NPORT-EX 2 AV91DelInvNatMuniIncomeFd.htm av91-national_mif.htm - Generated by SEC Publisher for SEC Filing

Schedule of investments

Delaware Investments® National Municipal Income Fund

December 31, 2019 (Unaudited)

    Principal    Value    Principal    Value 
    Amount°    (US $)    Amount°    (US $) 
Municipal Bonds - 143.75%         Municipal Bonds (continued)       
Corporate Revenue Bonds - 15.44%         Corporate Revenue Bonds (continued)       
    Buckeye, Ohio Tobacco         Suffolk County, New York       
        Settlement Financing         Tobacco Asset       
 Authority         Securitization       
        (Asset-Backed Senior         Series B 5.00% 6/1/32  750,000  $  789,270 
        Turbo) Series A-2 5.875%         Tobacco Settlement Financing       
        6/1/47   2,000,000  $  2,009,280  Corporation, Louisiana       
    Central Plains Energy Project         Asset-Backed Note       
        Revenue, Nebraska         Series A 5.25% 5/15/35  460,000    505,512 
 (Project No. 3)         Tobacco Settlement Financing       
 Series A 5.00% 9/1/36   225,000    297,214  Corporation, New Jersey       
    Commonwealth Financing         Series A 5.00% 6/1/46  130,000    147,852 
       Authority Revenue,         Series B 5.00% 6/1/46  335,000    373,394 
       Pennsylvania         TSASC Revenue, New York       
(Tobacco Master         (Settlement) Series A       
Settlement Payment)         5.00% 6/1/41  60,000    67,283 
       4.00% 6/1/39 (AGM)   1,015,000    1,122,590  Valparaiso, Indiana       
    Florida Development Finance         (Pratt Paper Project) 7.00%       
Surface Transportation         1/1/44 (AMT)  240,000    278,981 
Facilities Revenue                
(Virgin Trains USA               10,314,991 
Passenger Rail Project)         Education Revenue Bonds - 26.22%       
Series A 144A 6.50%         Arizona Industrial       
       1/1/49 (AMT)#• 475,000    452,556  Development Authority       
Golden State Tobacco         Revenue       
Securitization, California         (American Charter Schools       
Series A-1 5.00% 6/1/47   250,000    258,585  Foundation Project) 144A       
    Louisiana Local Government         6.00% 7/1/47 #  330,000    379,048 
        Environmental Facilities &         California Educational       
        Community Development         Facilities Authority Revenue       
 Authority         (Loma Linda University)       
 (Westlake Chemical)         Series A 5.00% 4/1/47  500,000    581,185 
 Series A 6.50% 8/1/29   645,000    663,731  (Stanford University)       
       Series A-1 6.50% 11/1/35   255,000    265,032  Series V-1 5.00% 5/1/49  1,000,000    1,535,710 
    M-S-R Energy Authority,         East Hempfield Township,       
       California Gas         Pennsylvania Industrial       
Series B 6.50% 11/1/39   250,000    391,335  Development Authority       
Series C 7.00% 11/1/34   1,000,000    1,532,010  (Student Services Income -       
    New York Transportation         Student Housing Project)       
       Development         5.00% 7/1/35  1,000,000    1,072,530 
(Delta Air Lines, Inc. -         Health & Educational Facilities       
LaGuardia Airport         Authority of the State of       
Terminals C&D         Missouri       
Redevelopment Project)         (St. Louis College of       
       4.00% 1/1/36 (AMT)   750,000    817,627  Pharmacy Project) 5.25%       
    Shoals, Indiana         5/1/33  500,000    538,295 
       (National Gypsum Project)         (Washington University)       
       7.25% 11/1/43 (AMT)   310,000    342,739  Series B 5.00% 11/15/30  600,000    641,592 

 

(continues) NQ- OV9 [12/19] 2/20 (1080105) 1

 

Schedule of investments

Delaware Investments® National Municipal Income Fund (Unaudited)

    Principal    Value    Principal    Value 
    Amount°    (US $)    Amount°    (US $) 
  Municipal Bonds (continued)        Municipal Bonds (continued)       
  Education Revenue Bonds (continued)        Education Revenue Bonds (continued)       
  Illinois Finance Authority        Phoenix, Arizona Industrial       
  Revenue        Development Authority       
      (CHF- Chicago, L. L. C. -        Revenue       
  University Of Illinois at        (Rowan University Project)       
  Chicago Project) Series A        5.00% 6/1/42  1,000,000  $  1,064,370 
  5.00% 2/15/50  460,000  $  514,790  Pima County, Arizona       
  (Chicago International        Industrial Development       
  Charter School Project)        Authority Education       
  5.00% 12/1/47  535,000    587,874  Revenue       
  Louisiana Public Facilities        (Edkey Charter School       
  Authority Revenue        Project) 6.00% 7/1/48  500,000    503,015 
  (Provident Group-Flagship        Private Colleges & Universities       
  Properties) Series A 5.00%        Authority Revenue, Georgia       
  7/1/56  500,000    567,225  (Mercer University) Series A       
  Massachusetts Development        5.00% 10/1/32  135,000    141,241 
  Finance Agency        Swarthmore Borough       
  (Umass Boston Student        Authority, Pennsylvania       
  Housing Project) 5.00%        (Swarthmore College       
  10/1/48  285,000    320,924  Project) 5.00% 9/15/32  490,000    555,817 
  Montgomery County,        Troy, New York Capital       
  Pennsylvania Higher        Resource Revenue       
  Education & Health        (Rensselaer Polytechnic)       
  Authority Revenue        Series A 5.125% 9/1/40  600,000    615,696 
  (Arcadia University) 5.25%        University of California       
  4/1/30  550,000    554,158  Series AI 5.00% 5/15/32  1,000,000    1,127,050 
  New Hope, Texas Cultural        Series AZ 5.25% 5/15/58  465,000    571,401 
  Education Facilities        University of Texas System       
  (Chief-Collegiate Housing-        Revenue Financing System       
  Tarleton St. ) Series A        Bonds       
  5.00% 4/1/34  1,000,000    1,079,930  Series B 5.00% 8/15/49  1,000,000    1,529,920 
  New York City, New York Trust        Wyoming Community       
  For Cultural Resources        Development Authority       
  (Whitney Museum of        Student Housing Revenue       
  American Art) 5.00%        (CHF-Wyoming LLC)       
  7/1/31  500,000    518,420  6.50% 7/1/43  250,000    260,900 
  New York State Dormitory               
  Authority              17,515,625 
  (Columbia University)        Electric Revenue Bonds - 3.94%       
  5.00% 10/1/41  600,000    628,062  JEA Electric System Revenue,       
  Pennsylvania State University        Florida       
  Series A 5.00% 9/1/47  1,000,000    1,200,750  Series A 5.00% 10/1/33  355,000    396,716 
  Philadelphia, Pennsylvania        Long Island Power Authority,       
  Authority for Industrial        New York Electric System       
  Development        Revenue       
  (1st Philadelphia        5.00% 9/1/47  305,000    361,962 
  Preparatory College)        Series A 5.00% 9/1/44  250,000    282,643 
  Series A 7.25% 6/15/43  370,000    425,722  Series B 5.00% 9/1/46  130,000    152,147 

 

2 NQ- OV9 [12/19] 2/20 (1080105)

 

(Unaudited)

    Principal    Value    Principal    Value 
    Amount°    (US $)    Amount°    (US $) 
Municipal Bonds (continued)         Municipal Bonds (continued)       
Electric Revenue Bonds (continued)         Healthcare Revenue Bonds (continued)     
     Municipal Electric Authority of         California Health Facilities       
          Georgia (Plant Vogtle Units         Financing Authority       
          3 & 4 Project)       Revenue       
          Series A 5.00% 1/1/56   400,000  $  461,148  (Kaiser Permanente)       
     Philadelphia, Pennsylvania         Series A-2 4.00% 11/1/44  460,000  $  508,378 
   Gas Works Revenue         Series A-2 5.00% 11/1/47  400,000    595,992 
   (1998 General Ordinance         California Statewide       
          Fifteenth Series) 5.00%         Communities Development       
          8/1/47   500,000    583,025  Authority       
     Puerto Rico Electric Power         (Loma Linda University       
          Authority Revenue         Medical Center) Series A       
          Series CCC 5.25%         144A 5.25% 12/1/56 #  760,000    854,263 
          7/1/27 ‡  215,000    163,937  Capital Trust Agency, Florida       
          Series WW 5.00% 7/1/28 ‡   305,000    231,800  (Tuscan Gardens Senior       
        2,633,378  Living Center) Series A       
          7.00% 4/1/49  375,000    368,535 
Healthcare Revenue Bonds - 31.47%         Colorado Health Facilities       
     Alabama Special Care         Authority Revenue       
   Facilities Financing         (CommonSpirit Health)       
   Authority-Birmingham         Series A-2 5.00% 8/1/44  1,000,000    1,179,420 
          Alabama         (Healthcare Facilities -       
          (Methodist Home for the         American Baptist) 8.00%       
   Aging) 6.00% 6/1/50   500,000    564,170  8/1/43  330,000    372,969 
     Allegheny County Hospital,         (Sanford Health) Series A       
          Pennsylvania Development         5.00% 11/1/44  500,000    601,960 
          Authority         Cuyahoga County, Ohio       
          (Allegheny Health Network         Hospital Revenue       
          Obligated Group Issue)         (The Metrohealth System)       
          Series A 4.00% 4/1/44   300,000    321,312  5.50% 2/15/57  1,000,000    1,164,440 
     Arizona Industrial         Idaho Health Facilities       
          Development Authority         Authority Revenue       
          Revenue         (St. Luke’s Health System       
   (Great Lakes Senior Living         Project) Series A 5.00%       
   Communities LLC Project)         3/1/33  1,250,000    1,511,850 
          Series A 5.00% 1/1/54   190,000    211,521  Kalispell, Montana       
          Series B 5.00% 1/1/49   70,000    76,237  (Immanuel Lutheran       
          Series B 5.125% 1/1/54   85,000    92,688  Corporation Project)       
     Berks County, Pennsylvania         Series A 5.25% 5/15/37  700,000    760,977 
          Industrial Development         Maine Health & Higher       
          Authority Revenue         Educational Facilities       
   (Tower Health Project)         Authority Revenue       
          5.00% 11/1/50   1,000,000    1,135,550  (Maine General Medical       
     Brookhaven Development         Center) 6.75% 7/1/41  300,000    319,356 
          Authority Revenue, Georgia         Maryland Health & Higher       
          (Children’s Healthcare of         Educational Facilities       
          Atlanta) Series A 4.00%         Authority       
          7/1/49   30,000    33,391  (University Of Maryland       
          Medical System Issue)       
          Series D 4.00% 7/1/48  255,000    275,971 

 

(continues) NQ- OV9 [12/19] 2/20 (1080105) 3

 

Schedule of investments

Delaware Investments® National Municipal Income Fund (Unaudited)

    Principal    Value    Principal    Value 
    Amount°    (US $)    Amount°    (US $) 
Municipal Bonds (continued)         Municipal Bonds (continued)       
Healthcare Revenue Bonds (continued)      Healthcare Revenue Bonds (continued)     
    Miami-Dade County, Florida         Palm Beach County Health       
       Health Facilities Authority         Facilities Authority, Florida       
       Revenue         (Sinai Residences Boca       
(Nicklaus Children’s         Raton Project)       
Hospital Project) 5.00%         Series A 7.25% 6/1/34  20,000  $  22,424 
       8/1/47   200,000  $  233,810  Series A 7.50% 6/1/49  105,000    117,914 
    Michigan Finance Authority         Palomar Health, California       
       Revenue         5.00% 11/1/39  130,000    147,973 
       (Beaumont Health Credit         Tarrant County, Texas Cultural       
Group) 5.00% 11/1/44   1,000,000    1,141,680  Education Facilities Finance       
    Montgomery County Higher         (Buckner Senior Living -       
Education & Health         Ventana Project) 6.75%       
Authority Revenue         11/15/47  250,000    289,675 
(Thomas Jefferson         Washington Health Care       
       University) 4.00% 9/1/49   750,000    812,287  Facilities Authority Revenue       
    Moon, Pennsylvania Industrial         (CommonSpirit Health)       
Development Authority         Series A-2 5.00% 8/1/38  250,000    298,695 
       (Baptist Homes Society         Westminster, Maryland       
Obligation) 6.125%         (Lutheran Village Millers       
       7/1/50   750,000    815,205  Grant) Series A 6.00%       
    New Hope, Texas Cultural         7/1/34  500,000    558,395 
Education Facilities         Wisconsin Health &       
(Cardinal Bay Inc. )         Educational Facilities       
Series A1 5.00% 7/1/51   135,000    145,130  Authority       
       Series B 4.75% 7/1/51   160,000    164,133  (Covenant Communities,       
    New Jersey Health Care         Inc. Project) Series B       
Facilities Financing         5.00% 7/1/53  1,000,000    1,066,690 
Authority Revenue         Yavapai County, Arizona       
(St. Peters University         Industrial Development       
Hospital) 6.25% 7/1/35   300,000    316,509  Authority Revenue       
(Valley Health System         (Yavapai Regional Medical       
       Obligated) 4.00% 7/1/44   475,000    530,433  Center) Series A 5.00%       
    New York State Dormitory         8/1/28  720,000    806,357 
       Authority                
(Orange Regional Medical               21,017,102 
Center) 144A 5.00%         Lease Revenue Bonds - 6.99%       
       12/1/35 # 500,000    585,430  California State Public Works       
    Orange County, Florida Health         Board Lease Revenue       
       Facilities Authority Revenue         (Various Capital Projects)       
       (Mayflower Retirement         Series A 5.00% 4/1/37  1,000,000    1,079,440 
       Center)         Idaho State Building Authority       
       5.00% 6/1/32   400,000    413,804  Revenue       
       5.00% 6/1/36   250,000    258,070  (Health & Welfare Project)       
       5.125% 6/1/42   750,000    773,303  Series A 5.00% 9/1/24  110,000    120,609 
    Oregon State Facilities         Metropolitan Pier &       
Authority Revenue         Exposition Authority Illinois       
(Peacehealth Project)         Revenue       
       Series A 5.00% 11/15/29   500,000    570,205  (Mccormick Place       
          Expansion)       
          4.00% 6/15/50  375,000    391,991 
          5.00% 6/15/50  290,000    334,231 

 

4 NQ- OV9 [12/19] 2/20 (1080105)

 

(Unaudited)

    Principal   Value      Principal   Value 
    Amount°   (US $)      Amount°   (US $) 
Municipal Bonds (continued)         Municipal Bonds (continued)        
Lease Revenue Bonds (continued)         Pre-Refunded/Escrowed to Maturity Bonds (continued)    
   Minnesota State General             Metropolitan Transportation        
Revenue Appropriations         Authority Revenue,        
       Series B 5.00% 3/1/29   1,000,000 $  1,078,540         New York        
   New Jersey Economic         Series A 5.00%        
       Development Authority                11/15/41-21§ 190,000 $  204,423 
       Series WW 5.25% 6/15/30   1,000,000   1,146,070         (Unrefunded) Series A        
   Public Finance Authority,                5.00% 11/15/41-21§   310,000   333,532 
       Wisconsin Airport Facilities            Monroe County, New York        
Revenue         Industrial Development        
(AFCO Investors II                Revenue        
       Portfolio) 144A 5.75%         (Nazareth College        
       10/1/31 (AMT)# 500,000   519,650         Rochester Project) 5.50%        
                 10/1/41-21§ 495,000   533,506 
        4,670,531     Monroe County, Pennsylvania        
Local General Obligation Bonds - 3.07%            Hospital Authority Revenue        
   Chicago Board of Education,                (Pocono Medical Center)        
       Illinois                Series A 5.00% 1/1/41-22§   500,000   536,920 
       5.00% 4/1/42   205,000   230,149     New York City, New York        
       5.00% 4/1/46   210,000   234,732  Water & Sewer System        
Chicago, Illinois                Revenue        
       Series A 5.50% 1/1/34   225,000   255,040         5.00% 6/15/47-23§   160,000   181,358 
       Series A 5.50% 1/1/49   150,000   177,011     Oregon State Facilities        
       Series C 5.00% 1/1/38   500,000   550,550  Authority Revenue        
District of Columbia         (Concordia University        
          Project) Series A 144A        
       Series A 5.00% 6/1/37   500,000   605,230         6.125% 9/1/30-20#§   100,000   103,245 
        2,052,712     Pennsylvania Turnpike        
Pre-Refunded/Escrowed to Maturity Bonds - 7.20%            Commission Subordinate        
   Bowling Green, Ohio Student         (Motor License Fund)        
Housing Revenue         Series B 5.00%        
       (CFP I State University                12/1/41-21§ 260,000   279,430 
       Project) 6.00% 6/1/45-20§   260,000   265,242  Series B 5.00%        
Central Texas Regional                12/1/41-21§ 240,000   257,698 
       Mobility Authority Revenue                 4,806,485 
Senior Lien 6.00%         Special Tax Revenue Bonds - 15.25%        
       1/1/41-21§ 520,000   544,866     Allentown, Pennsylvania        
   JEA Electric System Revenue,         Neighborhood        
       Florida         Improvement Zone        
Series A 5.00%         Development Authority        
       10/1/33-23§ 645,000   737,022         Revenue        
   Louisiana Public Facilities                (City Center Project) 144A        
Authority Revenue                5.375% 5/1/42 #   175,000   197,019 
       (Ochsner Clinic Foundation            Guam Government Business        
Project) 6.50%         Privilege Tax Revenue        
       5/15/37-21§ 105,000   112,579         Series B-1 5.00% 1/1/42   540,000   560,974 
   Maryland Health & Higher                  
Educational Facilities                  
Authority                  
       (Loyola University) Series A                  
       5.00% 10/1/39-22§   650,000   716,664           

 

(continues) NQ- OV9 [12/19] 2/20 (1080105) 5

 

Schedule of investments

Delaware Investments® National Municipal Income Fund (Unaudited)

    Principal    Value    Principal    Value 
    Amount°    (US $)    Amount°    (US $) 
Municipal Bonds (continued)         Municipal Bonds (continued)       
Special Tax Revenue Bonds (continued)      Special Tax Revenue Bonds (continued)     
Kansas City, Missouri         Regional Transportation       
Redevelopment Authority         District, Colorado Tax       
Revenue         Revenue       
(Convention Centre Hotel         (Denver Transit Partners)       
Project - TIF Financing)         6.00% 1/15/41  500,000  $  509,985 
Series B 144A 5.00%         Sales Tax Securitization,       
2/1/40 # 135,000  $  148,839  Illinois       
Massachusetts Bay         Series A 5.00% 1/1/40  500,000    577,985 
Transportation Authority         Wyandotte County, Kansas       
Senior         City, Kansas Unified       
Series A 5.25% 7/1/29   200,000    264,968  Government Special       
Mosaic District, Virginia         Obligation Revenue       
Community Development         (Sales Tax - Vacation Village       
Authority Revenue         Project A) Series A 5.75%       
Series A 6.875% 3/1/36   520,000    543,587  9/1/32  220,000    241,419 
New Jersey Economic               10,187,155 
Development Authority                
Revenue         State General Obligation Bonds - 10.14%     
(Cigarette Tax)         California State       
5.00% 6/15/28   200,000    213,272  5.25% 11/1/40  320,000    331,018 
5.00% 6/15/29   800,000    851,288  (Various Purposes)       
New York State Dormitory         4.00% 10/1/44  500,000    574,770 
Authority         5.00% 4/1/32  270,000    367,861 
Series A 5.00%         5.00% 10/1/41  440,000    469,867 
3/15/33-23§ 1,000,000    1,127,340  5.00% 11/1/47  1,000,000    1,215,140 
Northampton County,         Illinois State       
Pennsylvania Industrial         5.00% 11/1/29  595,000    681,453 
Development Authority         5.00% 5/1/36  90,000    97,559 
Revenue         5.00% 11/1/36  1,170,000    1,311,312 
(Route 33 Project) 7.00%         5.00% 2/1/39  160,000    171,952 
7/1/32   205,000    229,840  Series A 5.00% 4/1/38  170,000    180,924 
Port Authority of Allegheny                
County, Pennsylvania         (Rebuild Illinois Program)       
Special Revenue         Series B 4.00% 11/1/39  1,300,000    1,369,810 
Transportation Refunding               6,771,666 
5.75% 3/1/29   900,000    946,737  Transportation Revenue Bonds - 22.88%     
Public Finance Authority,         Alameda Corridor, California       
Wisconsin Airport Facilities         Transportation Authority       
Revenue         (2nd Sub Lien) Series B       
(American Dream @         5.00% 10/1/37  430,000    503,715 
Meadowlands Project)         Atlanta, Georgia Department       
144A 7.00% 12/1/50 #   380,000    454,647  of Aviation       
Puerto Rico Sales Tax         Series B 5.00% 1/1/29  1,000,000    1,142,330 
Financing Revenue                
(Restructured)         California Municipal Finance       
          Authority Mobile Home       
Series A-1 4.75% 7/1/53   3,065,000    3,207,584  Park Revenue       
Series A-1 5.00% 7/1/58   105,000    111,671  (LINXS APM Project)       
          Series A 5.00% 12/31/47       
          (AMT)  615,000    714,821 

 

6 NQ- OV9 [12/19] 2/20 (1080105)

 

(Unaudited)

  Principal    Value      Principal    Value 
  Amount°    (US $)      Amount°    (US $) 
Municipal Bonds (continued)        Municipal Bonds (continued)       
Transportation Revenue Bonds (continued)      Transportation Revenue Bonds (continued)     
Chicago, Illinois O’Hare        South Jersey Port, New Jersey       
International Airport        (Subordinated Marine       
Revenue        Terminal Revenue)       
(General-Senior Lien)        Series A 5.00% 1/1/49  85,000  $  97,462 
Series D 5.25% 1/1/34  1,000,000  $  1,106,560  Series B 5.00% 1/1/42       
Harris County, Texas Toll Road        (AMT)    85,000    98,115 
Authority Revenue        Series B 5.00% 1/1/48       
(Senior Lien) Series A        (AMT)    195,000    222,901 
4.00% 8/15/48  500,000    553,445     St. Louis, Missouri Airport       
Metropolitan Washington D.C.        Revenue         
Airports Authority Dulles        (Lambert St. Louis       
Toll Road Revenue        International) 5.00%       
(Dulles Metrorail and        7/1/32 (AMT)    1,000,000    1,079,960 
Capital Improvement        Texas Private Activity Bond       
Projects)        Surface Transportation       
Series B 3.00% 10/1/50        Corporate Senior Lien       
(AGM)  330,000    322,869  Revenue         
Series B 4.00% 10/1/49  510,000    558,261  (Blueridge Transportation       
New Jersey Turnpike Authority        Group)         
Series A 4.00% 1/1/48  1,000,000    1,125,670  5.00% 12/31/40 (AMT) 110,000    123,565 
Series B 5.00% 1/1/40  250,000    302,703  5.00% 12/31/45 (AMT)  110,000    122,714 
New Orleans, Louisiana        5.00% 12/31/50 (AMT)  160,000    177,789 
Aviation Board        (LBJ Infrastructure)       
Series B 5.00% 1/1/45        7.00% 6/30/40    285,000    292,553 
(AMT)  1,000,000    1,118,460  7.50% 6/30/33    665,000    685,302 
New York Liberty        (NTE Mobility Partners       
Development Revenue        Segments 3 LLC Segment       
(1 World Trade Center Port        3C Project) 5.00%       
Authority Construction)        6/30/58 (AMT)    500,000    583,460 
5.00% 12/15/41  500,000    534,320  (NTE Mobility Partners)       
New York Transportation        6.75% 6/30/43 (AMT)  225,000    260,469 
Development        7.00% 12/31/38 (AMT)  165,000    193,086 
(La Guardia Airport)        Virginia Small Business       
Series A 5.25% 1/1/50        Financing Authority       
(AMT)  700,000    784,455  (Transform 66 P3 Project)       
Pennsylvania Turnpike        5.00% 12/31/56 (AMT)  235,000    267,169 
Commission Subordinate                 
Series A-1 5.00% 12/1/43  500,000    561,295          15,285,850 
Series A-1 5.00% 12/1/47  210,000    249,703  Water & Sewer Revenue Bonds - 1.15%     
Port Authority of New York &           New York City, New York       
New Jersey Special Project        Water & Sewer System       
(JFK International Air        Revenue         
Terminal)        (Unrefunded Balance)       
6.00% 12/1/42  230,000    239,405  5.00% 6/15/47    185,000    205,679 
6.50% 12/1/28  500,000    522,880           
Salt Lake City, Utah Airport                 
Revenue                 
Series B 5.00% 7/1/42  625,000    740,413           

 

(continues) NQ- OV9 [12/19] 2/20 (1080105) 7

 

Schedule of investments

Delaware Investments® National Municipal Income Fund (Unaudited)

  Principal    Value      
  Amount°    (US $)   #  Security exempt from registration under Rule 144A of the Securities 
            Act of 1933, as amended. At Dec. 31, 2019, the aggregate value 
Municipal Bonds (continued)            of Rule 144A securities was $3,694,697, which represents 5.53% 
Water & Sewer Revenue Bonds (continued)          of the Fund’s net assets. 
Philadelphia, Pennsylvania          ¤  Tax-exempt obligations that contain a floating or variable interest 
Water & Wastewater            rate adjustment formula and an unconditional right of demand to 
Revenue            receive payment of the unpaid principal balance plus accrued interest 
Series A 5.00% 7/1/45  500,000  $  560,155     upon a short notice period (generally up to 30 days) prior to specified 
      765,834     dates either from the issuer or by drawing on a bank letter of credit, 
Total Municipal Bonds            a guarantee, or insurance issued with respect to such instrument. 
(cost $89,734,505)      96,021,329     Each rate shown is as of Dec. 31, 2019. 
          §  Pre-refunded bonds. Municipal bonds that are generally backed or 
Short-Term Investments - 0.45%            secured by US Treasury bonds. For pre-refunded bonds, the stated 
Variable Rate Demand Notes - 0.45%¤          maturity is followed by the year in which the bond will be 
Minneapolis-St. Paul            pre-refunded. 
Metropolitan Housing &          °  Principal amount shown is stated in USD unless noted that the security 
Redevelopment Authority            is denominated in another currency. 
Health Care Facilities          ‡  Non-income producing security. Security is currently in default. 
Revenue Series B          •      Variable rate investment. Rates reset periodically. Rate shown reflects 
(Children’s Health Care)            the rate in effect at Dec. 31, 2019. For securities based on a published 
1.52% 8/15/25 (AGM)            reference rate and spread,the reference rate and spread are indicated 
(SPA – US Bank N.A. )  200,000    200,000     intheirdescriptionabove. Thereferenceratedescriptions(i. e. LIBOR03M, 
Mississippi Business Finance            LIBOR06M,etc. ) used in this report are identical for different securities, 
Corporation Gulf            but the underlying reference rates may differ due to the timing of 
Opportunity Zone Industrial            the reset period. Certain variable rate securities are not based on 
Development Revenue             
Series I (Chevron USA)            a published reference rate and spread but are determined by the 
1.60% 11/1/35  100,000    100,000     issuer or agent and are based on current market conditions, or for 
            mortgage-backed securities,are impacted by the individual mortgages 
Total Short-Term            which are paying off over time. These securities do not indicate a 
Investments            reference rate and spread in their description above. 
(cost $300,000)      300,000      
          Summary of abbreviations: 
Total Value of Securities - 144.20%        AGM - Insured by Assured Guaranty Municipal Corporation 
(cost $90,034,505)      96,321,329   AMT - Subject to Alternative Minimum Tax 
Liquidation Value of          ICE - Intercontinental Exchange 
Preferred          LIBOR - London Interbank Offered Rate 
Stock - (44.91%)      (30,000,000) LIBOR03M - ICE LIBOR USD 3 Month 
Receivables and Other          LIBOR06M - ICE LIBOR USD 6 Month 
Assets Net of          N.A. - National Association 
Liabilities - 0.71%      476,149   SPA - Stand-by Purchase Agreement 
Net Assets Applicable to          USD - US Dollar 
4,528,443 Shares             
Outstanding - 100.00%    $  66,797,478      

 

8 NQ- OV9 [12/19] 2/20 (1080105)