Schedule of investments
Delaware Tax-Free USA Intermediate Fund November 30, 2019 (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds – 99.17% | |||
| Corporate Revenue Bonds - 13.83% | |||
| Black Belt Energy Gas District, Alabama | |||
| (Project No. 4) Series A 4.00% 6/1/25 | 1,655,000 | $ | 1,842,909 |
| Chandler, Arizona Industrial Development Revenue Bonds | |||
| (Intel Corporation Project) 2.70% 12/1/37 (AMT)• | 3,000,000 | 3,117,210 | |
| Commonwealth of Pennsylvania Financing Authority | |||
| (Tobacco Master Settlement Payment) 5.00% 6/1/27 | 2,000,000 | 2,454,860 | |
| Denver City & County, Colorado Special Facilities Airport | |||
| Revenue | |||
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 1,190,000 | 1,299,135 | |
| Florida Development Finance Corporation Surface | |||
| Transportation Facility Revenue | |||
| (Virgin Trains USA Passenger Rail Project) Series A 144A | |||
| 6.50% 1/1/49 (AMT)#• | 2,275,000 | 2,152,673 | |
| Golden State, California Tobacco Securitization Corporate | |||
| Settlement Revenue | |||
| (Asset-Backed Bonds) Series A-1 5.00% 6/1/26 | 850,000 | 1,006,026 | |
| (Capital Appreciation Asset-Backed) | |||
| Series B 1.548% 6/1/47 ^ | 5,885,000 | 985,914 | |
| Houston, Texas Airport System Revenue | |||
| (United Airlines) 5.00% 7/1/29 (AMT) | 3,010,000 | 3,355,668 | |
| Kentucky Public Energy Authority | |||
| (Gas Supply Revenue Bonds) Series C-1 | |||
| 4.00% 12/1/49• | 5,000,000 | 5,540,750 | |
| Lower Alabama Gas District | |||
| Series A 5.00% 9/1/34 | 4,850,000 | 6,335,797 | |
| Maricopa County, Arizona Corporation Pollution Control | |||
| Revenue | |||
| (Public Service - Palo Verde Project) Series B | |||
| 5.20% 6/1/43• | 6,000,000 | 6,106,260 | |
| Michigan Tobacco Settlement Finance Authority | |||
| Series A 6.00% 6/1/34 | 810,000 | 814,415 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series B 6.50% 11/1/39 | 3,485,000 | 5,401,332 | |
| Nassau County, New York Tobacco Settlement | |||
| (Asset-Backed) Series A-3 5.125% 6/1/46 | 65,000 | 64,860 | |
| New Jersey Economic Development Authority Special | |||
| Facilities Revenue | |||
| (Continental Airlines Project) Series B | |||
| 5.625% 11/15/30 (AMT) | 1,890,000 | 2,164,806 | |
| New Jersey Tobacco Settlement Financing Corporation | |||
| Series B 5.00% 6/1/46 | 3,105,000 | 3,432,950 | |
| New York Liberty Development Revenue | |||
| (Goldman Sachs Headquarters) 5.25% 10/1/35 | 3,405,000 | 4,637,576 |
NQ- 037 [11/19] 1/20 (1050094) 1
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Corporate Revenue Bonds(continued) | |||
| New York Transportation Development Special Facilities | |||
| Revenue | |||
| (Delta Airlines, Inc. -LaGuardia Airport Terminals C&D | |||
| Redevelopment Project) 5.00% 1/1/34 (AMT) | 3,000,000 | $ | 3,562,140 |
| Salt Verde, Arizona Financial Corporation Senior Gas | |||
| Revenue | |||
| 5.00% 12/1/32 | 3,850,000 | 4,961,572 | |
| 5.00% 12/1/37 | 2,500,000 | 3,337,775 | |
| 5.25% 12/1/24 | 3,050,000 | 3,542,575 | |
| TSASC, New York | |||
| Series A 5.00% 6/1/30 | 475,000 | 567,867 | |
| Series A 5.00% 6/1/31 | 475,000 | 565,573 | |
| Tulsa, Oklahoma Airports Improvement Trust | |||
| (American Airlines) 5.00% 6/1/35 (AMT)• | 975,000 | 1,095,715 | |
| Virginia Tobacco Settlement Financing Corporation | |||
| (Capital Appreciation Asset-Backed) Series C | |||
| 2.419% 6/1/47 ^ | 29,400,000 | 3,299,268 | |
| Wisconsin Public Finance Authority Exempt Facilities | |||
| Revenue | |||
| (National Gypsum) 5.25% 4/1/30 (AMT) | 2,905,000 | 3,199,945 | |
| 74,845,571 | |||
| Education Revenue Bonds - 6.15% | |||
| Arizona Industrial Development Authority Revenue | |||
| (American Charter Schools Foundation Project) 144A | |||
| 6.00% 7/1/37 # | 1,420,000 | 1,653,434 | |
| Bucks County, Pennsylvania Industrial Development | |||
| Authority Revenue | |||
| (School Lane Charter School Project) 5.125% 3/15/36 | 2,000,000 | 2,287,540 | |
| California State University | |||
| (Systemwide) Series A 5.00% 11/1/31 | 2,000,000 | 2,502,920 | |
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (California Baptist University) Series A 6.125% 11/1/33 | 2,215,000 | 2,553,430 | |
| Colorado Educational & Cultural Facilities Authority | |||
| Revenue | |||
| (Rocky Mountain Classical Academy Project) | |||
| 144A 5.00% 10/1/29 # | 425,000 | 482,213 | |
| 144A 5.00% 10/1/39 # | 425,000 | 470,445 | |
| 144A 5.00% 10/1/49 # | 990,000 | 1,083,060 | |
| Illinois Finance Authority Revenue | |||
| (University of Illinois at Chicago) | |||
| Series A 5.00% 2/15/29 | 400,000 | 467,692 | |
| Series A 5.00% 2/15/31 | 365,000 | 423,327 |
2 NQ- 037 [11/19] 1/20 (1050094)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| Illinois Finance Authority Revenue | |||
| (University of Illinois at Chicago) | |||
| Series A 5.00% 2/15/37 | 430,000 | $ | 491,099 |
| Kent County, Delaware | |||
| (Delaware State University Project) Series A | |||
| 5.00% 7/1/40 | 310,000 | 348,496 | |
| Miami-Dade County, Florida Educational Facilities | |||
| Authority | |||
| (University of Miami) | |||
| Series A 5.00% 4/1/30 | 520,000 | 603,512 | |
| Series A 5.00% 4/1/31 | 1,090,000 | 1,261,457 | |
| Minnesota Higher Education Facilities Authority Revenue | |||
| (University of St. Thomas) | |||
| 4.00% 10/1/32 | 250,000 | 291,657 | |
| 4.00% 10/1/36 | 750,000 | 865,283 | |
| 4.00% 10/1/37 | 500,000 | 574,460 | |
| New York City, New York Trust for Cultural Resources | |||
| (Whitney Museum of American Art) 5.00% 7/1/21 | 3,025,000 | 3,148,027 | |
| New York State Dormitory Authority Revenue | |||
| (Non State Supported Debt - Rockefeller University) | |||
| Series A 5.00% 7/1/27 | 1,055,000 | 1,058,165 | |
| (Touro College & University System) Series A | |||
| 5.25% 1/1/34 | 1,335,000 | 1,471,517 | |
| Pennsylvania Higher Educational Facilities Authority | |||
| Revenue | |||
| (Unrefunded Drexel University) Series A 5.25% 5/1/25 | 310,000 | 326,197 | |
| Phoenix, Arizona Industrial Development Authority Housing | |||
| Revenue | |||
| (Downtown Phoenix Student Housing, LLC-Arizona | |||
| State University Project) | |||
| Series A 5.00% 7/1/30 | 350,000 | 424,071 | |
| Series A 5.00% 7/1/32 | 235,000 | 282,061 | |
| Pima County, Arizona Industrial Development Authority | |||
| Education Revenue | |||
| (Facility American Leadership Academy Project) | |||
| 144A 5.00% 6/15/47 # | 745,000 | 769,116 | |
| 144A 5.00% 6/15/52 # | 640,000 | 658,374 | |
| South Carolina Jobs - Economic Development Authority | |||
| Educational Facilities Revenue | |||
| (High Point Academy Project) Series A 144A | |||
| 5.75% 6/15/39 # | 1,245,000 | 1,404,235 | |
| Texas A&M University Revenue Financing System | |||
| Series E 5.00% 5/15/26 | 2,500,000 | 3,070,525 |
NQ- 037 [11/19] 1/20 (1050094) 3
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| University of Texas Permanent University Fund | |||
| Series B 5.00% 7/1/27 | 3,715,000 | $ | 4,314,898 |
| 33,287,211 | |||
| Electric Revenue Bonds - 3.10% | |||
| Long Island, New York Power Authority | |||
| 5.00% 9/1/33 | 250,000 | 305,940 | |
| 5.00% 9/1/35 | 1,000,000 | 1,217,500 | |
| Municipal Electric Authority of Georgia | |||
| (Plant Vogtle Units 3&4 Project) Series A | |||
| 4.00% 1/1/44 AGM | 2,250,000 | 2,453,153 | |
| New York State Utility Debt Securitization Authority | |||
| (Restructuring Bonds) 5.00% 12/15/33 | 1,500,000 | 1,804,680 | |
| Salt River, Arizona Project Agricultural Improvement & | |||
| Power District Electric Systems Revenue | |||
| Series A 5.00% 12/1/35 | 4,000,000 | 4,696,840 | |
| (Salt River Project Electric System) 5.00% 1/1/30 | 5,000,000 | 6,307,200 | |
| 16,785,313 | |||
| Healthcare Revenue Bonds - 10.08% | |||
| Apple Valley, Minnesota | |||
| (Minnesota Senior Living LLC Project) Series B | |||
| 5.25% 1/1/37 | 970,000 | 1,005,512 | |
| Arizona Health Facilities Authority | |||
| (Scottsdale Lincoln Hospital Project) 5.00% 12/1/30 | 5,000,000 | 5,763,450 | |
| Berks County, Pennsylvania Municipal Authority Revenue | |||
| (Reading Hospital & Medical Center Project) Series A-3 | |||
| 5.25% 11/1/24 | 2,205,000 | 2,224,933 | |
| California Health Facilities Financing Authority | |||
| (Kaiser Permanente) Series A1 5.00% 11/1/27 | 4,100,000 | 5,256,159 | |
| California Statewide Communities Development Authority | |||
| (Loma Linda University Medical Center) | |||
| Series A 144A 5.00% 12/1/33 # | 260,000 | 304,301 | |
| Series A 144A 5.00% 12/1/41 # | 1,685,000 | 1,888,144 | |
| Series A 5.25% 12/1/34 | 2,790,000 | 3,138,304 | |
| Capital Trust Agency, Florida | |||
| (Tuscan Gardens Senior Living Center) Series A | |||
| 7.00% 4/1/35 | 1,630,000 | 1,666,740 | |
| Colorado Health Facilities Authority Revenue | |||
| (CommonSpirit Health) | |||
| Series A 4.00% 8/1/37 | 500,000 | 549,605 | |
| Series A 4.00% 8/1/38 | 1,500,000 | 1,642,275 | |
| Series A 5.00% 8/1/37 | 1,105,000 | 1,326,132 |
4 NQ- 037 [11/19] 1/20 (1050094)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Cuyahoga County, Ohio | |||
| (The Metrohealth System) 5.00% 2/15/37 | 1,000,000 | $ | 1,138,660 |
| Iowa Finance Authority Senior Housing Revenue Bonds | |||
| (PHS Council Bluffs, Inc. Project) 5.00% 8/1/33 | 500,000 | 532,740 | |
| Kalispell, Montana | |||
| (Immanuel Lutheran Corporation Project) Series A | |||
| 5.25% 5/15/32 | 435,000 | 477,612 | |
| Lancaster County, Pennsylvania Hospital Authority | |||
| (Brethren Village Project) | |||
| 5.00% 7/1/31 | 440,000 | 485,126 | |
| 5.00% 7/1/32 | 440,000 | 483,586 | |
| (University of Pennsylvania Health System Obligation) | |||
| Series A 5.00% 8/15/33 | 2,430,000 | 2,923,776 | |
| Maricopa County, Arizona Industrial Development | |||
| Authority Revenue | |||
| (Banner Health Obligation Group) Series A | |||
| 5.00% 1/1/32 | 3,000,000 | 3,615,210 | |
| (Christian Care Surprise, Inc. Project) 144A | |||
| 5.75% 1/1/36 # | 1,500,000 | 1,575,420 | |
| Maryland Health & Higher Educational Facilities Authority | |||
| Revenue | |||
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/36 | 2,000,000 | 2,392,500 | |
| Moon, Pennsylvania Industrial Development Authority | |||
| (Baptist Homes Society Obligation) 5.625% 7/1/30 | 2,440,000 | 2,661,845 | |
| New Jersey Health Care Facilities Financing Authority | |||
| Revenue | |||
| (Valley Health System Obligated Group) | |||
| 4.00% 7/1/35 | 210,000 | 240,414 | |
| 4.00% 7/1/37 | 670,000 | 761,971 | |
| 4.00% 7/1/39 | 835,000 | 944,803 | |
| New York State Dormitory Authority Revenue | |||
| (Orange Regional Medical Center) | |||
| 144A 5.00% 12/1/31 # | 1,000,000 | 1,182,860 | |
| 144A 5.00% 12/1/32 # | 1,100,000 | 1,297,549 | |
| 144A 5.00% 12/1/33 # | 1,000,000 | 1,177,510 | |
| Oklahoma Development Finance Authority Health System | |||
| Revenue | |||
| (OU Medicine Project) Series B 5.25% 8/15/43 | 1,790,000 | 2,137,296 | |
| Prince George’s County, Maryland | |||
| (Collington Episcopal Life Care Community) | |||
| 5.00% 4/1/31 | 2,000,000 | 2,181,540 |
NQ- 037 [11/19] 1/20 (1050094) 5
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds(continued) | |||
| Public Finance Authority, Wisconsin Senior Living Revenue | |||
| (Mary’s Woods at Marylhurst Project) 144A | |||
| 5.00% 5/15/29 # | 500,000 | $ | 569,290 |
| Washington Health Care Facilities Authority Revenue | |||
| (CommonSpirit Health) Series A 5.00% 8/1/38 | 1,750,000 | 2,093,735 | |
| Wisconsin Health & Educational Facilities Authority | |||
| Revenue | |||
| (St. Camillus Health System) Series A 5.00% 11/1/39 | 815,000 | 889,638 | |
| 54,528,636 | |||
| Lease Revenue Bonds - 4.57% | |||
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Lancer Plaza Project) 5.125% 11/1/23 | 330,000 | 355,694 | |
| Golden State, California Tobacco Securitization Corporate | |||
| Settlement Revenue | |||
| (Asset-Backed Enhanced) Series A 5.00% 6/1/35 | 3,000,000 | 3,508,740 | |
| Idaho Building Authority Revenue | |||
| (Health & Welfare Project) Series A 5.00% 9/1/24 | 2,380,000 | 2,612,550 | |
| Los Angeles County, California | |||
| (Disney Concert Hall Parking) 5.00% 3/1/23 | 2,395,000 | 2,702,350 | |
| New Jersey State Transportation Trust Fund Authority | |||
| Series B 5.50% 6/15/31 | 5,000,000 | 5,272,250 | |
| (Highway Reimbursement) Series A 5.00% 6/15/30 | 2,415,000 | 2,813,596 | |
| New York Liberty Development Revenue | |||
| (World Trade Center Project) Class 2-3 144A | |||
| 5.15% 11/15/34 # | 1,000,000 | 1,122,650 | |
| New York State Dormitory Authority Revenue | |||
| (Health Facilities Improvement Program) | |||
| Series 1 5.00% 1/15/28 | 750,000 | 955,177 | |
| Series 1 5.00% 1/15/29 | 3,100,000 | 3,929,591 | |
| Public Finance Authority, Wisconsin Airport Facilities | |||
| Revenue | |||
| (AFCO Investors II Portfolio) 144A | |||
| 5.00% 10/1/23 (AMT)# | 1,430,000 | 1,472,743 | |
| 24,745,341 | |||
| Local General Obligation Bonds - 8.01% | |||
| Chesterfield County, Virginia | |||
| Series B 5.00% 1/1/22 | 4,070,000 | 4,396,088 | |
| Chicago, Illinois | |||
| Series A 5.25% 1/1/29 | 640,000 | 707,462 | |
| Series A 5.50% 1/1/35 | 1,980,000 | 2,406,334 | |
| Series C 5.00% 1/1/26 | 1,280,000 | 1,459,264 |
6 NQ- 037 [11/19] 1/20 (1050094)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Local General Obligation Bonds(continued) | |||
| Chicago, Illinois Board of Education | |||
| 5.00% 4/1/35 | 825,000 | $ | 939,593 |
| 5.00% 4/1/36 | 320,000 | 363,584 | |
| (Dedicated Revenues) | |||
| Series C 5.00% 12/1/30 | 2,160,000 | 2,495,340 | |
| Series C 5.00% 12/1/34 | 2,160,000 | 2,470,046 | |
| Conroe, Texas Independent School District | |||
| 5.00% 2/15/25 (PSF) | 3,070,000 | 3,094,161 | |
| Fort Worth, Texas Independent School District | |||
| (School Building) 5.00% 2/15/27 (PSF) | 2,000,000 | 2,297,020 | |
| New York City, New York | |||
| Series B-1 4.00% 10/1/41 | 500,000 | 556,340 | |
| Series E 5.00% 8/1/23 | 3,685,000 | 4,189,882 | |
| Subseries D-1 4.00% 12/1/42 | 4,300,000 | 4,834,748 | |
| Subseries D-1 5.00% 10/1/30 | 4,000,000 | 4,277,200 | |
| San Francisco, California Bay Area Rapid Transit District | |||
| (Election 2004) Series D 5.00% 8/1/31 | 4,000,000 | 4,825,640 | |
| Wake County, North Carolina | |||
| Series A 5.00% 3/1/27 | 3,200,000 | 4,020,320 | |
| 43,333,022 | |||
| Pre-Refunded/Escrowed to Maturity Bonds - 6.86% | |||
| California State Department of Water Resources | |||
| (Water System) Series AS 5.00% 12/1/29-24§ | 15,000 | 17,884 | |
| Clifton, Texas Higher Education Finance Corporation | |||
| Revenue | |||
| (Uplift Education) Series A 6.00% 12/1/30-20§ | 1,100,000 | 1,151,700 | |
| Maryland State Economic Development Corporation | |||
| Revenue | |||
| (Transportation Facilities Project) Series A | |||
| 5.375% 6/1/25-20§ | 2,535,000 | 2,587,779 | |
| New York State | |||
| Series A 5.00% 2/15/28-21§ | 5,000,000 | 5,239,750 | |
| New York State Dormitory Authority Revenue | |||
| (North Shore Long Island Jewish Health System) | |||
| Series A 5.00% 5/1/23-21§ | 4,000,000 | 4,219,520 | |
| Oregon State | |||
| Series L 5.00% 5/1/26-21§ | 6,000,000 | 6,324,960 | |
| Pennsylvania Higher Educational Facilities Authority | |||
| Revenue | |||
| (Drexel University) Series A 5.25% 5/1/25-21§ | 4,980,000 | 5,267,097 | |
| San Francisco, California City & County Airports | |||
| Commission | |||
| Series D 5.00% 5/1/25-21§ | 570,000 | 602,319 |
NQ- 037 [11/19] 1/20 (1050094) 7
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Pre-Refunded/Escrowed to Maturity Bonds(continued) | ||||
| San Francisco, California City & County Public Utilities | ||||
| Commission Water Revenue | ||||
| Subseries A 5.00% 11/1/27-21§ | 5,000,000 | $ | 5,386,550 | |
| Southwestern Illinois Development Authority | ||||
| (Memorial Group) 7.125% 11/1/30-23§ | 2,190,000 | 2,678,633 | ||
| Virginia Commonwealth Transportation Board | ||||
| (Gans-Garvee) 5.00% 3/15/24-23§ | 3,250,000 | 3,657,583 | ||
| 37,133,775 | ||||
| Special Tax Revenue Bonds - 12.62% | ||||
| Allentown, Pennsylvania Neighborhood Improvement Zone | ||||
| Development Authority Tax Revenue | ||||
| (City Center Project) | ||||
| 144A 5.00% 5/1/28 # | 750,000 | 885,945 | ||
| 144A 5.00% 5/1/33 # | 650,000 | 760,201 | ||
| Baltimore, Maryland | ||||
| (Senior Lien-Harbor Point Project) | ||||
| Series A 144A 3.25% 6/1/31 # | 95,000 | 95,635 | ||
| Series A 144A 3.30% 6/1/32 # | 105,000 | 105,751 | ||
| Series A 144A 3.35% 6/1/33 # | 110,000 | 110,834 | ||
| Series A 144A 3.40% 6/1/34 # | 115,000 | 115,920 | ||
| Series A 144A 3.45% 6/1/35 # | 130,000 | 131,091 | ||
| Series A 144A 3.50% 6/1/39 # | 270,000 | 272,173 | ||
| Celebration Pointe, Florida Community Development | ||||
| District | ||||
| 4.75% 5/1/24 | 485,000 | 512,209 | ||
| 5.00% 5/1/34 | 880,000 | 928,708 | ||
| Connecticut State Transportation Infrastructure | ||||
| Series B 5.00% 10/1/30 | 3,375,000 | 4,209,536 | ||
| Dallas, Texas Convention Center Hotel Development | ||||
| Revenue | ||||
| Series A 5.00% 1/1/24 | 3,420,000 | 3,428,721 | ||
| Series A 5.25% 1/1/23 | 5,375,000 | 5,389,943 | ||
| Ernest N Morail-New Orleans, Louisiana Exhibition Hall | ||||
| Authority Special Tax Revenue | ||||
| 5.00% 7/15/26 | 2,330,000 | 2,542,379 | ||
| Franklin County Convention Facilities Authority | ||||
| (Greater Columbus Convention Center Hotel Expansion | ||||
| Project) | ||||
| 5.00% 12/1/33 | 245,000 | 291,974 | ||
| 5.00% 12/1/34 | 210,000 | 249,411 | ||
| 5.00% 12/1/35 | 250,000 | 296,007 | ||
| 5.00% 12/1/36 | 285,000 | 336,491 | ||
| 5.00% 12/1/37 | 270,000 | 318,697 |
8 NQ- 037 [11/19] 1/20 (1050094)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Special Tax Revenue Bonds(continued) | |||
| Franklin County Convention Facilities Authority | |||
| (Greater Columbus Convention Center Hotel Expansion | |||
| Project) | |||
| 5.00% 12/1/38 | 345,000 | $ | 404,861 |
| 5.00% 12/1/39 | 300,000 | 351,429 | |
| Harris County-Houston, Texas Sports Authority | |||
| (Senior Lien) Series A 5.00% 11/15/30 | 1,805,000 | 2,068,386 | |
| Kansas City, Missouri Land Clearance Redevelopment | |||
| Authority Revenue | |||
| (Convention Center Hotel Project - TIF Financing) | |||
| Series B 144A 4.375% 2/1/31 # | 400,000 | 432,912 | |
| Series B 144A 5.00% 2/1/40 # | 200,000 | 220,680 | |
| Louisiana State Highway Improvement Revenue | |||
| Series A 5.00% 6/15/29 | 5,195,000 | 5,955,392 | |
| Massachusetts School Building Authority | |||
| Series C 5.00% 8/15/29 | 1,630,000 | 1,950,539 | |
| New Jersey Economic Development Authority Revenue | |||
| (Cigarette Tax) | |||
| 5.00% 6/15/22 | 1,750,000 | 1,893,220 | |
| 5.00% 6/15/23 | 1,250,000 | 1,348,887 | |
| New York City, New York Transitional Finance Authority | |||
| Building Aid Revenue | |||
| Subordinate Subseries S-3A 5.00% 7/15/28 | 4,400,000 | 5,644,188 | |
| New York City, New York Transitional Finance Authority | |||
| Future Tax Secured | |||
| Subseries A-1 5.00% 11/1/23 | 2,865,000 | 3,292,257 | |
| Subseries C 5.00% 11/1/27 | 4,150,000 | 4,803,003 | |
| Subseries E-1 5.00% 2/1/26 | 4,020,000 | 4,340,314 | |
| Public Finance Authority, Wisconsin | |||
| (American Dream @ Meadowlands Project) 144A | |||
| 7.00% 12/1/50 # | 1,010,000 | 1,208,697 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 6,015,000 | 6,226,908 | |
| Series A-2 4.329% 7/1/40 | 4,636,000 | 4,711,289 | |
| Richmond Heights, Missouri Tax Increment & Transaction | |||
| Sales Tax Revenue Refunding & Improvement | |||
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 905,000 | 905,498 | |
| Wyandotte County, Kansas City, Kansas Unified | |||
| Government Special Obligation Revenue | |||
| (Sales Tax - Vacation Village Project Area 1 and 2A) | |||
| Series 2015A 5.00% 9/1/27 | 1,425,000 | 1,547,393 | |
| 68,287,479 |
NQ- 037 [11/19] 1/20 (1050094) 9
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| State General Obligation Bonds - 16.34% | |||
| California State | |||
| 5.00% 8/1/26 | 3,120,000 | $ | 3,862,342 |
| 5.00% 9/1/30 | 1,715,000 | 2,094,615 | |
| Series C 5.00% 9/1/30 | 5,985,000 | 7,170,509 | |
| (Various Purposes) | |||
| 5.00% 8/1/28 | 3,000,000 | 3,864,900 | |
| 5.00% 4/1/32 | 1,410,000 | 1,912,115 | |
| 5.00% 9/1/32 | 4,100,000 | 4,984,944 | |
| 5.25% 9/1/28 | 7,750,000 | 8,303,195 | |
| Commonwealth of Massachusetts | |||
| Series A 5.00% 1/1/35 | 7,500,000 | 9,441,750 | |
| Commonwealth of Pennsylvania | |||
| 5.00% 9/15/26 | 2,500,000 | 3,052,800 | |
| 5.00% 7/15/28 | 3,870,000 | 4,881,270 | |
| Connecticut State | |||
| Series F 5.00% 9/15/27 | 2,790,000 | 3,459,042 | |
| Georgia State | |||
| Series A 5.00% 7/1/26 | 3,000,000 | 3,712,860 | |
| Hawaii State | |||
| Series FW 4.00% 1/1/34 | 3,010,000 | 3,504,513 | |
| Illinois State | |||
| 4.00% 2/1/24 | 1,220,000 | 1,297,787 | |
| 5.00% 1/1/29 | 2,000,000 | 2,242,560 | |
| 5.00% 3/1/36 | 960,000 | 1,006,080 | |
| 5.00% 11/1/36 | 1,965,000 | 2,192,920 | |
| Series B 4.00% 11/1/34 | 4,330,000 | 4,588,977 | |
| Series C 5.00% 11/1/29 | 3,400,000 | 3,872,328 | |
| Oregon State | |||
| (Article XI-Q State Projects) Series A 5.00% 5/1/28 | 2,000,000 | 2,556,760 | |
| Texas State | |||
| (Transportation Commission Highway Improvement) | |||
| 5.00% 4/1/29 | 3,000,000 | 3,443,460 | |
| Washington State | |||
| Series R-2015E 5.00% 7/1/31 | 3,000,000 | 3,500,040 | |
| (Various Purposes) Series 2015-A-1 5.00% 8/1/30 | 3,000,000 | 3,475,830 | |
| 88,421,597 | |||
| Transportation Revenue Bonds - 14.71% | |||
| Atlanta, Georgia Department of Aviation | |||
| (Airport Revenue) Series B 4.00% 7/1/49 (AMT) | 2,000,000 | 2,208,580 | |
| Bay Area, California Toll Authority | |||
| (San Francisco Bay Area) 4.00% 4/1/34 | 1,000,000 | 1,149,720 |
10 NQ- 037 [11/19] 1/20 (1050094)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Transportation Revenue Bonds(continued) | |||
| Chicago, Illinois Midway International Airport | |||
| Series A 5.00% 1/1/28 (AMT) | 1,905,000 | $ | 2,145,316 |
| Chicago, Illinois O’Hare International Airport Revenue | |||
| Series B 5.00% 1/1/32 | 1,000,000 | 1,153,000 | |
| Series B 5.00% 1/1/33 | 1,520,000 | 1,749,201 | |
| (General-Airport-Senior Lien) | |||
| Series B 5.00% 1/1/36 | 2,500,000 | 3,091,350 | |
| Series B 5.00% 1/1/37 | 3,000,000 | 3,699,360 | |
| (General-Airport-Third Lien) Series C 5.25% 1/1/28 | 2,150,000 | 2,156,794 | |
| Houston, Texas Airports Commission Revenue | |||
| Series B 5.00% 7/1/25 | 1,000,000 | 1,059,620 | |
| Series B 5.00% 7/1/26 | 3,000,000 | 3,176,910 | |
| Memphis-Shelby County, Tennessee Airport Authority | |||
| Revenue | |||
| Series D 5.00% 7/1/24 | 4,110,000 | 4,359,025 | |
| New Jersey State Turnpike Authority Turnpike Revenue | |||
| Series A 5.00% 1/1/33 | 1,770,000 | 2,134,001 | |
| New Orleans, Louisiana Aviation Board | |||
| Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | 3,302,926 | |
| Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | 3,296,604 | |
| New York State Thruway Authority | |||
| Series J 5.00% 1/1/27 | 5,705,000 | 6,545,803 | |
| Pennsylvania State Turnpike Commission Revenue | |||
| Subordinate Series A-1 5.00% 12/1/29 | 3,590,000 | 4,132,916 | |
| Phoenix, Arizona Civic Improvement Corporation Airport | |||
| Revenue | |||
| (Junior Lien Airport) Series A 5.00% 7/1/33 | 3,355,000 | 3,942,427 | |
| Port Authority of New York & New Jersey | |||
| (194th Series) 5.00% 10/15/32 | 2,500,000 | 2,974,900 | |
| (JFK International Air Terminal) Series 8 6.50% 12/1/28 | 8,300,000 | 8,665,532 | |
| Salt Lake City, Utah Airport Revenue | |||
| Series B 5.00% 7/1/31 | 500,000 | 611,205 | |
| Series B 5.00% 7/1/32 | 600,000 | 731,520 | |
| Series B 5.00% 7/1/33 | 1,000,000 | 1,216,500 | |
| San Francisco, California City & County Airport | |||
| Commission - San Francisco International Airport | |||
| Series D 5.00% 5/1/25 | 1,430,000 | 1,510,080 | |
| South Jersey Port, New Jersey | |||
| (Subordinated Marine Terminal) | |||
| Series B 5.00% 1/1/32 (AMT) | 215,000 | 253,562 | |
| Series B 5.00% 1/1/33 (AMT) | 315,000 | 370,692 | |
| Series B 5.00% 1/1/34 (AMT) | 430,000 | 505,405 |
NQ- 037 [11/19] 1/20 (1050094) 11
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Transportation Revenue Bonds(continued) | |||
| South Jersey Port, New Jersey | |||
| (Subordinated Marine Terminal) | |||
| Series B 5.00% 1/1/35 (AMT) | 430,000 | $ | 504,622 |
| Series B 5.00% 1/1/36 (AMT) | 430,000 | 503,332 | |
| Series B 5.00% 1/1/37 (AMT) | 430,000 | 502,756 | |
| Texas Private Activity Bond Surface Transportation | |||
| Corporate Senior Lien Revenue | |||
| (LBJ Infrastructure) 7.50% 6/30/33 | 3,625,000 | 3,761,445 | |
| (NTE Mobility Partners) | |||
| 7.00% 12/31/38 (AMT) | 3,750,000 | 4,387,537 | |
| 7.50% 12/31/31 | 3,765,000 | 3,784,427 | |
| 79,587,068 | |||
| Water & Sewer Revenue Bonds - 2.90% | |||
| California State Department of Water Resources | |||
| (Water System) Series AS 5.00% 12/1/29 | 2,680,000 | 3,180,892 | |
| Charleston, South Carolina Waterworks & Sewer System | |||
| Capital Improvement Revenue | |||
| 5.00% 1/1/40 | 165,000 | 210,941 | |
| Dominion, Colorado Water & Sanitation District | |||
| 5.25% 12/1/27 | 500,000 | 532,760 | |
| Great Lakes, Michigan Water Authority Water Supply | |||
| System Revenue | |||
| (Senior Lien Bond) Series C 5.00% 7/1/31 | 3,000,000 | 3,570,060 | |
| Sacramento, California Water Revenue | |||
| 5.00% 9/1/26 | 3,160,000 | 3,616,020 | |
| San Antonio, Texas Water System Revenue | |||
| Series A 5.00% 5/15/32 | 1,500,000 | 1,833,615 | |
| Series A 5.00% 5/15/33 | 2,250,000 | 2,744,077 | |
| 15,688,365 | |||
| Total Municipal Bonds(cost $502,876,917) | 536,643,378 |
12 NQ- 037 [11/19] 1/20 (1050094)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Short-Term Investments – 0.19% | |||
| Variable Rate Demand Notes - 0.19%¤ | |||
| Colorado Educational & Cultural Facilities Authority | |||
| Revenue (National Jewish Federation Bond Program) | |||
| Series B-4 1.18% 12/1/35 (LOC-TD Bank N. A. ) | 100,000 | $ | 100,000 |
| Geisinger Authority Health System Revenue, Montour | |||
| County, Pennsylvania (Geisinger Health System) Series | |||
| A 1.12% 5/15/35 (LOC-TD Bank N. A. ) | 150,000 | 150,000 | |
| Minneapolis – St. Paul Housing & Redevelopment Authority | |||
| Health Care Facilities Revenue (Allina Health System) | |||
| Series B-2 | |||
| 1.15% 11/15/35 (LOC- JPMorgan Chase Bank N. A. ) | 500,000 | 500,000 | |
| Mississippi Business Finance Corporation Gulf Opportunity | |||
| Zone Industrial Development Revenue (Chevron USA) | |||
| Series G 1.12% 12/1/30 | 300,000 | 300,000 | |
| Total Short-Term Investments(cost $1,050,000) | 1,050,000 | ||
| Total Value of Securities – 99.36% | |||
| (cost $503,926,917) | 537,693,378 | ||
| Receivables and Other Assets Net of Liabilities – 0.64% | 3,471,598 | ||
| Net Assets Applicable to 44,293,172 Shares Outstanding – 100.00% | $ | 541,164,976 | |
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Nov. 30, 2019, the aggregate value of Rule 144A securities was $23,603,856, which represents
4.36% of the Fund’s net assets.
¤ 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 Nov. 30, 2019.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds.
For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be
pre-refunded.
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Nov. 30, 2019. For securities based on a published reference rate and spread, the reference rate and
spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M,
LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on
a published reference rate and spread but are determined by the issuer or agent and are based on
current market conditions, or for mortgage-backed securities, are impacted by the individual
NQ- 037 [11/19] 1/20 (1050094) 13
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
mortgages which are paying off over time. These securities do not indicate a reference rate and
spread in their description above.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LOC – Letter of Credit
N.A. – National Association
PSF – Guaranteed by Permanent School Fund
USD – US Dollar
14 NQ- 037 [11/19] 1/20 (1050094)
