NPORT-EX 2 NPORT_VMLN_31502995_0724.htm
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
MUNICIPAL
BONDS:
98.4%
Alabama
:
0.7%
Alabama
Corrections
Institution
Finance
Authority,
Series
A
(RB)
5.25%,
07/01/47(c)
$
1,000
$
1,085,751
City
of
Huntsville,
Alabama
Scholl,
Series
D
(GO)
5.00%,
03/01/53(c)
1,000
1,087,454
County
of
Jefferson,
Alabama
Sewer
Warrants
(RB)
5.25%,
10/01/49(c)
1,000
1,080,712
3,253,917
Arizona
:
1.4%
Arizona
Industrial
Development
Authority
Student
Housing,
North
Carolina
Central
University
Project,
Series
A
(RB)
(BAM)
4.00%,
06/01/44(c)
500
485,342
City
of
Phoenix
Civic
Improvement
Corp.,
Series
A
(RB)
4.00%,
07/01/44(c)
1,500
1,478,350
5.00%,
07/01/49(c)
1,000
1,054,232
City
of
Phoenix
Civic
Improvement
Corp.,
Water
System,
Series
A
(RB)
5.00%,
07/01/44(c)
750
806,213
Pima
County,
Industrial
Development
Authority,
Tucson
Medical
Center,
Series
A
(RB)
4.00%,
04/01/46(c)
750
708,139
Salt
River
Project
Agricultural
Improvement
&
Power
District,
Electric
Project,
Series
A
(RB)
5.00%,
01/01/47(c)
1,000
1,086,869
5.00%,
01/01/50(c)
1,000
1,082,500
6,701,645
Arkansas
:
0.2%
City
of
Springdale,
Arkansas
Sales
and
Use
Tax,
Series
B
(RB)
(BAM)
4.25%,
08/01/53(c)
1,000
994,010
Underline
California
:
16.5%
Airport
Commission
of
the
City
and
County
of
San
Francisco,
International
Airport,
Series
E
(RB)
5.00%,
05/01/48(c)
995
1,038,709
Airport
Commission
of
the
City
and
County
of
San
Francisco,
International
Airport,
Series
F
(RB)
5.00%,
05/01/50(c)
1,000
1,057,599
Par
(000’s)
Value
California
(continued)
Alameda
County,
Pleasanton
United
School
District
(GO)
4.00%,
08/01/52(c)
$
1,500
$
1,503,071
Anaheim
Housing
&
Public
Improvements
Authority,
Electric
Utility
Distribution
System
improvements,
Series
C
(RB)
(NATL)
5.00%,
10/01/45(c)
500
508,770
Bay
Area
Toll
Authority,
Toll
Bridge,
Series
S
(RB)
4.00%,
04/01/47(c)
1,000
988,444
California
County
Tobacco
Securitization
Agency,
Series
A
(RB)
4.00%,
06/01/49(c)
850
796,463
California
Health
Facilities
Financing
Authority,
Adventist
Health
System,
Series
A
(RB)
5.25%,
12/01/44(c)
500
548,387
California
Health
Facilities
Financing
Authority,
Cedars-
Sinai
Health
System,
Series
A
(RB)
3.00%,
08/15/51(c)
1,000
785,789
California
Health
Facilities
Financing
Authority,
Children’s
Hospital,
Series
A
(RB)
5.00%,
08/15/47(c)
1,000
1,022,405
California
Health
Facilities
Financing
Authority,
City
of
Hope
(RB)
5.00%,
11/15/49(c)
750
761,129
California
Health
Facilities
Financing
Authority,
CommonSpirit
Health,
Series
A
(RB)
4.00%,
04/01/49(c)
2,000
1,942,498
5.00%,
12/01/45(c)
1,000
1,096,311
California
Health
Facilities
Financing
Authority,
Commonspririt
Health,
Series
A
(RB)
4.00%,
04/01/45(c)
1,000
981,468
California
Health
Facilities
Financing
Authority,
Kaiser
Permanente,
Series
A
(RB)
4.00%,
11/01/51(c)
1,000
973,062
4.00%,
11/01/44(c)
1,000
983,465
California
Health
Facilities
Financing
Authority,
Pin
Health,
Series
A
(RB)
4.00%,
06/01/50(c)
750
729,277
California
Health
Facilities
Financing
Authority,
Providence
St.
Joseph
Health,
Series
A
(RB)
3.00%,
10/01/41(c)
680
592,978
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
California
(continued)
California
Health
Facilities
Financing
Authority,
Series
A
(RB)
4.00%,
03/01/43(c)
$
1,000
$
927,928
California
Health
Facilities
Financing
Authority,
Series
B
(RB)
4.00%,
11/15/41(c)
1,000
995,831
California
Infrastructure
&
Economic
Development
Bank
(RB)
5.00%,
05/15/47(c)
500
524,030
California
State
Public
Works
Board,
May
Lee
Satet
Office
Complex,
Series
A
(RB)
5.00%,
04/01/44(c)
1,045
1,179,280
5.00%,
04/01/49(c)
1,500
1,666,182
California
Statewide
Communities
Development
Authority,
Montage
Health,
Series
A
(RB)
4.00%,
06/01/46(c)
1,055
1,040,544
Chabot-Las
Positas
Community
College
District,
Series
C
(GO)
5.25%,
08/01/48(c)
1,000
1,133,107
Chaffey
Joint
Union
High
School
District,
Series
C
(GO)
5.25%,
08/01/47(c)
500
519,962
Chaffey
Joint
Union
High
School
District,
Series
G
(GO)
5.25%,
08/01/52(c)
1,000
1,110,420
Chino
Valley
Unified
School
District,
Series
B
(GO)
(SBG)
5.00%,
08/01/55(c)
620
660,389
City
and
County
of
San
Francisco,
Multiple
Capital
Improvement
Project,
Series
R-1
(CP)
4.00%,
04/01/45(c)
1,000
1,005,229
City
and
County
of
San
Francisco,
Public
Utilities
Commission
Water,
Series
D
(RB)
3.00%,
11/01/50(c)
500
400,851
City
of
Los
Angeles,
Department
of
Airports,
Series
D
(RB)
4.00%,
05/15/48(c)
750
748,575
County
of
Bernardino,
Raito
Unified
School
District
(GO)
(BAM)
5.00%,
08/01/52(c)
1,000
1,086,759
East
Bay
Municipal
Utility
District,
Water
System,
Series
A
(RB)
4.00%,
06/01/45(c)
1,210
1,205,734
El
Dorado
Irrigation
District,
Series
A
(CP)
(AGM)
4.00%,
03/01/45(c)
630
630,422
Par
(000’s)
Value
California
(continued)
Foothill-Eastern
Transportation
Corridor
Agency,
Junior
Lien
Toll
Road.,
Series
C
(RB)
4.00%,
01/15/43(c)
$
1,600
$
1,589,662
Fremont
Union
High
School
District,
Series
A
(GO)
4.00%,
08/01/46(c)
500
496,972
Glendale
Community
College
District,
Series
B
(GO)
3.00%,
08/01/47(c)
325
264,762
Hayward
Unified
School
District
(GO)
(BAM)
4.00%,
08/01/43(c)
1,000
997,302
Irvin
Facilities
Financing
Authority,
Irvine
Great
Park
Infrastructure
Project,
Series
A
(ST)
5.00%,
09/01/43(c)
500
562,472
Los
Angeles
Department
of
Water
and
Power,
Series
A
(RB)
5.00%,
07/01/49(c)
800
886,672
5.00%,
07/01/44(c)
500
500,596
Los
Angeles
Department
of
Water
and
Power,
Series
B
(RB)
5.25%,
07/01/53(c)
500
559,196
Los
Angeles
Department
of
Water
and
Power,
Series
D
(RB)
5.00%,
07/01/47(c)
500
551,955
5.00%,
07/01/52(c)
750
820,884
Los
Angeles
Department
of
Water
and
Power,
Series
E
(RB)
5.00%,
07/01/53(c)
1,000
1,101,444
Los
Angeles
Unified
School
District,
Unlimited
and
Valorem
Property
Tax
(GO)
5.25%,
07/01/47(c)
1,000
1,130,326
Metropolitan
Water
District
of
Southern
California,
Series
A
(RB)
5.00%,
04/01/53(c)
1,000
1,110,771
5.00%,
04/01/48(c)
1,500
1,677,330
Miracosta
Community
College
District,
Series
A
(GO)
4.00%,
08/01/42(c)
530
534,799
Oakland
Unified
School
District,
Alameda
County
Election,
Series
A
(GO)
(BAM)
4.00%,
08/01/46(c)
1,000
986,770
Palo
Alto
Unified
School
District
(GO)
3.25%,
08/01/42(c)
1,000
903,376
Regents
of
University
of
California,
Medical
Center
Pooled,
Series
L
(RB)
4.00%,
05/15/44(c)
1,015
1,015,273
3
Par
(000’s)
Value
California
(continued)
Regents
of
University
of
California,
Medical
Center
Pooled,
Series
P
(RB)
4.00%,
05/15/53(c)
$
1,000
$
989,463
Riverside  County,
Perris
Union
High
School
District,
Series
A
(GO)
(AGM)
4.00%,
09/01/43(c)
570
574,571
Sacramento
Area
Flood
Control
Agency,
Series
A
(SA)
5.00%,
10/01/47(c)
1,500
1,543,556
Sacramento
City
Unified
School
District,
Series
G
(GO)
(AGM)
4.00%,
08/01/49(c)
500
493,735
San
Diego
Association
of
Governments
South
Bay
Expressway
Toll,
Series
A
(RB)
5.00%,
07/01/42(c)
610
634,563
San
Diego
County
Regional
Airport
Authority,
Series
A
(RB)
5.00%,
07/01/44(c)
750
801,557
San
Diego
Public
Facilities
Financing
Authority,
Series
A
(RB)
5.25%,
08/01/48(c)
1,000
1,133,107
San
Diego
Unified
School
District,
Series
I
(GO)
4.00%,
07/01/47(c)
595
588,420
San
Francisco
Bay
Area
Rapid
Transit
District,
Series
B-1
(GO)
3.00%,
08/01/49(c)
600
481,531
San
Francisco
Bay
Area
Rapid
Transit
District,
Series
C-1
(GO)
4.00%,
08/01/45(c)
610
608,077
San
Francisco
City
and
County,
International
Airport,
Series
B
(RB)
4.00%,
05/01/52(c)
1,000
987,389
5.00%,
05/01/47(c)
700
723,802
5.00%,
05/01/52(c)
1,000
1,087,826
5.00%,
05/01/49(c)
500
555,790
San
Francisco
City
and
County,
Public
Utilities
Commission
Wastewater,
Series
A
(RB)
4.00%,
10/01/48(c)
885
881,732
San
Francisco
Municipal
Transportation
Agency
(RB)
4.00%,
03/01/46(c)
750
740,414
San
Jose
Evergreen
Community
College
District,
Series
B
(GO)
3.00%,
09/01/41(c)
825
724,289
San
Mateo
County
Community
College
District,
Series
B
(GO)
5.00%,
09/01/45(c)
820
871,674
Par
(000’s)
Value
California
(continued)
San
Mateo
Foster
City
Public
Financing
Authority,
Clean
Water
Program
(RB)
(SAW)
4.00%,
08/01/44(c)
$
500
$
503,676
Saugus
Union
School
District
School
Facilities
Improvement
District
No.1,
Series
C
(GO)
2.38%,
08/01/44(c)
1,000
721,380
Southern
California
Public
Power
Authority,
Southern
Transmission
System
(RB)
5.25%,
07/01/53(c)
500
565,441
Southwestern
Community
College
District,
Series
A
(GO)
4.00%,
08/01/47(c)
750
741,480
State
of
California,
Various
Purpose
(GO)
3.00%,
12/01/43(c)
400
340,623
3.62%,
10/01/47(c)
645
604,372
4.00%,
10/01/44(c)
500
503,775
5.00%,
10/01/48(c)
935
983,995
5.00%,
11/01/47(c)
515
536,317
5.00%,
09/01/48(c)
2,000
2,236,854
5.00%,
04/01/49(c)
1,000
1,058,268
5.00%,
10/01/42(c)
1,500
1,686,231
State
of
California,
Various
Purpose
(GO)
(SAW)
5.00%,
12/01/46(c)
625
678,871
Sunnyvale
Financing
Authority,
Civic
Center
Project
(RB)
(AGM)
4.00%,
04/01/45(c)
695
696,116
University
of
California,
Series
BK
(RB)
5.00%,
05/15/52(c)
2,000
2,182,647
University
of
California,
Series
BN
(RB)
5.00%,
05/15/42(c)
1,000
1,133,806
University
of
California,
Series
EE
(RB)
5.00%,
05/15/43(c)
500
544,436
University
of
California,
Series
M
(RB)
5.00%,
05/15/42(c)
1,950
2,024,461
University
of
California,
Series
O
(RB)
5.00%,
05/15/58(c)
1,000
1,038,115
University
of
California,
Series
Q
(RB)
5.00%,
05/15/46(c)
500
546,165
Ventura
Unified
School
District,
Series
A
(GO)
4.00%,
08/01/52(c)
500
500,468
81,084,623
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Colorado
:
1.8%
Board
of
Governors
of
Colorado
State
University
System,
Series
C
(RB)
4.00%,
03/01/47(c)
$
1,050
$
1,021,585
Boulder
Valley
School
District
No.
Re-2
Boulder
(GO)
(SAW)
5.00%,
12/01/41(c)
500
505,757
City
of
Colorado
Springs,
Utilities
System,
Series
C
(RB)
5.00%,
11/15/50(c)
600
637,415
Colorado
Bridge
and
Tunnel,
Enterprise
Infrastructure,
Series
A
(RB)
(AGM)
5.25%,
12/01/49(c)
500
556,470
Colorado
Health
Facilities
Authority
Hospital,
Series
A
(RB)
(SBG)
4.00%,
11/15/43(c)
685
675,532
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A
(RB)
5.50%,
11/01/47(c)
1,000
1,107,747
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-2
(RB)
3.25%,
08/01/49(c)
500
395,886
4.00%,
08/01/49(c)
745
693,624
Colorado
Health
Facilities
Authority,
Sanford,
Series
A
(RB)
5.00%,
11/01/44(c)
500
525,408
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
(RB)
5.00%,
12/31/51(c)
250
250,212
Regional
Transportation
District,
Fastracks
Project,
Series
B
(RB)
2.00%,
11/01/41(c)
850
596,468
Weld
County
School
District
No.
5J
(GO)
(SAW)
4.00%,
12/01/45(c)
1,000
999,169
Weld
County
School
District
No.
6
(GO)
(SAW)
4.00%,
12/01/45(c)
800
800,177
8,765,450
Connecticut
:
0.5%
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program,
Series
A
(RB)
4.60%,
11/15/49(c)
1,000
1,002,658
4.70%,
11/15/43(c)
500
509,018
Connecticut
State
Health
and
Educational
Facilities
Authority,
Trinity
Health
Credit
Group
(RB)
5.00%,
12/01/45(c)
750
757,857
2,269,533
Par
(000’s)
Value
Delaware
:
0.1%
State
of
Delaware,
Series
A
(GO)
4.00%,
05/01/42(c)
$
500
$
512,245
Underline
District
of
Columbia
:
1.4%
District
of
Columbia,
Children's
Hospital
(RB)
5.00%,
07/15/44(c)
500
505,751
District
of
Columbia,
Income
Tax,
Series
C
(RB)
4.00%,
05/01/45(c)
805
794,773
District
of
Columbia,
Series
A
(RB)
2.62%,
03/01/45(c)
575
430,189
5.00%,
07/01/48(c)
500
506,519
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Dulles
Metrorail
and
Capital
Improvements
Projects,
Series
A
(RB)
(AGM)
4.00%,
10/01/52(c)
1,000
948,170
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Dulles
Metrorail
and
Capital
Improvements
Projects,
Series
B
(RB)
4.00%,
10/01/49(c)
1,250
1,174,269
Washington
Metropolitan
Area
Transit
Authority,
Series
A
(RB)
3.00%,
07/15/43(c)
750
620,265
4.00%,
07/15/46(c)
1,000
972,868
5.00%,
07/15/48(c)
1,000
1,079,934
7,032,738
Florida
:
4.4%
Brevard
County,
Florida
Health
Facilities
Authority,
Series
A
(RB)
5.00%,
04/01/52(c)
1,055
1,107,696
Central
Florida
Expressway
Authority
(RB)
(BAM)
4.00%,
07/01/41(c)
845
820,699
City
of
Cape
Coral,
Florida
Water
and
Sewer
(RB)
(BAM)
5.25%,
10/01/53(c)
1,000
1,110,645
City
of
Jacksonville,
Health
Care
Facilities,
Brooks
Rehabilitation
(RB)
4.00%,
11/01/45(c)
1,000
911,245
5.00%,
11/01/50(c)
1,000
1,025,011
City
of
Lakeland,
Florida
Hospital,
Regional
Health
Systems
(RB)
5.00%,
11/15/45(c)
1,000
1,002,068
City
of
Tampa,
Florida
Water
&
Wastewater
System,
Series
A
(RB)
(BAM)
5.00%,
10/01/47(c)
500
547,918
5
Par
(000’s)
Value
Florida
(continued)
County
of
Broward,
Florida
Port
Facilities,
Series
A
(RB)
5.00%,
09/01/49(c)
$
500
$
515,119
County
of
Broward,
Florida
Tourist
Development,
Convention
Center
Expansion
Project
(RB)
4.00%,
09/01/51(c)
1,010
970,084
4.00%,
09/01/47(c)
1,000
972,095
County
of
Miami-Dade,
Florida
Seaport,
Series
A
(RB)
(AGM)
4.00%,
10/01/49(c)
2,000
1,955,948
County
of
Miami-Dade,
Florida
Water
and
Sewer
System
(RB)
4.00%,
10/01/48(c)
1,000
984,146
County
of
Miami-Dade,
Health
Facilities
Authority
Hospital,
Nicklaus
Children’s
Hospital
Project,
Series
A
(RB)
4.00%,
08/01/51(c)
500
484,261
County
of
Palm
Beach,
Health
Facilities
Authority,
Lifespace
Communities,
Inc.,
Series
B
(RB)
4.00%,
05/15/53(c)
330
267,823
County
of
Saint
Luce
,
School
Board,
Series
A
(CP)
(AGM)
5.00%,
07/01/48(c)
1,000
1,072,629
County
of
Sarasota,
Florida
Utility
System,
Series
A
(RB)
5.00%,
10/01/50(c)
500
531,840
Florida
Higher
Educational
Facilities
Financial
Authority,
Rollins
College
Project,
Series
A
(RB)
4.00%,
12/01/50(c)
750
715,124
Fort
Pierce
Utilities
Authority,
Series
A
(RB)
(AGM)
4.00%,
10/01/52(c)
1,000
941,951
Halifax
Hospital
Medical
Center
(RB)
4.00%,
06/01/46(c)
525
491,131
Hillsborough
County,
Florida
Capital
Improvement
Non-Ad
Valorem
(RB)
2.25%,
08/01/51(c)
500
313,875
Jea
Water
and
Sewer
System,
Series
A
(RB)
5.25%,
10/01/49(c)
1,000
1,119,499
North
Broward
Hospital
District,
Broward
Health,
Series
B
(RB)
5.00%,
01/01/48(c)
1,000
1,021,600
Orange
County
Health
Facilities
Authority,
Series
A
(RB)
5.00%,
10/01/47(c)
1,000
1,040,578
Par
(000’s)
Value
Florida
(continued)
Palm
Beach
County,
Health
Facilities
Authority,
Baptist
Health
(RB)
(SBG)
3.00%,
08/15/44(c)
$
1,000
$
808,159
South
Broward
Hospital
District,
Series
A
(RB)
3.00%,
05/01/46(c)
750
593,656
21,324,800
Georgia
:
1.7%
Brookhaven
Development
Authority,
Children’s
Healthcare
of
Atlanta,
Inc.,
Series
A
(RB)
4.00%,
07/01/44(c)
660
654,323
County
of
Burke,
Development
Authority,
Series
D
(RB)
4.12%,
11/01/45(c)
260
247,695
County
of
Clarke,
Hospital
Authority,
Piedmont
Healthcare,
Inc.,
Series
A
(RB)
4.00%,
07/01/41(c)
500
495,756
County
of
Fulton,
Georgia
Water
and
Sewerage,
Series
A
(RB)
2.25%,
01/01/43(c)
500
360,585
Gainesville
and
Hall
County
Hospital
Authority,
Northeast
Georgia
Health
System,
Series
A
(RB)
4.00%,
02/15/42(c)
1,000
983,599
4.00%,
02/15/45(c)
1,295
1,255,961
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage,
Series
B-1
(RB)
3.35%,
12/01/41(c)
215
188,882
Georgia
State
Road
and
Tollway
Authority,
Managed
Lane
System,
Series
A
(RB)
3.00%,
07/15/51(c)
500
388,662
Main
Street
Natural
Gas,
Inc.,
Series
C
(RB)
5.00%,
05/15/49
990
1,077,049
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,  Series
A
(RB)
3.00%,
07/01/47(c)
1,000
803,271
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project,
Series
A
(RB)
4.50%,
07/01/63(c)
500
502,090
Municipal
Electric
Authority
of
Georgia,
Series
A
(RB)
5.00%,
01/01/63(c)
500
510,734
Private
Colleges
&
Universities
Authority,
Emory
University,
Series
B
(RB)
4.00%,
09/01/41(c)
855
866,111
8,334,718
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
Hawaii
:
0.2%
City
and
County
of
Honolulu,
Series
C
(GO)
4.00%,
08/01/43(c)
$
750
$
745,020
Underline
Idaho
:
0.3%
Idaho
Health
Facilities
Authority,
St.
Luke's
Health
System
Project,
Series
A
(RB)
5.00%,
03/01/44(c)
500
500,036
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage,
Series
A
(RB)
4.60%,
01/01/49(c)
745
747,026
1,247,062
Illinois
:
4.3%
City
of
Chicago,
Second
Lien
Water
Project,
Series
A
(RB)
(AGM)
5.25%,
11/01/53(c)
500
543,953
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/44(c)
1,000
1,021,792
5.50%,
01/01/43(c)
750
795,308
City
of
Chicago,
Wastewater
Transmission
Project,
Series
A
(RB)
(AGM)
5.25%,
01/01/53(c)
500
545,838
5.50%,
01/01/62(c)
1,550
1,709,882
Illinois
Finance
Authority,
Silver
Cross
Hospital
and
Medical
Center,
Series
C
(RB)
5.00%,
08/15/44(c)
1,000
1,004,818
Illinois
Housing
Development
Authority,
Series
A
(RB)
4.75%,
10/01/49(c)
500
505,361
Illinois
Housing
Development
Authority,
Series
G
(RB)
5.00%,
10/01/46(c)
1,000
1,037,357
Illinois
Housing
Development
Authority,
Series
K
(RB)
(FNMA/GNMA/FHLMC
COLL)
5.35%,
04/01/47(c)
1,000
1,046,931
Illinois
State
Toll
Highway
Authority,
Series
A
(RB)
4.00%,
01/01/46(c)
1,000
974,829
4.00%,
01/01/44(c)
1,005
991,623
Illinois
State
Toll
Highway
Authority,
Series
E
(RB)
5.25%,
10/01/52(c)
530
553,020
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
4.00%,
12/15/47(c)
1,500
1,422,075
5.00%,
06/15/53(c)
735
739,642
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
Series
A
(GO)
4.00%,
12/01/46(c)
1,500
1,481,719
Par
(000’s)
Value
Illinois
(continued)
Sales
Tax
Securitization
Corp.,
Series
A
(RB)
4.00%,
01/01/48(c)
$
1,000
$
947,172
Sales
Tax
Securitization
Corp.,
Series
A
(RB)
(BAM)
4.00%,
01/01/48(c)
1,000
961,374
St
Clair
County
Community
Unit
School
District
No
187
Cahokia
(RB)
(AGM)
5.00%,
01/01/54(c)
1,000
1,053,995
State
of
Illinois
(GO)
(AGC)
5.75%,
05/01/45(c)
750
817,380
State
of
Illinois,
Series
A
(GO)
5.00%,
03/01/46(c)
1,250
1,321,604
State
of
Illinois,
Series
B
(GO)
5.25%,
05/01/49(c)
500
542,882
State
of
Illinois,
Series
C
(GO)
4.00%,
11/01/44(c)
900
869,013
20,887,568
Indiana
:
0.9%
Fishers
Town
Hall
Building
Corp.
(RB)
5.62%,
07/15/48(c)
1,000
1,127,532
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage,
Series
B-1
(RB)
4.75%,
07/01/49(c)
500
505,508
Indiana
Municipal
Power
Agency,
Series
A
(RB)
5.00%,
01/01/42(c)
1,000
1,018,663
Indianapolis
Local
Public
Improvement
Bond
Bank,
Courthouse
and
Jail
Project,
Series
A
(RB)
5.00%,
02/01/49(c)
500
521,840
5.00%,
02/01/54(c)
1,000
1,040,543
4,214,086
Iowa
:
0.5%
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Iowa
Fertilizer
Co.
Project,
Series
A
(RB)
5.00%,
12/01/50(c)
(p)
500
529,284
Iowa
Finance
Authority,
Series
A
(RB)
5.00%,
08/01/49(c)
530
565,581
Iowa
Finance
Authority,
Single
Family
Mortgage,
Series
C
(RB)
4.65%,
07/01/49(c)
1,000
1,004,448
4.85%,
07/01/43(c)
500
519,399
2,618,712
Kentucky
:
0.4%
Kentucky
Bond
Development
Corp.,
Lexington
Center
Corp.
Project
(RB)
4.00%,
09/01/48(c)
1,225
1,167,861
7
Par
(000’s)
Value
Kentucky
(continued)
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project,
Series
A
(RB)
(AGM)
4.00%,
12/01/41(c)
$
750
$
741,195
1,909,056
Louisiana
:
0.8%
City
of
Shreveport,
Louisiana
Water
and
Sewer,
Series
B
(RB)
(AGM)
4.00%,
12/01/49(c)
700
660,270
Louisiana
Stadium
and
Exposition
District,
Series
A
(RB)
5.25%,
07/01/53(c)
1,500
1,634,166
State
of
Louisiana,
Series
A
(GO)
4.00%,
04/01/43(c)
1,500
1,513,464
3,807,900
Maine
:
0.1%
Maine
Turnpike
Authority
(RB)
4.00%,
07/01/50(c)
750
729,194
Underline
Maryland
:
1.3%
County
of
Baltimore,
Metropolitan
District
(GO)
5.00%,
03/01/49(c)
1,000
1,091,735
Maryland
Community
Development
Administration,
Series
A
(RB)
(AGM)
1.95%,
09/01/41(c)
310
210,334
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Adventist
Healthcare,
Series
B
(RB)
4.00%,
01/01/51(c)
500
441,427
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Greater
Baltimore
Medical
Center,
Series
A
(RB)
3.00%,
07/01/46(c)
500
416,524
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Lifebridge
Health
(RB)
5.00%,
07/01/47(c)
1,000
1,005,799
Maryland
Stadium
Authority,
Built
to
Learn,
Series
A
(RB)
4.00%,
06/01/52(c)
1,000
974,364
Maryland
Stadium
Authority,
Construction
and
Revitalization
Program,
Series
A
(RB)
5.00%,
05/01/42(c)
1,000
1,040,174
Montgomery
County,
Trinity
Health
Credit
Group,
Series
MD
(RB)
5.00%,
12/01/44(c)
1,000
1,005,295
6,185,652
Par
(000’s)
Value
Massachusetts
:
4.0%
Commonwealth
of
Massachusetts
Transportation,
Series
A
(RB)
3.00%,
06/01/50(c)
$
800
$
622,448
Commonwealth
of
Massachusetts
Transportation,
Series
B
(RB)
5.00%,
06/01/52(c)
2,000
2,160,340
Commonwealth
of
Massachusetts,
Series
A
(GO)
5.00%,
01/01/45(c)
1,000
1,039,968
5.00%,
01/01/49(c)
1,000
1,046,672
5.00%,
01/01/49(c)
500
546,686
5.00%,
04/01/42(c)
275
284,425
5.00%,
05/01/53(c)
1,000
1,079,586
Commonwealth
of
Massachusetts,
Series
B
(GO)
2.12%,
04/01/51(c)
1,300
809,975
5.00%,
11/01/52(c)
1,190
1,281,863
Commonwealth
of
Massachusetts,
Series
C
(GO)
3.00%,
03/01/48(c)
360
289,023
Commonwealth
of
Massachusetts,
Series
D
(GO)
5.00%,
10/01/53(c)
1,000
1,082,752
5.00%,
07/01/45(c)
750
802,105
Commonwealth
of
Massachusetts,
Series
E
(GO)
5.00%,
11/01/45(c)
605
649,475
5.00%,
11/01/50(c)
1,000
1,062,920
Massachusetts
Bay
Transportation
Authority,
Sales
Tax,
Series
A
(RB)
4.00%,
07/01/51(c)
800
782,445
4.00%,
07/01/53(c)
1,000
975,486
Massachusetts
Development
Finance
Agency,
Beth
Israel
Lahey
Health,
Inc.,
Series
J
(RB)
5.00%,
07/01/53(c)
500
508,963
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
D
(RB)
5.00%,
07/01/44(c)
500
500,481
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
G
(RB)
5.25%,
07/01/52(c)
1,000
1,074,614
Massachusetts
Development
Finance
Agency,
Boston
University,
Series
FF
(RB)
5.00%,
10/01/48(c)
1,105
1,203,902
Massachusetts
Port
Authority,
Series
B
(RB)
(SBG)
5.00%,
07/01/44(c)
305
323,841
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
School
Building
Authority,
Sales
Tax,
Series
A
(RB)
5.00%,
02/15/44(c)
$
555
$
587,342
5.00%,
08/15/50(c)
750
796,219
19,511,531
Michigan
:
2.2%
Great
Lakes
Water
Authority,
Water
Supply
System,
Second
Lien,
Series
B
(RB)
5.00%,
07/01/46(c)
390
396,470
Great
Lakes
Water
Authority,
Water
Supply
System,
Senior
Lien,
Series
A
(RB)
5.00%,
07/01/46(c)
570
581,046
Lansing
Board
of
Water
and
Light,
Michigan
Utility
System,
Series
A
(RB)
5.00%,
07/01/49(c)
1,000
1,088,840
Michigan
Finance
Authority,
Beaumont
Health,
Series
A
(RB)
5.00%,
11/01/44(c)
1,000
1,008,415
Michigan
Finance
Authority,
McLaren
Health
Care,
System
A
(RB)
4.00%,
02/15/47(c)
1,000
941,694
Michigan
Finance
Authority,
Trinity
Health
Credit
Group,
Series
A
(RB)
5.00%,
12/01/42(c)
500
513,664
Michigan
Finance
Authority,
Wayne
Criminal
(RB)
(BAM)
4.00%,
11/01/48(c)
1,000
967,576
Michigan
State
Building
Authority,
Facilities
Program,
Series
I
(RB)
5.00%,
10/15/50(c)
500
504,398
Michigan
State
Housing
Development
Authority,
Rental
Housing,
Series
A
(RB)
3.35%,
10/01/49(c)
500
412,135
3.60%,
10/01/60(c)
1,000
835,084
4.88%,
10/01/43(c)
1,000
1,030,856
Minneapolis-St
Paul
Metropolitan
Airports
Commission,
Series
A
(RB)
5.00%,
02/15/48(c)
765
800,782
State
of
Michigan,
Trunk
Line
Fund
(RB)
5.00%,
11/15/46(c)
1,000
1,104,547
State
of
Michigan,
Trunk
Line
Fund,
Series
A
(RB)
4.00%,
11/15/46(c)
620
613,476
10,798,983
Par
(000’s)
Value
Minnesota
:
0.9%
Duluth
Economic
Development
Authority,
Minnesota
Health
Facilities,
Series
A
(RB)
5.25%,
02/15/58(c)
$
1,000
$
1,024,710
Minneapolis-St
Paul
Metropolitan
Airports
Commission
(RB)
5.00%,
01/01/52(c)
1,000
1,076,372
Minnesota
Housing
Finance
Agency
Residential
Housing,
Series
B
(RB)
2.50%,
07/01/51(c)
530
367,206
Minnesota
Housing
Finance
Agency
Residential
Housing,
Series
I
(RB)
2.15%,
07/01/45(c)
890
589,831
3.00%,
01/01/51(c)
375
366,023
Minnesota
Housing
Finance
Agency
Residential
Housing,
Series
M
(RB)
5.15%,
07/01/45(c)
500
524,854
St.
Louis
Park
Independent
School
District
No.
283,
Series
A
(GO)
(SD
CRED
PROG)
4.25%,
02/01/43(c)
500
512,722
4,461,718
Mississippi
:
0.3%
Mississippi
Home
Corp.,
Single
Family
Mortgage,
Series
C
(RB)
4.85%,
12/01/54(c)
1,000
1,013,837
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Baptist
Memorial
Health
Corp.,
Series
A
(RB)
5.00%,
09/01/41(c)
500
505,569
1,519,406
Missouri
:
0.6%
County
of
Jackson,
Series
A
(RB)
4.25%,
12/01/53(c)
1,000
977,029
4.38%,
12/01/58(c)
1,000
992,658
Missouri
State,
Health
&
Educational
Facilities
Authority,
Mercy
Health,
Series
F
(RB)
5.00%,
11/15/45(c)
1,000
1,000,480
2,970,167
Nebraska
:
0.6%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/42
500
549,783
City
of
Omaha
and
County
of
Douglas,
Public
Building,
Series
B
(GO)
4.00%,
05/01/50(c)
550
537,419
9
Par
(000’s)
Value
Nebraska
(continued)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing,
Series
E
(RB)
4.80%,
09/01/53(c)
$
500
$
506,386
University
of
Nebraska
Facilities
Corp.,
Series
A
(RB)
4.00%,
07/15/62(c)
500
479,592
4.00%,
07/15/59(c)
750
723,100
2,796,280
Nevada
:
0.5%
City
of
Carson,
Nevada
Hospital,
Tahoe
Regional
Healthcare
Project
(RB)
5.00%,
09/01/42(c)
390
397,750
City
of
Henderson,
Utility
System,
Series
A-1
(GO)
4.00%,
06/01/50(c)
675
659,482
County
of
Clarke,
School
District,
Limited
Tax,
Series
A
(GO)
4.00%,
06/15/42(c)
500
498,776
Las
Vegas
Convention
and
Visitors
Authority,
Series
B
(RB)
4.00%,
07/01/49(c)
1,000
947,082
2,503,090
New
Hampshire
:
0.1%
National
Finance
Authority
Hospital,
St.
Lukes
University
Health
Network
Project,
Series
B
(RB)
(AGM)
3.00%,
08/15/46(c)
500
404,759
Underline
New
Jersey
:
3.6%
New
Jersey
Economic
Development
Authority
School
Facilities,
Series
FFF
(RB)
4.62%,
06/15/48(c)
1,000
1,008,780
New
Jersey
Educational
Facilities
Authority,
New
Jersey
Princeton
University,
Series
B
(RB)
5.25%,
03/01/54(c)
1,500
1,685,303
New
Jersey
Health
Care
Facilities
Financing
Authority,
Atlanticare
Health
System
(RB)
2.50%,
07/01/51(c)
490
310,243
New
Jersey
Health
Care
Facilities
Financing
Authority,
Inspira
Health,
Series
A
(RB)
4.00%,
07/01/41(c)
800
792,166
New
Jersey
Health
Care
Facilities
Financing
Authority,
RWJ
Barnabas
Health,
Series
A
(RB)
4.00%,
07/01/41(c)
305
310,053
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
(RB)
4.80%,
10/01/53(c)
$
500
$
505,789
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing,
Series
K
(RB)
4.55%,
10/01/44(c)
1,000
1,004,919
New
Jersey
Transportation
Trust
Fund
Authority,
Series
AA
(RB)
4.00%,
06/15/45(c)
1,500
1,474,043
4.50%,
06/15/49(c)
910
912,846
5.00%,
06/15/45(c)
1,000
1,006,953
New
Jersey
Transportation
Trust
Fund
Authority,
Series
BB
(RB)
3.50%,
06/15/46(c)
365
325,253
4.00%,
06/15/44(c)
1,000
989,708
5.25%,
06/15/50(c)
1,000
1,096,448
New
Jersey
Turnpike
Authority,
Series
A
(RB)
4.00%,
01/01/48(c)
1,000
992,849
4.00%,
01/01/51(c)
1,000
988,631
New
Jersey
Turnpike
Authority,
Series
B
(RB)
5.25%,
01/01/49(c)
1,500
1,667,747
New
Jersey
Turnpike
Authority,
Series
E
(RB)
5.00%,
01/01/45(c)
955
961,236
South
Jersey
Transportation
Authority,
Transportation
System,
Series
A
(RB)
5.00%,
11/01/45(c)
500
525,630
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/46(c)
500
511,864
Tobacco
Settlement
Financing
Corp.,
Series
B
(RB)
5.00%,
06/01/46(c)
435
437,531
17,507,992
New
Mexico
:
0.0%
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage,
Series
F
(RB)
3.05%,
07/01/44(c)
290
236,662
Underline
New
York
:
20.5%
Battery
Park
City
Authority,
Series
A
(RB)
4.00%,
11/01/44(c)
1,000
994,672
City
of
New
York,
Series
A
(GO)
4.00%,
08/01/50(c)
1,000
975,287
City
of
New
York,
Series
C
(GO)
4.00%,
08/01/41(c)
1,000
1,000,926
City
of
New
York,
Series
D
(GO)
(BAM)
4.00%,
03/01/50(c)
1,000
975,482
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
New
York
(continued)
5.00%,
03/01/43(c)
$
750
$
804,230
City
of
New
York,
Series
F
(GO)
5.00%,
03/01/50(c)
1,000
1,065,901
County
of
Monroe,
Industrial
Development
Corp.,
University
of
Rochester
Project,
Series
A
(RB)
4.00%,
07/01/50(c)
900
880,617
Dutchess
County
Local
Development
Corp.,
Bard
College
Project,
Series
A
(RB)
5.00%,
07/01/51(c)
1,000
1,015,520
Hudson
Yards
Infrastructure
Corp.,
Series
A
(RB)
5.00%,
02/15/42(c)
645
664,534
Hudson
Yards
Infrastructure
Corp.,
Series
A
(RB)
(AGM)
4.00%,
02/15/47(c)
1,000
973,765
Long
Island
Power
Authority
Electric
System
(RB)
5.00%,
09/01/42(c)
1,000
1,036,406
Los
Angeles
Department
of
Water
and
Power,
Series
B
(RB)
5.00%,
09/01/45(c)
1,000
1,009,791
Metropolitan
Transportation
Authority,
Series
A
(RB)
4.00%,
11/15/51(c)
1,000
972,401
5.00%,
11/15/44(c)
1,000
1,092,145
Metropolitan
Transportation
Authority,
Series
A
(RB)
(AGM)
5.00%,
11/15/44(c)
715
750,409
Metropolitan
Transportation
Authority,
Series
A-1
(RB)
4.00%,
11/15/43(c)
400
392,896
4.00%,
11/15/49(c)
1,000
963,383
5.00%,
11/15/45(c)
590
593,041
Metropolitan
Transportation
Authority,
Series
B-1
(RB)
5.00%,
11/15/51(c)
500
510,913
Metropolitan
Transportation
Authority,
Series
C-1
(RB)
4.75%,
11/15/45(c)
1,000
1,027,596
5.25%,
11/15/56(c)
1,050
1,075,894
Metropolitan
Transportation
Authority,
Series
D
(RB)
4.00%,
11/15/42(c)
1,245
1,235,068
4.00%,
11/15/46(c)
250
242,796
Metropolitan
Transportation
Authority,
Series
E
(RB)
5.00%,
11/15/43(c)
180
180,136
Monroe
County
Industrial
Development
Corp.
Rochester
Regional
Health
Project,
Series
A
(RB)
4.00%,
12/01/46(c)
650
594,921
MTA
Hudson
Rail
Yards
Trust,
Series
A
(RB)
5.00%,
11/15/56(c)
1,000
999,991
Par
(000’s)
Value
New
York
(continued)
New
York
City
Environmental
Facilities,
Clean
Water
and
Drinking
Water,
Series
B
(RB)
4.00%,
06/15/49(c)
$
500
$
495,544
New
York
City
Housing
Development
Corp.,
Housing
Impact,
Series
A
(RB)
4.80%,
02/01/53(c)
500
506,337
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
A-1
(RB)
4.75%,
11/01/54(c)
1,000
1,009,200
4.85%,
11/01/53(c)
1,500
1,522,665
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
C-1
(RB)
2.25%,
11/01/41(c)
800
581,663
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
E-1
(RB)
4.85%,
11/01/53(c)
750
761,913
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
J
(RB)
3.05%,
11/01/49(c)
555
436,569
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
AA
(RB)
4.00%,
06/15/50(c)
1,000
970,772
5.00%,
06/15/48(c)
850
910,786
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
BB
(RB)
4.00%,
06/15/45(c)
2,000
1,972,280
5.00%,
06/15/49(c)
1,000
1,054,284
5.00%,
06/15/44(c)
955
1,041,501
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
CC
(RB)
3.75%,
06/15/47(c)
710
650,323
4.00%,
06/15/45(c)
1,500
1,480,710
5.00%,
06/15/52(c)
1,000
1,070,263
5.25%,
06/15/54(c)
1,500
1,665,025
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
CC
(RB)
5.00%,
06/15/51(c)
500
533,366
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
DD
(RB)
4.12%,
06/15/47(c)
1,000
993,039
New
York
City
Municipal
Water
Finance
Authority,
Water
and
Sewer
System,
Series
EE
(RB)
5.00%,
06/15/45(c)
1,000
1,091,928
11
Par
(000’s)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
S-1
(RB)
(SAW)
3.00%,
07/15/49(c)
$
350
$
273,748
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
B
(RB)
4.38%,
05/01/53(c)
1,500
1,518,282
5.25%,
05/01/50(c)
1,000
1,112,438
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
B-1
(RB)
4.00%,
08/01/42(c)
1,500
1,498,382
4.00%,
08/01/45(c)
1,000
987,068
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
C
(RB)
5.25%,
05/01/48(c)
1,000
1,115,266
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
C-1
(RB)
4.00%,
05/01/44(c)
1,000
988,777
4.00%,
11/01/42(c)
1,120
1,119,015
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
D-1
(RB)
4.00%,
11/01/47(c)
500
491,565
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
E-1
(RB)
2.25%,
02/01/51(c)
650
401,252
4.00%,
02/01/44(c)
1,000
977,628
5.00%,
02/01/43(c)
1,000
1,029,809
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
F-1
(RB)
4.00%,
02/01/51(c)
1,000
975,830
5.25%,
02/01/47(c)
1,000
1,110,298
New
York
City
Water
and
Sewer
System,
Series
BB
(RB)
4.00%,
06/15/50(c)
640
621,294
New
York
City,
Series
D
(GO)
4.00%,
04/01/50(c)
1,000
975,419
New
York
City,
Series
D-1
(GO)
5.00%,
12/01/43(c)
1,000
1,046,260
New
York
Liberty
Development
Corp.,
1
World
Trade
Center
Project
(RB)
4.00%,
02/15/43(c)
620
611,819
Par
(000’s)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
New
School,
Series
A
(RB)
4.00%,
07/01/43(c)
$
475
$
469,017
5.00%,
07/01/46(c)
420
425,228
New
York
State
Dormitory
Authority,
New
York
University,
Series
A
(RB)
5.00%,
07/01/49(c)
1,000
1,056,070
New
York
State
Dormitory
Authority,
Northwell
Health,
Series
A
(RB)
5.00%,
05/01/52(c)
1,300
1,376,828
New
York
State
Dormitory
Authority,
Personal
Income
Tax,
Series
A
(RB)
3.00%,
03/15/42(c)
500
426,810
5.00%,
03/15/49(c)
500
533,302
5.25%,
03/15/52(c)
800
888,227
New
York
State
Dormitory
Authority,
Personal
Income
Tax,
Series
B
(RB)
5.00%,
02/15/44(c)
730
734,193
5.00%,
02/15/42(c)
1,500
1,550,836
New
York
State
Dormitory
Authority,
Sales
Tax,
Series
A
(RB)
4.00%,
03/15/48(c)
1,000
981,548
New
York
State
Dormitory
Authority,
St.
John's
University,
Series
A
(RB)
4.00%,
07/01/48(c)
550
527,046
New
York
State
Dormitory
Authority,
State
Sales
Tax,
Series
A
(RB)
4.00%,
03/15/47(c)
800
783,941
4.00%,
03/15/49(c)
1,000
977,355
5.00%,
03/15/45(c)
1,000
1,042,206
5.00%,
03/15/49(c)
1,000
1,091,208
New
York
State
Dormitory
Authority,
State
Sales
Tax,
Series
E
(RB)
5.00%,
03/15/48(c)
500
521,855
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
(RB)
4.90%,
10/01/53(c)
1,355
1,379,352
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
(RB)
(SBG)
2.55%,
04/01/50(c)
330
224,297
New
York
State
Power
Authority,
Series
A
(RB)
4.00%,
11/15/50(c)
500
489,665
New
York
State
Thruway
Authority,
Junior
Indebtedness,
Series
B
(RB)
4.00%,
01/01/45(c)
1,440
1,410,883
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
Par
(000’s)
Value
New
York
(continued)
New
York
State
Thruway
Authority,
Personal
Income
Tax,
Series
A
(RB)
4.00%,
03/15/55(c)
$
500
$
480,635
New
York
State
Thruway
Authority,
Series
P
(RB)
5.25%,
01/01/54(c)
1,000
1,107,960
New
York
State
Urban
Development
Corp.,
Personal
Income
Tax
(RB)
5.00%,
03/15/63(c)
2,000
2,156,868
New
York
State
Urban
Development
Corp.,
Personal
Income
Tax,
Series
A
(RB)
4.00%,
03/15/53(c)
1,000
965,417
5.00%,
03/15/43(c)
500
522,607
New
York
State
Urban
Development
Corp.,
Personal
Income
Tax,
Series
C
(RB)
3.00%,
03/15/48(c)
550
439,541
5.00%,
03/15/47(c)
2,000
2,134,840
New
York
State
Urban
Development
Corp.,
Personal
Income
Tax,
Series
E
(RB)
3.00%,
03/15/49(c)
1,735
1,379,956
New
York
State
Urban
Development
Corp.,
State
Sales
Tax,
Series
A
(RB)
3.00%,
03/15/50(c)
1,000
787,357
New
York
State,
Dormitory
Authority,
Personal
Income
Tax,
Series
D
(RB)
5.00%,
02/15/48(c)
820
868,210
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project,
Series
C
(RB)
4.00%,
12/01/41(c)
2,480
2,457,689
4.00%,
12/01/42(c)
925
912,200
Port
Authority
of
New
York
&
New
Jersey
(RB)
5.00%,
10/15/41(c)
1,000
1,017,035
Triborough
Bridge
and
Tunnel
Authority
Sales
Tax,
Series
A
(RB)
4.00%,
05/15/57(c)
840
815,082
4.25%,
05/15/58(c)
1,000
998,797
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
B
(RB)
5.00%,
05/15/56(c)
500
516,208
5.25%,
11/15/53(c)
750
829,075
5.25%,
05/15/54(c)
2,000
2,211,614
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
C
(RB)
4.00%,
05/15/51(c)
750
739,764
5.00%,
05/15/51(c)
1,000
1,069,025
Par
(000’s)
Value
New
York
(continued)
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
D
(RB)
4.50%,
05/15/47(c)
$
500
$
513,578
Triborough
Bridge
and
Tunnel
Authority,
Series
A
(RB)
5.00%,
11/15/54(c)
750
793,162
5.00%,
11/15/49(c)
1,000
1,061,901
5.00%,
11/15/51(c)
1,000
1,064,646
100,364,073
North
Carolina
:
1.0%
North
Carolina
Housing
Finance
Agency,
Home
Ownership
(RB)
4.88%,
07/01/42(c)
500
517,868
North
Carolina
Housing
Finance
Agency,
Home
Ownership,
Series
A
(RB)
4.38%,
07/01/44(c)
1,000
1,011,881
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities,
Series
A
(RB)
4.00%,
11/01/49(c)
1,000
961,172
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/49(c)
750
779,134
5.00%,
01/01/44(c)
500
524,202
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
(AGM)
5.00%,
01/01/58(c)
1,000
1,066,766
4,861,023
North
Dakota
:
0.2%
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program,
Series
A
(RB)
4.70%,
07/01/47(c)
1,000
1,006,292
Underline
Ohio
:
1.9%
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
A-2
(RB)
4.00%,
06/01/48(c)
1,000
932,858
County
of
Allen,
Ohio
Hospital
Facilities,
Mercy
Health,
Series
A
(RB)
5.00%,
11/01/43(c)
600
601,174
County
of
Cuyahoga,
Ohio
Hospital,
The
Metrohealth
System
(RB)
5.00%,
02/15/57(c)
1,000
1,002,427
5.00%,
02/15/42(c)
1,000
1,011,903
5.25%,
02/15/47(c)
1,000
1,018,355
5.50%,
02/15/57(c)
1,000
1,019,722
13
Par
(000’s)
Value
Ohio
(continued)
County
of
Franklin,
Ohio
Various
Purpose
Sales
Tax
(RB)
5.00%,
06/01/48(c)
$
1,075
$
1,119,463
County
of
Hamilton,
Ohio
Healthcare
Improvement,
Life
Enriching
Communities
Project
(RB)
5.00%,
01/01/46(c)
250
245,476
County
of
Hamilton,
Ohio
Hospital
Facilities,
TriHealth
,
Inc.
(RB)
5.00%,
08/15/42(c)
1,000
1,026,864
Ohio
State
University,
Series
A
(RB)
4.00%,
12/01/48(c)
1,000
986,913
Port
of
Greater
Cincinnati
Development
Authority
(RB)
5.00%,
12/01/53(c)
500
526,170
9,491,325
Oklahoma
:
0.3%
Oklahoma
Turnpike
Authority,
Series
A
(RB)
4.00%,
01/01/48(c)
700
694,555
University
of
Oklahoma,
Series
A
(RB)
(BAM)
5.00%,
07/01/49(c)
835
906,468
1,601,023
Oregon
:
0.9%
City
of
Portland,
Oregon
Sewer
System,
Series
A
(RB)
5.00%,
12/01/42(c)
500
559,048
Clackamas
County
School
District
No
7J
Lake
Oswego
(GO)
(SBG)
4.00%,
06/01/43(c)
500
497,349
Multnomah
County
School
District
No.
1J,
Series
B
(GO)
(SBG)
2.00%,
06/15/42(c)
550
376,473
3.25%,
06/15/42(c)
295
262,492
Oregon
Health
and
Science
University,
Series
A
(RB)
4.00%,
07/01/51(c)
1,000
962,419
Tri-County
Metropolitan
Transportation
District
of
Oregon,
Series
A
(RB)
3.00%,
09/01/44(c)
935
769,517
University
of
Oregon,
Series
A
(RB)
5.00%,
04/01/50(c)
1,000
1,053,768
4,481,066
Pennsylvania
:
4.4%
Chester
County
Health
and
Education
Facilities
Authority,
Main
Line
Health
System,
Series
A
(RB)
4.00%,
09/01/50(c)
645
598,818
Par
(000’s)
Value
Pennsylvania
(continued)
City
of
Philadelphia,
Pennsylvania
Gas
Works
(RB)
5.00%,
08/01/47(c)
$
805
$
821,459
City
of
Philadelphia,
Pennsylvania
Water
&
Wastewater,
Series
A
(RB)
5.00%,
10/01/47(c)
500
514,767
5.00%,
10/01/52(c)
500
512,916
Commonwealth
of
Pennsylvania,
Series
A
(CP)
(FHA)
4.00%,
07/01/46(c)
1,170
1,133,636
Geisinger
Authority,
Health
System,
Series
A
(RB)
5.00%,
04/01/50(c)
1,000
1,042,926
Lancaster
County,
Hospital
Authority,
Penn
State
Health
(RB)
5.00%,
11/01/51(c)
1,000
1,031,997
Pennsylvania
Economic
Development
Financing
Authority,
Presbyterian
Senior
Living
Project,
Series
B-2
(RB)
5.25%,
07/01/46(c)
1,000
1,061,759
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
(RB)
2.28%,
10/01/41(c)
500
369,106
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage,
Series
A
(RB)
4.30%,
10/01/41(c)
1,000
1,003,884
4.75%,
04/01/53(c)
1,000
1,008,329
4.80%,
10/01/51(c)
1,000
1,012,266
4.85%,
10/01/43(c)
500
517,352
5.00%,
10/01/43(c)
1,000
1,042,828
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage,
Series
B
(RB)
3.65%,
10/01/42(c)
260
239,604
Pennsylvania
State
University
(RB)
5.25%,
09/01/53(c)
1,000
1,112,411
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax,
Series
A
(RB)
(AGM)
5.00%,
12/01/48(c)
290
303,079
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax,
Series
A
(RB)
(BAM)
3.00%,
12/01/51(c)
1,000
780,522
4.00%,
12/01/51(c)
1,000
959,867
Pennsylvania
Turnpike
Commission,
Series
A
(RB)
5.00%,
12/01/44(c)
1,000
1,003,450
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
14
Par
(000’s)
Value
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission,
Series
A
(RB)
(AGM)
4.00%,
12/01/49(c)
$
1,045
$
1,010,576
Pennsylvania
Turnpike
Commission,
Series
A-1
(RB)
5.00%,
12/01/47(c)
900
934,939
Pennsylvania
Turnpike
Commission,
Series
B
(RB)
4.00%,
12/01/46(c)
1,000
969,266
5.00%,
12/01/45(c)
800
859,188
Pennsylvania
Turnpike
Commission,
Series
C
(RB)
5.00%,
12/01/49(c)
750
816,231
Upper
Merion
Area
School
District,
Series
A
(GO)
(SAW)
4.00%,
01/15/46(c)
1,105
1,095,484
21,756,660
Rhode
Island
:
0.1%
State
of
Rhode
Island,
Series
A
(GO)
4.12%,
08/01/42(c)
600
614,241
Underline
South
Carolina
:
1.5%
South
Carolina
Jobs-Economic
Development
Authority,
Mercy
Health,
Series
A
(RB)
4.00%,
12/01/44(c)
855
836,835
South
Carolina
Jobs-Economic
Development
Authority,
Novant
Health,
Series
A
(RB)
4.25%,
11/01/47(c)
750
751,370
4.50%,
11/01/54(c)
1,000
1,004,151
South
Carolina
Jobs-Economic
Development
Authority,
Prisma
Health,
Series
A
(RB)
5.00%,
05/01/48(c)
1,000
1,014,989
South
Carolina
Public
Service
Authority,
Santee
Cooper,
Series
A
(RB)
4.00%,
12/01/52(c)
500
468,073
5.25%,
12/01/49(c)
1,000
1,093,357
South
Carolina
Public
Service
Authority,
Series
E
(RB)
5.25%,
12/01/55(c)
1,500
1,507,432
University
of
South
Carolina,
Campus
Village
Project,
Series
A
(RB)
5.00%,
05/01/46(c)
820
881,619
7,557,826
Tennessee
:
0.9%
Metropolitan
Government
of
Nashville
and
Davidson
County,
Vanderbilt
University
Medical
Center,
Series
A
(RB)
5.00%,
10/01/49(c)
500
550,617
5.00%,
07/01/46(c)
1,500
1,512,764
Par
(000’s)
Value
Tennessee
(continued)
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
(RB)
2.95%,
07/01/49(c)
$
335
$
253,485
Tennessee
Housing
Development
Agency,
Residential
Finance
Program,
Series
A
(RB)
5.40%,
07/01/53(c)
1,000
1,053,581
Tennessee
State
School
Bond
Authority,
Higher
Education
Facilities,
Series
A
(RB)
5.00%,
11/01/42(c)
1,040
1,076,584
4,447,031
Texas
:
11.7%
Arlington
Higher
Education
Finance
Corp.,
Harmony
Public
Schools,
Series
A
(RB)
3.00%,
02/15/46(c)
1,000
779,865
Arlington
Higher
Education
Finance
Corp.,
Riverwalk
Education
Foundation,
Inc.
(RB)
4.00%,
08/15/44(c)
675
673,245
Austin
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
08/01/48(c)
1,000
969,579
4.00%,
08/01/44(c)
750
752,020
Board
of
Regents
of
the
University
of
Texas
System,
Series
A
(RB)
3.00%,
08/15/41(c)
525
444,886
4.00%,
07/01/41(c)
500
504,231
Central
Texas
Regional
Mobility
Authority,
Senior
Lien,
Series
E
(RB)
5.00%,
01/01/45(c)
750
787,968
City
of
Austin,
Texas
Electricity
Utility
System,
Series
A
(RB)
5.00%,
11/15/49(c)
1,375
1,444,888
City
of
Austin,
Waterwaste
System
(RB)
5.00%,
11/15/43(c)
1,000
1,098,308
City
of
Corpus
Christi,
Texas
Utility
System
(RB)
5.00%,
07/15/49(c)
1,000
1,086,561
City
of
El
Paso,
Texas
Combination
Tax
(GO)
4.00%,
08/15/45(c)
950
918,001
City
of
Lubbock,
Texas
Electric
Light
&
Power
System
(RB)
4.00%,
04/15/46(c)
650
628,844
City
of
Royse,
Independent
School
District
(GO)
5.00%,
02/15/48(c)
950
1,032,733
15
Par
(000’s)
Value
Texas
(continued)
City
of
San
Antonio,
Texas
Electric
&
Gas
Systems
(RB)
5.00%,
02/01/44(c)
$
500
$
537,527
5.00%,
02/01/44(c)
260
260,101
City
of
San
Antonio,
Texas
Electric
&
Gas
Systems,
Series
B
(RB)
5.00%,
02/01/54(c)
1,000
1,076,095
City
of
Seguin,
Texas
Combination
Tax
and
Limited
Pledge
(GO)
5.25%,
09/01/58(c)
1,000
1,093,088
Clifton
Higher
Education
Finance
Corp.
(RB)
4.00%,
08/15/44(c)
1,000
994,990
Colin
and
Kaufman
Counties,
School
Independent
District
(GO)
4.00%,
02/15/53(c)
1,000
963,409
Conroe
Independent
School
District,
Unlimited
Tax
School
(GO)
5.00%,
02/15/49(c)
1,000
1,096,072
County
of
Collin,
Limited
Tax
(GO)
4.00%,
02/15/43(c)
1,000
993,808
Cypress-Fairbanks
Independent
School
District,
Series
A
(GO)
2.25%,
02/15/43(c)
600
416,985
Dallas
Fort
Worth
International
Airport,
Series
B
(RB)
4.00%,
11/01/45(c)
2,500
2,450,050
Dallas
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
02/15/53(c)
1,000
971,495
4.00%,
02/15/54(c)
1,000
967,657
5.00%,
02/15/49(c)
1,000
1,089,820
Denton
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
5.00%,
08/15/48(c)
1,000
1,090,888
El
Paso
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
08/15/48(c)
1,000
982,747
Ford
Bens
County,
Unlimited
Tax
Road
(GO)
5.25%,
03/01/53(c)
1,000
1,088,662
Grand
Parkway
Transportation
Corp.
System,
First
Tier
Toll,
Series
C
(RB)
4.00%,
10/01/49(c)
770
729,951
Grand
Parkway
Transportation
Corp.
System,
Subordinate
Tier
Toll,
Series
A
(RB)
5.00%,
10/01/48(c)
640
664,347
Par
(000’s)
Value
Texas
(continued)
Harris
County,
Cultural
Education
Facilities
Finance
Corp.,
Houston
Methodist
Hospital
(RB)
4.00%,
12/01/45(c)
$
590
$
555,801
Harris
County,
Cultural
Education
Facilities
Finance
Corp.,
Texas
Children's
Hospital,
Series
A
(RB)
4.00%,
10/01/47(c)
1,000
962,964
Harris
County,
Flood
Control
District,
Series
A
(GO)
4.00%,
10/01/45(c)
500
484,751
Harris
County,
Hospital
District
(RB)
4.00%,
02/15/42(c)
560
540,636
Harris
County,
Texas
Toll
Road,
Series
A
(RB)
4.00%,
08/15/48(c)
1,000
959,256
Hurst-Euless-Bedford
Independent
School
District
(GO)
5.00%,
08/15/43(c)
1,000
1,125,145
Katy
Independent
School
District
(GO)
4.00%,
02/15/53(c)
750
720,151
Keller
Independent
School
District
(GO)
4.00%,
02/15/47(c)
1,000
988,817
Lamar
Consolidated
Independent
School
District
(GO)
(AGM)
5.50%,
02/15/58(c)
2,000
2,224,882
Leander
Independent
School
District,
Series
A
(GO)
0.00%,
08/16/42(c)
^
900
405,531
Lower
Colorado
River
Authority
Transmission,
LCRA
Transmission
Services
Corp.
Project
(RB)
5.00%,
05/15/45(c)
1,500
1,511,106
Lower
Colorado
River
Authority
Transmission,
LCRA
Transmission
Services
Corp.
Project,
Series
S
(RB)
5.00%,
05/15/43(c)
500
518,501
North
Texas
Tollway
Authority
System,
Second
Tier
(RB)
4.25%,
01/01/49(c)
750
727,151
Northwest
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
02/15/47(c)
1,000
977,270
Pflugerville
Independent
School
District,
Unlimited
Tax
School
Building,
Series
A
(GO)
5.00%,
02/15/48(c)
1,000
1,048,472
VANECK
LONG
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
16
Par
(000’s)
Value
Texas
(continued)
San
Jacinto
College
District,
Series
A
(GO)
5.00%,
02/15/44(c)
$
900
$
938,890
State
of
Texas,
Department
of
Housing
&
Community
Affairs,
Residential
Mortgage,
Series
A
(RB)
5.25%,
01/01/53(c)
1,000
1,045,071
Texarkana
Independent
School
District
(GO)
4.00%,
02/15/53(c)
1,000
963,410
4.00%,
08/15/53(c)
1,015
976,701
Texas
Department
of
Housing
and
Community
Affairs,
Residential
Mortgage,
Series
B
(RB)
5.25%,
07/01/53(c)
1,000
1,042,670
Texas
Water
Development
Board
(RB)
4.00%,
10/15/45(c)
500
492,900
4.80%,
10/15/52(c)
1,000
1,047,563
Texas
Water
Development
Board,
Series
A
(RB)
4.00%,
10/15/49(c)
990
954,610
5.00%,
10/15/43(c)
840
875,014
Texas
Water
Development
Board,
Series
B
(RB)
4.00%,
10/15/43(c)
1,000
991,713
Tomball
Independent
School
District
(GO)
4.00%,
02/15/45(c)
1,000
1,001,377
5.00%,
02/15/42(c)
1,000
1,108,071
University
of
Houston,
Series
A
(RB)
5.00%,
02/15/56(c)
500
534,390
Waller
Independent
School
District,
Series
A
(GO)
4.00%,
02/15/48(c)
500
488,345
Waxahachie
Independent
School
District
(GO)
4.00%,
02/15/49(c)
750
728,528
Weslaco
Independent
School
District
(GO)
4.12%,
02/15/49(c)
1,470
1,444,848
Ysleta
Independent
School
District
(GO)
5.00%,
08/15/56(c)
500
533,047
57,506,403
Utah
:
0.6%
Salt
Lake
City,
International
Airport,
Series
B
(RB)
5.00%,
07/01/43(c)
360
375,707
University
of
Utah,
Board
of
Higher
Education,
Series
A
(RB)
4.00%,
08/01/51(c)
1,000
973,254
5.00%,
08/01/46(c)
1,160
1,255,832
Par
(000’s)
Value
Utah
(continued)
Utah
County,
IHC
Health
Services,
Inc.,
Series
B
(RB)
3.00%,
05/15/47(c)
$
210
$
169,335
2,774,128
Virginia
:
1.4%
County
of
Fairfax,
Industrial
Development
Authority,
Inova
Health
System
Project
(RB)
5.00%,
05/15/51(c)
1,000
1,077,155
County
of
Fairfax,
Industrial
Development
Authority,
Inova
Health
System
Project,
Series
A
(RB)
4.00%,
05/15/48(c)
1,000
971,948
Hampton
Roads
Transportation
Accountability
Commission,
Series
A
(RB)
4.00%,
07/01/57(c)
600
578,017
5.00%,
07/01/50(c)
625
664,549
5.00%,
07/01/60(c)
500
529,975
University
of
Virginia,
Series
A
(RB)
5.00%,
04/01/42(c)
1,000
1,039,206
Virginia
Housing
Development
Authority
(RB)
2.55%,
12/01/46(c)
1,000
720,136
Virginia
Small
Business
Financing
Authority,
National
senior
Campuses,
Inc.,
Series
A
(RB)
4.00%,
01/01/45(c)
500
470,525
Williamsburg
Economic
Development
Authority,
Virginia
Student
Housing,
William
and
Mary
Project,
Series
A
(RB)
(AGM)
4.38%,
07/01/63(c)
1,000
1,005,012
7,056,523
Washington
:
1.6%
Central
Puget
Sound
Regional
Transit
Authority,
Sales
Tax
and
Motor
Vehicle
Excise
Tax,
Series
S
(RB)
5.00%,
11/01/41(c)
1,000
1,031,844
City
of
Seattle,
Washington
Municipal
Light
and
Power,
Series
A
(RB)
4.00%,
05/01/45(c)
1,000
972,969
5.00%,
03/01/53(c)
1,000
1,076,684
Energy
Northwest,
Columbia
Generating
Station
Electric,
Series
A
(RB)
4.00%,
07/01/42(c)
1,000
1,009,480
King
County,
Highline
School
District
No.
401,
Unlimited
Tax
(GO)
(SBG)
4.00%,
12/01/42(c)
500
502,358
17
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Washington
(continued)
King
County,
Public
Hospital
District
No.
2,
Evergreen
Health,
Series
A
(GO)
4.00%,
12/01/45(c)
$
650
$
620,979
State
of
Washington,
Various
Purpose,
Series
A
(GO)
5.00%,
08/01/42(c)
1,000
1,066,442
5.00%,
08/01/43(c)
1,090
1,187,171
Washington
State
Housing
Finance
Commission,
Raford
Court
and
Nordheim
Court
Portfolio
(RB)
5.00%,
07/01/54(c)
500
517,584
7,985,511
West
Virginia
:
0.3%
West
Virginia
Hospital
Finance
Authority,
West
Virginia
University
Health
System,
Series
A
(RB)
4.38%,
06/01/53(c)
1,000
983,897
West
Virginia
Parkways
Authority,
Turnpike
Toll
(RB)
5.00%,
06/01/47(c)
620
661,011
1,644,908
Par
(000’s)
Value
Wisconsin
:
0.8%
Public
Finance
Authority,
Pooled
Charter
School
(RB)
5.75%,
07/01/62(c)
$
997
$
1,083,762
University
of
Wisconsin
Hospitals
and
Clinics
Authority,
Series
B
(RB)
5.00%,
04/01/49(c)
500
542,266
Wisconsin
Health
and
Educational
Facilities
Authority,
Children's
Hospital,
Inc.
(RB)
4.00%,
08/15/47(c)
1,000
966,680
Wisconsin
Health
and
Educational
Facilities
Authority,
Marshfield
Clinic
Health
System,
Inc.,
Series
A
(RB)
5.00%,
02/15/46(c)
250
250,282
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership,
Series
A
(RB)
4.85%,
09/01/43(c)
1,000
1,034,065
3,877,055
Total
Municipal
Bonds:
98.4%
(Cost:
$491,009,371)
482,353,605
Other
assets
less
liabilities:
1.6%
7,919,255
NET
ASSETS:
100.0%
$
490,272,860
Definitions:
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Assurance
Co.
CP
Certificate
of
Participation
FHA
Federal
Housing
Association
GO
General
Obligation
NATL
National
Public
Finance
Guarantee
Corp.
RB
Revenue
Bond
SA
Special
Assessment
SAW
State
Aid
Withholding
SBG
School
Board
Guaranteed
SD
CRED
PROG
Special
District
Credit
Enhancement
Program
ST
Special
Tax
(c)
Callable
Security
—
the
redemption
date
shown
is
the
date
the
security
may
be
redeemed
by
the
issuer
(p)
Putable
Security
—
the
redemption
date
shown
is
the
date
the
security
may
be
redeemed
by
the
investor
^
Zero
Coupon
Bond