| Macquarie Tax-Free Pennsylvania Fund | November 30, 2024 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.55% | |||
| Education Revenue Bonds — 12.11% | |||
| Allegheny County, Pennsylvania Higher Education Building Authority Revenue | |||
| (Robert Morris University) 5.00% 10/15/47 | 1,500,000 | $ 1,338,510 | |
| Allentown Commercial and Industrial Development Authority Revenue | |||
| (Executive Education Academy Charter School Project) 5.00% 7/1/59 | 1,000,000 | 1,004,410 | |
| Bethlehem Redevelopment Authority Revenue | |||
| (Moravian University Project) Series 2024 5.50% 10/1/54 | 3,000,000 | 3,168,120 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (School Lane Charter School Project) Series A 5.125% 3/15/46 | 2,500,000 | 2,508,850 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Avon Grove Charter School Project) | |||
| Series A 5.00% 12/15/47 | 1,160,000 | 1,165,696 | |
| Series A 5.00% 12/15/51 | 770,000 | 771,686 | |
| (Renaissance Academy Charter School Project) | |||
| 144A 4.50% 10/1/54 # | 645,000 | 634,564 | |
| 144A 4.50% 10/1/64 # | 1,485,000 | 1,439,485 | |
| (Westtown School) Series A 4.00% 1/1/52 | 2,250,000 | 2,227,387 | |
| Lehigh County, Pennsylvania General Purpose Authority Revenue | |||
| (Muhlenberg College Project) Series 2024 5.25% 2/1/54 | 1,350,000 | 1,422,144 | |
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (AICUP Financing Program - Gwynedd Mercy University Project) 5.00% 5/1/42 | 2,500,000 | 2,560,975 | |
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (AICUP Financing Program - Gwynedd Mercy University Project) Series VV1 5.75% 5/1/48 | 1,500,000 | 1,584,435 | |
| (Germantown Academy Project) Series A 4.00% 10/1/51 | 1,430,000 | 1,244,572 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Ursinus College Project) | |||
| 5.00% 11/1/44 | 1,870,000 | $ 1,930,289 | |
| 5.25% 11/1/54 | 2,000,000 | 2,060,720 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Villanova University Project) Series 2024 5.00% 8/1/49 | 1,500,000 | 1,641,225 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (Ursinus College Project) Series A 5.00% 11/1/32 | 1,130,000 | 1,203,427 | |
| Pennsylvania State University | |||
| 5.25% 9/1/53 | 3,000,000 | 3,312,000 | |
| 5.25% 9/1/54 | 3,000,000 | 3,341,070 | |
| Series A 5.25% 9/1/52 | 2,000,000 | 2,199,440 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (International Apartments of Temple University) | |||
| Series A 5.375% 6/15/30 ‡ | 1,145,000 | 973,250 | |
| Series A 5.625% 6/15/42 ‡ | 3,000,000 | 2,550,000 | |
| (Saint Joseph's University Project) 5.50% 11/1/60 | 6,000,000 | 6,575,340 | |
| Swarthmore Borough, Pennsylvania Authority Revenue | |||
| (Swarthmore College) 5.00% 9/15/53 | 2,000,000 | 2,184,260 | |
| Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | |||
| (Pennsylvania Steam Academy Charter School Project) | |||
| Series A 144A 6.25% 7/1/57 # | 2,500,000 | 2,511,800 | |
| Series B 144A 6.00% 7/1/29 # | 235,000 | 231,973 | |
| 51,785,628 | |||
| Electric Revenue Bonds — 0.46% | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 1,110,000 | 582,750 | |
| Series A 5.05% 7/1/42 ‡ | 400,000 | 210,000 | |
| Series WW 5.25% 7/1/33 ‡ | 1,055,000 | 553,875 | |
| Series WW 5.50% 7/1/38 ‡ | 1,190,000 | 624,750 | |
| 1,971,375 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds — 31.28% | |||
| Allegheny County, Pennsylvania Hospital Development Authority Revenue | |||
| (Allegheny Health Network Obligated Group Issue) | |||
| Series A 4.00% 4/1/44 | 2,640,000 | $ 2,558,979 | |
| Series A 5.00% 4/1/47 | 13,240,000 | 13,508,110 | |
| (University of Pittsburgh Medical Center) | |||
| Series A 4.00% 7/15/38 | 1,125,000 | 1,129,376 | |
| Series A 4.00% 7/15/39 | 2,000,000 | 2,009,400 | |
| Berks County, Pennsylvania Industrial Development Authority Revenue | |||
| (The Highlands at Wyomissing) | |||
| Series A 5.00% 5/15/37 | 1,365,000 | 1,390,484 | |
| Series A 5.00% 5/15/42 | 470,000 | 474,409 | |
| Series A 5.00% 5/15/47 | 600,000 | 602,454 | |
| Series C 5.00% 5/15/42 | 1,000,000 | 1,009,380 | |
| Series C 5.00% 5/15/47 | 1,000,000 | 1,004,090 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (St. Luke's University Health Network Project) | |||
| 3.00% 8/15/53 | 3,000,000 | 2,267,490 | |
| 4.00% 8/15/50 | 1,400,000 | 1,320,312 | |
| 4.00% 8/15/50 (BAM) | 1,600,000 | 1,568,816 | |
| Butler County, Pennsylvania Hospital Authority Revenue | |||
| (Butler Health System Project) Series A 5.00% 7/1/39 | 1,625,000 | 1,601,827 | |
| Centre County, Pennsylvania Hospital Authority Revenue | |||
| (Mount Nittany Medical Center Project) Series A 4.00% 11/15/47 | 1,400,000 | 1,364,426 | |
| Chester County, Pennsylvania Health and Education Facilities Authority Revenue | |||
| (Main Line Health System) Series A 4.00% 9/1/50 | 310,000 | 302,994 | |
| Cumberland County, Pennsylvania Municipal Authority Revenue | |||
| (Asbury Pennsylvania Obligated Group) 5.00% 1/1/45 | 3,000,000 | 2,850,330 | |
| (Diakon Lutheran Social Ministries) 5.00% 1/1/38 | 995,000 | 995,348 | |
| (Penn State Health) Series A 4.00% 11/1/44 | 5,000,000 | 4,898,800 | |
| Doylestown, Pennsylvania Hospital Authority Revenue | |||
| 144A 5.375% 7/1/39 # | 1,000,000 | 1,096,430 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| DuBois, Pennsylvania Hospital Authority Revenue | |||
| (Penn Highlands Healthcare) | |||
| 4.00% 7/15/45 | 1,695,000 | $ 1,584,876 | |
| 4.00% 7/15/48 | 2,000,000 | 1,803,680 | |
| Lancaster County, Pennsylvania Hospital Authority Revenue | |||
| (Brethren Village Project) | |||
| 5.00% 7/1/31 | 130,000 | 131,026 | |
| 5.25% 7/1/35 | 250,000 | 250,710 | |
| 5.50% 7/1/45 | 1,000,000 | 1,001,190 | |
| (Landis Homes Retirement Community Project) Series A 5.00% 7/1/45 | 2,000,000 | 2,005,820 | |
| (Masonic Villages Project) | |||
| 5.00% 11/1/35 | 1,000,000 | 1,033,820 | |
| 5.00% 11/1/36 | 510,000 | 526,575 | |
| 5.00% 11/1/37 | 250,000 | 257,880 | |
| 5.125% 11/1/38 | 3,500,000 | 3,790,675 | |
| Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue | |||
| (Lehigh Valley Health Network) Series A 4.00% 7/1/49 | 10,000,000 | 9,737,700 | |
| Maxatawny Township, Pennsylvania Municipal Authority Revenue | |||
| (Diakon Lutheran Social Ministries Project) Series A 4.50% 1/1/45 | 2,000,000 | 1,963,600 | |
| Monroeville, Pennsylvania Finance Authority Revenue | |||
| Series B 4.00% 2/15/41 | 2,100,000 | 2,104,137 | |
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (Thomas Jefferson University) | |||
| Series A 4.00% 9/1/49 | 2,500,000 | 2,396,325 | |
| Series B 4.00% 5/1/47 | 4,000,000 | 3,865,760 | |
| Series B 4.00% 5/1/52 | 5,950,000 | 5,642,206 | |
| Series B 4.00% 5/1/56 (BAM) | 2,000,000 | 1,930,540 | |
| Series B 5.00% 5/1/57 | 3,285,000 | 3,421,065 | |
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Foulkeways at Gwynedd Project) 5.00% 12/1/46 | 1,500,000 | 1,507,290 | |
| (Waverly Heights Project) Series 2019 4.00% 12/1/37 | 300,000 | 296,424 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Whitemarsh Continuing Care Retirement Community Project) | |||
| 4.00% 1/1/25 | 75,000 | $ 74,954 | |
| 5.375% 1/1/50 | 4,035,000 | 3,881,710 | |
| Series A 5.25% 1/1/48 | 1,000,000 | 953,670 | |
| Series A 5.375% 1/1/51 | 1,600,000 | 1,533,936 | |
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society) 6.125% 7/1/50 | 4,090,000 | 2,838,623 | |
| Northampton County, Pennsylvania General Purpose Authority Revenue | |||
| (St. Luke's University Health Network Project) Series A1 5.25% 8/15/53 | 1,500,000 | 1,632,795 | |
| Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
| (Morningstar Senior Living, Inc. Project) 5.00% 11/1/44 | 1,000,000 | 941,050 | |
| 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 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Presbyterian Senior Living Project) | |||
| Series B-1 5.25% 7/1/49 | 2,750,000 | 2,926,522 | |
| Series B-2 5.25% 7/1/46 | 2,500,000 | 2,675,675 | |
| (University of Pittsburgh Medical Center) | |||
| Series A 4.00% 11/15/42 | 5,200,000 | 5,098,288 | |
| Series A 4.00% 2/15/52 | 1,710,000 | 1,675,920 | |
| Subordinate Series A-2 4.00% 5/15/48 | 2,250,000 | 2,238,413 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (Thomas Jefferson University) Series B-1 5.25% 11/1/48 (AGC) | 1,000,000 | 1,109,740 | |
| (University of Pennsylvania Health System) | |||
| 4.00% 8/15/49 | 7,660,000 | 7,437,477 | |
| Series B 4.00% 8/15/40 | 1,345,000 | 1,361,853 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (The Children's Hospital of Philadelphia Project) | |||
| Series A 4.00% 7/1/49 | 2,500,000 | $ 2,462,475 | |
| Series A 5.50% 7/1/53 | 3,000,000 | 3,404,130 | |
| (Wesley Enhanced Living Obligated Group) Series A 5.00% 7/1/49 | 2,500,000 | 2,427,575 | |
| 133,714,060 | |||
| Housing Revenue Bonds — 4.00% | |||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| (Social Bonds) | |||
| Series 142A 5.00% 10/1/50 | 5,000,000 | 5,193,250 | |
| Series 143A 5.30% 4/1/44 | 4,645,000 | 4,903,448 | |
| Series 143A 5.45% 4/1/51 | 3,750,000 | 3,944,212 | |
| Series 146A 4.75% 4/1/53 | 3,000,000 | 3,058,740 | |
| 17,099,650 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.70% | |||
| Allegheny County, Pennsylvania Industrial Development Authority Revenue | |||
| (United States Steel Corporation Project) | |||
| 5.125% 5/1/30 | 750,000 | 793,297 | |
| 5.75% 8/1/42 (AMT) | 725,000 | 725,682 | |
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Project) 144A 5.00% 5/1/42 # | 1,000,000 | 1,026,420 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Longwood Gardens, Inc. Project) Series 2021 4.00% 12/1/51 | 2,635,000 | 2,583,486 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 95,000,000 | 6,361,200 | |
| Pennsylvania Commonwealth Financing Authority Revenue | |||
| (Tobacco Master Settlement Payment Revenue) 4.00% 6/1/39 (AGM) | 5,045,000 | 5,082,686 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (National Gypsum) 5.50% 11/1/44 (AMT) | 4,000,000 | $ 4,014,920 | |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue | |||
| (Proctor & Gamble Paper Project) 5.375% 3/1/31 (AMT) | 11,000,000 | 12,315,050 | |
| 32,902,741 | |||
| Lease Revenue Bond — 0.12% | |||
| Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | |||
| (Pennsylvania Rapid Bridge Replacement Project) Series 2015 5.00% 12/31/29 (AMT) | 500,000 | 511,435 | |
| 511,435 | |||
| Local General Obligation Bonds — 3.41% | |||
| City of Philadelphia, Pennsylvania | |||
| 5.00% 8/1/41 | 1,260,000 | 1,310,375 | |
| Series A 4.00% 5/1/42 | 500,000 | 508,240 | |
| City of Pittsburgh, Pennsylvania | |||
| 5.00% 9/1/41 | 1,000,000 | 1,083,920 | |
| 5.00% 9/1/42 | 1,000,000 | 1,081,160 | |
| 5.00% 9/1/43 | 500,000 | 538,015 | |
| Council Rock, Pennsylvania School District | |||
| 4.00% 11/15/52 | 2,975,000 | 2,987,049 | |
| Marple Newtown, Pennsylvania School District | |||
| 3.00% 6/1/40 | 3,740,000 | 3,461,108 | |
| Township of Lower Paxton, Pennsylvania | |||
| Series A 4.00% 4/1/50 | 1,100,000 | 1,092,300 | |
| West Branch Area School District, Pennsylvania | |||
| 4.00% 5/15/41 (AGM) | 930,000 | 934,548 | |
| 4.00% 5/15/44 (AGM) | 1,595,000 | 1,592,623 | |
| 14,589,338 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 0.72% | |||
| Berks County, Pennsylvania Industrial Development Authority Revenue | |||
| (The Highlands at Wyomissing) | |||
| 5.00% 5/15/43-25 § | 500,000 | 513,735 | |
| 5.00% 5/15/48-25 § | 1,000,000 | 1,027,470 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
| Cumberland County, Pennsylvania Municipal Authority Revenue | |||
| (Diakon Lutheran Social Ministries) 5.00% 1/1/38-25 § | 1,005,000 | $ 1,006,337 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (University of the Arts) 5.20% 3/15/25 (AGC) | 515,000 | 518,008 | |
| Philadelphia, Pennsylvania School District | |||
| Series F 5.00% 9/1/38-26 § | 5,000 | 5,190 | |
| 3,070,740 | |||
| Special Tax Revenue Bonds — 15.53% | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Project) 144A 5.25% 5/1/42 # | 4,300,000 | 4,345,322 | |
| (Forward Delivery) 5.00% 5/1/42 | 2,000,000 | 2,102,660 | |
| Chester County, Pennsylvania Industrial Development Authority Revenue | |||
| (Woodlands at Greystone Project) 144A 5.125% 3/1/48 # | 802,000 | 790,491 | |
| Commonwealth of Puerto Rico Revenue | |||
| 1.711% 11/1/51 • | 731,973 | 467,548 | |
| 2.876% 11/1/43 • | 8,661,458 | 5,359,277 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 16,420,643 | 16,051,178 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 5,040,000 | 5,248,404 | |
| Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
| (Route 33 Project) 7.00% 7/1/32 | 1,510,000 | 1,512,809 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 7,858,000 | 7,865,387 | |
| Series A-1 5.00% 7/1/58 | 5,000,000 | 5,022,550 | |
| Series A-1 5.614% 7/1/46 ^ | 26,050,000 | 8,825,219 | |
| Series A-1 5.716% 7/1/51 ^ | 16,638,000 | 4,132,380 | |
| Series A-2 4.329% 7/1/40 | 2,650,000 | 2,650,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-2 4.536% 7/1/53 | 1,000,000 | $ 986,730 | |
| Washington County, Pennsylvania Redevelopment Authority Revenue | |||
| (Victory Centre Tax Increment Financing Project) 5.00% 7/1/35 | 1,000,000 | 1,004,480 | |
| 66,364,435 | |||
| State General Obligation Bonds — 3.04% | |||
| Commonwealth of Pennsylvania | |||
| 4.00% 10/1/39 | 1,000,000 | 1,027,270 | |
| Series B 5.00% 8/15/37 | 1,500,000 | 1,750,440 | |
| Series B 5.00% 8/15/39 | 2,500,000 | 2,888,525 | |
| Series D 4.00% 8/15/34 | 1,370,000 | 1,376,028 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/37 | 2,172,745 | 2,134,287 | |
| Series A-1 4.00% 7/1/41 | 1,169,072 | 1,126,424 | |
| Series A-1 4.00% 7/1/46 | 2,830,000 | 2,699,311 | |
| 13,002,285 | |||
| Transportation Revenue Bonds — 18.11% | |||
| Allegheny County, Pennsylvania Airport Authority Revenue | |||
| Series A 4.00% 1/1/38 (AMT) | 1,400,000 | 1,400,448 | |
| Series A 5.00% 1/1/56 (AMT) | 2,505,000 | 2,578,948 | |
| (Pittsburgh International Airport) Series A 5.50% 1/1/53 (AGM) (AMT) | 1,260,000 | 1,376,789 | |
| City of Philadelphia, Pennsylvania Airport Revenue | |||
| 4.00% 7/1/46 (AGM) (AMT) | 3,125,000 | 3,069,156 | |
| 5.00% 7/1/51 (AMT) | 3,000,000 | 3,115,530 | |
| Series A 4.00% 7/1/33 | 10,000,000 | 10,310,000 | |
| Series C 4.00% 7/1/50 (AMT) | 2,500,000 | 2,401,975 | |
| Delaware River Joint Toll Bridge Commission Revenue | |||
| (Pennsylvania - New Jersey) 5.00% 7/1/42 | 5,000,000 | 5,192,700 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| Series B-2 4.859% 1/1/45 (BAM) ^ | 3,345,000 | 1,398,377 | |
| Series B-2 5.52% 1/1/46 (BAM) ^ | 1,885,000 | 749,118 | |
| Series B-2 5.54% 1/1/47 (BAM) ^ | 2,050,000 | 773,486 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | |||
| (Pennsylvania Rapid Bridge Replacement Project) Series 2015 5.00% 12/31/34 (AMT) | 2,115,000 | $ 2,156,792 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | |||
| Series A 5.00% 12/1/46 | 2,750,000 | 2,978,140 | |
| Pennsylvania Turnpike Commission Revenue | |||
| 5.00% 12/1/43 | 3,250,000 | 3,649,425 | |
| Series A 4.00% 12/1/38 | 2,250,000 | 2,308,455 | |
| Series A 5.00% 12/1/44 | 2,000,000 | 2,141,060 | |
| Series A-1 5.00% 12/1/45 | 1,000,000 | 1,005,160 | |
| Series C 3.00% 12/1/51 | 2,825,000 | 2,272,487 | |
| Series C 5.00% 12/1/44 | 1,000,000 | 1,118,360 | |
| Subordinate Series A 3.00% 12/1/42 | 2,000,000 | 1,765,940 | |
| Subordinate Series A 4.00% 12/1/49 (AGM) | 2,375,000 | 2,375,546 | |
| Subordinate Series B 3.00% 12/1/51 | 7,550,000 | 5,959,668 | |
| Subordinate Series B 4.00% 12/1/51 | 1,200,000 | 1,172,700 | |
| (Subordinate) Series A 4.00% 12/1/43 (BAM) | 1,785,000 | 1,795,389 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (San Juan Cruise Terminal Project) Series A-3 6.50% 1/1/41 (AMT) | 2,000,000 | 2,405,260 | |
| Southeastern Pennsylvania Transportation Authority Revenue | |||
| (Asset Improvement Program) 5.25% 6/1/52 | 10,000,000 | 10,931,800 | |
| Susquehanna Area, Pennsylvania Regional Airport Authority Revenue | |||
| 5.00% 1/1/38 (AMT) | 1,000,000 | 1,015,240 | |
| 77,417,949 | |||
| Water & Sewer Revenue Bonds — 1.07% | |||
| Allegheny County, Pennsylvania Sanitary Authority Revenue | |||
| 5.00% 6/1/53 | 2,125,000 | 2,303,245 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| City of Philadelphia, Pennsylvania Water & Wastewater Revenue | |||
| Series C 5.25% 9/1/49 (AGC) | 2,000,000 | $ 2,251,980 | |
| 4,555,225 | |||
| Total Municipal Bonds (cost $409,944,282) | 416,984,861 | ||
| Short-Term Investments — 1.25% | |||
| Variable Rate Demand Notes — 1.25%¤ | |||
| Northampton County, Pennsylvania General Purpose Authority Revenue | |||
| (St. Luke's University Health Network Project) Series B 2.00% 8/15/54 (LOC - TD Bank, N.A.) | 3,350,000 | 3,350,000 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (The Children's Hospital of Philadelphia Project) Series B-2 2.00% 7/1/54 (SPA – JPMorgan Chase Bank, N.A.) | 2,000,000 | 2,000,000 | |
| Total Short-Term Investments (cost $5,350,000) | 5,350,000 | ||
| Total Value of Securities—98.80% (cost $415,294,282) | 422,334,861 | ||
| Receivables and Other Assets Net of Liabilities—1.20% | 5,143,520 | ||
| Net Assets Applicable to 57,102,620 Shares Outstanding—100.00% | $427,478,381 | ||
| ° | 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 November 30, 2024, the aggregate value of Rule 144A securities was $13,910,985, which represents 3.25% 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. |
| § | 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. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 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. |
| ¤ | 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 November 30, 2024. |
| Summary of abbreviations: |
| AGC – Insured by Assured Guaranty Corporation |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| 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 |
