Schedule of investments
Delaware National High-Yield Municipal Bond Fund | May 31, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 98.20% | |||
Corporate Revenue Bond — 0.90% | |||
Arkansas Development Finance Authority Revenue | |||
(United States Steel Corporation Project) 5.70% 5/1/53 (AMT) | 18,750,000 | $ 18,843,562 | |
18,843,562 | |||
Education Revenue Bonds — 16.78% | |||
Arizona Industrial Development Authority Revenue | |||
(Academies of Math & Science Projects) | |||
144A 5.25% 7/1/43 # | 255,000 | 246,692 | |
144A 5.375% 7/1/53 # | 965,000 | 910,815 | |
144A 5.50% 7/1/58 # | 1,115,000 | 1,061,826 | |
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 3,200,000 | 2,874,784 | |
(American Charter Schools Foundation Project) | |||
144A 6.00% 7/1/37 # | 1,205,000 | 1,235,523 | |
144A 6.00% 7/1/47 # | 4,735,000 | 4,795,987 | |
(Basis Schools Projects) Series A 144A 5.125% 7/1/37 # | 750,000 | 743,655 | |
(Benjamin Franklin Charter School Projects) | |||
Series A 144A 5.25% 7/1/53 # | 1,000,000 | 931,490 | |
Series A 144A 5.50% 7/1/58 # | 1,385,000 | 1,309,088 | |
(Empower College Prep Project) 144A 6.00% 7/1/49 # | 1,000,000 | 974,240 | |
(Kaizen Education Foundation Project) 144A 5.80% 7/1/52 # | 4,000,000 | 4,031,080 | |
(Leman Academy Of Excellence of Projects) Series A 4.50% 7/1/54 | 5,000,000 | 4,366,950 | |
(Odyssey Preparatory Academy Project) 144A 5.00% 7/1/54 # | 5,000,000 | 4,336,700 | |
(Pinecrest Academy Nevada-Horizon, Inspirada) Series A 144A 5.75% 7/15/48 # | 2,500,000 | 2,473,600 | |
Arlington, Texas Higher Education Finance | |||
(KIPP Texas, Inc.) 3.00% 8/15/49 (PSF) | 4,000,000 | 2,953,800 | |
Build NYC, New York Resource | |||
5.00% 11/1/39 | 1,000,000 | 815,010 | |
(East Harlem Scholars Academy Charter School Project) | |||
144A 5.75% 6/1/52 # | 1,000,000 | 1,010,880 | |
144A 5.75% 6/1/62 # | 1,000,000 | 1,005,710 | |
(Inwood Academy for Leadership Charter School Project) | |||
Series A 144A 5.125% 5/1/38 # | 575,000 | 559,487 |
NQ-NQ [5/23] 7/23 (2980419) 1
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Build NYC, New York Resource | |||
(Inwood Academy for Leadership Charter School Project) | |||
Series A 144A 5.50% 5/1/48 # | 1,500,000 | $ 1,473,960 | |
(KIPP NYC Public School Facilities - Canal West Project) | |||
5.25% 7/1/52 | 1,265,000 | 1,290,009 | |
5.25% 7/1/62 | 6,355,000 | 6,423,825 | |
(New Dawn Charter Schools Project) | |||
144A 5.625% 2/1/39 # | 1,290,000 | 1,250,087 | |
144A 5.75% 2/1/49 # | 2,700,000 | 2,499,093 | |
California Community College Financing Authority Student Housing Revenue | |||
(Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 10,750,000 | 10,366,870 | |
California Educational Facilities Authority Revenue | |||
(Stanford University) | |||
Series V-1 5.00% 5/1/49 | 24,445,000 | 28,673,496 | |
Series V-2 2.25% 4/1/51 | 3,975,000 | 2,572,461 | |
California Municipal Finance Authority Revenue | |||
(California Baptist University) Series A 144A 5.50% 11/1/45 # | 4,000,000 | 4,027,560 | |
(Julian Charter School Project) Series A 144A 5.625% 3/1/45 # | 5,250,000 | 4,856,250 | |
(Palmdale Aerospace Academy Project) | |||
Series A 144A 5.00% 7/1/41 # | 1,750,000 | 1,671,688 | |
Series A 144A 5.00% 7/1/46 # | 1,000,000 | 921,770 | |
(Partnership Uplift Community Project) Series A 5.25% 8/1/42 | 1,700,000 | 1,679,634 | |
California Public Finance Authority Educational Revenue | |||
(Crossroads Christian School Project) 144A 5.00% 1/1/56 # | 2,000,000 | 1,623,180 | |
California School Finance Authority | |||
(Aspire Public Schools) | |||
Series A 144A 5.00% 8/1/35 # | 585,000 | 589,996 | |
Series A 144A 5.00% 8/1/40 # | 605,000 | 603,971 | |
(Encore Education Obligated Group) Series A 144A 5.00% 6/1/52 # | 1,000,000 | 757,110 | |
(Escuela Popular Project) 144A 6.50% 7/1/50 # | 2,500,000 | 2,519,350 |
2 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
California School Finance Authority | |||
(Hawking Steam Charter School Project) | |||
144A 5.375% 7/1/56 # | 995,000 | $ 952,752 | |
Series A 144A 5.00% 7/1/42 # | 860,000 | 819,305 | |
Series A 144A 5.50% 7/1/62 # | 1,000,000 | 967,240 | |
(John Adams Academies - Obligated Group) Series A 144A 5.125% 7/1/62 # | 1,680,000 | 1,465,985 | |
(Lighthouse Community Public Schools - Obligated Group) | |||
Series A 144A 6.25% 6/1/42 # | 1,000,000 | 1,020,490 | |
Series A 144A 6.375% 6/1/52 # | 1,240,000 | 1,263,746 | |
Series A 144A 6.50% 6/1/62 # | 2,300,000 | 2,342,159 | |
(New Designs Charter School) Series A 5.50% 6/1/42 | 1,750,000 | 1,750,455 | |
(Sonoma County Junior College District Project) | |||
Series A 144A 4.00% 11/1/41 # | 2,980,000 | 2,454,328 | |
Series A 144A 4.00% 11/1/55 # | 2,500,000 | 1,842,725 | |
(View Park Elementary & Middle Schools) | |||
Series A 5.875% 10/1/44 | 1,000,000 | 1,001,350 | |
Series A 6.00% 10/1/49 | 720,000 | 720,835 | |
California Statewide Communities Development Authority Revenue | |||
(Lancer Educational Student Housing Project) Series A 144A 5.00% 6/1/46 # | 1,500,000 | 1,400,925 | |
Camden County, New Jersey Improvement Authority Revenue | |||
(KIPP:Cooper Norcross Academy - 2022 Project) 6.00% 6/15/62 | 3,500,000 | 3,679,585 | |
Capital Trust Agency Educational Facilities Housing Revenue | |||
(Pineapple Cove Classical Academy Inc. Project) Series A 144A 5.375% 7/1/54 # | 6,000,000 | 5,545,380 | |
(The Pepin Academies Inc. Project) Series A 5.75% 7/1/55 | 2,625,000 | 2,344,755 | |
Capital Trust Student Housing Revenue | |||
(University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/58 # | 8,000,000 | 7,221,440 | |
Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue | |||
(West Chester University of Pennsylvania) Series A 5.00% 8/1/30 | 2,200,000 | 2,199,934 |
NQ-NQ [5/23] 7/23 (2980419) 3
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax | |||
5.00% 4/1/45 | 1,665,000 | $ 1,711,737 | |
(Dedicated Revenues) | |||
5.00% 4/1/41 | 2,000,000 | 2,074,940 | |
5.75% 4/1/48 | 5,150,000 | 5,596,762 | |
City of Burbank, Illinois | |||
(Intercultural Montessori Language) 144A 6.25% 9/1/45 # | 4,000,000 | 3,942,800 | |
Colorado Educational & Cultural Facilities Authority Revenue | |||
(Charter School - Community Leadership Academy) 7.45% 8/1/48 | 2,000,000 | 2,008,460 | |
(Global Village Academy - Northglenn Project) | |||
144A 5.00% 12/1/40 # | 1,110,000 | 1,020,057 | |
144A 5.00% 12/1/55 # | 1,720,000 | 1,445,849 | |
(Loveland Classical Schools Project) 144A 5.00% 7/1/46 # | 3,000,000 | 2,735,700 | |
(Skyview Academy Project) 144A 5.375% 7/1/44 # | 500,000 | 492,230 | |
Florida Development Finance Revenue | |||
(Mater Academy Projects) Series A 5.00% 6/15/56 | 1,630,000 | 1,544,653 | |
(Renaissance Charter School Projects) Series C 144A 5.00% 9/15/50 # | 2,000,000 | 1,638,520 | |
Florida Development Finance Surface Transportation Facility Revenue | |||
(Cornerstone Charter Academy Project) | |||
144A 5.125% 10/1/52 # | 4,110,000 | 3,780,255 | |
144A 5.25% 10/1/56 # | 1,900,000 | 1,751,686 | |
(Mater Academy Projects) Series A 4.00% 6/15/52 | 1,145,000 | 914,706 | |
Hawaii State Department of Budget & Finance | |||
(Hawaii Pacific University) Series A 144A 6.875% 7/1/43 # | 2,000,000 | 2,001,260 | |
Idaho Housing & Finance Association | |||
(Compass Public Charter School) Series A 144A 5.00% 7/1/54 # | 860,000 | 789,093 | |
(Idaho Arts Charter School) 144A 5.00% 12/1/36 # | 605,000 | 613,876 |
4 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Idaho Housing & Finance Association | |||
(North Star Charter School) | |||
Capital Appreciation Subordinate Series B 144A 4.88% 7/1/49 #, ^ | 2,888,155 | $ 487,376 | |
Series A 6.75% 7/1/48 | 529,150 | 551,845 | |
(Xavier Charter School Project) Series A 5.00% 6/1/50 | 1,000,000 | 1,001,570 | |
Illinois Finance Authority Charter School Revenue | |||
(Chicago International Charter School Project) 5.00% 12/1/47 | 2,965,000 | 2,892,061 | |
Illinois Finance Authority Educational Facility Revenue | |||
(Rogers Park Montessori) | |||
6.00% 2/1/34 | 675,000 | 677,936 | |
6.125% 2/1/45 | 1,800,000 | 1,805,436 | |
Illinois Finance Authority Revenue | |||
(Acero Charter Schools) 144A 4.00% 10/1/42 # | 2,245,000 | 1,748,114 | |
Illinois Finance Authority Student Housing & Academic Facility Revenue | |||
(University of Illinois at Chicago Project) Series A 5.00% 2/15/47 | 3,640,000 | 3,404,783 | |
Kent County, Delaware Student Housing and Dining Facilities Revenue | |||
(Delaware State University Project) Series A 5.00% 7/1/58 | 1,250,000 | 1,116,075 | |
Louisiana Public Facilities Authority Revenue | |||
(Geo Academies Ebr - Geo Prep Mid-City Project) | |||
144A 6.125% 6/1/52 # | 1,030,000 | 1,020,339 | |
144A 6.25% 6/1/62 # | 1,420,000 | 1,407,688 | |
(Jefferson Rise Charter School Project) | |||
Series A 144A 6.25% 6/1/52 # | 1,000,000 | 945,200 | |
Series A 144A 6.375% 6/1/62 # | 1,330,000 | 1,244,428 | |
(Lake Charles Charter Academy Foundation Project) 8.00% 12/15/41 | 1,500,000 | 1,502,760 | |
(Lincoln Preparatory School Project) | |||
Series A 144A 5.25% 6/1/60 # | 2,000,000 | 1,611,760 | |
Series A 144A 6.375% 6/1/52 # | 1,000,000 | 964,840 | |
Series A 144A 6.50% 6/1/62 # | 2,000,000 | 1,952,960 |
NQ-NQ [5/23] 7/23 (2980419) 5
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Macomb County, Michigan State Public School Academy Revenue | |||
(Academy Of Warren) Series A 144A 5.50% 5/1/50 # | 1,810,000 | $ 1,447,982 | |
Macon-Bibb County, Georgia Urban Development Authority Revenue | |||
(Academy for Classical Education) | |||
Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,682,033 | |
Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,535,156 | |
Maricopa County, Arizona Industrial Development Authority | |||
(Choice Academies, Inc. Project) Series AZ 144A 5.75% 9/1/45 # | 5,000,000 | 4,835,100 | |
Massachusetts Development Finance Agency Revenue | |||
Series V 5.00% 7/1/55 | 14,470,000 | 16,671,176 | |
(Massachusetts Institute Of Technology) Series P 5.00% 7/1/50 | 1,750,000 | 2,038,943 | |
Miami-Dade County, Florida Industrial Development Authority | |||
(Youth Co-Op Charter School) | |||
Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,001,170 | |
Series A 144A 6.00% 9/15/45 # | 1,000,000 | 1,000,310 | |
Michigan Finance Authority Limited Obligation Revenue | |||
(Landmark Academy Project) 5.00% 6/1/45 | 2,000,000 | 1,739,860 | |
(Public School Academy Old Redford) Series A 6.50% 12/1/40 | 900,000 | 861,984 | |
Nevada State Department of Business & Industry | |||
(Somerset Academy) | |||
Series A 144A 5.00% 12/15/35 # | 1,595,000 | 1,567,279 | |
Series A 144A 5.125% 12/15/45 # | 5,030,000 | 4,611,755 | |
New York State Dormitory Authority | |||
(Columbia University) Series A 5.00% 10/1/50 | 1,965,000 | 2,320,272 | |
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
(1st Philadelphia Preparatory) Series A 7.25% 6/15/43 | 1,230,000 | 1,264,834 | |
(Tacony Academy Charter School Project) 7.00% 6/15/43 | 1,540,000 | 1,543,357 |
6 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Phoenix, Arizona Industrial Development Authority Education Revenue | |||
(Basic Schools Project) | |||
Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | $ 3,657,160 | |
Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 1,839,400 | |
Phoenix, Arizona Industrial Development Authority Student Housing Revenue | |||
(Downtown Phoenix Student Housing, LLC-Arizona State University Project) Series A 5.00% 7/1/42 | 1,000,000 | 1,003,960 | |
Pima County, Arizona Industrial Development Authority Education Revenue | |||
(American Leadership Academy Project) | |||
144A 4.00% 6/15/57 # | 500,000 | 354,500 | |
144A 4.00% 6/15/57 # | 4,000,000 | 2,836,000 | |
(Career Success Schools Project) | |||
144A 5.50% 5/1/40 # | 500,000 | 478,750 | |
144A 5.75% 5/1/50 # | 2,530,000 | 2,413,468 | |
(Edkey Charter Schools Project) | |||
144A 5.00% 7/1/49 # | 7,000,000 | 6,153,490 | |
144A 5.00% 7/1/55 # | 6,250,000 | 5,392,750 | |
Pottsboro, Texas Higher Education Finance Authority Revenue | |||
Series A 5.00% 8/15/36 | 755,000 | 718,466 | |
Series A 5.00% 8/15/46 | 1,000,000 | 905,670 | |
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue | |||
(Green Charter Schools Project) | |||
Series A 144A 4.00% 6/1/46 # | 2,300,000 | 1,635,714 | |
Series A 144A 4.00% 6/1/56 # | 1,530,000 | 997,637 | |
(High Point Academy Project) Series A 144A 5.75% 6/15/49 # | 5,000,000 | 5,029,950 | |
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | |||
(Confluence Academy Project) Series A 144A 5.625% 6/15/53 # | 4,805,000 | 4,287,357 | |
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 | 2,137,626 | |
University of Texas System Board of Regents | |||
Series B 5.00% 8/15/49 | 33,875,000 | 39,465,052 |
NQ-NQ [5/23] 7/23 (2980419) 7
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
University of Virginia | |||
Series A 2.18% 11/1/51 | 10,000,000 | $ 5,821,500 | |
Upper Dauphin Industrial Development Authority | |||
(Pennsylvania Steam Academy Charter School Project) Series A 144A 6.25% 7/1/57 # | 2,400,000 | 2,219,640 | |
Upper Illinois River Valley Development Authority Revenue | |||
(Elgin Math And Science Academy Charter School Project) Series A 144A 6.00% 3/1/63 # | 2,990,000 | 2,867,739 | |
Utah State Charter School Finance Authority Revenue | |||
(Leadership Learning Academy Project) | |||
Series A 144A 5.00% 6/15/39 # | 1,000,000 | 942,060 | |
Series A 144A 5.00% 6/15/50 # | 2,200,000 | 1,928,652 | |
Wisconsin Public Finance Authority Revenue | |||
(Minnesota College of Osteopathic Medicine) | |||
Series A-1 144A 5.50% 12/1/48 #, ‡ | 125,528 | 38,913 | |
Subordinate Series B 144A 7.75% 12/1/48 #, • | 2,500,000 | 25,000 | |
(Pine Lake Preparatory) 144A 5.50% 3/1/45 # | 3,460,000 | 3,482,075 | |
(Shining Rock Classical Academy) | |||
Series A 6.00% 6/15/52 | 1,000,000 | 925,270 | |
Series A 6.125% 6/15/57 | 1,000,000 | 927,010 | |
(Wilson Preparatory Academy) | |||
Series A 144A 4.125% 6/15/29 # | 435,000 | 411,458 | |
Series A 144A 5.00% 6/15/39 # | 500,000 | 476,645 | |
Series A 144A 5.00% 6/15/49 # | 1,100,000 | 985,193 | |
Yonkers, New York Economic Development Education Revenue | |||
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) Series A 5.00% 10/15/54 | 465,000 | 409,074 | |
352,717,161 | |||
Electric Revenue Bonds — 3.73% | |||
Build NYC, New York Resource | |||
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project) 144A 5.25% 12/31/33 (AMT) # | 4,520,000 | 4,150,671 | |
California Community Choice Financing Authority | |||
(Clean Energy Project) Series C 5.25% 1/1/54 • | 3,000,000 | 3,137,880 |
8 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Guam Power Authority Revenue | |||
Series A 5.00% 10/1/44 | 6,000,000 | $ 6,150,180 | |
(Tax-Exempt Forward Delivery) | |||
Series A 5.00% 10/1/41 | 1,235,000 | 1,275,977 | |
Series A 5.00% 10/1/42 | 2,000,000 | 2,058,560 | |
Series A 5.00% 10/1/43 | 2,650,000 | 2,723,379 | |
New York Power Authority Revenue | |||
Series A 4.00% 11/15/55 | 5,000,000 | 4,798,900 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.00% 7/1/42 ‡ | 8,615,000 | 6,181,262 | |
Series A 5.05% 7/1/42 ‡ | 4,590,000 | 3,293,325 | |
Series A 6.75% 7/1/36 ‡ | 1,500,000 | 1,089,375 | |
Series AAA 5.25% 7/1/25 ‡ | 925,000 | 661,375 | |
Series AAA 5.25% 7/1/26 ‡ | 1,030,000 | 736,450 | |
Series AAA 5.25% 7/1/27 ‡ | 5,330,000 | 3,824,275 | |
Series AAA 5.25% 7/1/28 ‡ | 1,205,000 | 864,588 | |
Series CCC 5.25% 7/1/27 ‡ | 5,525,000 | 3,964,187 | |
Series TT 5.00% 7/1/37 ‡ | 1,500,000 | 1,076,250 | |
Series WW 5.00% 7/1/28 ‡ | 3,405,000 | 2,443,088 | |
Series WW 5.25% 7/1/25 ‡ | 1,530,000 | 1,093,950 | |
Series WW 5.25% 7/1/33 ‡ | 830,000 | 595,525 | |
Series WW 5.50% 7/1/38 ‡ | 9,325,000 | 6,702,344 | |
Series XX 4.75% 7/1/26 ‡ | 920,000 | 653,200 | |
Series XX 5.25% 7/1/40 ‡ | 9,795,000 | 7,027,912 | |
Series XX 5.75% 7/1/36 ‡ | 5,840,000 | 4,204,800 | |
Series ZZ 4.75% 7/1/27 ‡ | 760,000 | 539,600 | |
Series ZZ 5.25% 7/1/24 ‡ | 1,275,000 | 911,625 | |
Series ZZ 5.25% 7/1/26 ‡ | 7,005,000 | 5,008,575 | |
Salt River Project Agricultural Improvement & Power District | |||
Series A 5.00% 1/1/50 | 3,000,000 | 3,300,330 | |
78,467,583 | |||
Healthcare Revenue Bonds — 14.28% | |||
Apple Valley, Minnesota | |||
(Senior Living, LLC Project Fourth Tier) Series D 7.25% 1/1/52 | 7,410,000 | 4,824,873 | |
(Senior Living, LLC Project Second Tier) Series B 5.25% 1/1/37 | 420,000 | 313,156 | |
Apple Valley, Minnesota Senior Living Revenue | |||
(Minnesota Senior Living LLC Project) Series B 5.00% 1/1/47 | 2,375,000 | 1,467,608 |
NQ-NQ [5/23] 7/23 (2980419) 9
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Arizona Industrial Development Authority Revenue | |||
(Great Lakes Senior Living Communities LLC Project First Tier) Series A 5.00% 1/1/54 | 2,595,000 | $ 1,509,019 | |
(Great Lakes Senior Living Communities LLC Project Fourth Tier) Series D 144A 7.25% 1/1/54 # | 2,500,000 | 1,301,900 | |
(Great Lakes Senior Living Communities LLC Project Second Tier) | |||
Series B 5.00% 1/1/49 | 975,000 | 505,557 | |
Series B 5.125% 1/1/54 | 1,130,000 | 565,881 | |
(Great Lakes Senior Living Communities LLC Project Third Tier) Series C 144A 5.00% 1/1/49 # | 1,000,000 | 471,610 | |
Birmingham, Alabama Special Care Facilities Financing Authority | |||
(Methodist Home for the Aging) | |||
5.50% 6/1/30 | 1,850,000 | 1,756,242 | |
5.75% 6/1/35 | 1,500,000 | 1,395,450 | |
5.75% 6/1/45 | 2,500,000 | 2,105,150 | |
6.00% 6/1/50 | 3,130,000 | 2,653,019 | |
California Educational Facilities Authority Revenue | |||
(Stanford University) Series V-2 5.00% 4/1/51 | 1,245,000 | 1,456,924 | |
California Health Facilities Financing Authority Revenue | |||
(Cedars-Sinai Health System) | |||
Series A 3.00% 8/15/51 | 14,170,000 | 10,554,808 | |
Series A 3.00% 8/15/51 (AGM) | 1,025,000 | 778,221 | |
(Kaiser Permanente) Series A-2 5.00% 11/1/47 | 4,870,000 | 5,406,869 | |
California Municipal Finance Authority Revenue | |||
(Community Health System Project) Series A 3.00% 2/1/46 (AGM) | 10,000,000 | 7,876,800 | |
(Goodwill Industry Sacramento Valley and Northern Nevada Project) | |||
5.25% 1/1/45 | 1,295,000 | 1,026,171 | |
Series A 144A 6.625% 1/1/32 # | 500,000 | 494,185 | |
Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,444,770 | |
(Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | 481,445 |
10 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
California Statewide Communities Development Authority Revenue | |||
(Enloe Medical Center) Series A 5.375% 8/15/57 (AGM) | 2,000,000 | $ 2,132,260 | |
(Loma Linda University Medical Center) Series A 144A 5.50% 12/1/58 # | 5,000,000 | 4,783,400 | |
Camden County, New Jersey Improvement Authority Revenue | |||
(Cooper Health System Obligation Group) 5.75% 2/15/42 | 2,050,000 | 2,052,767 | |
Capital Trust Agency Senior Living Facilities Revenue | |||
(Elim Senior Housing Inc. Project) 144A 5.875% 8/1/52 # | 2,000,000 | 1,436,580 | |
Clackamas County, Oregon Hospital Facility Authority | |||
(Rose Villa Project) | |||
Series A 5.25% 11/15/50 | 1,000,000 | 915,920 | |
Series A 5.375% 11/15/55 | 1,000,000 | 920,420 | |
Colorado Health Facilities Authority Revenue | |||
(Aberdeen Ridge) Series A 5.00% 5/15/58 | 500,000 | 361,555 | |
(American Baptist) 8.00% 8/1/43 | 2,500,000 | 2,520,550 | |
(Capella of Grand Junction Project) 144A 5.00% 12/1/54 # | 1,255,000 | 829,015 | |
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 500,000 | 502,315 | |
(Sunny Vista Living Center) | |||
Series A 144A 5.50% 12/1/30 # | 750,000 | 604,178 | |
Series A 144A 5.75% 12/1/35 # | 1,150,000 | 852,737 | |
Series A 144A 6.125% 12/1/45 # | 1,200,000 | 821,640 | |
Series A 144A 6.25% 12/1/50 # | 560,000 | 378,431 | |
Cuyahoga County, Ohio Hospital Revenue | |||
(The Metrohealth System) | |||
5.25% 2/15/47 | 4,000,000 | 4,038,680 | |
5.50% 2/15/52 | 4,930,000 | 5,007,648 | |
5.50% 2/15/57 | 6,365,000 | 6,456,019 | |
Decatur, Texas Hospital Authority Revenue | |||
(Wise Regional Health System) | |||
Series C 4.00% 9/1/29 | 491,000 | 446,132 | |
Series C 4.00% 9/1/34 | 987,000 | 855,917 | |
Series C 4.00% 9/1/44 | 2,036,000 | 1,602,760 |
NQ-NQ [5/23] 7/23 (2980419) 11
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Glendale, Arizona Industrial Development Authority Revenue | |||
(Glencroft Retirement Community Project) | |||
5.00% 11/15/36 | 950,000 | $ 730,208 | |
5.25% 11/15/51 | 1,350,000 | 923,508 | |
Guilderland, New York Industrial Development Agency | |||
Series A 144A 5.875% 1/1/52 #, ‡ | 6,000,000 | 4,500,000 | |
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue | |||
(Mercy Health) 4.00% 6/1/53 | 4,810,000 | 4,394,897 | |
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | |||
(Westminster Canterbury Richmond) Series A 5.00% 10/1/52 | 2,025,000 | 2,045,007 | |
Hospital Facilities Authority of Multnomah County | |||
(Mirabella at South Waterfront) Series A 5.50% 10/1/49 | 2,400,000 | 2,077,464 | |
Idaho Health Facilities Authority Revenue | |||
(St. Luke's Health System Project) | |||
Series A 3.00% 3/1/51 | 7,430,000 | 5,227,079 | |
Series A 4.00% 3/1/51 | 2,000,000 | 1,760,340 | |
Series A 5.00% 3/1/33 | 485,000 | 514,750 | |
(Valley Vista Care Corporation) Series A 5.00% 11/15/32 | 455,000 | 393,107 | |
Illinois Finance Authority Revenue | |||
(Plymouth Place, Inc.) Series A 6.75% 5/15/58 | 3,000,000 | 3,045,870 | |
(The Admiral at the Lake Project) | |||
5.25% 5/15/42 | 900,000 | 707,517 | |
5.25% 5/15/54 | 5,910,000 | 4,242,494 | |
5.50% 5/15/54 | 3,375,000 | 2,522,306 | |
Illinois Housing Development Authority | |||
(Stonebridge of Gurnee Project) | |||
Series A 144A 5.45% 1/1/46 # | 2,500,000 | 1,772,325 | |
Series A 144A 5.60% 1/1/56 # | 2,630,000 | 1,794,160 | |
Iowa Finance Authority | |||
(PHS Council Bluffs Project) | |||
5.125% 8/1/48 | 1,750,000 | 1,320,707 | |
5.25% 8/1/55 | 2,500,000 | 1,860,350 | |
Kalispell, Montana | |||
Series A 5.25% 5/15/32 | 435,000 | 413,794 |
12 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Kalispell, Montana | |||
(Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/52 | 1,600,000 | $ 1,257,776 | |
Kentucky Economic Development Finance Authority Healthcare Revenue | |||
(Rosedale Green Project) | |||
5.50% 11/15/35 | 1,310,000 | 1,198,231 | |
5.75% 11/15/45 | 3,000,000 | 2,539,650 | |
5.75% 11/15/50 | 1,600,000 | 1,322,272 | |
Kirkwood, Missouri Industrial Development Authority | |||
(Aberdeen Heights) Series A 5.25% 5/15/50 | 5,000,000 | 3,756,650 | |
Lake County, Florida Retirement Facility Revenue | |||
(Lakeside At Waterman Village Project) | |||
Series A 5.75% 8/15/50 | 2,500,000 | 2,124,625 | |
Series A 5.75% 8/15/55 | 1,500,000 | 1,246,380 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
(The Glen Retirement System Project) | |||
Series A 5.00% 1/1/49 | 3,500,000 | 2,403,450 | |
Series A 5.00% 1/1/55 | 2,635,000 | 1,736,096 | |
Maricopa County, Arizona Industrial Development Authority | |||
(Christian Care Surprise Project) Series 2016 144A 6.00% 1/1/48 # | 5,645,000 | 3,920,735 | |
Michigan Finance Authority Hospital Revenue | |||
(Trinity Health Credit Group) Series A 3.00% 12/1/49 | 5,000,000 | 3,627,200 | |
Michigan State Strategic Fund Limited Revenue | |||
(Evangelical Homes) 5.50% 6/1/47 | 2,750,000 | 2,201,100 | |
Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
(Whitemarsh Continuing Care) | |||
5.25% 1/1/40 | 1,550,000 | 1,398,704 | |
5.375% 1/1/50 | 6,250,000 | 5,323,625 | |
Series A 5.375% 1/1/51 | 2,000,000 | 1,695,040 | |
Moon, Pennsylvania Industrial Development Authority | |||
(Baptist Homes Society Obligation) 6.125% 7/1/50 | 8,935,000 | 7,274,162 |
NQ-NQ [5/23] 7/23 (2980419) 13
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
National Finance Authority Revenue | |||
(The Vista Project) | |||
Series A 144A 5.25% 7/1/39 # | 1,515,000 | $ 1,362,606 | |
Series A 144A 5.625% 7/1/46 # | 1,000,000 | 897,170 | |
Series A 144A 5.75% 7/1/54 # | 2,000,000 | 1,781,320 | |
New Hope, Texas Cultural Education Facilities Finance | |||
(Army Retirement Residence Foundation Project) 6.00% 7/15/57 | 6,000,000 | 5,605,440 | |
(Buckingham Senior Living Community, Inc. Project) | |||
Series A-1 7.50% 11/15/37 | 120,000 | 92,565 | |
Series A-2 7.50% 11/15/36 | 745,000 | 611,153 | |
Series B 2.00% 11/15/61 ~, • | 3,088,349 | 1,261,467 | |
(Cardinal Bay - Village on the Park) | |||
Series A1 5.00% 7/1/46 | 660,000 | 452,100 | |
Series A1 5.00% 7/1/51 | 1,575,000 | 1,078,875 | |
Series B 4.00% 7/1/31 | 635,000 | 317,500 | |
Series B 4.75% 7/1/51 | 1,915,000 | 957,500 | |
Series C 5.00% 7/1/31 | 250,000 | 112,500 | |
Series C 5.25% 7/1/36 | 350,000 | 157,500 | |
Series C 5.75% 7/1/51 | 2,250,000 | 1,012,500 | |
Series D 6.00% 7/1/26 | 90,000 | 36,000 | |
Series D 7.00% 7/1/51 | 1,350,000 | 540,000 | |
(Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 5,000,000 | 3,854,950 | |
(Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 8,830,000 | 6,275,746 | |
(The Outlook at Windhaven Project) | |||
Series A 6.75% 10/1/52 | 1,000,000 | 897,350 | |
Series A 6.875% 10/1/57 | 6,500,000 | 5,826,145 | |
New Jersey Economic Development Authority | |||
(Black Horse EHT Urban Renewal LLC Project) Series A 144A 5.00% 10/1/39 # | 3,125,000 | 2,248,969 | |
(Lions Gate Project) 5.25% 1/1/44 | 2,000,000 | 1,864,160 | |
New York State Dormitory Authority Revenue | |||
(Garnet Health Medical Center) 144A 5.00% 12/1/40 # | 1,100,000 | 1,059,707 |
14 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
North Carolina Medical Care Commission Health Care Facilities Revenue | |||
(Novant Health Obligated Group) Series A 3.125% 11/1/49 | 5,000,000 | $ 3,824,350 | |
Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
(Morningstar Senior Living) 5.00% 11/1/49 | 1,830,000 | 1,519,522 | |
Orange County, New York Funding Assisted Living Residence Revenue | |||
6.50% 1/1/46 | 3,600,000 | 2,845,944 | |
Payne County, Oklahoma Economic Development Authority | |||
(Epworth Living at the Ranch) Series A 7.00% 11/1/51 ‡ | 961,600 | 2,404 | |
Pennsylvania Economic Development Financing Authority | |||
(Tapestry Moon Senior Housing Project) Series 2018A 144A 6.75% 12/1/53 #, ‡ | 10,495,000 | 4,001,219 | |
Prince George's County | |||
(Collington Episcopal Life Care Community) 5.25% 4/1/47 | 2,000,000 | 1,652,860 | |
Rochester, Minnesota | |||
(The Homestead at Rochester) Series A 6.875% 12/1/48 | 2,500,000 | 2,463,050 | |
Seminole County, Florida Industrial Development Authority Revenue | |||
(Legacy Pointe at UCF Project) Series A 5.50% 11/15/49 | 8,000,000 | 6,148,160 | |
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue | |||
(The Farms at Bailey Station Project) 5.75% 10/1/59 | 3,830,000 | 2,750,208 | |
Southeastern Ohio Port Authority | |||
(Memorial Health Systems) | |||
5.00% 12/1/43 | 805,000 | 650,561 | |
5.50% 12/1/43 | 1,250,000 | 1,100,487 | |
St. Louis County, Missouri Industrial Development Authority | |||
(Nazareth Living Center Project) | |||
Series A 5.00% 8/15/35 | 600,000 | 544,200 | |
Series A 5.125% 8/15/45 | 1,800,000 | 1,511,784 |
NQ-NQ [5/23] 7/23 (2980419) 15
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Tarrant County, Texas Cultural Education Facilities Finance | |||
(Air Force Villages Obligated Group Project) 5.00% 5/15/45 | 5,000,000 | $ 4,134,350 | |
(Buckner Senior Living - Ventana Project) | |||
Series A 6.75% 11/15/47 | 2,250,000 | 2,244,532 | |
Series A 6.75% 11/15/52 | 3,300,000 | 3,258,288 | |
Tempe, Arizona Industrial Development Authority Revenue | |||
(Mirabella at ASU Project) | |||
Series A 144A 6.125% 10/1/47 # | 2,150,000 | 1,342,116 | |
Series A 144A 6.125% 10/1/52 # | 2,570,000 | 1,556,469 | |
Topeka City, Kansas Healthcare Facilities | |||
(Brewster Place) | |||
Series A 6.25% 12/1/42 | 1,500,000 | 1,481,700 | |
Series A 6.50% 12/1/52 | 2,000,000 | 1,971,580 | |
University of North Carolina Board of Governors | |||
5.00% 2/1/49 | 19,355,000 | 21,545,018 | |
Westchester County, New York Local Development | |||
(Purchase Senior Learning Community, Inc. Project) Series A 144A 5.00% 7/1/56 # | 4,250,000 | 3,168,757 | |
Westminster Project Revenue | |||
(Lutheran Village Millers Grant) | |||
Series A 5.00% 7/1/24 | 625,000 | 626,275 | |
Series A 6.00% 7/1/34 | 1,000,000 | 1,008,660 | |
Series A 6.125% 7/1/39 | 750,000 | 754,807 | |
Series A 6.25% 7/1/44 | 2,500,000 | 2,515,875 | |
Wisconsin Health & Educational Facilities Authority | |||
(Children's Hospital of Wisconsin) 3.00% 8/15/52 | 3,000,000 | 2,178,300 | |
(Covenant Communities Project) | |||
Series B 5.00% 7/1/48 | 1,000,000 | 763,180 | |
Series B 5.00% 7/1/53 | 945,000 | 698,780 | |
Series C 7.00% 7/1/43 | 1,000,000 | 715,640 | |
Series C 7.50% 7/1/53 | 1,000,000 | 723,200 | |
(St. Camillus Health System) | |||
Series A 5.00% 11/1/39 | 635,000 | 541,992 | |
Series A 5.00% 11/1/46 | 1,000,000 | 801,730 | |
Series A 5.00% 11/1/54 | 3,500,000 | 2,683,030 |
16 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Wisconsin Public Finance Authority Revenue | |||
(Goodwill Industries of Southern Nevada Project) | |||
Series A 5.50% 12/1/38 | 2,572,956 | $ 2,333,980 | |
Series A 5.75% 12/1/48 | 2,576,272 | 2,248,261 | |
(Bancroft Neurohealth Project) | |||
Series A 144A 5.00% 6/1/36 # | 960,000 | 888,903 | |
Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,202,561 | |
Woodbury Housing & Redevelopment Authority Revenue | |||
(St. Therese of Woodbury) 5.125% 12/1/44 | 1,250,000 | 1,086,250 | |
Yamhill County, Oregon Hospital Authority | |||
(Friendsview) Series A 5.00% 11/15/56 | 1,600,000 | 1,149,232 | |
300,121,599 | |||
Housing Revenue Bonds — 0.86% | |||
City of Dallas, Texas Housing Finance | |||
Residential Development-Senior Lien Series A 6.00% 12/1/62 | 2,000,000 | 2,045,540 | |
CSCDA Community Improvement Authority Essential Housing Revenue | |||
(Jefferson-Anaheim) Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,022,955 | |
(Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 5,800,000 | 3,833,162 | |
Independent Cities Finance Authority, California | |||
Series A 5.25% 5/15/44 | 750,000 | 756,803 | |
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
Series A 5.00% 10/1/50 | 10,340,000 | 10,533,875 | |
18,192,335 | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds — 23.42% | |||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | |||
(United States Steel Corporation Project) 5.75% 8/1/42 (AMT) | 2,000,000 | 2,009,280 | |
Arizona Industrial Development Authority Revenue | |||
(Legacy Cares, Inc. Project) | |||
Series A 144A 6.00% 7/1/51 #, ‡ | 1,190,000 | 654,500 | |
Series A 144A 7.75% 7/1/50 #, ‡ | 20,330,000 | 11,181,500 |
NQ-NQ [5/23] 7/23 (2980419) 17
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
Arkansas Development Finance Authority Revenue | |||
(Big River Steel Project) 144A 4.50% 9/1/49 (AMT) # | 3,665,000 | $ 3,256,389 | |
Buckeye, Ohio Tobacco Settlement Financing Authority | |||
(Senior) | |||
Series A-2 3.00% 6/1/48 | 13,775,000 | 10,171,322 | |
Series A-2 4.00% 6/1/48 | 150,000 | 133,238 | |
Series B-2 5.00% 6/1/55 | 70,795,000 | 65,591,567 | |
Calhoun County Navigation Industrial Development Authority Revenue | |||
(Max Midstream Texas, LLC Project) Series A 144A 3.625% 7/1/26 (AMT) # | 3,285,000 | 2,993,358 | |
California County Tobacco Securitization Agency Settlement Revenue | |||
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) 0.83% 6/1/55 ^ | 100,000,000 | 8,777,000 | |
California Pollution Control Financing Authority Revenue | |||
(Calplant I Project) | |||
144A 7.50% 7/1/32 (AMT) #, ‡ | 1,600,000 | 208,000 | |
144A 8.00% 7/1/39 (AMT) #, ‡ | 5,250,000 | 262,500 | |
(LP Desalination Project) 144A 5.00% 7/1/37 (AMT) # | 3,500,000 | 3,506,370 | |
Children's Trust Fund, Puerto Rico | |||
(Asset-Backed) Series B 0.485% 5/15/57 ^ | 3,420,000 | 189,468 | |
District of Columbia Tobacco Settlement Financing | |||
(Capital Appreciation-Asset-Backed) | |||
Series C 0.711% 6/15/55 ^ | 50,000,000 | 4,739,000 | |
Series D 0.122% 6/15/55 ^ | 250,000,000 | 20,007,500 | |
Erie, New York Tobacco Asset Securitization | |||
(Asset-Backed) Series A 144A 1.504% 6/1/60 #, ^ | 196,565,000 | 10,986,018 | |
Florida Development Finance Revenue | |||
(Brightline Florida Passenger Rail Expansion Project) Series A 144A 7.50% 7/1/57 (AMT) #, • | 11,900,000 | 11,672,472 |
18 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
Florida Development Finance Surface Transportation Facility Revenue | |||
(Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) # | 14,040,000 | $ 13,559,130 | |
(Virgin Trains USA Passenger Rail Project) | |||
Series A 144A 6.25% 1/1/49 (AMT) #, • | 4,000,000 | 3,982,800 | |
Series A 144A 6.50% 1/1/49 (AMT) #, • | 8,905,000 | 8,455,030 | |
George L Smith II Georgia World Congress Center Authority | |||
Series A 4.00% 1/1/54 | 7,650,000 | 6,192,904 | |
(Convention Center Hotel Second Tier) Series B 144A 5.00% 1/1/54 # | 5,000,000 | 4,037,650 | |
Golden State Tobacco Securitization Settlement Revenue, California | |||
Series B-2 5.117% 6/1/66 ^ | 345,550,000 | 35,100,969 | |
Houston, Texas Airport System Revenue | |||
Series B-1 5.00% 7/15/35 (AMT) | 3,000,000 | 3,001,020 | |
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects) Series 2011 6.625% 7/15/38 (AMT) | 2,000,000 | 2,006,100 | |
(United Airlines Inc.) 5.00% 7/1/29 (AMT) | 1,150,000 | 1,150,184 | |
Indiana Finance Authority Exempt Facility Revenue | |||
(Polyflow Indiana Project - Green Bond) 144A 7.00% 3/1/39 (AMT) # | 6,835,000 | 5,162,749 | |
Inland, California Empire Tobacco Securitization | |||
(Capital Appreciation-Asset-Backed) | |||
Series E 144A 0.94% 6/1/57 #, ^ | 376,610,000 | 21,933,766 | |
Series F 144A 9.316% 6/1/57 #, ^ | 243,790,000 | 12,031,037 | |
Iowa Finance Authority Midwestern Disaster Area Revenue | |||
(Iowa Fertilizer Company Project) 5.00% 12/1/50 | 10,625,000 | 10,672,812 | |
Lower Alabama Gas District | |||
(Gas Project Revenue Bonds) Series A 5.00% 9/1/46 | 4,910,000 | 4,933,519 | |
Main Street Natural Gas Project Revenue | |||
Series A 4.00% 5/15/39 | 3,000,000 | 2,698,500 | |
Series A 5.50% 9/15/23 | 40,000 | 40,092 |
NQ-NQ [5/23] 7/23 (2980419) 19
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
Maine Finance Authority Revenue | |||
(Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) # | 10,950,000 | $ 7,167,103 | |
Maricopa County, Arizona Industrial Development Authority | |||
(Commercial Metals Company Project) 144A 4.00% 10/15/47 (AMT) # | 8,020,000 | 6,806,734 | |
Michigan Finance Authority Limited Obligation Revenue | |||
Series B-2 4.97% 6/1/65 ^ | 10,000,000 | 983,200 | |
Monroe, New York Tobacco Asset Securitization | |||
(4th Subordinate - Capital Appreciation - Asset-Backed) Series A 144A 0.186% 6/1/61 #, ^ | 487,500,000 | 19,100,250 | |
Nevada State Department of Business & Industry | |||
(Green Fulcrum Sierra Biofuels Project) 144A 6.25% 12/15/37 # | 2,500,000 | 2,240,350 | |
New Jersey Economic Development Authority Special Facility Revenue | |||
(Continental Airlines Project) | |||
5.25% 9/15/29 | 4,000,000 | 4,010,400 | |
Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,287,437 | |
New Jersey Tobacco Settlement Financing | |||
Series B 5.00% 6/1/46 | 4,440,000 | 4,461,401 | |
New York City, New York Industrial Development Agency | |||
(Queens Baseball Stadium Project) Series A 2.00% 1/1/38 (AGM) | 500,000 | 355,535 | |
New York Liberty Development Revenue | |||
(Goldman Sachs Headquarters) 5.25% 10/1/35 | 360,000 | 403,499 | |
New York Transportation Development Special Facilities Revenue | |||
(American Airlines Inc. John F. Kennedy International Airport Project) 5.375% 8/1/36 (AMT) | 1,000,000 | 1,009,680 | |
(Terminal 4 John F. Kennedy International Airport Project) 5.00% 12/1/37 (AMT) | 2,455,000 | 2,569,010 |
20 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
Pennsylvania Economic Development Financing Authority Revenue | |||
(National Gypsum) 5.50% 11/1/44 (AMT) | 4,500,000 | $ 4,515,480 | |
Port of Seattle, Washington Industrial Development Special Facilities Revenue | |||
(Delta Airlines) 5.00% 4/1/30 (AMT) | 2,000,000 | 2,000,680 | |
Public Authority for Colorado Energy Natural Gas Revenue | |||
Series 28 6.50% 11/15/38 | 2,000,000 | 2,341,700 | |
Public Finance Authority, Wisconsin | |||
(Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 10,225,000 | 9,580,825 | |
Salt Verde, Arizona Financial Senior Gas Revenue | |||
5.00% 12/1/37 | 9,250,000 | 9,406,232 | |
5.25% 12/1/27 | 2,235,000 | 2,306,945 | |
5.25% 12/1/28 | 1,050,000 | 1,093,281 | |
5.50% 12/1/29 | 765,000 | 812,438 | |
San Diego, California Tobacco Settlement Revenue Funding | |||
Series C 4.00% 6/1/32 | 565,000 | 555,774 | |
Shoals, Indiana Exempt Facilities Revenue | |||
(National Gypsum Project) 7.25% 11/1/43 (AMT) | 1,860,000 | 1,875,271 | |
St. James Parish, Louisiana | |||
(NuStar Logistics, LP Project) | |||
144A 6.10% 6/1/38 #, • | 1,000,000 | 1,075,260 | |
144A 6.35% 7/1/40 # | 3,600,000 | 3,879,576 | |
Series B 144A 6.10% 12/1/40 #, • | 1,630,000 | 1,752,674 | |
Tennessee State Energy Acquisition Gas Revenue | |||
Series C 5.00% 2/1/27 | 2,940,000 | 2,927,240 | |
The City Of Hoover (Alabama) Environmental Improvement Revenue Bonds | |||
(United States Steel Corporation Project) 5.75% 10/1/49 (AMT) | 10,250,000 | 10,379,047 | |
Tobacco Securitization Authority of Southern California | |||
(Capital Appreciation-3rd Subordinate Lien) Series D 2.609% 6/1/46 ^ | 2,230,000 | 284,905 |
NQ-NQ [5/23] 7/23 (2980419) 21
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue | |||
Series A 5.50% 6/1/35 (AMT) | 2,000,000 | $ 2,000,680 | |
Tuscaloosa County, Alabama Industrial Development Authority | |||
(Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 9,440,000 | 8,366,106 | |
Valparaiso, Indiana | |||
(Pratt Paper LLC Project) 7.00% 1/1/44 (AMT) | 3,305,000 | 3,360,227 | |
Virginia Tobacco Settlement Financing | |||
Series A-1 6.706% 6/1/46 | 11,105,000 | 10,128,316 | |
Series B-1 5.00% 6/1/47 | 2,000,000 | 1,860,080 | |
Series C 2.949% 6/1/47 ^ | 95,170,000 | 23,845,795 | |
Series D 2.20% 6/1/47 ^ | 179,085,000 | 43,444,230 | |
Washington Economic Development Finance Authority Revenue | |||
(Columbia Pulp I, LLC Project) Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | 4,800,000 | 2,880,000 | |
492,365,105 | |||
Lease Revenue Bonds — 3.93% | |||
Baltimore, Maryland Special Obligation Subordinate Revenue | |||
(Harbor Point Project) 5.00% 6/1/51 | 1,000,000 | 944,100 | |
California Statewide Communities Development Authority Revenue | |||
(Lancer Plaza Project) 5.875% 11/1/43 | 1,875,000 | 1,879,763 | |
Los Angeles County Public Works Financing Authority | |||
Series A 3.00% 12/1/50 | 11,000,000 | 8,481,660 | |
Metropolitan Pier & Exposition Authority Revenue, Illinois | |||
(McCormick Place Expansion Project) Series B 4.952% 12/15/54 (BAM) ^ | 3,535,000 | 749,597 | |
Metropolitan Pier & Exposition Authority, Illinois | |||
(McCormick Place Expansion Project) | |||
Series A 4.00% 6/15/52 | 8,305,000 | 7,317,120 | |
Series A 5.00% 6/15/50 | 4,135,000 | 4,156,874 | |
Series A 5.00% 6/15/57 | 3,975,000 | 3,965,261 | |
Series B 5.03% 12/15/54 ^ | 9,820,000 | 1,940,138 |
22 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Lease Revenue Bonds (continued) | |||
New Jersey Transportation Trust Fund Authority | |||
5.50% 6/15/50 | 4,250,000 | $ 4,636,325 | |
Series AA 4.00% 6/15/50 | 2,945,000 | 2,735,021 | |
(Transportation Program) | |||
Series AA 5.00% 6/15/25 | 1,000,000 | 1,029,270 | |
Series AA 5.00% 6/15/44 | 2,900,000 | 2,916,066 | |
(Transportation System) Series BB 4.00% 6/15/46 | 1,000,000 | 940,190 | |
New Jersey Transportation Trust Fund Authority Revenue | |||
(Transportation System) Series A 4.991% 12/15/39 ^ | 5,290,000 | 2,627,808 | |
New York Liberty Development Revenue | |||
(4 World Trade Center Project) Series A 3.00% 11/15/51 | 5,750,000 | 4,101,992 | |
(Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 # | 14,500,000 | 14,237,550 | |
(Class 3 - 3 World Trade Center Project) 144A 7.25% 11/15/44 # | 14,500,000 | 14,685,600 | |
Phoenix, Arizona Industrial Development Authority Lease Revenue | |||
5.125% 2/1/34 | 1,000,000 | 992,660 | |
5.375% 2/1/41 | 1,300,000 | 1,274,689 | |
University of Missouri Industrial Development Authority Revenue | |||
(Markets At Olive Project) Series A 5.50% 6/15/42 | 3,000,000 | 2,978,940 | |
82,590,624 | |||
Local General Obligation Bond — 0.04% | |||
Chicago, Illinois | |||
Series A 5.50% 1/1/49 | 770,000 | 797,974 | |
797,974 | |||
Local General Obligation Bonds — 2.39% | |||
Chicago, Illinois | |||
Series 2005D 5.50% 1/1/37 | 2,280,000 | 2,320,926 | |
Series 2005D 5.50% 1/1/40 | 3,000,000 | 3,046,980 | |
Series 2007E 5.50% 1/1/42 | 1,900,000 | 1,925,403 | |
Series 2007F 5.50% 1/1/42 | 1,250,000 | 1,266,712 | |
Series A 5.25% 1/1/38 | 2,295,000 | 2,448,283 | |
Series A 5.50% 1/1/39 | 2,660,000 | 2,878,306 | |
Series A 5.50% 1/1/40 | 2,160,000 | 2,325,586 |
NQ-NQ [5/23] 7/23 (2980419) 23
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
Chicago, Illinois | |||
Series C 5.00% 1/1/26 | 500,000 | $ 516,215 | |
Chicago, Illinois Board of Education | |||
Series A 144A 7.00% 12/1/46 # | 2,500,000 | 2,696,625 | |
Series B 4.00% 12/1/41 | 2,000,000 | 1,787,540 | |
Series G 5.00% 12/1/44 | 2,545,000 | 2,477,888 | |
Series H 5.00% 12/1/46 | 4,225,000 | 4,083,336 | |
(Dedicated Revenues) | |||
Series A 5.00% 12/1/42 | 7,690,000 | 7,393,551 | |
Series B 4.00% 12/1/40 | 4,500,000 | 4,055,040 | |
Lodi Unified School District | |||
Series 2020 3.00% 8/1/43 | 2,750,000 | 2,238,995 | |
MIDA Golf and Equestrian Center Public Infrastructure District | |||
144A 4.50% 6/1/51 # | 4,835,000 | 3,692,586 | |
144A 4.625% 6/1/57 # | 4,690,000 | 3,531,664 | |
Rochester, Minnesota Independent School District No. 535 | |||
(Rochester Public Schools) Series A 4.00% 2/1/30 | 565,000 | 591,431 | |
Verve, Colorado Metropolitan District No. 1 | |||
5.00% 12/1/51 | 1,000,000 | 870,400 | |
50,147,467 | |||
Pre-Refunded/Escrowed to Maturity Bonds — 1.82% | |||
Blythe Township, Pennsylvania Solid Waste Authority Revenue | |||
7.75% 12/1/37-27 (AMT) § | 2,800,000 | 3,203,592 | |
District of Columbia Revenue | |||
(KIPP Charter School) 6.00% 7/1/48-23 § | 1,450,000 | 1,452,726 | |
Florida Development Finance Revenue | |||
(UF Health - Jacksonville Project) Series A 6.00% 2/1/33-23 § | 490,000 | 491,975 | |
Foothill-Eastern Transportation Corridor Agency Revenue | |||
Series A 6.00% 1/15/49-24 § | 7,690,000 | 7,822,498 | |
Henderson, Nevada Public Improvement Trust | |||
(Touro College & University System) Series A 5.50% 1/1/39-24 § | 560,000 | 572,017 | |
Kanawha, West Virginia | |||
(West Virginia University Foundation Project) 144A 6.75% 7/1/45-23 #, § | 2,500,000 | 2,506,075 |
24 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
Kentucky Public Transportation Infrastructure Authority | |||
(First Tier - Downtown Crossing) | |||
Series A 5.75% 7/1/49-23 § | 1,800,000 | $ 1,802,394 | |
Series A 6.00% 7/1/53-23 § | 1,290,000 | 1,291,948 | |
Nampa, Idaho Development Revenue | |||
144A 5.00% 9/1/31-24 #, § | 2,940,000 | 3,053,249 | |
New Jersey Economic Development Authority Special Facility Revenue | |||
Series WW 5.25% 6/15/30-25 § | 5,000,000 | 5,209,100 | |
Southwestern Illinois Development Authority Revenue | |||
(Memorial Group) | |||
7.125% 11/1/30-23 § | 1,420,000 | 1,439,369 | |
7.125% 11/1/43-23 § | 2,500,000 | 2,534,100 | |
Washington State Housing Finance Commission | |||
(Heron's Key) | |||
Series A 144A 7.00% 7/1/45-25 #, § | 1,000,000 | 1,064,200 | |
Series A 144A 7.00% 7/1/50-25 #, § | 3,625,000 | 3,857,725 | |
Wisconsin Public Finance Authority Revenue | |||
(Rose Villa Project) Series A 144A 5.75% 11/15/44-24 #, § | 2,000,000 | 2,055,880 | |
38,356,848 | |||
Resource Recovery Revenue Bonds — 0.43% | |||
Brazoria County, Texas Industrial Development Solid Waste Disposal Facilities Revenue | |||
(Aleon Renewable Metals, LLC Project) 144A 10.00% 6/1/42 (AMT) #, • | 3,000,000 | 2,866,560 | |
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue | |||
(Last Step Recycling Project) Series A 144A 6.50% 6/1/51 (AMT) # | 1,500,000 | 1,121,145 | |
Union County, New Jersey Improvement Authority | |||
(Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 7,800,000 | 5,091,918 | |
9,079,623 | |||
Special Tax Revenue Bonds — 14.61% | |||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
(City Center Project) 144A 5.25% 5/1/42 # | 6,530,000 | 6,429,634 |
NQ-NQ [5/23] 7/23 (2980419) 25
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Celebration Pointe, Florida Community Development District No 1 | |||
5.125% 5/1/45 | 2,460,000 | $ 2,382,781 | |
Cherry Hill, Virginia Community Development Authority | |||
(Potomac Shores Project) | |||
144A 5.15% 3/1/35 # | 1,000,000 | 998,170 | |
144A 5.40% 3/1/45 # | 2,000,000 | 1,997,600 | |
City & County of San Francisco, California Special Tax District No 2020-1 | |||
(Federally Taxable) Series B 144A 5.25% 9/1/49 # | 1,000,000 | 713,920 | |
Commonwealth of Puerto Rico | |||
3.817% 11/1/51 • | 14,007,998 | 5,603,199 | |
(Restructured) 3.129% 11/1/43 • | 55,571,192 | 27,160,420 | |
Conley Road Transportation Development District, Missouri | |||
5.375% 5/1/47 | 6,655,000 | 6,201,794 | |
Fountain Urban Renewal Authority, Colorado | |||
(Improvement - South Academy Highland) Series A 5.50% 11/1/44 | 3,750,000 | 3,551,288 | |
GDB Debt Recovery Authority of Puerto Rico | |||
7.50% 8/20/40 | 63,244,919 | 52,335,170 | |
Glen Cove, New York Local Economic Assistance | |||
(Garvies Point Public Improvement Project) Series A 5.00% 1/1/56 | 2,000,000 | 1,725,280 | |
Guam Government Business Privilege Tax Revenue | |||
Series F 4.00% 1/1/42 | 2,500,000 | 2,199,800 | |
Henderson, Nevada Local Improvement Districts | |||
(Black Mountain Ranch) | |||
3.00% 9/1/36 | 300,000 | 223,146 | |
3.50% 9/1/45 | 720,000 | 512,928 | |
4.00% 9/1/51 | 500,000 | 388,495 | |
Hickory Chase Community Authority Revenue, Ohio | |||
(Hickory Chase Project) Senior Series A 144A 5.00% 12/1/40 # | 1,355,000 | 1,208,877 | |
Juban Crossing Economic Development District, Louisiana | |||
(General Infrastructure Projects) Series C 144A 7.00% 9/15/44 # | 3,005,000 | 2,727,939 |
26 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Juban Crossing Economic Development District, Louisiana | |||
(Road Projects) Series A 144A 7.00% 9/15/44 # | 1,800,000 | $ 1,634,040 | |
Las Vegas, Nevada | |||
(Villages At Tule Springs Village 1) | |||
144A 5.50% 6/1/37 # | 750,000 | 750,525 | |
144A 5.75% 6/1/42 # | 1,100,000 | 1,097,470 | |
144A 5.75% 6/1/47 # | 1,575,000 | 1,542,886 | |
144A 6.00% 6/1/52 # | 1,800,000 | 1,803,708 | |
Massachusetts Bay Transportation Authority | |||
(Sustainability Bonds) Series A 5.00% 7/1/52 | 5,000,000 | 5,478,700 | |
Matching Fund Special Purpose Securitization | |||
Series A 5.00% 10/1/39 | 2,655,000 | 2,619,795 | |
Midtown Miami, Florida Community Development District | |||
(Parking Garage Project) Series A 5.00% 5/1/37 | 500,000 | 495,995 | |
Mobile, Alabama Improvement District | |||
(McGowin Park Project) | |||
Series A 5.25% 8/1/30 | 1,000,000 | 954,810 | |
Series A 5.50% 8/1/35 | 1,300,000 | 1,212,419 | |
New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
Fiscal 2020 Subordinate Series A-3 3.00% 5/1/45 | 5,000,000 | 3,937,900 | |
Series A-1 5.25% 8/1/42 | 6,425,000 | 7,192,980 | |
Series B-1 3.00% 8/1/48 | 6,605,000 | 5,047,475 | |
New York State Dormitory Authority Personal Income Tax Revenue | |||
(General Purpose) | |||
Series E 3.00% 3/15/50 | 5,000,000 | 3,780,300 | |
Series E 4.00% 3/15/48 | 4,000,000 | 3,888,840 | |
New York State Thruway Authority | |||
Series A-1 3.00% 3/15/50 | 3,640,000 | 2,757,227 | |
Series A-1 4.00% 3/15/55 | 2,000,000 | 1,916,900 | |
Series A-1 4.00% 3/15/56 | 2,380,000 | 2,275,613 | |
New York State Urban Development | |||
Series E 3.00% 3/15/50 | 2,500,000 | 1,869,100 | |
(General Purpose) Series A 3.00% 3/15/50 | 3,310,000 | 2,474,688 |
NQ-NQ [5/23] 7/23 (2980419) 27
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
(Route 33 Project) 7.00% 7/1/32 | 1,955,000 | $ 1,958,128 | |
Prairie Center Metropolitan District No 3 | |||
Series A 144A 5.00% 12/15/41 # | 2,000,000 | 1,956,680 | |
Public Finance Authority, Wisconsin | |||
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 5,065,000 | 4,361,269 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 1.607% 7/1/46 ^ | 78,170,000 | 21,124,661 | |
Series A-1 4.75% 7/1/53 | 50,505,000 | 46,830,761 | |
Series A-1 5.00% 7/1/58 | 4,988,000 | 4,778,205 | |
Series A-1 5.944% 7/1/51 ^ | 75,182,000 | 14,972,495 | |
Series A-2 4.536% 7/1/53 | 1,022,000 | 914,751 | |
Series A-2 4.784% 7/1/58 | 10,622,000 | 9,784,031 | |
Series B-1 4.75% 7/1/53 | 135,000 | 125,187 | |
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement | |||
(Francis Place Redevelopment Project) 5.625% 11/1/25 | 575,000 | 563,385 | |
San Francisco, California Bay Area Rapid Transit District Sales Tax Revenue | |||
Series A 3.00% 7/1/44 | 2,000,000 | 1,633,220 | |
St. Louis County, Missouri Industrial Development Authority | |||
(Manchester Ballas Community) | |||
Series A 144A 5.00% 9/1/38 # | 1,050,000 | 962,650 | |
Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,168,017 | |
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | |||
(Grand Center Redevelopment Project) 6.375% 12/1/25 | 335,000 | 335,000 | |
Tampa, Florida Capital Improvement Cigarette Tax Allocation | |||
(H. Lee Moffitt Cancer Center Project) Series A 0.363% 9/1/53 ^ | 12,095,000 | 2,538,378 | |
Verve Metropolitan District No 1 | |||
6.50% 12/1/43 | 4,365,000 | 4,027,018 | |
6.75% 12/1/52 | 4,000,000 | 3,654,320 |
28 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Wisconsin Public Finance Authority Revenue | |||
(Mclemore Hotel & Conference Center) | |||
Series A 144A 4.50% 6/1/56 # | 13,000,000 | $ 9,582,950 | |
Series B 144A 6.50% 6/1/56 # | 1,000,000 | 804,580 | |
Wyandotte County, Kansas Unified Government Special Obligation Revenue | |||
(Sales Tax Vacation Village Project) Series A 6.00% 9/1/35 | 4,690,000 | 3,986,031 | |
307,153,529 | |||
State General Obligation Bonds — 6.49% | |||
California State | |||
(Forward Delivery) 4.00% 9/1/29 | 3,950,000 | 4,196,440 | |
(Various Purpose) | |||
5.00% 11/1/30 | 1,030,000 | 1,188,929 | |
5.25% 10/1/50 | 9,000,000 | 10,214,820 | |
Commonwealth of Massachusetts | |||
Series B 5.00% 1/1/32 | 5,000,000 | 5,461,500 | |
Series D 4.00% 11/1/35 | 5,000,000 | 5,228,750 | |
Commonwealth of Puerto Rico | |||
(Restructured) | |||
Series A-1 4.00% 7/1/37 | 5,759,631 | 5,012,607 | |
Series A-1 4.00% 7/1/41 | 30,381,837 | 25,447,523 | |
Series A-1 4.00% 7/1/46 | 34,894,861 | 28,214,589 | |
Illinois State | |||
5.00% 1/1/28 | 1,190,000 | 1,235,351 | |
5.00% 11/1/36 | 2,245,000 | 2,305,638 | |
5.50% 5/1/39 | 6,000,000 | 6,552,600 | |
Series A 5.00% 4/1/38 | 2,805,000 | 2,812,461 | |
Series A 5.125% 12/1/29 | 1,310,000 | 1,400,966 | |
Series A 5.50% 3/1/47 | 9,700,000 | 10,495,885 | |
Series B 3.00% 12/1/41 | 2,605,000 | 2,071,392 | |
Series C 4.00% 10/1/41 | 400,000 | 377,316 | |
Series C 4.00% 10/1/42 | 2,900,000 | 2,712,428 | |
Series C 5.00% 11/1/29 | 4,600,000 | 4,894,676 | |
(Rebuild Illinois Program) Series B 4.00% 11/1/35 | 2,000,000 | 1,999,000 | |
New Jersey State | |||
Series A 4.00% 6/1/32 | 2,080,000 | 2,219,942 | |
Washington State | |||
Series A 5.00% 8/1/44 | 4,540,000 | 4,967,396 |
NQ-NQ [5/23] 7/23 (2980419) 29
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
State General Obligation Bonds (continued) | |||
Washington State | |||
Series A-2 5.00% 8/1/43 | 6,635,000 | $ 7,343,220 | |
136,353,429 | |||
Transportation Revenue Bonds — 6.97% | |||
Atlanta, Georgia Airport Revenue | |||
Series B 5.00% 7/1/52 (AMT) | 2,000,000 | 2,078,920 | |
California Municipal Finance Authority Senior Lien | |||
(LINXS APM Project) Series A 4.00% 12/31/47 (AMT) | 7,500,000 | 6,611,250 | |
Chicago, Illinois O'Hare International Airport | |||
(General-Airport-Senior Lien) Series B 4.00% 1/1/44 | 3,000,000 | 2,903,670 | |
Denver City & County, Colorado Airport System Revenue | |||
Series A 4.00% 12/1/48 (AMT) | 5,000,000 | 4,544,800 | |
Florida Development Finance Revenue | |||
(Brightline Florida Passenger Rail Expansion Project) Series A 144A 7.25% 7/1/57 (AMT) #, • | 5,000,000 | 5,082,450 | |
Foothill-Eastern Transportation Corridor Agency Revenue | |||
(Senior Lien) Series A 4.00% 1/15/46 | 3,560,000 | 3,374,524 | |
Foothill-Eastern, California Transportation Corridor Agency Revenue | |||
Series B-2 3.50% 1/15/53 (AGM) | 2,000,000 | 1,689,240 | |
Georgia Ports Authority | |||
4.00% 7/1/52 | 4,000,000 | 3,901,720 | |
Grand Parkway Transportation | |||
(First Tier) 3.00% 10/1/50 | 3,500,000 | 2,450,945 | |
Illinois State Toll Highway Authority Revenue | |||
Series A 5.00% 1/1/44 | 10,000,000 | 10,835,400 | |
Los Angeles Department of Airports | |||
(Los Angeles International Airport) Series F 3.00% 5/15/49 (AMT) | 3,030,000 | 2,199,962 | |
Metropolitan Nashville Airport Authority | |||
Series B 5.50% 7/1/52 (AMT) | 1,500,000 | 1,618,155 | |
Metropolitan Transportation Authority Revenue, New York | |||
Subordinate Series C-1 5.25% 11/15/55 | 5,000,000 | 5,163,700 |
30 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
New York State Thruway Authority | |||
Series B 3.00% 1/1/53 (BAM) | 3,410,000 | $ 2,449,335 | |
New York Transportation Development Special Facilities Revenue | |||
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project) | |||
4.375% 10/1/45 (AMT) | 16,840,000 | 15,975,434 | |
5.00% 10/1/40 (AMT) | 3,400,000 | 3,444,914 | |
(Terminal 4 John F. Kennedy International Airport Project) 5.00% 12/1/41 (AMT) | 4,920,000 | 5,074,390 | |
Pennsylvania Turnpike Commission Revenue | |||
Series C 3.00% 12/1/51 | 1,700,000 | 1,198,925 | |
Phoenix, Arizona Civic Improvement | |||
(Junior Lien) Series A 5.00% 7/1/40 | 30,000 | 30,620 | |
Port Beaumont, Texas Navigation District Dock & Wharf Facility Revenue | |||
(Jefferson Gulf Coast Energy Project) Series A 144A 2.875% 1/1/41 (AMT) # | 1,750,000 | 1,129,433 | |
Port of Seattle, Washington Intermediate Lien Revenue | |||
(Private Activity) | |||
Series B 4.00% 8/1/47 (AMT) | 2,250,000 | 2,026,417 | |
Series B 5.50% 8/1/47 (AMT) | 3,000,000 | 3,249,210 | |
Puerto Rico Highway & Transportation Authority | |||
(Restructured) | |||
Series A 5.00% 7/1/62 | 10,000,000 | 9,612,500 | |
Series C 6.80% 7/1/53 | 35,455,000 | 21,627,195 | |
San Diego County, California Regional Airport Authority | |||
Series B 4.00% 7/1/56 (AMT) | 3,000,000 | 2,700,750 | |
South Jersey Port, New Jersey | |||
(Subordinated Marine Terminal Revenue) Series B 5.00% 1/1/48 (AMT) | 2,000,000 | 2,009,600 | |
Texas Private Activity Bond Surface Transportation Corporate Senior Lien | |||
(NTE Mobility Partners Segments 3 LLC Segment 3C Project) 5.00% 6/30/58 (AMT) | 23,780,000 | 23,507,243 | |
146,490,702 |
NQ-NQ [5/23] 7/23 (2980419) 31
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Water & Sewer Revenue Bonds — 1.41% | |||
Chicago, Illinois Waterworks Revenue | |||
(Second Lien) 5.00% 11/1/26 | 180,000 | $ 189,461 | |
Jefferson County, Alabama Sewer Revenue | |||
(Senior Lien-Warrants) Series A 5.50% 10/1/53 (AGM) | 2,500,000 | 2,557,825 | |
(Sub Lien-Warrants) Series D 7.00% 10/1/51 | 5,000,000 | 5,291,150 | |
King County, Washington Sewer Revenue | |||
Series A 4.00% 1/1/52 | 5,000,000 | 4,733,900 | |
New York City Municipal Water Finance Authority | |||
Subseries AA-1 3.00% 6/15/51 | 5,800,000 | 4,306,384 | |
Subseries BB-1 3.00% 6/15/44 | 8,750,000 | 6,977,425 | |
Tampa, Florida Water & Wastewater System Revenue | |||
(Green Bonds) Series A 5.25% 10/1/57 | 5,000,000 | 5,523,900 | |
29,580,045 | |||
Water & Sewer Revenue Bonds — 0.14% | |||
Chicago, Illinois Waterworks Revenue | |||
(Second Lien) 5.00% 11/1/28 | 30,000 | 31,245 | |
Irvine Facilities Financing Authority Revenue | |||
(Irvine Great Park Infrastructure Project) Series A 4.00% 9/1/58 (BAM) | 3,000,000 | 2,854,890 | |
2,886,135 | |||
Total Municipal Bonds (cost $2,184,559,444) | 2,064,143,721 | ||
Short-Term Investments — 0.86% | |||
Variable Rate Demand Notes — 0.86%¤ | |||
Los Angeles, California Department of Water & Power Revenue | |||
Series A-2 2.85% 7/1/45 (SPA - Barclays Bank)• | 2,900,000 | 2,900,000 | |
Metropolitan Washington, D.C. Airports Authority | |||
Series D-2 3.85% 10/1/39 (LOC - TD Bank N.A.)• | 950,000 | 950,000 | |
Minneapolis Health Care System Revenue | |||
(Fairview Health Services) Series C 3.75% 11/15/48 (LOC – Wells Fargo Bank N.A.)• | 2,100,000 | 2,100,000 | |
New York City Municipal Water Finance Authority | |||
Series CC 3.85% 6/15/41 • | 8,000,000 | 8,000,000 |
32 NQ-NQ [5/23] 7/23 (2980419)
(Unaudited)
Principal amount° | Value (US $) | ||
Short-Term Investments (continued) | |||
Variable Rate Demand Notes (continued) | |||
Phoenix, Arizona Industrial Development Authority | |||
(Mayo Clinic) Series B 3.85% 11/15/52 (SPA - Northern Trust)• | 4,125,000 | $ 4,125,000 | |
Total Short-Term Investments (cost $18,075,000) | 18,075,000 | ||
Total Value of Securities—99.06% (cost $2,202,634,444) | 2,082,218,721 | ||
Receivables and Other Assets Net of Liabilities—0.94% | 19,851,323 | ||
Net Assets Applicable to 211,324,764 Shares Outstanding—100.00% | $2,102,070,044 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2023, the aggregate value of Rule 144A securities was $516,174,432, which represents 24.56% of the Fund's net assets. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2023. 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. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2023. |
§ | 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. |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2023. |
NQ-NQ [5/23] 7/23 (2980419) 33
Schedule of investments
Delaware National High-Yield Municipal Bond Fund (Unaudited)
Summary of abbreviations: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
BB – Barclays Bank |
ICE – Intercontinental Exchange, Inc. |
KIPP – Knowledge is Power Program |
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 |
PSF – Guaranteed by Permanent School Fund |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
34 NQ-NQ [5/23] 7/23 (2980419)