# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0001752724-25-182195
**Filing Date:** 2025-7
**Character Count:** 576024
**Document Hash:** 8405ea75aeb4421276f846a2af859b06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182195.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182195

**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:** VOYAGEUR MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000906236

**ORGANIZATION NAME:**
- **EIN:** 411720518
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07742
- **FILM NUMBER:** 251159974

**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:** VOYAGEUR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Macquarie National High-Yield Municipal Bond Fund (Series ID: S000002413)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006412 | Class A             | CXHYX           |
| C000006414 | Class C             | DVHCX           |
| C000074152 | Institutional Class | DVHIX           |

## Nport-Ex

Schedule of investments

Macquarie National High-Yield Municipal Bond Fund May 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.45%** | &nbsp;&nbsp;**Municipal Bonds — 98.45%** | &nbsp;&nbsp;**Municipal Bonds — 98.45%** |
| &nbsp;&nbsp;Education Revenue Bonds — 22.02% | &nbsp;&nbsp;Education Revenue Bonds — 22.02% | &nbsp;&nbsp;Education Revenue Bonds — 22.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany, New York Capital Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP Capital Region Public Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;$1166064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Commercial and Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Executive Education Academy Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 920900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5393340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academies of Math & Science Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp; 248617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 915930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 7/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ACCEL Schools Project)<br> Series A 144A 5.25% 8/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2848256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Charter Schools Foundation Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 7/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 7/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;8995000 | &nbsp;&nbsp;&nbsp;&nbsp; 9101771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Basis Schools Projects)<br> Series A 144A 5.125% 7/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 752002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benjamin Franklin Charter School Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 925280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Empower College Prep Project)<br> 144A 6.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaizen Education Foundation Project)<br> 144A 5.80% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4010120 |
| &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;6115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5039433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Odyssey Preparatory Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3536600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4301650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pinecrest Academy Nevada-Horizon, Inspirada)<br> Series A 144A 5.75% 7/15/48 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington, Texas Higher Education Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Basis Texas Charter Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 753516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 6/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp; 826739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.875% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 946564 |

---

NQ- VQ [0525] 0725 (4640150) 1

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Arlington, Texas Higher Education Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Basis Texas Charter Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.875% 6/15/59 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$888420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cypress Christian School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 6/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4959500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 6/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5259450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts America - Texas) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 831600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP Texas, Inc.)<br> 3.00% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2726200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Newman International Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 468858 |
| &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;8175000 | &nbsp;&nbsp;&nbsp;&nbsp; 8710136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bay Ridge Preparatory School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 9/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 673764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 9/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;3870000 | &nbsp;&nbsp;&nbsp;&nbsp; 3435515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Civic Bronx LLC - Bold Charter School Project)<br> 144A 6.00% 7/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;4235000 | &nbsp;&nbsp;&nbsp;&nbsp; 4232629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East Harlem Scholars Academy Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3821560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Inwood Academy for Leadership Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 5/1/38 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 574718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 5/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463835 |
| &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;1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;6355000 | &nbsp;&nbsp;&nbsp;&nbsp; 6219130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Metropolitan College Of New York Project)<br> 5.00% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New Dawn Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 2/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 2/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2512917 |

---

2 NQ- VQ [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;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 # | 14090000 | &nbsp;&nbsp;$11651866 |
| &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 | 35570000 | &nbsp;&nbsp;&nbsp;&nbsp; 38292172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 2.25% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;4975000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 5.00% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926953 |
| &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;9600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8969376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development<br> Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1361745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ascent 613 Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 1/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;3645000 | &nbsp;&nbsp;&nbsp;&nbsp; 3398380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 1/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 235188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(California Baptist University)<br> Series A 144A 5.50% 11/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3904960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Julian Charter School Project)<br> Series A 144A 5.625% 3/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;5760000 | &nbsp;&nbsp;&nbsp;&nbsp; 5167123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Palmdale Aerospace Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 922800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1932087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westside Neighborhood School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 6/15/39 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 620136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.90% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 805465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3758724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority Educational<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Crossroads Christian School Project)<br> 144A 5.00% 1/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 6/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;3035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Encore Education Obligated Group)<br> Series A 144A 5.00% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 |

---

NQ- VQ [0525] 0725 (4640150) 3

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;(Envision Education - Obligated Group)<br> Series A 144A 5.00% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;2735000 | &nbsp;&nbsp;$2352374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Escuela Popular Project)<br> 144A 6.50% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp; 914605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fortune School of Education Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;5675000 | &nbsp;&nbsp;&nbsp;&nbsp; 5058979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Harbor Springs Obligated Group)<br> Series A 144A 5.625% 7/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hawking Steam Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp; 963090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp; 838792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 977760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ICEF - View Park Elementary & Middle Schools)<br> Series A 5.625% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 829950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Integrity Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 707273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 7/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1379700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John Adams Academies - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2846038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 7/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lighthouse Community Public Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 6/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.50% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New Designs Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 595069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rocketship Public Schools - Obligated Group)<br> Series G 144A 5.00% 6/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sonoma County Junior College District Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.00% 11/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;2980000 | &nbsp;&nbsp;&nbsp;&nbsp; 2556274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.00% 11/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1905850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sycamore Creek Community Charter School Project)<br> Series A 144A 6.75% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5713500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(View Park Elementary & Middle Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.875% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;4175000 | &nbsp;&nbsp;&nbsp;&nbsp; 4106655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690984 |

---

4 NQ- VQ [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;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(View Park High School)<br> Series A 144A 7.125% 10/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;$3231776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lancer Educational Student Housing Project)<br> Series A 144A 5.00% 6/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396665 |
| &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;3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3846713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unionwest Properties LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 718283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 938440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 2.851% 6/1/62 #, ~ | 29500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4353905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency Educational Facilities Housing,<br> Florida Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lutz Preparatory School Project)<br> Series A 4.00% 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 288271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pineapple Cove Classical Academy Inc. Project)<br> Series A 144A 5.375% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5297640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Pepin Academies Inc. Project)<br> Series A 5.75% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;3625000 | &nbsp;&nbsp;&nbsp;&nbsp; 3288129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Florida Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP Miami North Campus Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.625% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 411697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp; 660482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 6/15/60 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 807312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Madrone - Florida Tech Student Housing I, LLC - Florida Institute of Technology Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1406730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 7/1/65 # | &nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2481752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mason Classical Academy Project)<br> Series A 144A 5.00% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;7950000 | &nbsp;&nbsp;&nbsp;&nbsp; 6934785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John Classical Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 6/15/50 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 457455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 6/15/59 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 912720 |
| &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;8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7551600 |

---

NQ- VQ [0525] 0725 (4640150) 5

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Chester County, Pennsylvania Economic<br> Development Authority Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chester Community Charter School Project)<br> Series A 144A 5.625% 8/15/48 # | 12000000 | &nbsp;&nbsp;$10860720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County, Pennsylvania Industrial Development<br> Authority Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(West Chester University of Pennsylvania)<br> Series A 5.00% 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1925096 |
| &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; 5.00% 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1672826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5367845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Spectrum High School Project)<br> 5.00% 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Burbank, Illinois Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intercultural Montessori Language)<br> 144A 6.25% 9/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3844920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Homewood, Alabama Educational Building<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Horizon II, L.L.C. Student Housing & Parking Project at Samford University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024C 5.00% 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024C 5.50% 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1765418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Sierra, Arizona Vista Education Facility<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Champion Schools Project)<br> 144A 5.75% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3380976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academia Cesar Chavez School Project)<br> Series A 5.25% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;2560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Woodbury, Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Math & Science Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 6/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 929270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 6/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4632250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Constellation Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 1/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 594780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 1/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 806922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.875% 1/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400355 |

---

6 NQ- VQ [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;Clifton, Texas Higher Education Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Valor Education) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;$314548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 566688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 769725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;3710000 | &nbsp;&nbsp;&nbsp;&nbsp; 3567425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobb County, Georgia Development Authority Charter<br> School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northwest Classical Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 6/15/58 # | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.40% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobb County, Georgia Development Authority<br> Education Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MT. Bethel Christian Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 6/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp; 2698144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3181594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ascent Classical Academy Charter Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 4/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 4/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.80% 4/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2795744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Community Leadership Academy, Inc. Second Campus Project)<br> 7.45% 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2506150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Global Village Academy - Northglenn Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/40 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp; 512715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2942679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loveland Classical Schools Project)<br> 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Pima, Arizona Industrial Development<br> Authority Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Leadership Academy Project)<br> 144A 4.00% 6/15/57 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 366605 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 7/1/65 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4934019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711453 |

---

NQ- VQ [0525] 0725 (4640150) 7

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rocketship DC Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;$1318770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2973990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1615728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cornerstone Charter Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 10/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;4110000 | &nbsp;&nbsp;&nbsp;&nbsp; 3735414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 10/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3477266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mater Academy Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 907619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;4010000 | &nbsp;&nbsp;&nbsp;&nbsp; 3716709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Renaissance Charter School Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 144A 5.00% 9/15/50 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SFP - Tampa I - The Henry Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.25% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2828910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.25% 6/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2330625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Authority of Southcentral Pennsylvania<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AICUP Financing Program - York College of Pennsylvania Project)<br> 5.25% 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2903243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii State Department of Budget & Finance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hawaii Pacific University Project)<br> 144A 5.125% 7/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 911050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Compass Public Charter School Project)<br> Series A 144A 5.00% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp; 736745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Idaho Arts Charter School)<br> 144A 5.00% 12/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp; 475752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Star Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529150 | &nbsp;&nbsp;&nbsp;&nbsp; 531611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 4.88% 7/1/49 #, ^ | &nbsp;&nbsp;&nbsp;&nbsp;2888155 | &nbsp;&nbsp;&nbsp;&nbsp; 488502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sage International School of Middleton Project)<br> Series A 5.00% 5/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075457 |

---

8 NQ- VQ [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;Illinois Finance Authority Charter School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chicago International Charter School Project)<br> 5.00% 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2965000 | &nbsp;&nbsp;$2869171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Educational Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rogers Park Montessori) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.875% 9/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3898160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Acero Charter Schools)<br> 144A 4.00% 10/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Student Housing &<br> Academic Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Illinois at Chicago Project)<br> Series A 5.00% 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;3640000 | &nbsp;&nbsp;&nbsp;&nbsp; 3386328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Matchbook Learning Schools of Indiana Inc Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4152640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/58 # | &nbsp;&nbsp;&nbsp;&nbsp;6405000 | &nbsp;&nbsp;&nbsp;&nbsp; 6625908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PRG - UINDY Properties LLC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tippecanoe, LLC - Student Housing Project)<br> Series A 5.375% 6/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;6010000 | &nbsp;&nbsp;&nbsp;&nbsp; 5943710 |
| &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;(Noah Webster Schools-Pima Project)<br> Series A 7.00% 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Dubuque Project)<br> 6.00% 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1860948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kent County, Delaware Student Housing and Dining<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Delaware State University Project)<br> Series A 5.00% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Athlos Academy Jefferson Paris) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.375% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3635170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.50% 6/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5212100 |

---

NQ- VQ [0525] 0725 (4640150) 9

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Geo Academies EBR - Geo Prep Mid-City Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;$1031844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1423962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jefferson Rise Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lincoln Preparatory School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 6/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1538000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.50% 6/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3695600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macomb County, Michigan Public School Academy<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academy Of Warren)<br> Series A 144A 5.50% 5/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macon-Bibb County, Georgia Urban Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academy for Classical Education) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.875% 6/15/47 # | &nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1540725 |
| &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;4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4827302 |
| &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;Series V 5.00% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;9470000 | &nbsp;&nbsp;&nbsp;&nbsp; 9903631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Massachusetts Institute Of Technology)<br> Series P 5.00% 7/1/50 | 18030000 | &nbsp;&nbsp;&nbsp;&nbsp; 19013176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Merrimack College Student Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 995423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Youth Co-Op Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 9/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 9/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Limited Obligation<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hanley International Academy)<br> 5.00% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055883 |

---

10 NQ- VQ [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;Michigan Finance Authority Limited Obligation<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Landmark Academy Project)<br> 5.00% 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;$1822020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Public School Academy Old Redford) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.90% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.50% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3721107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Public Educational Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Old Redford)<br> Series A 5.875% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County, New York Industrial Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eugenio Maria de Hostos Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1715780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 295295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada State Department of Business & Industry<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Somerset Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1596388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/38 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/48 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 454085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 12/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;5030000 | &nbsp;&nbsp;&nbsp;&nbsp; 4761146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority 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;2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Columbia University)<br> Series A2 5.00% 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2670100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cornell University)<br> Series A 5.50% 7/1/54 | 16975000 | &nbsp;&nbsp;&nbsp;&nbsp; 18030336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County, Oklahoma Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Astec Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 6/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 592134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2915790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Redmond Proficiency Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.625% 6/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/65 # | &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234861 |

---

NQ- VQ [0525] 0725 (4640150) 11

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Philadelphia Authority for Industrial Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First Philadelphia Preparatory Charter School Project)<br> 144A 5.00% 6/15/43 # | &nbsp;&nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;$1396892 |
| &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;(Mast Community Charter School II Project)<br> 5.00% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 356445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of the Sciences)<br> 5.00% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4870600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Industrial Development Authority<br> Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Basic Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015A 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3774360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016A 144A 5.00% 7/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1895660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Industrial Development Authority<br> Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Downtown Phoenix Student Housing, LLC-Arizona State University Project)<br> Series A 5.00% 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Arizona Industrial Development<br> Authority Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.00% 6/15/51 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3035880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Career Success Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 5/1/40 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 477630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 5/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Edkey Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/49 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/55 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;7370000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pottsboro, Texas Higher Education Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp; 735944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Triad Educational Services, Inc.)<br> 5.50% 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2921424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Charter School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Foundation Academy Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1747020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/60 # | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032300 |

---

12 NQ- VQ [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;Shelby County, Health Educational and Housing<br> Facility Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Madrone Memphis Student Housing I, LLC - University of Memphis Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$956230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.25% 6/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Vista Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Leadership Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 6/15/59 # | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 6/15/64 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4409650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.00% 6/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1663015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.00% 6/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Greer Preparatory Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1689660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 6/15/59 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2390300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy Project)<br> Series A 144A 5.75% 6/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4352650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverwalk Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.125% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2569074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.25% 6/15/58 # | &nbsp;&nbsp;&nbsp;&nbsp;2915000 | &nbsp;&nbsp;&nbsp;&nbsp; 2935376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Virtus Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 6/15/43 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp; 927771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.00% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.125% 6/15/58 # | &nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1515164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis, Missouri Industrial Development Authority<br> Tax Increment Revenue Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Confluence Academy Project)<br> Series A 144A 5.625% 6/15/53 # | &nbsp;&nbsp;&nbsp;&nbsp;4805000 | &nbsp;&nbsp;&nbsp;&nbsp; 4253915 |
| &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 | 18500000 | &nbsp;&nbsp;&nbsp;&nbsp; 19754115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Virginia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 3.57% 4/1/45 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8347200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Dauphin, Pennsylvania Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pennsylvania Steam Academy Charter School Project)<br> Series A 144A 6.25% 7/1/57 # | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2321448 |

---

NQ- VQ [0525] 0725 (4640150) 13

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Upper Illinois River Valley Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Elgin Math And Science Academy Charter School Project)<br> Series A 144A 6.00% 3/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;2990000 | &nbsp;&nbsp;$2905622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah State Charter School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Leadership Learning Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/15/39 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 942400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/15/50 # | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926650 |
| &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;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4851750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Radford Court And Nordheim Court Portfolio) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2391750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6079500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Seattle Academy Of Arts And Sciences Project)<br> 144A 6.375% 7/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2674075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 7/1/62 | 12372573 | &nbsp;&nbsp;&nbsp;&nbsp; 12402267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cornerstone Charter Academy)<br> Series A 144A 5.125% 2/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3065920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Founders Academy of Las Vegas) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 7/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.625% 7/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 606924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 7/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 558332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North East Carolina Preparatory School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pine Lake Preparatory)<br> 144A 5.50% 3/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp; 3460035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Revolution Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 10/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 10/1/58 # | &nbsp;&nbsp;&nbsp;&nbsp;3885000 | &nbsp;&nbsp;&nbsp;&nbsp; 3926298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Shining Rock Classical Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;2780000 | &nbsp;&nbsp;&nbsp;&nbsp; 2574391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2421168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Triad Educational Services, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3919818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2176526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wilson Preparatory Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.125% 6/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 326223 |

---

14 NQ- VQ [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;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wilson Preparatory Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/15/39 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$473525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1948254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wittenberg University)<br> 144A 5.25% 12/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4145400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers, New York Economic Development<br> Educational Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 922610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 420267 |
|  |  | &nbsp;&nbsp;&nbsp; 749710871 |
| &nbsp;&nbsp;Electric Revenue Bonds — 1.61% | &nbsp;&nbsp;Electric Revenue Bonds — 1.61% | &nbsp;&nbsp;Electric Revenue Bonds — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)<br> 144A 5.25% 12/31/33 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;4520000 | &nbsp;&nbsp;&nbsp;&nbsp; 4489852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery)<br> Series A 5.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141460 |
| &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;8615000 | &nbsp;&nbsp;&nbsp;&nbsp; 4727481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;4590000 | &nbsp;&nbsp;&nbsp;&nbsp; 2518762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 823125 |
| &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;925000 | &nbsp;&nbsp;&nbsp;&nbsp; 507594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 565213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 661244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;5525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3031844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/23 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/37 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2869962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;6040000 | &nbsp;&nbsp;&nbsp;&nbsp; 3314450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 839588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 691425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/38 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;9035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957956 |
| &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;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 504850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | 19300000 | &nbsp;&nbsp;&nbsp;&nbsp; 10590875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;7470000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099162 |
| &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;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 417050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 696469 |

---

NQ- VQ [0525] 0725 (4640150) 15

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;7005000 | &nbsp;&nbsp;$3843994 |
|  |  | &nbsp;&nbsp;&nbsp; 54738499 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 14.54% | &nbsp;&nbsp;Healthcare Revenue Bonds — 14.54% | &nbsp;&nbsp;Healthcare Revenue Bonds — 14.54% |
| &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 First Tier)<br> Series A2 5.125% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;4595000 | &nbsp;&nbsp;&nbsp;&nbsp; 4220646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Fourth Tier)<br> Series D 8.171% 1/1/59 ~ | &nbsp;&nbsp;&nbsp;&nbsp;5311947 | &nbsp;&nbsp;&nbsp;&nbsp; 926669 |
| &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;2199550 | &nbsp;&nbsp;&nbsp;&nbsp; 1724249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Third Tier)<br> Series C 1.759% 1/1/59 ~ | &nbsp;&nbsp;&nbsp;&nbsp;5189384 | &nbsp;&nbsp;&nbsp;&nbsp; 2820949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ISF - Ativo Portfolio) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 3/1/65 # | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8248410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.875% 3/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County, Texas Health Facilities Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Army Retirement Residence Foundation Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 516643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;5395000 | &nbsp;&nbsp;&nbsp;&nbsp; 4922506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama Special Care Facilities<br> Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Methodist Home for the Aging) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2749611 |
| &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;7580000 | &nbsp;&nbsp;&nbsp;&nbsp; 5304181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 8/15/51 (BAM) | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7111800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaiser Permanente)<br> Subseries A-2 5.00% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;7770000 | &nbsp;&nbsp;&nbsp;&nbsp; 8284529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Community Health System Project)<br> Series A 3.00% 2/1/46 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3614150 |

---

16 NQ- VQ [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;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goodwill Industry Sacramento Valley and Northern Nevada Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;$997046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.625% 1/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.875% 1/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1398630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northbay Healthcare Group)<br> Series A 5.25% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 460060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 6/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7293840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Enloe Medical Center)<br> Series A 5.375% 8/15/57 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Millenia Orlando Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.125% 1/1/65 # | &nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6188096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.25% 1/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency Senior Living Facilities, Florida<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Elim Senior Housing Inc. Project)<br> 144A 5.875% 8/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Apple Valley, Minnesota Senior Living<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota Senior Living LLC Project)<br> Second Tier Series B 5.25% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 242323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.25% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;7410000 | &nbsp;&nbsp;&nbsp;&nbsp; 3289151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Tier Series B 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1318386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois Multi-Family Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goldblatts Supportive Living Project)<br> 6.125% 12/1/43 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Colby, Kanas Hospital Loan Anticipation<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Citizens Medical Center, Inc. Project)<br> 5.50% 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9015210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Kalispell, Montana Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Immanuel Living at Buffalo Hill Project)<br> Series A 6.00% 5/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6886269 |

---

NQ- VQ [0525] 0725 (4640150) 17

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;City of Lenexa, Kansas Health Care Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakeview Village)<br> Series A 4.00% 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$938420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Medford, Oregon Hospital Facility Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asante Projects)<br> Series A 3.00% 8/15/50 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2407125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota Health Care & Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester Project)<br> Series A 6.875% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Terre Haute, Indiana Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westminster Village Project)<br> 6.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Topeka, Kansas Healthcare Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brewster Place) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.25% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.50% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clackamas County, Oregon Hospital Facility Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rose Villa Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aberdeen Ridge)<br> Series A 5.00% 5/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 342535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AdventHealth Obligated Group)<br> Series A 3.00% 11/15/51 | 12270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8403968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Baptist)<br> 8.00% 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cappella of Grand Junction Project)<br> 144A 5.00% 12/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 884775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mental Health Center Denver Project)<br> Series A 5.75% 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sunny Vista Living Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 12/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 575250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 12/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 782817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 12/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 731868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 342457 |

---

18 NQ- VQ [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;Connecticut State Health & Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Church Home of Hartford Incorporated Project)<br> Series A 144A 5.00% 9/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$921330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga County, Ohio Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Metrohealth System)<br> 5.50% 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;4930000 | &nbsp;&nbsp;&nbsp;&nbsp; 4783283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The MetroHealth System)<br> 5.50% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3912720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado Health & Hospital Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2651575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doylestown, Pennsylvania Hospital Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1664460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escambia County, Florida Health Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Health Care Obligated Group)<br> Series A 4.00% 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;8065000 | &nbsp;&nbsp;&nbsp;&nbsp; 6557732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County, Georgia Hospital Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northeast Georgia Health System Project)<br> 3.00% 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2710186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Glencroft Retirement Community Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 858021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guilderland, New York Industrial Development Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Albany Place Development LLC Project)<br> Series A 144A 5.875% 1/1/52 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton County, Ohio Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UC Health)<br> Series A 5.50% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3941920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henrico County, Virginia Economic Development<br> Authority Residential Care Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westminster Canterbury Richmond)<br> Series A 5.00% 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183541 |

---

NQ- VQ [0525] 0725 (4640150) 19

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;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 | 10000000 | &nbsp;&nbsp;$10532700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Health System Project)<br> Series A 3.00% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Valley Vista Care Corporation)<br> Series A 5.00% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 411407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place, Inc.)<br> Series A 6.75% 5/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3121920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Admiral at the Lake Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 729837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;9375000 | &nbsp;&nbsp;&nbsp;&nbsp; 7046719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stonebridge of Gurnee Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.45% 1/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2336575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.60% 1/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ChildServe Project)<br> Series B 5.00% 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp; 2383848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PHS Council Bluffs Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986175 |
| &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;8880000 | &nbsp;&nbsp;&nbsp;&nbsp; 8956279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalispell, Montana Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Immanuel Lutheran Corporation Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 443935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;5420000 | &nbsp;&nbsp;&nbsp;&nbsp; 4699899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rosedale Green Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2449710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255936 |

---

20 NQ- VQ [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;Kirkwood, Missouri Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aberdeen Heights Project)<br> Series A 5.25% 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;$7476300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake County, Florida Retirement Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakeside At Waterman Village Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2324975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 8/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1371435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County, Pennsylvania Hospital Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Penn State Health)<br> 5.00% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;4670000 | &nbsp;&nbsp;&nbsp;&nbsp; 4541108 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2428650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ochsner Clinic Foundation Project)<br> Series A 3.00% 5/15/47 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7176200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development<br> Authority Senior Living Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Christian Care Surprise Project)<br> 144A 6.00% 1/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;5645000 | &nbsp;&nbsp;&nbsp;&nbsp; 4395366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3492800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Strategic Fund Limited Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Evangelical Homes)<br> 5.50% 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1890415 |
| &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;4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 3945066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County, Pennsylvania Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Whitemarsh Continuing Care Retirement Community Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5482562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1738760 |

---

NQ- VQ [0525] 0725 (4640150) 21

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;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;8935000 | &nbsp;&nbsp;$7387369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muskingum County, Ohio Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Genesis Healthcare System Obligated Group Project)<br> 5.00% 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County, New York Industrial Development<br> Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Amsterdam at Harborside Project)<br> 5.00% 1/1/58 • | 10884206 | &nbsp;&nbsp;&nbsp;&nbsp; 761894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire, National Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Vista Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.625% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920040 |
| &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;(Army Retirement Residence Foundation Project)<br> 6.00% 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5954340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bella Vida Forefront Living Project)<br> Series A 6.50% 10/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Buckingham Senior Living Community, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 7.50% 11/15/37 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 94019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 7.50% 11/15/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp; 607793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.095% 11/15/61 • | &nbsp;&nbsp;&nbsp;&nbsp;3213775 | &nbsp;&nbsp;&nbsp;&nbsp; 1124082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cardinal Bay - Village on the Park) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 595650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 506413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.75% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 7/1/31 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.25% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.75% 7/1/51 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 6.00% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 12600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 7.00% 7/1/51 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 189000 |
| &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;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3490450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary LTC Project)<br> Series A-1 5.50% 1/1/57 | 15635000 | &nbsp;&nbsp;&nbsp;&nbsp; 14381073 |

---

22 NQ- VQ [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;(Superior Living Foundation Project)<br> Series A 144A 6.50% 7/1/56 # | 10000000 | &nbsp;&nbsp;$8983900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Outlook at Windhaven Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 944970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 10/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6162975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Black Horse EHT Urban Renewal LLC Project)<br> Series A 144A 5.00% 10/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lions Gate Project)<br> 5.25% 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Health<br> Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Novant Health Obligated Group)<br> Series A 3.125% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3729250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton County, Pennsylvania Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Morningstar Senior Living)<br> 5.00% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(OU Medicine Project)<br> Series B 5.50% 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2931810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga, New York Civic Development Tax-exempt<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Crouse Health Hospital, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 431605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076863 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4189750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/52 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1639053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Health & Science University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 3.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3410950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health, California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;4375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3206306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payne County, Oklahoma Economic Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Epworth Living at the Ranch)<br> Series A 7.00% 11/1/51 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961600 | &nbsp;&nbsp;&nbsp;&nbsp; 3318 |

---

NQ- VQ [0525] 0725 (4640150) 23

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Pennsylvania Economic Development Financing<br> Authority First Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tapestry Moon Senior Housing Project)<br> Series A 144A 6.75% 12/1/53 #, ‡ | 10495000 | &nbsp;&nbsp;$3148500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Maryland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Collington Episcopal Life Care Community)<br> 5.25% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1729080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Charter School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Inperium Project)<br> 144A 5.75% 12/1/54 # | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12732720 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 11/15/49 | 10700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9830090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelby County, Tennessee Health Educational &<br> Housing Facilities Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Farms at Bailey Station Project)<br> 5.75% 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;3830000 | &nbsp;&nbsp;&nbsp;&nbsp; 2542967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Beaufort Memorial Hospital & South Broad Healthcare Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2269147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Novant Health Obligated Group)<br> Series A 5.50% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeastern Ohio Port Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Memorial Health Systems) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp; 683542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Missouri Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nazareth Living Center Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 579948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mozaic Concierge Living Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.25% 10/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.50% 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250976 |

---

24 NQ- VQ [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;Tarrant County, Texas Cultural Education Facilities<br> Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Air Force Villages Obligated Group Project)<br> 5.00% 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;$7722806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Buckner Senior Living - Ventana Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3296053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5869832 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 10/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 10/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1631025 |
| &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 | 19355000 | &nbsp;&nbsp;&nbsp;&nbsp; 20447977 |
| &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;Series A 4.50% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2529285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3531220 |
| &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;(Purchase Senior Learning Community, Inc. Project)<br> Series A 144A 5.00% 7/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3695205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster, Maryland Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lutheran Village Millers Grant) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 749962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.25% 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2454825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chiara Housing and Services Project)<br> 6.00% 7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5678940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chiara Housing and Services, Inc. Project)<br> 6.625% 7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's Hospital of Wisconsin)<br> 3.00% 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Communities Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Tier Series B 5.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp; 1574478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Tier Series C 7.00% 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 844850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Tier Series C 7.50% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 841000 |

---

NQ- VQ [0525] 0725 (4640150) 25

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Wisconsin Health & Educational Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Dickson Hollow Phase II Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$491000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2696238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Camillus Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 609498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 886300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;8425000 | &nbsp;&nbsp;&nbsp;&nbsp; 7157711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bancroft Neurohealth Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp; 960509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 6/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goodwill Industries of Southern Nevada Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;2368650 | &nbsp;&nbsp;&nbsp;&nbsp; 2105185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;2576272 | &nbsp;&nbsp;&nbsp;&nbsp; 2189265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbury, Minnesota Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Therese of Woodbury)<br> 5.125% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yamhill County, Oregon Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Friendsview)<br> Series A 5.00% 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268816 |
|  |  | &nbsp;&nbsp;&nbsp; 495300492 |
| &nbsp;&nbsp;Housing Revenue Bonds — 3.09% | &nbsp;&nbsp;Housing Revenue Bonds — 3.09% | &nbsp;&nbsp;Housing Revenue Bonds — 3.09% |
| &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;(Jefferson - Anaheim)<br> Series A-2 144A 3.125% 8/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parallel - Anaheim)<br> Series A 144A 4.00% 8/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 547554 |
| &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;5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3771798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 144A 6.00% 1/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;6530000 | &nbsp;&nbsp;&nbsp;&nbsp; 6602483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas, Texas Housing Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Development-Senior Lien<br> Series A 6.00% 12/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802820 |
| &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;7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7167160 |

---

26 NQ- VQ [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;Georgia Housing & Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.05% 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1805000 | &nbsp;&nbsp;$1837093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.20% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 279353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K 5.35% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;5605000 | &nbsp;&nbsp;&nbsp;&nbsp; 5651690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Cities, California Finance Authority<br> Mobile Home Park Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pillar Ridge)<br> Series A 5.25% 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 750240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority<br> Single Family Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1 5.00% 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1 5.125% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1862117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1 5.20% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine State Housing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957860 |
| &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;7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6629350 |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Housing Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8 Spruce Street)<br> Series RE 5.25% 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6100560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Havens Edge Apartments Project)<br> Series A 144A 5.70% 8/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3545115 |
| &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 141A 4.60% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 142A 5.00% 10/1/50 | 10340000 | &nbsp;&nbsp;&nbsp;&nbsp; 10292229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 143A 5.45% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina State Housing Finance &<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.90% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Housing Development Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds)<br> Series 1A 5.05% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2441900 |

---

NQ- VQ [0525] 0725 (4640150) 27

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Community Housing & Economic Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Agape Helotes)<br> Series A1 144A 6.25% 1/1/65 # | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;$6828600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.125% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2507525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.30% 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3555405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development<br> Authority Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.00% 5/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 711480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Promenade Apartments)<br> 144A 6.25% 2/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8516150 |
|  |  | &nbsp;&nbsp;&nbsp; 105379925 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.97% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.97% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County, Pennsylvania Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States Steel Corporation Project)<br> 5.75% 8/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999980 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/51 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;6540000 | &nbsp;&nbsp;&nbsp;&nbsp; 196200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.75% 7/1/50 #, ‡ | 21330000 | &nbsp;&nbsp;&nbsp;&nbsp; 639900 |
| &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) # | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10729500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 7.375% 7/1/48 (AMT) # | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10847100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States Steel Corporation Project)<br> 5.70% 5/1/53 (AMT) | 18750000 | &nbsp;&nbsp;&nbsp;&nbsp; 18964875 |
| &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 D-1 5.50% 6/1/49 • | &nbsp;&nbsp;&nbsp;&nbsp;2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439813 |
| &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;4775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;9150000 | &nbsp;&nbsp;&nbsp;&nbsp; 7654432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 Class 2 5.00% 6/1/55 | 44670000 | &nbsp;&nbsp;&nbsp;&nbsp; 38710129 |

---

28 NQ- VQ [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;Calhoun County, Texas Navigation Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Max Midstream Texas, LLC Project)<br> Series A 144A 3.625% 7/1/26 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;3285000 | &nbsp;&nbsp;$3143187 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.25% 1/1/54 • | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3107130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 11/1/55 • | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5144100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency<br> Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation)<br> Series D 8.613% 6/1/55 ^ | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8695000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bond- Stanislaus County Tobacco Funding Corporation)<br> Series D 8.239% 6/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 474125 |
| &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) #, • | 35500000 | &nbsp;&nbsp;&nbsp;&nbsp; 34409085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Calplant I Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 7/1/32 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 7/1/39 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois O'Hare International Airport Special<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trips Obligated Group)<br> 5.00% 7/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Commonwealth of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Asset-Backed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 7.707% 5/15/57 ^ | 225000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13504500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 9.403% 5/15/57 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp; 193093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects)<br> Series 2011 6.625% 7/15/38 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United Airlines Inc.)<br> 5.00% 7/1/29 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 |

---

NQ- VQ [0525] 0725 (4640150) 29

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;City of Houston, Texas Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Inc. Terminal Improvement Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/15/38 (AMT) | 11750000 | &nbsp;&nbsp;$12088400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/15/39 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Valparaiso, Indiana Exempt Facilities<br> Refunding Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pratt Paper (In), LLC Project)<br> 144A 5.00% 1/1/54 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Stanley Project)<br> Series A1 144A 6.875% 2/1/59 # | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15307200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation-Asset-Backed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.88% 6/15/55 ^ | 121000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11942700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 7.392% 6/15/55 ^ | 262500000 | &nbsp;&nbsp;&nbsp;&nbsp; 23081625 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 9.212% 6/1/60 #, ^ | 196565000 | &nbsp;&nbsp;&nbsp;&nbsp; 9262143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 7.815% 6/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County, Georgia Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States Soccer Federation, Inc. Project)<br> 5.25% 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Authority of Maine Solid Waste Disposal<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Casella Waste System Project)<br> Series R-2 144A 4.375% 8/1/35 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corporation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Expansion Project)<br> Series A 144A 8.25% 7/1/57 (AMT) #, • | 24400000 | &nbsp;&nbsp;&nbsp;&nbsp; 24845300 |
| &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) | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14760300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 7/1/53 (AMT) | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28203900 |

---

30 NQ- VQ [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;George L Smith II World Congress Center, Georgia<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel Second Tier)<br> Series B 144A 5.00% 1/1/54 # | 10000000 | &nbsp;&nbsp;$8982500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel)<br> First Tier Series A 4.00% 1/1/54 | 13060000 | &nbsp;&nbsp;&nbsp;&nbsp; 10678248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Main Street Natural Gas Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5030850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State, California Tobacco Securitization<br> Corporate Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation)<br> Subordinate Series B-2 1.491% 6/1/66 ^ | 318050000 | &nbsp;&nbsp;&nbsp;&nbsp; 34253985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover, Alabama Industrial Development Board<br> Environmental Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States Steel Corporation Project)<br> 5.75% 10/1/49 (AMT) | 10250000 | &nbsp;&nbsp;&nbsp;&nbsp; 10286592 |
| &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;6635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Board Of The City Of<br> Kingsport Tennessee Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Domtar Project)<br> 144A 5.25% 12/1/54 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7459275 |
| &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 8.455% 6/1/57 #, ^ | 383610000 | &nbsp;&nbsp;&nbsp;&nbsp; 23649556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 144A 5.666% 6/1/57 #, ^ | 406910000 | &nbsp;&nbsp;&nbsp;&nbsp; 21525539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Louisiana Pellets Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.75% 7/1/39 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1976705 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 8.375% 7/1/39 (AMT) ‡ | 13547003 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 10.50% 7/1/39 (AMT) ‡ | 12201587 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Go Lab Madison, LLC Project)<br> 144A 8.00% 12/1/51 (AMT) #, ‡ | 10950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 |
| &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;(Commercial Metals Company Project)<br> 144A 4.00% 10/15/47 (AMT) # | 10670000 | &nbsp;&nbsp;&nbsp;&nbsp; 8845217 |

---

NQ- VQ [0525] 0725 (4640150) 31

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Miami-Dade County, Florida Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CFC-MB I, LLC Collins Park Housing Project)<br> 144A 6.25% 1/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;$6658120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County, Alabama Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AM/NS Calvert LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/54 (AMT) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12220390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.75% 12/1/54 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;7090000 | &nbsp;&nbsp;&nbsp;&nbsp; 6406240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe, New York Tobacco Asset Securitization<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Forth Subordinate - Capital Appreciation - Asset-Backed)<br> Series A 144A 7.939% 6/1/61 #, ^ | 487500000 | &nbsp;&nbsp;&nbsp;&nbsp; 21177000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County, New York Tobacco Settlement<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asset-Backed)<br> Series A-3 5.125% 6/1/46 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8400500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada State Department of Business & Industry<br> 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) #, • | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9542500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fulcrum Sierra Biofuels, LLC Project - Green Bonds)<br> 144A 6.25% 12/15/37 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1964485 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire, Business Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bridgeland Water & Utility Districts)<br> 144A 5.875% 12/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6011460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Special<br> Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continental Airlines Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 9/15/29 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3430000 | &nbsp;&nbsp;&nbsp;&nbsp; 3430926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.625% 11/15/30 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Tobacco Settlement Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series B 5.00% 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4128086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 0.15% 6/1/60 ^ | 55000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3098150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V Pass-Through<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate Turbo Capital Appreciation Bond)<br> Series S4B 144A 0.269% 6/1/60 #, ♦, ^ | 322800000 | &nbsp;&nbsp;&nbsp;&nbsp; 13128276 |

---

32 NQ- VQ [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;New York Counties Tobacco Trust VI Pass-Through<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 6/1/51 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;$850670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special<br> Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Airlines Inc. John F. Kennedy International Airport Project)<br> 5.375% 8/1/36 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)<br> 4.375% 10/1/45 (AMT) | 16840000 | &nbsp;&nbsp;&nbsp;&nbsp; 14933712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio, Port of Greater Cincinnati Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RBM Phase 3 Garage Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Core Natural Resources, Inc. Project)<br> 144A 5.45% 1/1/51 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(National Gypsum)<br> 5.50% 11/1/44 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4503465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Beaumont, Texas Navigation District Dock &<br> Wharf Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jefferson Gulf Coast Energy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 2.875% 1/1/41 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 1/1/44 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 1/1/54 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1863760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle, Washington Industrial Development<br> Special Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Delta Airlines)<br> 5.00% 4/1/30 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999880 |
| &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;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3504780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 1/1/54 • | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7143750 |
| &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;9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 9574583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2309358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp; 813929 |

---

NQ- VQ [0525] 0725 (4640150) 33

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;San Diego County, California Tobacco Settlement<br> Revenue Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;$373031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyRidge Pegasus Infrastructure Financing District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 12/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6123650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 3/1/55 • | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7744050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. James Parish, Louisiana Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NuStar Logistics, LP Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 6/1/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 6.10% 12/1/40 #, • | &nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk, New York Regional Off-Track Betting<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 12/1/53 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15337800 |
| &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 1.574% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp; 677024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Third Subordinate Lien)<br> Series D 3.916% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;8770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Diego County Tobacco Asset Securitization Corporation)<br> Series B-1 Class 2 5.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 689809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa, Oklahoma Municipal Airports Improvement<br> Trust Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 6/1/35 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000460 |
| &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;9440000 | &nbsp;&nbsp;&nbsp;&nbsp; 9300666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Casella Waste System)<br> 144A 4.625% 4/1/36 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Tobacco Settlement Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 6.706% 6/1/46 | 10665000 | &nbsp;&nbsp;&nbsp;&nbsp; 8407860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 5.00% 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Subordinate Series C 2.949% 6/1/47 ^ | 95170000 | &nbsp;&nbsp;&nbsp;&nbsp; 24162711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Subordinate Series D 2.20% 6/1/47 ^ | 179085000 | &nbsp;&nbsp;&nbsp;&nbsp; 44507995 |

---

34 NQ- VQ [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;Washington Economic Development Finance<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Columbia Pulp I, LLC Project)<br> Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;$480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority Solid<br> Waste Disposal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Core Natural Resources, Inc. Project)<br> 144A 5.45% 1/1/55 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3979000 |
| &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 | 15255000 | &nbsp;&nbsp;&nbsp;&nbsp; 14276087 |
|  |  | &nbsp;&nbsp;&nbsp; 748180324 |
| &nbsp;&nbsp;Lease Revenue Bonds — 2.32% | &nbsp;&nbsp;Lease Revenue Bonds — 2.32% | &nbsp;&nbsp;Lease Revenue Bonds — 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta, Georgia Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gluch Enterprise Zone Project)<br> 144A 6.09% 12/15/48 #, ~ | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2173775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore, Maryland Special Obligation Subordinate<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Harbor Point Project)<br> 5.00% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 945010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lancer Plaza Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;3765000 | &nbsp;&nbsp;&nbsp;&nbsp; 3769857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Falls, Idaho Annual Appropriation Certificates of<br> Participation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/51 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4643050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles County, California Public Works<br> Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LACMA Building for the Permanent Collection Project)<br> Series A 3.00% 12/1/50 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7700330 |
| &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 A 0.653% 12/15/56 ^ | &nbsp;&nbsp;&nbsp;&nbsp;6110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;5305000 | &nbsp;&nbsp;&nbsp;&nbsp; 4288297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 1.407% 12/15/54 ^ | 16210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3124640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.952% 12/15/54 (BAM) ^ | &nbsp;&nbsp;&nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp; 707353 |

---

NQ- VQ [0525] 0725 (4640150) 35

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Silverado Project)<br> 144A 5.00% 12/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;$1993000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB 3.00% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;7265000 | &nbsp;&nbsp;&nbsp;&nbsp; 5089496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 4.125% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4308950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Program)<br> Series BB 4.00% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;5925000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation System)<br> Series A 4.991% 12/15/39 ^ | &nbsp;&nbsp;&nbsp;&nbsp;5290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700809 |
| &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 Project)<br> Series A 3.00% 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Class 1 - 3 World Trade Center Project)<br> 144A 5.00% 11/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6808620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Class 3 - 3 World Trade Center Project)<br> 144A 7.25% 11/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7253988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 3.00% 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3508850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Industrial Development Authority<br> Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 944310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis, Missouri Municipal Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Capital Improvement Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.43% 7/15/36 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.44% 7/15/37 (AG) ^ | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2294240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Missouri Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Markets At Olive Project)<br> Series A 5.50% 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898240 |
|  |  | &nbsp;&nbsp;&nbsp; 78898880 |
| &nbsp;&nbsp;Local General Obligation Bonds — 3.96% | &nbsp;&nbsp;Local General Obligation Bonds — 3.96% | &nbsp;&nbsp;Local General Obligation Bonds — 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams County, Colorado Parterre Metropolitan<br> District No 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.875% 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1778544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;9785000 | &nbsp;&nbsp;&nbsp;&nbsp; 8878322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.875% 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8317600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 12/1/49 | 13820000 | &nbsp;&nbsp;&nbsp;&nbsp; 14438722 |

---

36 NQ- VQ [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;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;Chicago, Illinois Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.00% 12/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;$2573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3951495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;4295000 | &nbsp;&nbsp;&nbsp;&nbsp; 3983097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4710611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H 5.00% 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3847327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2740757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp; 754492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chicago Recovery Plan)<br> Series A 5.00% 1/1/44 | 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 11573529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Horace |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1426560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfield, Alabama General Obligation Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;8485000 | &nbsp;&nbsp;&nbsp;&nbsp; 7636500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Bend, Texas Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A 5.00% 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grapevine Wash Local District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grapevine Wash Assessment Area No.1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 6.00% 3/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 931990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 144A 5.25% 12/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Golf and Equestrian Center Public<br> Infrastructure District, Utah |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 6/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6014925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 12/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4781424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Easton Park Project)<br> 144A 5.625% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire, National Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tamarron Project, Fort Bend County, Texas)<br> 144A 5.25% 12/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;5825000 | &nbsp;&nbsp;&nbsp;&nbsp; 5793195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No. 3, Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.875% 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Two Step Project)<br> 144A 5.70% 12/15/34 #, ^ | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve, Colorado Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 840020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Riverdale, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;6690000 | &nbsp;&nbsp;&nbsp;&nbsp; 6702912 |

---

NQ- VQ [0525] 0725 (4640150) 37

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nolina & Sorella Projects)<br> 144A 5.50% 12/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;3437314 | &nbsp;&nbsp;$3326357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Waterstone Project)<br> 144A 5.50% 12/15/38 # | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9849900 |
|  |  | &nbsp;&nbsp;&nbsp; 134702122 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.02% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.02% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blythe Township, Pennsylvania Solid Waste Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 12/1/37-27 (AMT) § | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2827838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspire Public Schools-Obligated Group)<br> 144A 5.00% 8/1/41-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Escuela Popular Project)<br> 144A 6.50% 7/1/50-27 #, § | &nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1697023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decatur County, Texas Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wise Regional Health System)<br> Series C 4.00% 9/1/44-31 § | &nbsp;&nbsp;&nbsp;&nbsp;2036000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125808 |
| &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 § | 10625000 | &nbsp;&nbsp;&nbsp;&nbsp; 11951319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Program)<br> Series CC 5.50% 6/15/50-32 § | &nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4952567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority Special Project System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 7.00% 9/1/43-31 §, ~ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5951050 |
| &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)<br> Series A 4.00% 5/1/49-29 (AMT) § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55281 |
| &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;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heron's Key)<br> Series A 144A 7.00% 7/1/50-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;3625000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634135 |
|  |  | &nbsp;&nbsp;&nbsp; 34828083 |

---

38 NQ- VQ [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 Bonds — 0.22% | &nbsp;&nbsp;Resource Recovery Revenue Bonds — 0.22% | &nbsp;&nbsp;Resource Recovery Revenue Bonds — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazoria County, Texas Industrial Development Solid<br> Waste Disposal Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aleon Renewable Metals, LLC Project)<br> 144A 10.00% 6/1/42 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;$2550000 |
| &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;7990000 | &nbsp;&nbsp;&nbsp;&nbsp; 5082199 |
|  |  | &nbsp;&nbsp;&nbsp; 7632199 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 13.89% | &nbsp;&nbsp;Special Tax Revenue Bonds — 13.89% | &nbsp;&nbsp;Special Tax Revenue Bonds — 13.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 12/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 12/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;8750000 | &nbsp;&nbsp;&nbsp;&nbsp; 8788062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown, Pennsylvania Neighborhood Improvement<br> Zone Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(City Center Refunding Project)<br> 144A 5.00% 5/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;5355000 | &nbsp;&nbsp;&nbsp;&nbsp; 5163077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Waterfront - 30 E. Allen Street Project)<br> Series A 144A 5.25% 5/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Springs Public Infrastructure District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Arrowhead Springs Assessment Area)<br> 144A 5.625% 12/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3091616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta, Georgia Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westside Gulch Area Project)<br> Series A-2 144A 5.50% 4/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District, Utah<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Black Desert Assessment Area)<br> 144A 5.625% 12/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4915450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Rock Mountain Resort Public Infrastructure<br> District Special Assessment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Black Rock Mountain Resort Assessment Area)<br> 144A 5.875% 12/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8013600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branson, Missouri Industrial Development Authority<br> Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Branson Shoppes Redevelopment Project)<br> Series A 3.90% 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 226799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quilici Ranch)<br> 5.125% 6/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 937160 |

---

NQ- VQ [0525] 0725 (4640150) 39

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Celebration Pointe, Florida Community Development<br> District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 5/1/45 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2460000 | &nbsp;&nbsp;$1968000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Hill, Virginia Community Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Potomac Shores Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.15% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.40% 3/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Kansas, Missouri Tax Increment Financing<br> Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brywood Centre Project)<br> Series A 8.00% 4/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Newport Beach, California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rancho, Mirage Community Facilities District<br> No. 5 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378272 |
| &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 ^ | 12095000 | &nbsp;&nbsp;&nbsp;&nbsp; 2555069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.747% 11/1/51 • | 23410581 | &nbsp;&nbsp;&nbsp;&nbsp; 14368244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.113% 11/1/43 • | 69479474 | &nbsp;&nbsp;&nbsp;&nbsp; 41774534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 2.41% 11/1/51 • | 17208390 | &nbsp;&nbsp;&nbsp;&nbsp; 8883831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conley, Missouri Road Transportation Development<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;6655000 | &nbsp;&nbsp;&nbsp;&nbsp; 6563228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creekwalk Marketplace Business Improvement<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In The City Of Colorado Springs)<br> Series A 6.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5465701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain, Colorado Urban Renewal Authority,<br> Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(South Academy Highlands Project)<br> Series A 5.50% 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3559875 |
| &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 | 71361104 | &nbsp;&nbsp;&nbsp;&nbsp; 68577307 |

---

40 NQ- VQ [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;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;Glen Cove, New York Local Economic Assistance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Garvies Point Public Improvement Project)<br> Series A 5.00% 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;$1570020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandview, Missouri Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grandview Crossing Project)<br> 5.75% 12/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson, Nevada Local Improvement Districts<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Black Mountain Ranch) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 245009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp; 546081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 387404 |
| &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;(Convention Center Hotel Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 6.00% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3109050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 6.125% 3/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3373597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Historic Northeast Redevelopment Plan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1743638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 144A 5.00% 6/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeside 370 Levee District, Missouri Subdistrict B<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-B 0.00% 4/1/55 ^^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625611 | &nbsp;&nbsp;&nbsp;&nbsp; 563050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, Nevada Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Villages At Tule Springs Village 1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 6/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 743958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, Nevada Special Improvement District No.<br> 817 Local Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Summerlin Village 29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 390413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028060 |

---

NQ- VQ [0525] 0725 (4640150) 41

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Lees Summit, Missouri Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kensington Farms Improvement Project)<br> 5.75% 3/1/29 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1480679 | &nbsp;&nbsp;$814373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marquis Community Development Authority of York<br> County Virginia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.625% 9/1/41 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2779000 | &nbsp;&nbsp;&nbsp;&nbsp; 917070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds)<br> Series C 0.00% 9/1/41 ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convertible Capital Appreciation Bonds)<br> 144A 7.50% 9/1/45 #, ‡, φ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp;&nbsp;&nbsp; 283470 |
| &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;8945000 | &nbsp;&nbsp;&nbsp;&nbsp; 8587200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Mountain Village Public Infrastructure District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 144A 5.125% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2791500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2 144A 6.00% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;4410000 | &nbsp;&nbsp;&nbsp;&nbsp; 4433020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midtown Miami, Florida Community Development<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parking Garage Project)<br> Series A 5.00% 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile, Alabama Improvement District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(McGowin Park Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monongalia County, West Virginia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Development District No. 4 – University Town Centre) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp; 841377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.75% 6/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1351110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352754 |
| &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;(Subordinate Bonds)<br> Series A-3 3.00% 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2945560 |
| &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 3.00% 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3479150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/15/50 | 10810000 | &nbsp;&nbsp;&nbsp;&nbsp; 7477169 |

---

42 NQ- VQ [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;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 State Urban Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 3.00% 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;$1729225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Triborough Bridge & Tunnel Authority<br> Payroll Mobility Tax Senior Lien Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MTA Bridges and Tunnels)<br> Series C-3 3.00% 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5970910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Infrastructure Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hickory Chase Project)<br> Senior Series A 144A 5.00% 12/1/40 # | &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1226261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County, Oklahoma Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Astec Project)<br> 144A 6.25% 6/15/54 # | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County, California Community Facilities<br> District No. 2023-1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rienda Phase 2B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 8/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No. 3, Colorado<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/41 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927620 |
| &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 | 40908000 | &nbsp;&nbsp;&nbsp;&nbsp; 37463137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 24433000 | &nbsp;&nbsp;&nbsp;&nbsp; 22956025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.831% 7/1/46 ^ | 104102000 | &nbsp;&nbsp;&nbsp;&nbsp; 33419865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.915% 7/1/51 ^ | 143746000 | &nbsp;&nbsp;&nbsp;&nbsp; 33934118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;1022000 | &nbsp;&nbsp;&nbsp;&nbsp; 885604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.784% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;9355000 | &nbsp;&nbsp;&nbsp;&nbsp; 8386758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 4.75% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5619000 | &nbsp;&nbsp;&nbsp;&nbsp; 5145824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richmond Heights, Missouri Tax Increment &<br> Transaction Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Francis Place Redevelopment Project)<br> 5.625% 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Buenaventura, California Redevelopment Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Merged San Buenaventura Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 727683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505280 |

---

NQ- VQ [0525] 0725 (4640150) 43

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;St. Louis County, Missouri Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Manchester Ballas Community) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 9/1/38 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;$876375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 9/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 3322007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch, Colorado Community Authority Board<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Canyon, Missouri Community Improvement<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Public Infrastructure Improvement Project)<br> 5.75% 4/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Bridgeville, Delaware Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heritage Shores Special Development District) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 867650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 7/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1534299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve, Colorado Metropolitan District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;4365000 | &nbsp;&nbsp;&nbsp;&nbsp; 4387829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4019800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No. 15,<br> Florida Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 5/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3417820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Frenchman's Reef Hotel Development Project)<br> Series A 144A 6.00% 4/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whiting Redevelopment District, Indiana Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2601456 |
| &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;2535000 | &nbsp;&nbsp;&nbsp;&nbsp; 2537890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(McLemore Hotel & Conference Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.50% 6/1/56 # | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9490000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 6.50% 6/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Miami Worldcenter Project)<br> Series A 144A 5.00% 6/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9355315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Kansas Unified Government<br> Special Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sales Tax Vacation Village Project)<br> Series A 6.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;4965000 | &nbsp;&nbsp;&nbsp;&nbsp; 4324167 |

---

44 NQ- VQ [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;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;Wyandotte County, Kansas Unified Government<br> Special Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wyandotte Plaza Redevelopment Project)<br> 5.00% 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2920000 | &nbsp;&nbsp;$2753706 |
|  |  | &nbsp;&nbsp;&nbsp; 472859523 |
| &nbsp;&nbsp;State General Obligation Bonds — 4.37% | &nbsp;&nbsp;State General Obligation Bonds — 4.37% | &nbsp;&nbsp;State General Obligation Bonds — 4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4112937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 2.75% 3/1/50 | 18225000 | &nbsp;&nbsp;&nbsp;&nbsp; 12066226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 4.00% 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5057950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico 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 4.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;4913928 | &nbsp;&nbsp;&nbsp;&nbsp; 4541895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/41 | 29273237 | &nbsp;&nbsp;&nbsp;&nbsp; 25099166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | 80775861 | &nbsp;&nbsp;&nbsp;&nbsp; 66436530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6281280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9947932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.00% 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 355532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2544895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 833370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4746648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COVID-19 General Obligation Emergency Bonds)<br> Series A 4.00% 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2188534 |
|  |  | &nbsp;&nbsp;&nbsp; 148713998 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 8.46% | &nbsp;&nbsp;Transportation Revenue Bonds — 8.46% | &nbsp;&nbsp;Transportation Revenue Bonds — 8.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County, Pennsylvania Airport Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pittsburgh International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/48 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5184250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/53 (AG) (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;6770000 | &nbsp;&nbsp;&nbsp;&nbsp; 6993816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TRIPS Obligated Group)<br> 5.50% 7/1/55 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4041880 |

---

NQ- VQ [0525] 0725 (4640150) 45

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;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% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;$6092700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Senior Lien<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LINXS APM Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/31/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6227775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/31/43 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority Senior Lien<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81% 1/1/36 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1598975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85% 1/1/40 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967060 |
| &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;City of Los Angeles, California Department of Airports<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Los Angeles International Airport)<br> Series F 3.00% 5/15/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U.S. 36 & I-25 Managed Lanes)<br> 5.75% 1/1/44 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3251560 |
| &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) #, • | 35285000 | &nbsp;&nbsp;&nbsp;&nbsp; 36638886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Parkway, Texas Transportation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First Tier)<br> 3.00% 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas State Department of Transportation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104888 |
| &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;5155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5217066 |
| &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;8885000 | &nbsp;&nbsp;&nbsp;&nbsp; 9030003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Nashville Airport Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/1/52 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547910 |

---

46 NQ- VQ [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;Miami-Dade County, Florida Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 10/1/55 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;$3062640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Repauno Port & Rail Terminal Project)<br> 144A 6.625% 1/1/45 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Climate Bond Certified - Green Bonds)<br> Subordinate Series C-1 5.25% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5075250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development 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) | 17980000 | &nbsp;&nbsp;&nbsp;&nbsp; 18067563 |
| &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 New Terminal One Project-Green Bonds)<br> 5.375% 6/30/60 (AMT) | 24500000 | &nbsp;&nbsp;&nbsp;&nbsp; 24389750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special<br> Facility Revenue |  |  |
| &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;3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3615544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/54 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8071120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/60 (AMT) | 17095000 | &nbsp;&nbsp;&nbsp;&nbsp; 17123378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/30/54 (AMT) | 20220000 | &nbsp;&nbsp;&nbsp;&nbsp; 21211184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Terminal 4 John F. Kennedy International Airport Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/38 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/41 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4920000 | &nbsp;&nbsp;&nbsp;&nbsp; 4950012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Triangle Expressway System)<br> Series C 4.97% 7/1/41 ^ | &nbsp;&nbsp;&nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1790547 |
| &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 | 16240000 | &nbsp;&nbsp;&nbsp;&nbsp; 17280984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series B 3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Civic Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30064 |

---

NQ- VQ [0525] 0725 (4640150) 47

------

Schedule of investments

Macquarie National High-Yield Municipal Bond 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;Phoenix, Arizona Civic Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.25% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp;$1128946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaquemines, Louisiana Port Harbor & Terminal<br> District Dock & Warf Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nola Terminal LLC Project)<br> Series A 144A 9.00% 12/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4232250 |
| &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 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2466540 |
| &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)<br> Series A 4.00% 5/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4945000 | &nbsp;&nbsp;&nbsp;&nbsp; 4231536 |
| &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) | 12290000 | &nbsp;&nbsp;&nbsp;&nbsp; 12598848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NTE Mobility Partners Segments 3 LLC Segment 3C Project)<br> 5.00% 6/30/58 (AMT) | 18280000 | &nbsp;&nbsp;&nbsp;&nbsp; 17418463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Airlines, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 12/1/35 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4376760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 12/1/40 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transform 66-33 Project)<br> 5.00% 12/31/52 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3840000 | &nbsp;&nbsp;&nbsp;&nbsp; 3585024 |
|  |  | &nbsp;&nbsp;&nbsp; 287940586 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.98% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.98% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 184577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5227450 |
| &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 | 17200000 | &nbsp;&nbsp;&nbsp;&nbsp; 17632236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries AA-1 3.50% 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3926950 |

---

48 NQ- VQ [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;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;New York City Municipal Water Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries BB-1 3.00% 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;8750000 | &nbsp;&nbsp;$6534763 |
|  |  | &nbsp;&nbsp;&nbsp; 33536546 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $3,604,552,931)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $3,604,552,931)** | &nbsp;&nbsp;&nbsp;**3352422048** |
| &nbsp;&nbsp;**Short-Term Investments — 1.02%** | &nbsp;&nbsp;**Short-Term Investments — 1.02%** | &nbsp;&nbsp;**Short-Term Investments — 1.02%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 1.02% | &nbsp;&nbsp;Variable Rate Demand Notes — 1.02% | &nbsp;&nbsp;Variable Rate Demand Notes — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Health System Project) Series D 3.00% 3/1/60<br> (LOC - TD Bank, N.A.)¤ | 14200000 | &nbsp;&nbsp;&nbsp;&nbsp; 14200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second General Resolution) Series DD-1 3.00% 6/15/43<br> (SPA - TD Bank, N.A.)¤ | 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Facilities Authority Refunding Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PeaceHealth) Series B 2.90% 8/1/34<br> (LOC - TD Bank, N.A.)¤ | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $34,700,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $34,700,000)** | &nbsp;&nbsp;&nbsp; **34700000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.47%<br> (cost $3,639,252,931)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3387122048** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.53%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **18079328** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 349,088,674 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$3405201376** |

---

---

| |
|:---|
| Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $1,095,353,776, which represents 32.17% of the Fund's net assets. |
| 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. |
| Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| Non-income producing security. Security is currently in default. |

---

NQ- VQ [0525] 0725 (4640150) 49

------

Schedule of investments

Macquarie National High-Yield Municipal Bond Fund

---

| | |
|:---|:---|
| • | 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. |
| ♦ | 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. |
| ^^ | Represents a security with a settlement after May 31, 2025, at which time the interest rate will be reflected. |
| φ | Step coupon bond. Stated rate in effect at May 31, 2025 through maturity date. |
| ¤ | 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. |
| AICUP – Association of Independent Colleges & Universities of Pennsylvania |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| ICEF – Inner City Education Foundation |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |

---

50 NQ- VQ [0525] 0725 (4640150)

------

---

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

---

NQ- VQ [0525] 0725 (4640150) 51

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Voyageur Mutual Funds

- **b. Investment Company Act file number:** 811-07742

- **c. CIK number of Registrant:** 0000906236

- **d. LEI of Registrant:** 549300D8BQFTKREY6O09

- **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 National High-Yield Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002413

- **c. LEI of Series:** ET5IJC44CN0U3ZJ5G571

**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:** $3450594407.11

**Total Liabilities:** $43586828.10

**Net Assets:** $3407007579.01

**Delayed Delivery Securities:** $11145282.00

**Cash Not Reported:** $1373595.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1505.95470000 | **1-Year:** 19572.29499000 | **5-Year:** 229184.46633000 | **10-Year:** 2103588.43880000 | **30-Year:** 755225.01464000

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

- **3-Month:** 291.71531000 | **1-Year:** 3041.56791000 | **5-Year:** 41972.17620000 | **10-Year:** 496278.54879000 | **30-Year:** 141120.69968000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006412 | -2.44%               | -1.92%               | -0.62%               |
| Class ID C000006414 | -2.49%               | -2.08%               | -0.58%               |
| Class ID C000074152 | -2.39%               | -1.98%               | -0.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1018182.26             | $-104229492.57                             |
| Month 2  | $-18743611.11            | $-68739512.48                              |
| Month 3  | $-26426915.24            | $-6116314.84                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041806F21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $468858.00    | 0.01%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT | Aerotropolis Regional Transportation Authority                                   | CUSIP: 008051AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1977000.00   | 0.06%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE      | City of Chicago IL                                                               | CUSIP: 167570TL4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $5005444.00   | 0.15%             | 2043-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BTD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925280.00    | 0.03%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MUQ8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3035880.00   | 0.09%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $707353.50    | 0.02%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE       | Iowa Finance Authority                                                           | CUSIP: 46246K2S0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2383847.75   | 0.07%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK | Port of Beaumont Navigation District                                             | CUSIP: 73360CAR5<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863760.00   | 0.05%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VYB4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1318770.00   | 0.04%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  95170000 | PA      | $24162711.30  | 0.71%             | 2047-06-01      | None          | 0.00%                 | 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        |  12290000 | PA      | $12598847.70  | 0.37%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR HOSP AUTH      | Yamhill County Hospital Authority                                                | CUSIP: 98464UAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1268816.00   | 0.04%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN | CSCDA Community Improvement Authority                                            | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $547553.50    | 0.02%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EGJ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600000.00    | 0.02%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1672825.50   | 0.05%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2848256.00   | 0.08%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL  | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CBZ2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1396892.15   | 0.04%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5163076.80   | 0.15%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | City of Kalispell MT                                                             | CUSIP: 48342YAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $4699898.80   | 0.14%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225EA0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1745225.00   | 0.05%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                                         | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6540000 | PA      | $196200.00    | 0.01%             | 2051-07-01      | Fixed         | 6.00%                 | 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        | 322800000 | PA      | $13128276.00  | 0.39%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BTE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1311761.20   | 0.04%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DECATUR TX HOSP AUTH           | Decatur Hospital Authority                                                       | CUSIP: 243323CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2036000 | PA      | $2125807.96   | 0.06%             | 2044-09-01      | Fixed         | 4.00%                 | 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        |   7770000 | PA      | $8284529.40   | 0.24%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN COMMERCIAL & INDL DE | Allentown Commercial and Industrial Development Authority                        | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5393340.00   | 0.16%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1466083.00   | 0.04%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                                | CUSIP: 451295YW3<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    455000 | PA      | $411406.45    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445NW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2044765.20   | 0.06%             | 2049-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $12600.00     | 0.00%             | 2026-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN COMMERCIAL & INDL DE | Allentown Commercial and Industrial Development Authority                        | CUSIP: 01843AAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920900.00    | 0.03%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD | Michigan Strategic Fund                                                          | CUSIP: 594698KV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1890414.50   | 0.06%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FTJ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $342535.00    | 0.01%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | City of Kalispell MT                                                             | CUSIP: 48342YAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1359979.75   | 0.04%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TSY0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $997046.40    | 0.03%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152A50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1200210.20   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI FL CDD SPL ASSMN | Midtown Miami Community Development District                                     | CUSIP: 59807PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499990.00    | 0.01%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1125000.00   | 0.03%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $807312.00    | 0.02%             | 2060-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MBU9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1663015.00   | 0.05%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1901900.00   | 0.06%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4746648.00   | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT  | City of North Las Vegas NV                                                       | CUSIP: 66041HHM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $743957.60    | 0.02%             | 2037-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4952567.50   | 0.15%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017710.00   | 0.03%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT | Indiana Housing & Community Development Authority                                | CUSIP: 45505TR78<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514235.00   | 0.04%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH DO | New Jersey Economic Development Authority                                        | CUSIP: 64578TAB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071050.00   | 0.15%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                           | CUSIP: 13048DBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922800.00    | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK | Port of Beaumont Navigation District                                             | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1894880.00   | 0.06%             | 2044-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                           | CUSIP: 13048DBR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $1932087.30   | 0.06%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1227984.55   | 0.04%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10665000 | PA      | $8407859.40   | 0.25%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $660482.35    | 0.02%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921330.00    | 0.03%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  17208390 | PA      | $8883831.32   | 0.26%             | 2051-11-01      | Variable      | 0.01%                 | 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        |   2135000 | PA      | $2099494.95   | 0.06%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $3878605.00   | 0.11%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT | Port of Greater Cincinnati Development Authority                                 | CUSIP: 73421NAD9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389495.00   | 0.04%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER MD PROJ REVENUE    | City of Westminster MD                                                           | CUSIP: 960735AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749962.50    | 0.02%             | 2039-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POOLED CHRT | Public Finance Authority                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12372573 | PA      | $12402267.32  | 0.36%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH REVEN | Fayette County Development Authority                                             | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012720.00   | 0.06%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH | Virgin Islands Public Finance Authority                                          | CUSIP: 927677AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2980230.00   | 0.09%             | 2053-04-01      | Fixed         | 6.00%                 | 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        |   8770000 | PA      | $1466957.90   | 0.04%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP   | St Louis Municipal Finance Corp                                                  | CUSIP: 79165TPN5<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1370430.00   | 0.04%             | 2036-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER MD PROJ REVENUE    | City of Westminster MD                                                           | CUSIP: 960735AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2454825.00   | 0.07%             | 2044-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLBY KS HOSP LOAN ANTICIPATIO | City of Colby KS                                                                 | CUSIP: 19277TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9015210.00   | 0.26%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20220000 | PA      | $21211184.40  | 0.62%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3821560.00   | 0.11%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance                                   | CUSIP: 419800PV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1368735.00   | 0.04%             | 2043-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610RCE2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    850000 | PA      | $806922.00    | 0.02%             | 2039-01-01      | Fixed         | 5.38%                 | 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        |   4850000 | PA      | $4827302.00   | 0.14%             | 2045-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F | Capital Trust Agency Inc                                                         | CUSIP: 14054CCV9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3288128.75   | 0.10%             | 2055-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505ZG4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  13820000 | PA      | $14438721.40  | 0.42%             | 2049-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1011681.90   | 0.03%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT | Port of Greater Cincinnati Development Authority                                 | CUSIP: 73421NAC1<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955890.00    | 0.03%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HLTH FACS DEV CO | Bexar County Health Facilities Development Corp                                  | CUSIP: 088354GL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $516643.25    | 0.02%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH        | Doylestown Hospital Authority                                                    | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1664460.00   | 0.05%             | 2039-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | City of Kalispell MT                                                             | CUSIP: 48342YAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $443934.90    | 0.01%             | 2032-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWB1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55280.50     | 0.00%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH  | Henrico County Economic Development Authority                                    | CUSIP: 42605QHM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2183540.80   | 0.06%             | 2047-10-01      | 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        |   3515000 | PA      | $677024.15    | 0.02%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8317600.00   | 0.24%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                     | CUSIP: 012432EA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1166064.00   | 0.03%             | 2054-06-01      | Fixed         | 4.75%                 | 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        |  14090000 | PA      | $11651866.40  | 0.34%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959730.00    | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712D3Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1440260.40   | 0.04%             | 2053-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1128945.55   | 0.03%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5825000 | PA      | $5793195.50   | 0.17%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QUL5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5130900.00   | 0.15%             | 2051-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                           | CUSIP: 65821DWL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3729250.00   | 0.11%             | 2049-11-01      | Fixed         | 3.12%                 | 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        |   5150000 | PA      | $5367845.00   | 0.16%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BURBANK IL EDUCTNL FACS REVENU | City of Burbank IL                                                               | CUSIP: 12083CAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3844920.00   | 0.11%             | 2045-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5144100.00   | 0.15%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FSQ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121920.00   | 0.09%             | 2058-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP   | St Louis Municipal Finance Corp                                                  | CUSIP: 79165TPP0<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2294240.00   | 0.07%             | 2037-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                      | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1926952.90   | 0.06%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6227775.00   | 0.18%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TFZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1299742.50   | 0.04%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $5482562.50   | 0.16%             | 2050-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNIV OF VIRGINIA VA UNIV REVEN | University of Virginia                                                           | CUSIP: 915217WF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8347200.00   | 0.25%             | 2045-04-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH  | Sierra Vista Industrial Development Authority                                    | CUSIP: 82652UBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3380976.00   | 0.10%             | 2064-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WARREN ACADEMY MICH PUB SCH    | Academy of Warren                                                                | CUSIP: 93466RAH5<br>LEI: 5493008UDWQ0IPXN1T25 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1602610.20   | 0.05%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4010120.00   | 0.12%             | 2052-07-01      | Fixed         | 5.80%                 | 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        |   5800000 | PA      | $3771798.00   | 0.11%             | 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        |   6635000 | PA      | $1022055.40   | 0.03%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                     | CUSIP: 012432EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1490576.00   | 0.04%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EDY3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $326223.00    | 0.01%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4781424.00   | 0.14%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  23410581 | PA      | $14368244.01  | 0.42%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| WHITING IN REDEV DIST TAX INCR | Whiting Redevelopment District                                                   | CUSIP: 966348AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2601456.00   | 0.08%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOPEKA KS HLTH CARE FACS REVEN | City of Topeka KS                                                                | CUSIP: 890585BT8<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518465.00   | 0.04%             | 2042-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1948254.00   | 0.06%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                 | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $52.50        | 0.00%             | 2039-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                           | CUSIP: 13080SM84<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026220.00   | 0.06%             | 2057-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH CMWLT | Virginia Housing Development Authority                                           | CUSIP: 92812UU63<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3555405.00   | 0.10%             | 2053-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $189000.00    | 0.01%             | 2051-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                                | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |  14200000 | PA      | $14200000.00  | 0.42%             | 2060-03-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   8885000 | PA      | $9030003.20   | 0.27%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA INDL DEV A | Northampton County Industrial Development Authority                              | CUSIP: 663549NU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1550284.50   | 0.05%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH        | Doylestown Hospital Authority                                                    | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571895.00   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL  | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XDA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4870600.00   | 0.14%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                        | CUSIP: 95737TEU6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3695205.00   | 0.11%             | 2056-07-01      | 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        |   3650000 | PA      | $3615544.00   | 0.11%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CZ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  16210000 | PA      | $3124639.60   | 0.09%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TOPEKA KS HLTH CARE FACS REVEN | City of Topeka KS                                                                | CUSIP: 890585BU5<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010040.00   | 0.06%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EDZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473525.00    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610RCD4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    600000 | PA      | $594780.00    | 0.02%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH            | Atlanta Development Authority/The                                                | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2173775.00   | 0.06%             | 2048-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                 | CUSIP: 650028XK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3508850.00   | 0.10%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3073260.00   | 0.09%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1390890.00   | 0.04%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4950012.00   | 0.15%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH  | Orange County Health Facilities Authority                                        | CUSIP: 68450LJT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1639053.00   | 0.05%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                        | CUSIP: 378286HY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $858021.00    | 0.03%             | 2036-11-15      | 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        |   4975000 | PA      | $3084052.25   | 0.09%             | 2051-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & EC | California Infrastructure & Economic Development Bank                            | CUSIP: 13035CAB1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1361745.00   | 0.04%             | 2054-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989180.00   | 0.06%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST # | City of Las Vegas NV Special Improvement District No 817                         | CUSIP: 51779BAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516030.00    | 0.02%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & EC | California Infrastructure & Economic Development Bank                            | CUSIP: 13035CAA3<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1956843.00   | 0.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH CHRT SCH R | Oregon State Facilities Authority                                                | CUSIP: 68607AAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488065.00    | 0.01%             | 2055-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3774360.00   | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3460034.60   | 0.10%             | 2045-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H | Illinois Finance Authority                                                       | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3386328.40   | 0.10%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5619000 | PA      | $5145824.01   | 0.15%             | 2053-07-01      | Fixed         | 4.75%                 | 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        |  13060000 | PA      | $10678247.80  | 0.31%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT | Aerotropolis Regional Transportation Authority                                   | CUSIP: 008051AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8788062.50   | 0.26%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH            | Atlanta Development Authority/The                                                | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031800.00   | 0.15%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POTTSBORO TX HGR EDU FIN CORP  | Pottsboro Higher Education Finance Corp                                          | CUSIP: 738222AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $735943.80    | 0.02%             | 2036-08-15      | Fixed         | 5.00%                 | 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        |  10495000 | PA      | $3148500.00   | 0.09%             | 2053-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE  | County of Cuyahoga OH                                                            | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3912720.00   | 0.11%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                            | CUSIP: 790103AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1734368.90   | 0.05%             | 2040-12-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH CHRT SCH R | Oregon State Facilities Authority                                                | CUSIP: 68607AAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1234861.25   | 0.04%             | 2065-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC | Capital Trust Authority                                                          | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $6934785.00   | 0.20%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1379700.00   | 0.04%             | 2064-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE  | County of Cuyahoga OH                                                            | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4930000 | PA      | $4783283.20   | 0.14%             | 2057-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UPPER DAUPHIN PA INDL DEV AUTH | Upper Dauphin Industrial Development Authority                                   | CUSIP: 915691AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2321448.00   | 0.07%             | 2057-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                             | CUSIP: 400653KD2<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141459.75    | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRE HAUTE IN REVENUE         | City of Terre Haute IN                                                           | CUSIP: 881093AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3192320.00   | 0.09%             | 2039-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                            | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063850.00   | 0.03%             | 2038-06-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTE7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $477630.00    | 0.01%             | 2040-05-01      | Fixed         | 5.50%                 | 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        |    760000 | PA      | $417050.00    | 0.01%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV  | Oregon Health & Science University                                               | CUSIP: 685869HG7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3410950.00   | 0.10%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  29273237 | PA      | $25099166.14  | 0.74%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S ESTRN OH PORT AUTH HOSP FACS | Southeastern Ohio Port Authority                                                 | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $683541.60    | 0.02%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 34062AAC5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1519008.00   | 0.04%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XLN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2945560.00   | 0.09%             | 2045-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & EC | California Infrastructure & Economic Development Bank                            | CUSIP: 13035CAC9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1806900.00   | 0.05%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888420.00    | 0.03%             | 2059-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU | Montgomery County Industrial Development Authority/PA                            | CUSIP: 613609G75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1738760.00   | 0.05%             | 2051-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HLTH FACS DEV CO | Bexar County Health Facilities Development Corp                                  | CUSIP: 088354FM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $4922505.90   | 0.14%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399SE7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212100.00   | 0.15%             | 2059-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL VA CMNTY DEV AUTHS | Cherry Hill Community Development Authority                                      | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000660.00   | 0.06%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BRANSON MO INDL DEV AUTH TAX I | Branson Industrial Development Authority                                         | CUSIP: 10544RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $226798.50    | 0.01%             | 2029-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SAN BUENAVENTURA CA REDEV AGY  | San Buenaventura Redevelopment Agency                                            | CUSIP: 797048BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505280.00   | 0.04%             | 2038-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $707272.50    | 0.02%             | 2044-07-01      | Fixed         | 5.25%                 | 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        |   4810000 | PA      | $3945065.80   | 0.12%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARROWHEAD SPRINGS PUBLIC INFRA | Arrowhead Springs Public Infrastructure District                                 | CUSIP: 04280BAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3091616.00   | 0.09%             | 2054-12-01      | Fixed         | 5.62%                 | 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        |  17980000 | PA      | $18067562.60  | 0.53%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RTT8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506150.00   | 0.07%             | 2048-08-01      | Fixed         | 7.45%                 | 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        |  21330000 | PA      | $639900.00    | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | Empire State Development Corp                                                    | CUSIP: 650036DQ6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1729225.00   | 0.05%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTF4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2399224.30   | 0.07%             | 2050-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DZ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  24400000 | PA      | $24845300.00  | 0.73%             | 2057-07-01      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399SD9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3635170.00   | 0.11%             | 2054-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| S ESTRN OH PORT AUTH HOSP FACS | Southeastern Ohio Port Authority                                                 | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1128575.00   | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573000.00   | 0.08%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RICHMOND HEIGHTS MO TAX INCR A | City of Richmond Heights MO                                                      | CUSIP: 764709AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300360.00    | 0.01%             | 2025-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4913928 | PA      | $4541894.51   | 0.13%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 34062AAD3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2828910.00   | 0.08%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENT CNTY DE STUDENT HSG & DIN | County of Kent DE                                                                | CUSIP: 490237AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126587.50   | 0.03%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST # | City of Las Vegas NV Special Improvement District No 817                         | CUSIP: 51779BAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $390412.50    | 0.01%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                                             | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500825.00   | 0.07%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL VA CMNTY DEV AUTHS | Cherry Hill Community Development Authority                                      | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000890.00   | 0.03%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $411697.40    | 0.01%             | 2044-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FBK6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2077099.20   | 0.06%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MDS2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2569074.00   | 0.08%             | 2053-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM | Nassau County Tobacco Settlement Corp                                            | CUSIP: 63166MCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8400500.00   | 0.25%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PLR4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2368650 | PA      | $2105185.06   | 0.06%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2494451.85   | 0.07%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396JY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955030.00    | 0.03%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000860.00   | 0.06%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505PL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   9785000 | PA      | $8878321.90   | 0.26%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $175000.00    | 0.01%             | 2036-07-01      | 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        | 143746000 | PA      | $33934118.22  | 1.00%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BTA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1071760.30   | 0.03%             | 2058-07-01      | Fixed         | 5.50%                 | 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        | 104102000 | PA      | $33419865.06  | 0.98%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17095000 | PA      | $17123377.70  | 0.50%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PLS2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2576272 | PA      | $2189264.42   | 0.06%             | 2048-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $125000.00    | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FBJ9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1405641.00   | 0.04%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN | County of Lake FL                                                                | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1371435.00   | 0.04%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WHF6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5951050.00   | 0.17%             | 2043-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                            | CUSIP: 16876QBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $193093.20    | 0.01%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH EDUCTNL F | Illinois Finance Authority                                                       | CUSIP: 452029AC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675141.75    | 0.02%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT  | Public Finance Authority                                                         | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9355315.00   | 0.27%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH COL | California School Finance Authority                                              | CUSIP: 13059AAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1905850.00   | 0.06%             | 2055-11-01      | Fixed         | 4.00%                 | 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        |   5525000 | PA      | $3031843.75   | 0.09%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8982500.00   | 0.26%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8983900.00   | 0.26%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH              | Finance Authority of Maine                                                       | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10950000 | PA      | $1095000.00   | 0.03%             | 2051-12-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1561825.00   | 0.05%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION  | County of Monongalia WV                                                          | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1352753.65   | 0.04%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1075284.00   | 0.03%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY  | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2753706.00   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FBH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966330.00    | 0.03%             | 2050-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11750000 | PA      | $12088400.00  | 0.35%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                            | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 225000000 | PA      | $13504500.00  | 0.40%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MDT0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2935375.85   | 0.09%             | 2058-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH EDUCTNL F | Illinois Finance Authority                                                       | CUSIP: 452029AD3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1399972.00   | 0.04%             | 2045-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 179085000 | PA      | $44507995.05  | 1.31%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT | Hoover Industrial Development Board                                              | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10250000 | PA      | $10286592.50  | 0.30%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HGR EDU FAC | Public Finance Authority                                                         | CUSIP: 74445FAC8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4145400.00   | 0.12%             | 2039-12-01      | Fixed         | 5.25%                 | 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        |  10000000 | PA      | $10532700.00  | 0.31%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                           | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   6000000 | PA      | $6100560.00   | 0.18%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLYTHE TWP PA SOL WST AUTH REV | Blythe Township Solid Waste Authority                                            | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2827838.00   | 0.08%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN | County of Lake FL                                                                | CUSIP: 50826FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2324975.00   | 0.07%             | 2050-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505TH9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $3983097.10   | 0.12%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS CNTY MO INDL DEV AUTH | St Louis County Industrial Development Authority                                 | CUSIP: 79152TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $876375.50    | 0.03%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION  | County of Monongalia WV                                                          | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1351109.90   | 0.04%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH CHRT SCH LSE  | Oklahoma County Finance Authority                                                | CUSIP: 67868WAB5<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959200.00    | 0.03%             | 2044-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3065920.00   | 0.09%             | 2046-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEXAS CMNTY HSG & ECON DEV COR | Texas Community Housing & Economic Development Corp                              | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6828600.00   | 0.20%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648A5M3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $731868.00    | 0.02%             | 2045-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TQF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $2846038.25   | 0.08%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGSPORT TN INDL DEV BRD EXEM | Industrial Development Board Of The City Of Kingsport Tennessee/The              | CUSIP: 49644AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7459275.00   | 0.22%             | 2054-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $946564.50    | 0.03%             | 2054-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  69479474 | PA      | $41774534.03  | 1.23%             | 2043-11-01      | Variable      | 0.01%                 | 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        |   8615000 | PA      | $4727481.25   | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH  | Sierra Vista Industrial Development Authority                                    | CUSIP: 82652UAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4921565.00   | 0.14%             | 2059-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS CNTY MO INDL DEV AUTH | St Louis County Industrial Development Authority                                 | CUSIP: 79152TAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3322006.80   | 0.10%             | 2045-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH CHRT SCH LSE  | Oklahoma County Finance Authority                                                | CUSIP: 67868WAC3<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431975.00   | 0.04%             | 2054-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UKN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $907618.60    | 0.03%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8071120.00   | 0.24%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION  | County of Monongalia WV                                                          | CUSIP: 61022DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $841377.40    | 0.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU | State of Nevada Department of Business & Industry                                | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9542500.00   | 0.28%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $28203900.00  | 0.83%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  35285000 | PA      | $36638885.45  | 1.08%             | 2032-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP     | Onondaga Civic Development Corp                                                  | CUSIP: 682832KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431605.00    | 0.01%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GCF0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    529150 | PA      | $531610.55    | 0.02%             | 2048-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH COL | California School Finance Authority                                              | CUSIP: 13059AAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2556273.80   | 0.08%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TQG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1493150.40   | 0.04%             | 2062-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648A5L5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $782816.50    | 0.02%             | 2035-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZE7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3926950.00   | 0.12%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH CHRT SCH LSE  | Oklahoma County Finance Authority                                                | CUSIP: 67868WAD1<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2915790.00   | 0.09%             | 2064-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FN27<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3898160.00   | 0.11%             | 2046-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1920040.00   | 0.06%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CELEBRATION POINTE CMNTY DEV D | Celebration Pointe Community Development District No 1                           | CUSIP: 15102HAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $1968000.00   | 0.06%             | 2045-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TP49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460060.00    | 0.01%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                               | CUSIP: 64990BZK2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2670100.00   | 0.08%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RY62<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2817570.00   | 0.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4710611.00   | 0.14%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D7D2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2045040.00   | 0.06%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EJY7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2421168.20   | 0.07%             | 2057-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153CF4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $1943981.25   | 0.06%             | 2041-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBL | Public Finance Authority                                                         | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2537889.90   | 0.07%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV | Ohio Housing Finance Agency                                                      | CUSIP: 676900XN8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3545115.00   | 0.10%             | 2043-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL  | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    375000 | PA      | $356445.00    | 0.01%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GCG8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2888155 | PA      | $488502.54    | 0.01%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN | CSCDA Community Improvement Authority                                            | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1074240.00   | 0.03%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP     | Onondaga Civic Development Corp                                                  | CUSIP: 682832KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1076862.50   | 0.03%             | 2054-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972520.00    | 0.03%             | 2046-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736F69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184577.40    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $3716708.60   | 0.11%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO MIRAGE CA CMNTY FACS DI | Rancho Mirage Community Facilities District                                      | CUSIP: 75213WCN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1378272.00   | 0.04%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5675000 | PA      | $5058978.75   | 0.15%             | 2064-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4128086.00   | 0.12%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VLG PUBLIC INFRA | Mida Mountain Village Public Infrastructure District                             | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4410000 | PA      | $4433020.20   | 0.13%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | Oklahoma Turnpike Authority                                                      | CUSIP: 679111E91<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |  16240000 | PA      | $17280984.00  | 0.51%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE | Marquis Community Development Authority of York County Virginia                  | CUSIP: 57161CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2779000 | PA      | $917070.00    | 0.03%             | 2041-09-01      | Fixed         | 5.62%                 | 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        |   2375000 | PA      | $1318386.25   | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IMPT DIST SALES TAX  | Mobile Improvement District                                                      | CUSIP: 607155AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511040.00   | 0.04%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1495229.25   | 0.04%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU | General Authority of Southcentral Pennsylvania                                   | CUSIP: 84129NNL9<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2903243.00   | 0.09%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783SH0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3634135.00   | 0.11%             | 2050-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH EDU | California School Finance Authority                                              | CUSIP: 130591BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1424672.00   | 0.04%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                           | CUSIP: 13048DBB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5760000 | PA      | $5167123.20   | 0.15%             | 2045-03-01      | Fixed         | 5.62%                 | 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        |   8175000 | PA      | $8710135.50   | 0.26%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486S91<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  12100000 | PA      | $11573529.00  | 0.34%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PSG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $9490000.00   | 0.28%             | 2056-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &  | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3830000 | PA      | $2542966.80   | 0.07%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                    | CUSIP: 57582RB21<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  18225000 | PA      | $12066225.75  | 0.35%             | 2050-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5465701.00   | 0.16%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD REVENUE | County of Prince George's MD                                                     | CUSIP: 741724CE6<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1729080.00   | 0.05%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  80775861 | PA      | $66436530.16  | 1.95%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH CHARTERS | Development Authority of Cobb County/The                                         | CUSIP: 190779AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1818975.50   | 0.05%             | 2053-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H | Capital Trust Agency Inc                                                         | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7551600.00   | 0.22%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IMPT DIST SALES TAX  | Mobile Improvement District                                                      | CUSIP: 607155AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1109317.00   | 0.03%             | 2030-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97671VBP9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841000.00    | 0.02%             | 2053-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHESTER PA ECON DEV AUTH LEASE | Chester Economic Development Authority                                           | CUSIP: 16617CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10860720.00  | 0.32%             | 2048-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30064.50     | 0.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783SG2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002520.00   | 0.03%             | 2045-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER MD PROJ REVENUE    | City of Westminster MD                                                           | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000370.00   | 0.03%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EJX9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2574391.20   | 0.08%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225EU6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1190612.00   | 0.03%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $3847327.25   | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4308950.00   | 0.13%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16840000 | PA      | $14933712.00  | 0.44%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    560000 | PA      | $342456.80    | 0.01%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE | Marquis Community Development Authority of York County Virginia                  | CUSIP: 57161CAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    821000 | PA      | $2052.50      | 0.00%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAPEVINE WASH LOCAL DIST UT   | Grapevine Wash Local District                                                    | CUSIP: 38860EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931990.00    | 0.03%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TUK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3005184.50   | 0.09%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CHRT SCHR | Illinois Finance Authority                                                       | CUSIP: 452022BR6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2869171.20   | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EEN9<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6658120.00   | 0.20%             | 2059-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JEA FL WTR & SWR REVENUE       | JEA Water & Sewer System Revenue                                                 | CUSIP: 46615SGF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5227450.00   | 0.15%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059THU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $914604.60    | 0.03%             | 2050-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV | County of Hamilton OH                                                            | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3941920.00   | 0.12%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PSH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $790000.00    | 0.02%             | 2056-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE | Marquis Community Development Authority of York County Virginia                  | CUSIP: 57161CAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    859000 | PA      | $283470.00    | 0.01%             | 2045-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CONLEY ROAD TRANSPRTN DEV DIST | Conley Road Transportation Development District                                  | CUSIP: 207380AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6655000 | PA      | $6563227.55   | 0.19%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH EDU | California School Finance Authority                                              | CUSIP: 130591BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $595068.50    | 0.02%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142869.00    | 0.00%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST # | City of Las Vegas NV Special Improvement District No 817                         | CUSIP: 51779BAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028060.00   | 0.03%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN | Tennessee Housing Development Agency                                             | CUSIP: 88046KQT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2441900.00   | 0.07%             | 2055-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALHOUN CNTY TX NAVIGATION IND | Calhoun County Navigation Industrial Development Authority                       | CUSIP: 129729AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $3143186.55   | 0.09%             | 2026-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT | Indiana Housing & Community Development Authority                                | CUSIP: 45505TR94<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5052400.00   | 0.15%             | 2053-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT | Escambia County Health Facilities Authority                                      | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8065000 | PA      | $6557732.15   | 0.19%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648A5K7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $575250.00    | 0.02%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059TBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1690983.60   | 0.05%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VLG PUBLIC INFRA | Mida Mountain Village Public Infrastructure District                             | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2791500.00   | 0.08%             | 2054-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SENIOR HSG RE | Iowa Finance Authority                                                           | CUSIP: 46245FAQ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1421647.50   | 0.04%             | 2048-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807GC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5259450.00   | 0.15%             | 2063-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059THR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1697022.90   | 0.05%             | 2050-07-01      | Fixed         | 6.50%                 | 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   | 0.07%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R | Village Community Development District No 15                                     | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984030.00    | 0.03%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FKR5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $1871723.85   | 0.05%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980000.00    | 0.03%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BSY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $248617.35    | 0.01%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R | Village Community Development District No 15                                     | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3417820.00   | 0.10%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                                 | CUSIP: 875146BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12095000 | PA      | $2555068.75   | 0.07%             | 2053-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97671VBN4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844850.00    | 0.02%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041806WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2726200.00   | 0.08%             | 2049-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH CHRT SCH LSE  | Oklahoma County Finance Authority                                                | CUSIP: 67868WAA7<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    600000 | PA      | $592134.00    | 0.02%             | 2034-06-15      | 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        |  15000000 | PA      | $14760300.00  | 0.43%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GCK9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911050.00    | 0.03%             | 2050-06-01      | Fixed         | 5.00%                 | 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        |  16975000 | PA      | $18030335.75  | 0.53%             | 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        |   9440000 | PA      | $9300665.60   | 0.27%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610RCG7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400355.00   | 0.04%             | 2049-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QSX2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1600667.25   | 0.05%             | 2043-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BSZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $915929.75    | 0.03%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4503465.00   | 0.13%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH I | Lees Summit Industrial Development Authority                                     | CUSIP: 524289AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480678 | PA      | $814373.10    | 0.02%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP | Finance Authority of Maine                                                       | CUSIP: 56042CAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998800.00    | 0.03%             | 2035-08-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4670000 | PA      | $4541108.00   | 0.13%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4959500.00   | 0.15%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A | Virginia Small Business Financing Authority                                      | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3585024.00   | 0.11%             | 2052-12-31      | Fixed         | 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        |   1260000 | PA      | $691425.00    | 0.02%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645URF3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997660.00   | 0.06%             | 2044-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKESIDE 370 MO LEVEE DIST-SUB | Lakeside 370 Levee District - Subdistrict B                                      | CUSIP: 512096AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625611 | PA      | $563049.90    | 0.02%             | 2055-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3536600.00   | 0.10%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST | Orange County Community Facilities District                                      | CUSIP: 68423PA91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1239024.00   | 0.04%             | 2053-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PN0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1284580.50   | 0.04%             | 2062-06-01      | Fixed         | 6.38%                 | 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        |  18500000 | PA      | $19754115.00  | 0.58%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $506412.50    | 0.01%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH  | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAB5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  12201586 | PA      | $122.02       | 0.00%             | 2039-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PF91<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9849900.00   | 0.29%             | 2038-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059TBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $829950.20    | 0.02%             | 2034-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MACON-BIBB CNTY GA URBAN DEV A | Macon-Bibb County Urban Development Authority                                    | CUSIP: 555542ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1692650.40   | 0.05%             | 2047-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS  | Henderson Local Improvement Districts                                            | CUSIP: 425208WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $387403.80    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH CHARTERS | Development Authority of Cobb County/The                                         | CUSIP: 190779AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1163451.60   | 0.03%             | 2058-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PARTERRE MET DIST #5 CO        | Parterre Metropolitan District No 5                                              | CUSIP: 70211AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1778543.80   | 0.05%             | 2055-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521527G0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2544895.00   | 0.07%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS | New York Counties Tobacco Trust VI                                               | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850670.00    | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BJZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4301650.00   | 0.13%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST | Orange County Community Facilities District                                      | CUSIP: 68423PA83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558920.00   | 0.05%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PM2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966070.00    | 0.03%             | 2052-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059TBE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4106655.25   | 0.12%             | 2044-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SENIOR HSG RE | Iowa Finance Authority                                                           | CUSIP: 46245FAR5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1986175.00   | 0.06%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4775000 | PA      | $3335003.25   | 0.10%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645URG1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2795744.00   | 0.08%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97671VBJ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1574477.50   | 0.05%             | 2053-07-01      | Fixed         | 5.00%                 | 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        | 383610000 | PA      | $23649556.50  | 0.69%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $7654432.50   | 0.22%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN | California Municipal Finance Authority                                           | CUSIP: 13051EAK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235187.50    | 0.01%             | 2060-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GCN3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    480000 | PA      | $475752.00    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447TXJ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3492800.00   | 0.10%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   9035000 | PA      | $4957956.25   | 0.15%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZM9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $6534762.50   | 0.19%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MACON-BIBB CNTY GA URBAN DEV A | Macon-Bibb County Urban Development Authority                                    | CUSIP: 555542NE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1540725.30   | 0.05%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG       | Town of Bridgeville DE                                                           | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1534299.30   | 0.05%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972980.00    | 0.03%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY  | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4324167.45   | 0.13%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1596387.65   | 0.05%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645URH9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2209185.00   | 0.06%             | 2059-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HICKORY CHASE OH CMNTY AUTH IN | Hickory Chase Community Authority                                                | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1226261.20   | 0.04%             | 2040-12-01      | Fixed         | 5.00%                 | 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   | 0.13%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  44670000 | PA      | $38710128.60  | 1.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL SENIOR LI | Capital Trust Agency Inc                                                         | CUSIP: 140542AG6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1626900.00   | 0.05%             | 2052-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FOUNTAIN CO URBAN RENEWAL AUTH | Fountain Urban Renewal Authority                                                 | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3559875.00   | 0.10%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &  | Shelby County Health & Educational Facilities Board                              | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1899400.00   | 0.06%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EDL4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996290.00    | 0.03%             | 2045-09-15      | Fixed         | 6.00%                 | 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        | 406910000 | PA      | $21525539.00  | 0.63%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $826739.10    | 0.02%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN | California Municipal Finance Authority                                           | CUSIP: 13051EAJ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3398379.30   | 0.10%             | 2055-01-01      | Fixed         | 5.38%                 | 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        |   7580000 | PA      | $5304180.80   | 0.16%             | 2051-08-15      | Fixed         | 3.00%                 | 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        |  10000000 | PA      | $7111800.00   | 0.21%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PCR4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    960000 | PA      | $960508.80    | 0.03%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7744050.00   | 0.23%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| UPPER IL RIVER VLY DEV AUTH    | Upper Illinois River Valley Development Authority                                | CUSIP: 91588XAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2905622.20   | 0.09%             | 2063-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6092700.00   | 0.18%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                       | CUSIP: 167505YK6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3951495.00   | 0.12%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE NY TOBACCO ASSET SECURI | Monroe Tobacco Asset Securitization Corp                                         | CUSIP: 611277BJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 487500000 | PA      | $21177000.00  | 0.62%             | 2061-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLEN COVE NY LOCAL ECON ASSIST | Glen Cove Local Economic Assistance Corp                                         | CUSIP: 377450AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1570020.00   | 0.05%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3531220.00   | 0.10%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OH HOSP FACS    | County of Muskingum OH                                                           | CUSIP: 628077CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1856120.00   | 0.05%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUD | Capital Projects Finance Authority/FL                                            | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $718282.50    | 0.02%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25490LAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $4761146.50   | 0.14%             | 2045-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG | Michigan Finance Authority                                                       | CUSIP: 594479FV4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1055882.70   | 0.03%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI | Golden State Tobacco Securitization Corp                                         | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 318050000 | PA      | $34253985.00  | 1.01%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &  | Shelby County Health & Educational Facilities Board                              | CUSIP: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956230.00    | 0.03%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH  | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  13547003 | PA      | $135.47       | 0.00%             | 2039-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $1521306.25   | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARTERRE MET DIST #5 CO        | Parterre Metropolitan District No 5                                              | CUSIP: 70211AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278175.00   | 0.04%             | 2045-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333EDK6<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000340.00   | 0.03%             | 2035-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETK2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2068581.25   | 0.06%             | 2052-06-01      | Fixed         | 5.75%                 | 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        |   1500000 | PA      | $823125.00    | 0.02%             | 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        |  15635000 | PA      | $14381073.00  | 0.42%             | 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        |  10000000 | PA      | $10729500.00  | 0.31%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH E | Kansas City Industrial Development Authority                                     | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1743637.50   | 0.05%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528U6X4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3109050.00   | 0.09%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6530000 | PA      | $6602483.00   | 0.19%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000680.00   | 0.03%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KIRKWOOD MO INDL DEV AUTH RETM | Kirkwood Industrial Development Authority                                        | CUSIP: 497609BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7476300.00   | 0.22%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2439812.90   | 0.07%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH LEASE | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885MAR3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1143506.00   | 0.03%             | 2041-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396JE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303675.00    | 0.01%             | 2043-07-01      | Fixed         | 6.38%                 | 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        |   4945000 | PA      | $4231535.40   | 0.12%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VC36<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1615728.00   | 0.05%             | 2058-06-01      | Fixed         | 6.00%                 | 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        |   8945000 | PA      | $8587200.00   | 0.25%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH E | Kansas City Industrial Development Authority                                     | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1119725.00   | 0.03%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                        | CUSIP: 155498BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1598975.00   | 0.05%             | 2036-01-01      | None          | 0.00%                 | 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        |  17200000 | PA      | $17632236.00  | 0.52%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126TAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2449710.00   | 0.07%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM | Arkansas Development Finance Authority                                           | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18750000 | PA      | $18964875.00  | 0.56%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126TAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1255936.00   | 0.04%             | 2050-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4041880.00   | 0.12%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1527212.50   | 0.04%             | 2051-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GDR3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    860000 | PA      | $736744.80    | 0.02%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH   | Industrial Development Authority of the City of St Louis Missouri/The            | CUSIP: 791649JW7<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   4805000 | PA      | $4253914.55   | 0.12%             | 2053-06-15      | Fixed         | 5.62%                 | 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        |  10000000 | PA      | $10847100.00  | 0.32%             | 2048-07-01      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PCQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1265921.25   | 0.04%             | 2048-06-01      | Fixed         | 5.12%                 | 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        |   3750000 | PA      | $3846712.50   | 0.11%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED | California Municipal Finance Authority                                           | CUSIP: 130497AV2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $620136.00    | 0.02%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FX27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10500000.00  | 0.31%             | 2043-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YN54<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   9470000 | PA      | $9903631.30   | 0.29%             | 2055-07-01      | Fixed         | 5.00%                 | 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        |   7990000 | PA      | $5082199.30   | 0.15%             | 2041-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS | Louisiana Public Facilities Authority                                            | CUSIP: 54640TAH2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1976705 | PA      | $19.77        | 0.00%             | 2039-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                    | CUSIP: 57582RG75<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5057950.00   | 0.15%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                           | CUSIP: 13080SNN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1396665.00   | 0.04%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA TOBACCO SETTLEMEN | City of San Diego Tobacco Settlement Revenue Funding Corp                        | CUSIP: 797330AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $373031.25    | 0.01%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERDALE IL                   | Village of Riverdale IL                                                          | CUSIP: 768670KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6690000 | PA      | $6702911.70   | 0.20%             | 2036-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2269147.50   | 0.07%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $839587.50    | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR | Allegheny County Airport Authority                                               | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6770000 | PA      | $6993816.20   | 0.21%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS  | Henderson Local Improvement Districts                                            | CUSIP: 425208WD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $245009.30    | 0.01%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1032300.00   | 0.03%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3373597.50   | 0.10%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18280000 | PA      | $17418463.60  | 0.51%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED | California Municipal Finance Authority                                           | CUSIP: 130497AW0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    775000 | PA      | $805465.25    | 0.02%             | 2044-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT | Indiana Housing & Community Development Authority                                | CUSIP: 45505TR86<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1862117.50   | 0.05%             | 2048-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1747020.00   | 0.05%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VC28<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2973990.00   | 0.09%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR | Allegheny County Airport Authority                                               | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5184250.00   | 0.15%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH LEASE | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885MAQ5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944310.00    | 0.03%             | 2034-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA | Iowa Finance Authority                                                           | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  10625000 | PA      | $11951318.75  | 0.35%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUD | Capital Projects Finance Authority/FL                                            | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29500000 | PA      | $4353905.00   | 0.13%             | 2062-06-01      | None          | 0.00%                 | 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        |   6040000 | PA      | $3314450.00   | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3695600.00   | 0.11%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS  | Henderson Local Improvement Districts                                            | CUSIP: 425208WE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $546081.25    | 0.02%             | 2045-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                      | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35570000 | PA      | $38292172.10  | 1.12%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT | North Carolina Turnpike Authority                                                | CUSIP: 65830UAW2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $1790547.20   | 0.05%             | 2041-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PF42<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $5072670.00   | 0.15%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HORACE ND                      | City of Horace ND                                                                | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1426560.00   | 0.04%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FBG5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1063642.80   | 0.03%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $831600.00    | 0.02%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S | Mobile County Industrial Development Authority                                   | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7090000 | PA      | $6406240.40   | 0.19%             | 2054-12-01      | Fixed         | 4.75%                 | 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        |   1275000 | PA      | $696468.75    | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6162975.00   | 0.18%             | 2057-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS | New York Counties Tobacco Trust IV                                               | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  55000000 | PA      | $3098150.00   | 0.09%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EWJ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4235000 | PA      | $4232628.40   | 0.12%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL | District of Columbia Tobacco Settlement Financing Corp                           | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 121000000 | PA      | $11942700.00  | 0.35%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 928103AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2529285.00   | 0.07%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT | Yonkers Economic Development Corp                                                | CUSIP: 98608MAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $420267.00    | 0.01%             | 2054-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTP2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   7370000 | PA      | $5159000.00   | 0.15%             | 2055-07-01      | 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        |  13000000 | PA      | $12220390.00  | 0.36%             | 2054-06-01      | 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        |   3000000 | PA      | $3504780.00   | 0.10%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED | California Municipal Finance Authority                                           | CUSIP: 130497AY6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3758724.00   | 0.11%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944970.00    | 0.03%             | 2052-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL | District of Columbia Tobacco Settlement Financing Corp                           | CUSIP: 254842BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 262500000 | PA      | $23081625.00  | 0.68%             | 2055-06-15      | None          | 0.00%                 | 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        |   8880000 | PA      | $8956279.20   | 0.26%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD  | Sterling Ranch Community Authority Board                                         | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300585.00   | 0.04%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2674075.00   | 0.08%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG | Michigan Finance Authority                                                       | CUSIP: 594479AJ6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3721107.00   | 0.11%             | 2040-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15307200.00  | 0.45%             | 2059-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT | Yonkers Economic Development Corp                                                | CUSIP: 98608MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922610.00    | 0.03%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075250.00   | 0.15%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2399968.75   | 0.07%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LENEXA KS HLTH CARE FAC REVENU | City of Lenexa KS                                                                | CUSIP: 526039DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938420.00    | 0.03%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5230000 | PA      | $2869962.50   | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK ROCK MOUNTAIN RESORT INF | Black Rock Mountain Resort Public Infrastructure District                        | CUSIP: 09224AAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8013600.00   | 0.24%             | 2054-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7005000 | PA      | $3843993.75   | 0.11%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $5970910.00   | 0.18%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153MJ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833370.00    | 0.02%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $9947932.00   | 0.29%             | 2047-03-01      | Fixed         | 5.50%                 | 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        |  71361104 | PA      | $68577307.33  | 2.01%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152S85<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1356911.10   | 0.04%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442ELL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3885000 | PA      | $3926297.55   | 0.12%             | 2058-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56682PBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5645000 | PA      | $4395366.35   | 0.13%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 091081DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456200.00   | 0.04%             | 2035-06-01      | Fixed         | 5.75%                 | 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        |   5155000 | PA      | $5217066.20   | 0.15%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP | New Jersey Economic Development Authority                                        | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1270660.40   | 0.04%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SKYRIDGE PEGASUS INFRASTRUCTUR | SkyRidge Pegasus Infrastructure Financing District                               | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6123650.00   | 0.18%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRANDVIEW MO INDL DEV AUTH TAX | Grandview Industrial Development Authority                                       | CUSIP: 386781AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $640000.00    | 0.02%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTN7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $4900000.00   | 0.14%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $753515.50    | 0.02%             | 2044-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PLAQUEMINES LA PORT HARBOR & T | Plaquemines Port Harbor & Terminal District                                      | CUSIP: 727521AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4232250.00   | 0.12%             | 2044-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396JZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1147980.00   | 0.03%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2196800.00   | 0.06%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1199593.20   | 0.04%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  12270000 | PA      | $8403968.40   | 0.25%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST HGR EDU LOAN AUTH REVE | Iowa Higher Education Loan Authority                                             | CUSIP: 46247DBK2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1860948.00   | 0.05%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN | Public Finance Authority                                                         | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  15255000 | PA      | $14276086.65  | 0.42%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125327.50    | 0.00%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TWM1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3904960.00   | 0.11%             | 2045-11-01      | Fixed         | 5.50%                 | 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        | 196565000 | PA      | $9262142.80   | 0.27%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG | Michigan Finance Authority                                                       | CUSIP: 594479ES2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1822020.00   | 0.05%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG       | Town of Bridgeville DE                                                           | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $867650.00    | 0.03%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH EDU | California Public Finance Authority                                              | CUSIP: 13057KAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1660000.00   | 0.05%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PR1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031843.70   | 0.03%             | 2052-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 593340AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3062640.00   | 0.09%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $295295.00    | 0.01%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CBP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7265000 | PA      | $5089495.75   | 0.15%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3437313 | PA      | $3326356.96   | 0.10%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                 | CUSIP: 34062AAE1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2330625.00   | 0.07%             | 2059-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648AS30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500085.00    | 0.01%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                            | CUSIP: 187145RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3710000 | PA      | $3567424.70   | 0.10%             | 2053-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FDP9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1895660.00   | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota               | CUSIP: 852297AS9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2149094.40   | 0.06%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1520777.40   | 0.04%             | 2050-12-01      | Fixed         | 5.00%                 | 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        |   5000000 | PA      | $4189750.00   | 0.12%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE | City of Valparaiso IN                                                            | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4636700.00   | 0.14%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190QZ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547910.00   | 0.05%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577BAR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1820180.00   | 0.05%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HSG FIN CORP RSDL DE | City of Dallas Housing Finance Corp                                              | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1802820.00   | 0.05%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT OF TRANSPRTN HI | State of Kansas Department of Transportation                                     | CUSIP: 485424UE3<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104888.00    | 0.00%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442ELK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027440.00   | 0.06%             | 2053-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TXV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1715780.00   | 0.05%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 091081DP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2749611.10   | 0.08%             | 2050-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  35500000 | PA      | $34409085.00  | 1.01%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UEQ3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    555000 | PA      | $512714.55    | 0.02%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BUENAVENTURA CA REDEV AGY  | San Buenaventura Redevelopment Agency                                            | CUSIP: 797048BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $727682.50    | 0.02%             | 2028-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2481751.50   | 0.07%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                                             | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945010.00    | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI | Alabama Special Care Facilities Financing Authority-Birmingham AL                | CUSIP: 091081DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1828910.00   | 0.05%             | 2030-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204EC48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   9375000 | PA      | $7046718.75   | 0.21%             | 2054-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                        | CUSIP: 155498BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $967060.00    | 0.03%             | 2040-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3107130.00   | 0.09%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                                | CUSIP: 451295D22<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $1586312.10   | 0.05%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1406730.00   | 0.04%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1421437.50   | 0.04%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PS9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1423961.80   | 0.04%             | 2062-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                        | CUSIP: 378286HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1064191.50   | 0.03%             | 2051-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CBN7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5925000 | PA      | $5002122.00   | 0.15%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204EC30<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    900000 | PA      | $729837.00    | 0.02%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1903541.85   | 0.06%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $355532.00    | 0.01%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UES9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $2942679.20   | 0.09%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1236903.00   | 0.04%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MEQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1689660.00   | 0.05%             | 2054-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A | St Louis County Industrial Development Authority                                 | CUSIP: 79130GHH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $579948.00    | 0.02%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YWJ4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  18030000 | PA      | $19013175.90  | 0.56%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE | Georgia Housing & Finance Authority                                              | CUSIP: 37353PLV9<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1095940.80   | 0.03%             | 2048-12-01      | Fixed         | 5.20%                 | 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        |    925000 | PA      | $507593.75    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                        | CUSIP: 79575EAN8<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2309358.45   | 0.07%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $769725.40    | 0.02%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4851750.00   | 0.14%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $884775.00    | 0.03%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ENP7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    575000 | PA      | $574718.25    | 0.02%             | 2038-05-01      | Fixed         | 5.12%                 | 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        |  19355000 | PA      | $20447976.85  | 0.60%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EWC6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    725000 | PA      | $673764.25    | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE | Georgia Housing & Finance Authority                                              | CUSIP: 37353PLW7<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    275000 | PA      | $279353.25    | 0.01%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD AL                   | City of Fairfield AL                                                             | CUSIP: 304117GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8485000 | PA      | $7636500.00   | 0.22%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509350.00   | 0.07%             | 2048-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH | Seminole County Industrial Development Authority                                 | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1927480.00   | 0.06%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVE | Public Finance Authority                                                         | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8516150.00   | 0.25%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5290000 | PA      | $2700809.50   | 0.08%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXZ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $565212.50    | 0.02%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TX INDL DEV CORP | Brazoria County Industrial Development Corp                                      | CUSIP: 10604PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2550000.00   | 0.07%             | 2042-06-01      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ENQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463835.00   | 0.04%             | 2048-05-01      | Fixed         | 5.50%                 | 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        |   5000000 | PA      | $3490450.00   | 0.10%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE | Tempe Industrial Development Authority                                           | CUSIP: 87972MAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1405326.00   | 0.04%             | 2047-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID | Vermont Economic Development Authority                                           | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006290.00   | 0.03%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3213775 | PA      | $1124082.08   | 0.03%             | 2061-11-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993000.00   | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $566688.00    | 0.02%             | 2044-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STONE CANYON MO CMNTY IMPT DIS | Stone Canyon Community Improvement District                                      | CUSIP: 861585AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $262500.00    | 0.01%             | 2027-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A | St Louis County Industrial Development Authority                                 | CUSIP: 79130GHJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1547802.00   | 0.05%             | 2045-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                              | CUSIP: 979134AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4632250.00   | 0.14%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS | Los Angeles County Public Works Financing Authority                              | CUSIP: 54473EVS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $7700330.00   | 0.23%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT | Utah Charter School Finance Authority                                            | CUSIP: 91754TYG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942400.00    | 0.03%             | 2039-06-15      | 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   | 0.15%             | 2053-09-01      | Fixed         | 5.40%                 | 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        |  10700000 | PA      | $9830090.00   | 0.29%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE    | Oregon State Facilities Authority                                                | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.29%             | 2034-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150000.00   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                            | CUSIP: 187145UP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $314548.00    | 0.01%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETZ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   6355000 | PA      | $6219130.10   | 0.18%             | 2062-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL  | Development Authority of Cobb County/The                                         | CUSIP: 190782AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3181594.50   | 0.09%             | 2064-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4376760.00   | 0.13%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5970000.00   | 0.18%             | 2030-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EPR1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2517757.75   | 0.07%             | 2039-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2363825.00   | 0.07%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1085460.00   | 0.03%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE | Georgia Housing & Finance Authority                                              | CUSIP: 37353PLU1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1837092.90   | 0.05%             | 2043-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5643225.00   | 0.17%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH           | Stamford Housing Authority                                                       | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1425675.00   | 0.04%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CK8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   6110000 | PA      | $1049881.30   | 0.03%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT | Utah Charter School Finance Authority                                            | CUSIP: 91754TYH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1926650.00   | 0.06%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MER3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2390300.00   | 0.07%             | 2059-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                              | CUSIP: 979134AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929270.00    | 0.03%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                              | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7293840.00   | 0.21%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                              | CUSIP: 45129GLR4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1075457.00   | 0.03%             | 2063-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EPS9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2512917.00   | 0.07%             | 2049-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F | Capital Trust Agency Inc                                                         | CUSIP: 14054CDJ5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    330000 | PA      | $288271.50    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL  | Development Authority of Cobb County/The                                         | CUSIP: 190782AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2698143.75   | 0.08%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC | California County Tobacco Securitization Agency                                  | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $474125.00    | 0.01%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PAYNE CNTY OK ECON DEV AUTH RE | Payne County Economic Development Authority                                      | CUSIP: 704387AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    961600 | PA      | $3317.52      | 0.00%             | 2051-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TTS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2352373.50   | 0.07%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY CC | Nassau County Industrial Development Agency                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10884206 | PA      | $761894.42    | 0.02%             | 2058-01-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| PUERTO RICO CMWLTH INDL DEV CO | Puerto Rico Industrial Development Co                                            | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7143750.00   | 0.21%             | 2054-01-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS  | Indiana Finance Authority                                                        | CUSIP: 45470EDN2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   6405000 | PA      | $6625908.45   | 0.19%             | 2058-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MCQ7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    940000 | PA      | $927770.60    | 0.03%             | 2043-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5954340.00   | 0.17%             | 2057-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4352650.00   | 0.13%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762PT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $2710185.75   | 0.08%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RHJ9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   8650000 | PA      | $7722806.50   | 0.23%             | 2045-05-15      | Fixed         | 5.00%                 | 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        |   7000000 | PA      | $6629350.00   | 0.19%             | 2064-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486WY1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505215.00    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912720.00    | 0.03%             | 2059-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EKQ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2921424.00   | 0.09%             | 2062-06-15      | Fixed         | 5.50%                 | 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        |   4590000 | PA      | $2518762.50   | 0.07%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035530.00   | 0.03%             | 2042-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB | Mida Golf and Equestrian Center Public Infrastructure District                   | CUSIP: 59561BAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6014925.00   | 0.18%             | 2051-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC | Erie Tobacco Asset Securitization Corp                                           | CUSIP: 295095BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $300320.00    | 0.01%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000460.00   | 0.06%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                        | CUSIP: 45471FAH4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   6010000 | PA      | $5943709.70   | 0.17%             | 2064-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3979000.00   | 0.12%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN HSG & REDEV AUTHRE | Woodbury Housing & Redevelopment Authority                                       | CUSIP: 979141AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1169175.00   | 0.03%             | 2044-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR | Black Desert Public Infrastructure District                                      | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4915450.00   | 0.14%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                              | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2188534.40   | 0.06%             | 2032-06-01      | 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        |   8935000 | PA      | $7387368.65   | 0.22%             | 2050-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL  | Capital Trust Authority                                                          | CUSIP: 14054WBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457455.00    | 0.01%             | 2050-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                        | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    765000 | PA      | $813929.40    | 0.02%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RENO NV SPL ASSMNT             | City of Reno NV                                                                  | CUSIP: 759865CE6<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937160.00    | 0.03%             | 2047-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT REVENUE           | City of Kalispell MT                                                             | CUSIP: 48343AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6886269.00   | 0.20%             | 2060-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004240.00   | 0.06%             | 2038-07-15      | Fixed         | 6.62%                 | 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        |   2000000 | PA      | $1903860.00   | 0.06%             | 2055-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                     | CUSIP: 167510BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042600.00   | 0.06%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDUCTNL FACS  | Indiana Finance Authority                                                        | CUSIP: 45470EDM4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4152640.00   | 0.12%             | 2053-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1273604.00   | 0.04%             | 2052-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INDEP CITIES CA FIN AUTH MOBIL | Independent Cities Finance Authority                                             | CUSIP: 45385LEF6<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750240.00    | 0.02%             | 2044-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT  | City of North Las Vegas NV                                                       | CUSIP: 66041HHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1091021.75   | 0.03%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F | Capital Trust Agency Inc                                                         | CUSIP: 14054CBL2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5297640.00   | 0.16%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6808620.00   | 0.20%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MCS3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1515164.20   | 0.04%             | 2058-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT  | City of North Las Vegas NV                                                       | CUSIP: 66041HHQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1775113.45   | 0.05%             | 2052-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FALLS ID AUDITORIUM DIST | Idaho Falls Auditorium District                                                  | CUSIP: 45118AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4643050.00   | 0.14%             | 2051-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY INDL DEV AUTH EX | Maricopa County Industrial Development Authority                                 | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10670000 | PA      | $8845216.60   | 0.26%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399KR6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7176200.00   | 0.21%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUILDERLAND NY INDL DEV AGY AS | Guilderland Industrial Development Agency                                        | CUSIP: 40175RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3000000.00   | 0.09%             | 2052-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EMR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2176526.00   | 0.06%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752002.50    | 0.02%             | 2037-07-01      | Fixed         | 5.12%                 | 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        |   2570000 | PA      | $1631024.80   | 0.05%             | 2052-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8248410.00   | 0.24%             | 2065-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                        | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1096567.50   | 0.03%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7253987.50   | 0.21%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628DAL4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   2635000 | PA      | $1744027.45   | 0.05%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9355000 | PA      | $8386757.50   | 0.25%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                          | CUSIP: 041806E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $176260.00    | 0.01%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TNF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485990.00    | 0.01%             | 2032-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT  | City of North Las Vegas NV                                                       | CUSIP: 66041HHP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1539196.50   | 0.05%             | 2047-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EWE2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3870000 | PA      | $3435515.10   | 0.10%             | 2059-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5305000 | PA      | $4288296.75   | 0.13%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MCR5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1827492.90   | 0.05%             | 2053-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK | Port of Beaumont Navigation District                                             | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1285427.50   | 0.04%             | 2041-01-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                         | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $3919818.00   | 0.12%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MUD7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $366605.00    | 0.01%             | 2057-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                               | CUSIP: 64990KFT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3479150.00   | 0.10%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                              | CUSIP: 13059TAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3231776.50   | 0.09%             | 2048-10-01      | Fixed         | 7.12%                 | 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        |   3500000 | PA      | $2428650.00   | 0.07%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1022000 | PA      | $885603.88    | 0.03%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048TNG4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1398630.00   | 0.04%             | 2042-01-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $995423.00    | 0.03%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FYY9<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507525.00   | 0.07%             | 2053-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UFC7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1706560.00   | 0.05%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1927620.00   | 0.06%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T | Grand Parkway Transportation Corp                                                | CUSIP: 38611TCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2385740.00   | 0.07%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYB2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $661243.75    | 0.02%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC | California County Tobacco Securitization Agency                                  | CUSIP: 13016NDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 100000000 | PA      | $8695000.00   | 0.26%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916540.00    | 0.03%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV CITY MO INDL DEV AUTH TAX | University City Industrial Development Authority                                 | CUSIP: 91414PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2898240.00   | 0.09%             | 2042-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS | Illinois Housing Development Authority                                           | CUSIP: 45203LCJ0<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2336575.00   | 0.07%             | 2046-01-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061ULP1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3477266.00   | 0.10%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                                | CUSIP: 086759AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1577905.00   | 0.05%             | 2059-07-01      | 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        |  24500000 | PA      | $24389750.00  | 0.72%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A | California Enterprise Development Authority                                      | CUSIP: 13068WAG6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   9600000 | PA      | $8969376.00   | 0.26%             | 2063-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | Empire State Development Corp                                                    | CUSIP: 650036AQ9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10810000 | PA      | $7477168.90   | 0.22%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                               | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2651575.00   | 0.08%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2208297.60   | 0.06%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916470.00    | 0.03%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TTM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506165.00   | 0.04%             | 2063-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST ECON DEV FIN AUT | Washington Economic Development Finance Authority                                | CUSIP: 93975YAD3<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $480.00       | 0.00%             | 2032-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2696237.50   | 0.08%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399PH3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1854120.00   | 0.05%             | 2052-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97671VCU7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524570.00   | 0.04%             | 2060-07-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396JG8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $558332.50    | 0.02%             | 2058-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE | Medford Hospital Facilities Authority                                            | CUSIP: 584283HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2407125.00   | 0.07%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RJD0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3296052.50   | 0.10%             | 2047-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS | Illinois Housing Development Authority                                           | CUSIP: 45203LCG6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2416864.80   | 0.07%             | 2056-01-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2187432.50   | 0.06%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2740757.60   | 0.08%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH           | Stamford Housing Authority                                                       | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2250976.35   | 0.07%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VERVE MET DIST #1 CO           | Verve Metropolitan District No 1                                                 | CUSIP: 92538YAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $840020.00    | 0.02%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PH32<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12732720.00  | 0.37%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH SENI | Capital Projects Finance Authority/FL                                            | CUSIP: 14043HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6188096.00   | 0.18%             | 2065-01-01      | Fixed         | 7.12%                 | 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        |  15000000 | PA      | $15337800.00  | 0.45%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061UBQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5300424.00   | 0.16%             | 2044-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST    | Fort Bend Independent School District                                            | CUSIP: 346843WC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1744308.00   | 0.05%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                        | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9574582.50   | 0.28%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH SENI | Capital Projects Finance Authority/FL                                            | CUSIP: 14043HAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001300.00   | 0.03%             | 2055-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                           | CUSIP: 45203MSD4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5605000 | PA      | $5651689.65   | 0.17%             | 2047-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1103100.00   | 0.03%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $689808.50    | 0.02%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUD | Capital Projects Finance Authority/FL                                            | CUSIP: 140427CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1420845.00   | 0.04%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LHH2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6079500.00   | 0.18%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                           | CUSIP: 13080SAT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3769856.85   | 0.11%             | 2043-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  19300000 | PA      | $10590875.00  | 0.31%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $607793.35    | 0.02%             | 2036-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH  | Homewood Educational Building Authority                                          | CUSIP: 437887HZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1122036.00   | 0.03%             | 2056-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERVE MET DIST #1 CO           | Verve Metropolitan District No 1                                                 | CUSIP: 92538YAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4387828.95   | 0.13%             | 2043-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TTH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2919609.30   | 0.09%             | 2063-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $963090.35    | 0.03%             | 2056-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MPT8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500855.00   | 0.04%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA INDL DEV CORP  | Port of Seattle Industrial Development Corp                                      | CUSIP: 735385AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999880.00   | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4595000 | PA      | $4220645.35   | 0.12%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1257941.30   | 0.04%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUD | Capital Projects Finance Authority/FL                                            | CUSIP: 140427CR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938440.00    | 0.03%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2391750.00   | 0.07%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $595650.00    | 0.02%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1131928.85   | 0.03%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA REVENUE        | Palomar Health                                                                   | CUSIP: 697528AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4375000 | PA      | $3206306.25   | 0.09%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DBU5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5030850.00   | 0.15%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RJE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5869832.00   | 0.17%             | 2052-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                 | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $16.00        | 0.00%             | 2032-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                           | CUSIP: 13080SAS3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1301521.00   | 0.04%             | 2033-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977760.00    | 0.03%             | 2062-07-01      | Fixed         | 5.50%                 | 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        |    920000 | PA      | $504850.00    | 0.01%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOMEWOOD AL EDUCTNL BLDG AUTH  | Homewood Educational Building Authority                                          | CUSIP: 437887HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1765417.50   | 0.05%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736E29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30569.70     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25461PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1964485 | PA      | $196.45       | 0.00%             | 2037-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6281280.00   | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | 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        |   2199550 | PA      | $1724249.24   | 0.05%             | 2059-01-01      | Fixed         | 5.12%                 | 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        |   7410000 | PA      | $3289150.80   | 0.10%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJT1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $491000.00    | 0.01%             | 2039-10-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                         | CUSIP: 04052BAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8995000 | PA      | $9101770.65   | 0.27%             | 2047-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97671VCQ6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5678940.00   | 0.17%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25490LAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975250.00    | 0.03%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                              | CUSIP: 13063DU55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4112937.50   | 0.12%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QTZ6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10340000 | PA      | $10292229.20  | 0.30%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAPEVINE WASH LOCAL DIST UT S | Grapevine Wash Local District                                                    | CUSIP: 38860FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389960.00   | 0.04%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                         | CUSIP: 04052TDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5189384 | PA      | $2820949.07   | 0.08%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH MTGE PURCHAS | Maine State Housing Authority                                                    | CUSIP: 56052FRE7<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $1957859.75   | 0.06%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6011460.00   | 0.18%             | 2033-12-15      | Fixed         | 5.88%                 | 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        |   6115000 | PA      | $5039432.65   | 0.15%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                          | CUSIP: 12008EPN0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4520000 | PA      | $4489851.60   | 0.13%             | 2033-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                                          | CUSIP: 03789YDU7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    420000 | PA      | $242323.20    | 0.01%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                 | CUSIP: 34061ULN6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4110000 | PA      | $3735414.60   | 0.11%             | 2052-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                            | CUSIP: 20775HH22<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7167160.00   | 0.21%             | 2048-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25490LAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454085.00    | 0.01%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2931810.00   | 0.09%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TRB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $838792.40    | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJU8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301275.00    | 0.01%             | 2044-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048VC97<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3614150.00   | 0.11%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TTG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903900.00   | 0.06%             | 2053-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERVE MET DIST #1 CO           | Verve Metropolitan District No 1                                                 | CUSIP: 92538YAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019800.00   | 0.12%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT | Allegheny County Industrial Development Authority                                | CUSIP: 017292XM0<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999980.00   | 0.06%             | 2042-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority Housing Revenue               | CUSIP: 9769042L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $711480.00    | 0.02%             | 2059-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO TAX INCR REVENU | City of Kansas City MO                                                           | CUSIP: 485107CX2<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $790000.00    | 0.02%             | 2033-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                            | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1538000.00   | 0.05%             | 2060-06-01      | Fixed         | 5.25%                 | 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        |   5311948 | PA      | $926669.25    | 0.03%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYA4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5330000 | PA      | $2924837.50   | 0.09%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT | City of Newport Beach CA                                                         | CUSIP: 651784US7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200678.00    | 0.01%             | 2033-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP | New Jersey Economic Development Authority                                        | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3430926.10   | 0.10%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                              | CUSIP: 13058TVA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5713500.00   | 0.17%             | 2064-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG | Michigan Finance Authority                                                       | CUSIP: 594479AH0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1329775.80   | 0.04%             | 2030-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                               | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    770000 | PA      | $754492.20    | 0.02%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $94018.80     | 0.00%             | 2037-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS | Chester County Industrial Development Authority                                  | CUSIP: 16559PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1925096.25   | 0.06%             | 2030-08-01      | 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        |  29433000 | PA      | $27653775.15  | 0.81%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D4D5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   8425000 | PA      | $7157711.50   | 0.21%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                              | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3251560.00   | 0.10%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                           | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462095.00   | 0.04%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                         | CUSIP: 744396JF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $606924.00    | 0.02%             | 2053-07-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                      | CUSIP: 79739GNZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2466540.00   | 0.07%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST PUBLIC EDUCTNL FAC | Michigan Public Educational Facilities Authority                                 | CUSIP: 594569AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1349922.40   | 0.04%             | 2030-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D4C7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886300.00    | 0.03%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D4B9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    635000 | PA      | $609498.40    | 0.02%             | 2039-11-01      | 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        |  40908000 | PA      | $37463137.32  | 1.10%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH  | Sierra Vista Industrial Development Authority                                    | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4409650.00   | 0.13%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7470000 | PA      | $4099162.50   | 0.12%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Mutual Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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