| Schedule of investments | |||
| Delaware National High-Yield Municipal Bond Fund | November 30, 2019 (Unaudited) | ||
| Principal amount° | Value (US $) | ||
| Municipal Bonds – 100.76% | |||
| Corporate Revenue Bonds - 19.58% | |||
| Allegheny County, Pennsylvania Industrial Development | |||
| Authority Revenue | |||
| (Environmental Improvement - US Steel Corp. Project) | |||
| 5.75% 8/1/42 (AMT) | 2,000,000 | $ | 2,064,940 |
| Anuvia, Florida | |||
| 144A 5.00% 7/1/29 # | 134,139 | 115,360 | |
| Arkansas Development Finance Authority Revenue | |||
| (Big River Steel Project) Series A 144A | |||
| 4.50% 9/1/49 (AMT)# | 8,000,000 | 8,512,480 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority | |||
| (Asset-Backed Senior Turbo) | |||
| Series A-2 5.75% 6/1/34 | 5,475,000 | 5,484,472 | |
| Series A-2 5.875% 6/1/47 | 32,580,000 | 32,747,787 | |
| Series A-2 6.00% 6/1/42 | 3,100,000 | 3,117,639 | |
| Series A-2 6.50% 6/1/47 | 24,770,000 | 25,250,786 | |
| California County Tobacco Securitization Agency | |||
| Settlement Revenue | |||
| (Capital Appreciation Bond - Fresno County Tobacco | |||
| Funding Corporation) 0.83% 6/1/55 ^ | 100,000,000 | 6,157,000 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) 144A 8.00% 7/1/39 (AMT)# | 5,250,000 | 5,708,430 | |
| (Poseidon Resources) 144A 5.00% 7/1/37 (AMT)# | 5,000,000 | 5,347,800 | |
| California State Enterprise Development Authority Revenue | |||
| (Sunpower Corp. - Recovery Zone Facility) | |||
| 8.50% 4/1/31 | 1,000,000 | 1,041,040 | |
| Central Plains Energy Project, Nebraska | |||
| (Project No. 3) Series A 5.00% 9/1/37 | 3,210,000 | 4,275,592 | |
| Columbus County, North Carolina Industrial Facilities & | |||
| Pollution Control Financing | |||
| (International Paper Co. Project) Series A 5.70% 5/1/34 | 1,000,000 | 1,017,670 | |
| Florida Development Finance | |||
| (Virgin Trains USA Passenger Rail Project) Series A 144A | |||
| 6.50% 1/1/49 (AMT)#• | 10,000,000 | 9,462,300 | |
| Golden State, California Tobacco Securitization Corporate | |||
| Settlement Revenue | |||
| (Asset-Backed) Series A-2 5.00% 6/1/47 | 4,000,000 | 4,115,640 | |
| (Capital Appreciation - Asset-Backed-1st Subordinate) | |||
| Series B 1.548% 6/1/47 ^ | 30,145,000 | 5,050,192 | |
| Hoover, Alabama Industrial Development Board | |||
| (United States Steel Corporation Project) | |||
| 5.75% 10/1/49 (AMT) | 13,000,000 | 14,021,020 | |
| Houston, Texas Airport System Revenue | |||
| Series B-1 5.00% 7/15/35 (AMT) | 5,000,000 | 5,577,750 | |
NQ- 425 [11/19] 1/20 (1050068) 1
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Corporate Revenue Bonds(continued) | |||
| Houston, Texas Airport System Revenue | |||
| (Special Facilities Continental Airlines, Inc. Terminal | |||
| Improvements Projects) Series 2011 | |||
| 6.625% 7/15/38 (AMT) | 2,000,000 | $ | 2,132,580 |
| (United Airlines Inc. ) 5.00% 7/1/29 (AMT) | 1,150,000 | 1,282,066 | |
| Indiana Finance Authority Exempt Facility Revenue | |||
| (Polyflow Indiana Project - Green Bond) 144A | |||
| 7.00% 3/1/39 (AMT)# | 12,500,000 | 12,625,000 | |
| Louisiana Local Government Environmental Facilities & | |||
| Community Development Authority Revenue | |||
| (Westlake Chemical Corp. ) Series A-1 6.50% 11/1/35 | 3,000,000 | 3,129,420 | |
| Louisiana Tobacco Settlement Financing Corporation | |||
| Asset-Backed Note Series A 5.25% 5/15/35 | 2,540,000 | 2,795,549 | |
| Lower Alabama Gas District Project Revenue | |||
| Series A 5.00% 9/1/46 | 2,805,000 | 3,954,685 | |
| Main Street Natural Gas Project Revenue, Georgia | |||
| Series A 5.50% 9/15/23 | 40,000 | 45,577 | |
| Michigan Tobacco Settlement Financing Authority | |||
| Revenue Asset-Backed | |||
| Series A 6.00% 6/1/48 | 1,255,000 | 1,261,840 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series A 6.50% 11/1/39 | 2,500,000 | 3,874,700 | |
| Series B 6.50% 11/1/39 | 2,500,000 | 3,874,700 | |
| Nassau County, New York Tobacco Settlement | |||
| Corporation Revenue | |||
| (Asset-Backed) Series A-3 5.125% 6/1/46 | 1,235,000 | 1,232,332 | |
| Nevada State Department of Business & Industry | |||
| (Green Fulcrum Sierra Biofuels Project) 144A | |||
| 6.25% 12/15/37 (AMT)# | 2,500,000 | 2,903,125 | |
| New Jersey Economic Development Authority Special | |||
| Facility Revenue | |||
| (Continental Airlines Project) | |||
| 5.25% 9/15/29 (AMT) | 4,000,000 | 4,361,240 | |
| Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,454,658 | |
| New Jersey Tobacco Settlement Financing Corporation | |||
| Series B 5.00% 6/1/46 | 4,440,000 | 4,908,953 | |
| New York Liberty Development Corporation Revenue | |||
| (Goldman Sachs Headquarters Issue) 5.25% 10/1/35 | 7,000,000 | 9,533,930 | |
| New York Transportation Development Corporation | |||
| Special Facility Revenue | |||
| (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D | |||
| Redevelopment Project) Series 2018 | |||
| 4.00% 1/1/36 (AMT) | 1,960,000 | 2,133,166 |
2 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Corporate Revenue Bonds(continued) | |||
| Pennsylvania Economic Development Financing Authority | |||
| (CarbonLite P, LLC Project) 144A 5.75% 6/1/36 (AMT)# | 7,625,000 | $ | 8,130,233 |
| (National Gypsum) 5.50% 11/1/44 (AMT) | 4,500,000 | 4,798,080 | |
| Pima County, Arizona Industrial Development Authority | |||
| Pollution Control Revenue | |||
| (Tucson Electric Power) Series A 5.25% 10/1/40 | 500,000 | 513,855 | |
| Port of Seattle, Washington Industrial Development | |||
| Corporation Special Facilities Revenue | |||
| (Delta Airlines) 5.00% 4/1/30 (AMT) | 2,000,000 | 2,181,200 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| Series 28 6.50% 11/15/38 | 2,000,000 | 3,037,120 | |
| Salt Verde, Arizona Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 11,765,000 | 15,707,569 | |
| 5.25% 12/1/27 | 2,235,000 | 2,755,979 | |
| 5.25% 12/1/28 | 1,050,000 | 1,315,020 | |
| 5.50% 12/1/29 | 765,000 | 988,112 | |
| Shoals, Indiana | |||
| (National Gypsum Co. Project) 7.25% 11/1/43 (AMT) | 1,625,000 | 1,799,493 | |
| Tennessee State Energy Acquisition Gas Revenue | |||
| Series A 4.00% 5/1/48• | 720,000 | 772,258 | |
| Series C 5.00% 2/1/27 | 2,940,000 | 3,495,983 | |
| TSASC, New York | |||
| Series A 5.00% 6/1/41 | 705,000 | 790,446 | |
| Subordinate Series B 5.00% 6/1/45 | 130,000 | 129,406 | |
| Subordinate Series B 5.00% 6/1/48 | 1,000,000 | 992,490 | |
| Tulsa, Oklahoma Municipal Airports Improvement Trust | |||
| Revenue | |||
| Series A 5.50% 6/1/35 (AMT) | 2,000,000 | 2,177,920 | |
| (American Airlines) 5.00% 6/1/35 (AMT)• | 3,000,000 | 3,371,430 | |
| Valparaiso, Indiana | |||
| (Pratt Paper LLC Project) 7.00% 1/1/44 (AMT) | 2,865,000 | 3,340,246 | |
| Virginia Tobacco Settlement Financing Corporation | |||
| Series B-1 5.00% 6/1/47 | 2,000,000 | 2,005,420 | |
| Series C 2.419% 6/1/47 ^ | 66,475,000 | 7,459,825 | |
| Series D 2.594% 6/1/47 ^ | 137,270,000 | 14,193,718 | |
| Washington Economic Development Finance Authority | |||
| Revenue | |||
| (Columbia Pulp I, LLC Project) Series 2017A 144A | |||
| 7.50% 1/1/32 (AMT)# | 5,000,000 | 5,136,350 | |
| 285,663,572 | |||
NQ- 425 [11/19] 1/20 (1050068) 3
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds - 18.34% | |||
| Arizona Industrial Development Authority Revenue | |||
| (ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 3,200,000 | $ | 3,417,696 |
| (American Charter Schools Foundation Project) | |||
| 144A 6.00% 7/1/37 # | 775,000 | 902,402 | |
| 144A 6.00% 7/1/47 # | 4,735,000 | 5,438,668 | |
| (Basis Schools Projects) | |||
| Series A 144A 5.125% 7/1/37 # | 750,000 | 822,885 | |
| Series A 144A 5.375% 7/1/50 # | 1,000,000 | 1,095,140 | |
| (Kaizen Education Foundation Project) 144A | |||
| 5.80% 7/1/52 # | 4,000,000 | 4,400,520 | |
| (Pinecrest Academy Nevada-Horizon, Inspirada) Series A | |||
| 144A 5.75% 7/15/48 # | 2,250,000 | 2,519,820 | |
| Arlington, Texas Higher Education Finance | |||
| (Leadership Preparatory School) | |||
| Series A 5.00% 6/15/36 | 700,000 | 715,113 | |
| Series A 5.00% 6/15/46 | 1,325,000 | 1,348,651 | |
| Build NYC Resource, New York | |||
| 5.00% 11/1/39 | 1,000,000 | 1,057,860 | |
| (Inwood Academy for Leadership Charter School | |||
| Project) | |||
| Series A 144A 5.125% 5/1/38 # | 575,000 | 642,108 | |
| Series A 144A 5.50% 5/1/48 # | 1,500,000 | 1,692,420 | |
| (New Dawn Charter Schools Project) | |||
| 144A 5.625% 2/1/39 # | 1,290,000 | 1,376,533 | |
| 144A 5.75% 2/1/49 # | 2,700,000 | 2,870,721 | |
| Burbank, Illinois | |||
| (Intercultural Montessori Language) 144A | |||
| 6.25% 9/1/45 # | 4,000,000 | 4,444,520 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) Series V-1 5.00% 5/1/49 | 24,050,000 | 36,642,339 | |
| California Municipal Finance Authority Revenue | |||
| (California Baptist University) Series A 144A | |||
| 5.50% 11/1/45 # | 4,000,000 | 4,596,240 | |
| (Julian Charter School Project) Series A 144A | |||
| 5.625% 3/1/45 # | 5,250,000 | 5,455,695 | |
| (Partnership Uplift Community Project) Series A | |||
| 5.25% 8/1/42 | 1,700,000 | 1,779,288 | |
| (Santa Rosa Academy Project) Series A 6.00% 7/1/42 | 1,250,000 | 1,339,113 | |
| (Southwestern Law School) 6.50% 11/1/41 | 1,500,000 | 1,645,710 | |
| California School Finance Authority | |||
| (Aspire Public Schools) | |||
| Series A 144A 5.00% 8/1/35 # | 585,000 | 658,581 | |
| Series A 144A 5.00% 8/1/40 # | 605,000 | 674,781 |
4 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| California School Finance Authority | |||
| (Encore Education Obligated Group) Series A 144A | |||
| 5.00% 6/1/52 # | 1,000,000 | $ | 880,940 |
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | 2,750,000 | 2,869,955 | |
| (New Designs Charter School) Series A 5.50% 6/1/42 | 1,750,000 | 1,857,853 | |
| (View Park Elementary & Middle Schools) | |||
| Series A 5.875% 10/1/44 | 1,000,000 | 1,106,000 | |
| Series A 6.00% 10/1/49 | 720,000 | 798,602 | |
| California State University | |||
| (Systemwide) | |||
| Series A 5.00% 11/1/26 | 2,000,000 | 2,517,540 | |
| Series A 5.00% 11/1/27 | 2,300,000 | 2,926,244 | |
| California Statewide Communities Development Authority | |||
| Charter School Revenue | |||
| (Green Dot Public Schools) Series A 7.25% 8/1/41 | 1,915,000 | 2,069,847 | |
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Lancer Educational Student Housing Project) Series A | |||
| 144A 5.00% 6/1/46 # | 1,500,000 | 1,666,485 | |
| Capital Trust Agency, Florida | |||
| (Pineapple Cove Classical Academy Inc. Project) | |||
| Series A 144A 5.375% 7/1/54 # | 6,000,000 | 6,314,280 | |
| (River City Education Services Project) | |||
| Series A 5.375% 2/1/35 | 870,000 | 903,034 | |
| Series A 5.625% 2/1/45 | 1,500,000 | 1,561,440 | |
| (University Bridge, LLC Student Housing Project) | |||
| Series A 144A 5.25% 12/1/58 # | 8,000,000 | 8,397,520 | |
| Colorado Educational & Cultural Facilities Authority | |||
| Revenue | |||
| (Charter School - Community Leadership Academy) | |||
| 7.45% 8/1/48 | 2,000,000 | 2,264,700 | |
| (Charter School - Loveland Classical School) 144A | |||
| 5.00% 7/1/46 # | 1,500,000 | 1,594,875 | |
| (Skyview Charter School) 144A 5.375% 7/1/44 # | 500,000 | 531,060 | |
| (Windsor Charter Academy Project) Series 2016 144A | |||
| 5.00% 9/1/36 # | 1,000,000 | 1,017,810 | |
| Columbia Heights, Minnesota Charter School Lease | |||
| Revenue | |||
| (Prodeo Academy Project) | |||
| Series A 5.00% 7/1/49 | 1,000,000 | 1,035,370 | |
| Series A 5.00% 7/1/54 | 1,000,000 | 1,025,600 | |
NQ- 425 [11/19] 1/20 (1050068) 5
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| East Hempfield Township, Pennsylvania Industrial | |||
| Development Authority | |||
| (Student Services Income - Student Housing Project) | |||
| 5.00% 7/1/30 | 1,000,000 | $ | 1,083,580 |
| Hawaii State Department of Budget & Finance | |||
| (Hawaii Pacific University) Series A 6.875% 7/1/43 | 2,000,000 | 2,134,160 | |
| Henderson, Nevada Public Improvement Trust | |||
| (Touro College & University System) | |||
| Series A 5.50% 1/1/39 | 460,000 | 510,039 | |
| Series A 5.50% 1/1/44 | 2,000,000 | 2,206,220 | |
| Idaho Housing & Finance Association | |||
| (Idaho Arts Charter School) 144A 5.00% 12/1/36 # | 715,000 | 787,408 | |
| (North Star Charter School) | |||
| Capital Appreciation Subordinate Series B 144A | |||
| 4.88% 7/1/49 #^ | 2,888,155 | 562,237 | |
| Series A 6.75% 7/1/48 | 529,150 | 576,747 | |
| (Xavier Charter School Project) Series A 5.00% 6/1/50 | 1,000,000 | 1,092,440 | |
| Illinois Finance Authority Charter School Revenue | |||
| (Chicago International Charter School Project) | |||
| 5.00% 12/1/47 | 2,805,000 | 3,087,996 | |
| (Uno Charter School) Series A 7.125% 10/1/41 | 1,000,000 | 1,062,290 | |
| Illinois Finance Authority Revenue | |||
| (Lake Forest College) Series A 6.00% 10/1/48 | 1,000,000 | 1,071,640 | |
| (Rogers Park Montessori) | |||
| 6.00% 2/1/34 | 675,000 | 739,510 | |
| 6.125% 2/1/45 | 1,800,000 | 1,956,672 | |
| Illinois Finance Authority Student Housing & Academic | |||
| Facility Revenue | |||
| (University of Illinois at Chicago Project) Series A | |||
| 5.00% 2/15/47 | 3,500,000 | 3,930,290 | |
| Illinois Finance Authority Student Housing Revenue | �� | ||
| (Dekalb II - Northern Illinois University Project) | |||
| 6.875% 10/1/43 | 1,000,000 | 1,056,810 | |
| Indiana State Finance Authority Revenue Educational | |||
| Facilities | |||
| (Drexel Foundation - Thea Bowman Academy Charter | |||
| School) Series A 7.00% 10/1/39 | 1,000,000 | 1,001,490 | |
| Kanawha, West Virginia | |||
| (West Virginia University Foundation Project) | |||
| 6.75% 7/1/45 | 2,500,000 | 2,706,175 |
6 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| Kent County, Delaware Student Housing and Dining | |||
| Facilities Revenue | |||
| (Delaware State University Project) Series A | |||
| 5.00% 7/1/58 | 1,250,000 | $ | 1,378,137 |
| Louisiana Public Facilities Authority Revenue | |||
| (Lake Charles Charter Academy Foundation Project) | |||
| 8.00% 12/15/41 | 1,500,000 | 1,608,735 | |
| Macon-Bibb County, Georgia Urban Development | |||
| Authority Revenue | |||
| (Academy for Classical Education) | |||
| Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,720,471 | |
| Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,559,636 | |
| Miami-Dade County, Florida Industrial Development | |||
| Authority | |||
| (Youth Co-Op Charter School) | |||
| Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,051,000 | |
| Series A 144A 6.00% 9/15/45 # | 1,000,000 | 1,052,880 | |
| Michigan Finance Authority Limited Obligation Revenue | |||
| (Public School Academy Old Redford) Series A | |||
| 6.50% 12/1/40 | 900,000 | 908,334 | |
| Michigan Public Educational Facilities Authority Revenue | |||
| (Limited-Obligation-Landmark Academy) 7.00% 12/1/39 | 950,000 | 950,171 | |
| Nevada State Department of Business & Industry | |||
| (Somerset Academy) | |||
| Series A 144A 5.00% 12/15/35 # | 1,595,000 | 1,746,796 | |
| Series A 144A 5.125% 12/15/45 # | 2,515,000 | 2,728,398 | |
| New Jersey State Higher Education Student Assistance | |||
| Authority Student Loan Revenue | |||
| Series 1B 5.75% 12/1/39 (AMT) | 1,250,000 | 1,380,537 | |
| New York State Dormitory Authority | |||
| (Touro College & University System) Series A | |||
| 5.50% 1/1/44 | 2,875,000 | 3,154,680 | |
| Pennsylvania State Higher Educational Facilities Authority | |||
| Revenue | |||
| (Foundation Indiana University) Series A 2.056% 7/1/39 | |||
| (AGC)• | 2,400,000 | 2,102,664 | |
| Philadelphia, Pennsylvania Authority for Industrial | |||
| Development Revenue | |||
| (1st Philadelphia Preparatory) Series A 7.25% 6/15/43 | 1,230,000 | 1,417,883 | |
| (Global Leadership Academy Project) 6.375% 11/15/40 | 1,000,000 | 1,022,740 | |
| (Green Woods Charter School Project) Series A | |||
| 5.75% 6/15/42 | 1,600,000 | 1,677,808 | |
NQ- 425 [11/19] 1/20 (1050068) 7
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| Philadelphia, Pennsylvania Authority for Industrial | |||
| Development Revenue | |||
| (Tacony Academy Charter School Project) | |||
| 7.00% 6/15/43 | 1,540,000 | $ | 1,699,867 |
| Phoenix, Arizona Industrial Development Authority | |||
| Education Revenue | |||
| (Basic Schools Project) | |||
| Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | 4,263,960 | |
| Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 2,133,020 | |
| (Choice Academies Project) | |||
| 5.375% 9/1/32 | 1,000,000 | 1,042,470 | |
| 5.625% 9/1/42 | 600,000 | 623,796 | |
| (Downtown Phoenix Student Housing, LLC - Arizona | |||
| State University Project) Series 2018A 5.00% 7/1/37 | 250,000 | 295,757 | |
| (Eagle College Preparatory Project) Series A | |||
| 5.00% 7/1/43 | 450,000 | 463,127 | |
| (Rowan University Project) 5.00% 6/1/42 | 2,000,000 | 2,130,900 | |
| Pima County, Arizona Industrial Development Authority | |||
| Education Revenue | |||
| (American Leadership Academy Project) | |||
| 144A 5.00% 6/15/47 # | 1,630,000 | 1,682,763 | |
| 144A 5.00% 6/15/52 # | 1,400,000 | 1,440,194 | |
| (Edkey Charter Schools Project) 6.00% 7/1/43 | 2,000,000 | 1,994,960 | |
| Pottsboro, Texas Higher Education Finance Authority | |||
| Revenue | |||
| Series A 5.00% 8/15/36 | 655,000 | 705,487 | |
| Series A 5.00% 8/15/46 | 1,000,000 | 1,060,620 | |
| Private Colleges & Universities Authority, Georgia Revenue | |||
| (Mercer University) Series A 5.00% 10/1/32 | 1,005,000 | 1,053,210 | |
| Public Finance Authority Revenue, Wisconsin | |||
| (Goodwill Industries of Southern Nevada Project) | |||
| Series A 5.50% 12/1/38 | 2,572,956 | 2,266,491 | |
| Series A 5.75% 12/1/48 | 2,576,272 | 2,265,007 | |
| (Minnesota College of Osteopathic Medicine) | |||
| Subordinate Series B 144A 7.75% 12/1/48 #• | 2,500,000 | 875,000 | |
| (Wilson Preparatory Academy) | |||
| Series A 144A 4.125% 6/15/29 # | 540,000 | 562,599 | |
| Series A 144A 5.00% 6/15/39 # | 500,000 | 524,680 | |
| Series A 144A 5.00% 6/15/49 # | 1,100,000 | 1,146,299 | |
| South Carolina Jobs-Economic Development Authority | |||
| Educational Facilities Revenue | |||
| (High Point Academy Project) Series A 144A | |||
| 5.75% 6/15/49 # | 5,000,000 | 5,580,400 |
8 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Education Revenue Bonds(continued) | ||||
| St. Paul, Minnesota Housing & Redevelopment Authority | ||||
| Charter School Lease Revenue | ||||
| (Academia Cesar Chavez School Project) Series A | ||||
| 5.25% 7/1/50 | 2,560,000 | $ | 2,700,160 | |
| (Hmong College Preparatory Academy Project) | ||||
| Series A 5.75% 9/1/46 | 1,000,000 | 1,107,470 | ||
| Series A 6.00% 9/1/51 | 3,000,000 | 3,357,030 | ||
| University of California | ||||
| Series AZ 5.25% 5/15/58 | 6,185,000 | 7,603,406 | ||
| University of Texas System Board of Regents | ||||
| Series B 5.00% 8/15/49 | 18,900,000 | 28,998,270 | ||
| Utah State Charter School Finance Authority Revenue | ||||
| (Leadership Learning Academy Project) | ||||
| Series A 144A 5.00% 6/15/39 # | 1,000,000 | 1,068,380 | ||
| Series A 144A 5.00% 6/15/50 # | 2,200,000 | 2,306,216 | ||
| (North Davis Preparatory) 6.375% 7/15/40 | 1,290,000 | 1,317,142 | ||
| Wisconsin Public Finance Authority Revenue | ||||
| (Pine Lake Preparatory) 144A 5.50% 3/1/45 # | 3,460,000 | 3,738,807 | ||
| (Roseman University Health Sciences Project) | ||||
| 5.75% 4/1/42 | 2,000,000 | 2,101,480 | ||
| Wyoming Community Development Authority Student | ||||
| Housing Revenue | ||||
| (CHF-Wyoming LLC) 6.50% 7/1/43 | 1,000,000 | 1,046,000 | ||
| Yonkers, New York Economic Development Corporation | ||||
| Education Revenue | ||||
| (Charter School Educational Excellence) Series A | ||||
| 6.25% 10/15/40 | 595,000 | 610,982 | ||
| 267,668,483 | ||||
| Electric Revenue Bonds - 1.08% | ||||
| Puerto Rico Electric Power Authority Revenue | ||||
| Series A 5.00% 7/1/42 ‡ | 7,740,000 | 5,940,450 | ||
| Series CCC 5.25% 7/1/27 ‡ | 730,000 | 560,275 | ||
| Series WW 5.00% 7/1/28 ‡ | 990,000 | 759,825 | ||
| Series XX 5.25% 7/1/40 ‡ | 7,040,000 | 5,403,200 | ||
| Salt River Project Agricultural Improvement & Power | ||||
| District, Arizona | ||||
| (Salt River Project) Series A 5.00% 1/1/31 | 2,520,000 | 3,163,885 | ||
| 15,827,635 | ||||
| Healthcare Revenue Bonds - 25.41% | ||||
| Abag, California Finance Authority for Nonprofit | ||||
| Corporations | ||||
| (Episcopal Senior Communities) 6.125% 7/1/41 | 1,650,000 | 1,757,745 | ||
NQ- 425 [11/19] 1/20 (1050068) 9
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Alachua County, Florida Health Facilities Authority | |||
| (Oak Hammock University) | |||
| Series A 8.00% 10/1/42 | 1,000,000 | $ | 1,126,330 |
| Series A 8.00% 10/1/46 | 1,500,000 | 1,685,190 | |
| Allen County, Indiana Economic Development Revenue | |||
| (StoryPoint Fort Wayne Project) Series A-1 144A | |||
| 6.875% 1/15/52 # | 1,650,000 | 1,807,789 | |
| Apple Valley, Minnesota | |||
| (Minnesota Senior Living LLC, Project) | |||
| Series B 5.00% 1/1/47 | 2,500,000 | 2,537,050 | |
| Series D 7.25% 1/1/52 | 7,290,000 | 7,541,505 | |
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project | |||
| Fourth Tier) Series D 144A 7.25% 1/1/54 # | 2,500,000 | 2,604,825 | |
| (Great Lakes Senior Living Communities LLC Project | |||
| Second Tier) | |||
| Series B 5.00% 1/1/49 | 975,000 | 1,063,549 | |
| Series B 5.125% 1/1/54 | 1,130,000 | 1,234,028 | |
| (Great Lakes Senior Living Communities LLC Project | |||
| Third Tier) | |||
| Series C 144A 5.00% 1/1/49 # | 1,000,000 | 1,071,480 | |
| Series C 144A 5.50% 1/1/54 # | 4,000,000 | 4,409,760 | |
| (Great Lakes Senior Living Communities LLC Project) | |||
| Series A 5.00% 1/1/54 | 2,595,000 | 2,893,659 | |
| Bexar County, Texas Health Facilities Development | |||
| (Army Retirement Residence Foundation Project) Series | |||
| 2010 5.875% 7/1/30 | 155,000 | 158,503 | |
| Birmingham, Alabama Special Care Facilities Financing | |||
| Authority | |||
| (Methodist Home for the Aging) | |||
| 5.50% 6/1/30 | 1,850,000 | 2,110,535 | |
| 5.75% 6/1/35 | 1,500,000 | 1,705,740 | |
| 5.75% 6/1/45 | 2,500,000 | 2,795,000 | |
| 6.00% 6/1/50 | 2,650,000 | 2,992,486 | |
| Butler County, Ohio Port Authority | |||
| (StoryPoint Fairfield Project) Series A-1 144A | |||
| 6.50% 1/15/52 # | 650,000 | 701,688 | |
| California Health Facilities Financing Authority Revenue | |||
| (Kaiser Permanente) Series A-2 5.00% 11/1/47 | 4,870,000 | 7,409,461 | |
| California Municipal Finance Authority Revenue | |||
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | 573,110 |
10 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Loma Linda University Medical Center) | |||
| 5.50% 12/1/54 | 13,000,000 | $ | 14,459,120 |
| Series A 144A 5.25% 12/1/56 # | 3,000,000 | 3,378,780 | |
| Series A 144A 5.50% 12/1/58 # | 4,600,000 | 5,385,450 | |
| Camden County, New Jersey Improvement Authority | |||
| Revenue | |||
| (Cooper Health System Obligation Group) | |||
| 5.75% 2/15/42 | 2,500,000 | 2,775,825 | |
| Capital Trust Agency, Florida | |||
| (Elim Senior Housing Inc. Project) 144A 5.875% 8/1/52 # | 2,500,000 | 2,613,350 | |
| (Tuscan Gardens Senior Living Center) Series A | |||
| 7.00% 4/1/49 | 5,000,000 | 5,036,750 | |
| Chesterfield County, Virginia Economic Development | |||
| Authority Revenue | |||
| (1st Mortgage - Brandermill Woods Project) | |||
| 5.125% 1/1/43 | 1,030,000 | 1,056,780 | |
| Chesterton, Indiana | |||
| (StoryPoint Chesterton Project) Series A-1 144A | |||
| 6.375% 1/15/51 # | 1,000,000 | 1,072,760 | |
| Cobb County, Georgia Development Authority | |||
| (Provident Village at Creekside Project) Series A 144A | |||
| 6.00% 7/1/51 # | 3,500,000 | 3,324,545 | |
| Colorado Health Facilities Authority Revenue | |||
| (American Baptist) 8.00% 8/1/43 | 2,500,000 | 2,830,475 | |
| (CommonSpirit Health) | |||
| Series A-1 4.00% 8/1/44 | 3,750,000 | 4,040,175 | |
| Series A-2 4.00% 8/1/49 | 5,000,000 | 5,340,850 | |
| Series A-2 5.00% 8/1/44 | 2,500,000 | 2,953,800 | |
| (Mental Health Center Denver Project) Series A | |||
| 5.75% 2/1/44 | 500,000 | 557,130 | |
| (School Health Systems) Series A 5.00% 1/1/44 | 1,000,000 | 1,111,180 | |
| (Sunny Vista Living Center) | |||
| Series A 144A 5.50% 12/1/30 # | 750,000 | 790,635 | |
| Series A 144A 5.75% 12/1/35 # | 1,150,000 | 1,214,906 | |
| Series A 144A 6.125% 12/1/45 # | 1,200,000 | 1,273,008 | |
| Series A 144A 6.25% 12/1/50 # | 560,000 | 596,170 | |
| Cumberland County, Pennsylvania Municipal Authority | |||
| Revenue | |||
| (Asbury Pennsylvania Obligation Group) 5.25% 1/1/41 | 1,600,000 | 1,653,648 | |
NQ- 425 [11/19] 1/20 (1050068) 11
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Cuyahoga County, Ohio Hospital Revenue | |||
| (The Metrohealth System) | |||
| 5.25% 2/15/47 | 5,200,000 | $ | 5,957,328 |
| 5.50% 2/15/52 | 4,655,000 | 5,406,131 | |
| 5.50% 2/15/57 | 7,250,000 | 8,394,413 | |
| Decatur, Texas Hospital Authority | |||
| (Wise Regional Health Systems) | |||
| Series A 5.00% 9/1/34 | 1,000,000 | 1,106,330 | |
| Series A 5.25% 9/1/29 | 500,000 | 564,930 | |
| Series A 5.25% 9/1/44 | 2,000,000 | 2,192,940 | |
| Duluth, Minnesota Economic Development Authority | |||
| Revenue | |||
| (St. Luke’s Hospital Authority Obligation Group) | |||
| 5.75% 6/15/32 | 3,750,000 | 4,073,287 | |
| Florida Development Finance | |||
| (UF Health - Jacksonville Project) Series A | |||
| 6.00% 2/1/33 | 2,375,000 | 2,629,315 | |
| Glendale, Arizona Industrial Development Authority | |||
| Revenue | |||
| (Glencroft Retirement Community Project) | |||
| 5.00% 11/15/36 | 830,000 | 895,578 | |
| 5.25% 11/15/51 | 1,350,000 | 1,451,479 | |
| Guilderland, New York Industrial Development Agency | |||
| Series A 144A 5.875% 1/1/52 # | 6,000,000 | 6,126,600 | |
| Hawaii State Department of Budget & Finance Special | |||
| Purpose Senior Living Revenue | |||
| (Hawaii Pacific Health Obligation) Series A | |||
| 5.50% 7/1/43 | 2,990,000 | 3,327,302 | |
| (Kahala Nui) 5.25% 11/15/37 | 1,000,000 | 1,103,390 | |
| Hospital Facilities Authority of Multnomah County, Oregon | |||
| (Mirabella at South Waterfront) 5.50% 10/1/49 | 2,400,000 | 2,618,064 | |
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke’s Health System Project) Series A | |||
| 5.00% 3/1/33 | 485,000 | 586,583 | |
| (Valley Vista Care Corporation) Series A 5.00% 11/15/32 | 455,000 | 480,635 | |
| Illinois Finance Authority Revenue | |||
| (Admiral at Lake Project) 5.25% 5/15/54 | 5,600,000 | 5,834,416 | |
| (Lutheran Home & Services) 5.75% 5/15/46 | 1,685,000 | 1,762,746 | |
| Illinois Housing Development Authority | |||
| (Stonebridge of Gurnee Project) | |||
| Series A 144A 5.45% 1/1/46 # | 2,500,000 | 2,465,650 | |
| Series A 144A 5.60% 1/1/56 # | 2,630,000 | 2,621,768 |
12 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Indiana Finance Authority Revenue | |||
| (King’s Daughters Hospital & Health) | |||
| 5.50% 8/15/40 | 1,000,000 | $ | 1,025,990 |
| 5.50% 8/15/45 | 1,000,000 | 1,024,830 | |
| (Marquette Project) 5.00% 3/1/39 | 1,250,000 | 1,303,887 | |
| Iowa Finance Authority | |||
| (PHS Council Bluffs Project) | |||
| 5.125% 8/1/48 | 1,650,000 | 1,741,674 | |
| 5.25% 8/1/55 | 2,500,000 | 2,643,275 | |
| (Sunrise Retirement Community) 5.75% 9/1/43 | 2,500,000 | 2,540,350 | |
| Kalispell, Montana | |||
| (Immanuel Lutheran Corporation Project) Series A | |||
| 5.25% 5/15/47 | 1,300,000 | 1,400,451 | |
| Kentucky Economic Development Finance Authority | |||
| Healthcare Revenue | |||
| (Rosedale Green Project) | |||
| 5.50% 11/15/35 | 1,310,000 | 1,401,648 | |
| 5.75% 11/15/45 | 2,500,000 | 2,680,325 | |
| 5.75% 11/15/50 | 1,600,000 | 1,711,088 | |
| Kentwood, Michigan Economic Development Corporation | |||
| Revenue | |||
| (Limited Obligation - Holland Home) 5.625% 11/15/41 | 1,250,000 | 1,335,925 | |
| Kirkwood, Missouri Industrial Development Authority | |||
| (Aberdeen Heights) Series A 5.25% 5/15/50 | 6,000,000 | 6,679,080 | |
| Louisiana Local Government Environmental Facilities & | |||
| Community Development Authority Revenue | |||
| (The Glen Retirement System Project) | |||
| Series A 5.00% 1/1/49 | 2,500,000 | 2,584,675 | |
| Series A 5.00% 1/1/55 | 2,635,000 | 2,702,561 | |
| Lucas County, Ohio Health Care Facilities Revenue | |||
| (Sunset Retirement Communities) 5.50% 8/15/30 | 1,000,000 | 1,056,980 | |
| Maine Health & Higher Educational Facilities Authority | |||
| Revenue | |||
| (Maine General Medical Center) 6.75% 7/1/41 | 1,700,000 | 1,815,617 | |
| Maricopa County, Arizona Industrial Development | |||
| Authority | |||
| (Christian Care Surprise Project) Series 2016 144A | |||
| 6.00% 1/1/48 # | 5,400,000 | 5,659,308 | |
| Maryland Health & Higher Educational Facilities Authority | |||
| (Adventist Healthcare) Series A 5.50% 1/1/46 | 5,000,000 | 5,838,500 | |
| Michigan State Strategic Fund Limited Revenue | |||
| (Evangelical Homes) 5.50% 6/1/47 | 2,750,000 | 2,874,245 | |
NQ- 425 [11/19] 1/20 (1050068) 13
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Missouri State Health & Educational Facilities Authority | |||
| Revenue | |||
| (Lutheran Senior Services) 6.00% 2/1/41 | 1,000,000 | $ | 1,046,720 |
| Montgomery County, Pennsylvania Industrial Development | |||
| Authority Revenue | |||
| (Whitemarsh Continuing Care) | |||
| 5.25% 1/1/40 | 1,550,000 | 1,630,910 | |
| 5.375% 1/1/50 | 6,250,000 | 6,565,000 | |
| Series A 5.375% 1/1/51 | 1,750,000 | 1,865,623 | |
| Moon, Pennsylvania Industrial Development Authority | |||
| (Baptist Homes Society Obligation) 6.125% 7/1/50 | 8,500,000 | 9,244,175 | |
| National Finance Authority Revenue, New Hampshire | |||
| (The Vista Project) | |||
| Series A 144A 5.25% 7/1/39 # | 1,265,000 | 1,377,079 | |
| Series A 144A 5.625% 7/1/46 # | 1,000,000 | 1,099,240 | |
| Series A 144A 5.75% 7/1/54 # | 2,000,000 | 2,202,360 | |
| New Hampshire Health & Education Facilities Authority | |||
| (Rivermeade) Series A 6.875% 7/1/41 | 1,380,000 | 1,452,146 | |
| New Hope, Texas Cultural Education Facilities Finance | |||
| (Cardinal Bay - Village on the Park) | |||
| Series A1 5.00% 7/1/46 | 660,000 | 732,013 | |
| Series A1 5.00% 7/1/51 | 1,595,000 | 1,759,062 | |
| Series B 4.00% 7/1/31 | 635,000 | 646,392 | |
| Series B 4.75% 7/1/51 | 1,915,000 | 1,963,852 | |
| Series C 5.00% 7/1/31 | 250,000 | 262,703 | |
| Series C 5.25% 7/1/36 | 350,000 | 368,659 | |
| Series C 5.50% 7/1/46 | 1,250,000 | 1,315,350 | |
| Series C 5.75% 7/1/51 | 1,000,000 | 1,063,430 | |
| Series D 6.00% 7/1/26 | 120,000 | 122,536 | |
| Series D 7.00% 7/1/51 | 1,350,000 | 1,401,624 | |
| (Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 2,500,000 | 2,631,050 | |
| New Jersey Economic Development Authority | |||
| (Black Horse EHT Urban Renewal LLC Project) Series A | |||
| 144A 5.00% 10/1/39 # | 3,125,000 | 3,134,406 | |
| (Lions Gate Project) 5.25% 1/1/44 | 2,000,000 | 2,081,680 | |
| New Jersey Health Care Facilities Financing Authority | |||
| Revenue | |||
| (Barnabas Health Services) Series A 4.00% 7/1/26 | 980,000 | 1,040,731 | |
| (St. Peters University Hospital) 6.25% 7/1/35 | 2,700,000 | 2,855,925 |
14 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| New York State Dormitory Authority | |||
| (Orange Regional Medical Center) | |||
| 144A 5.00% 12/1/40 # | 1,100,000 | $ | 1,239,535 |
| 144A 5.00% 12/1/45 # | 800,000 | 896,272 | |
| Northampton County, Pennsylvania Industrial | |||
| Development Authority Revenue | |||
| (Morningstar Senior Living) 5.00% 7/1/36 | 2,000,000 | 2,093,400 | |
| Orange County, New York Funding Corporation Assisted | |||
| Living Residence Revenue | |||
| 6.50% 1/1/46 | 3,800,000 | 3,931,746 | |
| Palm Beach County, Florida Health Facilities Authority | |||
| (Sinai Residences Boca Raton Project) | |||
| Series A 7.25% 6/1/34 | 285,000 | 320,448 | |
| Series A 7.50% 6/1/49 | 2,920,000 | 3,288,504 | |
| Payne County, Oklahoma Economic Development | |||
| Authority | |||
| (Epworth Living at the Ranch) Series A 7.00% 11/1/51 ‡ | 961,600 | 7,981 | |
| Pennsylvania Economic Development Financing Authority | |||
| (Tapestry Moon Senior Housing Project) Series 2018A | |||
| 144A 6.75% 12/1/53 # | 9,495,000 | 9,622,518 | |
| Prince George’s County, Maryland | |||
| (Collington Episcopal Life Care Community) | |||
| 5.25% 4/1/47 | 2,000,000 | 2,167,900 | |
| Public Finance Authority, Wisconsin | |||
| (Bancroft Neurohealth Project) | |||
| Series A 144A 5.00% 6/1/36 # | 960,000 | 1,032,038 | |
| Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,467,565 | |
| Puerto Rico Industrial Tourist Educational Medical & | |||
| Environmental Control Facilities Financing Authority | |||
| (Auxilio Mutuo) Series A 6.00% 7/1/33 | 5,630,000 | 5,872,597 | |
| Rochester, Minnesota | |||
| (The Homestead at Rochester) Series A 6.875% 12/1/48 | 2,500,000 | 2,721,525 | |
| Salem, Oregon Hospital Facility Authority Revenue | |||
| (Capital Manor) 6.00% 5/15/47 | 1,500,000 | 1,617,675 | |
| San Buenaventura, California Revenue | |||
| (Community Memorial Health System) 7.50% 12/1/41 | 4,475,000 | 4,927,288 | |
| Shelby County, Tennessee Health Educational & Housing | |||
| Facilities Board Revenue | |||
| (The Farms at Bailey Station Project) 5.75% 10/1/59 | 7,500,000 | 7,294,200 | |
| Southeastern Ohio Port Authority | |||
| (Memorial Health Systems) | |||
| 5.00% 12/1/43 | 805,000 | 846,079 | |
| 5.50% 12/1/43 | 1,250,000 | 1,351,363 | |
NQ- 425 [11/19] 1/20 (1050068) 15
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| St. Louis County, Missouri Industrial Development | |||
| Authority | |||
| (Nazareth Living Center Project) | |||
| Series A 5.00% 8/15/35 | 600,000 | $ | 655,182 |
| Series A 5.125% 8/15/45 | 1,800,000 | 1,949,868 | |
| Suffolk County, New York Economic Development | |||
| Corporation Revenue | |||
| (Peconic Landing Southland) 6.00% 12/1/40 | 575,000 | 595,510 | |
| Tarrant County, Texas Cultural Education Facilities Finance | |||
| (Buckingham Senior Living Community) | |||
| 5.50% 11/15/45 ‡ | 3,000,000 | 2,100,000 | |
| (Buckner Senior Living - Ventana Project) | |||
| 6.75% 11/15/47 | 1,850,000 | 2,145,205 | |
| 6.75% 11/15/52 | 3,300,000 | 3,815,196 | |
| Tempe, Arizona Industrial Development Authority Revenue | |||
| (Friendship Village) Series A 6.25% 12/1/46 | 500,000 | 532,230 | |
| (Mirabella At ASU Project) Series A 144A | |||
| 6.125% 10/1/52 # | 1,720,000 | 1,956,036 | |
| University of North Carolina Board of Governors | |||
| 5.00% 2/1/49 | 15,000,000 | 21,823,500 | |
| Vermont Economic Development Authority Revenue | |||
| (Wake Robin Corp. Project) 5.40% 5/1/33 | 1,100,000 | 1,147,366 | |
| Washington State Housing Finance Commission | |||
| (Heron’s Key) Series A 144A 7.00% 7/1/50 # | 2,000,000 | 2,183,360 | |
| Westminster, Maryland | |||
| (Lutheran Village Millers Grant) | |||
| 6.00% 7/1/34 | 800,000 | 894,656 | |
| Series A 5.00% 7/1/24 | 1,450,000 | 1,587,446 | |
| Series A 6.125% 7/1/39 | 750,000 | 835,605 | |
| Series A 6.25% 7/1/44 | 2,500,000 | 2,786,150 | |
| Wisconsin Health & Educational Facilities Authority | |||
| (Covenant Communities Project) | |||
| Series B 5.00% 7/1/48 | 1,000,000 | 1,069,510 | |
| Series C 7.00% 7/1/43 | 900,000 | 900,225 | |
| Series C 7.50% 7/1/53 | 1,000,000 | 1,000,380 | |
| (St. Camillus Health System) | |||
| Series A 5.00% 11/1/46 | 2,000,000 | 2,160,560 | |
| Series A 5.00% 11/1/54 | 2,500,000 | 2,679,550 | |
| Wisconsin Public Finance Authority | |||
| (Rose Villa Project) Series A 144A 5.75% 11/15/44 # | 2,000,000 | 2,180,080 | |
| 370,822,979 |
16 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Housing Revenue Bonds - 0.48% | |||
| California Municipal Finance Authority Mobile Home Park | |||
| Revenue | |||
| (Caritas Affordable Housing) Senior Series A | |||
| 5.25% 8/15/39 | 1,200,000 | $ | 1,349,964 |
| (Caritas Projects) Senior Series A 5.50% 8/15/47 | 1,500,000 | 1,601,745 | |
| Independent Cities Finance Authority, California | |||
| Series A 5.25% 5/15/44 | 750,000 | 818,813 | |
| Series A 5.25% 5/15/49 | 3,000,000 | 3,268,740 | |
| 7,039,262 | |||
| Lease Revenue Bonds - 3.86% | |||
| California Municipal Finance Authority Revenue | |||
| (Goodwill Industry Sacramento Valley) 5.25% 1/1/45 | 1,295,000 | 1,311,045 | |
| (Goodwill Industry Sacramento Valley and Northern | |||
| Nevada Project) | |||
| Series A 144A 6.625% 1/1/32 # | 500,000 | 525,695 | |
| Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,582,035 | |
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Lancer Plaza Project) 5.875% 11/1/43 | 1,875,000 | 2,107,106 | |
| Capital Trust Agency, Florida Revenue | |||
| (Air Cargo - Aero Miami) Series A 5.35% 7/1/29 | 715,000 | 727,269 | |
| Industrial Development Authority of Phoenix, Arizona | |||
| 5.125% 2/1/34 | 1,000,000 | 1,020,240 | |
| 5.375% 2/1/41 | 1,400,000 | 1,428,392 | |
| Metropolitan Pier & Exposition Authority, Illinois | |||
| (McCormick Place Expansion Project) Series A | |||
| 5.00% 6/15/57 | 3,975,000 | 4,401,080 | |
| New Jersey Economic Development Authority Special | |||
| Facility Revenue | |||
| Series WW 5.25% 6/15/30 | 5,000,000 | 5,732,100 | |
| New Jersey Transportation Trust Fund Authority | |||
| (Federal Highway Reimbursement Revenue) Series A | |||
| 5.00% 6/15/31 | 5,450,000 | 6,330,611 | |
| (Transportation Program) | |||
| Series AA 5.00% 6/15/25 | 1,000,000 | 1,163,750 | |
| Series AA 5.00% 6/15/44 | 4,975,000 | 5,427,725 | |
| Series AA 5.25% 6/15/41 | 1,000,000 | 1,126,320 | |
| New York Liberty Development Revenue | |||
| (Class 2-3 World Trade Center Project) 144A | |||
| 5.375% 11/15/40 # | 2,410,000 | 2,717,516 | |
| (Class 3-3 World Trade Center Project) 144A | |||
| 7.25% 11/15/44 # | 9,600,000 | 11,405,280 | |
NQ- 425 [11/19] 1/20 (1050068) 17
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Lease Revenue Bonds(continued) | |||
| Public Finance Authority, Wisconsin Airport Facilities | |||
| Revenue | |||
| (AFCO Investors II Portfolio) 144A | |||
| 5.75% 10/1/31 (AMT)# | 3,775,000 | $ | 3,926,075 |
| (Senior Obligation Group) Series B 5.00% 7/1/42 (AMT) | 4,000,000 | 4,254,160 | |
| Wise County, Texas | |||
| (Parker County Junior College District) 8.00% 8/15/34 | 1,000,000 | 1,073,220 | |
| 56,259,619 | |||
| Local General Obligation Bonds - 4.21% | |||
| Chicago, Illinois | |||
| Series 2005D 5.50% 1/1/37 | 2,280,000 | 2,574,097 | |
| Series 2005D 5.50% 1/1/40 | 3,000,000 | 3,369,480 | |
| Series 2007E 5.50% 1/1/42 | 2,150,000 | 2,407,828 | |
| Series 2007F 5.50% 1/1/42 | 1,250,000 | 1,399,900 | |
| Series A 5.25% 1/1/29 | 4,415,000 | 4,880,385 | |
| Series A 5.50% 1/1/33 | 2,000,000 | 2,271,800 | |
| Series A 5.50% 1/1/49 | 770,000 | 909,878 | |
| Series A 6.00% 1/1/38 | 6,285,000 | 7,557,147 | |
| Series C 5.00% 1/1/26 | 2,105,000 | 2,399,805 | |
| Chicago, Illinois Board of Education | |||
| Series A 144A 7.00% 12/1/46 # | 2,500,000 | 3,185,650 | |
| Series G 5.00% 12/1/44 | 2,445,000 | 2,736,126 | |
| Series H 5.00% 12/1/36 | 3,405,000 | 3,873,528 | |
| Series H 5.00% 12/1/46 | 4,225,000 | 4,717,001 | |
| Fairfax County, Virginia | |||
| Series A 5.00% 10/1/30 | 5,000,000 | 6,493,400 | |
| Wake County, North Carolina | |||
| Series A 5.00% 3/1/28 | 3,830,000 | 4,910,941 | |
| Series A 5.00% 3/1/31 | 6,045,000 | 7,816,850 | |
| 61,503,816 | |||
| Pre-Refunded/Escrowed to Maturity Bonds - 3.93% | |||
| Arlington, Texas Higher Education Finance | |||
| (Arlington Classic Academy) 7.65% 8/15/40-20§ | 1,000,000 | 1,044,000 | |
| Bexar County, Texas Health Facilities Development | |||
| (Army Retirement Residence Foundation Project) Series | |||
| 2010 5.875% 7/1/30-20§ | 845,000 | 867,714 | |
| Bowling Green, Ohio Student Housing Revenue CFP I | |||
| (State University Project) 6.00% 6/1/45-20§ | 1,215,000 | 1,244,269 | |
| California Municipal Finance Authority Revenue | |||
| (Azusa Pacific University Project) Series B 144A | |||
| 7.75% 4/1/31-21#§ | 750,000 | 809,205 | |
| (Eisenhower Medical Center) Series A 5.75% 7/1/40-20§ | 1,000,000 | 1,027,350 |
18 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds(continued) | |||
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (California Baptist University Project) 7.50% 11/1/41-21§ | 1,000,000 | $ | 1,122,320 |
| Central Texas Regional Mobility Authority Revenue | |||
| Senior Lien 6.00% 1/1/41-21§ | 1,890,000 | 1,987,259 | |
| Subordinate Lien 6.75% 1/1/41-21§ | 1,000,000 | 1,058,800 | |
| Clifton, Texas Higher Education Finance Corporation | |||
| Revenue | |||
| (Idea Public Schools) 5.75% 8/15/41-21§ | 1,000,000 | 1,075,090 | |
| (Uplift Education) Series A 6.25% 12/1/45-20§ | 1,000,000 | 1,049,470 | |
| District of Columbia Revenue | |||
| (Center of Strategic & International Studies) | |||
| 6.625% 3/1/41-21§ | 2,235,000 | 2,384,566 | |
| (KIPP Charter School) 6.00% 7/1/48-23§ | 1,450,000 | 1,695,239 | |
| Hawaii Pacific Health Special Purpose Revenue | |||
| Series A 5.50% 7/1/40-20§ | 1,250,000 | 1,281,213 | |
| Illinois Finance Authority Revenue | |||
| (Admiral at Lake Project) | |||
| Series A 7.625% 5/15/25-20§ | 1,750,000 | 1,799,893 | |
| Series A 7.75% 5/15/30-20§ | 500,000 | 514,530 | |
| Series A 8.00% 5/15/40-20§ | 2,205,000 | 2,271,238 | |
| Series A 8.00% 5/15/46-20§ | 1,500,000 | 1,545,060 | |
| Illinois Railsplitter Tobacco Settlement Authority | |||
| 6.00% 6/1/28-21§ | 1,455,000 | 1,558,581 | |
| Kentucky Economic Development Finance Authority | |||
| Hospital Revenue | |||
| (Owensboro Medical Health System) Series A | |||
| 6.50% 3/1/45-20§ | 4,965,000 | 5,095,331 | |
| Louisiana Public Facilities Authority Revenue | |||
| (Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§ | 1,705,000 | 1,834,751 | |
| Lucas County, Ohio Improvement | |||
| (Lutheran Homes) Series A 7.00% 11/1/45-20§ | 3,865,000 | 4,064,550 | |
| Martin County, Florida Health Facilities Authority Revenue | |||
| (Martin Memorial Medical Center) 5.50% 11/15/42-21§ | 1,000,000 | 1,082,220 | |
| Maryland Health & Higher Educational Facilities Authority | |||
| (Doctors Community Hospital) 5.75% 7/1/38-20§ | 1,730,000 | 1,776,295 | |
| New Jersey Economic Development Authority Revenue | |||
| (Provident Group - Montclair University Student Housing | |||
| Project) 5.875% 6/1/42-20§ | 1,500,000 | 1,535,670 | |
| North Texas Education Finance Revenue | |||
| (Uplift Education) Series A 5.25% 12/1/47-22§ | 2,100,000 | 2,306,766 | |
NQ- 425 [11/19] 1/20 (1050068) 19
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds(continued) | |||
| Onondaga, New York Civic Development Revenue | |||
| (St. Joseph’s Hospital Health Center Project) | |||
| 4.50% 7/1/32-22§ | 1,000,000 | $ | 1,086,710 |
| Oregon State Facilities Authority Revenue | |||
| (Concordia University Project) | |||
| Series A 144A 6.125% 9/1/30-20#§ | 605,000 | 626,955 | |
| Series A 144A 6.375% 9/1/40-20#§ | 500,000 | 519,070 | |
| Pennsylvania State Higher Educational Facilities Authority | |||
| Revenue | |||
| (Edinboro University Foundation) 5.80% 7/1/30-20§ | 1,300,000 | 1,335,152 | |
| Philadelphia, Pennsylvania Authority for Industrial | |||
| Development Revenue | |||
| (New Foundation Charter School Project) | |||
| 6.625% 12/15/41-22§ | 1,000,000 | 1,157,550 | |
| San Juan, Texas Higher Education Finance Authority | |||
| Education Revenue | |||
| (Idea Public Schools) Series A 6.70% 8/15/40-20§ | 2,000,000 | 2,076,120 | |
| Southwestern Illinois Development Authority Revenue | |||
| (Memorial Group) | |||
| 7.125% 11/1/30-23§ | 1,420,000 | 1,736,830 | |
| 7.125% 11/1/43-23§ | 2,500,000 | 3,057,800 | |
| St. Johns County, Florida Industrial Development Authority | |||
| Revenue | |||
| (Presbyterian Retirement) Series A 5.875% 8/1/40-20§ | 1,000,000 | 1,030,670 | |
| Travis County, Texas Health Facilities Development | |||
| Corporation Revenue | |||
| (Westminster Manor Project) 7.125% 11/1/40-20§ | 1,000,000 | 1,052,760 | |
| University of Arizona Medical Center Hospital Revenue | |||
| 6.00% 7/1/39-21§ | 1,500,000 | 1,611,450 | |
| 57,322,447 | |||
| Resource Recovery Revenue Bonds - 1.02% | |||
| Blythe Township, Pennsylvania Solid Waste Authority | |||
| Revenue | |||
| 7.75% 12/1/37 (AMT) | 3,000,000 | 3,415,170 | |
| Essex County, New Jersey Improvement Authority | |||
| 144A 5.25% 7/1/45 (AMT)# | 2,500,000 | 2,551,075 | |
| Orange County, Florida Industrial Development Authority | |||
| Revenue | |||
| (Anuvia Florida LLC Project) Series A 144A | |||
| 4.00% 7/1/48 (AMT)# | 2,665,000 | 1,659,735 | |
| Union County, New Jersey Improvement Authority | |||
| (Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT)# | 7,000,000 | 7,215,880 | |
| 14,841,860 |
20 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Special Tax Revenue Bonds - 9.72% | |||
| Allentown, Pennsylvania Neighborhood Improvement Zone | |||
| Development Authority Tax Revenue | |||
| (City Center Project) Series 2018 144A 5.375% 5/1/42 # | 3,600,000 | $ | 4,040,604 |
| Baltimore, Maryland | |||
| (Harbor Point Project) | |||
| Series A 144A 3.625% 6/1/46 # | 2,000,000 | 2,012,800 | |
| Subordinate Series B 144A 3.55% 6/1/34 # | 325,000 | 325,741 | |
| Subordinate Series B 144A 3.70% 6/1/39 # | 200,000 | 200,520 | |
| Subordinate Series B 144A 3.875% 6/1/46 # | 300,000 | 300,777 | |
| Celebration Pointe, Florida Community Development | |||
| District | |||
| 5.125% 5/1/45 | 2,000,000 | 2,099,160 | |
| Cherry Hill, Virginia Community Development Authority | |||
| (Potomac Shores Project) | |||
| 144A 5.15% 3/1/35 # | 1,000,000 | 1,054,340 | |
| 144A 5.40% 3/1/45 # | 2,000,000 | 2,110,820 | |
| Conley Road Transportation Development District, | |||
| Missouri | |||
| 5.375% 5/1/47 | 5,200,000 | 5,436,444 | |
| Dutchess County, New York Local Development | |||
| Corporation Revenue | |||
| (Anderson Center Services Inc. Project) 6.00% 10/1/30 | 1,600,000 | 1,644,864 | |
| Fountain Urban Renewal Authority, Colorado | |||
| (Improvement - South Academy Highland) Series A | |||
| 5.50% 11/1/44 | 3,750,000 | 3,986,550 | |
| Glen Cove, New York Local Economic Assistance | |||
| (Garvies Point Public Improvement Project) Series A | |||
| 5.00% 1/1/56 | 2,000,000 | 2,164,420 | |
| Hickory Chase Community Authority Revenue | |||
| (Hickory Chase Project) Senior Series A 144A | |||
| 5.00% 12/1/40 # | 1,500,000 | 1,587,075 | |
| Juban Crossing Economic Development District, Louisiana | |||
| (General Infrastructure Projects) Series C 144A | |||
| 7.00% 9/15/44 # | 3,310,000 | 3,376,928 | |
| (Road Projects) Series A 144A 7.00% 9/15/44 # | 2,090,000 | 2,132,260 | |
| Kansas City, Missouri Land Clearance Redevelopment | |||
| Authority Revenue | |||
| (Convention Centre Hotel Project - TIF Financing) | |||
| Series B 144A 5.00% 2/1/40 # | 935,000 | 1,031,679 | |
| Series B 144A 5.00% 2/1/50 # | 1,825,000 | 1,982,643 | |
| Midtown Miami, Florida Community Development District | |||
| (Parking Garage Project) Series A 5.00% 5/1/37 | 1,235,000 | 1,301,357 | |
NQ- 425 [11/19] 1/20 (1050068) 21
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Special Tax Revenue Bonds(continued) | |||
| Mobile, Alabama Improvement District | |||
| (McGowin Park Project) | |||
| Series A 5.25% 8/1/30 | 1,000,000 | $ | 1,058,020 |
| Series A 5.50% 8/1/35 | 1,300,000 | 1,375,244 | |
| Mosaic District, Virginia Community Development | |||
| Authority Revenue | |||
| Series A 6.875% 3/1/36 | 1,500,000 | 1,572,840 | |
| Nampa Development Corporation, Idaho Revenue | |||
| 144A 5.00% 9/1/31 # | 2,940,000 | 3,151,827 | |
| 5.90% 3/1/30 | 2,000,000 | 2,010,100 | |
| New York City, New York Industrial Development Agency | |||
| (Pilot - Queens Baseball Stadium) | |||
| 5.00% 1/1/22 (AMBAC) | 1,000,000 | 1,002,670 | |
| (Yankee Stadium) 7.00% 3/1/49 (AGC) | 1,000,000 | 1,005,020 | |
| Northampton County, Pennsylvania Industrial | |||
| Development Authority | |||
| (Route 33 Project) 7.00% 7/1/32 | 2,335,000 | 2,624,213 | |
| Prairie Center Metropolitan District No 3, Colorado | |||
| Series A 144A 5.00% 12/15/41 # | 2,000,000 | 2,116,500 | |
| Public Finance Authority Revenue, Wisconsin | |||
| (American Dream @ Meadowlands Project) 144A | |||
| 7.00% 12/1/50 # | 5,065,000 | 6,061,437 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 33,490,000 | 34,657,127 | |
| Series A-1 5.00% 7/1/58 | 29,590,000 | 31,091,693 | |
| Series A-2 4.784% 7/1/58 | 4,301,000 | 4,436,309 | |
| Regional Transportation, Colorado District Revenue | |||
| (Denver Transit Partners Eagle P3 Project) | |||
| 6.00% 1/15/41 | 1,000,000 | 1,022,930 | |
| Richmond Heights, Missouri Tax Increment & Transaction | |||
| Sales Tax Revenue Improvement | |||
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 1,090,000 | 1,090,600 | |
| St. Louis County, Missouri Industrial Development | |||
| Authority | |||
| (Manchester Ballas Community) | |||
| Series A 144A 5.00% 9/1/38 # | 1,050,000 | 1,075,883 | |
| Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,623,190 | |
| St. Louis, Missouri Industrial Development Authority Tax | |||
| Increment Revenue Improvement | |||
| (Grand Center Redevelopment Project) 6.375% 12/1/25 | 910,000 | 911,001 |
22 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Special Tax Revenue Bonds(continued) | |||
| Wyandotte County, Kansas City, Kansas Unified | |||
| Government Special Obligation Revenue | |||
| (Sales Tax Vacation Village Project) | |||
| Series A 6.00% 9/1/35 | 4,690,000 | $ | 5,126,592 |
| 141,802,178 | |||
| State General Obligation Bonds - 5.54% | |||
| California State | |||
| Various Purposes | |||
| 5.00% 4/1/32 | 2,100,000 | 2,847,831 | |
| (Bid Group A) 5.00% 10/1/28 | 5,000,000 | 6,462,100 | |
| (Bid Group B) 5.00% 8/1/27 | 5,000,000 | 6,169,650 | |
| Commonwealth of Massachusetts | |||
| Series B 5.00% 1/1/32 | 5,000,000 | 6,214,550 | |
| Illinois State | |||
| 5.00% 11/1/27 | 2,000,000 | 2,282,000 | |
| 5.00% 5/1/36 | 1,710,000 | 1,855,196 | |
| 5.00% 11/1/36 | 2,245,000 | 2,505,398 | |
| 5.00% 2/1/39 | 2,980,000 | 3,206,003 | |
| Series A 5.00% 10/1/30 | 2,000,000 | 2,311,720 | |
| Series A 5.00% 12/1/34 | 2,100,000 | 2,382,135 | |
| Series A 5.00% 4/1/38 | 2,805,000 | 2,988,840 | |
| Series C 5.00% 11/1/29 | 8,970,000 | 10,216,112 | |
| Series D 5.00% 11/1/28 | 6,000,000 | 6,865,140 | |
| Minnesota State | |||
| Series A 5.00% 8/1/30 | 5,000,000 | 6,385,250 | |
| New York State | |||
| Series A 5.25% 2/15/24 | 2,000,000 | 2,101,840 | |
| Ohio State | |||
| (Infrastructure Improvement) Series A 5.00% 9/1/32 | 7,675,000 | 9,682,319 | |
| Washington State | |||
| (Various Purpose) Series C 5.00% 2/1/28 | 5,000,000 | 6,342,750 | |
| 80,818,834 | |||
| Transportation Revenue Bonds - 4.86% | |||
| Chicago, Illinois O’Hare International Airport Revenue | |||
| Series B 5.00% 1/1/33 | 4,135,000 | 4,758,517 | |
| Foothill-Eastern Transportation Corridor Agency, California | |||
| Series A 5.75% 1/15/46 | 5,000,000 | 5,766,000 | |
| Series A 6.00% 1/15/49 | 7,690,000 | 8,980,151 | |
| Houston, Texas Airport System Revenue Subordinate Lien | |||
| Series A 5.00% 7/1/25 (AMT) | 1,000,000 | 1,055,570 | |
NQ- 425 [11/19] 1/20 (1050068) 23
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Transportation Revenue Bonds(continued) | |||
| Kentucky Public Transportation Infrastructure Authority | |||
| (1st Tier - Downtown Crossing) | |||
| Series A 5.75% 7/1/49 | 3,000,000 | $ | 3,375,120 |
| Series A 6.00% 7/1/53 | 1,290,000 | 1,465,853 | |
| Long Beach, California Marina Revenue | |||
| 5.00% 5/15/40 | 1,000,000 | 1,132,820 | |
| Port Authority of New York & New Jersey | |||
| Series 217 4.00% 11/1/49 | 4,575,000 | 5,174,828 | |
| Port Authority of New York & New Jersey Special Project | |||
| (JFK International Air Terminal) Series 8 6.00% 12/1/42 | 1,970,000 | 2,056,759 | |
| Riverside County, California Transportation Senior Lien | |||
| Series A 5.75% 6/1/48 | 1,000,000 | 1,116,710 | |
| South Jersey Port, New Jersey | |||
| (Subordinated Marine Terminal Revenue) | |||
| Series A 5.00% 1/1/49 | 1,110,000 | 1,275,346 | |
| Series B 5.00% 1/1/42 (AMT) | 1,110,000 | 1,282,927 | |
| Series B 5.00% 1/1/48 (AMT) | 2,535,000 | 2,903,843 | |
| Texas Private Activity Bond Surface Transportation | |||
| Corporate Senior Lien | |||
| (LBJ Infrastructure) | |||
| 7.00% 6/30/40 | 7,000,000 | 7,235,200 | |
| 7.50% 6/30/33 | 500,000 | 518,820 | |
| (NTE Mobility Partners Segment 3 LLC Segment 3C | |||
| Project) 5.00% 6/30/58 (AMT) | 10,000,000 | 11,628,300 | |
| (NTE Mobility) | |||
| 6.75% 6/30/43 (AMT) | 1,905,000 | 2,204,428 | |
| 6.875% 12/31/39 | 4,055,000 | 4,073,166 | |
| 7.00% 12/31/38 (AMT) | 1,335,000 | 1,561,963 | |
| Virginia Small Business Financing Authority | |||
| (Transform 66 P3 Project) 5.00% 12/31/56 (AMT) | 2,975,000 | 3,388,406 | |
| 70,954,727 | |||
| Water & Sewer Revenue Bonds - 2.73% | |||
| Chicago, Illinois Waterworks Revenue | |||
| (2nd Lien) | |||
| 5.00% 11/1/26 | 180,000 | 216,092 | |
| 5.00% 11/1/28 | 30,000 | 35,393 | |
| Dominion, Colorado Water & Sanitation District Revenue | |||
| 6.00% 12/1/46 | 4,000,000 | 4,278,520 | |
| Jefferson County, Alabama Sewer Revenue | |||
| (Senior Lien-Warrants) Series A 5.50% 10/1/53 (AGM) | 2,500,000 | 2,863,375 | |
| (Sub Lien-Warrants) | |||
| Series D 6.50% 10/1/53 | 16,500,000 | 19,747,860 |
24 NQ- 425 [11/19] 1/20 (1050068)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Water & Sewer Revenue Bonds(continued) | ||||
| Jefferson County, Alabama Sewer Revenue | ||||
| (Sub Lien-Warrants) | ||||
| Series D 7.00% 10/1/51 | 5,000,000 | $ | 6,083,550 | |
| Texas Water Development Board | ||||
| (Master Trust) Series B 5.00% 4/15/31 | 5,240,000 | 6,640,757 | ||
| 39,865,547 | ||||
| Total Municipal Bonds(cost $1,370,615,084) | 1,470,390,959 | |||
| Total Value of Securities – 100.76% | ||||
| (cost $1,370,615,084) | 1,470,390,959 | |||
| Liabilities Net of Receivables and Other Assets – (0.76%) | (11,040,908) | |||
| Net Assets Applicable to 127,779,299 Shares Outstanding – 100.00% | $ | 1,459,350,051 | ||
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| At Nov. 30, 2019, the aggregate value of Rule 144A securities was $307,172,033, which represents | |
| 21.05% of the Fund’s net assets. | |
| § | 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. | |
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another |
| currency. | |
| ‡ | Non-income producing security. Security is currently in default. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at |
| Nov. 30, 2019. For securities based on a published reference rate and spread, the reference rate and | |
| spread are indicated in their description above. 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 description above. | |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by the AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange
NQ- 425 [11/19] 1/20 (1050068) 25
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Summary of abbreviations (continued):
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar
26 NQ- 425 [11/19] 1/20 (1050068)
