Schedule of investments
Delaware Tax-Free USA Fund | November 30, 2022 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 97.60% | |||
Corporate Revenue Bonds — 14.41% | |||
Arizona Industrial Development Authority Revenue | |||
(Legacy Cares, Inc. Project) Series A 144A 7.75% 7/1/50 # | 6,400,000 | $ 4,480,000 | |
Buckeye, Ohio Tobacco Settlement Financing Authority | |||
(Senior) Series A-2 4.00% 6/1/48 | 5,310,000 | 4,626,550 | |
Buckeye, Tobacco Settlement Financing Authority | |||
(Senior) Series A-2 3.00% 6/1/48 | 1,750,000 | 1,255,030 | |
Central Plains, Nebraska Energy Project | |||
(Project No. 3) Series A 5.00% 9/1/31 | 2,050,000 | 2,186,694 | |
Chandler, Arizona Industrial Development Authority Revenue | |||
(Intel Corporation Project) 5.00% 9/1/42 •LIBOR03M, LIBOR | 5,000,000 | 5,178,200 | |
Erie, New York Tobacco Asset Securitization | |||
(Capital Appreciation-Asset-Backed) Series A 144A 1.456% 6/1/60 #, ^ | 65,340,000 | 3,576,058 | |
Finance Authority of Maine Revenue | |||
(Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) # | 5,660,000 | 3,892,891 | |
Florida Development Finance Surface Transportation Facilities Revenue | |||
(Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) # | 7,075,000 | 6,308,919 | |
(Virgin Trains USA Passenger Rail Project) Series A 144A 6.50% 1/1/49 (AMT) #, •LIBOR06M | 2,555,000 | 2,300,292 | |
George L Smith II Georgia World Congress Center Authority | |||
(Convention Center Hotel 1st Tier) Series A 4.00% 1/1/54 | 10,215,000 | 8,314,499 | |
Inland, California Empire Tobacco Securitization | |||
(Capital Appreciation-Turbo-Asset-Backed) | |||
Series E 144A 0.93% 6/1/57 #, ^ | 122,985,000 | 6,737,118 | |
Series F 144A 1.347% 6/1/57 #, ^ | 80,485,000 | 3,699,091 | |
Iowa Finance Authority | |||
(Iowa Fertilizer Company Project) 5.00% 12/1/50 | 5,585,000 | 5,295,139 | |
Kentucky Public Energy Authority | |||
Series A-1 4.00% 8/1/52 • | 5,000,000 | 4,862,750 |
NQ-011 [11/22] 01/23 (2679883) 1
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Corporate Revenue Bonds (continued) | |||
Lower Alabama Gas District | |||
Series A 5.00% 9/1/34 | 3,440,000 | $ 3,612,310 | |
(Gas Project Revenue Bonds) Series A 5.00% 9/1/46 | 2,265,000 | 2,335,781 | |
M-S-R Energy Authority, California Gas Revenue | |||
Series A 6.125% 11/1/29 | 1,280,000 | 1,418,573 | |
Series B 6.50% 11/1/39 | 4,015,000 | 4,871,440 | |
Series C 6.50% 11/1/39 | 1,905,000 | 2,311,355 | |
New York Transportation Development Corporation Special Facilities Revenue | |||
(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/34 (AMT) | 2,290,000 | 2,310,702 | |
Public Authority for Colorado Energy Natural Gas Revenue | |||
6.50% 11/15/38 | 4,745,000 | 5,713,692 | |
Public Finance Authority, Wisconsin | |||
(Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 2,975,000 | 2,707,696 | |
Salt Verde, Arizona Financial Senior Gas Revenue | |||
5.00% 12/1/37 | 2,965,000 | 3,068,775 | |
Shoals, Indiana | |||
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT) | 1,575,000 | 1,598,420 | |
Suffolk Tobacco Asset Securitization | |||
Series A-2 4.00% 6/1/50 | 2,000,000 | 1,708,180 | |
Tobacco Securitization Authority of Southern California | |||
(Capital Appreciation-2nd Subordinate Lien) Series C 0.585% 6/1/46 ^ | 13,510,000 | 2,086,214 | |
(Capital Appreciation-3rd Subordinate Lien) Series D 0.382% 6/1/46 ^ | 2,255,000 | 272,427 | |
Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds | |||
Series A-2 4.00% 6/1/49 | 1,950,000 | 1,645,137 | |
Tuscaloosa County, Alabama Industrial Development Authority | |||
(Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 3,955,000 | 3,284,074 | |
Valparaiso, Indiana | |||
(Pratt Paper LLC Project) 7.00% 1/1/44 (AMT) | 1,360,000 | 1,397,563 | |
103,055,570 |
2 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds — 8.63% | |||
Arizona Industrial Development Authority Revenue | |||
(GreatHearts Arizona Projects) | |||
Series A 2.25% 7/1/46 | 1,295,000 | $ 822,571 | |
Series A 2.375% 7/1/52 | 1,295,000 | 777,699 | |
(Leman Academy Of Excellence Projects) Series A 4.50% 7/1/54 | 2,240,000 | 1,967,997 | |
Bibb County, Georgia Development Authority Revenue | |||
(Macon State College Student Housing Project) Series A 5.75% 7/1/40 (AGM) | 1,905,000 | 1,908,448 | |
California Community College Financing Authority Student Housing Revenue | |||
(Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 5,000,000 | 4,742,800 | |
California Educational Facilities Authority Revenue | |||
(Loma Linda University) Series A 5.00% 4/1/47 | 760,000 | 797,346 | |
(Stanford University) | |||
Series T-1 5.00% 3/15/39 | 3,000,000 | 3,595,290 | |
Series V-1 5.00% 5/1/49 | 1,145,000 | 1,353,505 | |
Series V-2 2.25% 4/1/51 | 1,830,000 | 1,151,765 | |
Camden County, Improvement Authority Revenue | |||
(Kipp:Cooper Norcross Academy - 2022 Project) 6.00% 6/15/62 | 1,325,000 | 1,376,635 | |
Camden, New Jersey County Improvement Authority | |||
(Camden Prep High School Project) | |||
144A 5.00% 7/15/52 # | 865,000 | 847,207 | |
144A 5.00% 7/15/62 # | 520,000 | 491,327 | |
District of Columbia Revenue | |||
5.00% 6/1/50 | 760,000 | 738,462 | |
(KIPP DC Issue) | |||
4.00% 7/1/44 | 380,000 | 338,002 | |
4.00% 7/1/49 | 610,000 | 525,601 | |
Florida Development Finance Surface Transportation Facilities Revenue | |||
(Mater Academy Projects) Series A 4.00% 6/15/52 | 1,535,000 | 1,265,423 | |
Idaho Housing & Finance Association | |||
(Sage International School of Boise Project) Series A 4.00% 5/1/50 | 425,000 | 389,530 | |
Illinois Finance Authority Revenue | |||
(University of Illinois at Chicago Project) | |||
Series A 5.00% 2/15/47 | 1,415,000 | 1,277,108 |
NQ-011 [11/22] 01/23 (2679883) 3
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Illinois Finance Authority Revenue | |||
(University of Illinois at Chicago Project) | |||
Series A 5.00% 2/15/50 | 415,000 | $ 370,844 | |
Massachusetts Development Finance Agency Revenue | |||
Series A 5.00% 7/15/40 | 5,000,000 | 5,849,750 | |
Philadelphia Authority For Industrial Development University Revenue Bonds | |||
(Saint Joseph's University Project) 5.50% 11/1/60 | 4,745,000 | 4,930,150 | |
Public Finance Authority Project Revenue Bonds | |||
(CFP3 – Eastern Michigan University Student Housing Project) | |||
Series A-1 5.375% 7/1/47 | 2,775,000 | 2,909,671 | |
Series A-1 5.50% 7/1/52 | 4,000,000 | 4,189,200 | |
Rhode Island Health and Educational Building Revenue | |||
(University of Rhode Island) Series B 5.25% 9/15/29 (AGC) | 945,000 | 946,153 | |
Town of Davie, Florida | |||
(Nova Southeastern University Project) 5.00% 4/1/38 | 2,290,000 | 2,390,966 | |
University of Texas System Board of Regents | |||
Series B 5.00% 8/15/49 | 13,670,000 | 15,726,652 | |
61,680,102 | |||
Electric Revenue Bonds — 2.96% | |||
Electric and Gas Systems Revenue San Antonio, Texas | |||
5.25% 2/1/24 | 1,905,000 | 1,962,779 | |
Guam Power Authority Revenue | |||
(Tax-Exempt Forward Delivery) | |||
Series A 5.00% 10/1/42 | 3,265,000 | 3,336,210 | |
Series A 5.00% 10/1/43 | 3,650,000 | 3,725,664 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.00% 7/1/42 ‡ | 3,665,000 | 2,712,100 | |
Series A 5.05% 7/1/42 ‡ | 100,000 | 73,750 | |
Series A 6.75% 7/1/36 ‡ | 1,725,000 | 1,306,688 | |
Series AAA 5.25% 7/1/25 ‡ | 60,000 | 44,550 | |
Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 1,488,713 | |
Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 2,001,700 | |
Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 1,845,112 | |
Series XX 4.75% 7/1/26 ‡ | 205,000 | 150,931 | |
Series XX 5.25% 7/1/40 ‡ | 3,165,000 | 2,350,012 | |
Series ZZ 4.75% 7/1/27 ‡ | 160,000 | 117,800 |
4 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Puerto Rico Electric Power Authority Revenue | |||
Series ZZ 5.25% 7/1/24 ‡ | 80,000 | $ 59,400 | |
21,175,409 | |||
Healthcare Revenue Bonds — 14.88% | |||
Alachua County, Florida Health Facilities Authority | |||
(Oak Hammock at the University of Florida, Inc. Project) 4.00% 10/1/46 | 1,750,000 | 1,415,575 | |
Allegheny County Hospital Development Authority Revenue | |||
(Allegheny Health Network Obligated Group Issue) Series A 5.00% 4/1/47 | 1,410,000 | 1,427,766 | |
Apple Valley Senior Living Revenue | |||
(Minnesota Senior Living LLC Project) | |||
Series B 5.00% 1/1/47 | 1,815,000 | 1,070,814 | |
Series D 7.25% 1/1/52 | 1,980,000 | 1,246,766 | |
Arizona Industrial Development Authority Revenue | |||
(Great Lakes Senior Living Communities LLC Project 2nd Tier) Series B 5.00% 1/1/49 | 300,000 | 175,197 | |
(Great Lakes Senior Living Communities LLC Project 4th Tier) Series D-2 144A 7.75% 1/1/54 # | 225,000 | 133,389 | |
(Phoenix Children's Hospital) Series A 4.00% 2/1/50 | 460,000 | 409,377 | |
California Health Facilities Financing Authority Revenue | |||
(CommonSpirit Health) | |||
Series A 4.00% 4/1/45 | 3,470,000 | 3,194,968 | |
Series A 4.00% 4/1/49 | 5,000,000 | 4,508,850 | |
(Kaiser Permanente) Series A-2 5.00% 11/1/47 | 21,265,000 | 24,204,035 | |
California Municipal Finance Authority Revenue | |||
(Community Medical Centers) Series A 5.00% 2/1/47 | 2,025,000 | 2,063,050 | |
Colorado Health Facilities Authority Revenue | |||
(AdventHealth Obligated Group) Series A 4.00% 11/15/46 | 4,310,000 | 4,063,597 | |
(American Baptist) 8.00% 8/1/43 | 1,660,000 | 1,684,651 | |
(CommonSpirit Health) | |||
Series A-1 4.00% 8/1/37 | 700,000 | 653,205 | |
Series A-2 4.00% 8/1/49 | 2,485,000 | 2,075,994 |
NQ-011 [11/22] 01/23 (2679883) 5
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Colorado Health Facilities Authority Revenue | |||
(CommonSpirit Health) | |||
Series A-2 5.00% 8/1/44 | 2,290,000 | $ 2,320,915 | |
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 1,430,000 | 1,443,814 | |
Cuyahoga County, Ohio | |||
(The Metro Health System) 5.50% 2/15/57 | 2,290,000 | 2,321,854 | |
(The Metrohealth System) 5.25% 2/15/47 | 1,710,000 | 1,721,491 | |
Glendale, Arizona Industrial Development Authority Revenue | |||
(Royal Oaks Inspirata Pointe Project) Series A 5.00% 5/15/56 | 1,905,000 | 1,678,438 | |
Henrico County, Virginia Economic Development Authority | |||
(Westminster Canterbury Richmond) Series A 5.00% 10/1/52 | 1,130,000 | 1,172,093 | |
Hillsborough County Industrial Development Authority Hospital Revenue Bonds | |||
(Tampa General Hospital Project) Series A 3.50% 8/1/55 | 5,000,000 | 3,826,500 | |
Illinois Finance Authority Revenue | |||
Series A 5.00% 8/15/51 | 6,775,000 | 7,125,809 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
(The Glen Retirement System Project) Series A 5.00% 1/1/49 | 1,905,000 | 1,346,302 | |
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | |||
(Christian Care Surprise, Inc. Project) 144A 6.00% 1/1/48 # | 915,000 | 647,564 | |
Maryland Health & Higher Educational Facilities Authority Revenue | |||
(Adventist Healthcare Obligated) Series A 5.50% 1/1/46 | 1,530,000 | 1,555,138 | |
Miami-Dade County, Florida Health Facilities Authority Revenue | |||
(Nicklaus Children's Hospital Project) 5.00% 8/1/42 | 1,150,000 | 1,167,147 |
6 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Montgomery County, Pennsylvania Higher Education and Health Authority | |||
(Thomas Jefferson University) Series B 4.00% 5/1/52 | 4,950,000 | $ 4,311,697 | |
Moon, Pennsylvania Industrial Development Authority | |||
(Baptist Homes Society Obligation) 6.125% 7/1/50 | 1,895,000 | 1,602,639 | |
New Hope, Texas Cultural Education Facilities Finance | |||
(Cardinal Bay - Village on the Park) Series A1 5.00% 7/1/46 ‡ | 95,000 | 66,500 | |
(Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 1,725,000 | 1,361,215 | |
New York State Dormitory Authority | |||
(Northwell Health Obligated Group) Series A 5.00% 5/1/52 | 3,000,000 | 3,129,060 | |
(Orange Regional Medical Center) | |||
144A 5.00% 12/1/34 # | 300,000 | 301,503 | |
144A 5.00% 12/1/37 # | 695,000 | 696,863 | |
Ohio State Hospital Facilities Revenue | |||
(Cleveland Clinic Health System Obligated Group) Series B 4.00% 1/1/42 | 2,000,000 | 1,992,200 | |
Orange County, New York Funding Corporation Assisted Living Residence Revenue | |||
6.50% 1/1/46 | 2,135,000 | 1,720,511 | |
Pennsylvania Economic Development Financing Authority Revenue | |||
(University of Pittsburgh Medical Center) Series A 4.00% 11/15/42 | 3,300,000 | 3,081,672 | |
Rochester, Minnesota | |||
(The Homestead at Rochester) Series A 6.875% 12/1/48 | 1,790,000 | 1,808,884 | |
Salem, Oregon Hospital Facility Authority Revenue | |||
(Capital Manor Project) | |||
4.00% 5/15/47 | 865,000 | 665,652 | |
Series A 4.00% 5/15/49 | 500,000 | 462,545 | |
Seminole County, Florida Industrial Development Authority Revenue | |||
(Legacy Pointe at UCF Project) Series A 5.50% 11/15/49 | 3,055,000 | 2,518,573 | |
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue | |||
(Buckner Senior Living - Ventana Project) 6.625% 11/15/37 | 840,000 | 854,322 |
NQ-011 [11/22] 01/23 (2679883) 7
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Tempe, Arizona Industrial Development Authority Revenue | |||
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 1,395,000 | $ 1,216,370 | |
Union County Hospital Facility Authority | |||
(Grande Ronde Hospital Project) | |||
5.00% 7/1/40 | 1,000,000 | 1,012,850 | |
5.00% 7/1/42 | 1,185,000 | 1,195,796 | |
5.00% 7/1/47 | 500,000 | 502,310 | |
5.00% 7/1/52 | 1,125,000 | 1,113,716 | |
Virginia Small Business Financing Authority Revenue | |||
(LifeSpire of Virginia) 4.00% 12/1/41 | 2,500,000 | 2,127,150 | |
106,396,327 | |||
Lease Revenue Bonds — 6.42% | |||
Kansas City Industrial Development Authority | |||
(Kansas City International Airport Terminal Modernization Project) Series B 5.00% 3/1/49 (AGM) (AMT) | 2,450,000 | 2,498,461 | |
Metropolitan Pier & Exposition Authority, Illinois | |||
(McCormick Place Expansion Project) | |||
Series A 4.00% 6/15/50 (BAM) | 6,500,000 | 5,713,370 | |
Series A 4.00% 6/15/52 | 12,885,000 | 10,940,911 | |
Series B 2.809% 12/15/54 (BAM) ^ | 28,520,000 | 5,743,073 | |
Minnesota Housing Finance Agency | |||
(State Appropriation) 5.00% 8/1/31 | 195,000 | 195,413 | |
New Jersey Transportation Trust Fund Authority | |||
(Transportation System) Series A 5.499% 12/15/39 ^ | 12,810,000 | 5,429,518 | |
New York Liberty Development | |||
(Green Bond) Series A 3.00% 11/15/51 (BAM) | 3,535,000 | 2,605,189 | |
Virginia College Building Authority | |||
(21st Century College and Equipment Programs) Series A 5.00% 2/1/40 | 5,000,000 | 5,599,950 | |
Virginia Commonwealth Transportation Board | |||
(Transportation Capital Project) 4.00% 5/15/36 | 3,000,000 | 3,102,390 |
8 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Lease Revenue Bonds (continued) | |||
Virginia Commonwealth Transportation Board | |||
(U.S. Route 58 Corridor Development Program) 4.00% 5/15/47 | 4,180,000 | $ 4,110,487 | |
45,938,762 | |||
Local General Obligation Bonds — 3.56% | |||
Chicago, Illinois | |||
Series A 5.25% 1/1/29 | 1,545,000 | 1,556,031 | |
Series A 5.50% 1/1/49 | 760,000 | 770,929 | |
Series A 6.00% 1/1/38 | 400,000 | 415,920 | |
Chicago, Illinois Board of Education | |||
5.00% 4/1/42 | 885,000 | 888,150 | |
5.00% 4/1/46 | 905,000 | 898,837 | |
Dallas Independent School District, Texas | |||
2.75% 2/15/52 (PSF) | 2,585,000 | 1,821,417 | |
Galveston Independent School District, Texas | |||
4.00% 2/1/47 (PSF) | 2,500,000 | 2,472,175 | |
Los Angeles, California Community College District | |||
Series C 5.00% 8/1/25 | 1,905,000 | 2,022,615 | |
Mechanicsburg, Pennsylvania Area School District | |||
Series AA 4.00% 5/15/50 | 2,875,000 | 2,702,299 | |
Mecklenburg County, North Carolina | |||
Series A 5.00% 9/1/25 | 6,110,000 | 6,503,301 | |
New York City, New York | |||
Subseries A-1 5.00% 8/1/47 | 1,330,000 | 1,422,648 | |
Subseries B-1 5.00% 12/1/41 | 3,825,000 | 4,007,605 | |
25,481,927 | |||
Pre-Refunded/Escrowed to Maturity Bonds — 1.80% | |||
Broward County, Florida Airport System Revenue | |||
Series C 5.25% 10/1/30-23 § | 3,825,000 | 3,910,106 | |
Rockwall Independent School District, Texas | |||
5.00% 2/15/46-25 (PSF) § | 1,530,000 | 1,606,622 | |
Southwestern Illinois Development Authority Revenue | |||
(Memorial Group) 7.125% 11/1/43-23 § | 1,530,000 | 1,590,221 | |
Toledo, Ohio Water System Revenue | |||
5.00% 11/15/38-23 § | 760,000 | 768,717 | |
Washington State Housing Finance Commission | |||
(Heron's Key) Series A 144A 7.00% 7/1/45-25 #, § | 3,890,000 | 4,246,830 |
NQ-011 [11/22] 01/23 (2679883) 9
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
Waterbury, Connecticut | |||
Lot A 5.00% 12/1/32-23 § | 760,000 | $ 778,316 | |
12,900,812 | |||
Resource Recovery Revenue Bonds — 0.18% | |||
Union County, New Jersey Improvement Authority Revenue | |||
(Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 1,490,000 | 1,246,325 | |
1,246,325 | |||
Special Tax Revenue Bonds — 21.90% | |||
Bullhead City, Arizona Excise Taxes Revenue | |||
2.30% 7/1/41 | 1,000,000 | 712,900 | |
2.55% 7/1/46 | 2,885,000 | 2,010,354 | |
City & County of San Francisco, California Special Tax District No 2020-1 | |||
Series B 144A 5.25% 9/1/49 # | 3,450,000 | 2,462,023 | |
Commonwealth of Puerto Rico | |||
3.018% 11/1/43 • | 49,652,030 | 22,653,739 | |
GDB Debt Recovery Authority of Puerto Rico | |||
(Taxable) 7.50% 8/20/40 | 30,085,263 | 25,196,408 | |
Illinois State | |||
First Series 6.00% 6/15/26 (NATL) | 760,000 | 818,991 | |
(Junior Obligation) Series A 4.00% 6/15/31 (BAM) | 5,000,000 | 5,114,200 | |
Maricopa County, Arizona Industrial Development Authority Education Revenue | |||
(Choice Academies, Inc. Project) Series AZ 144A 5.75% 9/1/45 # | 2,505,000 | 2,336,489 | |
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands | |||
Series A 5.00% 10/1/39 | 6,265,000 | 6,317,751 | |
Metropolitan Transportation Authority Revenue, New York | |||
(Climate Bond Certified) Series B-2 5.00% 11/15/36 | 1,530,000 | 1,602,216 | |
Miami-Dade County, Florida Special Obligation | |||
3.505% 10/1/37 (BAM) ^ | 2,585,000 | 1,331,689 | |
New York City, New York Transitional Finance Authority | |||
(Future Tax Secured Fiscal 2014) Series A-1 5.00% 11/1/42 | 5,000,000 | 5,052,250 |
10 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
New York City, New York Transitional Finance Authority Building Aid Revenue | |||
Building Aid Subordinate Subseries S-3A 5.00% 7/15/37 | 1,905,000 | $ 2,032,254 | |
New York Convention Center Development Corporate Senior Lien | |||
(Hotel Unit Fee Secured) | |||
Series B 6.203% 11/15/55 (BAM) ^ | 2,585,000 | 486,161 | |
Series B 6.545% 11/15/55 ^ | 5,000 | 854 | |
New York State Dormitory Authority Personal Income Tax Revenue | |||
(General Purpose) Series A 4.00% 3/15/49 | 3,450,000 | 3,261,595 | |
Public Finance Authority, Wisconsin | |||
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 1,645,000 | 1,372,539 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 4.437% 7/1/46 ^ | 46,180,000 | 11,638,283 | |
Series A-1 4.55% 7/1/40 | 1,116,000 | 1,039,364 | |
Series A-1 4.75% 7/1/53 | 15,410,000 | 14,080,117 | |
Series A-1 5.00% 7/1/58 | 15,812,000 | 15,002,584 | |
Series A-1 5.568% 7/1/51 ^ | 130,029,000 | 24,466,257 | |
Series A-2 4.329% 7/1/40 | 5,864,000 | 5,312,315 | |
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 | 2,530,000 | 2,301,541 | |
156,602,874 | |||
State General Obligation Bonds — 8.73% | |||
California State | |||
(Forward Delivery) 4.00% 9/1/29 | 1,905,000 | 2,058,086 | |
(Various Purpose) | |||
5.00% 9/1/32 | 1,100,000 | 1,291,675 | |
5.00% 4/1/37 | 3,825,000 | 3,846,535 | |
5.00% 11/1/42 | 3,000,000 | 3,387,720 | |
Commonwealth of Massachusetts | |||
Series A 5.50% 8/1/30 (AMBAC) | 760,000 | 903,617 | |
Commonwealth of Puerto Rico | |||
(Restructured) Series A-1 4.00% 7/1/41 | 2,410,275 | 1,937,186 |
NQ-011 [11/22] 01/23 (2679883) 11
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
State General Obligation Bonds (continued) | |||
Connecticut State | |||
Series E 5.00% 9/15/35 | 1,905,000 | $ 2,066,715 | |
Series E 5.00% 9/15/37 | 1,725,000 | 1,857,256 | |
Illinois State | |||
5.50% 5/1/39 | 4,395,000 | 4,639,230 | |
Series A 4.00% 12/1/33 | 770,000 | 737,329 | |
Series A 4.00% 3/1/41 | 1,110,000 | 986,990 | |
Series A 5.00% 3/1/34 | 3,000,000 | 3,144,540 | |
Series A 5.50% 3/1/47 | 6,500,000 | 6,779,045 | |
Series D 5.00% 11/1/27 | 2,670,000 | 2,789,002 | |
(Rebuild Illinois Program) Series B 4.00% 11/1/39 | 10,775,000 | 9,777,774 | |
Maryland State | |||
Series A 5.00% 3/15/26 | 3,825,000 | 4,115,662 | |
Series A 5.00% 3/15/28 | 2,290,000 | 2,558,914 | |
Washington State | |||
Series A 5.00% 8/1/42 | 2,500,000 | 2,790,050 | |
Series R 4.00% 7/1/29 | 6,300,000 | 6,776,406 | |
62,443,732 | |||
Transportation Revenue Bonds — 12.69% | |||
Boise City ID Airport Revenue | |||
(Public Parking Facilities Project) Series A 5.00% 9/1/51 | 1,000,000 | 1,055,780 | |
Chicago, Illinois Midway International Airport | |||
Series A 5.00% 1/1/28 (AMT) | 1,000,000 | 1,012,410 | |
Chicago, Illinois O'Hare International Airport | |||
Series A 5.00% 1/1/37 (AMT) | 1,095,000 | 1,136,610 | |
Series D 5.25% 1/1/42 | 1,530,000 | 1,581,530 | |
Chicago, Illinois Transit Authority Revenue | |||
Series A 4.00% 12/1/55 | 865,000 | 759,375 | |
Denver City & County, Colorado Airport System Revenue | |||
Series A 4.00% 12/1/43 (AMT) | 5,900,000 | 5,461,925 | |
Foothill-Eastern, California Transportation Corridor Agency Revenue | |||
(Junior Lien) Series C 4.00% 1/15/43 | 1,725,000 | 1,602,284 | |
(Senior Lien) Series A 4.00% 1/15/46 | 1,000,000 | 920,730 | |
Georgia Ports Authority Revenue | |||
4.00% 7/1/52 | 1,200,000 | 1,135,128 |
12 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Harris County, Texas Toll Road Authority | |||
Senior Lien Series A 5.00% 8/15/27 | 2,000,000 | $ 2,192,560 | |
Lee County, Florida Airport Revenue | |||
Series B 4.00% 10/1/51 (AMT) | 4,430,000 | 3,904,956 | |
Los Angeles, California Department of Airports Revenue | |||
Subseries F 4.00% 5/15/49 (AMT) | 2,500,000 | 2,268,075 | |
Massachusetts Port Authority Revenue | |||
Series A 5.00% 7/1/40 (AMT) | 2,000,000 | 2,093,400 | |
Metropolitan Transportation Authority Revenue | |||
Subordinate Series C-1 5.25% 11/15/55 | 70,000 | 70,701 | |
Metropolitan Transportation Authority Revenue, New York | |||
Series A-1 5.00% 11/15/47 | 1,000,000 | 981,230 | |
(Climate Bond Certified) Series D 5.00% 11/15/33 | 1,140,000 | 1,170,700 | |
(Green Bonds) Subseries A-2 4.00% 11/15/41 | 1,370,000 | 1,201,887 | |
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | |||
(Dulles Metrorail and Capital Improvement Projects) Series B 4.00% 10/1/49 | 3,270,000 | 2,850,557 | |
Montgomery County, Texas Toll Road Authority Revenue | |||
(Senior Lien) 5.00% 9/15/37 | 1,340,000 | 1,353,668 | |
New Jersey Turnpike Authority | |||
Series A 5.00% 1/1/28 | 2,000,000 | 2,066,780 | |
New York Transportation Development Corporation Special Facilities Revenue | |||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) 4.375% 10/1/45 (AMT) | 12,800,000 | 11,700,992 | |
North Texas Tollway Authority Revenue | |||
(2nd Tier) Series A 5.00% 1/1/34 | 3,825,000 | 3,953,482 | |
Series A 4.00% 1/1/44 | 5,750,000 | 5,500,622 | |
Philadelphia, Pennsylvania Airport Revenue | |||
(Private Activity) 5.00% 7/1/51 (AMT) | 3,000,000 | 3,062,940 | |
Phoenix City, Arizona Civic Improvement Airport Revenue | |||
Series B 5.00% 7/1/49 (AMT) | 1,370,000 | 1,390,619 |
NQ-011 [11/22] 01/23 (2679883) 13
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Port of Seattle, Washington Intermediate Lien Revenue | |||
(Private Activity) Series B 4.00% 8/1/47 (AMT) | 1,500,000 | $ 1,312,530 | |
Regional Transportation District | |||
(Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/39 | 2,045,000 | 1,871,666 | |
Salt Lake City, Utah Airport Revenue | |||
Series A 5.00% 7/1/37 | 3,055,000 | 3,171,854 | |
Series A 5.00% 7/1/51 (AMT) | 3,000,000 | 3,035,460 | |
San Diego County, California Regional Airport Authority | |||
Series B 4.00% 7/1/56 (AMT) (BAM) | 7,000,000 | 6,202,630 | |
San Francisco City & County, California Airports Commission | |||
(San Francisco International Airport) Series A 5.00% 5/1/49 (AMT) | 3,825,000 | 3,900,391 | |
South Jersey Port, New Jersey | |||
(Subordinated Marine Terminal) | |||
Series B 5.00% 1/1/42 (AMT) | 1,000,000 | 1,002,210 | |
Series B 5.00% 1/1/48 (AMT) | 5,340,000 | 5,245,375 | |
Southeastern Pennsylvania Transportation Authority Revenue Bonds | |||
(Asset Improvement Program) 5.25% 6/1/52 | 2,000,000 | 2,180,160 | |
Texas Private Activity Bond Surface Transportation Corporate Senior Lien | |||
(NTE Mobility Partners Segments 3 LLC Segment 3A and 3B Facility) 7.00% 12/31/38 (AMT) | 1,395,000 | 1,428,717 | |
Virginia Small Business Financing Authority Tax-Exempt Senior Lien Private Activity Revenue Bonds | |||
(Transform 66 P3 Project) 5.00% 12/31/52 | 1,000,000 | 998,410 | |
90,778,344 | |||
Water & Sewer Revenue Bonds — 1.44% | |||
Guam Government Waterworks Authority | |||
Series A 5.00% 1/1/50 | 1,530,000 | 1,537,145 | |
Mississippi Development Bank | |||
(Jackson Water and Sewer System Revenue Bond Project) 6.75% 12/1/30 (AGM) | 760,000 | 783,081 |
14 NQ-011 [11/22] 01/23 (2679883)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Water & Sewer Revenue Bonds (continued) | |||
New York City Municipal Water Finance Authority Water And Sewer System | |||
Series CC 4.00% 6/15/42 | 3,000,000 | $ 2,996,220 | |
Tampa, Florida Water & Wastewater System Revenue | |||
(Green Bonds) Series A 5.25% 10/1/57 | 4,500,000 | 4,970,385 | |
10,286,831 | |||
Total Municipal Bonds (cost $738,889,651) | 697,987,015 |
Principal amount | |||
Short-Term Investments — 1.17% | |||
Variable Rate Demand Notes — 1.17%¤ | |||
Los Angeles Department of Water & Power Revenue | |||
Series A 1.00% 7/1/45 (SPA - TD Bank N.A.) | 2,800,000 | 2,800,000 | |
Massachusetts Development Finance Agency | |||
(Boston university Issue) Series U-6E 1.65% 10/1/42 (LOC - TD Bank N.A.) | 2,500,000 | 2,500,000 | |
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue | |||
(Chevron U.S.A. Inc. Project) Series L 1.70% 11/1/35 | 500,000 | 500,000 | |
New York City Municipal Water Finance Authority | |||
Series AA-1 1.65% 6/15/48 | 1,000,000 | 1,000,000 | |
University of Michigan | |||
Series D-1 0.98% 12/1/24 | 1,610,000 | 1,610,000 | |
Total Short-Term Investments (cost $8,410,000) | 8,410,000 | ||
Total Value of Securities—98.77% (cost $747,299,651) | 706,397,015 | ||
Receivables and Other Assets Net of Liabilities—1.23% | 8,781,388 | ||
Net Assets Applicable to 70,368,398 Shares Outstanding—100.00% | $715,178,403 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2022, the aggregate value of Rule 144A securities was $55,019,672, which represents 7.69% of the Fund's net assets. |
NQ-011 [11/22] 01/23 (2679883) 15
Schedule of investments
Delaware Tax-Free USA Fund (Unaudited)
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
§ | 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. |
¤ | 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 November 30, 2022. |
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 |
BAM – Insured by Build America Mutual Assurance |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LLC – Limited Liability Corporation |
LOC – Letter of Credit |
N.A. – National Association |
NATL – Insured by National Public Finance Guarantee Corporation |
PSF – Guaranteed by Permanent School Fund |
SPA – Stand-by Purchase Agreement |
16 NQ-011 [11/22] 01/23 (2679883)