| Macquarie Tax-Free Pennsylvania Fund | May 31, 2025 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 96.64% | |||
| Education Revenue Bonds — 13.46% | |||
| Allegheny County, Pennsylvania Higher Education Building Authority Revenue | |||
| (Robert Morris University) 5.00% 10/15/47 | 1,500,000 | $ 1,241,745 | |
| Allentown Commercial and Industrial Development Authority Revenue | |||
| (Executive Education Academy Charter School Project) 144A 5.00% 7/1/59 # | 3,000,000 | 2,696,670 | |
| Bethlehem, Pennsylvania Redevelopment Authority University Revenue | |||
| (Moravian University Project) 5.50% 10/1/54 | 3,000,000 | 3,023,130 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (School Lane Charter School Project) Series A 5.125% 3/15/46 | 2,500,000 | 2,326,000 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Avon Grove Charter School Project) | |||
| Series A 5.00% 12/15/47 | 1,160,000 | 1,074,786 | |
| Series A 5.00% 12/15/51 | 770,000 | 695,156 | |
| (Renaissance Academy Charter School Project) | |||
| 144A 4.50% 10/1/54 # | 645,000 | 548,895 | |
| 144A 4.50% 10/1/64 # | 1,485,000 | 1,219,720 | |
| (Westtown School) Series A 4.00% 1/1/52 | 2,250,000 | 1,942,470 | |
| General Authority of Southcentral Pennsylvania Revenue | |||
| (AICUP Financing Program - York College of Pennsylvania Project) 5.25% 5/1/55 | 1,000,000 | 975,880 | |
| Lehigh County, Pennsylvania General Purpose Authority Revenue | |||
| (Muhlenberg College Project) 5.25% 2/1/49 | 1,350,000 | 1,354,361 | |
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (AICUP Financing Program - Gwynedd Mercy University Project) 5.00% 5/1/42 | 2,500,000 | 2,375,925 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (AICUP Financing Program - Gwynedd Mercy University Project) Series VV1 5.75% 5/1/48 | 1,500,000 | $ 1,508,295 | |
| (Germantown Academy Project) Series A 4.00% 10/1/51 | 1,430,000 | 1,154,468 | |
| (Ursinus College Project) | |||
| 5.00% 11/1/44 | 1,870,000 | 1,787,065 | |
| 5.25% 11/1/54 | 2,000,000 | 1,912,780 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Villanova University Project) 5.00% 8/1/49 | 1,500,000 | 1,534,755 | |
| Pennsylvania Higher Educational Facilities Authority | |||
| Series A 5.00% 2/15/35 | 1,250,000 | 1,419,050 | |
| Series A 5.00% 2/15/55 | 2,500,000 | 2,551,175 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (Ursinus College Project) Series A 5.00% 11/1/32 | 1,130,000 | 1,176,658 | |
| Pennsylvania State University | |||
| 5.25% 9/1/54 | 3,000,000 | 3,117,300 | |
| Series A 5.25% 9/1/52 | 2,000,000 | 2,066,540 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (International Apartments of Temple University) | |||
| Series A 5.375% 6/15/30 ‡ | 1,145,000 | 835,850 | |
| Series A 5.625% 6/15/42 ‡ | 3,000,000 | 2,190,000 | |
| (Saint Joseph's University Project) 5.50% 11/1/60 | 6,000,000 | 6,141,300 | |
| (University of the Sciences) 5.00% 11/1/47 | 2,500,000 | 2,435,300 | |
| Swarthmore Borough, Pennsylvania Authority Revenue | |||
| (Swarthmore College) 5.00% 9/15/47 | 1,950,000 | 2,012,088 | |
| Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | |||
| (Pennsylvania Steam Academy Charter School Project) | |||
| Series A 144A 6.25% 7/1/57 # | 2,500,000 | 2,418,175 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | |||
| (Pennsylvania Steam Academy Charter School Project) | |||
| Series B 144A 6.00% 7/1/29 # | 235,000 | $ 233,089 | |
| 53,968,626 | |||
| Electric Revenue Bonds — 1.54% | |||
| City of Philadelphia, Pennsylvania Gas Works Revenue | |||
| (1998 General Ordinance) Series A 5.25% 8/1/49 | 4,000,000 | 4,114,160 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 1,110,000 | 609,113 | |
| Series A 5.05% 7/1/42 ‡ | 400,000 | 219,500 | |
| Series WW 5.25% 7/1/33 ‡ | 1,055,000 | 578,931 | |
| Series WW 5.50% 7/1/38 ‡ | 1,190,000 | 653,012 | |
| 6,174,716 | |||
| Healthcare Revenue Bonds — 27.70% | |||
| Adams County General Authority Revenue | |||
| (The Brethren Home Community Project) Series A 5.00% 6/1/54 | 2,000,000 | 1,841,720 | |
| Allegheny County, Pennsylvania Hospital Development Authority Revenue | |||
| (Allegheny Health Network Obligated Group Issue) | |||
| Series A 4.00% 4/1/44 | 2,640,000 | 2,288,326 | |
| Series A 5.00% 4/1/47 | 11,060,000 | 10,797,767 | |
| Berks County, Pennsylvania Industrial Development Authority Revenue | |||
| (The Highlands at Wyomissing) | |||
| Series A 5.00% 5/15/37 | 1,365,000 | 1,368,344 | |
| Series A 5.00% 5/15/47 | 600,000 | 553,044 | |
| Series C 5.00% 5/15/42 | 1,000,000 | 969,070 | |
| Series C 5.00% 5/15/47 | 1,000,000 | 921,740 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (St. Luke's University Health Network Project) | |||
| 3.00% 8/15/53 | 3,000,000 | 1,956,540 | |
| 4.00% 8/15/50 | 1,400,000 | 1,161,286 | |
| 4.00% 8/15/50 (BAM) | 1,600,000 | 1,352,720 | |
| Butler County, Pennsylvania Hospital Authority Revenue | |||
| (Butler Health System Project) Series A 5.00% 7/1/39 | 1,625,000 | 1,460,306 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Centre County, Pennsylvania Hospital Authority Revenue | |||
| (Mount Nittany Medical Center Project) Series A 4.00% 11/15/47 | 1,400,000 | $ 1,212,260 | |
| Chester County, Pennsylvania Health and Education Facilities Authority Revenue | |||
| (Main Line Health System) Series A 4.00% 9/1/50 | 310,000 | 252,142 | |
| Cumberland County, Pennsylvania Municipal Authority Revenue | |||
| (Asbury Pennsylvania Obligated Group) 5.00% 1/1/45 | 3,000,000 | 2,640,570 | |
| (Diakon Lutheran Social Ministries Project) 5.00% 1/1/38 | 675,000 | 667,798 | |
| (Penn State Health) Series A 4.00% 11/1/44 | 5,000,000 | 4,333,250 | |
| Doylestown, Pennsylvania Hospital Authority Revenue | |||
| 144A 5.375% 7/1/39 # | 1,000,000 | 1,056,800 | |
| DuBois, Pennsylvania Hospital Authority Revenue | |||
| (Penn Highlands Healthcare) | |||
| 4.00% 7/15/45 | 1,695,000 | 1,345,372 | |
| 4.00% 7/15/48 | 2,000,000 | 1,516,660 | |
| Lancaster County, Pennsylvania Hospital Authority Revenue | |||
| (Brethren Village Project) | |||
| 5.00% 7/1/31 | 130,000 | 130,243 | |
| 5.25% 7/1/35 | 250,000 | 249,983 | |
| 5.50% 7/1/45 | 1,000,000 | 943,210 | |
| (Landis Homes Retirement Community Project) Series A 5.00% 7/1/45 | 2,000,000 | 1,854,160 | |
| (Masonic Villages Project) | |||
| 5.00% 11/1/35 | 1,000,000 | 1,022,040 | |
| 5.00% 11/1/36 | 510,000 | 520,042 | |
| 5.00% 11/1/37 | 250,000 | 254,222 | |
| 5.125% 11/1/38 | 3,500,000 | 3,666,810 | |
| Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue | |||
| (Lehigh Valley Health Network) Series A 4.00% 7/1/49 | 4,000,000 | 3,238,120 | |
| Maxatawny Township, Pennsylvania Municipal Authority Revenue | |||
| (Diakon Lutheran Social Ministries Project) Series A 4.50% 1/1/45 | 2,000,000 | 1,770,260 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (Thomas Jefferson University) | |||
| Series A 4.00% 9/1/49 | 2,500,000 | $ 2,083,350 | |
| Series B 4.00% 5/1/47 | 4,000,000 | 3,313,560 | |
| Series B 4.00% 5/1/52 | 5,950,000 | 4,775,946 | |
| Series B 5.00% 5/1/57 | 3,285,000 | 3,181,358 | |
| Montgomery County, Pennsylvania Industrial Development Authority Retirement Communities Revenue | |||
| (ACTS Retirement - Life communities Obligated Group) Series A 5.00% 11/15/55 | 2,000,000 | 1,900,080 | |
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Foulkeways at Gwynedd Project) 5.00% 12/1/46 | 1,500,000 | 1,372,845 | |
| (Waverly Heights Project) 4.00% 12/1/37 | 300,000 | 279,861 | |
| (Whitemarsh Continuing Care Retirement Community Project) | |||
| 5.375% 1/1/50 | 4,035,000 | 3,539,543 | |
| Series A 5.25% 1/1/48 | 1,000,000 | 875,340 | |
| Series A 5.375% 1/1/51 | 1,600,000 | 1,391,008 | |
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society) 6.125% 7/1/50 | 4,090,000 | 3,381,571 | |
| Northampton County, Pennsylvania General Purpose Authority Revenue | |||
| (St. Luke's University Health Network Project) Series A1 5.25% 8/15/53 | 1,500,000 | 1,515,060 | |
| Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
| (Morningstar Senior Living, Inc. Project) 5.00% 11/1/44 | 1,000,000 | 881,670 | |
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) | |||
| Series A 144A 6.50% 12/1/38 #, ‡ | 715,000 | 214,500 | |
| Series A 144A 6.75% 12/1/53 #, ‡ | 5,400,000 | 1,620,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Presbyterian Senior Living Project) | |||
| Series B-1 5.25% 7/1/49 | 2,500,000 | $ 2,490,625 | |
| Series B-2 5.25% 7/1/46 | 2,500,000 | 2,512,625 | |
| (University of Pittsburgh Medical Center) | |||
| Series A 4.00% 11/15/42 | 5,200,000 | 4,629,196 | |
| Series A 4.00% 2/15/52 | 1,710,000 | 1,400,097 | |
| Subordinate Series A-2 4.00% 5/15/48 | 2,250,000 | 1,892,947 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (Thomas Jefferson University) Series B-1 5.25% 11/1/48 (AG) | 1,000,000 | 1,026,000 | |
| (University of Pennsylvania Health System) | |||
| 4.00% 8/15/49 | 7,660,000 | 6,590,741 | |
| Series B 4.00% 8/15/40 | 1,345,000 | 1,279,108 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (The Children's Hospital of Philadelphia Project) | |||
| Series A 4.00% 7/1/49 | 2,500,000 | 2,178,300 | |
| Series A 5.50% 7/1/53 | 3,000,000 | 3,166,440 | |
| (Wesley Enhanced Living Obligated Group) Series A 5.00% 7/1/49 | 2,500,000 | 2,187,175 | |
| 111,023,751 | |||
| Housing Revenue Bonds — 5.46% | |||
| Pennsylvania Housing Finance Agency Revenue | |||
| (Darby Townhouses) 4.90% 6/1/41 | 1,250,000 | 1,258,413 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| Series 148A 4.625% 10/1/45 | 4,160,000 | 4,079,379 | |
| (Social Bonds) | |||
| Series 142A 5.00% 10/1/50 | 5,000,000 | 4,976,900 | |
| Series 143A 5.30% 4/1/44 | 4,645,000 | 4,786,301 | |
| Series 143A 5.45% 4/1/51 | 3,750,000 | 3,848,175 | |
| Series 146A 4.75% 4/1/53 | 3,000,000 | 2,923,620 | |
| 21,872,788 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 8.67% | |||
| Allegheny County, Pennsylvania Industrial Development Authority Revenue | |||
| (United States Steel Corporation Project) | |||
| 5.125% 5/1/30 | 3,250,000 | $ 3,385,427 | |
| 5.75% 8/1/42 (AMT) | 725,000 | 724,993 | |
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Project) 144A 5.00% 5/1/42 # | 1,000,000 | 966,320 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Longwood Gardens, Inc. Project) 4.00% 12/1/51 | 2,635,000 | 2,250,527 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 95,000,000 | 5,701,900 | |
| Pennsylvania Commonwealth Financing Authority Revenue | |||
| (Tobacco Master Settlement Payment Revenue) 4.00% 6/1/39 (AG) | 5,045,000 | 4,645,537 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (National Gypsum) 5.50% 11/1/44 (AMT) | 4,000,000 | 4,003,080 | |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue | |||
| (Core Natural Resources, Inc. Project) 144A 5.45% 1/1/51 (AMT) #, • | 1,000,000 | 994,590 | |
| (Proctor & Gamble Paper Project) 5.375% 3/1/31 (AMT) | 11,000,000 | 12,063,260 | |
| 34,735,634 | |||
| Lease Revenue Bonds — 0.66% | |||
| Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | |||
| (Pennsylvania Rapid Bridge Replacement Project) | |||
| 5.00% 12/31/29 (AMT) | 500,000 | 503,685 | |
| 5.00% 12/31/34 (AMT) | 2,115,000 | 2,123,904 | |
| 2,627,589 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds — 2.68% | |||
| City of Philadelphia, Pennsylvania | |||
| 5.00% 8/1/41 | 1,260,000 | $ 1,274,490 | |
| Series A 4.00% 5/1/42 | 500,000 | 465,835 | |
| Council Rock, Pennsylvania School District | |||
| 4.00% 11/15/52 | 2,975,000 | 2,562,011 | |
| Marple Newtown, Pennsylvania School District | |||
| 3.00% 6/1/40 | 3,740,000 | 3,142,086 | |
| Township of Lower Paxton, Pennsylvania | |||
| Series A 4.00% 4/1/50 | 1,100,000 | 958,386 | |
| West Branch Area School District, Pennsylvania | |||
| 4.00% 5/15/41 (AG) | 930,000 | 879,715 | |
| 4.00% 5/15/44 (AG) | 1,595,000 | 1,449,153 | |
| 10,731,676 | |||
| Special Tax Revenue Bonds — 16.07% | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Project) 144A 5.25% 5/1/42 # | 4,200,000 | 4,138,008 | |
| (Forward Delivery) 5.00% 5/1/42 | 2,000,000 | 2,016,940 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Woodlands at Greystone Project) 144A 5.125% 3/1/48 # | 704,000 | 638,134 | |
| Commonwealth of Puerto Rico Revenue | |||
| 1.784% 11/1/51 • | 1,362,986 | 836,533 | |
| 2.876% 11/1/43 • | 8,131,172 | 4,888,867 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 12,326,931 | 11,846,057 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 3,540,000 | 3,398,400 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 0.071% 7/1/51 ^ | 11,285,000 | 2,664,050 | |
| Series A-1 4.115% 7/1/46 ^ | 29,972,000 | 9,621,911 | |
| Series A-1 4.75% 7/1/53 | 7,858,000 | 7,196,278 | |
| Series A-1 5.00% 7/1/58 | 5,000,000 | 4,697,750 | |
| Series A-2 4.329% 7/1/40 | 2,650,000 | 2,474,596 | |
| Series A-2 4.536% 7/1/53 | 1,000,000 | 866,540 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Southeastern Pennsylvania Transportation Authority Revenue | |||
| (Asset Improvement Program) 5.25% 6/1/52 | 8,000,000 | $ 8,169,520 | |
| Washington County, Pennsylvania Redevelopment Authority Revenue | |||
| (Victory Centre Tax Increment Financing Project) 5.00% 7/1/35 | 1,000,000 | 976,370 | |
| 64,429,954 | |||
| State General Obligation Bonds — 1.67% | |||
| Commonwealth of Pennsylvania | |||
| Series D 4.00% 8/15/34 | 1,370,000 | 1,370,068 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/37 | 2,172,745 | 2,008,247 | |
| Series A-1 4.00% 7/1/41 | 1,169,072 | 1,002,374 | |
| Series A-1 4.00% 7/1/46 | 2,830,000 | 2,327,618 | |
| 6,708,307 | |||
| Transportation Revenue Bonds — 17.52% | |||
| Allegheny County, Pennsylvania Airport Authority Revenue | |||
| Series A 4.00% 1/1/38 (AMT) | 1,400,000 | 1,328,138 | |
| Series A 4.00% 1/1/56 (AMT) | 4,000,000 | 3,267,040 | |
| Series A 5.00% 1/1/56 (AMT) | 2,505,000 | 2,423,587 | |
| (Pittsburgh International Airport) | |||
| Series A 5.50% 1/1/53 (AMT) | 1,260,000 | 1,301,656 | |
| Series A 5.50% 1/1/55 (AMT) | 1,500,000 | 1,557,225 | |
| City of Philadelphia, Pennsylvania Airport Revenue | |||
| 4.00% 7/1/46 (AMT) | 3,125,000 | 2,739,094 | |
| 5.00% 7/1/51 (AMT) | 3,000,000 | 2,954,370 | |
| Series A 4.00% 7/1/33 | 10,000,000 | 10,186,500 | |
| Series C 4.00% 7/1/50 (AMT) | 2,500,000 | 2,116,350 | |
| Delaware River Joint Toll Bridge Commission Revenue | |||
| (Pennsylvania - New Jersey) 5.00% 7/1/42 | 5,000,000 | 5,040,900 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| Series B-2 4.859% 1/1/45 (BAM) ^ | 3,345,000 | 1,232,465 | |
| Series B-2 5.52% 1/1/46 (BAM) ^ | 1,885,000 | 659,298 | |
| Series B-2 5.54% 1/1/47 (BAM) ^ | 2,050,000 | 674,716 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | |||
| Series A 5.00% 12/1/46 | 1,000,000 | $ 1,020,930 | |
| Series B 4.00% 12/1/53 | 5,000,000 | 4,285,200 | |
| (Subordinate Bonds) Series B 4.00% 12/1/51 | 3,740,000 | 3,229,939 | |
| Pennsylvania Turnpike Commission Revenue | |||
| Series A 4.00% 12/1/38 | 2,250,000 | 2,205,630 | |
| Series A 4.00% 12/1/50 (BAM) | 1,220,000 | 1,055,068 | |
| Series A 5.25% 12/1/55 | 4,750,000 | 4,916,820 | |
| Series A-1 5.00% 12/1/45 | 1,000,000 | 1,000,000 | |
| Series C 3.00% 12/1/51 | 2,825,000 | 1,978,517 | |
| Series C 5.00% 12/1/44 | 1,000,000 | 1,034,370 | |
| Subordinate Series A 3.00% 12/1/42 | 2,000,000 | 1,576,700 | |
| Subordinate Series A 4.00% 12/1/49 (AG) | 3,375,000 | 2,941,110 | |
| Subordinate Series B 3.00% 12/1/51 | 7,550,000 | 5,270,580 | |
| Subordinate Series B 4.00% 12/1/51 | 1,200,000 | 1,037,220 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (San Juan Cruise Terminal Project) Series A-3 6.75% 1/1/46 (AMT) | 2,000,000 | 2,214,800 | |
| Susquehanna Area, Pennsylvania Regional Airport Authority Revenue | |||
| 5.00% 1/1/38 (AMT) | 1,000,000 | 986,210 | |
| 70,234,433 | |||
| Water & Sewer Revenue Bonds — 1.21% | |||
| Allegheny County, Pennsylvania Sanitary Authority Revenue | |||
| 5.00% 6/1/53 | 1,750,000 | 1,761,235 | |
| City of Philadelphia, Pennsylvania Water and Wastewater Revenue | |||
| Series C 5.25% 9/1/54 | 2,000,000 | 2,072,080 | |
| Pittsburgh Water & Sewer Authority System Revenue | |||
| First Lien Senior Series A 5.00% 9/1/55 (AG) | 1,000,000 | 1,014,070 | |
| 4,847,385 | |||
| Total Municipal Bonds (cost $407,093,685) | 387,354,859 | ||
| Principal amount° | Value (US $) | ||
| Short-Term Investments — 1.44% | |||
| Variable Rate Demand Notes — 1.44% | |||
| Allegheny County, Pennsylvania Higher Education Building Authority Revenue | |||
| (Carnegie Mellon University) Series A 2.50% 12/1/37 (SPA - Bank of New York)¤ | 1,460,000 | $ 1,460,000 | |
| Delaware Valley Regional Finance Authority | |||
| (Bucks, Chester, Delaware and Montgomery Counties, Pennsylvania) Series B 3.00% 9/1/59 ¤ | 1,300,000 | 1,300,000 | |
| Northampton County, Pennsylvania General Purpose Authority Revenue | |||
| (St. Luke's University Health Network Project) Series B 3.00% 8/15/54 (LOC - TD Bank, N.A.)¤ | 3,000,000 | 3,000,000 | |
| Total Short-Term Investments (cost $5,760,000) | 5,760,000 | ||
| Total Value of Securities—98.08% (cost $412,853,685) | 393,114,859 | ||
| Receivables and Other Assets Net of Liabilities—1.92% | 7,686,862 | ||
| Net Assets Applicable to 57,483,672 Shares Outstanding—100.00% | $400,801,721 | ||
| ° | 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 $16,744,901, which represents 4.18% of the Fund’s net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| • | 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. |
| ¤ | 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. |
| AICUP – Association of Independent Colleges & Universities of Pennsylvania |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |