NPORT-EX 2 AV91DelInvstNatMuniIncFd.htm
Schedule of investments
Delaware Investments® National Municipal Income Fund
December 31, 2020 (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds — 142.94%
Corporate Revenue Bonds — 14.91%
Arizona Industrial
Development Authority Revenue 		     
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50  # 		  725,000 $744,060
Buckeye Tobacco
Settlement Financing Authority 		     
(Senior)
Series A-2 4.00% 6/1/48   		  750,000 854,550
Central Plains Energy
Project Revenue, Nebraska 		     
(Project No. 3)
Series A 5.00% 9/1/36   		  225,000 317,502
Commonwealth Financing
Authority Revenue, Pennsylvania 		     
(Tobacco Master Settlement Payment)
4.00% 6/1/39 (AGM)  		  1,015,000 1,170,650
Florida Development
Finance Surface Transportation Facilities Revenue 		     
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) # 		  680,000 667,169
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.50% 1/1/49 (AMT) #, • 		  475,000 457,477
Golden State Tobacco
Securitization, California 		     
Series A-1 5.00% 6/1/47     250,000 259,355
M-S-R Energy Authority,
California Gas 		     
Series B 6.50% 11/1/39     250,000 416,997
    Principal amount° Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
M-S-R Energy Authority,
California Gas 		     
Series C 7.00% 11/1/34     1,000,000 $1,603,990
New York Liberty
Development Revenue 		     
(Bank of America Tower at One Bryant Park Project)
2.80% 9/15/69   		  240,000 234,461
New York Transportation
Development 		     
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)
4.00% 1/1/36 (AMT)  		  750,000 822,053
Shoals, Indiana      
(National Gypsum Project)
7.25% 11/1/43 (AMT)  		  310,000 329,877
Suffolk County, New York
Tobacco Asset Securitization 		     
Series B 5.00% 6/1/32     750,000 776,250
Tobacco Settlement
Financing Corporation, Louisiana 		     
Asset-Backed Note
Series A 5.25% 5/15/35   		  460,000 501,658
Tobacco Settlement
Financing Corporation, New Jersey 		     
Series A 5.00% 6/1/46     130,000 156,124
Subordinate Series B 5.00% 6/1/46     335,000 391,290
TSASC Revenue, New York      
(Settlement)
Series A 5.00% 6/1/41   		  60,000 69,210
Valparaiso, Indiana      
(Pratt Paper Project)
7.00% 1/1/44 (AMT)  		  240,000 271,658
  10,044,331
 
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Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds — 18.20%
Arizona Industrial
Development Authority Revenue 		     
(American Charter Schools Foundation Project)
144A 6.00% 7/1/47  # 		  330,000 $396,379
Board of Regents of the
University of Texas System 		     
Series B 5.00% 8/15/49     1,000,000 1,645,690
California Educational
Facilities Authority Revenue 		     
(Loma Linda University)
Series A 5.00% 4/1/47   		  500,000 580,080
(Stanford University)
Series V-1 5.00% 5/1/49   		  1,000,000 1,645,480
East Hempfield Township,
Pennsylvania Industrial Development Authority 		     
(Student Services Income - Student Housing Project)
5.00% 7/1/35   		  1,000,000 1,008,600
Health & Educational
Facilities Authority of the State of Missouri 		     
(St. Louis College of Pharmacy Project)
5.25% 5/1/33   		  500,000 527,090
Illinois Finance Authority
Revenue 		     
(CHF - Chicago, L.L.C. - University Of Illinois at Chicago Project)
Series A 5.00% 2/15/50   		  460,000 479,950
(Chicago International Charter School Project)
5.00% 12/1/47   		  535,000 601,399
    Principal amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Louisiana Public Facilities
Authority Revenue 		     
(Provident Group-Flagship Properties)
Series A 5.00% 7/1/56   		  500,000 $561,555
Massachusetts
Development Finance Agency 		     
(Umass Boston Student Housing Project)
5.00% 10/1/48   		  285,000 287,953
New York City, Trust for
Cultural Resources Revenue 		     
(Whitney Museum Of American Art)
5.00% 7/1/31   		  325,000 449,527
Philadelphia, Pennsylvania
Authority for Industrial Development 		     
(1st Philadelphia Preparatory College)
Series A 7.25% 6/15/43   		  370,000 426,458
Phoenix, Arizona Industrial
Development Authority Revenue 		     
(Rowan University Project)
5.00% 6/1/42   		  1,000,000 1,042,270
Pima County, Arizona
Industrial Development Authority 		     
(Edkey Charter Schools Project)
144A 5.00% 7/1/49  # 		  500,000 519,410
Private Colleges &
Universities Authority Revenue, Georgia 		     
(Mercer University)
Series A 5.00% 10/1/32   		  135,000 137,889
University of California      
Series AI 5.00% 5/15/32     1,000,000 1,104,840
Series AZ 5.25% 5/15/58     465,000 589,625
 
2    NQ-OV9 [12/20] 2/21 (1511882)
(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Wyoming Community
Development Authority Student Housing Revenue 		     
(CHF-Wyoming LLC)
6.50% 7/1/43   		  250,000 $252,790
  12,256,985
Electric Revenue Bonds — 4.04%
JEA Electric System
Revenue, Florida 		     
Series A 5.00% 10/1/33     355,000 397,628
Long Island Power
Authority, New York Electric System Revenue 		     
 5.00% 9/1/47     305,000 373,405
Series A 5.00% 9/1/44     250,000 284,098
Series B 5.00% 9/1/46     130,000 155,030
Philadelphia, Pennsylvania
Gas Works Revenue 		     
(1998 General Ordinance Fifteenth Series)
5.00% 8/1/47   		  500,000 595,990
Puerto Rico Electric Power
Authority Revenue 		     
Series A 5.05% 7/1/42  ‡   70,000 56,700
Series AAA 5.25% 7/1/25  ‡   40,000 32,500
Series CCC 5.25% 7/1/27  ‡   315,000 255,937
Series WW 5.00% 7/1/28  ‡   305,000 247,050
Series XX 4.75% 7/1/26  ‡   40,000 32,300
Series XX 5.25% 7/1/40  ‡   120,000 97,500
Series XX 5.75% 7/1/36  ‡   150,000 122,625
Series ZZ 4.75% 7/1/27  ‡   35,000 28,263
Series ZZ 5.25% 7/1/24  ‡   55,000 44,688
  2,723,714
Healthcare Revenue Bonds — 37.06%
Alabama Special Care
Facilities Financing Authority-Birmingham Alabama 		     
(Methodist Home for the Aging)
6.00% 6/1/50   		  500,000 521,240
    Principal amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Allegheny County Hospital,
Pennsylvania Development Authority 		     
(Allegheny Health Network Obligated Group Issue)
Series A 4.00% 4/1/44   		  300,000 $334,914
Arizona Industrial
Development Authority Revenue 		     
(Great Lakes Senior Living Communities LLC Project)      
Series A 5.00% 1/1/54     190,000 165,765
Series B 5.00% 1/1/49     70,000 55,563
Series B 5.125% 1/1/54     85,000 67,011
(Phoenix Children's Hospital)
Series A 4.00% 2/1/50   		  1,300,000 1,522,144
Berks County, Pennsylvania
Industrial Development Authority Revenue 		     
(Tower Health Project)
5.00% 11/1/50   		  1,000,000 1,068,900
Brookhaven Development
Authority Revenue, Georgia 		     
(Children's Healthcare of Atlanta)
Series A 4.00% 7/1/49   		  30,000 35,237
California Health Facilities
Financing Authority Revenue 		     
(Kaiser Permanente)
Series A-2 5.00% 11/1/47   		  730,000 1,149,356
California Statewide
Communities Development Authority 		     
(Loma Linda University Medical Center)
Series A 144A 5.25% 12/1/56  # 		  760,000 855,441
 
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Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Capital Trust Agency,
Florida 		     
(Tuscan Gardens Senior Living Center)
Series A 7.00% 4/1/49   		  375,000 $236,475
Colorado Health Facilities
Authority Revenue 		     
(CommonSpirit Health)
Series A-2 4.00% 8/1/49   		  1,000,000 1,127,630
(Healthcare Facilities - American Baptist)
8.00% 8/1/43   		  330,000 354,262
(Sanford Health)
Series A 5.00% 11/1/44   		  500,000 622,445
Cuyahoga County, Ohio
Hospital Revenue 		     
(The Metrohealth System)
5.50% 2/15/57   		  1,000,000 1,181,770
Escambia County Health
Facilities Authority Revenue 		     
(Healthcare Facilities - Baptist)
Series A 4.00% 8/15/50   		  540,000 596,014
Glendale, Arizona Industrial
Development Authority 		     
(Royal Oaks - Inspirata Pointe Project)
Series A 5.00% 5/15/56   		  500,000 552,970
Idaho Health Facilities
Authority Revenue 		     
(St. Luke's Health System Project)
Series A 5.00% 3/1/33   		  1,250,000 1,569,125
Kalispell, Montana      
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/37   		  700,000 722,855
    Principal amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maine Health & Higher
Educational Facilities Authority Revenue 		     
(Maine General Medical Center)
6.75% 7/1/41   		  300,000 $305,307
Maryland Health & Higher
Educational Facilities Authority 		     
(University of Maryland Medical System Issue)
Series D 4.00% 7/1/48   		  255,000 284,634
Miami-Dade County,
Florida Health Facilities Authority Revenue 		     
(Nicklaus Children's Hospital Project)
5.00% 8/1/47   		  200,000 236,766
Michigan Finance Authority
Revenue 		     
(Beaumont Health Credit Group)
5.00% 11/1/44   		  1,000,000 1,152,990
Monroe County, New York
Industrial Development Revenue 		     
(Rochester Regional Health Project)
Series A 4.00% 12/1/46   		  440,000 505,952
Montgomery County
Higher Education and Health Authority 		     
(Thomas Jefferson University)
4.00% 9/1/49   		  750,000 834,615
Moon, Pennsylvania
Industrial Development Authority 		     
(Baptist Homes Society Obligation)
6.125% 7/1/50   		  750,000 792,172
New Hope, Texas Cultural
Education Facilities 		     
(Cardinal Bay Inc.)      
Series A1 5.00% 7/1/51     135,000 132,922
 
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(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Hope, Texas Cultural
Education Facilities 		     
(Cardinal Bay Inc.)
Series B 4.75% 7/1/51     160,000 $109,095
New Jersey Health Care
Facilities Financing Authority Revenue 		     
(St. Peters University Hospital)
6.25% 7/1/35   		  300,000 306,249
(Valley Health System Obligated)
4.00% 7/1/44   		  475,000 548,069
New York State Dormitory
Authority 		     
Series A 4.00% 7/1/53     355,000 409,137
(Orange Regional Medical Center)
144A 5.00% 12/1/35  # 		  500,000 587,545
Orange County, Florida
Health Facilities Authority Revenue 		     
(Mayflower Retirement Center)      
 5.00% 6/1/32     400,000 403,264
 5.00% 6/1/36     250,000 251,768
 5.125% 6/1/42     750,000 754,942
Oregon State Facilities
Authority Revenue 		     
(Peacehealth Project)
Series A 5.00% 11/15/29   		  500,000 561,685
Palm Beach County Health
Facilities Authority, Florida 		     
(Sinai Residences Boca Raton Project)      
Series A 7.25% 6/1/34     20,000 21,795
Series A 7.50% 6/1/49     105,000 114,401
Palomar Health, California      
5.00% 11/1/39     130,000 149,854
Tarrant County, Texas
Cultural Education Facilities Finance 		     
(Buckner Senior Living - Ventana Project)
6.75% 11/15/47   		  250,000 278,750
    Principal amount° Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
University of North
Carolina Board of Governors 		     
5.00% 2/1/49     500,000 $796,605
Washington Health Care
Facilities Authority Revenue 		     
(CommonSpirit Health)
Series A-2 5.00% 8/1/38   		  250,000 314,762
Westminster, Maryland      
(Lutheran Village Millers Grant)
Series A 6.00% 7/1/34   		  500,000 545,695
Wisconsin Health &
Educational Facilities Authority 		     
(Covenant Communities, Inc. Project)
Series B 5.00% 7/1/53   		  1,000,000 1,026,520
Yavapai County, Arizona
Industrial Development Authority Revenue 		     
(Yavapai Regional Medical Center)
Series A 5.00% 8/1/28   		  720,000 794,707
  24,959,318
Lease Revenue Bonds — 9.36%
California State Public
Works Board Lease Revenue 		     
(Various Capital Projects)
Series A 5.00% 4/1/37   		  1,000,000 1,054,000
Idaho State Building
Authority Revenue 		     
(Health & Welfare Project)
Series A 5.00% 9/1/24   		  90,000 98,108
 
NQ-OV9 [12/20] 2/21 (1511882)    5
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Metropolitan Pier &
Exposition Authority Illinois Revenue 		     
(McCormick Place Expansion)      
 4.00% 6/15/50     1,375,000 $1,464,361
 5.00% 6/15/50     290,000 335,890
New Jersey Economic
Development Authority 		     
Series WW 5.25% 6/15/30     1,000,000 1,158,220
(Transit Transportation Project)
Series A 4.00% 11/1/44   		  500,000 554,515
New Jersey Transportation
Trust Fund Authority 		     
Series AA 4.00% 6/15/45     1,000,000 1,119,250
Public Finance Authority,
Wisconsin Airport Facilities Revenue 		     
(AFCO Investors II Portfolio)
144A 5.75% 10/1/31 (AMT) # 		  500,000 517,310
  6,301,654
Local General Obligation Bonds — 2.82%
Chicago Board of
Education, Illinois 		     
 5.00% 4/1/42     205,000 230,203
 5.00% 4/1/46     210,000 234,097
Chicago, Illinois      
Series A 5.50% 1/1/34     225,000 248,189
Series C 5.00% 1/1/38     500,000 539,475
New York City, New York      
Series C 5.00% 8/1/43     500,000 645,930
  1,897,894
Pre-Refunded/Escrowed to Maturity Bonds — 6.87%
JEA Electric System
Revenue, Florida 		     
Series A 5.00% 10/1/33-23  §   645,000 729,140
    Principal amount° Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Louisiana Public Facilities
Authority Revenue 		     
(Ochsner Clinic Foundation Project)
6.50% 5/15/37-21  § 		  105,000 $107,394
Metropolitan
Transportation Authority Revenue,
New York 		     
Series A 5.00% 11/15/41-21  §   190,000 198,010
(Unrefunded)
Series A 5.00% 11/15/41-21  § 		  310,000 323,070
Monroe County, New York
Industrial Development Revenue 		     
(Nazareth College Rochester Project)
5.50% 10/1/41-21  § 		  495,000 514,399
Monroe County,
Pennsylvania Hospital Authority Revenue 		     
(Pocono Medical Center)
Series A 5.00% 1/1/41-22  § 		  500,000 523,035
New Hope, Texas Cultural
Education Facilities 		     
(Chief-Collegiate Housing-Tarleton St.)
Series A 5.00% 4/1/34-24  § 		  1,000,000 1,129,200
New York State Dormitory
Authority 		     
Series A 5.00% 3/15/33-23  §   1,000,000 1,106,450
  4,630,698
Special Tax Revenue Bonds — 11.55%
Allentown, Pennsylvania
Neighborhood Improvement Zone Development Authority Revenue 		     
(City Center Project)
144A 5.375% 5/1/42  # 		  175,000 191,660
 
6    NQ-OV9 [12/20] 2/21 (1511882)
(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Guam Government
Business Privilege Tax Revenue 		     
Series B-1 5.00% 1/1/42     540,000 $554,926
Kansas City, Missouri
Redevelopment Authority Revenue 		     
(Convention Centre Hotel Project - TIF Financing)
Series B 144A 5.00% 2/1/40  # 		  135,000 142,475
Massachusetts Bay
Transportation Authority Senior 		     
Series A 5.25% 7/1/29     200,000 274,430
New Jersey Economic
Development Authority Revenue 		     
(Cigarette Tax)      
 5.00% 6/15/28     200,000 208,918
 5.00% 6/15/29     800,000 834,480
Northampton County,
Pennsylvania Industrial Development Authority Revenue 		     
(Route 33 Project)
7.00% 7/1/32   		  205,000 221,349
Public Finance Authority,
Wisconsin Airport Facilities Revenue 		     
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50  # 		  380,000 341,335
Puerto Rico Sales Tax
Financing Revenue 		     
(Restructured)      
Series A-1 4.75% 7/1/53     3,235,000 3,563,223
Series A-2 4.329% 7/1/40     595,000 646,253
Sales Tax Securitization,
Illinois 		     
Series A 5.00% 1/1/40     500,000 595,745
    Principal amount° Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Wyandotte County, Kansas
City, Kansas Unified Government Special Obligation Revenue 		     
(Sales Tax - Vacation Village Project A)
Series A 5.75% 9/1/32   		  220,000 $208,177
  7,782,971
State General Obligation Bonds — 11.88%
California State      
(Various Purposes)      
 5.00% 10/1/41     440,000 454,749
 5.00% 11/1/47     1,000,000 1,248,550
Commonwealth of Puerto
Rico 		     
Series A 5.25% 7/1/34  ‡   715,000 555,913
Series A 8.00% 7/1/35  ‡   1,900,000 1,306,250
Illinois State      
 5.00% 1/1/28     285,000 321,326
 5.00% 5/1/36     90,000 96,201
 5.00% 11/1/36     1,170,000 1,303,040
 5.00% 2/1/39     160,000 169,736
 5.50% 5/1/39     500,000 605,475
Series A 5.00% 4/1/38     170,000 177,844
Series A 5.125% 12/1/29     310,000 361,733
(Rebuild Illinois Program)
Series B 4.00% 11/1/39   		  1,300,000 1,398,592
  7,999,409
Transportation Revenue Bonds — 24.23%
Alameda Corridor,
California Transportation Authority 		     
(2nd Sub Lien)
Series B 5.00% 10/1/37   		  430,000 511,296
Atlanta, Georgia
Department of Aviation 		     
Series B 5.00% 1/1/29     1,000,000 1,129,820
California Municipal
Finance Authority Mobile Home Park Revenue 		     
(LINXS APM Project)
Series A 5.00% 12/31/47 (AMT)  		  615,000 721,758
 
NQ-OV9 [12/20] 2/21 (1511882)    7
Schedule of investments
Delaware Investments® National Municipal Income Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Chicago, Illinois O'Hare
International Airport Revenue 		     
(General-Senior Lien)      
Series A 5.00% 1/1/48 (AMT)    250,000 $298,842
Series D 5.25% 1/1/34     1,000,000 1,082,710
Harris County, Texas Toll
Road Authority Revenue 		     
(Senior Lien)
Series A 4.00% 8/15/48   		  500,000 581,830
Metropolitan
Transportation Authority Revenue,
New York 		     
(Green Bond)
Series C-1 5.25% 11/15/55   		  750,000 915,570
Metropolitan Washington
D.C. Airports Authority Dulles Toll Road Revenue 		     
(Dulles Metrorail and Capital Improvement Projects)
Series B 4.00% 10/1/49   		  510,000 574,372
New Jersey Turnpike
Authority 		     
Series A 4.00% 1/1/48     1,000,000 1,146,350
Series B 5.00% 1/1/40     250,000 308,492
New Orleans, Louisiana
Aviation Board 		     
Series B 5.00% 1/1/45 (AMT)    1,000,000 1,118,540
New York Liberty
Development Revenue 		     
(1 World Trade Center Port Authority Construction)
5.00% 12/15/41   		  500,000 519,380
New York Transportation
Development 		     
(La Guardia Airport)
Series A 5.25% 1/1/50 (AMT)  		  700,000 770,693
    Principal amount° Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation
Development 		     
(Terminal 4 John F. Kennedy International Airport Project))      
Series C 4.00% 12/1/39     70,000 $82,983
Series C 4.00% 12/1/41     65,000 76,148
Series C 5.00% 12/1/29     20,000 25,863
Pennsylvania Turnpike
Commission Subordinate 		     
Series A-1 5.00% 12/1/43     500,000 567,450
Series A-1 5.00% 12/1/47     210,000 254,869
Phoenix City, Arizona Civic
Improvement Airport Revenue 		     
Series B 5.00% 7/1/49  (AMT)    1,000,000 1,216,100
Salt Lake City, Utah Airport
Revenue 		     
Series B 5.00% 7/1/42     625,000 758,969
South Jersey Port
Corporation 		     
(Subordinated Marine Terminal Revenue)
Series B 5.00% 1/1/48 (AMT)  		  195,000 219,309
South Jersey Port, New
Jersey 		     
(Subordinated Marine Terminal Revenue)      
Series A 5.00% 1/1/49     85,000 98,400
Series B 5.00% 1/1/42 (AMT)    85,000 96,548
St. Louis, Missouri Airport
Revenue 		     
(Lambert St. Louis International)
5.00% 7/1/32 (AMT)  		  1,000,000 1,051,290
Texas Private Activity Bond
Surface Transportation Corporate Senior Lien Revenue 		     
(Blueridge Transportation Group)      
 5.00% 12/31/40 (AMT)    110,000 123,031
 5.00% 12/31/45 (AMT)    110,000 121,983
 
8    NQ-OV9 [12/20] 2/21 (1511882)
(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Texas Private Activity Bond
Surface Transportation Corporate Senior Lien Revenue 		     
(Blueridge Transportation Group)
 5.00% 12/31/50 (AMT)    160,000 $176,797
(NTE Mobility Partners Segments 3 LLC Segment 3C Project)
5.00% 6/30/58 (AMT)  		  500,000 600,105
(NTE Mobility Partners)      
 6.75% 6/30/43 (AMT)    225,000 257,155
 7.00% 12/31/38 (AMT)    165,000 189,888
Triborough Bridge & Tunnel
Authority Revenue, New York 		     
(MTA Bridges And Tunnels)
Series A 5.00% 11/15/49   		  350,000 452,497
Virginia Small Business
Financing Authority 		     
(Transform 66 P3 Project)
5.00% 12/31/56 (AMT)  		  235,000 273,028
  16,322,066
Water & Sewer Revenue Bonds — 2.02%
New York City, New York
Water & Sewer System Revenue 		     
Series GG-1 4.00% 6/15/50     500,000 594,465
(Unrefunded Balance)
5.00% 6/15/47   		  185,000 203,829
Philadelphia, Pennsylvania
Water & Wastewater Revenue 		     
Series A 5.00% 7/1/45     500,000 561,170
  1,359,464
Total Municipal Bonds
(cost $89,777,195) 		96,278,504
Total Value of Securities—142.94%
(cost $89,777,195) 		96,278,504
      Value (US $)
Liquidation Value of Preferred – (44.54%)     (30,000,000)
Receivables and Other Assets Net of Liabilities—1.60%     $1,074,759
Net Assets Applicable to 4,528,443 Shares Outstanding—100.00%     $67,353,263
° 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 December 31, 2020, the aggregate value of Rule 144A securities was $5,420,261, which represents 8.05% of the Fund's net assets.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. 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. LIBOR03M, LIBOR06M, 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.
‡ Non-income producing security. Security is currently in default.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded.
Summary of abbreviations: 
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
CHF – Collegiate Housing Foundation
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
USD – US Dollar
 
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