Schedule of investments
Delaware Tax-Free Arizona Fund | November 30, 2022 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 97.81% | |||
Corporate Revenue Bonds — 5.11% | |||
Arizona Industrial Development Authority Revenue | |||
(Legacy Cares Project) Series A 144A 7.75% 7/1/50 # | 285,000 | $ 199,500 | |
(Legacy Cares, Inc. Project) Series A 144A 6.00% 7/1/51 # | 450,000 | 315,000 | |
Chandler Industrial Development Authority Revenue | |||
(Intel Corporation Project) 5.00% 9/1/42 (AMT) • | 1,000,000 | 1,035,640 | |
Salt Verde Financial Senior Gas Revenue | |||
5.00% 12/1/37 | 2,000,000 | 2,070,000 | |
3,620,140 | |||
Education Revenue Bonds — 23.74% | |||
Arizona Industrial Development Authority Revenue | |||
(Academies of Math & Science Projects) Series A 5.00% 7/1/51 | 1,000,000 | 1,005,250 | |
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 350,000 | 314,132 | |
(American Charter Schools Foundation Project) | |||
144A 6.00% 7/1/37 # | 250,000 | 257,122 | |
144A 6.00% 7/1/47 # | 400,000 | 405,548 | |
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects) Series A 144A 5.00% 7/15/49 # | 375,000 | 335,006 | |
(Empower College Prep Project) 144A 6.00% 7/1/49 # | 500,000 | 487,020 | |
(Equitable School Revolving Fund) Series A 4.00% 11/1/49 | 1,600,000 | 1,423,088 | |
(GreatHearts Arizona Projects) | |||
Series A 2.25% 7/1/46 | 1,000,000 | 635,190 | |
Series A 2.375% 7/1/52 | 1,205,000 | 723,651 | |
(Macombs Facility Project) Series A 4.00% 7/1/61 | 1,980,000 | 1,492,465 | |
(Odyssey Preparatory Academy Project) Series A 144A 5.50% 7/1/52 # | 375,000 | 363,795 | |
Arizona State University Energy Management Revenue | |||
(Arizona State University Tempe Campus II Project) 4.50% 7/1/24 | 1,000,000 | 1,001,230 | |
Arizona State University Revenue System | |||
Series A 5.00% 7/1/43 | 1,000,000 | 1,080,900 | |
Maricopa County Industrial Development Authority Revenue | |||
(Arizona Autism Charter Schools Project) Series A 144A 5.00% 7/1/40 # | 250,000 | 234,675 |
NQ-322 [11/22] 01/23 (2682248) 1
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Maricopa County Industrial Development Authority Revenue | |||
(Creighton University Project) 4.00% 7/1/50 | 1,000,000 | $ 902,000 | |
(Great Hearts Arizona Projects) Series A 5.00% 7/1/52 | 725,000 | 742,675 | |
(Highland Prep Projects) Series A 4.00% 7/1/56 | 2,000,000 | 1,714,960 | |
(Reid Traditional Schools Projects) 5.00% 7/1/47 | 785,000 | 788,580 | |
McAllister Academic Village Revenue | |||
(Arizona State University Hassayampa Academic Village Project) 5.00% 7/1/31 | 500,000 | 534,095 | |
Phoenix Industrial Development Authority | |||
(Eagle College Preparatory Project) Series A 5.00% 7/1/43 | 500,000 | 468,230 | |
(Great Hearts Academic Project) 5.00% 7/1/46 | 1,000,000 | 1,004,320 | |
Pima County Industrial Development Authority Education Revenue | |||
(Edkey Charter Schools Project) 144A 5.00% 7/1/55 # | 500,000 | 434,935 | |
University of Arizona Board of Regents | |||
Series A 4.00% 6/1/44 | 475,000 | 460,793 | |
16,809,660 | |||
Electric Revenue Bonds — 6.37% | |||
Guam Power Authority Revenue | |||
(Tax-Exempt Forward Delivery) Series A 5.00% 10/1/41 | 565,000 | 578,515 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.00% 7/1/42 ‡ | 450,000 | 333,000 | |
Series A 5.05% 7/1/42 ‡ | 55,000 | 40,562 | |
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 25,988 | |
Series WW 5.00% 7/1/28 ‡ | 550,000 | 407,000 | |
Series WW 5.50% 7/1/38 ‡ | 710,000 | 529,837 | |
Series XX 4.75% 7/1/26 ‡ | 35,000 | 25,769 | |
Series XX 5.25% 7/1/40 ‡ | 355,000 | 263,587 | |
Series XX 5.75% 7/1/36 ‡ | 125,000 | 93,750 | |
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 22,088 | |
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 33,412 |
2 NQ-322 [11/22] 01/23 (2682248)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Salt River Project Agricultural Improvement & Power District Electric System Revenue | |||
Series A 5.00% 1/1/39 | 1,000,000 | $ 1,076,830 | |
Series A 5.00% 1/1/47 | 1,000,000 | 1,080,400 | |
4,510,738 | |||
Healthcare Revenue Bonds — 22.95% | |||
Arizona Health Facilities Authority Hospital System Revenue | |||
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42 | 1,000,000 | 1,012,310 | |
Arizona Industrial Development Authority Revenue | |||
Series A 4.00% 9/1/46 | 2,250,000 | 2,131,448 | |
(Great Lakes Senior Living Communities LLC Project 1st Tier) Series A 5.00% 1/1/54 | 145,000 | 92,034 | |
(Great Lakes Senior Living Communities LLC Project 2nd Tier) | |||
Series B 5.00% 1/1/49 | 55,000 | 32,119 | |
Series B 5.125% 1/1/54 | 65,000 | 36,646 | |
(Great Lakes Senior Living Communities LLC Project 3rd Tier) Series C 144A 5.00% 1/1/49 # | 500,000 | 264,200 | |
(Great Lakes Senior Living Communities LLC Project Fourth Tier) 144A 7.75% 1/1/54 # | 150,000 | 88,926 | |
(Phoenix Children's Hospital) Series A 4.00% 2/1/50 | 1,000,000 | 889,950 | |
Glendale Industrial Development Authority Revenue | |||
(Glencroft Retirement Community Project) | |||
5.00% 11/15/36 | 150,000 | 116,602 | |
5.25% 11/15/46 | 415,000 | 300,838 | |
(Royal Oaks Inspirita Pointe Project) Series A 5.00% 5/15/56 | 1,000,000 | 881,070 | |
(Sun Health Services) Series A 5.00% 11/15/48 | 1,000,000 | 1,009,030 | |
(The Beatitudes Campus Project) 5.00% 11/15/45 | 200,000 | 168,448 | |
(The Terraces of Phoenix Project) Series A 5.00% 7/1/48 | 275,000 | 226,237 | |
Maricopa County Industrial Development Authority Health Facilities Revenue | |||
(Banner Health) | |||
Series A 4.00% 1/1/41 | 1,000,000 | 975,730 |
NQ-322 [11/22] 01/23 (2682248) 3
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Maricopa County Industrial Development Authority Health Facilities Revenue | |||
(Banner Health) | |||
Series A 4.00% 1/1/44 | 1,665,000 | $ 1,598,417 | |
Series D 4.00% 1/1/48 | 650,000 | 607,347 | |
Maricopa County Industrial Development Authority Hospital Revenue | |||
(HonorHealth) Series A 3.00% 9/1/51 | 500,000 | 356,180 | |
Maricopa County Industrial Development Authority Senior Living Facility Revenue | |||
(Christian Care Surprise Project) 144A 6.00% 1/1/48 # | 405,000 | 286,627 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue | |||
(Hospital Auxilio Mutuo Obligated Group Project) | |||
4.00% 7/1/39 | 325,000 | 287,401 | |
5.00% 7/1/30 | 105,000 | 114,547 | |
Tempe Industrial Development Authority Revenue | |||
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 800,000 | 697,560 | |
Yavapai County Industrial Development Authority Hospital Facility | |||
(Yavapai Regional Medical Center) | |||
4.00% 8/1/43 | 1,500,000 | 1,442,115 | |
Series A 5.25% 8/1/33 | 2,000,000 | 2,023,520 | |
Yuma Industrial Development Authority Hospital Revenue | |||
(Yuma Regional Medical Center) | |||
Series A 5.00% 8/1/32 | 295,000 | 300,726 | |
Series A 5.25% 8/1/32 | 300,000 | 307,167 | |
16,247,195 | |||
Lease Revenue Bonds — 1.42% | |||
Arizona Game & Fish Department & Community Beneficial Interest Certificates | |||
(Administration Building Project) 5.00% 7/1/32 | 1,000,000 | 1,001,920 | |
1,001,920 |
4 NQ-322 [11/22] 01/23 (2682248)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds — 3.42% | |||
Maricopa County High School District No. 214 Tolleson Union High School | |||
(School Improvement Project) Series B 4.00% 7/1/37 | 1,000,000 | $ 1,023,450 | |
Maricopa County School District No. 3 Tempe Elementary | |||
(School Improvement Project) Series B 5.00% 7/1/30 | 560,000 | 623,308 | |
Maricopa County Unified School District No. 95 Queen Creek | |||
(School Improvement) 4.00% 7/1/35 | 500,000 | 514,950 | |
Pinal County Community College District | |||
4.00% 7/1/31 | 250,000 | 259,470 | |
2,421,178 | |||
Special Tax Revenue Bonds — 19.18% | |||
Bullhead City Excise Taxes Revenue | |||
2.55% 7/1/46 | 1,000,000 | 696,830 | |
4.00% 7/1/52 | 1,035,000 | 971,772 | |
Commonwealth of Puerto Rico | |||
(Restructured) 2.066% 11/1/43 • | 2,248,597 | 1,025,922 | |
GDB Debt Recovery Authority | |||
7.50% 8/20/40 | 2,707,273 | 2,267,341 | |
Glendale Transportation Excise Tax Revenue | |||
5.00% 7/1/30 (AGM) | 1,000,000 | 1,052,770 | |
Maricopa County Industrial Development Authority Education Revenue | |||
(Choice Academies, Inc. Project) Series AZ 144A 5.75% 9/1/45 # | 1,250,000 | 1,165,913 | |
Matching Fund Special Purpose Securitization | |||
Series A 5.00% 10/1/32 | 300,000 | 309,315 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Capital Appreciation - Restructured) | |||
Series A-1 3.904% 7/1/51 ^ | 2,814,000 | 529,482 | |
Series A-1 5.60% 7/1/46 ^ | 1,110,000 | 279,742 | |
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 2,485,000 | 2,270,545 | |
Series A-2 4.329% 7/1/40 | 1,745,000 | 1,580,830 | |
Series A-2 4.329% 7/1/40 | 1,000,000 | 905,920 |
NQ-322 [11/22] 01/23 (2682248) 5
Schedule of investments
Delaware Tax-Free Arizona Fund (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 | $ 520,520 | |
13,576,902 | |||
State General Obligation Bonds — 1.34% | |||
Commonwealth of Puerto Rico | |||
(Restructured) Series A-1 4.00% 7/1/41 | 1,177,630 | 946,485 | |
946,485 | |||
Transportation Revenue Bonds — 8.14% | |||
Arizona Department of Transportation State Highway Fund Revenue | |||
5.00% 7/1/35 | 500,000 | 531,925 | |
Phoenix Civic Improvement Airport Revenue | |||
(Junior Lien) Series B 4.00% 7/1/37 (AMT) | 4,000,000 | 3,865,520 | |
(Senior Lien) | |||
4.00% 7/1/48 (AMT) | 500,000 | 456,125 | |
5.00% 7/1/32 (AMT) | 500,000 | 503,800 | |
Phoenix, Arizona Civic Improvement Corporation Airport Revenue | |||
(Junior Lien) Series B 5.00% 7/1/49 (AMT) | 400,000 | 406,020 | |
5,763,390 | |||
Water & Sewer Revenue Bonds — 6.14% | |||
Arizona Water Infrastructure Finance Authority | |||
(Water Quality Revenue) Series A 5.00% 10/1/26 | 1,000,000 | 1,042,200 | |
Central Arizona Water Conservation District | |||
(Central Arizona Project) 5.00% 1/1/31 | 600,000 | 635,844 | |
Goodyear Water & Sewer Revenue | |||
4.00% 7/1/45 (AGM) | 1,000,000 | 985,540 | |
Mesa Utility System Revenue | |||
4.00% 7/1/31 | 850,000 | 877,803 | |
Phoenix Civic Improvement Corporation | |||
(Junior Lien) | |||
5.00% 7/1/27 | 500,000 | 538,960 |
6 NQ-322 [11/22] 01/23 (2682248)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Water & Sewer Revenue Bonds (continued) | |||
Phoenix Civic Improvement Corporation | |||
(Junior Lien) | |||
5.00% 7/1/31 | 250,000 | $ 267,363 | |
4,347,710 | |||
Total Municipal Bonds (cost $75,159,733) | 69,245,318 |
Principal amount | |||
Short-Term Investments — 0.57% | |||
Variable Rate Demand Note — 0.57%¤ | |||
Phoenix Industrial Development Authority | |||
(Mayo Clinic) Series B 0.98% 11/15/52 (SPA - Northern Trust) | 400,000 | 400,000 | |
Total Short-Term Investments (cost $400,000) | 400,000 | ||
Total Value of Securities—98.38% (cost $75,559,733) | 69,645,318 | ||
Receivables and Other Assets Net of Liabilities—1.62% | 1,149,963 | ||
Net Assets Applicable to 7,002,394 Shares Outstanding—100.00% | $70,795,281 |
° | 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 $5,849,959, which represents 8.26% of the Fund's net assets. |
• | 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. |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
NQ-322 [11/22] 01/23 (2682248) 7
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
¤ | 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: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LLC – Limited Liability Corporation |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
8 NQ-322 [11/22] 01/23 (2682248)