# EDGAR Filing Document

**Accession Number:** 0000895574
**File Stem:** 0001752724-23-043127
**Filing Date:** 2023-2
**Character Count:** 149183
**Document Hash:** 42f5534a17246fe7cbd0c745a777f351
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043127.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043127

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Delaware Investments National Municipal Income Fund
- **CENTRAL INDEX KEY:** 0000895574
- **IRS NUMBER:** 411737161
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07410
- **FILM NUMBER:** 23674076

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 20020327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 19930519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 19930122

## Nport-Ex

## Schedule of investments
Delaware Investments<sup>®</sup> National Municipal Income Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds — 165.75%** | &nbsp;&nbsp;**Municipal Bonds — 165.75%** | &nbsp;&nbsp;**Municipal Bonds — 165.75%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 4.82% | &nbsp;&nbsp;Corporate Revenue Bonds — 4.82% | &nbsp;&nbsp;Corporate Revenue Bonds — 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project)<br> Series A 144A 7.75% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | $507500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco<br> Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 144A 0.63% 6/1/57 #, ^ | 3900000 | &nbsp;&nbsp; 213057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation-Asset-Backed)<br> Series F 144A 0.778% 6/1/57 #, ^ | 2500000 | &nbsp;&nbsp; 114675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado<br> Energy Natural Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 933413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 11/15/38 | 2250000 | &nbsp;&nbsp; 2638440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Hotel<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt San Antonio Hotel Acquisition Project)<br> Series A 5.00% 2/1/62 | 1475000 | &nbsp;&nbsp; 1338548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoals Exempt Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(National Gypsum Project)<br> 7.25% 11/1/43 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 314107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of<br> Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Appreciation Second Subordinate Series C 1.105% 6/1/46 ^ | 3235000 | &nbsp;&nbsp; 499711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Appreciation Third Subordinate Series D 1.183% 6/1/46 ^ | 3015000 | &nbsp;&nbsp; 364694 |
|  |  | &nbsp;&nbsp; 6924145 |
| &nbsp;&nbsp;Education Revenue Bonds — 23.00% | &nbsp;&nbsp;Education Revenue Bonds — 23.00% | &nbsp;&nbsp;Education Revenue Bonds — 23.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Leman Academy Of Excellence Projects)<br> Series A 4.50% 7/1/54 | 1115000 | &nbsp;&nbsp; 972313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Spectrum High School Project)<br> Series A 4.375% 7/1/52 | 1100000 | &nbsp;&nbsp; 823724 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees For Colorado<br> Mesa University Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | $802748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Park Charter School<br> Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Prairie Seeds Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp; 931719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 153041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loma Linda University)<br> Series A 5.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 777290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural<br> Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspen View Academy Project)<br> 4.00% 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 150152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Aspen Ridge School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 483795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 471060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Community Leadership Academy, Inc. Second Campus Project)<br> 7.45% 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 507395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Global Village Academy - Northglenn Project)<br> 144A 5.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp; 387918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Liberty Common Project)<br> Series A 5.00% 1/15/44 | 1000000 | &nbsp;&nbsp; 1006690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Peak to Peak Charter School Project)<br> 5.00% 8/15/34 | 1000000 | &nbsp;&nbsp; 1026880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Science Technology Engineering and Math (STEM) School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 662249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp; 745171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Skyview Academy Project)<br> 144A 5.50% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 737662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - University Lab School Building)<br> 144A 5.00% 12/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 505310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vail Mountain School Project)<br> 4.00% 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 21273 |

---

NQ-OV9 [12/22] 2/23 (2759891) 1

------

Delaware Investments<sup>®</sup> National Municipal Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Two Rivers Public Charter School Inc. Issue)<br> 5.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | $744314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eagle Ridge Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 589398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 492940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Duluth Public Schools Academy Project)<br> Series A 5.00% 11/1/48 | 1200000 | &nbsp;&nbsp; 1050444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance<br> Educational Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mater Academy Projects)<br> Series B 5.00% 6/15/56 | 1620000 | &nbsp;&nbsp; 1516757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Lake Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lake International Language Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp; 866569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp; 706325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Student Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverton Community Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 205174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp; 991129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education<br> Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Carleton College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 493973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 586985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gustavus Adolphus College)<br> 5.00% 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 510655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Macalester College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 889299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 568776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Catherine University)<br> Series A 5.00% 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 801446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp; 392911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 8-I 5.00% 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 245133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trustees of the Hamline University of Minnesota) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp; 874543 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education<br> Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trustees of the Hamline University of Minnesota) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/47 | 1055000 | $1058692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of St. Thomas)<br> Series A 4.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 495500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana Board of Regents of<br> Higher Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The University of Montana)<br> 5.25% 11/15/52 (AGM) | 1000000 | &nbsp;&nbsp; 1107520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsego Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaleidoscope Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 218850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 349200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of<br> California General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AI 5.00% 5/15/32 | 1000000 | &nbsp;&nbsp; 1006590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health And<br> Educational Building Corporation Higher Acilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Rhode Island)<br> Series B 5.25% 9/15/29 (AGC) | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp; 945680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Cloud Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stride Academy Project)<br> Series A 5.00% 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 272861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academia Cesar Chavez School Project)<br> Series A 5.25% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 680955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 4.75% 7/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 98573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Twin Cities Academy Project)<br> Series A 5.30% 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp; 583991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Amherst H. Wilder Foundation Project)<br> Series A 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 755318 |

---

2 NQ-OV9 [12/22] 2/23 (2759891)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Housing &<br> Redevelopment Authority Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 5.50% 7/1/38 # | &nbsp;&nbsp;&nbsp;&nbsp;240000 | $241039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local<br> Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pace University)<br> Series A 5.00% 5/1/34 | 1500000 | &nbsp;&nbsp; 1507530 |
|  |  | &nbsp;&nbsp; 33015460 |
| &nbsp;&nbsp;Electric Revenue Bonds — 14.31% | &nbsp;&nbsp;Electric Revenue Bonds — 14.31% | &nbsp;&nbsp;Electric Revenue Bonds — 14.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaska Electric Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 471268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Collins Electric Utility<br> Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 538665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loveland Electric &<br> Communications Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 519990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Municipal Power<br> Agency Electric Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 518425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 331737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/47 | 1210000 | &nbsp;&nbsp; 1265515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/56 | 5000000 | &nbsp;&nbsp; 5085300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of<br> Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/63 | 2500000 | &nbsp;&nbsp; 2537800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Minnesota Municipal<br> Power Agency Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 340418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Municipal Power Agency<br> Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Electric Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp; 635026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 1028045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Minnesota Municipal<br> Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 251112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/47 | 1650000 | &nbsp;&nbsp; 1761342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 290065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority District Energy Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | $785648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal<br> Power Agency Supply Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Red Rock Hydroelectric Project)<br> Series A 5.00% 1/1/49 | 3860000 | &nbsp;&nbsp; 4078476 |
|  |  | &nbsp;&nbsp; 20538966 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 44.66% | &nbsp;&nbsp;Healthcare Revenue Bonds — 44.66% | &nbsp;&nbsp;Healthcare Revenue Bonds — 44.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anoka Healthcare & Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Anoka Project)<br> 5.375% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp; 580969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Valley Senior Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PHS Senior Housing, Inc. Orchard Path Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% 9/1/53 | 1160000 | &nbsp;&nbsp; 1016868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/58 | 1605000 | &nbsp;&nbsp;&nbsp; 1511011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Valley Senior Living<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living, LLC Project 2nd Tier)<br> Second Tier Series B-5 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp; 418139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living, LLC Project 4th Tier) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4th Tier Series D 7.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp; 469465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.25% 1/1/52 | 1035000 | &nbsp;&nbsp; 647537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project 2nd Tier)<br> Series B 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 39903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project 4th Tier)<br> Fourth Tier Series D-2 144A 7.75% 1/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 29137 |

---

NQ-OV9 [12/22] 2/23 (2759891) 3

------

Delaware Investments<sup>®</sup> National Municipal Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel Housing & Health Care<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System – St. Peter Communities Project)<br> Series A 5.50% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | $407280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Center City Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hazelden Betty Ford Foundation Project)<br> 5.00% 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 509835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Lodge at The Lakes at Stillwater Project)<br> 5.25% 6/1/58 | 1775000 | &nbsp;&nbsp; 1490219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aberdeen Ridge)<br> Series A 5.00% 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 395415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AdventHealth Obligated Group)<br> Series A 3.00% 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 365130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Adventist Health System/Sunbelt Obligated Group)<br> Series A 5.00% 11/15/48 | 1000000 | &nbsp;&nbsp; 1032560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bethesda Project)<br> Series A-1 5.00% 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 698662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capella of Grand Junction Project)<br> 144A 5.00% 12/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 361400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 8/1/49 | 2250000 | &nbsp;&nbsp; 1889977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 290673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Living Communities and Services)<br> Series A 4.00% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 653400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities, Inc.)<br> 5.00% 12/1/35 | 1000000 | &nbsp;&nbsp; 1010810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mental Health Center of Denver Project)<br> Series A 5.75% 2/1/44 | 1500000 | &nbsp;&nbsp; 1512045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(National Jewish Health Project)<br> 5.00% 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 500485 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanford)<br> Series A 5.00% 11/1/44 | 1465000 | $1436784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sunny Vista Living Center Project)<br> Series A 144A 6.25% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 345673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crookston Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverview Health Project)<br> 5.00% 5/1/51 | 1390000 | &nbsp;&nbsp; 1216042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumberland County Municipal<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Penn State Health)<br> Series A 4.00% 11/1/44 | 1000000 | &nbsp;&nbsp; 931290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga County Hospital<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Metrohealth System)<br> 5.50% 2/15/57 | 1000000 | &nbsp;&nbsp; 1010020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Housing & Healthcare<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Therese Senior Living Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 247399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 234660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital<br> Authority Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 427965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Health Care Corporation Obligated Group)<br> Series A 4.00% 8/15/50 | 1150000 | &nbsp;&nbsp; 978271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Baptist Homes of the Midwest Obligated Group)<br> 5.75% 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 413970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's Lutheran Home of Albert Lea Project)<br> Series A 5.375% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 82695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henrico County Economic<br> Development Authority Residential Care Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westminister Canterbury Richmond)<br> Series A 5.00% 10/1/52 | 1200000 | &nbsp;&nbsp; 1235904 |

---

4 NQ-OV9 [12/22] 2/23 (2759891)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial<br> Development Authority Hospital Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.50% 8/1/55 | 6875000 | $5244663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing And Redevelopment<br> Authority Of Health Care Facilities Revenue Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Healthpartners Obligated Group)<br> Series A 5.00% 7/1/30 | 1000000 | &nbsp;&nbsp; 1037510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue<br> Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NorthShore – Edward-Elmhurst Health Credit Group)<br> Series A 5.00% 8/15/51 | 4355000 | &nbsp;&nbsp; 4572663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County Hospital<br> Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Penn State Health)<br> 5.00% 11/1/46 | 1345000 | &nbsp;&nbsp; 1365108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Grove Health Care<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Maple Grove Hospital Corporation)<br> 4.00% 5/1/37 | 1000000 | &nbsp;&nbsp; 921480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Memorial Health Care)<br> 5.00% 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 892126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Plain Senior Housing &<br> Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Haven Homes, Inc. Project)<br> 5.00% 7/1/54 | 1500000 | &nbsp;&nbsp; 1234350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Health Care System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/48 | 2855000 | &nbsp;&nbsp; 2554026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 517980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 516480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/49 | 2000000 | &nbsp;&nbsp; 2040920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Senior Housing &<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ecumen-Abiitan Mill City Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 201045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 765391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 180924 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher<br> Education and Health Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Thomas Jefferson University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 5/1/56 | 1000000 | $847300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 5/1/57 | 3515000 | &nbsp;&nbsp; 3384137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education<br> Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cardinal Bay Inc. - Village on the Park/Carriage Inn Project)<br> Series A-1 5.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cardinal Bay Inc.)<br> Series B 4.75% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Health Care & Housing<br> Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester Inc. Project)<br> Series A 6.875% 12/1/48 | 1220000 | &nbsp;&nbsp; 1230699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sartell Health Care & Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Country Manor Campus LLC Project)<br> Series A 5.30% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 559926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shakopee Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Francis Regional Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 205070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 166849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Cloud Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Centracare Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/49 | 1585000 | &nbsp;&nbsp; 1431810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/48 | 2250000 | &nbsp;&nbsp; 2298465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/46 | 2375000 | &nbsp;&nbsp; 2417013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp; 831993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp; 692757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority Housing & Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Project)<br> 5.125% 5/1/48 | 1200000 | &nbsp;&nbsp; 1004064 |

---

NQ-OV9 [12/22] 2/23 (2759891) 5

------

Delaware Investments<sup>®</sup> National Municipal Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hospital Facility Authority Of<br> Union County, Oregon Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grande Ronde Hospital Project)<br> 5.00% 7/1/39 | 1665000 | $1694437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational<br> Facilities Authority Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Communities, Inc. Project)<br> Second Tier Series B-5 5.00% 7/1/53 | 1000000 | &nbsp;&nbsp; 725970 |
|  |  | &nbsp;&nbsp; 64109249 |
| &nbsp;&nbsp;Housing Revenue Bonds — 1.36% | &nbsp;&nbsp;Housing Revenue Bonds — 1.36% | &nbsp;&nbsp;Housing Revenue Bonds — 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance<br> Agency State Appropriated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Housing Infrastructure)<br> Series C 5.00% 8/1/33 | 1390000 | &nbsp;&nbsp; 1427183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Multi-County Housing &<br> Redevelopment Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pooled Housing Program)<br> 5.50% 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 528970 |
|  |  | &nbsp;&nbsp; 1956153 |
| &nbsp;&nbsp;Lease Revenue Bonds — 13.27% | &nbsp;&nbsp;Lease Revenue Bonds — 13.27% | &nbsp;&nbsp;Lease Revenue Bonds — 13.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550 Acoma, Inc.)<br> 4.00% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 436975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County School District<br> Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/46 (BAM) | 3790000 | &nbsp;&nbsp; 4069285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kansas City International Airport Terminal Modernization Project)<br> Series B 5.00% 3/1/49 (AGM) (AMT) | 1000000 | &nbsp;&nbsp; 1015990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota General Fund Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Appropriations) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/38 | 5500000 | &nbsp;&nbsp; 5523045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/43 | 1750000 | &nbsp;&nbsp; 1755915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota State General Fund<br> Revenue Appropriation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 784095 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4 World Trade Center - Green Bond)<br> Series A 3.00% 11/15/51 (BAM) | 3640000 | $2638090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado Department of<br> Transportation Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 358989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 572893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth<br> Transportation Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U.S. Route 58 Corridor Development Program)<br> 4.00% 5/15/47 | 2000000 | &nbsp;&nbsp; 1899960 |
|  |  | &nbsp;&nbsp; 19055237 |
| &nbsp;&nbsp;Local General Obligation Bonds — 14.16% | &nbsp;&nbsp;Local General Obligation Bonds — 14.16% | &nbsp;&nbsp;Local General Obligation Bonds — 14.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County School District<br> No. 6 Littleton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Littleton Public Schools)<br> Series A 5.50% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 727318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Point Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/30 (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 631350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder Valley School District No<br> RE-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 481810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brainerd Independent School<br> District No. 181 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Building) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/38 | 1500000 | &nbsp;&nbsp; 1531695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/43 | 1500000 | &nbsp;&nbsp; 1516380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education<br> Dedicated Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp; 886575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago General Obligation<br> Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 773163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand River Hospital District<br> Garfield and Mesa Counties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/37 (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 707704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District<br> No. R-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 786465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School<br> District Eneral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds)<br> Series QRR 5.00% 7/1/23 | 2500000 | &nbsp;&nbsp; 2526125 |

---

6 NQ-OV9 [12/22] 2/23 (2759891)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mounds View Independent School<br> District No. 621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 4.00% 2/1/43 | 2000000 | $2012060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York General Obligation<br> Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series A-1 5.00% 8/1/27 | 1000000 | &nbsp;&nbsp; 1097890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series F-1 5.00% 4/1/45 | 3745000 | &nbsp;&nbsp; 3931239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The City of New York General<br> Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 10/1/47 | 1500000 | &nbsp;&nbsp; 1650690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No.<br> RE-3(J) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Weld and Adams Counties)<br> 5.00% 12/15/34 (BAM) | 1000000 | &nbsp;&nbsp; 1066390 |
|  |  | &nbsp;&nbsp; 20326854 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 7.08% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 7.08% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Platte Valley Metropolitan<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/43-23 § | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 380876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural<br> Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Atlas Preparatory School Project)<br> 144A 5.25% 4/1/45-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 735658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities, Inc.)<br> Series A 5.75% 12/1/36-23 § | 1000000 | &nbsp;&nbsp; 1025960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/44-24 (AGM) § | 1000000 | &nbsp;&nbsp; 1033300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Office Campus Project)<br> Series A 4.00% 9/1/48-27 § | 1000000 | &nbsp;&nbsp; 1061450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education<br> Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Collegiate Housing Stephenville II, LLC - Tarleton State University Project)<br> Series A 5.00% 4/1/34-24 § | 1000000 | &nbsp;&nbsp; 1024420 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 6/15/30-25 § | 1000000 | $1061870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing &<br> Redevelopment Authority Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Healtheast Care System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/29-25 § | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 418269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/30-25 § | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 307084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tallyn's Reach Metropolitan<br> District No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Limited Tax Convertible)<br> 144A 5.125% 11/1/38-23 #, § | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 300083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal<br> Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/46-24 § | 2000000 | &nbsp;&nbsp; 2042340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal<br> Power Agency Supply Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/40-24 § | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 765878 |
|  |  | &nbsp;&nbsp; 10157188 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 29.85% | &nbsp;&nbsp;Special Tax Revenue Bonds — 29.85% | &nbsp;&nbsp;Special Tax Revenue Bonds — 29.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of San Francisco<br> Special Tax District No 2020-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Federally Taxable)<br> Series B 144A 5.25% 9/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 387679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 2.289% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detroit Retirement Systems<br> Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.633% 6/15/34 (FGIC) ‡, • | 3480122 | &nbsp;&nbsp; 3132110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain Urban Renewal Authority<br> Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(South Academy Highlands Project)<br> Series A 5.50% 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp; 607866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of<br> Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/20/40 | 13869155 | &nbsp;&nbsp; 11615417 |

---

NQ-OV9 [12/22] 2/23 (2759891) 7

------

Delaware Investments<sup>®</sup> National Municipal Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance<br> Association Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Expansion And Congestion Mitigation)<br> 5.00% 8/15/47 | 3000000 | $3221460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Park Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/46 (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 530245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation)<br> 3.505% 10/1/37 (BAM) ^ | 3000000 | &nbsp;&nbsp; 1583580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority<br> State Personal Income Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Climate Bond Certified - Green Bonds)<br> Series C 5.00% 3/15/55 | 4000000 | &nbsp;&nbsp; 4231480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District<br> No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/41 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 464120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority,<br> Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Dream @ Meadowlands Project)<br> 144A 7.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 313306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.97% 7/1/51 ^ | 48955000 | &nbsp;&nbsp; 8873583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.75% 7/1/53 | 7000000 | &nbsp;&nbsp; 6205080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp; 967585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thornton Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East 144th Avenue & I-25 Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 272629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 452584 |
|  |  | &nbsp;&nbsp; 42858724 |
| &nbsp;&nbsp;State General Obligation Bonds — 1.45% | &nbsp;&nbsp;State General Obligation Bonds — 1.45% | &nbsp;&nbsp;State General Obligation Bonds — 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts<br> General Obligation bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 8/1/30 (AMBAC) | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 906771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/36 | 1170000 | &nbsp;&nbsp; 1173148 |
|  |  | &nbsp;&nbsp; 2079919 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds — 9.67% | &nbsp;&nbsp;Transportation Revenue Bonds — 9.67% | &nbsp;&nbsp;Transportation Revenue Bonds — 9.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance<br> Transportation Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U.S. 36 & I-25 Managed Lanes)<br> 5.00% 12/31/56 | 1000000 | $978730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior U.S. 36 & I-25 Managed Lanes)<br> 5.75% 1/1/44 (AMT) | 1110000 | &nbsp;&nbsp; 1110777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County Airport<br> System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/48 (AMT) | 1000000 | &nbsp;&nbsp; 1013610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Climate Bond Certified - Green Bond)<br> Subordinate Series A-1 5.00% 11/15/41 | 1105000 | &nbsp;&nbsp; 1084856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis–St. Paul<br> Metropolitan Airports Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/26 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 507145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 1/1/33 | 1000000 | &nbsp;&nbsp; 1070920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 1/1/36 | 1000000 | &nbsp;&nbsp; 1054730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 1/1/46 | 1245000 | &nbsp;&nbsp; 1284479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/48 | 1000000 | &nbsp;&nbsp; 950100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Orleans Aviation Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Terminal Project)<br> Series B 5.00% 1/1/45 (AMT) | 1000000 | &nbsp;&nbsp; 992170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania State Turnpike<br> Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 12/1/45 | 2720000 | &nbsp;&nbsp; 2771136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Governmental)<br> Series A 5.00% 7/1/48 | 1050000 | &nbsp;&nbsp; 1068018 |
|  |  | &nbsp;&nbsp; 13886671 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.12% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.12% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Waterworks Authority Water<br> And Wastewater System Revenue Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/37 (Guam) | 3000000 | &nbsp;&nbsp; 3040710 |
|  |  | &nbsp;&nbsp; 3040710 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $250,038,598)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $250,038,598)** | &nbsp;&nbsp;**237949276** |

---

8 NQ-OV9 [12/22] 2/23 (2759891)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.42%** | &nbsp;&nbsp;**Short-Term Investments — 0.42%** | &nbsp;&nbsp;**Short-Term Investments — 0.42%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.42% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.42% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing And Redevelopment<br> Authority of Health Care Facilities Revenue Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System) Series B 3.65% 11/15/35<br> (LOC – JPMorgan Chase Bank N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | $300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The City of New York General<br> Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VAR-FISCAL 2023-SER A-4 Series A 3.49% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $600,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $600,000)** | &nbsp;&nbsp; **600000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—166.17%<br> (cost $250,638,598)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities—166.17%<br> (cost $250,638,598)** | $**238549276** |
| &nbsp;&nbsp;&nbsp;**Liquidation Value of Preferred – (68.96%)** |  | &nbsp;&nbsp;&nbsp;**(99000000)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—2.79%** |  | &nbsp;&nbsp; **4009048** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 12,278,003 Shares Outstanding—100.00%** |  | **$143558324** |

---

---

| | |
|:---|:---|
| <sup>°</sup> | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| <sup>#</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $6,697,645, which represents 4.67% of the Fund's net assets. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| <sup>§</sup> | 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. |

---

---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. 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. |
| <sup>‡</sup> | Non-income producing security. Security is currently in default. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AGC – Insured by Assured Guaranty Corporation |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMBAC – Insured by AMBAC Assurance Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| FGIC – Financial Guaranty Insurance Corporation |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| USD – US Dollar |

---

NQ-OV9 [12/22] 2/23 (2759891) 9

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Delaware Investments National Municipal Income Fund

- **b. Investment Company Act file number:** 811-07410

- **c. CIK number of Registrant:** 0000895574

- **d. LEI of Registrant:** NIC7ULNUGCUI836YP119

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 800-523-1918

**Item A.2. Information about the Series.**

- **a. Name of Series:** Delaware Investments National Municipal Income Fund

- **c. LEI of Series:** NIC7ULNUGCUI836YP119

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $144122533.59

**Total Liabilities:** $564209.67

**Net Assets:** $143558323.92

**Cash Not Reported:** $306811.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 406.94698000 | **1-Year:** 4665.97007000 | **5-Year:** 16241.76882000 | **10-Year:** 163263.97637000 | **30-Year:** 42548.48623000

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

- **3-Month:** 20.84270000 | **1-Year:** 46.26390000 | **5-Year:** 1627.03099000 | **10-Year:** 8364.06962000 | **30-Year:** 2657.57675000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -4.08%               | 10.82%               | -9.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2501031.18             | $-4900101.46                               |
| Month 2  | $-3177521.37             | $23865183.01                               |
| Month 3  | $-6415106.90             | $5996201.07                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1230699.40   | 0.86%             | 2048-12-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $247399.60    | 0.17%             | 2038-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RC25<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    700000 | PA      | $735658.00    | 0.51%             | 2045-04-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3N2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    485000 | PA      | $493972.50    | 0.34%             | 2036-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE | City of Hayward MN                                                 | CUSIP: 421306AC5<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $413970.00    | 0.29%             | 2044-02-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697JS4<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042340.00   | 1.42%             | 2046-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV | City of St Cloud MN                                                | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    375000 | PA      | $272861.25    | 0.19%             | 2046-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    715000 | PA      | $418139.15    | 0.29%             | 2047-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DBJ6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    800000 | PA      | $785648.00    | 0.55%             | 2037-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                | CUSIP: 64966MA25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3931238.85   | 2.74%             | 2045-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98573.00     | 0.07%             | 2029-07-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340418.20    | 0.24%             | 2030-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| HAYWARD HSG & HLTHCARE FACS RE | City of Hayward MN                                                 | CUSIP: 421307AM1<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $82695.00     | 0.06%             | 2044-10-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DAN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    285000 | PA      | $290064.45    | 0.20%             | 2033-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AC2<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    990000 | PA      | $931718.70    | 0.65%             | 2034-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| OTSEGO CHRT SCH LEASE REVENUE  | City of Otsego MN                                                  | CUSIP: 689149AC6<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $349200.00    | 0.24%             | 2044-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R- | Jefferson County School District R-1                               | CUSIP: 472736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786465.00    | 0.55%             | 2024-12-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HS70<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    235000 | PA      | $245133.20    | 0.17%             | 2031-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                            | CUSIP: 59333N2A0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1583580.00   | 1.10%             | 2037-10-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE  | County of Cuyahoga OH                                              | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010020.00   | 0.70%             | 2057-02-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1761342.00   | 1.23%             | 2047-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST DEPT OF TRANSPRTN  | State of Colorado Department of Transportation                     | CUSIP: 19645TAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $572893.10    | 0.40%             | 2036-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RC74<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483795.00    | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RWD9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006690.00   | 0.70%             | 2044-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $499710.45    | 0.35%             | 2046-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505310.00    | 0.35%             | 2045-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                 | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    760000 | PA      | $773163.20    | 0.54%             | 2049-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                            | CUSIP: 62620HDK5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5085300.00   | 3.54%             | 2056-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $823724.00    | 0.57%             | 2052-07-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JAR1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    410000 | PA      | $392911.20    | 0.27%             | 2036-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| IDAHO ST BLDG AUTH BLDG REVENU | Idaho State Building Authority                                     | CUSIP: 451443ZA6<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061450.00   | 0.74%             | 2048-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290672.80    | 0.20%             | 2044-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471060.00    | 0.33%             | 2046-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE | City of Deephaven MN                                               | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492940.00    | 0.34%             | 2040-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| BRAINERD MN INDEP SCH DIST #18 | Brainerd Independent School District No 181                        | CUSIP: 105007ND6<br>LEI: 549300P1U3THZTOHA392 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531695.00   | 1.07%             | 2038-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AD0<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    170000 | PA      | $153040.80    | 0.11%             | 2039-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| OTSEGO CHRT SCH LEASE REVENUE  | City of Otsego MN                                                  | CUSIP: 689149AB8<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |    230000 | PA      | $218849.60    | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CENTRL PLATTE VLY CO MET DIST  | Central Platte Valley Metropolitan District                        | CUSIP: 154876AZ9<br>LEI: 5493008TIE8XL32HT863 | Long             | DBT              | MUN               | US        |    375000 | PA      | $380876.25    | 0.27%             | 2043-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054730.00   | 0.73%             | 2036-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827YU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070920.00   | 0.75%             | 2033-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH    | Union County Hospital Facility Authority                           | CUSIP: 906420CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1694437.20   | 1.18%             | 2039-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BETHEL MN HSG AND HLTHCARE REV | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407280.00    | 0.28%             | 2048-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PFX3<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1265514.80   | 0.88%             | 2047-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| WELD & ADAMS CNTYS CO SCH DIST | Weld County School District No RE-3J                               | CUSIP: 949170ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066390.00   | 0.74%             | 2034-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST GEN FUND REVENUE  | State of Minnesota                                                 | CUSIP: 604146CH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755915.00   | 1.22%             | 2043-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RTT8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507395.00    | 0.35%             | 2048-08-01      | Fixed         | 7.45%                 | No            | 2                  | On Loan: No      |
| MOUNDS VIEW MN INDEP SCH DIST# | Mounds View Independent School District No 621                     | CUSIP: 620637Z76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012060.00   | 1.40%             | 2043-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBH2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $874542.80    | 0.61%             | 2038-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE | City of Rochester MN Electric Utility Revenue                      | CUSIP: 77158PGF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1028044.50   | 0.72%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D | City & County of San Francisco CA Special Tax District No 2020-1   | CUSIP: 79771HAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $387678.50    | 0.27%             | 2049-09-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| CROOKSTON MN HLTH CARE FACS RE | City of Crookston MN                                               | CUSIP: 227235BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1216041.50   | 0.85%             | 2051-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| WISCONSIN HLTH EDL FACS AUTH S | Wisconsin Health & Educational Facilities Authority                | CUSIP: 97671VBJ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $725970.00    | 0.51%             | 2053-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $150151.75    | 0.10%             | 2041-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792888KN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    290000 | PA      | $307083.90    | 0.21%             | 2030-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                | CUSIP: 64966QMB3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097890.00   | 0.76%             | 2027-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1110777.00   | 0.77%             | 2044-01-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                   | CUSIP: 709224HP7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2771136.00   | 1.93%             | 2045-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                   | CUSIP: 650028ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4231480.00   | 2.95%             | 2055-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    685000 | PA      | $469464.75    | 0.33%             | 2037-01-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $213057.00    | 0.15%             | 2057-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| LINCOLN PARK CO MET DIST       | Lincoln Park Metropolitan District                                 | CUSIP: 534550BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530245.00    | 0.37%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827WP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507145.00    | 0.35%             | 2026-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                 | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $427965.00    | 0.30%             | 2040-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST   | Los Angeles Unified School District/CA                             | CUSIP: 544647FH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526125.00   | 1.76%             | 2023-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H | Montgomery County Higher Education and Health Authority            | CUSIP: 613603G78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847300.00    | 0.59%             | 2056-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RYY1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    765000 | PA      | $745171.20    | 0.52%             | 2049-11-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN | Public Finance Authority                                           | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1338547.75   | 0.93%             | 2062-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    785000 | PA      | $801445.75    | 0.56%             | 2045-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NBY1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    990000 | PA      | $991128.60    | 0.69%             | 2049-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                           | CUSIP: 04052TCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $29137.50     | 0.02%             | 2054-01-01      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD    | New Orleans Aviation Board                                         | CUSIP: 64763HFL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992170.00    | 0.69%             | 2045-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                          | CUSIP: 64577BJU9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061870.00   | 0.74%             | 2030-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    680000 | PA      | $692756.80    | 0.48%             | 2047-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE | City of Deephaven MN                                               | CUSIP: 24380HAQ5<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    590000 | PA      | $589398.20    | 0.41%             | 2037-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| GUAM PORT AUTH PORT REVENUE    | Port Authority of Guam                                             | CUSIP: 400652AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1068018.00   | 0.74%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SHAKOPEE MN HLTH CARE FACS REV | City of Shakopee MN                                                | CUSIP: 819175BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205069.70    | 0.14%             | 2031-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH  | Henrico County Economic Development Authority                      | CUSIP: 42605QHN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1235904.00   | 0.86%             | 2052-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H6K5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    900000 | PA      | $889299.00    | 0.62%             | 2042-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6205080.00   | 4.32%             | 2053-07-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #6 L | Arapahoe County School District No 6 Littleton                     | CUSIP: 038699UE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $727317.50    | 0.51%             | 2038-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                              | CUSIP: 59261ACU9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1084855.85   | 0.76%             | 2041-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010810.00   | 0.70%             | 2035-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978730.00    | 0.68%             | 2056-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648AS30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512045.00   | 1.05%             | 2044-02-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AV0<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    915000 | PA      | $866569.05    | 0.60%             | 2050-08-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| ANOKA MN HLTHCARE & HSG FAC RE | City of Anoka MN                                                   | CUSIP: 03632RAG5<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |    610000 | PA      | $580957.90    | 0.40%             | 2034-11-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL | City of Minneapolis MN                                             | CUSIP: 603787AN2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $180924.00    | 0.13%             | 2050-11-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H8G2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495500.00    | 0.35%             | 2037-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H7L2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1058692.50   | 0.74%             | 2047-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $94500.00     | 0.07%             | 2051-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MAPLE PLAIN MN SR HSG & HLTH C | City of Maple Plain MN                                             | CUSIP: 56531SAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1234350.00   | 0.86%             | 2054-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648AXX8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500485.00    | 0.35%             | 2027-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| GRAND RIVER CO HOSP DIST       | Grand River Hospital District                                      | CUSIP: 386448EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $707703.75    | 0.49%             | 2037-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $365130.00    | 0.25%             | 2051-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN SALES TAX REVENU | City of St Paul MN Sales & Use Tax Revenue                         | CUSIP: 79307TCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $967584.75    | 0.67%             | 2030-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RXA4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    750000 | PA      | $737662.50    | 0.51%             | 2049-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                  | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013610.00   | 0.71%             | 2048-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040920.00   | 1.42%             | 2049-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAU0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1511011.20   | 1.05%             | 2058-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DETROIT MI RETMNT SYS FUNDING  | City of Detroit MI                                                 | CUSIP: 251228AC6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | ABS-O            | CORP              | US        |   3480122 | PA      | $3132109.95   | 2.18%             | 2034-06-15      | Floating      | 5.11%                 | No            | 2                  | On Loan: No      |
| TALLYNS REACH CO MET DIST #3   | Tallyn's Reach Metropolitan District No 3                          | CUSIP: 87482MBB0<br>LEI: 5493001U1VNJPWBNSN91 | Long             | DBT              | MUN               | US        |    295000 | PA      | $300082.85    | 0.21%             | 2038-11-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT | Escambia County Health Facilities Authority                        | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $978270.50    | 0.68%             | 2050-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697JV7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $765877.50    | 0.53%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1431809.75   | 1.00%             | 2049-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3V4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    555000 | PA      | $586984.65    | 0.41%             | 2044-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| VIRGINIA ST CMWLTH TRANSPRTN B | Virginia Commonwealth Transportation Board                         | CUSIP: 927793U56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1899960.00   | 1.32%             | 2047-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BETHEL MN SENIOR HSG REVENUE   | City of Bethel MN                                                  | CUSIP: 08676PAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1490219.00   | 1.04%             | 2058-06-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2417013.75   | 1.68%             | 2046-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                               | CUSIP: 40065FDD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3040710.00   | 2.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $698662.50    | 0.49%             | 2048-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921480.00    | 0.64%             | 2037-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1889977.50   | 1.32%             | 2049-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                      | CUSIP: 57582NUZ6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    760000 | PA      | $906771.20    | 0.63%             | 2030-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1284478.95   | 0.89%             | 2046-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAT3<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1016867.60   | 0.71%             | 2053-09-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                           | CUSIP: 04052TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $39902.80     | 0.03%             | 2049-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645UBN3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    700000 | PA      | $662249.00    | 0.46%             | 2054-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVA | Hillsborough County Industrial Development Authority               | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6875000 | PA      | $5244662.50   | 3.65%             | 2055-08-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AJ7<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    705000 | PA      | $706325.40    | 0.49%             | 2044-08-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792908CH6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1004064.00   | 0.70%             | 2048-05-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    905000 | PA      | $831993.65    | 0.58%             | 2043-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                  | CUSIP: 452152N31<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1173147.30   | 0.82%             | 2036-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2298465.00   | 1.60%             | 2048-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                           | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $507500.00    | 0.35%             | 2050-07-01      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| COMMERCE CITY CO SALES & USE T | City of Commerce City CO Sales & Use Tax Revenue                   | CUSIP: 200588MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033300.00   | 0.72%             | 2044-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR | Duluth Housing & Redevelopment Authority                           | CUSIP: 264454AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1050444.00   | 0.73%             | 2048-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3860000 | PA      | $4078476.00   | 2.84%             | 2049-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.21%             | 2035-11-15      | Variable      | 3.65%                 | No            | 2                  | On Loan: No      |
| SHOALS IN EXEMPT FACS REVENUE  | Town of Shoals IN                                                  | CUSIP: 82489FAA2<br>LEI: 5493006DNS1L0C0NCJ71 | Long             | DBT              | MUN               | US        |    310000 | PA      | $314107.50    | 0.22%             | 2043-11-01      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH COP | Denver Health & Hospital Authority                                 | CUSIP: 24918TAQ0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $436975.00    | 0.30%             | 2038-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                          | CUSIP: 95737TBB1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507530.00   | 1.05%             | 2034-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                | CUSIP: 64966QL57<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650690.00   | 1.15%             | 2047-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education                                         | CUSIP: 167510AL0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    885000 | PA      | $886575.30    | 0.62%             | 2042-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU | New Jersey Turnpike Authority                                      | CUSIP: 646140DC4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950100.00    | 0.66%             | 2048-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $647537.40    | 0.45%             | 2052-01-01      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR | City of Center City MN                                             | CUSIP: 151452BG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509835.00    | 0.36%             | 2027-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                | CUSIP: 64966QH37<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.21%             | 2049-09-01      | Variable      | 3.57%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL | City of Minneapolis MN                                             | CUSIP: 603787AK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    220000 | PA      | $201044.80    | 0.14%             | 2035-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $234659.70    | 0.16%             | 2040-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                           | CUSIP: 91412GSN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006590.00   | 0.70%             | 2032-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $114675.00    | 0.08%             | 2057-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FRV8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $653400.00    | 0.46%             | 2040-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542RBJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024420.00   | 0.71%             | 2034-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDS9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517980.00    | 0.36%             | 2033-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                               | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2638440.00   | 1.84%             | 2038-11-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792905DE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037510.00   | 0.72%             | 2030-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444JM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100134.00    | 0.07%             | 2026-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                               | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    760000 | PA      | $744313.60    | 0.52%             | 2050-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| THORNTON CO DEV AUTH TAX INCR  | Thornton Development Authority                                     | CUSIP: 885277ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $272629.35    | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NBX3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205174.25    | 0.14%             | 2039-08-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    240000 | PA      | $241039.20    | 0.17%             | 2038-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH   | Cumberland County Municipal Authority                              | CUSIP: 230614PC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931290.00    | 0.65%             | 2044-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                             | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1365107.75   | 0.95%             | 2046-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BEACON POINT CO MET DIST       | Beacon Point Metropolitan District                                 | CUSIP: 07367LAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631350.00    | 0.44%             | 2030-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $345672.50    | 0.24%             | 2050-12-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645DBZ4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     25000 | PA      | $21272.75     | 0.01%             | 2046-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| CHASKA MN ELEC REVENUE         | City of Chaska MN Electric Revenue                                 | CUSIP: 161670EZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $471268.35    | 0.33%             | 2028-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516480.00    | 0.36%             | 2034-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SHAKOPEE MN HLTH CARE FACS REV | City of Shakopee MN                                                | CUSIP: 819175BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $166849.65    | 0.12%             | 2034-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PDR8<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    320000 | PA      | $331737.60    | 0.23%             | 2027-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $559926.00    | 0.39%             | 2037-09-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBL | Public Finance Authority                                           | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $313306.20    | 0.22%             | 2050-12-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648AJ30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025960.00   | 0.71%             | 2036-12-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13869155 | PA      | $11615417.15  | 8.09%             | 2040-08-20      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2554025.90   | 1.78%             | 2048-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C | Fayette County School District Finance Corp                        | CUSIP: 312432Y92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $4069285.10   | 2.83%             | 2046-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| FOUNTAIN CO URBAN RENEWAL AUTH | Fountain Urban Renewal Authority                                   | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $607866.20    | 0.42%             | 2044-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                  | CUSIP: 762197DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $945680.40    | 0.66%             | 2029-09-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL | City of Minneapolis MN                                             | CUSIP: 603787AL6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    850000 | PA      | $765391.00    | 0.53%             | 2045-11-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| THORNTON CO DEV AUTH TAX INCR  | Thornton Development Authority                                     | CUSIP: 885277ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $452584.00    | 0.32%             | 2036-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AS9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    825000 | PA      | $680955.00    | 0.47%             | 2050-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| MONTANA ST BRD OF RGTS HGR EDU | Montana State Board of Regents                                     | CUSIP: 61212LTN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107520.00   | 0.77%             | 2052-11-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FGP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032560.00   | 0.72%             | 2048-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                | CUSIP: 45130AAW5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3221460.00   | 2.24%             | 2047-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  48955000 | PA      | $8873583.30   | 6.18%             | 2051-07-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BOULDER VLY CO SCH DIST #RE-2  | Boulder Valley School District No Re-2 Boulder                     | CUSIP: 101547XN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481810.00    | 0.34%             | 2048-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $364694.40    | 0.25%             | 2046-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                           | CUSIP: 04052BRW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $972313.45    | 0.68%             | 2054-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                        | CUSIP: 130179JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $777290.00    | 0.54%             | 2047-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| LOVELAND CO ELEC & COMMUNICATI | City of Loveland CO Electric & Communications Enterprise Revenue   | CUSIP: 547206AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519990.00    | 0.36%             | 2044-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792888KM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    395000 | PA      | $418269.45    | 0.29%             | 2029-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H4Y7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510655.00    | 0.36%             | 2047-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| 2049 VMTP Leverage Shares      | 2049 VMTP Leverage Shares                                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | EP               | CORP              | US        | -99000000 | NS      | $-99000000.00 | -68.96%           |  |  |  | No            | N/A                | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    525000 | PA      | $361399.50    | 0.25%             | 2054-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AX8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    630000 | PA      | $583991.10    | 0.41%             | 2045-07-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RWV9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026880.00   | 0.72%             | 2034-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FTH7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $395415.00    | 0.28%             | 2049-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                          | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464120.00    | 0.32%             | 2041-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST GEN FUND REVENUE  | State of Minnesota                                                 | CUSIP: 604146CS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5523045.00   | 3.85%             | 2038-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $568776.00    | 0.40%             | 2048-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                               | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1436784.10   | 1.00%             | 2044-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416SLZ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1427182.50   | 0.99%             | 2033-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                   | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1516757.40   | 1.06%             | 2056-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792893HX0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755317.50    | 0.53%             | 2036-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO ST DEPT OF TRANSPRTN  | State of Colorado Department of Transportation                     | CUSIP: 19645TAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $358989.00    | 0.25%             | 2034-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO MESA UNIV CO ENTERPRI | Colorado Mesa University                                           | CUSIP: 19652PFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $802747.50    | 0.56%             | 2049-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $892126.40    | 0.62%             | 2030-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $88000.00     | 0.06%             | 2051-07-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE | City of Rochester MN Electric Utility Revenue                      | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $635026.15    | 0.44%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| FORT COLLINS CO ELEC UTILITY E | City of Fort Collins CO Electric Utility Enterprise Revenue        | CUSIP: 34710RAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538665.00    | 0.38%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                  | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3640000 | PA      | $2638090.00   | 1.84%             | 2051-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                         | CUSIP: 45204FQC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4572662.90   | 3.19%             | 2051-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PDQ0<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518425.00    | 0.36%             | 2026-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                               | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    865000 | PA      | $933412.85    | 0.65%             | 2028-11-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| BRAINERD MN INDEP SCH DIST #18 | Brainerd Independent School District No 181                        | CUSIP: 105007NJ3<br>LEI: 549300P1U3THZTOHA392 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516380.00   | 1.06%             | 2043-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| MINNESOTA ST GEN FUND REVENUE  | State of Minnesota                                                 | CUSIP: 604146CD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $784095.00    | 0.55%             | 2032-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                            | CUSIP: 62620HFK3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2537800.00   | 1.77%             | 2063-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| N W MULTI-CNTY MN HSG & REDEV  | Northwest Multi-County Housing & Redevelopment Authority           | CUSIP: 667579DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $528970.40    | 0.37%             | 2045-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A | Kansas City Industrial Development Authority                       | CUSIP: 48504NBD0<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015990.00   | 0.71%             | 2049-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H | Montgomery County Higher Education and Health Authority            | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3384136.55   | 2.36%             | 2057-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $251112.00    | 0.17%             | 2041-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    475000 | PA      | $387918.25    | 0.27%             | 2050-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Delaware Investments National Municipal Income Fund

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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