Schedule of investments
Delaware Tax-Free Arizona Fund | November 30, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 98.17% | |||
Education Revenue Bonds — 28.49% | |||
Arizona Industrial Development Authority Revenue | |||
(Academies of Math & Science Projects) Series A 5.00% 7/1/51 | 1,000,000 | $ 1,003,810 | |
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 350,000 | 310,656 | |
(American Charter Schools Foundation Project) | |||
144A 6.00% 7/1/37 # | 250,000 | 254,723 | |
144A 6.00% 7/1/47 # | 400,000 | 402,268 | |
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects) Series A 5.00% 7/15/49 | 375,000 | 346,305 | |
(Empower College Prep Project) 144A 6.00% 7/1/49 # | 500,000 | 481,030 | |
(Great Hearts Arizona Projects) | |||
Series A 2.25% 7/1/46 | 1,000,000 | 631,910 | |
Series A 2.375% 7/1/52 | 1,205,000 | 713,083 | |
(KIPP NYC Public Charter Schools - Macombs Facility Project) Series A 4.00% 7/1/61 | 1,980,000 | 1,603,701 | |
(Odyssey Preparatory Academy Project) Series A 144A 5.50% 7/1/52 # | 375,000 | 341,430 | |
(Social Bonds - Equitable School) Series A 4.00% 11/1/50 | 1,600,000 | 1,405,936 | |
Arizona State University Revenue System | |||
Series A 5.00% 7/1/43 | 1,000,000 | 1,071,180 | |
Maricopa County, Arizona Industrial Development Authority Education Revenue | |||
(Choice Academies, Inc. Project) 144A 5.75% 9/1/45 # | 1,225,000 | 1,170,769 | |
Maricopa County, Arizona Industrial Development Authority Revenue | |||
(Arizona Autism Charter Schools Project) Series A 144A 5.00% 7/1/40 # | 250,000 | 234,952 | |
(Creighton University Project) 4.00% 7/1/50 | 1,000,000 | 910,120 | |
(Great Hearts Arizona Projects) Series A 5.00% 7/1/52 | 725,000 | 729,546 | |
(Highland Prep Projects) Series A 4.00% 7/1/56 | 2,000,000 | 1,703,220 | |
(Reid Traditional Schools Projects) 5.00% 7/1/47 | 785,000 | 777,205 |
NQ- V3 [1123] 0124 (3318234) 1
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Phoenix, Arizona Industrial Development Authority Revenue | |||
(Great Hearts Academic Project) 5.00% 7/1/46 | 1,000,000 | $ 950,070 | |
Pima County, Arizona Industrial Development Authority Education Revenue | |||
(Edkey Charter Schools Project) 144A 5.00% 7/1/55 # | 750,000 | 636,405 | |
University of Arizona Board of Regents | |||
Series A 4.00% 6/1/44 | 475,000 | 470,697 | |
16,149,016 | |||
Electric Revenue Bonds — 6.11% | |||
Mesa, Arizona Utility System Revenue | |||
4.00% 7/1/42 | 550,000 | 548,795 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.05% 7/1/42 ‡ | 55,000 | 13,887 | |
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 8,838 | |
Series WW 5.00% 7/1/28 ‡ | 550,000 | 138,875 | |
Series XX 4.75% 7/1/26 ‡ | 35,000 | 8,838 | |
Series XX 5.75% 7/1/36 ‡ | 125,000 | 31,562 | |
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 7,575 | |
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 11,363 | |
Salt River Project Agricultural Improvement & Power District Revenue | |||
Series A 5.00% 1/1/47 | 1,500,000 | 1,635,825 | |
Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue | |||
Series A 5.00% 1/1/39 | 1,000,000 | 1,058,570 | |
3,464,128 | |||
Healthcare Revenue Bonds — 23.55% | |||
Arizona Health Facilities Authority Hospital System Revenue | |||
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42 | 500,000 | 500,610 | |
Arizona Industrial Development Authority Revenue | |||
(Children's National Prince George's County Regional Medical Center) Series A 4.00% 9/1/46 | 2,250,000 | 2,032,898 | |
(Great Lakes Senior Living Communities LLC Project First Tier) Series A 5.00% 1/1/54 | 145,000 | 85,479 |
2 NQ- V3 [1123] 0124 (3318234)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Arizona Industrial Development Authority Revenue | |||
(Great Lakes Senior Living Communities LLC Project Fourth Tier) 144A 7.75% 1/1/54 # | 150,000 | $ 74,742 | |
(Great Lakes Senior Living Communities LLC Project Second Tier) | |||
Series B 5.00% 1/1/49 | 55,000 | 28,346 | |
Series B 5.125% 1/1/54 | 65,000 | 32,309 | |
(Great Lakes Senior Living Communities LLC Project Third Tier) Series C 144A 5.00% 1/1/49 # | 500,000 | 230,260 | |
(Phoenix Children's Hospital) Series A 4.00% 2/1/50 | 1,000,000 | 914,040 | |
Glendale, Arizona Industrial Development Authority Revenue | |||
(Glencroft Retirement Community Project) | |||
5.00% 11/15/36 | 150,000 | 118,632 | |
5.25% 11/15/46 | 415,000 | 296,912 | |
(Royal Oaks Inspirita Pointe Project) Series A 5.00% 5/15/56 | 1,000,000 | 798,150 | |
(Sun Health Services) Series A 5.00% 11/15/48 | 1,000,000 | 960,150 | |
(The Beatitudes Campus Project) 5.00% 11/15/45 | 200,000 | 157,724 | |
(The Terraces of Phoenix Project) Series A 5.00% 7/1/48 | 275,000 | 223,547 | |
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue | |||
(Banner Health) | |||
Series A 4.00% 1/1/41 | 1,000,000 | 984,090 | |
Series F 4.00% 1/1/45 | 1,750,000 | 1,663,883 | |
Maricopa County, Arizona Industrial Development Authority Hospital Revenue | |||
(HonorHealth) Series A 3.00% 9/1/51 | 975,000 | 666,335 | |
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | |||
(Christian Care Surprise Project) 144A 6.00% 1/1/48 # | 405,000 | 281,418 |
NQ- V3 [1123] 0124 (3318234) 3
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
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 | $ 295,490 | |
5.00% 7/1/30 | 105,000 | 112,702 | |
Tempe, Arizona Industrial Development Authority Revenue | |||
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 800,000 | 442,416 | |
Yavapai County, Arizona Industrial Development Authority Hospital Facility | |||
(Yavapai Regional Medical Center) | |||
4.00% 8/1/43 | 1,500,000 | 1,346,415 | |
Series A 5.25% 8/1/33 | 500,000 | 500,250 | |
Yuma, Arizona Industrial Development Authority Hospital Revenue | |||
(Yuma Regional Medical Center) | |||
Series A 5.00% 8/1/32 | 295,000 | 296,743 | |
Series A 5.25% 8/1/32 | 300,000 | 302,820 | |
13,346,361 | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.15% | |||
Arizona Industrial Development Authority Revenue | |||
(Legacy Cares, Inc. Project) | |||
Series A 144A 6.00% 7/1/51 #, ‡ | 450,000 | 27,000 | |
Series A 144A 7.75% 7/1/50 #, ‡ | 285,000 | 17,100 | |
Chandler city, Industrial Development Authority Revenue | |||
(Intel Corporation Project) Second Subseries 2 5.00% 9/1/52 (AMT) • | 750,000 | 774,517 | |
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | |||
(Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 15,000,000 | 1,108,500 | |
Salt Verde, Arizona Financial Senior Gas Revenue | |||
5.00% 12/1/37 | 2,000,000 | 2,123,500 | |
4,050,617 | |||
Lease Revenue Bonds — 2.66% | |||
Arizona Game & Fish Department & Community Beneficial Interest Certificates | |||
(Administration Building Project) 5.00% 7/1/32 | 1,000,000 | 1,001,230 |
4 NQ- V3 [1123] 0124 (3318234)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Lease Revenue Bonds (continued) | |||
Tucson and Pima County, Arizona Industrial Development Authority Revenue | |||
Series A 4.70% 7/1/43 | 500,000 | $ 507,130 | |
1,508,360 | |||
Local General Obligation Bonds — 4.27% | |||
City of Goodyear, Arizona | |||
3.00% 7/1/39 | 750,000 | 639,022 | |
Maricopa County, Arizona High School District No. 214 Tolleson Union High School | |||
(School Improvement Project) Series B 4.00% 7/1/37 | 1,000,000 | 1,011,100 | |
Maricopa County, Arizona Unified School District No. 95 Queen Creek | |||
(School Improvement Project) 4.00% 7/1/35 | 500,000 | 515,795 | |
Pinal County, Arizona Community College District | |||
4.00% 7/1/31 | 250,000 | 255,180 | |
2,421,097 | |||
Special Tax Revenue Bonds — 16.06% | |||
Bullhead City, Arizona Excise Taxes Revenue | |||
2.55% 7/1/46 | 1,000,000 | 686,840 | |
4.00% 7/1/52 | 1,035,000 | 953,545 | |
Commonwealth of Puerto Rico | |||
(Restructured) 2.949% 11/1/43 • | 1,159,649 | 604,467 | |
GDB Debt Recovery Authority of Puerto Rico Revenue | |||
(Taxable) 7.50% 8/20/40 | 2,360,762 | 2,077,471 | |
Matching Fund Special Purpose Securitization, Virgin Islands | |||
Series A 5.00% 10/1/32 | 300,000 | 301,254 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Capital Appreciation - Restructured) | |||
Series A-1 5.506% 7/1/51 ^ | 3,814,000 | 829,774 | |
Series A-1 5.615% 7/1/46 ^ | 1,180,000 | 348,206 | |
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 2,485,000 | 2,351,729 | |
Series A-2 4.329% 7/1/40 | 1,000,000 | 949,060 | |
9,102,346 |
NQ- V3 [1123] 0124 (3318234) 5
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
State General Obligation Bond — 0.29% | |||
Commonwealth of Puerto Rico | |||
(Restructured) Series A-1 4.00% 7/1/46 | 200,000 | $ 166,690 | |
166,690 | |||
Transportation Revenue Bonds — 6.36% | |||
Arizona Department of Transportation State Highway Fund Revenue | |||
5.00% 7/1/35 | 500,000 | 523,650 | |
Phoenix City, Arizona Civic Improvement Airport Revenue | |||
(Junior Lien) Series B 5.00% 7/1/49 (AMT) | 400,000 | 406,524 | |
Phoenix, Arizona Civic Improvement Airport Revenue | |||
(Junior Lien) Series B 4.00% 7/1/37 (AMT) | 2,250,000 | 2,221,335 | |
(Senior Lien) 4.00% 7/1/48 (AMT) | 500,000 | 455,460 | |
3,606,969 | |||
Water & Sewer Revenue Bonds — 3.23% | |||
Goodyear, Arizona Water & Sewer Revenue | |||
Second Series 4.00% 7/1/45 (AGM) | 1,000,000 | 963,800 | |
Mesa, Arizona Utility System Revenue | |||
4.00% 7/1/31 | 850,000 | 863,813 | |
1,827,613 | |||
Total Municipal Bonds (cost $61,123,129) | 55,643,197 |
6 NQ- V3 [1123] 0124 (3318234)
(Unaudited)
Principal amount | Value (US $) | ||
Short-Term Investments — 0.53% | |||
Variable Rate Demand Note — 0.53%¤ | |||
Arizona Industrial Development Authority Revenue | |||
(Mayo Clinic) Series B 3.40% 11/15/52 (SPA - Northern Trust) | 300,000 | $ 300,000 | |
Total Short-Term Investments (cost $300,000) | 300,000 | ||
Total Value of Securities—98.70% (cost $61,423,129) | 55,943,197 | ||
Receivables and Other Assets Net of Liabilities—1.30% | 734,410 | ||
Net Assets Applicable to 5,705,197 Shares Outstanding—100.00% | $56,677,607 |
° | 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, 2023, the aggregate value of Rule 144A securities was $4,905,169, which represents 8.65% of the Fund's net assets. |
‡ | Non-income producing security. Security is currently in default. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2023. 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. SOFR01M, SOFR03M, 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. |
¤ | 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, 2023. |
Summary of abbreviations: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
KIPP – Knowledge is Power Program |
LLC – Limited Liability Corporation |
NQ- V3 [1123] 0124 (3318234) 7
Schedule of investments
Delaware Tax-Free Arizona Fund (Unaudited)
Summary of abbreviations: (continued) |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
8 NQ- V3 [1123] 0124 (3318234)