Schedule of investments
Delaware Tax-Free Arizona Fund May 31, 2020 (Unaudited)
Principal amount° | Value (US $) | |||
Municipal Bonds – 98.96% | ||||
Corporate Revenue Bonds - 6.73% | ||||
Chandler Industrial Development Authority Revenue | ||||
(Intel Corporation Project) 2.70% 12/1/37 (AMT) • | 1,000,000 | $ | 1,046,950 | |
Pima County Industrial Development Authority Pollution | ||||
Control Revenue | ||||
(Tucson Electric Power) Series A 5.25% 10/1/40 | 1,600,000 | 1,611,568 | ||
Salt Verde Financial Senior Gas Revenue | ||||
5.00% 12/1/37 | 2,000,000 | 2,610,920 | ||
5,269,438 | ||||
Education Revenue Bonds - 25.37% | ||||
Arizona Industrial Development Authority Revenue | ||||
(Academies of Math & Science Projects) Series A 5.00% | ||||
7/1/51 | 1,000,000 | 1,131,040 | ||
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 350,000 | 342,916 | ||
(American Charter Schools Foundation Project) | ||||
144A 6.00% 7/1/37 # | 250,000 | 256,795 | ||
144A 6.00% 7/1/47 # | 400,000 | 403,876 | ||
(Doral Academy of Nevada - Fire Mesa and Red Rock | ||||
Campus Projects) Series A 144A 5.00% 7/15/49 # | 375,000 | 361,069 | ||
(Empower College Prep Project) 144A 6.00% 7/1/49 # | 500,000 | 502,750 | ||
(Equitable School Revolving Fund) Series A 4.00% | ||||
11/1/49 | 1,600,000 | 1,683,344 | ||
(Odyssey Preparatory Academy Project) Series A 144A | ||||
5.50% 7/1/52 # | 375,000 | 384,701 | ||
(Pinecrest Academy of Nevada-Horizon, Inspirada and | ||||
St. Rose Campus Projects) Series A 144A 5.75% | ||||
7/15/48 # | 250,000 | 264,623 | ||
(Somerset Academy of Las Vegas - Lone Mountain | ||||
Campus Project) Series A 144A 5.00% 12/15/49 # | 500,000 | 459,670 | ||
Arizona State University Energy Management Revenue | ||||
(Arizona State University Tempe Campus II Project) | ||||
4.50% 7/1/24 | 1,000,000 | 1,003,090 | ||
Glendale Industrial Development Authority Revenue | ||||
(Midwestern University) 5.00% 5/15/31 | 645,000 | 672,477 | ||
Maricopa County Industrial Development Authority | ||||
Revenue | ||||
(Arizona Autism Charter Schools Project) Series A 144A | ||||
5.00% 7/1/40 # | 500,000 | 494,360 | ||
(Autism Charter Schools Project) | ||||
Series A 144A 5.00% 7/1/50 # | 175,000 | 166,635 | ||
Series A 144A 5.00% 7/1/54 # | 640,000 | 596,518 | ||
(Creighton University Project) 4.00% 7/1/50 | 1,000,000 | 1,037,380 | ||
(GreatHearts Arizona Projects) Series A 5.00% 7/1/52 | 725,000 | 830,473 | ||
(Reid Traditional Schools Projects) 5.00% 7/1/47 | 785,000 | 839,322 |
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Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
McAllister Academic Village Revenue | |||
(Arizona State University Hassayampa Academic Village | |||
Project) 5.00% 7/1/31 | 500,000 | $ | 611,210 |
Phoenix Industrial Development Authority | |||
(Basis School Projects) 144A 5.00% 7/1/35 # | 500,000 | 507,595 | |
(Choice Academies Project) 5.625% 9/1/42 | 1,250,000 | 1,258,900 | |
(Eagle College Preparatory Project) Series A 5.00% | |||
7/1/43 | 500,000 | 484,015 | |
(Great Hearts Academic Project) 5.00% 7/1/46 | 1,000,000 | 1,051,660 | |
(Rowan University Project) 5.00% 6/1/42 | 2,000,000 | 2,067,880 | |
Pima County Industrial Development Authority Education | |||
Revenue | |||
(American Leadership Academy Project) | |||
144A 5.00% 6/15/47 # | 100,000 | 90,659 | |
144A 5.00% 6/15/52 # | 90,000 | 80,408 | |
(Edkey Charter School Project) 6.00% 7/1/48 | 1,000,000 | 994,600 | |
(Tucson Country Day School Project) 5.00% 6/1/37 | 750,000 | 726,630 | |
University of Arizona Board of Regents | |||
Series A 4.00% 6/1/44 | 475,000 | 546,378 | |
19,850,974 | |||
Electric Revenue Bonds - 5.57% | |||
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.05% 7/1/42 ‡ | 55,000 | 33,963 | |
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 21,700 | |
Series WW 5.00% 7/1/28 ‡ | 245,000 | 151,287 | |
Series XX 4.75% 7/1/26 ‡ | 35,000 | 21,437 | |
Series XX 5.25% 7/1/40 ‡ | 355,000 | 220,100 | |
Series XX 5.75% 7/1/36 ‡ | 125,000 | 78,125 | |
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 18,375 | |
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 27,900 | |
Salt River Project Agricultural Improvement & Power | |||
District Electric System Revenue | |||
Series A 5.00% 1/1/39 | 2,000,000 | 2,495,160 | |
Series A 5.00% 1/1/47 | 1,000,000 | 1,286,220 | |
4,354,267 | |||
Healthcare Revenue Bonds - 20.44% | |||
Arizona Health Facilities Authority Hospital System | |||
Revenue | |||
(Banner Health) Series A 5.00% 1/1/43 | 500,000 | 521,005 | |
(Phoenix Children’s Hospital) Series A 5.00% 2/1/34 | 995,000 | 1,037,606 | |
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42 | 1,000,000 | 1,086,400 |
2 NQ- 322 [5/20] 7/20 (1236694)
(Unaudited) | ||||
Principal amount° | Value (US $) | |||
Municipal Bonds (continued) | ||||
Healthcare Revenue Bonds (continued) | ||||
Arizona Industrial Development Authority Revenue | ||||
(Great Lakes Senior Living Communities LLC Project | ||||
First Tier) Series A 5.00% 1/1/54 | 145,000 | $ | 135,199 | |
(Great Lakes Senior Living Communities LLC Project | ||||
Second Tier) | ||||
Series B 5.00% 1/1/49 | 55,000 | 49,741 | ||
Series B 5.125% 1/1/54 | 65,000 | 59,163 | ||
(Great Lakes Senior Living Communities LLC Project | ||||
Third Tier) Series C 144A 5.00% 1/1/49 # | 500,000 | 445,740 | ||
Glendale Industrial Development Authority Revenue | ||||
(Glencroft Retirement Community Project) | ||||
5.00% 11/15/36 | 270,000 | 245,157 | ||
5.25% 11/15/46 | 415,000 | 364,527 | ||
(Sun Health Services) Series A 5.00% 11/15/48 | 1,000,000 | 1,051,710 | ||
(The Beatitudes Campus Project) | ||||
5.00% 11/15/45 | 200,000 | 162,476 | ||
5.00% 11/15/53 | 300,000 | 235,215 | ||
(The Terraces of Phoenix Project) Series A 5.00% | ||||
7/1/48 | 375,000 | 325,733 | ||
Maricopa County Industrial Development Authority Health | ||||
Facilities Revenue | ||||
(Banner Health) | ||||
Series A 4.00% 1/1/41 | 1,000,000 | 1,076,150 | ||
Series A 4.00% 1/1/44 | 1,500,000 | 1,622,250 | ||
Maricopa County Industrial Development Authority Senior | ||||
Living Facility Revenue | ||||
(Christian Care Surprise Project) 144A 6.00% 1/1/48 # | 405,000 | 353,577 | ||
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 | 815,382 | ||
Tempe Industrial Development Authority Revenue | ||||
(Friendship Village) Series A 6.25% 12/1/42 | 1,200,000 | 1,171,704 | ||
(Mirabella at ASU Project) Series A 144A 6.125% | ||||
10/1/52 # | 800,000 | 766,872 | ||
Yavapai County Industrial Development Authority Hospital | ||||
Facility | ||||
(Yavapai Regional Medical Center) | ||||
4.00% 8/1/43 | 1,500,000 | 1,631,325 | ||
Series A 5.25% 8/1/33 | 2,000,000 | 2,176,600 |
NQ- 322 [5/20] 7/20 (1236694) 3
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Yuma Industrial Development Authority Hospital Revenue | |||
(Yuma Regional Medical Center) | |||
Series A 5.00% 8/1/32 | 295,000 | $ | 326,978 |
Series A 5.25% 8/1/32 | 300,000 | 335,484 | |
15,995,994 | |||
Lease Revenue Bonds - 6.03% | |||
Arizona Game & Fish Department & Community Beneficial | |||
Interest Certificates | |||
(Administration Building Project) 5.00% 7/1/32 | 1,000,000 | 1,003,470 | |
Arizona Sports & Tourism Authority Senior Revenue | |||
(Multipurpose Stadium Facility) Series A 5.00% 7/1/36 | 350,000 | 375,463 | |
Maricopa County Industrial Development Authority | |||
Correctional Contract Revenue | |||
(Phoenix West Prison) Series B 5.375% 7/1/22 (ACA) | 1,000,000 | 1,002,510 | |
Phoenix Civic Improvement Airport Revenue | |||
(Junior Lien) Series A 5.00% 7/1/49 | 2,000,000 | 2,340,000 | |
4,721,443 | |||
Local General Obligation Bonds - 5.95% | |||
Maricopa County High School District No. 214 Tolleson | |||
Union High School | |||
(School Improvement Project) Series B 4.00% 7/1/37 | 1,000,000 | 1,167,460 | |
Maricopa County School District No. 3 Tempe Elementary | |||
(School Improvement Project) Series B 5.00% 7/1/30 | 560,000 | 722,109 | |
Maricopa County Unified School District No 69 Paradise | |||
Valley | |||
4.00% 7/1/39 | 600,000 | 713,064 | |
Maricopa County Unified School District No. 80 Chandler | |||
Series A 4.00% 7/1/39 | 1,000,000 | 1,178,890 | |
Maricopa County Unified School District No. 95 Queen | |||
Creek | |||
(School Improvement) 4.00% 7/1/35 | 500,000 | 586,025 | |
Pinal County Community College District | |||
4.00% 7/1/31 | 250,000 | 287,345 | |
4,654,893 | |||
Pre-Refunded Bonds - 4.94% | |||
Northern Arizona University | |||
5.00% 6/1/36-21 § | 475,000 | 497,458 | |
Phoenix Industrial Development Authority | |||
(Great Hearts Academic Project) | |||
6.30% 7/1/42-21 § | 500,000 | 530,815 | |
6.40% 7/1/47-21 § | 500,000 | 531,355 |
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(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Pre-Refunded Bonds (continued) | |||
Pinal County Electric District No. 3 | |||
Series A 5.25% 7/1/41-21 § | 750,000 | $ | 790,860 |
University of Arizona Board of Regents | |||
Series A 5.00% 6/1/25-22 § | 335,000 | 365,837 | |
Series A 5.00% 6/1/25-22 § | 10,000 | 10,921 | |
Series A 5.00% 6/1/38-23 § | 1,000,000 | 1,141,100 | |
3,868,346 | |||
Special Tax Revenue Bonds - 11.20% | |||
Glendale Municipal Property Excise Tax Revenue | |||
(Senior Lien) Series B 5.00% 7/1/33 | 570,000 | 631,811 | |
Glendale Transportation Excise Tax Revenue | |||
5.00% 7/1/30 (AGM) | 1,000,000 | 1,209,680 | |
Guam Government Business Privilege Tax Revenue | |||
Series A 5.125% 1/1/42 | 545,000 | 553,121 | |
Series A 5.25% 1/1/36 | 705,000 | 718,874 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 3,635,000 | 3,546,015 | |
Series A-1 4.931% 7/1/46 ^ | 1,190,000 | 308,959 | |
Series A-2 4.329% 7/1/40 | 1,245,000 | 1,198,313 | |
Regional Public Transportation Authority | |||
(Maricopa County Public Transportation) 5.25% 7/1/24 | 500,000 | 599,720 | |
8,766,493 | |||
State General Obligation Bonds - 1.16% | |||
Commonwealth of Puerto Rico | |||
Series A 5.00% 7/1/41 ‡ | 235,000 | 130,719 | |
Series A 5.375% 7/1/33 ‡ | 270,000 | 168,075 | |
Series A 8.00% 7/1/35 ‡ | 355,000 | 194,363 | |
Series B 5.75% 7/1/38 ‡ | 680,000 | 415,650 | |
908,807 | |||
Transportation Revenue Bonds - 5.09% | |||
Arizona Department of Transportation State Highway Fund | |||
Revenue | |||
5.00% 7/1/35 | 500,000 | 604,385 | |
Phoenix Civic Improvement Airport Revenue | |||
Series B 5.00% 7/1/37 | 1,000,000 | 1,161,510 | |
(Senior Lien) | |||
4.00% 7/1/48 (AMT) | 500,000 | 525,940 | |
5.00% 7/1/32 (AMT) | 500,000 | 541,145 | |
Series A 5.00% 7/1/36 (AMT) | 1,000,000 | 1,151,450 | |
3,984,430 |
NQ- 322 [5/20] 7/20 (1236694) 5
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Water & Sewer Revenue Bonds - 6.48% | |||
Arizona Water Infrastructure Finance Authority | |||
(Water Quality Revenue) Series A 5.00% 10/1/26 | 1,000,000 | $ | 1,193,050 |
Central Arizona Water Conservation District | |||
(Central Arizona Project) 5.00% 1/1/31 | 600,000 | 735,210 | |
Guam Government Waterworks Authority Revenue | |||
5.00% 7/1/37 | 250,000 | 270,773 | |
Mesa Utility System Revenue | |||
4.00% 7/1/31 | 850,000 | 985,567 | |
Phoenix Civic Improvement Corporation | |||
(Junior Lien) | |||
5.00% 7/1/27 | 1,000,000 | 1,261,270 | |
5.00% 7/1/31 | 500,000 | 622,525 | |
5,068,395 | |||
Total Municipal Bonds (cost $75,666,949) | 77,443,480 | ||
Short-Term Investment – 0.26% | |||
Variable Rate Demand Note - 0.26%¤ | |||
Phoenix Industrial Development Authority | |||
(Mayo Clinic) Series B 0.05% 11/15/52 | |||
(SPA - Northern Trust Company) | 200,000 | 200,000 | |
Total Short-Term Investment (cost $200,000) | 200,000 | ||
Total Value of Securities – 99.22% | |||
(cost $75,866,949) | 77,643,480 | ||
Receivables and Other Assets Net of Liabilities – 0.78% | 610,464 | ||
Net Assets Applicable to 6,974,024 Shares Outstanding – 100.00% | $ | 78,253,944 |
# | 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 $6,478,764, which represents | |
8.28% 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. | |
§ | 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. |
6 NQ- 322 [5/20] 7/20 (1236694)
(Unaudited) | |
‡ | 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. |
Summary of abbreviations: | |
ACA – Insured by American Capital Access | |
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 | |
SPA – Stand-by Purchase Agreement | |
USD – US Dollar |
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