Macquarie ETF Trust NPORT-P Macquarie Focused Emerging Markets Equity ETF (Dec 2024 report)

Schedule

of

investments

Macquarie

Energy

Transition

ETF

1

December

31,

2024

(Unaudited)

NQ-ET002J

(1224)

0225

(4212045)

Number

of

shares

Value

(US

$)

Common

Stocks

—

99

.40

%

Agricultural

Products

-

1

.26

%

Darling

Ingredients,

Inc.

†

2,492

$

83,955‌

83,955‌

Aluminum

-

5

.07

%

Alcoa

Corp.

8,935

337,564‌

337,564‌

Coal

&

Consumable

Fuels

-

3

.58

%

Cameco

Corp.

3,774

193,946‌

Centrus

Energy

Corp.,

Class

A

†

668

44,495‌

238,441‌

Copper

-

3

.22

%

ERO

Copper

Corp.

†

15,885

214,165‌

214,165‌

Diversified

Metals

&

Mining

-

15

.44

%

Anglo

American

plc

11,016

326,018‌

Foran

Mining

Corp.

†

14,268

39,009‌

Hudbay

Minerals,

Inc.

40,585

329,210‌

Lifezone

Metals

Ltd.

†

5,417

37,648‌

MP

Materials

Corp.

†

15,839

247,088‌

NGEx

Minerals

Ltd.

†

5,162

48,156‌

1,027,129‌

Electric

Utilities

-

0

.50

%

Constellation

Energy

Corp.

148

33,109‌

33,109‌

Electrical

Components

&

Equipment

-

7

.49

%

Fluence

Energy,

Inc.

†

3,429

54,453‌

Generac

Holdings,

Inc.

†

1,675

259,708‌

Sunrun,

Inc.

†

19,903

184,103‌

498,264‌

Fertilizers

&

Agricultural

Chemicals

-

4

.83

%

CF

Industries

Holdings,

Inc.

3,769

321,571‌

321,571‌

Gold

-

3

.81

%

Wheaton

Precious

Metals

Corp.

4,512

253,755‌

253,755‌

Heavy

Electrical

Equipment

-

1

.77

%

GE

Vernova,

Inc.

107

35,196‌

Net

Power,

Inc.

†

7,761

82,189‌

117,385‌

Independent

Power

Producers

&

Energy

Traders

-

0

.51

%

Vistra

Corp.

245

33,778‌

33,778‌

Schedule

of

investments

Macquarie

Energy

Transition

ETF

2

NQ-ET002J

(1224)

0225

(4212045)

Number

of

shares

Value

(US

$)

Common

Stocks

(continued)

Integrated

Oil

&

Gas

-

4

.31

%

Shell

plc

ADR

4,577

$

286,749‌

286,749‌

Oil

&

Gas

Equipment

&

Services

-

4

.08

%

Baker

Hughes

Co.,

Class

A

3,421

140,329‌

Schlumberger

NV

3,423

131,238‌

271,567‌

Oil

&

Gas

Exploration

&

Production

-

22

.85

%

ARC

Resources

Ltd.

10,451

189,542‌

Chord

Energy

Corp.

1,172

137,030‌

ConocoPhillips

1,976

195,960‌

EOG

Resources,

Inc.

1,417

173,696‌

EQT

Corp.

5,001

230,597‌

Expand

Energy

Corp.

2,287

227,671‌

Permian

Resources

Corp.,

Class

A

10,774

154,930‌

Tourmaline

Oil

Corp.

4,562

211,113‌

1,520,539‌

Oil

&

Gas

Refining

&

Marketing

-

8

.23

%

Marathon

Petroleum

Corp.

1,682

234,639‌

Neste

OYJ

6,348

79,729‌

Valero

Energy

Corp.

1,902

233,166‌

547,534‌

Renewable

Electricity

-

2

.08

%

Spruce

Power

Holding

Corp.

†

20,448

60,731‌

Sunnova

Energy

International,

Inc.

†

22,546

77,332‌

138,063‌

Semiconductor

Equipment

-

1

.63

%

Enphase

Energy,

Inc.

†

1,576

108,240‌

108,240‌

Semiconductors

-

4

.92

%

First

Solar,

Inc.

†

1,858

327,454‌

327,454‌

Steel

-

3

.82

%

Metallus,

Inc.

†

9,577

135,323‌

Steel

Dynamics,

Inc.

1,044

119,089‌

254,412‌

Total

Common

Stocks

(cost

$6,575,843)

6,613,674‌

3

NQ-ET002J

(1224)

0225

(4212045)

Number

of

shares

Value

(US

$)

Short-Term

Investments

—

0

.61

%

Money

Market

Mutual

Funds

-

0

.61

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.00%)

40,785

$

40,785‌

Total

Short-Term

Investments

(Cost

$40,785)

40,785‌

Total

Value

of

Securities

—

100.01%

        (cost

$6,616,628)

6,654,459‌

Liabilities

Net

of

Receivables

and

Other

Assets

—

(0.01%)

(

597‌

)

Net

Assets

Applicable

to

254,000

Shares

Outstanding

—

100.00%

$

6,653,862‌

†

Non-income

producing

security.

Summary

of

abbreviations:

ADR

–

American

Depositary

Receipt

Schedule

of

investments

Macquarie

Focused

Emerging

Markets

Equity

ETF

4

December

31,

2024

(Unaudited)

NQ-ET005J

(1224)

0225

(4212139)

Number

of

shares

Value

(US

$)

Common

Stocks

—

97

.57

%

Δ

Brazil

-

3

.30

%

Ambev

SA

ADR

49,684

$

91,915

Petroleo

Brasileiro

SA

ADR

17,951

230,850

322,765

China

-

20

.70

%

Alibaba

Group

Holding

Ltd.

ADR

4,963

420,814

Baidu,

Inc.

ADR

†

671

56,572

BeiGene

Ltd.

ADR

†

520

96,049

Bilibili,

Inc.

ADR

†

2,704

48,969

China

Resources

Beer

Holdings

Co.

Ltd.

36,472

118,573

Meituan,

Class

B

144A

#,†

12,332

240,871

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

1,497

96,077

PDD

Holdings,

Inc.

ADR

†

2,256

218,809

TAL

Education

Group

ADR

†

7,150

71,643

Tencent

Holdings

Ltd.

10,080

541,207

Trip.com

Group

Ltd.

ADR

†

1,048

71,956

ZTO

Express

Cayman,

Inc.

ADR

2,256

44,105

2,025,645

Hong

Kong

-

3

.04

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

7,824

296,977

296,977

India

-

12

.24

%

Dr

Reddy's

Laboratories

Ltd.

ADR

3,891

61,439

HDFC

Bank

Ltd.

ADR

3,847

245,669

Infosys

Ltd.

ADR

7,220

158,262

Reliance

Industries

Ltd.

GDR

144A

#

12,051

684,497

Tata

Consultancy

Services

Ltd.

1,000

47,829

1,197,696

Indonesia

-

3

.02

%

Astra

International

Tbk.

PT

257,924

78,523

Bank

Central

Asia

Tbk.

PT

259,896

156,228

Unilever

Indonesia

Tbk.

PT

517,560

60,615

295,366

Malaysia

-

1

.33

%

Public

Bank

Bhd.

127,500

130,023

130,023

Mexico

-

5

.26

%

America

Movil

SAB

de

CV

ADR

6,088

87,119

Cemex

SAB

de

CV

ADR

12,528

70,658

Coca-Cola

Femsa

SAB

de

CV

ADR

1,286

100,167

5

NQ-ET005J

(1224)

0225

(4212139)

Number

of

shares

Value

(US

$)

Common

Stocks

(continued)

Mexico

(continued)

Fomento

Economico

Mexicano

SAB

de

CV

ADR

976

$

83,438

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

21,608

138,833

Wal-Mart

de

Mexico

SAB

de

CV

13,187

34,715

514,930

Peru

-

1

.23

%

Credicorp

Ltd.

654

119,891

119,891

Saudi

Arabia

-

0

.49

%

Saudi

Arabian

Oil

Co.

144A

#

6,467

48,278

48,278

Singapore

-

0

.64

%

Grab

Holdings

Ltd.,

Class

A

†

13,194

62,276

62,276

South

Korea

-

21

.06

%

Samsung

Biologics

Co.

Ltd.

144A

#,†

153

98,629

Samsung

C&T

Corp.

†

1,915

149,334

Samsung

Electronics

Co.

Ltd.

14,954

540,402

Samsung

Life

Insurance

Co.

Ltd.

†

1,328

85,517

SK

Hynix,

Inc.

5,742

678,284

SK

Square

Co.

Ltd.

†

9,449

508,987

2,061,153

Taiwan

-

22

.18

%

Delta

Electronics,

Inc.

8,168

107,256

FIT

Hon

Teng

Ltd.

144A

#,†

147,840

69,479

Hon

Hai

Precision

Industry

Co.

Ltd.

32,008

179,642

MediaTek,

Inc.

5,747

248,044

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

47,768

1,566,308

2,170,729

Thailand

-

1

.31

%

Bangkok

Bank

PCL

16,100

71,304

PTT

PCL

60,800

56,618

127,922

Turkiye

-

1

.77

%

Akbank

TAS

94,589

173,419

173,419

Total

Common

Stocks

(cost

$9,888,920)

9,547,070

Schedule

of

investments

Macquarie

Focused

Emerging

Markets

Equity

ETF

6

NQ-ET005J

(1224)

0225

(4212139)

Number

of

shares

Value

(US

$)

Preferred

Stocks

—

1

.72

%

Δ

Brazil

-

1

.72

%

Banco

Bradesco

SA

28,616

$

54,657

Itau

Unibanco

Holding

SA

22,912

113,643

Total

Preferred

Stocks

(cost

$220,401)

168,300

Short-Term

Investments

—

0

.42

%

Money

Market

Mutual

Funds

-

0

.42

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.00%)

41,385

41,385

Total

Short-Term

Investments

(cost

$41,385)

41,385

Total

Value

of

Securities

—

99.71%

      (cost

$10,150,706)

9,756,755

Receivables

and

Other

Assets

Net

of

Liabilities

—

0.29%

27,684

Net

Assets

Applicable

to

400,000

Shares

Outstanding

—

100.00%

$

9,784,439

Δ

Securities

have

been

classified

by

country

of

risk.

†

Non-income

producing

security.

#

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

At

December

31,

2024,

the

aggregate

value

of

Rule

144A

securities

was

$1,141,754,

which

represents

11.67%

of

the

Fund's

net

assets.

Summary

of

abbreviations:

ADR

–

American

Depositary

Receipt

GDR

–

Global

Depositary

Receipt

Schedule

of

investments

Macquarie

Focused

Large

Growth

ETF

7

December

31,

2024

(Unaudited)

NQ-ET004J

(1224)

0225

(4212082)

Number

of

shares

Value

(US

$)

Common

Stocks

—

98

.63

%

^

Communication

Services

-

9

.08

%

Alphabet,

Inc.,

Class

C

11,000

$

2,094,840

Electronic

Arts,

Inc.

4,454

651,620

2,746,460

Consumer

Discretionary

-

12

.77

%

Amazon.com,

Inc.

†

10,825

2,374,897

Ferrari

NV

1,961

833,111

LVMH

Moet

Hennessy

Louis

Vuitton

SE

ADR

5,025

656,717

3,864,725

Consumer

Staples

-

3

.00

%

Coca-Cola

Co.

(The)

14,559

906,443

906,443

Financials

-

13

.96

%

Intercontinental

Exchange,

Inc.

7,176

1,069,296

MSCI,

Inc.,

Class

A

1,398

838,814

S&P

Global,

Inc.

1,699

846,153

Visa,

Inc.,

Class

A

4,658

1,472,114

4,226,377

Healthcare

-

6

.51

%

Danaher

Corp.

3,627

832,578

UnitedHealth

Group,

Inc.

2,250

1,138,185

1,970,763

Industrials

-

3

.93

%

Waste

Connections,

Inc.

6,929

1,188,878

1,188,878

Information

Technology

-

46

.18

%

Apple,

Inc.

10,120

2,534,250

Intuit,

Inc.

1,831

1,150,784

Microsoft

Corp.

9,240

3,894,661

Motorola

Solutions,

Inc.

3,067

1,417,659

NVIDIA

Corp.

24,025

3,226,317

Synopsys,

Inc.

†

1,697

823,656

VeriSign,

Inc.

†

4,485

928,216

13,975,543

Real

Estate

-

3

.20

%

CoStar

Group,

Inc.

†

13,543

969,543

969,543

Total

Common

Stocks

(cost

$28,168,968)

29,848,732

Schedule

of

investments

Macquarie

Focused

Large

Growth

ETF

8

NQ-ET004J

(1224)

0225

(4212082)

Number

of

shares

Value

(US

$)

Short-Term

Investments

—

1

.39

%

Money

Market

Mutual

Funds

-

1

.39

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.00%)

419,474

$

419,474

Total

Short-Term

Investments

(Cost

$419,474)

419,474

Total

Value

of

Securities

—

100.02%

        (cost

$28,588,442)

30,268,206

Liabilities

Net

of

Receivables

and

Other

Assets

—

(0.02%)

(

5,158

)

Net

Assets

Applicable

to

1,100,000

Shares

Outstanding

—

100.00%

$

30,263,048

^

Narrow

industries

are

utilized

for

compliance

purposes

for

concentration

whereas

broad

sectors

are

used

for

financial

reporting.

†

Non-income

producing

security.

Summary

of

abbreviations:

ADR

–

American

Depositary

Receipt

MSCI

–

Morgan

Stanley

Capital

International

S&P

–

Standard

&

Poor’s

Financial

Services

LLC

Schedule

of

investments

Macquarie

Global

Listed

Infrastructure

ETF

9

December

31,

2024

(Unaudited)

NQ-ET001J

(1224)

0225

(4212107)

Number

of

shares

Value

(US

$)

Common

Stocks

—

97

.91

%

Δ

Australia

-

3

.06

%

Atlas

Arteria

Ltd.

23,659

$

69,558‌

Transurban

Group

9,273

76,852‌

146,410‌

Brazil

-

0

.75

%

CCR

SA

21,848

35,966‌

35,966‌

Canada

-

8

.53

%

Enbridge,

Inc.

7,654

324,860‌

Gibson

Energy,

Inc.

4,906

83,550‌

408,410‌

China

-

1

.83

%

China

Gas

Holdings

Ltd.

46,200

40,271‌

China

Tower

Corp.

Ltd.,

Class

H

144A

#

328,000

47,300‌

87,571‌

Denmark

-

1

.56

%

Orsted

A/S

144A

#,†

1,661

74,799‌

74,799‌

France

-

2

.58

%

Aeroports

de

Paris

SA

1,069

123,688‌

123,688‌

Germany

-

1

.88

%

Fraport

AG

Frankfurt

Airport

Services

Worldwide

†

1,485

89,987‌

89,987‌

Greece

-

1

.00

%

Athens

International

Airport

SA

5,763

47,757‌

47,757‌

Hong

Kong

-

2

.34

%

CLP

Holdings

Ltd.

10,500

88,281‌

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

35,000

23,884‌

112,165‌

Italy

-

8

.95

%

Enav

SpA

144A

#

43,902

185,450‌

Enel

SpA

12,284

87,620‌

Snam

SpA

13,478

59,712‌

Terna

-

Rete

Elettrica

Nazionale

12,108

95,571‌

428,353‌

Schedule

of

investments

Macquarie

Global

Listed

Infrastructure

ETF

10

NQ-ET001J

(1224)

0225

(4212107)

Number

of

shares

Value

(US

$)

Common

Stocks

(continued)

Mexico

-

1

.73

%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

9,643

$

82,995‌

82,995‌

Netherlands

-

1

.71

%

Koninklijke

Vopak

NV

1,861

81,928‌

81,928‌

New

Zealand

-

3

.38

%

Auckland

International

Airport

Ltd.

33,230

161,752‌

161,752‌

Spain

-

11

.78

%

Aena

SME

SA

144A

#

638

130,457‌

Cellnex

Telecom

SA

144A

#

4,451

140,669‌

EDP

Renovaveis

SA

10,750

111,799‌

Redeia

Corp.

SA

4,209

71,938‌

Sacyr

SA

33,101

109,103‌

563,966‌

United

Kingdom

-

11

.48

%

National

Grid

plc

21,328

253,655‌

Pennon

Group

plc

4,483

33,309‌

Severn

Trent

plc

3,034

95,260‌

United

Utilities

Group

plc

12,721

167,456‌

549,680‌

United

States

of

America

-

35

.35

%

Ameren

Corp.

533

47,512‌

American

Electric

Power

Co.,

Inc.

1,412

130,229‌

Cheniere

Energy,

Inc.

641

137,732‌

CMS

Energy

Corp.

1,791

119,370‌

Crown

Castle,

Inc.

1,061

96,296‌

Essential

Utilities,

Inc.

3,954

143,609‌

Eversource

Energy

1,467

84,250‌

Exelon

Corp.

3,924

147,700‌

Kinder

Morgan,

Inc.

4,496

123,190‌

NextEra

Energy,

Inc.

1,942

139,222‌

ONEOK,

Inc.

788

79,115‌

PG&E

Corp.

7,163

144,549‌

Sempra

1,883

165,178‌

Xcel

Energy,

Inc.

1,993

134,567‌

1,692,519‌

Total

Common

Stocks

(cost

$4,735,071)

4,687,946‌

11

NQ-ET001J

(1224)

0225

(4212107)

Number

of

shares

Value

(US

$)

Short-Term

Investments

—

4

.14

%

Money

Market

Mutual

Funds

-

4

.14

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.00%)

198,277

$

198,277‌

Total

Short-Term

Investments

(cost

$198,277)

198,277‌

Total

Value

of

Securities

—

102.05%

      (cost

$4,933,348)

4,886,223‌

Liabilities

Net

of

Receivables

and

Other

Assets

—

(2.05)%

(

98,020‌

)

Net

Assets

Applicable

to

200,000

Shares

Outstanding

—

100.00%

$

4,788,203‌

Δ

Securities

have

been

classified

by

country

of

risk.

#

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

At

December

31,

2024,

the

aggregate

value

of

Rule

144A

securities

was

$578,675,

which

represents

12.09%

of

the

Fund's

net

assets.

†

Non-income

producing

security.

Summary

of

abbreviations:

AG

–

Aktiengesellschaft

SpA

–

Stand-by

Purchase

Agreement

Schedule

of

investments

Macquarie

Tax-Free

USA

Short

Term

ETF

12

December

31,

2024

(Unaudited)

NQ-ET003J

(1224)

0225

(4212119)

Principal

amount

°

Value

(US

$)

Municipal

Bonds

  —

98

.51

%

Education

Revenue

Bonds

-

11

.34

%

Arizona

Industrial

Development

Authority

Series

2022A  5.00%

11/1/28

160,000

$

170,211‌

Colorado

Educational

&

Cultural

Facilities

Authority

Series

2014  4.50%

11/1/29

200,000

199,550‌

Maricopa

County

Industrial

Development

Authority

Series

2020A

144A  4.00%

7/1/30

#

100,000

98,882‌

Pennsylvania

Higher

Educational

Facilities

Authority

Series

2016A  5.00%

8/15/27

140,000

143,548‌

Pennsylvania

State

University

(The)

Series

B  5.00%

9/1/25

100,000

101,300‌

713,491‌

Electric

Revenue

Bonds

-

10

.08

%

City

of

Chaska

Series

2015A  5.00%

10/1/28

155,000

157,065‌

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Minnesota

Series

2017A  4.00%

10/1/30

250,000

254,538‌

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2021A  5.00%

1/1/25

120,000

120,005‌

Utility

Debt

Securitization

Authority

Series

2016A  5.00%

6/15/28

100,000

102,837‌

634,445‌

Healthcare

Revenue

Bonds

-

17

.36

%

Augusta

Development

Authority

Series

2018  5.00%

7/1/28

135,000

141,754‌

Colorado

Health

Facilities

Authority

Series

2015  5.00%

5/15/28

250,000

251,342‌

Series

2017A  5.00%

5/15/27

150,000

155,546‌

Series

2019A-1  5.00%

8/1/29

110,000

117,997‌

Cumberland

County

Municipal

Authority

Series

2019  5.00%

11/1/27

145,000

151,153‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Series

2016A  5.00%

7/1/29

165,000

168,674‌

13

NQ-ET003J

(1224)

0225

(4212119)

Principal

amount

°

Value

(US

$)

Municipal

Bonds

(continued)

Healthcare

Revenue

Bonds

(continued)

Washington

Health

Care

Facilities

Authority

Series

2019A-2  5.00%

8/1/28

100,000

$

106,006‌

1,092,472‌

Housing

Revenue

Bonds

-

2

.70

%

Montgomery

County

Higher

Education

and

Health

Authority

Series

2019  5.00%

9/1/29

160,000

169,895‌

169,895‌

Industrial

Development

Revenue

Bonds

-

5

.78

%

California

Infrastructure

&

Economic

Development

Bank

Series

2020A-4

144A  8.00%

1/1/50

#,•

150,000

154,136‌

Mississippi

Business

Finance

Corp.

Series

2009F  0.18%

12/1/30

•

210,000

210,000‌

364,136‌

Leasing

Revenue

Bonds

-

9

.92

%

Minneapolis

Special

School

District

No.

1

Series

2020A  5.00%

4/1/25

200,000

200,928‌

New

Jersey

Economic

Development

Authority

Series

2018EEE  5.00%

6/15/30

210,000

223,457‌

New

Jersey

Transportation

Trust

Fund

Authority

Series

2014AA  5.00%

6/15/26

200,000

200,113‌

624,498‌

Local

General

Obligation

Revenue

Bonds

-

2

.16

%

City

of

Detroit

Series

2018  5.00%

4/1/29

130,000

135,719‌

135,719‌

Special

Tax

Revenue

Bonds

-

5

.69

%

Central

Puget

Sound

Regional

Transit

Authority

Series

2015S-1  5.00%

11/1/25

100,000

101,710‌

Oregon

State

Lottery

Series

2015E  5.00%

4/1/27

255,000

256,161‌

357,871‌

State

General

Obligation

Revenue

Bonds

-

13

.91

%

Commonwealth

of

Pennsylvania

Series

2017  5.00%

1/1/25

210,000

210,009‌

District

of

Columbia

Series

2019A  5.00%

10/15/25

195,000

198,101‌

Schedule

of

investments

Macquarie

Tax-Free

USA

Short

Term

ETF

14

NQ-ET003J

(1224)

0225

(4212119)

Principal

amount

°

Value

(US

$)

Municipal

Bonds

(continued)

State

General

Obligation

Revenue

Bonds

(continued)

State

of

Connecticut

Series

2018E  5.00%

9/15/28

150,000

$

160,855‌

State

of

New

Jersey

Series

2020A  5.00%

6/1/29

75,000

81,206‌

State

of

Texas

Series

2018  5.00%

8/1/26

(AMT)

220,000

225,502‌

875,673‌

Transportation

Revenue

Bonds

-

8

.66

%

City

&

County

of

Denver

Series

2022D  5.25%

11/15/26

(AMT)

140,000

144,574‌

City

of

Los

Angeles

Department

of

Airports

Series

A  5.00%

5/15/28

(AMT)

135,000

135,620‌

New

York

Transportation

Development

Corp.

Series

2018  5.00%

1/1/28

60,000

62,149‌

North

Texas

Tollway

Authority

Series

2015A  5.00%

1/1/28

45,000

45,000‌

Triborough

Bridge

&

Tunnel

Authority

Series

2021A  5.00%

11/1/25

155,000

157,676‌

545,019‌

Water

&

Sewer

Revenue

Bonds

-

10

.91

%

City

of

Chicago

Series

2004  5.00%

11/1/26

235,000

242,701‌

New

York

City

Municipal

Water

Finance

Authority

Series

2022,

Sub-Series

BB-2  5.00%

6/15/27

245,000

249,646‌

Pittsburgh

Water

&

Sewer

Authority

Series

2017A  5.00%

9/1/29

(AGM)

185,000

194,114‌

686,461‌

Total

Municipal

Bonds

(cost

$6,176,437)

6,199,680‌

Total

Value

of

Securities

—

98.51%

        (cost

$6,176,437)

6,199,680‌

Receivables

and

Other

Assets

Net

of

Liabilities

—

1.49%

94,060‌

Net

Assets

Applicable

to

250,000

Shares

Outstanding

—

100.00%

$

6,293,740‌

°

Principal

amount

shown

is

stated

in

USD

unless

noted

that

the

security

is

denominated

in

another

currency.

15

NQ-ET003J

(1224)

0225

(4212119)

•

Variable

rate

investment.

Rates

reset

periodically.

Rate

shown

reflects

the

rate

in

effect

at

December

31,

2024.

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.

#

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

At

December

31,

2024,

the

aggregate

value

of

Rule

144A

securities

was

$253,018,

which

represents

4.02%

of

the

Fund's

net

assets.

Summary

of

abbreviations:

AGM

–

Insured

by

Assured

Guaranty

Municipal

Corporation

AMT

–

Subject

to

Alternative

Minimum

Tax

SOFR01M

–

Secured

Overnight

Financing

Rate

1

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

3

Month