PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE

0001752724-24-057162.txt : 20240318 0001752724-24-057162.hdr.sgml : 20240318 20240318123021 ACCESSION NUMBER: 0001752724-24-057162 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240318 DATE AS OF CHANGE: 20240318 PERIOD START: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VanEck ETF Trust CENTRAL INDEX KEY: 0001137360 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-10325 FILM NUMBER: 24757855 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

0001137360 S000068447 VanEck HIP Sustainable Muni ETF

C000218865 VanEck HIP Sustainable Muni ETF SMI

NPORT-P 1 primary_doc.xml NPORT-P false 0001137360 XXXXXXXX S000068447 C000218865 VanEck ETF Trust 811-10325 0001137360 549300ZLFKNTXC51ZN76 666 THIRD AVENUE, 9TH FLOOR NEW YORK 10017 212-293-2000 VanEck HIP Sustainable Muni ETF S000068447 5493005OMFOR5LWI0746 2024-04-30 2024-01-31 N 18618951.34 3771.33 18615180.01 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 377047.72000000 USD N Pennsylvania Turnpike Commission 549300J8LLBYEYEXZJ24 PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE 709225DD5 330000.00000000 PA USD 354203.62000000 1.902767632704 Long DBT MUN US N 2 2051-12-01 Fixed 5.00000000 N N N N N N Long Island Power Authority 1R46U5SYJ63KQXF39168 LONG ISLAND NY PWR AUTH ELEC SYS REVENUE 542690UY6 255000.00000000 PA USD 287735.40000000 1.545703022186 Long DBT MUN US N 2 2029-09-01 Fixed 5.25000000 N N N N N N Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue N/A MASSACHUSETTS ST FEDERAL HIGHWAY 57583PGE3 250000.00000000 PA USD 251788.40000000 1.352597180713 Long DBT MUN US N 2 2027-06-15 Fixed 5.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DHL5 300000.00000000 PA USD 324815.22000000 1.744894327239 Long DBT MUN US N 2 2027-08-01 Fixed 5.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DPF9 250000.00000000 PA USD 268609.98000000 1.442962033435 Long DBT MUN US N 2 2027-04-01 Fixed 5.00000000 N N N N N N New York City Transitional Finance Authority Future Tax Secured Revenue N/A NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE 64971WUD0 250000.00000000 PA USD 253196.40000000 1.360160900211 Long DBT MUN US N 2 2041-02-01 Fixed 5.00000000 N N N N N N City of New York NY 549300ABYZD2SFD5JB29 NEW YORK NY 64966MQZ5 250000.00000000 PA USD 266265.95000000 1.430369998339 Long DBT MUN US N 2 2037-10-01 Fixed 5.00000000 N N N N N N City of Los Angeles Department of Airports N/A LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE 544445SY6 475000.00000000 PA USD 499974.69000000 2.685843971057 Long DBT MUN US N 2 2051-05-15 Fixed 5.00000000 N N N N N N California Health Facilities Financing Authority 5493007RI8BUDOGHZ546 CALIFORNIA ST HLTH FACS FING AUTH REVENUE 13032URN0 300000.00000000 PA USD 300296.04000000 1.613178276216 Long DBT MUN US N 2 2042-11-15 Fixed 4.00000000 N N N N N N Los Angeles Unified School District/CA N/A LOS ANGELES CA UNIF SCH DIST 5446464N9 250000.00000000 PA USD 258798.38000000 1.390254511968 Long DBT MUN US N 2 2028-07-01 Fixed 5.00000000 N N N N N N Oregon State Lottery N/A OREGON ST DEPT OF ADMIN SVCS LOTTERY REVENUE 68607VP25 250000.00000000 PA USD 255473.43000000 1.372393013995 Long DBT MUN US N 2 2029-04-01 Fixed 5.00000000 N N N N N N South Dakota Housing Development Authority 549300G853EK61667C18 SOUTH DAKOTA ST HSG DEV AUTH 83756C2V6 250000.00000000 PA USD 252416.48000000 1.355971201269 Long DBT MUN US N 2 2048-05-01 Fixed 4.55000000 N N N N N N California Health Facilities Financing Authority 5493007RI8BUDOGHZ546 CALIFORNIA ST HLTH FACS FING AUTH REVENUE 13032UGK8 275000.00000000 PA USD 236511.14000000 1.270528353058 Long DBT MUN US N 2 2039-03-01 Fixed 3.00000000 N N N N N N Arizona Industrial Development Authority N/A ARIZONA ST INDL DEV AUTH EDU REVENUE 04052BQG2 400000.00000000 PA USD 352303.12000000 1.892558222970 Long DBT MUN US N 2 2051-07-01 Fixed 4.00000000 N N N N N N City & County Honolulu HI Wastewater System Revenue N/A HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE 438701K94 510000.00000000 PA USD 521338.58000000 2.800609930819 Long DBT MUN US N 2 2033-07-01 Fixed 4.00000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE 64990EYJ0 250000.00000000 PA USD 255008.75000000 1.369896771683 Long DBT MUN US N 2 2029-03-15 Fixed 5.00000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT 64990CHV6 250000.00000000 PA USD 262012.38000000 1.407519990992 Long DBT MUN US N 2 2027-07-01 Fixed 5.00000000 N N N N N N El Dorado Irrigation District 54930090GZM9I8KVSN04 EL DORADO CA IRR DIST REVENUE 283062CE5 250000.00000000 PA USD 255913.43000000 1.374756676339 Long DBT MUN US N 2 2034-03-01 Fixed 4.00000000 N N N N N N Val Verde Unified School District N/A VAL VERDE CA UNIF SCH DIST 91882RGS5 720000.00000000 PA USD 533220.70000000 2.864440202638 Long DBT MUN US N 2 2049-08-01 Fixed 2.75000000 N N N N N N Commonwealth of Massachusetts 5493001N1YCXNI1O7K10 MASSACHUSETTS ST 57582RT71 360000.00000000 PA USD 365593.43000000 1.963953234959 Long DBT MUN US N 2 2024-11-01 Fixed 5.00000000 N N N N N N University of North Carolina at Chapel Hill N/A UNIV OF NORTH CAROLINA AT CHAPEL HILL NC HOSP REVENUE 914714CY4 265000.00000000 PA USD 315274.82000000 1.693643681289 Long DBT MUN US N 2 2045-02-01 Fixed 5.00000000 N N N N N N San Francisco City & County Airport Comm-San Francisco International Airport 54930055TIDYHNDP4F84 SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV 79766DRS0 370000.00000000 PA USD 399051.03000000 2.143686119530 Long DBT MUN US N 2 2034-05-01 Fixed 5.00000000 N N N N N N Regents of the University of California Medical Center Pooled Revenue N/A UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE 913366KT6 250000.00000000 PA USD 248576.03000000 1.335340457983 Long DBT MUN US N 2 2053-05-15 Fixed 4.00000000 N N N N N N Pennsylvania Turnpike Commission 549300J8LLBYEYEXZJ24 PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE 709225DY9 250000.00000000 PA USD 247068.93000000 1.327244377262 Long DBT MUN US N 2 2046-12-01 Fixed 4.00000000 N N N N N N New York City Transitional Finance Authority Future Tax Secured Revenue N/A NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE 64971WNM8 300000.00000000 PA USD 301198.44000000 1.618025932804 Long DBT MUN US N 2 2042-08-01 Fixed 5.00000000 N N N N N N Port of Seattle WA 549300T9UCDUJ3GZL429 PORT OF SEATTLE WA REVENUE 735389J66 250000.00000000 PA USD 251920.85000000 1.353308696798 Long DBT MUN US N 2 2024-09-01 Fixed 5.00000000 N N N N N N Port Authority of New York & New Jersey 54930006MR4KZ4W74Z83 PORT AUTH OF NEW YORK & NEW JERSEY NY 73358WQ80 500000.00000000 PA USD 514379.75000000 2.763227375312 Long DBT MUN US N 2 2042-11-15 Fixed 5.00000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH SALES TAX REVENUE 64990AGL3 275000.00000000 PA USD 288281.40000000 1.548636112275 Long DBT MUN US N 2 2038-03-15 Fixed 5.00000000 N N N N N N University of California N/A UNIV OF CALIFORNIA CA REVENUES 91412HJF1 280000.00000000 PA USD 281184.23000000 1.510510399840 Long DBT MUN US N 2 2046-05-15 Fixed 4.00000000 N N N N N N Las Vegas Valley Water District N/A LAS VEGAS VLY NV WTR DIST 517845NK5 250000.00000000 PA USD 248378.63000000 1.334280033105 Long DBT MUN US N 2 2046-06-01 Fixed 4.00000000 N N N N N N King County School District No 414 Lake Washington N/A KING CNTY WA SCH DIST #414 LAKE WASHINGTON 495260E72 250000.00000000 PA USD 256105.20000000 1.375786857083 Long DBT MUN US N 2 2030-12-01 Fixed 4.00000000 N N N N N N State of Connecticut 5493007GRO6CU0IKP741 CONNECTICUT ST 20772KBD0 250000.00000000 PA USD 258612.08000000 1.389253715844 Long DBT MUN US N 2 2036-04-15 Fixed 4.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DKC1 500000.00000000 PA USD 556383.00000000 2.988867148752 Long DBT MUN US N 2 2029-10-01 Fixed 5.00000000 N N N N N N Nassau County Interim Finance Authority 549300DP7LB76W78BR41 NASSAU CNTY NY INTERIM FIN AUTH 631663PP0 250000.00000000 PA USD 254062.10000000 1.364811405871 Long DBT MUN US N 2 2024-11-15 Fixed 5.00000000 N N N N N N State of Connecticut Special Tax Revenue N/A CONNECTICUT ST SPL TAX OBLIG REVENUE 207758UA9 250000.00000000 PA USD 257421.63000000 1.382858666216 Long DBT MUN US N 2 2028-08-01 Fixed 5.00000000 N N N N N N Wisconsin Health & Educational Facilities Authority 549300ISNGXS0VHGVD41 WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE 97710B7W6 250000.00000000 PA USD 250041.00000000 1.343210218035 Long DBT MUN US N 2 2038-08-15 Fixed 4.00000000 N N N N N N Metropolitan Transportation Authority 5493000TKYODLXADQD60 MET TRANSPRTN AUTH NY REVENUE 59261AT56 325000.00000000 PA USD 325001.69000000 1.745896036597 Long DBT MUN US N 2 2042-11-15 Fixed 4.25000000 N N N N N N City of Seattle WA Municipal Light & Power Revenue N/A SEATTLE WA MUNI LIGHT & PWR REVENUE 812643WT7 250000.00000000 PA USD 246571.83000000 1.324573976010 Long DBT MUN US N 2 2051-07-01 Fixed 4.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DA32 250000.00000000 PA USD 276961.75000000 1.487827406725 Long DBT MUN US N 2 2046-12-01 Fixed 5.00000000 N N N N N N New York State Urban Development Corp 54930039Y2EMGXN6LM88 NEW YORK ST URBAN DEV CORP REVENUE 650036AM8 250000.00000000 PA USD 274623.05000000 1.475264004175 Long DBT MUN US N 2 2042-03-15 Fixed 5.00000000 N N N N N N University of California N/A UNIV OF CALIFORNIA CA REVENUES 91412HET6 250000.00000000 PA USD 270260.23000000 1.451827110212 Long DBT MUN US N 2 2049-05-15 Fixed 5.00000000 N N N N N N Triborough Bridge & Tunnel Authority 54930020ZN4LQF7K3456 TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX 89602HBE6 250000.00000000 PA USD 249917.58000000 1.342547210748 Long DBT MUN US N 2 2046-05-15 Fixed 4.00000000 N N N N N N State of Colorado N/A COLORADO ST COPS 196711UD5 250000.00000000 PA USD 256231.38000000 1.376464690979 Long DBT MUN US N 2 2040-12-15 Fixed 4.00000000 N N N N N N Golden State Tobacco Securitization Corp N/A GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT 38122NA28 250000.00000000 PA USD 257286.70000000 1.382133827670 Long DBT MUN US N 2 2040-06-01 Fixed 5.00000000 N N N N N N King County Public Hospital District No 1 N/A KING CNTY WA PUBLIC HOSP DIST #1 494782KH7 250000.00000000 PA USD 259638.13000000 1.394765615269 Long DBT MUN US N 2 2032-12-01 Fixed 5.00000000 N N N N N N State of Washington 549300X3TODFMUKLQ364 WASHINGTON ST 93974DDH8 250000.00000000 PA USD 250169.48000000 1.343900407439 Long DBT MUN US N 2 2025-02-01 Fixed 5.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DF45 370000.00000000 PA USD 404417.99000000 2.172517213278 Long DBT MUN US N 2 2033-10-01 Fixed 4.00000000 N N N N N N Long Island Power Authority 1R46U5SYJ63KQXF39168 LONG ISLAND NY PWR AUTH ELEC SYS REVENUE 5426908M7 500000.00000000 PA USD 516335.90000000 2.773735734613 Long DBT MUN US N 2 2046-09-01 Fixed 5.00000000 N N N N N N County of Franklin OH 549300VCBUC1RZE7KL42 FRANKLIN CNTY OH HOSP FACS REVENUE 353187CS4 250000.00000000 PA USD 249242.90000000 1.338922856862 Long DBT MUN US N 2 2045-05-15 Fixed 4.13000000 N N N N N N Wisconsin Department of Transportation N/A WISCONSIN ST TRANSPRTN REVENUE 977123Q68 265000.00000000 PA USD 284492.13000000 1.528280305896 Long DBT MUN US N 2 2028-07-01 Fixed 5.00000000 N N N N N N State of Connecticut Special Tax Revenue N/A CONNECTICUT ST SPL TAX OBLIG REVENUE 207758YA5 250000.00000000 PA USD 264781.83000000 1.422397365256 Long DBT MUN US N 2 2026-10-01 Fixed 5.00000000 N N N N N N Metropolitan Transportation Authority 5493000TKYODLXADQD60 MET TRANSPRTN AUTH NY REVENUE 59259YNC9 240000.00000000 PA USD 240018.12000000 1.289367708886 Long DBT MUN US N 2 2039-11-15 Fixed 4.25000000 N N N N N N Michigan Finance Authority 54930022O46HOX5J1D14 MICHIGAN ST FIN AUTH REVENUE 59447TXH1 250000.00000000 PA USD 241510.28000000 1.297383532527 Long DBT MUN US N 2 2049-12-01 Fixed 4.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063CST8 410000.00000000 PA USD 418954.36000000 2.250606009584 Long DBT MUN US N 2 2027-08-01 Fixed 5.00000000 N N N N N N County of Franklin OH 549300VCBUC1RZE7KL42 FRANKLIN CNTY OH HOSP FACS REVENUE 353187EF0 250000.00000000 PA USD 242694.35000000 1.303744309051 Long DBT MUN US N 2 2047-05-15 Fixed 4.00000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE 64990FPQ1 280000.00000000 PA USD 290865.79000000 1.562519351646 Long DBT MUN US N 2 2037-02-15 Fixed 4.00000000 N N N N N N New York City Municipal Water Finance Authority 549300Q2EHQ6RJPQKP05 NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE 64972GHG2 400000.00000000 PA USD 406875.20000000 2.185717246792 Long DBT MUN US N 2 2039-06-15 Fixed 5.00000000 N N N N N N Commonwealth of Pennsylvania N/A PENNSYLVANIA ST 70914PXY3 250000.00000000 PA USD 253622.53000000 1.362450053471 Long DBT MUN US N 2 2029-08-15 Fixed 4.00000000 N N N N N N New York City Municipal Water Finance Authority 549300Q2EHQ6RJPQKP05 NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE 64972GZP2 250000.00000000 PA USD 251335.30000000 1.350163145696 Long DBT MUN US N 2 2045-06-15 Fixed 4.00000000 N N N N N N 2024-03-04 VanEck ETF Trust James Parker James Parker Assistant Treasurer XXXX NPORT-EX 2 NPORT_VSMU_28526102_0124.htm

VANECK

HIP

SUSTAINABLE

MUNI

ETF

SCHEDULE

OF

INVESTMENTS

January

31,

2024

(unaudited)

1

Par

(000's)

Value

MUNICIPAL

BONDS:

96.8%

Arizona

:

1.9%

Arizona

Industrial

Development

Authority,

Educational

Facility,

KIPP

NYC

Public

Charter

Schools

-

Macombs

Facility

Project,

Series

A

(RB)

4.00%,

07/01/51 (c)

$

400

$

352,303

Underline

California

:

31.1%

California

Health

Facilities

Financing

Authority,

Adventist

Health

System,

Series

A

(RB)

3.00%,

03/01/39 (c)

275

236,511

California

Health

Facilities

Financing

Authority,

Sutter

Health,

Series

A

(RB)

4.00%,

11/15/42 (c)

300

300,296

City

of

Los

Angeles

Department

of

Airports,

Series

A

(RB)

5.00%,

05/15/51 (c)

475

499,975

El

Dorado

Irrigation

District,

Series

C

(RB)

4.00%,

03/01/34 (c)

250

255,913

Golden

State

Tobacco

Securitization

Corp.,

Enhanced

Tobacco

Settlement,

Series

A

(RB)

5.00%,

06/01/40 (c)

250

257,287

Los

Angeles

Unified

School

District,

Series

A

(GO)

5.00%,

07/01/28 (c)

250

258,798

Regents

of

University

of

California,

Medical

Center

Pooled,

Series

P

(RB)

4.00%,

05/15/53 (c)

250

248,576

San

Francisco

City

&

County,

International

Airport,

Series

E

(RB)

5.00%,

05/01/34 (c)

370

399,051

State

of

California,

Various

Purpose

(GO)

4.00%,

10/01/33 (c)

370

404,418

5.00%,

10/01/29 (c)

500

556,383

5.00%,

08/01/27 (c)

410

418,955

5.00%,

04/01/27

250

268,610

5.00%,

08/01/27

300

324,815

State

of

California,

Various

Purpose

(GO)

(SAW)

5.00%,

12/01/46 (c)

250

276,962

University

of

California,

Series

BB

(RB)

5.00%,

05/15/49 (c)

250

270,260

University

of

California,

Series

BH

(RB)

4.00%,

05/15/46 (c)

280

281,184

Val

Verde

Unified

School

District,

Series

A

(GO)

(BAM)

2.75%,

08/01/49 (c)

720

533,221

5,791,215

Par

(000’s)

Value

Colorado

:

1.4%

State

of

Colorado,

Series

A

(CP)

4.00%,

12/15/40 (c)

$

250

$

256,231

Underline

Connecticut

:

4.2%

State

of

Connecticut,

Series

A

(GO)

4.00%,

04/15/36 (c)

250

258,612

State

of

Connecticut,

Special

Tax

Obligation,

Series

A

(RB)

5.00%,

08/01/28 (c)

250

257,422

State

of

Connecticut,

Special

Tax

Obligation,

Series

B

(RB)

5.00%,

10/01/26

250

264,782

780,816

Hawaii

:

2.8%

City

and

County

of

Honolulu,

Wastewater

System,

Series

A

(RB)

4.00%,

07/01/33 (c)

510

521,339

Underline

Massachusetts

:

3.3%

Commonwealth

of

Massachusetts

Federal

Highway

Grant

Anticipation

Notes,

Series

A

(RB)

5.00%,

06/15/27 (c)

250

251,788

Commonwealth

of

Massachusetts,

Series

B

(GO)

5.00%,

11/01/24

360

365,594

617,382

Michigan

:

1.3%

Michigan

Finance

Authority,

Trinity

Health

Credit

Group,

Series

A

(RB)

4.00%,

12/01/49 (c)

250

241,510

Underline

Nevada

:

1.3%

Las

Vegas

Valley

Water

District,

Series

A

(GO)

4.00%,

06/01/46 (c)

250

248,379

Underline

New

York

:

28.1%

City

of

New

York,

Series

B-1

(GO)

5.00%,

10/01/37 (c)

250

266,266

Long

Island

Power

Authority,

Electric

System,

Series

B

(RB)

5.00%,

09/01/46 (c)

500

516,336

Long

Island

Power

Authority,

Electric

System,

Series

C

(RB)

5.25%,

09/01/29

255

287,735

Metropolitan

Transportation

Authority

(RB)

4.25%,

11/15/42 (c)

325

325,002

Metropolitan

Transportation

Authority,

Series

B

(RB)

4.25%,

11/15/39 (c)

240

240,018

Nassau

County

Interim

Finance

Authority,

Public

Benefit

Corp.,

Series

A

(RB)

5.00%,

11/15/24

250

254,062

VANECK

HIP

SUSTAINABLE

MUNI

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

Par

(000’s)

Value

New

York

(continued)

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System,

Series

GG

(RB)

5.00%,

06/15/39 (c)

$

400

$

406,875

New

York

City

Municipal

Water

Finance

Authority,

Water

and

Sewer

System,

Series

BB

(RB)

4.00%,

06/15/45 (c)

250

251,335

New

York

City

Transitional

Finance

Authority

Future

Tax,

Series

B-1

(RB)

5.00%,

08/01/42 (c)

300

301,199

New

York

City

Transitional

Finance

Authority

Future

Tax,

Series

E-1

(RB)

5.00%,

02/01/41 (c)

250

253,196

New

York

State

Dormitory

Authority

(RB)

(BAM)

4.00%,

02/15/37 (c)

280

290,866

New

York

State

Dormitory

Authority,

New

School,

Series

A

(RB)

5.00%,

07/01/27 (c)

250

262,012

New

York

State

Dormitory

Authority,

Personal

Income

Tax,

Series

A

(RB)

5.00%,

03/15/29 (c)

250

255,009

New

York

State

Dormitory

Authority,

State

Sales

Tax,

Series

A

(RB)

5.00%,

03/15/38 (c)

275

288,281

New

York

State

Urban

Development

Corp.,

Personal

Income

Tax,

Series

A

(RB)

5.00%,

03/15/42 (c)

250

274,623

Port

Authority

of

New

York

&

New

Jersey

(RB)

5.00%,

11/15/42 (c)

500

514,380

Triborough

Bridge

&

Tunnel

Authority,

Payroll

Mobility

Tax,

Series

C

(RB)

4.00%,

05/15/46 (c)

250

249,918

5,237,113

North

Carolina

:

1.7%

University

of

North

Carolina,

Hospitals

at

Chapel

Hill

(RB)

5.00%,

02/01/45

265

315,275

Underline

Ohio

:

2.6%

County

of

Franklin

OH

(RB)

4.12%,

05/15/45 (c)

250

249,243

County

of

Franklin,

Hospital

Facilities,

Series

A

(RB)

(XLCA)

4.00%,

05/15/47 (c)

250

242,694

491,937

Par

(000’s)

Value

Oregon

:

1.4%

Oregon

State,

Department

of

Administrative

Services,

State

Lottery,

Series

D

(RB)

5.00%,

04/01/29 (c)

$

250

$

255,473

Underline

Pennsylvania

:

4.6%

Commonwealth

of

Pennsylvania,

2nd

Series

(GO)

(AGM)

4.00%,

08/15/29 (c)

250

253,622

Pennsylvania

Turnpike

Commission,

Series

B

(RB)

4.00%,

12/01/46 (c)

250

247,069

5.00%,

12/01/51 (c)

330

354,204

854,895

South

Dakota

:

1.4%

South

Dakota

Housing

Development

Authority,

Series

A

(RB)

4.55%,

05/01/48 (c)

250

252,416

Underline

Washington

:

6.8%

City

of

Seattle,

City

Light

Department,

Series

A

(RB)

4.00%,

07/01/51 (c)

250

246,572

King

County,

Washington

Public

Hospital

District

No.

1

(GO)

5.00%,

12/01/32 (c)

250

259,638

King

County,

Washington

School

District

No.

414

(GO)

(SBG)

4.00%,

12/01/30 (c)

250

256,105

Port

of

Seattle,

First

Lien

(RB)

5.00%,

09/01/24

250

251,921

State

of

Washington,

Various

Purpose,

Series

D

(GO)

5.00%,

02/01/25 (c)

250

250,170

1,264,406

Wisconsin

:

2.9%

State

of

Wisconsin,

Department

of

Transportation

(RB)

5.00%,

07/01/28 (c)

265

284,492

Wisconsin

Health

&

Educational

Facilities

Authority,

Aspipus

,

Inc.

(RB)

4.00%,

08/15/38 (c)

250

250,041

534,533

Total

Municipal

Bonds:

96.8%

(Cost:

$18,816,231)

18,015,223

Other

assets

less

liabilities:

3.2%

601,508

NET

ASSETS:

100.0%

$

18,616,731

3

FootnoteRuleAboveBlank

Footnotes:

Definitions:

AGM

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Assurance

Co.

CP

Certificate

of

Participation

GO

General

Obligation

RB

Revenue

Bond

SAW

State

Aid

Withholding

SBG

School

Board

Guaranteed

XLCA

Syncora

Guarantee,

Inc.

(c)

Callable

Security

—

the

redemption

date

shown

is

when

the

security

may

be

redeemed

by

the

issuer

Summary

of

Investments

by

Sector

%

of

Investments

Value

State

GO

18.8

%

$

3,378,140

Tax

16.5

2,973,849

Hospitals

11.6

2,084,147

Local

GO

10.1

1,822,407

Transportation

7.4

1,331,320

Water

&

Sewer

6.6

1,179,549

Education

6.5

1,165,760

Power

5.8

1,050,643

Airport

5.0

899,026

Toll

&

Turnpike

3.3

601,273

Leasing

COPS

&

Appropriations

2.8

508,020

Refunded

1.4

257,287

Utilities

-

Other

1.4

255,913

Miscellaneous

1.4

255,473

Single

Family

Housing

1.4

252,416

100.0

%

$

18,015,223