Delaware Tax-Free USA Fund | May 31, 2022 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 101.27% | |||
Corporate Revenue Bonds — 14.12% | |||
Arizona Industrial Development Authority Revenue | |||
(Legacy Cares, Inc. Project) Series A 144A 7.75% 7/1/50 # | 6,400,000 | $ 7,308,224 | |
Buckeye, Ohio Tobacco Settlement Financing Authority | |||
Series B-2 5.00% 6/1/55 | 2,000,000 | 2,031,600 | |
Series B-3 0.13% 6/1/57 ^ | 38,425,000 | 5,660,003 | |
(Senior) Series A-2 4.00% 6/1/48 | 6,215,000 | 6,019,476 | |
Central Plains, Nebraska Energy Project | |||
(Project No. 3) | |||
Series A 5.00% 9/1/31 | 2,145,000 | 2,378,784 | |
Series A 5.00% 9/1/35 | 1,650,000 | 1,855,260 | |
Erie, New York Tobacco Asset Securitization | |||
(Capital Appreciation-Asset-Backed) Series A 144A 1.504% 6/1/60 #, ^ | 63,160,000 | 3,644,332 | |
Finance Authority of Maine Revenue | |||
(Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) # | 5,660,000 | 4,733,345 | |
Florida Development Finance Surface Transportation Facilities Revenue | |||
(Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) # | 7,075,000 | 7,159,122 | |
(Virgin Trains USA Passenger Rail Project) Series A 144A 6.50% 1/1/49 (AMT) # | 2,555,000 | 2,470,097 | |
George L Smith II Georgia World Congress Center Authority | |||
(Convention Center Hotel 1st Tier) Series A 4.00% 1/1/54 | 7,570,000 | 6,891,274 | |
Hoover, Alabama Industrial Development Board | |||
(United States Steel Corporation Project) 5.75% 10/1/49 (AMT) | 3,825,000 | 4,147,830 | |
Inland, California Empire Tobacco Securitization | |||
(Capital Appreciation-Turbo-Asset-Backed) | |||
Series E 144A 0.949% 6/1/57 #, ^ | 115,485,000 | 7,100,018 | |
Series F 144A 1.384% 6/1/57 #, ^ | 75,585,000 | 3,915,303 | |
Iowa Finance Authority | |||
(Iowa Fertilizer Company Project) | |||
5.00% 12/1/50 | 2,355,000 | 2,525,996 | |
5.00% 12/1/50 | 3,230,000 | 3,422,185 | |
Kentucky Public Energy Authority | |||
Series A-1 4.00% 8/1/52 | 5,000,000 | 5,134,200 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Corporate Revenue Bonds (continued) | |||
Lower Alabama Gas District | |||
Series A 5.00% 9/1/34 | 3,440,000 | $ 3,782,074 | |
Series A 5.00% 9/1/46 | 2,265,000 | 2,568,374 | |
Michigan Finance Authority Revenue | |||
Series B-1 5.00% 6/1/49 | 715,000 | 748,748 | |
Monroe County, Michigan Economic Development Revenue | |||
(The Detroit Edison Company Project) Series AA 6.95% 9/1/22 (NATL) | 380,000 | 384,993 | |
M-S-R Energy Authority, California Gas Revenue | |||
Series A 6.125% 11/1/29 | 1,360,000 | 1,534,270 | |
Series B 6.50% 11/1/39 | 4,015,000 | 5,142,573 | |
Series C 6.50% 11/1/39 | 1,905,000 | 2,440,000 | |
New York Transportation Development Corporation Special Facilities Revenue | |||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/34 (AMT) | 2,290,000 | 2,374,432 | |
Public Authority for Colorado Energy Natural Gas Revenue | |||
6.50% 11/15/38 | 4,745,000 | 6,217,041 | |
Public Finance Authority, Wisconsin | |||
(Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 2,975,000 | 3,095,844 | |
Salt Verde, Arizona Financial Senior Gas Revenue | |||
5.00% 12/1/37 | 1,340,000 | 1,513,932 | |
Shoals, Indiana | |||
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT) | 1,575,000 | 1,626,613 | |
Southern Ohio Port Authority | |||
(Purecycle Project) Series A 144A 7.00% 12/1/42 (AMT) # | 760,000 | 709,278 | |
Tennessee Energy Acquisition Commodity Project Revenue | |||
(Commodity Project) Series A 5.00% 5/1/52 | 100,000 | 110,028 | |
Tobacco Securitization Authority of Southern California | |||
(Capital Appreciation-2nd Subordinate Lien) Series C 0.547% 6/1/46 ^ | 12,960,000 | 2,049,106 | |
(Capital Appreciation-3rd Subordinate Lien) Series D 0.30% 6/1/46 ^ | 2,135,000 | 255,047 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Corporate Revenue Bonds (continued) | |||
Tuscaloosa County, Alabama Industrial Development Authority | |||
(Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 3,955,000 | $ 4,011,992 | |
Valparaiso, Indiana | |||
(Pratt Paper, LLC Project) 7.00% 1/1/44 (AMT) | 1,360,000 | 1,427,578 | |
116,388,972 | |||
Education Revenue Bonds — 5.59% | |||
Arizona Industrial Development Authority Revenue | |||
(GreatHearts Arizona Projects) | |||
Series A 2.25% 7/1/46 | 1,295,000 | 927,220 | |
Series A 2.375% 7/1/52 | 1,295,000 | 895,713 | |
(Leman Academy of Excellence Projects) Series A 4.50% 7/1/54 | 2,240,000 | 2,145,763 | |
Bibb County, Georgia Development Authority Revenue | |||
(Macon State College Student Housing Project) Series A 5.75% 7/1/40 (AGM) | 1,905,000 | 1,909,286 | |
California Educational Facilities Authority Revenue | |||
(Loma Linda University) Series A 5.00% 4/1/47 | 760,000 | 820,238 | |
(Stanford University) | |||
Series T-1 5.00% 3/15/39 | 6,110,000 | 7,612,571 | |
Series V-1 5.00% 5/1/49 | 6,320,000 | 8,175,236 | |
Series V-2 2.25% 4/1/51 | 1,830,000 | 1,335,973 | |
Camden, New Jersey County Improvement Authority | |||
(Camden Prep High School Project) | |||
144A 5.00% 7/15/52 # | 865,000 | 888,364 | |
144A 5.00% 7/15/62 # | 520,000 | 527,009 | |
District of Columbia Revenue | |||
5.00% 6/1/50 | 760,000 | 785,726 | |
(KIPP DC Issue) | |||
4.00% 7/1/44 | 380,000 | 368,851 | |
4.00% 7/1/49 | 610,000 | 580,885 | |
Florida Development Finance Surface Transportation Facilities Revenue | |||
(Mater Academy Projects) Series A 4.00% 6/15/52 | 1,535,000 | 1,372,797 | |
Idaho Housing & Finance Association | |||
(Sage International School of Boise Project) Series A 4.00% 5/1/50 | 425,000 | 431,001 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Illinois Finance Authority Revenue | |||
(University of Illinois at Chicago Project) | |||
Series A 5.00% 2/15/47 | 1,415,000 | $ 1,427,791 | |
Series A 5.00% 2/15/50 | 415,000 | 418,179 | |
New Jersey Economic Development Authority | |||
(Provident Group - Montclair State University) 5.00% 6/1/42 (AGM) | 955,000 | 1,039,852 | |
Rhode Island Health and Educational Building Revenue | |||
(University of Rhode Island) Series B 5.25% 9/15/29 (AGC) | 1,085,000 | 1,087,463 | |
Town of Davie, Florida | |||
(Nova Southeastern University Project) 5.00% 4/1/38 | 2,290,000 | 2,466,765 | |
University of Texas System Board of Regents | |||
Series B 5.00% 8/15/49 | 8,495,000 | 10,915,395 | |
46,132,078 | |||
Electric Revenue Bonds — 4.34% | |||
Electric and Gas Systems Revenue San Antonio, Texas | |||
5.25% 2/1/24 | 1,905,000 | 2,012,251 | |
Guam Power Authority Revenue | |||
(Tax-Exempt Forward Delivery) | |||
Series A 5.00% 10/1/41 | 3,650,000 | 3,921,670 | |
Series A 5.00% 10/1/42 | 3,265,000 | 3,503,116 | |
Idaho Energy Resources Authority | |||
(Idaho Falls Power Project) 5.00% 9/15/33 | 1,325,000 | 1,565,435 | |
Long Island, New York Power Authority Electric System Revenue | |||
5.00% 9/1/47 | 1,235,000 | 1,356,919 | |
Series B 5.00% 9/1/41 | 2,290,000 | 2,489,024 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.00% 7/1/42 ‡ | 3,665,000 | 3,408,450 | |
Series A 5.05% 7/1/42 ‡ | 100,000 | 93,000 | |
Series A 6.75% 7/1/36 ‡ | 1,725,000 | 1,668,920 | |
Series AAA 5.25% 7/1/25 ‡ | 60,000 | 56,100 | |
Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 1,874,675 | |
Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 2,515,650 | |
Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 2,323,475 | |
Series XX 4.75% 7/1/26 ‡ | 205,000 | 189,881 | |
Series XX 5.25% 7/1/40 ‡ | 3,165,000 | 2,959,275 | |
Series ZZ 4.75% 7/1/27 ‡ | 160,000 | 148,200 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Puerto Rico Electric Power Authority Revenue | |||
Series ZZ 5.25% 7/1/24 ‡ | 80,000 | $ 74,800 | |
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue | |||
(Salt River Project Electric System) Series A 5.00% 1/1/30 | 4,580,000 | 5,208,010 | |
Utah Associated Municipal Power Systems Revenue | |||
(San Juan Project) 5.50% 6/1/22 | 380,000 | 380,000 | |
35,748,851 | |||
Healthcare Revenue Bonds — 14.66% | |||
Alachua County, Florida Health Facilities Authority | |||
(Oak Hammock at the University of Florida, Inc. Project) 4.00% 10/1/46 | 1,750,000 | 1,562,137 | |
(Oak Hammock University) Series A 8.00% 10/1/42 | 760,000 | 791,312 | |
Allegheny County, Pennsylvania Hospital Development Authority Revenue | |||
(Allegheny Health Network Obligated Group Issue) Series A 5.00% 4/1/47 | 1,410,000 | 1,490,553 | |
Apple Valley Senior Living Revenue | |||
(Minnesota Senior Living LLC Project) | |||
Series B 5.00% 1/1/47 | 1,815,000 | 1,168,061 | |
Series D 7.25% 1/1/52 | 1,980,000 | 1,324,680 | |
Arizona Industrial Development Authority Revenue | |||
(Great Lakes Senior Living Communities LLC Project 2nd Tier) Series B 5.00% 1/1/49 | 300,000 | 199,788 | |
(Great Lakes Senior Living Communities LLC Project 4th Tier) 144A 7.75% 1/1/54 # | 225,000 | 149,807 | |
(Phoenix Children's Hospital) Series A 4.00% 2/1/50 | 5,475,000 | 5,488,633 | |
California Health Facilities Financing Authority Revenue | |||
(CommonSpirit Health) Series A 4.00% 4/1/49 | 8,450,000 | 8,261,312 | |
(Kaiser Permanente) Series A-2 5.00% 11/1/47 | 21,265,000 | 25,736,604 | |
California Municipal Finance Authority Revenue | |||
(Community Medical Centers) Series A 5.00% 2/1/42 | 2,025,000 | 2,143,948 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Colorado Health Facilities Authority Revenue | |||
(AdventHealth Obligated Group) | |||
Series A 4.00% 11/15/43 | 2,290,000 | $ 2,325,243 | |
Series A 4.00% 11/15/46 | 4,310,000 | 4,363,875 | |
(American Baptist) 8.00% 8/1/43 | 1,660,000 | 1,704,222 | |
(CommonSpirit Health) | |||
Series A-2 4.00% 8/1/49 | 2,485,000 | 2,429,137 | |
Series A-2 5.00% 8/1/44 | 2,290,000 | 2,391,104 | |
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 1,430,000 | 1,469,111 | |
Cuyahoga County, Ohio | |||
(The Metro Health System) | |||
5.25% 2/15/47 | 1,710,000 | 1,838,301 | |
5.50% 2/15/57 | 2,290,000 | 2,500,703 | |
Glendale, Arizona Industrial Development Authority Revenue | |||
(Royal Oaks Inspirata Pointe Project) Series A 5.00% 5/15/56 | 1,905,000 | 1,917,173 | |
Henrico County, Virginia Economic Development Authority | |||
(Westminster Canterbury Richmond) Series A 5.00% 10/1/52 | 1,130,000 | 1,197,280 | |
Illinois Finance Authority Revenue | |||
(NorthShore - Edward-Elmhurst Health Credit Group) Series A 5.00% 8/15/47 | 6,775,000 | 7,643,894 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
(The Glen Retirement System Project) Series A 5.00% 1/1/49 | 1,905,000 | 1,515,275 | |
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | |||
(Christian Care Surprise, Inc. Project) 144A 6.00% 1/1/48 # | 915,000 | 717,744 | |
Maryland Health & Higher Educational Facilities Authority Revenue | |||
(Adventist Healthcare Obligated) Series A 5.50% 1/1/46 | 1,530,000 | 1,629,695 | |
Miami-Dade County, Florida Health Facilities Authority Revenue | |||
(Nicklaus Children's Hospital Project) 5.00% 8/1/42 | 1,150,000 | 1,215,826 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Montgomery County, Pennsylvania Higher Education and Health Authority | |||
(Thomas Jefferson Unversity) Series B 4.00% 5/1/52 | 4,950,000 | $ 4,867,681 | |
Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
(Foulkeways At Gwynedd Project) 5.00% 12/1/46 | 715,000 | 726,376 | |
Moon, Pennsylvania Industrial Development Authority | |||
(Baptist Homes Society Obligation) 6.125% 7/1/50 | 1,725,000 | 1,754,584 | |
New Hope, Texas Cultural Education Facilities Finance | |||
(Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project) Series A1 5.00% 7/1/46 ‡ | 95,000 | 71,250 | |
(Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 1,725,000 | 1,546,635 | |
New York State Dormitory Authority | |||
(Northwell Health Obligated Group) Series A 5.00% 5/1/52 | 3,000,000 | 3,306,240 | |
(Orange Regional Medical Center) | |||
144A 5.00% 12/1/34 # | 300,000 | 319,029 | |
144A 5.00% 12/1/35 # | 945,000 | 1,004,119 | |
144A 5.00% 12/1/37 # | 695,000 | 737,576 | |
Norfolk Economic Development Authority Revenue, Virginia | |||
(Sentara Healthcare) Series B 5.00% 11/1/43 | 760,000 | 770,169 | |
Orange County, New York Funding Corporation Assisted Living Residence Revenue | |||
6.50% 1/1/46 | 2,135,000 | 1,906,768 | |
Pennsylvania Economic Development Financing Authority UPMC Revenue | |||
Series A 4.00% 11/15/42 | 3,300,000 | 3,325,905 | |
Pennsylvania Higher Educational Facilities Authority Revenue | |||
(Thomas Jefferson University) Series A 5.00% 9/1/45 | 1,530,000 | 1,579,190 | |
Rochester, Minnesota | |||
(The Homestead at Rochester) Series A 6.875% 12/1/48 | 1,790,000 | 1,842,519 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Salem, Oregon Hospital Facility Authority Revenue | |||
(Capital Manor Project) | |||
4.00% 5/15/47 | 865,000 | $ 792,029 | |
4.00% 5/15/57 | 865,000 | 756,200 | |
(Salem Health Projects) Series A 4.00% 5/15/49 | 500,000 | 488,030 | |
Seminole County, Florida Industrial Development Authority Revenue | |||
(Legacy Pointe at UCF Project) Series A 5.50% 11/15/49 | 3,055,000 | 2,858,319 | |
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue | |||
(Buckner Senior Living - Ventana Project) 6.625% 11/15/37 | 840,000 | 892,021 | |
Tempe, Arizona Industrial Development Authority Revenue | |||
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 1,395,000 | 1,384,398 | |
University of North Carolina at Chapel Hill | |||
5.00% 2/1/46 | 380,000 | 397,674 | |
Virginia Small Business Financing Authority Revenue | |||
(LifeSpire of Virginia) 4.00% 12/1/41 | 2,500,000 | 2,278,150 | |
Washington State Housing Finance Commission | |||
(Heron's Key Senior Living) Series A 144A 7.00% 7/1/45 # | 3,890,000 | 4,086,717 | |
120,866,997 | |||
Housing Revenue Bond — 0.00% | |||
Massachusetts Housing Finance Agency | |||
Series A 5.25% 12/1/35 (FHA) | 35,000 | 35,267 | |
35,267 | |||
Lease Revenue Bonds — 8.44% | |||
Kansas City Industrial Development Authority | |||
(Kansas City International Airport Terminal Modernization Project) Series B 5.00% 3/1/49 (AGM) (AMT) | 2,450,000 | 2,620,642 | |
Metropolitan Pier & Exposition Authority, Illinois | |||
(McCormick Place Expansion Project) | |||
Series A 4.00% 12/15/42 (BAM) | 7,800,000 | 7,713,654 | |
Series A 4.00% 12/15/47 | 3,070,000 | 2,930,162 | |
Series A 4.00% 6/15/50 | 2,015,000 | 1,907,601 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Lease Revenue Bonds (continued) | |||
Metropolitan Pier & Exposition Authority, Illinois | |||
(McCormick Place Expansion Project) | |||
Series A 4.00% 6/15/50 (BAM) | 4,530,000 | $ 4,365,017 | |
Series A 4.00% 6/15/52 | 2,870,000 | 2,698,661 | |
Series A 4.00% 6/15/52 (BAM) | 2,585,000 | 2,476,663 | |
Series A 5.00% 6/15/50 (BAM) | 2,175,000 | 2,257,911 | |
Series A 5.00% 6/15/57 | 1,235,000 | 1,309,606 | |
Series B 2.809% 12/15/54 (BAM) ^ | 28,520,000 | 6,927,793 | |
Minnesota Housing Finance Agency | |||
(State Appropriation) 5.00% 8/1/31 | 195,000 | 195,632 | |
New Jersey Transportation Trust Fund Authority | |||
(Transportation Program) Series AA 4.00% 6/15/50 (BAM) | 5,000,000 | 4,978,000 | |
(Transportation System) Series A 3.269% 12/15/39 (BAM) ^ | 12,850,000 | 6,574,574 | |
New York City, New York Transitional Finance Authority Building Aid Revenue | |||
Series S-1 5.00% 7/15/37 | 3,825,000 | 3,836,972 | |
New York Liberty Development | |||
(Green Bond) Series A 3.00% 11/15/51 (BAM) | 2,715,000 | 2,229,124 | |
Virginia College Building Authority | |||
(21st Century College and Equipment Programs) Series A 5.00% 2/1/40 | 5,000,000 | 5,953,250 | |
Virginia Commonwealth Transportation Board | |||
(Transportation Capital Project) 4.00% 5/15/36 | 6,100,000 | 6,345,159 | |
(U.S. Route 58 Corridor Development Program) 4.00% 5/15/47 | 4,180,000 | 4,254,153 | |
69,574,574 | |||
Local General Obligation Bonds — 4.83% | |||
Chicago, Illinois | |||
Series A 5.25% 1/1/29 | 1,545,000 | 1,582,157 | |
Series A 5.50% 1/1/49 | 760,000 | 813,322 | |
Series A 6.00% 1/1/38 | 400,000 | 436,192 | |
Chicago, Illinois Board of Education | |||
5.00% 4/1/42 | 885,000 | 906,125 | |
5.00% 4/1/46 | 905,000 | 922,086 | |
Dallas Independent School District, Texas | |||
2.75% 2/15/52 (PSF) | 2,585,000 | 2,019,118 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
Los Angeles, California Community College District | |||
Series C 5.00% 8/1/25 | 1,905,000 | $ 2,076,240 | |
Mechanicsburg, Pennsylvania Area School District | |||
Series AA 4.00% 5/15/50 | 2,875,000 | 2,930,459 | |
Mecklenburg County, North Carolina | |||
Series A 5.00% 4/1/25 | 1,905,000 | 2,064,087 | |
Series A 5.00% 9/1/25 | 6,110,000 | 6,686,417 | |
New York City, New York | |||
Series E-1 5.00% 3/1/44 | 3,825,000 | 4,180,074 | |
Series F-1 5.00% 4/1/45 | 4,090,000 | 4,468,366 | |
Subordinate Series A-1 5.00% 8/1/47 | 1,330,000 | 1,503,645 | |
Subseries B-1 5.00% 12/1/37 | 3,440,000 | 3,757,753 | |
Subseries B-1 5.00% 12/1/41 | 3,825,000 | 4,153,032 | |
Subseries D-1 4.00% 12/1/42 | 1,300,000 | 1,343,706 | |
39,842,779 | |||
Pre-Refunded/Escrowed to Maturity Bonds — 1.43% | |||
Broward County, Florida Airport System Revenue | |||
Series C 5.25% 10/1/30-23 § | 3,825,000 | 4,004,966 | |
New Jersey Economic Development Authority Revenue | |||
(Cigarette Tax) 5.00% 6/15/28-22 § | 2,055,000 | 2,057,856 | |
Palm Beach County, Florida Health Facilities Authority Revenue | |||
(Sinai Residences Boca Raton Project) Series A 7.50% 6/1/49-22 § | 465,000 | 474,300 | |
Richmond, Virginia Public Utility Revenue | |||
Series A 5.00% 1/15/38-23 § | 380,000 | 388,497 | |
Rockwall Independent School District, Texas | |||
5.00% 2/15/46-25 (PSF) § | 1,530,000 | 1,651,176 | |
Southwestern Illinois Development Authority Revenue | |||
(Memorial Group) 7.125% 11/1/43-23 § | 1,530,000 | 1,642,394 | |
University of Massachusetts Building Authority Revenue | |||
Senior Series 2013-1 5.00% 11/1/39-22 § | 760,000 | 771,704 | |
Waterbury, Connecticut | |||
Lot A 5.00% 12/1/32-23 § | 760,000 | 796,769 | |
11,787,662 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Resource Recovery Revenue Bond — 0.16% | |||
Union County, New Jersey Improvement Authority Revenue | |||
(Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 1,490,000 | $ 1,348,286 | |
1,348,286 | |||
Special Tax Revenue Bonds — 16.26% | |||
Bullhead City, Arizona Excise Taxes Revenue | |||
2.30% 7/1/41 | 1,000,000 | 777,570 | |
2.55% 7/1/46 | 2,885,000 | 2,234,490 | |
City & County of San Francisco, California Special Tax District No 2020-1 | |||
Series B 144A 5.25% 9/1/49 # | 3,450,000 | 2,744,682 | |
Commonwealth of Puerto Rico | |||
2.281% 11/1/51 | 4,070,477 | 1,877,507 | |
GDB Debt Recovery Authority of Puerto Rico | |||
(Taxable) 7.50% 8/20/40 | 16,987,988 | 15,161,779 | |
Illinois State | |||
First Series 6.00% 6/15/26 (NATL) | 760,000 | 851,610 | |
(Junior Obligation) Series A 4.00% 6/15/31 (BAM) | 5,000,000 | 5,301,250 | |
Maricopa County, Arizona Industrial Development Authority Education Revenue | |||
(Choice Academies, Inc. Project) Series AZ 144A 5.75% 9/1/45 # | 2,505,000 | 2,552,169 | |
Massachusetts School Building Authority Revenue | |||
Series C 5.00% 8/15/31 | 780,000 | 842,096 | |
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands | |||
Series A 5.00% 10/1/39 | 1,265,000 | 1,288,112 | |
Metropolitan Transportation Authority Revenue, New York | |||
(Climate Bond Certified) Series B-2 5.00% 11/15/36 | 1,530,000 | 1,621,004 | |
Miami-Dade County, Florida Special Obligation | |||
3.505% 10/1/37 (BAM) ^ | 2,585,000 | 1,436,795 | |
New York City, New York Transitional Finance Authority | |||
(Future Tax Secured Fiscal 2014) Series A-1 5.00% 11/1/42 | 7,635,000 | 7,872,983 | |
New York City, New York Transitional Finance Authority Building Aid Revenue | |||
Subordinate Subseries S-3A 5.00% 7/15/37 | 1,905,000 | 2,107,749 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
New York Convention Center Development Corporate Senior Lien | |||
(Hotel Unit Fee Secured) Series B 6.203% 11/15/55 (BAM) ^ | 2,585,000 | $ 531,140 | |
New York Convention Center Development Corporate Senior Lien | |||
(Hotel Unit Fee Secured) Series B 6.545% 11/15/55 ^ | 5,000 | 908 | |
New York State Dormitory Authority | |||
Series A 4.00% 3/15/49 | 3,450,000 | 3,543,219 | |
New York State Dormitory Authority Revenue | |||
Series A 5.00% 3/15/39 | 3,055,000 | 3,349,899 | |
Series A 5.00% 3/15/42 | 1,530,000 | 1,666,935 | |
Public Finance Authority, Wisconsin | |||
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 1,645,000 | 1,586,142 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 4.55% 7/1/40 | 1,116,000 | 1,130,452 | |
Series A-1 4.75% 7/1/53 | 14,840,000 | 14,930,524 | |
Series A-1 5.00% 7/1/58 | 20,812,000 | 21,211,798 | |
Series A-1 7.674% 7/1/46 ^ | 64,870,000 | 19,737,995 | |
Series A-1 9.336% 7/1/51 ^ | 41,029,000 | 9,065,358 | |
Series A-2 4.329% 7/1/40 | 4,535,000 | 4,540,623 | |
Series A-2 4.329% 7/1/40 | 1,329,000 | 1,330,648 | |
Series A-2 4.784% 7/1/58 | 2,378,000 | 2,396,739 | |
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 | 2,351,787 | |
134,043,963 | |||
State General Obligation Bonds — 14.24% | |||
California State | |||
5.00% 9/1/32 | 1,100,000 | 1,318,031 | |
(Forward Delivery) 5.00% 9/1/41 | 10,200,000 | 11,924,922 | |
(Various Purpose) | |||
5.00% 8/1/27 | 1,905,000 | 2,118,398 | |
5.00% 3/1/30 | 3,825,000 | 4,097,990 | |
5.00% 4/1/37 | 3,825,000 | 3,922,843 | |
5.00% 10/1/47 | 1,635,000 | 1,754,012 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
State General Obligation Bonds (continued) | |||
Commonwealth of Massachusetts | |||
Series A 5.50% 8/1/30 (AMBAC) | 760,000 | $ 928,690 | |
Commonwealth of Puerto Rico | |||
2.852% 11/1/43 | 24,051,369 | 12,476,648 | |
(Restructured) | |||
Series A-1 4.00% 7/1/33 | 2,384,507 | 2,338,367 | |
Series A-1 4.00% 7/1/35 | 2,139,922 | 2,069,882 | |
Series A-1 4.00% 7/1/37 | 1,837,720 | 1,777,535 | |
Series A-1 4.00% 7/1/41 | 2,499,683 | 2,374,499 | |
Series A-1 4.00% 7/1/46 | 2,600,632 | 2,433,073 | |
Series A-1 4.36% 7/1/33 ^ | 3,067,660 | 1,820,656 | |
Series A-1 5.625% 7/1/27 | 2,631,006 | 2,873,453 | |
Series A-1 5.625% 7/1/29 | 2,586,511 | 2,862,000 | |
Series A-1 5.75% 7/1/31 | 2,515,339 | 2,849,703 | |
Connecticut State | |||
Series B 5.00% 6/15/35 | 2,190,000 | 2,330,423 | |
Series E 5.00% 9/15/35 | 1,905,000 | 2,123,256 | |
Series E 5.00% 9/15/37 | 1,725,000 | 1,919,373 | |
Florida State | |||
(Department Of Transportation Right-of-Way Acquisition and Bridge Construction) Series A 4.00% 7/1/33 | 1,905,000 | 2,048,123 | |
Illinois State | |||
5.00% 5/1/36 | 365,000 | 371,785 | |
5.00% 11/1/36 | 1,360,000 | 1,404,173 | |
5.00% 2/1/39 | 1,545,000 | 1,563,339 | |
5.25% 2/1/30 | 2,670,000 | 2,748,204 | |
5.25% 2/1/32 | 905,000 | 927,372 | |
5.25% 2/1/33 | 560,000 | 571,777 | |
5.50% 5/1/39 | 3,825,000 | 4,143,355 | |
Series A 4.00% 12/1/33 | 770,000 | 756,178 | |
Series A 5.00% 3/1/34 | 3,000,000 | 3,192,060 | |
Series A 5.00% 4/1/38 | 680,000 | 684,223 | |
Series A 5.50% 3/1/42 | 1,500,000 | 1,647,000 | |
Series A 5.50% 3/1/47 | 3,500,000 | 3,817,870 | |
Series D 5.00% 11/1/27 | 2,670,000 | 2,922,368 | |
(Rebuild Illinois Program) Series B 4.00% 11/1/39 | 8,170,000 | 7,784,621 | |
Maryland State | |||
Series A 5.00% 3/15/26 | 3,825,000 | 4,236,073 | |
Series A 5.00% 3/15/28 | 2,290,000 | 2,636,271 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
State General Obligation Bonds (continued) | |||
Texas State | |||
(Transportation Commission Mobility) | |||
Series A 5.00% 10/1/31 | 735,000 | $ 798,019 | |
Series A 5.00% 10/1/33 | 1,345,000 | 1,506,709 | |
Washington State | |||
Series R 4.00% 7/1/29 | 6,625,000 | 7,298,299 | |
117,371,573 | |||
Transportation Revenue Bonds — 16.07% | |||
Chicago, Illinois Midway International Airport | |||
Series A 5.00% 1/1/28 (AMT) | 1,550,000 | 1,599,445 | |
Chicago, Illinois O'Hare International Airport | |||
Series A 5.00% 1/1/37 (AMT) | 1,290,000 | 1,371,786 | |
Series A 5.00% 1/1/38 (AMT) | 460,000 | 488,474 | |
Series B 5.00% 1/1/33 | 2,075,000 | 2,190,079 | |
Series D 5.25% 1/1/42 | 1,530,000 | 1,654,573 | |
Chicago, Illinois Transit Authority Revenue | |||
Series A 4.00% 12/1/55 | 865,000 | 863,919 | |
Dallas, Texas Fort Worth International Airport Revenue | |||
Series F 5.25% 11/1/30 | 3,825,000 | 3,971,038 | |
Denver City & County, Colorado Airport System Revenue | |||
Series A 4.00% 12/1/43 (AMT) | 5,900,000 | 5,906,313 | |
Series A 5.00% 12/1/43 (AMT) | 4,580,000 | 4,907,104 | |
Foothill-Eastern, California Transportation Corridor Agency Revenue | |||
(Junior Lien) Series C 4.00% 1/15/43 | 1,725,000 | 1,737,334 | |
(Senior Lien) Series A 4.00% 1/15/46 | 2,585,000 | 2,588,489 | |
Harris County, Texas Toll Road Authority | |||
Senior Lien Series A 5.00% 8/15/27 | 2,860,000 | 3,246,186 | |
Lee County, Florida Airport Revenue | |||
Series B 4.00% 10/1/51 (AMT) | 4,430,000 | 4,329,528 | |
Love Field Airport Modernization, Texas General Airport Revenue | |||
5.00% 11/1/35 (AMT) | 760,000 | 807,545 | |
5.00% 11/1/36 (AMT) | 760,000 | 806,976 | |
Massachusetts Port Authority Revenue | |||
Series A 5.00% 7/1/37 (AMT) | 3,055,000 | 3,350,571 | |
Series A 5.00% 7/1/39 (AMT) | 2,245,000 | 2,454,773 | |
Series A 5.00% 7/1/40 (AMT) | 1,390,000 | 1,517,838 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Metropolitan Nashville, Tennessee Airport Authority | |||
Series A 5.00% 7/1/45 | 3,840,000 | $ 4,046,323 | |
Metropolitan Transportation Authority Revenue, New York | |||
Series D 5.00% 11/15/33 | 1,140,000 | 1,218,603 | |
(Climate Bond Certified) Subseries A-2 4.00% 11/15/41 | 1,370,000 | 1,360,588 | |
(Green Bonds) | |||
Series A-1 5.00% 11/15/47 | 1,000,000 | 1,065,230 | |
Series C-1 5.25% 11/15/55 | 70,000 | 75,661 | |
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | |||
(Dulles Metrorail and Capital Improvement Projects) Series B 4.00% 10/1/49 | 3,270,000 | 3,129,096 | |
Montgomery County, Texas Toll Road Authority Revenue | |||
(Senior Lien) 5.00% 9/15/37 | 1,340,000 | 1,389,660 | |
New Jersey Turnpike Authority | |||
Series A 5.00% 1/1/28 | 3,825,000 | 4,024,895 | |
Series E 5.00% 1/1/45 | 4,580,000 | 4,799,336 | |
New York Transportation Development Corporation Special Facilities Revenue | |||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) 4.375% 10/1/45 (AMT) | 9,775,000 | 9,434,634 | |
North Carolina Turnpike Authority Revenue | |||
5.00% 1/1/36 (AGM) | 2,290,000 | 2,573,021 | |
North Texas Tollway Authority Revenue | |||
(1st Tier) Series B 5.00% 1/1/40 | 1,530,000 | 1,550,533 | |
(2nd Tier) Series A 5.00% 1/1/34 | 3,825,000 | 4,025,315 | |
Series A 4.00% 1/1/44 | 5,750,000 | 5,837,342 | |
Ohio Turnpike & Infrastructure Commission | |||
(Infrastructure Projects) Series A-1 5.00% 2/15/28 | 235,000 | 240,386 | |
Pennsylvania Turnpike Commission Revenue | |||
Series A-2 5.00% 12/1/43 | 1,530,000 | 1,675,274 | |
Series C 5.00% 12/1/44 | 760,000 | 788,933 | |
Philadelphia, Pennsylvania Airport Revenue | |||
(Private Activity) 5.00% 7/1/51 (AMT) | 3,000,000 | 3,246,900 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Phoenix, Arizona Civic Improvement | |||
(Junior Lien) Series B 5.00% 7/1/44 (AMT) | 1,370,000 | $ 1,482,929 | |
Regional Transportation District, Colorado | |||
(Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/40 | 2,045,000 | 1,968,108 | |
Salt Lake City, Utah Airport Revenue | |||
Series A 5.00% 7/1/36 (AMT) | 3,055,000 | 3,298,728 | |
Series A 5.00% 7/1/51 (AMT) | 3,000,000 | 3,246,900 | |
Series B 5.00% 7/1/42 | 2,635,000 | 2,840,504 | |
San Diego County, California Regional Airport Authority | |||
Series B 4.00% 7/1/56 (AMT) (BAM) | 7,000,000 | 6,901,300 | |
San Francisco City & County, California Airports Commission | |||
(San Francisco International Airport) Series A 5.00% 5/1/49 (AMT) | 3,825,000 | 4,121,361 | |
South Jersey Port, New Jersey | |||
(Subordinated Marine Terminal) | |||
Series B 5.00% 1/1/42 (AMT) | 1,000,000 | 1,040,880 | |
Series B 5.00% 1/1/48 (AMT) | 5,340,000 | 5,526,099 | |
Texas Private Activity Bond Surface Transportation Corporate Senior Lien | |||
(NTE Mobility Partners Segments 3 LLC Segment 3A and 3B Facility) | |||
6.75% 6/30/43 (AMT) | 1,900,000 | 1,974,803 | |
7.00% 12/31/38 (AMT) | 1,395,000 | 1,456,757 | |
Virginia Small Business Financing Authority Revenue | |||
(Transform 66 P3 Project) 5.00% 12/31/56 (AMT) | 930,000 | 964,829 | |
Washington Metropolitan Area Transit Authority Revenue, D.C. | |||
5.00% 7/1/43 | 760,000 | 828,826 | |
Wayne County, Michigan Airport Authority | |||
(Detroit Metropolitan Wayne County Airport) | |||
Series A 5.00% 12/1/42 | 1,905,000 | 1,928,488 | |
Series D 5.00% 12/1/45 (AGM) | 570,000 | 604,565 | |
132,458,778 | |||
Water & Sewer Revenue Bonds — 1.13% | |||
Goodyear, Arizona Water & Sewer Revenue | |||
(Subordinate Lien Water and Sewer Revenue Obligations) 4.00% 7/1/45 (AGM) | 3,450,000 | 3,556,225 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Water & Sewer Revenue Bonds (continued) | |||
Guam Government Waterworks Authority | |||
Series A 5.00% 1/1/50 (Guam) | 1,530,000 | $ 1,681,088 | |
Mississippi Development Bank | |||
(Jackson Water and Sewer System Revenue Bond Project) 6.75% 12/1/30 (AGM) | 760,000 | 803,282 | |
Sacramento County, California Sanitation Districts Financing Authority | |||
(Sacramento Regional County Sanitation District) Series A 5.00% 12/1/50 | 2,155,000 | 2,467,238 | |
Toledo, Ohio Water System Revenue | |||
5.00% 11/15/38 | 760,000 | 776,880 | |
9,284,713 | |||
Total Municipal Bonds (cost $836,114,116) | 834,884,493 | ||
Total Value of Securities—101.27% (cost $836,114,116) | 834,884,493 | ||
Liabilities Net of Receivables and Other Assets—(1.27)% | (10,477,301) | ||
Net Assets Applicable to 75,050,054 Shares Outstanding—100.00% | $824,407,192 |
° | Principal amount shown is stated in USD. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2022, the aggregate value of Rule 144A securities was $59,097,753, which represents 7.17% of the Fund's net assets. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
§ | 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: |
AGC – Insured by Assured Guaranty Corporation |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMBAC – Insured by AMBAC Assurance Corporation |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
FHA – Federal Housing Administration |
Summary of abbreviations: (continued) |
LLC – Limited Liability Corporation |
N.A. – National Association |
NATL – Insured by National Public Finance Guarantee Corporation |
PSF – Guaranteed by Permanent School Fund |
USD – US Dollar |