| Macquarie Tax-Free USA Fund | November 30, 2024 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.63% | |||
| Education Revenue Bonds — 12.60% | |||
| Arizona Industrial Development Authority Revenue | |||
| Series A 5.25% 11/1/48 | 2,195,000 | $ 2,390,882 | |
| (Great Hearts Arizona Projects) | |||
| Series A 2.25% 7/1/46 | 1,295,000 | 875,044 | |
| Series A 2.375% 7/1/52 | 1,295,000 | 829,590 | |
| (Leman Academy Of Excellence of Projects) Series A 4.50% 7/1/54 | 3,560,000 | 3,370,608 | |
| (Social Bonds) | |||
| Series A 5.00% 11/1/49 | 2,500,000 | 2,710,350 | |
| Series A 5.00% 11/1/54 | 2,500,000 | 2,690,150 | |
| Series A 5.25% 11/1/53 | 2,750,000 | 2,977,590 | |
| Board of Governors of the Colorado State University System Enterprise Revenue | |||
| Series A 5.00% 3/1/43 | 7,880,000 | 9,091,392 | |
| Build NYC, New York Resource Revenue | |||
| (East Harlem Scholars Academy Charter School Project) 144A 5.75% 6/1/62 # | 1,250,000 | 1,319,725 | |
| (KIPP NYC Public School Facilities - Canal West Project) | |||
| 5.25% 7/1/52 | 1,000,000 | 1,050,440 | |
| 5.25% 7/1/57 | 4,000,000 | 4,190,760 | |
| California Community College Financing Authority Student Housing Revenue | |||
| (Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 5,000,000 | 4,866,900 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series U-7 5.00% 6/1/46 | 6,500,000 | 8,093,345 | |
| Series V-1 5.00% 5/1/49 | 14,555,000 | 18,160,419 | |
| Series V-2 2.25% 4/1/51 | 500,000 | 332,255 | |
| California Enterprise Development Authority Revenue | |||
| (Heights Christian Schools Project) Series A 144A 6.375% 6/1/63 # | 4,280,000 | 4,342,317 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Social Bonds) | |||
| Series B 5.00% 11/1/49 | 1,500,000 | 1,639,080 | |
| Series B 5.00% 11/1/54 | 1,250,000 | 1,355,700 | |
| Series B 5.00% 11/1/59 | 1,000,000 | 1,080,300 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California School Finance Authority Revenue | |||
| (Fortune School Of Education Obligated Group) Series A 144A 5.00% 6/1/44 # | 1,175,000 | $ 1,183,754 | |
| Camden County, New Jersey Improvement Authority Revenue | |||
| (KIPP Cooper Norcross Academy - 2022 Project) 6.00% 6/15/62 | 1,325,000 | 1,423,951 | |
| Capital Projects Finance Authority Revenue | |||
| (Navigator Academy Of Leadership Obligated Group Project) | |||
| 144A 5.00% 6/15/54 # | 1,200,000 | 1,201,896 | |
| 144A 5.00% 6/15/64 # | 1,635,000 | 1,618,536 | |
| Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | |||
| 5.75% 4/1/48 | 1,850,000 | 2,030,005 | |
| 5.75% 4/1/48 (BAM) | 2,000,000 | 2,202,640 | |
| DeKalb County, Georgia Development Authority Revenue | |||
| (The Globe Academy, INC. Project) Series A 5.00% 6/1/63 | 1,315,000 | 1,316,052 | |
| Florida Development Finance Revenue | |||
| (Mater Academy Projects) Series A 4.00% 6/15/52 | 1,535,000 | 1,344,645 | |
| Gloucester County, New Jersey Improvement Authority Revenue | |||
| (Rowan University Projects) 5.00% 7/1/54 (BAM) | 2,500,000 | 2,687,675 | |
| Indiana Finance Authority Revenue | |||
| (CHF - Tippecanoe, LLC - Student Housing Project) | |||
| Series A 5.00% 6/1/53 | 2,500,000 | 2,582,425 | |
| Series A 5.125% 6/1/58 | 5,350,000 | 5,553,353 | |
| Jacksonville, Alabama Public Educational Building Authority Revenue | |||
| (JSU Foundation Project) Series A 5.25% 8/1/53 (AGM) | 1,500,000 | 1,601,235 | |
| Knox County, Tennessee Health, Educational & Housing Facility Board Revenue | |||
| (University of Tennessee Project) | |||
| Series A-1 5.00% 7/1/64 (BAM) | 3,000,000 | 3,142,680 | |
| Series B-1 5.25% 7/1/64 (BAM) | 2,300,000 | 2,433,331 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Choice Academies, Inc. Project) 144A 5.75% 9/1/45 # | 2,435,000 | $ 2,501,792 | |
| Massachusetts Development Finance Agency Revenue | |||
| Series B 4.00% 2/15/36 | 2,500,000 | 2,779,950 | |
| (Harvard University) Series A 5.00% 7/15/40 | 5,000,000 | 6,172,950 | |
| Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue | |||
| (Belmont University) 5.25% 5/1/48 | 1,500,000 | 1,649,955 | |
| New Hampshire, Business Finance Authority Revenue | |||
| (Abilene Christian University Energy Projects) Series A 5.25% 11/1/54 | 5,000,000 | 5,269,150 | |
| New York State Dormitory Authority Revenue | |||
| (Cornell University) Series A 5.50% 7/1/54 | 3,000,000 | 3,442,620 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Villanova University Project) | |||
| 5.00% 8/1/39 | 500,000 | 571,610 | |
| 5.00% 8/1/40 | 500,000 | 567,855 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (Saint Joseph's University Project) 5.50% 11/1/60 | 4,745,000 | 5,199,998 | |
| University of Texas System Board of Regents Revenue | |||
| Series B 5.00% 8/15/49 | 8,670,000 | 10,273,083 | |
| Washington Higher Education Facilities Authority Revenue | |||
| (Gonzaga University) 4.00% 4/1/47 | 6,475,000 | 6,341,939 | |
| Washington State Housing Finance Commission Revenue | |||
| (Radford Court and Nordheim Court Portfolio) 5.50% 7/1/49 | 2,000,000 | 2,182,940 | |
| Wisconsin Public Finance Authority Revenue | |||
| Series 1 5.75% 7/1/62 | 5,725,162 | 6,104,110 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Wisconsin Public Finance Authority Revenue | |||
| (CFP3 – Eastern Michigan University Student Housing Project) | |||
| Series A-1 5.375% 7/1/47 (BAM) | 2,775,000 | $ 3,010,348 | |
| Series A-1 5.50% 7/1/52 (BAM) | 4,000,000 | 4,340,440 | |
| 162,097,765 | |||
| Electric Revenue Bonds — 2.51% | |||
| Guam Power Authority Revenue | |||
| Series A 5.00% 10/1/43 | 2,000,000 | 2,129,060 | |
| Municipal Electric Authority of Georgia Revenue | |||
| (Plant Vogtle Units 3 & 4 Project M) 4.00% 1/1/59 | 9,000,000 | 8,550,180 | |
| New York Utility Debt Securitization Authority Revenue | |||
| Series 1 5.00% 12/15/41 | 2,500,000 | 2,884,000 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 3,665,000 | 1,924,125 | |
| Series A 5.05% 7/1/42 ‡ | 100,000 | 52,500 | |
| Series A 6.75% 7/1/36 ‡ | 1,725,000 | 905,625 | |
| Series AAA 5.25% 7/1/25 ‡ | 285,000 | 149,625 | |
| Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 1,052,625 | |
| Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 1,420,125 | |
| Series WW 5.00% 7/1/28 ‡ | 510,000 | 267,750 | |
| Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 1,304,625 | |
| Series XX 4.75% 7/1/26 ‡ | 390,000 | 204,750 | |
| Series ZZ 4.75% 7/1/27 ‡ | 305,000 | 160,125 | |
| Series ZZ 5.25% 7/1/25 ‡ | 395,000 | 207,375 | |
| Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue | |||
| Series A 5.00% 1/1/50 | 5,000,000 | 5,458,850 | |
| South Carolina Public Service Authority Revenue | |||
| (Santee Cooper) Series A 5.50% 12/1/54 | 5,000,000 | 5,578,150 | |
| 32,249,490 | |||
| Healthcare Revenue Bonds — 12.30% | |||
| Alachua County, Florida Health Facilities Authority Revenue | |||
| (Oak Hammock at the University of Florida, Inc. Project) 4.00% 10/1/46 | 1,750,000 | 1,544,480 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Apple Valley, Minnesota Senior Living Revenue | |||
| (Senior Living LLC Project) | |||
| Series B 5.00% 1/1/47 | 1,815,000 | $ 1,087,276 | |
| Series D 7.25% 1/1/52 | 1,980,000 | 1,115,175 | |
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project Fourth Tier) 144A 7.75% 1/1/54 # | 225,000 | 40,500 | |
| (Great Lakes Senior Living Communities LLC Project Second Tier) Series B 5.00% 1/1/49 ‡ | 300,000 | 228,000 | |
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Health System) Series A 3.00% 8/15/51 (BAM) | 4,000,000 | 3,326,600 | |
| (CommonSpirit Health) Series A 4.00% 4/1/49 | 1,930,000 | 1,913,653 | |
| (Kaiser Permanente) Subseries A-2 5.00% 11/1/47 | 18,020,000 | 21,732,841 | |
| California Municipal Finance Authority Revenue | |||
| (Community Medical Centers) Series A 5.00% 2/1/47 | 2,025,000 | 2,048,834 | |
| City of St. Cloud, Minnesota Health Care Revenue | |||
| (Centracare Health System) 5.00% 5/1/54 | 3,125,000 | 3,361,063 | |
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) Series A 3.00% 11/15/51 | 1,500,000 | 1,200,810 | |
| (CommonSpirit Health) | |||
| Series A-2 4.00% 8/1/49 (BAM) | 7,925,000 | 7,601,660 | |
| Series A-2 5.00% 8/1/44 | 2,290,000 | 2,386,340 | |
| Dutchess County, New York Local Development Revenue | |||
| (Nuvance Health) Series B 4.00% 7/1/49 | 1,745,000 | 1,624,647 | |
| Glendale, Arizona Industrial Development Authority Revenue | |||
| (Royal Oaks Inspirata Pointe Project) Series A 5.00% 5/15/56 | 1,905,000 | 1,843,411 | |
| Hamilton County, Ohio Hospital Facilities Revenue | |||
| (Cincinnati Children's Hospital Medical Center) Series CC 5.00% 11/15/49 | 6,460,000 | 7,479,517 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Hillsborough County, Florida Industrial Development Authority Hospital Revenue | |||
| (BayCare Health System Issue) Series C 5.50% 11/15/54 | 7,880,000 | $ 8,946,479 | |
| (Tampa General Hospital Project) Series A 3.50% 8/1/55 | 13,915,000 | 11,352,971 | |
| Illinois Finance Authority Revenue | |||
| (NorthShore - Edward-Elmhurst Health Credit Group) Series A 5.00% 8/15/51 | 3,775,000 | 4,011,164 | |
| (Shedd Aquarium Society Project) 5.00% 6/1/44 | 1,500,000 | 1,592,220 | |
| Jefferson County, Washington Public Hospital District No. 2 Revenue | |||
| (Jefferson Healthcare) Series A 6.875% 12/1/53 | 3,000,000 | 3,189,420 | |
| Lake County, Ohio Port & Economic Development Authority Revenue | |||
| (Tapestry Wickliffe, LLC Project) Series A 144A 6.75% 12/1/52 #, ‡ | 1,300,000 | 35,880 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
| (The Glen Retirement System Project) Series A 5.00% 1/1/49 | 1,905,000 | 1,452,639 | |
| Michigan Finance Authority Revenue | |||
| (Henry Ford Health System) Series A 4.00% 11/15/50 | 1,500,000 | 1,416,000 | |
| (The Henry Ford Health Detroit South Campus Central Utility Plant Project) 5.50% 2/28/57 | 2,500,000 | 2,762,725 | |
| Missouri State, Health and Educational Facilities Authority Revenue | |||
| (Mercy Health) 4.00% 6/1/53 | 5,000,000 | 4,848,400 | |
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (Thomas Jefferson University) Series B 4.00% 5/1/56 | 7,500,000 | 7,040,400 | |
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society) 6.125% 7/1/50 | 1,895,000 | 1,315,206 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| New Hope, Texas Cultural Education Facilities Finance Revenue | |||
| (Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 1,725,000 | $ 1,320,281 | |
| (Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 4,000,000 | 3,987,800 | |
| New York State Dormitory Authority Revenue | |||
| (Montefiore Obligated Group) Series A 3.00% 9/1/50 (AGM) | 12,640,000 | 9,907,990 | |
| (Northwell Health Obligated Group) Series A 5.00% 5/1/52 | 3,000,000 | 3,197,070 | |
| Ohio State Hospital Revenue | |||
| (Cleveland Clinic Health System Obligated Group) Series A 5.00% 1/1/35 | 3,000,000 | 3,508,200 | |
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) | |||
| Series A 144A 6.50% 12/1/38 #, ‡ | 3,285,000 | 985,500 | |
| Series A 144A 6.75% 12/1/53 #, ‡ | 3,765,000 | 1,129,500 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| Series A 4.00% 11/15/42 | 3,300,000 | 3,235,452 | |
| Series A 4.00% 5/15/53 | 5,000,000 | 4,800,550 | |
| Rhode Island Health and Educational Building Revenue | |||
| 5.25% 5/15/54 | 2,300,000 | 2,471,925 | |
| Seminole County, Florida Industrial Development Authority Revenue | |||
| (Legacy Pointe at UCF Project) Series A 5.50% 11/15/49 | 3,055,000 | 3,057,505 | |
| Tempe, Arizona Industrial Development Authority Revenue | |||
| (Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 1,395,000 | 902,453 | |
| University of North Carolina Board of Governors Revenue | |||
| 5.00% 2/1/49 | 3,700,000 | 4,317,160 | |
| Virginia Small Business Financing Authority Revenue | |||
| (Lifespire Of Virginia) Series A 4.50% 12/1/44 | 1,250,000 | 1,254,588 | |
| (LifeSpire of Virginia) 4.00% 12/1/41 | 2,500,000 | 2,407,275 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Westchester County, New York Local Development Revenue | |||
| (Westchester Medical Center Obligated Group Project) | |||
| 5.00% 11/1/51 (AGM) | 1,250,000 | $ 1,340,900 | |
| 5.75% 11/1/53 (AGM) | 2,500,000 | 2,813,600 | |
| Yuma, Arizona Industrial Development Authority Hospital Revenue | |||
| (Yuma Regional Medical Center) Series A 5.25% 8/1/54 | 1,000,000 | 1,094,890 | |
| 158,230,950 | |||
| Housing Revenue Bonds — 5.79% | |||
| Alaska Housing Finance Revenue | |||
| (Veterans Mortgage Program) | |||
| 4.60% 12/1/50 | 5,585,000 | 5,692,511 | |
| 4.65% 12/1/52 | 4,965,000 | 5,095,729 | |
| California CSCDA Community Improvement Authority Essential Housing Revenue | |||
| (Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 1,300,000 | 917,709 | |
| Connecticut Housing Finance Authority Revenue | |||
| (Housing Mortgage Finance Program) Series D 5.35% 11/15/48 | 3,000,000 | 3,144,990 | |
| Illinois Housing Development Authority Revenue | |||
| Series K 5.25% 10/1/43 | 4,000,000 | 4,233,360 | |
| Industrial Development Authority of the County of Pima, Arizona Revenue | |||
| Series B 4.90% 7/1/54 | 1,200,000 | 1,231,236 | |
| Maryland Community Development Administration Revenue | |||
| Series C 4.50% 9/1/49 | 3,250,000 | 3,293,875 | |
| Massachusetts Housing Finance Agency Revenue | |||
| (Sustainability Bonds) Series A-1 5.00% 12/1/67 | 1,800,000 | 1,872,000 | |
| Michigan State Housing Development Authority Revenue | |||
| Series A 4.80% 10/1/64 | 3,000,000 | 3,069,210 | |
| Nebraska Investment Finance Authority Single Family Housing Revenue | |||
| Series G 5.40% 9/1/53 | 5,000,000 | 5,260,050 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds (continued) | |||
| New Jersey Housing & Mortgage Finance Agency Revenue | |||
| Series A-1 5.00% 1/20/66 | 1,850,000 | $ 1,927,090 | |
| New Mexico Mortgage Finance Authority Revenue | |||
| (Single Family Mortgage Program) 4.70% 9/1/53 | 1,485,000 | 1,525,095 | |
| North Dakota Housing Finance Agency Revenue | |||
| (Home Mortgage Financial Program) 4.55% 7/1/48 | 4,250,000 | 4,329,815 | |
| Ohio Housing Finance Agency Revenue | |||
| (Mortgage - Backed Securities Program) | |||
| Series B 4.70% 9/1/54 | 2,000,000 | 2,048,220 | |
| Series C 4.70% 9/1/54 | 1,500,000 | 1,534,410 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| (Social Bonds) | |||
| Series 142A 5.00% 10/1/50 | 3,660,000 | 3,801,459 | |
| Series 143A 5.45% 4/1/51 | 3,000,000 | 3,155,370 | |
| Series 146A 4.75% 4/1/53 | 5,000,000 | 5,097,900 | |
| Rhode Island Housing & Mortgage Finance Revenue | |||
| Series 80A 4.65% 10/1/53 | 8,000,000 | 8,180,800 | |
| Tucson, Arizona Industrial Development Authority Revenue | |||
| Series A 4.85% 7/1/48 | 715,000 | 740,518 | |
| Virginia Housing Development Authority Revenue | |||
| Series H 4.75% 12/1/59 | 4,225,000 | 4,305,528 | |
| Washington State Housing Finance Commission Revenue | |||
| Series 1N 4.70% 12/1/49 | 2,385,000 | 2,461,749 | |
| Wyoming Community Development Authority Revenue | |||
| Series 1 4.70% 12/1/49 | 1,500,000 | 1,543,965 | |
| 74,462,589 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 15.27% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Legacy Cares, Inc. Project) Series A 144A 7.75% 7/1/50 #, ‡ | 6,400,000 | 192,000 | |
| Arkansas Development Finance Authority Revenue | |||
| (Hybar Steel Project) | |||
| Series A 144A 6.875% 7/1/48 (AMT) # | 6,500,000 | 7,187,505 | |
| Series B 144A 7.375% 7/1/48 (AMT) # | 5,000,000 | 5,592,300 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | |||
| (Senior) | |||
| Series A-2 Class 1 3.00% 6/1/48 | 15,360,000 | $ 11,614,925 | |
| Series A-2 Class 1 4.00% 6/1/48 | 9,975,000 | 9,080,641 | |
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) Series B 5.00% 1/1/55 • | 2,500,000 | 2,712,600 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline West Passenger Rail Project) Series A-4 144A 8.00% 1/1/50 (AMT) #, • | 6,500,000 | 6,697,990 | |
| Central Plains, Nebraska Energy Project Revenue | |||
| (Project No. 3) | |||
| Series A 5.00% 9/1/34 | 2,000,000 | 2,179,940 | |
| Series A 5.00% 9/1/42 | 3,180,000 | 3,582,397 | |
| Chandler, Arizona Industrial Development Authority Revenue | |||
| (Intel Corporation Project) Second Subseries 5.00% 9/1/52 (AMT) • | 3,000,000 | 3,083,130 | |
| Erie County, New York Tobacco Asset Securitization Revenue | |||
| (Capital Appreciation-Asset-Backed) Series A 144A 9.242% 6/1/60 #, ^ | 65,340,000 | 3,171,604 | |
| Finance Authority of Maine Revenue | |||
| (Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) #, ‡ | 5,660,000 | 1,860,159 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) | |||
| 5.25% 7/1/53 (AGM) (AMT) | 10,000,000 | 10,517,300 | |
| 5.50% 7/1/53 (AMT) | 5,000,000 | 5,220,550 | |
| George L Smith II World Congress Center, Georgia Authority Revenue | |||
| (Convention Center Hotel) First Tier Series A 4.00% 1/1/54 | 20,715,000 | 19,330,409 | |
| Illinois Finance Authority Revenue | |||
| (Shedd Aquarium Society Project) 5.00% 6/1/47 | 1,125,000 | 1,183,275 | |
| Indiana Finance Authority Exempt Facility Revenue | |||
| (Polyflow Indiana Project - Green Bonds) 144A 7.00% 3/1/39 (AMT) # | 2,480,000 | 1,167,386 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 8.656% 6/1/57 #, ^ | 122,985,000 | $ 9,285,367 | |
| Series F 144A 7.519% 6/1/57 #, ^ | 80,485,000 | 5,199,331 | |
| Lower Alabama Gas District Revenue | |||
| Series A 5.00% 9/1/34 | 6,845,000 | 7,403,073 | |
| Series A 5.00% 9/1/46 | 2,265,000 | 2,536,913 | |
| Main Street Natural Gas Project, Georgia Revenue | |||
| Series C 5.00% 12/1/54 • | 2,000,000 | 2,144,420 | |
| Mobile County, Alabama Industrial Development Authority Revenue | |||
| (AM/NS Calvert LLC Project) Series A 5.00% 6/1/54 (AMT) | 2,000,000 | 2,037,960 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series A 6.125% 11/1/29 | 1,070,000 | 1,146,056 | |
| New York City, New York Industrial Development Agency Revenue | |||
| (Yankee Stadium) | |||
| 7.07% 3/1/25 (AGC) ^ | 3,175,000 | 3,146,457 | |
| 7.18% 3/1/26 (AGC) ^ | 3,185,000 | 3,050,051 | |
| 7.29% 3/1/27 (AGC) ^ | 3,000,000 | 2,778,060 | |
| New York Counties Tobacco Trust V Pass-Through Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) Series S4B 144A 8.105% 6/1/60 #, ♦, ^ | 393,200,000 | 18,043,948 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 4,745,000 | 5,827,999 | |
| Public Finance Authority Revenue | |||
| (Waterstone Project) 144A 5.50% 12/15/38 # | 2,500,000 | 2,515,375 | |
| Salt Verde, Arizona Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 6,725,000 | 7,445,113 | |
| Southeast Energy Authority A Cooperative District, Alabama Revenue | |||
| (Project No.2) Series B 4.00% 12/1/51 • | 5,000,000 | 5,091,500 | |
| Suffolk Regional Off-Track Betting, New York Revenue | |||
| 5.75% 12/1/44 | 1,000,000 | 1,044,960 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Suffolk Regional Off-Track Betting, New York Revenue | |||
| 6.00% 12/1/53 | 4,000,000 | $ 4,198,960 | |
| Texas Municipal Gas Acquisition & Supply Revenue | |||
| 5.00% 1/1/55 • | 2,500,000 | 2,715,950 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation-Second Subordinate Lien) Series C 7.084% 6/1/46 ^ | 13,510,000 | 2,874,388 | |
| (Capital Appreciation-Third Subordinate Lien) Series D 7.576% 6/1/46 ^ | 2,255,000 | 410,793 | |
| Tuscaloosa County, Alabama Industrial Development Authority Revenue | |||
| (Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 7,775,000 | 7,952,659 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 5,145,000 | 5,265,959 | |
| 196,489,403 | |||
| Lease Revenue Bonds — 6.75% | |||
| Illinois Finance Authority Revenue | |||
| (Provident Group–SCCIL Properties LLC – University Of Illinois Urbana-Champaign Project) | |||
| Series A 5.25% 10/1/53 | 1,000,000 | 1,079,180 | |
| Series A 5.25% 10/1/57 | 1,500,000 | 1,613,970 | |
| Kansas City, Missouri Industrial Development Authority Revenue | |||
| (Kansas City International Airport Terminal Modernization Project) Series A 5.00% 3/1/57 (AGM) (AMT) | 2,450,000 | 2,520,364 | |
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| 5.75% 12/15/56 (AGM) ^ | 36,795,000 | 9,125,528 | |
| 5.92% 12/15/56 ^ | 5,000,000 | 1,164,750 | |
| Series A 4.00% 6/15/50 (BAM) | 2,000,000 | 1,927,720 | |
| Series A 4.00% 6/15/52 | 12,885,000 | 12,129,810 | |
| Series B 4.822% 12/15/54 (BAM) ^ | 29,170,000 | 7,938,907 | |
| Series B 4.854% 12/15/51 (BAM) ^ | 31,975,000 | 10,013,611 | |
| Series B 5.26% 12/15/54 ^ | 5,000,000 | 1,283,150 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| Series B-1 4.57% 6/15/47 (AGM) ^ | 7,740,000 | $ 3,004,513 | |
| New Jersey State Transportation Trust Fund Authority Revenue | |||
| Series A 5.396% 12/15/39 (BAM) ^ | 25,700,000 | 14,700,657 | |
| New York Liberty Development Revenue | |||
| (4 World Trade Center - Green Bond) Series A 2.875% 11/15/46 (BAM) | 16,960,000 | 13,267,639 | |
| Tucson, Arizona Industrial Development Authority Revenue | |||
| Series A 4.90% 7/1/54 | 1,335,000 | 1,363,676 | |
| Virginia College Building Authority Revenue | |||
| (21st Century College And Equipment Programs) 5.25% 2/1/42 | 5,000,000 | 5,675,100 | |
| 86,808,575 | |||
| Local General Obligation Bonds — 3.68% | |||
| City of Chicago, Illinois | |||
| Series A 5.25% 1/1/45 | 6,000,000 | 6,267,780 | |
| County of Harris, Texas Permanent Improvement Refunding Bonds | |||
| Series A 5.00% 9/15/43 | 2,000,000 | 2,220,400 | |
| Fort Bend, Texas Independent School District | |||
| 5.00% 8/15/44 | 2,570,000 | 2,850,618 | |
| Illinois State | |||
| 5.25% 10/1/47 | 6,580,000 | 7,087,845 | |
| Lamar, Texas Consolidated Independent School District | |||
| 5.25% 2/15/59 | 5,000,000 | 5,521,550 | |
| Los Angeles, California Community College District | |||
| Series C 5.00% 8/1/25 | 1,905,000 | 1,934,775 | |
| Mecklenburg County, North Carolina | |||
| Series A 5.00% 9/1/25 | 3,000,000 | 3,048,240 | |
| Midland, Texas Independent School District | |||
| 5.00% 2/15/50 | 2,250,000 | 2,340,698 | |
| Multnomah County, Oregon School District No. 40 | |||
| Series A 5.157% 6/15/51 ^ | 3,000,000 | 810,960 | |
| Palomar Health, California | |||
| Series A 6.746% 8/1/32 (AGC) ^ | 5,000,000 | 3,750,650 | |
| Series A 7.00% 8/1/31 (AGC) ^ | 3,315,000 | 2,590,407 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Palomar Health, California | |||
| Series A 7.07% 8/1/33 (AGC) ^ | 5,000,000 | $ 3,592,900 | |
| Wake County, North Carolina General Obligation Public Improvement Bonds | |||
| Series A 4.00% 2/1/34 | 5,000,000 | 5,324,550 | |
| 47,341,373 | |||
| Other — 0.18% | |||
| Puerto Rico Industrial Development | |||
| 7.00% 1/1/54 • | 2,500,000 | 2,381,250 | |
| 2,381,250 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 1.69% | |||
| California Health Facilities Financing Authority Revenue | |||
| (CommonSpirit Health) Series A 4.00% 4/1/49-30 § | 70,000 | 74,981 | |
| Central Texas Turnpike System Revenue | |||
| Series A 3.278% 8/15/26 (AMBAC) ^ | 1,340,000 | 1,271,740 | |
| Iowa Finance Authority Midwestern Disaster Area Revenue | |||
| (Iowa Fertilizer Company Project) 5.00% 12/1/50-32 § | 7,725,000 | 8,931,568 | |
| Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | |||
| (Convertible Capital Appreciation Bonds) Series C 6.50% 10/1/41-26 (AGC) §, ~ | 7,000,000 | 7,442,680 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) Series A 4.00% 5/1/49-29 (AMT) § | 45,000 | 45,687 | |
| Washington State Housing Finance Commission Revenue | |||
| (Heron's Key Senior Living) Series A 144A 7.00% 7/1/45-25 #, § | 3,890,000 | 3,962,626 | |
| 21,729,282 | |||
| Resource Recovery Revenue Bond — 0.08% | |||
| Union County, New Jersey Improvement Authority Revenue | |||
| (Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 1,550,000 | 1,028,177 | |
| 1,028,177 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds — 15.58% | |||
| City of Bullhead, Arizona Excise Taxes Revenue | |||
| 2.30% 7/1/41 | 1,000,000 | $ 754,230 | |
| City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | |||
| (H. Lee Moffitt Cancer Center Project) Series A 4.55% 9/1/53 ^ | 25,000,000 | 6,560,500 | |
| Commonwealth of Puerto Rico Revenue | |||
| 1.711% 11/1/51 • | 3,041,665 | 1,942,864 | |
| 3.153% 11/1/43 • | 35,992,114 | 22,270,120 | |
| County of Iron, Utah Sales Tax Revenue | |||
| 5.00% 10/1/64 | 5,000,000 | 5,360,850 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 33,008,653 | 32,265,958 | |
| Indianapolis, Indiana Local Public Improvement Bond Bank Revenue | |||
| Series F-1 5.25% 3/1/67 (BAM) | 4,000,000 | 4,327,640 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 2,205,000 | 2,296,177 | |
| Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue | |||
| (Stadium Project Senior Lien) | |||
| Series A 5.25% 7/1/53 (AGM) | 4,000,000 | 4,403,600 | |
| Series A 5.25% 7/1/56 (AGM) | 4,500,000 | 4,931,820 | |
| Miami-Dade County, Florida Special Obligation Revenue | |||
| 4.56% 10/1/45 ^ | 5,000,000 | 2,060,750 | |
| 5.15% 10/1/42 (BAM) ^ | 2,585,000 | 1,241,188 | |
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| Series B-1 3.00% 11/1/47 | 4,000,000 | 3,353,200 | |
| New York Convention Center Development Corporate Senior Lien Revenue | |||
| (Hotel Unit Fee Secured) Series B 2.873% 11/15/55 (BAM) ^ | 2,585,000 | 642,218 | |
| New York State Dormitory Authority Revenue | |||
| Series A 5.00% 3/15/34 | 1,350,000 | 1,587,492 | |
| Series A 5.00% 3/15/42 | 5,000,000 | 5,599,600 | |
| Series A 5.25% 3/15/52 | 1,000,000 | 1,111,850 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York State Thruway Authority State Personal Income Tax Revenue | |||
| Series A-1 3.00% 3/15/49 | 2,500,000 | $ 2,041,900 | |
| Series A-1 3.00% 3/15/51 | 3,000,000 | 2,414,400 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 17,300,000 | 17,316,262 | |
| Series A-1 5.00% 7/1/58 | 6,562,000 | 6,591,594 | |
| Series A-1 5.556% 7/1/46 ^ | 153,255,000 | 51,919,729 | |
| Series A-1 6.00% 7/1/51 ^ | 55,886,000 | 13,880,406 | |
| Village Community Development District No. 15 Revenue | |||
| (City Of Wildwood , Florida) 144A 4.80% 5/1/55 # | 1,500,000 | 1,512,960 | |
| Wisconsin Public Finance Authority Revenue | |||
| (American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 1,645,000 | 1,687,589 | |
| Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue | |||
| (Sales Tax - Vacation Village Project Area 1 and 2A) Series 2015A 5.75% 9/1/32 | 2,530,000 | 2,392,115 | |
| 200,467,012 | |||
| State General Obligation Bonds — 7.19% | |||
| California State | |||
| 5.50% 8/1/49 | 6,195,000 | 7,228,140 | |
| (Various Purpose) | |||
| 5.00% 11/1/42 | 3,000,000 | 3,375,450 | |
| 5.00% 9/1/44 | 3,000,000 | 3,405,750 | |
| 5.25% 8/1/44 | 10,490,000 | 12,226,095 | |
| 5.25% 10/1/50 | 4,750,000 | 5,355,863 | |
| Commonwealth of Massachusetts | |||
| Series A 5.00% 1/1/54 | 2,250,000 | 2,453,850 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) Series A-1 4.00% 7/1/46 | 14,700,000 | 14,021,154 | |
| Illinois State | |||
| 5.50% 5/1/39 | 3,725,000 | 4,063,193 | |
| Series A 4.00% 3/1/41 | 1,110,000 | 1,098,778 | |
| Series A 5.50% 3/1/47 | 9,500,000 | 10,338,375 | |
| Series B 5.50% 5/1/47 | 2,000,000 | 2,181,680 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| Illinois State | |||
| Series C 4.00% 10/1/48 | 1,605,000 | $ 1,514,911 | |
| (Rebuild Illinois Program) Series B 4.00% 11/1/39 | 10,775,000 | 10,717,569 | |
| Maryland State | |||
| Series A 5.00% 3/15/26 | 2,000,000 | 2,056,820 | |
| Series A 5.00% 3/15/28 | 2,290,000 | 2,464,750 | |
| Washington State | |||
| Series A 5.00% 8/1/49 | 3,655,000 | 4,027,042 | |
| Series B 5.00% 6/1/46 | 2,270,000 | 2,494,662 | |
| Series R 5.00% 7/1/34 | 3,000,000 | 3,527,880 | |
| 92,551,962 | |||
| Transportation Revenue Bonds — 11.95% | |||
| Burbank-Glendale-Pasadena, California Airport Authority Brick Campaign Revenue | |||
| (Senior) | |||
| Series B 5.25% 7/1/44 (AMT) | 4,250,000 | 4,675,935 | |
| Series B 5.25% 7/1/49 (AMT) | 2,275,000 | 2,470,195 | |
| Central Texas Turnpike System Revenue | |||
| Series C 5.00% 8/15/39 | 1,500,000 | 1,674,555 | |
| Series C 5.00% 8/15/40 | 1,500,000 | 1,666,155 | |
| Series C 5.00% 8/15/41 | 1,500,000 | 1,658,340 | |
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 12/1/43 (AMT) | 5,900,000 | 5,845,720 | |
| Series B 5.50% 11/15/42 (AMT) | 1,000,000 | 1,127,390 | |
| Series B 5.50% 11/15/43 (AMT) | 1,000,000 | 1,123,120 | |
| City of Chicago, Illinois International Airport Revenue | |||
| Series B 5.50% 1/1/59 | 6,000,000 | 6,689,160 | |
| City of Dallas and Fort Worth, Texas International Airport Revenue | |||
| 5.25% 11/1/48 | 5,000,000 | 5,604,350 | |
| City of Phoenix, Arizona Civic Improvement Airport Revenue | |||
| (Junior Lien) Series B 5.00% 7/1/49 (AMT) | 1,370,000 | 1,416,635 | |
| City of Salt Lake, Utah Airport Revenue | |||
| Series A 5.00% 7/1/42 (AMT) | 3,055,000 | 3,110,540 | |
| Colorado Bridge & Tunnel Enterprise Revenue | |||
| Series A 5.50% 12/1/54 (AGM) | 3,000,000 | 3,399,570 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Colorado Regional Transportation District Revenue | |||
| (Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/39 | 1,995,000 | $ 2,010,401 | |
| Commonwealth of Massachusetts Transportation Fund Revenue | |||
| (Rail Enhancement Project) Series A 5.00% 6/1/53 | 2,000,000 | 2,176,180 | |
| County of Lee, Florida Airport Revenue | |||
| 5.25% 10/1/54 (AMT) | 5,000,000 | 5,369,000 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) 144A 12.00% 7/15/32 (AMT) #, • | 13,000,000 | 13,874,120 | |
| Harris County, Texas Toll Road Senior Lien Revenue and Refunding | |||
| Series A 5.00% 8/15/27 | 1,000,000 | 1,061,290 | |
| Lee County, Florida Airport Revenue | |||
| Series B 4.00% 10/1/51 (AMT) | 4,430,000 | 4,239,333 | |
| Los Angeles, California Department of Airports Revenue | |||
| Series C 4.00% 5/15/50 (AMT) | 4,365,000 | 4,280,930 | |
| Louisiana Public Facilities Authority Revenue | |||
| (I-10 Calcasieu River Bridge Public-Private Partnership Project) 5.75% 9/1/64 (AMT) | 4,000,000 | 4,400,640 | |
| Massachusetts Port Authority Revenue | |||
| Series A 5.00% 7/1/40 (AMT) | 2,000,000 | 2,097,020 | |
| Miami-Dade County, Florida Aviation Revenue | |||
| Series A 4.00% 10/1/44 (AMT) | 1,500,000 | 1,461,600 | |
| Monroe Country, Florida Airport Revenue | |||
| (Key West International Airport) | |||
| Series 2022 5.00% 10/1/42 (AMT) | 1,505,000 | 1,572,574 | |
| Series 2022 5.00% 10/1/52 (AMT) | 2,445,000 | 2,502,409 | |
| Series 2022 5.25% 10/1/47 (AMT) | 1,100,000 | 1,160,302 | |
| New York Transportation Development Special Facilities Revenue | |||
| (John F. Kennedy International Airport New Terminal One Project-Green Bonds) | |||
| 5.125% 6/30/60 (AGM) (AMT) | 5,000,000 | 5,196,250 | |
| 5.25% 6/30/60 (AGM) (AMT) | 12,500,000 | 13,288,625 | |
| 5.50% 6/30/60 (AMT) | 5,000,000 | 5,345,050 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| New York Transportation Development Special Facilities Revenue | |||
| (John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds) | |||
| Series A 4.50% 12/31/54 (AGC) (AMT) | 2,650,000 | $ 2,671,306 | |
| Series B 4.26% 12/31/54 (AGC) (AMT) ~ | 2,500,000 | 1,677,775 | |
| Pennsylvania Turnpike Commission Revenue | |||
| Series C 6.25% 6/1/33 (AGM) ~ | 4,000,000 | 4,185,760 | |
| Port of Seattle, Washington Intermediate Lien Revenue | |||
| (Private Activity) Series B 4.00% 8/1/47 (AMT) | 1,500,000 | 1,440,795 | |
| San Diego County, California Regional Airport Authority Revenue | |||
| Series B 4.00% 7/1/56 (BAM) (AMT) | 7,000,000 | 6,756,260 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) Series A 4.00% 5/1/49 (AMT) | 3,955,000 | 3,832,000 | |
| (San Francisco International Airport) | |||
| Second Series E 5.00% 5/1/50 (AMT) | 3,825,000 | 3,948,088 | |
| Series A 5.00% 5/1/52 (AMT) | 4,000,000 | 4,197,240 | |
| Southeastern Pennsylvania Transportation Authority Revenue | |||
| (Asset Improvement Program) 5.25% 6/1/52 | 5,000,000 | 5,465,900 | |
| State of Oregon Department of Transportation Highway User Tax Revenue | |||
| (Senior Lien) Series A 5.25% 11/15/47 | 3,250,000 | 3,615,105 | |
| Texas Private Activity Bond Surface Transportation Revenue | |||
| (NTE Mobility Partners LLC North Tarrant Express Project) 5.50% 12/31/58 (AMT) | 5,000,000 | 5,446,950 | |
| 153,734,568 | |||
| Water & Sewer Revenue Bonds — 2.06% | |||
| City & County of Honolulu Hawaii, Wastewater System Revenue | |||
| (Green Bonds) Series A 5.25% 7/1/54 | 5,000,000 | 5,607,400 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| City of Tampa, Florida Water & Wastewater System Revenue | |||
| (Green Bonds) Series A 5.25% 10/1/57 | 10,000,000 | $ 11,023,500 | |
| Jefferson County, Alabama Sewer Revenue | |||
| 5.50% 10/1/53 | 4,500,000 | 4,966,650 | |
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| Series AA 5.25% 6/15/53 | 2,500,000 | 2,809,375 | |
| Town of Gypsum, Colorado Sewer Enterprise Revenue | |||
| 5.00% 12/1/54 (AGC) | 2,000,000 | 2,166,920 | |
| 26,573,845 | |||
| Total Municipal Bonds (cost $1,209,634,423) | 1,256,146,241 | ||
| Short-Term Investments — 1.75% | |||
| Variable Rate Demand Notes — 1.75%¤ | |||
| Illinois Finance Authority Revenue | |||
| (The University of Chicago Medical Center) | |||
| Series B 1.90% 8/1/44 (LOC - TD Bank, N.A.) | 2,000,000 | 2,000,000 | |
| Series D-1 1.90% 8/1/43 (LOC - TD Bank, N.A.) | 1,000,000 | 1,000,000 | |
| Los Angeles, California Department of Water & Power System Revenue | |||
| Subordinate Series A-2 1.30% 7/1/45 (SPA - Barclays Bank) | 5,000,000 | 5,000,000 | |
| Massachusetts Development Finance Agency Revenue | |||
| (Children Hospital Issue) | |||
| Series U-1 1.95% 3/1/48 (LOC - TD Bank, N.A.) | 1,000,000 | 1,000,000 | |
| Series U-2 1.95% 3/1/48 (LOC - TD Bank, N.A.) | 4,600,000 | 4,600,000 | |
| New York Metropolitan Transportation Authority Revenue | |||
| Subseries A-2 2.00% 11/1/26 (LOC - TD Bank N.A.) | 2,655,000 | 2,655,000 | |
| San Francisco, California Bay Area Toll Authority Revenue | |||
| Series I 1.30% 4/1/59 (LOC - TD Bank, N.A.) | 1,300,000 | 1,300,000 | |
| Principal amount° | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Variable Rate Demand Notes¤ (continued) | |||
| University of North Carolina Hospitals at Chapel Hill Revenue | |||
| Series A 2.00% 2/15/31 (SPA - TD Bank N.A.) | 4,985,000 | $ 4,985,000 | |
| Total Short-Term Investments (cost $22,540,000) | 22,540,000 | ||
| Total Value of Securities—99.38% (cost $1,232,174,423) | 1,278,686,241 | ||
| Receivables and Other Assets Net of Liabilities—0.62% | 7,981,894 | ||
| Net Assets Applicable to 118,661,900 Shares Outstanding—100.00% | $1,286,668,135 | ||
| ° | 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 $111,977,558, which represents 8.70% 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 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. |
| ^ | 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. |
| § | 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. |
| ~ | 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 November 30, 2024. |
| ¤ | 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 |
| AMBAC – Insured by American Municipal Bond Assurance Corporation |
| 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 |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
