Schedule of investments
Delaware Tax-Free USA Intermediate Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 97.87% | | | |
| Corporate Revenue Bonds - 14.59% | | | |
| Black Belt Energy Gas District, Alabama | | | |
| (Project No. 4) Series A 4.00% 6/1/25 | 1,655,000 | $ | 1,829,801 |
| Buckeye, Ohio Tobacco Settlement Financing Authority | | | |
| Series A-2 4.00% 6/1/37 | 420,000 | | 472,307 |
| Series A-2 4.00% 6/1/38 | 420,000 | | 470,635 |
| Series A-2 4.00% 6/1/39 | 420,000 | | 469,127 |
| Series A-2 5.00% 6/1/32 | 1,270,000 | | 1,601,864 |
| Series A-2 5.00% 6/1/33 | 850,000 | | 1,062,543 |
| Series A-2 5.00% 6/1/34 | 420,000 | | 523,375 |
| Series A-2 5.00% 6/1/35 | 850,000 | | 1,053,779 |
| Series A-2 5.00% 6/1/36 | 850,000 | | 1,048,611 |
| Chandler, Arizona Industrial Development Revenue Bonds | | | |
| (Intel Corporation Project) 2.70% 12/1/37 (AMT) • | 3,000,000 | | 3,140,850 |
| Commonwealth of Pennsylvania Financing Authority | | | |
| (Tobacco Master Settlement Payment) 5.00% 6/1/27 | 2,000,000 | | 2,445,600 |
| Denver City & County, Colorado Special Facilities Airport | | | |
| Revenue | | | |
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 1,190,000 | | 1,183,431 |
| Florida Development Finance Corporation Surface | | | |
| Transportation Facility Revenue | | | |
| (Virgin Trains USA Passenger Rail Project) Series A 144A | | | |
| 6.50% 1/1/49 (AMT)#• | 1,710,000 | | 1,453,500 |
| Golden State, California Tobacco Securitization Corporate | | | |
| Settlement Revenue | | | |
| (Asset-Backed Bonds) | | | |
| Series A-1 5.00% 6/1/26 | 850,000 | | 1,009,825 |
| Series A-1 5.25% 6/1/47 | 750,000 | | 754,845 |
| (Capital Appreciation Asset-Backed) | | | |
| Series B 1.548% 6/1/47 ^ | 5,885,000 | | 1,162,052 |
| Houston, Texas Airport System Revenue | | | |
| (United Airlines) 5.00% 7/1/29 (AMT) | 3,010,000 | | 3,009,789 |
| Kentucky Public Energy Authority | | | |
| (Gas Supply Revenue Bonds) Series C-1 | | | |
| 4.00% 12/1/49 • | 5,000,000 | | 5,450,150 |
| Lower Alabama Gas District | | | |
| Series A 5.00% 9/1/34 | 4,850,000 | | 6,162,895 |
| Michigan Tobacco Settlement Finance Authority | | | |
| Series A 6.00% 6/1/34 | 810,000 | | 810,024 |
| M-S-R Energy Authority, California Gas Revenue | | | |
| Series B 6.50% 11/1/39 | 3,485,000 | | 5,226,594 |
NQ- 037 [5/20] 7/20 (1235671) 1
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Corporate Revenue Bonds (continued) | | | |
| New Jersey Economic Development Authority Special | | | |
| Facilities Revenue | | | |
| (Continental Airlines Project) Series B | | | |
| 5.625% 11/15/30 (AMT) | 1,890,000 | $ | 1,900,489 |
| New Jersey Tobacco Settlement Financing Corporation | | | |
| Series B 5.00% 6/1/46 | 3,105,000 | | 3,259,350 |
| New York Liberty Development Revenue | | | |
| (Bank of America Tower at One Bryant Park Project) | | | |
| 2.625% 9/15/69 | 1,540,000 | | 1,509,955 |
| 2.80% 9/15/69 | 3,850,000 | | 3,767,841 |
| (Goldman Sachs Headquarters) 5.25% 10/1/35 | 3,405,000 | | 4,475,838 |
| Salt Verde, Arizona Financial Corporation Senior Gas | | | |
| Revenue | | | |
| 5.00% 12/1/32 | 3,850,000 | | 4,862,203 |
| 5.00% 12/1/37 | 2,500,000 | | 3,263,650 |
| 5.25% 12/1/24 | 3,050,000 | | 3,544,923 |
| St. James Parish, Louisiana | | | |
| (NuStar Logistics, LP Project) | | | |
| 144A 6.10% 6/1/38 #• | 385,000 | | 421,175 |
| Series A 144A 6.35% 10/1/40 # | 1,630,000 | | 1,792,055 |
| Series B 144A 6.10% 12/1/40 #• | 385,000 | | 421,175 |
| TSASC, New York | | | |
| Series A 5.00% 6/1/30 | 475,000 | | 552,121 |
| Series A 5.00% 6/1/31 | 475,000 | | 549,162 |
| Tulsa, Oklahoma Airports Improvement Trust | | | |
| (American Airlines) 5.00% 6/1/35 (AMT) • | 975,000 | | 921,804 |
| Virginia Tobacco Settlement Financing Corporation | | | |
| (Capital Appreciation Asset-Backed) Series C | | | |
| 2.419% 6/1/47 ^ | 29,400,000 | | 4,903,332 |
| Wisconsin Public Finance Authority Exempt Facilities | | | |
| Revenue | | | |
| (National Gypsum) 5.25% 4/1/30 (AMT) | 2,905,000 | | 2,912,843 |
| | | | 79,399,513 |
| Education Revenue Bonds - 5.18% | | | |
| Arizona Industrial Development Authority Revenue | | | |
| (American Charter Schools Foundation Project) 144A | | | |
| 6.00% 7/1/37 # | 1,420,000 | | 1,458,596 |
| Bucks County, Pennsylvania Industrial Development | | | |
| Authority Revenue | | | |
| (School Lane Charter School Project) 5.125% 3/15/36 | 2,000,000 | | 2,146,720 |
| California Educational Facilities Authority Revenue | | | |
| (Stanford University) Series V-1 5.00% 5/1/49 | 1,000,000 | | 1,650,830 |
2 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Education Revenue Bonds (continued) | | | |
| California State University | | | |
| (Systemwide) Series A 5.00% 11/1/31 | 2,000,000 | $ | 2,525,300 |
| California Statewide Communities Development Authority | | | |
| Revenue | | | |
| (California Baptist University) Series A 6.125% 11/1/33 | 2,215,000 | | 2,395,301 |
| (Green Dot Public Schools - Animo Inglewood Charter | | | |
| High School Project) Series A 7.25% 8/1/41 | 500,000 | | 521,695 |
| Colorado Educational & Cultural Facilities Authority | | | |
| Revenue | | | |
| (Rocky Mountain Classical Academy Project) | | | |
| 144A 5.00% 10/1/29 # | 425,000 | | 449,641 |
| 144A 5.00% 10/1/39 # | 425,000 | | 420,814 |
| 144A 5.00% 10/1/49 # | 990,000 | | 951,667 |
| Illinois Finance Authority Revenue | | | |
| (University of Illinois at Chicago) | | | |
| Series A 5.00% 2/15/29 | 400,000 | | 421,720 |
| Series A 5.00% 2/15/31 | 365,000 | | 380,199 |
| Series A 5.00% 2/15/37 | 430,000 | | 436,725 |
| Kent County, Delaware | | | |
| (Delaware State University Project) Series A | | | |
| 5.00% 7/1/40 | 310,000 | | 287,376 |
| Miami-Dade County, Florida Educational Facilities | | | |
| Authority | | | |
| (University of Miami) | | | |
| Series A 5.00% 4/1/30 | 520,000 | | 583,476 |
| Series A 5.00% 4/1/31 | 1,090,000 | | 1,218,358 |
| New York City, New York Trust for Cultural Resources | | | |
| (Whitney Museum of American Art) 5.00% 7/1/21 | 3,025,000 | | 3,108,490 |
| New York State Dormitory Authority Revenue | | | |
| (Touro College & University System) Series A | | | |
| 5.25% 1/1/34 | 1,335,000 | | 1,400,148 |
| Pennsylvania Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (Unrefunded Drexel University) Series A 5.25% 5/1/25 | 310,000 | | 319,377 |
| 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 | | 366,807 |
| Series A 5.00% 7/1/32 | 235,000 | | 243,039 |
NQ- 037 [5/20] 7/20 (1235671) 3
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Education Revenue Bonds (continued) | | | |
| Pima County, Arizona Industrial Development Authority | | | |
| Education Revenue | | | |
| (Facility American Leadership Academy Project) | | | |
| 144A 5.00% 6/15/47 # | 745,000 | $ | 675,410 |
| 144A 5.00% 6/15/52 # | 640,000 | | 571,795 |
| South Carolina Jobs - Economic Development Authority | | | |
| Educational Facilities Revenue | | | |
| (High Point Academy Project) Series A 144A | | | |
| 5.75% 6/15/39 # | 1,245,000 | | 1,301,423 |
| University of Texas Permanent University Fund | | | |
| Series B 5.00% 7/1/27 | 3,715,000 | | 4,358,810 |
| | | | 28,193,717 |
| Electric Revenue Bonds - 4.38% | | | |
| Long Island, New York Power Authority | | | |
| 5.00% 9/1/33 | 250,000 | | 304,107 |
| 5.00% 9/1/35 | 1,000,000 | | 1,209,600 |
| Municipal Electric Authority of Georgia | | | |
| (Plant Vogtle Units 3&4 Project) | | | |
| Series A 4.00% 1/1/44 (AGM) | 2,250,000 | | 2,382,277 |
| Series A 5.00% 1/1/39 | 6,250,000 | | 6,831,750 |
| New York State Utility Debt Securitization Authority | | | |
| (Restructuring Bonds) 5.00% 12/15/33 | 1,500,000 | | 1,816,905 |
| Salt River, Arizona Project Agricultural Improvement & | | | |
| Power District Electric Systems Revenue | | | |
| Series A 5.00% 12/1/35 | 4,000,000 | | 4,747,600 |
| (Salt River Project Electric System) 5.00% 1/1/30 | 5,000,000 | | 6,549,400 |
| | | | 23,841,639 |
| Healthcare Revenue Bonds - 9.03% | | | |
| Apple Valley, Minnesota | | | |
| (Minnesota Senior Living LLC Project) Series B | | | |
| 5.25% 1/1/37 | 965,000 | | 683,413 |
| Arizona Health Facilities Authority | | | |
| (Scottsdale Lincoln Hospital Project) 5.00% 12/1/30 | 5,000,000 | | 5,568,400 |
| California Health Facilities Financing Authority | | | |
| (Kaiser Permanente) Series A-1 5.00% 11/1/27 | 4,100,000 | | 5,274,855 |
| California Statewide Communities Development Authority | | | |
| (Loma Linda University Medical Center) | | | |
| Series A 144A 5.00% 12/1/33 # | 260,000 | | 268,627 |
| Series A 144A 5.00% 12/1/41 # | 1,685,000 | | 1,730,023 |
| Series A 5.25% 12/1/34 | 2,790,000 | | 2,914,239 |
4 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Capital Trust Agency, Florida | | | |
| (Tuscan Gardens Senior Living Center) Series A | | | |
| 7.00% 4/1/35 | 1,630,000 | $ | 1,312,362 |
| Colorado Health Facilities Authority Revenue | | | |
| (CommonSpirit Health) | | | |
| Series A 4.00% 8/1/37 | 500,000 | | 520,615 |
| Series A 4.00% 8/1/38 | 500,000 | | 518,150 |
| Cuyahoga County, Ohio | | | |
| (The Metrohealth System) 5.00% 2/15/37 | 1,000,000 | | 1,068,550 |
| Iowa Finance Authority Senior Housing Revenue Bonds | | | |
| (PHS Council Bluffs, Inc. Project) 5.00% 8/1/33 | 500,000 | | 487,265 |
| Kalispell, Montana | | | |
| (Immanuel Lutheran Corporation Project) Series A | | | |
| 5.25% 5/15/32 | 435,000 | | 425,926 |
| Lancaster County, Pennsylvania Hospital Authority | | | |
| (Brethren Village Project) | | | |
| 5.00% 7/1/31 | 440,000 | | 433,004 |
| 5.00% 7/1/32 | 440,000 | | 426,026 |
| (University of Pennsylvania Health System Obligation) | | | |
| Series A 5.00% 8/15/33 | 2,430,000 | | 2,870,486 |
| Maricopa County, Arizona Industrial Development | | | |
| Authority Revenue | | | |
| (Banner Health Obligation Group) Series A | | | |
| 5.00% 1/1/32 | 3,000,000 | | 3,579,060 |
| (Christian Care Surprise, Inc. Project) 144A | | | |
| 5.75% 1/1/36 # | 1,500,000 | | 1,413,105 |
| Maryland Health & Higher Educational Facilities Authority | | | |
| Revenue | | | |
| (Adventist Healthcare Obligated) Series A 5.50% 1/1/36 | 2,000,000 | | 2,230,580 |
| Massachusetts Development Finance Agency Revenue | | | |
| Series A-2 4.00% 7/1/40 | 1,000,000 | | 1,143,240 |
| Series A-2 4.00% 7/1/41 | 875,000 | | 1,001,866 |
| Moon, Pennsylvania Industrial Development Authority | | | |
| (Baptist Homes Society Obligation) 5.625% 7/1/30 | 2,440,000 | | 2,462,912 |
| New York State Dormitory Authority Revenue | | | |
| (Orange Regional Medical Center) | | | |
| 144A 5.00% 12/1/31 # | 1,000,000 | | 1,156,790 |
| 144A 5.00% 12/1/32 # | 1,100,000 | | 1,265,143 |
| 144A 5.00% 12/1/33 # | 1,000,000 | | 1,145,670 |
| Oklahoma Development Finance Authority Health System | | | |
| Revenue | | | |
| (OU Medicine Project) Series B 5.25% 8/15/43 | 1,790,000 | | 1,944,262 |
NQ- 037 [5/20] 7/20 (1235671) 5
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Prince George’s County, Maryland | | | |
| (Collington Episcopal Life Care Community) | | | |
| 5.00% 4/1/31 | 2,000,000 | $ | 1,926,960 |
| Public Finance Authority, Wisconsin Senior Living Revenue | | | |
| (Mary’s Woods at Marylhurst Project) 144A | | | |
| 5.00% 5/15/29 # | 500,000 | | 515,075 |
| Seminole County, Florida Industrial Development Authority | | | |
| (Legacy Pointe at UCF Project) | | | |
| Series A 5.25% 11/15/39 | 2,630,000 | | 2,081,303 |
| Series B-1 4.25% 11/15/26 | 1,000,000 | | 871,870 |
| Tempe, Arizona Industrial Development Authority | | | |
| (Mirabella at ASU Project) Series A 144A | | | |
| 6.00% 10/1/37 # | 1,200,000 | | 1,172,112 |
| Wisconsin Health & Educational Facilities Authority | | | |
| Revenue | | | |
| (St. Camillus Health System) Series A 5.00% 11/1/39 | 815,000 | | 768,569 |
| | | | 49,180,458 |
| Lease Revenue Bonds - 4.77% | | | |
| California Statewide Communities Development Authority | | | |
| Revenue | | | |
| (Lancer Plaza Project) 5.125% 11/1/23 | 330,000 | | 338,187 |
| Golden State, California Tobacco Securitization Corporate | | | |
| Settlement Revenue | | | |
| (Asset-Backed Enhanced) Series A 5.00% 6/1/35 | 3,000,000 | | 3,476,130 |
| Idaho Building Authority Revenue | | | |
| (Health & Welfare Project) Series A 5.00% 9/1/24 | 2,380,000 | | 2,618,738 |
| Los Angeles County, California | | | |
| (Disney Concert Hall Parking) 5.00% 3/1/23 | 2,395,000 | | 2,688,028 |
| New Jersey State Economic Development Authority | | | |
| (NJ Transit Transportation Project) | | | |
| Series A 4.00% 11/1/38 | 1,000,000 | | 935,450 |
| Series A 4.00% 11/1/39 | 1,000,000 | | 931,620 |
| New Jersey State Transportation Trust Fund Authority | | | |
| Series B 5.50% 6/15/31 | 5,000,000 | | 5,079,100 |
| (Highway Reimbursement) Series A 5.00% 6/15/30 | 2,415,000 | | 2,599,313 |
| New York Liberty Development Revenue | | | |
| (World Trade Center Project) Class 2-3 144A | | | |
| 5.15% 11/15/34 # | 1,000,000 | | 1,009,070 |
| New York State Dormitory Authority Revenue | | | |
| (Health Facilities Improvement Program) | | | |
| Series 1 5.00% 1/15/28 | 750,000 | | 943,583 |
| Series 1 5.00% 1/15/29 | 3,100,000 | | 3,877,883 |
6 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Lease Revenue Bonds (continued) | | | |
| Public Finance Authority, Wisconsin Airport Facilities | | | |
| Revenue | | | |
| (AFCO Investors II Portfolio) 144A | | | |
| 5.00% 10/1/23 (AMT)# | 1,430,000 | $ | 1,463,419 |
| | | | 25,960,521 |
| Local General Obligation Bonds - 6.75% | | | |
| Chesterfield County, Virginia | | | |
| Series B 5.00% 1/1/22 | 4,070,000 | | 4,382,861 |
| Chicago, Illinois | | | |
| Series A 5.25% 1/1/29 | 640,000 | | 659,322 |
| Series A 5.50% 1/1/35 | 1,980,000 | | 2,084,603 |
| Series C 5.00% 1/1/26 | 1,280,000 | | 1,337,075 |
| Chicago, Illinois Board of Education | | | |
| 5.00% 4/1/35 | 825,000 | | 837,606 |
| 5.00% 4/1/36 | 320,000 | | 323,776 |
| (Dedicated Revenues) | | | |
| Series C 5.00% 12/1/34 | 2,160,000 | | 2,155,745 |
| Series D 5.00% 12/1/31 | 2,160,000 | | 2,172,636 |
| Fort Worth, Texas Independent School District | | | |
| (School Building) 5.00% 2/15/27 (PSF) | 2,000,000 | | 2,346,940 |
| New York City, New York | | | |
| Series D-1 5.00% 10/1/30 | 2,260,000 | | 2,387,803 |
| Series E 5.00% 8/1/23 | 3,685,000 | | 4,206,464 |
| Subseries D-1 4.00% 12/1/42 | 4,300,000 | | 4,834,748 |
| San Francisco, California Bay Area Rapid Transit District | | | |
| (Election 2004) Series D 5.00% 8/1/31 | 4,000,000 | | 4,892,920 |
| Wake County, North Carolina | | | |
| Series A 5.00% 3/1/27 | 3,200,000 | | 4,137,184 |
| | | | 36,759,683 |
| Pre-Refunded/Escrowed to Maturity Bonds - 6.32% | | | |
| California State Department of Water Resources | | | |
| (Water System) Series AS 5.00% 12/1/29-24§ | 15,000 | | 18,109 |
| Clifton, Texas Higher Education Finance Corporation | | | |
| Revenue | | | |
| (Uplift Education) Series A 6.00% 12/1/30-20§ | 1,100,000 | | 1,129,172 |
| New York City, New York | | | |
| Series D-1 5.00% 10/1/30-21§ | 1,740,000 | | 1,850,194 |
| New York State | | | |
| Series A 5.00% 2/15/28-21§ | 5,000,000 | | 5,171,000 |
| New York State Dormitory Authority Revenue | | | |
| (North Shore Long Island Jewish Health System) | | | |
| Series A 5.00% 5/1/23-21§ | 4,000,000 | | 4,175,960 |
NQ- 037 [5/20] 7/20 (1235671) 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) | | | |
| | Oregon State | | | |
| | Series L 5.00% 5/1/26-21§ | 6,000,000 | $ | 6,265,680 |
| | Pennsylvania Higher Educational Facilities Authority | | | |
| | Revenue | | | |
| | (Drexel University) Series A 5.25% 5/1/25-21§ | 4,980,000 | | 5,209,478 |
| | Sacramento, California Water Revenue | | | |
| | 5.00% 9/1/26-23§ | 3,160,000 | | 3,639,562 |
| | San Francisco, California City & County Airports | | | |
| | Commission | | | |
| | Series D 5.00% 5/1/25-21§ | 570,000 | | 594,795 |
| | Southwestern Illinois Development Authority | | | |
| | (Memorial Group) 7.125% 11/1/30-23§ | 2,190,000 | | 2,686,342 |
| | Virginia Commonwealth Transportation Board | | | |
| (Gans-Garvee) 5.00% 3/15/24-23§ | 3,250,000 | | 3,681,243 |
| | | | | 34,421,535 |
| | Special Tax Revenue Bonds - 14.56% | | | |
| | Allentown, Pennsylvania Neighborhood Improvement Zone | | | |
| | Development Authority Tax Revenue | | | |
| | (City Center Project) | | | |
| | 144A 5.00% 5/1/28 # | 750,000 | | 784,365 |
| | 144A 5.00% 5/1/33 # | 650,000 | | 656,318 |
| | Baltimore, Maryland | | | |
| | (Senior Lien-Harbor Point Project) | | | |
| | Series A 144A 3.25% 6/1/31 # | 95,000 | | 85,478 |
| | Series A 144A 3.30% 6/1/32 # | 105,000 | | 92,879 |
| | Series A 144A 3.35% 6/1/33 # | 110,000 | | 96,364 |
| | Series A 144A 3.40% 6/1/34 # | 115,000 | | 100,007 |
| | Series A 144A 3.45% 6/1/35 # | 130,000 | | 112,271 |
| | Series A 144A 3.50% 6/1/39 # | 270,000 | | 228,072 |
| | Celebration Pointe, Florida Community Development | | | |
| | District | | | |
| | 4.75% 5/1/24 | 375,000 | | 387,143 |
| | 5.00% 5/1/34 | 830,000 | | 845,903 |
| | Connecticut State Transportation Infrastructure | | | |
| | Series B 5.00% 10/1/30 | 3,375,000 | | 4,210,414 |
| | Dallas, Texas Convention Center Hotel Development | | | |
| | Revenue | | | |
| | Series A 5.00% 1/1/24 | 3,420,000 | | 3,430,944 |
| | Series A 5.25% 1/1/23 | 5,375,000 | | 5,393,436 |
| | Denver, Colorado Convention Center Hotel Authority | | | |
| | 5.00% 12/1/26 | 1,270,000 | | 1,348,067 |
| | 5.00% 12/1/29 | 305,000 | | 319,024 |
8 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Special Tax Revenue Bonds (continued) | | | |
| Denver, Colorado Convention Center Hotel Authority | | | |
| 5.00% 12/1/31 | 460,000 | $ | 479,674 |
| 5.00% 12/1/32 | 920,000 | | 956,358 |
| 5.00% 12/1/34 | 765,000 | | 795,325 |
| 5.00% 12/1/35 | 610,000 | | 634,113 |
| 5.00% 12/1/36 | 460,000 | | 478,087 |
| Ernest N Morail-New Orleans, Louisiana Exhibition Hall | | | |
| Authority Special Tax Revenue | | | |
| 5.00% 7/15/26 | 2,330,000 | | 2,453,397 |
| Franklin County, Ohio Convention Facilities Authority | | | |
| (Greater Columbus Convention Center Hotel Expansion | | | |
| Project) | | | |
| 5.00% 12/1/33 | 245,000 | | 225,937 |
| 5.00% 12/1/34 | 210,000 | | 191,482 |
| 5.00% 12/1/35 | 250,000 | | 227,677 |
| 5.00% 12/1/36 | 285,000 | | 259,587 |
| 5.00% 12/1/37 | 270,000 | | 245,773 |
| 5.00% 12/1/38 | 345,000 | | 314,112 |
| 5.00% 12/1/39 | 220,000 | | 200,152 |
| Harris County-Houston, Texas Sports Authority | | | |
| (Senior Lien) Series A 5.00% 11/15/30 | 1,805,000 | | 1,841,786 |
| Kansas City, Missouri Land Clearance Redevelopment | | | |
| Authority Revenue | | | |
| (Convention Center Hotel Project - TIF Financing) | | | |
| Series B 144A 4.375% 2/1/31 # | 400,000 | | 395,780 |
| Series B 144A 5.00% 2/1/40 # | 200,000 | | 201,010 |
| Louisiana State Highway Improvement Revenue | | | |
| Series A 5.00% 6/15/29 | 5,195,000 | | 6,052,279 |
| Massachusetts School Building Authority | | | |
| Series C 5.00% 8/15/29 | 1,630,000 | | 1,978,331 |
| New Jersey Economic Development Authority Revenue | | | |
| (Cigarette Tax) | | | |
| 5.00% 6/15/22 | 1,750,000 | | 1,874,373 |
| 5.00% 6/15/23 | 1,250,000 | | 1,336,413 |
| New York City, New York Transitional Finance Authority | | | |
| Building Aid Revenue | | | |
| Subordinate Subseries S-3A 5.00% 7/15/28 | 4,400,000 | | 5,744,420 |
| New York City, New York Transitional Finance Authority | | | |
| Future Tax Secured | | | |
| Subseries A-1 5.00% 11/1/23 | 2,865,000 | | 3,298,188 |
| Subseries C 5.00% 11/1/27 | 4,150,000 | | 4,811,261 |
| Subseries E-1 5.00% 2/1/26 | 4,020,000 | | 4,294,204 |
NQ- 037 [5/20] 7/20 (1235671) 9
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Special Tax Revenue Bonds (continued) | | | |
| Public Finance Authority, Wisconsin | | | |
| (American Dream @ Meadowlands Project) 144A | | | |
| 7.00% 12/1/50 # | 1,010,000 | $ | 889,103 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.55% 7/1/40 | 6,015,000 | | 5,962,429 |
| Series A-1 5.324% 7/1/51 ^ | 10,000,000 | | 1,897,000 |
| Series A-1 5.392% 7/1/46 ^ | 10,800,000 | | 2,804,004 |
| Series A-2 4.329% 7/1/40 | 8,636,000 | | 8,312,150 |
| Richmond Heights, Missouri Tax Increment & Transaction | | | |
| Sales Tax Revenue Refunding & Improvement | | | |
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 795,000 | | 779,553 |
| 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 | 1,355,000 | | 1,253,009 |
| | | | 79,277,652 |
| State General Obligation Bonds - 16.01% | | | |
| California State | | | |
| (Various Purpose) | | | |
| 5.00% 8/1/26 | 3,120,000 | | 3,942,526 |
| 5.00% 8/1/28 | 3,000,000 | | 3,963,750 |
| 5.00% 9/1/30 | 1,715,000 | | 2,135,192 |
| 5.00% 4/1/32 | 1,410,000 | | 1,981,290 |
| 5.00% 9/1/32 | 4,100,000 | | 5,067,108 |
| 5.25% 9/1/28 | 7,750,000 | | 8,209,265 |
| Series C 5.00% 9/1/30 | 5,985,000 | | 7,252,324 |
| Commonwealth of Massachusetts | | | |
| Series A 5.00% 1/1/35 | 7,500,000 | | 9,746,475 |
| Commonwealth of Pennsylvania | | | |
| 5.00% 9/15/26 | 2,500,000 | | 3,150,775 |
| 5.00% 7/15/28 | 3,870,000 | | 5,118,501 |
| Connecticut State | | | |
| Series F 5.00% 9/15/27 | 2,790,000 | | 3,436,471 |
| Hawaii State | | | |
| Series FW 4.00% 1/1/34 | 3,010,000 | | 3,593,699 |
| Illinois State | | | |
| 5.00% 1/1/28 | 1,630,000 | | 1,649,707 |
| 5.00% 3/1/36 | 960,000 | | 961,517 |
| 5.00% 11/1/36 | 1,965,000 | | 1,975,611 |
| 5.25% 2/1/30 | 1,295,000 | | 1,318,634 |
| 5.25% 2/1/32 | 435,000 | | 442,939 |
10 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| State General Obligation Bonds (continued) | | | |
| Illinois State | | | |
| 5.25% 2/1/33 | 270,000 | $ | 274,474 |
| 5.50% 5/1/39 | 2,500,000 | | 2,626,600 |
| Series A 5.125% 12/1/29 | 1,770,000 | | 1,805,860 |
| Series B 4.00% 11/1/34 | 2,130,000 | | 1,964,563 |
| Series B 4.00% 11/1/35 | 2,200,000 | | 2,021,030 |
| Series D 5.00% 11/1/25 | 1,220,000 | | 1,246,035 |
| Oregon State | | | |
| (Article XI-Q State Projects) Series A 5.00% 5/1/28 | 2,000,000 | | 2,655,320 |
| Texas State | | | |
| (Transportation Commission Highway Improvement) | | | |
| 5.00% 4/1/29 | 3,000,000 | | 3,505,830 |
| Washington State | | | |
| Series R-2015E 5.00% 7/1/31 | 3,000,000 | | 3,574,140 |
| (Various Purpose) Series 2015-A-1 5.00% 8/1/30 | 3,000,000 | | 3,523,920 |
| | | | 87,143,556 |
| Transportation Revenue Bonds - 14.07% | | | |
| Bay Area, California Toll Authority | | | |
| (San Francisco Bay Area) Series S-7 4.00% 4/1/34 | 1,000,000 | | 1,141,800 |
| Chicago, Illinois Midway International Airport | | | |
| Series A 5.00% 1/1/28 (AMT) | 1,905,000 | | 2,086,451 |
| Chicago, Illinois O’Hare International Airport Revenue | | | |
| Series B 5.00% 1/1/32 | 1,000,000 | | 1,124,020 |
| Series B 5.00% 1/1/33 | 1,520,000 | | 1,701,473 |
| (General-Airport-Senior Lien) | | | |
| Series B 5.00% 1/1/36 | 2,500,000 | | 2,941,625 |
| Series B 5.00% 1/1/37 | 3,000,000 | | 3,519,300 |
| (General-Airport-Third Lien) Series C 5.25% 1/1/28 | 2,150,000 | | 2,157,439 |
| Hillsborough County, Florida Port District | | | |
| (Tampa Port Authority Project) Series B | | | |
| 5.00% 6/1/28 (AMT) | 375,000 | | 484,481 |
| Houston, Texas Airports Commission Revenue | | | |
| Series B 5.00% 7/1/25 | 1,000,000 | | 1,040,960 |
| Series B 5.00% 7/1/26 | 3,000,000 | | 3,121,560 |
| Memphis-Shelby County, Tennessee Airport Authority | | | |
| Revenue | | | |
| Series D 5.00% 7/1/24 | 4,110,000 | | 4,284,716 |
| Metropolitan Washington D. C. Airports Authority Dulles | | | |
| Toll Road Revenue | | | |
| (Dulles Metrorail and Capital Improvement Project) | | | |
| Series B 4.00% 10/1/37 | 1,500,000 | | 1,562,640 |
NQ- 037 [5/20] 7/20 (1235671) 11
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Transportation Revenue Bonds (continued) | | | |
| New Jersey State Turnpike Authority Turnpike Revenue | | | |
| Series A 5.00% 1/1/33 | 1,770,000 | $ | 2,106,229 |
| New Orleans, Louisiana Aviation Board | | | |
| (North Terminal Project) | | | |
| Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | | 3,254,293 |
| Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | | 3,240,866 |
| New York State Thruway Authority | | | |
| Series J 5.00% 1/1/27 | 5,705,000 | | 6,460,913 |
| 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 | | 3,018,780 |
| Pennsylvania State Turnpike Commission Revenue | | | |
| Subordinate Series A-1 5.00% 12/1/29 | 3,590,000 | | 4,106,745 |
| Phoenix, Arizona Civic Improvement Corporation Airport | | | |
| Revenue | | | |
| (Junior Lien) Series A 5.00% 7/1/33 | 3,355,000 | | 3,807,254 |
| Port Authority of New York & New Jersey | | | |
| (194th Series) 5.00% 10/15/32 | 2,500,000 | | 2,925,925 |
| (JFK International Air Terminal) Series 8 6.50% 12/1/28 | 8,300,000 | | 8,344,571 |
| Salt Lake City, Utah Airport Revenue | | | |
| Series B 5.00% 7/1/31 | 500,000 | | 595,065 |
| Series B 5.00% 7/1/32 | 600,000 | | 709,164 |
| Series B 5.00% 7/1/33 | 1,000,000 | | 1,175,930 |
| San Francisco, California City & County Airport | | | |
| Commission - San Francisco International Airport | | | |
| Series D 5.00% 5/1/25 | 1,430,000 | | 1,485,370 |
| South Jersey Port, New Jersey | | | |
| (Subordinated Marine Terminal) | | | |
| Series B 5.00% 1/1/32 (AMT) | 215,000 | | 219,212 |
| Series B 5.00% 1/1/33 (AMT) | 315,000 | | 320,553 |
| Series B 5.00% 1/1/34 (AMT) | 430,000 | | 436,957 |
| Series B 5.00% 1/1/35 (AMT) | 430,000 | | 436,282 |
| Series B 5.00% 1/1/36 (AMT) | 430,000 | | 435,143 |
| Series B 5.00% 1/1/37 (AMT) | 430,000 | | 434,261 |
| Texas Private Activity Bond Surface Transportation | | | |
| Corporate Senior Lien Revenue | | | |
| (LBJ Infrastructure) 7.50% 6/30/33 | 3,625,000 | | 3,644,611 |
| (NTE Mobility Partners Segments 3 LLC Segments 3A | | | |
| and 3B Facility) 7.00% 12/31/38 (AMT) | 3,750,000 | | 4,257,900 |
| | | | 76,582,489 |
12 NQ- 037 [5/20] 7/20 (1235671)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Water & Sewer Revenue Bonds - 2.21% | | | |
| California State Department of Water Resources | | | |
| (Water System) Series AS 5.00% 12/1/29 | 2,680,000 | $ | 3,228,301 |
| Dominion, Colorado Water & Sanitation District | | | |
| 5.25% 12/1/27 | 500,000 | | 519,685 |
| Great Lakes, Michigan Water Authority Water Supply | | | |
| System Revenue | | | |
| (Senior Lien Bond) Series C 5.00% 7/1/31 | 3,000,000 | | 3,581,910 |
| San Antonio, Texas Water System Revenue | | | |
| Series A 5.00% 5/15/32 | 1,500,000 | | 1,879,365 |
| Series A 5.00% 5/15/33�� | 2,250,000 | | 2,803,995 |
| | | | 12,013,256 |
| Total Municipal Bonds (cost $509,163,818) | | | 532,774,019 |
| |
| Short-Term Investments – 1.15% | | | |
| Variable Rate Demand Notes - 1.15%¤ | | | |
| California State Series A2 | | | |
| 0.03% 5/1/34 (LOC - State Street Bank and Trust Company) | 150,000 | | 150,000 |
| Mississippi Business Finance Corporation Gulf Opportunity | | | |
| Zone Industrial Development Revenue | | | |
| (Chevron U. S. A. Inc. Project) | | | |
| Series A 0.06% 11/1/35 | 500,000 | | 500,000 |
| Series F 0.06% 12/1/30 | 1,900,000 | | 1,900,000 |
| Series H 0.06% 11/1/35 | 1,300,000 | | 1,300,000 |
| Series L 0.06% 11/1/35 | 2,420,000 | | 2,420,000 |
| Total Short-Term Investments (cost $6,270,000) | | | 6,270,000 |
| |
| Total Value of Securities – 99.02% | | | |
| (cost $515,433,818) | | | 539,044,019 |
| |
| Receivables and Other Assets Net of Liabilities – 0.98% | | | 5,338,650 |
| Net Assets Applicable to 45,309,919 Shares Outstanding – 100.00% | | $ | 544,382,669 |
| |
| # | 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 $24,697,932, which represents |
| | 4.54% 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 May 31, 2020. |
NQ- 037 [5/20] 7/20 (1235671) 13
Schedule of investments
Delaware Tax-Free USA Intermediate Fund (Unaudited)
| |
| § | 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 |
| | 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. |
| 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 |
| PSF – Guaranteed by Permanent School Fund |
| USD – US Dollar |
14 NQ- 037 [5/20] 7/20 (1235671)
