# EDGAR Filing Document

**Accession Number:** 0000728352
**File Stem:** 0001752724-25-182200
**Filing Date:** 2025-7
**Character Count:** 219805
**Document Hash:** 9f7e2d8ea68307d6261073f455daa4be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182200.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182200

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP TAX FREE FUND
- **CENTRAL INDEX KEY:** 0000728352

**ORGANIZATION NAME:**
- **EIN:** 232448684
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03850
- **FILM NUMBER:** 251160005

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP TAX FREE FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE INCOME USA INC
- **DATE OF NAME CHANGE:** 19890904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE BOND FUND INC
- **DATE OF NAME CHANGE:** 19831122

## Series and Classes Contracts Data

### Macquarie Tax-Free USA Fund (Series ID: S000002403)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006385 | Class A             | DMTFX           |
| C000006387 | Class C             | DUSCX           |
| C000074146 | Institutional Class | DTFIX           |

## Nport-Ex

Schedule of investments

Macquarie Tax-Free USA Fund May 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.17%** | &nbsp;&nbsp;**Municipal Bonds — 98.17%** | &nbsp;&nbsp;**Municipal Bonds — 98.17%** |
| &nbsp;&nbsp;Education Revenue Bonds — 12.53% | &nbsp;&nbsp;Education Revenue Bonds — 12.53% | &nbsp;&nbsp;Education Revenue Bonds — 12.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;$2436175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts Arizona Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.25% 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 781701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.375% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 720085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Leman Academy Of Excellence of Projects)<br> Series A 4.50% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2933831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds - Equitable School)<br> Series A 5.00% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of the Colorado State University<br> System Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4209240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3302926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East Harlem Scholars Academy Charter School Project)<br> 144A 5.75% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1194238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP NYC Public School Facilities - Canal West Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community College Financing Authority<br> Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Napa Valley College Project)<br> Series A 144A 5.75% 7/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4134800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanford University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-1 5.00% 5/1/49 | 18120000 | &nbsp;&nbsp;&nbsp;&nbsp; 19506724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 2.25% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 309955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 5.00% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Enterprise Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heights Christian Schools Project)<br> Series A 144A 6.375% 6/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;4110000 | &nbsp;&nbsp;&nbsp;&nbsp; 3840014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development<br> Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 11/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 965980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Envision Education – Obligated Group)<br> Series A 144A 5.00% 6/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 694448 |

---

NQ- 011 [0525] 0725 (4640150) 1

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fortune School Of Education Obligated Group)<br> Series A 144A 5.00% 6/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;$1099659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden County, New Jersey Improvement Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP Cooper Norcross Academy - 2022 Project)<br> 6.00% 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Student Housing, Florida Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University Bridge, LLC Student Housing Project)<br> Series A 144A 5.25% 12/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2831850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Board of Education Dedicated Capital<br> Improvement Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 4/1/48 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DeKalb County, Georgia Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Globe Academy, INC. Project)<br> Series A 5.00% 6/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1164577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academia Antonia Alonso Charter School Project)<br> 144A 5.75% 7/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mater Academy Projects)<br> Series A 4.00% 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida, Capital Projects Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Navigator Academy Of Leadership Obligated Group Project)<br> 144A 5.00% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2480597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Tippecanoe, LLC - Student Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5169651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacksonville, Alabama Public Educational Building<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(JSU Foundation Project)<br> Series A 5.25% 8/1/53 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knox County, Tennessee Health, Educational &<br> Housing Facility Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Tennessee Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/64 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 5.25% 7/1/64 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272239 |

---

2 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Choice Academies, Inc. Project)<br> 144A 5.75% 9/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;$2423604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reid Traditional Schools Projects)<br> 5.00% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 906080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds-Arizona Autism Charter Schools Project)<br> Series A 144A 4.00% 7/1/61 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 576400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2523150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Harvard University)<br> Series A 5.00% 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5469850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire, Business Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Abilene Christian University Energy Projects)<br> Series A 5.25% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cornell University)<br> Series A 5.50% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3186510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas<br> System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2236320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, Pennsylvania Authority for Industrial<br> Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Saint Joseph's University Project)<br> 5.50% 11/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;4745000 | &nbsp;&nbsp;&nbsp;&nbsp; 4856745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas System Board of Regents<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5338950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Higher Education Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gonzaga University)<br> 4.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4275850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Blakeley and Laurel Villages Portfolio)<br> Series A 144A 5.25% 7/1/64 (BAM) # | &nbsp;&nbsp;&nbsp;&nbsp;6950000 | &nbsp;&nbsp;&nbsp;&nbsp; 6743932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Radford Court and Nordheim Court Portfolio)<br> 5.50% 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Evergreen School Project)<br> 4.50% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762400 |

---

NQ- 011 [0525] 0725 (4640150) 3

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.75% 7/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;5710419 | &nbsp;&nbsp;$5724123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CFP3 – Eastern Michigan University Student Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.375% 7/1/47 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2813739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.50% 7/1/52 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4044480 |
|  |  | &nbsp;&nbsp;&nbsp; 143909760 |
| &nbsp;&nbsp;Electric Revenue Bonds — 2.88% | &nbsp;&nbsp;Electric Revenue Bonds — 2.88% | &nbsp;&nbsp;Electric Revenue Bonds — 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, California Department of Water & Power<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/55 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4 Project M)<br> 4.00% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7424460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Utility Debt Securitization Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.00% 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2689625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 54875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 946594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp; 156394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/32 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp; 279862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1363644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 214012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 167369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp; 215769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt River, Arizona Project Agricultural Improvement &<br> Power District Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5193750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Santee Cooper)<br> Series A 5.50% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5213200 |
|  |  | &nbsp;&nbsp;&nbsp; 33050780 |

---

4 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 12.80% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.80% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alachua County, Florida Health Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Oak Hammock at the University of Florida, Inc. Project)<br> 4.00% 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;$1553982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Valley, Minnesota Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 7.25% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 878882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Fourth Tier)<br> Series D 0.00% 1/1/59 ~ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261231 | &nbsp;&nbsp;&nbsp;&nbsp; 45572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Second Tier)<br> Series B 5.125% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313297 | &nbsp;&nbsp;&nbsp;&nbsp; 245596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ISF - Ativo Portfolio)<br> Series A 144A 6.875% 3/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1808667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cedars-Sinai Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 699760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 8/15/51 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2844720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaiser Permanente)<br> Subseries A-2 5.00% 11/1/47 | 14370000 | &nbsp;&nbsp;&nbsp;&nbsp; 15321581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Community Medical Centers)<br> Series A 5.00% 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Minnesota Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Centracare Health System)<br> 5.00% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AdventHealth Obligated Group)<br> Series A 3.00% 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health)<br> Series A-2 4.00% 8/1/49 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4198150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermountain Healthcare)<br> Series A 4.00% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2581500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutchess County, New York Local Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nuvance Health)<br> Series B 4.00% 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468697 |

---

NQ- 011 [0525] 0725 (4640150) 5

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton County, Ohio Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cincinnati Children's Hospital Medical Center)<br> Series CC 5.00% 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;6460000 | &nbsp;&nbsp;$6592818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County, Florida Industrial Development<br> Authority Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BayCare Health System Issue)<br> Series C 5.50% 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;7880000 | &nbsp;&nbsp;&nbsp;&nbsp; 8299768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tampa General Hospital Project)<br> Series A 3.50% 8/1/55 | 13915000 | &nbsp;&nbsp;&nbsp;&nbsp; 10042873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NorthShore - Edward-Elmhurst Health Credit Group)<br> Series A 5.00% 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3775038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County, Washington Public Hospital District<br> No. 2 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jefferson Healthcare)<br> Series A 6.875% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities<br> & Community Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Glen Retirement System Project)<br> Series A 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1321880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Henry Ford Health System)<br> Series A 4.00% 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Henry Ford Health Detroit South Campus Central Utility Plant Project)<br> 5.50% 2/28/57 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2592175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri State, Health and Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mercy Health)<br> 4.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4100900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County, Pennsylvania Higher Education<br> and Health Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Thomas Jefferson University)<br> Series B 4.00% 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5898300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moon, Pennsylvania Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Homes Society)<br> 6.125% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope, Texas Cultural Education Facilities<br> Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Midtown Park Project)<br> Series A 5.50% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204205 |

---

6 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope, Texas Cultural Education Facilities<br> Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary LTC Project)<br> Series A-1 5.50% 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;$3679200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Montefiore Obligated Group)<br> Series A 3.00% 9/1/50 (AG) | 12640000 | &nbsp;&nbsp;&nbsp;&nbsp; 8768747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northwell Health Obligated Group)<br> Series A 5.00% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio State Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Clinic Health System Obligated Group)<br> Series A 5.00% 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3324810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County, Florida Health Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Orlando Health Obligated Group)<br> 4.00% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;6245000 | &nbsp;&nbsp;&nbsp;&nbsp; 5232998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing<br> Authority First Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tapestry Moon Senior Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.50% 12/1/38 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3285000 | &nbsp;&nbsp;&nbsp;&nbsp; 985500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 12/1/53 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2937759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4063700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2282267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seminole County, Florida Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Pointe at UCF Project)<br> Series A 5.50% 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;3805000 | &nbsp;&nbsp;&nbsp;&nbsp; 3495653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mirabella at ASU Project)<br> Series A 144A 6.125% 10/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 885323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Carolina Board of Governors<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3908939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LifeSpire of Virginia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2407320 |

---

NQ- 011 [0525] 0725 (4640150) 7

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County, New York Local Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westchester Medical Center Obligated Group Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/51 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;$1252000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/1/53 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kahala Nui Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1770300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3497900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yuma, Arizona Industrial Development Authority<br> Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yuma Regional Medical Center)<br> Series A 5.25% 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014500 |
|  |  | &nbsp;&nbsp;&nbsp; 146958958 |
| &nbsp;&nbsp;Housing Revenue Bonds — 5.60% | &nbsp;&nbsp;Housing Revenue Bonds — 5.60% | &nbsp;&nbsp;Housing Revenue Bonds — 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Housing Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Veterans Mortgage Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;5585000 | &nbsp;&nbsp;&nbsp;&nbsp; 5351994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;4965000 | &nbsp;&nbsp;&nbsp;&nbsp; 4696493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California CSCDA Community Improvement Authority<br> Essential Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pasadena Portfolio)<br> Series A-2 144A 3.00% 12/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 845403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Housing Mortgage Finance Program)<br> Series D 5.35% 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3071640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K 5.25% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4115840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the County of<br> Pima, Arizona Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.90% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds)<br> Series A-1 5.00% 12/1/67 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1798866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.80% 10/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Single Family<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.40% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5112800 |

---

8 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 1/20/66 | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;$1823490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Single Family Mortgage Program)<br> 4.70% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Home Mortgage Financial Program)<br> 4.55% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;2960000 | &nbsp;&nbsp;&nbsp;&nbsp; 2770353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mortgage - Backed Securities Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.70% 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.70% 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family<br> Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 142A 5.00% 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 143A 5.45% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 146A 4.75% 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4872700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 80A 4.65% 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;7990000 | &nbsp;&nbsp;&nbsp;&nbsp; 7463938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucson, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.85% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 700919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H 4.75% 12/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4063309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1N 4.70% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;2385000 | &nbsp;&nbsp;&nbsp;&nbsp; 2308251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyoming Community Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 4.70% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455945 |
|  |  | &nbsp;&nbsp;&nbsp; 64282054 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 15.97% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 15.97% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 15.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project)<br> Series A 144A 7.75% 7/1/50 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 192000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hybar Steel Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.875% 7/1/48 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6974175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 7.375% 7/1/48 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5423550 |

---

NQ- 011 [0525] 0725 (4640150) 9

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt, Alabama Energy Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gas Project)<br> Series B 5.00% 10/1/55 • | &nbsp;&nbsp;&nbsp;&nbsp;3440000 | &nbsp;&nbsp;$3585409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye, Ohio Tobacco Settlement Financing<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 3.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;8275000 | &nbsp;&nbsp;&nbsp;&nbsp; 5779508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/48 | 17060000 | &nbsp;&nbsp;&nbsp;&nbsp; 14271543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Clean Energy Project)<br> Series G 5.00% 11/1/55 • | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2572050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development<br> Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline West Passenger Rail Project)<br> Series A 144A 9.50% 1/1/65 (AMT) #, • | 10750000 | &nbsp;&nbsp;&nbsp;&nbsp; 10419652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains, Nebraska Energy Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Project No. 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3260359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chandler, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intel Corporation Project)<br> Second Subseries 5.00% 9/1/52 (AMT) • | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3057030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Regional Transportation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Denver Transit Partners Eagle P3 Project)<br> Series A 4.00% 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie County, New York Tobacco Asset Securitization<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation-Asset-Backed)<br> Series A 144A 9.242% 6/1/60 #, ^ | 65340000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Authority of Maine Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Go Lab Madison, LLC Project)<br> 144A 8.00% 12/1/51 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;5660000 | &nbsp;&nbsp;&nbsp;&nbsp; 566000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/53 (AG) (AMT) | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9840200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 7/1/53 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II World Congress Center, Georgia<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel)<br> First Tier Series A 4.00% 1/1/54 | 20715000 | &nbsp;&nbsp;&nbsp;&nbsp; 16937205 |

---

10 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Shedd Aquarium Society Project)<br> 5.00% 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;$1119578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Exempt Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Polyflow Indiana Project - Green Bonds)<br> 144A 7.00% 3/1/39 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 382019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland, California Empire Tobacco Securitization<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Turbo Asset-Backed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 144A 8.656% 6/1/57 #, ^ | 122985000 | &nbsp;&nbsp;&nbsp;&nbsp; 7582025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 144A 7.519% 6/1/57 #, ^ | 80485000 | &nbsp;&nbsp;&nbsp;&nbsp; 4257657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;3405000 | &nbsp;&nbsp;&nbsp;&nbsp; 3525469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas Project, Georgia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 12/1/54 • | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County, Alabama Industrial Development<br> Authority Solid Waste Disposal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AM/NS Calvert LLC Project)<br> Series A 5.00% 6/1/54 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4230135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority, California Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Industrial Development<br> Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yankee Stadium)<br> 7.18% 3/1/26 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;3185000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties, New York Tobacco Trust V<br> Pass-Through Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Turbo Asset-Backed)<br> Series S4B 144A 8.105% 6/1/60 #, ♦, ^ | 393200000 | &nbsp;&nbsp;&nbsp;&nbsp; 15991444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;4745000 | &nbsp;&nbsp;&nbsp;&nbsp; 5543394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 1/1/54 • | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2381250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde, Arizona Financial Senior Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;6625000 | &nbsp;&nbsp;&nbsp;&nbsp; 6857471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District,<br> Alabama Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/56 • | &nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4288803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Project No. 2)<br> Series B 4.00% 12/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4891900 |

---

NQ- 011 [0525] 0725 (4640150) 11

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting, New York<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$1023680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4090080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/55 • | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2633400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern<br> California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Second Subordinate Lien)<br> Series C 7.084% 6/1/46 ^ | 13510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2602161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Third Subordinate Lien)<br> Series D 7.576% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 377194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuscaloosa County, Alabama Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hunt Refining Project)<br> Series A 144A 5.25% 5/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;7775000 | &nbsp;&nbsp;&nbsp;&nbsp; 7660241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project)<br> Series A 5.00% 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;5145000 | &nbsp;&nbsp;&nbsp;&nbsp; 4814845 |
|  |  | &nbsp;&nbsp;&nbsp; 183383909 |
| &nbsp;&nbsp;Lease Revenue Bonds — 7.92% | &nbsp;&nbsp;Lease Revenue Bonds — 7.92% | &nbsp;&nbsp;Lease Revenue Bonds — 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Provident Group–SCCIL Properties LLC – University Of Illinois Urbana-Champaign Project)<br> Series A 5.25% 10/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City, Missouri Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kansas City International Airport Terminal Modernization Project)<br> Series A 5.00% 3/1/57 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2410187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Illinois<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000% 12/15/56 (AG) ^ | 44795000 | &nbsp;&nbsp;&nbsp;&nbsp; 7986053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% 12/15/56 ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 859150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/50 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/52 | 12885000 | &nbsp;&nbsp;&nbsp;&nbsp; 10415590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.733% 12/15/51 (BAM) ^ | 23975000 | &nbsp;&nbsp;&nbsp;&nbsp; 5717078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.822% 12/15/54 (BAM) ^ | 29170000 | &nbsp;&nbsp;&nbsp;&nbsp; 5836917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.26% 12/15/54 ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 963800 |

---

12 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Illinois<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 4.57% 6/15/47 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;7740000 | &nbsp;&nbsp;$2425097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 5.00% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5028750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey State Transportation Trust Fund Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.396% 12/15/39 (BAM) ^ | 10700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5540995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Program - Forward Delivery)<br> Series AA 5.00% 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5349000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Program Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA 5.25% 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4748310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB 5.25% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 5.25% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4 World Trade Center - Green Bond)<br> Series A 2.875% 11/15/46 (BAM) | 16960000 | &nbsp;&nbsp;&nbsp;&nbsp; 11733437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority State Personal<br> Income Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 3.00% 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 3.00% 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucson, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.90% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21st Century College And Equipment Programs) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5355600 |
|  |  | &nbsp;&nbsp;&nbsp; 90949752 |
| &nbsp;&nbsp;Local General Obligation Bonds — 3.43% | &nbsp;&nbsp;Local General Obligation Bonds — 3.43% | &nbsp;&nbsp;Local General Obligation Bonds — 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County, Colorada Cherry Creek School<br> District No. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4287000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chicago Recovery Plan)<br> Series A 5.25% 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4896700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax County, Virginia Public Improvement Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5592150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, California Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911553 |

---

NQ- 011 [0525] 0725 (4640150) 13

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mecklenburg County, North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;$3014850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County, Oregon School District No. 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.157% 6/15/51 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 771750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1 5.25% 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health, California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.746% 8/1/32 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3541850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 7.00% 8/1/31 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;3315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 7.07% 8/1/33 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3350450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wake County, North Carolina General Obligation<br> Public Improvement Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5067250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Waterstone Project)<br> 144A 5.50% 12/15/38 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2462475 |
|  |  | &nbsp;&nbsp;&nbsp; 39454909 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.85% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.85% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health)<br> Series A 4.00% 4/1/49-30 § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.278% 8/15/26 (AMBAC) ^ | &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority Midwestern Disaster Area<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Iowa Fertilizer Company Project)<br> 5.00% 12/1/50-32 § | &nbsp;&nbsp;&nbsp;&nbsp;7725000 | &nbsp;&nbsp;&nbsp;&nbsp; 8689312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington, D.C. Airports Authority<br> Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convertible Capital Appreciation Bonds)<br> Series C 6.50% 10/1/41-26 (AG) §, ~ | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7322350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heron's Key Senior Living)<br> Series A 144A 7.00% 7/1/45-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;3890000 | &nbsp;&nbsp;&nbsp;&nbsp; 3899803 |
|  |  | &nbsp;&nbsp;&nbsp; 21275003 |

---

14 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.09% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.09% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union County, New Jersey Improvement Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aries Linden, LLC Project)<br> 144A 6.75% 12/1/41 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;$985909 |
|  |  | &nbsp;&nbsp;&nbsp; 985909 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 15.63% | &nbsp;&nbsp;Special Tax Revenue Bonds — 15.63% | &nbsp;&nbsp;Special Tax Revenue Bonds — 15.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Tampa, Florida Capital Improvement Cigarette<br> Tax Allocation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H. Lee Moffitt Cancer Center Project)<br> Series A 4.55% 9/1/53 ^ | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5281250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.771% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;4867096 | &nbsp;&nbsp;&nbsp;&nbsp; 2987180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.156% 11/1/43 • | 34463399 | &nbsp;&nbsp;&nbsp;&nbsp; 20721119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> 7.50% 8/20/40 | 32820274 | &nbsp;&nbsp;&nbsp;&nbsp; 31539955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis, Indiana Local Public Improvement Bond<br> Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1 5.25% 3/1/67 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp; 2116800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson<br> County, Tennessee Sports Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stadium Project Senior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/53 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4133600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/56 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4614300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Industrial Development<br> Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yankee Stadium)<br> 7.29% 3/1/27 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2819730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance<br> Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 3.00% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2840160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 5.00% 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2736225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate Bonds)<br> Series F 5.00% 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2760375 |

---

NQ- 011 [0525] 0725 (4640150) 15

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corporate<br> Senior Lien Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hotel Unit Fee Secured)<br> Series B 2.873% 11/15/55 (BAM) ^ | &nbsp;&nbsp;&nbsp;&nbsp;2585000 | &nbsp;&nbsp;$496268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1515996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 20165000 | &nbsp;&nbsp;&nbsp;&nbsp; 18466905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;3685000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.556% 7/1/46 ^ | 153255000 | &nbsp;&nbsp;&nbsp;&nbsp; 49199453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 6.00% 7/1/51 ^ | 55886000 | &nbsp;&nbsp;&nbsp;&nbsp; 13193008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeastern Pennsylvania Transportation Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asset Improvement Program)<br> 5.25% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No. 15<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(City Of Wildwood, Florida)<br> 144A 4.80% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Dream @ Meadowlands Project)<br> 144A 7.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 825941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City, Kansas Unified<br> Government Special Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sales Tax - Vacation Village Project Area 1 and 2A)<br> Series 2015A 5.75% 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2345664 |
|  |  | &nbsp;&nbsp;&nbsp; 179548176 |
| &nbsp;&nbsp;State General Obligation Bonds — 6.07% | &nbsp;&nbsp;State General Obligation Bonds — 6.07% | &nbsp;&nbsp;State General Obligation Bonds — 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5322500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5424450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3186270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/46 | 14700000 | &nbsp;&nbsp;&nbsp;&nbsp; 12090456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp; 3899628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 995592 |

---

16 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;$9742820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.25% 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rebuild Illinois Program)<br> Series B 4.00% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 7468933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Article XI-F(1) Projects and Refunding)<br> Series F 5.00% 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Article XI-G Projects and Refunding)<br> Series G 5.00% 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2334740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series R 5.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681425 |
|  |  | &nbsp;&nbsp;&nbsp; 69752101 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 11.46% | &nbsp;&nbsp;Transportation Revenue Bonds — 11.46% | &nbsp;&nbsp;Transportation Revenue Bonds — 11.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena, California Airport<br> Authority Brick Campaign Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series B 5.25% 7/1/54 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1640740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Airport System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 11/15/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 11/15/43 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;&nbsp;&nbsp; 9013646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas and Fort Worth, Texas International<br> Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3120120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, California Department of Airports<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 5/15/55 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3129930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 5/15/50 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142600 |

---

NQ- 011 [0525] 0725 (4640150) 17

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Civic Improvement Airport<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien)<br> Series B 5.00% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;$1340792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Salt Lake, Utah Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp; 3016018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Bridge & Tunnel Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/54 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2093000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Project)<br> 144A 12.00% 7/15/32 (AMT) #, • | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13498810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii State Airports System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 7/1/54 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5182950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County, Florida Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 10/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5161404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 10/1/51 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2089250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I-10 Calcasieu River Bridge Public-Private Partnership Project)<br> 5.50% 9/1/59 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3865000 | &nbsp;&nbsp;&nbsp;&nbsp; 3928077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Port Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/40 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/44 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Country, Florida Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Key West International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022 5.00% 10/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022 5.00% 10/1/52 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2316369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022 5.25% 10/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey State Transportation Trust Fund Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Program Notes)<br> Series BB 5.00% 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(JFK Airport Terminal 6 Redevelopment Project)<br> Series A 5.50% 12/31/60 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport New Terminal One Project-Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 6/30/60 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4952800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 6/30/60 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/31/54 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7526400 |

---

18 NQ- 011 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 12/31/54 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;$2359533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 0.000% 12/31/54 (AG) (AMT) ~ | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County, Oklahoma Turnpike Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 6.25% 6/1/33 (AG) ~ | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4110960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 248 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County, California Regional Airport<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/56 (BAM) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, California Airport<br> Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Francisco International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Series E 5.00% 5/1/50 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp; 3760663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3384373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/52 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3936600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NTE Mobility Partners LLC North Tarrant Express Project)<br> 5.50% 12/31/58 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5125650 |
|  |  | &nbsp;&nbsp;&nbsp; 131643907 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.94% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.94% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Honolulu, Hawaii Wastewater<br> System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds) <br> Series A 5.25% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5226650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Tampa, Florida Water & Wastewater System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 5.25% 10/1/57 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10397700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County, Alabama Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613085 |

---

NQ- 011 [0525] 0725 (4640150) 19

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Gypsum, Colorado Sewer Enterprise<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/54 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;$2040600 |
|  |  | &nbsp;&nbsp;&nbsp; 22278035 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $1,173,533,915)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $1,173,533,915)** | &nbsp;&nbsp;&nbsp;**1127473253** |
| &nbsp;&nbsp;**Short-Term Investments — 0.59%** | &nbsp;&nbsp;**Short-Term Investments — 0.59%** | &nbsp;&nbsp;**Short-Term Investments — 0.59%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.59% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.59% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development<br> Authority Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) Series B 2.85% 11/15/52<br> (SPA - Northern Trust)¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermountain Health) Series E 3.00% 5/15/64<br> (SPA - TD Bank, N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D4 3.00% 8/1/40<br> (LOC - TD Bank, N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H-2 3.00% 11/1/54<br> (SPA - TD Bank, N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AL-3 2.30% 5/15/48 ¤ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth University Health System<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.00% 7/1/37<br> (LOC - TD Bank, N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $6,850,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $6,850,000)** | &nbsp;&nbsp;&nbsp; **6850000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.76%<br> (cost $1,180,383,915)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1134323253** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.24%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **14208078** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 115,154,480 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$1148531331** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |

---

20 NQ- 011 [0525] 0725 (4640150)

------

---

| | |
|:---|:---|
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $119,496,543, which represents 10.40% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2025. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ¤ | 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 May 31, 2025. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMBAC – Insured by American Municipal Bond Assurance Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SPA – Stand-by Purchase Agreement |

---

NQ- 011 [0525] 0725 (4640150) 21

------

Schedule of investments

Macquarie Tax-Free USA Fund

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| USD – US Dollar |

---

22 NQ- 011 [0525] 0725 (4640150)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Delaware Group Tax Free Fund

- **b. Investment Company Act file number:** 811-03850

- **c. CIK number of Registrant:** 0000728352

- **d. LEI of Registrant:** 549300XYDSVXWKYZUD98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 800-523-1918

**Item A.2. Information about the Series.**

- **a. Name of Series:** Macquarie Tax-Free USA Fund

- **b. EDGAR series identifier (if any):** S000002403

- **c. LEI of Series:** 5VLH6BOP3D4OKT4X0Y06

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1151231155.98

**Total Liabilities:** $6508327.06

**Net Assets:** $1144722828.92

**Cash Not Reported:** $57489.08

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 398.61630000 | **1-Year:** 6650.67279000 | **5-Year:** 79950.02614000 | **10-Year:** 918504.37019000 | **30-Year:** 276160.45708000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1073.50156000 | **10-Year:** 19432.12932000 | **30-Year:** 23857.80929000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006385 | -2.77%               | -1.80%               | -0.83%               |
| Class ID C000006387 | -2.83%               | -1.86%               | -0.89%               |
| Class ID C000074146 | -2.82%               | -1.77%               | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-684244.09              | $-39384856.23                              |
| Month 2  | $-6160191.11             | $-21117297.57                              |
| Month 3  | $-5207615.15             | $-8360442.22                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                 | CUSIP: 650028XK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1754425.00   | 0.15%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XNP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2840160.00   | 0.25%             | 2047-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4613085.00   | 0.40%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                          | CUSIP: 544532PU2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497825.00   | 0.13%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA                | County of Fairfax VA                                                             | CUSIP: 30382APJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5592150.00   | 0.49%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PL29<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1770300.00   | 0.15%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA      | Municipal Electric Authority of Georgia                                          | CUSIP: 626207Z64<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7424460.00   | 0.65%             | 2059-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH      | Southeastern Pennsylvania Transportation Authority                               | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042380.00   | 0.18%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1808667.00   | 0.16%             | 2055-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046470.00   | 0.09%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12885000 | PA      | $10415589.75  | 0.91%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL  | Arkansas Development Finance Authority                                           | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5423550.00   | 0.47%             | 2048-07-01      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                               | CUSIP: 91514AJV8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5338950.00   | 0.47%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4977500.00   | 0.43%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH SCH R | Camden County Improvement Authority/The                                          | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1359171.75   | 0.12%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TTQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $694447.50    | 0.06%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                              | CUSIP: 610466AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1109471.00   | 0.10%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5169651.50   | 0.45%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3899628.00   | 0.34%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $985500.00    | 0.09%             | 2038-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7526400.00   | 0.66%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NJ IMPT AUTH SOL WS | Union County Improvement Authority                                               | CUSIP: 906352AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $985908.50    | 0.09%             | 2041-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TURNPIKE AUTH CENTRLT | Central Texas Turnpike System                                                    | CUSIP: 882762FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1289884.00   | 0.11%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6950000 | PA      | $6743932.50   | 0.59%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2282267.00   | 0.20%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CF9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  23975000 | PA      | $5717078.50   | 0.50%             | 2051-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1100243.75   | 0.10%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE | Tempe Industrial Development Authority                                           | CUSIP: 87972MAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $885322.80    | 0.08%             | 2052-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL  | Philadelphia Authority for Industrial Development                                | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4856744.75   | 0.42%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                               | CUSIP: 64990F6D1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1515996.00   | 0.13%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                              | CUSIP: 93974E6A9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3400020.00   | 0.30%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3685000 | PA      | $3462241.75   | 0.30%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH              | Finance Authority of Maine                                                       | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5660000 | PA      | $566000.00    | 0.05%             | 2051-12-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC            | County of Mecklenburg NC                                                         | CUSIP: 584002TY5<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3014850.00   | 0.26%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PF91<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2462475.00   | 0.22%             | 2038-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528U7K1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4072640.00   | 0.36%             | 2067-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                              | CUSIP: 610466AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2316368.55   | 0.20%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445RG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2142600.00   | 0.19%             | 2050-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC | Capital Projects Finance Authority/FL                                            | CUSIP: 14043FAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2480596.65   | 0.22%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 928103AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2407320.00   | 0.21%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2387550.00   | 0.21%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAKE CNTY NC                   | County of Wake NC                                                                | CUSIP: 930864EP4<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5067250.00   | 0.44%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063D2G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3186270.00   | 0.28%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                          | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010320.00   | 0.09%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FXH2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4198150.00   | 0.37%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1194237.50   | 0.10%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A | Kansas City Industrial Development Authority                                     | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2410187.50   | 0.21%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20165000 | PA      | $18466905.35  | 1.61%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV | Hillsborough County Industrial Development Authority                             | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7880000 | PA      | $8299767.60   | 0.73%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628DAK6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1321879.50   | 0.12%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365T4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054610.00   | 0.09%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA | Iowa Finance Authority                                                           | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   7725000 | PA      | $8689311.75   | 0.76%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    510000 | PA      | $279862.50    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                                                    | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1640740.50   | 0.14%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                      | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18120000 | PA      | $19506723.60  | 1.70%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  29170000 | PA      | $5836917.00   | 0.51%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                                  | CUSIP: 68609USA4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1308837.50   | 0.11%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES    | University of California                                                         | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2048-05-15      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA CMNTY CLG DIST  | Los Angeles Community College District/CA                                        | CUSIP: 54438CUT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1911553.20   | 0.17%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    395000 | PA      | $215768.75    | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                           | CUSIP: 267045MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1468696.70   | 0.13%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5125650.00   | 0.45%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  34463400 | PA      | $20721118.97  | 1.81%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DUF4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3936600.00   | 0.34%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                           | CUSIP: 196707MR1<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4209240.00   | 0.37%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG  | Wyoming Community Development Authority                                          | CUSIP: 98322QM20<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1455945.00   | 0.13%             | 2049-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                      | CUSIP: 64971PHD0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2819730.00   | 0.25%             | 2027-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                         | CUSIP: 04052FFE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2436175.00   | 0.21%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH     | Massachusetts Port Authority                                                     | CUSIP: 575896TN5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029660.00   | 0.18%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2705000 | PA      | $1484368.75   | 0.13%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S | Mobile County Industrial Development Authority                                   | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4230135.00   | 0.37%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461362S9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10700000 | PA      | $5540995.00   | 0.48%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $2011168.75   | 0.18%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                                             | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4745000 | PA      | $5543393.70   | 0.48%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SFM | Industrial Development Authority of the County of Pima/The                       | CUSIP: 721905RE9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1161444.00   | 0.10%             | 2054-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499526BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2272239.00   | 0.20%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UKN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1216763.80   | 0.11%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE       | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2089250.00   | 0.18%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA AT CHAP | University of North Carolina at Chapel Hill                                      | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3908939.00   | 0.34%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS | New York Counties Tobacco Trust V                                                | CUSIP: 649441AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 393200000 | PA      | $15991444.00  | 1.40%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 65000BNH7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002910.00   | 0.26%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A | California Enterprise Development Authority                                      | CUSIP: 13068WAG6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   4110000 | PA      | $3840014.10   | 0.34%             | 2063-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UMP0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  14370000 | PA      | $15321581.40  | 1.34%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R | Village Community Development District No 15                                     | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1376985.00   | 0.12%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                     | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5193750.00   | 0.45%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4700650.00   | 0.41%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY WA PUB HOSP DIS | Jefferson County Public Hospital District No 2                                   | CUSIP: 473644AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025770.00   | 0.26%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CLG BLDG AUTH EDUC | Virginia College Building Authority                                              | CUSIP: 92778VNA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5355600.00   | 0.47%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                    | CUSIP: 154871CK1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125120.00   | 0.19%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7322350.00   | 0.64%             | 2041-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue                              | CUSIP: 4387014H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5226650.00   | 0.46%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgag | Multifamily Tax-Exempt Mortgage-backed Securities                                | CUSIP: 646127FQ8<br>LEI: 5493002ONULJL0FIGU24 | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1823489.50   | 0.16%             | 2066-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                          | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5213200.00   | 0.46%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 928103AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2235025.00   | 0.20%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TUCSON & PIMA CNTYS AZ INDL DE | Tucson Industrial Development Authority/Pima County Industrial Development Auth  | CUSIP: 898700GL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $700919.10    | 0.06%             | 2048-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CMWLTH UNIV HLTH S | Virginia Commonwealth University Health System Authority                         | CUSIP: 92778LDL1<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1550000.00   | 0.14%             | 2037-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                      | CUSIP: 64971PHC2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3101457.45   | 0.27%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TUCSON & PIMA CNTYS AZ INDL DE | Tucson Industrial Development Authority/Pima County Industrial Development Auth  | CUSIP: 898700GM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1277588.40   | 0.11%             | 2054-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE  | Ohio Housing Finance Agency                                                      | CUSIP: 67756Q8A8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1901193.30   | 0.17%             | 2054-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153MJ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1337558.85   | 0.12%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE  | Ohio Housing Finance Agency                                                      | CUSIP: 67756UBD9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1435005.00   | 0.13%             | 2054-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                       | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32820274 | PA      | $31539955.11  | 2.76%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3585408.80   | 0.31%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050140.00   | 0.18%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition & Supply Corp V                                  | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2633400.00   | 0.23%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HGR EDU FACS AUT | Washington Higher Education Facilities Authority                                 | CUSIP: 9397815M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4275850.00   | 0.37%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P4C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1310295.00   | 0.11%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                   | State of Wisconsin                                                               | CUSIP: 97705MR23<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1681425.00   | 0.15%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE       | County of Lee FL Airport Revenue                                                 | CUSIP: 523470HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5161404.00   | 0.45%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBL | Public Finance Authority                                                         | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    825000 | PA      | $825940.50    | 0.07%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085000.00   | 0.18%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $1363643.75   | 0.12%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20715000 | PA      | $16937205.45  | 1.48%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA       | Palomar Health                                                                   | CUSIP: 69753RCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3350450.00   | 0.29%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TS20<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1999100.25   | 0.17%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                                  | CUSIP: 68609URE7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1429250.55   | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                           | CUSIP: 45203MSC6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4115840.00   | 0.36%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023680.00   | 0.09%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13035ADX4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965980.00    | 0.08%             | 2059-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906080.00    | 0.08%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592248BE7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7740000 | PA      | $2425096.80   | 0.21%             | 2047-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4090080.00   | 0.36%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                             | CUSIP: 400653KJ9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027300.00   | 0.18%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2359533.50   | 0.21%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA       | Palomar Health                                                                   | CUSIP: 69753RCV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3315000 | PA      | $2475840.90   | 0.22%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                              | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3063031.25   | 0.27%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA       | Palomar Health                                                                   | CUSIP: 69753RCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3541850.00   | 0.31%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1027380.00   | 0.09%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                        | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   6625000 | PA      | $6857471.25   | 0.60%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN | Public Finance Authority                                                         | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5145000 | PA      | $4814845.35   | 0.42%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YBX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4916850.00   | 0.43%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | Oklahoma Turnpike Authority                                                      | CUSIP: 679111E91<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5320500.00   | 0.46%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETY2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3948800.00   | 0.34%             | 2057-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC | Erie Tobacco Asset Securitization Corp                                           | CUSIP: 295095BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  65340000 | PA      | $3078820.80   | 0.27%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CZ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $963800.00    | 0.08%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HLTHC | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.08%             | 2052-11-15      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1257345.00   | 0.11%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                    | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3260358.60   | 0.28%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVA | Hillsborough County Industrial Development Authority                             | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13915000 | PA      | $10042872.95  | 0.88%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue                                          | CUSIP: 419794J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5182950.00   | 0.45%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POOLED CHRT | Public Finance Authority                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5710418 | PA      | $5724123.38   | 0.50%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3016018.20   | 0.26%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                               | CUSIP: 91514AJZ9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3302926.00   | 0.29%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $377193.85    | 0.03%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1099659.00   | 0.10%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                      | CUSIP: 130179TM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $309955.00    | 0.03%             | 2051-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4748310.00   | 0.41%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                            | CUSIP: 91802RGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2689625.00   | 0.23%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129930.00   | 0.27%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CEF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3120120.00   | 0.27%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  14700000 | PA      | $12090456.00  | 1.06%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H | Capital Trust Agency Inc                                                         | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2831850.00   | 0.25%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY    | North Dakota Housing Finance Agency                                              | CUSIP: 6589093J3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   2960000 | PA      | $2770352.80   | 0.24%             | 2048-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994420.00    | 0.09%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NGZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2423604.20   | 0.21%             | 2045-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153AV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $995592.30    | 0.09%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521525U1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8170000 | PA      | $7468932.30   | 0.65%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105700.00   | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH  | Orange County Health Facilities Authority                                        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6245000 | PA      | $5232997.75   | 0.46%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783SG2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3890000 | PA      | $3899802.80   | 0.34%             | 2045-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY   | Massachusetts Housing Finance Agency                                             | CUSIP: 57586VCK7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1798866.00   | 0.16%             | 2067-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | CUSIP: 120827EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2302391.00   | 0.20%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA | Michigan Finance Authority                                                       | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2592175.00   | 0.23%             | 2057-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H | Montgomery County Higher Education and Health Authority                          | CUSIP: 613603G78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5898300.00   | 0.52%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV | Yuma Industrial Development Authority                                            | CUSIP: 988514DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014500.00   | 0.09%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LHX7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1762400.00   | 0.15%             | 2055-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    390000 | PA      | $214012.50    | 0.02%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA DEV AUTH REVEN | DeKalb County Development Authority                                              | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1164577.15   | 0.10%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13510000 | PA      | $2602161.10   | 0.23%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FVJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2581500.00   | 0.23%             | 2052-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH    | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201YQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1422021.15   | 0.12%             | 2053-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                 | CUSIP: 759151BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $37624.00     | 0.00%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                              | CUSIP: 93974EM37<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2334740.40   | 0.20%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    313297 | PA      | $245596.53    | 0.02%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TAMPA FL WTR & WSTWTR SYS REVE | City of Tampa FL Water & Wastewater System Revenue                               | CUSIP: 875291BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10397700.00  | 0.91%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                                          | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $878882.40    | 0.08%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A | California Community College Financing Authority                                 | CUSIP: 13012TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4134800.00   | 0.36%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5    | Arapahoe County School District No 5 Cherry Creek                                | CUSIP: 164555EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4287000.00   | 0.37%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $1129500.00   | 0.10%             | 2053-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV | Lower Alabama Gas District/The                                                   | CUSIP: 547804AF1<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3525468.90   | 0.31%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1928255.00   | 0.17%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QUL5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3078540.00   | 0.27%             | 2051-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043280.00   | 0.18%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH       | Virginia Housing Development Authority                                           | CUSIP: 92812WVR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4063309.25   | 0.35%             | 2059-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2572050.00   | 0.22%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                 | CUSIP: 650028XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2063880.00   | 0.18%             | 2051-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                      | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076510.00   | 0.09%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2937759.00   | 0.26%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $576400.00    | 0.05%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8275000 | PA      | $5779508.25   | 0.50%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QTZ6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990760.00   | 0.17%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DP6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1673480.00   | 0.15%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BRW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2933831.60   | 0.26%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN | CSCDA Community Improvement Authority                                            | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $845403.00    | 0.07%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH EXEMPT FAC | Indiana Finance Authority                                                        | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $382019.20    | 0.03%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CGD4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3324810.00   | 0.29%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 1675935F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8650000 | PA      | $9013646.00   | 0.79%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BAM0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523150.00   | 0.22%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                                     | CUSIP: 64972JSE9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.12%             | 2054-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4867096 | PA      | $2987180.06   | 0.26%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV | County of Hamilton OH                                                            | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   6460000 | PA      | $6592817.60   | 0.58%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063EBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5322500.00   | 0.46%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                                 | CUSIP: 875146BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $5281250.00   | 0.46%             | 2053-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                            | CUSIP: 20775HH22<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071640.00   | 0.27%             | 2048-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP         | Alaska Housing Finance Corp                                                      | CUSIP: 011839D38<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4696492.80   | 0.41%             | 2052-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5128150.00   | 0.45%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DA9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  44795000 | PA      | $7986052.60   | 0.70%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2040-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN | Rhode Island Housing & Mortgage Finance Corp                                     | CUSIP: 76221R7R8<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   7990000 | PA      | $7463938.40   | 0.65%             | 2053-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | Metropolitan Government Nashville & Davidson County Sports Authority             | CUSIP: 592090KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4614300.00   | 0.40%             | 2056-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9840200.00   | 0.86%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                        | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 122985000 | PA      | $7582025.25   | 0.66%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 65000BW38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3186510.00   | 0.28%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TUSCALOOSA CNTY AL INDL DEV AU | Tuscaloosa County Industrial Development Authority                               | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7775000 | PA      | $7660241.00   | 0.67%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3865000 | PA      | $3928076.80   | 0.34%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CAM0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5349000.00   | 0.47%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2064-05-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| GYPSUM CO SWR ENTERPRISE REVEN | Town of Gypsum CO Sewer Revenue                                                  | CUSIP: 40377VCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040600.00   | 0.18%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3760663.50   | 0.33%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4952800.00   | 0.43%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    261231 | PA      | $45571.79     | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063ECN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3237330.00   | 0.28%             | 2044-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                              | CUSIP: 19633TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093000.00   | 0.18%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17060000 | PA      | $14271543.00  | 1.25%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE PUBLIC EDUCTNL BL | Jacksonville Public Educational Building Authority                               | CUSIP: 469480AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506225.00   | 0.13%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MQA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1340791.60   | 0.12%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                         | CUSIP: 04052FFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2395150.00   | 0.21%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP         | Alaska Housing Finance Corp                                                      | CUSIP: 011839C70<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   5585000 | PA      | $5351993.80   | 0.47%             | 2050-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BNR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $781700.85    | 0.07%             | 2046-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1204205.25   | 0.11%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16960000 | PA      | $11733436.80  | 1.03%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1536575.00   | 0.13%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978T7A1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2308250.70   | 0.20%             | 2049-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                                 | CUSIP: 709223XA4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4110960.00   | 0.36%             | 2033-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3497900.00   | 0.31%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584XYD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5469850.00   | 0.48%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FTW5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1119577.50   | 0.10%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                                     | CUSIP: 64972JQE1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2736225.00   | 0.24%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CLG BLDG AUTH EDUC | Virginia College Building Authority                                              | CUSIP: 92778VNF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116320.00   | 0.10%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13498810.00  | 1.18%             | 2032-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451JD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $496268.30    | 0.04%             | 2055-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4300250.00   | 0.38%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    305000 | PA      | $167368.75    | 0.01%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                    | CUSIP: 57582TAJ1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2342648.00   | 0.20%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                                          | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1007524.65   | 0.09%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                            | CUSIP: 63968M2U2<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5112800.00   | 0.45%             | 2053-09-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FQC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3775037.75   | 0.33%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4288802.50   | 0.37%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH | Seminole County Industrial Development Authority                                 | CUSIP: 81669TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3495653.50   | 0.31%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                      | CUSIP: 79739GPP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4137750.00   | 0.36%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                        | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  80485000 | PA      | $4257656.50   | 0.37%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                        | CUSIP: 95737TFR2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662625.00   | 0.23%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UB31<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $699760.00    | 0.06%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY  | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2345664.20   | 0.20%             | 2032-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UD70<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2844720.00   | 0.25%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182VD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051510.00   | 0.09%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358XPE6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114340.00   | 0.18%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                           | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1123810.30   | 0.10%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                                     | CUSIP: 64972JQD3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2760375.00   | 0.24%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044180.00   | 0.18%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3057030.00   | 0.27%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4100900.00   | 0.36%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5024350.00   | 0.44%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH | Alachua County Health Facilities Authority                                       | CUSIP: 010684BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1553982.50   | 0.14%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CK8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $859150.00    | 0.08%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4872700.00   | 0.43%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2855160.00   | 0.25%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                                         | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $192000.00    | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                        | CUSIP: 95737TFP6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252000.00   | 0.11%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWE5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $3384372.60   | 0.30%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BNT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $720084.75    | 0.06%             | 2052-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063ECR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5424450.00   | 0.47%             | 2049-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 64990GZS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  12640000 | PA      | $8768747.20   | 0.77%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH INDL DEV CO | Puerto Rico Industrial Development Co                                            | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2381250.00   | 0.21%             | 2054-01-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA69<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $946593.75    | 0.08%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3679200.00   | 0.32%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL  | Arkansas Development Finance Authority                                           | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6974175.00   | 0.61%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE  | Michigan State Building Authority                                                | CUSIP: 594615JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5028750.00   | 0.44%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9742820.00   | 0.85%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    285000 | PA      | $156393.75    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI PROJ REVENU | Public Finance Authority                                                         | CUSIP: 74444UAW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4044480.00   | 0.35%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA | Michigan State Housing Development Authority                                     | CUSIP: 59465PFQ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2841150.00   | 0.25%             | 2064-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486T33<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4896700.00   | 0.43%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4891900.00   | 0.43%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    100000 | PA      | $54875.00     | 0.00%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  10750000 | PA      | $10419652.50  | 0.91%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870JFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4063700.00   | 0.35%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI PROJ REVENU | Public Finance Authority                                                         | CUSIP: 74444UAV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2813739.00   | 0.25%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966SME3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083040.00   | 0.18%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153ET2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020600.00   | 0.18%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH LEASE REVENU | Illinois Finance Authority                                                       | CUSIP: 45203NAW9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521765.00   | 0.13%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  55886000 | PA      | $13193008.02  | 1.15%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI | Permanent University Fund - University of Texas System                           | CUSIP: 915130CC0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2236320.00   | 0.20%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                                | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2116800.00   | 0.18%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 153255000 | PA      | $49199452.65  | 4.30%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                              | CUSIP: 93974E7Q3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2821550.00   | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                 | CUSIP: 13032UY36<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73654.00     | 0.01%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOON INDL DEV AUTH PA REVENUE  | Moon Industrial Development Authority                                            | CUSIP: 61543RAU0<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1566767.05   | 0.14%             | 2050-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                              | CUSIP: 610466AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1497550.25   | 0.13%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | Metropolitan Government Nashville & Davidson County Sports Authority             | CUSIP: 592090JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4133600.00   | 0.36%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #40 | Multnomah County School District No 40                                           | CUSIP: 625693JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $771750.00    | 0.07%             | 2051-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Delaware Group Tax Free Fund

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration