delawareinvestmentsnationalm.htm - Generated by SEC Publisher for SEC Filing

Schedule of investments

Delaware Investments^®National Municipal Income Fund

June 30, 2019 (Unaudited)


	Principal		Value		Principal		Value
	Amount°		(US $)		Amount°		(US $)
Municipal Bonds - 146.60%				Municipal Bonds (continued)
Corporate Revenue Bonds - 13.10%				Corporate Revenue Bonds (continued)
Buckeye, Ohio Tobacco				Tobacco Settlement Financing
Settlement Financing				Corporation, Louisiana
Authority				Asset-Backed Note
Asset-Backed Senior Turbo				Series A 5.25% 5/15/35	460,000	$	502,453
Series A-2 5.875% 6/1/47	500,000	$	490,690	Tobacco Settlement Financing
Central Plains Energy Project				Corporation, New Jersey
Revenue, Nebraska				Series A 5.00% 6/1/46	130,000		145,240
(Project No. 3)				Series B 5.00% 6/1/46	335,000		359,636
Series A 5.00% 9/1/36	225,000		289,019	TSASC Revenue, New York
Commonwealth Financing				(Settlement) Series A
Authority Revenue,				5.00% 6/1/41	60,000		65,418
Pennsylvania				Valparaiso, Indiana
(Tobacco Master				(Pratt Paper Project) 7.00%
Settlement Payment)				1/1/44 (AMT)	240,000		281,038
4.00% 6/1/39 (AGM)	1,015,000		1,105,152
Florida Development Finance							8,716,886
Surface Transportation				Education Revenue Bonds - 27.36%
Facilities Revenue				Arizona Industrial
(Virgin Trains USA				Development Authority
Passenger Rail Project)				Revenue
Series A 144A 6.50%				(American Charter Schools
1/1/49#•	475,000		461,990	Foundation Project) 144A
Golden State Tobacco				6.00% 7/1/47 #	330,000		370,471
Securitization, California				California Educational
Series A-1 5.00% 6/1/47	250,000		250,313	Facilities Authority Revenue
Louisiana Local Government				(Loma Linda University)
Environmental Facilities &				Series A 5.00% 4/1/47	500,000		577,345
Community Development				(Stanford University)
Authority				Series V-1 5.00% 5/1/49	1,000,000		1,475,470
(Westlake Chemical)				East Hempfield Township,
Series A 6.50% 8/1/29	645,000		678,850	Pennsylvania Industrial
Series A-1 6.50% 11/1/35	255,000		270,193	Development Authority
M-S-R Energy Authority,				(Student Services Income -
California Gas				Student Housing Project)
Series B 6.50% 11/1/39	250,000		377,117	5.00% 7/1/35	1,000,000		1,059,710
Series C 7.00% 11/1/34	1,000,000		1,500,680	Health & Educational Facilities
New York Transportation				Authority of the State of
Development				Missouri
(Delta Air Lines, Inc. -				(St. Louis College of
LaGuardia Airport				Pharmacy Project) 5.25%
Terminals C&D				5/1/33	500,000		539,125
Redevelopment Project)				(Washington University)
4.00% 1/1/36 (AMT)	750,000		803,183	Series B 5.00% 11/15/30	600,000		648,990
Shoals, Indiana				Illinois Finance Authority
(National Gypsum Project)				Revenue
7.25% 11/1/43 (AMT)	310,000		343,951	(CHF- Chicago, L. L. C. -
Suffolk County, New York				University Of Illinois at
Tobacco Asset				Chicago Project) Series A
Securitization				5.00% 2/15/50	460,000		511,129
Series B 5.00% 6/1/32	750,000		791,963

(continues) NQ- OV9 [6/19] 8/19 (919246) 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				Philadelphia, Pennsylvania
Revenue				Authority for Industrial
(Chicago International				Development
Charter School Project)				(1st Philadelphia
5.00% 12/1/47	535,000	$	587,350	Preparatory College)
Kent County, Delaware				Series A 7.25% 6/15/43	370,000	$	427,128
Student Housing and				Phoenix, Arizona Industrial
Dining Facilities Revenue				Development Authority
(CHF-Dover, L. L. C. -				Revenue
Delaware State University				(Rowan University Project)
Project) Series A 5.00%				5.00% 6/1/42	1,000,000		1,070,800
7/1/53	115,000		127,504	Pima County, Arizona
Louisiana Public Facilities				Industrial Development
Authority Revenue				Authority Education
(Provident Group-Flagship				Revenue
Properties) Series A 5.00%				(Edkey Charter School
7/1/56	500,000		558,380	Project) 6.00% 7/1/48	500,000		497,945
Maryland Health & Higher				Private Colleges & Universities
Educational Facilities				Authority Revenue, Georgia
Authority				(Mercer University) Series A
(Loyola University) Series A				5.00% 10/1/32	135,000		142,252
5.00% 10/1/39	650,000		708,747	Swarthmore Borough
Massachusetts Development				Authority, Pennsylvania
Finance Agency				(Swarthmore College
(Umass Boston Student				Project) 5.00% 9/15/32	490,000		559,311
Housing Project) 5.00%				Troy, New York Capital
10/1/48	285,000		319,305	Resource Revenue
Montgomery County,				(Rensselaer Polytechnic)
Pennsylvania Higher				Series A 5.125% 9/1/40	600,000		622,776
Education & Health				University of California
Authority Revenue				Series AI 5.00% 5/15/32	1,000,000		1,134,970
(Arcadia University) 5.25%				Series AZ 5.25% 5/15/58	465,000		565,412
4/1/30	550,000		561,847	University of Texas System
New Hope, Texas Cultural				Revenue Financing System
Education Facilities				Bonds
(Chief-Collegiate Housing-				Series B 5.00% 8/15/49	1,000,000		1,450,460
Tarleton St. ) Series A				Wyoming Community
5.00% 4/1/34	1,000,000		1,072,270	Development Authority
New York City, New York Trust				Student Housing Revenue
For Cultural Resources				(CHF-Wyoming LLC)
(Whitney Museum of				6.50% 7/1/43	250,000		263,305
American Art) 5.00%
7/1/31	500,000		526,020				18,209,632
New York State Dormitory				Electric Revenue Bonds - 3.28%
Authority				JEA Electric System Revenue,
(Columbia University)				Florida
5.00% 10/1/41	600,000		636,990	Series A 5.00% 10/1/33	355,000		398,022
Pennsylvania State University				Long Island Power Authority,
Series A 5.00% 9/1/47	1,000,000		1,194,620	New York Electric System
				Revenue
				5.00% 9/1/47	305,000		361,870

2 NQ- OV9 [6/19] 8/19 (919246)

(Unaudited)


	Principal		Value		Principal		Value
	Amount°		(US $)		Amount°		(US $)
Municipal Bonds (continued)				Municipal Bonds (continued)
Electric Revenue Bonds (continued)				Healthcare Revenue Bonds (continued)
Long Island Power Authority,				California Health Facilities
New York Electric System				Financing Authority
Revenue				Revenue
Series A 5.00% 9/1/44	250,000	$	282,913	(Kaiser Permanente)
Series B 5.00% 9/1/46	130,000		151,761	Series A-2 4.00% 11/1/44	460,000	$	502,752
Philadelphia, Pennsylvania				Series A-2 5.00% 11/1/47	400,000		570,584
Gas Works Revenue				California Statewide
(1998 General Ordinance				Communities Development
Fifteenth Series) 5.00%				Authority
8/1/47	500,000		581,695	(Loma Linda University
Puerto Rico Electric Power				Medical Center) Series A
Authority Revenue				144A 5.25% 12/1/56 #	760,000		847,787
Series WW 5.00% 7/1/28 ‡	305,000		239,425	Capital Trust Agency, Florida
Series CCC 5.25%				(Tuscan Gardens Senior
7/1/27‡	215,000		169,313	Living Center) Series A
				7.00% 4/1/49	375,000		364,455
			2,184,999	Colorado Health Facilities
Healthcare Revenue Bonds - 30.87%				Authority Revenue
Alabama Special Care				(Healthcare Facilities -
Facilities Financing				American Baptist) 8.00%
Authority-Birmingham				8/1/43	330,000		374,682
Alabama				Cuyahoga County, Ohio
(Methodist Home for the				Hospital Revenue
Aging) 6.00% 6/1/50	500,000		562,110	(The Metrohealth System)
Allegheny County Hospital,				5.50% 2/15/57	1,000,000		1,148,180
Pennsylvania Development				Idaho Health Facilities
Authority				Authority Revenue
(Allegheny Health Network				(St. Luke’s Health System
Obligated Group Issue)				Project) Series A 5.00%
Series A 4.00% 4/1/44	300,000		321,531	3/1/33	1,250,000		1,496,413
Arizona Health Facilities				Kalispell, Montana
Authority Revenue				(Immanuel Lutheran
(Catholic Healthcare West)				Corporation Project)
Series D 5.00% 7/1/28	500,000		501,135	Series A 5.25% 5/15/37	700,000		749,952
Arizona Industrial				Lycoming County,
Development Authority				Pennsylvania Authority
Revenue				Health System Revenue
(Great Lakes Senior Living				(Susquehanna Health
Communities LLC Project)				System Project) Series A
Series A 5.00% 1/1/54	190,000		209,416	5.50% 7/1/28-1/	500,000		500,000
Series B 5.00% 1/1/49	70,000		76,084	Maine Health & Higher
Series B 5.125% 1/1/54	85,000		92,934	Educational Facilities
Berks County, Pennsylvania				Authority Revenue
Industrial Development				(Maine General Medical
Authority Revenue				Center) 6.75% 7/1/41	300,000		324,018
(Tower Health Project)				Maricopa County, Arizona
5.00% 11/1/50	1,000,000		1,143,860	Industrial Development
				Authority Health Facilities
				Revenue
				(Catholic Healthcare West)
				Series A 6.00% 7/1/39	500,000		501,610

(continues) NQ- OV9 [6/19] 8/19 (919246) 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)
Maryland Health & Higher				Orange County, Florida Health
Educational Facilities				Facilities Authority Revenue
Authority				(Mayflower Retirement
(University Of Maryland				Center)
Medical System Issue)				5.00% 6/1/32	400,000	$	417,036
Series D 4.00% 7/1/48	255,000	$	272,809	5.00% 6/1/36	250,000		259,727
Miami-Dade County, Florida				5.125% 6/1/42	750,000		778,860
Health Facilities Authority				Oregon State Facilities
Revenue				Authority Revenue
(Nicklaus Children’s				(Peacehealth Project)
Hospital Project) 5.00%				Series A 5.00% 11/15/29	500,000		570,075
8/1/47	200,000		232,362	Palm Beach County Health
Michigan Finance Authority				Facilities Authority, Florida
Revenue				(Sinai Residences Boca
(Beaumont Health Credit				Raton Project)
Group) 5.00% 11/1/44	1,000,000		1,134,600	Series A 7.25% 6/1/34	20,000		22,475
Montgomery County Higher				Series A 7.50% 6/1/49	105,000		118,589
Education & Health				Palomar Health, California
Authority Revenue
(Thomas Jefferson				5.00% 11/1/39	130,000		146,106
University) 4.00% 9/1/49	750,000		794,813	Tarrant County, Texas Cultural
Moon, Pennsylvania Industrial				Education Facilities Finance
Development Authority				(Buckner Senior Living -
(Baptist Homes Society				Ventana Project) 6.75%
Obligation) 6.125%				11/15/47	250,000		285,135
7/1/50	750,000		810,983	Westminster, Maryland
New Hope, Texas Cultural				(Lutheran Village Millers
Education Facilities				Grant Inc. ) 6.00% 7/1/34	500,000		538,090
(Cardinal Bay Inc. )				Wisconsin Health &
Series A1 5.00% 7/1/51	135,000		152,027	Educational Facilities
				Authority
Series B 4.75% 7/1/51	160,000		173,880	(Covenant Communities,
New Jersey Health Care				Inc. Project) Series B
Facilities Financing				5.00% 7/1/53	1,000,000		1,061,830
Authority Revenue				Yavapai County, Arizona
(St. Peters University				Industrial Development
Hospital) 6.25% 7/1/35	300,000		320,118	Authority Revenue
New York State Dormitory				(Yavapai Regional Medical
Authority				Center) Series A 5.00%
(Orange Regional Medical				8/1/28	720,000		800,338
Center) 144A 5.00%
12/1/35#	500,000		578,625				20,550,517
North Carolina Medical Care				Lease Revenue Bonds - 5.99%
Commission Facilities				California State Public Works
Revenue				Board Lease Revenue
(Novant Health Obligated				(Various Capital Projects)
Group) Series A 4.00%				Series A 5.00% 4/1/37	1,000,000		1,090,600
11/1/52	500,000		539,770	Idaho State Building Authority
Oklahoma Development				Revenue
Finance Authority Revenue				(Health & Welfare Project)
(OU Medicine Project)				Series A 5.00% 9/1/24	135,000		147,785
Series B 5.50% 8/15/57	215,000		254,766

4 NQ- OV9 [6/19] 8/19 (919246)

(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				Illinois Finance Authority
Revenue Appropriations				Revenue
Series B 5.00% 3/1/29	1,000,000	$	1,090,400	(Silver Cross & Medical
New Jersey Economic				Centers) 7.00%
Development Authority				8/15/44-19§	450,000	$	452,993
Series WW 5.25% 6/15/30	1,000,000		1,138,180	JEA Electric System Revenue,
Public Finance Authority,				Florida
Wisconsin Airport Facilities				Series A 5.00%
Revenue				10/1/33-23§	645,000		740,699
(AFCO Investors II				Koyukuk, Alaska Revenue
Portfolio) 144A 5.75%				(Tanana Chiefs Conference
10/1/31 (AMT)#	500,000		518,825	Health Care Facility Project)
				7.75% 10/1/41-19§	300,000		304,680
			3,985,790	Louisiana Public Facilities
Local General Obligation Bonds - 3.93%				Authority Revenue
Chicago Board of Education,				(Ochsner Clinic Foundation
Illinois				Project) 6.50%
5.00% 4/1/42	205,000		225,260	5/15/37-21§	105,000		114,927
5.00% 4/1/46	210,000		230,158	Maryland State Economic
Chicago, Illinois				Development Revenue
Series A 5.50% 1/1/34	225,000		248,924	(Transportation Facilities
Series A 5.50% 1/1/49	150,000		170,555	Project) Series A 5.75%
Series C 5.00% 1/1/38	500,000		539,210	6/1/35-20§	255,000		265,177
District of Columbia				Metropolitan Transportation
				Authority Revenue,
Series A 5.00% 6/1/37	1,000,000		1,203,740	New York
			2,617,847	Series A 5.00%
Pre-Refunded/Escrowed to Maturity Bonds - 12.55%				11/15/41-21§	190,000		207,235
Bowling Green, Ohio Student				(Unrefunded) Series A
Housing Revenue				5.00% 11/15/41-21§	310,000		338,120
(CFP I State University				Monroe County, New York
Project) 6.00% 6/1/45-20§	260,000		271,086	Industrial Development
Brooklyn Arena Local				Revenue
Development, New York				(Nazareth College
Pilot Revenue				Rochester Project) 5.50%
(Barclays Center Project)				10/1/41-21§	495,000		541,926
				Monroe County, Pennsylvania
6.25% 7/15/40-20§	940,000		965,746	Hospital Authority Revenue
6.50% 7/15/30-20§	300,000		308,601	(Pocono Medical Center)
California Municipal Finance				Series A 5.00% 1/1/41-22§	500,000		543,250
Authority Mobile Home				New Jersey Economic
Park Revenue				Development Authority
(Caritas Project) Series A				Revenue
6.40% 8/15/45-20§	400,000		422,132	(MSU Student Housing
Central Texas Regional				Project) 5.875%
Mobility Authority Revenue				6/1/42-20§	450,000		468,891
Senior Lien 6.00%				New Jersey Turnpike Authority
1/1/41-21§	520,000		555,318
Hawaii Pacific Health Special				Series A 5.00% 1/1/27-22§	475,000		527,093
Purpose Revenue				Series A 5.00% 1/1/27-22§	25,000		27,742
Series A 5.50% 7/1/40-20§	300,000		312,291

(continues) NQ- OV9 [6/19] 8/19 (919246) 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)
Pre-Refunded/Escrowed to Maturity Bonds (continued)				Special Tax Revenue Bonds (continued)
New York City, New York				Mosaic District, Virginia
Water & Sewer System				Community Development
Revenue				Authority Revenue
5.00% 6/15/47-23§	160,000	$	183,603	Series A 6.875% 3/1/36	520,000	$	551,216
Oregon State Facilities				New Jersey Economic
Authority Revenue				Development Authority
(Concordia University				Revenue
Project) Series A 144A				(Cigarette Tax)
6.125% 9/1/30-20#§	100,000		104,813	5.00% 6/15/28	200,000		214,728
Pennsylvania State Higher				5.00% 6/15/29	800,000		856,576
Educational Facilities				New York State Dormitory
Authority Revenue				Authority
(Edinboro University				Series A 5.00% 3/15/33	1,000,000		1,124,700
Foundation) 5.80%				Northampton County,
7/1/30-20 §	400,000		417,408	Pennsylvania Industrial
Pennsylvania Turnpike				Development Authority
Commission Subordinate				Revenue
(Motor License Fund)				(Route 33 Project) 7.00%
Series B 5.00%				7/1/32	205,000		231,060
12/1/41-21 §	260,000		283,044	Port Authority of Allegheny
			8,356,775	County, Pennsylvania
				Special Revenue
Special Tax Revenue Bonds - 11.67%				Transportation Refunding
Allentown, Pennsylvania				5.75% 3/1/29	900,000		963,468
Neighborhood				Public Finance Authority,
Improvement Zone				Wisconsin Airport Facilities
Development Authority				Revenue
Revenue				(American Dream @
(City Center Project) 144A				Meadowlands Project)
5.375% 5/1/42 #	175,000		192,061	144A 7.00% 12/1/50 #	380,000		454,446
Central Puget Sound,				Regional Transportation
Washington Regional				District, Colorado Tax
Transit Authority				Revenue
(Green Bond -				(Denver Transit Partners)
Improvement) Series S-1				6.00% 1/15/41	500,000		517,890
5.00% 11/1/35	750,000		883,665	Sales Tax Securitization,
Guam Government Business				Illinois
Privilege Tax Revenue				Series A 5.00% 1/1/40	500,000		567,430
Series B-1 5.00% 1/1/42	540,000		560,514	Wyandotte County, Kansas
Kansas City, Missouri				City, Kansas Unified
Redevelopment Authority				Government Special
Revenue				Obligation Revenue
(Convention Centre Hotel				(Sales Tax - Vacation Village
Project - TIF Financing)				Project A) Series A 5.75%
Series B 144A 5.00%				9/1/32	220,000		239,831
2/1/40 #	135,000		146,660
Massachusetts Bay							7,769,411
Transportation Authority
Senior
Series A 5.25% 7/1/29	200,000		265,166

6 NQ- OV9 [6/19] 8/19 (919246)

(Unaudited)


	Principal		Value		Principal		Value
	Amount°		(US $)		Amount°		(US $)
Municipal Bonds (continued)				Municipal Bonds (continued)
State General Obligation Bonds - 9.59%				Transportation Revenue Bonds (continued)
California State				New Orleans, Louisiana
5.25% 11/1/40	320,000	$	336,038	Aviation Board
(Various Purposes)				Series B 5.00% 1/1/45
5.00% 4/1/32	270,000		364,271	(AMT)	1,000,000	$	1,109,450
5.00% 10/1/41	440,000		474,522	New York Liberty
5.00% 11/1/47	1,000,000		1,197,950	Development Revenue
Series A 5.00% 10/1/28	1,000,000		1,291,800	(1 World Trade Center Port
Illinois State				Authority Construction)
				5.00% 12/15/41	500,000		540,355
5.00% 11/1/29	595,000		681,953	New York Transportation
5.00% 5/1/36	90,000		96,940	Development
5.00% 11/1/36	1,170,000		1,287,796	(La Guardia Airport)
5.00% 2/1/39	160,000		170,963	Series A 5.25% 1/1/50
Series A 5.00% 4/1/38	170,000		180,448	(AMT)	700,000		775,537
New York State				Pennsylvania Turnpike
Series A 5.00% 2/15/39	300,000		300,822	Commission Subordinate
			6,383,503	Series A-1 5.00% 12/1/43	500,000		556,090
Transportation Revenue Bonds - 25.36%				Series A-1 5.00% 12/1/47	210,000		246,494
				(Motor License Fund)
Alameda Corridor, California				Series B 5.00% 12/1/41	240,000		254,206
Transportation Authority				Port Authority of New York &
(2nd Sub Lien) Series B				New Jersey Special Project
5.00% 10/1/37	430,000		496,964	(JFK International Air
Atlanta, Georgia Department				Terminal)
of Aviation				6.00% 12/1/42	230,000		242,942
Series B 5.00% 1/1/29	1,000,000		1,146,930	6.50% 12/1/28	500,000		521,945
California Municipal Finance
Authority Mobile Home				Salt Lake City, Utah Airport
Park Revenue				Revenue
(LINXS APM Project)				Series B 5.00% 7/1/42	625,000		740,087
Series A 5.00% 12/31/47				South Jersey Port, New Jersey
(AMT)	615,000		716,573	(Subordinated Marine
Chicago, Illinois O’Hare				Terminal Revenue)
International Airport				Series A 5.00% 1/1/49	85,000		96,171
Revenue				Series B 5.00% 1/1/42
(General-Senior Lien)				(AMT)	85,000		95,028
Series D 5.25% 1/1/34	1,000,000		1,109,160	Series B 5.00% 1/1/48
Harris County, Texas Toll Road				(AMT)	195,000		216,481
Authority Revenue				St. Louis, Missouri Airport
(Senior Lien) Series A				Revenue
4.00% 8/15/48	500,000		549,975	(Lambert St. Louis
Metropolitan Transportation				International) 5.00%
Authority Revenue,				7/1/32 (AMT)	1,000,000		1,086,940
New York				Texas Private Activity Bond
Series C 0.00% 11/15/40				Surface Transportation
(BAM)^	2,500,000		1,310,150	Corporate Senior Lien
New Jersey Turnpike Authority				Revenue
Series A 4.00% 1/1/48	1,000,000		1,088,100	(Blueridge Transportation
Series B 5.00% 1/1/40	250,000		299,215	Group)
				5.00% 12/31/40 (AMT)	110,000		122,218
				5.00% 12/31/45 (AMT)	110,000		121,747

(continues) NQ- OV9 [6/19] 8/19 (919246) 7

Schedule of investments

Delaware Investments^®National Municipal Income Fund (Unaudited)


	Principal		Value	Total Value of Securities - 146.75%
	Amount°		(US $)		(cost $91,631,966)	$	97,691,544
Municipal Bonds (continued)				Liquidation Value of
Transportation Revenue Bonds (continued)					Preferred
Texas Private Activity Bond					Stock - (45.07%)		(30,000,000	)
Surface Transportation				Liabilities Net of
Corporate Senior Lien					Receivables and Other
Revenue					Assets - (1.69%)		(1,122,192	)
5.00% 12/31/50 (AMT)	160,000	$	176,538	Net Assets Applicable to
(LBJ Infrastructure)					4,528,443 Shares
7.00% 6/30/40	285,000		300,065		Outstanding - 100.00%	$	66,569,352
7.50% 6/30/33	665,000		704,375
(Mobility Partners) 7.50%				#	Security exempt from registration under Rule 144A of the Securities
12/31/31	500,000		515,060		Act of 1933, as amended. At June 30, 2019, the aggregate value
(NTE Mobility Partners)					of Rule 144A securities was $3,675,678, which represents 5.52%
6.75% 6/30/43 (AMT)	225,000		261,421		of the Fund’s net assets.
6.875% 12/31/39	1,000,000		1,025,980	¤	Tax-exempt obligations that contain a floating or variable interest
7.00% 12/31/38 (AMT)	165,000		194,038		rate adjustment formula and an unconditional right of demand to
Virginia Small Business					receive payment of the unpaid principal balance plus accrued interest
Financing Authority					upon a short notice period (generally up to 30 days) prior to specified
(Transform 66 P3 Project)					dates either from the issuer or by drawing on a bank letter of credit,
5.00% 12/31/56 (AMT)	235,000		263,924		a guarantee, or insurance issued with respect to such instrument.
			16,884,159		Each rate shown is as of June 30, 2019.
Water & Sewer Revenue Bonds - 2.90%				§	Pre-refunded bonds. Municipal bonds that are generally backed or
New York City, New York					secured by US Treasury bonds. For pre-refunded bonds, the stated
Water & Sewer System					maturity is followed by the year in which the bond will be
Revenue					pre-refunded.
(Unrefunded Balance)				°	Principal amount shown is stated in USD unless noted that the security
5.00% 6/15/47	185,000		205,690		is denominated in another currency.
Philadelphia, Pennsylvania				‡	Non-income producing security. Security is currently in default.
Water & Wastewater				• Variable rate investment. Rates reset periodically. Rate shown reflects
Revenue					the rate in effect at June 30, 2019. For securities based on a published
Series A 5.00% 7/1/45	500,000		561,105		reference rate and spread,the reference rate and spread are indicated
Southern California Water					intheirdescriptionabove. Thereferenceratedescriptions(i. e. LIBOR03M,
Replenishment District					LIBOR06M,etc. ) used in this report are identical for different securities,
5.00% 8/1/41	1,000,000		1,165,230		but the underlying reference rates may differ due to the timing of
			1,932,025		the reset period. Certain variable rate securities are not based on
					a published reference rate and spread but are determined by the
Total Municipal Bonds					issuer or agent and are based on current market conditions, or for
(cost $91,531,966)			97,591,544		mortgage-backed securities,are impacted by the individual mortgages
Short-Term Investment - 0.15%					which are paying off over time. These securities do not indicate a
					reference rate and spread in their description above.
Variable Rate Demand Note - 0.15%¤				^	Zero coupon security. The rate shown is the effective yield at the
Commonwealth of					time of purchase.
Massachusetts Series A
1.85% 3/1/26 •	100,000		100,000
Total Short-Term Investment
(cost $100,000)			100,000

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(Unaudited)

Summary of abbreviations:
AGM - Insured by Assured Guaranty Municipal Corporation
AMT - Subject to Alternative Minimum Tax
BAM - Build America Mutual Assurance Company
ICE - Intercontinental Exchange
LIBOR - London Interbank Offered Rate
LIBOR03M - ICE LIBOR USD 3 Month
LIBOR06M - ICE LIBOR USD 6 Month
USD-USDollar

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