Schedule of investments
Delaware Tax-Free Arizona Fund November 30, 2019 (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds – 101.40% | ||||
| Corporate Revenue Bonds - 9.24% | ||||
| Chandler Industrial Development Authority Revenue | ||||
| (Intel Corporation Project) 2.70% 12/1/37 (AMT)• | 1,000,000 | $ | 1,039,070 | |
| Maricopa County Pollution Control | ||||
| (Public Service - Palo Verde Project) Series B 5.20% | ||||
| 6/1/43• | 1,500,000 | 1,526,565 | ||
| Pima County Industrial Development Authority Pollution | ||||
| Control Revenue | ||||
| (Tucson Electric Power) Series A 5.25% 10/1/40 | 2,000,000 | 2,055,420 | ||
| Salt Verde Financial Senior Gas Revenue | ||||
| 5.00% 12/1/37 | 2,000,000 | 2,670,220 | ||
| 7,291,275 | ||||
| Education Revenue Bonds - 30.43% | ||||
| Arizona Health Facilities Authority Healthcare Education | ||||
| Revenue | ||||
| (Kirksville College) 5.125% 1/1/30 | 1,500,000 | 1,504,680 | ||
| Arizona Industrial Development Authority Revenue | ||||
| (Academies of Math & Science Projects) Series A 5.00% | ||||
| 7/1/51 | 1,000,000 | 1,145,930 | ||
| (ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 350,000 | 373,811 | ||
| (American Charter Schools Foundation Project) 144A | ||||
| 6.00% 7/1/47 # | 400,000 | 459,444 | ||
| (Equitable School Revolving Fund) Series A 4.00% | ||||
| 11/1/49 | 1,600,000 | 1,748,048 | ||
| (Pincrest Academy of Nevada-Horizon, Inspirada and St. | ||||
| Rose Campus Projects) Series A 144A 5.75% 7/15/48 # | 250,000 | 279,980 | ||
| Arizona State University Energy Management Revenue | ||||
| (Arizona State University Tempe Campus II Project) | ||||
| 4.50% 7/1/24 | 1,000,000 | 1,002,410 | ||
| Arizona State University System Revenue | ||||
| (Green Bonds) Series A 5.00% 7/1/43 | 1,000,000 | 1,247,860 | ||
| Glendale Industrial Development Authority Revenue | ||||
| (Midwestern University) | ||||
| 5.00% 5/15/31 | 645,000 | 696,910 | ||
| 5.125% 5/15/40 | 1,305,000 | 1,325,175 | ||
| Maricopa County Industrial Development Authority | ||||
| Revenue | ||||
| (GreatHearts Arizona Projects) Series A 5.00% 7/1/52 | 725,000 | 840,978 | ||
| (Reid Traditional Schools Projects) 5.00% 7/1/47 | 785,000 | 872,724 | ||
| McAllister Academic Village Revenue | ||||
| (Arizona State University Hassayampa Academic Village | ||||
| Project) 5.00% 7/1/31 | 1,000,000 | 1,210,650 | ||
NQ- 322 [11/19] 1/20 (1050115) 1
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| Northern Arizona University | |||
| 5.00% 6/1/36 | 475,000 | $ | 497,933 |
| 5.00% 6/1/41 | 1,240,000 | 1,298,168 | |
| Phoenix Industrial Development Authority | |||
| (Basis School Projects) 144A 5.00% 7/1/35 # | 500,000 | 541,115 | |
| (Choice Academies Project) 5.625% 9/1/42 | 1,250,000 | 1,299,575 | |
| (Eagle College Preparatory Project) Series A 5.00% | |||
| 7/1/43 | 500,000 | 514,585 | |
| (Great Hearts Academic Project) 5.00% 7/1/46 | 1,000,000 | 1,095,220 | |
| (Rowan University Project) 5.00% 6/1/42 | 2,000,000 | 2,130,900 | |
| Pima County Industrial Development Authority Education | |||
| Revenue | |||
| (American Leadership Academy Project) | |||
| 144A 5.00% 6/15/47 # | 100,000 | 103,237 | |
| 144A 5.00% 6/15/52 # | 90,000 | 92,584 | |
| (Edkey Charter School Project) 6.00% 7/1/48 | 1,000,000 | 990,510 | |
| (Tucson Country Day School Project) 5.00% 6/1/37 | 750,000 | 737,977 | |
| University of Arizona Board of Regents | |||
| Series A 4.00% 6/1/44 | 475,000 | 534,237 | |
| Series A 5.00% 6/1/38 | 1,000,000 | 1,106,820 | |
| Unrefunded Balance Series A 5.00% 6/1/25 | 335,000 | 365,277 | |
| 24,016,738 | |||
| Electric Revenue Bonds - 8.15% | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series CCC 5.25% 7/1/27 ‡ | 170,000 | 130,475 | |
| Series WW 5.00% 7/1/28 ‡ | 245,000 | 188,037 | |
| Salt River Project Agricultural Improvement & Power | |||
| District Electric System Revenue | |||
| Series A 5.00% 1/1/39 | 3,000,000 | 3,687,780 | |
| Series A 5.00% 12/1/45 | 1,000,000 | 1,167,090 | |
| Series A 5.00% 1/1/47 | 1,000,000 | 1,260,540 | |
| 6,433,922 | |||
| Healthcare Revenue Bonds - 19.19% | |||
| Arizona Health Facilities Authority Hospital System | |||
| Revenue | |||
| (Banner Health) Series A 5.00% 1/1/43 | 500,000 | 533,545 | |
| (Phoenix Children’s Hospital) Series A 5.00% 2/1/34 | 995,000 | 1,062,531 | |
| (Scottsdale Lincoln Hospital Project) 5.00% 12/1/42 | 1,000,000 | 1,133,730 | |
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project | |||
| First Tier) Series A 5.00% 1/1/54 | 145,000 | 161,688 |
2 NQ- 322 [11/19] 1/20 (1050115)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Healthcare Revenue Bonds(continued) | ||||
| Arizona Industrial Development Authority Revenue | ||||
| (Great Lakes Senior Living Communities LLC Project | ||||
| Second Tier) | ||||
| Series B 5.00% 1/1/49 | 55,000 | $ | 59,995 | |
| Series B 5.125% 1/1/54 | 65,000 | 70,984 | ||
| (Great Lakes Senior Living Communities LLC Project | ||||
| Third Tier) Series C 144A 5.00% 1/1/49 # | 500,000 | 535,740 | ||
| Glendale Industrial Development Authority Revenue | ||||
| (Glencroft Retirement Community Project) 5.00% | ||||
| 11/15/36 | 270,000 | 291,333 | ||
| (Sun Health Services) Series A 5.00% 11/15/48 | 1,000,000 | 1,127,950 | ||
| Maricopa County Industrial Development Authority Health | ||||
| Facilities Revenue | ||||
| (Banner Health) | ||||
| Series A 4.00% 1/1/41 | 1,000,000 | 1,107,040 | ||
| Series A 4.00% 1/1/44 | 1,500,000 | 1,663,845 | ||
| Maricopa County Industrial Development Authority Senior | ||||
| Living Facility Revenue | ||||
| (Christian Care Surprise Project) 144A 6.00% 1/1/48 # | 405,000 | 424,448 | ||
| Puerto Rico Industrial Tourist Educational Medical & | ||||
| Environmental Control Facilities Financing Authority | ||||
| (Hospital Auxilio Mutuo Obligated Group Project) | ||||
| Series A 6.00% 7/1/33 | 790,000 | 824,041 | ||
| Tempe Industrial Development Authority Revenue | ||||
| (Friendship Village) Series A 6.25% 12/1/42 | 1,200,000 | 1,278,804 | ||
| (Mirabella at ASU Project) Series A 144A 6.125% | ||||
| 10/1/52# | 250,000 | 284,308 | ||
| Yavapai County Industrial Development Authority Hospital | ||||
| Facility | ||||
| (Yavapai Regional Medical Center) | ||||
| 4.00% 8/1/43 | 1,500,000 | 1,646,325 | ||
| Series A 5.25% 8/1/33 | 2,000,000 | 2,255,580 | ||
| Yuma Industrial Development Authority Hospital Revenue | ||||
| (Yuma Regional Medical Center) | ||||
| Series A 5.00% 8/1/32 | 295,000 | 335,940 | ||
| Series A 5.25% 8/1/32 | 300,000 | 345,255 | ||
| 15,143,082 | ||||
| Lease Revenue Bonds - 6.10% | ||||
| Arizona Game & Fish Department & Community Beneficial | ||||
| Interest Certificates | ||||
| (Administration Building Project) 5.00% 7/1/32 | 1,000,000 | 1,002,780 | ||
| Arizona Sports & Tourism Authority Senior Revenue | ||||
| (Multipurpose Stadium Facility) Series A 5.00% 7/1/36 | 350,000 | 372,183 | ||
NQ- 322 [11/19] 1/20 (1050115) 3
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Lease Revenue Bonds(continued) | |||
| Maricopa County Industrial Development Authority | |||
| Correctional Contract Revenue | |||
| (Phoenix West Prison) Series B 5.375% 7/1/22 (ACA) | 1,000,000 | $ | 1,003,030 |
| Phoenix Civic Improvement Airport Revenue | |||
| (Junior Lien) Series A 5.00% 7/1/49 | 2,000,000 | 2,437,140 | |
| 4,815,133 | |||
| Local General Obligation Bonds - 3.85% | |||
| Maricopa County High School District No. 214 Tolleson | |||
| Union High School | |||
| (School Improvement Project) Series B 4.00% 7/1/37 | 1,300,000 | 1,472,770 | |
| Maricopa County School District No. 3 Tempe Elementary | |||
| (School Improvement Project) Series B 5.00% 7/1/30 | 560,000 | 710,976 | |
| Maricopa County Unified School District No. 95 Queen | |||
| Creek | |||
| (School Improvement) 4.00% 7/1/35 | 500,000 | 569,885 | |
| Pinal County Community College District | |||
| 4.00% 7/1/31 | 250,000 | 280,643 | |
| 3,034,274 | |||
| Pre-Refunded Bonds - 2.39% | |||
| Phoenix Industrial Development Authority | |||
| (Great Hearts Academic Project) | |||
| 6.30% 7/1/42-21 § | 500,000 | 539,895 | |
| 6.40% 7/1/47-21 § | 500,000 | 540,675 | |
| Pinal County Electric District No. 3 | |||
| Series A 5.25% 7/1/41-21 § | 750,000 | 798,300 | |
| University of Arizona Board of Regents | |||
| Series A 5.00% 6/1/25-22 § | 10,000 | 10,949 | |
| 1,889,819 | |||
| Special Tax Revenue Bonds - 10.54% | |||
| Glendale Municipal Property Excise Tax Revenue | |||
| (Senior Lien) Series B 5.00% 7/1/33 | 570,000 | 626,772 | |
| Glendale Transportation Excise Tax Revenue | |||
| 5.00% 7/1/30 (AGM) | 1,000,000 | 1,174,850 | |
| Guam Government Business Privilege Tax Revenue | |||
| Series A 5.125% 1/1/42 | 545,000 | 568,833 | |
| Series A 5.25% 1/1/36 | 705,000 | 741,491 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 3,035,000 | 3,140,770 | |
| Series A-1 5.00% 7/1/58 | 440,000 | 462,330 | |
| Series A-2 4.536% 7/1/53 | 1,000,000 | 1,016,030 |
4 NQ- 322 [11/19] 1/20 (1050115)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Special Tax Revenue Bonds(continued) | ||||
| Regional Public Transportation Authority | ||||
| (Maricopa County Public Transportation) 5.25% 7/1/24 | 500,000 | $ | 590,905 | |
| 8,321,981 | ||||
| Transportation Revenue Bonds - 5.20% | ||||
| Arizona Department of Transportation State Highway Fund | ||||
| Revenue | ||||
| 5.00% 7/1/35 | 500,000 | 600,455 | ||
| Phoenix Civic Improvement Airport Revenue | ||||
| Series B 5.00% 7/1/37 | 1,000,000 | 1,215,850 | ||
| (Senior Lien) | ||||
| 4.00% 7/1/48 (AMT) | 500,000 | 543,515 | ||
| 5.00% 7/1/32 (AMT) | 500,000 | 554,035 | ||
| Series A 5.00% 7/1/36 (AMT) | 1,000,000 | 1,192,200 | ||
| 4,106,055 | ||||
| Water & Sewer Revenue Bonds - 6.31% | ||||
| Arizona Water Infrastructure Finance Authority | ||||
| (Water Quality Revenue) Series A 5.00% 10/1/26 | 1,000,000 | 1,174,860 | ||
| Central Arizona Water Conservation District | ||||
| (Central Arizona Project) 5.00% 1/1/31 | 600,000 | 716,412 | ||
| Guam Government Waterworks Authority Revenue | ||||
| 5.00% 7/1/37 | 250,000 | 290,557 | ||
| Mesa Utility System Revenue | ||||
| 4.00% 7/1/31 | 850,000 | 963,152 | ||
| Phoenix Civic Improvement Corporation | ||||
| (Junior Lien) | ||||
| 5.00% 7/1/27 | 1,000,000 | 1,228,690 | ||
| 5.00% 7/1/31 | 500,000 | 604,630 | ||
| 4,978,301 | ||||
| Total Municipal Bonds(cost $75,782,626) | 80,030,580 | |||
| Total Value of Securities – 101.40% | ||||
| (cost $75,782,626) | 80,030,580 | |||
| Liabilities Net of Receivables and Other Assets – (1.40%) | (1,105,365) | |||
| Net Assets Applicable to 6,817,759 Shares Outstanding – 100.00% | $ | 78,925,215 | ||
# 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 $3,094,667, which represents
3.92% 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.
NQ- 322 [11/19] 1/20 (1050115) 5
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
° 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.
Summary of abbreviations:
ACA – Insured by American Capital Access
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar
6 NQ- 322 [11/19] 1/20 (1050115)
