Delaware Minnesota High-Yield Municipal Bond Fund

Holdings as of 07/30/2010 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
AITKIN MINN HEALTH CARE FACS	700,000.00	0.46	$686,938.00	5.50	02/01/2024	AITMED
ANDOVER MINN ECONOMIC DEV AUTH	405,000.00	0.30	$449,590.50	5.20	02/01/2034	ANDDEV
ANDOVER MINN ECONOMIC DEV AUTH	595,000.00	0.44	$660,509.50	5.20	02/01/2034	ANDDEV
ANOKA CNTY MINN HSG & REDEV RE	1,000,000.00	0.68	$1,017,610.00	6.88	05/01/2040	036225AC4
APPLE VY MINN ECONOMIC DEV	1,000,000.00	0.67	$998,790.00	5.80	01/01/2030	APPMED
BAYTOWN TWP MINN LEASE REV	500,000.00	0.34	$500,300.00	7.00	08/01/2038	BYTGEN
BEMIDJI MINN HEALTH CARE FACS	1,150,000.00	0.80	$1,187,685.50	5.00	09/01/2020	BEMMED
BEMIDJI MINN HEALTH CARE FACS	1,350,000.00	0.86	$1,285,713.00	5.00	09/01/2031	BEMMED
BRECKENRIDGE MINN REV	2,000,000.00	1.38	$2,050,000.00	5.00	05/01/2030	BREGEN
CASH	-818,303.96	-0.55	-$818,303.96	0.00	12/15/2038	US-CASH
CHANHASSEN MINN MULTIFAMILY RE	300,000.00	0.20	$300,288.00	6.20	07/01/2030	CHNMFH
CHASKA MINN ELEC REV	1,000,000.00	0.71	$1,049,940.00	5.25	10/01/2025	CHAPWR
CHASKA MINN INDPT SCH DIST NO	1,000,000.00	0.70	$1,034,460.00	4.50	02/01/2028	CHASCD
CHASKA MINN MULTIFAMILY REV	1,000,000.00	0.54	$794,750.00	5.88	03/01/2031	CHAMFH
CLOQUET MINN POLLUTN CTL REV	1,700,000.00	1.10	$1,630,640.00	5.90	10/01/2026	CLOPOL
DETROIT LAKES MINN HSG &	500,000.00	0.34	$500,010.00	5.50	08/01/2021	DETMED
DULUTH MINN ECONOMIC DEV AUTH	1,000,000.00	0.78	$1,154,510.00	5.25	02/15/2028	DULDEV
DULUTH MINN ECONOMIC DEV AUTH	2,250,000.00	1.75	$2,597,647.50	5.25	02/15/2033	DULDEV
FARMINGTON MINN INDPT SCH DIST	1,000,000.00	0.71	$1,059,210.00	5.00	02/01/2027	FRMSCD
FOLEY MINN INDPT SCH DIST NO 0	1,105,000.00	0.82	$1,222,947.70	5.00	02/01/2021	FOLSCD
GLENCOE MINN HEALTH CARE FACS	1,100,000.00	0.75	$1,118,227.00	5.00	04/01/2020	GLEMED
GLENCOE MINN HEALTH CARE FACS	1,965,000.00	1.23	$1,830,633.30	5.00	04/01/2031	GLEMED
HENNEPIN CNTY MINN SALES TAX	1,000,000.00	0.75	$1,113,630.00	5.00	12/15/2024	HENGEN
HENNEPIN CNTY MINN SALES TAX	1,000,000.00	0.75	$1,119,190.00	5.00	12/15/2024	HENGEN
HENNEPIN CNTY MINN SALES TAX	1,500,000.00	1.16	$1,720,410.00	5.00	12/15/2020	HENGEN
HIBBING MINN ECONOMIC DEV AUTH	275,000.00	0.18	$275,195.25	6.40	02/01/2012	HIBDEV
HOPKINS MINN INDPT SCH DIST NO	1,055,000.00	0.76	$1,121,981.95	5.00	02/01/2026	HOPSCD
LAKEVILLE MINN INDPT SCH DIST	1,000,000.00	0.70	$1,040,740.00	4.75	02/01/2022	LKVSCD
LAURENTIAN ENERGY AUTH I LLC	1,750,000.00	1.18	$1,755,565.00	5.00	12/01/2021	LREPWR
LONG TERM RECEIVABLES	-297,113.31	-0.20	-$297,113.31	0.00	N/A	SECNCAHUS
MAHTOMEDI MINN SR HSG REV	1,000,000.00	0.60	$887,880.00	5.75	12/01/2040	MTMHSG
MAPLE GROVE MINN HEALTH CARE	1,000,000.00	0.67	$995,640.00	5.25	05/01/2037	MGRMED
MAPLE GROVE MINN HEALTH CARE	1,880,000.00	1.22	$1,809,706.80	5.00	09/01/2035	MGRMED
MAPLE GROVE MINN HEALTH CARE	2,200,000.00	1.50	$2,231,020.00	5.25	05/01/2028	MGRMED
METROPOLITAN COUNCIL MINN	500,000.00	0.38	$565,325.00	5.00	12/01/2021	METGEN
METROPOLITAN COUNCIL MINN	1,000,000.00	0.72	$1,075,220.00	5.00	03/01/2028	METGEN
MINNEAPOLIS & ST PAUL MINN HSG	525,000.00	0.38	$557,287.50	6.00	12/01/2017	MINMED
MINNEAPOLIS & ST PAUL MINN MET	2,000,000.00	1.36	$2,023,520.00	5.00	01/01/2028	MINAPT
MINNEAPOLIS MINN	1,500,000.00	1.06	$1,576,800.00	4.00	12/01/2023	MIN
MINNEAPOLIS MINN CMNTY DEV AGY	1,000,000.00	0.72	$1,066,770.00	5.45	12/01/2031	MINDEV
MINNEAPOLIS MINN HEALTH CARE	250,000.00	0.19	$281,682.50	6.50	11/15/2038	MINMED
MINNEAPOLIS MINN HEALTH CARE	1,500,000.00	1.13	$1,681,770.00	5.75	11/15/2032	MINMED
MINNEAPOLIS MINN HEALTH CARE	1,900,000.00	1.44	$2,144,416.00	6.62	11/15/2028	MINMED
MINNEAPOLIS MINN HEALTH CARE	2,000,000.00	1.49	$2,209,460.00	5.62	05/15/2032	MINMED
MINNEAPOLIS MINN HEALTH CARE	3,000,000.00	2.03	$3,013,620.00	5.00	11/15/2034	MINMED
MINNEAPOLIS MINN MULTIFAMILY R	575,000.00	0.39	$580,025.50	6.75	05/01/2021	MINMFH
MINNEAPOLIS MINN MULTIFAMILY R	1,265,000.00	0.85	$1,265,531.30	6.00	12/01/2019	MINMFH
MINNEAPOLIS MINN MULTIFAMILY R	2,085,000.00	1.42	$2,102,847.60	7.25	11/01/2029	MINMFH
MINNEAPOLIS MINN SUPPORTED DEV	1,170,000.00	0.77	$1,138,948.20	5.00	06/01/2028	MINDEV
MINNEAPOLIS MINN TAX INCREMENT	500,000.00	0.30	$449,430.00	5.65	02/01/2027	MINGEN
MINNEAPOLIS MINN TAX INCREMENT	785,000.00	0.37	$548,762.10	5.70	02/01/2029	MINGEN
MINNEAPOLIS ST PAUL MINN HSG	782,218.00	0.53	$788,256.72	5.00	12/01/2038	MINSFH
MINNESOTA AGRIC & ECONOMIC DEV	1,000,000.00	0.63	$938,950.00	5.75	02/01/2029	MNSAGR
MINNESOTA MUNICIPAL CASH TRUST	18,228.88	0.01	$18,228.88	0.04	08/02/2010	080210FRB
MINNESOTA PUB FACS AUTH CLEAN	2,000,000.00	1.61	$2,391,420.00	5.00	03/01/2018	MNSFAC
MINNESOTA PUB FACS AUTH WTR PO	1,000,000.00	0.79	$1,171,110.00	5.00	03/01/2018	MNSWTR
MINNESOTA ST	1,000,000.00	0.78	$1,159,090.00	5.00	06/01/2014	MNS
MINNESOTA ST	1,250,000.00	0.93	$1,385,887.50	5.00	08/01/2021	MNS
MINNESOTA ST 911 REVENUE	1,000,000.00	0.74	$1,104,290.00	5.00	06/01/2024	MNSGEN
MINNESOTA ST HIGHER ED FACS	700,000.00	0.48	$708,540.00	5.00	05/01/2023	MNSHGR
MINNESOTA ST HIGHER ED FACS	825,000.00	0.56	$828,836.25	4.75	10/01/2033	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.64	$959,150.00	4.50	10/01/2032	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.66	$975,870.00	5.00	05/01/2036	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.66	$988,820.00	4.25	03/01/2032	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.69	$1,030,340.00	5.00	10/01/2039	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.73	$1,079,950.00	5.00	10/01/2022	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,500,000.00	0.99	$1,471,035.00	5.50	05/01/2037	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,500,000.00	1.08	$1,603,425.00	5.00	04/01/2023	MNSHGR
MINNESOTA ST HSG FIN AGY	5,000.00	0.00	$5,006.70	6.25	01/01/2023	MNSHSG
MINNESOTA ST HSG FIN AGY	585,000.00	0.40	$587,995.20	4.88	08/01/2024	MNSHSG
MINNESOTA ST HSG FIN AGY	1,000,000.00	0.67	$995,640.00	5.00	07/01/2036	MNSHSG
MINNESOTA ST HSG FIN AGY	1,145,000.00	0.75	$1,112,539.25	4.85	07/01/2038	MNSHSG
MINNESOTA ST HSG FIN AGY	1,500,000.00	1.01	$1,504,815.00	5.10	07/01/2038	MNSHSG
MINNESOTA ST HSG FIN AGY	2,265,000.00	1.51	$2,247,582.15	5.00	08/01/2040	MNSHSG
MINNESOTA ST HSG FIN AGY	2,500,000.00	1.64	$2,443,075.00	4.88	07/01/2037	MNSHSG
MINNESOTA ST MUN PWR AGY ELEC	2,750,000.00	1.88	$2,797,905.00	5.00	10/01/2034	MNSPWR
MOORHEAD MINN	750,000.00	0.52	$770,707.50	5.00	02/01/2033	MOO
MOORHEAD MINN ECONOMIC DEV AUT	550,000.00	0.34	$499,240.50	5.15	06/01/2029	MOOMFH
NORTHERN MUN PWR AGY MINN ELEC	1,000,000.00	0.77	$1,146,080.00	5.00	01/01/2018	NORPWR
NORTHERN MUN PWR AGY MINN ELEC	1,200,000.00	0.92	$1,373,064.00	5.00	01/01/2016	NORPWR
NORTHFIELD MINN HOSP REV	1,000,000.00	0.65	$968,530.00	5.38	11/01/2031	NFDMED
OWATONNA MINN SR HSG REV	400,000.00	0.26	$386,068.00	5.80	10/01/2029	OWAHSG
OWATONNA MINN SR HSG REV	1,250,000.00	0.78	$1,165,662.50	6.00	04/01/2041	OWAHSG
PERHAM MINN	1,500,000.00	1.02	$1,514,010.00	6.00	05/01/2022	PER
PUERTO RICO COMWLTH	1,010,000.00	0.72	$1,073,327.00	6.00	07/01/2039	PRC
PUERTO RICO COMWLTH INFRASTRUC	800,000.00	0.52	$768,168.00	5.00	07/01/2046	PRCFAC
PUERTO RICO ELEC PWR AUTH PWR	1,665,000.00	1.13	$1,682,249.40	5.25	07/01/2040	PRCPWR
PUERTO RICO PORTS AUTH REV	1,390,000.00	0.77	$1,144,915.20	6.25	06/01/2026	745290EB8
PUERTO RICO SALES TAX FING	790,000.00	0.56	$829,026.00	5.75	08/01/2037	PRCGEN
ROCHESTER MINN HEALTH CARE &	375,000.00	0.26	$393,903.75	7.38	12/01/2041	ROCMED
ROCHESTER MINN HEALTH CARE &	1,000,000.00	0.70	$1,042,870.00	6.88	12/01/2029	ROCMED
SARTELL MINN ENVIRONMENTAL	1,750,000.00	1.15	$1,703,940.00	5.20	06/01/2027	SARPOL
SARTELL MINN HEALTH CARE FACS	925,000.00	0.62	$925,980.50	6.25	09/01/2036	SARMED
SECURITIZED NET CASH - ACR1	2,082,344.80	1.40	$2,082,344.80	0.00	N/A	SECCASHAC
SHAKOPEE MINN HEALTH CARE FACS	1,000,000.00	0.64	$951,440.00	5.25	09/01/2034	SHAMED
SOUTH WASH CNTY INDPT SCH DIST	1,500,000.00	1.08	$1,599,840.00	4.75	02/01/2027	SWHSCD
SOUTHERN MINN MUN PWR AGY PWR	1,000,000.00	0.78	$1,158,040.00	5.25	01/01/2016	SOUPWR
ST CLOUD MINN HEALTH CARE REV	1,125,000.00	0.78	$1,160,201.25	5.12	05/01/2030	SUDMED
ST CLOUD MINN HEALTH CARE REV	1,500,000.00	1.05	$1,565,160.00	5.50	05/01/2039	SUDMED
ST LOUIS PARK MINN HEALTH CARE	1,000,000.00	0.70	$1,044,620.00	5.50	07/01/2023	SLPMED
ST LOUIS PARK MINN HEALTH CARE	1,000,000.00	0.78	$1,156,890.00	5.25	07/01/2030	SLPMED
ST LOUIS PARK MINN HEALTH CARE	1,500,000.00	1.02	$1,510,320.00	5.75	07/01/2039	SLPMED
ST PAUL MINN HSG & REDEV AUTH	250,000.00	0.17	$250,065.00	5.85	11/01/2017	STPMED
ST PAUL MINN HSG & REDEV AUTH	705,000.00	0.47	$705,155.10	5.70	11/01/2015	STPMED
ST PAUL MINN HSG & REDEV AUTH	750,000.00	0.52	$765,735.00	5.50	09/20/2044	STPMFH
ST PAUL MINN HSG & REDEV AUTH	770,000.00	0.51	$756,032.20	6.00	08/01/2042	STPHSG
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.58	$858,630.00	5.38	05/01/2043	STPMFH
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.64	$944,640.00	5.25	05/15/2036	STPHSG
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.66	$976,980.00	6.00	11/15/2030	STPMED
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.68	$1,003,930.00	6.00	11/15/2025	STPMED
ST PAUL MINN HSG & REDEV AUTH	1,900,000.00	1.41	$2,088,328.00	5.00	11/15/2018	STPMED
ST PAUL MINN PORT AUTH	1,500,000.00	1.05	$1,556,130.00	5.00	03/01/2037	STPTRN
ST PAUL MINN PORT AUTH LEASE R	1,000,000.00	0.70	$1,036,580.00	5.00	12/01/2027	STPTRN
ST PAUL MINN SWR REV	1,220,000.00	0.96	$1,434,171.00	5.00	12/01/2019	STPUTL
STILLWATER MINN HEALTH CARE	1,000,000.00	0.65	$970,860.00	5.00	06/01/2035	STIMED
STILLWATER MINN HEALTH CARE	2,000,000.00	1.36	$2,023,140.00	5.00	06/01/2025	STIMED
STILLWATER MINN MULTIFAMILY RE	750,000.00	0.40	$602,115.00	5.50	02/01/2042	STIMFH
TODD MORRISON CASS & WADENA CN	205,000.00	0.14	$214,419.75	5.12	12/01/2024	TODMED
TODD MORRISON CASS & WADENA CN	610,000.00	0.43	$642,720.40	5.00	12/01/2021	TODMED
TODD MORRISON CASS & WADENA CN	1,540,000.00	1.08	$1,610,855.40	5.25	12/01/2026	TODMED
TWIN VALLEY MINN CONGREGATE	1,825,000.00	1.15	$1,702,177.50	5.95	11/01/2028	TWIHSG
UNIVERSITY MINN	1,000,000.00	0.72	$1,076,890.00	5.12	04/01/2034	UNIHGR
UNIVERSITY MINN SPL PURP REV	2,660,000.00	1.89	$2,805,049.80	5.00	08/01/2029	UNIHGR
VIRGIN ISLANDS PUB FIN AUTH RE	1,000,000.00	0.69	$1,025,290.00	5.25	10/01/2024	VITGEN
WASHINGTON CNTY MINN HSG & RED	800,000.00	0.50	$740,888.00	7.12	08/20/2034	WASHSG
WESTERN MINN MUN PWR AGY MINN	1,335,000.00	0.91	$1,352,835.60	5.00	01/01/2030	WESPWR
WHITE BEAR LAKE MINN INDPT SCH	1,500,000.00	1.13	$1,677,945.00	4.75	02/01/2022	WHISCD
WINONA MINN HEALTH CARE FACS R	1,500,000.00	0.93	$1,377,555.00	5.15	07/01/2031	WINMED