abrdn National Municipal Income Fund (VFL) NPORT-P Delaware Investments National Municipal Income Fund (Dec 2019 report)

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)