Schedule of investments
| Delaware Tax-Free Colorado Fund | May 31, 2024 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 96.84% | |||
| Education Revenue Bonds — 15.28% | |||
| Board of Governors of the Colorado State University System Enterprise Revenue | |||
| Series A 5.00% 3/1/43 | 3,990,000 | $ 4,473,867 | |
| Series C 4.00% 3/1/47 | 1,065,000 | 997,032 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Alexander Dawson School-Nevada Project) 5.00% 5/15/29 | 1,230,000 | 1,249,249 | |
| (Ascent Classical Academy Charter Schools) Series A 144A 5.80% 4/1/54 # | 1,000,000 | 1,022,770 | |
| (Aspen View Academy Project) | |||
| 4.00% 5/1/51 | 500,000 | 423,800 | |
| 4.00% 5/1/61 | 750,000 | 609,000 | |
| (Charter School - Aspen Ridge School Project) | |||
| Series A 144A 5.00% 7/1/36 # | 500,000 | 501,070 | |
| Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,346,436 | |
| (Charter School - Skyview Academy Project) 144A 5.50% 7/1/49 # | 870,000 | 870,087 | |
| (Charter School Project) 5.00% 7/15/37 | 1,150,000 | 1,151,115 | |
| (Community Leadership Academy, Inc. Second Campus Project) 7.45% 8/1/48 | 1,000,000 | 1,001,480 | |
| (Global Village Academy - Northglenn Project) | |||
| 144A 5.00% 12/1/50 # | 950,000 | 824,724 | |
| 144A 5.00% 12/1/55 # | 1,000,000 | 849,290 | |
| (Golden View Classical Academy Project) 4.00% 1/1/52 | 1,115,000 | 893,093 | |
| (Liberty Common Charter School Project) Series A 5.00% 1/15/39 | 1,000,000 | 999,970 | |
| (Littleton Preparatory Charter School Project) | |||
| 5.00% 12/1/33 | 420,000 | 420,088 | |
| 5.00% 12/1/42 | 540,000 | 537,916 | |
| (Loveland Classical Schools Project) | |||
| 144A 5.00% 7/1/36 # | 1,250,000 | 1,258,287 | |
| 144A 5.00% 7/1/46 # | 500,000 | 484,895 | |
| (Pinnacle Charter School Project) 5.00% 6/1/26 | 700,000 | 705,250 | |
| (Science Technology Engineering and Math School Project) | |||
| 5.00% 11/1/44 | 890,000 | 876,196 | |
| 5.00% 11/1/54 | 1,500,000 | 1,426,155 | |
NQ- V8 [0524] 0724 (3695130) 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 | |||
| (Skyview Academy Project) 144A 5.375% 7/1/44 # | 860,000 | $ 860,086 | |
| (University of Denver Project) | |||
| Series A 4.00% 3/1/35 | 400,000 | 400,588 | |
| Series A 4.00% 3/1/36 | 550,000 | 550,655 | |
| (University of Lab Charter School) 144A 5.00% 12/15/45 # | 500,000 | 491,735 | |
| (Vail Mountain School Project) 5.00% 5/1/31 | 1,000,000 | 1,006,050 | |
| Colorado School of Mines Revenue | |||
| Series A 4.00% 12/1/49 | 1,500,000 | 1,440,210 | |
| Series A 5.00% 12/1/54 | 1,000,000 | 1,053,000 | |
| University of Colorado | |||
| (University Enterprise Refunding Revenue) Series C-4 4.00% 6/1/51 | 4,250,000 | 3,997,168 | |
| 32,721,262 | |||
| Electric Revenue Bonds — 4.40% | |||
| Colorado Springs Utilities System Refunding Revenue | |||
| Series A 4.00% 11/15/50 | 2,035,000 | 1,924,235 | |
| Series B 5.25% 11/15/52 | 2,000,000 | 2,174,780 | |
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) Series A 5.00% 10/1/35 | 1,640,000 | 1,737,957 | |
| Loveland, Colorado Electric & Communications Enterprise Revenue | |||
| Series A 5.00% 12/1/44 | 1,000,000 | 1,027,650 | |
| Platte River, Colorado Power Authority Revenue | |||
| Series JJ 5.00% 6/1/27 | 1,000,000 | 1,028,940 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 170,000 | 45,050 | |
| Series AAA 5.25% 7/1/25 ‡ | 95,000 | 25,175 | |
| Series CCC 5.25% 7/1/27 ‡ | 705,000 | 186,825 | |
| Series WW 5.00% 7/1/28 ‡ | 660,000 | 174,900 | |
| Series WW 5.25% 7/1/33 ‡ | 210,000 | 55,650 | |
| Series WW 5.50% 7/1/17 ‡ | 460,000 | 120,750 | |
| Series WW 5.50% 7/1/19 ‡ | 360,000 | 94,500 | |
| Series XX 4.75% 7/1/26 ‡ | 105,000 | 27,825 | |
| Series XX 5.25% 7/1/40 ‡ | 1,840,000 | 487,600 | |
| Series XX 5.75% 7/1/36 ‡ | 365,000 | 96,725 | |
2 NQ- V8 [0524] 0724 (3695130)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series ZZ 4.75% 7/1/27 ‡ | 85,000 | $ 22,525 | |
| Series ZZ 5.00% 7/1/19 ‡ | 620,000 | 162,750 | |
| Series ZZ 5.25% 7/1/24 ‡ | 140,000 | 37,100 | |
| 9,430,937 | |||
| Healthcare Revenue Bonds — 22.92% | |||
| Colorado Health Facilities Authority Revenue | |||
| (Aberdeen Ridge) Series A 5.00% 5/15/58 | 1,500,000 | 935,565 | |
| (AdventHealth Obligated Group) | |||
| Series A 3.00% 11/15/51 | 6,325,000 | 4,675,061 | |
| Series A 4.00% 11/15/43 | 2,290,000 | 2,204,377 | |
| Series A 4.00% 11/15/50 | 6,015,000 | 5,562,852 | |
| (American Baptist) | |||
| 7.625% 8/1/33 | 150,000 | 140,202 | |
| 8.00% 8/1/43 | 1,000,000 | 876,480 | |
| (Bethesda Project) Series A-1 5.00% 9/15/48 | 2,250,000 | 2,046,803 | |
| (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 2,220,000 | 1,340,369 | |
| (CommonSpirit Health) | |||
| Series A 5.25% 12/1/54 | 2,000,000 | 2,139,500 | |
| Series A-1 4.00% 8/1/37 | 1,130,000 | 1,088,608 | |
| Series A-1 4.00% 8/1/38 | 120,000 | 114,258 | |
| Series A-2 4.00% 8/1/49 (BAM) | 3,670,000 | 3,475,600 | |
| Series A-2 5.00% 8/1/37 | 1,500,000 | 1,575,180 | |
| (Covenant Living Communities and Services) Series A 4.00% 12/1/40 | 1,250,000 | 1,104,900 | |
| (Covenant Retirement Communities, Inc.) Series A 5.00% 12/1/35 | 1,000,000 | 993,110 | |
| (Craig Hospital Project) Series A 5.00% 12/1/47 | 1,830,000 | 1,893,739 | |
| (Frasier Project) Series A 4.00% 5/15/48 | 1,000,000 | 809,610 | |
| (Intermountain Healthcare) | |||
| Series A 5.00% 5/15/47 | 1,380,000 | 1,462,207 | |
| Series A 5.00% 5/15/52 | 1,195,000 | 1,260,187 | |
| (Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 2,000,000 | 2,000,720 | |
| (National Jewish Health Project) 5.00% 1/1/27 | 300,000 | 295,029 | |
NQ- V8 [0524] 0724 (3695130) 3
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (Parkview Medical Center, Inc. Project) Series A 4.00% 9/1/50 | 1,750,000 | $ 1,603,298 | |
| (Sanford) Series A 5.00% 11/1/44 | 3,410,000 | 3,523,621 | |
| (SCL Health System) Series A 4.00% 1/1/37 | 4,470,000 | 4,473,531 | |
| (Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 # | 935,000 | 622,813 | |
| (Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,000,000 | 1,017,280 | |
| (Valley View Hospital Association Project) Series A 4.00% 5/15/35 | 685,000 | 682,609 | |
| Denver, Colorado Health & Hospital Authority Revenue | |||
| Series A 4.00% 12/1/39 | 1,000,000 | 882,760 | |
| Series A 4.00% 12/1/40 | 250,000 | 218,177 | |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (Hospital Auxilio Mutuo Obligated Group Project) 4.00% 7/1/39 | 75,000 | 67,092 | |
| 49,085,538 | |||
| Housing Revenue Bond — 1.17% | |||
| Denver City & County, Colorado Housing Authority Revenue | |||
| (Flo Senior Apartments Project) 4.50% 7/1/41 | 2,500,000 | 2,514,325 | |
| 2,514,325 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 4.43% | |||
| Children's Trust Fund Revenue, Commonwealth of Puerto Rico | |||
| (Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 52,100,000 | 4,186,235 | |
| City & County of Denver, Colorado Special Facilities Airport Revenue | |||
| (United Airlines, Inc. Project) 5.00% 10/1/32 (AMT) | 215,000 | 214,991 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 4,250,000 | 5,091,373 | |
| 9,492,599 | |||
4 NQ- V8 [0524] 0724 (3695130)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds — 2.29% | |||
| Colorado Higher Education Lease Purchase Financing Program Revenue | |||
| 4.00% 9/1/41 | 1,000,000 | $ 978,190 | |
| Colorado State Department of Transportation Certificates of Participation Revenue | |||
| 5.00% 6/15/34 | 660,000 | 671,240 | |
| 5.00% 6/15/36 | 1,055,000 | 1,069,886 | |
| Denver, Colorado Health & Hospital Authority Revenue | |||
| (550 Acoma, Inc.) 4.00% 12/1/38 | 750,000 | 673,972 | |
| State of Colorado Revenue | |||
| 4.00% 3/15/37 | 1,500,000 | 1,512,750 | |
| 4,906,038 | |||
| Local General Obligation Bonds — 7.87% | |||
| Adams & Weld Counties, Colorado School District No. 27J Brighton | |||
| 4.00% 12/1/46 | 1,370,000 | 1,332,270 | |
| Beacon Point, Colorado Metropolitan District | |||
| 5.00% 12/1/30 (AGM) | 1,130,000 | 1,147,606 | |
| Denver City & County, Colorado School District No. 1 | |||
| Series A 5.00% 12/1/45 | 5,000,000 | 5,380,650 | |
| El Paso County School District No. 2 Harrison | |||
| 5.00% 12/1/38 | 1,000,000 | 1,057,360 | |
| Grand River, Colorado Hospital District | |||
| 5.25% 12/1/35 (AGM) | 1,000,000 | 1,040,110 | |
| Jefferson County, Colorado School District No. R-1 | |||
| 5.25% 12/15/24 | 1,250,000 | 1,259,700 | |
| Prairie Center Metropolitan District No. 3 | |||
| Series B 5.875% 12/15/46 | 1,000,000 | 1,051,220 | |
| Verve, Colorado Metropolitan District No. 1 | |||
| 5.00% 12/1/51 | 2,000,000 | 1,505,580 | |
| Weld County, Colorado School District No. Re-1 | |||
| 5.00% 12/15/31 (AGM) | 1,000,000 | 1,035,470 | |
| Weld County, Colorado School District No. Re-3J | |||
| 5.00% 12/15/34 (BAM) | 2,000,000 | 2,054,320 | |
| 16,864,286 | |||
| Pre-Refunded Bonds — 2.26% | |||
| City of Commerce, Colorado Sales and Use Tax Revenue | |||
| 5.00% 8/1/44-24 (AGM) § | 1,500,000 | 1,502,145 | |
NQ- V8 [0524] 0724 (3695130) 5
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded Bonds (continued) | |||
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Atlas Preparatory Charter School) 144A 5.25% 4/1/45-25 #, § | 1,300,000 | $ 1,315,600 | |
| Colorado Health Facilities Authority Revenue | |||
| (NCMC Project) 4.00% 5/15/32-26 § | 2,000,000 | 2,011,500 | |
| 4,829,245 | |||
| Special Tax Revenue Bonds — 19.65% | |||
| City & County of Denver, Colorado Dedicated Excise Tax Revenue | |||
| Series A 4.00% 8/1/51 | 1,000,000 | 940,320 | |
| Colorado Regional Transportation District Sales Tax Revenue | |||
| (FasTracks Project) | |||
| Series A 5.00% 11/1/30 | 670,000 | 691,634 | |
| Series A 5.00% 11/1/31 | 1,495,000 | 1,542,571 | |
| Commonwealth of Puerto Rico Revenue | |||
| 3.226% 11/1/43 • | 5,154,650 | 3,202,327 | |
| 3.799% 11/1/51 • | 1,306,663 | 676,198 | |
| Denver, Colorado Convention Center Hotel Authority Revenue | |||
| 5.00% 12/1/40 | 2,660,000 | 2,674,524 | |
| Fountain Urban Renewal Authority, Colorado Revenue | |||
| (South Academy Highlands Project) Series A 5.50% 11/1/44 | 1,375,000 | 1,321,471 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 7,214,547 | 7,025,165 | |
| Lincoln Park Metropolitan District Douglas County, Colorado Revenue | |||
| 5.00% 12/1/46 (AGM) | 1,000,000 | 1,013,500 | |
| Matching Fund Special Purpose Securitization, Virgin Islands | |||
| Series A 5.00% 10/1/32 | 450,000 | 481,617 | |
| Plaza Metropolitan District No. 1, Colorado Revenue | |||
| 144A 5.00% 12/1/40 # | 1,265,000 | 1,219,941 | |
| Prairie Center Metropolitan District No. 3, Colorado Revenue | |||
| Series A 144A 5.00% 12/15/41 # | 1,000,000 | 990,780 | |
6 NQ- V8 [0524] 0724 (3695130)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Puerto Rico Sales Tax Financing Revenue | |||
| (Capital Appreciation - Restructured) | |||
| Series A-1 5.696% 7/1/46 ^ | 10,000,000 | $ 3,203,000 | |
| Series A-1 6.142% 7/1/51 ^ | 17,857,000 | 4,246,930 | |
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 3,986,000 | 3,960,968 | |
| Series A-1 5.00% 7/1/58 | 2,910,000 | 2,910,931 | |
| Series A-2 4.536% 7/1/53 | 3,000,000 | 2,880,960 | |
| Southlands Metropolitan District No. 1, Colorado Revenue | |||
| Series A-1 5.00% 12/1/37 | 500,000 | 494,670 | |
| Series A-1 5.00% 12/1/47 | 300,000 | 286,746 | |
| Sterling Ranch Community Authority Board Revenue | |||
| (Senior) Series A 6.50% 12/1/54 | 1,000,000 | 1,019,270 | |
| Thornton, Colorado Development Authority Revenue | |||
| (East 144th Avenue & I-25 Project) | |||
| Series B 5.00% 12/1/35 | 485,000 | 486,882 | |
| Series B 5.00% 12/1/36 | 810,000 | 813,102 | |
| 42,083,507 | |||
| State General Obligation Bonds — 0.79% | |||
| Commonwealth of Puerto Rico | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/37 | 295,740 | 286,927 | |
| Series A-1 4.00% 7/1/41 | 1,127,839 | 1,048,349 | |
| Series A-1 4.00% 7/1/46 | 400,000 | 361,772 | |
| 1,697,048 | |||
| Transportation Revenue Bonds — 11.84% | |||
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 11/15/41 (AMT) | 710,000 | 682,431 | |
| Series A 4.00% 12/1/43 (AMT) | 4,445,000 | 4,180,033 | |
| Series A 4.00% 12/1/48 (AMT) | 400,000 | 362,288 | |
| Series A 5.00% 11/15/30 (AMT) | 1,500,000 | 1,546,470 | |
| Series A 5.00% 11/15/47 (AMT) | 1,000,000 | 1,038,700 | |
| Series A 5.25% 12/1/43 (AMT) | 2,000,000 | 2,059,520 | |
| Colorado Bridge & Tunnel Enterprise Revenue | |||
| (Senior Infrastructure) Series A 5.25% 12/1/49 (AGM) | 2,000,000 | 2,179,280 | |
NQ- V8 [0524] 0724 (3695130) 7
Schedule of investments
Delaware Tax-Free Colorado Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Colorado High Performance Transportation Enterprise Revenue | |||
| (C-470 Express Lanes) 5.00% 12/31/56 | 3,250,000 | $ 3,254,258 | |
| (U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 2,140,000 | 2,143,338 | |
| Colorado Regional Transportation District Revenue | |||
| (Denver Transit Partners Eagle P3 Project) | |||
| Series A 3.00% 7/15/37 | 1,025,000 | 879,142 | |
| Series A 4.00% 7/15/34 | 1,100,000 | 1,101,903 | |
| Series A 4.00% 7/15/38 | 700,000 | 684,747 | |
| Series A 4.00% 7/15/39 | 1,500,000 | 1,444,815 | |
| Series A 4.00% 7/15/40 | 2,815,000 | 2,684,300 | |
| Series A 5.00% 7/15/32 | 1,045,000 | 1,113,625 | |
| 25,354,850 | |||
| Water & Sewer Revenue Bonds — 3.94% | |||
| Arapahoe County, Colorado Water & Wastewater Authority Revenue | |||
| 4.00% 12/1/36 | 3,000,000 | 3,031,620 | |
| Douglas County, Colorado Centennial Water & Sanitation District Revenue | |||
| 4.00% 12/1/38 | 500,000 | 504,380 | |
| Guam Government Waterworks Authority Revenue | |||
| Series A 5.00% 7/1/44 | 885,000 | 938,038 | |
| Johnstown, Colorado Wastewater Revenue | |||
| 4.00% 12/1/51 (AGM) | 2,875,000 | 2,606,533 | |
| Metro Wastewater Reclamation District, Colorado Revenue | |||
| Series A 3.00% 4/1/38 | 1,620,000 | 1,368,203 | |
| 8,448,774 | |||
| Total Municipal Bonds (cost $215,620,197) | 207,428,409 | ||
| Number of shares | |||
| Short-Term Investments — 1.91% | |||
| Money Market Mutual Funds — 0.48% | |||
| Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 3.11%) | 1,017,957 | 1,017,855 | |
| 1,017,855 | |||
8 NQ- V8 [0524] 0724 (3695130)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Variable Rate Demand Notes — 1.43%¤ | |||
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (National Jewish Federation Bond Program) Series B-5 4.05% 1/1/39 (LOC - TD Bank N.A.) | 200,000 | $ 200,000 | |
| Series F-2 4.00% 7/1/41 (LOC - TD Bank N.A.) | 1,575,000 | 1,575,000 | |
| Colorado Health Facilities Authority Revenue | |||
| Series A 4.05% 12/1/52 (LOC - TD Bank N.A.) | 1,290,000 | 1,290,000 | |
| 3,065,000 | |||
| Total Short-Term Investments (cost $4,082,855) | 4,082,855 | ||
| Total Value of Securities—98.75% (cost $219,703,052) | 211,511,264 | ||
| Receivables and Other Assets Net of Liabilities—1.25% | 2,684,192 | ||
| Net Assets Applicable to 20,943,010 Shares Outstanding—100.00% | $214,195,456 | ||
| ° | 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 May 31, 2024, the aggregate value of Rule 144A securities was $13,998,883, which represents 6.54% of the Fund’s net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| § | 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. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2024. 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. |
NQ- V8 [0524] 0724 (3695130) 9
Schedule of investments
Delaware Tax-Free Colorado 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 May 31, 2024. |
| Summary of abbreviations: |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |
10 NQ- V8 [0524] 0724 (3695130)