| Macquarie Tax-Free Minnesota Fund | November 30, 2024 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 99.06% | |||
| Education Revenue Bonds — 19.20% | |||
| City of Bethel, Minnesota Charter School Lease Revenue | |||
| (Spectrum High School Project) | |||
| Series A 4.00% 7/1/32 | 425,000 | $ 425,918 | |
| Series A 4.25% 7/1/47 | 1,550,000 | 1,443,313 | |
| Series A 4.375% 7/1/52 | 1,250,000 | 1,154,813 | |
| City of Brooklyn Park, Minnesota Charter School Lease Revenue | |||
| (Prairie Seeds Academy Project) | |||
| 5.00% 6/15/44 | 2,000,000 | 1,997,460 | |
| 5.125% 6/15/54 | 1,500,000 | 1,492,050 | |
| 5.25% 6/15/64 | 1,500,000 | 1,497,465 | |
| Series A 5.00% 3/1/34 | 2,395,000 | 2,405,586 | |
| Series A 5.00% 3/1/39 | 885,000 | 888,912 | |
| City of Cologne, Minnesota Charter School Lease Revenue | |||
| (Cologne Academy Project) | |||
| Series A 5.00% 7/1/29 | 305,000 | 305,131 | |
| Series A 5.00% 7/1/34 | 150,000 | 150,045 | |
| Series A 5.00% 7/1/45 | 1,705,000 | 1,704,898 | |
| City of Deephaven, Minnesota Charter School Revenue | |||
| (Eagle Ridge Academy Project) | |||
| Series A 5.25% 7/1/40 | 500,000 | 502,560 | |
| Series A 5.50% 7/1/50 | 2,000,000 | 2,008,060 | |
| City of Forest Lake, Minnesota Charter School Lease Revenue | |||
| (Lakes International Language Academy Project) | |||
| Series A 5.25% 8/1/43 | 400,000 | 409,088 | |
| Series A 5.375% 8/1/50 | 2,290,000 | 2,332,777 | |
| Series A 5.50% 8/1/36 | 1,000,000 | 1,000,900 | |
| Series A 5.75% 8/1/44 | 1,895,000 | 1,896,289 | |
| City of Ham Lake, Minnesota Charter School Lease Revenue | |||
| (DaVinci Academy Project) | |||
| Series A 5.00% 7/1/36 | 765,000 | 756,692 | |
| Series A 5.00% 7/1/47 | 2,290,000 | 2,109,525 | |
| City of Hugo, Minnesota Charter School Lease Revenue | |||
| (Noble Academy Project) Series A 5.00% 7/1/44 | 2,545,000 | 2,545,102 | |
| City of Minneapolis, Minnesota Charter School Lease Revenue | |||
| (Cyber Village Academy Project) | |||
| Series A 5.25% 6/1/42 | 1,000,000 | 978,720 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| City of Minneapolis, Minnesota Charter School Lease Revenue | |||
| (Cyber Village Academy Project) | |||
| Series A 5.50% 6/1/57 | 500,000 | $ 482,415 | |
| (Hiawatha Academies Project) | |||
| Series A 144A 5.00% 7/1/32 # | 800,000 | 825,936 | |
| Series A 144A 5.375% 7/1/42 # | 880,000 | 885,667 | |
| Series A 144A 5.50% 7/1/52 # | 1,440,000 | 1,441,685 | |
| Series A 144A 5.50% 7/1/57 # | 1,120,000 | 1,116,573 | |
| City of Minneapolis, Minnesota Student Housing Revenue | |||
| (Riverton Community Housing Project) | |||
| 5.25% 8/1/39 | 250,000 | 250,100 | |
| 5.50% 8/1/49 | 3,250,000 | 3,250,877 | |
| City of Otsego, Minnesota Charter School Lease Revenue | |||
| (Kaleidoscope Charter School) | |||
| Series A 5.00% 9/1/34 | 520,000 | 518,372 | |
| Series A 5.00% 9/1/44 | 1,565,000 | 1,457,062 | |
| City of St. Cloud, Minnesota Charter School Lease Revenue | |||
| (Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 753,463 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | |||
| (Academia Cesar Chavez School Project) Series A 5.25% 7/1/50 | 3,110,000 | 2,863,812 | |
| (Great River School Project) Series A 144A 5.50% 7/1/52 # | 735,000 | 742,519 | |
| (Hmong College Preparatory Academy Project) | |||
| Series A 5.00% 9/1/55 | 1,000,000 | 1,001,400 | |
| Series A 5.75% 9/1/46 | 1,000,000 | 1,016,150 | |
| (Nova Classical Academy Project) Series A 4.125% 9/1/47 | 1,750,000 | 1,596,508 | |
| (Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,700,000 | 1,703,757 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
| (Great River School Project) | |||
| Series A 144A 4.75% 7/1/29 # | 100,000 | 101,036 | |
| Series A 144A 5.25% 7/1/33 # | 140,000 | 143,347 | |
| (Nova Classical Academy Project) Series A 4.00% 9/1/36 | 150,000 | 146,552 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| City of St. Paul, Minnesota Housing & Redevelopment Authority Revenue | |||
| (Hmong College Preparatory Academy Project) Series A 5.00% 9/1/40 | 375,000 | $ 381,904 | |
| City of Woodbury, Minnesota Charter School Lease Revenue | |||
| (Woodbury Leadership Academy Project) Series A 4.00% 7/1/51 | 1,500,000 | 1,163,220 | |
| Duluth Housing & Redevelopment Authority Revenue | |||
| (Duluth Public Schools Academy Project) | |||
| Series A 5.00% 11/1/38 | 400,000 | 382,956 | |
| Series A 5.00% 11/1/48 | 3,355,000 | 2,990,110 | |
| Minnesota Higher Education Facilities Authority Revenue | |||
| (Bethel University) 5.00% 5/1/37 | 1,500,000 | 1,493,430 | |
| (Carleton College) | |||
| 4.00% 3/1/47 | 3,775,000 | 3,777,189 | |
| 5.00% 3/1/53 | 2,900,000 | 3,139,308 | |
| (College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 897,780 | |
| (College of St. Scholastica) | |||
| 4.00% 12/1/33 | 500,000 | 486,755 | |
| 4.00% 12/1/34 | 500,000 | 483,460 | |
| 4.00% 12/1/40 | 1,200,000 | 1,093,092 | |
| (Gustavus Adolphus College) 5.00% 10/1/47 | 6,850,000 | 6,978,437 | |
| (Macalester College) 4.00% 3/1/42 | 735,000 | 738,403 | |
| (St. Catherine University) | |||
| 5.00% 10/1/52 | 2,250,000 | 2,227,185 | |
| Series A 4.00% 10/1/36 | 925,000 | 885,688 | |
| Series A 5.00% 10/1/32 | 715,000 | 737,594 | |
| Series A 5.00% 10/1/45 | 4,155,000 | 4,171,828 | |
| (St. John's University) | |||
| Series 8-I 5.00% 10/1/32 | 500,000 | 506,910 | |
| Series 8-I 5.00% 10/1/33 | 250,000 | 253,358 | |
| (St. Olaf College) | |||
| 3.00% 10/1/38 | 1,000,000 | 914,330 | |
| 3.00% 10/1/41 | 1,000,000 | 888,320 | |
| 4.00% 10/1/46 | 565,000 | 561,322 | |
| 4.00% 10/1/50 | 700,000 | 687,617 | |
| Series 8-G 5.00% 12/1/32 | 795,000 | 808,793 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Minnesota Higher Education Facilities Authority Revenue | |||
| (Trustees of the Hamline University of Minnesota) | |||
| Series B 5.00% 10/1/37 | 955,000 | $ 964,579 | |
| Series B 5.00% 10/1/38 | 1,000,000 | 1,008,790 | |
| Series B 5.00% 10/1/39 | 940,000 | 946,138 | |
| Series B 5.00% 10/1/40 | 625,000 | 628,600 | |
| Series B 5.00% 10/1/47 | 1,060,000 | 1,062,618 | |
| (University of St. Thomas) | |||
| 4.00% 10/1/44 | 545,000 | 542,079 | |
| 5.00% 10/1/33 | 750,000 | 809,820 | |
| 5.00% 10/1/34 | 800,000 | 861,880 | |
| 5.00% 10/1/40 | 1,595,000 | 1,694,289 | |
| Series 7-U 4.00% 4/1/26 | 1,000,000 | 1,000,400 | |
| Series A 4.00% 10/1/34 | 400,000 | 405,088 | |
| Series A 4.125% 10/1/53 | 1,000,000 | 994,950 | |
| Series A 5.00% 10/1/49 | 2,475,000 | 2,656,739 | |
| (University of St. Thomas) (Green Bonds) Series A 5.00% 10/1/35 | 1,720,000 | 1,872,168 | |
| Minnesota Office of Higher Education Revenue | |||
| (Senior Supplemental Student Loan Program) | |||
| 2.65% 11/1/38 (AMT) | 645,000 | 585,434 | |
| 4.00% 11/1/42 (AMT) | 1,500,000 | 1,472,250 | |
| University of Minnesota Revenue | |||
| Series A 5.00% 9/1/42 | 1,100,000 | 1,145,375 | |
| Series A 5.00% 11/1/42 | 2,000,000 | 2,177,640 | |
| Series A 5.00% 1/1/43 | 1,250,000 | 1,406,125 | |
| Series A 5.00% 1/1/44 | 1,000,000 | 1,121,500 | |
| 108,307,986 | |||
| Electric Revenue Bonds — 5.58% | |||
| Central Minnesota Municipal Power Agency Revenue | |||
| (Brookings SouthEast Twin Cities Transmission Project) 3.00% 1/1/38 (AGM) | 300,000 | 280,419 | |
| City of Chaska, Minnesota Electric Revenue | |||
| (Generating Facilities) | |||
| Series A 5.00% 10/1/28 | 250,000 | 254,230 | |
| Series A 5.00% 10/1/30 | 1,150,000 | 1,168,883 | |
| City of Rochester, Minnesota Electric Utility Revenue | |||
| Series A 5.00% 12/1/47 | 3,660,000 | 3,741,984 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| City of St. Paul, Minnesota Housing & Redevelopment Authority Revenue | |||
| Series A 4.00% 10/1/30 | 1,250,000 | $ 1,280,562 | |
| Series A 4.00% 10/1/33 | 365,000 | 370,187 | |
| Minnesota Municipal Power Agency Electric Revenue | |||
| 5.00% 10/1/30 | 500,000 | 501,630 | |
| 5.00% 10/1/33 | 1,205,000 | 1,208,928 | |
| 5.00% 10/1/47 | 2,000,000 | 2,034,720 | |
| Series A 5.00% 10/1/30 | 1,300,000 | 1,304,238 | |
| Series A 5.00% 10/1/34 | 750,000 | 752,445 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 430,000 | 225,750 | |
| Series AAA 5.25% 7/1/25 ‡ | 250,000 | 131,250 | |
| Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 984,375 | |
| Series WW 5.25% 7/1/33 ‡ | 1,250,000 | 656,250 | |
| Series XX 4.75% 7/1/26 ‡ | 260,000 | 136,500 | |
| Series XX 5.75% 7/1/36 ‡ | 925,000 | 485,625 | |
| Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 110,250 | |
| Series ZZ 5.25% 7/1/25 ‡ | 350,000 | 183,750 | |
| Sauk Centre Public Utilities Commission Electric Revenue | |||
| Series A 4.50% 12/1/53 (AGM) | 875,000 | 892,789 | |
| Southern Minnesota Municipal Power Agency Revenue | |||
| Series A 5.00% 1/1/42 | 2,815,000 | 2,954,877 | |
| Series A 5.00% 1/1/46 | 1,685,000 | 1,705,894 | |
| (Capital Appreciation) Series A 4.438% 1/1/25 (NATL) ^ | 5,000,000 | 4,984,500 | |
| St. Paul, Minnesota Port Authority District Energy Revenue | |||
| Series 1 5.00% 10/1/44 | 1,190,000 | 1,280,083 | |
| Series 1 5.00% 10/1/45 | 1,315,000 | 1,410,180 | |
| Western Minnesota Municipal Power Agency Supply Revenue | |||
| Series A 5.00% 1/1/30 | 1,000,000 | 1,107,700 | |
| (Red Rock Hydroelectric Project) Series A 5.00% 1/1/49 | 1,300,000 | 1,352,598 | |
| 31,500,597 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds — 33.49% | |||
| City of Anoka, Minnesota Healthcare & Housing Facilities Revenue | |||
| (The Homestead at Anoka Project) | |||
| 5.125% 11/1/49 | 1,100,000 | $ 1,023,231 | |
| 5.375% 11/1/34 | 590,000 | 590,047 | |
| City of Apple Valley, Minnesota Senior Housing Revenue | |||
| (PHS Apple Valley Senior Housing Orchard Path Phase II Project) | |||
| 4.00% 9/1/51 | 500,000 | 435,985 | |
| 4.00% 9/1/61 | 700,000 | 579,712 | |
| (PHS Senior Housing, Inc. Orchard Path Project) | |||
| 4.50% 9/1/53 | 1,000,000 | 938,590 | |
| 5.00% 9/1/58 | 1,605,000 | 1,605,449 | |
| City of Apple Valley, Minnesota Senior Living Revenue | |||
| (Senior Living LLC Project) | |||
| Fourth Tier Series D 7.00% 1/1/37 | 1,585,000 | 1,016,445 | |
| Fourth Tier Series D 7.25% 1/1/52 | 2,580,000 | 1,453,107 | |
| Second Tier Series B 5.00% 1/1/47 | 1,640,000 | 982,442 | |
| Second Tier Series B 5.25% 1/1/37 | 480,000 | 358,531 | |
| Third Tier Series C 4.25% 1/1/27 | 285,000 | 252,724 | |
| Third Tier Series C 5.00% 1/1/32 | 400,000 | 288,280 | |
| City of Bethel, Minnesota Housing & Health Care Facilities Revenue | |||
| (Benedictine Health System – St. Peter Communities Project) Series A 5.50% 12/1/48 | 2,600,000 | 2,607,098 | |
| (Ecumen Obligated Group) Series A 6.125% 3/1/49 | 1,100,000 | 1,125,190 | |
| City of Bethel, Minnesota Senior Housing Revenue | |||
| (The Lodge at the Lakes at Stillwater Project) | |||
| 5.00% 6/1/38 | 700,000 | 687,204 | |
| 5.00% 6/1/48 | 1,000,000 | 906,370 | |
| 5.00% 6/1/53 | 2,450,000 | 2,165,923 | |
| City of Center, Minnesota Health Care Facilities Revenue | |||
| (Hazelden Betty Ford Foundation Project) | |||
| 4.00% 11/1/41 | 2,000,000 | 1,898,320 | |
| 4.50% 11/1/34 | 1,700,000 | 1,700,612 | |
| 5.00% 11/1/26 | 500,000 | 500,535 | |
| City of Chatfield, Minnesota Healthcare & Housing Facilities Revenue | |||
| (Chosen Valley Care Center Project) | |||
| 4.00% 9/1/34 | 100,000 | 92,352 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| City of Chatfield, Minnesota Healthcare & Housing Facilities Revenue | |||
| (Chosen Valley Care Center Project) | |||
| 4.00% 9/1/39 | 100,000 | $ 86,620 | |
| 5.00% 9/1/44 | 500,000 | 463,255 | |
| City of Crookston, Minnesota Health Care Facilities Revenue | |||
| (Riverview Health Project) | |||
| 5.00% 5/1/38 | 500,000 | 347,265 | |
| 5.00% 5/1/44 | 1,500,000 | 944,505 | |
| 5.00% 5/1/51 | 1,585,000 | 940,888 | |
| City of Glencoe, Minnesota Health Care Facilities Revenue | |||
| (Glencoe Regional Health Services Project) | |||
| 4.00% 4/1/25 | 660,000 | 658,495 | |
| 4.00% 4/1/26 | 270,000 | 269,141 | |
| 4.00% 4/1/31 | 60,000 | 59,572 | |
| City of Hayward, Minnesota Health Care Facilities Revenue | |||
| (American Baptist Homes Midwest Obligated Group) | |||
| 5.375% 8/1/34 | 660,000 | 592,805 | |
| 5.75% 2/1/44 | 500,000 | 417,940 | |
| (St. John's Lutheran Home of Albert Lea Project) Series A 5.375% 10/1/44 | 400,000 | 240,000 | |
| City of Maple Grove, Minnesota Health Care Facilities Revenue | |||
| (Maple Grove Hospital Corporation) | |||
| 4.00% 5/1/37 | 2,500,000 | 2,450,300 | |
| 5.00% 5/1/27 | 1,400,000 | 1,442,910 | |
| 5.00% 5/1/28 | 1,000,000 | 1,030,080 | |
| 5.00% 5/1/29 | 1,000,000 | 1,028,980 | |
| 5.00% 5/1/30 | 850,000 | 873,571 | |
| 5.00% 5/1/32 | 825,000 | 844,734 | |
| (North Memorial Health Care) | |||
| 4.00% 9/1/35 | 350,000 | 343,287 | |
| 5.00% 9/1/31 | 1,320,000 | 1,329,068 | |
| 5.00% 9/1/32 | 1,000,000 | 1,006,530 | |
| City of Maple Plain, Minnesota Senior Housing & Health Care Revenue | |||
| (Haven Homes Project) 5.00% 7/1/54 | 3,500,000 | 3,348,905 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| City of Minneapolis, Minnesota Health Care System Revenue | |||
| (Allina Health System) | |||
| 4.00% 11/15/38 | 2,000,000 | $ 2,028,380 | |
| 4.00% 11/15/39 | 4,505,000 | 4,557,528 | |
| 4.00% 11/15/40 | 3,750,000 | 3,785,775 | |
| (Fairview Health Services) | |||
| Series A 4.00% 11/15/48 | 6,790,000 | 6,242,387 | |
| Series A 5.00% 11/15/32 | 750,000 | 756,893 | |
| Series A 5.00% 11/15/33 | 860,000 | 899,534 | |
| Series A 5.00% 11/15/35 | 500,000 | 521,175 | |
| Series A 5.00% 11/15/44 | 1,000,000 | 1,003,560 | |
| Series A 5.00% 11/15/49 | 6,115,000 | 6,205,685 | |
| City of Minneapolis, Minnesota Senior Housing & Healthcare Revenue | |||
| (Ecumen-Abiitan Mill City Project) | |||
| 5.00% 11/1/35 | 1,030,000 | 997,957 | |
| 5.25% 11/1/45 | 1,950,000 | 1,866,404 | |
| 5.375% 11/1/50 | 655,000 | 632,330 | |
| City of Rochester, Minnesota Health Care & Housing Revenue | |||
| (The Homestead at Rochester Project) Series A 6.875% 12/1/48 | 3,520,000 | 3,522,816 | |
| City of Rochester, Minnesota Health Care Facilities Revenue | |||
| (Mayo Clinic) | |||
| 4.00% 11/15/39 | 11,450,000 | 11,822,697 | |
| 5.00% 11/15/57 | 7,250,000 | 7,806,075 | |
| Series B 5.00% 11/15/33 | 1,900,000 | 2,208,104 | |
| City of Sartell, Minnesota Health Care & Housing Facilities Revenue | |||
| (Country Manor Campus LLC Project) 5.30% 9/1/37 | 1,200,000 | 1,200,192 | |
| City of Sauk Rapids, Minnesota Health Care Housing Facilities Revenue | |||
| (Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,950,000 | 1,766,817 | |
| City of Shakopee, Minnesota Health Care Facilities Revenue | |||
| (St. Francis Regional Medical Center) | |||
| 4.00% 9/1/31 | 915,000 | 914,945 | |
| 5.00% 9/1/26 | 575,000 | 575,408 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| City of Shakopee, Minnesota Health Care Facilities Revenue | |||
| (St. Francis Regional Medical Center) | |||
| 5.00% 9/1/27 | 405,000 | $ 405,300 | |
| 5.00% 9/1/28 | 425,000 | 425,281 | |
| 5.00% 9/1/29 | 425,000 | 425,255 | |
| 5.00% 9/1/34 | 895,000 | 895,367 | |
| City of St. Cloud, Minnesota Health Care Revenue | |||
| (Centracare Health System Project) | |||
| 4.00% 5/1/49 | 7,315,000 | 7,280,839 | |
| 4.00% 5/1/50 | 7,500,000 | 7,506,675 | |
| 5.00% 5/1/54 | 2,500,000 | 2,688,850 | |
| Series A 5.00% 5/1/46 | 1,795,000 | 1,822,445 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
| (Episcopal Homes Project) 5.00% 5/1/33 | 400,000 | 393,516 | |
| (Fairview Health Services) | |||
| Series A 4.00% 11/15/43 | 2,450,000 | 2,274,139 | |
| Series A 5.00% 11/15/47 | 5,035,000 | 5,107,453 | |
| (HealthPartners Obligated Group Project) | |||
| Series A 5.00% 7/1/30 | 2,200,000 | 2,216,720 | |
| Series A 5.00% 7/1/33 | 4,265,000 | 4,293,064 | |
| (Marian Center Project) Series A 5.375% 5/1/43 | 500,000 | 467,005 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Multifamily Housing Revenue | |||
| (Marian Center Project) Series A 5.30% 11/1/30 | 395,000 | 394,976 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Revenue | |||
| (Amherst H. Wilder Foundation Project) | |||
| Series A 5.00% 12/1/30 | 300,000 | 322,473 | |
| Series A 5.00% 12/1/36 | 750,000 | 793,733 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue | |||
| (Episcopal Homes Project) 5.125% 5/1/48 | 4,000,000 | 3,567,160 | |
| City of Wayzata, Minnesota Senior Housing Revenue | |||
| (Folkestone Senior Living Community) 5.00% 8/1/54 | 275,000 | 276,856 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| City of West St. Paul, Minnesota Housing & Health Care Facilities Revenue | |||
| (Walker Westwood Ridge Campus Project) | |||
| 4.50% 11/1/40 | 250,000 | $ 240,633 | |
| 4.75% 11/1/52 | 750,000 | 695,347 | |
| Dakota County Community Development Agency Senior Housing Revenue | |||
| (Walker Highview Hills Project) | |||
| Series A 144A 5.00% 8/1/36 # | 630,000 | 630,265 | |
| Series A 144A 5.00% 8/1/46 # | 1,500,000 | 1,499,955 | |
| Series A 144A 5.00% 8/1/51 # | 880,000 | 876,084 | |
| Deephaven, Minnesota Housing & Healthcare Facility Revenue | |||
| (St. Therese Senior Living Project) | |||
| Series A 5.00% 4/1/38 | 730,000 | 693,792 | |
| Series A 5.00% 4/1/40 | 705,000 | 656,990 | |
| Series A 5.00% 4/1/48 | 315,000 | 274,976 | |
| Duluth Economic Development Authority Revenue | |||
| (Benedictine Health System) | |||
| Series A 4.00% 7/1/31 | 1,625,000 | 1,572,805 | |
| Series A 4.00% 7/1/41 | 550,000 | 482,818 | |
| (Essentia Health Obligated Group) | |||
| Series A 4.25% 2/15/43 | 1,600,000 | 1,604,080 | |
| Series A 5.00% 2/15/37 | 750,000 | 780,172 | |
| Series A 5.00% 2/15/53 | 8,710,000 | 8,899,878 | |
| Series A 5.00% 2/15/58 | 11,100,000 | 11,299,578 | |
| Series A 5.25% 2/15/58 | 8,000,000 | 8,227,040 | |
| (St. Luke’s Hospital of Duluth Obligated Group) Series A 3.00% 6/15/44 | 650,000 | 557,596 | |
| Minnesota Agricultural & Economic Development Board Healthcare Facilities Revenue | |||
| (Health Partners Obligated Group) | |||
| 4.00% 1/1/49 | 5,450,000 | 5,459,211 | |
| 5.25% 1/1/54 | 1,500,000 | 1,647,510 | |
| Woodbury, Minnesota Housing & Redevelopment Authority Revenue | |||
| (St. Therese of Woodbury) 5.125% 12/1/44 | 2,105,000 | 2,067,531 | |
| 188,965,028 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds — 2.20% | |||
| Dakota County Community Development Agency Multifamily Housing Revenue | |||
| (Heart of the City Apartments Project) 4.20% 5/1/43 | 1,500,000 | $ 1,509,720 | |
| Minnesota Housing Finance Agency Revenue | |||
| Series A1 4.90% 8/1/66 | 500,000 | 510,215 | |
| Series D 5.50% 7/1/53 | 1,880,000 | 1,985,656 | |
| Series F 2.40% 7/1/46 | 390,000 | 283,347 | |
| Series F 4.20% 7/1/38 | 350,000 | 359,268 | |
| Series F 4.50% 1/1/43 | 1,405,000 | 1,428,590 | |
| Series I 2.00% 7/1/40 | 905,000 | 668,324 | |
| Series I 2.20% 1/1/51 | 1,195,000 | 772,328 | |
| Series O 4.45% 7/1/38 | 2,000,000 | 2,063,560 | |
| Series O 4.65% 7/1/41 | 650,000 | 672,282 | |
| Northwest Multi-County Housing & Redevelopment Authority Revenue | |||
| (Pooled Housing Program) 5.50% 7/1/45 | 2,175,000 | 2,175,022 | |
| 12,428,312 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.49% | |||
| City of Cottonwood, Minnesota Revenue | |||
| (Extreme Holdings LLC Project) Series A 144A 5.00% 12/1/50 (AMT) # | 1,000,000 | 851,720 | |
| Minnesota Municipal Gas Agency Revenue | |||
| (Minnesota Community Energy) | |||
| Sub-Series A 4.00% 12/1/27 | 1,300,000 | 1,333,683 | |
| Sub-Series A 4.00% 12/1/52 • | 7,500,000 | 7,610,475 | |
| St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | |||
| (Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT) # | 10,050,000 | 9,885,883 | |
| 19,681,761 | |||
| Lease Revenue Bonds — 1.87% | |||
| Chaska, Minnesota Economic Development Authority Revenue | |||
| Series A 4.125% 2/1/54 | 3,750,000 | 3,811,350 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| City of New London, Economic Development Authority Revenue | |||
| (SWWC Service Cooperative Lease with Option to Purchase Project) 5.125% 2/1/43 | 1,250,000 | $ 1,271,975 | |
| (SWWC Service Cooperative Lease With Option to Purchase Project) Series A 4.50% 2/1/33 | 250,000 | 254,635 | |
| Hibbing Independent School District No. 701 Revenue | |||
| Series A 3.00% 3/1/41 | 1,500,000 | 1,319,085 | |
| Minnesota Housing Finance Agency Revenue | |||
| (State Appropriation Housing Infrastructure) | |||
| Series A 4.00% 8/1/33 | 655,000 | 677,277 | |
| Series C 5.00% 8/1/34 | 1,565,000 | 1,566,862 | |
| Series C 5.00% 8/1/35 | 1,645,000 | 1,646,793 | |
| 10,547,977 | |||
| Local General Obligation Bonds — 19.00% | |||
| Anoka-Hennepin Independent School District No. 11 | |||
| (Minnesota School District Credit Enhancement Program) | |||
| Series A 3.00% 2/1/43 | 750,000 | 656,467 | |
| Series A 3.00% 2/1/45 | 3,100,000 | 2,675,641 | |
| Brainerd, Minnesota Independent School District No. 181 | |||
| (School Building) Series A 4.00% 2/1/42 | 3,500,000 | 3,513,265 | |
| Cass Lake-Bena Independent School District No. 115 | |||
| (Minnesota School District Credit Enhancement Program) | |||
| Series A 4.00% 2/1/41 | 1,045,000 | 1,064,604 | |
| Series A 4.00% 2/1/42 | 2,580,000 | 2,627,369 | |
| Series A 4.00% 2/1/43 | 2,200,000 | 2,238,874 | |
| City of Blaine, Minnesota | |||
| Series A 4.00% 2/1/35 | 980,000 | 1,046,669 | |
| Series A 4.00% 2/1/38 | 1,020,000 | 1,077,620 | |
| Series A 4.00% 2/1/40 | 600,000 | 623,958 | |
| Series A 5.00% 2/1/34 | 500,000 | 577,540 | |
| City of Brooklyn Center, Minnesota | |||
| Series A 4.00% 2/1/34 | 500,000 | 539,850 | |
| Series A 4.00% 2/1/35 | 1,000,000 | 1,077,030 | |
| City of Chanhassen, Minnesota | |||
| Series A 4.00% 2/1/54 | 2,000,000 | 2,030,320 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| City of Corcoran, Minnesota | |||
| Series A 4.00% 2/1/53 (BAM) | 2,000,000 | $ 2,001,020 | |
| City of Cottage Grove, Minnesota | |||
| Series A 3.00% 2/1/35 | 500,000 | 486,480 | |
| City of Duluth, Minnesota | |||
| (DECC Improvement) Series A 5.00% 2/1/34 | 1,000,000 | 1,020,740 | |
| City of Maple Grove, Minnesota | |||
| Series A 4.00% 2/1/35 | 1,210,000 | 1,260,034 | |
| City of Minneapolis, Minnesota | |||
| 4.00% 12/1/40 | 4,885,000 | 5,051,237 | |
| (Green Bonds) | |||
| 3.00% 12/1/37 | 3,500,000 | 3,307,045 | |
| 3.00% 12/1/38 | 2,975,000 | 2,779,066 | |
| 3.00% 12/1/40 | 1,875,000 | 1,704,338 | |
| 3.00% 12/1/42 | 4,000,000 | 3,531,840 | |
| City of Rosemount, Minnesota | |||
| Series A 4.00% 2/1/53 | 7,605,000 | 7,554,199 | |
| Clinton-Graceville-Beardsley Independent School District No. 2888 | |||
| Series A 5.00% 2/1/35 | 1,135,000 | 1,274,866 | |
| Series A 5.00% 2/1/37 | 1,260,000 | 1,413,292 | |
| Dilworth Glyndon Felton Independent School District No. 2164 | |||
| Series A 3.00% 2/1/37 | 1,000,000 | 951,570 | |
| Series A 3.00% 2/1/41 | 1,000,000 | 901,120 | |
| Elk River Independent School District No. 728 | |||
| Series A 3.00% 2/1/40 | 1,970,000 | 1,823,590 | |
| Gibbon, Minnesota Independent School District No. 2365 | |||
| Series A 4.125% 2/1/52 | 1,000,000 | 1,007,160 | |
| Series A 5.00% 2/1/48 | 1,850,000 | 1,994,152 | |
| Goodridge, Minnesota Independent School District No. 561 | |||
| Series A 4.00% 2/1/38 | 1,215,000 | 1,254,633 | |
| Hennepin County, Minnesota | |||
| Series A 5.00% 12/1/36 | 2,855,000 | 3,187,236 | |
| Lakeville Independent School District No. 194 | |||
| (Lakeville area schools) | |||
| Series A 4.00% 2/1/34 | 800,000 | 861,912 | |
| Series A 4.00% 2/1/35 | 1,060,000 | 1,132,292 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Martin County West Independent School District No. 2448 | |||
| (Minnesota School District Credit Enhancement Program) Series A 5.00% 2/1/41 | 1,000,000 | $ 1,133,040 | |
| Metropolitan Council General Obligation Wastewater | |||
| (Minneapolis-St. Paul Metropolitan Area) | |||
| Series C 4.00% 3/1/41 | 1,400,000 | 1,432,312 | |
| Series C 4.00% 3/1/43 | 1,425,000 | 1,453,243 | |
| Minneapolis Special School District No. 1 | |||
| (School Building) Series B 4.00% 2/1/39 | 1,960,000 | 1,999,278 | |
| Mounds View, Minnesota Independent School District No. 621 | |||
| Series A 4.00% 2/1/39 | 1,850,000 | 1,917,710 | |
| (Minnesota School District Credit Enhancement Program) Series A 4.00% 2/1/43 | 3,000,000 | 3,016,890 | |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622 | |||
| Series A 3.00% 2/1/42 | 1,000,000 | 893,660 | |
| Ramsey County, Minnesota | |||
| Series B 4.00% 2/1/42 | 1,000,000 | 1,030,520 | |
| Redwood Area Schools Independent School District No. 2897 | |||
| 4.00% 2/1/42 | 2,210,000 | 2,248,123 | |
| 4.00% 2/1/43 | 1,130,000 | 1,149,967 | |
| Rice County, Minnesota | |||
| (State Credit Enhancement Program) | |||
| Series A 5.00% 2/1/44 | 580,000 | 637,101 | |
| Series A-1 4.00% 2/1/52 | 3,500,000 | 3,498,740 | |
| Rosemount-Apple Valley-Eagan Independent School District No. 196 | |||
| Series A 4.00% 2/1/44 | 2,930,000 | 2,937,647 | |
| St. Paul, Minnesota Independent School District No. 625 | |||
| Series A 5.00% 2/1/43 | 2,100,000 | 2,346,771 | |
| St. Peter Independent School District No. 508, Minnesota | |||
| Series A 4.00% 2/1/44 | 350,000 | 351,295 | |
| Series A 4.00% 2/1/45 | 850,000 | 852,235 | |
| Series A 5.00% 2/1/42 | 1,050,000 | 1,131,333 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Stillwater Independent School District No. 834 | |||
| (Minnesota School District Credit Enhancement Program) | |||
| Series A 4.00% 2/1/41 | 1,000,000 | $ 1,022,700 | |
| Series A 4.00% 2/1/44 | 1,745,000 | 1,750,636 | |
| Virginia Independent School District No. 706 | |||
| Series A 3.00% 2/1/40 | 2,295,000 | 2,105,112 | |
| Washington County, Minnesota | |||
| Series A 5.00% 2/1/44 | 1,515,000 | 1,687,877 | |
| Washington County, Minnesota General Obligation Capital Improvrment Plan Bond | |||
| Series A 5.00% 2/1/43 | 1,035,000 | 1,158,341 | |
| Westonka Independent School District No. 277 | |||
| (Minnesota School District Credit Enhancement Program) Series A 4.00% 2/1/44 | 2,675,000 | 2,690,274 | |
| White Bear Lake Independent School District No. 624 | |||
| Series A 3.00% 2/1/42 | 5,000,000 | 4,507,400 | |
| 107,199,234 | |||
| Pre-Refunded Bond — 0.14% | |||
| City of St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility Revenue | |||
| (Healtheast Care System Project) Series A 5.00% 11/15/30-25 § | 790,000 | 804,655 | |
| 804,655 | |||
| Special Tax Revenue Bonds — 2.96% | |||
| City of St. Paul Minnesota Sales & Use Tax Revenue | |||
| (Neighborhood and Economic Development Projects) Series C 5.00% 11/1/42 | 2,000,000 | 2,233,920 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Subordinate) 2.639% 11/1/43 • | 1,167,355 | 722,301 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 830,000 | 833,021 | |
| Series A-1 4.75% 7/1/53 | 5,295,000 | 5,299,977 | |
| Series A-1 5.48% 7/1/46 ^ | 3,280,000 | 1,111,199 | |
| Series A-1 5.504% 7/1/51 ^ | 24,614,000 | 6,113,379 | |
| Series A-2 4.536% 7/1/53 | 378,000 | 372,984 | |
| 16,686,781 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds — 2.72% | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) Series A-1 4.00% 7/1/46 | 2,000,000 | $ 1,907,640 | |
| Minnesota State | |||
| Series A 4.00% 9/1/38 | 625,000 | 651,575 | |
| Series A 5.00% 9/1/31 | 1,000,000 | 1,145,030 | |
| Series A 5.00% 8/1/37 | 2,925,000 | 3,135,805 | |
| Series A 5.00% 8/1/44 | 7,500,000 | 8,480,325 | |
| 15,320,375 | |||
| Transportation Revenue Bonds — 8.41% | |||
| Minneapolis-St Paul Metropolitan Airports Commission Revenue | |||
| (Private Activity) Series B 5.00% 1/1/36 (AMT) | 5,000,000 | 5,468,800 | |
| Minneapolis-St. Paul Metropolitan Airports Commission Revenue | |||
| (Private Activity) | |||
| Series A 4.00% 1/1/54 | 3,500,000 | 3,458,420 | |
| Series B 5.00% 1/1/32 (AMT) | 880,000 | 929,113 | |
| Series B 5.00% 1/1/38 (AMT) | 350,000 | 365,347 | |
| Series B 5.00% 1/1/39 (AMT) | 3,715,000 | 3,909,191 | |
| Series B 5.00% 1/1/49 (AMT) | 6,600,000 | 6,808,032 | |
| Series B 5.25% 1/1/42 (AMT) | 6,000,000 | 6,591,480 | |
| Series B 5.25% 1/1/47 (AMT) | 2,000,000 | 2,139,620 | |
| Series B 5.25% 1/1/49 (AMT) | 4,000,000 | 4,328,400 | |
| (Senior) Series C 5.00% 1/1/46 | 1,595,000 | 1,633,344 | |
| (Subordinate) | |||
| Series A 5.00% 1/1/44 | 1,200,000 | 1,264,056 | |
| Series B 5.00% 1/1/35 (AMT) | 1,205,000 | 1,300,412 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Minneapolis-St. Paul Metropolitan Airports Commission Revenue | |||
| (Subordinate) | |||
| Series B 5.00% 1/1/44 (AMT) | 9,000,000 | $ 9,273,780 | |
| 47,469,995 | |||
| Total Municipal Bonds (cost $559,098,953) | 558,912,701 | ||
| Total Value of Securities—99.06% (cost $559,098,953) | 558,912,701 | ||
| Receivables and Other Assets Net of Liabilities—0.94% | 5,285,717 | ||
| Net Assets Applicable to 49,454,667 Shares Outstanding—100.00% | $564,198,418 | ||
| ° | 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 $19,000,670, which represents 3.37% of the Fund’s net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at 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. |
| § | 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. |
| Summary of abbreviations: |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| LLC – Limited Liability Corporation |
| Summary of abbreviations: (continued) |
| NATL – Insured by National Public Finance Guarantee Corporation |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |
