| Delaware Tax-Free USA Intermediate Fund | November 30, 2021 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 101.03% | |||
| Corporate Revenue Bonds — 12.11% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Legacy Cares, Inc. Project) Series A 144A 7.75% 7/1/50 # | 5,520,000 | $ 6,626,098 | |
| Black Belt Energy Gas District, Alabama | |||
| (Project No. 4) Series A 4.00% 6/1/25 | 1,655,000 | 1,840,244 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority | |||
| Series A-2 5.00% 6/1/32 | 1,270,000 | 1,622,095 | |
| Series A-2 5.00% 6/1/33 | 850,000 | 1,081,880 | |
| (Asset-Backed Senior) Series B-2 5.00% 6/1/55 | 500,000 | 574,105 | |
| (Senior) | |||
| Series A-2 3.00% 6/1/48 | 2,425,000 | 2,500,393 | |
| Series A-2 4.00% 6/1/48 | 7,810,000 | 8,835,687 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) 144A 8.00% 7/1/39 (AMT) #, ‡ | 875,000 | 525,000 | |
| Central Plains Energy Project Nebraska | |||
| (Project No. 3) Series A 5.00% 9/1/42 | 250,000 | 369,205 | |
| Chandler, Arizona Industrial Development Authority Revenue | |||
| (Intel Corporation Project) 2.70% 12/1/37 (AMT) • | 2,700,000 | 2,797,821 | |
| Commonwealth of Pennsylvania Financing Authority | |||
| (Tobacco Master Settlement Payment) 5.00% 6/1/27 | 2,000,000 | 2,437,480 | |
| Denver City & County, Colorado Special Facilities Airport Revenue | |||
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 1,190,000 | 1,258,556 | |
| Erie, New York Tobacco Asset Securitization | |||
| (Capital Appreciation-Asset-Backed) Series A 144A 1.495% 6/1/60 #, ^ | 36,000,000 | 1,999,800 | |
| Florida Development Finance Corporation Surface Transportation Facility Revenue | |||
| (Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) # | 5,435,000 | 5,928,444 | |
| (Virgin Trains USA Passenger Rail Project) Series A 144A 6.50% 1/1/49 (AMT) #, • | 1,710,000 | 1,746,577 | |
| George L Smith II Georgia World Congress Center Authority | |||
| Series A 4.00% 1/1/54 | 2,210,000 | 2,509,875 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Corporate Revenue Bonds (continued) | |||
| Golden State, California Tobacco Securitization Corporate Settlement Revenue | |||
| (Asset-Backed Bonds) | |||
| Series A-1 5.00% 6/1/26 | 850,000 | $ 1,010,199 | |
| Series A-1 5.00% 6/1/34 | 100,000 | 121,650 | |
| Series A-1 5.25% 6/1/47 | 750,000 | 767,393 | |
| (Capital Appreciation-Asset-Backed) Series B 1.05% 6/1/47 ^ | 11,840,000 | 2,700,941 | |
| Houston, Texas Airport System Revenue | |||
| (United Airlines) 5.00% 7/1/29 (AMT) | 3,010,000 | 3,273,826 | |
| Inland, California Empire Tobacco Securitization | |||
| (Capital Appreciation-Turbo-Asset-Backed) | |||
| Series E 144A 1.33% 6/1/57 #, ^ | 62,600,000 | 4,394,520 | |
| Series F 144A 0.396% 6/1/57 #, ^ | 74,090,000 | 4,316,483 | |
| Jefferson County, Texas Industrial Development | |||
| (TRP Crude Marketing LLC Project) 144A 7.75% 4/1/39 # | 925,000 | 956,099 | |
| Kentucky Public Energy Authority | |||
| (Gas Supply Revenue Bonds) Series C-1 4.00% 12/1/49 • | 5,000,000 | 5,517,950 | |
| Lower Alabama Gas District | |||
| Series A 5.00% 9/1/34 | 4,850,000 | 6,500,794 | |
| Michigan Finance Authority | |||
| Series A Class 1 4.00% 6/1/49 | 2,000,000 | 2,288,000 | |
| Monroe County, Michigan Economic Development | |||
| (The Detroit Edison Company Project) Series AA 6.95% 9/1/22 (NATL) | 4,500,000 | 4,722,030 | |
| New Jersey Economic Development Authority Special Facilities Revenue | |||
| (Continental Airlines Project) Series B 5.625% 11/15/30 (AMT) | 1,890,000 | 2,080,474 | |
| New Jersey Tobacco Settlement Financing | |||
| Subordinate Series B 5.00% 6/1/46 | 4,455,000 | 5,197,470 | |
| New York Liberty Development Revenue | |||
| 5.50% 10/1/37 | 1,320,000 | 1,964,107 | |
| (Goldman Sachs Headquarters) 5.25% 10/1/35 | 3,405,000 | 4,817,394 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Corporate Revenue Bonds (continued) | |||
| New York Transportation Development Special Facilities Revenue | |||
| Series B 6.50% 11/1/39 | 3,485,000 | $ 5,586,873 | |
| (Delta Airlines, Inc.-LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/34 (AMT) | 7,210,000 | 8,648,900 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 3,000,000 | 4,662,480 | |
| Salt Verde Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 4,000,000 | 5,614,040 | |
| Salt Verde, Arizona Financial Corporation Senior Gas Revenue | |||
| 5.00% 12/1/32 | 3,850,000 | 5,090,585 | |
| 5.25% 12/1/24 | 3,050,000 | 3,448,422 | |
| South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | |||
| (AAC East LLC Project - Green Bonds) Series A 144A 7.00% 5/1/39 (AMT) # | 900,000 | 870,111 | |
| (Jasper Pellets, LLC Project - Green Bonds) Series A 144A 7.00% 11/1/38 (AMT) # | 1,250,000 | 1,074,513 | |
| St. John Baptist Parish, Louisiana | |||
| (Marathon Oil Corporation Project) Series B-2 2.125% 6/1/37 • | 2,250,000 | 2,326,567 | |
| Tobacco Securitization Authority of Southern California | |||
| (Capital Appreciation-2nd Subordinate Lien) Series C 0.511% 6/1/46 ^ | 9,040,000 | 1,761,354 | |
| (Capital Appreciation-3rd Subordinate Lien) Series D 0.288% 6/1/46 ^ | 1,490,000 | 269,705 | |
| TSASC, New York | |||
| Series A 5.00% 6/1/30 | 475,000 | 571,240 | |
| Series A 5.00% 6/1/31 | 475,000 | 569,235 | |
| Series A 5.00% 6/1/41 | 1,000,000 | 1,161,090 | |
| Virginia Tobacco Settlement Financing Corporation | |||
| (Capital Appreciation Asset-Backed) | |||
| Series B 5.20% 6/1/46 • | 1,250,000 | 1,250,938 | |
| Series C 2.388% 6/1/47 ^ | 52,780,000 | 13,137,470 | |
| Series D 2.161% 6/1/47 ^ | 6,955,000 | 1,567,448 | |
| 150,893,561 | |||
| Education Revenue Bonds — 6.19% | |||
| Arizona Industrial Development Authority Revenue | |||
| (American Charter Schools Foundation Project) | |||
| 144A 6.00% 7/1/37 # | 1,420,000 | 1,726,848 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Arizona Industrial Development Authority Revenue | |||
| (American Charter Schools Foundation Project) | |||
| 144A 6.00% 7/1/47 # | 1,385,000 | $ 1,657,526 | |
| (Empower College Prep Project) 144A 6.00% 7/1/49 # | 875,000 | 963,349 | |
| (Macombs Facility Project) Series A 4.00% 7/1/61 | 2,000,000 | 2,199,880 | |
| (Odyssey Preparatory Academy Project) Series A 144A 5.50% 7/1/52 # | 875,000 | 945,604 | |
| Bucks County, Pennsylvania Industrial Development Authority Revenue | |||
| (School Lane Charter School Project) 5.125% 3/15/36 | 2,000,000 | 2,316,080 | |
| California Municipal Finance Authority | |||
| Series A 144A 5.50% 6/1/53 # | 1,000,000 | 1,111,550 | |
| (Creative Center of Los Altos Project - Pinewood School & Oakwood School) Series B 144A 4.50% 11/1/46 # | 500,000 | 519,400 | |
| California School Finance Authority | |||
| (View Park Elementary & Middle Schools) | |||
| Series A 4.75% 10/1/24 | 175,000 | 186,480 | |
| Series A 5.875% 10/1/44 | 300,000 | 329,475 | |
| California State University | |||
| (Systemwide) Series A 5.00% 11/1/31 | 2,000,000 | 2,450,060 | |
| California Statewide Communities Development Authority Charter School Revenue | |||
| (Green Dot Public Schools - Animo Inglewood Charter High School Project) Series A 7.25% 8/1/41 | 500,000 | 502,315 | |
| California Statewide Communities Development Authority Revenue | |||
| (California Baptist University) Series A 6.125% 11/1/33 | 2,215,000 | 2,428,747 | |
| Capital Trust Agency, Florida Revenue | |||
| (Liza Jackson Preparatory School Project) | |||
| Series A 5.00% 8/1/40 | 300,000 | 364,947 | |
| Series A 5.00% 8/1/55 | 800,000 | 954,696 | |
| (University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/43 # | 2,000,000 | 2,313,520 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| District of Columbia Revenue | |||
| (KIPP DC Issue) | |||
| 4.00% 7/1/39 | 1,275,000 | $ 1,456,025 | |
| 4.00% 7/1/44 | 740,000 | 835,541 | |
| Fulton County, Georgia Development Authority Revenue | |||
| (Georgia Institute of Technology) 5.00% 6/15/44 | 3,100,000 | 3,866,568 | |
| Idaho Housing & Finance Association | |||
| (Gem Prep: Meridian South Charter School Project) 144A 4.00% 5/1/46 # | 710,000 | 714,842 | |
| (Sage International School of Boise Project) | |||
| Series A 4.00% 5/1/29 | 205,000 | 240,613 | |
| Series A 4.00% 5/1/30 | 160,000 | 189,987 | |
| Series A 4.00% 5/1/35 | 450,000 | 528,039 | |
| Series A 4.00% 5/1/40 | 1,330,000 | 1,546,564 | |
| Series A 4.00% 5/1/50 | 1,500,000 | 1,717,485 | |
| Illinois Finance Authority Revenue | |||
| (University of Illinois at Chicago) | |||
| Series A 5.00% 2/15/26 | 400,000 | 458,212 | |
| Series A 5.00% 2/15/27 | 200,000 | 234,576 | |
| Series A 5.00% 2/15/29 | 400,000 | 469,776 | |
| Series A 5.00% 2/15/31 | 365,000 | 425,225 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Arizona Autism Charter Schools Project) | |||
| Series A 144A 5.00% 7/1/40 # | 250,000 | 296,705 | |
| Series A 144A 5.00% 7/1/50 # | 175,000 | 204,774 | |
| (Highland Prep Project) | |||
| Series A 4.00% 7/1/29 | 315,000 | 375,650 | |
| Series A 4.00% 7/1/30 | 330,000 | 398,201 | |
| Series A 4.00% 7/1/31 | 345,000 | 421,759 | |
| Series A 4.00% 7/1/32 | 360,000 | 437,800 | |
| Series A 4.00% 7/1/33 | 375,000 | 453,660 | |
| Series A 4.00% 7/1/34 | 390,000 | 470,032 | |
| Series A 4.00% 7/1/35 | 405,000 | 486,830 | |
| Series A 4.00% 7/1/36 | 425,000 | 508,908 | |
| Series A 4.00% 7/1/37 | 440,000 | 524,291 | |
| Series A 4.00% 7/1/38 | 460,000 | 546,149 | |
| Series A 4.00% 7/1/39 | 480,000 | 568,646 | |
| Series A 4.00% 7/1/40 | 500,000 | 589,795 | |
| Series A 4.00% 7/1/41 | 520,000 | 610,371 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Highland Prep Project) | |||
| Series A 4.00% 7/1/46 | 740,000 | $ 856,802 | |
| Massachusetts Development Finance Agency Revenue | |||
| (Harvard University) Series A 5.00% 7/15/40 | 5,000,000 | 7,434,150 | |
| Massachusetts School Building Authority | |||
| Series C 5.00% 8/15/37 | 2,500,000 | 2,908,925 | |
| Miami-Dade County, Florida Educational Facilities Authority | |||
| (University of Miami) | |||
| Series A 5.00% 4/1/30 | 520,000 | 590,470 | |
| Series A 5.00% 4/1/31 | 1,090,000 | 1,237,161 | |
| New York State Dormitory Authority Revenue | |||
| (New York University) Series A 5.75% 7/1/27 (NATL) | 8,800,000 | 10,234,576 | |
| (Touro College & University System) Series A 5.25% 1/1/34 | 1,335,000 | 1,461,585 | |
| Newark, Texas Higher Education Finance | |||
| (Village Tech Schools) Series A 5.125% 8/15/47 | 1,250,000 | 1,258,437 | |
| Oregon State Facilities Authority Revenue | |||
| (Metro East Web Academy Project) | |||
| Series A 144A 5.00% 6/15/39 # | 500,000 | 547,020 | |
| Series A 144A 5.00% 6/15/49 # | 500,000 | 541,735 | |
| Phoenix, Arizona Industrial Development Authority Housing Revenue | |||
| (Downtown Phoenix Student Housing, LLC-Arizona State University Project) | |||
| Series A 5.00% 7/1/30 | 350,000 | 423,552 | |
| Series A 5.00% 7/1/32 | 235,000 | 281,789 | |
| Pima County, Arizona Industrial Development Authority Education Revenue | |||
| (American Leadership Academy Project) 144A 4.00% 6/15/51 # | 1,140,000 | 1,182,111 | |
| (Facility American Leadership Academy Project) 144A 5.00% 6/15/47 # | 745,000 | 763,752 | |
| South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | |||
| (High Point Academy Project) Series A 144A 5.75% 6/15/39 # | 1,345,000 | 1,559,595 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| University of Texas Permanent University Fund | |||
| Series B 5.00% 7/1/27 | 3,715,000 | $ 4,150,881 | |
| University of Washington | |||
| Series A 4.00% 4/1/35 | 1,000,000 | 1,232,490 | |
| 77,212,532 | |||
| Electric Revenue Bonds — 4.53% | |||
| Guam Power Authority Revenue | |||
| Series A 5.00% 10/1/40 | 1,000,000 | 1,148,450 | |
| Long Island, New York Power Authority | |||
| 5.00% 9/1/33 | 250,000 | 305,865 | |
| 5.00% 9/1/35 | 1,000,000 | 1,228,000 | |
| Series A 5.00% 9/1/34 | 500,000 | 655,010 | |
| Municipal Electric Authority of Georgia | |||
| (Plant Vogtle Units 3&4 Project) Series A 5.00% 1/1/39 | 6,250,000 | 7,635,937 | |
| New York State Utility Debt Securitization Authority | |||
| (Restructuring Bonds) 5.00% 12/15/33 | 1,500,000 | 1,758,300 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series CCC 5.25% 7/1/27 ‡ | 1,520,000 | 1,501,000 | |
| Series TT 5.00% 7/1/32 ‡ | 1,555,000 | 1,531,675 | |
| Series WW 5.25% 7/1/33 ‡ | 1,015,000 | 1,002,313 | |
| Series WW 5.50% 7/1/17 ‡ | 2,200,000 | 2,131,250 | |
| Series WW 5.50% 7/1/19 ‡ | 1,710,000 | 1,656,562 | |
| Series XX 5.25% 7/1/40 ‡ | 4,630,000 | 4,572,125 | |
| Series ZZ 5.00% 7/1/19 ‡ | 2,990,000 | 2,877,875 | |
| Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue | |||
| Series A 5.00% 12/1/35 | 4,000,000 | 4,582,560 | |
| Series A 5.00% 1/1/38 | 5,000,000 | 5,983,600 | |
| (Salt River Project Electric System) 5.00% 1/1/30 | 5,000,000 | 6,215,600 | |
| Utility Debt Securitization Authority | |||
| (Restructuring Bonds) 5.00% 12/15/37 | 10,000,000 | 11,665,400 | |
| 56,451,522 | |||
| Healthcare Revenue Bonds — 9.87% | |||
| Apple Valley, Minnesota | |||
| (Minnesota Senior Living LLC Project) Series B 5.25% 1/1/37 | 915,000 | 798,081 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Arizona Health Facilities Authority | |||
| (Scottsdale Lincoln Hospital Project) 5.00% 12/1/30 | 5,000,000 | $ 5,649,600 | |
| Arizona Industrial Development Authority Revenue | |||
| (Phoenix Children's Hospital) Series A 4.00% 2/1/50 | 520,000 | 600,506 | |
| California Health Facilities Financing Authority | |||
| (Children's Hospital of Orange County) | |||
| Series A 2.125% 11/1/41 | 5,000,000 | 4,777,400 | |
| Series A 3.00% 11/1/39 | 2,750,000 | 2,992,550 | |
| (Kaiser Permanente) Series A-1 5.00% 11/1/27 | 4,100,000 | 5,104,869 | |
| California Health Facilities Financing Authority Senior Living Revenue | |||
| (Lucile Salter Packard Children's Hospital At Stanford) Series A 5.00% 5/15/23 | 25,000 | 26,086 | |
| California Statewide Communities Development Authority | |||
| (Loma Linda University Medical Center) | |||
| Series A 144A 5.00% 12/1/41 # | 1,685,000 | 1,935,981 | |
| Series A 5.25% 12/1/34 | 2,790,000 | 3,152,979 | |
| Capital Trust Agency, Florida | |||
| (Tuscan Gardens Senior Living Center) Series A 7.00% 4/1/35 ‡ | 1,630,000 | 896,500 | |
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) Series A 4.00% 11/15/50 | 5,000,000 | 5,938,050 | |
| (CommonSpirit Health) | |||
| Series A 4.00% 8/1/37 | 500,000 | 586,510 | |
| Series A 4.00% 8/1/38 | 1,500,000 | 1,753,125 | |
| Series A-2 4.00% 8/1/49 | 2,000,000 | 2,280,300 | |
| Series A-2 5.00% 8/1/37 | 1,105,000 | 1,380,123 | |
| County of Hamilton, Ohio Hospital Facilities Revenue | |||
| (Cincinnati Children's Hospital Medical Center) Series CC 5.00% 11/15/49 | 7,510,000 | 11,805,345 | |
| Cumberland County, Pennsylvania Municipal Authority Revenue | |||
| (Asbury Pennsylvania Obligated Group) 5.00% 1/1/45 | 1,000,000 | 1,094,580 | |
| (Penn State Health) Series A 4.00% 11/1/44 | 2,000,000 | 2,298,460 | |
| Cuyahoga County, Ohio | |||
| (The Metrohealth System) 5.00% 2/15/37 | 1,000,000 | 1,179,310 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Escambia County, Health Facilities Authority Revenue | |||
| (Baptist Health Care Corporation Obligated Group) Series A 4.00% 8/15/50 | 2,605,000 | $ 2,913,588 | |
| Glendale Industrial Development Authority Revenue | |||
| (Glencroft Retirement Community Project) 5.25% 11/15/46 | 875,000 | 853,580 | |
| (The Terraces of Phoenix Project) Series A 5.00% 7/1/48 | 975,000 | 1,035,567 | |
| Glendale, Arizona Industrial Development Authority Revenue | |||
| (Royal Oaks Life Care Community) | |||
| 4.00% 5/15/28 | 1,000,000 | 1,072,940 | |
| 4.00% 5/15/30 | 1,385,000 | 1,479,416 | |
| 4.00% 5/15/31 | 500,000 | 532,960 | |
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke's Health System Project) Series A 3.00% 3/1/51 | 1,800,000 | 1,877,058 | |
| Illinois Finance Authority Revenue | |||
| (The Admiral at the Lake Project) 5.50% 5/15/54 | 875,000 | 921,349 | |
| Iowa Finance Authority Senior Housing Revenue Bonds | |||
| (PHS Council Bluffs, Inc. Project) 5.00% 8/1/33 | 500,000 | 521,515 | |
| Kalispell, Montana | |||
| (Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/32 | 435,000 | 478,191 | |
| Lancaster County, Pennsylvania Hospital Authority | |||
| (Brethren Village Project) | |||
| 5.00% 7/1/31 | 440,000 | 502,370 | |
| 5.00% 7/1/32 | 440,000 | 500,887 | |
| (St. Anne's Retirement Community, Incorporated Project) 5.00% 4/1/27 | 1,425,000 | 1,439,478 | |
| (University of Pennsylvania Health System Obligation) Series A 5.00% 8/15/33 | 2,430,000 | 2,900,181 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Banner Health Obligation Group) Series A 5.00% 1/1/32 | 3,000,000 | 3,606,360 | |
| (Christian Care Surprise, Inc. Project) 144A 5.75% 1/1/36 # | 1,540,000 | 1,536,966 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Maryland Health & Higher Educational Facilities Authority Revenue | |||
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/36 | 2,000,000 | $ 2,424,560 | |
| Massachusetts Development Finance Agency Revenue | |||
| Series A-2 4.00% 7/1/41 | 875,000 | 1,027,941 | |
| Minneapolis Health Care System Revenue | |||
| (Fairview Health Services) Series A 5.00% 11/15/35 | 1,500,000 | 1,867,635 | |
| Monroe County, New York Industrial Development Revenue | |||
| (Rochester Regional Health Project) | |||
| Series D 3.00% 12/1/40 | 1,000,000 | 1,048,550 | |
| Series D 4.00% 12/1/38 | 1,450,000 | 1,719,584 | |
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Albert Einstein Healthcare) Series A 5.25% 1/15/45 | 2,500,000 | 2,828,050 | |
| Moon, Pennsylvania Industrial Development Authority | |||
| (Baptist Homes Society Obligation) 5.625% 7/1/30 | 2,440,000 | 2,619,779 | |
| National Finance Authority Revenue, New Hampshire | |||
| (Springpoint Senior Living Project) 4.00% 1/1/51 | 1,330,000 | 1,436,453 | |
| (The Vista Project) Series A 144A 5.25% 7/1/39 # | 1,000,000 | 1,064,880 | |
| New Hope Cultural Education Facilities Finance | |||
| (Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 1,615,000 | 1,620,636 | |
| New Jersey Health Care Facilities Financing Authority Revenue | |||
| Series C 0.02% 7/1/43 • | 370,000 | 370,000 | |
| New York State Dormitory Authority Revenue | |||
| (Orange Regional Medical Center) | |||
| 144A 5.00% 12/1/31 # | 1,000,000 | 1,196,480 | |
| 144A 5.00% 12/1/32 # | 1,100,000 | 1,313,730 | |
| 144A 5.00% 12/1/33 # | 1,000,000 | 1,193,000 | |
| Northampton County, Philadelphia, Pennsylvania Industrial Development Authority Revenue | |||
| (MorningStar Senior Living Project) | |||
| 5.00% 7/1/32 | 1,275,000 | 1,294,418 | |
| 5.00% 11/1/44 | 1,000,000 | 1,131,450 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Oklahoma Development Finance Authority Health System Revenue | |||
| (OU Medicine Project) Series B 5.25% 8/15/43 | 1,790,000 | $ 2,198,979 | |
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) | |||
| Series A 144A 6.50% 12/1/38 #, ‡ | 1,000,000 | 400,000 | |
| Series A 144A 6.75% 12/1/53 #, ‡ | 875,000 | 350,000 | |
| Prince George's County, Maryland | |||
| (Collington Episcopal Life Care Community) 5.00% 4/1/31 | 2,000,000 | 2,131,120 | |
| Public Finance Authority, Wisconsin Senior Living Revenue | |||
| (Mary's Woods at Marylhurst Project) 144A 5.00% 5/15/29 # | 500,000 | 546,430 | |
| Salem, Oregon Hospital Facility Authority Revenue | |||
| (Salem Health Projects) Series A 4.00% 5/15/49 | 500,000 | 574,630 | |
| Seminole County, Florida Industrial Development Authority | |||
| (Legacy Pointe at UCF Project) | |||
| Series A 5.25% 11/15/39 | 5,340,000 | 5,906,681 | |
| Series B-1 4.25% 11/15/26 | 3,000,000 | 3,016,260 | |
| Tempe, Arizona Industrial Development Authority | |||
| (Mirabella at ASU Project) Series A 144A 6.00% 10/1/37 # | 1,200,000 | 1,329,552 | |
| Virginia Small Business Financing Authority | |||
| (Lifespire of Virginia) | |||
| 4.00% 12/1/36 | 1,210,000 | 1,367,361 | |
| 4.00% 12/1/41 | 2,500,000 | 2,803,275 | |
| Washington State Housing Finance Commission | |||
| (Heron's Key Senior Living) Series A 144A 7.00% 7/1/45 # | 800,000 | 879,008 | |
| Wisconsin Health & Educational Facilities Authority Revenue | |||
| (St. Camillus Health System) Series A 5.00% 11/1/39 | 815,000 | 917,682 | |
| 123,000,885 | |||
| Lease Revenue Bonds — 5.98% | |||
| California Statewide Communities Development Authority Revenue | |||
| (Lancer Plaza Project) | |||
| 5.125% 11/1/23 | 185,000 | 196,280 | |
| 5.625% 11/1/33 | 1,000,000 | 1,080,680 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| Hudson Yards New York Infrastructure Revenue | |||
| Series A 4.00% 2/15/44 | 2,875,000 | $ 3,249,498 | |
| Los Angeles County, California | |||
| (Disney Concert Hall Parking) 5.00% 3/1/23 | 2,395,000 | 2,530,940 | |
| Metropolitan Pier & Exposition Authority, Illinois | |||
| (McCormick Place Expansion Project) | |||
| Series A 4.00% 12/15/42 | 13,500,000 | 15,453,180 | |
| Series B 2.719% 12/15/54 (BAM) ^ | 36,770,000 | 14,707,632 | |
| New Jersey State Economic Development Authority | |||
| (NJ Transit Transportation Project) | |||
| Series A 4.00% 11/1/38 | 1,000,000 | 1,146,240 | |
| Series A 4.00% 11/1/39 | 1,000,000 | 1,143,080 | |
| New Jersey State Transportation Trust Fund Authority | |||
| Series AA 4.00% 6/15/45 | 5,000,000 | 5,706,750 | |
| (Highway Reimbursement) Series A 5.00% 6/15/30 | 2,415,000 | 2,834,292 | |
| (Transportation System Bonds) Series A 5.00% 12/15/25 | 5,000,000 | 5,834,000 | |
| New York City, New York Transitional Finance Authority Building Aid Revenue | |||
| Series S-1 5.00% 7/15/31 | 5,000,000 | 5,699,900 | |
| New York Liberty Development | |||
| (4 World Trade Center Project) Series A 2.875% 11/15/46 | 10,000,000 | 10,189,800 | |
| New York State Dormitory Authority Revenue | |||
| (Health Facilities Improvement Program) | |||
| Series 1 5.00% 1/15/28 | 750,000 | 926,745 | |
| Series 1 5.00% 1/15/29 | 3,100,000 | 3,829,802 | |
| 74,528,819 | |||
| Local General Obligation Bonds — 4.58% | |||
| Chicago, Illinois | |||
| Series A 5.25% 1/1/29 | 640,000 | 710,624 | |
| Series A 5.50% 1/1/35 | 1,980,000 | 2,517,887 | |
| Series C 5.00% 1/1/26 | 1,280,000 | 1,486,349 | |
| Chicago, Illinois Board of Education | |||
| 5.00% 4/1/35 | 825,000 | 968,765 | |
| 5.00% 4/1/36 | 320,000 | 375,206 | |
| (Dedicated Revenues) | |||
| Series A 5.00% 12/1/40 | 2,000,000 | 2,495,480 | |
| Series A 5.00% 12/1/41 | 1,225,000 | 1,228,932 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Chicago, Illinois Board of Education | |||
| (Dedicated Revenues) | |||
| Series C 5.00% 12/1/34 | 2,160,000 | $ 2,574,439 | |
| Series D 5.00% 12/1/31 | 2,160,000 | 2,590,855 | |
| City & County of San Francisco, California | |||
| Series D-1 4.00% 6/15/39 | 1,330,000 | 1,564,891 | |
| Series D-1 4.00% 6/15/40 | 1,385,000 | 1,627,417 | |
| Series D-1 4.00% 6/15/41 | 1,440,000 | 1,689,005 | |
| Los Angeles Department of Water & Power Revenue | |||
| Subordinate Series A-1 0.01% 7/1/50 | 595,000 | 595,000 | |
| Mida Golf and Equestrian Center Public Infrastructure District | |||
| 144A 4.125% 6/1/36 # | 1,790,000 | 1,811,909 | |
| 144A 4.25% 6/1/41 # | 2,210,000 | 2,236,918 | |
| New York City, New York | |||
| Fiscal 2021 Series C 5.00% 8/1/33 | 2,000,000 | 2,612,380 | |
| Fiscal 2021 Series C 5.00% 8/1/43 | 3,500,000 | 4,466,700 | |
| Series D-1 5.00% 10/1/30 | 2,260,000 | 2,268,656 | |
| Series E 5.00% 8/1/23 | 3,685,000 | 3,976,594 | |
| Series F-1 5.00% 6/1/34 | 5,000,000 | 5,728,200 | |
| Subseries D-1 4.00% 12/1/42 | 4,300,000 | 4,998,707 | |
| San Francisco, California Bay Area Rapid Transit District | |||
| (Election 2004) Series D 5.00% 8/1/31 | 4,000,000 | 4,634,920 | |
| Wake County, North Carolina | |||
| Series A 5.00% 3/1/27 | 3,200,000 | 3,922,624 | |
| 57,082,458 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 4.84% | |||
| Atlanta, Georgia Water & Wastewater Revenue | |||
| 5.00% 11/1/35-25 § | 5,000,000 | 5,775,250 | |
| California State Department of Water Resources | |||
| (Water System) | |||
| Series AS 5.00% 12/1/29-24 § | 15,000 | 17,060 | |
| Unrefunded Series AS 5.00% 12/1/29-24 § | 2,680,000 | 3,056,835 | |
| Denton Independent School District, Texas | |||
| (School Building) Series A 5.00% 8/15/40-25 (PSF) § | 4,000,000 | 4,659,160 | |
| East Hempfield Township, Pennsylvania Industrial Development Authority | |||
| (Student Services - Student Housing Project at Millersville University) | |||
| 5.00% 7/1/39-24 § | 875,000 | 977,664 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
| East Hempfield Township, Pennsylvania Industrial Development Authority | |||
| (Student Services - Student Housing Project at Millersville University) | |||
| 5.00% 7/1/46-24 § | 1,425,000 | $ 1,592,195 | |
| Fort Worth, Texas Independent School District | |||
| (School Building) 5.00% 2/15/27-24 (PSF) § | 2,000,000 | 2,205,360 | |
| Golden State, California Tobacco Securitization Corporate Settlement Revenue | |||
| (Asset-Backed Enhanced) Series A 5.00% 6/1/35-25 § | 3,000,000 | 3,475,230 | |
| Louisiana State Highway Improvement Revenue | |||
| Series A 5.00% 6/15/29-24 § | 5,195,000 | 5,809,101 | |
| New Hope Cultural Education Facilities Finance | |||
| (Jubilee Academic Center) Series A 144A 5.00% 8/15/46 # | 2,000,000 | 2,005,080 | |
| New Jersey State Turnpike Authority Turnpike Revenue | |||
| Series A 5.00% 1/1/30-22 § | 5,000,000 | 5,141,350 | |
| Series A 5.00% 1/1/43-22 § | 1,860,000 | 1,912,582 | |
| Pennsylvania State Turnpike Commission Revenue | |||
| Series C 5.00% 12/1/43-23 § | 4,555,000 | 4,983,398 | |
| Philadelphia, Pennsylvania Water & Waste Water Revenue | |||
| 5.00% 11/1/28-22 § | 5,000,000 | 5,218,000 | |
| Public Finance Authority, Wisconsin Airport Facilities Revenue | |||
| (AFCO Investors II Portfolio) 144A 5.00% 10/1/23-22 (AMT) #, § | 845,000 | 878,158 | |
| Sacramento, California Water Revenue | |||
| 5.00% 9/1/26-23 § | 3,160,000 | 3,423,260 | |
| Southwestern Illinois Development Authority | |||
| (Memorial Group) 7.125% 11/1/30-23 § | 2,190,000 | 2,469,313 | |
| Texas State | |||
| (Transportation Commission Highway Improvement) 5.00% 4/1/29-24 § | 3,000,000 | 3,323,310 | |
| Virginia Commonwealth Transportation Board | |||
| (Gans-Garvee) 5.00% 3/15/24-23 § | 3,250,000 | 3,450,232 | |
| 60,372,538 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds — 18.61% | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Project) 144A 5.375% 5/1/42 # | 2,900,000 | $ 3,387,432 | |
| (Forward Delivery) | |||
| 5.00% 5/1/24 | 170,000 | 185,011 | |
| 5.00% 5/1/25 | 500,000 | 560,700 | |
| 5.00% 5/1/26 | 500,000 | 574,650 | |
| 5.00% 5/1/27 | 550,000 | 645,893 | |
| 5.00% 5/1/29 | 600,000 | 730,674 | |
| 5.00% 5/1/31 | 670,000 | 840,816 | |
| 5.00% 5/1/33 | 765,000 | 967,564 | |
| 5.00% 5/1/34 | 750,000 | 946,620 | |
| Bullhead City, Arizona Excise Taxes Revenue | |||
| 2.55% 7/1/46 | 5,000,000 | 5,031,100 | |
| Camden County, New Jersey Improvement Authority Revenue | |||
| (County Capital Program) Series A 5.00% 1/15/40 | 5,000,000 | 5,620,250 | |
| Celebration Pointe, Florida Community Development District | |||
| 4.75% 5/1/24 | 290,000 | 311,034 | |
| 5.00% 5/1/34 | 830,000 | 881,501 | |
| Chester County Industrial Development Authority Special Obligation Revenue | |||
| (Woodlands at Greystone Project) 144A 5.00% 3/1/38 # | 460,000 | 524,685 | |
| Connecticut State Transportation Infrastructure | |||
| Series B 5.00% 10/1/30 | 3,375,000 | 4,256,415 | |
| Dallas, Texas Convention Center Hotel Development Revenue | |||
| Series A 5.00% 1/1/24 | 3,420,000 | 3,425,062 | |
| Series A 5.25% 1/1/23 | 5,375,000 | 5,384,191 | |
| Denver, Colorado Convention Center Hotel Authority | |||
| 5.00% 12/1/26 | 2,500,000 | 2,975,875 | |
| 5.00% 12/1/29 | 600,000 | 703,008 | |
| 5.00% 12/1/31 | 900,000 | 1,047,978 | |
| 5.00% 12/1/32 | 1,800,000 | 2,092,446 | |
| 5.00% 12/1/34 | 1,500,000 | 1,737,360 | |
| 5.00% 12/1/35 | 1,200,000 | 1,384,452 | |
| 5.00% 12/1/36 | 900,000 | 1,034,154 | |
| Ernest N Morail-New Orleans, Louisiana Exhibition Hall Authority Special Tax Revenue | |||
| 5.00% 7/15/26 | 2,330,000 | 2,396,894 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| GDB Debt Recovery Authority of Puerto Rico | |||
| (Taxable) 7.50% 8/20/40 | 35,638,840 | $ 33,589,607 | |
| Harris County-Houston, Texas Sports Authority | |||
| (Senior Lien) Series A 5.00% 11/15/30 | 1,805,000 | 2,010,644 | |
| Illinois State, Sales Tax Revenue | |||
| Series A 4.00% 6/15/29 (BAM) | 2,250,000 | 2,683,395 | |
| (Junior Obligation) | |||
| Series A 4.00% 6/15/30 (BAM) | 5,000,000 | 6,011,950 | |
| Series A 4.00% 6/15/31 (BAM) | 10,000,000 | 12,197,300 | |
| Kansas City, Missouri Land Clearance Redevelopment Authority Revenue | |||
| (Convention Center Hotel Project - TIF Financing) Series B 144A 5.00% 2/1/40 # | 200,000 | 204,604 | |
| Massachusetts School Building Authority | |||
| Series C 5.00% 8/15/29 | 1,630,000 | 1,897,059 | |
| Metropolitan Transportation Authority Revenue, New York | |||
| (Climate Bond Certified) Series B-2 5.00% 11/15/36 | 5,000,000 | 5,972,600 | |
| New Jersey Economic Development Authority Revenue | |||
| (Cigarette Tax) 5.00% 6/15/23 | 1,250,000 | 1,280,825 | |
| New York City, New York Transitional Finance Authority Building Aid Revenue | |||
| Subordinate Subseries S-3A 5.00% 7/15/28 | 4,400,000 | 5,545,408 | |
| New York City, New York Transitional Finance Authority Future Tax Secured | |||
| Subseries A-1 5.00% 11/1/23 | 2,865,000 | 3,123,137 | |
| Subseries B-1 5.00% 8/1/42 | 5,000,000 | 5,552,300 | |
| Subseries C 5.00% 11/1/27 | 4,150,000 | 4,595,461 | |
| Subseries E-1 5.00% 2/1/26 | 4,020,000 | 4,051,838 | |
| Subseries E-1 5.00% 2/1/35 | 5,000,000 | 6,027,050 | |
| New York State Dormitory Authority Revenue | |||
| Series A 5.00% 3/15/31 | 1,000,000 | 1,141,020 | |
| (General Purpose) | |||
| Series B 5.00% 3/15/35 | 5,000,000 | 5,068,200 | |
| Series D 5.00% 2/15/37 | 5,000,000 | 5,048,150 | |
| New York State Urban Development Revenue | |||
| (General Purpose) | |||
| Series B 5.00% 3/15/35 | 5,000,000 | 5,784,000 | |
| Series C 5.00% 3/15/33 | 3,000,000 | 3,927,420 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York State Urban Development Revenue | |||
| (General Purpose) | |||
| Series E 5.00% 3/15/33 | 2,000,000 | $ 2,584,920 | |
| Orange County, California Local Transportation Authority | |||
| 5.00% 2/15/39 | 4,000,000 | 5,038,240 | |
| Public Finance Authority, Wisconsin | |||
| (American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 1,010,000 | 1,110,263 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Capital Appreciation - Restructured) Series A-1 4.572% 7/1/46 ^ | 14,250,000 | 4,765,200 | |
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 6,015,000 | 6,832,619 | |
| Series A-1 4.75% 7/1/53 | 8,180,000 | 9,270,476 | |
| Series A-1 4.90% 7/1/51 ^ | 15,940,000 | 3,858,118 | |
| Series A-1 5.00% 7/1/58 | 3,820,000 | 4,385,551 | |
| Series A-2 4.329% 7/1/40 | 18,625,000 | 20,906,562 | |
| Series A-2 4.329% 7/1/40 | 5,636,000 | 6,326,410 | |
| Series A-2 4.784% 7/1/58 | 1,460,000 | 1,657,626 | |
| Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement | |||
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 710,000 | 710,632 | |
| Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue | |||
| (Sales Tax - Vacation Village Project Area 1 and 2A) Series 2015A 5.00% 9/1/27 | 1,155,000 | 1,166,469 | |
| 231,970,819 | |||
| State General Obligation Bonds — 16.24% | |||
| California State | |||
| (School Facilities) 5.00% 11/1/30 | 5,000,000 | 5,442,450 | |
| (Various Purpose) | |||
| 4.00% 3/1/36 | 1,000,000 | 1,207,680 | |
| 4.00% 10/1/41 | 1,765,000 | 2,144,793 | |
| 5.00% 8/1/26 | 3,120,000 | 3,747,307 | |
| 5.00% 10/1/26 | 2,500,000 | 3,017,850 | |
| 5.00% 8/1/28 | 3,000,000 | 3,790,770 | |
| 5.00% 9/1/30 | 1,715,000 | 2,063,265 | |
| 5.00% 4/1/32 | 1,410,000 | 1,931,474 | |
| 5.00% 9/1/32 | 4,100,000 | 4,932,587 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| California State | |||
| (Various Purpose) | |||
| 5.00% 8/1/33 | 5,000,000 | $ 5,673,350 | |
| 5.00% 9/1/35 | 8,000,000 | 9,595,520 | |
| 5.00% 10/1/41 | 3,535,000 | 4,656,090 | |
| 5.25% 9/1/30 | 5,000,000 | 5,426,350 | |
| Series C 5.00% 9/1/30 | 5,985,000 | 6,956,246 | |
| Commonwealth of Massachusetts | |||
| Series A 5.00% 1/1/35 | 7,500,000 | 9,495,075 | |
| Series A 5.00% 7/1/37 | 5,000,000 | 5,781,450 | |
| Commonwealth of Pennsylvania | |||
| 5.00% 9/15/26 | 2,500,000 | 3,009,850 | |
| 5.00% 7/15/28 | 3,870,000 | 4,870,588 | |
| Commonwealth of Puerto Rico | |||
| (Public Improvement) | |||
| Series A 5.00% 7/1/24 ‡ | 1,070,000 | 1,057,963 | |
| Series A 5.00% 7/1/31 ‡ | 1,100,000 | 1,073,875 | |
| Series A 5.00% 7/1/34 ‡ | 2,900,000 | 2,867,375 | |
| Series A 5.125% 7/1/37 ‡ | 9,840,000 | 9,102,000 | |
| Series A 5.25% 7/1/27 ‡ | 3,410,000 | 3,380,162 | |
| Series A 5.25% 7/1/34 ‡ | 970,000 | 963,938 | |
| Series A 5.50% 7/1/39 ‡ | 5,550,000 | 5,230,875 | |
| Series A 5.75% 7/1/41 ‡ | 4,715,000 | 4,620,700 | |
| Series A 8.00% 7/1/35 ‡ | 6,995,000 | 6,138,112 | |
| Series B 5.00% 7/1/35 ‡ | 730,000 | 722,700 | |
| Series C 5.75% 7/1/36 ‡ | 1,215,000 | 1,113,244 | |
| Series D 6.00% 7/1/29 ‡ | 3,600,000 | 3,609,000 | |
| Connecticut State | |||
| Series F 5.00% 9/15/27 | 2,790,000 | 3,456,838 | |
| District of Columbia Revenue | |||
| Series C 5.00% 6/1/34 | 5,000,000 | 5,560,800 | |
| Hawaii State | |||
| Series FW 4.00% 1/1/34 | 3,010,000 | 3,547,255 | |
| Illinois State | |||
| 5.00% 1/1/28 | 1,630,000 | 1,894,810 | |
| 5.00% 3/1/36 | 960,000 | 969,965 | |
| 5.00% 11/1/36 | 1,965,000 | 2,298,225 | |
| 5.25% 2/1/30 | 2,410,000 | 2,644,493 | |
| 5.25% 2/1/32 | 1,015,000 | 1,112,613 | |
| 5.25% 2/1/33 | 480,000 | 526,267 | |
| 5.50% 5/1/39 | 2,500,000 | 3,194,425 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| Illinois State | |||
| Series A 5.00% 3/1/30 | 2,000,000 | $ 2,527,500 | |
| Series A 5.00% 3/1/34 | 1,000,000 | 1,275,590 | |
| Series A 5.00% 3/1/35 | 2,800,000 | 3,563,840 | |
| Series A 5.125% 12/1/29 | 4,440,000 | 5,377,550 | |
| Series B 4.00% 11/1/34 | 5,000,000 | 5,776,500 | |
| Series B 4.00% 10/1/35 | 8,830,000 | 10,332,513 | |
| Series B 4.00% 11/1/35 | 2,200,000 | 2,538,052 | |
| Series C 4.00% 10/1/37 | 1,710,000 | 1,992,235 | |
| Series D 5.00% 11/1/25 | 1,220,000 | 1,413,968 | |
| New Jersey State | |||
| Series A 4.00% 6/1/31 | 2,600,000 | 3,200,600 | |
| Oregon State | |||
| (Article XI-Q State Projects) | |||
| Series A 5.00% 5/1/28 | 2,000,000 | 2,523,000 | |
| Series A 5.00% 5/1/44 | 5,000,000 | 6,269,200 | |
| Washington State | |||
| Series R-2015E 5.00% 7/1/31 | 3,000,000 | 3,398,460 | |
| (Various Purpose) Series 2015-A-1 5.00% 8/1/30 | 3,000,000 | 3,358,440 | |
| 202,375,778 | |||
| Transportation Revenue Bonds — 16.80% | |||
| Allegheny County Airport Authority Revenue | |||
| (Pittsburgh International Airport) Series A 5.00% 1/1/56 (AMT) | 4,500,000 | 5,572,440 | |
| Bay Area, California Toll Authority | |||
| (San Francisco Bay Area) Series S-7 4.00% 4/1/34 | 1,000,000 | 1,160,100 | |
| Chicago, Illinois Midway International Airport | |||
| Series A 5.00% 1/1/28 (AMT) | 1,905,000 | 2,078,393 | |
| Chicago, Illinois O'Hare International Airport Revenue | |||
| Series A 5.00% 1/1/37 (AMT) | 5,000,000 | 6,117,700 | |
| Series B 5.00% 1/1/32 | 1,000,000 | 1,131,180 | |
| Series B 5.00% 1/1/33 | 1,520,000 | 1,719,394 | |
| (General-Airport-Senior Lien) | |||
| Series B 5.00% 1/1/36 | 2,500,000 | 3,094,700 | |
| Series B 5.00% 1/1/37 | 3,000,000 | 3,706,740 | |
| Dallas Fort Worth International Airport, Texas | |||
| Series A 4.00% 11/1/34 | 2,500,000 | 3,030,650 | |
| Series A 4.00% 11/1/35 | 1,000,000 | 1,209,640 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Delaware River Port Authority Revenue | |||
| 5.00% 1/1/30 | 350,000 | $ 383,390 | |
| Georgia State Road & Tollway Authority Revenue | |||
| (Managed Lane System) Series A 4.00% 7/15/46 | 5,000,000 | 6,087,500 | |
| Hillsborough County, Florida Port District | |||
| (Tampa Port Authority Project) Series B 5.00% 6/1/28 (AMT) | 375,000 | 462,323 | |
| Kansas City, Missouri Industrial Development Authority Revenue | |||
| (Kansas City International Airport Terminal Modernization Project) Series D 5.00% 3/1/33 (AMT) | 3,100,000 | 3,919,671 | |
| Lee County, Florida Airport Revenue | |||
| 5.00% 10/1/33 | 4,305,000 | 4,994,015 | |
| Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue | |||
| (Dulles Metrorail and Capital Improvement Project) Series B 4.00% 10/1/37 | 1,500,000 | 1,733,745 | |
| Miami-Dade County, Florida Aviation Revenue | |||
| Series B 5.00% 10/1/37 | 5,700,000 | 6,388,389 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| (JFK International Air Terminal Project) Series C 4.00% 12/1/41 | 730,000 | 840,091 | |
| New Jersey State Turnpike Authority Turnpike Revenue | |||
| Series A 5.00% 1/1/33 | 1,770,000 | 2,131,983 | |
| Series E 5.00% 1/1/32 | 5,050,000 | 6,242,507 | |
| New Orleans, Louisiana Aviation Board | |||
| (North Terminal Project) | |||
| Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | 3,249,247 | |
| Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | 3,248,290 | |
| New York State Thruway Authority | |||
| Series J 5.00% 1/1/27 | 5,705,000 | 6,235,508 | |
| Series J 5.00% 1/1/32 | 5,000,000 | 5,457,300 | |
| Series K 5.00% 1/1/31 | 5,000,000 | 5,652,600 | |
| New York Transportation Development Special Facilities Revenue | |||
| (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) | |||
| 4.00% 10/1/30 (AMT) | 1,950,000 | 2,281,753 | |
| 5.00% 1/1/33 (AMT) | 790,000 | 949,003 | |
| 5.00% 10/1/35 (AMT) | 1,125,000 | 1,397,948 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| New York Transportation Development Special Facilities Revenue | |||
| (JFK International Air Terminal Project) | |||
| Series A 5.00% 12/1/33 (AMT) | 1,000,000 | $ 1,267,010 | |
| Series A 5.00% 12/1/35 (AMT) | 1,000,000 | 1,259,770 | |
| Oklahoma State Turnpike Authority Revenue | |||
| Series A 5.00% 1/1/42 | 5,000,000 | 5,817,000 | |
| Pennsylvania State Turnpike Commission Revenue | |||
| Series B 5.00% 12/1/30 | 1,170,000 | 1,537,298 | |
| Series B 5.00% 12/1/31 | 1,750,000 | 2,342,305 | |
| Series B 5.00% 12/1/45 | 5,000,000 | 5,769,250 | |
| Series C 5.00% 12/1/43 | 1,445,000 | 1,569,935 | |
| Subordinate Series A-1 5.00% 12/1/29 | 3,590,000 | 4,070,198 | |
| Philadelphia, Pennsylvania Airport Revenue | |||
| Series C 5.00% 7/1/29 (AMT) | 365,000 | 459,721 | |
| Series C 5.00% 7/1/31 (AMT) | 800,000 | 1,022,544 | |
| Series C 5.00% 7/1/32 (AMT) | 845,000 | 1,077,409 | |
| Phoenix, Arizona Civic Improvement Corporation Airport Revenue | |||
| (Junior Lien) | |||
| Series A 5.00% 7/1/33 | 3,355,000 | 3,864,021 | |
| Series B 5.00% 7/1/49 (AMT) | 10,900,000 | 13,294,839 | |
| Port Authority of Guam Revenue | |||
| (Governmental) Series A 5.00% 7/1/48 | 375,000 | 438,668 | |
| Port Authority of New York & New Jersey | |||
| 5.00% 9/15/25 (AMT) | 7,000,000 | 8,131,830 | |
| 5.00% 10/15/29 (AMT) | 3,105,000 | 3,590,808 | |
| (194th Series) 5.00% 10/15/32 | 2,500,000 | 2,909,850 | |
| Port of Beaumont Texas Navigation District Dock & Wharf Facility Revenue | |||
| (Jefferson Gulf Coast Energy Project) Series A 144A 3.00% 1/1/50 (AMT) # | 8,500,000 | 8,356,945 | |
| Regional Transportation District, Colorado | |||
| (Denver Transit Partners Eagle P3 Project) | |||
| Series B 4.00% 7/15/34 | 1,250,000 | 1,497,275 | |
| Series B 5.00% 1/15/29 | 600,000 | 749,490 | |
| Series B 5.00% 7/15/30 | 700,000 | 899,696 | |
| Series B 5.00% 7/15/31 | 1,050,000 | 1,361,083 | |
| Salt Lake City, Utah Airport Revenue | |||
| Series A 5.00% 7/1/36 (AMT) | 10,000,000 | 12,141,700 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Salt Lake City, Utah Airport Revenue | |||
| Series A 5.00% 7/1/38 (AMT) | 5,000,000 | $ 6,065,750 | |
| Series A 5.00% 7/1/51 (AMT) | 2,500,000 | 3,145,200 | |
| Series B 5.00% 7/1/31 | 500,000 | 608,035 | |
| Series B 5.00% 7/1/32 | 600,000 | 728,766 | |
| Series B 5.00% 7/1/33 | 1,000,000 | 1,211,940 | |
| San Diego, County Regional Airport Authority | |||
| Series B 4.00% 7/1/46 (AMT) | 840,000 | 979,482 | |
| Series B 4.00% 7/1/46 (AMT) (BAM) | 2,260,000 | 2,654,551 | |
| South Jersey Port, New Jersey | |||
| (Subordinated Marine Terminal) | |||
| Series B 5.00% 1/1/24 (AMT) | 180,000 | 195,559 | |
| Series B 5.00% 1/1/25 (AMT) | 390,000 | 438,134 | |
| Series B 5.00% 1/1/30 (AMT) | 230,000 | 275,756 | |
| Series B 5.00% 1/1/32 (AMT) | 215,000 | 255,940 | |
| Series B 5.00% 1/1/33 (AMT) | 705,000 | 837,314 | |
| Series B 5.00% 1/1/34 (AMT) | 880,000 | 1,042,633 | |
| Series B 5.00% 1/1/35 (AMT) | 675,000 | 798,026 | |
| Series B 5.00% 1/1/36 (AMT) | 660,000 | 778,364 | |
| Series B 5.00% 1/1/37 (AMT) | 430,000 | 506,033 | |
| Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue | |||
| (NTE Mobility Partners Segments 3 LLC Segment 3A and 3B Facility) 7.00% 12/31/38 (AMT) | 3,750,000 | 4,174,162 | |
| Washington Metropolitan Area Transit Authority | |||
| (Green Bonds - Climate Bond Certified) Series A 5.00% 7/15/31 | 1,885,000 | 2,546,107 | |
| Wayne County, Michigan Airport Authority | |||
| Series D 5.00% 12/1/45 (AGM) | 6,300,000 | 7,305,417 | |
| Westchester County, New York Industrial Development Agency | |||
| (Million Air Two LLC General Aviation Facilities Project) Series A 144A 7.00% 6/1/46 (AMT) # | 875,000 | 935,559 | |
| 209,387,573 | |||
| Water & Sewer Revenue Bonds — 1.28% | |||
| Dominion, Colorado Water & Sanitation District | |||
| 5.25% 12/1/27 | 450,000 | 460,575 | |
| Great Lakes, Michigan Water Authority Water Supply System Revenue | |||
| (Senior Lien Bond) Series C 5.00% 7/1/31 | 3,000,000 | 3,570,030 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| Kansas City, Missouri Water Revenue | |||
| Series A 5.00% 12/1/33 | 1,200,000 | $ 1,624,908 | |
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (General Resolution Revenue Bonds) Series EE 5.00% 6/15/39 | 5,000,000 | 5,813,200 | |
| San Antonio, Texas Water System Revenue | |||
| Series A 5.00% 5/15/32 | 1,500,000 | 1,821,270 | |
| Series A 5.00% 5/15/33 | 2,250,000 | 2,731,252 | |
| 16,021,235 | |||
| Total Municipal Bonds (cost $1,166,518,641) | 1,259,297,720 | ||
| Short-Term Investments — 0.33% | |||
| Variable Rate Demand Notes — 0.33%¤ | |||
| Arizona Industrial Development Authority Revenue | |||
| (Phoenix Children's Hospital) Series A 0.04% 2/1/48 (LOC – JPMorgan Chase Bank N.A.) | 300,000 | 300,000 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (National Jewish Federation Bond Program) Series D-6 0.04% 9/1/38 (LOC – JPMorgan Chase Bank N.A.) | 875,000 | 875,000 | |
| Los Angeles Department of Water & Power System Revenue | |||
| Subordinate Series B-3 0.01% 7/1/34 (SPA - Barclays Bank) | 200,000 | 200,000 | |
| Minneapolis Health Care System Revenue | |||
| (Fairview Health Services) Series C 0.03% 11/15/48 (LOC – Wells Fargo Bank N.A.) | 1,300,000 | 1,300,000 | |
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution) Subordinate Series DD-1 0.03% 6/15/43 (SPA - TD Bank N.A.) | 300,000 | 300,000 | |
| New York City, New York Transitional Finance Authority Future Tax Secured | |||
| Subordinate Series A-4 0.04% 8/1/45 (SPA – JPMorgan Chase Bank N.A.) | 200,000 | 200,000 | |
| Oregon State Facilities Authority Revenue | |||
| (PeaceHealth) Series B 0.03% 8/1/34 (LOC - TD Bank N.A.) | 600,000 | 600,000 | |
| Principal amount° | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Variable Rate Demand Notes (continued) | |||
| Phoenix Industrial Development Authority | |||
| (Mayo Clinic) Series B 0.01% 11/15/52 (SPA - Northern Trust Company) | 400,000 | $ 400,000 | |
| Total Short-Term Investments (cost $4,175,000) | 4,175,000 | ||
| Total Value of Securities—101.36% (cost $1,170,693,641) | 1,263,472,720 | ||
| Liabilities Net of Receivables and Other Assets—(1.36)% | (16,987,226) | ||
| Net Assets Applicable to 98,968,135 Shares Outstanding—100.00% | $1,246,485,494 | ||
| ° | 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, 2021, the aggregate value of Rule 144A securities was $76,683,556, which represents 6.15% 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, 2021. 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. LIBOR03M, LIBOR06M, 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. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of November 30, 2021. |
| Summary of abbreviations: |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| Summary of abbreviations: (continued) |
| BAM – Insured by Build America Mutual Assurance |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London interbank offered rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| NATL – Insured by National Public Finance Guarantee Corporation |
| PSF – Guaranteed by Permanent School Fund |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |