Schedule of investments
Delaware Tax-Free Colorado Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 97.47% | | | |
| Corporate Revenue Bonds - 1.41% | | | |
| Denver City & County | | | |
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 415,000 | $ | 412,709 |
| Public Authority for Colorado Energy Natural Gas Revenue | | | |
| 6.50% 11/15/38 | 1,750,000 | | 2,624,720 |
| | | | 3,037,429 |
| Education Revenue Bonds - 12.01% | | | |
| Board of Governors of the Colorado State University | | | |
| System Enterprise Revenue | | | |
| Series A 5.00% 3/1/43 | 2,480,000 | | 3,613,286 |
| Board of Trustees For Colorado Mesa University Enterprise | | | |
| Revenue | | | |
| Series B 5.00% 5/15/44 | 1,000,000 | | 1,244,570 |
| Series B 5.00% 5/15/49 | 750,000 | | 928,147 |
| Colorado Educational & Cultural Facilities Authority | | | |
| Revenue | | | |
| (Alexander Dawson School-Nevada Project) 5.00% | | | |
| 5/15/29 | 1,230,000 | | 1,453,761 |
| (Aspen Ridge School Project) | | | |
| Series A 144A 5.00% 7/1/36 # | 500,000 | | 485,460 |
| Series A 144A 5.25% 7/1/46 # | 1,350,000 | | 1,296,257 |
| (Atlas Preparatory Charter School) 144A 5.25% 4/1/45 # | 1,300,000 | | 1,211,262 |
| (Charter School Project) 5.00% 7/15/37 | 1,150,000 | | 1,217,804 |
| (Community Leadership Academy, Inc. Second Campus | | | |
| Project) 7.45% 8/1/48 | 1,000,000 | | 1,085,700 |
| (Johnson & Wales University) Series A 5.25% 4/1/37 | 1,790,000 | | 1,897,167 |
| (Liberty Common Charter School Project) Series A | | | |
| 5.00% 1/15/39 | 1,000,000 | | 1,075,550 |
| (Littleton Preparatory Charter School Project) | | | |
| 5.00% 12/1/33 | 450,000 | | 451,674 |
| 5.00% 12/1/42 | 540,000 | | 522,299 |
| (Loveland Classical Schools Project) | | | |
| 144A 5.00% 7/1/36 # | 625,000 | | 603,537 |
| 144A 5.00% 7/1/46 # | 500,000 | | 455,270 |
| (Pinnacle Charter School Project) 5.00% 6/1/26 | 700,000 | | 761,677 |
| (Science Technology Engineering and Math School | | | |
| Project) | | | |
| 5.00% 11/1/54 | 1,500,000 | | 1,560,105 |
| 5.00% 11/1/44 | 890,000 | | 931,394 |
| (Skyview Charter School) | | | |
| 144A 5.375% 7/1/44 # | 860,000 | | 842,336 |
| 144A 5.50% 7/1/49 # | 870,000 | | 860,004 |
NQ- 339 [5/20] 7/20 (1236711) 1
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | | |
| Education Revenue Bonds (continued) | | | | |
| Colorado Educational & Cultural Facilities Authority | | | | |
| Revenue | | | | |
| (University of Denver Project) | | | | |
| Series A 4.00% 3/1/35 | | 400,000 | $ | 445,172 |
| Series A 4.00% 3/1/36 | | 550,000 | | 609,873 |
| (University of Lab Charter School) 5.00% 12/15/45 | | 500,000 | | 526,795 |
| (Vail Mountain School Project) | | | | |
| 4.00% 5/1/46 | | 80,000 | | 74,284 |
| 5.00% 5/1/31 | | 1,000,000 | | 1,020,460 |
| (Windsor Charter Academy Project) 144A 5.00% | | | | |
| 9/1/46 # | 890,000 | | 811,253 |
| | | | | 25,985,097 |
| Electric Revenue Bonds - 3.91% | | | | |
| Loveland Colorado Electric & Communications Enterprise | | | | |
| Revenue | | | | |
| Series A 5.00% 12/1/44 | | 2,185,000 | | 2,711,192 |
| Platte River Power Authority Revenue | | | | |
| Series JJ 5.00% 6/1/27 | | 3,300,000 | | 4,125,627 |
| Puerto Rico Electric Power Authority Revenue | | | | |
| Series A 5.05% 7/1/42 ‡ | | 170,000 | | 104,975 |
| Series AAA 5.25% 7/1/25 ‡ | | 95,000 | | 58,900 |
| Series CCC 5.25% 7/1/27 ‡ | | 705,000 | | 437,100 |
| Series WW 5.00% 7/1/28 ‡ | | 660,000 | | 407,550 |
| Series XX 4.75% 7/1/26 ‡ | | 105,000 | | 64,313 |
| Series XX 5.25% 7/1/40 ‡ | | 295,000 | | 182,900 |
| Series XX 5.75% 7/1/36 ‡ | | 365,000 | | 228,125 |
| Series ZZ 4.75% 7/1/27 ‡ | | 85,000 | | 52,063 |
| Series ZZ 5.25% 7/1/24 ‡ | | 140,000 | | 86,800 |
| | | | | 8,459,545 |
| Healthcare Revenue Bonds - 25.63% | | | | |
| Colorado Health Facilities Authority Revenue | | | | |
| (AdventHealth Obligated Group) Series A 4.00% | | | | |
| 11/15/43 | | 4,000,000 | | 4,443,640 |
| (American Baptist) | | | | |
| 7.625% 8/1/33 | | 150,000 | | 155,799 |
| 8.00% 8/1/43 | | 1,000,000 | | 1,043,120 |
| (Bethesda Project) Series A-1 5.00% 9/15/48 | | 2,250,000 | | 2,322,225 |
| (Cappella of Grand Junction Project) 144A 5.00% | | | | |
| 12/1/54 # | 1,000,000 | | 873,250 |
| (Christian Living Community Project) | | | | |
| 5.25% 1/1/37 | | 1,500,000 | | 1,420,440 |
| 6.375% 1/1/41 | | 1,000,000 | | 1,023,040 |
2 NQ- 339 [5/20] 7/20 (1236711)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Colorado Health Facilities Authority Revenue | | | |
| (CommonSpirit Health) | | | |
| Series A-1 4.00% 8/1/39 | 2,000,000 | $ | 2,065,240 |
| Series A-1 4.00% 8/1/44 | 2,000,000 | | 2,048,120 |
| Series A-2 4.00% 8/1/49 | 3,000,000 | | 3,054,810 |
| Series A-2 5.00% 8/1/38 | 1,500,000 | | 1,708,785 |
| Series A-2 5.00% 8/1/39 | 1,500,000 | | 1,702,860 |
| (Covenant Retirement Communities) | | | |
| Series A 5.00% 12/1/33 | 4,000,000 | | 4,057,120 |
| Series A 5.00% 12/1/35 | 1,000,000 | | 1,021,260 |
| (Craig Hospital Project) 5.00% 12/1/32 | 3,500,000 | | 3,751,300 |
| (Frasier Meadows Retirement Community Project) | | | |
| Series A 5.25% 5/15/37 | 485,000 | | 466,555 |
| Series B 5.00% 5/15/48 | 660,000 | | 575,064 |
| (Mental Health Center Denver Project) | | | |
| Series A 5.75% 2/1/44 | 2,000,000 | | 2,073,880 |
| (National Jewish Health Project) 5.00% 1/1/27 | 300,000 | | 314,190 |
| (Sanford Health) Series A 5.00% 11/1/44 | 4,500,000 | | 5,195,880 |
| (SCL Health System) | | | |
| Series A 4.00% 1/1/37 | 2,150,000 | | 2,389,553 |
| Series A 4.00% 1/1/38 | 3,895,000 | | 4,303,196 |
| Series A 5.00% 1/1/44 | 3,050,000 | | 3,288,998 |
| (Sunny Vista Living Center) | | | |
| Series A 144A 6.25% 12/1/50 # | 935,000 | | 936,290 |
| (Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,000,000 | | 1,149,390 |
| (Valley View Hospital Association Project) Series A | | | |
| 4.00% 5/15/35 | 685,000 | | 750,965 |
| Denver Health & Hospital Authority Health Care Revenue | | | |
| Series A 4.00% 12/1/39 | 1,000,000 | | 1,044,450 |
| Series A 4.00% 12/1/40 | 250,000 | | 260,415 |
| Puerto Rico Industrial Tourist Educational Medical & | | | |
| Environmental Control Facilities Financing Authority | | | |
| (Auxilio Mutuo) Series A 6.00% 7/1/33 | 1,945,000 | | 2,007,493 |
| | | | 55,447,328 |
| Housing Revenue Bonds - 0.09% | | | |
| Colorado Housing and Finance Authority | | | |
| (Single Family Program Class 1) | | | |
| Series AA 4.50% 5/1/23 (GNMA) | 95,000 | | 96,189 |
| Series AA 4.50% 11/1/23 (GNMA) | 95,000 | | 96,180 |
| | | | 192,369 |
NQ- 339 [5/20] 7/20 (1236711) 3
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Lease Revenue Bonds - 2.10% | | | |
| Colorado Department of Transportation | | | |
| Certificates of Participation | | | |
| 5.00% 6/15/34 | 660,000 | $ | 806,804 |
| 5.00% 6/15/36 | 1,055,000 | | 1,285,549 |
| Denver Health & Hospital Authority | | | |
| 4.00% 12/1/38 | 750,000 | | 783,233 |
| Regional Transportation District Certificates of | | | |
| Participation | | | |
| Series A 5.00% 6/1/33 | 1,500,000 | | 1,664,265 |
| | | | 4,539,851 |
| Local General Obligation Bonds - 11.67% | | | |
| Adams & Weld Counties School District No. 27J Brighton | | | |
| 4.00% 12/1/30 | 300,000 | | 345,195 |
| 4.00% 12/1/31 | 1,000,000 | | 1,147,950 |
| Arapahoe County School District No. 6 Littleton | | | |
| (Littleton Public Schools) | | | |
| Series A 5.50% 12/1/33 | 1,000,000 | | 1,339,570 |
| Series A 5.50% 12/1/38 | 350,000 | | 458,847 |
| Beacon Point Metropolitan District | | | |
| 5.00% 12/1/30 (AGM) | 1,130,000 | | 1,353,423 |
| Boulder Valley School District No. Re-2 Boulder | | | |
| Series A 4.00% 12/1/48 | 1,370,000 | | 1,585,926 |
| Central Colorado Water Conservancy District | | | |
| (Limited Tax) 5.00% 12/1/33 | 1,000,000 | | 1,142,650 |
| Commerce City Northern Infrastructure General | | | |
| Improvement District | | | |
| 5.00% 12/1/32 (AGM) | 2,125,000 | | 2,359,557 |
| Denver International Business Center | | | |
| Metropolitan District No. 1 | | | |
| 5.00% 12/1/30 | 350,000 | | 353,699 |
| Eaton Area Park & Recreation District | | | |
| 5.25% 12/1/34 | 360,000�� | | 364,529 |
| 5.50% 12/1/38 | 455,000 | | 462,944 |
| El Paso County School District No 2. Harrison | | | |
| 5.00% 12/1/38 | 1,000,000 | | 1,275,020 |
| Grand River Hospital District | | | |
| 5.25% 12/1/35 (AGM) | 1,000,000 | | 1,168,790 |
| Jefferson County School District No. R-1 | | | |
| 5.25% 12/15/24 | 1,250,000 | | 1,522,975 |
| Leyden Rock Metropolitan District No. 10 | | | |
| Series A 5.00% 12/1/45 | 1,000,000 | | 998,770 |
4 NQ- 339 [5/20] 7/20 (1236711)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Local General Obligation Bonds (continued) | | | |
| Sierra Ridge Metropolitan District No. 2 | | | |
| Series A 5.50% 12/1/46 | 1,000,000 | $ | 1,002,940 |
| Weld County Reorganized School District No. Re-8 | | | |
| 5.00% 12/1/31 | 990,000 | | 1,246,380 |
| 5.00% 12/1/32 | 660,000 | | 829,494 |
| Weld County School District No. Re-1 | | | |
| 5.00% 12/15/31 (AGM) | 1,000,000 | | 1,253,020 |
| Weld County School District No. Re-2 Eaton | | | |
| 5.00% 12/1/44 | 2,000,000 | | 2,553,300 |
| Weld County School District No. Re-3J | | | |
| 5.00% 12/15/34 (BAM) | 2,000,000 | | 2,481,720 |
| | | | 25,246,699 |
| Pre-Refunded Bonds - 6.91% | | | |
| Colorado Health Facilities Authority Revenue | | | |
| (Catholic Health Initiatives) | | | |
| Series A 5.00% 2/1/41-21 § | 2,250,000 | | 2,320,853 |
| Series A 5.25% 2/1/33-21 § | 1,000,000 | | 1,033,140 |
| Series A 5.25% 1/1/45-23 § | 2,000,000 | | 2,242,160 |
| (NCMC Project) 4.00% 5/15/32-26 § | 2,000,000 | | 2,398,360 |
| (The Evangelical Lutheran Good Samaritan Society | | | |
| Project) 5.625% 6/1/43-23 § | 1,150,000 | | 1,335,587 |
| (Total Long-Term Care National Obligated Group | | | |
| Project) Series A 6.25% 11/15/40-20 § | 750,000 | | 769,823 |
| Denver Health & Hospital Authority Health Care Revenue | | | |
| (Recovery Zone Facilities) 5.625% 12/1/40-20 § | 2,500,000 | | 2,566,350 |
| University of Colorado | | | |
| Series A 5.00% 6/1/33-23 § | 2,000,000 | | 2,285,440 |
| | | | 14,951,713 |
| Special Tax Revenue Bonds - 19.62% | | | |
| Broomfield Colorado Sales & Use Tax Revenue | | | |
| 5.00% 12/1/33 | 1,000,000 | | 1,263,390 |
| Central Platte Valley Metropolitan District | | | |
| 5.00% 12/1/43 | 725,000 | | 734,505 |
| Commerce City | | | |
| 5.00% 8/1/44 (AGM) | 1,500,000 | | 1,727,265 |
| Denver Convention Center Hotel Authority Revenue | | | |
| 5.00% 12/1/40 | 2,660,000 | | 2,764,405 |
| Denver International Business Center | | | |
| Metropolitan District No. 1 | | | |
| 5.375% 12/1/35 | 1,750,000 | | 1,768,130 |
| Fountain Urban Renewal Authority Tax Increment Revenue | | | |
| (Academy Highlands Project) Series A 5.50% 11/1/44 | 1,375,000 | | 1,323,080 |
NQ- 339 [5/20] 7/20 (1236711) 5
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Special Tax Revenue Bonds (continued) | | | |
| Guam Government Business Privilege Tax Revenue | | | |
| Series A 5.125% 1/1/42 | 1,250,000 | $ | 1,268,625 |
| Series A 5.25% 1/1/36 | 1,675,000 | | 1,707,964 |
| Lincoln Park Metropolitan District | | | |
| 5.00% 12/1/46 (AGM) | 1,000,000 | | 1,204,630 |
| Plaza Metropolitan District No. 1 | | | |
| 144A 5.00% 12/1/40 # | 1,265,000 | | 1,265,025 |
| Prairie Center Metropolitan District No. 3 | | | |
| Series A 144A 5.00% 12/15/41 # | 1,000,000 | | 944,170 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.75% 7/1/53 | 3,445,000 | | 3,360,666 |
| Series A-1 5.00% 7/1/58 | 3,122,000 | | 3,132,178 |
| Series A-2 4.536% 7/1/53 | 3,000,000 | | 2,821,950 |
| Regional Transportation District | | | |
| (Denver Transit Partners Eagle P3 Project) | | | |
| 6.00% 1/15/34 | 1,450,000 | | 1,452,987 |
| 6.00% 1/15/41 | 2,400,000 | | 2,404,944 |
| Certificates of Participation | | | |
| Series A 0.538% 6/1/31 | 1,540,000 | | 1,540,000 |
| Regional Transportation District Sales Tax Revenue | | | |
| (FasTracks Project) | | | |
| Series A 5.00% 11/1/30 | 670,000 | | 828,468 |
| Series A 5.00% 11/1/31 | 1,495,000 | | 1,833,049 |
| Series A 5.00% 11/1/36 | 2,750,000 | | 3,309,873 |
| Solaris Metropolitan District No. 3 | | | |
| (Limited Tax Convertible) Series A 5.00% 12/1/46 | 500,000 | | 496,370 |
| Southlands Metropolitan District No. 1 | | | |
| Series A-1 5.00% 12/1/37 | 300,000 | | 307,371 |
| Series A-1 5.00% 12/1/47 | 700,000 | | 705,656 |
| Sterling Ranch Community Authority Board | | | |
| Series A 5.75% 12/1/45 | 975,000 | | 997,571 |
| Tallyn’s Reach Metropolitan District No. 3 | | | |
| (Limited Tax Convertible) 5.125% 11/1/38 | 740,000 | | 736,041 |
| Thornton Development Authority | | | |
| (East 144th Avenue & I-25 Project) | | | |
| Series B 5.00% 12/1/35 | 485,000 | | 572,572 |
| Series B 5.00% 12/1/36 | 810,000 | | 955,468 |
| Virgin Islands Public Finance Authority | | | |
| (Matching Fund Loan Senior Lien) | | | |
| 5.00% 10/1/29 (AGM) | 1,000,000 | | 1,014,230 |
| | | | 42,440,583 |
6 NQ- 339 [5/20] 7/20 (1236711)
(Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| | Municipal Bonds (continued) | | | |
| | State General Obligation Bonds - 1.20% | | | |
| | Commonwealth of Puerto Rico | | | |
| | Series A 5.00% 7/1/41 ‡ | 680,000 | $ | 378,250 |
| | Series A 5.375% 7/1/33 ‡ | 675,000 | | 420,187 |
| | Series A 8.00% 7/1/35 ‡ | 1,215,000 | | 665,213 |
| | Series B 5.75% 7/1/38 ‡ | 960,000 | | 586,800 |
| | Series C 6.00% 7/1/39 ‡ | 890,000 | | 552,913 |
| | | | | 2,603,363 |
| | Transportation Revenue Bonds - 10.36% | | | |
| | Colorado High Performance Transportation Enterprise | | | |
| | Revenue | | | |
| (C-470 Express Lanes) 5.00% 12/31/56 | 2,000,000 | | 1,941,120 |
| | (Senior U. S. 36 & I-25 Managed Lanes) | | | |
| | 5.75% 1/1/44 (AMT) | 2,140,000 | | 2,181,944 |
| | Denver City & County Airport System Revenue | | | |
| | Series A 4.00% 12/1/48 (AMT) | 400,000 | | 426,684 |
| | Series A 5.00% 11/15/30 (AMT) | 1,750,000 | | 2,102,503 |
| | Series A 5.00% 12/1/48 (AMT) | 2,000,000 | | 2,314,160 |
| | Series B 5.00% 11/15/30 | 1,000,000 | | 1,083,940 |
| | Series B 5.00% 11/15/32 | 1,000,000 | | 1,079,160 |
| | Series B 5.00% 11/15/37 | 8,000,000 | | 8,579,360 |
| | E-470 Public Highway Authority | | | |
| | Series C 5.25% 9/1/25 | 690,000 | | 695,092 |
| | Series C 5.375% 9/1/26 | 2,000,000 | | 2,014,820 |
| | | | | 22,418,783 |
| | Water & Sewer Revenue Bonds - 2.56% | | | |
| | Arapahoe County Water & Wastewater Authority | | | |
| | 4.00% 12/1/37 | 1,000,000 | | 1,217,110 |
| | 4.00% 12/1/38 | 1,845,000 | | 2,229,129 |
| | Dominion Water & Sanitation District | | | |
| | 6.00% 12/1/46 | 750,000 | | 778,043 |
| | Douglas County Centennial Water & Sanitation District | | | |
| | 4.00% 12/1/38 | 500,000 | | 585,225 |
| | Guam Government Waterworks Authority Water & | | | |
| | Wastewater System Revenue | | | |
| | 5.00% 7/1/37 | 675,000 | | 731,086 |
| | | | | 5,540,593 |
| | Total Municipal Bonds (cost $205,185,336) | | | 210,863,353 |
NQ- 339 [5/20] 7/20 (1236711) 7
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| | | |
| | Number of shares | | Value (US $) |
| Short-Term Investment – 1.00% | | | |
| Money Market Mutual Fund - 1.00% | | | |
| Dreyfus AMT-Free Tax Exempt Cash Management Fund - | | | |
| Institutional Shares (seven-day effective yield -0.03%) | 2,168,006 | $ | 2,168,006 |
| Total Short-Term Investment (cost $2,168,006) | | | 2,168,006 |
| Total Value of Securities – 98.47% | | | |
| (cost $207,353,342) | | | 213,031,359 |
| Receivables and Other Assets Net of Liabilities – 1.53% | | | 3,306,747 |
| Net Assets Applicable to 19,567,876 Shares Outstanding – 100.00% | | $ | 216,338,106 |
| |
| # | 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 $10,584,114, which represents |
| | 4.89% 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. |
| ° | 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. |
| |
| Summary of abbreviations: |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| GNMA – Government National Mortgage Association collateral |
| USD – US Dollar |
8 NQ- 339 [5/20] 7/20 (1236711)
