Facilities Authority, Immaculata University Project (RB)<br> 5.00%, 11/01/27 (c) | 430 | 343664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB)<br> 5.25%, 12/01/25 (c) | 440 | 405893 |
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/28 (c) | 1300 | 1290345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/01/28 (c) | 1989 | 1896909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series A (GO)<br> 4.00%, 05/01/31 (c) | 1000 | 1005563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB)<br> 4.88%, 11/01/24 | 1500 | 1509500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cumberland, Diakon Lutheran Social Ministries (RB)<br> 4.00%, 01/01/25 (c) | 185 | 178811 |
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/26 (c) | 440 | 452654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/26 (c) | 345 | 352642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumberland County Municipal Authority (RB)<br> 5.00%, 01/01/25 (c) | 3000 | 2711149 |
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/27 | 500 | 502220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/28 (c) | 3200 | 3260968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware County Authority, Eastern University (RB)<br> 5.25%, 01/30/23 (c) | 310 | 310148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)<br> 5.12%, 06/01/26 (c) | 395 | 381165 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC)<br> 5.50%, 08/01/28 | $1000 | $1148984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doylestown Hospital Authority, Series A (RB) (SBG)<br> 5.00%, 07/01/23 (c) | 1000 | 971802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB)<br> 5.00%, 09/15/26 (c) | 1000 | 967707 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 215 | 175273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 500 | 418571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (RB) (AGM)<br> 5.00%, 07/01/32 (c) | 2470 | 2727451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County Hospital Authority, Brethren Village Project (RB)<br> 5.12%, 07/01/27 (c) | 1000 | 961997 |
| Lancaster County Hospital Authority, St. Anne's Retirement Community, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 (c) | 425 | 357002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 (c) | 310 | 267233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 (c) | 425 | 379950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County, Penn State Health (RB)<br> 5.00%, 11/01/29 (c) | 1000 | 1078995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Holy Health System, Series A (RB)<br> 5.00%, 10/01/26 (c) | 5150 | 5004413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)<br> 5.00%, 12/01/24 (c) | 2000 | 1969105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB)<br> 5.00%, 05/01/32 (c) | 4800 | 5029209 |
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 150 | 149215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/25 (c) | 870 | 840633 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| Moon Industrial Development Authority, Baptist Homes Society (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/25 (c) | $300 | $283382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/25 (c) | 2000 | 1827253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/25 (c) | 590 | 515898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB)<br> 5.00%, 11/01/26 (c) | 1000 | 937324 |
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/28 (c) (d) \* | 3040 | 1159000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/28 (c) (d) \* | 6470 | 2466688 |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/31/32 (c) | 2000 | 2104109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/31/32 (c) | 2000 | 2186915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/31/32 (c) | 3000 | 3331472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/31/32 (c) | 2000 | 2218391 |
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/30/26 (c) | 1685 | 1560020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/23 | 125 | 127072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/24 | 550 | 565093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/25 | 1105 | 1144231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/26 (c) | 500 | 501933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/26 (c) | 575 | 595763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/26 (c) | 410 | 423818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/26 (c) | 1485 | 1544548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Drexel University, Series A (RB) (AGM)<br> 4.00%, 05/01/30 (c) | 3425 | 3397416 |
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 1000 | 901436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 1915 | 1810257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB)<br> 5.25%, 03/01/25 (c) | 3825 | 3896583 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series A (RB)<br> 3.00%, 12/01/30 (c) | $1000 | $835521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development Multifamily Housing, University Square Apartments Project-Project Based Section 8 (RB)<br> 5.00%, 12/01/26 (c) | 1000 | 1014915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)<br> 7.25%, 06/15/24 (c) | 1000 | 1041601 |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/01/25 (c) | 440 | 439265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/25 (c) | 440 | 440512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/01/25 (c) | 415 | 416145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB)<br> 5.00%, 12/15/26 (c) | 355 | 353800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW)<br> 4.00%, 12/15/26 (c) | 350 | 339820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, La Salle University (RB)<br> 4.00%, 11/01/27 (c) | 2000 | 1544949 |
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 (c) | 1000 | 962444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 (c) | 500 | 502067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Temple University (RB)<br> 5.00%, 04/01/25 (c) | 3000 | 3151375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Temple University, First Series (RB)<br> 5.00%, 04/01/25 (c) | 5695 | 5855017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, The University of Arts (RB)<br> 5.00%, 03/15/28 (c) | 3000 | 2773120 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)<br> 5.00%, 07/01/27 (c) | $735 | $693237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB)<br> 5.00%, 07/01/27 (c) | 1000 | 1052450 |
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 1240 | 1311631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 220 | 232253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reading School District (GO) (AGM)<br> 5.00%, 03/01/27 (c) | 1535 | 1633920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG)<br> 5.00%, 06/01/24 | 1010 | 1039311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School District of Philadelphia, Series F (GO) (SAW)<br> 5.00%, 09/01/26 | 3000 | 3237984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scranton Pennsylvania (GO)<br> 5.00%, 05/15/24 (c) | 1000 | 1012136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scranton Redevelopment Authority, Series A (RB)<br> 5.00%, 05/15/24 (c) | 220 | 217592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB)<br> 5.00%, 06/01/26 (c) | 1500 | 1462843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland County Industrial Development Authority, Excela Health Project, Series A (RB)<br> 5.00%, 07/01/29 | 1450 | 1579342 |
|  |  | 128797320 |
| **Puerto Rico: 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cofina Class 2 Trust (RB) (AMBAC)<br> 0.00%, 08/01/47 ^ | 80 | 22087 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 | 3000 | 3092088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 2000 | 2034238 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 7365 | 6600212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 | 7500 | 7748217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 15000 | 14853231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 1290 | 1314198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/01/24 | 105 | 107001 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Puerto Rico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)<br> 5.00%, 07/01/31 (c) | $3500 | $3598594 |
| Puerto Rico Commonwealth, Series A-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 8260 | 7129533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 7425 | 6217491 |
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 13000 | 11540192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 13570 | 12719763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 15073 | 13730011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/27 | 4000 | 4194468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/29 | 3500 | 3727469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/31 | 12055 | 13100108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Highway & Transportation Authority, Series A (RB)<br> 5.00%, 07/01/32 (c) | 2000 | 1930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB)<br> 6.62%, 01/30/23 (c) | 100 | 101670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL)<br> 5.00%, 07/01/23 (c) | 20 | 19753 |
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 07/01/24 | 5772 | 5440299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/25 (c) | 5000 | 5024007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 34070 | 33652598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC)<br> 4.55%, 07/01/28 (c) | 6662 | 6568748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC)<br> 4.75%, 07/01/28 (c) | 23559 | 22465533 |
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 07/01/28 (c) | 26008 | 24963066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 07/01/28 (c) | 10960 | 10519656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/28 (c) | 6432 | 6341967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 07/01/28 (c) | 4900 | 4685824 |
|  |  | 233442022 |
| **Rhode Island: 0.3%** |  |  |
| Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 3750 | 3639836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 | 100 | 102959 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Rhode Island (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Care New England, Series B (RB)<br> 5.00%, 09/01/26 (c) | $500 | $502963 |
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 690 | 700844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 1000 | 1033783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A (RB)<br> 5.00%, 06/01/25 (c) | 1650 | 1675891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B (RB)<br> 5.00%, 06/01/25 (c) | 2000 | 2013496 |
|  |  | 9669772 |
| **South Carolina: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkeley County, South Carolina Nexton Improvement District (SA)<br> 4.38%, 11/01/29 (c) | 800 | 667791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp., School District of Pickens County Project (RB)<br> 5.00%, 06/01/25 (c) | 1425 | 1503587 |
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | 650 | 659250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | 500 | 520520 |
| South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/15/26 (c) | 500 | 513542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/15/26 (c) | 500 | 508967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)<br> 5.00%, 04/01/25 (c) | 5000 | 4192880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM)<br> 5.00%, 04/01/24 (c) | 1000 | 834691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB)<br> 5.00%, 05/01/23 (c) | 320 | 273070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)<br> 4.00%, 11/15/24 (c) | 255 | 247095 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **South Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Ports Authority (RB)<br> 5.25%, 07/01/25 (c) | $1515 | $1598673 |
|  |  | 11520066 |
| **South Dakota: 0.1%** |  |  |
| City of Sioux Falls, Dow Rummel Village Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 750 | 676670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 500 | 450515 |
| County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1100 | 888765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1550 | 1292569 |
|  |  | 3308519 |
| **Tennessee: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blount County, Health and Educational Facilities Board, Series A (RB)<br> 5.00%, 01/01/25 (c) (d) \* | 740 | 447737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Industrial Development Board, Pinnacle Project, Series A (RB)<br> 5.00%, 12/01/26 (c) | 2000 | 1927340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB)<br> 5.00%, 08/01/29 (c) | 310 | 322896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB)<br> 5.00%, 10/01/24 (c) | 5180 | 5206713 |
| Knox County Health Educational and Housing Facility Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 290 | 256632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 295 | 284618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/27 (c) | 645 | 673039 |
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/25 (c) | 250 | 197439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/25 (c) | 1755 | 1228215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/25 (c) | 1595 | 1178207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series B (RB)<br> 5.62%, 09/01/26 | 7000 | 7399197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB)<br> 4.00%, 08/01/29 (c) | 200 | 199895 |
|  |  | 19321928 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas: 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB)<br> 7.50%, 06/01/28 (c) | $1500 | $1016183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Texas Project, Series A (RB)<br> 6.75%, 02/15/30 (c) | 5 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)<br> 5.00%, 01/01/27 | 280 | 292664 |
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 715 | 725564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 500 | 507078 |
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 215 | 203810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 610 | 595416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW)<br> 8.50%, 03/01/26 (c) | 4320 | 3976836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG)<br> 7.00%, 03/01/26 (c) | 1850 | 1752711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB)<br> 3.62%, 07/01/24 (c) | 2700 | 2458675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series C (RB)<br> 5.00%, 01/01/26 (c) | 6000 | 6383042 |
| Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 (c) | 1500 | 1440874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 (c) | 5690 | 5360157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp., The Briscoe Apartments, Series A (RB)<br> 6.00%, 12/01/37 (c) | 1000 | 1053280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB)<br> 5.00%, 07/01/24 (c) | 2000 | 2021351 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB)<br> 4.00%, 07/01/29 (c) | $1220 | $1099677 |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/29 (c) | 4645 | 4186346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/25 (c) | 2650 | 2657419 |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 | 5590 | 5746285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 | 3500 | 3618292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB)<br> 5.00%, 07/15/28 | 1000 | 1033798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB)<br> 4.75%, 07/01/24 | 5010 | 5018387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB)<br> 5.00%, 07/15/25 (c) | 4335 | 4412521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System, Series A (RB)<br> 4.00%, 07/01/31 (c) | 1600 | 1527650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New Braunfels, Utility System (RB)<br> 4.00%, 07/01/28 (c) | 4005 | 3927567 |
| Clifton Higher Education Finance Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/15/25 (c) | 730 | 737496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/25 (c) | 610 | 619487 |
| Clifton Higher Education Finance Corp., Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/25 (c) | 500 | 512284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/25 (c) | 500 | 513795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comal Independent School District (GO)<br> 4.00%, 03/03/23 (c) | 4925 | 4929104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB)<br> 4.00%, 10/01/31 (c) | 2035 | 1708085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas County Flood Control District No. 1 (GO)<br> 5.00%, 04/01/23 (c) | 850 | 850879 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County Hospital District (GO)<br> 5.00%, 08/15/23 (c) | $4680 | $4708375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)<br> 4.88%, 01/30/23 (c) | 2265 | 2265592 |
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/27 ^ | 590 | 497265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/31 (c) ^ | 120 | 63250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/31 (c) ^ | 170 | 63050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/31 (c) ^ | 145 | 57745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/25 | 495 | 449415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/29 | 1405 | 1089328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/30 | 115 | 85308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/31 (c) | 1140 | 393620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/31 (c) | 705 | 464675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/31 (c) | 350 | 159753 |
| Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/24 (c) ^ | 335 | 161876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/24 (c) ^ | 100 | 61722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Love Field Airport Modernization Corp., Southwest Airlines Co. (RB)<br> 5.00%, 01/30/23 (c) | 3000 | 3000863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority (RB)<br> 5.00%, 05/15/23 (c) | 2000 | 2008344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1, Series A (RB) (AMBAC)<br> 4.40%, 05/01/30 | 1035 | 1095447 |
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/24 (c) (d) \* | 2680 | 1902800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/24 (c) (d) \* | 700 | 497000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)<br> 4.62%, 01/20/23 (c) | 11500 | 11446600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Toll Road Authority (RB)<br> 5.00%, 09/15/25 (c) | 1000 | 1008646 |
| New Hope Cultural Education Facilities Finance Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/31 (c) | 3315 | 2820670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/25 (c) | 1000 | 938412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB)<br> 5.00%, 07/01/25 (c) (d) \* | 235 | 105750 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB)<br> 5.50%, 07/01/26 (c) | $1595 | $717750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)<br> 5.00%, 07/01/24 (c) | 230 | 193215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)<br> 5.25%, 03/03/23 (c) | 190 | 193453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)<br> 5.50%, 11/15/26 (c) | 750 | 649182 |
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 115 | 97750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 440 | 374000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 100 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB)<br> 5.25%, 10/01/25 (c) | 2200 | 1928885 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 2045 | 1846699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 1000 | 889622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB)<br> 5.50%, 01/01/28 (c) | 8045 | 6013880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Texas A&M University Project, Series A (RB) (AGM)<br> 5.00%, 04/01/24 (c) | 1105 | 1114146 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 250 | 190038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 250 | 194077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North East Texas Regional Mobility Authority, Series B (RB)<br> 5.00%, 01/01/26 (c) | 400 | 401407 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB)<br> 8.00%, 02/01/26 (c) | $2825 | $2760425 |
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 400 | 393429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 400 | 378307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagan Hospital District, Series A (GO)<br> 5.12%, 02/01/24 (c) | 1000 | 1015315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB)<br> 4.00%, 04/01/31 (c) | 1000 | 817188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)<br> 8.00%, 01/30/23 (c) (d) \* | 9900 | 2475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB)<br> 5.00%, 05/15/24 (c) | 125 | 117798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB)<br> 6.38%, 02/15/27 (c) (d) \* | 535 | 294250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Trinity Terrace Project, Series A-1 (RB)<br> 5.00%, 10/01/24 (c) | 1000 | 995968 |
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 | 1375 | 1462166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/31 | 2920 | 3126434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 | 3425 | 3678509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. III (RB)<br> 5.00%, 12/15/28 | 925 | 981932 |
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/25 (c) | 250 | 250942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/25 (c) | 460 | 464462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/25 (c) | 230 | 232680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)<br> 4.00%, 12/31/30 (c) | 1700 | 1648502 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/30 (c) | $3175 | $3099450 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/29 (c) | 15620 | 15832910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/01/23 (c) | 5000 | 5077044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/23 (c) | 515 | 524113 |
| &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) | 500 | 481395 |
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/24 (c) | 850 | 872905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/24 (c) | 600 | 617718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/24 (c) | 7735 | 7899107 |
| Town of Westlake, Solana Public Improvement District (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 09/01/25 (c) | 1000 | 1008579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/25 (c) | 1000 | 1005359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/25 (c) | 1000 | 1006678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodloch Health Facilities Development Corp., Series A-1 (RB)<br> 6.75%, 12/01/24 (c) (d) \* | 4980 | 3635400 |
|  |  | 183280321 |
| **Utah: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 (SA)<br> 4.00%, 08/01/31 (c) | 2500 | 1871539 |
| Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/30 (c) | 2500 | 2296018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 4000 | 3655473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Military Installation Development Authority, Utah Tax Allocation, Series A-1 (RB)<br> 4.00%, 09/01/26 (c) | 1250 | 963329 |
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/27 (c) | 1500 | 1496905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/15/27 (c) | 2195 | 2119731 |
|  |  | 12402995 |
| **Vermont: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL)<br> 4.00%, 05/01/28 (c) | 500 | 414788 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Virgin Islands: 0.5%** |  |  |
| Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 | $1500 | $1563873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 (c) | 6500 | 6509336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 | 2710 | 2821465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL)<br> 4.25%, 01/30/23 (c) | 720 | 728723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)<br> 4.50%, 10/01/24 (c) | 550 | 392253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)<br> 5.00%, 10/01/24 (c) | 1000 | 914508 |
| Virgin Islands Water & Power Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 65 | 63593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 1070 | 1038479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 330 | 327151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 170 | 164508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 1170 | 1138789 |
|  |  | 15662678 |
| **Virginia: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Industrial Development Authority, Series B (RB)<br> 6.35%, 11/01/24 (c) (d) \* | 250 | 146203 |
| Cherry Hill Community Development Authority, Potomac Shores Project (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/01/25 (c) | 200 | 200773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/25 (c) | 495 | 496519 |
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 8000 | 8176176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1025 | 1044151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chesapeake, Chesapeake Transportation System, Series A (RB)<br> 5.00%, 01/30/23 (c) | 380 | 380220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hopewell, Sewer System, Series A (RB)<br> 5.00%, 01/30/23 (c) | 240 | 240184 |
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1500 | 1493337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1000 | 977119 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission (RB)<br> 5.00%, 07/01/26 | $1395 | $1523490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority, Series A (RB)<br> 5.00%, 01/01/27 (c) | 2500 | 2574500 |
| Peninsula Town Center Community Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 2010 | 1774368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 500 | 473289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside County Transportation Commission, Series A (RB)<br> 5.38%, 09/01/26 (c) | 3500 | 2416095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke County Economic Development Authority, Series B (RB)<br> 4.62%, 09/01/29 (c) (d) (p) \* | 1000 | 831536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Economic Development Authority, Residential Care Facility (RB)<br> 5.00%, 09/01/27 (c) | 500 | 359052 |
| Virginia College Building Authority, Marymount University Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 2500 | 2447113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1000 | 1008091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Marymount University Project, Series B (RB)<br> 5.25%, 07/01/25 (c) | 2300 | 2353742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Hampton University (RB)<br> 5.25%, 10/01/24 (c) | 1000 | 1037961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Residential Care Facilities (RB) (AGM)<br> 4.00%, 12/01/26 (c) | 1000 | 907489 |
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 1250 | 1195528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 1000 | 945317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 1000 | 946292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 3925 | 3562658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 (c) | 500 | 556485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB)<br> 5.00%, 12/31/32 (c) | 2000 | 2070905 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Virginia (continued)** |  |  |
| Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/27 (c) | $13220 | $13198384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/27 (c) | 1735 | 1737629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB)<br> 5.00%, 07/01/38 (c) (p) | 4000 | 3833842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)<br> 0.75%, 09/02/25 (p) | 1000 | 919288 |
|  |  | 59827736 |
| **Washington: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalispel Tribe Indians Priority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 250 | 261307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/28 (c) | 250 | 261284 |
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/25 (c) | 500 | 517436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/25 (c) | 500 | 517340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/25 (c) | 250 | 258340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB)<br> 4.00%, 08/01/29 (c) | 100 | 96359 |
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 205 | 214223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 3000 | 3064902 |
| Washington State Convention Center Public Facilities District, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/31 (c) | 3000 | 2049653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/31 (c) | 1000 | 879454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/31 (c) | 4400 | 2765452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/31 (c) | 2500 | 1571279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 5945 | 4796144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 3745 | 3172161 |
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 150 | 136304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 2000 | 1658265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Eliseo Project, Series A (RB)<br> 4.00%, 01/01/28 (c) | 1000 | 824434 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)<br> 5.00%, 01/01/25 (c) | $2495 | $2002125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)<br> 5.00%, 07/01/26 (c) | 7000 | 5485667 |
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 500 | 436950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1250 | 1069879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District (RB)<br> 4.00%, 07/01/31 | 4700 | 4416305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District, Series B (RB) (AGM)<br> 4.00%, 07/01/31 (c) | 1000 | 999783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)<br> 3.75%, 07/01/26 | 115 | 110084 |
|  |  | 37565130 |
| **West Virginia: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)<br> 4.00%, 01/30/23 (c) | 760 | 706839 |
| Harrison County Building Commission, General Services Administration Building Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/01/27 (c) | 700 | 501562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/01/27 (c) | 820 | 577565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/27 (c) | 1000 | 871533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monongalia County Commission Excise Tax District, Series A (RB)<br> 4.12%, 06/01/31 (c) | 2500 | 2306787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority (RB)<br> 4.00%, 06/15/27 (c) | 4000 | 4265474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Arch Resources Project (RB)<br> 5.00%, 07/01/25 (c) (p) | 5000 | 5035131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW)<br> 4.12%, 07/01/25 (c) (p) | 3350 | 3309412 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **West Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital finance Authority, Cabell Huntington Hospital, Series A (RB)<br> 5.00%, 01/01/29 (c) | $1000 | $1027578 |
|  |  | 18601881 |
| **Wisconsin: 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB)<br> 5.00%, 12/01/27 (c) | 2500 | 2171734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Health Care Facilities, Appalachian Regional Healthcare System, Series A (RB)<br> 4.00%, 01/01/31 (c) | 1100 | 943972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW)<br> 4.00%, 12/01/31 (c) | 5250 | 4209321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, American Preparatory Academy, Series A (RB)<br> 5.38%, 07/15/27 (c) | 1000 | 987243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Bancroft Neurohealth Project, Series A (RB)<br> 5.12%, 06/01/26 (c) | 250 | 233689 |
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/26 (c) | 495 | 484815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/26 (c) | 500 | 478840 |
| Public Finance Authority, Corvian Community School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/24 (c) | 460 | 442568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 500 | 475804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 500 | 453143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Discovery Charter School Project, Series A (RB)<br> 6.75%, 06/01/30 (c) | 700 | 700712 |
| Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 500 | 453209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 1390 | 1360289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB)<br> 5.88%, 10/01/29 (c) | 1000 | 874425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)<br> 5.00%, 02/01/32 (c) | 3500 | 3361394 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/32 (c) | $1000 | $963023 |
| Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/24 (c) | 1500 | 1382264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 | 75 | 74853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB)<br> 5.25%, 12/01/24 (c) | 1500 | 1438402 |
| Public Finance Authority, Living Community First Mortgage (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/27 (c) | 415 | 374573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/28 (c) | 1250 | 1174071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA)<br> 3.75%, 03/15/28 (c) (d) \* | 890 | 533134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB)<br> 6.25%, 01/01/28 (c) | 500 | 307500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB)<br> 4.50%, 06/01/28 (c) | 4000 | 3073942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)<br> 5.00%, 06/15/26 (c) | 1000 | 881130 |
| Public Finance Authority, Penick Village (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 425 | 382545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 436018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 403519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)<br> 5.20%, 12/01/27 (c) | 1555 | 1606735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Rider University Project, Series A (RB)<br> 4.50%, 01/01/31 (c) | 2920 | 2418440 |
| Public Finance Authority, Roseman University of Health Sciences Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/32 (c) | 1250 | 961167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/01/25 (c) | 1000 | 1016017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Searstone CCRC Project, Series A (RB)<br> 5.51%, 06/01/23 (c) | 1000 | 1049443 |

---

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Wisconsin (continued)** |  |  |
| Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | $500 | $398593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/31 (c) | 1500 | 1200805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/31 (c) | 1765 | 1326637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB)<br> 4.00%, 09/01/31 (c) | 1060 | 828438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Triad Educational Services, Inc., Series A (RB)<br> 5.50%, 06/15/25 (c) | 300 | 307977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB)<br> 7.38%, 01/01/30 (c) | 4265 | 3544720 |
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 1950 | 1887743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 2000 | 1998113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, UNC Health Southeastern, Series A (RB)<br> 4.00%, 02/01/31 (c) | 2000 | 1806679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB)<br> 4.00%, 09/01/31 (c) | 1000 | 869166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB)<br> 5.00%, 01/30/23 (c) | 9000 | 9025945 |
| Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 1555 | 1281230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 5545 | 4617727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Center District, Series C (RB) (AGM)<br> 0.00%, 12/15/30 (c) ^ | 3990 | 1067249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)<br> 5.00%, 08/01/24 (c) | 750 | 716556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW)<br> 4.00%, 07/01/23 (c) | 105 | 85426 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB)<br> 4.38%, 07/01/23 (c) | $850 | $654971 |
| Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/21/23 (c) | 1150 | 1145539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/21/23 (c) | 1200 | 1194279 |
| Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 1950 | 1738003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 500 | 407104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB)<br> 4.00%, 12/15/29 (c) | 260 | 249909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)<br> 5.12%, 02/21/23 (c) | 3950 | 3927315 |
|  |  | 76388058 |
| **Wyoming: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Campbell (RB) (SBG)<br> 3.62%, 05/15/29 (c) | 3000 | 2734619 |
| **Total Municipal Bonds: 98.2%**<br> (Cost: $3,312,700,965) |  | 3076572928 |
| **Other assets less liabilities: 1.8%** |  | 57889411 |
| **NET ASSETS: 100.0%** |  | $3134462339 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ACA | Credit Agricole SA |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED |  |
| PROG | Special District Credit Enhancement Program |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |

---

**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 |
| \* | Non-income producing |
| (d) | Security in default |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Industrial Development Revenue | 13.0% | $399449845 |
| Tax | 12.3 | 379931916 |
| Hospitals | 11.1 | 341217910 |
| Local GO | 10.0 | 309098338 |
| Education | 9.9 | 303407534 |
| Health | 7.2 | 221686024 |
| State GO | 5.8 | 177653160 |
| Tobacco | 5.5 | 168964021 |
| Toll & Turnpike | 3.9 | 120494156 |
| Utilities - Other | 3.6 | 109469231 |
| Multi-Family Housing | 3.5 | 107648951 |
| Leasing COPS & Appropriations | 3.4 | 103886280 |
| Power | 2.4 | 75311821 |
| Airport | 2.3 | 72346043 |
| Transportation | 2.2 | 67559650 |
| Water & Sewer | 1.5 | 46829887 |
| Misc | 1.4 | 41733011 |
| Refunded | 0.6 | 18840766 |
| Unassigned | 0.3 | 8912187 |
| Pollution Control | 0.1 | 2132197 |
|  | 100.0% | $3076572928 |

---

## 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 High Yield Muni ETF

- **b. EDGAR series identifier (if any):** S000019193

- **c. LEI of Series:** 549300UT41BWOPGYSE94

**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:** $3172133091.08

**Total Liabilities:** $29915532.09

**Net Assets:** $3142217558.99

**Cash Not Reported:** $31541049.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2628.32000000 | **1-Year:** -60581.86000000 | **5-Year:** -206312.54000000 | **10-Year:** -299461.76000000 | **30-Year:** -98388.40000000

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

- **3-Month:** -4015.27000000 | **1-Year:** -88916.24000000 | **5-Year:** -333010.59000000 | **10-Year:** -611908.03000000 | **30-Year:** -257938.34000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000053010 | 5.36%                | -0.46%               | 3.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1602536.03             | $144501106.67                              |
| Month 2  | $-6709899.37             | $-20173854.94                              |
| Month 3  | $-10047454.43            | $107858316.23                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103932.03    | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Transit Metropolitan District No 2                                   | CLEAR CREEK TRANSIT MET DIST #2 CO                           | CUSIP: 184542AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884965.10    | 0.03%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $85929.06     | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1095446.90   | 0.03%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                             | PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2480329.00   | 0.08%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT HOTEL OCCUPANCY TAX REVENUE                        | CUSIP: 40065KAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $834725.03    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                        | HASTINGS CAMPUS HSG FIN AUTH CA CAMPUS HSG REVENUE           | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824939.40    | 0.03%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Development Authority                                  | GAINESVILLE & HALL CNTY GA DEV AUTH EDUCTNL FACS REVENUE     | CUSIP: 36274PAB3<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    700000 | PA      | $586374.53    | 0.02%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  20180000 | PA      | $20297054.09  | 0.65%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2206479.88   | 0.07%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2218390.20   | 0.07%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251809.60    | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EPM2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5206545.21   | 0.17%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Christian KY                                                           | CHRISTIAN CNTY KY HOSP REVENUE                               | CUSIP: 170692CN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103951.97    | 0.00%             | 2036-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250942.15    | 0.01%             | 2050-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3151424.11   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | FREDERICK CNTY MD SPL OBLG                                   | CUSIP: 35571LCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1749105.20   | 0.06%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETZ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558722.75   | 0.05%             | 2062-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCE5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    700000 | PA      | $697292.75    | 0.02%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K4T6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   8770000 | PA      | $7523768.09   | 0.24%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6383041.80   | 0.20%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447P5N7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1076254.09   | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XS0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4366410.92   | 0.14%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   7130000 | PA      | $6480377.86   | 0.21%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TRE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007462.90   | 0.03%             | 2062-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6596267.30   | 0.21%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 4                                        | KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE                | CUSIP: 494796AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517435.95    | 0.02%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1290345.16   | 0.04%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                             | MANHATTAN KS HLTH CARE FAC REVENUE                           | CUSIP: 563017EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2301360.30   | 0.07%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Nevada MO                                                                | NEVADA MO HOSP REVENUE                                       | CUSIP: 641345CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39308.05     | 0.00%             | 2026-10-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REV   | CUSIP: 82170KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1178206.88   | 0.04%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp                                | MATCHING FUND SPL PURPOSE SECURITIZTN CORP                   | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2821464.74   | 0.09%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1126402.20   | 0.04%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Coast Park Community Development District                                   | PALM COAST PARK FL CDD SPL ASSMNT REVENUE                    | CUSIP: 69661TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155099.22    | 0.00%             | 2037-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066CE8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    330000 | PA      | $341857.82    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2133570.83   | 0.07%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1108881.60   | 0.04%             | 2057-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Crookston MN                                                             | CROOKSTON MN HLTH CARE FACS REVENUE                          | CUSIP: 227235BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2768020.50   | 0.09%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD REVENUE                               | CUSIP: 741724CC0<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941756.00    | 0.03%             | 2037-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6635000 | PA      | $331750.00    | 0.01%             | 2039-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | LINCOLN CNTY SD ECON DEV REVENREV                            | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $888764.80    | 0.03%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | S ESTRN OH PORT AUTH HOSP FACS REVENUE                       | CUSIP: 841895AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245472.07    | 0.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                   | SOUTH CAROLINA ST PORTS AUTH PORTS REVENUE                   | CUSIP: 837123GM4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1598673.45   | 0.05%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Will County Community High School District No 210 Lincoln-Way                    | WILL CNTY IL CMNTY HIGH SCH DIST #210 LINCOLN-WAY            | CUSIP: 969073KX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $73907.48     | 0.00%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No 1                                                 | VERVE MET DIST #1 CO                                         | CUSIP: 92538YAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1025489.13   | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                  | CMFA SPL FIN AGY VII CA ESSENTIAL HSG REVENUE                | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2143789.20   | 0.07%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                | OHIO CNTY WV COMMISSION TAX INCR REVENUE                     | CUSIP: 677321BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $706839.22    | 0.02%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 60635H3C1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    475000 | PA      | $398600.29    | 0.01%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396HN5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700712.32    | 0.02%             | 2062-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Williston ND                                                             | WILLISTON ND MF HSG REVENUE                                  | CUSIP: 970712AA3<br>LEI: 549300OH2M7EXI24C405 | Long             | DBT              | MUN               | US        |    615000 | PA      | $276750.00    | 0.01%             | 2023-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | BALTIMORE CNTY MD REVENUE                                    | CUSIP: 059151DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946577.90    | 0.03%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ELT1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4981017.84   | 0.16%             | 2045-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $200737.08    | 0.01%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017593.00   | 0.03%             | 2047-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Miami Beach Health Facilities Authority                                          | MIAMI BEACH FL HLTH FACS AUTH                                | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1910097.11   | 0.06%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                     | NORTHERN IL UNIV REVENUES                                    | CUSIP: 665245ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199064.96   | 0.04%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5590000 | PA      | $5746285.22   | 0.18%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Service Learning Academy                                                 | DETROIT SVC LEARNING ACADEMY MI PUB SCH ACADEMY REVENUE      | CUSIP: 251354AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $831731.30    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061ULJ5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958793.90    | 0.03%             | 2052-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YLK0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    550000 | PA      | $507087.46    | 0.02%             | 2037-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                                | IRVINE CA SPL TAX                                            | CUSIP: 46360TER0<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252207.65    | 0.01%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2657419.47   | 0.08%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $164508.47    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1076891.16   | 0.03%             | 2029-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFE2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754874.85    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE              | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   7025000 | PA      | $6867565.54   | 0.22%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Folsom Ranch Financing Authority                                                 | FOLSOM RANCH CA FING AUTH SPL TAX REVENUE                    | CUSIP: 344414BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063441.60   | 0.07%             | 2037-09-01      | 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: 592643BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11325000 | PA      | $5921582.03   | 0.19%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH                                    | CUSIP: 4624603M6<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    990000 | PA      | $969889.04    | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XZZ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1937556.53   | 0.06%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK LEASE REVENUE   | CUSIP: 13034RAK9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1251957.96   | 0.04%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $759552.00    | 0.02%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033L8M2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021192.90   | 0.03%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anderson IN                                                              | ANDERSON IN ECON DEV REVENUE                                 | CUSIP: 033887CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $208344.20    | 0.01%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1945822.00   | 0.06%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DXU4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089329.10   | 0.03%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CJB8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2572461.50   | 0.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6990000 | PA      | $7353391.23   | 0.23%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LS57<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903357.80   | 0.06%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH STUDENT HSG REVENUE                     | CUSIP: 45202QCM3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1132461.07   | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505UZ7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260102.73    | 0.01%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County Industrial Development Authority                                     | POLK CNTY FL INDL DEV AUTH                                   | CUSIP: 731120NQ0<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5099426.50   | 0.16%             | 2033-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519900.55    | 0.02%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | CUSIP: 74443DFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1360289.45   | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Tobacco Settlement Corp                                            | NASSAU CNTY NY TOBACCO SETTLEMENT CORP                       | CUSIP: 63166MCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3905000 | PA      | $3766053.85   | 0.12%             | 2046-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062871.70   | 0.03%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TEU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239426.65    | 0.01%             | 2047-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SR LIVING CMNTY 1ST MTGE REVENUE          | CUSIP: 74446GAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    415000 | PA      | $374573.11    | 0.01%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6468725.40   | 0.21%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $234230.74    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218XZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508535.40    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCH8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7359609.60   | 0.23%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKM9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2213713.69   | 0.07%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                     | WISE CNTY VA INDL DEV AUTH SOL WST & SEWAGE DISP REVENUE     | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919287.80    | 0.03%             | 2040-10-01      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $47683.41     | 0.00%             | 2033-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE                     | CUSIP: 62551PCY1<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861234.80    | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295YS2<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    450000 | PA      | $419128.61    | 0.01%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7715000 | PA      | $8229808.06   | 0.26%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH                                    | CUSIP: 378286JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900580.40    | 0.03%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5092371.50   | 0.16%             | 2029-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD REVENUE              | CUSIP: 49952MDB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $256631.73    | 0.01%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                          | READING PA SCH DIST                                          | CUSIP: 755638ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1633920.31   | 0.05%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PYS4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    795000 | PA      | $806769.90    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XFZ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    355000 | PA      | $353800.38    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5420285.20   | 0.17%             | 2026-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCW6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497171.45    | 0.02%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143FT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036572.90   | 0.03%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1144230.70   | 0.04%             | 2025-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510934P2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259124.30    | 0.01%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH ST CONTRACT           | CUSIP: 64580ABQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551838.80    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712D4U7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    260000 | PA      | $249909.04    | 0.01%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698KV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1777042.00   | 0.06%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $288608.52    | 0.01%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Grand Forks ND                                                         | GRAND FORKS CNTY ND                                          | CUSIP: 38543PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3025000.00   | 0.10%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136EM9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    430000 | PA      | $406890.17    | 0.01%             | 2024-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $725564.34    | 0.02%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025276.70   | 0.03%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136S28<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136132.12    | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218XY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145648.40    | 0.00%             | 2035-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078995.10   | 0.03%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513542.15    | 0.02%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Public Financing Authority                                         | LAKE ELSINORE CA PUBLIC FING AUTH LOCAL AGY REVENUE          | CUSIP: 509632NC5<br>LEI: 549300C5MCDOVNPOX172 | Long             | DBT              | MUN               | US        |    405000 | PA      | $413957.34    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                          | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603XG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969105.20   | 0.06%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6470000 | PA      | $2466687.50   | 0.08%             | 2053-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342PM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1875144.00   | 0.06%             | 2045-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                      | GEO L SMITH II GA CONGRESS CTR AUTH                          | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1888588.80   | 0.06%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PAX3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74853.40     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                              | CUSIP: 74442CDH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4209320.85   | 0.13%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY INDL DEV AUTH EXEMPT FACS REVENUE              | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5830000 | PA      | $4949152.30   | 0.16%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | S ESTRN OH PORT AUTH HOSP FACS REVENUE                       | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70583.30     | 0.00%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTP9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    165000 | PA      | $185429.90    | 0.01%             | 2029-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cape Girardeau County Industrial Development Authority                           | CAPE GIRARDEAU CNTY MO INDL DEV AUTH HLTH CARE FACS REVENUE  | CUSIP: 139404HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $2659152.75   | 0.08%             | 2046-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | MUSKINGUM CNTY OH HOSP FACS                                  | CUSIP: 628077CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2864577.00   | 0.09%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                    | BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE                     | CUSIP: 11861MBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $811917.80    | 0.03%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | MONTANA FAC FIN AUTH HLTH FACS REVENUE                       | CUSIP: 61204MDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495809.75   | 0.05%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pottsboro Higher Education Finance Corp                                          | POTTSBORO TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 738222AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $378306.68    | 0.01%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2858653.05   | 0.09%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $189595.87    | 0.01%             | 2026-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1317720.78   | 0.04%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583U7E2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511343.75    | 0.02%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136ER8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    185000 | PA      | $154094.27    | 0.00%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    900000 | PA      | $910551.42    | 0.03%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024981.30   | 0.03%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2246655.38   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XAT0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041601.30   | 0.03%             | 2043-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EPN0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $9086080.21   | 0.29%             | 2033-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $339820.32    | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $423818.03    | 0.01%             | 2030-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA DEV FIN CORP HLTHCAREFACS REVENUE                    | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959932.20    | 0.03%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510935E6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    135000 | PA      | $134287.79    | 0.00%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $403518.60    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952255.00    | 0.03%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11735000 | PA      | $9633106.60   | 0.31%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR HLTH CA REVENUE                                      | CUSIP: 697528AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264398.73    | 0.01%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowfoot Valley Ranch Metropolitan District No 2                                 | CROWFOOT VLY RANCH MET DIST #2 CO                            | CUSIP: 22802CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008270.60   | 0.03%             | 2038-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority/PA                          | WESTMORELAND CNTY PA INDL DEV AUTH HLTH SYS REVENUE          | CUSIP: 960875AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1579342.18   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DEK4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1080061.18   | 0.03%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | S ESTRN OH PORT AUTH HOSP FACS REVENUE                       | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911727.40   | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TDP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238986.63    | 0.01%             | 2035-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059U95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2175720.60   | 0.07%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1560020.01   | 0.05%             | 2038-12-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TGF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $375348.44    | 0.01%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XJW2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    190000 | PA      | $201490.95    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BJZ8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    680000 | PA      | $703519.36    | 0.02%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MTK3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020497.90   | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | CUSIP: 95648VBJ7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3309412.41   | 0.11%             | 2045-07-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152B91<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2748224.43   | 0.09%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GNA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $801100.59    | 0.03%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583UJ58<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $328786.96    | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SSJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005794.80   | 0.03%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH HEALTH SVCS FACS LEASE REVENUE          | CUSIP: 452031AQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1287328.84   | 0.04%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416H2T0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    975000 | PA      | $838309.68    | 0.03%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Otsego County Capital Resource Corp                                              | OTSEGO CNTY NY CAPITAL RESOURCE CORP REVENUE                 | CUSIP: 689090AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $297425.11    | 0.01%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486M22<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3225610.80   | 0.10%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chambersburg Area Municipal Authority                                            | CHAMBERSBURG PA AREA MUNI AUTH EDU FAC REVENUE               | CUSIP: 157881AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998602.10    | 0.03%             | 2048-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $650526.30    | 0.02%             | 2029-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | CUSIP: 64542PEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889622.70    | 0.03%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTSAUTH REVENUE                    | CUSIP: 413890GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1089327.55   | 0.03%             | 2029-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1195528.00   | 0.04%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $1159000.00   | 0.04%             | 2038-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No 3                                             | TRANSPORT MET DIST #3 CO                                     | CUSIP: 89386FAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $3831211.86   | 0.12%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247K58<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    590000 | PA      | $363913.89    | 0.01%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136XC0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    270000 | PA      | $247974.97    | 0.01%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH HOTEL REVENUE                       | CUSIP: 71885JAC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3900864.50   | 0.12%             | 2057-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKV5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    420000 | PA      | $434856.03    | 0.01%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E6D5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4646.90      | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAK4<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    305000 | PA      | $313275.57    | 0.01%             | 2024-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 1675012W4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2772333.50   | 0.09%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YJ9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4620926.00   | 0.15%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2021090.50   | 0.06%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1564250.08   | 0.05%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3150525.70   | 0.10%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47465000 | PA      | $45329245.87  | 1.44%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                             | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JL6<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517250.75    | 0.02%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505UW4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1325516.59   | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1902409.28   | 0.06%             | 2030-12-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HLTHCARE FACS REVENUE                     | CUSIP: 74444KBX1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $943971.82    | 0.03%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4064307.20   | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152E49<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270538.38    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1374286.32   | 0.04%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD REVENUE              | CUSIP: 49952MDC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $284617.59    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH COLCOLLEGE HSG REV                | CUSIP: 13059AAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2084673.51   | 0.07%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                        | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE           | CUSIP: 48340PAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261306.83    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                          | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1044151.10   | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $63250.33     | 0.00%             | 2035-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFN6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477436.25   | 0.05%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538HX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $733862.77    | 0.02%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin Community Facilities District No 2015-1                                   | DUBLIN CA CMNTY FACS DIST IMPT AREA NO 1 SPL TAX             | CUSIP: 26362PAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $496411.90    | 0.02%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528NAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19753.27     | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $257689.51    | 0.01%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Prince George's County Revenue Authority                                         | PRINCE GEORGES CNTY MD REVENUE AUTH SPL OBLIG                | CUSIP: 74173KAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504582.75    | 0.02%             | 2036-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XD2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    390000 | PA      | $314430.60    | 0.01%             | 2028-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH REVENUES               | CUSIP: 091081DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $311516.42    | 0.01%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Anaheim Community Facilities District                                            | ANAHEIM CA CMNTY FACS DIST SPL TAX                           | CUSIP: 03254EFS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $584165.13    | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI ARPT FACS REVENUE                         | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9025945.20   | 0.29%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3594643.20   | 0.11%             | 2042-11-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UND6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    460000 | PA      | $483237.73    | 0.02%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TDY6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100549.52    | 0.00%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | NORMAN OK REGL HOSP AUTH HOSP REVENUE                        | CUSIP: 656178EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1788757.00   | 0.06%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $63050.08     | 0.00%             | 2040-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE           | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962443.40    | 0.03%             | 2050-06-15      | 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: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1462166.20   | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKK9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    885000 | PA      | $914493.86    | 0.03%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                          | TOBACCO SECURITIZATION AUTH NTHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888794BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4109293.80   | 0.13%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hutchinson KS                                                            | HUTCHINSON KS HOSP FACS REVENUE                              | CUSIP: 44816RAS1<br>LEI: 549300TUCDL8L0PET640 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251909.80    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E5A2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $730854.38    | 0.02%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1526891.20   | 0.05%             | 2046-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501933.55    | 0.02%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                              | CUSIP: 74442CDS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1806679.40   | 0.06%             | 2051-02-01      | Fixed         | 4.00%                 | 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        |    605000 | PA      | $609945.39    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Center Metropolitan District No 1                                      | JEFFERSON CENTER CO MET DIST # 1 SPL REVENUE                 | CUSIP: 47248EAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833065.40    | 0.03%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                      | S WSTRN IL DEV AUTH ENVRNMNTL IMPT REVENUE                   | CUSIP: 84552TAB8<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000274.40   | 0.06%             | 2042-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Calhoun County Hospital Finance Authority                                        | CALHOUN CNTY MI HOSP FIN AUTH REVENUE                        | CUSIP: 12964UAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $294570.23    | 0.01%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE              | CUSIP: 576002BH1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1285999.93   | 0.04%             | 2025-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975030.20    | 0.03%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3397415.74   | 0.11%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3172161.06   | 0.10%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV                            | CUSIP: 71781PBK5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    440000 | PA      | $439265.02    | 0.01%             | 2040-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EC22<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    390000 | PA      | $287267.41    | 0.01%             | 2038-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | NEW YORK CNTYS NY TOBACCO TRUST VI                           | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1243153.85   | 0.04%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1897055.82   | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8664700.50   | 0.28%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlantic City NJ                                                         | ATLANTIC CITY NJ                                             | CUSIP: 048339TU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65132.33     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5024007.50   | 0.16%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5033.12      | 0.00%             | 2062-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152E64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    460000 | PA      | $452570.77    | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 13                                     | VLG FL CDD #13 SPL ASSMNT REVENUE                            | CUSIP: 92708HAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $665065.51    | 0.02%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250BK9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1035071.10   | 0.03%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                               | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2182995.50   | 0.07%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1888805.00   | 0.06%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AW30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847348.10    | 0.03%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899762.30    | 0.03%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1080219.23   | 0.03%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH STUDENT HSG & ACADEMIC FAC REVENUE      | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4133203.80   | 0.13%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1604512.40   | 0.05%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 649903LU3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161434.44    | 0.01%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERW8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3768795.20   | 0.12%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3598594.30   | 0.11%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV MF REVENUE                 | CUSIP: 717908AH0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014915.00   | 0.03%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prairie Center Metropolitan District No 3                                        | PRAIRIE CENTER CO MET DIST #3 LTD PROPERTY TAX SUPPORTED PRI | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999740.40   | 0.13%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                         | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $467192.83    | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E6C7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242485.73    | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBJ7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066537.60   | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH MONROE EXPRESSWAY TOLL REV   | CUSIP: 65830UAE2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5174259.71   | 0.16%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4960000 | PA      | $5118394.13   | 0.16%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5329715.00   | 0.17%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV       | CUSIP: 64542RDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $374000.00    | 0.01%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $357001.74    | 0.01%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QQ2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1199390.12   | 0.04%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | MUSKINGUM CNTY OH HOSP FACS                                  | CUSIP: 628077CJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $490287.53    | 0.02%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WBL7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1260591.68   | 0.04%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26008000 | PA      | $24963066.18  | 0.79%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500793.45    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1740499.48   | 0.06%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                         | CUSIP: 777870XX9<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137330.04    | 0.00%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YJ40<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2721569.10   | 0.09%             | 2053-09-01      | 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: 419800LV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4864102.00   | 0.15%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SVM3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022859.90   | 0.03%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Budget & Finance                                   | HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE           | CUSIP: 419800JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2102097.83   | 0.07%             | 2033-07-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WAX2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    425000 | PA      | $403566.06    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pottsboro Higher Education Finance Corp                                          | POTTSBORO TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 738222AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393429.64    | 0.01%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EPP5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4183750.12   | 0.13%             | 2040-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8665000 | PA      | $8703804.47   | 0.28%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YBL4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146997.99    | 0.00%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018491.80   | 0.06%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068217.20   | 0.03%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7710000 | PA      | $7744612.50   | 0.25%             | 2034-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4194467.60   | 0.13%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2543012.50   | 0.08%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $229540.16    | 0.01%             | 2033-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9623046.60   | 0.31%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363Z2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $225402.10    | 0.01%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                           | TALLAHASSEE FL HLTH FACS REVENUE                             | CUSIP: 874485CR4<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1229680.89   | 0.04%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DEL5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150281.18    | 0.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Public Finance Authority                                                 | COMPTON CA PUBLIC FIN AUTH LEASE REVENUE                     | CUSIP: 204726AG8<br>LEI: 549300WUETJKEL0LJQ58 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1577630.07   | 0.05%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262072T0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4548830.40   | 0.14%             | 2059-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                      | ORANGE CNTY CA CMNTY FACS DIST                               | CUSIP: 68423PWC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $466826.27    | 0.01%             | 2045-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025128.00   | 0.03%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                   | PUERTO RICO CMWLTH HIGHWAY & TRANSPRTN AUTH RESTRUCTURED TOL | CUSIP: 745197AA1<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1930000.00   | 0.06%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8130000 | PA      | $8135132.47   | 0.26%             | 2046-07-01      | 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        |    500000 | PA      | $481394.70    | 0.02%             | 2037-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505VW3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538592.55    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CM7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545627.05    | 0.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PBN9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252115.05    | 0.01%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $2004746.00   | 0.06%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 4                                        | KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE                | CUSIP: 494796AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258340.03    | 0.01%             | 2045-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6432000 | PA      | $6341967.44   | 0.20%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE     | CUSIP: 98267VDE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1986050.93   | 0.06%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Green Valley Ranch East Metropolitan District No 6                               | GREEN VALLEY RANCH EAST MET DIST #6 CO                       | CUSIP: 39356MAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982824.00    | 0.03%             | 2050-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507102.20    | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VXV1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2368036.00   | 0.08%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKS2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1113461.86   | 0.04%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                | TOPEKA KS HLTH CARE FACS REVENUE                             | CUSIP: 890585BU5<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017310.90   | 0.03%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    935000 | PA      | $938375.63    | 0.03%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1451769.76   | 0.05%             | 2044-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arkansas River Power Authority                                                   | ARKANSAS RIVER PWR AUTH CO PWR REVENUE                       | CUSIP: 041036DP6<br>LEI: 549300JY7B7H80DT6195 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2033226.15   | 0.06%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021351.20   | 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: 167593KX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500832.65   | 0.05%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3331472.10   | 0.11%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAD5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5351874 | PA      | $4115274.28   | 0.13%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                                | FLINT MI HOSP BLDG AUTH RENTAL REVENUE                       | CUSIP: 339510BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005944.60   | 0.06%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152W56<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    660000 | PA      | $669310.36    | 0.02%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WBN3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $873250.38    | 0.03%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE                        | CUSIP: 23825JAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502219.45    | 0.02%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RHF0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3223531.79   | 0.10%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6423562.60   | 0.20%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE           | CUSIP: 130486BF9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922761.30    | 0.03%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23559000 | PA      | $22465532.57  | 0.71%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4412520.64   | 0.14%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRERC Community Development District                                             | FRERC CDD FL                                                 | CUSIP: 30293SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482133.50   | 0.05%             | 2040-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $376769.60    | 0.01%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UFA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $190037.85    | 0.01%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8915000 | PA      | $9050037.29   | 0.29%             | 2043-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VWS9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2303022.22   | 0.07%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton Redevelopment Authority                                                 | SCRANTON PA REDEV AUTH GTD LEASE REVENUE                     | CUSIP: 81080LAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $217592.17    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Department of Education                                                     | GUAM GOVT DEPT OF EDU COPS                                   | CUSIP: 40065AAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509847.15    | 0.02%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167484QZ0<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    760000 | PA      | $496478.74    | 0.02%             | 2034-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682RL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10684479.00  | 0.34%             | 2042-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH CHRT SCH REVENUE                   | CUSIP: 246372BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $722903.07    | 0.02%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rancho Cordova CA                                                        | RANCHO CORDOVA CA CMNTY FACS DIST SPL TAX                    | CUSIP: 75211RGZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $178227.16    | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5300000 | PA      | $4786917.60   | 0.15%             | 2047-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YQH5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012812.30   | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5805000 | PA      | $5994601.17   | 0.19%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                    | BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE                     | CUSIP: 11861MBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1394843.55   | 0.04%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25550000 | PA      | $24299871.72  | 0.77%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Broward Hospital District                                                  | NORTH BROWARD FL HOSP DIST                                   | CUSIP: 657883DF8<br>LEI: 549300HZL14T4Q7UDP41 | Long             | DBT              | MUN               | US        |    155000 | PA      | $165814.02    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL STUDENT HSG REVENUE                     | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2075409.60   | 0.07%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36070000 | PA      | $35628095.61  | 1.13%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                         | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $207450.08    | 0.01%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4K4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994408.60    | 0.03%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                | MISSISSIPPI ST BUSINESS FIN CORP EXEPT FACS REVENUE          | CUSIP: 60528DAA6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4051063.20   | 0.13%             | 2047-07-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TWP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $3779.47      | 0.00%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PAU9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016017.20   | 0.03%             | 2045-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $3003731.85   | 0.10%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE         | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $828437.81    | 0.03%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203505.74    | 0.01%             | 2049-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTH SOL WST DISP FAC REVENUE       | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1389436 | PA      | $13.89        | 0.00%             | 2039-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1677337.44   | 0.05%             | 2030-01-01      | 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: 882667BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3099449.92   | 0.10%             | 2038-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1544547.76   | 0.05%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REV   | CUSIP: 82170KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $197439.48    | 0.01%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lees Summit MO                                                           | LEES SUMMIT MO SPL OBLG TAX INCR & SPL DIST                  | CUSIP: 524309AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2277745.75   | 0.07%             | 2037-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991083.40    | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XDW0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1544949.20   | 0.05%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Holdenville Public Works Authority                                               | HOLDENVILLE OK PUBLIC WKS AUTH SALES TAX REVENUE             | CUSIP: 434853AY3<br>LEI: 549300S4JI7GNMP3EB98 | Long             | DBT              | MUN               | US        |    605000 | PA      | $421549.90    | 0.01%             | 2052-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  12054840 | PA      | $13100107.94  | 0.42%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Deephaven MN                                                             | DEEPHAVEN MN CHARTER SCH LEASE REVENUE                       | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503063.95    | 0.02%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1235284.44   | 0.04%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VE2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $865106.68    | 0.03%             | 2027-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | CUSIP: 74443DGB1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2171734.25   | 0.07%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Blue Springs MO                                                          | BLUE SPRINGS MO SPL OBLIG TAX INCREMENT & SPL DISTS          | CUSIP: 09606AAA4<br>LEI: 5493006R0DSVD8VESU58 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14486.27     | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TCD6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4158120.29   | 0.13%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152JQ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100043.13    | 0.00%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6589465.35   | 0.21%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 4                                        | KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE                | CUSIP: 494796AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517339.55    | 0.02%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish Memorial Hospital Service District                              | CALCASIEU PARISH LA MEMORIAL HOSP SVC DIST HOSP REVENUE      | CUSIP: 128423EY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4824253.17   | 0.15%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fremont Community Facilities District No 1                                       | FREMONT CA CMNTY FACS DIST #1                                | CUSIP: 357129CH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255529.23    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WN2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063502.00   | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538GX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $716219.00    | 0.02%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70515.49     | 0.00%             | 2028-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brighton Crossing Metropolitan District No 6                                     | BRIGHTON CROSSING MET DIST #6 CO                             | CUSIP: 10933PAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468666.85    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE            | CUSIP: 34061YAD2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   9750000 | PA      | $8869797.30   | 0.28%             | 2049-01-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVT9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96359.43     | 0.00%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                                           | BAYTOWN TWP MN LEASE                                         | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218095.58    | 0.01%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                 | CUSIP: 903768AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $332296.00    | 0.01%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                   | ROCKY MOUNTAIN RAIL PARK MET DIST CO                         | CUSIP: 774762AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6850000 | PA      | $5597732.32   | 0.18%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT SPL ASSMNT   | CUSIP: 59561TAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2296017.75   | 0.07%             | 2040-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EGJ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1481760.85   | 0.05%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Authority                                             | INDEP CITIES CA FIN AUTH MOBILE HOME PARK REVENUE            | CUSIP: 45385LKV4<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    250000 | PA      | $194919.50    | 0.01%             | 2046-10-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033797.70   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kirkwood Industrial Development Authority                                        | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE               | CUSIP: 497609BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1391576.55   | 0.04%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority Of The City Of Marietta                                    | MARIETTA GA DEV AUTH                                         | CUSIP: 567656EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4978974.50   | 0.16%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Industrial Development Authority                                            | MOON INDL DEV AUTH PA REVENUE                                | CUSIP: 61543RAR7<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |    300000 | PA      | $283382.55    | 0.01%             | 2030-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1989000 | PA      | $1896909.10   | 0.06%             | 2048-03-01      | Fixed         | 5.13%                 | 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        |   2920000 | PA      | $3126433.78   | 0.10%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730NX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070147.80   | 0.10%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCW4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15027.13     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459186B4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    140000 | PA      | $145021.52    | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCV6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285592.37    | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami Beach Health Facilities Authority                                          | MIAMI BEACH FL HLTH FACS AUTH                                | CUSIP: 593211EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011961.90   | 0.10%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI DEV BK SPL OBLIG                                 | CUSIP: 60534XLV6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3046402.10   | 0.10%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252021.03    | 0.01%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049661.50   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                          | WASHINGTON CNTY OH HOSP REVENUE                              | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2271420.22   | 0.07%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918Z55<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017419.30   | 0.03%             | 2025-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AET5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2049653.10   | 0.07%             | 2048-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DCR1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471215.85    | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tree Farm Metropolitan District                                                  | TREE FARM MET DIST CO                                        | CUSIP: 894676AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1748844.40   | 0.06%             | 2050-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                               | CUSIP: 81669TAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2436845.06   | 0.08%             | 2026-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE            | CUSIP: 474176KT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1350430.33   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508550.15    | 0.02%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HFH0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2812844.85   | 0.09%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp for Pickens School District                    | SCAGO SC EDUCTNL FACS CORP FOR PICKENS SCH DIST              | CUSIP: 80585TCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1503586.61   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    700000 | PA      | $723135.56    | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459186D0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    580000 | PA      | $600803.44    | 0.02%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951492.20    | 0.03%             | 2031-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | CUSIP: 040523AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1300000.00   | 0.04%             | 2030-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Development Authority of White County                                            | WHITE CNTY GA DEV AUTH REVENUE                               | CUSIP: 96366FAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $441930.90    | 0.01%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7621276.50   | 0.24%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XBG9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    417393 | PA      | $91826.53     | 0.00%             | 2042-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $281228.57    | 0.01%             | 2044-10-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Chesapeake VA Chesapeake Expressway Toll Road Revenue                    | CHESAPEAKE VA TOLL ROAD REVENUE                              | CUSIP: 16532RAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380220.51    | 0.01%             | 2047-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD CHRT SCH REVENUE                      | CUSIP: 74172VAE8<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519856.95    | 0.02%             | 2045-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106695.12    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sanger Industrial Development Corp                                               | SANGER TX INDL DEV CORP DEV REVENUE                          | CUSIP: 800888AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9900000 | PA      | $2475000.00   | 0.08%             | 2038-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of White County                                            | WHITE CNTY GA DEV AUTH REVENUE                               | CUSIP: 96366FAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459702.10    | 0.01%             | 2039-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7735000 | PA      | $7284658.24   | 0.23%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1609032.88   | 0.05%             | 2038-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045NH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509166.80   | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $61942.98     | 0.00%             | 2036-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1099677.50   | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HSN6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    205000 | PA      | $214222.89    | 0.01%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2863677.60   | 0.09%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE           | CUSIP: 97671VAK1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    105000 | PA      | $85426.11     | 0.00%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    130000 | PA      | $126588.46    | 0.00%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chippewa MN                                                            | CHIPPEWA CNTY MN GROSS REVENUE                               | CUSIP: 169727BD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $129669.61    | 0.00%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAC0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    530000 | PA      | $497412.69    | 0.02%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XBH7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    834787 | PA      | $183653.06    | 0.01%             | 2052-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416QP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063314.20   | 0.03%             | 2052-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rocklin CA                                                               | ROCKLIN CA SPL TAX                                           | CUSIP: 773747ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $831083.17    | 0.03%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $61721.66     | 0.00%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YQK8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4436127.50   | 0.14%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1571279.25   | 0.05%             | 2058-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                                | IRVINE CA SPL TAX                                            | CUSIP: 46360TEP4<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    230000 | PA      | $233297.97    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066BL3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3792975.46   | 0.12%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | CUSIP: 95648VBF5<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5035131.00   | 0.16%             | 2045-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218C43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256799.68    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                       | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032467.90   | 0.03%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCG0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2745351.70   | 0.09%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA                                                          | SACRAMENTO CNTY CA SPL TAX                                   | CUSIP: 786153NU6<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    495000 | PA      | $506223.53    | 0.02%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midtown Miami Community Development District                                     | MIDTOWN MIAMI FL CDD SPL ASSMNT REVENUE                      | CUSIP: 59807PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $4135387.45   | 0.13%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017212.00   | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250EJ9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $559703.71    | 0.02%             | 2036-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Hopewell VA Sewer System Revenue                                         | HOPEWELL VA SWR SYS REVENUE                                  | CUSIP: 439733BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240184.15    | 0.01%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | PALM BEACH CNTY FL REVENUE                                   | CUSIP: 696547GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2298424.00   | 0.07%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033884.70   | 0.03%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247559.95    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1737628.53   | 0.06%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TEV1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2081574.17   | 0.07%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10640000 | PA      | $10640102.14  | 0.34%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DFE4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4817542.63   | 0.15%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BTD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983535.70    | 0.03%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1097832.26   | 0.03%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XC5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209468.78    | 0.01%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga-Hamilton County Hospital Authority                                   | CHATTANOOGA-HAMILTON CNTY TN HOSP AUTH HOSP REVENUE          | CUSIP: 162362HY6<br>LEI: 549300BFNMBLLM3M6C70 | Long             | DBT              | MUN               | US        |   5180000 | PA      | $5206713.26   | 0.17%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $571134.54    | 0.02%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Community High School District No 210 Lincoln-Way                    | WILL CNTY IL CMNTY HIGH SCH DIST #210 LINCOLN-WAY            | CUSIP: 969073KZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $186411.61    | 0.01%             | 2031-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH FAC REVENUE                         | CUSIP: 45471CAZ1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4088851.60   | 0.13%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE                    | CUSIP: 696507UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3436153.50   | 0.11%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp                                    | WESTCHESTER NY TOBACCO ASSET SECURITIZATION                  | CUSIP: 957480BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4575000 | PA      | $4583237.29   | 0.15%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RFH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125022.64    | 0.00%             | 2045-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7N8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $643282.56    | 0.02%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3049926.32   | 0.10%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                 | CUSIP: 903768AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $497557.41    | 0.02%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Westlake TX                                                              | WESTLAKE TX SPL ASSMNT REVENUE                               | CUSIP: 96048SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006678.30   | 0.03%             | 2045-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  14210000 | PA      | $15156236.80  | 0.48%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941335.50    | 0.03%             | 2025-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $193215.43    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| I-470 Western Gateway Transportation Development District                        | I-470 WESTERN GATEWAY TRANSPRTN DEV DIST MO TRANSPRTN SALES  | CUSIP: 44952RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1107495.40   | 0.04%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                                    | ROANOKE CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE          | CUSIP: 76982TAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $831536.10    | 0.03%             | 2054-09-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $110228.95    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251425.63    | 0.01%             | 2037-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1070097.50   | 0.03%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2679655.55   | 0.09%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $292663.90    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 13                                     | VLG FL CDD #13 SPL ASSMNT REVENUE                            | CUSIP: 92708HAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2335038.20   | 0.07%             | 2039-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES                               | CUSIP: 64983QEL9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    480000 | PA      | $538268.16    | 0.02%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH REVENUE                            | CUSIP: 67868NBY4<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    825000 | PA      | $412500.00    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $565200.81    | 0.02%             | 2040-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                                | IRVINE CA SPL TAX                                            | CUSIP: 46360TEQ2<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252989.48    | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1449476.01   | 0.05%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18300000 | PA      | $18731532.30  | 0.60%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collegiate Charter School of Lowell                                              | LOWELL MA COLLEGIATE CHRT SCH REVENUE                        | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $364978.32    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092088.30   | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BFT0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2553502.00   | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                          | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 16514PAD1<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8176176.00   | 0.26%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WE7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    230000 | PA      | $211237.93    | 0.01%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3144422.10   | 0.10%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                          | VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE                       | CUSIP: 927676TN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $392252.74    | 0.01%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCQ0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1777403.68   | 0.06%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EZD3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $86713.32     | 0.00%             | 2052-11-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                  | CMFA SPL FIN AGY VII CA ESSENTIAL HSG REVENUE                | CUSIP: 12574UAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1615661.52   | 0.05%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486D30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046473.30   | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2468944.35   | 0.08%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Brighton Crossing Metropolitan District No 6                                     | BRIGHTON CROSSING MET DIST #6 CO                             | CUSIP: 10933PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484859.95    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WL9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2253782.76   | 0.07%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127071.75    | 0.00%             | 2023-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                               | FONTANA CA SPL TAX                                           | CUSIP: 344630ZB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445737.75    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lees Summit Industrial Development Authority                                     | LEES SUMMIT MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 524292BG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1810035.20   | 0.06%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VSD7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240542.50    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE         | CUSIP: 74445QDU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $869166.00    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                             | DOMINION WTR & SANTN DIST CO REVENUE                         | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005032.30   | 0.03%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $702030.20    | 0.02%             | 2051-12-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TH9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019796.40   | 0.10%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730NY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514332.05    | 0.02%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97710B6T4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3927314.76   | 0.12%             | 2038-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Brazoria County Industrial Development Corp                                      | BRAZORIA CNTY TX INDL DEV CORP SOLID WST DISP FACS REVENUE   | CUSIP: 10604PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1752710.91   | 0.06%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EA65<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $2925000.00   | 0.09%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SSG0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1448269.20   | 0.05%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990BD91<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2914961.28   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH ILDEDICATED ST TAX REVENUE        | CUSIP: 592248FM5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    745000 | PA      | $571873.85    | 0.02%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PFM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049443.10   | 0.03%             | 2037-06-01      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTJ3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    725000 | PA      | $768991.55    | 0.02%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EA73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6130000 | PA      | $2758500.00   | 0.09%             | 2045-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250EG5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1992545.20   | 0.06%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467026.40    | 0.01%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Y62<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    365000 | PA      | $375826.96    | 0.01%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $846099.53    | 0.03%             | 2043-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044307.90   | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8040000 | PA      | $8081129.42   | 0.26%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783ZB5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5485666.90   | 0.17%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031EV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $492701.13    | 0.02%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS LEASE REVENUE              | CUSIP: 14054DAK3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495888.15    | 0.02%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152S36<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    820000 | PA      | $850648.73    | 0.03%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH UNIV HSG REVENUE                  | CUSIP: 13058BAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $107497.16    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                             | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE           | CUSIP: 973405AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $766712.50    | 0.02%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGF1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    545000 | PA      | $564823.50    | 0.02%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YK6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4572029.50   | 0.15%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH COPS                                        | CUSIP: 23225PAJ4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1856399.54   | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $50000.00     | 0.00%             | 2022-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                              | WOODBURY MN CHRT SCH LEASE REVENUE                           | CUSIP: 979134AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $849907.73    | 0.03%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTT1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2789615.22   | 0.09%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP POLL CONTROL REVENUE               | CUSIP: 57421HAA1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   7785000 | PA      | $7864903.68   | 0.25%             | 2025-09-01      | Fixed         | 5.75%                 | 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        |   1150000 | PA      | $1150418.37   | 0.04%             | 2032-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDN4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $6714200.16   | 0.21%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAG8<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    500000 | PA      | $463772.85    | 0.01%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2303464.31   | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                         | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QDT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515913.15    | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979696.20    | 0.03%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556484.75    | 0.02%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monongalia County Commission Excise Tax District                                 | MONONGALIA CNTY WV COMMISSION SPL DIST EXCISE TAX REVENUE    | CUSIP: 61022CAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2306786.50   | 0.07%             | 2043-06-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| County of Clay FL Sales Surtax Revenue                                           | CLAY CNTY FL SALES SURTAX REVENUE                            | CUSIP: 183251AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2135255.64   | 0.07%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TK2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2002124.98   | 0.06%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TY2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305330.76    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE   | CUSIP: 647377AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4980000 | PA      | $4168511.99   | 0.13%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | MONTGOMERY CNTY OH HOSP REVENUE                              | CUSIP: 613520ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2063861.33   | 0.07%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    973135 | PA      | $943590.00    | 0.03%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    700000 | PA      | $742522.34    | 0.02%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1261007.28   | 0.04%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    245000 | PA      | $264228.34    | 0.01%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2897974.08   | 0.09%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TWE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557043.65    | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBJ8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    495000 | PA      | $484814.98    | 0.02%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Community Facilities District                                            | ANAHEIM CA CMNTY FACS DIST SPL TAX                           | CUSIP: 03254EFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $159070.27    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2911446.77   | 0.09%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV TEMPLE UNIV REVENUE        | CUSIP: 717794AL5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5855016.97   | 0.19%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                 | CUSIP: 903768AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $135939.10    | 0.00%             | 2053-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMH1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55687.52     | 0.00%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7365000 | PA      | $6600211.77   | 0.21%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5052958.50   | 0.16%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $746439.47    | 0.02%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4685823.45   | 0.15%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Dublin Community Facilities District No 2015-1                                   | DUBLIN CA CMNTY FACS DIST IMPT AREA NO 1 SPL TAX             | CUSIP: 26362PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1199612.27   | 0.04%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macon-Bibb County Urban Development Authority                                    | MACON-BIBB CNTY GA URBAN DEV AUTH                            | CUSIP: 555542NC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256374.43    | 0.01%             | 2037-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RHH3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    125000 | PA      | $117798.09    | 0.00%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FL INDL DEVAUTH HOSP REVENUE               | CUSIP: 43233AFC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6149928.85   | 0.20%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PAV7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1382263.50   | 0.04%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4859696.96   | 0.15%             | 2046-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251585.58    | 0.01%             | 2043-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                         | CUSIP: 777870WA0<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205988.70    | 0.01%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45200FCM9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    475000 | PA      | $467586.15    | 0.01%             | 2032-04-01      | Fixed         | 5.50%                 | 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        |   3960000 | PA      | $3903688.01   | 0.12%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XQ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6146367.00   | 0.20%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $774602.90    | 0.02%             | 2046-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SBX1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016453.00   | 0.03%             | 2033-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655R5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    340000 | PA      | $339706.14    | 0.01%             | 2047-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2134700.91   | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Land Clearance Redevelopment Authority                               | KANSAS CITY MO LAND CLEARANCE REDEV AUTH PROJ REVENUE        | CUSIP: 48504MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4475000 | PA      | $3327067.63   | 0.11%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1240365.30   | 0.04%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WQ0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |      5000 | PA      | $3357.71      | 0.00%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4488779.59   | 0.14%             | 2035-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp                                             | NTHRN AK TOBACCO SECURITIZATION CORP TOBACCO SETTLEMENT REVE | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4009901.99   | 0.13%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74527JAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101670.01    | 0.00%             | 2026-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106160.01    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2641364.32   | 0.08%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E4Y1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    615000 | PA      | $605621.25    | 0.02%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Farmville Industrial Development Authority                                       | FARMVILLE VA INDL DEV AUTH FACS REVENUE                      | CUSIP: 311617BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977119.00    | 0.03%             | 2059-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20570000 | PA      | $18644975.06  | 0.59%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YG0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2785544.99   | 0.09%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1138789.20   | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FL INDL DEVAUTH HOSP REVENUE               | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1209864.15   | 0.04%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DDY5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $202752.95    | 0.01%             | 2049-07-01      | 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: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15620000 | PA      | $15832909.97  | 0.50%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp                                                     | ALBANY NY CAPITAL RESOURCE CORP                              | CUSIP: 012432DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $730320.80    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAQ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $436018.20    | 0.01%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Unified School District Financing Authority                          | SAN JACINTO CA UNIF SCH DIST FING AUTH SPL TAX REVENUE       | CUSIP: 797860BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310294.38    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XNM9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1476857.10   | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544646R53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1665764.96   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042RFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1158321.92   | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Industrial Development Authority/PA                              | DELAWARE CNTY PA INDL DEV AUTH                               | CUSIP: 246018GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $381164.69    | 0.01%             | 2046-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                           | SOUTH JERSEY NJ PORT CORP                                    | CUSIP: 838530RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $382010.90    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918Z71<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509400.35    | 0.02%             | 2027-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Fruita CO Healthcare Revenue                                             | FRUITA CO HLTHCARE REVENUE                                   | CUSIP: 359427AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3353892.18   | 0.11%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401991.60    | 0.01%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Calhoun County Navigation Industrial Development Authority                       | CALHOUN CNTY TX NAVIGATION INDL DEV AUTH FAC REVENUE         | CUSIP: 129729AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2458674.54   | 0.08%             | 2026-07-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Western Hills Water District                                                     | WSTRN HILLS CA WTR DIST SPL TAX                              | CUSIP: 958324DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $185500.00    | 0.01%             | 2031-09-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | SUFFOLK CNTY NY                                              | CUSIP: 86476PWU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059618.70   | 0.03%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | BOONE CNTY MO HOSP REVENUE                                   | CUSIP: 098867FZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $320523.81    | 0.01%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10960000 | PA      | $10519655.70  | 0.33%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Department of Education                                                     | GUAM GOVT DEPT OF EDU COPS                                   | CUSIP: 40065AAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509109.05    | 0.02%             | 2030-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515989.60    | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TM26<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  15500000 | PA      | $1617987.65   | 0.05%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNH7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235429.93    | 0.01%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                        | WILLIAM S HART CA UNION HIGH SCH DIST                        | CUSIP: 969281HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $456941.13    | 0.01%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazoria County Industrial Development Corp                                      | BRAZORIA CNTY TX INDL DEV CORP SOLID WST DISP FACS REVENUE   | CUSIP: 10604PAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5320000 | PA      | $4897399.42   | 0.16%             | 2039-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lees Summit Industrial Development Authority                                     | LEES SUMMIT MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 524292AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1455524.87   | 0.05%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $481680.17    | 0.02%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                             | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE           | CUSIP: 973405AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $826109.30    | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918M67<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    470000 | PA      | $470676.75    | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Community Facilities District                                             | TUSTIN CA CMNTY FACS DIST SPLTAX                             | CUSIP: 901047FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101692.05    | 0.00%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SEV2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1789794.28   | 0.06%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northampton County Industrial Development Authority                              | NORTHAMPTON CNTY PA INDL DEV AUTH                            | CUSIP: 663549NT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937324.30    | 0.03%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152XW6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1047906.50   | 0.03%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami World Center Community Development District                                | MIAMI WORLD CENTER CDD FL SPL ASSMNT                         | CUSIP: 593856AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755087.85    | 0.02%             | 2039-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  13380000 | PA      | $13407585.55  | 0.43%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XN1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3715402.98   | 0.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GGH9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921934.50    | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5545000 | PA      | $4617726.84   | 0.15%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508966.45    | 0.02%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                    | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4283346.35   | 0.14%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $771776.90    | 0.02%             | 2045-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6662000 | PA      | $6568747.99   | 0.21%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | LOUISIANA STADIUM & EXPOSITION DIST LA                       | CUSIP: 546410BM2<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2573041.62   | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4724993.40   | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp                                | MATCHING FUND SPL PURPOSE SECURITIZTN CORP                   | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6509336.60   | 0.21%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority/PA                              | FRANKLIN CNTY PA INDL DEV AUTH REVENUE                       | CUSIP: 353273CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418571.50    | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QX7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5618978.04   | 0.18%             | 2026-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004793.10   | 0.03%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481599.75    | 0.02%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH HLTH CARE REVENUE              | CUSIP: 49126TAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $215952.95    | 0.01%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3235095.13   | 0.10%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531135.00    | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF MTGE REVENUE                | CUSIP: 64966TFJ8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4437045.45   | 0.14%             | 2048-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EA57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1350000.00   | 0.04%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                                    | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1443005.28   | 0.05%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hoover Industrial Development Board                                              | HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE                 | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15040000 | PA      | $15714601.15  | 0.50%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SZ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    290000 | PA      | $292224.24    | 0.01%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                           | SYRACUSE NY INDL DEV AGY PILOT REVENUE                       | CUSIP: 87172NBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $148470.12    | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UXF0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $1962989.13   | 0.06%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp                                            | LOVE FIELD TX ARPT MODERNIZATION CORP SPL FACS REVENUE       | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000863.10   | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700420.28    | 0.02%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAC9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3799635 | PA      | $3853256.04   | 0.12%             | 2033-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1706557.65   | 0.05%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5457652.49   | 0.17%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DZB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $716555.93    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $776020.70    | 0.02%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981450.20    | 0.03%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $307509.98    | 0.01%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                   | CUSIP: 40065HDS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2378931.92   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETY2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047665.60   | 0.03%             | 2057-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1608770.20   | 0.05%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1174071.13   | 0.04%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                               | CUSIP: 81669TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427917.40    | 0.01%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EEY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453143.10    | 0.01%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 52349KBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500152.00    | 0.02%             | 2042-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri/The            | SAINT LOUIS MO INDL DEV AUTH FING REVENUE                    | CUSIP: 85236BAB8<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    250000 | PA      | $205105.68    | 0.01%             | 2035-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAE3<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500708.45    | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | FREDERICK CNTY MD EDUCTNL FACS REVENUE                       | CUSIP: 355697CG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3806558.90   | 0.12%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WB9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2558810.10   | 0.08%             | 2029-09-01      | Fixed         | 3.25%                 | 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        |   1000000 | PA      | $1112195.80   | 0.04%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKC7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    630000 | PA      | $647280.90    | 0.02%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $167402.80    | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | PALM BEACH CNTY FL REVENUE                                   | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977174.00    | 0.03%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                          | VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE                       | CUSIP: 927676NA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $728723.66    | 0.02%             | 2029-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                             | CUSIP: 74447DAF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963023.10    | 0.03%             | 2052-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SW2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554832.41    | 0.02%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tangipahoa Parish Hospital Service District No 1                                 | TANGIPAHOA PARISH LA HOSP SVC DIST #1                        | CUSIP: 875518EX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1502138.70   | 0.05%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145DP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $737495.71    | 0.02%             | 2030-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4640000 | PA      | $4983052.83   | 0.16%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Palm Beach County Improvement District                                  | NTHRN PALM BEACH CNTY FL IMPT DIST                           | CUSIP: 665588SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201196.88    | 0.01%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8485000 | PA      | $8539483.03   | 0.27%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K4S8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    655000 | PA      | $580785.16    | 0.02%             | 2043-05-15      | 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        |   3425000 | PA      | $3678508.57   | 0.12%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Niagara Area Development Corp                                                    | NIAGARA NY AREA DEV CORP SOLID WASTE DISP FAC REVENUE        | CUSIP: 653542AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4796600.55   | 0.15%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp                                    | WESTCHESTER NY TOBACCO ASSET SECURITIZATION                  | CUSIP: 957480BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207040.70    | 0.01%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032URP5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2594754.75   | 0.08%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TR7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $436950.55    | 0.01%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                             | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3361393.70   | 0.11%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2478734.65   | 0.08%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH REVENUES               | CUSIP: 091081DP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5412231.07   | 0.17%             | 2050-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $2765451.48   | 0.09%             | 2058-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                       | NORTH LAS VEGAS NV LOCAL IMPT                                | CUSIP: 66041HGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $215516.90    | 0.01%             | 2049-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $350000.00    | 0.01%             | 2039-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $2916774.86   | 0.09%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                          | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603G45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5029208.64   | 0.16%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WW5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10124.44     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | DENVER CITY & CNTY CO SPL FACS ARPT REVENUE                  | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   5195000 | PA      | $5210771.50   | 0.17%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                             | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE           | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4980000 | PA      | $3535252.70   | 0.11%             | 2051-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp                                                | YONKERS NY ECON DEV CORP EDUCTNL REVENUE                     | CUSIP: 98608MAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $254067.11    | 0.01%             | 2054-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97710B6U1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1145539.04   | 0.04%             | 2043-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X3V1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918936.60    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152RW3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110143.56    | 0.00%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SM9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3869241.38   | 0.12%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $3562658.52   | 0.11%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2905185.53   | 0.09%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital                 | BRD OF MANAGERS TX JT GUADALUPE CNTY-CITY OF SEGUIN HOSP MTG | CUSIP: 09659MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $595416.00    | 0.02%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Folsom Ranch Financing Authority                                                 | FOLSOM RANCH CA FING AUTH SPL TAX REVENUE                    | CUSIP: 344414BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1165461.22   | 0.04%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | BOONE CNTY MO HOSP REVENUE                                   | CUSIP: 098867GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $453837.38    | 0.01%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp                                        | SUFFOLK NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTLEM | CUSIP: 864809CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10515000 | PA      | $1290716.25   | 0.04%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No 1                                            | SOUTHLANDS CO MET DIST #1                                    | CUSIP: 84454RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1150711.80   | 0.04%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PMU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1887742.74   | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1442004.20   | 0.05%             | 2056-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152W64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533124.35    | 0.02%             | 2025-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736ZQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500797.75   | 0.08%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFW7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3679741.45   | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4301.35      | 0.00%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486G37<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2956477.79   | 0.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97710B6V9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1194278.52   | 0.04%             | 2048-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of San Clemente CA                                                          | SAN CLEMENTE CA SPL TAX                                      | CUSIP: 797214CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1068112.16   | 0.03%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1101591.82   | 0.04%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505PL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  17255000 | PA      | $17253529.87  | 0.55%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PCQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $233688.85    | 0.01%             | 2048-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH REVENUE                            | CUSIP: 67868NCC1<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |     90000 | PA      | $45000.00     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495960.45    | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066Z94<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    490000 | PA      | $445580.23    | 0.01%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TWM1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508224.70    | 0.02%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                       | NORTH LAS VEGAS NV LOCAL IMPT                                | CUSIP: 66041HGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $459523.30    | 0.01%             | 2043-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH LOTTERY REVENUE               | CUSIP: 95639PBS1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4265473.60   | 0.14%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501UL7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1503472.25   | 0.05%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority/PA                              | FRANKLIN CNTY PA INDL DEV AUTH REVENUE                       | CUSIP: 353273CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $175272.69    | 0.01%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                              | CUSIP: 74442CCB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4265000 | PA      | $3544719.98   | 0.11%             | 2050-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XBF1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1252180 | PA      | $275479.59    | 0.01%             | 2037-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | NORMAN OK REGL HOSP AUTH HOSP REVENUE                        | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141118.52    | 0.00%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                         | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE      | CUSIP: 73885QGE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779509.95    | 0.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16150000 | PA      | $16886635.42  | 0.54%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | CUMBERLAND CNTY PA MUNI AUTH                                 | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2711148.60   | 0.09%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | WICHITA KS HLTH CARE FACS REVENUE                            | CUSIP: 967249MW0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   2995000 | PA      | $3002362.61   | 0.10%             | 2048-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203H7A4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1781981.44   | 0.06%             | 2031-05-15      | 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: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    925000 | PA      | $981932.46    | 0.03%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WZ8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257497.18    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Flood Control District No 1                                        | DALLAS CNTY TX FLOOD CONTROL DIST                            | CUSIP: 234662DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $850879.07    | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway Station Metropolitan District No 3                                      | BROADWAY STATION MET DIST NO 3 CO                            | CUSIP: 111571AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1205940.31   | 0.04%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252194.55    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Velocity Metropolitan District No 3                                              | VELOCITY MET DIST #3 CO                                      | CUSIP: 92259GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501773.45    | 0.02%             | 2034-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Dublin Community Facilities District No 2015-1                                   | DUBLIN CA CMNTY FACS DIST IMPT AREA NO 2 SPL TAX             | CUSIP: 26362RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520141.45    | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    205000 | PA      | $204555.17    | 0.01%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143CT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $619066.28    | 0.02%             | 2026-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3169605.27   | 0.10%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2119731.26   | 0.07%             | 2048-06-15      | Fixed         | 5.38%                 | 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        |   3000000 | PA      | $3312393.60   | 0.11%             | 2031-11-01      | 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: 882667BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1648502.41   | 0.05%             | 2039-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reagan Hospital District of Reagan County                                        | REAGAN HOSP DIST REAGAN CNTY  TX                             | CUSIP: 755783AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015315.40   | 0.03%             | 2039-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3162255.60   | 0.10%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCX4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472546.10    | 0.02%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Miami Beach FL Water Revenue                                       | NORTH MIAMI BEACH FL WTR REVENUE                             | CUSIP: 661046BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095179.60   | 0.03%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAB2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    470000 | PA      | $452659.73    | 0.01%             | 2036-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542848.20    | 0.02%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PBP4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $246867.88    | 0.01%             | 2046-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PVV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $961167.00    | 0.03%             | 2052-04-01      | 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: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5077044.00   | 0.16%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2265054.00   | 0.07%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                      | CHERRY HILL VA CMNTY DEV AUTHSPL ASSMNT                      | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $496518.71    | 0.02%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $308972.69    | 0.01%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH HLTHCARE REDEV REVENUE              | CUSIP: 13281QBN4<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151656.54    | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RCB8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $741314.70    | 0.02%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish Memorial Hospital Service District                              | CALCASIEU PARISH LA MEMORIAL HOSP SVC DIST HOSP REVENUE      | CUSIP: 128423EX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1782586.05   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CONFERENCECENTER & HOTEL REVENUE          | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    889711 | PA      | $533134.40    | 0.02%             | 2051-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000652.80   | 0.03%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Jefferson County Civic Facility Development Corp                                 | JEFFERSON CNTY NY CIVIC FAC DEV CORP                         | CUSIP: 47325RAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $1923609.90   | 0.06%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV       | CUSIP: 64542RDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85000.00     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin Community Facilities District No 2015-1                                   | DUBLIN CA CMNTY FACS DIST IMPT AREA NO 2 SPL TAX             | CUSIP: 26362RAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529013.25    | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030952.80   | 0.03%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV TEMPLE UNIV REVENUE        | CUSIP: 717794BM2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151374.60   | 0.10%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saugus/Hart School Facilities Financing Authority                                | SAUGUS/HART CA SCH FACS FING AUTH SPL TAX                    | CUSIP: 804208CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511029.85    | 0.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Base Village Metropolitan District No 2                                          | BASE VLG MET DIST #2 CO                                      | CUSIP: 069781AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005711.90   | 0.03%             | 2046-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3524021.94   | 0.11%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  13425000 | PA      | $14343903.66  | 0.46%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAH2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1647254 | PA      | $16.47        | 0.00%             | 2039-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | GRAND FORKS ND HLTH CARE SYS REVENUE                         | CUSIP: 38546WDN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938733.10    | 0.03%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UGJ7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1608384.61   | 0.05%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $921390.29    | 0.03%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2551866.25   | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH                                    | CUSIP: 378286JD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237721.70    | 0.01%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Industrial Development Authority                                | ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE        | CUSIP: 01730PAA7<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509499.95   | 0.05%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EGG5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251262.20    | 0.01%             | 2029-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5018386.74   | 0.16%             | 2024-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019961.30   | 0.03%             | 2029-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCR8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1174996.50   | 0.04%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152W72<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    880000 | PA      | $959802.10    | 0.03%             | 2026-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BRJ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5098709.50   | 0.16%             | 2050-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031WH2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    255000 | PA      | $247095.38    | 0.01%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WP7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1259675.79   | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crawford County Hospital Authority                                               | CRAWFORD CNTY PA HOSP AUTH                                   | CUSIP: 225004AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $452653.34    | 0.01%             | 2046-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                    | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 59334NFC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969645.60    | 0.03%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474030.10    | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCY2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462163.40    | 0.01%             | 2057-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1033300.63   | 0.03%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541848.70    | 0.02%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                           | TALLAHASSEE FL HLTH FACS REVENUE                             | CUSIP: 874485CQ6<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    230000 | PA      | $228511.33    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1221014.08   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6045000 | PA      | $4802401.89   | 0.15%             | 2043-07-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PRN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1281229.97   | 0.04%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1873739.48   | 0.06%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152E31<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    360000 | PA      | $361916.06    | 0.01%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Built to Learn Revenue                                | MARYLAND STADIUM AUTH BUILT TO LEARN REVENUE                 | CUSIP: 574294AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977821.00    | 0.03%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Val Verde Unified School District                                                | VAL VERDE CA UNIF SCH DIST                                   | CUSIP: 918828BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767363.40    | 0.02%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   7850000 | PA      | $8005832.71   | 0.25%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PYT2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    215000 | PA      | $216541.57    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8797499.00   | 0.28%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267959.63   | 0.04%             | 2048-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BAQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469886.50    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TP49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    230000 | PA      | $233683.01    | 0.01%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486ST7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1820019.80   | 0.06%             | 2033-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | CUSIP: 74443DFP1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874424.90    | 0.03%             | 2054-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH UNIV HSG REVENUE                  | CUSIP: 13058BAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $476831.97    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $267233.24    | 0.01%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $11540192.30  | 0.37%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2497200.25   | 0.08%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $619487.51    | 0.02%             | 2035-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5945000 | PA      | $4796144.21   | 0.15%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV                            | CUSIP: 71781PBP4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    440000 | PA      | $440512.29    | 0.01%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| County of Kent DE                                                                | KENT CNTY DE STUDENT HSG & DINING FAC REVENUE                | CUSIP: 490237AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1403336.83   | 0.04%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $917032.05    | 0.03%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1884785.40   | 0.06%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CHX3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437786.35    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                      | CHERRY HILL VA CMNTY DEV AUTHSPL ASSMNT                      | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200773.12    | 0.01%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6200000 | PA      | $4887262.84   | 0.16%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247L65<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    115000 | PA      | $55166.98     | 0.00%             | 2039-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SNP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3896582.58   | 0.12%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XF7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |     55000 | PA      | $40604.45     | 0.00%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5041714.80   | 0.16%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BJW5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2745518.03   | 0.09%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $6084469.98   | 0.19%             | 2056-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7W8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514666.20    | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAL2<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    265000 | PA      | $276199.06    | 0.01%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GMA5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008344.20   | 0.06%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH RSDL FACS REVENUE       | CUSIP: 83704CAE8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4192879.50   | 0.13%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rogers County Industrial Development Authority                                   | ROGERS CNTY OK INDL DEV AUTH CAPITAL IMPT REVENUE            | CUSIP: 775185BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $353920.91    | 0.01%             | 2040-04-01      | Fixed         | 3.63%                 | 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    | 0.03%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8045000 | PA      | $6013879.65   | 0.19%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harrison County Building Commission                                              | HARRISON CNTY WV BLDG COMMISSION LEASE REVENUE               | CUSIP: 415239AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $871532.80    | 0.03%             | 2040-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143FJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040724.10   | 0.03%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | COFINA CLASS 2 TRUST                                         | CUSIP: 19237JAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80064 | PA      | $22086.50     | 0.00%             | 2047-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q53<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1764267.45   | 0.06%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    685000 | PA      | $691311.38    | 0.02%             | 2046-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                | TOBACCO SETTLEMENT AUTH IA TOBACCO SETTLEMENT REVENUE        | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501646.75   | 0.08%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | STERLING RANCH CMNTY AUTH BRD CO SUPPORTED REVENUE           | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $803515.70    | 0.03%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7S7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    205000 | PA      | $195558.05    | 0.01%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152A84<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    610000 | PA      | $617995.33    | 0.02%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH CHRT SCHREVENUE                         | CUSIP: 452022AH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517805.90    | 0.02%             | 2045-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1216553.38   | 0.04%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y47<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    340000 | PA      | $346223.50    | 0.01%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FKR5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $782507.60    | 0.02%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $383.78       | 0.00%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1466659.20   | 0.05%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2341118.50   | 0.07%             | 2042-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023493.20   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 1675012R5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    145000 | PA      | $151418.63    | 0.00%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arista Metropolitan District                                                     | ARISTA CO MET DIST                                           | CUSIP: 04041AAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492956.95    | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218XT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212107.94    | 0.01%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                           | TALLAHASSEE FL HLTH FACS REVENUE                             | CUSIP: 874485CS2<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304258.08    | 0.01%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1461606.44   | 0.05%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | BOONE CNTY MO HOSP REVENUE                                   | CUSIP: 098867FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989319.20    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712D4B9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1738002.63   | 0.06%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT SPL ASSMNT   | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3655472.80   | 0.12%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DEL2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2539282.88   | 0.08%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HGR EDU FACS REVENUE                      | CUSIP: 74445FAC8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1438402.20   | 0.05%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Woodloch Health Facilities Development Corp                                      | Woodloch Hlth Facs Dev Corp TX Senior Hsg Revenue            | CUSIP: 97982CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4980000 | PA      | $3635400.00   | 0.12%             | 2051-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2543888.83   | 0.08%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593LJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401069.36    | 0.01%             | 2027-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3047130.30   | 0.10%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945316.80    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | MUSKINGUM CNTY OH HOSP FACS                                  | CUSIP: 628077CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $3687259.38   | 0.12%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976ACR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4416305.18   | 0.14%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2110493.91   | 0.07%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE  | CUSIP: 64542UAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938412.20    | 0.03%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TS5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1069878.75   | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241283.10    | 0.01%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                         | NEWARK NJ HSG AUTH PORT NEWARK MARINE TERMINAL RENTAL REVENU | CUSIP: 65037RCH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107956.43    | 0.00%             | 2027-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152LV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160112.72    | 0.01%             | 2028-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 1675012S3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    175000 | PA      | $185135.27    | 0.01%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1675890.65   | 0.05%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13290000 | PA      | $13721741.60  | 0.44%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Community Facilities District                                            | ANAHEIM CA CMNTY FACS DIST SPL TAX                           | CUSIP: 03254EFT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $388031.11    | 0.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Healthcare District                                              | ANTELOPE VLY CA HLTHCARE DIST                                | CUSIP: 036680BX3<br>LEI: 549300PLE0IY3UJZHY85 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1524370.84   | 0.05%             | 2036-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11330000 | PA      | $11445171.72  | 0.36%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | CHATTANOOGA TN HLTH EDUCTNL &HSG FAC BRD REVENUE             | CUSIP: 162410FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $322896.16    | 0.01%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado High Performance Transportation Enterprise                              | CO HIGH PERFORMANCE TRANSPRTN ENTERPRISE REVENUE             | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7156333.63   | 0.23%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| I-470 Western Gateway Transportation Development District                        | I-470 WESTERN GATEWAY TRANSPRTN DEV DIST MO TRANSPRTN SALES  | CUSIP: 44952RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297894.39    | 0.01%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1664842.00   | 0.05%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042RFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5345000 | PA      | $5070456.21   | 0.16%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BJV7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1129248.16   | 0.04%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp                                                     | CONROE TX LOCAL GOVT CORP HOTEL REVENUE                      | CUSIP: 208419AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1708084.98   | 0.05%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837033KL2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    320000 | PA      | $273069.95    | 0.01%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YE5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101363.96    | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CAG4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484600.55    | 0.02%             | 2047-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1062750.48   | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1621375.24   | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247K41<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    190000 | PA      | $120504.06    | 0.00%             | 2034-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AQ86<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2092997.00   | 0.07%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176260.00   | 0.16%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521525H0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3478490.88   | 0.11%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Public Finance Authority                                                 | COMPTON CA PUBLIC FIN AUTH LEASE REVENUE                     | CUSIP: 204726AF0<br>LEI: 549300WUETJKEL0LJQ58 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990484.80    | 0.03%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | CUSIP: 852297CD0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    325000 | PA      | $328663.99    | 0.01%             | 2046-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364034.30    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH HLTH CARE FAC REVENUE         | CUSIP: 792905DJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010012.60   | 0.03%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1928884.54   | 0.06%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295A58<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $86099.45     | 0.00%             | 2031-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| City of St Ann MO                                                                | ST ANN MO TAX INCREMENT REVENUE                              | CUSIP: 787219AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972332.00    | 0.03%             | 2030-11-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| City of New Braunfels TX Utility System Revenue                                  | NEW BRAUNFELS TX UTILITY REVENUE                             | CUSIP: 642577WC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4005000 | PA      | $3927566.93   | 0.12%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490391.15    | 0.02%             | 2029-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167484QT4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    345000 | PA      | $290871.26    | 0.01%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453309.15    | 0.01%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153BR9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2697387.75   | 0.09%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DBB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2300767.44   | 0.07%             | 2045-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1193393.95   | 0.04%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD REVENUE              | CUSIP: 49952MEG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $673039.44    | 0.02%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                 | CMFA SPL FIN AGY VIII CA ESSENTIAL HSG REVENUE               | CUSIP: 12574VAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6650000 | PA      | $4639787.46   | 0.15%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $700843.56    | 0.02%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813ZD4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005563.30   | 0.03%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                  | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94791.00     | 0.00%             | 2053-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207166.36    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harrison County Building Commission                                              | HARRISON CNTY WV BLDG COMMISSION LEASE REVENUE               | CUSIP: 415239AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $577564.87    | 0.02%             | 2050-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XA8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    355000 | PA      | $323474.33    | 0.01%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104QK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070905.40   | 0.07%             | 2052-12-31      | 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      | CUSIP: 546282M84<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    950000 | PA      | $826539.05    | 0.03%             | 2045-06-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Peoria Industrial Development Authority                                          | Peoria Industrial Development Authority                      | CUSIP: 71284MBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $232344.17    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collier County Industrial Development Authority                                  | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV     | CUSIP: 194638AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $266800.00    | 0.01%             | 2044-05-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REV   | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1228214.64   | 0.04%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209294.66    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2727911.88   | 0.09%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EAW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307976.55    | 0.01%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1524968.61   | 0.05%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D57<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1096063.38   | 0.03%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $343663.83    | 0.01%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YCK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243463.65    | 0.01%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | FREDERICK CNTY MD EDUCTNL FACS REVENUE                       | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973711.80    | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2487787.50   | 0.08%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3315000 | PA      | $2820669.52   | 0.09%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                | MISSISSIPPI ST BUSINESS FIN CORP                             | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $878548.63    | 0.03%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136R86<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    640000 | PA      | $642888.38    | 0.02%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE                        | CUSIP: 23825JAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3260968.00   | 0.10%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $255783.34    | 0.01%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037961.50   | 0.03%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281193.93    | 0.01%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149214.71    | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                                    | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8450000 | PA      | $8627399.30   | 0.27%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAN6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125114.63    | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp                                             | NTHRN AK TOBACCO SECURITIZATION CORP TOBACCO SETTLEMENT REVE | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $399078.90    | 0.01%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443BT2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7399197.40   | 0.24%             | 2026-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NYP2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1475285.30   | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225AY2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835521.30    | 0.03%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3500311 | PA      | $3727468.58   | 0.12%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040490.20   | 0.03%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396CV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987243.00    | 0.03%             | 2047-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 9277816F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2447112.75   | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YRP3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    385000 | PA      | $362412.78    | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE           | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502067.40    | 0.02%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473672.85    | 0.02%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XH4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5575000 | PA      | $5923217.29   | 0.19%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Medical Clinic Board                                                  | MONTGOMERY AL MED CLINIC BRD HLTH CARE FAC REVENUE           | CUSIP: 613058CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1354114.40   | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAB0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2760425.30   | 0.09%             | 2039-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4795833.00   | 0.15%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8057146.40   | 0.26%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKD5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    435000 | PA      | $460638.94    | 0.01%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKT0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    105000 | PA      | $110712.79    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1426771.80   | 0.05%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033783.30   | 0.03%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAD8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1390339.80   | 0.04%             | 2030-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $132646.06    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917R7G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901436.20    | 0.03%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8260000 | PA      | $7129533.10   | 0.23%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YNB1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1900089.80   | 0.06%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655T1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2941771.43   | 0.09%             | 2052-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $159752.95    | 0.01%             | 2037-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501UM5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    520000 | PA      | $366153.42    | 0.01%             | 2031-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $717750.00    | 0.02%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Deephaven MN                                                             | DEEPHAVEN MN CHARTER SCH LEASE REVENUE                       | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   2860000 | PA      | $2880375.21   | 0.09%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 3rd and Havana Metropolitan District                                             | 3RD & HAVANA MET DIST CO SPL REVENUE & TAX SUPPORTED         | CUSIP: 884134AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934818.50    | 0.03%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145JR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512283.55    | 0.02%             | 2033-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HSP7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    470000 | PA      | $461894.10    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE            | CUSIP: 34061YAC4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $8959016.68   | 0.29%             | 2049-01-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No 5                                         | RAMPART RANGE CO MET DIST #5                                 | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $4114449.30   | 0.13%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $355904.00    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TQF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930219.40    | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4N8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1386196.28   | 0.04%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505PT7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1104960.00   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6749621.20   | 0.21%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                           | HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION REVENUE | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1523489.96   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                                | FLINT MI HOSP BLDG AUTH REVENUE                              | CUSIP: 339511FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $396446.61    | 0.01%             | 2028-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHREVENUE                         | CUSIP: 5463988B7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477631.10   | 0.05%             | 2046-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5690000 | PA      | $5360156.96   | 0.17%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FVV3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    536161 | PA      | $268080.82    | 0.01%             | 2057-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993941.70    | 0.03%             | 2045-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TC0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1658265.00   | 0.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                                | IRVINE CA IMPT BOND ACT 1915                                 | CUSIP: 46360RTZ0<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    750000 | PA      | $765361.73    | 0.02%             | 2042-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382252.39    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Economic Development Authority                                           | VERMONT ST ECON DEV AUTH MTGEREVENUE                         | CUSIP: 92415TCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $414787.70    | 0.01%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XW1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3837217.32   | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YBG5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519545.75    | 0.02%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152T50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105507.18    | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE             | CUSIP: 19645RY62<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929593.50    | 0.03%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $393620.23    | 0.01%             | 2041-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 9277816E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008091.40   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brooklyn Park MN                                                         | BROOKLYN PK MN CHRT SCH LEASE REVENUE                        | CUSIP: 114224AM0<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    245000 | PA      | $222273.14    | 0.01%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $595762.73    | 0.02%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152WW7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1497106.51   | 0.05%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $611386.92    | 0.02%             | 2031-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2990611.80   | 0.10%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $10408460.84  | 0.33%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH SOL WST DISP FAC REVENU | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3833841.60   | 0.12%             | 2048-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH REVENUES               | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1811270.60   | 0.06%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366C0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5437.59      | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FDV6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2235119.32   | 0.07%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno Redevelopment Agency                                                        | RENO NV REDEV AGY TAX ALLOCATION                             | CUSIP: 759853JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1170189.55   | 0.04%             | 2027-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp                                | MATCHING FUND SPL PURPOSE SECURITIZTN CORP                   | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563872.70   | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE              | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7669093.50   | 0.24%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH UNIV HSG REVENUE                  | CUSIP: 13058BAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994603.00    | 0.03%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Department of Transportation                                      | NORTH CAROLINA DEPT TRANSN    PRIVATE ACTIVITY REVENUE       | CUSIP: 65820FAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016490.90   | 0.03%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | MIAMI-DADE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE        | CUSIP: 59334GAN7<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912730.80    | 0.03%             | 2061-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH HLTH CARE REVENUE              | CUSIP: 49126TAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $374345.28    | 0.01%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1946501.83   | 0.06%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $525000.00    | 0.02%             | 2032-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH RSDL FACS REVENUE       | CUSIP: 83704CAY4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834691.10    | 0.03%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8150000 | PA      | $7185803.66   | 0.23%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EPK6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2183548.84   | 0.07%             | 2050-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JBZ0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3174592.10   | 0.10%             | 2052-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV SENIOR LIVING REVENUE      | CUSIP: 717824AV8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    735000 | PA      | $693236.57    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | COMAL TX INDEP SCH DIST                                      | CUSIP: 1998205V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $4929104.00   | 0.16%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XKB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    510000 | PA      | $520906.35    | 0.02%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122078.50   | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                         | LYNCHBURG VA ECON DEV AUTH HOSP REVENUE                      | CUSIP: 55123TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574500.25   | 0.08%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PBQ2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248214.68    | 0.01%             | 2051-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA                                                          | SACRAMENTO CNTY CA SPL TAX                                   | CUSIP: 786153NT9<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    345000 | PA      | $354920.54    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS LEASE REVENUE              | CUSIP: 14054DAJ6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251646.30    | 0.01%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Girardeau County Industrial Development Authority                           | CAPE GIRARDEAU CNTY MO INDL DEV AUTH HLTH CARE FACS REVENUE  | CUSIP: 139404GP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057671.00   | 0.03%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $398592.90    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1007228.34   | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   7425000 | PA      | $6217490.81   | 0.20%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CPZ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014804.30   | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7P3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2263505.38   | 0.07%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505RD0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4260725.60   | 0.14%             | 2046-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | MONTANA ST FAC FIN AUTH HLTH CARE FACS REVENUE               | CUSIP: 612043KY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1289311.75   | 0.04%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486VN6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5098219.00   | 0.16%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193453.50    | 0.01%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482389.80    | 0.02%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2083895.35   | 0.07%             | 2030-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2757320.25   | 0.09%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp                                        | SUFFOLK NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTLEM | CUSIP: 864809CC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3570249.96   | 0.11%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Center District                                                        | WISCONSIN CENTER DIST WI TAX REVENUE                         | CUSIP: 976595FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $1067248.79   | 0.03%             | 2050-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Henderson Local Improvement Districts                                            | HENDERSON NV LOCAL IMPT DISTS                                | CUSIP: 425208UM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $580220.88    | 0.02%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698KU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2333392.74   | 0.07%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |  12975000 | PA      | $13279663.38  | 0.42%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                      | ORANGE CNTY CA CMNTY FACS DIST                               | CUSIP: 68423PWB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $979959.73    | 0.03%             | 2038-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH      | CUSIP: 546276BZ8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    175000 | PA      | $144955.49    | 0.00%             | 2035-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAA4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97745.92     | 0.00%             | 2027-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                             | MANHATTAN KS SALES TAX SPL OBLG REVENUE                      | CUSIP: 563039AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $854551.75    | 0.03%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kuakini Health System                                                            | KUAKINI HI HLTH SYS SPL PURPOSE REVENUE                      | CUSIP: 501156AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1660772.01   | 0.05%             | 2032-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   9990000 | PA      | $10326917.75  | 0.33%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152E23<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025687.20   | 0.10%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XEJ8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2773120.20   | 0.09%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712D4D5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $407104.10    | 0.01%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | CHATTANOOGA TN HLTH EDUCTNL &HSG FAC BRD REVENUE             | CUSIP: 162410EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199894.76    | 0.01%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    465000 | PA      | $457960.55    | 0.01%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL Special Service Area No 1                              | BOLINGBROOK IL SPL SVC AREA #1 SPL TAX                       | CUSIP: 09755MAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468503.90    | 0.01%             | 2041-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Plaza Metropolitan District No 1                                                 | PLAZA CO MET DIST #1 REVENUE                                 | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1022900.85   | 0.03%             | 2040-12-01      | 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        |   2000000 | PA      | $2207540.20   | 0.07%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Harvey IL                                                                | HARVEY IL                                                    | CUSIP: 417704FX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3298500.00   | 0.10%             | 2032-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE     | CUSIP: 98267VDC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $300712.14    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14970.06     | 0.00%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BE42<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    120000 | PA      | $124025.78    | 0.00%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186659.06    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250EL4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $606392.71    | 0.02%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1802629.31   | 0.06%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459185Y5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103115.70    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $817187.70    | 0.03%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655S3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1767942.40   | 0.06%             | 2047-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990BK77<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1423550.86   | 0.05%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4083356.00   | 0.13%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Health Facilities Development Corp                                      | MESQUITE TX HLTH FAC DEV CORP                                | CUSIP: 590743CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $497000.00    | 0.02%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15269.33     | 0.00%             | 2035-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016885.20   | 0.03%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5330791.00   | 0.17%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Sioux Falls SD                                                           | SIOUX FALLS SD HLTH FACS REVENUE                             | CUSIP: 829566CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450514.60    | 0.01%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218YA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515249.30   | 0.05%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lenexa KS                                                                | LENEXA KS HLTH CARE FAC REVENUE                              | CUSIP: 526039CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972592.70    | 0.03%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879454.40    | 0.03%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D40<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    800000 | PA      | $846048.16    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of St Joseph Missouri/The                       | SAINT JOSEPH MO INDL DEV AUTH HLTHCARE REVENUE               | CUSIP: 790758AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797633.00    | 0.03%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                         | CUSIP: 777870YC4<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3545573.97   | 0.11%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJY1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    510000 | PA      | $507878.04    | 0.02%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $63592.83     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1115849.52   | 0.04%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SAS3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75497.48     | 0.00%             | 2033-11-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGC8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    385000 | PA      | $402141.28    | 0.01%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                         | BRIDGEVIEW IL                                                | CUSIP: 108555HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1157223.31   | 0.04%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622S47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027578.30   | 0.03%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE         | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1200804.75   | 0.04%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167484QY3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    985000 | PA      | $672783.07    | 0.02%             | 2033-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Midtown Miami Community Development District                                     | MIDTOWN MIAMI FL CDD SPL ASSMNT REVENUE                      | CUSIP: 59807PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $703925.44    | 0.02%             | 2024-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REVENUE                  | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6003389.40   | 0.19%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | LINCOLN CNTY SD ECON DEV REVENREV                            | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1292569.49   | 0.04%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946291.70    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $1921749.34   | 0.06%             | 2047-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority                                                   | PUEBLO CO URBAN RENEWAL AUTH TAX INCR REVENUE                | CUSIP: 744826AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $4242473.02   | 0.14%             | 2045-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9353895.30   | 0.30%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH COLCOLLEGE HSG REV                | CUSIP: 13059AAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $788156.00    | 0.03%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMC5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1144563.09   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883FH0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1039310.71   | 0.03%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136EN7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229931.30    | 0.01%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                | TOPEKA KS HLTH CARE FACS REVENUE                             | CUSIP: 890585BT8<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017518.50   | 0.03%             | 2042-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL STUDENT HSG REVENUE                     | CUSIP: 140536AA1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2084457.32   | 0.07%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2020478.85   | 0.06%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YH8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177613.26    | 0.01%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBJ7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492616.40    | 0.02%             | 2039-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCP9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $604157.16    | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCA5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111773.72    | 0.00%             | 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        |    340000 | PA      | $285250.68    | 0.01%             | 2038-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP REVENUE                             | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11446599.75  | 0.36%             | 2031-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BHK3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $138263.18    | 0.00%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| City of Harvey IL                                                                | HARVEY IL                                                    | CUSIP: 417704FW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $426056.25    | 0.01%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5318122.80   | 0.17%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459186H1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    620000 | PA      | $642238.16    | 0.02%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    760000 | PA      | $638331.14    | 0.02%             | 2027-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                  | OHIO UNIV GEN RECPTS ATHENS                                  | CUSIP: 677704D54<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333977.75   | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883126.10    | 0.03%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | CUSIP: 64542PEL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $105750.00    | 0.00%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp                                                | YONKERS NY ECON DEV CORP EDUCTNL REVENUE                     | CUSIP: 98608MAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $302899.21    | 0.01%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No 2                                     | COLORADO CROSSING MET DIST #2 CO                             | CUSIP: 19645YAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2663481.00   | 0.08%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBK4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480651.15    | 0.02%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETJ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045480.40   | 0.03%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013496.20   | 0.06%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romoland School District                                                         | ROMOLAND CA SCH DIST SPL TAX                                 | CUSIP: 776192RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512993.65    | 0.02%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Public Financing Authority                                               | ANAHEIM CA PUBLIC FING AUTH LEASE REVENUE                    | CUSIP: 03255LHR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158767.60   | 0.07%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055335.90   | 0.03%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    460000 | PA      | $442568.48    | 0.01%             | 2029-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $812557.70    | 0.03%             | 2046-07-01      | 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: 419800JE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1409471.70   | 0.04%             | 2027-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Liberty MO                                                               | LIBERTY MO                                                   | CUSIP: 530785AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468875.55    | 0.01%             | 2035-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $105029.95    | 0.00%             | 2032-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FDZ7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    315000 | PA      | $311708.63    | 0.01%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBN9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881129.90    | 0.03%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18780000 | PA      | $17904403.16  | 0.57%             | 2045-06-01      | 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: 882667AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $464461.86    | 0.01%             | 2045-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BJY1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1283705.93   | 0.04%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR POMERADO HLTH CA                                     | CUSIP: 69753RBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $116235.50    | 0.00%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | CUSIP: 745160PX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107001.08    | 0.00%             | 2024-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1326637.01   | 0.04%             | 2054-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1872561.25   | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami World Center Community Development District                                | MIAMI WORLD CENTER CDD FL SPL ASSMNT                         | CUSIP: 593856AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250105.63    | 0.01%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUF7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1766844.80   | 0.06%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152MN8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150127.85    | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498LF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1440873.60   | 0.05%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1096255.68   | 0.03%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PL63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3055260.90   | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNF1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502986.75    | 0.02%             | 2042-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAE6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2527325.25   | 0.08%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT CMNTY IMPT DIST      | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $719760.68    | 0.02%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency XII                                                  | CMFA SPL FIN AGY XII CA ESSENTIAL HSG REVENUE                | CUSIP: 12574XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $827084.20    | 0.03%             | 2049-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                      | S WSTRN IL DEV AUTH REV                                      | CUSIP: 84552YHC8<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $156227.20    | 0.00%             | 2031-03-01      | Fixed         | 5.35%                 | 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        |   3000000 | PA      | $2734618.80   | 0.09%             | 2039-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Tustin Community Facilities District                                             | TUSTIN CA CMNTY FACS DIST SPLTAX                             | CUSIP: 901047FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102187.10    | 0.00%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PFE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2388420.15   | 0.08%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WY1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    380000 | PA      | $393614.15    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136EU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    365000 | PA      | $270122.19    | 0.01%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227LZ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94246.87     | 0.00%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fountain Urban Renewal Authority                                                 | FOUNTAIN CO URBAN RENEWAL AUTH TAX INCR REVENUE              | CUSIP: 35069WAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2293032.92   | 0.07%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5430839.40   | 0.17%             | 2040-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Westlake TX                                                              | WESTLAKE TX SPL ASSMNT REVENUE                               | CUSIP: 96048SAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008578.70   | 0.03%             | 2035-09-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| City of Coralville IA                                                            | CORALVILLE IA COPS                                           | CUSIP: 218086CH7<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1028700.05   | 0.03%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218B85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $371761.16    | 0.01%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961997.00    | 0.03%             | 2037-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QS8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2430116.69   | 0.08%             | 2032-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2905000 | PA      | $1072649.75   | 0.03%             | 2041-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | NEW YORK CNTYS NY TOBACCO TRUST VI                           | CUSIP: 64945JAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $411188.35    | 0.01%             | 2045-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Paducah Electric Plant Board                                                     | PADUCAH KY ELEC PLANT BRD REVENUE                            | CUSIP: 695317DR5<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1131678.26   | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971801.60    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | CUMBERLAND CNTY PA MUNI AUTH                                 | CUSIP: 230614SM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $178811.42    | 0.01%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $838877.10    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS         | CUSIP: 791524CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488346.85    | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Coral Health Facilities Authority                                           | CAPE CORAL FL HLTH FACS AUTH                                 | CUSIP: 13937TCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $270596.80    | 0.01%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3932719.20   | 0.13%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Colorado High Performance Transportation Enterprise                              | CO HIGH PERFORMANCE TRANSPRTN ENTERPRISE REVENUE             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $346812.80    | 0.01%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                            | BERKELEY CNTY SC ASSMNT REVENUE                              | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $667790.80    | 0.02%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YN21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $1918262.40   | 0.06%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773451.60    | 0.02%             | 2041-08-01      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH RSDL FAC CARE REVENUE   | CUSIP: 928103AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907489.00    | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DNT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1538846.70   | 0.05%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $840633.41    | 0.03%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869GZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1719577.86   | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244HH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502963.55    | 0.02%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | CUSIP: 74443DGA3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453208.60    | 0.01%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                          | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603WC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5004413.11   | 0.16%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                          | VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE                       | CUSIP: 927676TP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914508.10    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peak Metropolitan District No 1                                                  | PEAK MET DIST #1 CO                                          | CUSIP: 704676AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $466109.96    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                       | NEW ORLEANS LA AVIATION BRD                                  | CUSIP: 64763HFK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3207838.92   | 0.10%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAP5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    425000 | PA      | $382545.31    | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2924589.00   | 0.09%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152TC5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    560000 | PA      | $563500.56    | 0.02%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445111.45    | 0.01%             | 2049-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048T4C4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214778.48    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3665829.31   | 0.12%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048T4D2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268348.75    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   7290000 | PA      | $6997226.31   | 0.22%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $50090.63     | 0.00%             | 2047-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080STL8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2413533.69   | 0.08%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13220000 | PA      | $13198383.98  | 0.42%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH                           | CUSIP: 130911A83<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |      6145 | PA      | $5776.76      | 0.00%             | 2024-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY ARPT FACS REVENUE              | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001529.60   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oroville CA                                                              | OROVILLE CA REVENUE                                          | CUSIP: 687241AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504607.50   | 0.08%             | 2049-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $598723.80    | 0.02%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bristol Industrial Development Board                                             | BRISTOL TN INDL DEV BRD ST SALES TAX REVENUE                 | CUSIP: 11023PAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1927339.80   | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNE4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1022627.13   | 0.03%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBW7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040720.40   | 0.03%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Farmville Industrial Development Authority                                       | FARMVILLE VA INDL DEV AUTH FACS REVENUE                      | CUSIP: 311617BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1493337.00   | 0.05%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Hospital Authority                                                 | BUTLER CNTY PA HOSP AUTH                                     | CUSIP: 123592DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1470941.01   | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TTS2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1882971.78   | 0.06%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3618291.95   | 0.12%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655W4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4864945.50   | 0.15%             | 2057-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH UNIV HSG REVENUE                  | CUSIP: 13058BAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296374.56    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Thousand Oaks CA Community Facilities District                           | THOUSAND OAKS CA CMNTY FACS DIST                             | CUSIP: 885474BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1047418.76   | 0.03%             | 2031-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency                                                      | CMFA SPL FIN AGY CA ESSENTIAL HSG REVENUE                    | CUSIP: 12574WAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2206200.00   | 0.07%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K6X5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $2804100.94   | 0.09%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167484SU9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    140000 | PA      | $113440.33    | 0.00%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH                           | CUSIP: 130911B33<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     32120 | PA      | $30193.21     | 0.00%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTSAUTH REVENUE                    | CUSIP: 413890GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $85307.97     | 0.00%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                  | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $412100.98    | 0.01%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGK0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    615000 | PA      | $562640.99    | 0.02%             | 2036-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tangipahoa Parish Hospital Service District No 1                                 | TANGIPAHOA PARISH LA HOSP SVC DIST #1                        | CUSIP: 875518FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1980681.91   | 0.06%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FKU7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |      5000 | PA      | $3799.36      | 0.00%             | 2049-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE     | CUSIP: 98267VCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $2819226.00   | 0.09%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CHY1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $401740.20    | 0.01%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fountain Urban Renewal Authority                                                 | FOUNTAIN CO URBAN RENEWAL AUTH TAX INCR REVENUE              | CUSIP: 35069WAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $774232.60    | 0.02%             | 2029-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YLY0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    165000 | PA      | $163952.60    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $565093.05    | 0.02%             | 2024-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496904.60   | 0.05%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                                           | FOREST LAKE MN CHARTER SCH LEASE REVENUE                     | CUSIP: 345856AV0<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500405.95    | 0.02%             | 2050-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    305000 | PA      | $320990.54    | 0.01%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2900799.30   | 0.09%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DTF8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90993.98     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480870.70    | 0.02%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754559.25    | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                                 | CALIFORNIA ST CMNTY CLG FING AUTH CLG HSG REVENUE            | CUSIP: 13012RAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1753682.43   | 0.06%             | 2053-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Alabama Docks Department                                                | ALABAMA ST PORT AUTH DOCKS FACS REVENUE                      | CUSIP: 010604CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056718.20   | 0.03%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT SPL ASSMNT   | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1871539.50   | 0.06%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1038478.55   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone MO                                                               | BOONE CNTY MO HOSP REVENUE                                   | CUSIP: 098867FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992919.80    | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2317177.50   | 0.07%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13570000 | PA      | $12719763.51  | 0.40%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1826867.80   | 0.06%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Los Angeles CA Community Facilities District No 2021-01                | LOS ANGELES CNTY CA CMNTY FACS DIST #2021-01 SPL TAX         | CUSIP: 54531MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030992.00   | 0.03%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                   | ROCKY MOUNTAIN RAIL PARK MET DIST CO                         | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882856.70    | 0.03%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E7E2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    175000 | PA      | $170856.98    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775812.38    | 0.02%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3264925.20   | 0.10%             | 2040-10-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14853231.00  | 0.47%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1055694.15   | 0.03%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SK3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096803.60   | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931945.80    | 0.03%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NCW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040142.40   | 0.03%             | 2052-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1117627.26   | 0.04%             | 2031-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBV2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    285000 | PA      | $291847.75    | 0.01%             | 2030-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $174361.67    | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBL2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484864.75    | 0.02%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717825QA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2727450.82   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Hills Water District                                                     | Wstrn Hills CA WTR Dist SPL Tax                              | CUSIP: 958324DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $297500.00    | 0.01%             | 2021-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTSAUTH REVENUE                    | CUSIP: 413890FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $449415.05    | 0.01%             | 2025-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No 3                                             | TRANSPORT MET DIST #3 CO                                     | CUSIP: 89386FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3284976.40   | 0.10%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Toll Road Authority                                            | MONTGOMERY CNTY TX TOLL ROAD AUTH                            | CUSIP: 61371DAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008645.90   | 0.03%             | 2043-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VF9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    690000 | PA      | $556300.29    | 0.02%             | 2028-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Reunion Metropolitan District                                                    | REUNION MET DIST CO SPL REVENUE                              | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    981204 | PA      | $736284.31    | 0.02%             | 2044-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45200B4K1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34939.43     | 0.00%             | 2039-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PFT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1606735.01   | 0.05%             | 2037-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5G5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $3000447.65   | 0.10%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SX0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    510000 | PA      | $514258.25    | 0.02%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                   | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3127505.47   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Painted Prairie Public Improvement Authority                                     | PAINTED PRAIRIE PUB IMPT AUTH CO                             | CUSIP: 69578NAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976857.40    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XJ0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4341158.72   | 0.14%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRERC Community Development District                                             | FRERC CDD FL                                                 | CUSIP: 30293SAB7<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2450000 | PA      | $2395534.79   | 0.08%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783G75<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824434.20    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Moon Industrial Development Authority                                            | MOON INDL DEV AUTH PA REVENUE                                | CUSIP: 61543RAS5<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827252.60   | 0.06%             | 2035-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000522.60   | 0.06%             | 2031-03-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Moon Industrial Development Authority                                            | MOON INDL DEV AUTH PA REVENUE                                | CUSIP: 61543RAT3<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |    590000 | PA      | $515897.71    | 0.02%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Health Facilities Development Corp                                      | MESQUITE TX HLTH FAC DEV CORP                                | CUSIP: 590743CC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $1902800.00   | 0.06%             | 2042-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1362872.55   | 0.04%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                    | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054773.30   | 0.03%             | 2035-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HSR7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3064902.30   | 0.10%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3134077.31   | 0.10%             | 2042-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12520000 | PA      | $12522292.41  | 0.40%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE                  | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  19000000 | PA      | $18850382.60  | 0.60%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4049893.49   | 0.13%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5772000 | PA      | $5440298.74   | 0.17%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp                                              | DALLAS TX HSG FIN CORP RSDL DEV REVENUE                      | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053279.80   | 0.03%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583U6Q6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    535000 | PA      | $490466.12    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TNN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $954617.19    | 0.03%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3963590.40   | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                     | NORTH EAST TX REGL MOBILITY AUTH                             | CUSIP: 659231BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401406.72    | 0.01%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SWN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $434969.94    | 0.01%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1358758.96   | 0.04%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $232253.23    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VD4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1428349.93   | 0.05%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Sioux Falls SD                                                           | SIOUX FALLS SD HLTH FACS REVENUE                             | CUSIP: 829566CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $676670.18    | 0.02%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1330698.25   | 0.04%             | 2028-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Velocity Metropolitan District No 3                                              | VELOCITY MET DIST #3 CO                                      | CUSIP: 92259GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505933.70   | 0.05%             | 2039-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBH1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495044.15    | 0.02%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145JS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513795.45    | 0.02%             | 2038-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Erie Tobacco Asset Securitization Corp                                           | ERIE CNTY NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTL | CUSIP: 295095BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9945723.00   | 0.32%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XE0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1126996.63   | 0.04%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538HU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912426.60    | 0.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | CUSIP: 64542PEV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2045000 | PA      | $1846698.80   | 0.06%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                                      | GULF COAST TX INDL DEV AUTH                                  | CUSIP: 40220MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2265591.84   | 0.07%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XPY1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1053865.36   | 0.03%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VD0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356389.95    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS         | CUSIP: 791524BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148034.16    | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAK9<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891012.80    | 0.03%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sumter County Industrial Development Authority/AL                                | SUMTER CNTY AL INDL DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 86651LAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $13320996.30  | 0.42%             | 2052-07-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XA27<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988528.90    | 0.03%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JAR7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    515000 | PA      | $464675.80    | 0.01%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RHT7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    535000 | PA      | $294250.00    | 0.01%             | 2048-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $327150.75    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194076.95    | 0.01%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $1883930.41   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH REVENUE                   | CUSIP: 199095AH3<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3191808.36   | 0.10%             | 2048-03-01      | Fixed         | 6.50%                 | 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        |    850000 | PA      | $872904.53    | 0.03%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TN6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    115000 | PA      | $110083.58    | 0.00%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital                 | BRD OF MANAGERS TX JT GUADALUPE CNTY-CITY OF SEGUIN HOSP MTG | CUSIP: 09659MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $203809.70    | 0.01%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH LOUISVILLE ARENA PROJ REVENUE  | CUSIP: 49127KBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $760301.95    | 0.02%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1725792.00   | 0.05%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                      | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE     | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $963329.25    | 0.03%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL STUDENT HSG REVENUE                     | CUSIP: 140536AC7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1960148.60   | 0.06%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                 | ERIE PA HGR EDU BLDG AUTH                                    | CUSIP: 295435DP3<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967707.40    | 0.03%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033887.20   | 0.06%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1197175.60   | 0.04%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                         | CUSIP: 777870XY7<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483633.05    | 0.02%             | 2036-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244HJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3639835.88   | 0.12%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $904688.82    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PJU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $307500.00    | 0.01%             | 2038-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                         | BRIDGEVIEW IL                                                | CUSIP: 108555GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $334946.63    | 0.01%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8370000 | PA      | $8074425.17   | 0.26%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blount County Health & Educational Facilities Board                              | BLOUNT CNTY TN HLTH & EDUCTNL FACS BRD REVENUE               | CUSIP: 094900BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $447737.07    | 0.01%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | MONTANA ST FAC FIN AUTH HLTH CARE FACS REVENUE               | CUSIP: 612043KW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491505.25    | 0.02%             | 2038-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                           | M-S-R CA ENERGY AUTH GAS REVENUE                             | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    455000 | PA      | $513185.58    | 0.02%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182A0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354183.41    | 0.01%             | 2034-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VG7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    645000 | PA      | $497885.50    | 0.02%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TB8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3237984.00   | 0.10%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                        | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE           | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261283.70    | 0.01%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DDE9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6608333.60   | 0.21%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTSAUTH REVENUE                    | CUSIP: 413890FZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $497265.04    | 0.02%             | 2027-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Summit Academy North                                                             | SUMMIT ACADEMY MI NORTH PUBLIC SCH ACADEMY REVENUE           | CUSIP: 86589TAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851948.90    | 0.03%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UBH6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475257.10    | 0.02%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BGP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205058.92    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $130000.00    | 0.00%             | 2032-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Development Authority Of The City Of Marietta                                    | MARIETTA GA DEV AUTH                                         | CUSIP: 567656EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956171.20    | 0.03%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6525000 | PA      | $6117657.30   | 0.19%             | 2045-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2412587.89   | 0.08%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                             | MANHATTAN KS HLTH CARE FAC REVENUE                           | CUSIP: 563017EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851896.90    | 0.03%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7108557.40   | 0.23%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| City of Anoka MN                                                                 | ANOKA MN HSG REVENUE                                         | CUSIP: 036327AE4<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478183.20    | 0.02%             | 2027-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH STUDENT HSG REVENUE                     | CUSIP: 45202QCK7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962777.70    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FLA RETMNT FAC REVENUE                             | CUSIP: 50826FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1799414.20   | 0.06%             | 2050-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKH6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    220000 | PA      | $223878.80    | 0.01%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV                            | CUSIP: 71781PBL3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    415000 | PA      | $416144.82    | 0.01%             | 2050-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024728.00   | 0.03%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979305.40    | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WH6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1379595.90   | 0.04%             | 2041-06-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  14550000 | PA      | $13926346.26  | 0.44%             | 2057-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AEC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999782.80    | 0.03%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104109.20   | 0.07%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE           | CUSIP: 97671VBF1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    850000 | PA      | $654970.73    | 0.02%             | 2038-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fountain Urban Renewal Authority                                                 | FOUNTAIN CO URBAN RENEWAL AUTH TAX INCR REVENUE              | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1814128.58   | 0.06%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 9277817N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2353741.57   | 0.07%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    385000 | PA      | $410093.92    | 0.01%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1311631.20   | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brooklyn Park MN                                                         | BROOKLYN PK MN CHRT SCH LEASE REVENUE                        | CUSIP: 114224AJ7<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236641.93    | 0.01%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003482.00   | 0.03%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE     | CUSIP: 98267VDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4565000 | PA      | $4267808.46   | 0.14%             | 2032-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV IMPT DIST                                      | CUSIP: 181003MX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $172217.21    | 0.01%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $428538.81    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4645000 | PA      | $4186345.73   | 0.13%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTH SOL WST DISP FAC REVENUE       | CUSIP: 54640TAD1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2259041 | PA      | $22.59        | 0.00%             | 2023-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Angelina & Neches River Authority                                                | ANGELINA & NECHES RIVER AUTH IND DEV CORP                    | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1016182.95   | 0.03%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1087927.53   | 0.03%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | CUSIP: 745160SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7748217.00   | 0.25%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CHZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1465579.83   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH                           | CUSIP: 130911C57<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |      1810 | PA      | $1701.64      | 0.00%             | 2025-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southglenn Metropolitan District                                                 | SOUTHGLENN CO MET DIST SPL REVENUE                           | CUSIP: 84437RAG2<br>LEI: 549300ETN4YRI5O2PU39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955688.70    | 0.03%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292CB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2146611.30   | 0.07%             | 2057-06-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   8975000 | PA      | $9011542.61   | 0.29%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH CLG HSG REVENUE           | CUSIP: 13081CAD0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $228996.53    | 0.01%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH REVENUES               | CUSIP: 091081DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1332219.00   | 0.04%             | 2035-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBC9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1680489.30   | 0.05%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                                 | SCRANTON-LACKAWANNA PA HLTH & WELFARE AUTH                   | CUSIP: 810694L64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462842.75   | 0.05%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perris Union High School District/CA                                             | PERRIS CA UN HIGH SCH DIST FING AUTH REV                     | CUSIP: 71440PBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017191.10   | 0.03%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crawford County Hospital Authority                                               | CRAWFORD CNTY PA HOSP AUTH                                   | CUSIP: 225004AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $352642.34    | 0.01%             | 2051-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 1675012X2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1438089.89   | 0.05%             | 2031-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 626207H23<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378636.83    | 0.01%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis Park MN                                                         | SAINT LOUIS PARK MN HSG REVENUE                              | CUSIP: 85233GAA2<br>LEI: 549300F6X6Q4H3ALF786 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1800000.00   | 0.06%             | 2053-07-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | FREDERICK CNTY MD TAX INCR & SPL TAX                         | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954490.40   | 0.06%             | 2043-07-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244HG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102959.28    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459185X7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    920000 | PA      | $948235.81    | 0.03%             | 2025-06-15      | 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: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7315000 | PA      | $7148381.12   | 0.23%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BKJ2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1526014.66   | 0.05%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052450.00   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490985.70    | 0.02%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   7080000 | PA      | $7106628.59   | 0.23%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VSF2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1065728.56   | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BRW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925723.50    | 0.03%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682RV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $24258.87     | 0.00%             | 2035-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E4Z8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    230000 | PA      | $221419.00    | 0.01%             | 2043-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $161876.59    | 0.01%             | 2035-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $642950.88    | 0.02%             | 2031-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PSG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3073941.60   | 0.10%             | 2056-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kirkwood Industrial Development Authority                                        | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE               | CUSIP: 497609BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3441755.60   | 0.11%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $391934.28    | 0.01%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE            | CUSIP: 83703FJU7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520520.50    | 0.02%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4353259.20   | 0.14%             | 2040-07-01      | Fixed         | 6.35%                 | 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        |   1000000 | PA      | $1057204.30   | 0.03%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |     75000 | PA      | $70338.20     | 0.00%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie Tobacco Asset Securitization Corp                                           | ERIE CNTY NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTL | CUSIP: 295095BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4999.78      | 0.00%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409EG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507077.35    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  12445000 | PA      | $12486716.88  | 0.40%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241167.50    | 0.01%             | 2037-10-01      | 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        |   1500000 | PA      | $1521482.10   | 0.05%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                              | HOWARD CNTY MD SPL OBLIG                                     | CUSIP: 442599AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457415.90    | 0.01%             | 2047-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH                                    | CUSIP: 4624603P9<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2016095.62   | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |  13565000 | PA      | $12396615.35  | 0.39%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | LOUISIANA STADIUM & EXPOSITION DIST LA                       | CUSIP: 546410BL4<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2417046.24   | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EEX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475803.95    | 0.02%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247J68<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    125000 | PA      | $91729.44     | 0.00%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Q38<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201695.34    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PYU9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3593232.14   | 0.11%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                          | TOBACCO SECURITIZATION AUTH NTHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888794BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1199113.21   | 0.04%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FDP9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478541.50    | 0.02%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $464674.95    | 0.01%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV       | CUSIP: 64542RDE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $97750.00     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Tobacco Settlement Finance Authority                                    | MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH                      | CUSIP: 594751AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $31620.29     | 0.00%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $57744.66     | 0.00%             | 2039-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6961847.20   | 0.22%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1818821.70   | 0.06%             | 2045-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                         | CUSIP: 777870XW1<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    155000 | PA      | $165071.13    | 0.01%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1009317.28   | 0.03%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YA8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4461968.05   | 0.14%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4885000 | PA      | $4517267.46   | 0.14%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E6B9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488497.80    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maple Grove MN                                                           | MAPLE GROVE MN HLTH CARE FACS REVENUE                        | CUSIP: 56516TBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $112114.70    | 0.00%             | 2033-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Y54<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1446170.04   | 0.05%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1991083.00   | 0.06%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $731272.30    | 0.02%             | 2057-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAF0<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482202.35    | 0.02%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534949.20    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kinston Metropolitan District No 5                                               | KINSTON MET DIST CO #5                                       | CUSIP: 49717MAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1809910.80   | 0.06%             | 2050-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | CUSIP: 040523AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $650000.00    | 0.02%             | 2027-07-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City of Williston ND                                                             | WILLISTON ND MF HSG REVENUE                                  | CUSIP: 970712AB1<br>LEI: 549300OH2M7EXI24C405 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $578250.00    | 0.02%             | 2038-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV       | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1114146.42   | 0.04%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AQ3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881386.80    | 0.03%             | 2044-12-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y39<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    505000 | PA      | $516614.44    | 0.02%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                            | PENINSULA TOWN CENTER VA CMNTY DEV AUTH SPL OBLG             | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1774368.30   | 0.06%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $411110.88    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE            | CUSIP: 83703FJV5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    650000 | PA      | $659249.89    | 0.02%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486M30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3214273.80   | 0.10%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Levee Improvement Authority                                         | THREE RIVERS LEVEE IMPT AUTH CA SPL TAX REVENUE              | CUSIP: 88563DAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1183044.42   | 0.04%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    475000 | PA      | $356692.46    | 0.01%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | MONTGOMERY CNTY OH HOSP REVENUE                              | CUSIP: 613520MK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3940000 | PA      | $3711035.96   | 0.12%             | 2042-11-15      | Fixed         | 4.00%                 | 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      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    355000 | PA      | $370664.02    | 0.01%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PMT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998113.00   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community High School District No 210 Lincoln-Way                    | WILL CNTY IL CMNTY HIGH SCH DIST #210 LINCOLN-WAY            | CUSIP: 969073LB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $377550.56    | 0.01%             | 2033-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Georgia Local Government                                                         | GEORGIA ST LOCAL GOVT COPS                                   | CUSIP: 373271AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    416000 | PA      | $448731.63    | 0.01%             | 2028-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | NORMAN OK REGL HOSP AUTH HOSP REVENUE                        | CUSIP: 656178EJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7155000 | PA      | $7361162.02   | 0.23%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta Development Authority                                                    | AUGUSTA GA DEV AUTH REVENUE                                  | CUSIP: 05115CAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1082737.92   | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harrison County Building Commission                                              | HARRISON CNTY WV BLDG COMMISSION LEASE REVENUE               | CUSIP: 415239AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $501562.11    | 0.02%             | 2045-10-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $379950.38    | 0.01%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y21<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154170.17    | 0.00%             | 2035-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VNA2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998900.20   | 0.06%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH                                    | CUSIP: 4624603K0<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1632302.07   | 0.05%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $845933.76    | 0.03%             | 2035-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Development Authority Of Floyd County                                            | FLOYD CNTY GA DEV AUTH                                       | CUSIP: 343572AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1243748.25   | 0.04%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486DR7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    195000 | PA      | $137431.26    | 0.00%             | 2032-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XK7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    395000 | PA      | $413803.90    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Illinois University                                                 | N ESTRN IL UNIV COPS                                         | CUSIP: 66442RCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $480711.64    | 0.02%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | CUSIP: 745160UD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1314198.59   | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH CULTURAL FAC REVENUE    | CUSIP: 18610PAS7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    800000 | PA      | $827038.96    | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH LOUISVILLE ARENA PROJ REVENUE  | CUSIP: 49127KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4655000 | PA      | $4799847.77   | 0.15%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Y88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512238.95    | 0.02%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SBY9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014497.60   | 0.03%             | 2043-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PRH0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2418440.36   | 0.08%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bridgeport Housing Authority                                                     | BRIDGEPORT CT HSG AUTH LEASE REVENUE                         | CUSIP: 108158AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $618905.95    | 0.02%             | 2026-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903711.60    | 0.03%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60773.25     | 0.00%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474710.55    | 0.02%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BAP9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    655000 | PA      | $634538.91    | 0.02%             | 2029-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543191.55    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Centerville OH                                                           | CENTERVILLE OH HLTH CARE REVENUE                             | CUSIP: 152241AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919515.30    | 0.03%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2186915.20   | 0.07%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527168.25    | 0.02%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CAE9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    260000 | PA      | $256684.38    | 0.01%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Northern Palm Beach County Improvement District                                  | NTHRN PALM BEACH CNTY FL IMPT DIST                           | CUSIP: 665588SD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195674.10    | 0.01%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                           | ROANOKE VA ECON DEV AUTH RSDL CARE FAC REVENUE               | CUSIP: 77008PAB0<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $359052.10    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102544.15   | 0.07%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chautauqua Tobacco Asset Securitization Corp                                     | CHAUTAUQUA NY TOBACCO ASSET SECURITIZATION CORP              | CUSIP: 162564BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000345.60   | 0.03%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBT7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6035000 | PA      | $6042510.56   | 0.19%             | 2027-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478840.55    | 0.02%             | 2046-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $4351769.18   | 0.14%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $534673.02    | 0.02%             | 2052-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL                                                 | CUSIP: 213185MD0<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1266265.20   | 0.04%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AG4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    805000 | PA      | $870499.39    | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lucas OH                                                               | LUCAS CNTY OH HOSP REVENUE                                   | CUSIP: 549310WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1347285.75   | 0.04%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917R7F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1810256.59   | 0.06%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1535494.84   | 0.05%             | 2026-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Town of Westlake TX                                                              | WESTLAKE TX SPL ASSMNT REVENUE                               | CUSIP: 96048SAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005359.30   | 0.03%             | 2040-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Department of Transportation                                      | NORTH CAROLINA DEPT TRANSN    PRIVATE ACTIVITY REVENUE       | CUSIP: 65820FAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1435107.96   | 0.05%             | 2054-06-30      | 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: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $524113.29    | 0.02%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | DELAWARE CNTY PA AUTH                                        | CUSIP: 245913KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310148.30    | 0.01%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                                    | ROANOKE CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE          | CUSIP: 76982TAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2416095.15   | 0.08%             | 2054-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lincoln Public Financing Authority                                               | LINCOLN CA PUBLIC FING AUTH                                  | CUSIP: 533020EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     37000 | PA      | $37106.53     | 0.00%             | 2027-09-02      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Charter Township Economic Development Corp                          | GRAND RAPIDS CHRT TWP MI                                     | CUSIP: 386211BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954540.00    | 0.03%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DHJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1875924.00   | 0.06%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                    | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271084.60    | 0.01%             | 2028-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $617718.18    | 0.02%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505PU4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3234713.06   | 0.10%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                                                   | DELAWARE RIVER & BAY AUTH DE REVENUE                         | CUSIP: 246317HN4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1547086.46   | 0.05%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT SPL FAC REVENUE         | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011448.30   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bristol Industrial Development Authority                                         | BRISTOL VA INDL DEV AUTH REVENUE                             | CUSIP: 110354AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $146202.85    | 0.00%             | 2044-11-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512141.10    | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                       | DELAWARE VLY PA REGL FIN AUTH                                | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1148983.80   | 0.04%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Q95<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131031.13    | 0.00%             | 2033-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3018673.22   | 0.10%             | 2047-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                               | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE       | CUSIP: 90068FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5127000 | PA      | $4689112.67   | 0.15%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HEZ6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10456696.00  | 0.33%             | 2024-12-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486UD9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240691.98    | 0.01%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218XW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $646350.69    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAD4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1157368.95   | 0.04%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAN8<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    215000 | PA      | $229465.14    | 0.01%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MQZ3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261336.88   | 0.04%             | 2045-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TDQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    300000 | PA      | $273842.79    | 0.01%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency I                                                    | CMFA SPL FIN AGY I CA ESSENTIAL HSG REVENUE                  | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4795501.20   | 0.15%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $405893.05    | 0.01%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444BD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $797442.41    | 0.03%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $747821.20    | 0.02%             | 2032-12-31      | 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        |   9605000 | PA      | $10188564.26  | 0.32%             | 2037-12-01      | 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: 882667AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232680.44    | 0.01%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority/The                                         | ILLINOIS ST SPORTS FACS AUTH                                 | CUSIP: 452143FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043950.10   | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hoover Industrial Development Board                                              | HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE                 | CUSIP: 439241AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1324910.84   | 0.04%             | 2050-11-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042RFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003455.40   | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                 | EL PASO CNTY TX HOSP DIST                                    | CUSIP: 283590EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4708375.31   | 0.15%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  15073000 | PA      | $13730010.77  | 0.44%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WAP9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930130.30    | 0.03%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                                | FLINT MI HOSP BLDG AUTH REVENUE                              | CUSIP: 339511EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $438154.65    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp                                             | NTHRN AK TOBACCO SECURITIZATION CORP TOBACCO SETTLEMENT REVE | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1369434.60   | 0.04%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Scranton PA                                                              | SCRANTON PA                                                  | CUSIP: 810759PJ3<br>LEI: 549300L3VEEX7ZRPMU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012135.60   | 0.03%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin Community Facilities District No 2015-1                                   | DUBLIN CA CMNTY FACS DIST IMPT AREA NO 2 SPL TAX             | CUSIP: 26362RAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516291.80    | 0.02%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TB2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    150000 | PA      | $136304.30    | 0.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WW2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572602.70   | 0.05%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE               | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3974482.35   | 0.13%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YMJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516801.45    | 0.02%             | 2046-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DDX7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $211509.28    | 0.01%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $649181.78    | 0.02%             | 2046-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | WICHITA KS HLTH CARE FACS REVENUE                            | CUSIP: 967249QS5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    250000 | PA      | $237956.23    | 0.01%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167484QV9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    420000 | PA      | $326230.63    | 0.01%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127547.00   | 0.07%             | 2051-06-01      | 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: 592643BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $1114739.02   | 0.04%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Collier County Industrial Development Authority                                  | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV     | CUSIP: 194638AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $342200.00    | 0.01%             | 2024-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7735000 | PA      | $7899107.31   | 0.25%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295YT0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1154279.45   | 0.04%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                            | PENINSULA TOWN CENTER VA CMNTY DEV AUTH SPL OBLG             | CUSIP: 70718LAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473288.75    | 0.02%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505UK0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266119.55    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1527649.76   | 0.05%             | 2046-07-01      | Fixed         | 4.00%                 | 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