Schedule of investments
Delaware Tax-Free USA Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 102.43% | | | |
| Corporate Revenue Bonds - 18.42% | | | |
| Buckeye, Ohio Tobacco Settlement Financing Authority | | | |
| (Asset-Backed Senior) Series B-2 5.00% 6/1/55 | 6,135,000 | $ | 6,200,460 |
| (Senior Capital Appreciation) Series B-3 | | | |
| 6.153% 6/1/57 ^ | 25,000,000 | | 3,234,000 |
| (Senior) | | | |
| Series A-2 3.00% 6/1/48 | 4,000,000 | | 3,692,040 |
| Series A-2 4.00% 6/1/48 | 5,550,000 | | 5,873,676 |
| Central Plains, Nebraska Energy Project | | | |
| (Project No. 3) | | | |
| Series A 5.00% 9/1/31 | 2,810,000 | | 3,515,675 |
| Series A 5.00% 9/1/35 | 2,160,000 | | 2,758,428 |
| Erie, New York Tobacco Asset Securitization | | | |
| (Capital Appreciation-Asset-Backed) Series A | | | |
| 1.536% 6/1/60 ^ | 57,695,000 | | 2,300,877 |
| Florida Development Finance Corporation Surface | | | |
| Transportation Facility Revenue | | | |
| (Virgin Trains USA Passenger Rail Project) Series A 144A | | | |
| 6.50% 1/1/49 (AMT)#• | 3,245,000 | | 2,758,250 |
| Golden State, California Tobacco Securitization Corporate | | | |
| Settlement Revenue | | | |
| (Capital Appreciation-Asset-Backed) Series B | | | |
| 1.473% 6/1/47 ^ | 10,210,000 | | 2,016,067 |
| Hoover, Alabama Industrial Development Board | | | |
| (United States Steel Corporation Project) | | | |
| 5.75% 10/1/49 (AMT) | 5,000,000 | | 4,142,150 |
| Indiana Finance Authority Exempt Facility Revenue | | | |
| (Polyflow Indiana Project - Green Bond) 144A | | | |
| 7.00% 3/1/39 (AMT)# | 3,030,000 | | 2,557,320 |
| Inland, California Empire Tobacco Securitization | | | |
| (Capital Appreciation-Turbo-Asset-Backed) | | | |
| Series E 144A 0.967% 6/1/57 #^ | 105,485,000 | | 4,581,214 |
| Series F 144A 1.453% 6/1/57 #^ | 48,985,000 | | 1,576,337 |
| Lower Alabama Gas District | | | |
| Series A 5.00% 9/1/34 | 4,400,000 | | 5,591,080 |
| Series A 5.00% 9/1/46 | 2,500,000 | | 3,289,250 |
| M-S-R Energy Authority, California Gas Revenue | | | |
| Series A 6.125% 11/1/29 | 1,890,000 | | 2,362,405 |
| Series B 6.50% 11/1/39 | 5,000,000 | | 7,498,700 |
| Series C 6.50% 11/1/39 | 1,500,000 | | 2,249,610 |
| New Jersey Economic Development Authority Revenue | | | |
| (Continental Airlines Project) Series B | | | |
| 5.625% 11/15/30 (AMT) | 1,365,000 | | 1,372,576 |
NQ- 011 [5/20] 7/20 (1236686) 1
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Corporate Revenue Bonds (continued) | | | |
| New York Liberty Development Revenue | | | |
| (Bank of America Tower At One Bryant Park Project) | | | |
| Class 2 2.625% 9/15/69 | 2,670,000 | $ | 2,617,908 |
| Class 3 2.80% 9/15/69 | 7,500,000 | | 7,339,950 |
| New York Transportation Development Corporation | | | |
| Special Facility Revenue | | | |
| (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D | | | |
| Redevelopment Project) Series 2018 | | | |
| 4.00% 1/1/36 (AMT) | 910,000 | | 890,526 |
| Public Authority for Colorado Energy Natural Gas Revenue | | | |
| 6.50% 11/15/38 | 5,000,000 | | 7,499,200 |
| Salt Verde, Arizona Financial Senior Gas Revenue | | | |
| 5.00% 12/1/37 | 1,600,000 | | 2,088,736 |
| Shoals, Indiana | | | |
| (National Gypsum Co. Project) 7.25% 11/1/43 (AMT) | 1,940,000 | | 2,020,995 |
| Tobacco Securitization Authority of Southern California | | | |
| (Capital Appreciation-2nd Subordinate Lien) Series C | | | |
| 0.558% 6/1/46 ^ | 10,570,000 | | 1,699,973 |
| (Capital Appreciation-3rd Subordinate Lien) Series D | | | |
| 0.307% 6/1/46 ^ | 1,740,000 | | 250,490 |
| Valparaiso, Indiana | | | |
| (Pratt Paper, LLC Project) 7.00% 1/1/44 (AMT) | 1,780,000 | | 1,880,944 |
| Virginia Tobacco Settlement Financing | | | |
| (Capital Appreciation) | | | |
| Series C 2.419% 6/1/47 ^ | 31,035,000 | | 5,176,017 |
| Series D 2.545% 6/1/47 ^ | 22,300,000 | | 3,516,710 |
| | | | 102,551,564 |
| Education Revenue Bonds - 8.00% | | | |
| Arizona Industrial Development Authority Revenue | | | |
| (American Charter Schools Foundation Project) 144A | | | |
| 6.00% 7/1/47 # | 1,385,000 | | 1,398,421 |
| Auburn University, Alabama General Fee Revenue | | | |
| Series A 5.00% 6/1/33 | 1,720,000 | | 2,191,383 |
| California Educational Facilities Authority Revenue | | | |
| (Loma Linda University) Series A 5.00% 4/1/47 | 1,000,000 | | 1,087,550 |
| (Stanford University) Series V-1 5.00% 5/1/49 | 6,325,000 | | 10,441,500 |
| Colorado Educational & Cultural Facilities Authority | | | |
| Revenue | | | |
| (Rocky Mountain Classical Academy Project) 144A | | | |
| 5.00% 10/1/59 # | 1,000,000 | | 941,150 |
2 NQ- 011 [5/20] 7/20 (1236686)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Education Revenue Bonds (continued) | | | |
| District of Columbia Revenue | | | |
| (KIPP DC Issue) | | | |
| 4.00% 7/1/44 | 500,000 | $ | 502,420 |
| 4.00% 7/1/49 | 1,375,000 | | 1,376,980 |
| Illinois Finance Authority Revenue | | | |
| (University of Illinois at Chicago Project) | | | |
| Series A 5.00% 2/15/47 | 1,860,000 | | 1,849,007 |
| Series A 5.00% 2/15/50 | 540,000 | | 534,190 |
| New Jersey Economic Development Authority | | | |
| (Provident Group - Montclair State University) | | | |
| 5.00% 6/1/42 (AGM) | 1,250,000 | | 1,434,637 |
| 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 | | 3,004,140 |
| Pima County, Arizona Industrial Development Authority | | | |
| Education Revenue | | | |
| (American Leadership Academy Project) 144A | | | |
| 5.00% 6/15/52 # | 560,000 | | 500,321 |
| University of Michigan | | | |
| Series A 5.00% 4/1/30 | 1,000,000 | | 1,353,950 |
| University of Texas System Board of Regents | | | |
| Series B 5.00% 8/15/49 | 10,000,000 | | 16,389,000 |
| Utah Charter School Finance Authority Revenue | | | |
| (Wallace Stegner Academy Project) Series A 144A | | | |
| 5.00% 6/15/49 # | 1,590,000 | | 1,526,495 |
| | | | 44,531,144 |
| Electric Revenue Bonds - 3.87% | | | |
| Electric and Gas Systems Revenue San Antonio, Texas | | | |
| 5.25% 2/1/24 | 2,500,000 | | 2,939,200 |
| Long Island, New York Power Authority Electric System | | | |
| Revenue | | | |
| 5.00% 9/1/47 | 1,605,000 | | 1,906,836 |
| Municipal Electric Authority of Georgia | | | |
| (Plant Vogtle Units 3 & 4 Project) Series A 5.00% 1/1/56 | 2,600,000 | | 2,877,082 |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series A 5.05% 7/1/42 ‡ | 130,000 | | 80,275 |
| Series A 6.75% 7/1/36 ‡ | 500,000 | | 313,750 |
| Series AAA 5.25% 7/1/25 ‡ | 75,000 | | 46,500 |
| Series CCC 5.25% 7/1/27 ‡ | 2,570,000 | | 1,593,400 |
| Series TT 5.00% 7/1/32 ‡ | 3,165,000 | | 1,954,387 |
| Series WW 5.00% 7/1/28 ‡ | 400,000 | | 247,000 |
| Series XX 4.75% 7/1/26 ‡ | 265,000 | | 162,313 |
NQ- 011 [5/20] 7/20 (1236686) 3
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Electric Revenue Bonds (continued) | | | |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series XX 5.25% 7/1/40 ‡ | 1,285,000 | $ | 796,700 |
| Series XX 5.75% 7/1/36 ‡ | 940,000 | | 587,500 |
| Series ZZ 4.75% 7/1/27 ‡ | 210,000 | | 128,625 |
| Series ZZ 5.25% 7/1/24 ‡ | 105,000 | | 65,100 |
| Salt River, Arizona Project Agricultural Improvement & | | | |
| Power District Electric Systems Revenue | | | |
| (Salt River Project Electric System) Series A | | | |
| 5.00% 1/1/30 | 6,000,000 | | 7,859,280 |
| | | | 21,557,948 |
| Healthcare Revenue Bonds - 13.27% | | | |
| Alachua County, Florida Health Facilities Authority | | | |
| (Oak Hammock University) Series A 8.00% 10/1/42 | 1,000,000 | | 1,072,860 |
| Allegheny County, Pennsylvania Hospital Development | | | |
| Authority Revenue | | | |
| (Allegheny Health Network Obligated Group Issue) | | | |
| Series A 5.00% 4/1/47 | 1,800,000 | | 2,016,846 |
| Apple Valley, Minnesota | | | |
| (Senior Living, LLC Project Fourth Tier) Series D | | | |
| 7.25% 1/1/52 | 2,500,000 | | 1,858,450 |
| (Senior Living, LLC Project Second Tier) Series B | | | |
| 5.00% 1/1/47 | 2,500,000 | | 1,502,425 |
| Arizona Industrial Development Authority Revenue | | | |
| (Great Lakes Senior Living Communities LLC Project) | | | |
| Series A 5.00% 1/1/54 | 1,070,000 | | 997,679 |
| (Second Tier - Great Lakes Senior Living Communities | | | |
| LLC Project) | | | |
| Series B 5.00% 1/1/49 | 400,000 | | 361,756 |
| Series B 5.125% 1/1/54 | 470,000 | | 427,794 |
| Brookhaven Development Authority Revenue, Georgia | | | |
| (Children’s Healthcare of Atlanta) Series A 4.00% 7/1/49 | 1,810,000 | | 2,015,218 |
| California Health Facilities Financing Authority Revenue | | | |
| (Kaiser Permanente) Series A-2 5.00% 11/1/47 | 2,105,000 | | 3,382,567 |
| (Sutter Health) Series A 5.00% 11/15/38 | 1,000,000 | | 1,161,370 |
| California Municipal Finance Authority Revenue | | | |
| (Community Medical Centers) Series A 5.00% 2/1/42 | 2,550,000 | | 2,862,145 |
| Colorado Health Facilities Authority Revenue | | | |
| (AdventHealth Obligated Group) Series A | | | |
| 4.00% 11/15/43 | 3,000,000 | | 3,332,730 |
| (American Baptist) 8.00% 8/1/43 | 2,040,000 | | 2,127,965 |
| (Cappella of Grand Junction Project) 144A | | | |
| 5.00% 12/1/54 # | 2,100,000 | | 1,833,825 |
4 NQ- 011 [5/20] 7/20 (1236686)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Colorado Health Facilities Authority Revenue | | | |
| (CommonSpirit Health) | | | |
| Series A-2 4.00% 8/1/49 | 3,750,000 | $ | 3,818,513 |
| Series A-2 5.00% 8/1/44 | 3,000,000 | | 3,360,600 |
| (Mental Health Center Denver Project) Series A | | | |
| 5.75% 2/1/44 | 1,875,000 | | 1,944,263 |
| Cuyahoga County, Ohio | | | |
| (The Metro Health System) | | | |
| 5.25% 2/15/47 | 2,235,000 | | 2,376,900 |
| 5.50% 2/15/57 | 3,000,000 | | 3,156,570 |
| 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 | | 1,043,271 |
| Maryland Health & Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/46 | 2,000,000 | | 2,151,160 |
| Montgomery County, Pennsylvania Industrial Development | | | |
| Authority Revenue | | | |
| (Foulkeways At Gwynedd Project) 5.00% 12/1/46 | 1,500,000 | | 1,482,630 |
| Moon, Pennsylvania Industrial Development Authority | | | |
| (Baptist Homes Society Obligation) 6.125% 7/1/50 | 2,250,000 | | 2,248,313 |
| New York State Dormitory Authority | | | |
| (Orange Regional Medical Center) | | | |
| 144A 5.00% 12/1/34 # | 400,000 | | 458,184 |
| 144A 5.00% 12/1/35 # | 1,200,000 | | 1,365,372 |
| 144A 5.00% 12/1/37 # | 800,000 | | 899,528 |
| Orange County, New York Funding Corporation Assisted | | | |
| Living Residence Revenue | | | |
| 6.50% 1/1/46 | 3,000,000 | | 2,792,130 |
| Oregon Health & Science University Revenue | | | |
| (Capital Appreciation Insured) Series A | | | |
| 5.757% 7/1/21 (NATL)^ | 775,000 | | 752,556 |
| Palm Beach County, Florida Health Facilities Authority | | | |
| (Sinai Residences Boca Raton Project) | | | |
| Series A 7.25% 6/1/34 | 120,000 | | 124,871 |
| Series A 7.50% 6/1/49 | 610,000 | | 633,381 |
| Pennsylvania Economic Development Financing Authority | | | |
| First Mortgage Revenue | | | |
| (Tapestry Moon Senior Housing Project) | | | |
| Series A 144A 6.50% 12/1/38 # | 1,785,000 | | 1,624,511 |
| Series A 144A 6.75% 12/1/53 # | 3,115,000 | | 2,751,199 |
NQ- 011 [5/20] 7/20 (1236686) 5
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Pennsylvania Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (Thomas Jefferson University) Series A 5.00% 9/1/45 | 2,000,000 | $ | 2,148,160 |
| (University Of Pennsylvania Health System) | | | |
| 4.00% 8/15/49 | 5,000,000 | | 5,491,050 |
| Rochester, Minnesota | | | |
| (The Homestead at Rochester) Series A 6.875% 12/1/48 | 2,350,000 | | 2,394,768 |
| Seminole County, Florida Industrial Development Authority | | | |
| Revenue | | | |
| (Legacy Pointe at UCF Project) Series A | | | |
| 5.50% 11/15/49 | 2,000,000 | | 1,529,480 |
| Tarrant County, Texas Cultural Education Facilities Finance | | | |
| Corporation Retirement Facility Revenue | | | |
| (Buckner Senior Living - Ventana Project) | | | |
| 6.625% 11/15/37 | 1,000,000 | | 1,002,990 |
| Tempe, Arizona Industrial Development Authority Revenue | | | |
| (Friendship Village) Series A 6.25% 12/1/46 | 1,000,000 | | 971,050 |
| (Mirabella At ASU Project) Series A 144A | | | |
| 6.125% 10/1/52 # | 1,290,000 | | 1,236,581 |
| Washington State Housing Finance Commission | | | |
| (Heron’s Key Senior Living) Series A 144A | | | |
| 7.00% 7/1/45 # | 1,125,000 | | 1,143,101 |
| | | | 73,854,762 |
| Lease Revenue Bonds - 2.74% | | | |
| Metropolitan Pier & Exposition Authority, Illinois | | | |
| (McCormick Place Expansion Project) | | | |
| Series A 4.00% 6/15/50 | 1,000,000 | | 857,820 |
| Series A 5.00% 6/15/50 | 1,000,000 | | 966,510 |
| Series A 5.00% 6/15/57 | 1,620,000 | | 1,550,194 |
| New Jersey Economic Development Authority | | | |
| (State Government Buildings Project) Series A | | | |
| 5.00% 6/15/47 | 2,250,000 | | 2,306,880 |
| New Jersey Transportation Trust Fund Authority | | | |
| (Transportation Program) Series AA 5.00% 6/15/24 | 5,000,000 | | 5,145,700 |
| New York Liberty Development Revenue | | | |
| (World Trade Center Project) | | | |
| Class 1 144A 5.00% 11/15/44 # | 1,100,000 | | 1,090,771 |
| Class 2 144A 5.15% 11/15/34 # | 1,000,000 | | 1,009,070 |
| Public Finance Authority, Wisconsin Airport Facilities | | | |
| Revenue | | | |
| (AFCO Investors II Portfolio) 144A | | | |
| 5.75% 10/1/31 (AMT)# | 2,245,000 | | 2,304,650 |
| | | | 15,231,595 |
6 NQ- 011 [5/20] 7/20 (1236686)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Local General Obligation Bonds - 7.49% | | | |
| Chicago, Illinois | | | |
| Series A 5.25% 1/1/29 | 2,020,000 | $ | 2,080,984 |
| Series A 5.50% 1/1/49 | 1,000,000 | | 1,021,820 |
| Series A 6.00% 1/1/38 | 525,000 | | 563,225 |
| Chicago, Illinois Board of Education | | | |
| 5.00% 4/1/42 | 1,060,000 | | 1,057,371 |
| 5.00% 4/1/46 | 1,085,000 | | 1,067,911 |
| Los Angeles, California Community College District | | | |
| Series C 5.00% 8/1/25 | 2,500,000 | | 3,089,650 |
| Mecklenburg County, North Carolina | | | |
| Series A 5.00% 4/1/25 | 7,020,000 | | 8,576,264 |
| Series A 5.00% 9/1/25 | 8,000,000 | | 9,902,640 |
| New York City, New York | | | |
| Series E-1 5.00% 3/1/44 | 5,000,000 | | 5,978,250 |
| Series F-1 5.00% 4/1/45 | 5,355,000 | | 6,401,046 |
| Subseries D-1 4.00% 12/1/42 | 1,700,000 | | 1,911,412 |
| Subseries D-1 5.00% 10/1/36 | 30,000 | | 31,862 |
| | | | 41,682,435 |
| Pre-Refunded/Escrowed to Maturity Bonds - 6.20% | | | |
| Central Texas Regional Mobility Authority Revenue | | | |
| Senior Lien 6.00% 1/1/41-21§ | 1,680,000 | | 1,735,793 |
| Illinois Railsplitter Tobacco Settlement Authority | | | |
| 6.00% 6/1/28-21§ | 6,000,000 | | 6,345,240 |
| Louisiana Public Facilities Authority Revenue | | | |
| (Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§ | 2,190,000 | | 2,319,736 |
| New York City, New York | | | |
| Subseries D-1 5.00% 10/1/36-21§ | 6,470,000 | | 6,879,745 |
| Oklahoma State Turnpike Authority Revenue | | | |
| (First Senior) 6.00% 1/1/22 | 13,535,000 | | 14,759,647 |
| Southwestern Illinois Development Authority Revenue | | | |
| (Memorial Group) 7.125% 11/1/43-23§ | 2,000,000 | | 2,453,280 |
| | | | 34,493,441 |
| Special Tax Revenue Bonds - 12.96% | | | |
| Allentown, Pennsylvania Neighborhood Improvement Zone | | | |
| Development Authority Tax Revenue | | | |
| (City Center Project) 144A 5.375% 5/1/42 # | 1,525,000 | | 1,528,370 |
| Conley Road Transportation Development District, | | | |
| Missouri | | | |
| 5.375% 5/1/47 | 2,000,000 | | 1,866,780 |
| Massachusetts School Building Authority | | | |
| Series C 5.00% 8/15/31 | 2,500,000 | | 3,014,275 |
NQ- 011 [5/20] 7/20 (1236686) 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 | $ | 4,051,560 |
| New Jersey Economic Development Authority Revenue | | | |
| (Cigarette Tax) 5.00% 6/15/28 | 2,695,000 | | 2,847,807 |
| New York City, New York Industrial Development Agency | | | |
| (Yankee Stadium) 7.00% 3/1/49 (AGC) | 1,000,000 | | 1,004,820 |
| New York City, New York Transitional Finance Authority | | | |
| (Future Tax Secured Fiscal 2011) | | | |
| Series C 5.25% 11/1/25 | 4,430,000 | | 4,519,486 |
| Series D-1 5.00% 2/1/26 | 3,000,000 | | 3,084,870 |
| (Future Tax Secured Fiscal 2014) Series A-1 | | | |
| 5.00% 11/1/42 | 10,000,000 | | 11,179,800 |
| Public Finance Authority, Wisconsin | | | |
| (American Dream @ Meadowlands Project) 144A | | | |
| 7.00% 12/1/50 # | 2,155,000 | | 1,897,047 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.55% 7/1/40 | 1,456,000 | | 1,443,275 |
| Series A-1 4.75% 7/1/53 | 3,546,000 | | 3,459,194 |
| Series A-1 5.00% 7/1/58 | 5,465,000 | | 5,482,816 |
| Series A-1 5.408% 7/1/46 ^ | 58,800,000 | | 15,266,244 |
| Series A-1 5.606% 7/1/51 ^ | 4,500,000 | | 853,650 |
| Series A-2 4.329% 7/1/40 | 7,235,000 | | 6,963,687 |
| Series A-2 5.00% 7/1/58 | 1,021,000 | | 878,417 |
| 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 | 3,280,000 | | 2,810,730 |
| | | | 72,152,828 |
| State General Obligation Bonds - 13.81% | | | |
| California State | | | |
| (Various Purpose) | | | |
| 5.00% 8/1/27 | 2,500,000 | | 3,144,175 |
| 5.00% 3/1/30 | 5,000,000 | | 5,979,350 |
| 5.00% 4/1/32 | 1,400,000 | | 1,967,238 |
| 5.00% 10/1/47 | 2,145,000 | | 2,542,640 |
| Commonwealth of Pennsylvania | | | |
| 5.00% 9/15/26 | 2,500,000 | | 3,150,775 |
| Commonwealth of Puerto Rico | | | |
| Series A 5.25% 7/1/31 ‡ | 785,000 | | 490,625 |
| Series A 8.00% 7/1/35 ‡ | 4,615,000 | | 2,526,713 |
8 NQ- 011 [5/20] 7/20 (1236686)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| State General Obligation Bonds (continued) | | | |
| Commonwealth of Puerto Rico | | | |
| Series B 5.00% 7/1/35 ‡ | 800,000 | $ | 499,000 |
| (Public Improvement) | | | |
| Series A 5.00% 7/1/24 ‡ | 1,180,000 | | 736,025 |
| Series A 5.00% 7/1/41 ‡ | 3,220,000 | | 1,791,125 |
| Series A 5.125% 7/1/37 ‡ | 1,330,000 | | 756,437 |
| Series A 5.25% 7/1/30 ‡ | 3,700,000 | | 2,312,500 |
| Series A 5.25% 7/1/34 ‡ | 970,000 | | 585,637 |
| Series A 5.375% 7/1/33 ‡ | 880,000 | | 547,800 |
| Series A 5.50% 7/1/39 ‡ | 1,785,000 | | 1,033,069 |
| Connecticut State | | | |
| Series B 5.00% 6/15/35 | 2,475,000 | | 2,789,993 |
| Series E 5.00% 9/15/35 | 2,500,000 | | 3,001,600 |
| Series E 5.00% 9/15/37 | 2,250,000 | | 2,682,337 |
| Florida State | | | |
| (Department Of Transportation Right-of-Way Acquisition | | | |
| and Bridge Construction) | | | |
| Series A 4.00% 7/1/33 | 2,500,000 | | 3,056,125 |
| Series A 4.00% 7/1/34 | 3,660,000 | | 4,400,784 |
| Illinois State | | | |
| 5.00% 5/1/36 | 480,000 | | 481,670 |
| 5.00% 11/1/36 | 1,780,000 | | 1,789,612 |
| 5.00% 2/1/39 | 830,000 | | 830,772 |
| 5.50% 5/1/39 | 5,000,000 | | 5,253,200 |
| Series A 5.00% 4/1/38 | 785,000 | | 785,557 |
| Series D 5.00% 11/1/27 | 3,500,000 | | 3,564,960 |
| (Rebuild Illinois Program) Series B 4.00% 11/1/39 | 8,380,000 | | 7,662,504 |
| Maryland State | | | |
| Series A 5.00% 3/15/26 | 5,000,000 | | 6,290,600 |
| Series A 5.00% 3/15/28 | 3,000,000 | | 3,990,840 |
| Texas State | | | |
| (Transportation Commission Mobility) Series A | | | |
| 5.00% 10/1/33 | 1,755,000 | | 2,226,656 |
| | | | 76,870,319 |
| Transportation Revenue Bonds - 14.65% | | | |
| Chicago, Illinois Midway International Airport | | | |
| Series A 5.00% 1/1/28 (AMT) | 2,025,000 | | 2,217,881 |
| Chicago, Illinois O’Hare International Airport | | | |
| Series B 5.00% 1/1/33 | 2,345,000 | | 2,624,970 |
| Series D 5.25% 1/1/42 | 2,000,000 | | 2,283,640 |
NQ- 011 [5/20] 7/20 (1236686) 9
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Transportation Revenue Bonds (continued) | | | |
| Grand Parkway, Texas Transportation Revenue | | | |
| (Grand Parkway System-First Tier Toll) Series C | | | |
| 4.00% 10/1/49 | 5,000,000 | $ | 5,699,250 |
| Harris County, Texas Toll Road Authority | | | |
| Senior Lien Series A 5.00% 8/15/27 | 3,750,000 | | 4,834,725 |
| Love Field Airport Modernization, Texas General Airport | | | |
| Revenue Bonds | | | |
| 5.00% 11/1/35 (AMT) | 1,000,000 | | 1,125,120 |
| 5.00% 11/1/36 (AMT) | 1,000,000 | | 1,121,700 |
| Metropolitan Washington, D. C. Airports Authority Dulles | | | |
| Toll Road Revenue | | | |
| (Dulles Metrorail and Capital Improvement Projects) | | | |
| Series B 4.00% 10/1/49 | 4,280,000 | | 4,343,173 |
| New Jersey Turnpike Authority | | | |
| Series A 5.00% 1/1/28 | 5,000,000 | | 5,720,900 |
| North Texas Tollway Authority Revenue | | | |
| (Second Tier) Series A 5.00% 1/1/34 | 5,000,000 | | 5,721,100 |
| Series A 5.00% 1/1/43 | 7,000,000 | | 8,352,120 |
| Port Authority of New York & New Jersey Special Project | | | |
| (JFK International Air Terminal) | | | |
| Series 8 6.00% 12/1/42 | 4,735,000 | | 4,767,340 |
| Series 8 6.50% 12/1/28 | 5,500,000 | | 5,529,535 |
| Salt Lake City, Utah Airport Revenue | | | |
| Series B 5.00% 7/1/42 | 3,350,000 | | 3,847,241 |
| South Jersey Port, New Jersey | | | |
| (Subordinated Marine Terminal) | | | |
| Series A 5.00% 1/1/49 | 450,000 | | 454,410 |
| Series B 5.00% 1/1/42 (AMT) | 450,000 | | 450,495 |
| Series B 5.00% 1/1/48 (AMT) | 1,035,000 | | 1,011,288 |
| Texas Private Activity Bond Surface Transportation | | | |
| Corporate Senior Lien | | | |
| (LBJ Infrastructure) 7.50% 6/30/33 | 1,560,000 | | 1,568,440 |
| (NTE Mobility Partners Segments 3 LLC Segment 3A | | | |
| and 3B Facility) | | | |
| 6.75% 6/30/43 (AMT) | 2,490,000 | | 2,803,865 |
| 7.00% 12/31/38 (AMT) | 1,830,000 | | 2,077,855 |
| (NTE Mobility Partners Segments 3 LLC Segment 3C | | | |
| Project) 5.00% 6/30/58 (AMT) | 10,000,000 | | 11,010,600 |
| Triborough Bridge & Tunnel Authority, New York | | | |
| (MTA Bridges and Tunnels) Series A 5.00% 11/15/49 | 2,170,000 | | 2,707,769 |
| Virginia Small Business Financing Authority Revenue | | | |
| (Transform 66 P3 Project) 5.00% 12/31/56 (AMT) | 1,220,000 | | 1,273,107 |
| | | | 81,546,524 |
10 NQ- 011 [5/20] 7/20 (1236686)
| | | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Water & Sewer Revenue Bonds - 1.02% | | | |
| Dominion, Colorado Water & Sanitation District | | | |
| 5.75% 12/1/36 | 1,000,000 | $ | 1,035,290 |
| Guam Government Waterworks Authority | | | |
| Series A 5.00% 1/1/50 | 2,000,000 | | 2,215,400 |
| Southern California Water Replenishment District | | | |
| 5.00% 8/1/33 | 2,000,000 | | 2,431,680 |
| | | | 5,682,370 |
| Total Municipal Bonds (cost $548,176,679) | | | 570,154,930 |
| |
| Total Value of Securities – 102.43% | | | |
| (cost $548,176,679) | | | 570,154,930 |
| |
| Liabilities Net of Receivables and Other Assets – (2.43%) | | | (13,543,362) |
| Net Assets Applicable to 48,583,915 Shares Outstanding – 100.00% | | $ | 556,611,568 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At May 31, 2020, the aggregate value of Rule 144A securities was $36,024,988, which represents |
| | 6.47% of the Fund’s net assets. |
| § | 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 |
| | May 31, 2020. 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 [5/20] 7/20 (1236686) 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
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
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
12 NQ- 011 [5/20] 7/20 (1236686)
