Delaware National 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
ALHAMBRA CALIF REV	1,000,000.00	0.66	$1,059,610.00	7.62	01/01/2040	ALHGEN
ALLEGHENY CNTY PA HOSP DEV AUT	700,000.00	0.43	$700,000.00	0.26	06/01/2035	ALLMED
ALLEGHENY CNTY PA INDL DEV AUT	1,000,000.00	0.66	$1,070,480.00	6.88	05/01/2030	ALLDEV
ANNE ARUNDEL SPL OBLG	1,500,000.00	0.93	$1,500,000.00	6.10	07/01/2040	AARGEN
APPLE VY MINN ECONOMIC DEV	1,000,000.00	0.62	$995,420.00	6.00	01/01/2040	APPMED
BALTIMORE MD CONVENTION CTR	1,000,000.00	0.53	$857,110.00	5.88	09/01/2039	BALFAC
BEAVER CNTY PA INDL DEV AUTH P	1,000,000.00	0.64	$1,033,250.00	7.12	06/01/2028	BEAPOL
BEXAR CNTY TEX HEALTH FACS DEV	1,000,000.00	0.63	$1,010,050.00	5.88	07/01/2030	BEXMED
BEXAR CNTY TEX HEALTH FACS DEV	1,000,000.00	0.69	$1,113,470.00	6.30	07/01/2032	BEXMED
BOWLING GREEN OHIO STUDENT HSG	1,250,000.00	0.77	$1,246,250.00	6.00	06/01/2045	BOWHSG
BRANSON MO REGL ARPT TRANSN DE	500,000.00	0.18	$289,830.00	6.00	07/01/2037	BRAAPT
BRAZOS RIVER AUTH TEX POLLUTN	1,000,000.00	0.28	$457,020.00	6.30	07/01/2032	BRAPOL
BRAZOS TEX HBR INDL DEV CORP	190,000.00	0.12	$188,884.70	5.90	05/01/2038	BRADEV
BREVARD CNTY FLA HEALTH FACS	1,000,000.00	0.69	$1,110,240.00	7.00	04/01/2039	BREMED
BROOKLYN ARENA LOCAL DEV CORP	1,000,000.00	0.67	$1,074,100.00	6.50	07/15/2030	BRKDEV
BUCKEYE OHIO TOB SETTLEMENT	1,000,000.00	0.48	$779,120.00	6.50	06/01/2047	BUCGEN
BUTLER CNTY PA HOSP AUTH HOSP	900,000.00	0.64	$1,025,100.00	7.12	07/01/2029	BUTMED
CALIFORNIA STATEWIDE CMNTYS	500,000.00	0.34	$546,940.00	7.25	11/15/2041	CASDEV
CALIFORNIA STATEWIDE CMNTYS	1,000,000.00	0.52	$839,790.00	5.50	11/01/2038	CASDEV
CALIFORNIA STATEWIDE CMNTYS	1,000,000.00	0.62	$1,005,190.00	6.00	07/01/2040	CASEDU
CALIFORNIA STATEWIDE CMNTYS DE	1,000,000.00	0.60	$967,420.00	5.62	08/01/2034	CASDEV
CAPITAL AREA CULTURAL ED FACS	1,000,000.00	0.63	$1,010,430.00	6.12	04/01/2045	CPAEDU
CASH	196,906.10	0.12	$196,906.10	0.00	12/15/2038	US-CASH
CASS CNTY TEX INDL DEV CORP EN	1,000,000.00	0.63	$1,009,870.00	6.00	09/01/2025	CASDEV
CHATTANOOGA TENN HEALTH EDL &	1,500,000.00	0.87	$1,402,245.00	6.00	10/01/2035	CHAMED
CHICAGO ILL TAX INCREMENT	750,000.00	0.48	$766,222.50	5.95	12/15/2012	CHIGEN
CLAYTON CNTY GA DEV AUTH SPL F	1,000,000.00	0.65	$1,050,340.00	9.00	06/01/2035	CYTDEV
CLEVELAND-CUYAHOGA CNTY OHIO P	1,000,000.00	0.53	$859,940.00	6.25	05/01/2038	CLETRN
CLIFTON TEX HIGHER ED FIN CORP	1,000,000.00	0.62	$1,007,460.00	6.25	12/01/2045	CLIEDU
CLOQUET MINN POLLUTN CTL REV	750,000.00	0.45	$719,400.00	5.90	10/01/2026	CLOPOL
COLORADO HEALTH FACS AUTH REV	500,000.00	0.28	$443,185.00	5.75	01/01/2037	COSMED
COLUMBUS CNTY N C INDL FACS &	1,000,000.00	0.63	$1,010,330.00	5.70	05/01/2034	COLPOL
CONNECTICUT ST HEALTH & EDL	1,400,000.00	0.88	$1,415,232.00	5.00	07/01/2030	CTSHGR
CUMBERLAND CNTY PA MUN AUTH	1,000,000.00	0.64	$1,029,770.00	6.38	01/01/2039	CUMGEN
DE SOTO PARISH LA ENVIRONMENTA	1,650,000.00	1.04	$1,673,001.00	6.35	02/01/2025	DESENV
EAST ROCHESTER N Y HSG AUTH RE	500,000.00	0.27	$433,260.00	5.50	08/01/2033	ERTHSG
FARMS NEW KENT VA CMNTY DEV	1,000,000.00	0.48	$772,500.00	5.80	03/01/2036	FRMDEV
FRANKLIN CNTY PA INDL DEV AUTH	1,000,000.00	0.62	$1,002,620.00	5.38	07/01/2042	FRADEV
GAINESVILLE & HALL CNTY GA DEV	1,000,000.00	0.63	$1,017,920.00	7.25	11/15/2029	GAIDEV
GAINESVILLE GA REDEV AUTH EDL	850,000.00	0.36	$579,666.00	5.12	03/01/2037	GAIDEV
GEORGIA ST	1,000,000.00	0.75	$1,214,980.00	5.00	07/01/2020	GAS
GOLDEN ST TOB SECURITIZATION	4,400,000.00	1.94	$3,133,944.00	5.75	06/01/2047	GLDGEN
GUAM GOVT	1,565,000.00	1.05	$1,685,019.85	6.75	11/15/2029	GMSFAC
GULF COAST WASTE DISP AUTH TEX	285,000.00	0.17	$267,515.25	2.30	01/01/2026	GULPOL
GULF COAST WASTE DISP AUTH TEX	550,000.00	0.32	$516,257.50	2.30	01/01/2042	GULPOL
GULF COAST WASTE DISP AUTH TEX	1,000,000.00	0.63	$1,011,410.00	6.65	04/01/2032	FULUTL
HAMDEN CONN FAC REV	1,000,000.00	0.66	$1,055,600.00	7.75	01/01/2043	HAMFAC
HAWAII PAC HEALTH SPL PURP REV	1,250,000.00	0.75	$1,214,237.50	5.50	07/01/2040	HISMED
HAWAII ST DEPT BUDGET & FIN	970,000.00	0.66	$1,059,754.10	6.50	07/01/2039	HISGEN
HAWAII ST DEPT BUDGET & FIN SP	1,000,000.00	0.70	$1,126,890.00	9.00	11/15/2044	HISGEN
HENDERSON NEV LOC IMPT DISTS	660,000.00	0.18	$285,377.40	5.30	09/01/2035	HENGEN
HENRICO CNTY VA	500,000.00	0.38	$606,965.00	5.00	07/15/2019	HEN
IDAHO HSG & FIN ASSN	1,000,000.00	0.73	$1,171,680.00	9.50	07/01/2039	IDSHSG
ILLINOIS FIN AUTH REV	1,000,000.00	0.67	$1,073,010.00	7.00	08/15/2044	ILSGEN
ILLINOIS FIN AUTH REV	1,000,000.00	0.72	$1,161,670.00	7.75	08/15/2034	ILSGEN
ILLINOIS HEALTH FACS AUTH REV	1,000,000.00	0.61	$977,700.00	5.62	01/01/2028	ILSMED
INDIANA ST FIN AUTH	1,000,000.00	0.64	$1,029,160.00	6.00	12/01/2026	INSENV
INDIANA ST FIN AUTH REV	1,000,000.00	0.66	$1,058,780.00	7.00	10/01/2039	INSFIN
INDIANA ST FIN AUTH REV	1,000,000.00	0.74	$1,195,630.00	9.00	07/01/2039	INSFIN
IOWA HIGHER ED LN AUTH REV	1,500,000.00	0.94	$1,521,780.00	6.00	09/01/2039	IASSTD
KENTUCKY ECONOMIC DEV FIN AUTH	1,000,000.00	0.65	$1,050,280.00	6.50	03/01/2045	KYSDEV
LANCASTER CALIF REDEV AGY TAX	500,000.00	0.35	$560,365.00	6.88	08/01/2039	LANDEV
LANCASTER CNTY PA HOSP AUTH RE	725,000.00	0.45	$725,152.25	6.38	07/01/2030	LANMED
LEBANON CNTY PA HEALTH FACS	1,000,000.00	0.54	$873,690.00	5.30	12/15/2026	LEBMED
LONG TERM RECEIVABLES	-313,410.04	-0.19	-$313,410.04	0.00	N/A	SECNCAHUS
LOUISIANA LOC GOVT	1,500,000.00	0.96	$1,546,695.00	6.50	08/01/2029	LASGOV
M-S-R ENERGY AUTH CALIF	1,000,000.00	0.68	$1,098,660.00	6.50	11/01/2039	MSRPWR
MANCHESTER MO TAX INCREMENT &	1,250,000.00	0.79	$1,266,450.00	6.88	11/01/2039	MANGEN
MARIETTA GA DEV AUTH REV	1,000,000.00	0.62	$993,750.00	7.00	06/15/2039	MARDEV
MARYLAND ST ECONOMIC DEV CORP	930,000.00	0.59	$946,098.30	5.75	06/01/2033	MDSDEV
MARYLAND ST ECONOMIC DEV CORP	1,000,000.00	0.64	$1,025,590.00	5.75	06/01/2035	MDSDEV
MARYLAND ST HEALTH & HIGHER	1,000,000.00	0.60	$967,590.00	5.75	07/01/2038	MDSMED
MARYLAND ST HEALTH & HIGHER	1,000,000.00	0.63	$1,019,540.00	6.12	07/01/2045	MDSMED
MARYLAND ST HEALTH & HIGHER	1,170,000.00	0.31	$503,100.00	5.50	07/01/2038	MDSMED
MASSACHUSETTS ST HEALTH & EDL	1,000,000.00	0.62	$999,950.00	6.12	10/01/2029	MASMED
MASSACHUSETTS ST HEALTH & EDL	1,000,000.00	0.64	$1,034,400.00	5.62	10/15/2040	MASMED
MEDFORD ORE HOSP FACS AUTH REV	1,000,000.00	0.63	$1,012,430.00	5.00	08/01/2040	MFDMED
MICHIGAN PUB EDL FACS AUTH REV	1,000,000.00	0.64	$1,037,270.00	7.00	12/01/2039	MISEDU
MICHIGAN TOB SETTLEMENT FIN	555,000.00	0.25	$402,452.70	6.00	06/01/2048	MISGEN
MIDDLESEX CNTY N J IMPT AUTH	500,000.00	0.18	$282,040.00	5.00	01/01/2032	MSXGEN
MIDDLESEX CNTY N J IMPT AUTH	870,000.00	0.30	$490,862.70	5.12	01/01/2037	MSXGEN
MINNEAPOLIS & ST PAUL MINN HSG	1,800,000.00	1.12	$1,800,000.00	0.25	11/15/2035	MINMED
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.61	$980,690.00	5.50	05/01/2037	MNSHGR
MISSISSIPPI BUSINESS FIN CORP	900,000.00	0.56	$899,928.00	5.90	05/01/2022	MSSDEV
MISSOURI ST DEV FIN BRD INFRAS	720,000.00	0.46	$733,125.60	5.50	12/01/2024	MOSDEV
MONTANA FAC FIN AUTH REV	1,250,000.00	0.82	$1,324,237.50	5.25	01/01/2040	MTSFIN
NASSAU CNTY N Y TOBACCO SETTLE	525,000.00	0.25	$406,838.25	5.12	06/01/2046	NAS
NEW JERSEY ECONOMIC DEV AUTH	965,000.00	0.59	$946,510.60	5.75	06/15/2034	NJSDEV
NEW JERSEY ECONOMIC DEV AUTH	1,500,000.00	0.94	$1,522,800.00	5.88	06/01/2042	NJSDEV
NEW JERSEY ECONOMIC DEV AUTH S	1,000,000.00	0.60	$966,790.00	6.40	09/15/2023	NJSDEV
NEW JERSEY HEALTH CARE FACS FI	860,000.00	0.56	$895,629.80	6.62	07/01/2038	NJSMED
NEW JERSEY ST EDL FACS AUTH	750,000.00	0.47	$756,795.00	5.50	07/01/2023	NJSEDU
NEW JERSEY ST EDL FACS AUTH	1,000,000.00	0.71	$1,151,240.00	7.50	12/01/2032	NJSEDU
NEW YORK LIBERTY DEV CORP	1,500,000.00	0.95	$1,536,975.00	5.62	07/15/2047	NYCDEV
NEW YORK N Y CITY INDL DEV AGY	905,000.00	0.50	$812,346.10	5.50	07/01/2028	NYCAPT
NEW YORK N Y CITY INDL DEV AGY	1,000,000.00	0.49	$783,210.00	5.12	05/15/2030	NYCDEV
NEW YORK N Y CITY INDL DEV AGY	1,000,000.00	0.64	$1,040,130.00	7.75	08/01/2031	NYCDEV
NEW YORK N Y CITY INDL DEV AGY	1,200,000.00	0.66	$1,059,528.00	5.00	01/01/2046	64971PEB7
NEW YORK ST DORM AUTH REVS NON	1,000,000.00	0.61	$984,450.00	6.25	12/01/2037	NYSHGR
NEW YORK ST LOC GOVT ASSISTANC	1,000,000.00	0.73	$1,182,870.00	5.00	04/01/2020	NYSGEN
NORCO CALIF REDEV AGY TAX ALLO	1,000,000.00	0.62	$1,006,450.00	6.00	03/01/2036	NRCDEV
NORTH CAROLINA HSG FIN AGY	950,000.00	0.61	$983,155.00	5.55	07/01/2038	NCSHSG
NORTH CAROLINA MED CARE COMMN	1,000,000.00	0.58	$934,950.00	5.60	10/01/2036	NCSMED
OHIO CNTY KY POLLUTN CTL REV	1,250,000.00	0.79	$1,278,637.50	6.00	07/15/2031	OHCPOL
OHIO ST HIGHER EDL FAC REV	950,000.00	0.63	$1,020,148.00	5.50	12/01/2028	OHSHGR
OKLAHOMA CITY OK INDL & CULT F	1,160,000.00	0.66	$1,068,000.40	6.75	01/01/2023	OKCDEV
ONONDAGA CNTY N Y INDL DEV	500,000.00	0.29	$470,460.00	7.25	01/01/2032	ONODEV
ORANGE CNTY FLA HEALTH FACS AU	1,000,000.00	0.62	$1,003,220.00	5.25	10/01/2035	ORAMED
OREGON ST FACS AUTH REV	1,000,000.00	0.55	$889,280.00	5.45	10/01/2032	ORSFAC
OREGON ST FACS AUTH REV	1,000,000.00	0.63	$1,018,870.00	5.25	10/01/2040	ORSFAC
PALM DRIVE HEALTH CARE DIST	2,000,000.00	0.95	$1,536,540.00	5.25	04/01/2030	PLMMED
PENNSYLVANIA ECONOMIC DEV FING	1,000,000.00	0.67	$1,077,330.00	6.25	10/15/2023	PASMED
PENNSYLVANIA ECONOMIC DEV FING	1,000,000.00	0.70	$1,124,520.00	7.00	07/15/2039	PASDEV
PENNSYLVANIA ST HIGHER EDL	1,000,000.00	0.63	$1,011,870.00	6.00	07/01/2042	PASEDU
PENNSYLVANIA ST HIGHER EDL	1,300,000.00	0.82	$1,316,549.00	5.80	07/01/2030	PASEDU
PENNSYLVANIA ST HIGHER EDL	2,400,000.00	0.86	$1,392,360.00	1.01	07/01/2039	PASEDU
PETERSBURG IND POLLUTN CTL REV	1,000,000.00	0.64	$1,025,830.00	6.38	11/01/2029	PETPOL
PHENIX CITY ALA INDL DEV BRD E	500,000.00	0.30	$484,665.00	6.35	05/15/2035	PHEENV
PHILADELPHIA PA AUTH FOR INDL	745,000.00	0.43	$697,349.80	5.75	08/15/2032	PHIDEV
PHILADELPHIA PA REDEV AUTH REV	1,500,000.00	0.73	$1,177,740.00	5.50	07/01/2035	PHIDEV
PRESCOTT VY ARIZ IMPT DIST SPL	80,000.00	0.05	$83,696.00	7.90	01/01/2012	PRVGEN
PROVO UTAH CHARTER SCH REV	1,000,000.00	0.50	$798,080.00	5.50	06/15/2037	PROEDU
PUERTO RICO COMWLTH	675,000.00	0.44	$717,322.50	6.00	07/01/2039	PRC
PUERTO RICO COMWLTH HWY & TRAN	1,855,000.00	1.14	$1,844,500.70	5.00	07/01/2030	745190TR9
PUERTO RICO ELEC PWR AUTH PWR	2,000,000.00	1.30	$2,087,140.00	5.25	07/01/2026	PRCPWR
PUERTO RICO ELEC PWR AUTH PWR	3,205,000.00	2.01	$3,238,203.80	5.25	07/01/2040	PRCPWR
PUERTO RICO SALES TAX FING	800,000.00	0.52	$839,520.00	5.75	08/01/2037	PRCGEN
PUERTO RICO SALES TAX FING	2,030,000.00	1.04	$1,674,404.90	0.00	08/01/2032	PRCGEN
RICHLAND CNTY OHIO HOSP FACS R	500,000.00	0.31	$506,485.00	6.38	11/15/2030	RICMED
RICHMOND HEIGHTS MO TAX	1,200,000.00	0.67	$1,077,792.00	5.62	11/01/2025	RMHGEN
SACRAMENTO CNTY CALIF ARPT SYS	1,000,000.00	0.66	$1,072,460.00	6.00	07/01/2041	SACAPT
SALT VERDE FINL CORP GAS REV A	1,000,000.00	0.55	$891,520.00	5.00	12/01/2037	SLTPWR
SECURITIZED NET CASH - ACR1	1,849,779.29	1.15	$1,849,779.29	0.00	N/A	SECCASHAC
SOUTH CAROLINA JOBS-ECONOMIC	1,000,000.00	0.62	$1,007,680.00	5.75	08/01/2039	SCSMED
SOUTHWESTERN ILL DEV AUTH REV	500,000.00	0.24	$385,955.00	5.35	03/01/2031	SWTDEV
ST JOHN BAPTIST PARISH LA REV	1,000,000.00	0.60	$966,410.00	5.12	06/01/2037	SJBCTF
ST JOHNS CNTY FLA INDL DEV	1,000,000.00	0.62	$1,001,120.00	5.88	08/01/2040	STJDEV
ST JOSEPH MO INDL DEV AUTH TAX	500,000.00	0.28	$457,245.00	5.50	11/01/2027	STJDEV
ST JOSEPH MO INDL DEV AUTH TAX	1,000,000.00	0.58	$927,930.00	5.38	11/01/2024	STJDEV
ST LOUIS MO ARPT REV	1,090,000.00	0.72	$1,165,166.40	6.62	07/01/2034	STLAPT
ST LOUIS PARK MINN HEALTH CARE	1,000,000.00	0.62	$1,006,880.00	5.75	07/01/2039	SLPMED
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.61	$976,980.00	6.00	11/15/2030	STPMED
ST PAUL MINN HSG & REDEV AUTH	3,000,000.00	1.76	$2,833,920.00	5.25	05/15/2036	STPHSG
SUGAR CREEK MO INDL DEV REV	500,000.00	0.29	$466,805.00	5.65	06/01/2037	SUGDEV
SWEETWATER CNTY WYO SOLID	1,000,000.00	0.61	$987,520.00	5.60	12/01/2035	SWEPOL
TEXAS PRIVATE ACTIVITY SURFACE	1,000,000.00	0.65	$1,042,180.00	6.88	12/31/2039	TXSTRN
TEXAS PRIVATE ACTIVITY SURFACE	3,000,000.00	1.95	$3,134,460.00	7.00	06/30/2040	TXSTRN
TOBACCO SETTLEMENT FING CORP	1,000,000.00	0.40	$650,650.00	5.00	06/01/2047	TOBGEN
TOLEDO LUCAS CNTY OHIO PORT AU	1,000,000.00	0.62	$992,010.00	6.38	11/15/2032	TOLDEV
TRAVIS CNTY TEX HEALTH FACS DE	1,000,000.00	0.64	$1,032,130.00	7.12	11/01/2040	TRAMED
TROY N Y CAP RESOURCE CORP REV	800,000.00	0.51	$815,432.00	5.12	09/01/2040	TRYGEN
UTAH ST CHARTER SCH FIN AUTH	1,290,000.00	0.81	$1,298,449.50	6.38	07/15/2040	UTSEDU
VIRGIN ISLANDS PUB FIN AUTH RE	2,000,000.00	1.24	$1,993,760.00	5.00	10/01/2029	VITGEN
WASHINGTON ST HEALTH CARE FACS	1,250,000.00	0.84	$1,345,087.50	6.00	08/15/2039	WASMED
WINCHESTER VA INDL DEV AUTH RE	1,000,000.00	0.57	$913,210.00	5.30	01/01/2035	WINMED
WINTER GARDEN VLG AT FOWLER	960,000.00	0.56	$906,892.80	5.65	05/01/2037	WVGDEV
WYANDOTTE CNTY/KANS CITY KANS	1,090,000.00	0.37	$597,352.70	0.00	06/01/2021	WYAGEN
YAVAPAI CNTY ARIZ INDL DEV AUT	1,000,000.00	0.63	$1,009,820.00	6.00	08/01/2033	YAVMED