| Macquarie Tax-Free California Fund | May 31, 2025 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 98.26% | |||
| Education Revenue Bonds — 20.87% | |||
| California Community College Financing Authority Student Housing Revenue | |||
| (Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 1,500,000 | $ 1,240,440 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series V-1 5.00% 5/1/49 | 5,995,000 | 6,453,798 | |
| Series V-2 2.25% 4/1/51 | 1,130,000 | 700,498 | |
| Series V-2 5.00% 4/1/51 | 500,000 | 538,255 | |
| California Enterprise Development Authority Revenue | |||
| (Curtis School Foundation Project) | |||
| 4.00% 6/1/49 | 1,000,000 | 876,750 | |
| 4.00% 6/1/53 | 1,000,000 | 862,270 | |
| (Heights Christian Schools Project) Series A 144A 6.375% 6/1/63 # | 1,395,000 | 1,303,362 | |
| (Real Journey Academies – Obligated Group) Series A 144A 5.00% 6/1/64 # | 1,000,000 | 894,690 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| 144A 5.25% 7/1/64 # | 1,000,000 | 903,450 | |
| (UCSF Clinical and Life Science) 5.25% 5/15/59 | 2,000,000 | 2,082,800 | |
| California Municipal Finance Authority Revenue | |||
| (Ascent 613 Project) Series A 144A 5.50% 1/1/60 # | 1,000,000 | 940,750 | |
| (Bella Mente Montessori Academy Project) Series A 144A 5.00% 6/1/48 # | 500,000 | 467,520 | |
| (Biola University) 5.00% 10/1/39 | 1,000,000 | 1,007,860 | |
| (California Baptist University) | |||
| Series A 144A 5.00% 11/1/46 # | 500,000 | 464,275 | |
| Series A 144A 5.375% 11/1/40 # | 1,000,000 | 1,000,080 | |
| Series A 144A 5.375% 11/1/45 # | 775,000 | 779,913 | |
| Series A 144A 5.625% 11/1/54 # | 500,000 | 502,805 | |
| (CHF - Davis I, LLC - West Village Student Housing Project) | |||
| 4.00% 5/15/48 (BAM) | 300,000 | 264,876 | |
| 5.00% 5/15/48 | 1,000,000 | 970,590 | |
| (Emerson College) Series B 5.00% 1/1/33 | 1,040,000 | 1,065,282 | |
| (Julian Charter School Project) Series A 144A 5.625% 3/1/45 # | 850,000 | 762,510 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Palmdale Aerospace Academy Project) | |||
| Series A 144A 5.00% 7/1/46 # | 670,000 | $ 603,496 | |
| Series A 144A 5.00% 7/1/49 # | 300,000 | 269,142 | |
| (Southwestern Law School) 4.00% 11/1/41 | 575,000 | 502,217 | |
| (The Creative Center of Los Altos Project - Pinewood School and Oakwood School) Series B 144A 4.50% 11/1/46 # | 500,000 | 436,645 | |
| (Westside Neighborhood School Project) 144A 6.20% 6/15/54 # | 1,650,000 | 1,715,191 | |
| California School Finance Authority Revenue | |||
| Series A 144A 6.00% 6/1/63 # | 500,000 | 480,990 | |
| (Aspire Public Schools-Obligated Group) | |||
| 144A 5.00% 8/1/41 # | 225,000 | 215,089 | |
| Series A 144A 5.00% 8/1/45 # | 715,000 | 663,928 | |
| (Camino Nuevo Charter Academy - Obligated Group) Series A 144A 5.25% 6/1/53 # | 1,000,000 | 952,110 | |
| (Classical Academies Project) Series A 144A 5.00% 10/1/50 # | 250,000 | 231,720 | |
| (Encore Education Obligated Group) Series A 144A 5.00% 6/1/42 # | 500,000 | 490,000 | |
| (Envision Education - Obligated Group) Series A 144A 5.00% 6/1/64 # | 1,000,000 | 860,100 | |
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | 345,000 | 346,746 | |
| (Fortune School of Education Obligated Group) Series A 144A 5.125% 6/1/64 # | 1,500,000 | 1,337,175 | |
| (Granada Hills Charter Obligated Group) 144A 5.00% 7/1/49 # | 1,250,000 | 1,211,625 | |
| (Green Dot Public Schools California Projects) | |||
| Series A 144A 5.00% 8/1/35 # | 1,000,000 | 1,000,650 | |
| Series A 144A 5.00% 8/1/48 # | 1,050,000 | 1,008,031 | |
| (Grimmway Schools - Obligated Group) | |||
| Series A 144A 5.00% 7/1/36 # | 500,000 | 500,890 | |
| Series A 144A 5.25% 7/1/51 # | 840,000 | 809,138 | |
| (Harbor Springs Obligated Group) Series A 144A 5.625% 7/1/63 # | 700,000 | 702,877 | |
| (Hawking Steam Charter School Project) Series A 144A 5.50% 7/1/62 # | 775,000 | 757,764 | |
| (ICEF - View Park Elementary & Middle Schools) Series A 5.625% 10/1/34 | 575,000 | 574,966 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California School Finance Authority Revenue | |||
| (Integrity Charter School Project) 144A 5.60% 7/1/64 # | 1,000,000 | $ 919,800 | |
| (John Adams Academies - Obligated Group) Series A 144A 5.00% 7/1/52 # | 1,000,000 | 896,390 | |
| (Mangolia Public Schools-Obligated Group) Series A 144A 5.00% 7/1/55 # | 2,700,000 | 2,538,837 | |
| (Partnerships To Uplift Communities Project) | |||
| 144A 5.25% 8/1/38 # | 500,000 | 506,150 | |
| 144A 5.50% 8/1/47 # | 525,000 | 530,434 | |
| (Stem Preparatory Schools - Obligated Group) | |||
| Series A 144A 5.00% 6/1/43 # | 280,000 | 272,434 | |
| Series A 144A 5.125% 6/1/53 # | 500,000 | 476,770 | |
| Series A 144A 5.375% 5/1/63 # | 1,000,000 | 968,770 | |
| (Sycamore Creek Community Charter School Project) Series A 144A 6.75% 6/1/64 # | 500,000 | 476,125 | |
| California State University Systemwide Revenue | |||
| Series A 3.00% 11/1/52 | 6,650,000 | 4,603,529 | |
| Regents of the University of California General Revenue | |||
| Series BK 5.00% 5/15/52 | 2,000,000 | 2,048,440 | |
| Series BS 5.00% 5/15/44 | 2,000,000 | 2,100,000 | |
| Series CC 5.00% 5/15/47 | 3,660,000 | 3,812,439 | |
| Regents of the University of California Limited Project Revenue | |||
| Series Q 3.00% 5/15/51 | 1,000,000 | 713,620 | |
| 60,617,002 | |||
| Electric Revenue Bonds — 5.27% | |||
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) Series A 5.00% 10/1/41 | 970,000 | 994,522 | |
| Los Angeles, California Department of Water & Power Revenue | |||
| Series A 5.00% 7/1/50 | 3,500,000 | 3,494,925 | |
| (Power System) | |||
| Series C 5.00% 7/1/42 | 2,665,000 | 2,739,273 | |
| Series C 5.00% 7/1/44 | 2,300,000 | 2,339,997 | |
| Series D 5.00% 7/1/26 | 2,000,000 | 2,029,320 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 350,000 | 192,062 | |
| Series A 5.05% 7/1/42 ‡ | 70,000 | 38,413 | |
| Series A 6.75% 7/1/36 ‡ | 185,000 | 101,519 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series AAA 5.25% 7/1/25 ‡ | 40,000 | $ 21,950 | |
| Series CCC 5.25% 7/1/27 ‡ | 325,000 | 178,344 | |
| Series TT 5.00% 7/1/32 ‡ | 340,000 | 186,575 | |
| Series TT 5.00% 7/1/37 ‡ | 1,165,000 | 639,294 | |
| Series WW 5.00% 7/1/28 ‡ | 470,000 | 257,912 | |
| Series WW 5.25% 7/1/33 ‡ | 335,000 | 183,831 | |
| Series WW 5.50% 7/1/38 ‡ | 730,000 | 400,587 | |
| Series XX 4.75% 7/1/26 ‡ | 45,000 | 24,694 | |
| Series XX 5.25% 7/1/40 ‡ | 230,000 | 126,212 | |
| Series XX 5.75% 7/1/36 ‡ | 150,000 | 82,313 | |
| Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 19,206 | |
| Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 30,044 | |
| Southern California Public Power Authority Revenue | |||
| (Southern Transmission System Renewal Project) 5.00% 7/1/53 | 1,250,000 | 1,240,550 | |
| 15,321,543 | |||
| Healthcare Revenue Bonds — 13.95% | |||
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Health System) | |||
| Series A 3.00% 8/15/51 | 2,900,000 | 2,029,304 | |
| Series A 3.00% 8/15/51 (BAM) | 1,910,000 | 1,358,354 | |
| (Children's Hospital Los Angeles) Series A 5.00% 8/15/47 | 500,000 | 480,745 | |
| (CommonSpirit Health) | |||
| Series A 4.00% 4/1/45 | 1,280,000 | 1,156,365 | |
| Series A 4.00% 4/1/49 | 3,425,000 | 2,920,634 | |
| Series A 5.00% 12/1/54 | 2,500,000 | 2,506,675 | |
| (Episcopal Communities & Services) | |||
| Series B 5.25% 11/15/53 | 1,400,000 | 1,389,654 | |
| Series B 5.25% 11/15/58 | 1,000,000 | 983,950 | |
| (Kaiser Permanente) | |||
| Subordinate Series A-2 4.00% 11/1/44 | 2,000,000 | 1,791,300 | |
| Subseries A-2 5.00% 11/1/47 | 2,500,000 | 2,665,550 | |
| (Lucile Salter Packard Children's Hospital At Stanford) Series A 4.00% 5/15/51 | 2,000,000 | 1,725,280 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Adventist Health Energy Projects) | |||
| Series A 5.25% 7/1/49 | 2,350,000 | 2,354,066 | |
| Series A 5.25% 7/1/54 | 1,500,000 | 1,484,010 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Community Medical Centers) Series A 5.00% 2/1/47 | 950,000 | $ 937,850 | |
| (Eisenhower Medical Center) | |||
| Series B 5.00% 7/1/37 | 250,000 | 249,685 | |
| Series B 5.00% 7/1/42 | 250,000 | 245,693 | |
| (Goodwill Industry of Sacramento Valley & Northern Nevada Project) 5.00% 1/1/35 | 635,000 | 540,683 | |
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | 460,060 | |
| (Palomar Health Certificates) Series A 5.25% 11/1/52 (AG) | 500,000 | 504,595 | |
| California Municipal Finance Authority Senior Living Revenue | |||
| (Mt. San Antonio Gardens Project) | |||
| Series A 4.00% 11/15/52 | 750,000 | 563,655 | |
| Series A 4.00% 11/15/56 | 1,075,000 | 787,599 | |
| California Public Finance Authority Senior Living Revenue | |||
| (Enso Village Project - Green Bonds) | |||
| Series A 144A 5.00% 11/15/46 # | 1,000,000 | 907,410 | |
| Series A 144A 5.00% 11/15/51 # | 500,000 | 436,375 | |
| Series A 144A 5.00% 11/15/56 # | 640,000 | 549,651 | |
| California Statewide Communities Development Authority Revenue | |||
| (Adventist Health System/West) Series A 4.00% 3/1/48 | 1,000,000 | 828,700 | |
| (Emanate Health) Series A 4.00% 4/1/45 | 500,000 | 441,710 | |
| (Enloe Medical Center) Series A 5.25% 8/15/52 (AG) | 4,000,000 | 4,059,840 | |
| (Front Porch Communities and Services) 4.00% 4/1/51 | 1,000,000 | 821,110 | |
| (John Muir Health) Series A 5.25% 12/1/54 | 3,195,000 | 3,273,533 | |
| (Marin General Hospital - Green Bonds) Series A 4.00% 8/1/45 | 500,000 | 418,690 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (Hospital Auxilio Mutuo Obligated Group Project) | |||
| 5.00% 7/1/30 | 445,000 | 464,433 | |
| 5.00% 7/1/32 | 900,000 | 940,185 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Washington Township, California Health Care District Revenue | |||
| Series A 3.75% 7/1/31 | 255,000 | $ 247,541 | |
| 40,524,885 | |||
| Housing Revenue Bonds — 3.18% | |||
| California CSCDA Community Improvement Authority Essential Housing Revenue | |||
| (Jefferson - Anaheim) Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,074,240 | |
| (Parallel - Anaheim) Series A 144A 4.00% 8/1/56 # | 300,000 | 252,717 | |
| (Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 3,510,000 | 2,282,588 | |
| California Municipal Finance Authority Revenue | |||
| (Witmer Manor) Series A 4.875% 11/1/43 | 1,000,000 | 1,012,400 | |
| Independent Cities, California Finance Authority Mobile Home Park Revenue | |||
| (Pillar Ridge) | |||
| Series A 5.25% 5/15/44 | 1,000,000 | 1,000,320 | |
| Series A 5.25% 5/15/49 | 850,000 | 850,170 | |
| Los Angeles, California Housing Authority Revenue | |||
| (Union Portfolio Project) Series A 3.25% 6/1/35 | 250,000 | 233,198 | |
| National Finance Authority Revenue | |||
| (Social Certificates) Series 4 3.811% 7/20/39 • | 1,992,660 | 1,812,484 | |
| Santa Clara County, California Multifamily Housing Authority Revenue | |||
| (RiverTown Apartments Project) Series A 5.85% 8/1/31 (AMT) | 715,000 | 716,194 | |
| 9,234,311 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 14.14% | |||
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| 5.00% 5/1/54 • | 2,500,000 | 2,624,800 | |
| Series A-1 5.00% 12/1/53 • | 1,500,000 | 1,552,875 | |
| Series C 5.25% 1/1/54 • | 3,000,000 | 3,107,130 | |
| Series D 5.50% 5/1/54 • | 2,000,000 | 2,098,980 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| Series G 5.00% 11/1/55 • | 2,000,000 | $ 2,057,640 | |
| (Green Bonds) | |||
| Series E 5.00% 2/1/55 • | 2,500,000 | 2,626,325 | |
| Series F 5.00% 2/1/55 • | 3,500,000 | 3,705,590 | |
| California County Tobacco Securitization Agency Settlement Revenue | |||
| (Capital Appreciation - Stanislaus County Tobacco Funding Corporation) Series D 9.019% 6/1/55 ^ | 1,000,000 | 75,860 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline West Passenger Rail Project) Series A 144A 9.50% 1/1/65 (AMT) #, • | 3,500,000 | 3,392,445 | |
| California M-S-R Energy Authority Revenue | |||
| Series C 6.50% 11/1/39 | 1,905,000 | 2,248,700 | |
| Series C 7.00% 11/1/34 | 300,000 | 353,388 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) 144A 8.00% 7/1/39 (AMT) #, ‡ | 300,000 | 3 | |
| (Poseidon Resources (ChannelSide) LP Desalination Project) 144A 5.00% 11/21/45 (AMT) # | 940,000 | 890,283 | |
| (Waste Management Project) Series A1 3.375% 7/1/25 (AMT) | 1,000,000 | 999,350 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 47,000,000 | 2,820,940 | |
| Golden State, California Tobacco Securitization Settlement Revenue | |||
| (Capital Appreciation) Subordinate Series B-2 5.267% 6/1/66 ^ | 14,175,000 | 1,526,648 | |
| (Tobacco Settlement Asset-Backed) Series A-1 5.00% 6/1/51 | 3,500,000 | 3,425,205 | |
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 8.596% 6/1/57 #, ^ | 8,500,000 | 524,025 | |
| Series F 144A 9.491% 6/1/57 #, ^ | 29,440,000 | 1,557,376 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Long Beach, California Bond Finance Authority Natural Gas Purchase Revenue | |||
| Series A 5.50% 11/15/37 | 165,000 | $ 181,246 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series B 6.50% 11/1/39 | 750,000 | 885,315 | |
| Southern California Public Power Authority Revenue | |||
| (Natural Gas Project) Series A 5.00% 11/1/33 | 295,000 | 309,316 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation - Second Subordinate Lien) Series C 7.028% 6/1/46 ^ | 16,770,000 | 3,230,070 | |
| (Capital Appreciation - Third Subordinate Lien) Series D 7.487% 6/1/46 ^ | 5,270,000 | 881,513 | |
| 41,075,023 | |||
| Lease Revenue Bonds — 5.03% | |||
| California Enterprise Development Authority Revenue | |||
| (Mead Valley Wellness Village Project) Series A 5.50% 11/1/59 | 2,500,000 | 2,701,300 | |
| California State Public Works Board Revenue | |||
| Series E 3.00% 10/1/36 (AG) | 1,525,000 | 1,361,749 | |
| (Green Bonds) Series D 4.00% 5/1/47 | 1,000,000 | 905,990 | |
| (May Lee State Office Complex) Series A 5.00% 4/1/49 | 3,500,000 | 3,609,340 | |
| (Various Capital Projects) | |||
| Series B 4.00% 5/1/39 | 1,555,000 | 1,516,964 | |
| Series B 4.00% 5/1/46 | 1,000,000 | 913,150 | |
| Garden Grove, California Public Financing Authority Revenue | |||
| Series A 4.00% 4/1/54 (BAM) | 1,500,000 | 1,313,940 | |
| Irvine, California Facilities Financing Authority Revenue | |||
| (Gateway Preserve Land Acquisition Project) 4.25% 5/1/53 | 2,500,000 | 2,289,525 | |
| 14,611,958 | |||
| Local General Obligation Bonds — 2.63% | |||
| Alameda, California Oakland Unified School District | |||
| Series A 5.25% 8/1/48 (AG) | 1,500,000 | 1,576,560 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Anaheim City, California School District Capital Appreciation Election of 2002 | |||
| 4.58% 8/1/25 (NATL) ^ | 1,000,000 | $ 994,550 | |
| Bass Lake, California Joint Union Elementary School District Election of 2006 | |||
| 4.40% 8/1/45 (AG) ^ | 2,025,000 | 773,206 | |
| Long Beach, California Community College District | |||
| Series D 3.00% 8/1/38 | 1,250,000 | 1,059,887 | |
| Palomar Health, California | |||
| Series B 4.00% 8/1/37 | 1,000,000 | 858,870 | |
| San Diego County, California Certificates of Participation Revenue | |||
| (County Public Health Laboratory and Capital Improvements) 5.00% 10/1/53 | 1,000,000 | 1,031,520 | |
| San Diego County, California Unified School District | |||
| (Dedicated Unlimited Ad Valorem Property Tax Bonds) Series G-3 4.00% 7/1/53 | 1,500,000 | 1,341,375 | |
| 7,635,968 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 0.86% | |||
| California Health Facilities Financing Authority Revenue | |||
| (CommonSpirit Health) Series A 4.00% 4/1/49-30 § | 55,000 | 57,871 | |
| California School Finance Authority Revenue | |||
| (Aspire Public Schools-Obligated Group) 144A 5.00% 8/1/41-25 #, § | 25,000 | 25,065 | |
| (Escuela Popular Project) 144A 6.50% 7/1/50-27 #, § | 160,000 | 170,770 | |
| Golden State, California Tobacco Securitization Settlement Revenue | |||
| (Enhanced Asset-Backed) Series A 5.00% 6/1/45-25 §, ¤ | 1,000,000 | 1,000,000 | |
| New Haven, California Unified School DistrictElection of 2014 | |||
| Series A 5.00% 8/1/40-25 § | 1,000,000 | 1,003,290 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series A 4.00% 5/1/49-29 (AMT) § | 20,000 | 20,102 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series E 4.00% 5/1/50-29 (AMT) § | 215,000 | $ 216,097 | |
| 2,493,195 | |||
| Special Tax Revenue Bonds — 10.20% | |||
| City of Irvine, California Community Facilities District Revenue | |||
| (Great Park) 4.00% 9/1/58 (BAM) | 750,000 | 665,145 | |
| Commonwealth of Puerto Rico Revenue | |||
| 3.348% 11/1/43 • | 5,378,708 | 3,233,948 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| 7.50% 8/20/40 | 5,687,763 | 5,462,596 | |
| Irvine, California Facilities Financing Authority Revenue | |||
| (Irvine Great Park Infrastructure Project) Series A 4.00% 9/1/58 (BAM) | 1,205,000 | 1,074,245 | |
| Jurupa Valley, California Community Facilities District No. 36 Revenue | |||
| (Eastvale Area) | |||
| Series A 4.125% 9/1/42 | 200,000 | 180,080 | |
| Series A 4.25% 9/1/47 | 300,000 | 265,323 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/32 | 500,000 | 510,495 | |
| Orange County, California Community Facilities District No. 2023-1 Revenue | |||
| (Rienda Phase 2B) Series A 5.50% 8/15/53 | 500,000 | 516,260 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 4,820,000 | 4,414,108 | |
| Series A-1 5.00% 7/1/58 | 3,010,000 | 2,828,046 | |
| Series A-1 5.71% 7/1/46 ^ | 25,979,000 | 8,340,038 | |
| Series A-1 6.008% 7/1/51 ^ | 2,742,000 | 647,304 | |
| Series A-2 4.329% 7/1/40 | 1,595,000 | 1,489,427 | |
| 29,627,015 | |||
| State General Obligation Bonds — 7.72% | |||
| California State | |||
| (Various Purpose) | |||
| 4.125% 3/1/45 | 1,000,000 | 960,750 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| California State | |||
| (Various Purpose) | |||
| 5.00% 9/1/39 | 2,350,000 | $ 2,554,685 | |
| 5.00% 3/1/45 | 1,000,000 | 1,055,620 | |
| 5.25% 8/1/44 | 3,500,000 | 3,776,885 | |
| 5.25% 10/1/50 | 2,500,000 | 2,637,625 | |
| 5.50% 8/1/49 | 2,250,000 | 2,441,003 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/41 | 1,257,743 | 1,078,401 | |
| Series A-1 4.00% 7/1/46 | 3,154,636 | 2,594,625 | |
| State of California | |||
| (Various Purpose) | |||
| 3.00% 3/1/46 | 3,250,000 | 2,499,673 | |
| 4.00% 9/1/42 | 1,750,000 | 1,690,045 | |
| 5.00% 4/1/32 | 1,000,000 | 1,120,700 | |
| 22,410,012 | |||
| Transportation Revenue Bonds — 12.99% | |||
| Burbank-Glendale-Pasadena, California Airport Authority Brick Campaign Revenue | |||
| (Senior) Series B 4.375% 7/1/49 (AMT) | 1,250,000 | 1,133,913 | |
| California Municipal Finance Authority Senior Lien Revenue | |||
| (LINXS APM Project) Series A 4.00% 12/31/47 (AMT) | 1,750,000 | 1,453,147 | |
| City of Los Angeles, California Department of Airports Revenue | |||
| Series A 5.00% 5/15/33 (AMT) | 1,545,000 | 1,632,555 | |
| Series A 5.50% 5/15/55 (AMT) | 3,000,000 | 3,129,930 | |
| Series D 4.00% 5/15/41 (AMT) | 3,000,000 | 2,768,730 | |
| Series D 5.25% 5/15/51 | 2,000,000 | 2,108,400 | |
| Series F 4.00% 5/15/49 (AMT) | 2,200,000 | 1,898,842 | |
| Series H 4.00% 5/15/47 (AMT) | 1,500,000 | 1,305,690 | |
| County of Sacramento, California Airport System Revenue | |||
| 5.25% 7/1/54 | 1,285,000 | 1,334,562 | |
| Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | |||
| Subseries B-1 3.95% 1/15/53 | 1,020,000 | 876,843 | |
| Subseries B-2 3.50% 1/15/53 (AG) | 500,000 | 403,700 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | |||
| (Junior Lien) Series C 4.00% 1/15/43 | 2,275,000 | $ 2,157,837 | |
| (Senior Lien) | |||
| Series A 4.00% 1/15/46 | 1,000,000 | 940,930 | |
| Series A 4.00% 1/15/46 (BAM) | 1,000,000 | 956,570 | |
| Port Authority of Guam Revenue | |||
| (Governmental) Series A 5.00% 7/1/48 | 375,000 | 364,811 | |
| Riverside County, California Transportation Commission Revenue | |||
| (RCTC 91 Express Lanes) Series B-1 3.00% 6/1/49 | 2,735,000 | 1,958,616 | |
| San Diego County, California Redevelopment Agency Revenue | |||
| (Centre City Redevelopment Project) Series A 6.40% 9/1/25 | 165,000 | 165,436 | |
| San Diego County, California Regional Airport Authority Revenue | |||
| Series B 4.00% 7/1/56 (BAM) (AMT) | 690,000 | 571,009 | |
| Series B 5.00% 7/1/37 (AMT) | 1,000,000 | 1,008,730 | |
| (Private Activity) Series B 5.00% 7/1/46 (AMT) | 1,500,000 | 1,490,265 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series A 4.00% 5/1/49 (AMT) | 2,005,000 | 1,715,719 | |
| Series A 5.00% 5/1/42 (AMT) | 2,430,000 | 2,404,582 | |
| Series E 4.00% 5/1/50 (AMT) | 2,285,000 | 1,941,222 | |
| San Francisco City & County, California Airports Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series A 5.25% 5/1/44 (AMT) | 1,500,000 | 1,541,820 | |
| Series A 5.25% 5/1/55 (AMT) | 2,440,000 | 2,469,329 | |
| 37,733,188 | |||
| Water & Sewer Revenue Bonds — 1.42% | |||
| California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds | |||
| (San Diego County Water Authority Desalination Project Pipeline) 144A 5.00% 11/21/45 # | 250,000 | 247,433 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| Guam Government Waterworks Authority Revenue | |||
| Series A 5.00% 7/1/45 | 1,000,000 | $ 970,430 | |
| Series A 5.00% 1/1/46 | 885,000 | 855,476 | |
| San Francisco City & County, California Public Utilities Commission Wastewater Revenue | |||
| Series C 5.00% 10/1/54 | 2,000,000 | 2,052,040 | |
| 4,125,379 | |||
| Total Municipal Bonds (cost $298,968,412) | 285,409,479 | ||
| Short-Term Investments — 0.69% | |||
| Variable Rate Demand Note — 0.69% | |||
| San Francisco, California Bay Area Toll Authority Revenue | |||
| (Variable Rate Bonds) Series I 2.45% 4/1/59 (LOC - TD Bank, N.A.)¤ | 2,000,000 | 2,000,000 | |
| Total Short-Term Investments (cost $2,000,000) | 2,000,000 | ||
| Total Value of Securities—98.95% (cost $300,968,412) | 287,409,479 | ||
| Receivables and Other Assets Net of Liabilities—1.05% | 3,043,330 | ||
| Net Assets Applicable to 27,468,791 Shares Outstanding—100.00% | $290,452,809 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $43,749,193, which represents 15.06% of the Fund’s net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2025. |
| Summary of abbreviations: |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| CSCDA – California Statewide Communities Development Authority |
| ICEF – Inner City Education Foundation |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| NATL – Insured by National Public Finance Guarantee Corporation |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |