Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 99.79% | | | |
| Corporate Revenue Bond - 1.23% | | | |
| St. Paul Port Authority Solid Waste Disposal Revenue | | | |
| (Gerdau St. Paul Steel Mill Project) | | | |
| Series 7 144A 4.50% 10/1/37 (AMT)# | 2,600,000 | $ | 2,385,240 |
| | | | 2,385,240 |
| Education Revenue Bonds - 21.25% | | | |
| Bethel Charter School Lease Revenue | | | |
| (Spectrum High School Project) Series A 4.00% 7/1/37 | 850,000 | | 814,377 |
| Brooklyn Park Charter School Lease Revenue | | | |
| (Prairie Seeds Academy Project) Series A 5.00% 3/1/39 | 1,270,000 | | 1,177,963 |
| Cologne Charter School Lease Revenue | | | |
| (Cologne Academy Project) | | | |
| Series A 5.00% 7/1/34 | 250,000 | | 256,947 |
| Series A 5.00% 7/1/45 | 230,000 | | 233,123 |
| Columbia Heights Charter School Lease Revenue | | | |
| (Prodeo Academy Project) Series A 5.00% 7/1/54 | 1,000,000 | | 883,010 |
| Deephaven Charter School Lease Revenue | | | |
| (Eagle Ridge Academy Project) Series A 5.50% 7/1/50 | 1,000,000 | | 1,050,950 |
| Duluth Housing & Redevelopment Authority Revenue | | | |
| (Duluth Public Schools Academy Project) Series A | | | |
| 5.00% 11/1/48 | 1,000,000 | | 1,004,050 |
| Forest Lake Charter School Lease Revenue Fund | | | |
| (Lakes International Language Academy) | | | |
| Series A 5.375% 8/1/50 | 660,000 | | 679,925 |
| Series A 5.75% 8/1/44 | 585,000 | | 611,617 |
| Ham Lake Charter School Lease Revenue | | | |
| (Davinci Academy Project) | | | |
| Series A 5.00% 7/1/36 | 235,000 | | 238,309 |
| Series A 5.00% 7/1/47 | 710,000 | | 703,724 |
| (Parnassus Preparatory School Project) Series A | | | |
| 5.00% 11/1/47 | 650,000 | | 658,509 |
| Hugo Charter School Lease Revenue | | | |
| (Noble Academy Project) | | | |
| Series A 5.00% 7/1/34 | 165,000 | | 167,485 |
| Series A 5.00% 7/1/44 | 495,000 | | 495,520 |
| Minneapolis Charter School Lease Revenue | | | |
| (Hiawatha Academies Project) | | | |
| Series A 5.00% 7/1/36 | 1,000,000 | | 1,009,350 |
| Series A 5.00% 7/1/47 | 800,000 | | 792,928 |
| Minneapolis Student Housing Revenue | | | |
| (Riverton Community Housing Project) | | | |
| 144A 4.75% 8/1/43 # | 750,000 | | 704,805 |
| 144A 5.00% 8/1/53 # | 570,000 | | 558,207 |
NQ- 313 [5/20] 7/20 (1236736) 1
Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Education Revenue Bonds (continued) | | | |
| Minneapolis Student Housing Revenue | | | |
| (Riverton Community Housing Project) | | | |
| 5.25% 8/1/39 | 800,000 | $ | 795,160 |
| Minnesota Higher Education Facilities Authority Revenue | | | |
| (Bethel University) 5.00% 5/1/47 | 1,500,000 | | 1,540,920 |
| (Carleton College) 4.00% 3/1/37 | 635,000 | | 727,647 |
| (Gustavus Adolphus College) 5.00% 10/1/47 | 1,000,000 | | 1,077,990 |
| (Minneapolis College of Art & Design) | | | |
| 4.00% 5/1/24 | 250,000 | | 258,605 |
| 4.00% 5/1/25 | 200,000 | | 205,912 |
| 4.00% 5/1/26 | 100,000 | | 102,407 |
| (St. Catherine University) | | | |
| Series A 4.00% 10/1/37 | 580,000 | | 561,794 |
| Series A 5.00% 10/1/45 | 670,000 | | 705,811 |
| (St. John’s University) Series 8-I 5.00% 10/1/34 | 215,000 | | 236,878 |
| (St. Olaf College) | | | |
| Series 8-G 5.00% 12/1/31 | 205,000 | | 237,326 |
| Series 8-G 5.00% 12/1/32 | 205,000 | | 236,215 |
| Series 8-N 4.00% 10/1/34 | 800,000 | | 886,456 |
| Series 8-N 4.00% 10/1/35 | 590,000 | | 651,466 |
| (Trustees of the Hamline University of Minnesota) | | | |
| Series B 5.00% 10/1/37 | 300,000 | | 312,060 |
| Series B 5.00% 10/1/39 | 770,000 | | 797,258 |
| (University of St. Thomas) | | | |
| 4.00% 10/1/37 | 500,000 | | 552,955 |
| 4.00% 10/1/41 | 1,000,000 | | 1,089,170 |
| 4.00% 10/1/44 | 950,000 | | 1,027,463 |
| Series A 4.00% 10/1/35 | 400,000 | | 429,236 |
| Otsego Charter School Lease Revenue | | | |
| (Kaleidoscope Charter School) Series A 5.00% 9/1/44 | 1,435,000 | | 1,357,783 |
| Rice County Educational Facilities Revenue | | | |
| (Shattuck-St. Mary’s School) Series A 144A | | | |
| 5.00% 8/1/22 # | 770,000 | | 781,450 |
| St. Cloud Charter School Lease Revenue | | | |
| (Stride Academy Project) Series A 5.00% 4/1/46 | 750,000 | | 510,000 |
| St. Paul Housing & Redevelopment Authority Charter | | | |
| School Lease Revenue | | | |
| (Academia Cesar Chavez School Project) Series A | | | |
| 5.25% 7/1/50 | 1,750,000 | | 1,550,430 |
| (Great River School Project) Series A 144A | | | |
| 5.50% 7/1/52 # | 265,000 | | 261,486 |
2 NQ- 313 [5/20] 7/20 (1236736)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Education Revenue Bonds (continued) | | | |
| St. Paul Housing & Redevelopment Authority Charter | | | |
| School Lease Revenue | | | |
| (Hmong College Preparatory Academy Project) | | | |
| Series A 5.75% 9/1/46 | 500,000 | $ | 532,830 |
| Series A 6.00% 9/1/51 | 3,500,000 | | 3,767,085 |
| (Nova Classical Academy Project) | | | |
| Series A 4.00% 9/1/36 | 1,270,000 | | 1,297,546 |
| Series A 4.125% 9/1/47 | 500,000 | | 504,500 |
| (Twin Cities Academy Project) Series A 5.375% 7/1/50 | 1,500,000 | | 1,534,350 |
| University of Minnesota | | | |
| Series A 5.00% 4/1/34 | 2,115,000 | | 2,628,501 |
| Series A 5.00% 9/1/40 | 900,000 | | 1,103,715 |
| Series A 5.00% 9/1/41 | 620,000 | | 758,489 |
| | | | 41,061,693 |
| Electric Revenue Bonds - 6.02% | | | |
| Central Minnesota Municipal Power Agency | | | |
| (Brookings Twin Cities Transmission Project) | | | |
| 5.00% 1/1/42 | 1,500,000 | | 1,602,210 |
| Hutchinson Utilities Commission Revenue | | | |
| Series A 5.00% 12/1/22 | 490,000 | | 547,467 |
| Series A 5.00% 12/1/26 | 360,000 | | 399,928 |
| Minnesota Municipal Power Agency Electric Revenue | | | |
| 5.00% 10/1/27 | 165,000 | | 194,908 |
| 5.00% 10/1/47 | 745,000 | | 897,121 |
| Series A 5.00% 10/1/28 | 500,000 | | 590,160 |
| Northern Municipal Power Agency Electric System | | | |
| Revenue | | | |
| 5.00% 1/1/26 | 500,000 | | 615,435 |
| 5.00% 1/1/28 | 500,000 | | 609,625 |
| 5.00% 1/1/29 | 470,000 | | 569,912 |
| 5.00% 1/1/33 | 225,000 | | 272,698 |
| 5.00% 1/1/34 | 200,000 | | 241,548 |
| Series A 5.00% 1/1/24 | 335,000 | | 373,428 |
| Puerto Rico Electric Power Authority | | | |
| Series A 5.05% 7/1/42 ‡ | 165,000 | | 101,887 |
| Series AAA 5.25% 7/1/25 ‡ | 95,000 | | 58,900 |
| Series CCC 5.25% 7/1/27 ‡ | 650,000 | | 403,000 |
| Series WW 5.00% 7/1/28 ‡ | 585,000 | | 361,237 |
| Series XX 4.75% 7/1/26 ‡ | 105,000 | | 64,313 |
| Series XX 5.25% 7/1/40 ‡ | 295,000 | | 182,900 |
| Series XX 5.75% 7/1/36 ‡ | 370,000 | | 231,250 |
| Series ZZ 4.75% 7/1/27 ‡ | 85,000 | | 52,063 |
NQ- 313 [5/20] 7/20 (1236736) 3
Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Electric Revenue Bonds (continued) | | | |
| Puerto Rico Electric Power Authority | | | |
| Series ZZ 5.25% 7/1/24 ‡ | 130,000 | $ | 80,600 |
| Rochester Electric Utility Revenue | | | |
| Series A 5.00% 12/1/34 | 450,000 | | 552,186 |
| Series A 5.00% 12/1/35 | 500,000 | | 611,445 |
| Series A 5.00% 12/1/36 | 520,000 | | 634,098 |
| Southern Minnesota Municipal Power Agency Revenue | | | |
| Series A 5.00% 1/1/41 | 400,000 | | 475,004 |
| St. Paul Housing & Redevelopment Energy Revenue | | | |
| Series A 4.00% 10/1/32 | 800,000 | | 914,336 |
| | | | 11,637,659 |
| Healthcare Revenue Bonds - 33.83% | | | |
| Anoka Healthcare & Housing Facilities Revenue | | | |
| (The Homestead at Anoka Project) 5.125% 11/1/49 | 400,000 | | 366,824 |
| Anoka Housing & Redevelopment Authority Revenue | | | |
| (Fridley Medical Center Project) Series A 6.875% 5/1/40 | 1,000,000 | | 1,005,110 |
| Apple Valley Senior Housing Revenue | | | |
| (PHS Senior Housing, Inc. Orchard Path Project) | | | |
| 4.50% 9/1/53 | 840,000 | | 762,124 |
| 5.00% 9/1/43 | 535,000 | | 536,182 |
| 5.00% 9/1/58 | 1,175,000 | | 1,149,420 |
| Apple Valley Senior Living Revenue | | | |
| (Senior Living LLC Project) | | | |
| 2nd Tier Series B 5.00% 1/1/47 | 560,000 | | 336,543 |
| 4th Tier Series D 7.00% 1/1/37 | 515,000 | | 402,452 |
| 4th Tier Series D 7.25% 1/1/52 | 1,500,000 | | 1,115,070 |
| Bethel Housing & Health Care Facilities Revenue | | | |
| (Benedictine Health System - St. Peter Communities | | | |
| Project) Series A 5.50% 12/1/48 | 1,280,000 | | 1,057,869 |
| Bethel Senior Housing Revenue | | | |
| (The Lodge at the Lakes at Stillwater Project) | | | |
| 5.25% 6/1/58 | 1,475,000 | | 1,389,715 |
| Brooklyn Center Multifamily Housing Revenue | | | |
| (Sanctuary at Brooklyn Center Project) Series A | | | |
| 5.50% 11/1/35 | 645,000 | | 552,430 |
| Chatfield Healthcare and Housing Facilities Revenue | | | |
| (Chosen Valley Care Center Project) | | | |
| 4.00% 9/1/39 | 250,000 | | 186,825 |
| 5.00% 9/1/52 | 1,500,000 | | 1,223,430 |
| City of West St. Paul Minnesota | | | |
| (Walker Westwood Ridge Campus Project) | | | |
| 5.00% 11/1/49 | 1,500,000 | | 1,350,975 |
4 NQ- 313 [5/20] 7/20 (1236736)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Cloquet Housing Facilities | | | |
| (HADC Cloquet Project) Series A 5.00% 8/1/48 | 850,000 | $ | 749,709 |
| Crookston Health Care Facilities Revenue | | | |
| (Riverview Health Project) 5.00% 5/1/51 | 1,025,000 | | 1,004,439 |
| Dakota County Community Development Agency Senior | | | |
| Housing Revenue | | | |
| (Walker Highview Hills Project) Series A 144A | | | |
| 5.00% 8/1/51 # | 870,000 | | 839,333 |
| Deephaven Housing & Healthcare Revenue | | | |
| (St. Therese Senior Living Project) | | | |
| Series A 5.00% 4/1/38 | 335,000 | | 282,686 |
| Series A 5.00% 4/1/40 | 315,000 | | 262,726 |
| Series A 5.00% 4/1/48 | 185,000 | | 148,089 |
| Duluth Economic Development Authority | | | |
| (Essentia Health Obligated Group) | | | |
| Series A 4.25% 2/15/43 | 2,500,000 | | 2,618,650 |
| Series A 5.00% 2/15/48 | 1,590,000 | | 1,775,887 |
| (St. Luke’s Hospital of Duluth Obligated Group) | | | |
| 5.75% 6/15/32 | 2,000,000 | | 2,121,020 |
| 6.00% 6/15/39 | 1,000,000 | | 1,059,310 |
| Glencoe Health Care Facilities Revenue | | | |
| (Glencoe Regional Health Services Project) | | | |
| 4.00% 4/1/31 | 185,000 | | 190,358 |
| Hayward Health Care Facilities Revenue | | | |
| (American Baptist Homes Midwest Obligated Group) | | | |
| 5.375% 8/1/34 | 750,000 | | 674,505 |
| (St. John’s Lutheran Home of Albert Lea Project) | | | |
| 5.375% 10/1/44 | 165,000 | | 140,314 |
| Maple Grove Health Care Facilities Revenue | | | |
| (Maple Grove Hospital Corporation) | | | |
| 4.00% 5/1/37 | 1,155,000 | | 1,212,658 |
| 5.00% 5/1/26 | 1,300,000 | | 1,509,521 |
| 5.00% 5/1/29 | 500,000 | | 582,225 |
| (North Memorial Health Care) 5.00% 9/1/30 | 610,000 | | 687,061 |
| Maple Plain Senior Housing & Health Care Revenue | | | |
| (Haven Homes Incorporate Project) 5.00% 7/1/49 | 1,000,000 | | 901,100 |
| Minneapolis Health Care System Revenue | | | |
| (Fairview Health Services) | | | |
| Series A 4.00% 11/15/48 | 1,000,000 | | 1,028,900 |
| Series A 5.00% 11/15/33 | 1,200,000 | | 1,348,152 |
| Series A 5.00% 11/15/34 | 500,000 | | 559,780 |
| Series A 5.00% 11/15/44 | 1,000,000 | | 1,099,130 |
| Series A 5.00% 11/15/49 | 1,450,000 | | 1,630,887 |
NQ- 313 [5/20] 7/20 (1236736) 5
Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Minneapolis Senior Housing & Healthcare Revenue | | | |
| (Ecumen-Abiitan Mill City Project) 5.375% 11/1/50 | 1,700,000 | $ | 1,556,571 |
| Minneapolis – St. Paul Housing & Redevelopment Authority | | | |
| Health Care Facilities Revenue | | | |
| (Allina Health System) Series A 5.00% 11/15/29 | 415,000 | | 512,081 |
| Morris Health Care Facilities Revenue | | | |
| (Farmington Health Services) | | | |
| 4.10% 8/1/44 | 500,000 | | 391,315 |
| 4.20% 8/1/49 | 1,500,000 | | 1,155,540 |
| Oakdale Senior Housing | | | |
| (Oak Meadows Project) 5.00% 4/1/34 | 500,000 | | 452,105 |
| Rochester Health Care & Housing Revenue | | | |
| (The Homestead at Rochester Project) | | | |
| Series A 5.25% 12/1/23 | 175,000 | | 176,220 |
| Series A 6.875% 12/1/48 | 800,000 | | 815,240 |
| Rochester Health Care Facilities Revenue | | | |
| (Mayo Clinic) 4.00% 11/15/41 | 1,790,000 | | 1,851,039 |
| (Olmsted Medical Center Project) | | | |
| 5.00% 7/1/22 | 350,000 | | 377,639 |
| 5.00% 7/1/27 | 245,000 | | 268,513 |
| 5.00% 7/1/28 | 225,000 | | 246,181 |
| Sartell Health Care Facilities Revenue | | | |
| (Country Manor Campus Project) Series A 5.25% 9/1/22 | 1,080,000 | | 1,089,925 |
| Sauk Rapids Health Care Housing Facilities Revenue | | | |
| (Good Shepherd Lutheran Home) 5.125% 1/1/39 | 825,000 | | 748,193 |
| Shakopee Health Care Facilities Revenue | | | |
| (St. Francis Regional Medical Center) | | | |
| 4.00% 9/1/31 | 130,000 | | 138,273 |
| 5.00% 9/1/34 | 105,000 | | 114,941 |
| St. Cloud Health Care Revenue | | | |
| (Centracare Health System Project) | | | |
| 4.00% 5/1/49 | 250,000 | | 269,263 |
| 5.00% 5/1/48 | 3,900,000 | | 4,542,096 |
| Unrefunded Balance 5.125% 5/1/30 | 15,000 | | 15,035 |
| Series A 4.00% 5/1/37 | 1,440,000 | | 1,550,693 |
| Series A 5.00% 5/1/46 | 2,000,000 | | 2,230,380 |
| St. Joseph Senior Housing & Healthcare Revenue | | | |
| (Woodcrest Country Manor Project) 5.00% 7/1/55 | 1,000,000 | | 855,520 |
| St. Paul Housing & Redevelopment Authority Health Care | | | |
| Facilities Revenue | | | |
| (Fairview Health Services) | | | |
| Series A 4.00% 11/15/43 | 645,000 | | 665,350 |
6 NQ- 313 [5/20] 7/20 (1236736)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| St. Paul Housing & Redevelopment Authority Health Care | | | |
| Facilities Revenue | | | |
| (Fairview Health Services) | | | |
| Series A 5.00% 11/15/47 | 485,000 | $ | 544,058 |
| (HealthPartners Obligated Group Project) | | | |
| Series A 4.00% 7/1/33 | 1,320,000 | | 1,418,234 |
| Series A 5.00% 7/1/29 | 1,000,000 | | 1,145,930 |
| Series A 5.00% 7/1/32 | 900,000 | | 1,015,884 |
| Series A 5.00% 7/1/33 | 1,540,000 | | 1,731,699 |
| St. Paul Housing & Redevelopment Authority Housing & | | | |
| Health Care Facilities Revenue | | | |
| (Episcopal Homes Project) | | | |
| 5.125% 5/1/48 | 1,700,000 | | 1,433,117 |
| Series A 5.15% 11/1/42 | 775,000 | | 746,054 |
| St. Paul Housing & Redevelopment Authority Multifamily | | | |
| Housing Revenue | | | |
| (Marian Center Project) Series A 5.375% 5/1/43 | 1,000,000 | | 808,020 |
| Victoria Health Care Facilities Revenue | | | |
| (Augustana Emerald Care Project) 5.00% 8/1/39 | 1,500,000 | | 1,391,610 |
| Wayzata Senior Housing Revenue | | | |
| (Folkestone Senior Living Community) | | | |
| 4.00% 8/1/39 | 400,000 | | 362,040 |
| 4.00% 8/1/38 | 250,000 | | 228,480 |
| 4.00% 8/1/44 | 350,000 | | 309,274 |
| 5.00% 8/1/54 | 350,000 | | 351,820 |
| | | | 65,369,742 |
| Housing Revenue Bonds - 1.63% | | | |
| Bethel Senior Housing Revenue | | | |
| (Birchwood Landing at the Lakes at Stillwater Project) | | | |
| 5.00% 5/1/54 | 1,000,000 | | 963,610 |
| Minneapolis – St. Paul Housing Finance Board Single | | | |
| Family Mortgage-Backed Securities Program | | | |
| (City Living Project) Series A-2 | | | |
| 5.00% 12/1/38 (GNMA) (FNMA) (FHLMC) (AMT) | 7,456 | | 7,461 |
| Minnesota Housing Finance Agency State Appropriation | | | |
| (Housing Infrastructure) Series C 5.00% 8/1/33 | 100,000 | | 117,104 |
| Northwest Multi-County Housing & Redevelopment | | | |
| Authority | | | |
| (Pooled Housing Program) 5.50% 7/1/45 | 1,275,000 | | 1,301,431 |
| Stillwater Multifamily Housing Revenue | | | |
| (Orleans Homes Project) 5.50% 2/1/42 (AMT) | 750,000 | | 750,083 |
| | | | 3,139,689 |
NQ- 313 [5/20] 7/20 (1236736) 7
Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Lease Revenue Bonds - 2.42% | | | |
| Minnesota General Fund Revenue Appropriations | | | |
| Series A 5.00% 6/1/38 | 1,750,000 | $ | 1,918,333 |
| Series A 5.00% 6/1/43 | 1,000,000 | | 1,091,280 |
| Minnesota Housing Finance Agency State Appropriation | | | |
| (Housing Infrastructure) Series C 5.00% 8/1/32 | 1,415,000 | | 1,662,116 |
| | | | 4,671,729 |
| Local General Obligation Bonds - 7.51% | | | |
| Chaska Independent School District No. 112 | | | |
| (School Building) Series A 5.00% 2/1/28 | 1,000,000 | | 1,229,830 |
| Duluth General Obligation Entertainment Convention | | | |
| Center Improvement | | | |
| Series A 5.00% 2/1/34 | 1,000,000 | | 1,213,170 |
| Duluth Independent School District No. 709 | | | |
| Series A 4.00% 2/1/27 | 440,000 | | 507,716 |
| Series A 4.20% 3/1/34 | 750,000 | | 685,913 |
| Hennepin County | | | |
| Series A 5.00% 12/1/37 | 910,000 | | 1,150,923 |
| Series C 5.00% 12/1/37 | 2,500,000 | | 3,111,675 |
| Mahtomedi Independent School District No. 832 | | | |
| (School Building) | | | |
| Series A 5.00% 2/1/28 | 1,000,000 | | 1,205,630 |
| Series A 5.00% 2/1/29 | 1,000,000 | | 1,204,090 |
| Series A 5.00% 2/1/31 | 1,000,000 | | 1,200,000 |
| Minneapolis Special School District No. 1 | | | |
| Series A 4.00% 2/1/36 | 160,000 | | 189,862 |
| Series A 4.00% 2/1/37 | 215,000 | | 254,149 |
| Series A 4.00% 2/1/38 | 220,000 | | 259,208 |
| Series B 4.00% 2/1/36 | 335,000 | | 397,524 |
| Series B 4.00% 2/1/37 | 445,000 | | 526,030 |
| Series B 4.00% 2/1/38 | 465,000 | | 547,872 |
| Wayzata Independent School District No. 284 | | | |
| (School Building) Series A 5.00% 2/1/28 | 650,000 | | 833,761 |
| | | | 14,517,353 |
| Pre-Refunded/Escrowed to Maturity Bonds - 4.03% | | | |
| Deephaven Charter School Lease Revenue | | | |
| (Eagle Ridge Academy Project) Series A | | | |
| 5.50% 7/1/43-23§ | 500,000 | | 577,660 |
| Minnesota Higher Education Facilities Authority Revenue | | | |
| (St. Catherine University) | | | |
| Series 7-Q 5.00% 10/1/25-22§ | 325,000 | | 361,091 |
| Series 7-Q 5.00% 10/1/26-22§ | 280,000 | | 311,094 |
8 NQ- 313 [5/20] 7/20 (1236736)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | | | |
| St. Paul Housing & Redevelopment Authority Charter | | | |
| School Lease Revenue | | | |
| (Nova Classical Academy Project) Series A | | | |
| 6.625% 9/1/42-21§ | 1,500,000 | $ | 1,617,615 |
| St. Paul Housing & Redevelopment Authority Hospital | | | |
| Facility Revenue | | | |
| (Healtheast Care System Project) | | | |
| Series A 5.00% 11/15/29-25§ | 275,000 | | 342,826 |
| Series A 5.00% 11/15/30-25§ | 205,000 | | 255,561 |
| Western Minnesota Municipal Power Agency Revenue | | | |
| Series A 5.00% 1/1/30-24§ | 500,000 | | 583,240 |
| Series A 5.00% 1/1/33-24§ | 750,000 | | 874,860 |
| Series A 5.00% 1/1/34-24§ | 450,000 | | 524,916 |
| Series A 5.00% 1/1/40-24§ | 2,000,000 | | 2,332,960 |
| | | | 7,781,823 |
| Special Tax Revenue Bonds - 5.07% | | | |
| Minneapolis Revenue | | | |
| (YMCA Greater Twin Cities Project) 4.00% 6/1/31 | 250,000 | | 284,370 |
| Minneapolis Tax Increment Revenue | | | |
| (Grant Park Project) | | | |
| 4.00% 3/1/27 | 200,000 | | 200,250 |
| 4.00% 3/1/30 | 260,000 | | 255,473 |
| (Village of St. Anthony Falls Project) | | | |
| 4.00% 3/1/24 | 700,000 | | 700,329 |
| 4.00% 3/1/27 | 650,000 | | 643,169 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.75% 7/1/53 | 4,005,000 | | 3,906,958 |
| Series A-1 5.00% 7/1/58 | 275,000 | | 275,897 |
| Series A-2 4.536% 7/1/53 | 3,000,000 | | 2,821,950 |
| St. Paul Sales Tax Revenue | | | |
| Series G 5.00% 11/1/28 | 600,000 | | 710,880 |
| | | | 9,799,276 |
| State General Obligation Bonds - 9.02% | | | |
| Commonwealth of Puerto Rico | | | |
| (Public Improvement) Series B 5.75% 7/1/38 ‡ | 920,000 | | 562,350 |
| Minnesota | | | |
| Series A 5.00% 8/1/27 | 750,000 | | 921,713 |
| Series A 5.00% 8/1/29 | 1,000,000 | | 1,222,090 |
| Series A 5.00% 8/1/33 | 660,000 | | 858,218 |
| Series A 5.00% 10/1/33 | 2,000,000 | | 2,540,720 |
| Series A 5.00% 8/1/34 | 2,185,000 | | 2,832,153 |
NQ- 313 [5/20] 7/20 (1236736) 9
Schedule of investments
Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| State General Obligation Bonds (continued) | | | |
| Minnesota | | | |
| Series A Unrefunded Balance 5.00% 10/1/24 | 985,000 | $ | 1,048,601 |
| Series D 5.00% 8/1/26 | 1,000,000 | | 1,269,170 |
| Series D 5.00% 8/1/27 | 1,000,000 | | 1,265,700 |
| Series E 5.00% 10/1/26 | 1,085,000 | | 1,383,766 |
| (Various Purposes) | | | |
| Series A 5.00% 8/1/32 | 1,915,000 | | 2,251,159 |
| Series A 5.00% 8/1/38 | 1,000,000 | | 1,277,470 |
| | | | 17,433,110 |
| Transportation Revenue Bonds - 6.57% | | | |
| Minneapolis – St. Paul Metropolitan Airports Commission | | | |
| Revenue | | | |
| (Senior) | | | |
| Series A 5.00% 1/1/32 | 1,245,000 | | 1,475,151 |
| Series C 5.00% 1/1/46 | 185,000 | | 211,644 |
| (Subordinate) | | | |
| Series A 5.00% 1/1/32 | 500,000 | | 558,970 |
| Series A 5.00% 1/1/49 | 1,500,000 | | 1,774,530 |
| Series B 5.00% 1/1/29 | 2,130,000 | | 2,257,395 |
| Series B 5.00% 1/1/44 (AMT) | 4,000,000 | | 4,680,480 |
| Series B 5.00% 1/1/49 (AMT) | 1,500,000 | | 1,744,350 |
| | | | 12,702,520 |
| Water & Sewer Revenue Bonds - 1.21% | | | |
| Metropolitan Council General Obligation Wastewater | | | |
| Revenue (Minneapolis – St. Paul Metropolitan Area) | | | |
| Series C 4.00% 3/1/31 | 965,000 | | 1,149,585 |
| Series C 4.00% 3/1/32 | 1,000,000 | | 1,181,920 |
| | | | 2,331,505 |
| Total Municipal Bonds (cost $192,718,612) | | | 192,831,339 |
| |
| Total Value of Securities – 99.79% | | | |
| (cost $192,718,612) | | | 192,831,339 |
| Receivables and Other Assets Net of Liabilities – 0.21% | | | 405,527 |
| Net Assets Applicable to 18,180,566 Shares Outstanding – 100.00% | | $ | 193,236,866 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At May 31, 2020, the aggregate value of Rule 144A securities was $5,530,521, which represents |
| | 2.86% 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. |
10 NQ- 313 [5/20] 7/20 (1236736)
(Unaudited)
| |
| ° | 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. |
| |
| Summary of abbreviations: |
| AMT – Subject to Alternative Minimum Tax |
| FHLMC – Federal Home Loan Mortgage Corporation collateral |
| FNMA – Federal National Mortgage Association collateral |
| GNMA – Government National Mortgage Association collateral |
| USD – US Dollar |
NQ- 313 [5/20] 7/20 (1236736) 11
