Schedule of investments
Delaware Tax-Free USA Fund November 30, 2019 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 99.99% | | | |
| Corporate Revenue Bonds - 14.25% | | | |
| Buckeye, Ohio Tobacco Settlement Financing Authority | | | |
| (Asset-Backed Senior Turbo) Series A-2 5.875% 6/1/47 | 19,975,000 | $ | 20,077,871 |
| Central Plains, Nebraska Energy Project | | | |
| (Project No. 3) | | | |
| Series A 5.00% 9/1/31 | 2,810,000 | | 3,554,481 |
| Series A 5.00% 9/1/35 | 2,160,000 | | 2,842,970 |
| Florida Development Finance Corporation Surface | | | |
| Transportation Facility Revenue | | | |
| (Virgin Trains USA Passenger Rail Project) Series A 144A | | | |
| 6.50% 1/1/49 (AMT)#• | 5,050,000 | | 4,778,461 |
| Golden State, California Tobacco Securitization Corporate | | | |
| Settlement Revenue | | | |
| (Capital Appreciation-Asset-Backed) Series B | | | |
| 1.548% 6/1/47 ^ | 9,410,000 | | 1,576,457 |
| Hoover Industrial Development Board | | | |
| (United States Steel Corporation Project) | | | |
| 5.75% 10/1/49 (AMT) | 5,000,000 | | 5,392,700 |
| Indiana Finance Authority Exempt Facility Revenue | | | |
| (Polyflow Indiana Project - Green Bond) 144A | | | |
| 7.00% 3/1/39 (AMT)# | 5,700,000 | | 5,757,000 |
| Lower Alabama Gas District | | | |
| Series A 5.00% 9/1/34 | 4,400,000 | | 5,747,940 |
| Series A 5.00% 9/1/46 | 2,500,000 | | 3,524,675 |
| M-S-R Energy Authority, California Gas Revenue | | | |
| Series A 6.125% 11/1/29 | 1,890,000 | | 2,403,324 |
| Series B 6.50% 11/1/39 | 5,000,000 | | 7,749,400 |
| Series C 6.50% 11/1/39 | 1,500,000 | | 2,324,820 |
| New Jersey Economic Development Authority Revenue | | | |
| (Continental Airlines Project) Series B | | | |
| 5.625% 11/15/30 (AMT) | 1,365,000 | | 1,563,471 |
| New York Liberty Development Corporation Revenue | | | |
| (Goldman Sachs Headquarters) 5.25% 10/1/35 | 685,000 | | 932,963 |
| New York Transportation Development Corporation | | | |
| Special Facility Revenue | | | |
| (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D | | | |
| Redevelopement Project) Series 2018 | | | |
| 4.00% 1/1/36 (AMT) | 910,000 | | 990,399 |
| Public Authority for Colorado Energy Natural Gas Revenue | | | |
| 6.50% 11/15/38 | 5,000,000 | | 7,592,800 |
| Salt Verde, Arizona Financial Senior Gas Revenue | | | |
| 5.00% 12/1/37 | 1,600,000 | | 2,136,176 |
| Shoals, Indiana | | | |
| (National Gypsum Co. Project) 7.25% 11/1/43 (AMT) | 1,940,000 | | 2,148,317 |
NQ- 011 [11/19] 1/20 (1050106) 1
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Corporate Revenue Bonds(continued) | | | |
| Valparaiso, Indiana | | | |
| (Pratt Paper, LLC Project) 7.00% 1/1/44 (AMT) | 1,780,000 | $ | 2,075,266 |
| Virginia Tobacco Settlement Financing | | | |
| (Capital Appreciation) | | | |
| Series C 2.419% 6/1/47 ^ | 31,035,000 | | 3,482,748 |
| Series D 2.601% 6/1/47 ^ | 18,105,000 | | 1,872,057 |
| | | | 88,524,296 |
| Education Revenue Bonds - 9.68% | | | |
| Arizona Industrial Development Authority Revenue | | | |
| (American Charter Schools Foundation Project) 144A | | | |
| 6.00% 7/1/47 # | 1,385,000 | | 1,590,825 |
| Auburn University, Alabama General Fee Revenue | | | |
| Series A 5.00% 6/1/33 | 1,720,000 | | 2,148,022 |
| California Educational Facilities Authority Revenue | | | |
| (Loma Linda University) Series A 5.00% 4/1/47 | 1,000,000 | | 1,165,190 |
| (Stanford University) Series V-1 5.00% 5/1/49 | 12,325,000 | | 18,778,247 |
| California State University | | | |
| (Systemwide) Series A 5.00% 11/1/42 | 700,000 | | 844,564 |
| Capital Trust Agency, Florida Revenue | | | |
| (University Bridge, LLC Student Housing Project) | | | |
| Series A 144A 5.25% 12/1/43 # | 2,000,000 | | 2,122,100 |
| City of Columbia Heights, Minnesota Charter School Lease | | | |
| Revenue | | | |
| (Prodeo Academy Project) Series A 5.00% 7/1/49 | 1,000,000 | | 1,035,370 |
| Illinois Finance Authority Revenue | | | |
| (University of Illinois at Chicago Project) | | | |
| Series A 5.00% 2/15/47 | 1,860,000 | | 2,088,668 |
| Series A 5.00% 2/15/50 | 540,000 | | 605,394 |
| New Jersey Economic Development Authority | | | |
| (Provident Group - Montclair State University) | | | |
| 5.00% 6/1/42 (AGM) | 1,250,000 | | 1,456,900 |
| Pennsylvania State Higher Educational Facilities Authority | | | |
| Student Housing Revenue | | | |
| (University Properties Inc. - East Stroudsburg University | | | |
| of Pennsylvania) 5.00% 7/1/31 | 3,000,000 | | 3,047,880 |
| Pima County, Arizona Industrial Development Authority | | | |
| Education Revenue | | | |
| (American Leadership Academy Project) | | | |
| 144A 5.00% 6/15/47 # | 655,000 | | 676,202 |
| 144A 5.00% 6/15/52 # | 560,000 | | 576,078 |
| University of California | | | |
| Series AZ 5.25% 5/15/58 | 2,860,000 | | 3,515,884 |
2 NQ- 011 [11/19] 1/20 (1050106)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Education Revenue Bonds(continued) | | | |
| University of Michigan | | | |
| Series A 5.00% 4/1/30 | 1,000,000 | $ | 1,300,280 |
| University of Texas System Board of Regents | | | |
| Series B 5.00% 8/15/49 | 12,500,000 | | 19,178,750 |
| | | | 60,130,354 |
| Electric Revenue Bonds - 5.37% | | | |
| Electric and Gas Systems Revenue San Antonio, Texas | | | |
| 5.25% 2/1/24 | 2,500,000 | | 2,906,325 |
| Long Island, New York Power Authority Electric System | | | |
| Revenue | | | |
| 5.00% 9/1/47 | 1,605,000 | | 1,909,661 |
| Municipal Electric Authority of Georgia | | | |
| (Plant Vogtle Units 3 & 4 Project) Series A 5.00% 1/1/56 | 2,600,000 | | 3,003,364 |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series A 5.00% 7/1/42 ‡ | 3,135,000 | | 2,406,113 |
| Series CCC 5.25% 7/1/27 ‡ | 300,000 | | 230,250 |
| Series WW 5.00% 7/1/28 ‡ | 400,000 | | 307,000 |
| Series XX 5.25% 7/1/40 ‡ | 2,870,000 | | 2,202,725 |
| Salt River, Arizona Project Agricultural Improvement & | | | |
| Power District Electric Systems Revenue | | | |
| Series A 5.00% 12/1/35 | 4,610,000 | | 5,413,108 |
| (Salt River Project Electric System) | | | |
| Series A 5.00% 1/1/30 | 6,000,000 | | 7,568,640 |
| Series A 5.00% 1/1/39 | 4,000,000 | | 4,917,040 |
| Series A 5.00% 1/1/47 | 2,000,000 | | 2,521,080 |
| | | | 33,385,306 |
| Healthcare Revenue Bonds - 13.90% | | | |
| Alachua County, Florida Health Facilities Authority | | | |
| (Oak Hammock University) Series A 8.00% 10/1/42 | 1,000,000 | | 1,126,330 |
| Allegheny County, Pennsylvania Hospital Development | | | |
| Authority Revenue | | | |
| (Allegheny Health Network Obligated Group Issue) | | | |
| Series A 4.00% 4/1/44 | 1,800,000 | | 1,930,032 |
| Series A 5.00% 4/1/47 | 1,800,000 | | 2,108,790 |
| Apple Valley, Minnesota | | | |
| (Senior Living, LLC Project Fourth Tier) Series D | | | |
| 7.25% 1/1/52 | 2,500,000 | | 2,586,250 |
| (Senior Living, LLC Project Second Tier) Series B | | | |
| 5.00% 1/1/47 | 2,500,000 | | 2,537,050 |
| Arizona Industrial Development Authority Revenue | | | |
| (Great Lakes Senior Living Communities LLC Project) | | | |
| Series A 5.00% 1/1/54 | 1,070,000 | | 1,193,146 |
NQ- 011 [11/19] 1/20 (1050106) 3
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Healthcare Revenue Bonds(continued) | | | |
| Arizona Industrial Development Authority Revenue | | | |
| (Second Tier - Great Lakes Senior Living Communities | | | |
| LLC Project) | | | |
| Series B 5.00% 1/1/49 | 400,000 | $ | 436,328 |
| Series B 5.125% 1/1/54 | 470,000 | | 513,268 |
| Brookhaven Development Authority Revenue, Georgia | | | |
| (Children’s Healthcare of Atlanta) Series A 4.00% 7/1/49 | 1,810,000 | | 2,008,430 |
| California Health Facilities Financing Authority Revenue | | | |
| (Kaiser Permanente) | | | |
| Series A-2 4.00% 11/1/44 | 2,000,000 | | 2,213,740 |
| Series A-2 5.00% 11/1/47 | 2,105,000 | | 3,202,652 |
| (Sutter Health) Series A 5.00% 11/15/38 | 1,000,000 | | 1,224,590 |
| California Municipal Finance Authority Revenue | | | |
| (Community Medical Centers) Series A 5.00% 2/1/42 | 2,550,000 | | 2,967,205 |
| Colorado Health Facilities Authority Revenue | | | |
| (AdventHealth Obligated Group) Series A | | | |
| 4.00% 11/15/43 | 3,000,000 | | 3,356,190 |
| (American Baptist) 8.00% 8/1/43 | 2,040,000 | | 2,309,668 |
| (Cappella of Grand Junction Project) 144A | | | |
| 5.00% 12/1/54 # | 2,100,000 | | 2,171,799 |
| (CommonSpirit Health) | | | |
| Series A-1 4.00% 8/1/44 | 1,000,000 | | 1,077,380 |
| Series A-2 4.00% 8/1/49 | 2,000,000 | | 2,136,340 |
| Series A-2 5.00% 8/1/44 | 1,750,000 | | 2,067,660 |
| (Mental Health Center Denver Project) Series A | | | |
| 5.75% 2/1/44 | 1,875,000 | | 2,089,237 |
| (Sanford Health) Series A 5.00% 11/1/49 | 1,660,000 | | 1,983,932 |
| Cuyahoga County, Ohio | | | |
| (The Metro Health System) | | | |
| 5.25% 2/15/47 | 2,235,000 | | 2,560,505 |
| 5.50% 2/15/57 | 3,000,000 | | 3,473,550 |
| Maricopa County, Arizona Industrial Development | | | |
| Authority Senior Living Facility Revenue Bonds | | | |
| (Christian Care Surprise, Inc. Project) 144A | | | |
| 6.00% 1/1/48 # | 1,195,000 | | 1,252,384 |
| Maryland Health & Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/46 | 2,000,000 | | 2,335,400 |
| Montgomery County, Pennsylvania Industrial Development | | | |
| Authority Revenue | | | |
| (Foulkeways At Gwynedd Project) 5.00% 12/1/46 | 1,500,000 | | 1,658,565 |
| Moon, Pennsylvania Industrial Development Authority | | | |
| (Baptist Homes Society Obligation) 6.125% 7/1/50 | 2,250,000 | | 2,446,987 |
4 NQ- 011 [11/19] 1/20 (1050106)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Healthcare Revenue Bonds(continued) | | | |
| New York State Dormitory Authority | | | |
| (Orange Regional Medical Center) | | | |
| 144A 5.00% 12/1/34 # | 400,000 | $ | 470,036 |
| 144A 5.00% 12/1/35 # | 1,200,000 | | 1,405,788 |
| 144A 5.00% 12/1/37 # | 800,000 | | 932,520 |
| Orange County, New York Funding Corporation Assisted | | | |
| Living Residence Revenue | | | |
| 6.50% 1/1/46 | 3,000,000 | | 3,104,010 |
| Oregon Health & Science University Revenue | | | |
| (Capital Appreciation Insured) Series A | | | |
| 5.757% 7/1/21 (NATL)^ | 775,000 | | 742,349 |
| Palm Beach County, Florida Health Facilities Authority | | | |
| (Sinai Residences Boca Raton Project) | | | |
| Series A 7.25% 6/1/34 | 120,000 | | 134,926 |
| Series A 7.50% 6/1/49 | 610,000 | | 686,982 |
| Pennsylvania Economic Development Financing Authority | | | |
| First Mortgage Revenue | | | |
| (Tapestry Moon Senior Housing Project) | | | |
| Series A 144A 6.50% 12/1/38 # | 1,785,000 | | 1,803,118 |
| Series A 144A 6.75% 12/1/53 # | 3,115,000 | | 3,156,834 |
| Pennsylvania Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (University Of Pennsylvania Health System) | | | |
| 4.00% 8/15/49 | 8,000,000 | | 8,820,400 |
| Public Finance Authority, Wisconsin | | | |
| (Bancroft Neurohealth Project) Series A 144A | | | |
| 5.00% 6/1/36 # | 540,000 | | 580,522 |
| Rochester, Minnesota | | | |
| (The Homestead at Rochester) Series A 6.875% 12/1/48 | 2,350,000 | | 2,558,233 |
| Tarrant County, Texas Cultural Education Facilities Finance | | | |
| Corporation Retirement Facility Revenue | | | |
| (Buckner Senior Living - Ventana Project) | | | |
| 6.625% 11/15/37 | 1,400,000 | | 1,628,830 |
| Tempe, Arizona Industrial Development Authority Revenue | | | |
| (Friendship Village) Series A 6.25% 12/1/46 | 1,000,000 | | 1,064,460 |
| (Mirabella At ASU Project) Series A 144A | | | |
| 6.125% 10/1/52 # | 690,000 | | 784,689 |
| Washington Health Care Facilities Authority Revenue | | | |
| (CommonSpirit Health) Series A-2 5.00% 8/1/44 | 3,000,000 | | 3,544,560 |
| | | | 86,385,665 |
NQ- 011 [11/19] 1/20 (1050106) 5
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Lease Revenue Bonds - 2.82% | | | |
| California Pollution Control Financing Authority Revenue | | | |
| (San Diego County Water Authority Desalination Project | | | |
| Pipeline) 144A 5.00% 7/1/39 # | 1,000,000 | $ | 1,206,400 |
| Metropolitan Pier & Exposition Authority, Illinois | | | |
| (McCormick Place Expansion Project) Series A | | | |
| 5.00% 6/15/57 | 1,620,000 | | 1,793,648 |
| New Jersey Economic Development Authority | | | |
| (School Facilities Construction) Series GG 5.75% 9/1/23 | 100,000 | | 105,167 |
| (State Government Buildings Project) Series A | | | |
| 5.00% 6/15/47 | 2,250,000 | | 2,521,710 |
| New Jersey Transportation Trust Fund Authority | | | |
| (Transportation Program) Series AA 5.00% 6/15/24 | 5,000,000 | | 5,420,500 |
| Oceanside Public Financing Authority, California | | | |
| (El Corazon Aquatics Center Project) 4.00% 11/1/49 | 1,000,000 | | 1,119,910 |
| Public Finance Authority, Wisconsin Airport Facilities | | | |
| Revenue | | | |
| (AFCO Investors II Portfolio) 144A | | | |
| 5.75% 10/1/31 (AMT)# | 2,245,000 | | 2,334,845 |
| St. Louis, Missouri Industrial Development Authority | | | |
| Leasehold Revenue | | | |
| (Convention Center Hotel) 5.80% 7/15/20 (AMBAC)^ | 3,035,000 | | 3,005,864 |
| | | | 17,508,044 |
| Local General Obligation Bonds - 9.04% | | | |
| Chicago, Illinois | | | |
| Series A 5.25% 1/1/29 | 2,020,000 | | 2,232,928 |
| Series A 5.50% 1/1/49 | 1,530,000 | | 1,807,940 |
| Series A 6.00% 1/1/38 | 595,000 | | 715,434 |
| Chicago, Illinois Board of Education | | | |
| 5.00% 4/1/42 | 1,060,000 | | 1,189,755 |
| 5.00% 4/1/46 | 1,085,000 | | 1,212,433 |
| Series H 5.00% 12/1/46 | 1,775,000 | | 1,981,699 |
| Los Angeles, California Community College District | | | |
| Series C 5.00% 8/1/25 | 2,500,000 | | 3,038,925 |
| Mecklenburg County, North Carolina | | | |
| Series A 5.00% 4/1/25 | 7,020,000 | | 8,407,643 |
| Series A 5.00% 9/1/25 | 8,000,000 | | 9,692,880 |
| New York City, New York | | | |
| Series E-1 5.00% 3/1/44 | 5,000,000 | | 6,012,200 |
| Series F-1 5.00% 4/1/45 | 5,355,000 | | 6,440,298 |
| Subseries D-1 4.00% 12/1/42 | 1,700,000 | | 1,911,412 |
| Subseries D-1 5.00% 10/1/36 | 6,500,000 | | 6,924,645 |
6 NQ- 011 [11/19] 1/20 (1050106)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Local General Obligation Bonds(continued) | | | |
| Wake County, North Carolina | | | |
| Series A 5.00% 3/1/27 | 3,650,000 | $ | 4,585,678 |
| | | | 56,153,870 |
| Pre-Refunded/Escrowed to Maturity Bonds - 7.88% | | | |
| Bowling Green, Ohio Student Housing Revenue CFP I | | | |
| (State University Project) 6.00% 6/1/45-20§ | 5,295,000 | | 5,422,557 |
| Central Texas Regional Mobility Authority Revenue | | | |
| Senior Lien 6.00% 1/1/41-21§ | 5,160,000 | | 5,425,534 |
| Illinois Railsplitter Tobacco Settlement Authority | | | |
| 6.00% 6/1/28-21§ | 6,000,000 | | 6,427,140 |
| Louisiana Public Facilities Authority Revenue | | | |
| (Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§ | 2,190,000 | | 2,356,659 |
| Maryland Economic Development Corporation Revenue | | | |
| (Transportation Facilities Project) Series A | | | |
| 5.75% 6/1/35-20§ | 5,075,000 | | 5,189,999 |
| New Jersey Economic Development Authority Revenue | | | |
| (Provident Group - Montclair State University) | | | |
| 5.875% 6/1/42-20§ | 4,225,000 | | 4,325,471 |
| (School Facilities Construction) Series G | | | |
| 5.75% 9/1/23-21§ | 900,000 | | 950,184 |
| Oklahoma State Turnpike Authority Revenue | | | |
| (First Senior) 6.00% 1/1/22 | 13,535,000 | | 14,881,733 |
| San Juan, Texas Higher Education Finance Authority | | | |
| Education Revenue | | | |
| (Idea Public Schools) Series A 6.70% 8/15/40-20§ | 1,500,000 | | 1,557,090 |
| Southwestern Illinois Development Authority Revenue | | | |
| (Memorial Group) 7.125% 11/1/43-23§ | 2,000,000 | | 2,446,240 |
| | | | 48,982,607 |
| Special Tax Revenue Bonds - 9.08% | | | |
| Allentown, Pennsylvania Neighborhood Improvement Zone | | | |
| Development Authority Tax Revenue | | | |
| (City Center Project) 144A 5.375% 5/1/42 # | 1,525,000 | | 1,711,645 |
| Conley Road Transportation Development District, | | | |
| Missouri | | | |
| 5.375% 5/1/47 | 2,000,000 | | 2,090,940 |
| Kansas City, Missouri Land Clearance Redevelopment | | | |
| Authority Revenue | | | |
| (Convention Centre Hotel Project - TIF Financing) | | | |
| Series B 144A 5.00% 2/1/50 # | 725,000 | | 787,625 |
| Massachusetts Bay Transportation Authority | | | |
| Series A 5.00% 7/1/31 | 5,000,000 | | 6,689,050 |
| Massachusetts School Building Authority | | | |
| Series C 5.00% 8/15/31 | 2,500,000 | | 2,973,825 |
NQ- 011 [11/19] 1/20 (1050106) 7
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Special Tax Revenue Bonds(continued) | | | |
| Mosaic, Virginia District Community Development | | | |
| Authority Revenue | | | |
| Series A 6.875% 3/1/36 | 3,980,000 | $ | 4,173,269 |
| New Jersey Economic Development Authority Revenue | | | |
| (Cigarette Tax) 5.00% 6/15/28 | 2,695,000 | | 2,877,317 |
| New York City, New York Industrial Development Agency | | | |
| (Yankee Stadium) 7.00% 3/1/49 (AGC) | 1,000,000 | | 1,005,020 |
| New York City, New York Transitional Finance Authority | | | |
| (Future Tax Secured Fiscal 2011) | | | |
| Series C 5.25% 11/1/25 | 4,430,000 | | 4,599,049 |
| Series D-1 5.00% 2/1/26 | 3,000,000 | | 3,133,800 |
| (Future Tax Secured Fiscal 2014) Series A-1 | | | |
| 5.00% 11/1/42 | 10,000,000 | | 11,223,700 |
| Public Finance Authority, Wisconsin | | | |
| (American Dream @ Meadowlands Project) 144A | | | |
| 7.00% 12/1/50 # | 2,155,000 | | 2,578,953 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.55% 7/1/40 | 1,456,000 | | 1,507,295 |
| Series A-1 4.75% 7/1/53 | 3,546,000 | | 3,669,578 |
| Series A-1 5.00% 7/1/58 | 5,465,000 | | 5,742,349 |
| Tampa, Florida Sports Authority Revenue Sales Tax | | | |
| (Tampa Bay Arena Project) 5.75% 10/1/20 (NATL) | 220,000 | | 225,694 |
| Wyandotte County, Kansas City, Kansas Unified | | | |
| Government Special Obligation Revenue | | | |
| (Sales Tax - Vacation Village Project Area 1 and 2A) | | | |
| Series 2015A 5.75% 9/1/32 | 1,280,000 | | 1,406,259 |
| | | | 56,395,368 |
| State General Obligation Bonds - 13.26% | | | |
| California State | | | |
| 5.25% 11/1/40 | 3,795,000 | | 3,937,692 |
| Various Purposes | | | |
| 5.00% 8/1/27 | 2,500,000 | | 3,084,825 |
| 5.00% 3/1/30 | 5,000,000 | | 5,926,650 |
| 5.00% 4/1/32 | 1,400,000 | | 1,898,554 |
| 5.00% 10/1/47 | 2,145,000 | | 2,521,576 |
| Commonwealth of Massachusetts | | | |
| Series A 5.25% 1/1/33 | 3,000,000 | | 3,871,110 |
| Commonwealth of Pennsylvania | | | |
| 5.00% 9/15/26 | 2,500,000 | | 3,052,800 |
| 5.00% 7/15/28 | 4,125,000 | | 5,202,904 |
8 NQ- 011 [11/19] 1/20 (1050106)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| State General Obligation Bonds(continued) | | | |
| Connecticut State | | | |
| Series B 5.00% 6/15/35 | 2,475,000 | $ | 2,846,547 |
| Series E 5.00% 9/15/35 | 2,500,000 | | 3,065,050 |
| Series E 5.00% 9/15/37 | 2,250,000 | | 2,737,373 |
| Florida State | | | |
| (Department Of Transportation Right-of-Way Acquisition | | | |
| and Bridge Construction) | | | |
| Series A 4.00% 7/1/33 | 2,500,000 | | 2,903,725 |
| Series A 4.00% 7/1/34 | 3,660,000 | | 4,235,279 |
| Illinois State | | | |
| 5.00% 1/1/29 | 5,405,000 | | 6,060,518 |
| 5.00% 5/1/36 | 480,000 | | 520,757 |
| 5.00% 11/1/36 | 1,780,000 | | 1,986,462 |
| 5.00% 2/1/39 | 830,000 | | 892,947 |
| Series A 5.00% 4/1/38 | 785,000 | | 836,449 |
| Series C 5.00% 11/1/29 | 3,050,000 | | 3,473,706 |
| (Rebuild Illinois Program) Series B 4.00% 11/1/39 | 8,320,000 | | 8,666,528 |
| Maryland State | | | |
| Series A 5.00% 3/15/26 | 5,000,000 | | 6,123,300 |
| Series A 5.00% 3/15/28 | 5,000,000 | | 6,393,700 |
| Texas State | | | |
| (Transportation Commission Mobility) Series A | | | |
| 5.00% 10/1/33 | 1,755,000 | | 2,164,231 |
| | | | 82,402,683 |
| Transportation Revenue Bonds - 13.90% | | | |
| Atlanta, Georgia Department of Aviation | | | |
| (Airport Revenue) Series B 4.00% 7/1/49 (AMT) | 4,590,000 | | 5,068,691 |
| Chicago, Illinois Midway International Airport | | | |
| Series A 5.00% 1/1/28 (AMT) | 2,025,000 | | 2,280,454 |
| Chicago, Illinois O’Hare International Airport | | | |
| Series B 5.00% 1/1/33 | 2,345,000 | | 2,698,603 |
| Series D 5.25% 1/1/42 | 2,000,000 | | 2,392,140 |
| Dallas, Texas Love Field | | | |
| 5.00% 11/1/35 (AMT) | 1,000,000 | | 1,179,620 |
| 5.00% 11/1/36 (AMT) | 1,000,000 | | 1,177,130 |
| Harris County, Texas Toll Road Authority | | | |
| Senior Lien Series A 5.00% 8/15/27 | 3,750,000 | | 4,706,513 |
| Minneapolis – St. Paul, Minnesota Metropolitan Airports | | | |
| Commission Revenue | | | |
| Series A 5.00% 1/1/44 | 1,750,000 | | 2,162,895 |
| New Jersey Turnpike Authority | | | |
| Series A 5.00% 1/1/28 | 5,000,000 | | 5,776,100 |
NQ- 011 [11/19] 1/20 (1050106) 9
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Transportation Revenue Bonds(continued) | | | |
| North Texas Tollway Authority Revenue | | | |
| (Second Tier) Series A 5.00% 1/1/34 | 5,000,000 | $ | 5,764,950 |
| Series A 5.00% 1/1/43 | 7,000,000 | | 8,355,690 |
| Port Authority of New York & New Jersey Special Project | | | |
| (JFK International Air Terminal) | | | |
| Series 8 6.00% 12/1/42 | 4,735,000 | | 4,943,529 |
| Series 8 6.50% 12/1/28 | 5,500,000 | | 5,742,220 |
| Salt Lake City, Utah Airport Revenue | | | |
| Series B 5.00% 7/1/42 | 3,350,000 | | 3,993,401 |
| South Jersey Port, New Jersey | | | |
| (Subordinated Marine Terminal) | | | |
| Series A 5.00% 1/1/49 | 450,000 | | 517,032 |
| Series B 5.00% 1/1/42 (AMT) | 450,000 | | 520,106 |
| Series B 5.00% 1/1/48 (AMT) | 1,035,000 | | 1,185,593 |
| Texas Private Activity Bond Surface Transportation | | | |
| Corporate Senior Lien | | | |
| (LBJ Infrastructure) | | | |
| 7.00% 6/30/40 | 5,715,000 | | 5,907,024 |
| 7.50% 6/30/33 | 1,560,000 | | 1,618,718 |
| (NTE Mobility Partners Segments 3 LLC Segment 3C | | | |
| Project) 5.00% 6/30/58 (AMT) | 12,000,000 | | 13,953,960 |
| (NTE Mobility Partners) | | | |
| 6.75% 6/30/43 (AMT) | 2,490,000 | | 2,881,378 |
| 7.00% 12/31/38 (AMT) | 1,830,000 | | 2,141,118 |
| Virginia Small Business Financing Authority Revenue | | | |
| (Transform 66 P3 Project) 5.00% 12/31/56 (AMT) | 1,220,000 | | 1,389,531 |
| | | | 86,356,396 |
| Water & Sewer Revenue Bonds - 0.81% | | | |
| Dominion, Colorado Water & Sanitation District | | | |
| 5.75% 12/1/36 | 2,500,000 | | 2,664,125 |
| Southern California Water Replenishment District | | | |
| 5.00% 8/1/33 | 2,000,000 | | 2,382,620 |
| | | | 5,046,745 |
| Total Municipal Bonds(cost $582,244,824) | | | 621,271,334 |
| |
| Short-Term Investments – 0.10% | | | |
| Variable Rate Demand Notes - 0.10%¤ | | | |
| Colorado Educational & Cultural Facilities Authority | | | |
| Revenue (National Jewish Federation Bond Program) | | | |
| Series B-4 | | | |
| 1.18% 12/1/35 (LOC-Toronto-Dominion Bank N. A. ) | 300,000 | | 300,000 |
10 NQ- 011 [11/19] 1/20 (1050106)
| | | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Short-Term Investments(continued) | | | |
| Denver, Colorado City & County Series A-2 | | | |
| 1.18% 12/1/29 (SPA - JPMorgan Chase Bank N. A. ) | 200,000 | $ | 200,000 |
| Idaho Health Facilities Authority Revenue (St. Luke’s | | | |
| Health System Project) Series C | | | |
| 1.13% 3/1/48 (LOC – US Bank N. A. ) | 100,000 | | 100,000 |
| Total Short-Term Investments(cost $600,000) | | | 600,000 |
| Total Value of Securities – 100.09% | | | |
| (cost $582,844,824) | | | 621,871,334 |
| |
| Liabilities Net of Receivables and Other Assets – (0.09%) | | | (544,038) |
| Net Assets Applicable to 52,818,876 Shares Outstanding – 100.00% | | $ | 621,327,296 |
# 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 $36,677,824, which represents
5.90% 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.
‡ Non-income producing security. Security is currently in default.
•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
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.
NQ- 011 [11/19] 1/20 (1050106) 11
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance 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
NATL – Insured by National Public Finance Guarantee Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar
12 NQ- 011 [11/19] 1/20 (1050106)
