# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072051
**Filing Date:** 2023-3
**Character Count:** 368784
**Document Hash:** b59782796cd95d45e475e0fe9656e28f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072051.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072051

**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:** 23774190

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

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

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

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

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

## Series and Classes Contracts Data

### VanEck Short High Yield Muni ETF (Series ID: S000038973)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000119796 | VanEck Short High Yield Muni ETF | SHYD            |

## Nport-Ex

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 99.3%** |  |  |
| **Alabama: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Special Care Facilities Financing Authority- Birmingham, Methodist Home (RB)<br> 5.50%, 06/01/26 (c) | $500 | $480720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series B-1 (RB)<br> 4.00%, 10/01/27 (c) (p) | 500 | 500203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series C-1 (RB)<br> 4.00%, 12/01/26 (c) (p) | 2100 | 2104261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB)<br> 6.38%, 11/01/30 (p) | 390 | 437894 |
| &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;Southeast Alabama Gas Supply District, Series A (RB)<br> 4.00%, 04/01/24 (c) (p) | 2100 | 2105762 |
| &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) | 2000 | 1837379 |
| &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) | 2371 | 2168715 |
|  |  | 10639727 |
| **American Samoa: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Samoa Economic Development Authority, Series A (RB)<br> 6.50%, 09/01/28 | 250 | 271085 |
| **Arizona: 1.9%** |  |  |
| Arizona Industrial Development Authority, Basis School Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/01/23 (c) | 195 | 195823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 | 150 | 151827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM)<br> 5.00%, 06/01/31 | 1000 | 1011808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)<br> 6.75%, 07/01/27 (c) (d) \* | 500 | 325000 |
| &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) \* | 1000 | 650000 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| &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) | 495 | 478553 |
| &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, Point 320 LLC, Series A (RB)<br> 3.62%, 05/20/33 | 471 | 455866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB)<br> 5.00%, 07/01/29 (c) | 1000 | 1112717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB)<br> 5.00%, 07/01/27 (c) | 500 | 556317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)<br> 4.00%, 07/01/25 | 325 | 321604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)<br> 4.00%, 07/01/29 | 1390 | 1366034 |
| Salt Verde Financial Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/24 | 65 | 66763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 | 10 | 10785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/29 | 370 | 408066 |
|  |  | 8083154 |
| **Arkansas: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB)<br> 5.00%, 09/01/27 (c) (p) | 2000 | 2141612 |
| **California: 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antelope Valley Healthcare District, Series A (RB)<br> 5.00%, 03/01/26 | 575 | 585572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series A (RB)<br> 4.00%, 12/01/27 (c) (p) | 1000 | 1015280 |

---

VANECK SHORT 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 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 Housing Finance Agency, Series A (RB)<br> 4.00%, 03/20/33 | 1905 | 1931607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB)<br> 5.00%, 11/15/28 (c) | 1340 | 1432076 |
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 50 | 54029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 50 | 54006 |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/27 | 610 | 652760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 | 220 | 238668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)<br> 5.00%, 06/30/28 (c) | 260 | 280757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB)<br> 4.00%, 07/15/29 | 3625 | 3596454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)<br> 7.00%, 07/01/22 (d) \* | 1000 | 50000 |
| &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) \* | 1360 | 176800 |
| California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/01/25 | 400 | 398661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 07/01/25 (c) | 2000 | 1984247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Enso Village Project, Series B (RB)<br> 3.12%, 11/15/23 (c) | 1500 | 1347553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Baptist University, Series A (RB)<br> 3.50%, 11/01/27 | 1000 | 965513 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)<br> 5.75%, 01/30/23 (c) | $3 | $2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)<br> 5.00%, 05/15/26 (c) | 300 | 310912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)<br> 5.00%, 06/01/26 (c) | 350 | 364034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB)<br> 5.00%, 07/01/29 | 250 | 247828 |
| City and County of San Francisco, Airport Commission, International Airport, Series H (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 | 500 | 533130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 | 500 | 543082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/29 | 500 | 557024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC)<br> 5.00%, 11/01/23 | 5 | 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Oroville Hospital (RB)<br> 5.00%, 04/01/29 (c) | 500 | 523150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compton Public Finance Authority (RB)<br> 4.50%, 09/01/24 (c) | 1000 | 995350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sacramento, Airport System, Series C (RB)<br> 5.00%, 07/01/27 | 250 | 271280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sacramento, Airport System, Series E (RB)<br> 5.00%, 07/01/28 | 115 | 131503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC)<br> 5.00%, 12/01/28 (c) | 520 | 584012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Centro Financing Authority, El Centro Regional Medical Center Project (RB)<br> 4.50%, 07/01/26 (c) | 480 | 483655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)<br> 5.00%, 09/01/26 | 110 | 117715 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Elsinore Public Financing Authority, Local Agency (ST)<br> 5.00%, 09/01/24 | $230 | $236932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSR Energy Authority, Series A (RB)<br> 6.12%, 11/01/29 | 260 | 293249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern California Energy Authority, Series A (RB)<br> 4.00%, 07/01/24 (p) | 1250 | 1257604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakland Unified School District (GO)<br> 5.00%, 08/01/26 | 380 | 415313 |
| Palomar Health (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 250 | 262722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 90 | 95590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poway Unified School District Public Financing Authority, Series A (ST)<br> 5.00%, 09/01/24 | 110 | 113264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM)<br> 5.00%, 09/01/29 (c) | 500 | 574125 |
| San Francisco Community College District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 | 1000 | 1063328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 205 | 218296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)<br> 4.00%, 09/01/21 (d) \* | 370 | 129500 |
|  |  | 26162594 |
| **Colorado: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Broomfield, Arista Metropolitan District, Series A (GO)<br> 4.38%, 12/01/23 (c) | 500 | 481152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, Colorado Airport System, Series A (RB)<br> 5.00%, 12/01/28 (c) | 295 | 326396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, United Airlines, Inc. Project (RB)<br> 5.00%, 10/01/23 (c) | 1000 | 1003036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB)<br> 3.50%, 05/15/23 (c) | 1000 | 899622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority (RB)<br> 5.00%, 12/01/26 (c) | 600 | 631656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)<br> 4.50%, 11/01/25 (c) | 580 | 547628 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painted Prairie Public Improvement Authority (RB)<br> 4.00%, 12/01/24 (c) | $500 | $475411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy, Natural Gas Purchase (RB)<br> 6.25%, 11/15/28 | 140 | 153762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky Mountain Rail Park Metropolitan District (GO)<br> 5.00%, 03/01/26 (c) | 500 | 481813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands Metropolitan District No. 1, Series A-1 (GO)<br> 3.50%, 12/01/27 | 200 | 188782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2, Series A (GO)<br> 4.00%, 12/01/24 (c) | 500 | 473585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transport Metropolitan District No. 3 (GO)<br> 4.12%, 03/01/26 (c) | 1000 | 915939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windler Public Improvement Authority, Series A-1 (RB) (BAM)<br> 4.00%, 09/01/26 (c) | 1000 | 886452 |
|  |  | 7465234 |
| **Connecticut: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hartford, Series A (GO)<br> 5.00%, 04/01/23 (c) | 405 | 406661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)<br> 4.00%, 07/01/26 (c) | 120 | 113779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbor Point Infrastructure Improvement District, Harbor Point Project (TA)<br> 5.00%, 04/01/27 (c) | 1000 | 1018352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Hamden, Whitney Center Project (RB)<br> 5.00%, 01/01/26 (c) | 450 | 444039 |
|  |  | 1982831 |
| **Delaware: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, NRG Energy Project, Series A (RB)<br> 1.25%, 10/01/25 (c) (p) | 1000 | 927478 |
| **District of Columbia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Ingleside at Rock Creek Project, Series A (RB)<br> 4.12%, 07/01/24 (c) | 1060 | 1018761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Latin American Montessori Bilingual Public Charter School (RB)<br> 4.00%, 06/01/30 | 500 | 488172 |
|  |  | 1506933 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida: 4.7%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL)<br> 5.00%, 10/01/30 | $500 | $518320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB)<br> 3.38%, 07/01/31 | 1540 | 1413857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)<br> 4.38%, 06/15/27 | 905 | 893459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Elim Senior Housing, Inc., Project (RB)<br> 5.00%, 08/01/24 (c) | 425 | 385669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB)<br> 4.00%, 06/15/26 (c) | 535 | 493910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series D (RB) (AGM)<br> 5.00%, 07/01/31 (c) | 500 | 595551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM)<br> 5.00%, 11/01/27 (c) | 500 | 554951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Orlando, Tourist Development Tax, Series A (RB) (AGM)<br> 5.00%, 11/01/27 | 600 | 666008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Airport System, Series A (RB)<br> 5.00%, 10/01/25 (c) | 290 | 305166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, School District, Series B (CP)<br> 5.00%, 07/01/27 (c) | 315 | 350200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW)<br> 5.00%, 02/15/30 (c) | 500 | 546554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)<br> 5.00%, 06/01/25 (c) | 315 | 313451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, School Board, Series D (CP)<br> 5.00%, 02/01/26 (c) | 120 | 127460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Series A (RB)<br> 5.00%, 10/01/26 (c) | 750 | 813797 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Palm Beach, Atlantic University Housing Project, Series A (RB)<br> 5.00%, 04/01/29 | $500 | $507689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of St. Lucie, School District, Sales Tax (RB) (AGM)<br> 5.00%, 10/01/25 | 250 | 266179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. Education Facilities, Central School Project (RB)<br> 5.00%, 08/15/32 | 500 | 486686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB)<br> 5.00%, 10/01/29 (c) | 500 | 517135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., IPS Florida LLC- Idea Florida Inc. (RB)<br> 5.25%, 06/15/27 (c) | 500 | 503262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB)<br> 4.00%, 09/15/27 (c) | 470 | 429868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB)<br> 5.12%, 06/15/27 | 145 | 140500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., The Glenridge on Palmer Ranch Project (RB) (SAW)<br> 5.00%, 06/01/28 (c) | 625 | 609585 |
| 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) | 2730 | 2522755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/29 (c) (p) | 2750 | 2501738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)<br> 5.00%, 01/30/23 (c) | 500 | 471982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System, Series B (RB)<br> 5.00%, 10/01/27 (c) | 110 | 122787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)<br> 5.00%, 10/01/24 | 250 | 257331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Country Industrial Development Authority, Florida Industrial Development (RB)<br> 5.88%, 01/01/33 | 2000 | 2039771 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No. 12 (SA) (SAW)<br> 3.80%, 05/01/28 | $470 | $464410 |
| Village Community Development District No. 13 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 05/01/24 | 245 | 240349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/29 | 235 | 217070 |
|  |  | 20277450 |
| **Georgia: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB)<br> 6.00%, 01/01/23 | 250 | 132500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB)<br> 2.92%, 03/12/24 (p) | 250 | 248039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB)<br> 3.25%, 02/03/25 (p) | 1000 | 999899 |
| &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) | 250 | 248750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB)<br> 2.38%, 01/01/31 | 1500 | 1343270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Local Government, Grantor Trust, Series A (CP) (NATL)<br> 4.75%, 06/01/28 | 380 | 409899 |
| Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 | 300 | 318375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 | 250 | 285360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series A-1 (RB)<br> 5.50%, 09/15/25 | 135 | 141529 |
| Main Street Natural Gas, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/27 (c) (p) | 1000 | 964231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) (p) | 1000 | 1006340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB)<br> 5.00%, 11/01/27 | 250 | 254957 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White County Development Authority, Truett McConnell University Project, Series A (RB)<br> 5.00%, 10/01/26 (c) | $225 | $220494 |
|  |  | 6573643 |
| **Guam: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Business Privilege Tax, Series D (RB)<br> 5.00%, 11/15/25 (c) | 360 | 373956 |
| Guam Government, Business Privilege Tax, Series F (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 1000 | 1103140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 | 1000 | 1114327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP)<br> 3.62%, 02/01/25 | 250 | 246835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Hotel Occupancy Tax, Series A (RB)<br> 5.00%, 11/01/28 | 250 | 272238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Series A (RB)<br> 5.00%, 12/01/24 | 1000 | 1028471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority, Series A (RB)<br> 5.00%, 10/01/32 (c) | 880 | 996277 |
|  |  | 5135244 |
| **Hawaii: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB)<br> 3.10%, 05/01/26 | 1500 | 1484963 |
| **Illinois: 17.8%** |  |  |
| Chicago Board of Education, Series A (GO) |  |  |
| &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) | 1000 | 1054122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1500 | 1588229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 2000 | 2124921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/25 (c) | 200 | 216114 |
| Chicago Board of Education, Series A (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 250 | 262018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 200 | 216169 |
| Chicago Board of Education, Series A (GO) (AMBAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 230 | 243321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/31 | 1000 | 1119136 |
| Chicago Board of Education, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/24 | 310 | 291708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/26 | 310 | 271649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/28 | 795 | 640955 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| Chicago Board of Education, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | $1250 | $1317652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 1950 | 2048882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 1400 | 1466281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1250 | 1329378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 2000 | 2105935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 3000 | 3197681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 | 2000 | 2137375 |
| Chicago Board of Education, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/24 | 1000 | 1022755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 500 | 524201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 1560 | 1627127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series E (GO)<br> 5.12%, 12/01/24 (c) | 1320 | 1328262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport, Series A (RB) (AGM)<br> 5.00%, 01/01/24 (c) | 750 | 762058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport, Series B (RB)<br> 5.00%, 01/01/24 (c) | 260 | 266222 |
| Chicago O'Hare International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/30/23 (c) | 1000 | 1000555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 105 | 110332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 190 | 198714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 295 | 308110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago School Reform Board of Trustees, Series A (GO) (NATL)<br> 0.01%, 12/01/29 | 575 | 443851 |
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 1515 | 1221442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/29 ^ | 585 | 451571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/24 | 515 | 484611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/25 | 560 | 510269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/26 | 490 | 429381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 12/01/30 | 190 | 140270 |
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/24 | 115 | 118382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 | 1000 | 1045232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 535 | 570819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB)<br> 5.00%, 06/01/25 | 1000 | 1045923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)<br> 5.00%, 01/01/25 | 280 | 286782 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| City of Chicago, Second Lien Water (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | $100 | $100774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | 100 | 102974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | 270 | 278346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 (c) | 150 | 154680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Second Lien Water, Series A-1 (RB)<br> 5.00%, 11/01/26 (c) | 100 | 105606 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 500 | 500047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 1500 | 1611906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/24 (c) | 180 | 181524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series C (GO)<br> 5.00%, 01/01/25 | 1090 | 1116401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County Community College District No. 508 (GO)<br> 5.25%, 12/01/23 (c) | 240 | 241725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cook, Series A (GO)<br> 5.00%, 11/15/26 (c) | 500 | 541890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Admiral Lake Project (RB)<br> 5.00%, 05/15/24 (c) | 500 | 390628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB)<br> 4.00%, 07/01/31 | 1000 | 891287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Friendship Village of Schaumburg (RB)<br> 5.00%, 02/15/27 (d) \* | 1190 | 535500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Lutheran Life Communities, Series A (RB)<br> 5.00%, 11/01/26 (c) | 250 | 245941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Roosevelt University (RB)<br> 5.40%, 01/30/23 (c) | 100 | 99661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Three Crowns Park (RB)<br> 4.00%, 02/15/24 (c) | 250 | 245068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency, Power Supply System, Series A (RB)<br> 5.00%, 08/01/25 (c) | 785 | 832143 |
| Illinois Sports Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 | 395 | 411086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 545 | 568953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AMBAC)<br> 0.00%, 06/15/26 ^ | 260 | 233271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)<br> 0.00%, 12/15/24 ^ | 130 | 122403 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)<br> 5.00%, 12/15/27 (c) | $500 | $525698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)<br> 0.00%, 06/15/28 ^ | 115 | 95931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Illinois Municipal Power Agency, Series A (RB)<br> 5.00%, 12/01/26 (c) | 330 | 360737 |
| State of Illinois (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/26 (c) | 350 | 350257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/26 (c) | 1845 | 1838270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/30/23 (c) | 185 | 185158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 1000 | 1011918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/30/23 (c) | 300 | 300211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/26 (c) | 100 | 101898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 200 | 211036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 | 705 | 730261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 | 1315 | 1385905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 | 120 | 122558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 | 500 | 510659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 (c) | 150 | 153147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/26 | 515 | 544062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 600 | 636734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 500 | 534949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 | 500 | 528814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 100 | 102235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 1250 | 1271931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 100 | 106117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 455 | 481190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 1000 | 1007976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/23 (c) | 275 | 277296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 500 | 505706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 60 | 60657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 1400 | 1414671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 270 | 273191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO) (NATL)<br> 6.00%, 11/01/26 | 2000 | 2126076 |
| State of Illinois, Sales Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/26 (c) | 810 | 825413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 285 | 286703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 190 | 191080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 | 235 | 247032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/31 | 1000 | 1095153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Sales Tax (RB) (BAM)<br> 3.00%, 06/15/31 (c) | 500 | 465539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Of Illinois, Sales Tax, Series A (RB) (BAM)<br> 4.00%, 06/15/30 | 1000 | 1060818 |
| State of Illinois, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/30/23 (c) | 100 | 100052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | 500 | 543192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 | 500 | 544777 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 | $500 | $548126 |
| State of Illinois, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/30 (c) | 500 | 512031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 1000 | 1069162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 600 | 645859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series C (GO)<br> 5.00%, 11/01/27 (c) | 315 | 336561 |
| State of Illinois, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/26 | 165 | 165871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 1250 | 1315814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 1395 | 1488086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 | 1130 | 1218277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 460 | 493597 |
|  |  | 77012103 |
| **Indiana: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, Indiana Economic Development, Anderson University (RB)<br> 4.75%, 01/30/23 (c) | 290 | 281022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br> 4.25%, 11/01/30 | 3015 | 2998567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)<br> 3.00%, 11/01/30 | 1000 | 900150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, United States Steel Corp. Project, Series A (RB)<br> 4.12%, 12/01/26 | 2000 | 1971013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB)<br> 5.00%, 01/01/29 | 500 | 552982 |
|  |  | 6703734 |
| **Iowa: 1.2%** |  |  |
| &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) | 945 | 948411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB)<br> 4.00%, 12/01/32 (c) (p) | 1000 | 1000762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB)<br> 5.00%, 03/01/24 (c) | 350 | 350497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority, Wartburg College Project (RB)<br> 4.00%, 10/01/25 | 755 | 742403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Gas Project (RB)<br> 5.00%, 09/01/26 (c) (p) | 1920 | 1993576 |
|  |  | 5035649 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Kansas: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Goddard, Olympic Park Star Bond Project (RB)<br> 3.60%, 01/20/23 (c) | $225 | $214495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Health Care Facilities, Series III (RB)<br> 5.00%, 05/15/26 (c) | 600 | 571095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC)<br> 4.00%, 11/15/25 | 100 | 94247 |
|  |  | 879837 |
| **Kentucky: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB)<br> 5.00%, 08/01/25 (c) | 140 | 148268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB)<br> 5.00%, 08/01/26 | 140 | 151781 |
| Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 630 | 672182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 325 | 353406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Asset Liability Commission Project, Federal Highway Trust, Series A (RB)<br> 5.25%, 09/01/23 (c) | 250 | 253625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)<br> 5.00%, 05/15/26 | 85 | 83179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL)<br> 5.00%, 09/01/25 (c) | 175 | 184053 |
|  |  | 1846494 |
| **Louisiana: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB)<br> 5.00%, 12/01/27 | 1025 | 1043650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG)<br> 5.00%, 12/01/29 | 150 | 153243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New Orleans, Louisiana Water (RB)<br> 5.00%, 12/01/25 (c) | 305 | 327323 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport, Water and Sewer, Series C (RB) (BAM)<br> 5.00%, 12/01/26 | $525 | $568695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB)<br> 5.50%, 11/15/25 | 500 | 501328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)<br> 3.50%, 11/01/27 (c) | 4310 | 4120465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB)<br> 7.00%, 07/01/24 (d) \* | 330 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB)<br> 7.50%, 07/01/23 (d) \* | 521 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parish of St James, Nustar Logistics, LP Project (RB)<br> 6.10%, 06/01/30 (p) | 1500 | 1628801 |
|  |  | 8343513 |
| **Maryland: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, East Baltimore Research Park Project, Series A (RB)<br> 4.00%, 09/01/27 | 200 | 198584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Frederick, Mount Saint Mary's University, Series A (RB)<br> 5.00%, 09/01/27 | 350 | 356031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Howard, Series A (TA)<br> 4.00%, 02/15/26 (c) | 200 | 195984 |
| &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) | 695 | 702133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)<br> 3.75%, 01/01/27 (c) | 155 | 151506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Port Covington Project (TA)<br> 3.25%, 09/01/30 | 2000 | 1853787 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Maryland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Transportation Facilities, Series A (RB)<br> 5.00%, 06/01/28 | $425 | $461443 |
|  |  | 3919468 |
| **Massachusetts: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegiate Charter School of Lowell (RB)<br> 5.00%, 06/15/26 (c) | 490 | 497555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB)<br> 5.00%, 07/01/26 (c) | 310 | 333040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB)<br> 5.00%, 07/01/28 | 500 | 559009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)<br> 4.00%, 01/20/23 (c) | 250 | 252962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Suffolk University (RB)<br> 5.00%, 07/01/27 (c) | 335 | 360552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB)<br> 5.00%, 07/01/26 (c) | 100 | 106090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Educational Financing Authority (RB)<br> 5.00%, 01/01/25 (c) | 275 | 284197 |
|  |  | 2393405 |
| **Michigan: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan Unlimited Tax (GO)<br> 5.00%, 04/01/26 | 1000 | 1041487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Series A (GO) (SBG)<br> 5.00%, 04/01/31 (c) | 500 | 533344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB)<br> 4.00%, 11/01/24 (c) | 250 | 235198 |
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 500 | 542024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1000 | 1084272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Higher Education, Aquinas College Project (RB)<br> 4.00%, 05/01/31 | 500 | 450772 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Michigan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB)<br> 6.25%, 07/01/24 (c) | $1000 | $1003141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, I-75 Improvement Project (RB)<br> 5.00%, 12/31/28 (c) | 155 | 166195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB)<br> 5.00%, 12/01/27 | 1415 | 1587000 |
|  |  | 6643433 |
| **Minnesota: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anoka, Homestead at Anoka, Inc. Project (RB)<br> 4.25%, 11/01/24 (c) | 100 | 95636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Blaine, Senior Housing and Health Facility, Series A (RB)<br> 5.12%, 07/01/25 | 415 | 269750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)<br> 5.25%, 07/01/25 (c) | 350 | 340360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority, Benedictine Health System, Series A (RB)<br> 4.00%, 07/01/26 (c) | 1000 | 939832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB)<br> 5.00%, 07/01/25 (c) | 500 | 525426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB)<br> 5.00%, 09/01/26 | 100 | 101025 |
|  |  | 2272029 |
| **Mississippi: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB)<br> 5.00%, 08/02/27 (p) | 500 | 478260 |
| **Missouri: 0.9%** |  |  |
| &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) | 600 | 583399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)<br> 3.88%, 11/15/26 (c) | 220 | 192900 |

---

VANECK SHORT 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) (AMBAC)<br> 4.38%, 02/01/28 (c) | $1915 | $1659968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)<br> 5.00%, 08/15/25 (c) | 125 | 120677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM)<br> 4.38%, 03/15/28 (c) | 400 | 370563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaza at Noah's Ark Community Improvement District (RB)<br> 3.00%, 05/01/29 (c) | 500 | 456563 |
| &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 | 510714 |
|  |  | 3894784 |
| **Nebraska: 0.2%** |  |  |
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 500 | 533056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/28 | 100 | 107822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 | 125 | 137282 |
|  |  | 778160 |
| **Nevada: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Reno, Tax Increment Senior Lien, Series C (TA)<br> 5.40%, 01/30/23 (c) | 305 | 303751 |
| City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/15/24 | 150 | 146384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/15/28 | 1000 | 909928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Airport System, Series A-2 (RB)<br> 5.00%, 07/01/24 (c) | 100 | 103798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada Pollution Control, Southern California Edison Company (RB)<br> 2.10%, 06/01/31 | 5 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series A (GO)<br> 5.00%, 06/15/24 | 500 | 517202 |
| Clark County, School District, Series B (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 250 | 289180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 (c) | 250 | 288156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series B (GO) (BAM)<br> 5.00%, 06/15/30 | 250 | 293638 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Nevada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series C (GO)<br> 5.00%, 12/15/25 (c) | $115 | $123314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)<br> 5.88%, 12/15/27 | 377 | 388958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)<br> 4.50%, 12/15/25 (c) | 505 | 508354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tahoe-Douglas Visitors Authority (RB)<br> 5.00%, 07/01/30 (c) | 1000 | 1068188 |
|  |  | 4945068 |
| **New Hampshire: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Covanta Project, Series A (RB)<br> 4.00%, 07/01/23 (c) | 250 | 240352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)<br> 5.25%, 07/01/24 (c) (d) \* | 242 | 53260 |
|  |  | 293612 |
| **New Jersey: 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, American Water Company, Inc. Project, Series B (RB)<br> 2.05%, 12/03/29 (p) | 1250 | 1133149 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/30/23 (c) | 2000 | 2021184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/05/24 (c) | 1000 | 1024027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/23 (c) | 300 | 300373 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/27 (c) | 760 | 778763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 1000 | 1073934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)<br> 4.00%, 11/01/27 | 380 | 399859 |
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/25 | 500 | 516774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 115 | 122101 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)<br> 5.00%, 11/01/29 (c) | $110 | $125050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)<br> 5.50%, 12/15/26 (c) | 115 | 126996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)<br> 5.50%, 12/15/26 (c) | 100 | 112382 |
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 455 | 455820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 1500 | 1502741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 200 | 200348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 35 | 35063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 (c) | 1660 | 1663450 |
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 340 | 350593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 500 | 517934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 320 | 331654 |
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 690 | 714749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 | 430 | 443323 |
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/25 (c) | 440 | 454664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/25 (c) | 130 | 134598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 345 | 363770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, State House Project, Series B (RB)<br> 4.00%, 12/15/28 (c) | 750 | 793503 |
| &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) | 175 | 161307 |
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 175 | 180371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 (c) | 145 | 149518 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)<br> 5.00%, 10/01/24 | $315 | $325428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey State Turnpike Authority, Series A (RB) (AGM)<br> 5.25%, 01/01/26 | 500 | 542624 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/25 ^ | 120 | 110211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/26 ^ | 360 | 320372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/32 ^ | 5 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/24 | 500 | 521399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 | 500 | 532422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 (c) | 205 | 229681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 | 300 | 309295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 500 | 535251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 395 | 423915 |
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 110 | 118361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 845 | 911414 |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 (c) | 500 | 559083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 490 | 494153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 (c) | 275 | 289962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 100 | 106048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 365 | 385979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 1065 | 1122105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/25 (c) | 435 | 460639 |
| New Jersey Transportation Trust Fund Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/24 (c) | 1380 | 1432554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/23 | 515 | 526129 |
| State of New Jersey, Covid-19 General Emergency, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 500 | 543931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 | 500 | 556627 |
| State of New Jersey, Various Purposes (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/29 (c) | 2000 | 1866438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/26 | 80 | 80887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 | 100 | 111325 |
| Tobacco Settlement Financing Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 | 655 | 708732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 150 | 162202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 640 | 691958 |
|  |  | 31170642 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New Mexico: 0.8%** |  |  |
| &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) | $1700 | $1428486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB)<br> 1.80%, 04/01/29 | 1100 | 952840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB)<br> 1.80%, 04/01/29 | 1000 | 866218 |
|  |  | 3247544 |
| **New York: 11.3%** |  |  |
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/27 (c) | 100 | 103399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/27 (c) | 1800 | 1851246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/27 (c) | 100 | 103214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/24 | 1750 | 1776651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 | 100 | 103161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)<br> 5.00%, 12/31/28 | 1195 | 1144769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB)<br> 4.00%, 06/15/31 | 275 | 264558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB)<br> 4.00%, 06/01/29 (c) | 595 | 568113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, Series A (GO) (AGM)<br> 5.00%, 02/01/26 | 250 | 270029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, Series B (GO) (AGM)<br> 5.00%, 10/15/26 | 250 | 274663 |
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 275 | 290375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 270 | 284418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB)<br> 4.00%, 07/01/27 | 1000 | 958500 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A-1 (RB)<br> 5.00%, 05/15/26 (c) | $250 | $260409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series C-1 (RB)<br> 5.00%, 05/15/28 (c) | 250 | 265643 |
| Metropolitan Transportation Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 500 | 522106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 560 | 594488 |
| Metropolitan Transportation Authority, Series D-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 250 | 257673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 (c) | 250 | 257407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)<br> 5.00%, 12/01/30 (c) | 500 | 557044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., St. Ann's Community Project (RB)<br> 4.00%, 01/01/26 (c) | 930 | 844627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp., Hotel Unit (RB)<br> 5.00%, 11/15/25 (c) | 500 | 531779 |
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 250 | 253787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 1000 | 1051958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 945 | 992571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 2395 | 2511570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 1000 | 1052241 |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C))<br> 2.75%, 09/02/25 (c) (p) | 600 | 570854 |
| 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 | 815 | 770110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 620 | 620113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/23 (c) | 4155 | 4155040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/30 (c) | 865 | 892081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)<br> 4.00%, 10/01/30 | 4380 | 4399615 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | $785 | $822944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 780 | 817942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 4405 | 4608808 |
| &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 | 2000 | 1849444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Terminal 4, John F. Kennedy International Airport Project, Series A (RB)<br> 5.00%, 12/01/24 | 2050 | 2119811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB)<br> 3.50%, 07/01/23 (c) | 1500 | 1467121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, Series 217 (RB)<br> 3.00%, 10/01/28 | 550 | 554817 |
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 1130 | 965228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 750 | 658697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Oyster Bay, Public Improvement, Series B (GO) (AGM)<br> 3.25%, 02/01/26 (c) | 665 | 685596 |
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/23 (c) | 120 | 116671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 05/15/23 (c) | 100 | 97099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series A (RB) (BAM-TCRS)<br> 5.00%, 08/15/24 | 1800 | 1866981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB)<br> 5.00%, 12/01/30 (c) | 1000 | 1173498 |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 70 | 74326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 | 70 | 74354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)<br> 4.00%, 09/15/24 (c) | 275 | 260625 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)<br> 4.00%, 10/15/29 | $200 | $190800 |
|  |  | 48640361 |
| **North Carolina: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL)<br> 6.00%, 01/01/25 | 125 | 132994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Vedan Health (RB)<br> 5.00%, 06/01/25 (c) | 250 | 265371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB)<br> 5.00%, 01/01/25 | 350 | 364687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)<br> 5.00%, 01/01/29 (c) | 500 | 558869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM)<br> 5.00%, 02/01/24 | 3000 | 3070442 |
|  |  | 4392363 |
| **North Dakota: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)<br> 6.62%, 06/15/26 (c) (d) \* | 3000 | 1650000 |
| **Ohio: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Series A (RB)<br> 5.00%, 02/15/29 | 500 | 570214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB)<br> 5.00%, 05/15/29 (c) | 1000 | 991142 |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/25 | 250 | 259095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 | 50 | 52849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 | 350 | 373482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 110 | 116785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB)<br> 5.00%, 03/03/23 (c) | 1860 | 1861229 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB)<br> 2.40%, 10/01/29 (c) (p) | $500 | $455715 |
| &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 | 2000 | 1860953 |
|  |  | 6541464 |
| **Oklahoma: 0.8%** |  |  |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 | 1000 | 1009241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 | 250 | 253048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)<br> 5.00%, 06/01/25 (c) (p) | 2000 | 2015165 |
|  |  | 3277454 |
| **Oregon: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB)<br> 11.50%, 04/01/26 (c) (d) \* | 500 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB)<br> 5.00%, 11/15/24 (c) | 325 | 308342 |
|  |  | 338342 |
| **Pennsylvania: 5.0%** |  |  |
| Allentown Neighborhood Improvement Zone Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 | 1250 | 1268281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 1665 | 1691391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 875 | 889774 |
| Berks County Industrial Development Authority, Tower Health Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/27 (c) | 200 | 150032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/24 | 1000 | 961741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 1000 | 939948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 400 | 367430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1065 | 893404 |
| Berks County Municipal Authority, Tower Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/30 | 800 | 682663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/31 | 425 | 354923 |
| &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) | 1500 | 1357710 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &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) | $500 | $421792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Gas Works, Series 13 (RB)<br> 5.00%, 08/01/25 | 80 | 84486 |
| &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 |
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/15/26 | 1750 | 1717014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/27 | 250 | 251110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/28 (c) | 500 | 498698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doylestown Hospital Authority, Series A (RB) (SBG)<br> 5.00%, 07/01/23 (c) | 250 | 242950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulton County Industrial Development Authority, Medical Center Project (RB)<br> 4.00%, 07/01/26 (c) | 775 | 775311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geisinger Authority Health System, Series C (RB)<br> 5.00%, 04/01/30 (c) (p) | 1000 | 1120407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)<br> 4.00%, 01/01/25 | 720 | 708402 |
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/23 | 125 | 127072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/26 | 130 | 135175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A-2 (RB)<br> 5.00%, 06/01/26 (c) | 100 | 106877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series E (RB)<br> 6.00%, 12/01/27 (c) | 875 | 1018567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB)<br> 4.00%, 06/01/31 | 575 | 553246 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority, Industrial Development, University of Arts (RB)<br> 4.50%, 03/15/28 (c) | $2200 | $2192919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Gas Works (RB)<br> 5.00%, 10/01/26 | 100 | 108404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW)<br> 5.00%, 12/01/26 (c) | 200 | 215360 |
| The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 | 115 | 121890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 275 | 293026 |
|  |  | 21759503 |
| **Puerto Rico: 5.1%** |  |  |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 | 3000 | 3099287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/01/24 | 410 | 417814 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 | 1000 | 1028879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 2000 | 2056339 |
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 2000 | 1874689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/25 | 3638 | 3724237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/27 | 1000 | 1048617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/29 | 3000 | 3194689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/31 | 2000 | 2173419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority, Series UU (RB) (AGM)<br> 5.00%, 01/30/23 (c) | 250 | 251804 |
| &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 Municipal Finance Agency, Series A (RB) (AGM)<br> 5.00%, 01/30/23 (c) | 780 | 785629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)<br> 0.01%, 07/01/28 (c) | 2000 | 1349552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM)<br> 0.01%, 07/01/28 (c) | 1308 | 980315 |
|  |  | 22086940 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Rhode Island: 0.4%** |  |  |
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/30 (c) | $250 | $288812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/30 (c) | 400 | 466214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp., Department of Transportation, Series B (RB)<br> 5.00%, 06/15/26 | 155 | 168303 |
| &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) | 1000 | 1005927 |
|  |  | 1929256 |
| **South Carolina: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)<br> 5.00%, 12/15/26 (c) | 600 | 611217 |
| South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/25 (c) | 755 | 796699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/28 (c) | 1000 | 824567 |
| &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) | 305 | 295545 |
| South Carolina Public Service Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 290 | 304706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 525 | 555084 |
|  |  | 3387818 |
| **Tennessee: 0.9%** |  |  |
| &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) \* | 500 | 398916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)<br> 4.75%, 07/01/27 | 105 | 87834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennergy Corporation Gas Supply Series A (RB)<br> 4.00%, 09/01/28 (c) (p) | 1750 | 1754879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB)<br> 5.00%, 11/01/31 (c) (p) | 1000 | 1073047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project, Series A (RB)<br> 5.25%, 09/01/26 | 525 | 547530 |
|  |  | 3862206 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas: 8.4%** |  |  |
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | $1155 | $1203484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1200 | 1247776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)<br> 5.00%, 01/01/26 | 775 | 801215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB)<br> 5.00%, 01/01/27 (c) | 500 | 509079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB) (AGM)<br> 5.00%, 08/15/29 (c) | 50 | 58461 |
| &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) | 2465 | 2244679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series B (RB)<br> 5.00%, 01/01/31 (c) | 750 | 865008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series C (RB)<br> 5.00%, 01/01/26 (c) | 2000 | 2127681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System, Series C (RB)<br> 5.00%, 08/15/24 | 120 | 123713 |
| City of Austin, Texas Airport System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/24 (c) | 395 | 408077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | 625 | 660241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, Series C (RB)<br> 5.00%, 07/01/27 | 180 | 195322 |
| &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) | 2250 | 2274020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB)<br> 5.00%, 07/01/27 | 250 | 256958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB)<br> 6.50%, 01/30/23 (c) | 200 | 200156 |
| 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 | 1000 | 1027958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 | 500 | 516899 |

---

---

| | | |
|:---|:---|:---|
| | **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., Technical Operations Center Project (RB)<br> 5.00%, 07/15/28 | $1500 | $1550697 |
| &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 | 545 | 545912 |
| &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) | 1000 | 1017883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB)<br> 5.00%, 07/15/27 | 2750 | 2826884 |
| Clifton Higher Education Finance Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 08/15/25 | 60 | 60273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/15/25 (c) | 200 | 202054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/24 (c) | 1345 | 1366695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Series D (RB)<br> 5.25%, 08/15/25 (c) | 500 | 509964 |
| Dallas Fort Worth International Airport (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/23 (c) | 1000 | 1012723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)<br> 4.88%, 01/30/23 (c) | 335 | 335088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)<br> 0.01%, 11/15/29 | 315 | 244226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Love Field Airport Modernization Corp., Southwest Airlines Co. (RB)<br> 5.00%, 01/30/23 (c) | 1000 | 1000288 |
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/25 (c) | 335 | 351652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/29 (c) | 200 | 227379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC)<br> 4.55%, 05/01/30 | 105 | 111304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matagorda County Navigation District No 1 (RB)<br> 4.00%, 06/03/23 (c) | 2100 | 2103251 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)<br> 5.00%, 02/15/26 (c) (d) \* | $300 | $213000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)<br> 4.62%, 01/20/23 (c) | 3200 | 3185141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)<br> 4.00%, 07/01/24 (c) | 1000 | 889478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB)<br> 4.00%, 08/15/25 (c) | 1000 | 954768 |
| &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) | 185 | 188363 |
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 100 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 100 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, First Tier, Series D (RB) (AGC)<br> 0.01%, 01/01/29 | 405 | 341214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Second Tier, Series B (RB)<br> 5.00%, 01/01/26 (c) | 185 | 197991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB)<br> 2.62%, 07/01/23 (c) | 550 | 445295 |
| SA Energy Acquisition Public Facility Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/24 | 55 | 56495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/25 | 125 | 130490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/27 | 110 | 118283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB)<br> 6.25%, 11/15/27 (c) | 250 | 247975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)<br> 4.00%, 05/15/24 (c) | 275 | 264184 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/23 | 15 | 15272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/24 | 60 | 62172 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/25 | $100 | $105524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. III (RB)<br> 5.00%, 12/15/28 | 350 | 371542 |
|  |  | 36144187 |
| **Utah: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)<br> 4.50%, 06/15/27 | 800 | 792151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Salt Lake City, International Airport, Series A (RB)<br> 5.00%, 07/01/31 | 1000 | 1139510 |
|  |  | 1931661 |
| **Virgin Islands: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)<br> 5.00%, 10/01/32 | 500 | 520566 |
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/24 | 200 | 196195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | 620 | 599972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 75 | 73376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/30/23 (c) | 150 | 148705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 55 | 53533 |
|  |  | 2506855 |
| **Virginia: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB)<br> 4.75%, 01/30/23 (c) | 140 | 131325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula Town Center Community Development Authority (RB)<br> 4.50%, 09/01/27 (c) | 325 | 313479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke County Economic Development Authority, Series A (RB)<br> 4.75%, 09/01/26 (c) | 1835 | 1547792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Economic Development Authority, Residential Care Facility (RB)<br> 4.30%, 09/01/27 (c) | 1525 | 1213125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Marymount University Project, Series B (RB)<br> 5.25%, 07/01/25 (c) | 710 | 726590 |

---

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB)<br> 4.00%, 01/01/31 | $635 | $651749 |
|  |  | 4584060 |
| **Washington: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)<br> 5.00%, 12/01/25 | 110 | 111099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klickitat County, Public Hospital District No. 2 (RB)<br> 4.00%, 12/01/27 | 750 | 736894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB)<br> 5.00%, 08/01/25 (c) (p) | 480 | 497376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District (RB)<br> 4.00%, 07/01/31 | 2250 | 2114189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District, Series B (RB)<br> 4.00%, 07/01/31 (c) | 250 | 248513 |
| &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 |
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/01/26 | 185 | 177091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/25 (c) | 500 | 477324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 365 | 342688 |
|  |  | 5704957 |
| **West Virginia: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)<br> 4.75%, 01/30/23 (c) | 680 | 678690 |
| &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) | 1000 | 987884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB)<br> 5.00%, 06/01/26 | 150 | 161527 |
|  |  | 1828101 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Celanese Corp., Series C (RB)<br> 4.30%, 05/01/26 (c) | $1000 | $979297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)<br> 3.75%, 02/01/32 | 850 | 814459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Living Community First Mortgage (RB)<br> 4.25%, 05/01/27 (c) | 455 | 410676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)<br> 4.10%, 06/15/26 | 475 | 463737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Penick Village (RB)<br> 4.00%, 09/01/26 (c) | 505 | 454554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Phoenix Academy Project, Series A (RB)<br> 5.00%, 06/15/24 (c) | 150 | 145024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)<br> 5.00%, 12/01/27 | 1505 | 1563729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB)<br> 2.62%, 11/01/25 | 1050 | 1010903 |
| &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) | 250 | 238852 |
|  |  | 6081231 |
| **Total Municipal Bonds: 99.3%**<br> (Cost: $460,065,274) |  | 429156442 |
| **Other assets less liabilities: 0.7%** |  | 2960711 |
| **NET ASSETS: 100.0%** |  | $432117153 |

---

------

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| TA | Tax Allocation |

---

**Footnotes:**

---

| | |
|:---|:---|
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| \* | Non-income producing |
| (d) | Security in default |
| ^ | Zero Coupon Bond |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| Industrial Development Revenue | 16.2% | $69348824 |
| Local GO | 10.7 | 45776483 |
| State GO | 9.5 | 40929146 |
| Tax | 9.3 | 39943942 |
| Hospitals | 7.3 | 31253484 |
| Education | 6.9 | 29639485 |
| Utilities - Other | 6.7 | 28607797 |
| Health | 5.4 | 23004899 |
| Power | 4.9 | 20880384 |
| Airport | 4.6 | 19705749 |
| Leasing COPS & Appropriations | 4.4 | 19038902 |
| Transportation | 4.3 | 18553554 |
| Toll & Turnpike | 2.8 | 12037535 |
| Water & Sewer | 2.5 | 10672839 |
| Misc | 1.8 | 7749809 |
| Refunded | 0.7 | 3199106 |
| Pollution Control | 0.6 | 2689395 |
| Multi-Family Housing | 0.5 | 2387473 |
| Unassigned | 0.5 | 2026064 |
| Tobacco | 0.4 | 1711572 |
|  | 100.0% | $429156442 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** VanEck Short High Yield Muni ETF

- **b. EDGAR series identifier (if any):** S000038973

- **c. LEI of Series:** 549300B6J4UH4T4ALL26

**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:** $433306962.08

**Total Liabilities:** $1196948.99

**Net Assets:** $432110013.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -483.07000000 | **1-Year:** -14153.87000000 | **5-Year:** -41601.72000000 | **10-Year:** -14725.37000000 | **30-Year:** -19.34000000

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

- **3-Month:** -489.66000000 | **1-Year:** -14813.00000000 | **5-Year:** -49869.92000000 | **10-Year:** -24900.07000000 | **30-Year:** -42.84000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119796 | 2.81%                | 0.30%                | 1.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39299.00               | $10576713.40                               |
| Month 2  | $-975848.86              | $1276826.93                                |
| Month 3  | $-247110.88              | $7730589.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH HLTH CARE FAC REVENUE         | CUSIP: 792905DC2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525426.00    | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238D3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108403.90    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TQ63<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54005.71     | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655J3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    110000 | PA      | $116785.49    | 0.03%             | 2028-02-15      | 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        |   1195000 | PA      | $1144769.37   | 0.26%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1347553.05   | 0.31%             | 2029-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $122787.40    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247H52<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    130000 | PA      | $122403.42    | 0.03%             | 2024-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045GP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $284418.22    | 0.07%             | 2030-07-01      | 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        |   2000000 | PA      | $2127680.60   | 0.49%             | 2027-01-01      | 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: 83704MAK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    600000 | PA      | $611217.00    | 0.14%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE            | CUSIP: 04781GAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $132500.00    | 0.03%             | 2023-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | NEW ORLEANS LA WTR REVENUE                                   | CUSIP: 647753LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $327322.92    | 0.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BC93<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    380000 | PA      | $399858.76    | 0.09%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAB8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471982.00    | 0.11%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    395000 | PA      | $423914.43    | 0.10%             | 2030-06-15      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $520565.45    | 0.12%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015279.70   | 0.23%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045232.40   | 0.24%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $595551.05    | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112716.70   | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | KENTUCKY ST ASSET/LIABILITY COMMISSION AGY FUND REVENUE      | CUSIP: 49118NEH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253624.60    | 0.06%             | 2025-09-01      | Fixed         | 5.25%                 | 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: 79766DSN0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557024.35    | 0.13%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 13                                     | VLG FL CDD #13 SPL ASSMNT REVENUE                            | CUSIP: 92708HAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $240348.97    | 0.06%             | 2024-05-01      | Fixed         | 2.63%                 | 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        |   1000000 | PA      | $1027958.00   | 0.24%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBR0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145023.62    | 0.03%             | 2027-06-15      | 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        |    620000 | PA      | $599972.08    | 0.14%             | 2027-07-01      | 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: 79766DSK6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533130.05    | 0.12%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAT3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    110000 | PA      | $125050.23    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120406.90   | 0.26%             | 2043-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AJK2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     50000 | PA      | $58460.70     | 0.01%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162202.22    | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hamden CT                                                                | HAMDEN CT                                                    | CUSIP: 4067927W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $444038.67    | 0.10%             | 2030-01-01      | 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        |    290000 | PA      | $281022.41    | 0.07%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BSS1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    200000 | PA      | $227379.02    | 0.05%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198584.20    | 0.05%             | 2027-09-01      | Fixed         | 4.00%                 | 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        |   2000000 | PA      | $2039770.60   | 0.47%             | 2033-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND COMMERCE CORP REVENUE                           | CUSIP: 762232AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $168303.12    | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arista Metropolitan District                                                     | ARISTA CO MET DIST                                           | CUSIP: 04041AAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481151.55    | 0.11%             | 2028-12-01      | Fixed         | 4.38%                 | 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        |    455000 | PA      | $410676.54    | 0.10%             | 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        |   1130000 | PA      | $1218276.62   | 0.28%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1488085.84   | 0.34%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1366034.45   | 0.32%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1971012.80   | 0.46%             | 2026-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    275000 | PA      | $264557.81    | 0.06%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227GZ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    285000 | PA      | $286702.82    | 0.07%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WAW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    625000 | PA      | $609584.50    | 0.14%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136M32<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309294.96    | 0.07%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927477.70    | 0.21%             | 2045-10-01      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Eastern Municipal Power Agency                                    | NORTH CAROLINA ST ESTRN MUNI PWR AGY PWR SYS REVENUE         | CUSIP: 658196PS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132994.28    | 0.03%             | 2025-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152YA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271931.25   | 0.29%             | 2031-05-01      | Fixed         | 5.00%                 | 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        |    290000 | PA      | $305166.30    | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                | YAMHILL CNTY OR HOSP AUTH                                    | CUSIP: 98464UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $308341.70    | 0.07%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505UV6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262017.60    | 0.06%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485WG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $568694.75    | 0.13%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                             | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE           | CUSIP: 973405AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886451.80    | 0.21%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509964.45    | 0.12%             | 2026-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505UE4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216169.40    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | HARBOR POINT CT INFRASTRUCTURE IMPT DIST SPL OBLG REVENUE    | CUSIP: 41154VAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018352.30   | 0.24%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486SQ3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    180000 | PA      | $181523.54    | 0.04%             | 2029-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RLR8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    275000 | PA      | $284197.29    | 0.07%             | 2027-01-01      | 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        |   1000000 | PA      | $987884.30    | 0.23%             | 2045-07-01      | Floating      | 4.13%                 | 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        |    315000 | PA      | $244226.46    | 0.06%             | 2029-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RCC6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94246.91     | 0.02%             | 2025-11-15      | Fixed         | 4.00%                 | 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        |    120000 | PA      | $110211.10    | 0.03%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247FZ8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    115000 | PA      | $95931.55     | 0.02%             | 2028-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398660.60    | 0.09%             | 2025-07-01      | Fixed         | 3.38%                 | 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        |    130000 | PA      | $134598.30    | 0.03%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $708732.40    | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059R81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $293638.40    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6N4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257406.63    | 0.06%             | 2030-11-15      | 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        |     65000 | PA      | $66763.65     | 0.02%             | 2024-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1315814.13   | 0.30%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE                        | CUSIP: 23825JAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1717013.73   | 0.40%             | 2026-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900150.20    | 0.21%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409DP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1203483.90   | 0.28%             | 2032-01-01      | 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: 64542UBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889478.30    | 0.21%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BBQ6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    690000 | PA      | $714748.92    | 0.17%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762057.60    | 0.18%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Heights Industrial Development Authority                                | MARYLAND HEIGHTS MO INDL DEV  AUTH REVENUE                   | CUSIP: 574069AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $370562.40    | 0.09%             | 2030-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104NJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $651749.33    | 0.15%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514YA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1586999.62   | 0.37%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFY3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051957.40   | 0.24%             | 2029-08-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $682663.04    | 0.16%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XD2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    795000 | PA      | $640954.68    | 0.15%             | 2028-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| El Centro Financing Authority                                                    | EL CENTRO CA FING AUTH HOSP REVENUE                          | CUSIP: 282831AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $483654.62    | 0.11%             | 2029-07-01      | Fixed         | 4.50%                 | 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        |    440000 | PA      | $454663.62    | 0.11%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543930.65    | 0.13%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1851246.18   | 0.43%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Health Facilities Development Corp                                      | MESQUITE TX HLTH FAC DEV CORP                                | CUSIP: 590743CT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $213000.00    | 0.05%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FNJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $672181.59    | 0.16%             | 2025-11-01      | 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: 64461XBE4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    242088 | PA      | $53259.39     | 0.01%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hartford CT                                                              | HARTFORD CT                                                  | CUSIP: 416415BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $406661.59    | 0.09%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UFA1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    470000 | PA      | $429868.25    | 0.10%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SA Energy Acquisition Public Facility Corp                                       | SA ENERGY ACQUISITION PUBLIC FAC CORP TX GAS SPLY REVENUE    | CUSIP: 785138AT5<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130489.61    | 0.03%             | 2025-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459186C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    320000 | PA      | $331653.76    | 0.08%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No 1                                            | SOUTHLANDS CO MET DIST #1                                    | CUSIP: 84454RAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $188781.60    | 0.04%             | 2027-12-01      | Fixed         | 3.50%                 | 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        |    235000 | PA      | $217069.99    | 0.05%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV POLL CONTROL REVENUE                           | CUSIP: 181008BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4217.23      | 0.00%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028878.70   | 0.24%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517202.45    | 0.12%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984247.40   | 0.46%             | 2027-07-01      | Fixed         | 3.63%                 | 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        |   2000000 | PA      | $2056339.60   | 0.48%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2119810.70   | 0.49%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578ELP0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    430000 | PA      | $443322.78    | 0.10%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PFD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $83179.51     | 0.02%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227KN0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    810000 | PA      | $825412.76    | 0.19%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011918.30   | 0.23%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $293025.98    | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061ULL0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517135.50    | 0.12%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERY4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    595000 | PA      | $568112.49    | 0.13%             | 2031-06-01      | Fixed         | 4.00%                 | 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        |   4380000 | PA      | $4399614.95   | 1.02%             | 2030-10-01      | Fixed         | 4.00%                 | 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   | 0.25%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048616.90   | 0.24%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    125000 | PA      | $137281.64    | 0.03%             | 2030-09-01      | 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        |   1000000 | PA      | $995350.20    | 0.23%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WEA1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    535000 | PA      | $493910.07    | 0.11%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VH5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    190000 | PA      | $140269.93    | 0.03%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066EG1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149517.77    | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450GA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $952839.80    | 0.22%             | 2029-04-01      | Fixed         | 1.80%                 | 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        |   2250000 | PA      | $2274020.10   | 0.53%             | 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        |   1000000 | PA      | $1000555.10   | 0.23%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224NA3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106877.05    | 0.02%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SA Energy Acquisition Public Facility Corp                                       | SA ENERGY ACQUISITION PUBLIC FAC CORP TX GAS SPLY REVENUE    | CUSIP: 785138AV0<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |    110000 | PA      | $118282.81    | 0.03%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999898.70    | 0.23%             | 2045-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Painted Prairie Public Improvement Authority                                     | PAINTED PRAIRIE PUB IMPT AUTH CO                             | CUSIP: 69578NAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475411.50    | 0.11%             | 2029-12-01      | 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        |    250000 | PA      | $251109.73    | 0.06%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363V1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521399.35    | 0.12%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XL74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    335000 | PA      | $360552.33    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBC2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364686.95    | 0.08%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish Memorial Hospital Service District                              | CALCASIEU PARISH LA MEMORIAL HOSP SVC DIST HOSP REVENUE      | CUSIP: 128423EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1043650.49   | 0.24%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500203.35    | 0.12%             | 2053-04-01      | Floating      | 4.00%                 | 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        |   1000000 | PA      | $1017882.50   | 0.24%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                            | OYSTER BAY NY                                                | CUSIP: 692160QN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $685595.78    | 0.16%             | 2029-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CAR0<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62171.57     | 0.01%             | 2024-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152JP7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100051.79    | 0.02%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YV79<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    120000 | PA      | $113778.86    | 0.03%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH ST CONTRACT           | CUSIP: 64580ABL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $325428.36    | 0.08%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | CUSIP: 852297CA6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101024.76    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ASX6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    560000 | PA      | $594488.61    | 0.14%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548126.25    | 0.13%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526EV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74353.90     | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $822943.68    | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248513.43    | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFT4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253787.38    | 0.06%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173418.80   | 0.50%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200155.88    | 0.05%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $645859.26    | 0.15%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151827.03    | 0.04%             | 2026-07-01      | 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   | 0.25%             | 2029-12-01      | 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        |    220000 | PA      | $238667.81    | 0.06%             | 2028-06-30      | 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        |   2750000 | PA      | $2501737.70   | 0.58%             | 2049-01-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFZ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    945000 | PA      | $992571.11    | 0.23%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Industrial Development Authority                                   | FULTON CNTY PA INDL DEV AUTH HOSP REVENUE                    | CUSIP: 36024LAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $775310.78    | 0.18%             | 2028-07-01      | Fixed         | 4.00%                 | 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        |   1500000 | PA      | $1550696.55   | 0.36%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                             | CUSIP: 74447DAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    850000 | PA      | $814459.12    | 0.19%             | 2032-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DSK8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265371.25    | 0.06%             | 2033-06-01      | Fixed         | 5.00%                 | 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        |     35000 | PA      | $35063.30     | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $508353.86    | 0.12%             | 2029-12-15      | Fixed         | 4.50%                 | 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        |   1660000 | PA      | $1663450.31   | 0.38%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | PALM BEACH CNTY FL REVENUE                                   | CUSIP: 696547GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507689.30    | 0.12%             | 2029-04-01      | 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: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    600000 | PA      | $570853.86    | 0.13%             | 2050-09-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                | MISSISSIPPI ST BUSINESS FIN CORP SOL WST DISP REVENUE        | CUSIP: 60527MBA6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478259.75    | 0.11%             | 2036-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TUF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $844627.49    | 0.20%             | 2030-01-01      | 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        |    500000 | PA      | $517934.00    | 0.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903K98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121890.21    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMD6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $793503.23    | 0.18%             | 2029-06-15      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $650000.00    | 0.15%             | 2030-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ACJ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260408.88    | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                              | HOWARD CNTY MD SPL OBLIG                                     | CUSIP: 442599AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195983.96    | 0.05%             | 2028-02-15      | Fixed         | 4.00%                 | 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        |    535000 | PA      | $570818.89    | 0.13%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60272.64     | 0.01%             | 2025-08-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VT5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510659.00    | 0.12%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Community College District                                         | SAN FRANCISCO CA CMNTY CLG DIST                              | CUSIP: 797683GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $218296.03    | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $801215.07    | 0.19%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AE9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528814.40    | 0.12%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBM1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $463737.13    | 0.11%             | 2026-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FDM6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    325000 | PA      | $321604.14    | 0.07%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123713.10    | 0.03%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | CUSIP: 267045GM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $290375.20    | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    525000 | PA      | $547529.54    | 0.13%             | 2026-09-01      | Fixed         | 5.25%                 | 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        |   4155000 | PA      | $4155039.89   | 0.96%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UD99<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552981.75    | 0.13%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL                                                 | CUSIP: 213185KJ9<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541890.00    | 0.13%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XC5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1466281.46   | 0.34%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084271.90   | 0.25%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554950.80    | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342PS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248038.68    | 0.06%             | 2053-11-01      | Floating      | 2.93%                 | 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        |    275000 | PA      | $260625.31    | 0.06%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | SUFFOLK CNTY NY                                              | CUSIP: 86476PUK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274662.65    | 0.06%             | 2026-10-15      | Fixed         | 5.00%                 | 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        |    400000 | PA      | $367429.84    | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FHJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151781.17    | 0.04%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS DEV FIN AUTH HLTHCARE REVENUE                       | CUSIP: 04084RCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2141612.40   | 0.50%             | 2044-09-01      | Floating      | 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        |    500000 | PA      | $421791.65    | 0.10%             | 2040-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RHG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    275000 | PA      | $264183.56    | 0.06%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | CUSIP: 645780FM4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1133148.88   | 0.26%             | 2039-10-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E6A1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245941.20    | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103398.93    | 0.02%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SL1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1627127.11   | 0.38%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364N8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559082.90    | 0.13%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish Memorial Hospital Service District                              | CALCASIEU PARISH LA MEMORIAL HOSP SVC DIST HOSP REVENUE      | CUSIP: 128423EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153242.60    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | 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    | 0.03%             | 2023-12-31      | 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: 546282H49<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501328.00    | 0.12%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH CHRT SCHREVENUE                         | CUSIP: 452022BS4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891286.90    | 0.21%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SU6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1414671.30   | 0.33%             | 2027-07-01      | Fixed         | 5.50%                 | 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        |   1000000 | PA      | $965512.80    | 0.22%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                   | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271280.20    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1993575.55   | 0.46%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736B89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $278346.48    | 0.06%             | 2029-11-01      | 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: 791524CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510713.45    | 0.12%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $478552.59    | 0.11%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                   | CUSIP: 40065HDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028471.40   | 0.24%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amherst Industrial Development Authority/VA                                      | AMHERST VA INDL DEV AUTH REVENUE                             | CUSIP: 031489BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $131324.72    | 0.03%             | 2030-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736B71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154680.17    | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | CUSIP: 040523AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $325000.00    | 0.08%             | 2028-07-01      | Fixed         | 6.75%                 | 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: 79766DSL4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543081.35    | 0.13%             | 2027-05-01      | Fixed         | 5.00%                 | 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        |    300000 | PA      | $310912.02    | 0.07%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $50000.00     | 0.01%             | 2022-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $792150.80    | 0.18%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH SENIOR HSG REVENUE                          | CUSIP: 46245FAT1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350496.97    | 0.08%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776650.58   | 0.41%             | 2024-07-15      | Fixed         | 5.00%                 | 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        |    695000 | PA      | $702133.34    | 0.16%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS REVENUE                   | CUSIP: 56036YDG7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141528.65    | 0.03%             | 2025-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2103251.43   | 0.49%             | 2030-06-01      | Fixed         | 4.00%                 | 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        |     10000 | PA      | $10784.83     | 0.00%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                             | PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    140000 | PA      | $153762.04    | 0.04%             | 2028-11-15      | Fixed         | 6.25%                 | 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        |    865000 | PA      | $892080.99    | 0.21%             | 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    | 0.13%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    370000 | PA      | $408065.79    | 0.09%             | 2029-12-01      | Fixed         | 5.50%                 | 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        |   2000000 | PA      | $2021183.40   | 0.47%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227RS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465538.60    | 0.11%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL SENIOR LIVING REVENUE                   | CUSIP: 140542AD3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    425000 | PA      | $385668.59    | 0.09%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    845000 | PA      | $911413.70    | 0.21%             | 2027-06-15      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2015164.80   | 0.47%             | 2035-06-01      | Floating      | 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: 74527JAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101670.01    | 0.02%             | 2026-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $691957.82    | 0.16%             | 2030-06-01      | 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        |     55000 | PA      | $53532.83     | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $817942.32    | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community College District No 508                                    | COOK CNTY IL CMNTY CLG DIST #508                             | CUSIP: 213187CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241724.95    | 0.06%             | 2029-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136YC9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    515000 | PA      | $526128.79    | 0.12%             | 2023-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE           | CUSIP: 71780CBF6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    575000 | PA      | $553245.85    | 0.13%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066EF3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180370.94    | 0.04%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364B4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    205000 | PA      | $229680.89    | 0.05%             | 2030-12-15      | 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        |   2465000 | PA      | $2244678.79   | 0.52%             | 2026-07-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 235036W48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012722.80   | 0.23%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039ZB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1866437.60   | 0.43%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611905.85   | 0.37%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | GEORGIA ST ROAD & TOLLWAY AUTH REVENUE                       | CUSIP: 37358MEK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $285360.33    | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139510.30   | 0.26%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Land Clearance Redevelopment Authority                               | KANSAS CITY MO LAND CLEARANCE REDEV AUTH PROJ REVENUE        | CUSIP: 48504MAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1659968.34   | 0.38%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PQB3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103797.60    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152XW6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102234.78    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp                                      | NEW YORK ST CONVENTION CENTER DEV CORP REVENUE               | CUSIP: 649451CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531778.85    | 0.12%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XCQ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554816.68    | 0.13%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QX7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216114.54    | 0.05%             | 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   | 0.23%             | 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    | 0.11%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWR REVENUE                        | CUSIP: 74526QLU4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251804.00    | 0.06%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EA57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $535500.00    | 0.12%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006339.70   | 0.23%             | 2050-03-01      | Floating      | 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        |   1000000 | PA      | $1000287.70   | 0.23%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YSX8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559009.35    | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EUK2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245068.33    | 0.06%             | 2027-02-15      | 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        |   1904727 | PA      | $1931607.16   | 0.45%             | 2033-03-20      | Fixed         | 4.00%                 | 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        |    250000 | PA      | $238851.98    | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AH2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544777.00    | 0.13%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $135175.50    | 0.03%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE             | CUSIP: 873816AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068187.90   | 0.25%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH REVENUE                             | CUSIP: 04052ABH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    471299 | PA      | $455865.69    | 0.11%             | 2033-05-20      | Fixed         | 3.63%                 | 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        |   2000000 | PA      | $1860952.80   | 0.43%             | 2029-09-01      | Fixed         | 3.25%                 | 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        |   4405000 | PA      | $4608808.34   | 1.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061ULF3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486685.80    | 0.11%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103139.50   | 0.26%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH CLG HSG REVENUE           | CUSIP: 13081CAB4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247827.88    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | 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        |    200000 | PA      | $202053.62    | 0.05%             | 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        |   1000000 | PA      | $1073933.80   | 0.25%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256958.30    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152V57<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1385904.67   | 0.32%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HLTH CARE & INDEP LIVING FACS REVENUE       | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991141.50    | 0.23%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $166195.11    | 0.04%             | 2030-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136X48<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    365000 | PA      | $385978.92    | 0.09%             | 2029-06-15      | 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: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4120465.16   | 0.95%             | 2032-11-01      | Fixed         | 3.50%                 | 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        |   1000000 | PA      | $1003035.90   | 0.23%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227JX0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    235000 | PA      | $247032.59    | 0.06%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    515000 | PA      | $544062.02    | 0.13%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227GY1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $191079.75    | 0.04%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1628800.80   | 0.38%             | 2038-06-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102973.93    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No 3                                             | TRANSPORT MET DIST #3 CO                                     | CUSIP: 89386FAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915938.70    | 0.21%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593RC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $110332.40    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XA9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105934.80   | 0.49%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brooklyn Park MN                                                         | BROOKLYN PK MN CHRT SCH LEASE REVENUE                        | CUSIP: 114224AH1<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    350000 | PA      | $340359.85    | 0.08%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                            | MIAMI-DADE CNTY FL SCH BRD COPS                              | CUSIP: 59333MU29<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127460.26    | 0.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NBY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $373955.58    | 0.09%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oroville CA                                                              | OROVILLE CA REVENUE                                          | CUSIP: 687241AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523150.35    | 0.12%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501UL7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    560000 | PA      | $510269.37    | 0.12%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GGA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2511570.16   | 0.58%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    185000 | PA      | $197991.46    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | MUSKINGUM CNTY OH HOSP FACS                                  | CUSIP: 628077CU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1861229.27   | 0.43%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XEG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2192918.64   | 0.51%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TF3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $477324.40    | 0.11%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371542.01    | 0.09%             | 2028-12-15      | Fixed         | 5.00%                 | 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        |    260000 | PA      | $233271.35    | 0.05%             | 2026-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVA0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    480000 | PA      | $497376.19    | 0.12%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227SF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095153.10   | 0.25%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $195321.74    | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178237H5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84485.82     | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535251.35    | 0.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XMJ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    310000 | PA      | $333040.13    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954767.90    | 0.22%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $455715.30    | 0.11%             | 2038-12-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152G54<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122558.16    | 0.03%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 4                                        | KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE                | CUSIP: 494796AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111098.82    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    315000 | PA      | $336560.87    | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151MF3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    290000 | PA      | $304705.90    | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | 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   | 0.35%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510933E8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041487.10   | 0.24%             | 2026-04-01      | Fixed         | 5.00%                 | 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        |    545000 | PA      | $545912.33    | 0.13%             | 2024-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593RH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $308109.56    | 0.07%             | 2031-01-01      | 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        |    305000 | PA      | $295545.46    | 0.07%             | 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        |   1000000 | PA      | $1054122.00   | 0.24%             | 2030-12-01      | Fixed         | 5.00%                 | 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        |    600000 | PA      | $666007.68    | 0.15%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736G76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105606.02    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APZ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265643.45    | 0.06%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YAY7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1432075.69   | 0.33%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Department of Education                                                     | GUAM GOVT DEPT OF EDU COPS                                   | CUSIP: 40065AAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246835.20    | 0.06%             | 2025-02-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1428485.86   | 0.33%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1308000 | PA      | $980315.00    | 0.23%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Grand Forks ND                                                         | GRAND FORKS CNTY ND                                          | CUSIP: 38543PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1650000.00   | 0.38%             | 2031-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526W6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512031.10    | 0.12%             | 2032-10-01      | Fixed         | 4.00%                 | 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        |    395000 | PA      | $411086.02    | 0.10%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q53<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165871.30    | 0.04%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501XB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    310000 | PA      | $271649.37    | 0.06%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    610000 | PA      | $652759.90    | 0.15%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Barbara CA                                                       | SANTA BARBARA CNTY CA SOLID WASTE SYS REVENUE COPS           | CUSIP: 80136PCP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $584012.00    | 0.14%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | KENTUCKY ST MUNI PWR AGY PWR SYS REVENUE                     | CUSIP: 491501EB4<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184053.19    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Ramapo NY                                                                | RAMAPO NY                                                    | CUSIP: 7513963D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97098.99     | 0.02%             | 2028-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp                                                | HUNTINGTON NY LOCAL DEV CORP REVENUE                         | CUSIP: 446490AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958500.10    | 0.22%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136X30<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    435000 | PA      | $460638.94    | 0.11%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                | SPARKS NV TOURISM IMPT DIST #1 REVENUE                       | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146384.10    | 0.03%             | 2024-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4J7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252961.80    | 0.06%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631656.42    | 0.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PT40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $813796.73    | 0.19%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976ACR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2114188.65   | 0.49%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FGH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $148268.02    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HDT1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1866980.70   | 0.43%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152LV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300211.35    | 0.07%             | 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        |    230000 | PA      | $243320.63    | 0.06%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562PH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266221.70    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D73<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350257.32    | 0.08%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUD0<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215360.60    | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                           | ROANOKE VA ECON DEV AUTH RSDL CARE FAC REVENUE               | CUSIP: 77008PAA2<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1213125.15   | 0.28%             | 2030-09-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783TG1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    365000 | PA      | $342688.10    | 0.08%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501WZ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    310000 | PA      | $291707.52    | 0.07%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA                                                               | MODESTO CA COPS                                              | CUSIP: 607715FE4<br>LEI: 549300PM1CEUCI5R7951 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5023.31      | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTK0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899622.40    | 0.21%             | 2030-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                           | SYRACUSE NY INDL DEV AGY PILOT REVENUE                       | CUSIP: 87172NAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $965228.60    | 0.22%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $660240.75    | 0.15%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | FREDERICK CNTY MD EDUCTNL FACS REVENUE                       | CUSIP: 355697CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $356030.75    | 0.08%             | 2027-09-01      | Fixed         | 5.00%                 | 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    | 0.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2104260.48   | 0.49%             | 2052-10-01      | Floating      | 4.00%                 | 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        |    600000 | PA      | $583399.20    | 0.14%             | 2030-11-01      | Fixed         | 4.63%                 | 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    | 0.11%             | 2029-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $326396.50    | 0.08%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | CUSIP: 140427BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518320.30    | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    705000 | PA      | $730261.42    | 0.17%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                | SPARKS NV TOURISM IMPT DIST #1 REVENUE                       | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909927.60    | 0.21%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WY8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1329377.50   | 0.31%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDM6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1413856.91   | 0.33%             | 2031-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227RQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060818.50   | 0.25%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | CUSIP: 040523AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011808.20   | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Healthcare District                                              | ANTELOPE VLY CA HLTHCARE DIST                                | CUSIP: 036680BR6<br>LEI: 549300PLE0IY3UJZHY85 | Long             | DBT              | MUN               | US        |    575000 | PA      | $585571.84    | 0.14%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                            | PENINSULA TOWN CENTER VA CMNTY DEV AUTH SPL OBLG             | CUSIP: 70718LAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $313479.43    | 0.07%             | 2028-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brooklyn Arena Local Development Corp                                            | BROOKLYN ARENA NY LOCAL DEV CORP PILOT REVENUE               | CUSIP: 113807BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103214.57    | 0.02%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                   | ROCKY MOUNTAIN RAIL PARK MET DIST CO                         | CUSIP: 774762AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481812.80    | 0.11%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505VR4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022754.70   | 0.24%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY ENV | CUSIP: 25461PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    377138 | PA      | $388957.69    | 0.09%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073047.10   | 0.25%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                             | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JY8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    880000 | PA      | $996276.95    | 0.23%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VB4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153147.29    | 0.04%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3194689.20   | 0.74%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SA Energy Acquisition Public Facility Corp                                       | SA ENERGY ACQUISITION PUBLIC FAC CORP TX GAS SPLY REVENUE    | CUSIP: 785138AS7<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56495.42     | 0.01%             | 2024-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Collegiate Charter School of Lowell                                              | LOWELL MA COLLEGIATE CHRT SCH REVENUE                        | CUSIP: 547649AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $497554.82    | 0.12%             | 2029-06-15      | 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        |   2000000 | PA      | $2124921.00   | 0.49%             | 2032-12-01      | Fixed         | 5.00%                 | 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        |    345000 | PA      | $363770.59    | 0.08%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Klickitat County Public Hospital District No 2                                   | KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE           | CUSIP: 498623AF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $736893.90    | 0.17%             | 2027-12-01      | Fixed         | 4.00%                 | 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        |   2000000 | PA      | $1853786.40   | 0.43%             | 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        |    100000 | PA      | $106116.85    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH                                      | CUSIP: 084538HY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $354923.24    | 0.08%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                           | SYRACUSE NY INDL DEV AGY PILOT REVENUE                       | CUSIP: 87172NAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $658696.88    | 0.15%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EXEMPT FACS REVENUE                       | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979296.60    | 0.23%             | 2030-11-01      | Fixed         | 4.30%                 | 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        |   2730000 | PA      | $2522755.60   | 0.58%             | 2049-01-01      | Floating      | 6.38%                 | 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        |    100000 | PA      | $103160.58    | 0.02%             | 2026-07-15      | 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        |   1000000 | PA      | $964231.60    | 0.22%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059J56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $288156.35    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XW1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3197681.10   | 0.74%             | 2031-12-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1349552.40   | 0.31%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Irvine Unified School District                                                   | IRVINE CA UNIF SCH DIST SPL TAX                              | CUSIP: 463612HR5<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    110000 | PA      | $117715.32    | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101897.82    | 0.02%             | 2031-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    460000 | PA      | $493597.11    | 0.11%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAG4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    329665 | PA      | $3.30         | 0.00%             | 2024-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136XD8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    360000 | PA      | $320372.10    | 0.07%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | SUFFOLK CNTY NY                                              | CUSIP: 86476PUA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270028.63    | 0.06%             | 2026-02-01      | 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        |    305000 | PA      | $303751.33    | 0.07%             | 2027-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RKE6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247975.08    | 0.06%             | 2031-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE    | CUSIP: 83704DAK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824567.10    | 0.19%             | 2031-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CAQ2<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15272.12     | 0.00%             | 2023-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2826884.50   | 0.65%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736ZJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100773.48    | 0.02%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MMP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556317.35    | 0.13%             | 2030-07-01      | Fixed         | 5.00%                 | 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        |    185000 | PA      | $188362.62    | 0.04%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542024.20    | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024027.20   | 0.24%             | 2030-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | MIAMI-DADE CNTY FL INDL DEV AUTH                             | CUSIP: 59333EDC4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    315000 | PA      | $313451.49    | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510934T4<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533343.65    | 0.12%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325ZS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $415313.48    | 0.10%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070442.40   | 0.71%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | MEMPHIS-SHELBY CNTY TN INDL DEV BRD ECON DEV GROWTH ENGINE T | CUSIP: 58611YAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $87834.33     | 0.02%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                                    | ROANOKE CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE          | CUSIP: 76982TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1547791.67   | 0.36%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                   | SOUTH CAROLINA ST PORTS AUTH PORTS REVENUE                   | CUSIP: 837123KW7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    755000 | PA      | $796698.65    | 0.18%             | 2055-07-01      | Fixed         | 5.25%                 | 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        |    155000 | PA      | $151506.18    | 0.04%             | 2027-07-01      | Fixed         | 3.75%                 | 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        |    500000 | PA      | $516774.10    | 0.12%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509079.25    | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1116401.11   | 0.26%             | 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        |    340000 | PA      | $350593.38    | 0.08%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND COMMERCE CORP REVENUE                           | CUSIP: 762232BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $466213.76    | 0.11%             | 2031-05-15      | Fixed         | 5.00%                 | 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        |    875000 | PA      | $889774.55    | 0.21%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118381.43    | 0.03%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D40<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    455000 | PA      | $481189.89    | 0.11%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Water & Power Authority - Electric System                         | VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REVENUE               | CUSIP: 927688FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73376.35     | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L98<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500047.45    | 0.12%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136X71<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1122104.66   | 0.26%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XV3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137374.60   | 0.49%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $464409.87    | 0.11%             | 2028-05-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SR3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273190.51    | 0.06%             | 2024-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCA5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558868.60    | 0.13%             | 2032-01-01      | Fixed         | 5.00%                 | 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        |   3200000 | PA      | $3185140.80   | 0.74%             | 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        |    175000 | PA      | $161307.04    | 0.04%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362D2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    110000 | PA      | $118361.17    | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PM5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    525000 | PA      | $555083.76    | 0.13%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BPQ8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    335000 | PA      | $351651.61    | 0.08%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH REVENUE                              | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939832.00    | 0.22%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918T86<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200348.16    | 0.05%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    330000 | PA      | $360737.19    | 0.08%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257330.75    | 0.06%             | 2024-10-01      | Fixed         | 5.00%                 | 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        |    410000 | PA      | $417813.74    | 0.10%             | 2024-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | CUSIP: 452024HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $832142.78    | 0.19%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152MN8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185157.68    | 0.04%             | 2025-08-01      | 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        |    515000 | PA      | $484610.88    | 0.11%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74326.11     | 0.02%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CC9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533055.65    | 0.12%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y88<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    275000 | PA      | $289962.06    | 0.07%             | 2026-06-15      | Fixed         | 5.00%                 | 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: 85236BAA0<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    220000 | PA      | $192900.31    | 0.04%             | 2029-11-15      | Fixed         | 3.88%                 | 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        |   1500000 | PA      | $1357709.85   | 0.31%             | 2040-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136V40<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1432553.99   | 0.33%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Coralville IA                                                            | CORALVILLE IA COPS                                           | CUSIP: 218086CH7<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |    945000 | PA      | $948411.26    | 0.22%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QS8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1328262.54   | 0.31%             | 2032-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111304.45    | 0.03%             | 2030-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE              | CUSIP: 46246SAW5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000762.40   | 0.23%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Budget & Finance                                   | HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE           | CUSIP: 419800LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484963.10   | 0.34%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242950.40    | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blount County Health & Educational Facilities Board                              | BLOUNT CNTY TN HLTH & EDUCTNL FACS BRD REVENUE               | CUSIP: 094900BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $398915.40    | 0.09%             | 2031-01-01      | Fixed         | 5.00%                 | 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        |   1065000 | PA      | $893404.11    | 0.21%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655H7<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373481.54    | 0.09%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UCQ9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    145000 | PA      | $140499.75    | 0.03%             | 2027-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123313.94    | 0.03%             | 2028-06-15      | 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        |   1000000 | PA      | $1005927.10   | 0.23%             | 2031-09-01      | 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    | 0.21%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WBU9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    405000 | PA      | $341214.20    | 0.08%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAP5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    505000 | PA      | $454553.83    | 0.11%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TAF9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2105762.19   | 0.49%             | 2049-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479GN1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $450771.80    | 0.10%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918T78<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    455000 | PA      | $455819.55    | 0.11%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546553.50    | 0.13%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039WQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111325.45    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                         | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QGK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $574124.80    | 0.13%             | 2034-09-01      | 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        |      2950 | PA      | $2772.85      | 0.00%             | 2024-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152ST9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60656.51     | 0.01%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJR9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522105.65    | 0.12%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136X22<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106048.29    | 0.02%             | 2027-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VXT6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488171.65    | 0.11%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195822.63    | 0.05%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EB98<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $390628.00    | 0.09%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | GEORGIA ST ROAD & TOLLWAY AUTH REVENUE                       | CUSIP: 37358MEG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318375.18    | 0.07%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622K45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161527.16    | 0.04%             | 2026-06-01      | 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        |    500000 | PA      | $516898.85    | 0.12%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250CQ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525698.45    | 0.12%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918T94<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502740.95   | 0.35%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                          | VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE                       | CUSIP: 927676TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196195.22    | 0.05%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT HOTEL OCCUPANCY TAX REVENUE                        | CUSIP: 40065KAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272238.25    | 0.06%             | 2028-11-01      | 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        |    580000 | PA      | $547627.94    | 0.13%             | 2029-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1366695.52   | 0.32%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                             | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                 | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257603.75   | 0.29%             | 2049-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $636733.56    | 0.15%             | 2029-02-01      | 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        |   1000000 | PA      | $961741.40    | 0.22%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1874688.80   | 0.43%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479CC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003141.50   | 0.23%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SK3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524200.90    | 0.12%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    260000 | PA      | $280756.61    | 0.06%             | 2031-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1838270.18   | 0.43%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCA3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009240.90   | 0.23%             | 2026-08-15      | 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        |    370000 | PA      | $129500.00    | 0.03%             | 2021-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VF9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1221441.93   | 0.28%             | 2028-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SX0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    275000 | PA      | $277296.11    | 0.06%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XJ0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588228.80   | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York/The                         | NEW YORK CITY NY TRUST FOR CULTURAL RESOURCES                | CUSIP: 649717VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1173498.00   | 0.27%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Municipal Finance Agency                                             | PUERTO RICO MUNI FIN AGY                                     | CUSIP: 745277QR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $785628.48    | 0.18%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAK0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    550000 | PA      | $445295.40    | 0.10%             | 2031-01-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473585.15    | 0.11%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Business Development Commission                                     | OREGON ST BUSINESS DEV COMMISSION ECON DEV REVENUE           | CUSIP: 68608GAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $30000.00     | 0.01%             | 2031-04-01      | Fixed         | 11.50%                | 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        |    620000 | PA      | $620113.52    | 0.14%             | 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        |   3625000 | PA      | $3596454.58   | 0.83%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Economic Development Corp                                           | GRAND RAPIDS MI ECON DEV CORP                                | CUSIP: 386247AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235198.08    | 0.05%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709223XV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    875000 | PA      | $1018566.85   | 0.24%             | 2030-12-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Goddard KS                                                               | GODDARD KS SALES TAX SPL OBLG REVENUE                        | CUSIP: 380278AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $214494.89    | 0.05%             | 2030-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045922.60   | 0.24%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |      5000 | PA      | $3519.05      | 0.00%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VD4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    490000 | PA      | $429381.27    | 0.10%             | 2026-12-01      | None          | 0.00%                 | 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        |    115000 | PA      | $126996.10    | 0.03%             | 2028-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039WP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80886.98     | 0.02%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353406.37    | 0.08%             | 2028-11-01      | 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        |    575000 | PA      | $443851.41    | 0.10%             | 2029-12-01      | None          | 0.00%                 | 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        |    335000 | PA      | $335087.54    | 0.08%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SY8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007975.60   | 0.23%             | 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: 6461363W9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532421.45    | 0.12%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Community College District                                         | SAN FRANCISCO CA CMNTY CLG DIST                              | CUSIP: 797683GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063327.70   | 0.25%             | 2025-06-15      | 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        |   2000000 | PA      | $1837378.80   | 0.43%             | 2052-07-15      | Floating      | 6.00%                 | 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        |    150000 | PA      | $148704.89    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152SS1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505706.10    | 0.12%             | 2025-07-01      | Fixed         | 5.50%                 | 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        |    185000 | PA      | $177090.97    | 0.04%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                      | GEO L SMITH II GA CONGRESS CTR AUTH                          | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1343269.80   | 0.31%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH REVENUES               | CUSIP: 091081DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480720.45    | 0.11%             | 2030-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR HLTH CA REVENUE                                      | CUSIP: 697528AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262721.85    | 0.06%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939948.10    | 0.22%             | 2025-11-01      | 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: 64542RDD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85000.00     | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $408077.19    | 0.09%             | 2028-11-15      | Fixed         | 5.00%                 | 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        |    260000 | PA      | $293248.90    | 0.07%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059J49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $289179.73    | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646139A88<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542623.55    | 0.13%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167501VG7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    585000 | PA      | $451570.57    | 0.10%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114327.00   | 0.26%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SOL WST DISP REVENUE                      | CUSIP: 74445MAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1010903.25   | 0.23%             | 2025-11-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655G9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52848.84     | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609B62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $708401.88    | 0.16%             | 2025-01-01      | Fixed         | 4.00%                 | 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        |   1360000 | PA      | $176800.00    | 0.04%             | 2032-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR HLTH CA REVENUE                                      | CUSIP: 697528AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $95590.38     | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anoka MN                                                                 | ANOKA MN HSG REVENUE                                         | CUSIP: 036327AE4<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95636.64     | 0.02%             | 2027-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BD92<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    115000 | PA      | $122101.02    | 0.03%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655F1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259095.40    | 0.06%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCB1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253047.88    | 0.06%             | 2027-08-15      | 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    | 0.23%             | 2032-07-01      | Fixed         | 4.00%                 | 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        |    710000 | PA      | $726589.79    | 0.17%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                | OHIO CNTY WV COMMISSION TAX INCR REVENUE                     | CUSIP: 677321BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $678690.05    | 0.16%             | 2031-06-01      | Fixed         | 4.75%                 | 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        |    521317 | PA      | $5.21         | 0.00%             | 2023-07-01      | Fixed         | 7.50%                 | 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        |   3000000 | PA      | $3099286.80   | 0.72%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754879.35   | 0.41%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593RF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $198713.72    | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TQ71<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54029.33     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556627.25    | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450FZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866218.00    | 0.20%             | 2029-04-01      | Fixed         | 1.80%                 | 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        |    760000 | PA      | $778763.34    | 0.18%             | 2032-07-01      | 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: 73885QFS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113263.74    | 0.03%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 1675012X2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119136.10   | 0.26%             | 2031-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6L8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257673.40    | 0.06%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV          | CUSIP: 018444AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1268281.00   | 0.29%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EJ82<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99660.96     | 0.02%             | 2027-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Public Financing Authority                                         | LAKE ELSINORE CA PUBLIC FING AUTH LOCAL AGY REVENUE          | CUSIP: 509632MS1<br>LEI: 549300C5MCDOVNPOX172 | Long             | DBT              | MUN               | US        |    230000 | PA      | $236932.06    | 0.05%             | 2024-09-01      | Fixed         | 5.00%                 | 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        |    490000 | PA      | $494153.58    | 0.11%             | 2026-06-15      | 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: 64542RDE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85000.00     | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PFS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1563728.56   | 0.36%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3015000 | PA      | $2998567.04   | 0.69%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                   | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $131503.03    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CD7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107822.26    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1849444.20   | 0.43%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534949.20    | 0.12%             | 2027-02-01      | 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    | 0.20%             | 2044-12-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240352.33    | 0.06%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority Of The City Of Marietta                                    | MARIETTA GA DEV AUTH                                         | CUSIP: 567656DZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254957.15    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Local Government                                                         | GEORGIA ST LOCAL GOVT COPS                                   | CUSIP: 373271AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $409899.08    | 0.09%             | 2028-06-01      | Fixed         | 4.75%                 | 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        |    755000 | PA      | $742402.45    | 0.17%             | 2025-10-01      | Fixed         | 4.00%                 | 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        |    250000 | PA      | $248749.65    | 0.06%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Ramapo NY                                                                | RAMAPO NY                                                    | CUSIP: 7513963C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $116671.48    | 0.03%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XJV4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106089.38    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Blaine MN                                                                | BLAINE MN SENIOR HSG & HLTHCARE FAC REVENUE                  | CUSIP: 092792AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $269750.00    | 0.06%             | 2025-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Lees Summit Industrial Development Authority                                     | LEES SUMMIT MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 524292BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $120676.60    | 0.03%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CAS8<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105524.30    | 0.02%             | 2025-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St Lucie County School Board                                                     | SAINT LUCIE CNTY FL SCH DIST SALES TAX REVENUE               | CUSIP: 79207QCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266179.13    | 0.06%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069161.40   | 0.25%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543191.55    | 0.13%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER       | CUSIP: 052409DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1247776.44   | 0.29%             | 2033-01-01      | 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        |    905000 | PA      | $893459.08    | 0.21%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152A35<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211035.92    | 0.05%             | 2026-01-01      | 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        |    300000 | PA      | $300373.35    | 0.07%             | 2027-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WZ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1317652.50   | 0.30%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $770109.72    | 0.18%             | 2026-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498LL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $865008.08    | 0.20%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDU REVENUE                          | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503261.80    | 0.12%             | 2029-06-15      | Fixed         | 5.25%                 | 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    | 0.06%             | 2028-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VSC9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1018760.91   | 0.24%             | 2027-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $112381.76    | 0.03%             | 2030-06-15      | Fixed         | 5.50%                 | 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        |   2371238 | PA      | $2168714.61   | 0.50%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486UD9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    280000 | PA      | $286781.94    | 0.07%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                               | PLAZA AT NOAHS ARK CMNTY IMPT DIST MO TAX INCR & IMPT        | CUSIP: 72813LAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456563.30    | 0.11%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP ECON DEV REVENUE                   | CUSIP: 57420NBV2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    425000 | PA      | $461443.28    | 0.11%             | 2028-06-01      | Fixed         | 5.00%                 | 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        |   1665000 | PA      | $1691390.58   | 0.39%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UQE7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    500000 | PA      | $570213.80    | 0.13%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3638130 | PA      | $3724237.62   | 0.86%             | 2025-07-01      | Fixed         | 5.38%                 | 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        |    545000 | PA      | $568952.80    | 0.13%             | 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        |    390000 | PA      | $437894.26    | 0.10%             | 2050-11-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE                        | CUSIP: 23825JAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498698.70    | 0.12%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | WICHITA KS HLTH CARE FACS REVENUE                            | CUSIP: 967249QS5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    600000 | PA      | $571094.94    | 0.13%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GZA3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052240.80   | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp                                                | YONKERS NY ECON DEV CORP EDUCTNL REVENUE                     | CUSIP: 98608MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190799.84    | 0.04%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND COMMERCE CORP REVENUE                           | CUSIP: 762232BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $288812.43    | 0.07%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE                 | CUSIP: 08451PAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $150031.96    | 0.03%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZR8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    315000 | PA      | $350200.05    | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of White County                                            | WHITE CNTY GA DEV AUTH REVENUE                               | CUSIP: 96366FAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $220494.44    | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Niagara Area Development Corp                                                    | NIAGARA NY AREA DEV CORP SOLID WASTE DISP FAC REVENUE        | CUSIP: 653542AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467120.90   | 0.34%             | 2024-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521503D5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126075.60   | 0.49%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XB7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2048882.16   | 0.47%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VanEck ETF Trust

**Signature:** James Parker

**Name of Signer:** James Parker

**Title:** Assistant Treasurer