| 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 |