| Macquarie Tax-Free USA Intermediate Fund | May 31, 2025 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.21% | |||
| Education Revenue Bonds — 7.55% | |||
| Arizona Industrial Development Authority Revenue | |||
| (American Charter Schools Foundation Project) 144A 6.00% 7/1/37 # | 1,270,000 | $ 1,300,950 | |
| (Empower College Prep Project) 144A 6.00% 7/1/49 # | 875,000 | 851,357 | |
| (KIPP NYC Public Charter Schools - Macombs Facility Project) Series A 4.00% 7/1/51 | 2,000,000 | 1,643,080 | |
| (Odyssey Preparatory Academy Project) Series A 144A 5.50% 7/1/52 # | 875,000 | 817,880 | |
| (Social Bonds) Series A 5.00% 11/1/42 | 1,000,000 | 1,007,230 | |
| Board of Governors of the Colorado State University System Enterprise Revenue | |||
| Series A 5.00% 3/1/43 | 2,000,000 | 2,104,620 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (School Lane Charter School Project) 5.125% 3/15/36 | 2,000,000 | 2,007,740 | |
| Build NYC, New York Resource Revenue | |||
| (East Harlem Scholars Academy Charter School Project) 144A 5.75% 6/1/42 # | 750,000 | 754,425 | |
| (KIPP NYC Public School Facilities - Canal West Project) | |||
| 5.00% 7/1/30 | 510,000 | 539,713 | |
| 5.00% 7/1/32 | 560,000 | 596,680 | |
| 5.00% 7/1/33 | 585,000 | 618,725 | |
| 5.00% 7/1/34 | 415,000 | 435,937 | |
| 5.00% 7/1/36 | 415,000 | 431,164 | |
| 5.00% 7/1/37 | 550,000 | 568,397 | |
| 5.00% 7/1/42 | 1,000,000 | 1,000,990 | |
| California Community College Financing Authority Revenue | |||
| (Napa Valley College Project) Series A 144A 4.25% 7/1/32 # | 1,480,000 | 1,358,640 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series T-1 5.00% 3/15/39 | 5,000,000 | 5,661,050 | |
| Series U-6 5.00% 5/1/45 | 1,000,000 | 1,088,110 | |
| Series U-7 5.00% 6/1/46 | 1,000,000 | 1,083,120 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California Infrastructure & Economic Development Bank Revenue | |||
| Series B 5.00% 11/1/40 | 765,000 | $ 786,588 | |
| California Municipal Finance Authority Revenue | |||
| Series A 144A 5.50% 6/1/53 # | 1,000,000 | 926,170 | |
| (California Baptist University) Series A 144A 5.125% 11/1/40 # | 1,325,000 | 1,330,459 | |
| California School Finance Authority Revenue | |||
| (Hawking Steam Charter School Project) Series A 144A 5.00% 7/1/42 # | 1,000,000 | 975,340 | |
| (Partnerships to Uplift Communities Project) 144A 5.00% 8/1/33 # | 620,000 | 640,212 | |
| Capital Trust Agency, Florida Revenue | |||
| (Liza Jackson Preparatory School Project) | |||
| Series A 5.00% 8/1/40 | 300,000 | 293,238 | |
| Series A 5.00% 8/1/55 | 800,000 | 726,824 | |
| (University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/43 # | 2,000,000 | 1,965,840 | |
| Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | |||
| 5.75% 4/1/48 | 2,500,000 | 2,605,750 | |
| City of Phoenix, Arizona Industrial Development Authority Housing Revenue | |||
| (Downtown Phoenix Student Housing, LLC - Arizona State University Project) | |||
| Series A 5.00% 7/1/30 | 350,000 | 356,986 | |
| Series A 5.00% 7/1/32 | 235,000 | 238,466 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Ascent Classical Academy Charter Schools) Series A 144A 5.25% 4/1/39 # | 1,520,000 | 1,523,496 | |
| (Global Village Academy - Northglenn Project) 144A 5.00% 12/1/40 # | 2,215,000 | 2,046,239 | |
| District of Columbia Revenue | |||
| (KIPP DC Issue) | |||
| 4.00% 7/1/39 | 1,275,000 | 1,178,687 | |
| 4.00% 7/1/44 | 1,120,000 | 973,246 | |
| Florida Development Finance Revenue | |||
| (Mater Academy Projects) | |||
| Series A 5.00% 6/15/28 | 410,000 | 420,816 | |
| Series A 5.00% 6/15/29 | 400,000 | 409,824 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Idaho Housing & Finance Association Revenue | |||
| (Alturas International Academy Project) 4.00% 5/1/52 | 1,400,000 | $ 1,140,790 | |
| (Meridian South Charter School Project) 144A 4.00% 5/1/46 # | 710,000 | 528,595 | |
| (Sage International School of Boise Project) | |||
| Series A 4.00% 5/1/40 | 1,330,000 | 1,190,496 | |
| Series A 4.00% 5/1/55 | 1,540,000 | 1,196,549 | |
| Illinois Finance Authority Revenue | |||
| (CHF - Chicago, LLC - University of Illinois at Chicago Project) | |||
| Series A 5.00% 2/15/26 | 400,000 | 401,732 | |
| Series A 5.00% 2/15/28 | 260,000 | 263,747 | |
| Series A 5.00% 2/15/30 | 390,000 | 393,888 | |
| Series A 5.00% 2/15/32 | 265,000 | 266,696 | |
| Indiana Finance Authority Revenue | |||
| (PRG – UINDY Properties LLC) | |||
| 5.25% 7/1/37 | 1,000,000 | 1,020,010 | |
| 5.25% 7/1/40 | 1,895,000 | 1,877,964 | |
| (Tippecanoe LLC Student Housing Project) Series A 5.00% 6/1/38 | 600,000 | 612,156 | |
| Jacksonville, Alabama Public Educational Building Authority Revenue | |||
| (JSU Foundation Project) Series A 5.25% 8/1/53 (AG) | 1,530,000 | 1,536,349 | |
| Knox County, Tennessee Health Educational & Housing Facility Board Revenue | |||
| (University of Tennessee Project) | |||
| Series A-1 5.00% 7/1/43 (BAM) | 550,000 | 558,245 | |
| Series A-1 5.00% 7/1/44 (BAM) | 625,000 | 631,587 | |
| Louisiana Public Facilities Authority Revenue | |||
| (Lincoln Preparatory School Project) Series A 144A 6.125% 6/1/37 # | 400,000 | 398,124 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Arizona Autism Charter Schools Project) | |||
| Series A 144A 5.00% 7/1/40 # | 250,000 | 241,335 | |
| Series A 144A 5.00% 7/1/50 # | 925,000 | 841,047 | |
| (Highland Prep Project) | |||
| Series A 4.00% 7/1/38 | 460,000 | 427,874 | |
| Series A 4.00% 7/1/40 | 500,000 | 447,650 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Miami-Dade County, Florida Educational Facilities Authority Revenue | |||
| (University of Miami Issue) Series A 5.25% 4/1/48 | 1,500,000 | $ 1,529,070 | |
| Nevada State Department of Business & Industry Revenue | |||
| (Somerset Academy) Series A 144A 5.00% 12/15/38 # | 1,295,000 | 1,262,949 | |
| New York State Dormitory Authority Revenue | |||
| (New York University) Series A 5.75% 7/1/27 (NATL) | 4,770,000 | 4,918,061 | |
| (Pace University) Series A 5.25% 5/1/43 | 1,390,000 | 1,414,325 | |
| Newark, Texas Higher Education Finance Revenue | |||
| (Village Tech Schools) Series A 5.125% 8/15/47 | 1,250,000 | 1,123,488 | |
| Oregon State Facilities Authority Revenue | |||
| (Metro East Web Academy Project) Series A 144A 5.00% 6/15/49 # | 1,000,000 | 871,680 | |
| Regents of the University of California General Revenue | |||
| Series BK 5.00% 5/15/52 | 1,740,000 | 1,782,143 | |
| South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | |||
| (High Point Academy Project) Series A 144A 5.75% 6/15/39 # | 1,345,000 | 1,226,707 | |
| Washington State Housing Finance Commission Revenue | |||
| (Radford Court and Nordheim Court Portfolio) | |||
| 5.00% 7/1/37 | 1,825,000 | 1,906,961 | |
| 5.00% 7/1/38 | 1,000,000 | 1,042,720 | |
| Wisconsin Public Finance Authority Charter School Revenue | |||
| (Foundation Academy Charter School Project) 144A 4.75% 7/1/45 # | 1,300,000 | 1,143,545 | |
| Wisconsin Public Finance Authority Revenue | |||
| (CFP3 – Eastern Michigan University Student Housing Project) Series A-1 5.25% 7/1/42 (BAM) | 3,000,000 | 3,088,710 | |
| (Lindenwood Education System) Series A 144A 4.75% 6/1/40 # | 4,000,000 | 3,690,040 | |
| 80,243,222 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds — 4.50% | |||
| American Municipal Power, Ohio Revenue | |||
| (AMP Fremont Energy Center Project) Series A 4.00% 2/15/37 | 1,330,000 | $ 1,311,407 | |
| City of Los Angeles, Department of Water & Power Revenue | |||
| Series A 5.25% 7/1/45 (BAM) | 1,000,000 | 1,046,340 | |
| City of San Antonio, Texas Electric & Gas Systems Revenue | |||
| Series B 5.00% 2/1/43 | 3,000,000 | 3,096,960 | |
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) | |||
| Series A 5.00% 10/1/32 | 4,000,000 | 4,334,360 | |
| Series A 5.00% 10/1/33 | 2,915,000 | 3,165,690 | |
| Series A 5.00% 10/1/41 | 915,000 | 938,131 | |
| Missouri Joint Municipal Electric Utility Commission Revenue | |||
| (Green Bonds - Climate Bond Certified) | |||
| 5.25% 12/1/39 | 500,000 | 535,475 | |
| 5.25% 12/1/40 | 500,000 | 534,820 | |
| 5.25% 12/1/41 | 650,000 | 690,826 | |
| 5.25% 12/1/42 | 1,000,000 | 1,055,530 | |
| Municipal Electric Authority of Georgia Revenue | |||
| (Plant Vogtle Units 3&4 Project) Series A 5.00% 1/1/39 | 6,250,000 | 6,356,500 | |
| New York Utility Debt Securitization Authority Restructuring Bonds Revenue | |||
| 5.00% 12/15/35 | 5,090,000 | 5,114,788 | |
| 5.00% 12/15/36 | 5,000,000 | 5,021,750 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series CCC 5.25% 7/1/27 ‡ | 1,520,000 | 834,100 | |
| Series TT 5.00% 7/1/32 ‡ | 1,555,000 | 853,306 | |
| Series WW 5.25% 7/1/33 ‡ | 1,015,000 | 556,981 | |
| Series WW 5.50% 7/1/17 ‡ | 2,200,000 | 1,201,750 | |
| Series WW 5.50% 7/1/19 ‡ | 1,710,000 | 934,088 | |
| Series WW 5.50% 7/1/38 ‡ | 1,925,000 | 1,056,344 | |
| Series XX 5.25% 7/1/40 ‡ | 4,630,000 | 2,540,712 | |
| Series ZZ 5.00% 7/1/19 ‡ | 2,990,000 | 1,633,288 | |
| South Carolina Public Service Authority Revenue | |||
| (Santee Cooper) | |||
| Series E 5.25% 12/1/37 (AG) | 3,000,000 | 3,235,380 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| South Carolina Public Service Authority Revenue | |||
| (Santee Cooper) | |||
| Series E 5.25% 12/1/38 (AG) | 1,615,000 | $ 1,728,147 | |
| 47,776,673 | |||
| Healthcare Revenue Bonds — 8.17% | |||
| California Health Facilities Financing Authority Revenue | |||
| (Kaiser Permanente) Subseries A-2 5.00% 11/1/47 | 2,600,000 | 2,772,172 | |
| (Sutter Health) Series A 5.00% 11/15/38 | 760,000 | 774,759 | |
| City of Apple Valley, Minnesota Senior Living Revenue | |||
| (Minnesota Senior Living LLC Project) Second Tier Series B 5.25% 1/1/37 | 915,000 | 527,918 | |
| City of Saint Paul, Minnesota Housing & Redevelopment Authority Revenue | |||
| (HealthPartners Obligated Group) Series A 4.00% 7/1/35 | 5,630,000 | 5,432,443 | |
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) Series A 4.00% 11/15/46 | 7,000,000 | 6,138,090 | |
| (CommonSpirit Health) | |||
| Series A-1 4.00% 8/1/37 | 1,000,000 | 964,600 | |
| Series A-2 5.00% 8/1/37 | 1,105,000 | 1,129,995 | |
| County of Franklin, Ohio Revenue | |||
| (Nationwide Children's Hospital Project) Series 2019A 5.00% 11/1/48 | 1,500,000 | 1,542,660 | |
| Cuyahoga County, Ohio Hospital Revenue | |||
| (The MetroHealth System) 5.00% 2/15/37 | 1,000,000 | 994,050 | |
| Escambia County, Florida Health Facilities Authority Revenue | |||
| (Baptist Health Care Obligated Group) | |||
| Series A 4.00% 8/15/45 | 655,000 | 557,772 | |
| Series A 4.00% 8/15/50 | 1,950,000 | 1,585,564 | |
| Gainesville & Hall County, Georgia Hospital Authority Revenue | |||
| (Northeast Georgia Health System Project) Series A 3.00% 2/15/51 | 515,000 | 349,829 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Glendale, Arizona Industrial Development Authority Revenue | |||
| (Glencroft Retirement Community Project) 5.25% 11/15/46 | 875,000 | $ 719,889 | |
| Hamilton County, Ohio Hospital Facilities Revenue | |||
| (Cincinnati Children's Hospital Medical Center) Series CC 5.00% 11/15/49 | 2,000,000 | 2,041,120 | |
| Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | |||
| (Westminster Canterbury Richmond) | |||
| Series A 5.00% 10/1/42 | 650,000 | 665,470 | |
| Series A 5.00% 10/1/47 | 525,000 | 528,276 | |
| Series A 5.00% 10/1/52 | 1,750,000 | 1,747,620 | |
| Illinois Finance Authority Revenue | |||
| Series C 4.00% 2/15/41 | 3,635,000 | 3,316,029 | |
| (The Admiral at the Lake Project) 5.50% 5/15/54 | 875,000 | 657,694 | |
| Iowa Finance Authority Senior Housing Revenue | |||
| (PHS Council Bluffs, Inc. Project) 5.00% 8/1/33 | 500,000 | 484,200 | |
| Kalispell, Montana Housing and Healthcare Facilities Revenue | |||
| (Immanuel Lutheran Corporation Project) | |||
| Series A 5.25% 5/15/29 | 630,000 | 642,940 | |
| Series A 5.25% 5/15/37 | 1,400,000 | 1,395,604 | |
| Lancaster County, Pennsylvania Hospital Authority Revenue | |||
| (University of Pennsylvania Health System Obligation) Series A 5.00% 8/15/33 | 2,430,000 | 2,467,252 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Banner Health Obligation Group) Series A 5.00% 1/1/32 | 3,000,000 | 3,067,680 | |
| (Christian Care Surprise, Inc. Project) 144A 5.75% 1/1/36 # | 1,540,000 | 1,379,132 | |
| Maryland Health & Higher Educational Facilities Authority Revenue | |||
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/36 | 2,000,000 | 2,028,600 | |
| Michigan Finance Authority Revenue | |||
| (Trinity Health Credit Group) 4.00% 12/1/40 | 2,185,000 | 2,011,358 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Monroe County, New York Industrial Development Revenue | |||
| (Rochester Regional Health Project) | |||
| Series A 3.00% 12/1/40 | 1,000,000 | $ 760,280 | |
| Series A 4.00% 12/1/38 | 1,000,000 | 934,160 | |
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society Obligation) 5.625% 7/1/30 | 2,440,000 | 2,243,434 | |
| New Hampshire, National Finance Authority Revenue | |||
| (Springpoint Senior Living Project) 4.00% 1/1/51 | 1,330,000 | 981,407 | |
| (The Vista Project) Series A 144A 5.25% 7/1/39 # | 1,000,000 | 986,950 | |
| New Hope, Texas Cultural Education Facilities Finance Revenue | |||
| (Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 1,615,000 | 1,485,477 | |
| New York State Dormitory Authority Revenue | |||
| (Orange Regional Medical Center) 144A 5.00% 12/1/32 # | 700,000 | 695,261 | |
| Oklahoma Development Finance Authority Health System Revenue | |||
| (OU Medicine Project) | |||
| Series B 5.25% 8/15/43 | 1,000,000 | 1,001,270 | |
| Series B 5.25% 8/15/48 | 2,000,000 | 1,944,660 | |
| Oregon Health & Science University Revenue | |||
| (Green Bonds) Series A 3.00% 7/1/51 | 3,300,000 | 2,251,227 | |
| Palm Beach County, Florida Health Facilities Authority Hospital Revenue | |||
| (Baptist Health South Florida Obligated Group) 3.00% 8/15/44 | 5,000,000 | 3,789,100 | |
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) | |||
| Series A 144A 6.50% 12/1/38 #, ‡ | 1,000,000 | 300,000 | |
| Series A 144A 6.75% 12/1/53 #, ‡ | 875,000 | 262,500 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Presbyterian Senior Living Project) | |||
| Series B-2 5.00% 7/1/38 | 3,000,000 | 3,072,960 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Presbyterian Senior Living Project) | |||
| Series B-2 5.00% 7/1/42 | 1,500,000 | $ 1,507,080 | |
| Prince George's County, Maryland Revenue | |||
| (Collington Episcopal Life Care Community) 5.00% 4/1/30 | 2,880,000 | 2,881,843 | |
| Rhode Island Health and Educational Building Revenue | |||
| (Lifespan Obligated Group) | |||
| 5.00% 5/15/40 | 575,000 | 592,722 | |
| 5.00% 5/15/41 | 700,000 | 716,128 | |
| 5.00% 5/15/42 | 700,000 | 712,495 | |
| 5.00% 5/15/43 | 700,000 | 709,891 | |
| 5.25% 5/15/49 | 2,000,000 | 2,020,540 | |
| Salem, Oregon Hospital Facility Authority Revenue | |||
| (Capital Manor Project) 4.00% 5/15/40 | 1,450,000 | 1,282,931 | |
| Seminole County, Florida Industrial Development Authority Revenue | |||
| (Legacy Pointe at UCF Project) Series A 5.25% 11/15/39 | 5,340,000 | 5,146,372 | |
| Tempe, Arizona Industrial Development Authority Revenue | |||
| (Mirabella at ASU Project) Series A 144A 6.00% 10/1/37 # | 1,200,000 | 889,656 | |
| Virginia Small Business Financing Authority Revenue | |||
| (LifeSpire of Virginia) Series A 4.50% 12/1/44 | 1,250,000 | 1,149,675 | |
| Westchester County, New York Local Development Revenue | |||
| (Westchester Medical Center Obligated Group Project) | |||
| 5.00% 11/1/47 (AG) | 500,000 | 509,385 | |
| 5.75% 11/1/48 (AG) | 1,875,000 | 2,011,631 | |
| 86,761,751 | |||
| Housing Revenue Bonds — 5.07% | |||
| Denver City & County, Colorado Housing Authority Revenue | |||
| (Flo Senior Apartments Project) Series A 4.50% 7/1/41 | 1,500,000 | 1,453,275 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds (continued) | |||
| Illinois Housing Development Authority Revenue | |||
| Series K 4.95% 10/1/38 | 2,500,000 | $ 2,529,525 | |
| Series K 5.25% 10/1/43 | 2,800,000 | 2,881,088 | |
| Maryland Community Development Administration Multifamily Development Revenue | |||
| (Sustainability Bonds) Series D 4.35% 2/1/44 | 4,000,000 | 3,840,920 | |
| Maryland Community Development Administration Revenue | |||
| Series C 4.375% 9/1/43 | 1,640,000 | 1,608,988 | |
| Nebraska Investment Finance Authority Single Family Housing Revenue | |||
| Series G 4.95% 9/1/38 | 1,250,000 | 1,282,975 | |
| Series G 5.15% 9/1/43 | 2,610,000 | 2,669,900 | |
| New York City, New York Housing Development Revenue | |||
| 4.60% 8/1/48 | 2,495,000 | 2,370,799 | |
| (8 Spruce Street) | |||
| Series D 4.00% 12/15/31 | 1,125,000 | 1,143,349 | |
| Series E 4.375% 12/15/43 | 1,125,000 | 1,142,156 | |
| New York State Mortgage Agency Homeowner Revenue | |||
| Series 250 4.80% 10/1/48 | 4,000,000 | 3,977,920 | |
| North Carolina Housing Finance Agency Revenue | |||
| (1998 Trust Agreement) Series 49 4.875% 7/1/42 | 4,745,000 | 4,806,163 | |
| North Dakota Housing Finance Agency Revenue | |||
| Series D 4.50% 7/1/43 | 1,740,000 | 1,696,117 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| Series 142A 4.85% 10/1/43 | 10,730,000 | 10,563,685 | |
| Series 143A 5.125% 10/1/41 | 2,840,000 | 2,914,578 | |
| Rhode Island Housing & Mortgage Finance Revenue | |||
| Series 81-A 5.25% 10/1/43 | 4,500,000 | 4,615,380 | |
| San Antonio, Texas Housing Trust Public Facility Revenue | |||
| (Cedar Ridge Terrace Apartments) Series A 4.45% 4/1/43 | 4,500,000 | 4,327,785 | |
| 53,824,603 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 20.41% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Legacy Cares, Inc. Project) Series A 144A 7.75% 7/1/50 #, ‡ | 5,520,000 | $ 165,600 | |
| Arkansas Development Finance Authority Revenue | |||
| (United States Steel Corporation Project) 5.70% 5/1/53 (AMT) | 7,750,000 | 7,838,815 | |
| Black Belt, Alabama Energy Gas District Revenue | |||
| Series A 4.00% 6/1/51 • | 5,000,000 | 4,944,800 | |
| (Gas Project) | |||
| Series A 5.25% 5/1/55 • | 5,000,000 | 5,272,550 | |
| Series B 5.00% 10/1/55 • | 4,850,000 | 5,055,009 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | |||
| (Senior) | |||
| Series A-2 Class 1 4.00% 6/1/48 | 6,335,000 | 5,299,544 | |
| Series B-2 Class 2 5.00% 6/1/55 | 4,000,000 | 3,466,320 | |
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| Series A-1 5.00% 12/1/53 • | 3,500,000 | 3,623,375 | |
| Series B-1 4.00% 2/1/52 • | 4,910,000 | 4,854,615 | |
| Series C 5.25% 1/1/54 • | 4,280,000 | 4,432,839 | |
| Series D 5.50% 5/1/54 • | 7,000,000 | 7,346,430 | |
| Series G 5.00% 11/1/55 • | 5,500,000 | 5,658,510 | |
| Series H 5.00% 1/1/56 • | 2,000,000 | 2,128,920 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline Florida Passenger Rail Project) Series A 144A 9.50% 1/1/65 (AMT) #, • | 8,500,000 | 8,238,795 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) 144A 8.00% 7/1/39 (AMT) #, ‡ | 1,250,000 | 13 | |
| (Poseidon Resources (Channelside) LP Desalination Project) 144A 5.00% 7/1/37 (AMT) # | 3,700,000 | 3,699,704 | |
| Central Plains, Nebraska Energy Project Revenue | |||
| (Project No. 3) | |||
| Series A 5.00% 9/1/35 | 1,250,000 | 1,324,750 | |
| Series A 5.00% 9/1/36 | 2,480,000 | 2,618,930 | |
| Series A 5.00% 9/1/42 | 250,000 | 256,317 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| City of Houston, Texas Airport System Revenue | |||
| (United Airlines, Inc. Terminal E Project) Series A 4.00% 7/1/41 (AMT) | 1,220,000 | $ 1,058,118 | |
| Commonwealth of Pennsylvania Financing Authority Revenue | |||
| (Tobacco Master Settlement Payment) 5.00% 6/1/27 | 2,000,000 | 2,062,080 | |
| Denver, Colorado Convention Center Hotel Authority Revenue | |||
| (Senior) | |||
| 5.00% 12/1/26 | 2,500,000 | 2,537,300 | |
| 5.00% 12/1/29 | 600,000 | 608,244 | |
| 5.00% 12/1/31 | 900,000 | 910,872 | |
| 5.00% 12/1/32 | 1,800,000 | 1,819,512 | |
| 5.00% 12/1/34 | 1,500,000 | 1,511,865 | |
| 5.00% 12/1/35 | 1,200,000 | 1,207,644 | |
| 5.00% 12/1/36 | 900,000 | 904,275 | |
| Erie County, New York Tobacco Asset Securitization Revenue | |||
| (Capital Appreciation-Asset-Backed) Series A 144A 8.054% 6/1/60 #, ^ | 38,675,000 | 1,822,366 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) | |||
| 5.25% 7/1/53 (AG) (AMT) | 8,875,000 | 8,733,178 | |
| 5.50% 7/1/53 (AMT) | 5,225,000 | 4,912,179 | |
| Series A 144A 8.25% 7/1/57 (AMT) #, • | 7,400,000 | 7,535,050 | |
| George L Smith II World Congress Center, Georgia Authority Revenue | |||
| (Convention Center Hotel) | |||
| First Tier Series A 4.00% 1/1/54 | 2,210,000 | 1,806,962 | |
| Second Tier Series B 144A 5.00% 1/1/36 # | 1,000,000 | 1,001,170 | |
| Georgia Main Street Natural Gas Supply Revenue | |||
| Series A 5.00% 6/1/55 • | 1,000,000 | 1,052,190 | |
| Series D 5.00% 4/1/54 • | 1,500,000 | 1,569,915 | |
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 0.935% 6/1/57 #, ^ | 62,600,000 | 3,859,290 | |
| Series F 144A 4.454% 6/1/57 #, ^ | 74,090,000 | 3,919,361 | |
| Iowa Tobacco Settlement Authority Revenue | |||
| Series A-2 Class 1 4.00% 6/1/38 | 300,000 | 287,148 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Iowa Tobacco Settlement Authority Revenue | |||
| Series A-2 Class 1 4.00% 6/1/39 | 600,000 | $ 567,846 | |
| Series A-2 Class 1 4.00% 6/1/40 | 300,000 | 281,256 | |
| Jefferson County, Texas Industrial Development Revenue | |||
| (TRP Crude Marketing, LLC Project) 144A 7.75% 4/1/39 #, ‡ | 1,175,000 | 998,750 | |
| Kentucky Public Energy Authority Revenue | |||
| Series A-1 5.25% 4/1/54 • | 2,750,000 | 2,911,013 | |
| Series B 5.00% 1/1/55 • | 3,750,000 | 3,944,737 | |
| Maine Finance Authority Revenue | |||
| (Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) #, ‡ | 3,490,000 | 349,000 | |
| Michigan Finance Authority Revenue | |||
| Series A Class 1 4.00% 6/1/49 | 2,000,000 | 1,670,680 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series B 6.50% 11/1/39 | 580,000 | 684,643 | |
| Series B 7.00% 11/1/34 | 2,905,000 | 3,421,974 | |
| New York Counties, New York Tobacco Trust V Pass-Through Revenue | |||
| (Subordinate Turbo Capital Appreciation Bond) Series S4B 144A 8.459% 6/1/60 #, ♦, ^ | 20,000,000 | 813,400 | |
| New York Transportation Development Special Facility Revenue | |||
| (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) | |||
| 4.00% 10/1/30 (AMT) | 1,950,000 | 1,910,473 | |
| 4.375% 10/1/45 (AMT) | 2,500,000 | 2,217,000 | |
| 5.00% 1/1/34 (AMT) | 4,210,000 | 4,235,597 | |
| 5.00% 1/1/36 (AMT) | 3,000,000 | 2,999,850 | |
| 5.00% 10/1/40 (AMT) | 1,125,000 | 1,113,053 | |
| 6.00% 4/1/35 (AMT) | 2,000,000 | 2,172,480 | |
| Port of Beaumont, Texas Navigation District Revenue | |||
| (Jefferson Gulf Coast Energy Project) Series A 144A 5.00% 1/1/39 (AMT) # | 2,000,000 | 1,936,180 | |
| Regional Transportation District, Colorado Revenue | |||
| (Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/33 | 1,000,000 | 1,000,070 | |
| Salt Verde, Arizona Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 7,200,000 | 7,452,648 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| San Joaquin Valley Clean Energy, California Authority Revenue | |||
| (Green Bonds) Series A 5.50% 1/1/56 • | 3,500,000 | $ 3,794,735 | |
| South Carolina Jobs - Economic Development Authority Revenue | |||
| (AAC East LLC Project - Green Bonds) Series A 144A 7.00% 5/1/39 (AMT) # | 1,500,000 | 1,235,340 | |
| (Jasper Pellets, LLC Project - Green Bonds) Series A 144A 7.00% 11/1/38 (AMT) #, ‡ | 1,250,000 | 295,000 | |
| Southeast Energy Authority, A Cooperative District Revenue, Alabama | |||
| (Project No. 3) Series A-1 5.50% 1/1/53 • | 5,500,000 | 5,803,765 | |
| St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | |||
| (Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT) # | 2,000,000 | 1,865,820 | |
| Suffolk, New York Regional Off-Track Betting Revenue | |||
| 5.75% 12/1/44 | 5,000,000 | 5,118,400 | |
| Tennergy Gas Supply, Tennessee Revenue | |||
| Series A 4.00% 12/1/51 • | 4,400,000 | 4,394,984 | |
| Texas Municipal Gas Acquisition & Supply Revenue | |||
| 5.00% 1/1/55 • | 1,500,000 | 1,580,040 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation - Second Subordinate Lien) Series C 7.242% 6/1/46 ^ | 9,655,000 | 1,859,650 | |
| (Capital Appreciation - Third Subordinate Lien) Series D 2.609% 6/1/46 ^ | 1,630,000 | 272,650 | |
| TSASC, New York Revenue | |||
| Fiscal 2017 Senior Series A 5.00% 6/1/30 | 475,000 | 482,386 | |
| Fiscal 2017 Senior Series A 5.00% 6/1/31 | 475,000 | 481,840 | |
| Tuscaloosa County, Alabama Industrial Development Authority Revenue | |||
| (Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 2,945,000 | 2,901,532 | |
| Virginia Tobacco Settlement Financing Revenue | |||
| (Capital Appreciation Bonds) | |||
| First Subordinate Series C 1.96% 6/1/47 ^ | 58,500,000 | 14,852,565 | |
| Second Subordinate Series D 2.466% 6/1/47 ^ | 8,185,000 | 2,034,218 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Virginia Tobacco Settlement Financing Revenue | |||
| (Convertible Bond) Senior Series B-2 5.20% 6/1/46 ~ | 1,250,000 | $ 1,119,250 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) | |||
| Series A 5.00% 2/1/52 | 200,000 | 189,710 | |
| Series A 5.00% 2/1/62 | 2,720,000 | 2,545,458 | |
| 216,852,548 | |||
| Lease Revenue Bonds — 8.27% | |||
| California State Public Works Board Revenue | |||
| (Various Capital Project) Series D 5.00% 11/1/46 | 5,000,000 | 5,180,400 | |
| Kansas City, Missouri Industrial Development Authority Revenue | |||
| (Kansas City International Airport Terminal Modernization Project) Series A 5.00% 3/1/57 (AG) (AMT) | 6,795,000 | 6,684,581 | |
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| Series A 4.00% 12/15/42 | 5,740,000 | 5,128,920 | |
| Series A 4.00% 12/15/47 | 11,560,000 | 9,749,357 | |
| Series A 4.00% 6/15/52 | 1,970,000 | 1,592,449 | |
| Series A 4.00% 6/15/52 (BAM) | 415,000 | 342,151 | |
| Series B 4.733% 12/15/51 (BAM) ^ | 10,000,000 | 2,384,600 | |
| Series B-1 4.57% 6/15/47 (AG) ^ | 8,965,000 | 2,808,914 | |
| New Jersey Economic Development Authority Revenue | |||
| (NJ Transit Transportation Project) Series A 4.00% 11/1/39 | 2,835,000 | 2,613,643 | |
| (Portal North Bridge Project) Series A 5.00% 11/1/31 | 1,000,000 | 1,088,550 | |
| New Jersey Transportation Trust Fund Authority Revenue | |||
| Series A 5.20% 12/15/38 (BAM) ^ | 9,380,000 | 5,151,402 | |
| Series A 5.25% 6/15/39 | 2,000,000 | 2,141,360 | |
| Series A 5.396% 12/15/39 (BAM) ^ | 15,910,000 | 8,238,993 | |
| Series CC 5.25% 6/15/39 | 2,000,000 | 2,116,300 | |
| Series CC 5.25% 6/15/43 | 4,750,000 | 4,919,243 | |
| (Transportation System) | |||
| Series A 4.00% 6/15/35 | 1,810,000 | 1,792,389 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| New Jersey Transportation Trust Fund Authority Revenue | |||
| (Transportation System) | |||
| Series BB 4.00% 6/15/46 | 5,000,000 | $ 4,324,900 | |
| New York City, New York Transitional Finance Authority Building Aid Revenue | |||
| Fiscal 2015 Series S-1 5.00% 7/15/30 | 2,000,000 | 2,001,840 | |
| Fiscal 2015 Series S-2 5.00% 7/15/40 | 5,000,000 | 5,001,350 | |
| New York Liberty Development Revenue | |||
| (4 World Trade Center - Green Bond) Series A 2.875% 11/15/46 (BAM) | 1,000,000 | 691,830 | |
| New York State Thruway Authority Revenue | |||
| Series A-1 3.00% 3/15/49 | 6,000,000 | 4,210,620 | |
| Virginia Public Building Authority Public Facilities Revenue | |||
| Series A 4.00% 8/1/39 | 5,000,000 | 4,750,250 | |
| Series A 5.00% 8/1/45 | 4,680,000 | 4,901,645 | |
| 87,815,687 | |||
| Local General Obligation Bond — 0.30% | |||
| Las Vegas, Nevada Valley Water District Revenue | |||
| Series A 4.00% 6/1/43 | 3,450,000 | 3,174,103 | |
| 3,174,103 | |||
| Local General Obligation Bonds — 3.15% | |||
| Arapahoe County, Colorado Cherry Creek School District No. 5 | |||
| 5.25% 12/15/41 | 3,500,000 | 3,814,510 | |
| Chicago, Illinois Board of Education | |||
| Series B 4.00% 12/1/40 | 2,810,000 | 2,467,489 | |
| Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | |||
| 5.00% 4/1/35 | 825,000 | 835,213 | |
| 5.00% 4/1/36 | 320,000 | 323,408 | |
| City of Bend, Oregon | |||
| 5.00% 6/1/43 | 2,350,000 | 2,487,710 | |
| City of Chicago, Illinois | |||
| Series A 5.50% 1/1/35 | 1,980,000 | 2,045,558 | |
| (Chicago Recovery Plan) | |||
| Series A 5.00% 1/1/44 | 2,900,000 | 2,773,821 | |
| Series A 5.25% 1/1/45 | 4,350,000 | 4,260,129 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| City of Taylor, Texas Combination Tax | |||
| (Certificates of Obligation) | |||
| 5.00% 8/15/36 | 800,000 | $ 864,680 | |
| 5.00% 8/15/39 | 925,000 | 974,265 | |
| Fairfax County, Virginia Public Improvement Bonds | |||
| Series A 4.00% 10/1/43 | 4,000,000 | 3,875,360 | |
| Series A 4.00% 10/1/44 | 1,000,000 | 960,180 | |
| Harris County, Texas Permanent Improvement Bonds | |||
| (Certificates of Obligation) 5.00% 9/15/42 | 5,090,000 | 5,343,177 | |
| New Hampshire Business Finance Authority | |||
| (Bridgeland Water & Utility Districts) 144A 5.375% 12/15/35 # | 2,400,000 | 2,390,712 | |
| 33,416,212 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 0.93% | |||
| California Statewide Communities Development Authority Revenue | |||
| (California Baptist University) Series A 144A 6.125% 11/1/33 # | 2,115,000 | 2,117,940 | |
| City of Chicago, Illinois | |||
| Series C 5.00% 1/1/26 | 1,280,000 | 1,293,351 | |
| Golden State, California Tobacco Securitization Corporate Settlement Revenue | |||
| (Asset-Backed Bonds) Series A-1 5.00% 6/1/26 | 850,000 | 867,442 | |
| Illinois Finance Authority Revenue | |||
| Series C 4.00% 2/15/41-27 § | 115,000 | 117,034 | |
| Iowa Finance Authority Midwestern Disaster Area Revenue | |||
| (Iowa Fertilizer Company Project) 5.00% 12/1/50-32 § | 4,135,000 | 4,651,172 | |
| Washington State Housing Finance Commission Revenue | |||
| (Heron's Key Senior Living) Series A 144A 7.00% 7/1/45-25 #, § | 800,000 | 802,016 | |
| 9,848,955 | |||
| Special Tax Revenue Bonds — 14.14% | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Refunding Project) 144A 5.00% 5/1/42 # | 3,150,000 | 3,037,104 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (Forward Delivery) | |||
| 5.00% 5/1/31 | 670,000 | $ 708,632 | |
| 5.00% 5/1/34 | 750,000 | 788,325 | |
| 5.00% 5/1/35 | 850,000 | 891,676 | |
| 5.00% 5/1/36 | 850,000 | 886,023 | |
| Celebration Pointe, Florida Community Development District No. 1 Revenue | |||
| 5.00% 5/1/34 ‡ | 830,000 | 664,000 | |
| City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | |||
| (H. Lee Moffitt Cancer Center Project) Series A 5.08% 9/1/45 ^ | 12,000,000 | 4,076,040 | |
| Commonwealth of Puerto Rico Revenue | |||
| 1.711% 11/1/51 • | 1,923,973 | 1,180,838 | |
| (Subordinate) 2.954% 11/1/43 • | 22,766,426 | 13,688,314 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 30,720,335 | 29,521,935 | |
| Indianapolis, Indiana Local Public Improvement Bond Bank Convention Center Hotel Revenue | |||
| (Senior) Series E 5.75% 3/1/43 | 3,350,000 | 3,478,171 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 3,785,000 | 3,633,600 | |
| Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue | |||
| (Stadium Project) Series A 5.00% 7/1/43 (AG) | 4,050,000 | 4,185,796 | |
| Miami-Dade County, Florida Special Obligation Revenue | |||
| 5.15% 10/1/42 (BAM) ^ | 3,000,000 | 1,384,380 | |
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| (Subordinate) | |||
| Subseries E-1 5.00% 2/1/32 | 5,000,000 | 5,121,850 | |
| Subseries I-1 5.00% 5/1/43 | 4,110,000 | 4,281,551 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York Metropolitan Transportation Authority Revenue | |||
| (Climate Bond Certified - Green Bonds) Subseries B-2 5.00% 11/15/36 | 5,000,000 | $ 5,057,950 | |
| New York State Dormitory Authority Revenue | |||
| (General Purpose) Series A 3.00% 3/15/50 | 1,350,000 | 928,976 | |
| New York State Thruway Authority State Personal Income Tax Revenue | |||
| Series A 5.00% 3/15/41 | 5,000,000 | 5,213,500 | |
| New York Triborough Bridge & Tunnel Authority | |||
| (TBTA Capital Lockbox Fund) Series A 5.25% 12/1/54 | 5,000,000 | 5,179,900 | |
| New York Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue | |||
| (MTA Bridges and Tunnels) Subseries A-1 4.00% 5/15/46 | 6,000,000 | 5,294,160 | |
| Pasco County, Florida Capital Improvement Tax Revenue | |||
| (H. Lee Moffitt Cancer Center Project) | |||
| Series A 5.50% 9/1/42 (AG) | 1,000,000 | 1,057,320 | |
| Series A 5.50% 9/1/43 (AG) | 1,000,000 | 1,052,500 | |
| Series A 5.50% 9/1/44 (AG) | 1,000,000 | 1,050,770 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 1.37% 7/1/51 ^ | 22,552,000 | 5,323,851 | |
| Series A-1 4.55% 7/1/40 | 5,765,000 | 5,499,925 | |
| Series A-1 4.75% 7/1/53 | 14,048,000 | 12,865,018 | |
| Series A-1 5.00% 7/1/58 | 5,275,000 | 4,956,126 | |
| Series A-1 5.58% 7/1/46 ^ | 15,976,000 | 5,128,775 | |
| Series A-2 4.329% 7/1/40 | 5,453,000 | 5,092,066 | |
| Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue | |||
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 245,000 | 245,294 | |
| Utah Telecommunication Open Infrastructure Agency Revenue | |||
| 5.25% 6/1/33 | 1,000,000 | 1,116,520 | |
| 5.25% 6/1/34 | 1,000,000 | 1,108,400 | |
| 5.25% 6/1/35 | 1,000,000 | 1,102,870 | |
| 5.25% 6/1/37 | 2,100,000 | 2,282,763 | |
| 5.50% 6/1/40 | 2,000,000 | 2,171,800 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Washington County, Pennsylvania Redevelopment Authority Revenue | |||
| (Victory Centre Tax Increment Financing Project) 5.00% 7/1/35 | 500,000 | $ 488,185 | |
| Wisconsin Public Finance Authority Revenue | |||
| (American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 505,000 | 505,576 | |
| 150,250,480 | |||
| State General Obligation Bonds — 8.04% | |||
| California State | |||
| (Various Purpose) | |||
| 5.00% 9/1/32 | 1,400,000 | 1,552,782 | |
| 5.00% 8/1/33 | 4,100,000 | 4,177,121 | |
| 5.00% 9/1/36 | 4,000,000 | 4,062,680 | |
| 5.25% 9/1/47 | 1,000,000 | 1,055,590 | |
| Series C 5.00% 11/1/42 | 470,000 | 499,183 | |
| Commonwealth of Massachusetts | |||
| Series A 5.00% 1/1/37 | 7,500,000 | 7,828,425 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/35 | 2,000,000 | 1,889,300 | |
| Series A-1 4.00% 7/1/37 | 7,488,979 | 6,921,988 | |
| Series A-1 4.00% 7/1/46 | 11,820,000 | 9,721,714 | |
| Connecticut State | |||
| Series F 5.00% 9/15/27 | 2,790,000 | 2,925,817 | |
| (Social Bonds) Series G 5.00% 11/15/40 | 2,250,000 | 2,417,130 | |
| Illinois State | |||
| 5.00% 1/1/28 | 1,630,000 | 1,643,985 | |
| 5.00% 11/1/36 | 1,965,000 | 1,980,347 | |
| 5.50% 5/1/39 | 2,500,000 | 2,617,200 | |
| Series A 4.00% 3/1/41 | 4,650,000 | 4,170,724 | |
| Series A 5.125% 12/1/29 | 3,260,000 | 3,376,741 | |
| Series B 4.00% 10/1/35 | 8,830,000 | 8,565,012 | |
| Series C 4.00% 10/1/37 | 1,710,000 | 1,611,743 | |
| Series C 5.25% 10/1/47 | 3,180,000 | 3,212,754 | |
| Series D 5.00% 11/1/25 | 1,220,000 | 1,229,065 | |
| (Rebuild Illinois Program) | |||
| Series B 4.00% 11/1/35 | 2,200,000 | 2,140,886 | |
| Series B 4.00% 11/1/38 | 1,810,000 | 1,669,725 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| New Jersey State | |||
| (COVID-19 General Obligation Emergency Bonds) Series A 4.00% 6/1/32 | 3,440,000 | $ 3,619,499 | |
| Washington State | |||
| (Various Purpose) | |||
| Series A 5.00% 8/1/35 | 3,000,000 | 3,250,290 | |
| Series R 5.00% 8/1/39 | 3,000,000 | 3,248,430 | |
| 85,388,131 | |||
| Transportation Revenue Bonds — 15.64% | |||
| Central Texas Turnpike System Revenue | |||
| (First Tier) | |||
| Series A 5.00% 8/15/37 | 2,700,000 | 2,920,617 | |
| Series A 5.00% 8/15/38 | 1,550,000 | 1,659,182 | |
| Chicago, Illinois O'Hare International Airport Senior Lien Revenue | |||
| Series A 4.00% 1/1/36 | 1,180,000 | 1,172,023 | |
| Series B 5.00% 1/1/36 | 5,000,000 | 5,219,550 | |
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 12/1/48 (AMT) | 5,555,000 | 4,777,578 | |
| (Subordinate) | |||
| Series A 4.00% 12/1/43 (AMT) | 2,335,000 | 2,093,491 | |
| Series A 5.00% 12/1/43 (AMT) | 6,300,000 | 6,237,315 | |
| City of Orlando, Florida Airport Facilities Aviation Authority Revenue | |||
| 5.25% 10/1/43 (AMT) | 7,080,000 | 7,358,102 | |
| City of Phoenix, Arizona Civic Improvement Airport Revenue | |||
| (Junior Lien) | |||
| Series A 5.00% 7/1/33 | 3,355,000 | 3,362,213 | |
| Series B 5.00% 7/1/49 (AMT) | 3,900,000 | 3,816,852 | |
| City of Salt Lake, Utah Airport Revenue | |||
| Series A 5.00% 7/1/37 (AMT) | 15,000,000 | 15,168,300 | |
| Connecticut State Transportation Infrastructure Revenue | |||
| Series B 5.00% 10/1/30 | 3,375,000 | 3,576,758 | |
| County of Lee, Florida Airport Revenue | |||
| 5.25% 10/1/49 (AMT) | 4,750,000 | 4,807,190 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) 144A 12.00% 7/15/32 (AMT) #, • | 10,000,000 | 10,383,700 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | |||
| (Senior Lien) Series A 4.00% 1/15/46 (BAM) | 1,000,000 | $ 956,570 | |
| Illinois State Toll Highway Authority Revenue | |||
| (Senior) | |||
| Series A 5.25% 1/1/43 | 6,500,000 | 6,852,105 | |
| Series A 5.25% 1/1/45 | 3,500,000 | 3,655,820 | |
| Metropolitan Nashville, Tennessee Airport Authority Revenue | |||
| Series B 5.50% 7/1/41 (AMT) | 1,500,000 | 1,580,580 | |
| Series B 5.50% 7/1/42 (AMT) | 1,855,000 | 1,943,131 | |
| Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue | |||
| (Dulles Metrorail and Capital Improvement Projects) Series B 4.00% 10/1/38 | 1,000,000 | 957,380 | |
| Monroe County, Florida Airport Revenue | |||
| (Key West International Airport) | |||
| 5.00% 10/1/36 (AMT) | 1,235,000 | 1,279,880 | |
| 5.00% 10/1/37 (AMT) | 1,270,000 | 1,307,465 | |
| 5.00% 10/1/38 (AMT) | 1,360,000 | 1,390,355 | |
| 5.00% 10/1/40 (AMT) | 1,475,000 | 1,486,933 | |
| New Jersey State Turnpike Authority Revenue | |||
| Series A 5.00% 1/1/33 | 1,770,000 | 1,811,259 | |
| New Jersey Transportation Trust Fund Authority Revenue | |||
| Series A 5.00% 6/15/29 | 1,500,000 | 1,524,435 | |
| New York Liberty Development Revenue | |||
| (Port Authority Consolidated Bonds) Series 1WTC 2.75% 2/15/44 | 10,000,000 | 6,965,800 | |
| New York Metropolitan Transportation Authority Revenue | |||
| Subseries A-2 4.00% 11/15/41 | 3,000,000 | 2,717,850 | |
| (Climate Bond Certified - Green Bonds) Series A 5.25% 11/15/43 | 3,000,000 | 3,131,430 | |
| New York State Thruway Authority General Revenue | |||
| (Junior Indebtedness Obligations) | |||
| Series B 4.00% 1/1/38 | 2,135,000 | 2,092,385 | |
| Series B 4.00% 1/1/41 | 10,000,000 | 9,310,500 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| New York Transportation Development Special Facilities Revenue | |||
| (John F. Kennedy International Airport New Terminal One Project - Green Bonds) | |||
| 5.25% 6/30/43 (AMT) | 5,500,000 | $ 5,534,430 | |
| 5.375% 6/30/60 (AMT) | 2,500,000 | 2,488,750 | |
| 5.50% 6/30/38 (AMT) | 1,670,000 | 1,755,036 | |
| 5.50% 6/30/40 (AMT) | 800,000 | 832,336 | |
| 5.50% 6/30/42 (AG) (AMT) | 1,750,000 | 1,824,830 | |
| (John F. Kennedy International Airport Terminal 6 Redevelopment Project) Series A 4.50% 12/31/54 (AG) (AMT) | 2,650,000 | 2,359,533 | |
| (LaGuardia Airport Terminal B Redevelopment Project) Series A 4.00% 7/1/35 (AG) (AMT) | 2,660,000 | 2,615,658 | |
| (Terminal 4 John F. Kennedy International Airport Project) | |||
| 5.00% 12/1/33 (AMT) | 3,955,000 | 4,155,756 | |
| 5.00% 12/1/37 (AMT) | 1,000,000 | 1,020,860 | |
| Series A 5.00% 12/1/35 (AMT) | 1,000,000 | 1,025,580 | |
| North Carolina State | |||
| (Grant Anticipation Revenue) 5.00% 3/1/38 | 2,555,000 | 2,788,476 | |
| Oklahoma Turnpike Authority Revenue | |||
| Series A 5.00% 1/1/42 | 1,740,000 | 1,841,407 | |
| Oregon State Department of Transportation Revenue | |||
| 5.00% 5/15/39 | 1,500,000 | 1,613,295 | |
| Pennsylvania Turnpike Commission Revenue | |||
| 5.00% 12/1/41 | 2,000,000 | 2,103,060 | |
| Port Authority of New York & New Jersey Revenue | |||
| Two Hundred Eighteenth Series 4.00% 11/1/41 (AMT) | 2,480,000 | 2,264,637 | |
| Two Hundred Twenty-First Series 4.00% 7/15/36 (AMT) | 1,200,000 | 1,189,308 | |
| 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) | 4,750,000 | 5,260,150 | |
| South Jersey Port, New Jersey Revenue | |||
| (Subordinated Marine Terminal) | |||
| Series B 5.00% 1/1/30 (AMT) | 230,000 | 237,634 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| South Jersey Port, New Jersey Revenue | |||
| (Subordinated Marine Terminal) | |||
| Series B 5.00% 1/1/33 (AMT) | 705,000 | $ 722,294 | |
| Series B 5.00% 1/1/34 (AMT) | 450,000 | 459,652 | |
| Series B 5.00% 1/1/35 (AMT) | 245,000 | 249,415 | |
| Series B 5.00% 1/1/36 (AMT) | 230,000 | 233,381 | |
| Texas Private Activity Bond Surface Transportation Revenue | |||
| (Senior Lien) | |||
| 5.50% 6/30/42 (AMT) | 500,000 | 510,775 | |
| 5.50% 6/30/43 (AMT) | 1,500,000 | 1,526,745 | |
| 166,129,747 | |||
| Water & Sewer Revenue Bonds — 1.04% | |||
| City of Aurora, Colorado Water Revenue | |||
| (First-Lien Water Revenue Bonds) 4.00% 8/1/54 | 2,750,000 | 2,348,308 | |
| JEA Water & Sewer System, Florida Revenue | |||
| Series A 5.00% 10/1/45 | 1,000,000 | 1,034,910 | |
| Jefferson County, Alabama Sewer Revenue | |||
| 5.25% 10/1/41 | 3,400,000 | 3,556,332 | |
| 5.25% 10/1/43 | 3,250,000 | 3,347,857 | |
| San Antonio, Texas River Authority Wastewater System Revenue | |||
| 4.00% 1/1/40 (BAM) | 820,000 | 755,532 | |
| 11,042,939 | |||
| Total Municipal Bonds (cost $1,058,896,127) | 1,032,525,051 | ||
| Short-Term Investments — 1.72% | |||
| Variable Rate Demand Notes — 1.72% | |||
| City of Phoenix, Arizona Industrial Development Authority Housing Revenue | |||
| (Mayo Clinic) Series B 2.85% 11/15/52 (SPA - Northern Trust)¤ | 1,500,000 | 1,500,000 | |
| Maryland Health & Higher Educational Facilities Authority Revenue | |||
| (The Johns Hopkins Health System Issue) Series B 2.95% 6/1/46 (LOC - TD Bank, N.A.)¤ | 8,000,000 | 8,000,000 | |
| Principal amount° | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Variable Rate Demand Notes (continued) | |||
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution) | |||
| Series DD-1 3.00% 6/15/43 (SPA - TD Bank, N.A.)¤ | 1,800,000 | $ 1,800,000 | |
| Subordinate Series BB-2 3.00% 6/15/44 (SPA - Mizuho Bank)¤ | 2,000,000 | 2,000,000 | |
| San Francisco, California Bay Area Toll Authority Revenue | |||
| (Variable Rate Bonds) Series I 2.45% 4/1/59 (LOC - TD Bank, N.A.)¤ | 4,950,000 | 4,950,000 | |
| Total Short-Term Investments (cost $18,250,000) | 18,250,000 | ||
| Total Value of Securities—98.93% (cost $1,077,146,127) | 1,050,775,051 | ||
| Receivables and Other Assets Net of Liabilities—1.07% | 11,413,091 | ||
| Net Assets Applicable to 99,218,147 Shares Outstanding—100.00% | $1,062,188,142 | ||
| ° | 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 $89,081,948, which represents 8.39% 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. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2025. |
| § | 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 |
| KIPP – Knowledge is Power Program |
| 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 |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |