UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-07742 |
Exact name of registrant as specified in charter: | Voyageur Mutual Funds |
Address of principal executive offices: | 610 Market Street Philadelphia, PA 19106 |
Name and address of agent for service: | David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106 |
Registrant’s telephone number, including area code: | (800) 523-1918 |
Date of fiscal year end: | August 31 |
Date of reporting period: | February 28, 2023 |
Item 1. Reports to Stockholders
Semiannual report | |
Fixed income mutual funds
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
Delaware National High-Yield Municipal Bond Fund
February 28, 2023 | |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail. Visit delawarefunds.com/edelivery. |
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions | |
● | View statements and tax forms | |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
This semiannual report is for the information of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2023 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
The investment objective of Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund is to seek as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.
The investment objective of Delaware National High-Yield Municipal Bond Fund is to seek a high level of current income exempt from federal income tax primarily through investment in medium-and lower-grade municipal obligations.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
Delaware Tax-Free USA Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 976.30 | 0.80% | $3.92 | |||||||
Class C | 1,000.00 | 972.60 | 1.55% | 7.58 | |||||||||
Institutional Class | 1,000.00 | 977.80 | 0.55% | 2.70 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.83 | 0.80% | $4.01 | |||||||
Class C | 1,000.00 | 1,017.11 | 1.55% | 7.75 | |||||||||
Institutional Class | 1,000.00 | 1,022.07 | 0.55% | 2.76 |
Delaware Tax-Free USA Intermediate Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 989.20 | 0.75% | $3.70 | |||||||
Class C | 1,000.00 | 985.40 | 1.50% | 7.38 | |||||||||
Institutional Class | 1,000.00 | 990.60 | 0.50% | 2.47 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.08 | 0.75% | $3.76 | |||||||
Class C | 1,000.00 | 1,017.36 | 1.50% | 7.50 | |||||||||
Institutional Class | 1,000.00 | 1,022.32 | 0.50% | 2.51 |
2
Delaware National High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 971.00 | 0.85% | $4.15 | |||||||
Class C | 1,000.00 | 967.60 | 1.60% | 7.81 | |||||||||
Institutional Class | 1,000.00 | 972.70 | 0.60% | 2.93 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.58 | 0.85% | $4.26 | |||||||
Class C | 1,000.00 | 1,016.86 | 1.60% | 8.00 | |||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60% | 3.01 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
3
Security type / sector / state / territory allocations
Delaware Tax-Free USA Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 99.03 | % | |
Corporate Revenue Bonds | 7.14 | % | |
Education Revenue Bonds | 9.78 | % | |
Electric Revenue Bonds | 2.62 | % | |
Healthcare Revenue Bonds | 15.33 | % | |
Housing Revenue Bond | 0.09 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 9.49 | % | |
Lease Revenue Bonds | 7.62 | % | |
Local General Obligation Bonds | 3.06 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 0.80 | % | |
Resource Recovery Revenue Bond | 0.17 | % | |
Special Tax Revenue Bonds | 21.01 | % | |
State General Obligation Bonds | 7.82 | % | |
Transportation Revenue Bonds | 12.78 | % | |
Water & Sewer Revenue Bonds | 1.32 | % | |
Short-Term Investments | 0.35 | % | |
Total Value of Securities | 99.38 | % | |
Receivables and Other Assets Net of Liabilities | 0.62 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free USA Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Alabama | 1.45 | % | |
Arizona | 4.43 | % | |
California | 13.31 | % | |
Colorado | 3.80 | % | |
Connecticut | 0.29 | % | |
District of Columbia | 0.48 | % | |
Florida | 4.94 | % | |
Georgia | 2.22 | % | |
Guam | 0.73 | % | |
Idaho | 0.05 | % | |
Illinois | 9.89 | % | |
Indiana | 0.19 | % | |
Iowa | 1.00 | % | |
Kansas | 0.32 | % | |
Kentucky | 0.96 | % |
4
State / territory | Percentage of net assets | ||
Louisiana | 0.19 | % | |
Maine | 0.50 | % | |
Maryland | 1.01 | % | |
Massachusetts | 1.09 | % | |
Michigan | 0.18 | % | |
Minnesota | 0.32 | % | |
Missouri | 0.98 | % | |
Nebraska | 0.30 | % | |
New Hampshire | 0.07 | % | |
New Jersey | 1.16 | % | |
New York | 7.66 | % | |
North Carolina | 0.89 | % | |
Ohio | 2.26 | % | |
Oregon | 0.74 | % | |
Pennsylvania | 3.52 | % | |
Puerto Rico | 20.04 | % | |
Texas | 6.37 | % | |
US Virgin Islands | 0.86 | % | |
Utah | 0.86 | % | |
Virginia | 2.35 | % | |
Washington | 2.08 | % | |
Wisconsin | 1.89 | % | |
Total Value of Securities | 99.38 | % |
5
Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 97.64 | % | |
Corporate Revenue Bonds | 3.25 | % | |
Education Revenue Bonds | 6.22 | % | |
Electric Revenue Bonds | 5.60 | % | |
Healthcare Revenue Bonds | 7.89 | % | |
Housing Revenue Bond | 0.45 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 12.00 | % | |
Lease Revenue Bonds | 7.85 | % | |
Local General Obligation Bonds | 3.68 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 4.29 | % | |
Special Tax Revenue Bonds | 15.58 | % | |
State General Obligation Bonds | 11.31 | % | |
Transportation Revenue Bonds | 17.21 | % | |
Water & Sewer Revenue Bonds | 2.31 | % | |
Short-Term Investments | 1.28 | % | |
Total Value of Securities | 98.92 | % | |
Receivables and Other Assets Net of Liabilities | 1.08 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free USA Intermediate Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Alabama | 1.35 | % | |
Arizona | 5.62 | % | |
California | 10.54 | % | |
Colorado | 3.56 | % | |
Connecticut | 0.63 | % | |
Delaware | 0.21 | % | |
District of Columbia | 0.23 | % | |
Florida | 5.57 | % | |
Georgia | 1.98 | % | |
Guam | 0.79 | % | |
Hawaii | 0.19 | % | |
Idaho | 0.58 | % | |
Illinois | 8.30 | % | |
Iowa | 0.51 | % | |
Kansas | 0.09 | % | |
Kentucky | 0.46 | % |
6
State / territory | Percentage of net assets | ||
Louisiana | 1.24 | % | |
Maine | 0.21 | % | |
Maryland | 0.64 | % | |
Massachusetts | 1.32 | % | |
Michigan | 0.64 | % | |
Minnesota | 0.41 | % | |
Missouri | 1.00 | % | |
Montana | 0.11 | % | |
Nebraska | 0.14 | % | |
New Hampshire | 0.19 | % | |
New Jersey | 5.83 | % | |
New York | 17.53 | % | |
North Carolina | 0.69 | % | |
Ohio | 1.65 | % | |
Oklahoma | 0.73 | % | |
Oregon | 1.18 | % | |
Pennsylvania | 3.20 | % | |
Puerto Rico | 10.39 | % | |
South Carolina | 0.82 | % | |
Tennessee | 0.85 | % | |
Texas | 3.05 | % | |
US Virgin Islands | 0.16 | % | |
Utah | 2.64 | % | |
Virginia | 2.68 | % | |
Washington | 0.37 | % | |
Wisconsin | 0.64 | % | |
Total Value of Securities | 98.92 | % |
7
Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 96.72 | % | |
Corporate Revenue Bonds | 5.96 | % | |
Education Revenue Bonds | 16.19 | % | |
Electric Revenue Bonds | 3.86 | % | |
Healthcare Revenue Bonds | 14.99 | % | |
Housing Revenue Bonds | 0.19 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 16.29 | % | |
Lease Revenue Bonds | 3.87 | % | |
Local General Obligation Bonds | 2.84 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 2.03 | % | |
Resource Recovery Revenue Bonds | 0.53 | % | |
Special Tax Revenue Bonds | 15.63 | % | |
State General Obligation Bonds | 5.89 | % | |
Transportation Revenue Bonds | 5.65 | % | |
Water & Sewer Revenue Bonds | 2.80 | % | |
Short-Term Investments | 2.51 | % | |
Total Value of Securities | 99.23 | % | |
Receivables and Other Assets Net of Liabilities | 0.77 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware National High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Alabama | 2.09 | % | |
Arizona | 4.97 | % | |
Arkansas | 0.16 | % | |
California | 11.08 | % | |
Colorado | 1.82 | % | |
Delaware | 0.06 | % | |
District of Columbia | 1.33 | % | |
Florida | 4.50 | % | |
Georgia | 1.09 | % | |
Guam | 0.73 | % | |
Hawaii | 0.10 | % | |
Idaho | 0.72 | % | |
Illinois | 6.41 | % | |
Indiana | 0.53 | % | |
Iowa | 0.68 | % |
8
State / territory | Percentage of net assets | ||
Kansas | 0.38 | % | |
Kentucky | 0.42 | % | |
Louisiana | 1.30 | % | |
Maine | 0.35 | % | |
Maryland | 0.38 | % | |
Massachusetts | 1.90 | % | |
Michigan | 0.67 | % | |
Minnesota | 0.60 | % | |
Mississippi | 0.22 | % | |
Missouri | 1.31 | % | |
Montana | 0.08 | % | |
Nevada | 0.66 | % | |
New Hampshire | 0.21 | % | |
New Jersey | 2.54 | % | |
New York | 10.37 | % | |
North Carolina | 1.78 | % | |
Ohio | 4.66 | % | |
Oklahoma | 0.10 | % | |
Oregon | 0.26 | % | |
Pennsylvania | 2.62 | % | |
Puerto Rico | 14.70 | % | |
South Carolina | 0.44 | % | |
Tennessee | 0.37 | % | |
Texas | 7.50 | % | |
US Virgin Islands | 0.13 | % | |
Utah | 0.50 | % | |
Virginia | 4.32 | % | |
Washington | 1.59 | % | |
West Virginia | 0.13 | % | |
Wisconsin | 2.47 | % | |
Total Value of Securities | 99.23 | % |
9
Delaware Tax-Free USA Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 99.03% | ||||||||
Corporate Revenue Bonds — 7.14% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 6,400,000 | $ | 4,160,000 | |||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
5.00% 9/1/42 (AMT) ● | 5,000,000 | 5,171,950 | ||||||
Finance Authority of Maine Revenue | ||||||||
(Go Lab Madison, LLC Project) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 5,660,000 | 3,604,231 | ||||||
Florida Development Finance Surface Transportation Facilities Revenue | ||||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 7,075,000 | 6,406,695 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 2,555,000 | 2,348,735 | ||||||
George L Smith II Georgia World Congress Center Authority | ||||||||
(Convention Center Hotel 1st Tier) | ||||||||
Series A 4.00% 1/1/54 | 18,715,000 | 14,850,352 | ||||||
Iowa Finance Authority | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 5,585,000 | 5,461,516 | ||||||
Public Finance Authority, Wisconsin | ||||||||
(Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 5,145,000 | 4,900,613 | ||||||
Tuscaloosa County, Alabama Industrial Development Authority | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 5,250,000 | 4,554,795 | ||||||
51,458,887 | ||||||||
Education Revenue Bonds — 9.78% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 2.25% 7/1/46 | 1,295,000 | 803,327 | ||||||
Series A 2.375% 7/1/52 | 1,295,000 | 756,358 | ||||||
(Leman Academy Of Excellence Projects) | ||||||||
Series A 4.50% 7/1/54 | 2,240,000 | 1,955,431 |
10
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Build NYC Resource | ||||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/62 # | 1,250,000 | $ | 1,258,700 | |||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.25% 7/1/52 | 1,000,000 | 1,020,330 | ||||||
5.25% 7/1/57 | 4,000,000 | 4,053,040 | ||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 5,000,000 | 4,792,600 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series T-1 5.00% 3/15/39 | 3,000,000 | 3,490,800 | ||||||
Series V-1 5.00% 5/1/49 | 2,600,000 | 3,009,214 | ||||||
Series V-2 2.25% 4/1/51 | 2,330,000 | 1,454,246 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(KIPP:Cooper Norcross Academy - 2022 Project) | ||||||||
6.00% 6/15/62 | 1,325,000 | 1,380,080 | ||||||
District of Columbia Revenue | ||||||||
(KIPP DC Issue) | ||||||||
4.00% 7/1/49 | 610,000 | 492,776 | ||||||
Florida Development Finance Surface Transportation Facilities Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 4.00% 6/15/52 | 1,535,000 | 1,169,992 | ||||||
Idaho Housing & Finance Association | ||||||||
(Sage International School of Boise Project) | ||||||||
Series A 4.00% 5/1/50 | 425,000 | 388,335 | ||||||
Maricopa County, Arizona Industrial Development Authority Education Revenue | ||||||||
(Choice Academies, Inc. Project) | ||||||||
Series AZ 144A 5.75% 9/1/45 # | 2,505,000 | 2,349,039 | ||||||
Massachusetts Development Finance Agency Revenue | ||||||||
Series A 5.00% 7/15/40 | 5,000,000 | 5,788,550 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(Saint Joseph’s University Project) | ||||||||
5.50% 11/1/60 | 4,745,000 | 5,079,096 |
11
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Public Finance Authority Project Revenue Bonds | ||||||||
(CFP3 – Eastern Michigan University Student Housing Project) | ||||||||
Series A-1 5.375% 7/1/47 (BAM) | 2,775,000 | $ | 2,976,215 | |||||
Series A-1 5.50% 7/1/52 (BAM) | 4,000,000 | 4,313,120 | ||||||
Town of Davie, Florida | ||||||||
(Nova Southeastern University Project) | ||||||||
5.00% 4/1/38 | 2,290,000 | 2,380,318 | ||||||
University of Texas System Board of Regents | ||||||||
Series B 5.00% 8/15/49 | 18,670,000 | 21,494,024 | ||||||
70,405,591 | ||||||||
Electric Revenue Bonds — 2.62% | ||||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/43 | 3,650,000 | 3,772,311 | ||||||
New York Power Authority | ||||||||
Series A 4.00% 11/15/55 | 3,885,000 | 3,630,222 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 3,665,000 | 2,556,337 | ||||||
Series A 5.05% 7/1/42 ‡ | 100,000 | 69,750 | ||||||
Series A 6.75% 7/1/36 ‡ | 1,725,000 | 1,242,000 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 60,000 | 41,775 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 1,398,488 | ||||||
Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 1,886,737 | ||||||
Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 1,745,713 | ||||||
Series XX 4.75% 7/1/26 ‡ | 205,000 | 141,963 | ||||||
Series XX 5.25% 7/1/40 ‡ | 3,165,000 | 2,223,412 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 160,000 | 110,800 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 80,000 | 55,700 | ||||||
18,875,208 | ||||||||
Healthcare Revenue Bonds — 15.33% | ||||||||
Alachua County, Florida Health Facilities Authority | ||||||||
(Oak Hammock at the University of Florida, Inc. Project) | ||||||||
4.00% 10/1/46 | 1,750,000 | 1,334,900 | ||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Minnesota Senior Living LLC Project) | ||||||||
Series B 5.00% 1/1/47 | 1,815,000 | 1,054,733 | ||||||
Series D 7.25% 1/1/52 | 1,980,000 | 1,230,411 |
12
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) | ||||||||
Series D-2 144A 7.75% 1/1/54 # | 225,000 | $ | 125,568 | |||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 300,000 | 161,040 | ||||||
(Phoenix Children’s Hospital) | ||||||||
Series A 4.00% 2/1/50 | 3,560,000 | 3,196,382 | ||||||
California Health Facilities Financing Authority Revenue | ||||||||
(CommonSpirit Health) | ||||||||
Series A 4.00% 4/1/45 | 3,470,000 | 3,148,227 | ||||||
Series A 4.00% 4/1/49 | 5,000,000 | 4,420,850 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 21,665,000 | 24,571,793 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Medical Centers) | ||||||||
Series A 5.00% 2/1/47 | 2,025,000 | 2,074,207 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(AdventHealth Obligated Group) | ||||||||
Series A 4.00% 11/15/46 | 4,310,000 | 4,007,265 | ||||||
(American Baptist) | ||||||||
8.00% 8/1/43 | 1,660,000 | 1,677,198 | ||||||
(CommonSpirit Health) | ||||||||
Series A-1 4.00% 8/1/37 | 700,000 | 667,079 | ||||||
Series A-2 4.00% 8/1/49 | 4,910,000 | 4,258,001 | ||||||
Series A-2 5.00% 8/1/44 | 2,290,000 | 2,332,548 | ||||||
(Mental Health Center Denver Project) | ||||||||
Series A 5.75% 2/1/44 | 1,430,000 | 1,438,895 | ||||||
Cuyahoga County, Ohio | ||||||||
(The Metrohealth System) | ||||||||
5.25% 2/15/47 | 1,710,000 | 1,735,667 | ||||||
5.50% 2/15/57 | 1,290,000 | 1,316,600 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Royal Oaks Inspirata Pointe Project) | ||||||||
Series A 5.00% 5/15/56 | 1,905,000 | 1,610,373 | ||||||
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue | ||||||||
(Mercy Health) | ||||||||
4.00% 6/1/53 | 5,000,000 | 4,505,650 |
13
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Henrico County, Virginia Economic Development Authority | ||||||||
(Westminster Canterbury Richmond) | ||||||||
Series A 5.00% 10/1/52 | 1,130,000 | $ | 1,168,725 | |||||
Hillsborough County, Florida Industrial Development Authority Hospital Revenue Bonds | ||||||||
(Tampa General Hospital Project) | ||||||||
Series A 3.50% 8/1/55 | 5,000,000 | 3,777,950 | ||||||
Illinois Finance Authority Revenue | ||||||||
(Northshore - Edward-Elmhurst Health Credit Group) | ||||||||
Series A 5.00% 8/15/51 | 6,775,000 | 7,107,381 | ||||||
(Shedd Aquarium Society Project) | ||||||||
5.00% 6/1/44 | 1,500,000 | 1,587,600 | ||||||
5.00% 6/1/47 | 1,125,000 | 1,183,658 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
(The Glen Retirement System Project) | ||||||||
Series A 5.00% 1/1/49 | 1,905,000 | 1,333,309 | ||||||
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | ||||||||
(Christian Care Surprise, Inc. Project) | ||||||||
144A 6.00% 1/1/48 # | 915,000 | 640,729 | ||||||
Maryland Health & Higher Educational Facilities Authority Revenue | ||||||||
(Adventist Healthcare Obligated) | ||||||||
Series A 5.50% 1/1/46 | 1,530,000 | 1,539,624 | ||||||
Michigan Finance Authority Hospital Revenue | ||||||||
(Henry Ford Health System) | ||||||||
Series A 4.00% 11/15/50 | 1,500,000 | 1,328,640 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series B 4.00% 5/1/56 | 4,950,000 | 4,318,875 | ||||||
Moon, Pennsylvania Industrial Development Authority | ||||||||
(Baptist Homes Society Obligation) | ||||||||
6.125% 7/1/50 | 1,895,000 | 1,572,983 | ||||||
New Hampshire Business Finance Authority | ||||||||
(Springpoint Senior Living Project) | ||||||||
4.00% 1/1/51 | 670,000 | 517,347 |
14
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
New Hope, Texas Cultural Education Facilities Finance | ||||||||
(Cardinal Bay - Village on the Park) | ||||||||
Series A1 5.00% 7/1/46 | 95,000 | $ | 63,413 | |||||
(Legacy Midtown Park Project) | ||||||||
Series A 5.50% 7/1/54 | 1,725,000 | 1,334,149 | ||||||
New York State Dormitory Authority | ||||||||
(Northwell Health Obligated Group) | ||||||||
Series A 5.00% 5/1/52 | 3,000,000 | 3,081,030 | ||||||
Ohio State Hospital Facilities Revenue | ||||||||
(Cleveland Clinic Health System Obligated Group) | ||||||||
Series B 4.00% 1/1/42 | 2,000,000 | 1,933,300 | ||||||
Orange County, New York Funding Corporation Assisted Living Residence Revenue | ||||||||
6.50% 1/1/46 | 2,035,000 | 1,627,450 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(University of Pittsburgh Medical Center) | ||||||||
Series A 4.00% 11/15/42 | 3,300,000 | 3,123,351 | ||||||
Salem, Oregon Hospital Facility Authority Revenue | ||||||||
(Capital Manor Project) | ||||||||
4.00% 5/15/47 | 865,000 | 651,838 | ||||||
Seminole County, Florida Industrial Development Authority Revenue | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.50% 11/15/49 | 3,055,000 | 2,513,746 | ||||||
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue | ||||||||
(Buckner Senior Living - Ventana Project) | ||||||||
6.625% 11/15/37 | 840,000 | 851,684 | ||||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/52 # | 1,395,000 | 1,058,638 | ||||||
Union County, Oregon Hospital Facility Authority | ||||||||
(Grande Ronde Hospital Project) | ||||||||
5.00% 7/1/52 | 1,125,000 | 1,110,589 | ||||||
Virginia Small Business Financing Authority Revenue | ||||||||
(LifeSpire of Virginia) | ||||||||
4.00% 12/1/41 | 2,500,000 | 2,077,400 | ||||||
110,370,796 |
15
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bond — 0.09% | ||||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Pasadena Portfolio) | ||||||||
144A 3.00% 12/1/56 # | 1,000,000 | $ | 679,310 | |||||
679,310 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 9.49% | ||||||||
Buckeye, Ohio Tobacco Settlement Financing Authority | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 9,250,000 | 6,687,195 | ||||||
Series A-2 4.00% 6/1/48 | 5,310,000 | 4,649,542 | ||||||
Central Plains, Nebraska Energy Project | ||||||||
(Project No. 3) | ||||||||
Series A 5.00% 9/1/31 | 2,050,000 | 2,153,176 | ||||||
Erie, New York Tobacco Asset Securitization | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 1.456% 6/1/60 #, ^ | 65,340,000 | 3,581,285 | ||||||
Inland, California Empire Tobacco Securitization | ||||||||
(Capital Appreciation-Turbo-Asset-Backed) | ||||||||
Series E 144A 0.93% 6/1/57 #, ^ | 122,985,000 | 7,015,064 | ||||||
Series F 144A 1.347% 6/1/57 #, ^ | 80,485,000 | 3,857,646 | ||||||
Kentucky Public Energy Authority | ||||||||
Series A-1 4.00% 8/1/52 ● | 5,000,000 | 4,894,900 | ||||||
Lower Alabama Gas District | ||||||||
Series A 5.00% 9/1/34 | 3,440,000 | 3,630,542 | ||||||
(Gas Project Revenue Bonds) | ||||||||
Series A 5.00% 9/1/46 | 2,265,000 | 2,251,410 | ||||||
M-S-R Energy Authority, California Gas Revenue | ||||||||
Series A 6.125% 11/1/29 | 1,280,000 | 1,411,225 | ||||||
Series B 6.50% 11/1/39 | 4,015,000 | 4,789,614 | ||||||
Series C 6.50% 11/1/39 | 1,905,000 | 2,272,532 | ||||||
New York Transportation Development Corporation Special Facilities Revenue | ||||||||
(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
5.00% 1/1/34 (AMT) | 2,290,000 | 2,355,563 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 4,745,000 | 5,655,898 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 5,725,000 | 5,847,229 |
16
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Suffolk Tobacco Asset Securitization | ||||||||
Series A-2 4.00% 6/1/50 | 2,000,000 | $ | 1,744,340 | |||||
Tobacco Securitization Authority of Southern California | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 0.585% 6/1/46 ^ | 13,510,000 | 2,156,871 | ||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 0.382% 6/1/46 ^ | 2,255,000 | 282,349 | ||||||
Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds | ||||||||
Series A-2 4.00% 6/1/49 | 1,950,000 | 1,702,662 | ||||||
Valparaiso, Indiana | ||||||||
(Pratt Paper LLC Project) | ||||||||
7.00% 1/1/44 (AMT) | 1,360,000 | 1,394,245 | ||||||
68,333,288 | ||||||||
Lease Revenue Bonds — 7.62% | ||||||||
Fayette County, Kentucky School District Finance | ||||||||
5.00% 6/1/47 (BAM) | 1,900,000 | 2,012,746 | ||||||
Kansas City, Kansas Industrial Development Authority | ||||||||
(Kansas City International Airport Terminal Modernization Project) | ||||||||
Series B 5.00% 3/1/49 (AGM) (AMT) | 2,450,000 | 2,494,198 | ||||||
Metropolitan Pier & Exposition Authority, Illinois | ||||||||
(McCormick Place Expansion Project) | ||||||||
Series A 4.00% 6/15/50 (BAM) | 6,500,000 | 5,510,115 | ||||||
Series A 4.00% 6/15/52 | 14,490,000 | 11,622,574 | ||||||
Series B 3.433% 12/15/54 (BAM) ^ | 38,520,000 | 7,725,571 | ||||||
Series B 5.03% 12/15/54 ^ | 10,000,000 | 1,723,400 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
(Transportation System) | ||||||||
Series A 5.499% 12/15/39 ^ | 12,810,000 | 5,736,446 | ||||||
New York Liberty Development | ||||||||
(Green Bond) | ||||||||
Series A 3.00% 11/15/51 (BAM) | 7,535,000 | 5,334,780 | ||||||
Virginia College Building Authority | ||||||||
(21st Century College and Equipment Programs) | ||||||||
Series A 5.00% 2/1/40 | 5,000,000 | 5,555,600 | ||||||
Virginia Commonwealth Transportation Board | ||||||||
(Transportation Capital Project) | ||||||||
4.00% 5/15/36 | 3,000,000 | 3,105,180 |
17
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Virginia Commonwealth Transportation Board | ||||||||
(U.S. Route 58 Corridor Development Program) | ||||||||
4.00% 5/15/47 | 4,180,000 | $ | 4,030,440 | |||||
54,851,050 | ||||||||
Local General Obligation Bonds — 3.06% | ||||||||
Chicago, Illinois | ||||||||
Series A 5.25% 1/1/29 | 1,545,000 | 1,557,422 | ||||||
(Chicago Works) | ||||||||
5.50% 1/1/39 | 1,035,000 | 1,099,584 | ||||||
Chicago, Illinois Board of Education | ||||||||
5.00% 4/1/46 | 905,000 | 879,434 | ||||||
Dallas Independent School District, Texas | ||||||||
2.75% 2/15/52 (PSF) | 2,585,000 | 1,789,156 | ||||||
4.00% 2/15/53 (PSF) | 2,000,000 | 1,874,200 | ||||||
Galveston Independent School District, Texas | ||||||||
4.00% 2/1/47 (PSF) | 2,500,000 | 2,367,975 | ||||||
Los Angeles, California Community College District | ||||||||
Series C 5.00% 8/1/25 | 1,905,000 | 2,001,793 | ||||||
Mechanicsburg, Pennsylvania Area School District | ||||||||
Series AA 4.00% 5/15/50 | 2,875,000 | 2,631,027 | ||||||
Mecklenburg County, North Carolina | ||||||||
Series A 5.00% 9/1/25 | 6,110,000 | 6,413,239 | ||||||
New York City, New York | ||||||||
Subseries A-1 5.00% 8/1/47 | 1,330,000 | 1,419,536 | ||||||
22,033,366 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 0.80% | ||||||||
Rockwall Independent School District, Texas | ||||||||
5.00% 2/15/46-25 (PSF) § | 1,530,000 | 1,581,699 | ||||||
Washington State Housing Finance Commission | ||||||||
(Heron’s Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 3,890,000 | 4,163,934 | ||||||
5,745,633 | ||||||||
Resource Recovery Revenue Bond — 0.17% | ||||||||
Union County, New Jersey Improvement Authority Revenue | ||||||||
(Aries Linden, LLC Project) | ||||||||
144A 6.75% 12/1/41 (AMT) # | 1,490,000 | 1,244,970 | ||||||
1,244,970 |
18
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds — 21.01% | ||||||||
Bullhead City, Arizona Excise Taxes Revenue | ||||||||
2.30% 7/1/41 | 1,000,000 | $ | 707,260 | |||||
2.55% 7/1/46 | 2,885,000 | 1,979,571 | ||||||
City & County of San Francisco, California Special Tax District No 2020-1 | ||||||||
Series B 144A 5.25% 9/1/49 # | 3,450,000 | 2,456,193 | ||||||
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 0.363% 9/1/53 ^ | 25,000,000 | 5,241,500 | ||||||
Commonwealth of Puerto Rico | ||||||||
3.018% 11/1/43 ● | 49,652,030 | 21,412,438 | ||||||
GDB Debt Recovery Authority of Puerto Rico | ||||||||
7.50% 8/20/40 | 29,403,799 | 24,699,191 | ||||||
Illinois State | ||||||||
First Series 6.00% 6/15/26 (NATL) | 760,000 | 812,805 | ||||||
(Junior Obligation) | ||||||||
Series A 4.00% 6/15/31 (BAM) | 3,000,000 | 3,093,210 | ||||||
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands | ||||||||
Series A 5.00% 10/1/39 | 6,265,000 | 6,169,584 | ||||||
Miami-Dade County, Florida Special Obligation | ||||||||
3.505% 10/1/37 (BAM) ^ | 2,585,000 | 1,425,240 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured Subordinate | ||||||||
Series B-1 3.00% 11/1/47 | 4,000,000 | 3,066,360 | ||||||
New York Convention Center Development Corporate Senior Lien | ||||||||
(Hotel Unit Fee Secured) | ||||||||
Series B 6.203% 11/15/55 (BAM) ^ | 2,585,000 | 502,938 | ||||||
Series B 6.545% 11/15/55 ^ | 5,000 | 884 | ||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series A 4.00% 3/15/49 | 3,450,000 | 3,241,551 | ||||||
Public Finance Authority, Wisconsin | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 1,645,000 | 1,420,326 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.55% 7/1/40 | 1,116,000 | 1,042,199 | ||||||
Series A-1 4.75% 7/1/53 | 15,410,000 | 13,813,216 |
19
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 5.00% 7/1/58 | 15,812,000 | $ | 14,670,373 | |||||
Series A-1 5.541% 7/1/46 ^ | 148,010,000 | 37,932,003 | ||||||
Series A-2 4.329% 7/1/40 | 5,864,000 | 5,328,617 | ||||||
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue | ||||||||
(Sales Tax - Vacation Village Project Area 1 and 2A) | ||||||||
Series 2015A 5.75% 9/1/32 | 2,530,000 | 2,321,452 | ||||||
151,336,911 | ||||||||
State General Obligation Bonds — 7.82% | ||||||||
California State | ||||||||
(Forward Delivery) | ||||||||
4.00% 9/1/29 | 1,905,000 | 2,050,218 | ||||||
(Various Purpose) | ||||||||
5.00% 11/1/42 | 3,000,000 | 3,358,560 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 2,625,185 | 2,168,560 | ||||||
Series A-1 4.00% 7/1/46 | 10,700,000 | 8,520,410 | ||||||
Connecticut State | ||||||||
Series E 5.00% 9/15/35 | 1,905,000 | 2,067,554 | ||||||
Illinois State | ||||||||
5.00% 11/1/36 | 1,170,000 | 1,195,319 | ||||||
5.50% 5/1/39 | 3,725,000 | 3,959,973 | ||||||
Series A 4.00% 3/1/41 | 1,110,000 | 1,007,836 | ||||||
Series A 5.50% 3/1/47 | 6,500,000 | 6,823,180 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/39 | 10,775,000 | 9,922,374 | ||||||
Maryland State | ||||||||
Series A 5.00% 3/15/26 | 3,000,000 | 3,185,010 | ||||||
Series A 5.00% 3/15/28 | 2,290,000 | 2,537,045 | ||||||
Washington State | ||||||||
Series A 5.00% 8/1/42 | 2,500,000 | 2,746,075 | ||||||
Series R 4.00% 7/1/29 | 6,300,000 | 6,749,127 | ||||||
56,291,241 | ||||||||
Transportation Revenue Bonds — 12.78% | ||||||||
Chicago, Illinois Midway International Airport | ||||||||
Series A 5.00% 1/1/28 (AMT) | 1,000,000 | 1,007,110 |
20
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Chicago, Illinois O’Hare International Airport | ||||||||
Series A 5.00% 1/1/37 (AMT) | 1,095,000 | $ | 1,145,425 | |||||
Series D 5.25% 1/1/42 | 1,530,000 | 1,588,997 | ||||||
Chicago, Illinois Transit Authority Revenue | ||||||||
Series A 4.00% 12/1/55 | 865,000 | 746,426 | ||||||
Colorado Regional Transportation District | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/39 | 2,045,000 | 1,924,243 | ||||||
Denver City & County, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/43 (AMT) | 5,900,000 | 5,426,879 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Revenue | ||||||||
(Junior Lien) | ||||||||
Series C 4.00% 1/15/43 | 1,725,000 | 1,594,521 | ||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 1,000,000 | 907,210 | ||||||
Georgia Ports Authority Revenue | ||||||||
4.00% 7/1/52 | 1,200,000 | 1,124,280 | ||||||
Harris County, Texas Toll Road Authority Senior Lien | ||||||||
Series A 5.00% 8/15/27 | 2,000,000 | 2,185,840 | ||||||
Harris County, Texas Toll Road First Lien Revenue and Refunding | ||||||||
4.00% 8/15/50 | 3,175,000 | 2,941,637 | ||||||
Lee County, Florida Airport Revenue | ||||||||
Series B 4.00% 10/1/51 (AMT) | 4,430,000 | 3,918,999 | ||||||
Los Angeles, California Department of Airports Revenue | ||||||||
Subseries F 4.00% 5/15/49 (AMT) | 2,500,000 | 2,297,225 | ||||||
Massachusetts Port Authority Revenue | ||||||||
Series A 5.00% 7/1/40 (AMT) | 2,000,000 | 2,089,660 | ||||||
Metropolitan Transportation Authority Revenue, New York | ||||||||
Series A-1 5.00% 11/15/47 | 1,000,000 | 1,009,760 | ||||||
Subordinate Series C-1 5.25% 11/15/55 | 70,000 | 71,709 | ||||||
(Climate Bond Certified) | ||||||||
Series D 5.00% 11/15/33 | 1,140,000 | 1,181,143 | ||||||
(Green Bonds) | ||||||||
Subseries A-2 4.00% 11/15/41 | 1,370,000 | 1,237,028 |
21
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | ||||||||
(Dulles Metrorail and Capital Improvement Projects) | ||||||||
Series B 4.00% 10/1/49 | 3,270,000 | $ | 2,932,928 | |||||
New York Transportation Development Corporation Special Facilities Revenue | ||||||||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
4.375% 10/1/45 (AMT) | 12,800,000 | 11,643,392 | ||||||
North Texas Tollway Authority Revenue | ||||||||
(2nd Tier) | ||||||||
Series A 5.00% 1/1/34 | 3,825,000 | 3,956,427 | ||||||
Series A 4.00% 1/1/44 | 5,750,000 | 5,433,865 | ||||||
Philadelphia, Pennsylvania Airport Revenue | ||||||||
(Private Activity) | ||||||||
5.00% 7/1/51 (AMT) | 3,000,000 | 3,059,010 | ||||||
Phoenix City, Arizona Civic Improvement Airport Revenue | ||||||||
Series B 5.00% 7/1/49 (AMT) | 1,370,000 | 1,395,825 | ||||||
Port of Seattle, Washington Intermediate Lien Revenue | ||||||||
(Private Activity) | ||||||||
Series B 4.00% 8/1/47 (AMT) | 1,500,000 | 1,323,330 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 3,600,000 | 3,339,000 | ||||||
Salt Lake City, Utah Airport Revenue | ||||||||
Series A 5.00% 7/1/37 (AMT) | 3,055,000 | 3,163,086 | ||||||
Series A 5.00% 7/1/51 (AMT) | 3,000,000 | 3,059,010 | ||||||
San Diego County, California Regional Airport Authority | ||||||||
Series B 4.00% 7/1/56 (AMT) (BAM) | 7,000,000 | 6,299,370 | ||||||
San Francisco City & County, California Airports Commission | ||||||||
(San Francisco International Airport) | ||||||||
Series A 5.00% 5/1/49 (AMT) | 3,825,000 | 3,895,456 | ||||||
Southeastern Pennsylvania Transportation Authority Revenue | ||||||||
(Asset Improvement Program) | ||||||||
5.25% 6/1/52 | 5,000,000 | 5,513,750 | ||||||
State of Oregon Department of Transportation Highway User Tax Revenue Senior Lien | ||||||||
Series A 5.25% 11/15/47 | 3,250,000 | 3,616,015 |
22
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Virginia Small Business Financing Authority Tax-Exempt Senior Lien Private Activity Revenue Bonds | ||||||||
(Transform 66 P3 Project) | ||||||||
5.00% 12/31/52 (AMT) | 1,000,000 | $ | 996,850 | |||||
92,025,406 | ||||||||
Water & Sewer Revenue Bonds — 1.32% | ||||||||
Guam Government Waterworks Authority | ||||||||
Series A 5.00% 1/1/50 | 1,530,000 | 1,535,799 | ||||||
New York City Municipal Water Finance Authority Water And Sewer System | ||||||||
Series CC 4.00% 6/15/42 | 3,000,000 | 2,937,030 | ||||||
Tampa, Florida Water & Wastewater System Revenue | ||||||||
(Green Bonds) | ||||||||
Series A 5.25% 10/1/57 | 4,500,000 | 5,047,065 | ||||||
9,519,894 | ||||||||
Total Municipal Bonds (cost $760,406,012) | 713,171,551 | |||||||
Short-Term Investments — 0.35% | ||||||||
Variable Rate Demand Notes — 0.35%¤ | ||||||||
Department of Water and Power of the City of Los Angeles, California Power System Variable Rate Demand Revenue | ||||||||
Subseries Series B-3 1.55% 7/1/34 | ||||||||
(SPA - Barclays Bank) | 1,500,000 | 1,500,000 | ||||||
New York City, New York | ||||||||
Fiscal 2014 Subordinate | ||||||||
Series D-4 2.45% 8/1/40 | ||||||||
(LOC - TD Bank, N.A.) | 1,000,000 | 1,000,000 | ||||||
Total Short-Term Investments (cost $2,500,000) | 2,500,000 | |||||||
Total Value of Securities—99.38% | ||||||||
(cost $762,906,012) | $ | 715,671,551 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $55,718,458, which represents 7.74% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. |
23
Schedules of investments
Delaware Tax-Free USA Fund
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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. See Note 7 in “Notes to financial statements.” | |
¤ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
24
Schedules of investments
Delaware Tax-Free USA Intermediate Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 97.64% | ||||||||
Corporate Revenue Bonds — 3.25% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 5,520,000 | $ | 3,588,000 | |||||
California Pollution Control Financing Authority Revenue | ||||||||
(Calplant I Project) | ||||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 1,250,000 | 62,500 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
5.00% 9/1/42 (AMT) ● | 5,000,000 | 5,171,950 | ||||||
Florida Development Finance Surface Transportation Facility Revenue | ||||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 5,435,000 | 4,921,610 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 1,710,000 | 1,571,952 | ||||||
George L Smith II Congress Center Authority | ||||||||
Series A 4.00% 1/1/54 | 2,210,000 | 1,753,635 | ||||||
Series B 144A 5.00% 1/1/36 # | 1,000,000 | 906,800 | ||||||
Iowa Finance Authority Midwestern Disaster Area Revenue | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 4,135,000 | 4,043,575 | ||||||
Jefferson County, Texas Industrial Development | ||||||||
(TRP Crude Marketing LLC Project) | ||||||||
144A 7.75% 4/1/39 # | 1,275,000 | 1,087,218 | ||||||
Maine Finance Authority Revenue | ||||||||
(Go Lab Madison Project, Green Bonds) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 3,490,000 | 2,222,397 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(American Airlines, Inc. - John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/37 (AMT) | 1,000,000 | 1,038,580 | ||||||
Public Finance Authority, Wisconsin | ||||||||
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/52 | 200,000 | 193,924 | ||||||
Series A 5.00% 2/1/62 | 2,720,000 | 2,590,800 |
25
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Corporate Revenue Bonds (continued) | ||||||||
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | ||||||||
(AAC East LLC Project - Green Bonds) | ||||||||
Series A 144A 7.00% 5/1/39 (AMT) # | 1,500,000 | $ | 1,153,470 | |||||
St. John Baptist Parish, Louisiana | ||||||||
(Marathon Oil Corporation project) | ||||||||
Subseries A-2 2.10% 6/1/37 ● | 2,250,000 | 2,186,865 | ||||||
Tuscaloosa County, Alabama Industrial Development Authority | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 2,945,000 | 2,555,023 | ||||||
35,048,299 | ||||||||
Education Revenue Bonds — 6.22% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 1,420,000 | 1,460,655 | ||||||
(Empower College Prep Project) | ||||||||
144A 6.00% 7/1/49 # | 875,000 | 855,662 | ||||||
(KIPP NYC Public Charter Schools - Macombs Facility Project) | ||||||||
Series A 4.00% 7/1/61 | 2,000,000 | 1,594,460 | ||||||
(Odyssey Preparatory Academy Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 875,000 | 853,773 | ||||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(School Lane Charter School Project) | ||||||||
5.125% 3/15/36 | 2,000,000 | 2,058,060 | ||||||
Build NYC, New York Resource | ||||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.00% 6/1/32 # | 375,000 | 380,205 | ||||||
144A 5.75% 6/1/42 # | 750,000 | 770,017 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.00% 7/1/30 | 510,000 | 547,072 | ||||||
5.00% 7/1/32 | 560,000 | 604,509 | ||||||
5.00% 7/1/33 | 585,000 | 628,600 | ||||||
5.00% 7/1/34 | 415,000 | 442,954 | ||||||
5.00% 7/1/36 | 415,000 | 434,758 | ||||||
5.00% 7/1/37 | 550,000 | 572,435 | ||||||
5.00% 7/1/42 | 1,000,000 | 1,018,680 |
26
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California Community College Financing Authority | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 4.25% 7/1/32 # | 1,480,000 | $ | 1,399,000 | |||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series T-1 5.00% 3/15/39 | 5,000,000 | 5,818,000 | ||||||
Series V-1 5.00% 5/1/49 | 1,075,000 | 1,244,194 | ||||||
California Municipal Finance Authority | ||||||||
Series A 144A 5.50% 6/1/53 # | 1,000,000 | 967,030 | ||||||
California School Finance Authority | ||||||||
(Hawking Steam Charter School Project) | ||||||||
Series A 144A 5.00% 7/1/42 # | 1,000,000 | 960,400 | ||||||
(View Park Elementary & Middle Schools) | ||||||||
Series A 4.75% 10/1/24 | 100,000 | 100,217 | ||||||
California State University | ||||||||
(Systemwide) | ||||||||
Series A 5.00% 11/1/31 | 2,000,000 | 2,195,660 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 6.125% 11/1/33 # | 2,215,000 | 2,242,178 | ||||||
Capital Trust Agency, Florida Revenue | ||||||||
(Liza Jackson Preparatory School Project) | ||||||||
Series A 5.00% 8/1/40 | 300,000 | 302,103 | ||||||
Series A 5.00% 8/1/55 | 800,000 | 777,600 | ||||||
(University Bridge, LLC Student Housing Project) | ||||||||
Series A 144A 5.25% 12/1/43 # | 2,000,000 | 1,888,780 | ||||||
District of Columbia Revenue | ||||||||
(KIPP DC Issue) | ||||||||
4.00% 7/1/39 | 1,275,000 | 1,134,584 | ||||||
4.00% 7/1/44 | 1,120,000 | 941,461 | ||||||
Florida Development Finance Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 5.00% 6/15/28 | 410,000 | 416,646 | ||||||
Series A 5.00% 6/15/29 | 400,000 | 407,144 | ||||||
Fulton County, Georgia Development Authority Revenue | ||||||||
(Georgia Institute of Technology) | ||||||||
5.00% 6/15/44 | 3,100,000 | 3,336,499 | ||||||
Idaho Housing & Finance Association | ||||||||
(Alturas International Academy Project) | ||||||||
4.00% 5/1/52 | 1,400,000 | 1,193,094 |
27
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Idaho Housing & Finance Association | ||||||||
(Anser of Idaho Project) | ||||||||
Series A 4.00% 5/1/28 | 230,000 | $ | 233,682 | |||||
Series A 4.00% 5/1/30 | 250,000 | 255,263 | ||||||
(Meridian South Charter School Project) | ||||||||
144A 4.00% 5/1/46 # | 710,000 | 515,787 | ||||||
(Sage International School of Boise Project) | ||||||||
Series A 4.00% 5/1/35 | 450,000 | 451,247 | ||||||
Series A 4.00% 5/1/40 | 1,330,000 | 1,267,024 | ||||||
Series A 4.00% 5/1/55 | 1,540,000 | 1,369,306 | ||||||
Illinois Finance Authority | ||||||||
(University of Illinois at Chicago) | ||||||||
Series A 5.00% 2/15/26 | 400,000 | 409,348 | ||||||
Series A 5.00% 2/15/28 | 260,000 | 267,935 | ||||||
Series A 5.00% 2/15/30 | 390,000 | 401,103 | ||||||
Series A 5.00% 2/15/32 | 265,000 | 271,252 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Arizona Autism Charter Schools Project) | ||||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | 235,860 | ||||||
Series A 144A 5.00% 7/1/50 # | 175,000 | 157,896 | ||||||
(Highland Prep Project) | ||||||||
Series A 4.00% 7/1/38 | 460,000 | 442,069 | ||||||
Series A 4.00% 7/1/40 | 500,000 | 472,105 | ||||||
Miami-Dade County, Florida Educational Facilities Authority | ||||||||
(University of Miami) | ||||||||
Series A 5.00% 4/1/30 | 520,000 | 534,731 | ||||||
Series A 5.00% 4/1/31 | 1,090,000 | 1,120,967 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(New York University) | ||||||||
Series A 5.75% 7/1/27 (NATL) | 7,530,000 | 7,944,752 | ||||||
Newark, Texas Higher Education Finance | ||||||||
(Village Tech Schools) | ||||||||
Series A 5.125% 8/15/47 | 1,250,000 | 1,094,688 | ||||||
Oregon State Facilities Authority Revenue | ||||||||
(Metro East Web Academy Project) | ||||||||
Series A 144A 5.00% 6/15/49 # | 1,000,000 | 875,630 |
28
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Phoenix, Arizona Industrial Development Authority Housing Revenue | ||||||||
(Downtown Phoenix Student Housing, LLC-Arizona State University Project) | ||||||||
Series A 5.00% 7/1/30 | 350,000 | $ | 360,696 | |||||
Series A 5.00% 7/1/32 | 235,000 | 241,507 | ||||||
Public Finance Authority | ||||||||
(CFP3 – Eastern Michigan University Student Housing Project) | ||||||||
Series A-1 5.25% 7/1/42 (BAM) | 3,000,000 | 3,222,000 | ||||||
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | ||||||||
(High Point Academy Project) | ||||||||
Series A 144A 5.75% 6/15/39 # | 1,345,000 | 1,366,776 | ||||||
University of Minnesota | ||||||||
Series A 5.00% 4/1/34 | 1,855,000 | 1,939,402 | ||||||
Westchester County, New York Local Development | ||||||||
(Pace University) | ||||||||
Series A 5.00% 5/1/34 | 4,150,000 | 4,184,569 | ||||||
67,182,025 | ||||||||
Electric Revenue Bonds — 5.60% | ||||||||
American Municipal Power | ||||||||
(AMP Fremont Energy Center Project) | ||||||||
Series A 4.00% 2/15/37 | 1,330,000 | 1,319,107 | ||||||
California Community Choice Financing Authority | ||||||||
(Clean Energy Project) | ||||||||
Series C 5.25% 1/1/54 ● | 3,325,000 | 3,462,123 | ||||||
Guam Power Authority Revenue | ||||||||
Series A 5.00% 10/1/32 | 4,000,000 | 4,417,640 | ||||||
Series A 5.00% 10/1/33 | 2,915,000 | 3,184,288 | ||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 915,000 | 954,793 | ||||||
Long Island, New York Power Authority | ||||||||
5.00% 9/1/33 | 250,000 | 272,283 | ||||||
Missouri Joint Municipal Electric Utility Commission | ||||||||
(Green Bonds - Climate Bond Certified) | ||||||||
5.25% 12/1/38 | 350,000 | 384,097 | ||||||
5.25% 12/1/39 | 500,000 | 545,210 | ||||||
5.25% 12/1/40 | 500,000 | 542,215 | ||||||
5.25% 12/1/41 | 650,000 | 702,072 | ||||||
5.25% 12/1/42 | 1,000,000 | 1,078,320 |
29
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Municipal Electric Authority of Georgia | ||||||||
(Plant Vogtle Units 3&4 Project) | ||||||||
Series A 5.00% 1/1/39 | 6,250,000 | $ | 6,451,937 | |||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series CCC 5.25% 7/1/27 ‡ | 1,520,000 | 1,060,200 | ||||||
Series TT 5.00% 7/1/32 ‡ | 1,555,000 | 1,084,613 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,015,000 | 713,038 | ||||||
Series WW 5.50% 7/1/17 ‡ | 2,200,000 | 1,512,500 | ||||||
Series WW 5.50% 7/1/19 ‡ | 1,710,000 | 1,175,625 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,925,000 | 1,361,937 | ||||||
Series XX 5.25% 7/1/40 ‡ | 4,630,000 | 3,252,575 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 2,990,000 | 2,036,937 | ||||||
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue | ||||||||
Series A 5.00% 12/1/35 | 4,000,000 | 4,138,640 | ||||||
Series A 5.00% 1/1/38 | 5,000,000 | 5,270,900 | ||||||
South Carolina Public Service Authority | ||||||||
Series E 5.25% 12/1/37 (AGM) | 3,000,000 | 3,308,790 | ||||||
Series E 5.25% 12/1/38 (AGM) | 1,615,000 | 1,779,181 | ||||||
Utility Debt Securitization Authority Restructuring Bonds | ||||||||
5.00% 12/15/36 | 10,000,000 | 10,405,200 | ||||||
60,414,221 | ||||||||
Healthcare Revenue Bonds — 7.89% | ||||||||
Apple Valley, Minnesota | ||||||||
(Senior Living, LLC Project 2nd Tier) | ||||||||
Series B 5.25% 1/1/37 | 915,000 | 638,030 | ||||||
Arizona Health Facilities Authority | ||||||||
(Scottsdale Lincoln Hospital Project) | ||||||||
5.00% 12/1/30 | 5,000,000 | 5,154,150 | ||||||
California Health Facilities Financing Authority | ||||||||
(Children’s Hospital of Orange County) | ||||||||
Series A 2.125% 11/1/41 | 5,000,000 | 3,400,800 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 4,600,000 | 5,217,182 | ||||||
(Sutter Health) | ||||||||
Series A 5.00% 11/15/38 | 760,000 | 802,894 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(AdventHealth Obligated Group) | ||||||||
Series A 4.00% 11/15/46 | 7,000,000 | 6,508,320 | ||||||
(CommonSpirit Health) | ||||||||
Series A-1 4.00% 8/1/37 | 1,000,000 | 952,970 |
30
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(CommonSpirit Health) | ||||||||
Series A-2 5.00% 8/1/37 | 1,105,000 | $ | 1,148,846 | |||||
Cuyahoga County, Ohio | ||||||||
(The Metrohealth System) | ||||||||
5.00% 2/15/37 | 1,000,000 | 1,019,870 | ||||||
Escambia County, Florida Health Facilities Authority Revenue | ||||||||
(Baptist Healthcare Obligated Group) | ||||||||
Series A 4.00% 8/15/45 | 655,000 | 591,151 | ||||||
Series A 4.00% 8/15/50 | 1,950,000 | 1,703,500 | ||||||
Gainesville & Hall County, Georgia Hospital Authority Revenue | ||||||||
(Northeast Georgia Health System Project) | ||||||||
Series A 3.00% 2/15/51 | 515,000 | 371,676 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.25% 11/15/46 | 875,000 | 627,069 | ||||||
(Royal Oaks Inspirata Pointe Project) | ||||||||
Series A 5.00% 5/15/41 | 500,000 | 456,395 | ||||||
(Royal Oaks Life Care Community) | ||||||||
4.00% 5/15/27 | 620,000 | 590,841 | ||||||
4.00% 5/15/30 | 1,385,000 | 1,269,685 | ||||||
(The Terraces of Phoenix Project) | ||||||||
Series A 5.00% 7/1/48 | 875,000 | 705,574 | ||||||
Hamilton County, Ohio Hospital Facilities Revenue | ||||||||
(Cincinnati Children’s Hospital Medical Center) | ||||||||
Series CC 5.00% 11/15/49 | 3,540,000 | 3,727,231 | ||||||
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | ||||||||
(Westminster Canterbury Richmond) | ||||||||
Series A 5.00% 10/1/42 | 650,000 | 684,411 | ||||||
Series A 5.00% 10/1/47 | 525,000 | 546,163 | ||||||
Series A 5.00% 10/1/52 | 1,750,000 | 1,809,972 | ||||||
Illinois Finance Authority | ||||||||
(NorthShore - Edward-Elmhurst Health Credit Group) | ||||||||
Series A 5.00% 8/15/51 | 5,490,000 | 5,759,339 | ||||||
Illinois Finance Authority Revenue | ||||||||
(The Admiral at the Lake Project) | ||||||||
5.50% 5/15/54 | 875,000 | 572,329 |
31
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Iowa Finance Authority Senior Housing Revenue | ||||||||
(PHS Council Bluffs, Inc. Project) | ||||||||
5.00% 8/1/33 | 500,000 | $ | 446,650 | |||||
Kalispell, Montana Housing and Healthcare Facilities Revenue | ||||||||
(Immanuel Lutheran Corporation Project) | ||||||||
Series A 5.25% 5/15/29 | 630,000 | 610,829 | ||||||
Series A 5.25% 5/15/37 | 700,000 | 626,157 | ||||||
Lancaster County, Pennsylvania Hospital Authority | ||||||||
(University of Pennsylvania Health System Obligation) | ||||||||
Series A 5.00% 8/15/33 | 2,430,000 | 2,578,376 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Banner Health Obligation Group) | ||||||||
Series A 5.00% 1/1/32 | 3,000,000 | 3,217,350 | ||||||
(Christian Care Surprise, Inc. Project) | ||||||||
144A 5.75% 1/1/36 # | 1,540,000 | 1,191,698 | ||||||
Maryland Health & Higher Educational Facilities Authority Revenue | ||||||||
(Adventist Healthcare Obligated) | ||||||||
Series A 5.50% 1/1/36 | 2,000,000 | 2,052,240 | ||||||
Michigan Finance Authority | ||||||||
4.00% 12/1/40 | 2,185,000 | 2,061,154 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(Rochester Regional Health Project) | ||||||||
Series D 3.00% 12/1/40 | 1,000,000 | 711,840 | ||||||
Series D 4.00% 12/1/38 | 1,200,000 | 1,085,364 | ||||||
Moon, Pennsylvania Industrial Development Authority | ||||||||
(Baptist Homes Society Obligation) | ||||||||
5.625% 7/1/30 | 2,440,000 | 2,261,734 | ||||||
National Finance Authority Revenue, New Hampshire | ||||||||
(The Vista Project) | ||||||||
Series A 144A 5.25% 7/1/39 # | 1,000,000 | 914,730 | ||||||
New Hampshire Business Finance Authority | ||||||||
(Springpoint Senior Living Project) | ||||||||
4.00% 1/1/51 | 1,330,000 | 1,026,973 | ||||||
New Hope, Texas Cultural Education Facilities Finance | ||||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 1,615,000 | 1,187,687 |
32
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Revenue | ||||||||
(Orange Regional Medical Center) | ||||||||
144A 5.00% 12/1/31 # | 1,000,000 | $ | 1,007,080 | |||||
144A 5.00% 12/1/32 # | 1,800,000 | 1,809,558 | ||||||
144A 5.00% 12/1/33 # | 1,000,000 | 1,003,400 | ||||||
Ohio State | ||||||||
(Cleveland Clinic Health System Obligated Group) | ||||||||
Series A 4.00% 1/1/39 | 1,500,000 | 1,504,920 | ||||||
Oklahoma Development Finance Authority Health System Revenue | ||||||||
(OU Medicine Project) | ||||||||
Series B 5.25% 8/15/43 | 1,000,000 | 903,150 | ||||||
Series B 5.25% 8/15/48 | 2,000,000 | 1,749,680 | ||||||
Pennsylvania Economic Development Financing Authority First Mortgage Revenue | ||||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series A 144A 6.50% 12/1/38 #, ‡ | 1,000,000 | 381,250 | ||||||
Series A 144A 6.75% 12/1/53 #, ‡ | 875,000 | 333,594 | ||||||
Prince George’s County, Maryland | ||||||||
(Collington Episcopal Life Care Community) | ||||||||
5.00% 4/1/30 | 2,880,000 | 2,742,797 | ||||||
Salem, Oregon Hospital Facility Authority Revenue | ||||||||
(Capital Manor Project) | ||||||||
4.00% 5/15/40 | 1,450,000 | 1,177,762 | ||||||
Seminole County, Florida Industrial Development Authority | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.25% 11/15/39 | 5,340,000 | 4,534,781 | ||||||
Series B-1 4.25% 11/15/26 | 3,000,000 | 2,786,340 | ||||||
Tempe, Arizona Industrial Development Authority | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.00% 10/1/37 # | 1,200,000 | 1,015,572 | ||||||
85,181,064 | ||||||||
Housing Revenue Bond — 0.45% | ||||||||
North Carolina Housing Finance Agency Home Ownership Revenue | ||||||||
4.875% 7/1/42 | 4,775,000 | 4,881,673 | ||||||
4,881,673 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 12.00% | ||||||||
Black Belt Energy Gas District, Alabama | ||||||||
Series A 4.00% 6/1/51 ● | 1,000,000 | 991,870 |
33
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Buckeye, Ohio Tobacco Settlement Financing Authority | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 7,060,000 | $ | 5,103,956 | |||||
Series A-2 4.00% 6/1/48 | 1,700,000 | 1,488,554 | ||||||
Series B-2 5.00% 6/1/55 | 4,000,000 | 3,637,720 | ||||||
California Community Choice Financing Authority | ||||||||
(Clean Energy Project) | ||||||||
5.00% 12/1/53 ● | 3,500,000 | 3,673,250 | ||||||
Series B-1 4.00% 2/1/52 ● | 4,910,000 | 4,884,173 | ||||||
California Pollution Control Financing Authority Revenue | ||||||||
(LP Desalination Project) | ||||||||
144A 5.00% 7/1/37 (AMT) # | 3,700,000 | 3,709,435 | ||||||
Central Plains, Nebraska Energy Project | ||||||||
(Project No. 3) | ||||||||
Series A 5.00% 9/1/35 | 1,250,000 | 1,307,500 | ||||||
Series A 5.00% 9/1/42 | 250,000 | 249,415 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
2.70% 12/1/37 (AMT) ● | 2,700,000 | 2,683,179 | ||||||
Commonwealth of Pennsylvania Financing Authority | ||||||||
(Tobacco Master Settlement Payment) | ||||||||
5.00% 6/1/27 | 2,000,000 | 2,129,020 | ||||||
Erie, New York Tobacco Asset Securitization | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 0.459% 6/1/60 #, ^ | 38,675,000 | 2,119,777 | ||||||
Houston, Texas Airport System Revenue | ||||||||
(United Airlines Inc.) | ||||||||
5.00% 7/1/29 (AMT) | 3,370,000 | 3,321,506 | ||||||
Inland, California Empire Tobacco Securitization | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series E 144A 0.935% 6/1/57 #, ^ | 62,600,000 | 3,570,704 | ||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series F 144A 0.396% 6/1/57 #, ^ | 74,090,000 | 3,551,134 | ||||||
Iowa Tobacco Settlement Authority Revenue | ||||||||
Series A-2 4.00% 6/1/38 | 300,000 | 286,755 | ||||||
Series A-2 4.00% 6/1/39 | 600,000 | 568,302 | ||||||
Series A-2 4.00% 6/1/40 | 300,000 | 281,301 |
34
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Kentucky Public Energy Authority | ||||||||
(Gas Supply Revenue) | ||||||||
Series C-1 4.00% 12/1/49 ● | 5,000,000 | $ | 5,003,800 | |||||
Lower Alabama Gas District | ||||||||
Series A 5.00% 9/1/34 | 4,850,000 | 5,118,642 | ||||||
Michigan Finance Authority | ||||||||
Series A Class 1 4.00% 6/1/49 | 2,000,000 | 1,702,540 | ||||||
M-S-R Energy Authority | ||||||||
Series B 6.50% 11/1/39 | 580,000 | 691,899 | ||||||
Series B 7.00% 11/1/34 | 2,905,000 | 3,605,948 | ||||||
New Jersey Economic Development Authority Special Facilities Revenue | ||||||||
(Continental Airlines Project) | ||||||||
Series B 5.625% 11/15/30 (AMT) | 1,890,000 | 1,902,625 | ||||||
New Jersey Tobacco Settlement Financing Subordinate | ||||||||
Series B 5.00% 6/1/46 | 1,965,000 | 1,945,389 | ||||||
New York Counties Tobacco Trust V | ||||||||
Series 4B 144A 0.587% 6/1/60 #, ^ | 20,000,000 | 713,000 | ||||||
New York Liberty Development Revenue | ||||||||
(Goldman Sachs Headquarters) | ||||||||
5.25% 10/1/35 | 3,540,000 | 3,975,172 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(American Airlines, Inc. - John F. Kennedy International Airport Project) | ||||||||
3.00% 8/1/31 (AMT) | 6,230,000 | 5,561,023 | ||||||
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
5.00% 1/1/34 (AMT) | 4,210,000 | 4,330,532 | ||||||
5.00% 1/1/36 (AMT) | 3,000,000 | 3,049,170 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 3,000,000 | 3,575,910 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 8,000,000 | 8,170,800 | ||||||
5.25% 12/1/24 | 3,050,000 | 3,086,417 | ||||||
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | ||||||||
(Jasper Pellets, LLC Project - Green Bonds) | ||||||||
Series A 144A 7.00% 11/1/38 (AMT) #, ‡ | 1,250,000 | 1,187,500 |
35
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Southeast Energy Authority, A Cooperative District | ||||||||
(Project No.3) | ||||||||
Series A-1 5.50% 1/1/53 ● | 5,500,000 | $ | 5,897,815 | |||||
St. Paul Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 # | 2,000,000 | 1,850,320 | ||||||
Tennergy Gas Supply Revenue | ||||||||
Series A 4.00% 12/1/51 ● | 4,100,000 | 4,081,796 | ||||||
Tennessee Energy Acquisition Commodity Project Revenue | ||||||||
Series A 5.00% 5/1/52 ● | 1,300,000 | 1,361,906 | ||||||
Tobacco Securitization Authority of Southern California | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 1.99% 6/1/46 ^ | 9,655,000 | 1,541,421 | ||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 2.609% 6/1/46 ^ | 1,630,000 | 204,092 | ||||||
TSASC, New York | ||||||||
Series A 5.00% 6/1/30 | 475,000 | 497,943 | ||||||
Series A 5.00% 6/1/31 | 475,000 | 497,491 | ||||||
Virginia Tobacco Settlement Financing Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series B 5.20% 6/1/46 | 1,250,000 | 1,220,238 | ||||||
Series C 10.791% 6/1/47 ^ | 53,800,000 | 13,286,986 | ||||||
Series D 2.466% 6/1/47 ^ | 8,185,000 | 1,956,542 | ||||||
129,574,468 | ||||||||
Lease Revenue Bonds — 7.85% | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Lancer Plaza Project) | ||||||||
5.125% 11/1/23 | 110,000 | 110,252 | ||||||
Kansas City, Missouri Industrial Development Authority Revenue | ||||||||
(Kansas City International Airport Terminal Modernization Project) | ||||||||
Series B 5.00% 3/1/49 (AGM) (AMT) | 6,880,000 | 7,004,115 | ||||||
Metropolitan Pier & Exposition Authority, Illinois | ||||||||
(McCormick Place Expansion Project) | ||||||||
Series A 3.192% 12/15/56 (BAM) ^ | 12,000,000 | 2,161,080 | ||||||
Series A 4.00% 12/15/42 | 2,220,000 | 1,912,819 | ||||||
Series A 4.00% 12/15/42 (BAM) | 2,520,000 | 2,248,747 | ||||||
Series A 4.00% 12/15/47 | 11,560,000 | 9,544,976 |
36
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Metropolitan Pier & Exposition Authority, Illinois | ||||||||
(McCormick Place Expansion Project) | ||||||||
Series A 4.00% 6/15/50 (BAM) | 1,000,000 | $ | 847,710 | |||||
Series A 4.00% 6/15/52 | 1,970,000 | 1,580,157 | ||||||
Series A 4.00% 6/15/52 (BAM) | 1,415,000 | 1,188,529 | ||||||
New Jersey Economic Development Authority | ||||||||
(NJ Transit Transportation Project) | ||||||||
Series A 4.00% 11/1/38 | 1,000,000 | 974,850 | ||||||
Series A 4.00% 11/1/39 | 3,835,000 | 3,706,144 | ||||||
(Portal North Bridge Project) | ||||||||
Series A 5.00% 11/1/28 | 500,000 | 544,590 | ||||||
Series A 5.00% 11/1/31 | 1,000,000 | 1,123,140 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series A 5.00% 6/15/29 | 1,500,000 | 1,578,960 | ||||||
Series A 5.247% 12/15/38 (BAM) ^ | 9,380,000 | 4,645,820 | ||||||
Series CC 5.25% 6/15/39 | 2,000,000 | 2,166,340 | ||||||
Series CC 5.25% 6/15/41 | 4,500,000 | 4,835,565 | ||||||
(Transportation System) | ||||||||
Series A 4.00% 6/15/35 | 1,810,000 | 1,828,607 | ||||||
Series A 5.00% 12/15/25 | 5,000,000 | 5,195,850 | ||||||
Series A 5.499% 12/15/39 ^ | 15,910,000 | 7,124,657 | ||||||
Series BB 4.00% 6/15/46 | 5,000,000 | 4,557,050 | ||||||
New York City, New York Transitional Finance Authority Building Aid Revenue | ||||||||
Series S-1 5.00% 7/15/31 | 2,500,000 | 2,579,350 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center Project) | ||||||||
Series A 3.00% 11/15/51 (BAM) | 1,000,000 | 708,000 | ||||||
(Port Authority Consolidated Bonds) | ||||||||
Series 1WTC 2.75% 2/15/44 | 10,000,000 | 7,094,900 | ||||||
Virginia College Building Authority Educational Facilities Revenue | ||||||||
(21st Century College And Equipment Programs) | ||||||||
Series A 5.00% 2/1/29 | 4,000,000 | 4,500,880 | ||||||
Virginia Public Building Public Facilities Authority Revenue | ||||||||
Series A 4.00% 8/1/39 | 5,000,000 | 5,037,450 | ||||||
84,800,538 | ||||||||
Local General Obligation Bonds — 3.68% | ||||||||
Chicago, Illinois | ||||||||
Series A 5.25% 1/1/29 | 640,000 | 645,146 |
37
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Chicago, Illinois | ||||||||
Series A 5.50% 1/1/35 | 1,980,000 | $ | 2,074,010 | |||||
Series C 5.00% 1/1/26 | 1,280,000 | 1,305,254 | ||||||
Chicago, Illinois Board of Education | ||||||||
5.00% 4/1/35 | 825,000 | 836,212 | ||||||
5.00% 4/1/36 | 320,000 | 323,085 | ||||||
(Dedicated Revenues) | ||||||||
Series C 5.00% 12/1/34 | 2,160,000 | 2,202,876 | ||||||
Series D 5.00% 12/1/31 | 2,160,000 | 2,220,307 | ||||||
Howard Country, Maryland Consolidated Public Improvement Project | ||||||||
Series A 4.00% 8/15/35 | 2,065,000 | 2,146,216 | ||||||
Independent School District of Boise City, Ada & Boise Counties, Idaho | ||||||||
Series 2019 5.00% 8/1/31 | 850,000 | 952,459 | ||||||
Los Angeles, California Unified School District | ||||||||
(Sustainability Bonds) | ||||||||
Series QRR 5.00% 7/1/23 | 3,000,000 | 3,019,950 | ||||||
MIDA Golf and Equestrian Center Public Infrastructure District, Utah | ||||||||
144A 4.125% 6/1/36 # | 1,790,000 | 1,481,064 | ||||||
144A 4.25% 6/1/41 # | 2,210,000 | 1,755,403 | ||||||
New York City, New York | ||||||||
Series A 4.00% 8/1/38 | 5,000,000 | 4,953,450 | ||||||
Series A 5.00% 8/1/47 | 3,500,000 | 3,735,620 | ||||||
Series C 5.00% 8/1/30 | 2,355,000 | 2,694,685 | ||||||
Series E 5.00% 8/1/23 | 3,685,000 | 3,713,338 | ||||||
Subseries B-1 5.00% 12/1/33 | 5,365,000 | 5,679,121 | ||||||
39,738,196 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 4.29% | ||||||||
Atlanta, Georgia Water & Wastewater Revenue | ||||||||
5.00% 11/1/35-25 § | 5,000,000 | 5,205,050 | ||||||
California State Department of Water Resources | ||||||||
(Water System) | ||||||||
Series AS 5.00% 12/1/29-24 § | 15,000 | 15,492 | ||||||
Unrefunded Series AS 5.00% 12/1/29-24 § | 2,680,000 | 2,772,460 | ||||||
Denton Independent School District, Texas | ||||||||
(School Building) | ||||||||
Series A 5.00% 8/15/40-25 (PSF) § | 4,000,000 | 4,156,280 |
38
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
East Hempfield Township, Pennsylvania Industrial Development Authority | ||||||||
(Student Services - Student Housing Project at Millersville University) | ||||||||
5.00% 7/1/39-24 § | 875,000 | $ | 894,530 | |||||
5.00% 7/1/46-24 § | 1,425,000 | 1,456,806 | ||||||
Fort Worth, Texas Independent School District | ||||||||
(School Building) | ||||||||
5.00% 2/15/27-24 (PSF) § | 2,000,000 | 2,030,880 | ||||||
Golden State, California Tobacco Securitization Settlement Revenue | ||||||||
(Asset-Backed Bonds) | ||||||||
Series A-1 5.00% 6/1/26 | 850,000 | 907,528 | ||||||
(Asset-Backed Enhanced) | ||||||||
Series A 5.00% 6/1/35-25 § | 3,000,000 | 3,129,780 | ||||||
Louisiana State Highway Improvement Revenue | ||||||||
Series A 5.00% 6/15/29-24 § | 5,195,000 | 5,313,186 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Touro College & University System) | ||||||||
Series A 5.25% 1/1/34-24 § | 1,335,000 | 1,371,739 | ||||||
Orange County, Florida Health Facilities Authority | ||||||||
(Presbyterian Retirement Communities Project) | ||||||||
5.00% 8/1/36-23 § | 2,125,000 | 2,198,504 | ||||||
Orlando & Orange County, Florida Expressway Authority Revenue | ||||||||
Series A 5.00% 7/1/28-23 § | 2,300,000 | 2,313,777 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series C 5.00% 12/1/43-23 § | 4,555,000 | 4,611,573 | ||||||
Southwestern Illinois Development Authority | ||||||||
(Memorial Group) | ||||||||
7.125% 11/1/30-23 § | 2,190,000 | 2,241,553 | ||||||
Texas State | ||||||||
(Transportation Commission Highway Improvement) | ||||||||
5.00% 4/1/29-24 § | 3,000,000 | 3,058,950 | ||||||
University of Texas Permanent University Fund | ||||||||
Series B 5.00% 7/1/27-24 § | 3,715,000 | 3,803,305 | ||||||
Washington State Housing Finance Commission | ||||||||
(Heron’s Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 800,000 | 856,336 | ||||||
46,337,729 |
39
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds — 15.58% | ||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
5.00% 5/1/35 | 850,000 | $ | 878,059 | |||||
5.00% 5/1/36 | 850,000 | 868,402 | ||||||
(City Center Refunding Project) | ||||||||
144A 5.00% 5/1/42 # | 3,150,000 | 3,059,753 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(County Capital Program) | ||||||||
Series A 5.00% 1/15/40 | 5,000,000 | 5,097,600 | ||||||
Celebration Pointe, Florida Community Development District | ||||||||
4.75% 5/1/24 | 200,000 | 200,680 | ||||||
5.00% 5/1/34 | 830,000 | 830,357 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series C 3.171% 11/1/43 ● | 28,078,870 | 12,109,013 | ||||||
Connecticut State Transportation Infrastructure | ||||||||
Series B 5.00% 10/1/30 | 3,375,000 | 3,757,894 | ||||||
Dallas, Texas Convention Center Hotel Development Revenue | ||||||||
Series A 5.00% 1/1/24 | 3,420,000 | 3,423,625 | ||||||
Denver, Colorado Convention Center Hotel Authority | ||||||||
(Senior) | ||||||||
5.00% 12/1/25 | 1,900,000 | 1,939,615 | ||||||
5.00% 12/1/26 | 2,500,000 | 2,574,300 | ||||||
5.00% 12/1/29 | 600,000 | 617,334 | ||||||
5.00% 12/1/31 | 900,000 | 923,355 | ||||||
5.00% 12/1/32 | 1,800,000 | 1,842,552 | ||||||
5.00% 12/1/34 | 1,500,000 | 1,522,365 | ||||||
5.00% 12/1/35 | 1,200,000 | 1,209,612 | ||||||
5.00% 12/1/36 | 900,000 | 902,538 | ||||||
GDB Debt Recovery Authority of Puerto Rico | ||||||||
7.50% 8/20/40 | 37,457,701 | 31,464,469 | ||||||
Harris County-Houston, Texas Sports Authority | ||||||||
(Senior Lien) | ||||||||
Series A 5.00% 11/15/30 | 1,805,000 | 1,847,201 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/39 | 1,785,000 | 1,757,814 |
40
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Metropolitan Transportation Authority Revenue, New York | ||||||||
(Climate Bond Certified) | ||||||||
Series B-2 5.00% 11/15/36 | 5,000,000 | $ | 5,228,800 | |||||
Miami-Dade County, Florida Special Obligation Revenue | ||||||||
3.505% 10/1/37 (BAM) ^ | 3,000,000 | 1,654,050 | ||||||
New York City, New York Transitional Finance Authority Building Aid Revenue | ||||||||
Subseries S-3A 5.00% 7/15/28 | 4,400,000 | 4,888,180 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured | ||||||||
Subseries A-1 5.00% 11/1/23 | 2,865,000 | 2,901,958 | ||||||
Subseries B-1 5.00% 8/1/42 | 5,000,000 | 5,081,650 | ||||||
Subseries C 5.00% 11/1/27 | 4,150,000 | 4,236,154 | ||||||
Subseries E-1 5.00% 2/1/35 | 5,000,000 | 5,303,950 | ||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series E 3.00% 3/15/50 | 7,500,000 | 5,548,650 | ||||||
New York State Urban Development Revenue | ||||||||
(General Purpose) | ||||||||
Series A 5.00% 3/15/37 | 2,290,000 | 2,468,437 | ||||||
Orange County, California Local Transportation Authority Sales Tax Revenue | ||||||||
5.00% 2/15/39 | 2,000,000 | 2,175,160 | ||||||
Public Finance Authority, Wisconsin | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 1,010,000 | 872,054 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Capital Appreciation-Restructured) | ||||||||
Series A-1 0.077% 7/1/46 ^ | 9,170,000 | 2,350,088 | ||||||
(Restructured) | ||||||||
Series A-1 0.396% 7/1/51 ^ | 26,441,000 | 4,988,888 | ||||||
Series A-1 4.55% 7/1/40 | 5,765,000 | 5,383,760 | ||||||
Series A-1 4.75% 7/1/53 | 17,063,000 | 15,294,932 | ||||||
Series A-1 5.00% 7/1/58 | 1,330,000 | 1,233,974 | ||||||
Series A-2 4.329% 7/1/40 | 8,237,000 | 7,484,962 | ||||||
Series A-2 4.329% 7/1/40 | 4,516,000 | 4,103,689 |
41
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement | ||||||||
(Francis Place Redevelopment Project) | ||||||||
5.625% 11/1/25 | 585,000 | $ | 571,071 | |||||
Utah Telecommunication Open Infrastructure Agency | ||||||||
5.25% 6/1/33 | 1,000,000 | 1,161,380 | ||||||
5.25% 6/1/34 | 1,000,000 | 1,154,890 | ||||||
5.25% 6/1/35 | 1,000,000 | 1,144,230 | ||||||
5.25% 6/1/37 | 2,100,000 | 2,362,500 | ||||||
5.50% 6/1/40 | 2,000,000 | 2,258,660 | ||||||
Washington County, Pennsylvania Redevelopment Authority Revenue | ||||||||
(Victory Centre Tax Increment Financing Project) | ||||||||
5.00% 7/1/35 | 500,000 | 486,510 | ||||||
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue | ||||||||
(Sales Tax - Vacation Village Project Area 1 and 2A) | ||||||||
Series 2015A 5.00% 9/1/27 | 1,055,000 | 995,308 | ||||||
168,160,423 | ||||||||
State General Obligation Bonds — 11.31% | ||||||||
California State | ||||||||
5.25% 9/1/47 | 1,000,000 | 1,122,540 | ||||||
(Various Purpose) | ||||||||
4.00% 10/1/36 | 3,875,000 | 3,960,444 | ||||||
4.00% 10/1/37 | 2,000,000 | 2,027,280 | ||||||
5.00% 8/1/26 | 3,120,000 | 3,331,754 | ||||||
5.00% 10/1/26 | 2,500,000 | 2,679,000 | ||||||
5.00% 9/1/32 | 4,100,000 | 4,375,356 | ||||||
5.00% 9/1/32 | 1,400,000 | 1,643,712 | ||||||
5.00% 8/1/33 | 2,500,000 | 2,596,600 | ||||||
5.00% 9/1/35 | 8,000,000 | 8,504,320 | ||||||
5.00% 11/1/42 | 470,000 | 526,174 | ||||||
5.25% 9/1/30 | 5,000,000 | 5,052,500 | ||||||
Series C 5.00% 9/1/30 | 5,985,000 | 6,315,193 | ||||||
Commonwealth of Massachusetts | ||||||||
Series A 5.00% 1/1/37 | 7,500,000 | 8,169,675 | ||||||
Series A 5.00% 7/1/37 | 5,000,000 | 5,152,650 |
42
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 7,116,845 | $ | 6,086,397 | |||||
Series A-1 4.00% 7/1/46 | 11,820,000 | 9,412,266 | ||||||
Connecticut State | ||||||||
Series F 5.00% 9/15/27 | 2,790,000 | 3,042,356 | ||||||
Hawaii State | ||||||||
Series FW 4.00% 1/1/34 | 2,000,000 | 2,083,340 | ||||||
Illinois State | ||||||||
5.00% 1/1/28 | 1,630,000 | 1,679,193 | ||||||
5.00% 11/1/36 | 1,965,000 | 2,007,523 | ||||||
5.25% 2/1/30 | 2,410,000 | 2,440,221 | ||||||
5.25% 2/1/32 | 1,015,000 | 1,027,190 | ||||||
5.50% 5/1/39 | 2,500,000 | 2,657,700 | ||||||
Series A 5.125% 12/1/29 | 4,440,000 | 4,669,814 | ||||||
Series B 4.00% 10/1/35 | 8,830,000 | 8,503,202 | ||||||
Series C 4.00% 10/1/37 | 1,710,000 | 1,607,879 | ||||||
Series C 4.00% 10/1/42 | 2,510,000 | 2,242,710 | ||||||
Series D 5.00% 11/1/25 | 1,220,000 | 1,254,404 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/33 | 2,000,000 | 1,965,660 | ||||||
Series B 4.00% 11/1/35 | 2,200,000 | 2,116,928 | ||||||
Series B 4.00% 11/1/38 | 1,810,000 | 1,683,590 | ||||||
New Jersey State | ||||||||
Series A 4.00% 6/1/32 | 3,440,000 | 3,710,246 | ||||||
Oregon State | ||||||||
(Article XI-Q State Projects) | ||||||||
Series A 5.00% 5/1/44 | 5,000,000 | 5,366,250 | ||||||
Washington State | ||||||||
Series E 5.00% 7/1/31 | 3,000,000 | 3,100,080 | ||||||
122,114,147 | ||||||||
Transportation Revenue Bonds — 17.21% | ||||||||
Atlanta, Georgia Department of Aviation | ||||||||
Series B 5.00% 7/1/32 (AMT) | 1,000,000 | 1,110,780 | ||||||
Series B 5.00% 7/1/33 (AMT) | 2,045,000 | 2,266,187 | ||||||
Bay Area, California Toll Authority | ||||||||
(San Francisco Bay Area) | ||||||||
Series S-7 4.00% 4/1/34 | 1,000,000 | 1,036,370 | ||||||
Chicago, Illinois Midway International Airport | ||||||||
Series A 5.00% 1/1/28 (AMT) | 1,905,000 | 1,918,545 |
43
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Chicago, Illinois O’Hare International Airport Revenue | ||||||||
Series A 4.00% 1/1/36 | 1,180,000 | $ | 1,186,667 | |||||
Series A 5.00% 1/1/37 (AMT) | 5,000,000 | 5,230,250 | ||||||
Series B 5.00% 1/1/32 | 1,000,000 | 1,030,210 | ||||||
Series B 5.00% 1/1/33 | 1,520,000 | 1,565,478 | ||||||
(General-Airport-Senior Lien) | ||||||||
Series B 5.00% 1/1/36 | 2,500,000 | 2,702,375 | ||||||
Series B 5.00% 1/1/37 | 3,000,000 | 3,216,870 | ||||||
Denver City & County, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/43 (AMT) | 7,890,000 | 7,257,301 | ||||||
Series A 5.00% 12/1/43 (AMT) | 6,300,000 | 6,433,938 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series A 144A 7.25% 7/1/57 (AMT) #, ● | 5,900,000 | 5,918,821 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | ||||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 1,000,000 | 907,210 | ||||||
Lee County, Florida Airport Revenue | ||||||||
5.00% 10/1/33 | 4,305,000 | 4,480,386 | ||||||
Los Angeles, California Department of Airports | ||||||||
Series A 5.00% 5/15/33 (AMT) | 845,000 | 928,638 | ||||||
Metropolitan Nashville, Tennessee Airport Authority | ||||||||
Series B 5.50% 7/1/41 (AMT) | 1,500,000 | 1,639,800 | ||||||
Series B 5.50% 7/1/42 (AMT) | 1,855,000 | 2,018,685 | ||||||
Metropolitan Transportation Authority Revenue, New York | ||||||||
(Green Bonds) | ||||||||
Subseries A-2 4.00% 11/15/41 | 3,000,000 | 2,708,820 | ||||||
Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue | ||||||||
(Dulles Metrorail and Capital Improvement Projects) | ||||||||
Series B 4.00% 10/1/49 | 490,000 | 439,491 | ||||||
Miami-Dade County, Florida Aviation Revenue | ||||||||
Series B 5.00% 10/1/37 | 5,700,000 | 5,798,040 | ||||||
Monroe County, Florida Airport Revenue | ||||||||
(Key West International Airport) | ||||||||
Series 2022 5.00% 10/1/36 (AMT) | 1,235,000 | 1,283,795 | ||||||
Series 2022 5.00% 10/1/37 (AMT) | 1,270,000 | 1,312,393 |
44
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Monroe County, Florida Airport Revenue | ||||||||
(Key West International Airport) | ||||||||
Series 2022 5.00% 10/1/38 (AMT) | 1,360,000 | $ | 1,402,717 | |||||
Series 2022 5.00% 10/1/40 (AMT) | 1,475,000 | 1,505,857 | ||||||
New Jersey State Turnpike Authority Revenue | ||||||||
Series A 5.00% 1/1/33 | 1,770,000 | 1,899,812 | ||||||
Series E 5.00% 1/1/32 | 5,050,000 | 5,528,639 | ||||||
New Orleans, Louisiana Aviation Board | ||||||||
(North Terminal Project) | ||||||||
Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | 2,966,845 | ||||||
Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | 2,966,004 | ||||||
New York State Thruway Authority | ||||||||
Series B 4.00% 1/1/38 | 2,135,000 | 2,088,265 | ||||||
Series B 4.00% 1/1/39 | 10,000,000 | 9,697,400 | ||||||
Series J 5.00% 1/1/27 | 5,705,000 | 5,786,981 | ||||||
Series K 5.00% 1/1/31 | 5,000,000 | 5,151,500 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project) | ||||||||
4.00% 10/1/30 (AMT) | 1,950,000 | 1,900,450 | ||||||
4.375% 10/1/45 (AMT) | 2,500,000 | 2,274,100 | ||||||
5.00% 1/1/33 (AMT) | 790,000 | 814,830 | ||||||
5.00% 10/1/40 (AMT) | 1,125,000 | 1,123,639 | ||||||
Series A 4.00% 7/1/35 (AGM) (AMT) | 2,660,000 | 2,576,822 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/32 (AMT) | 1,500,000 | 1,629,060 | ||||||
Series 2022 5.00% 12/1/33 (AMT) | 3,955,000 | 4,278,638 | ||||||
Series A 5.00% 12/1/35 (AMT) | 1,000,000 | 1,044,860 | ||||||
Oklahoma State Turnpike Authority Revenue | ||||||||
Series A 5.00% 1/1/42 | 5,000,000 | 5,157,500 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series A 5.00% 12/1/48 | 2,500,000 | 2,606,575 | ||||||
Series A-1 5.00% 12/1/40 | 2,090,000 | 2,142,250 | ||||||
Series A-1 5.00% 12/1/45 | 1,000,000 | 1,021,920 | ||||||
Series B 5.00% 12/1/45 | 5,000,000 | 5,097,500 | ||||||
Series C 5.00% 12/1/43 | 1,445,000 | 1,456,141 | ||||||
Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
(Junior Lien) | ||||||||
Series A 5.00% 7/1/33 | 3,355,000 | 3,480,007 |
45
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
(Junior Lien) | ||||||||
Series B 5.00% 7/1/49 (AMT) | 3,900,000 | $ | 3,973,515 | |||||
Port Authority of New York & New Jersey | ||||||||
5.00% 9/15/25 (AMT) | 7,000,000 | 7,206,640 | ||||||
5.00% 10/15/29 (AMT) | 3,105,000 | 3,185,575 | ||||||
(194th Series) | ||||||||
5.00% 10/15/32 | 2,500,000 | 2,609,200 | ||||||
(218th Series) | ||||||||
Series 218 4.00% 11/1/41 (AMT) | 2,480,000 | 2,349,254 | ||||||
(221st Series) | ||||||||
Series 221 4.00% 7/15/36 (AMT) | 1,200,000 | 1,196,700 | ||||||
Regional Transportation District | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/33 | 1,000,000 | 1,004,580 | ||||||
Salt Lake City, Utah Airport Revenue | ||||||||
Series A 5.00% 7/1/37 (AMT) | 15,000,000 | 15,530,700 | ||||||
Series B 5.00% 7/1/31 | 500,000 | 534,560 | ||||||
Series B 5.00% 7/1/33 | 1,000,000 | 1,067,080 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
Series B 4.00% 7/1/46 (AMT) (BAM) | 880,000 | 812,750 | ||||||
South Jersey Port, New Jersey | ||||||||
(Subordinated Marine Terminal) | ||||||||
Series B 5.00% 1/1/24 (AMT) | 180,000 | 180,180 | ||||||
Series B 5.00% 1/1/25 (AMT) | 390,000 | 395,362 | ||||||
Series B 5.00% 1/1/30 (AMT) | 230,000 | 240,964 | ||||||
Series B 5.00% 1/1/32 (AMT) | 215,000 | 224,798 | ||||||
Series B 5.00% 1/1/33 (AMT) | 705,000 | 735,978 | ||||||
Series B 5.00% 1/1/34 (AMT) | 880,000 | 915,772 | ||||||
Series B 5.00% 1/1/35 (AMT) | 675,000 | 698,645 | ||||||
Series B 5.00% 1/1/36 (AMT) | 660,000 | 677,767 | ||||||
Series B 5.00% 1/1/37 (AMT) | 430,000 | 439,159 | ||||||
Texas Private Activity Bond Surface Transportation Senior Lien Revenue | ||||||||
(NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility) | ||||||||
7.00% 12/31/38 (AMT) | 3,750,000 | 3,801,300 | ||||||
185,769,841 |
46
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds — 2.31% | ||||||||
Broward County, Florida Water & Sewer Utility Revenue | ||||||||
Series A 4.00% 10/1/45 | 2,640,000 | $ | 2,519,669 | |||||
Great Lakes, Michigan Water Authority Water Supply System Revenue | ||||||||
(Senior Lien Bond) | ||||||||
Series C 5.00% 7/1/31 | 3,000,000 | 3,191,250 | ||||||
Hillsborough County, Florida Wastewater Impact Fee Assessment Special Revenue | ||||||||
Series 2021 5.00% 5/1/23 | 2,335,000 | 2,341,328 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(General Resolution) | ||||||||
Series EE 5.00% 6/15/39 | 5,000,000 | 5,190,450 | ||||||
Sacramento County, California Sanitation Districts Financing Authority Revenue | ||||||||
Series A 5.00% 12/1/50 | 2,500,000 | 2,687,975 | ||||||
San Antonio, Texas Water System Revenue | ||||||||
Series A 5.00% 5/15/32 | 1,500,000 | 1,628,715 | ||||||
Series A 5.00% 5/15/33 | 2,250,000 | 2,438,820 | ||||||
Tampa, Florida Water & Wastewater System Revenue | ||||||||
Series A 5.00% 10/1/52 | 4,500,000 | 4,921,020 | ||||||
24,919,227 | ||||||||
Total Municipal Bonds (cost $1,089,669,341) | 1,054,121,851 | |||||||
Short-Term Investments — 1.28% | ||||||||
Variable Rate Demand Notes — 1.28%¤ | ||||||||
Massachusetts Health & Educational Facilities Authority | ||||||||
Series K-1 2.40% 7/1/39 | ||||||||
(LOC - TD Bank N.A.) | 1,000,000 | 1,000,000 | ||||||
New York City, New York | ||||||||
Fiscal 2018 Subordinate | ||||||||
Series E-5 2.45% 3/1/48 | ||||||||
(LOC - TD Bank, N.A.) | 450,000 | 450,000 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(Second Resolution) | ||||||||
Fiscal 2023 Subordinate | ||||||||
Series BB-2 2.55% 6/15/44 | ||||||||
(SPA - Mizuho Bank) | 2,000,000 | 2,000,000 |
47
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes (continued) | ||||||||
Oregon Facilities Authority Refunding Revenue | ||||||||
(PeaceHealth) | ||||||||
Series B 2.50% 8/1/34 | ||||||||
(LOC - TD Bank N.A.) | 5,225,000 | $ | 5,225,000 | |||||
Phoenix, Arizona Industrial Development Authority | ||||||||
(Mayo Clinic) | ||||||||
Series B 2.60% 11/15/52 | ||||||||
(SPA - Northern Trust) | 200,000 | 200,000 | ||||||
University of Delaware Revenue | ||||||||
2.50% 11/1/35 | ||||||||
(SPA - TD Bank N.A.) | 2,300,000 | 2,300,000 | ||||||
University of North Carolina Hospitals at Chapel Hill | ||||||||
Series B 2.50% 2/15/31 | ||||||||
(SPA - TD Bank N.A.) | 2,600,000 | 2,600,000 | ||||||
Total Short-Term Investments (cost $13,775,000) | 13,775,000 | |||||||
Total Value of Securities—98.92% | ||||||||
(cost $1,103,444,341) | $ | 1,067,896,851 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $71,300,802, which represents 6.60% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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. See Note 7 in “Notes to financial statements.” |
48
¤ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
49
Schedules of investments
Delaware National High-Yield Municipal Bond Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 96.72% | ||||||||
Corporate Revenue Bonds — 5.96% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 6.00% 7/1/51 #, ‡ | 1,190,000 | $ | 773,500 | |||||
Series A 144A 7.75% 7/1/50 #, ‡ | 20,330,000 | 13,214,500 | ||||||
Arkansas Development Finance Authority Revenue | ||||||||
(Big River Steel Project) | ||||||||
144A 4.50% 9/1/49 (AMT) # | 3,665,000 | 3,259,651 | ||||||
Calhoun County Navigation Industrial Development Authority Revenue | ||||||||
(Max Midstream Texas, LLC Project) | ||||||||
Series A 144A 3.625% 7/1/26 (AMT) # | 3,285,000 | 2,973,976 | ||||||
California Pollution Control Financing Authority Revenue | ||||||||
(Calplant I Project) | ||||||||
144A 7.50% 7/1/32 (AMT) #, ‡ | 1,600,000 | 208,000 | ||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 5,250,000 | 262,500 | ||||||
Florida Development Finance Surface Transportation Facility Revenue | ||||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 14,040,000 | 12,713,782 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.25% 1/1/49 (AMT) #, ● | 4,000,000 | 3,890,160 | ||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 8,905,000 | 8,186,099 | ||||||
George L Smith II Georgia World Congress Center Authority | ||||||||
Series A 4.00% 1/1/54 | 7,650,000 | 6,070,275 | ||||||
(Convention Center Hotel Second Tier) | ||||||||
Series B 144A 5.00% 1/1/54 # | 5,000,000 | 3,924,650 | ||||||
Iowa Finance Authority | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 10,625,000 | 10,390,081 | ||||||
Maine Finance Authority Revenue | ||||||||
(Go Lab Madison, LLC Project) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 10,950,000 | 6,972,851 | ||||||
Maricopa County, Arizona Industrial Development Authority | ||||||||
(Commercial Metals Company Project) | ||||||||
144A 4.00% 10/15/47 (AMT) # | 3,750,000 | 3,110,738 | ||||||
Nevada State Department of Business & Industry | ||||||||
(Green Fulcrum Sierra Biofuels Project) | ||||||||
144A 6.25% 12/15/37 # | 2,500,000 | 2,239,675 |
50
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Corporate Revenue Bonds (continued) | ||||||||
New York City, New York Industrial Development Agency | ||||||||
(Queens Baseball Stadium Project) | ||||||||
Series A 2.00% 1/1/38 (AGM) | 500,000 | $ | 343,635 | |||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/37 (AMT) | 2,455,000 | 2,549,714 | ||||||
St. James Parish, Louisiana | ||||||||
(NuStar Logistics, LP Project) | ||||||||
144A 6.10% 6/1/38 #, ● | 1,000,000 | 1,076,760 | ||||||
144A 6.35% 7/1/40 # | 3,600,000 | 3,885,264 | ||||||
Series B 144A 6.10% 12/1/40 #, ● | 1,630,000 | 1,755,168 | ||||||
The City Of Hoover (Alabama) Environmental Improvement Revenue Bonds | ||||||||
(United States Steel Corporation Project) | ||||||||
5.75% 10/1/49 (AMT) | 10,250,000 | 10,612,132 | ||||||
Tuscaloosa County, Alabama Industrial Development Authority | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 9,440,000 | 8,189,955 | ||||||
Washington Economic Development Finance Authority Revenue | ||||||||
(Columbia Pulp I, LLC Project) | ||||||||
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | 4,800,000 | 2,880,000 | ||||||
Wisconsin Public Finance Authority, Hotel Revenue | ||||||||
(Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 10,225,000 | 9,739,312 | ||||||
119,222,378 | ||||||||
Education Revenue Bonds — 16.19% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Academies of Math & Science Projects) | ||||||||
144A 5.25% 7/1/43 # | 255,000 | 247,842 | ||||||
144A 5.375% 7/1/53 # | 965,000 | 919,896 | ||||||
144A 5.50% 7/1/58 # | 1,115,000 | 1,061,670 | ||||||
(ACCEL Schools Project) | ||||||||
Series A 144A 5.25% 8/1/48 # | 3,200,000 | 2,884,992 | ||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 1,205,000 | 1,239,499 | ||||||
144A 6.00% 7/1/47 # | 4,735,000 | 4,804,557 |
51
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Basis Schools Projects) | ||||||||
Series A 144A 5.125% 7/1/37 # | 750,000 | $ | 741,322 | |||||
(Benjamin Franklin Charter School Projects) | ||||||||
Series A 144A 5.25% 7/1/53 # | 1,000,000 | 940,800 | ||||||
Series A 144A 5.50% 7/1/58 # | 1,385,000 | 1,320,736 | ||||||
(Empower College Prep Project) | ||||||||
144A 6.00% 7/1/49 # | 1,000,000 | 977,900 | ||||||
(Kaizen Education Foundation Project) | ||||||||
144A 5.80% 7/1/52 # | 4,000,000 | 4,036,920 | ||||||
(Leman Academy Of Excellence Projects) | ||||||||
Series A 4.50% 7/1/54 | 5,000,000 | 4,364,800 | ||||||
(Pinecrest Academy Nevada-Horizon, Inspirada) | ||||||||
Series A 144A 5.75% 7/15/48 # | 2,500,000 | 2,532,575 | ||||||
Arlington, Texas Higher Education Finance | ||||||||
(KIPP Texas, Inc.) | ||||||||
3.00% 8/15/49 (PSF) | 4,000,000 | 2,959,840 | ||||||
Build NYC, New York Resource | ||||||||
5.00% 11/1/39 | 1,000,000 | 852,240 | ||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/52 # | 1,000,000 | 1,012,890 | ||||||
144A 5.75% 6/1/62 # | 1,000,000 | 1,006,960 | ||||||
(Inwood Academy for Leadership Charter School Project) | ||||||||
Series A 144A 5.125% 5/1/38 # | 575,000 | 562,218 | ||||||
Series A 144A 5.50% 5/1/48 # | 1,500,000 | 1,479,750 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.25% 7/1/52 | 1,265,000 | 1,290,717 | ||||||
5.25% 7/1/62 | 6,355,000 | 6,392,304 | ||||||
(New Dawn Charter Schools Project) | ||||||||
144A 5.625% 2/1/39 # | 1,290,000 | 1,294,902 | ||||||
144A 5.75% 2/1/49 # | 2,700,000 | 2,702,700 | ||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 8,250,000 | 7,907,790 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-1 5.00% 5/1/49 | 24,445,000 | 28,292,399 | ||||||
Series V-2 2.25% 4/1/51 | 3,975,000 | 2,480,956 |
52
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 5.50% 11/1/45 # | 4,000,000 | $ | 4,034,120 | |||||
(Julian Charter School Project) | ||||||||
Series A 144A 5.625% 3/1/45 # | 5,250,000 | 4,872,368 | ||||||
(Palmdale Aerospace Academy Project) | ||||||||
Series A 144A 5.00% 7/1/41 # | 1,750,000 | 1,630,475 | ||||||
Series A 144A 5.00% 7/1/46 # | 1,000,000 | 899,500 | ||||||
(Partnership Uplift Community Project) | ||||||||
Series A 5.25% 8/1/42 | 1,700,000 | 1,571,327 | ||||||
California Public Finance Authority Educational Revenue | ||||||||
(Crossroads Christian School Project) | ||||||||
144A 5.00% 1/1/56 # | 2,000,000 | 1,565,880 | ||||||
California School Finance Authority | ||||||||
(Aspire Public Schools) | ||||||||
Series A 144A 5.00% 8/1/35 # | 585,000 | 593,711 | ||||||
Series A 144A 5.00% 8/1/40 # | 605,000 | 607,765 | ||||||
(Encore Education Obligated Group) | ||||||||
Series A 144A 5.00% 6/1/52 # | 1,000,000 | 759,360 | ||||||
(Escuela Popular Project) | ||||||||
144A 6.50% 7/1/50 # | 2,500,000 | 2,510,900 | ||||||
(Hawking Steam Charter School Project) | ||||||||
144A 5.375% 7/1/56 # | 995,000 | 959,827 | ||||||
Series A 144A 5.00% 7/1/42 # | 860,000 | 825,944 | ||||||
Series A 144A 5.50% 7/1/62 # | 1,000,000 | 974,790 | ||||||
(John Adams Academies - Obligated Group) | ||||||||
Series A 144A 5.125% 7/1/62 # | 1,680,000 | 1,470,118 | ||||||
(Lighthouse Community Public Schools - Obligated Group) | ||||||||
Series A 144A 6.25% 6/1/42 # | 1,000,000 | 1,023,190 | ||||||
Series A 144A 6.375% 6/1/52 # | 1,240,000 | 1,266,362 | ||||||
Series A 144A 6.50% 6/1/62 # | 2,300,000 | 2,345,724 | ||||||
(New Designs Charter School) | ||||||||
Series A 5.50% 6/1/42 | 1,750,000 | 1,750,525 | ||||||
(Sonoma County Junior College District Project) | ||||||||
Series A 144A 4.00% 11/1/41 # | 2,980,000 | 2,453,195 | ||||||
Series A 144A 4.00% 11/1/55 # | 2,500,000 | 1,840,950 | ||||||
(View Park Elementary & Middle Schools) | ||||||||
Series A 5.875% 10/1/44 | 1,000,000 | 1,007,350 | ||||||
Series A 6.00% 10/1/49 | 720,000 | 726,307 |
53
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Lancer Educational Student Housing Project) | ||||||||
Series A 144A 5.00% 6/1/46 # | 1,500,000 | $ | 1,398,405 | |||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(KIPP:Cooper Norcross Academy - 2022 Project) | ||||||||
6.00% 6/15/62 | 3,500,000 | 3,645,495 | ||||||
Capital Trust Agency Educational Facilities Housing Revenue | ||||||||
(Pineapple Cove Classical Academy Inc. Project) | ||||||||
Series A 144A 5.375% 7/1/54 # | 6,000,000 | 5,568,000 | ||||||
(The Pepin Academies Inc. Project) | ||||||||
Series A 5.75% 7/1/55 | 2,625,000 | 2,353,654 | ||||||
Capital Trust Student Housing Revenue | ||||||||
(University Bridge, LLC Student Housing Project) | ||||||||
Series A 144A 5.25% 12/1/58 # | 8,000,000 | 7,208,160 | ||||||
Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue | ||||||||
(West Chester University of Pennsylvania) | ||||||||
Series A 5.00% 8/1/30 | 2,200,000 | 2,200,594 | ||||||
City of Burbank, Illinois | ||||||||
(Intercultural Montessori Language) | ||||||||
144A 6.25% 9/1/45 # | 4,000,000 | 3,966,600 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Charter School - Community Leadership Academy) | ||||||||
7.45% 8/1/48 | 2,000,000 | 2,022,080 | ||||||
(Global Village Academy - Northglenn Project) | ||||||||
144A 5.00% 12/1/40 # | 1,110,000 | 1,016,893 | ||||||
144A 5.00% 12/1/55 # | 1,720,000 | 1,461,570 | ||||||
(Loveland Classical Schools Project) | ||||||||
144A 5.00% 7/1/46 # | 1,500,000 | 1,340,445 | ||||||
(Skyview Academy Project) | ||||||||
144A 5.375% 7/1/44 # | 500,000 | 494,020 | ||||||
Florida Development Finance Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 5.00% 6/15/56 | 1,630,000 | 1,487,831 | ||||||
(Renaissance Charter School Projects) | ||||||||
Series C 144A 5.00% 9/15/50 # | 2,000,000 | 1,591,940 |
54
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Florida Development Finance Surface Transportation Facility Revenue | ||||||||
(Cornerstone Charter Academy Project) | ||||||||
144A 5.125% 10/1/52 # | 4,110,000 | $ | 3,801,380 | |||||
144A 5.25% 10/1/56 # | 1,900,000 | 1,759,305 | ||||||
(Mater Academy Projects) | ||||||||
Series A 4.00% 6/15/52 | 1,145,000 | 872,731 | ||||||
Hawaii State Department of Budget & Finance | ||||||||
(Hawaii Pacific University) | ||||||||
Series A 144A 6.875% 7/1/43 # | 2,000,000 | 2,006,140 | ||||||
Idaho Housing & Finance Association | ||||||||
(Compass Public Charter School) | ||||||||
Series A 144A 5.00% 7/1/54 # | 860,000 | 792,430 | ||||||
(Idaho Arts Charter School) | ||||||||
144A 5.00% 12/1/36 # | 605,000 | 614,813 | ||||||
(North Star Charter School) | ||||||||
Capital Appreciation Subordinate Series B | ||||||||
144A 4.88% 7/1/49 #, ^ | 2,888,155 | 482,813 | ||||||
Series A 6.75% 7/1/48 | 529,150 | 553,565 | ||||||
(Xavier Charter School Project) | ||||||||
Series A 5.00% 6/1/50 | 1,000,000 | 1,001,670 | ||||||
Illinois Finance Authority Charter School Revenue | ||||||||
(Chicago International Charter School Project) | ||||||||
5.00% 12/1/47 | 2,965,000 | 2,887,791 | ||||||
Illinois Finance Authority Educational Facility Revenue | ||||||||
(Rogers Park Montessori) | ||||||||
6.00% 2/1/34 | 675,000 | 679,543 | ||||||
6.125% 2/1/45 | 1,800,000 | 1,808,352 | ||||||
Illinois Finance Authority Revenue | ||||||||
(Acero Charter Schools) | ||||||||
144A 4.00% 10/1/42 # | 2,245,000 | 1,693,471 | ||||||
Illinois Finance Authority Student Housing & Academic Facility Revenue | ||||||||
(University of Illinois at Chicago Project) | ||||||||
Series A 5.00% 2/15/47 | 3,640,000 | 3,516,640 | ||||||
Kent County, Delaware Student Housing and Dining Facilities Revenue | ||||||||
(Delaware State University Project) | ||||||||
Series A 5.00% 7/1/58 | 1,250,000 | 1,124,425 | ||||||
Louisiana Public Facilities Authority Revenue | ||||||||
(Geo Academies Ebr - Geo Prep Mid-City Project) | ||||||||
144A 6.125% 6/1/52 # | 1,030,000 | 1,024,325 |
55
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Louisiana Public Facilities Authority Revenue | ||||||||
(Geo Academies Ebr - Geo Prep Mid-City Project) | ||||||||
144A 6.25% 6/1/62 # | 1,420,000 | $ | 1,411,579 | |||||
(Jefferson Rise Charter School Project) | ||||||||
Series A 144A 6.25% 6/1/52 # | 1,000,000 | 948,590 | ||||||
Series A 144A 6.375% 6/1/62 # | 1,330,000 | 1,247,567 | ||||||
(Lake Charles Charter Academy Foundation Project) | ||||||||
8.00% 12/15/41 | 1,500,000 | 1,502,820 | ||||||
(Lincoln Preparatory School Project) | ||||||||
Series A 144A 5.25% 6/1/60 # | 2,000,000 | 1,629,440 | ||||||
Series A 144A 6.375% 6/1/52 # | 1,000,000 | 958,420 | ||||||
Series A 144A 6.50% 6/1/62 # | 2,000,000 | 1,899,600 | ||||||
Macomb County, Michigan State Public School Academy Revenue | ||||||||
(Academy Of Warren) | ||||||||
Series A 144A 5.50% 5/1/50 # | 1,810,000 | 1,452,235 | ||||||
Macon-Bibb County, Georgia Urban Development Authority Revenue | ||||||||
(Academy for Classical Education) | ||||||||
Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,683,914 | ||||||
Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,537,038 | ||||||
Maricopa County, Arizona Industrial Development Authority | ||||||||
(Choice Academies, Inc. Project) | ||||||||
Series AZ 144A 5.75% 9/1/45 # | 5,000,000 | 4,688,700 | ||||||
Massachusetts Development Finance Agency Revenue | ||||||||
Series V 5.00% 7/1/55 | 14,470,000 | 16,397,983 | ||||||
(Massachusetts Institute Of Technology) | ||||||||
Series P 5.00% 7/1/50 | 1,750,000 | 2,014,757 | ||||||
Miami-Dade County, Florida Industrial Development Authority | ||||||||
(Youth Co-Op Charter School) | ||||||||
Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,002,770 | ||||||
Series A 144A 6.00% 9/15/45 # | 1,000,000 | 1,001,130 | ||||||
Michigan Finance Authority Limited Obligation Revenue | ||||||||
(Landmark Academy Project) | ||||||||
5.00% 6/1/45 | 2,000,000 | 1,744,860 | ||||||
(Public School Academy Old Redford) | ||||||||
Series A 6.50% 12/1/40 | 900,000 | 865,125 |
56
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Nevada State Department of Business & Industry | ||||||||
(Somerset Academy) | ||||||||
Series A 144A 5.00% 12/15/35 # | 1,595,000 | $ | 1,572,654 | |||||
Series A 144A 5.125% 12/15/45 # | 2,515,000 | 2,358,969 | ||||||
New Jersey State Higher Education Student Assistance Authority Student Loan Revenue | ||||||||
Series 1B 5.75% 12/1/39 (AMT) | 1,250,000 | 1,250,963 | ||||||
New York State Dormitory Authority | ||||||||
(Columbia University) | ||||||||
Series A 5.00% 10/1/50 | 1,965,000 | 2,211,057 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(1st Philadelphia Preparatory) | ||||||||
Series A 7.25% 6/15/43 | 1,230,000 | 1,273,407 | ||||||
(Tacony Academy Charter School Project) | ||||||||
7.00% 6/15/43 | 1,540,000 | 1,552,227 | ||||||
Phoenix, Arizona Industrial Development Authority Education Revenue | ||||||||
(Basic Schools Project) | ||||||||
Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | 3,660,080 | ||||||
Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 1,840,800 | ||||||
(Eagle College Preparatory Project) | ||||||||
Series A 5.00% 7/1/43 | 450,000 | 423,680 | ||||||
Phoenix, Arizona Industrial Development Authority Student Housing Revenue | ||||||||
(Downtown Phoenix Student Housing, LLC-Arizona State University Project) | ||||||||
Series A 5.00% 7/1/42 | 1,000,000 | 979,300 | ||||||
Pima County, Arizona Industrial Development Authority Education Revenue | ||||||||
(American Leadership Academy Project) | ||||||||
144A 4.00% 6/15/57 # | 500,000 | 351,945 | ||||||
144A 4.00% 6/15/57 # | 4,000,000 | 2,815,560 | ||||||
(Career Success Schools Project) | ||||||||
144A 5.50% 5/1/40 # | 500,000 | 466,795 | ||||||
144A 5.75% 5/1/50 # | 2,530,000 | 2,349,839 | ||||||
(Edkey Charter Schools Project) | ||||||||
144A 5.00% 7/1/49 # | 3,000,000 | 2,665,230 | ||||||
144A 5.00% 7/1/55 # | 2,500,000 | 2,165,825 | ||||||
Pottsboro, Texas Higher Education Finance Authority Revenue | ||||||||
Series A 5.00% 8/15/36 | 755,000 | 721,493 |
57
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Pottsboro, Texas Higher Education Finance Authority Revenue | ||||||||
Series A 5.00% 8/15/46 | 1,000,000 | $ | 908,830 | |||||
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue | ||||||||
(Green Charter Schools Project) | ||||||||
Series A 144A 4.00% 6/1/46 # | 2,300,000 | 1,717,387 | ||||||
Series A 144A 4.00% 6/1/56 # | 1,530,000 | 1,058,102 | ||||||
(High Point Academy Project) | ||||||||
Series A 144A 5.75% 6/15/49 # | 5,000,000 | 5,036,600 | ||||||
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | ||||||||
(Confluence Academy Project) | ||||||||
Series A 144A 5.625% 6/15/53 # | 4,805,000 | 4,303,070 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 2,560,000 | 2,141,773 | ||||||
University of Texas System Board of Regents | ||||||||
Series B 5.00% 8/15/49 | 33,875,000 | 38,998,933 | ||||||
University of Virginia | ||||||||
Series A 2.18% 11/1/51 | 10,000,000 | 5,927,900 | ||||||
Upper Dauphin Industrial Development Authority | ||||||||
(Pennsylvania Steam Academy Charter School Project) | ||||||||
Series A 144A 6.25% 7/1/57 # | 2,400,000 | 2,225,136 | ||||||
Utah State Charter School Finance Authority Revenue | ||||||||
(Leadership Learning Academy Project) | ||||||||
Series A 144A 5.00% 6/15/39 # | 1,000,000 | 932,300 | ||||||
Series A 144A 5.00% 6/15/50 # | 2,200,000 | 1,935,560 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Minnesota College of Osteopathic Medicine) | ||||||||
Series A-1 144A 5.50% 12/1/48 #, ‡ | 125,529 | 38,914 | ||||||
Subordinate Series B 144A 7.75% 12/1/48 #, ● | 2,500,000 | 25,000 | ||||||
(Pine Lake Preparatory) | ||||||||
144A 5.50% 3/1/45 # | 3,460,000 | 3,484,773 | ||||||
(Shining Rock Classical Academy) | ||||||||
Series A 6.00% 6/15/52 | 1,000,000 | 928,620 | ||||||
Series A 6.125% 6/15/57 | 1,000,000 | 929,310 | ||||||
(Wilson Preparatory Academy) | ||||||||
Series A 144A 4.125% 6/15/29 # | 435,000 | 411,954 | ||||||
Series A 144A 5.00% 6/15/39 # | 500,000 | 478,995 |
58
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Wilson Preparatory Academy) | ||||||||
Series A 144A 5.00% 6/15/49 # | 1,100,000 | $ | 988,757 | |||||
Yonkers, New York Economic Development Education Revenue | ||||||||
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | ||||||||
Series A 5.00% 10/15/54 | 465,000 | 410,739 | ||||||
323,902,949 | ||||||||
Electric Revenue Bonds — 3.86% | ||||||||
Build NYC, New York Resource | ||||||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project) | ||||||||
144A 5.25% 12/31/33 (AMT) # | 4,520,000 | 4,147,688 | ||||||
California Community Choice Financing Authority | ||||||||
(Clean Energy Project) | ||||||||
Series C 5.25% 1/1/54 ● | 3,000,000 | 3,123,720 | ||||||
Guam Power Authority Revenue | ||||||||
Series A 5.00% 10/1/44 | 6,000,000 | 6,183,720 | ||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 1,235,000 | 1,288,710 | ||||||
Series A 5.00% 10/1/42 | 2,000,000 | 2,074,060 | ||||||
Series A 5.00% 10/1/43 | 2,650,000 | 2,738,802 | ||||||
New York Power Authority | ||||||||
Series A 4.00% 11/15/55 | 5,000,000 | 4,672,100 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 8,615,000 | 6,008,962 | ||||||
Series A 5.05% 7/1/42 ‡ | 4,590,000 | 3,201,525 | ||||||
Series A 6.75% 7/1/36 ‡ | 1,500,000 | 1,080,000 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 925,000 | 644,031 | ||||||
Series AAA 5.25% 7/1/26 ‡ | 1,030,000 | 718,425 | ||||||
Series AAA 5.25% 7/1/27 ‡ | 5,330,000 | 3,717,675 | ||||||
Series AAA 5.25% 7/1/28 ‡ | 1,205,000 | 840,488 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 5,525,000 | 3,853,688 | ||||||
Series TT 5.00% 7/1/37 ‡ | 1,500,000 | 1,046,250 | ||||||
Series WW 5.00% 7/1/28 ‡ | 3,405,000 | 2,366,475 | ||||||
Series WW 5.25% 7/1/25 ‡ | 1,530,000 | 1,065,263 | ||||||
Series WW 5.25% 7/1/33 ‡ | 830,000 | 583,075 | ||||||
Series WW 5.50% 7/1/38 ‡ | 9,325,000 | 6,597,437 | ||||||
Series XX 4.75% 7/1/26 ‡ | 920,000 | 637,100 | ||||||
Series XX 5.25% 7/1/40 ‡ | 9,795,000 | 6,880,987 |
59
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series XX 5.75% 7/1/36 ‡ | 5,840,000 | $ | 4,131,800 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 760,000 | 526,300 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 1,275,000 | 887,719 | ||||||
Series ZZ 5.25% 7/1/26 ‡ | 7,005,000 | 4,885,987 | ||||||
Salt River Project Agricultural Improvement & Power District | ||||||||
Series A 5.00% 1/1/50 | 3,000,000 | 3,275,730 | ||||||
77,177,717 | ||||||||
Healthcare Revenue Bonds — 14.99% | ||||||||
Apple Valley, Minnesota | ||||||||
(Senior Living, LLC Project Fourth Tier) | ||||||||
Series D 7.25% 1/1/52 | 7,410,000 | 4,604,722 | ||||||
(Senior Living, LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/47 | 2,375,000 | 1,380,160 | ||||||
Series B 5.25% 1/1/37 | 420,000 | 292,866 | ||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Great Lakes Senior Living Communities LLC Project First Tier) | ||||||||
Series A 5.00% 1/1/54 | 2,595,000 | 1,570,649 | ||||||
(Great Lakes Senior Living Communities LLC Project Fourth Tier) | ||||||||
Series D 144A 7.25% 1/1/54 # | 2,500,000 | 1,379,050 | ||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 975,000 | 523,380 | ||||||
Series B 5.125% 1/1/54 | 1,130,000 | 585,860 | ||||||
(Great Lakes Senior Living Communities LLC Project Third Tier) | ||||||||
Series C 144A 5.00% 1/1/49 # | 1,000,000 | 488,430 | ||||||
Berks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Tower Health Project) | ||||||||
5.00% 11/1/50 | 5,105,000 | 3,375,936 | ||||||
Birmingham, Alabama Special Care Facilities Financing Authority | ||||||||
(Methodist Home for the Aging) | ||||||||
5.50% 6/1/30 | 1,850,000 | 1,745,216 | ||||||
5.75% 6/1/35 | 1,500,000 | 1,387,920 | ||||||
5.75% 6/1/45 | 2,500,000 | 2,177,700 | ||||||
6.00% 6/1/50 | 3,130,000 | 2,754,463 |
60
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-2 5.00% 4/1/51 | 1,245,000 | $ | 1,442,071 | |||||
California Health Facilities Financing Authority Revenue | ||||||||
(Cedars-Sinai Health System) | ||||||||
Series A 3.00% 8/15/51 | 6,580,000 | 4,711,411 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 4,870,000 | 5,523,408 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Health System Project) | ||||||||
Series A 3.00% 2/1/46 (AGM) | 10,000,000 | 7,664,600 | ||||||
(Goodwill Industry Sacramento Valley and Northern Nevada Project) | ||||||||
5.25% 1/1/45 | 1,295,000 | 1,020,020 | ||||||
Series A 144A 6.625% 1/1/32 # | 500,000 | 495,995 | ||||||
Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,438,395 | ||||||
(Northbay Healthcare Group) | ||||||||
Series A 5.25% 11/1/47 | 500,000 | 501,490 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Enloe Medical Center) | ||||||||
Series A 5.375% 8/15/57 (AGM) | 2,000,000 | 2,127,320 | ||||||
(Loma Linda University Medical Center) | ||||||||
Series A 144A 5.50% 12/1/58 # | 5,000,000 | 4,915,950 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(Cooper Health System Obligation Group) | ||||||||
5.75% 2/15/42 | 2,050,000 | 2,052,686 | ||||||
Capital Trust Agency Senior Living Facilities Revenue | ||||||||
(Elim Senior Housing Inc. Project) | ||||||||
144A 5.875% 8/1/52 # | 2,000,000 | 1,422,560 | ||||||
Clackamas County, Oregon Hospital Facility Authority | ||||||||
(Rose Villa Project) | ||||||||
Series A 5.25% 11/15/50 | 1,000,000 | 886,930 | ||||||
Series A 5.375% 11/15/55 | 1,000,000 | 887,440 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Aberdeen Ridge) | ||||||||
Series A 5.00% 5/15/58 | 500,000 | 372,320 | ||||||
(American Baptist) | ||||||||
8.00% 8/1/43 | 2,500,000 | 2,525,900 |
61
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Capella of Grand Junction Project) | ||||||||
144A 5.00% 12/1/54 # | 1,255,000 | $ | 855,571 | |||||
(Mental Health Center Denver Project) | ||||||||
Series A 5.75% 2/1/44 | 500,000 | 503,110 | ||||||
(Sunny Vista Living Center) | ||||||||
Series A 144A 5.50% 12/1/30 # | 750,000 | 602,835 | ||||||
Series A 144A 5.75% 12/1/35 # | 1,150,000 | 853,564 | ||||||
Series A 144A 6.125% 12/1/45 # | 1,200,000 | 825,156 | ||||||
Series A 144A 6.25% 12/1/50 # | 560,000 | 380,330 | ||||||
Cuyahoga County, Ohio Hospital Revenue | ||||||||
(The Metrohealth System) | ||||||||
5.25% 2/15/47 | 4,000,000 | 4,060,040 | ||||||
5.50% 2/15/52 | 4,930,000 | 5,041,369 | ||||||
5.50% 2/15/57 | 6,365,000 | 6,496,246 | ||||||
Decatur, Texas Hospital Authority Revenue | ||||||||
(Wise Regional Health System) | ||||||||
Series C 4.00% 9/1/29 | 491,000 | 454,823 | ||||||
Series C 4.00% 9/1/34 | 987,000 | 860,881 | ||||||
Series C 4.00% 9/1/44 | 2,036,000 | 1,625,930 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.00% 11/15/36 | 950,000 | 736,526 | ||||||
5.25% 11/15/51 | 1,350,000 | 936,927 | ||||||
Guilderland, New York Industrial Development Agency | ||||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 6,000,000 | 4,500,000 | ||||||
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue | ||||||||
(Mercy Health) | ||||||||
4.00% 6/1/53 | 4,810,000 | 4,334,435 | ||||||
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | ||||||||
(Westminster Canterbury Richmond) | ||||||||
Series A 5.00% 10/1/52 | 2,025,000 | 2,094,397 | ||||||
Hospital Facilities Authority of Multnomah County | ||||||||
(Mirabella at South Waterfront) | ||||||||
5.50% 10/1/49 | 2,400,000 | 2,122,824 | ||||||
Idaho Health Facilities Authority Revenue | ||||||||
(St. Luke’s Health System Project) | ||||||||
Series A 3.00% 3/1/51 | 7,430,000 | 5,300,933 | ||||||
Series A 4.00% 3/1/51 | 2,000,000 | 1,757,060 |
62
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Idaho Health Facilities Authority Revenue | ||||||||
(St. Luke’s Health System Project) | ||||||||
Series A 5.00% 3/1/33 | 485,000 | $ | 517,282 | |||||
(Valley Vista Care Corporation) | ||||||||
Series A 5.00% 11/15/32 | 455,000 | 396,874 | ||||||
Illinois Finance Authority Revenue | ||||||||
(Plymouth Place, Inc.) | ||||||||
Series A 6.75% 5/15/58 | 3,000,000 | 3,074,640 | ||||||
(The Admiral at the Lake Project) | ||||||||
5.25% 5/15/42 | 900,000 | 614,934 | ||||||
5.25% 5/15/54 | 5,910,000 | 3,708,525 | ||||||
5.50% 5/15/54 | 3,375,000 | 2,207,554 | ||||||
Illinois Housing Development Authority | ||||||||
(Stonebridge of Gurnee Project) | ||||||||
Series A 144A 5.45% 1/1/46 # | 2,500,000 | 1,805,150 | ||||||
Series A 144A 5.60% 1/1/56 # | 2,630,000 | 1,831,190 | ||||||
Iowa Finance Authority | ||||||||
(PHS Council Bluffs Project) | ||||||||
5.125% 8/1/48 | 1,750,000 | 1,347,430 | ||||||
5.25% 8/1/55 | 2,500,000 | 1,901,125 | ||||||
Kalispell, Montana | ||||||||
Series A 5.25% 5/15/32 | 435,000 | 412,437 | ||||||
(Immanuel Lutheran Corporation Project) | ||||||||
Series A 5.25% 5/15/52 | 1,600,000 | 1,269,984 | ||||||
Kentucky Economic Development Finance Authority Healthcare Revenue | ||||||||
(Rosedale Green Project) | ||||||||
5.50% 11/15/35 | 1,310,000 | 1,179,917 | ||||||
5.75% 11/15/45 | 3,000,000 | 2,588,430 | ||||||
5.75% 11/15/50 | 1,600,000 | 1,349,744 | ||||||
Kirkwood, Missouri Industrial Development Authority | ||||||||
(Aberdeen Heights) | ||||||||
Series A 5.25% 5/15/50 | 5,000,000 | 4,119,000 | ||||||
Lake County, Florida Retirement Facility Revenue | ||||||||
(Lakeside At Waterman Village Project) | ||||||||
Series A 5.75% 8/15/50 | 2,500,000 | 2,156,125 | ||||||
Series A 5.75% 8/15/55 | 1,500,000 | 1,265,790 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
(The Glen Retirement System Project) | ||||||||
Series A 5.00% 1/1/49 | 3,500,000 | 2,449,650 | ||||||
Series A 5.00% 1/1/55 | 2,635,000 | 1,771,616 |
63
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Maricopa County, Arizona Industrial Development Authority | ||||||||
(Christian Care Surprise Project) | ||||||||
Series 2016 144A 6.00% 1/1/48 # | 5,645,000 | $ | 3,952,911 | |||||
Michigan Finance Authority Hospital Revenue | ||||||||
(Trinity Health Credit Group) | ||||||||
Series A 3.00% 12/1/49 | 5,000,000 | 3,596,900 | ||||||
Michigan State Strategic Fund Limited Revenue | ||||||||
(Evangelical Homes) | ||||||||
5.50% 6/1/47 | 2,750,000 | 2,345,145 | ||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Whitemarsh Continuing Care) | ||||||||
5.25% 1/1/40 | 1,550,000 | 1,386,909 | ||||||
5.375% 1/1/50 | 6,250,000 | 5,278,750 | ||||||
Series A 5.375% 1/1/51 | 2,000,000 | 1,682,840 | ||||||
Moon, Pennsylvania Industrial Development Authority | ||||||||
(Baptist Homes Society Obligation) | ||||||||
6.125% 7/1/50 | 8,935,000 | 7,416,675 | ||||||
National Finance Authority Revenue | ||||||||
(The Vista Project) | ||||||||
Series A 144A 5.25% 7/1/39 # | 1,515,000 | 1,385,816 | ||||||
Series A 144A 5.625% 7/1/46 # | 1,000,000 | 915,680 | ||||||
Series A 144A 5.75% 7/1/54 # | 2,000,000 | 1,822,380 | ||||||
New Hope, Texas Cultural Education Facilities Finance | ||||||||
(Army Retirement Residence Foundation Project) | ||||||||
6.00% 7/15/57 | 6,000,000 | 5,675,400 | ||||||
(Buckingham Senior Living Community, Inc. Project) | ||||||||
Series A-1 7.50% 11/15/37 | 120,000 | 95,411 | ||||||
Series A-2 7.50% 11/15/36 | 745,000 | 624,772 | ||||||
Series B 2.00% 11/15/61 ~, ● | 3,057,788 | 1,330,780 | ||||||
(Cardinal Bay - Village on the Park) | ||||||||
Series A1 5.00% 7/1/46 | 660,000 | 440,550 | ||||||
Series A1 5.00% 7/1/51 | 1,575,000 | 1,051,312 | ||||||
Series B 4.00% 7/1/31 | 635,000 | 317,500 | ||||||
Series B 4.75% 7/1/51 | 1,915,000 | 957,500 | ||||||
Series C 5.00% 7/1/31 | 250,000 | 112,500 | ||||||
Series C 5.25% 7/1/36 | 350,000 | 157,500 | ||||||
Series C 5.75% 7/1/51 | 2,250,000 | 1,012,500 | ||||||
Series D 6.00% 7/1/26 | 90,000 | 36,000 |
64
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
New Hope, Texas Cultural Education Facilities Finance | ||||||||
(Cardinal Bay - Village on the Park) | ||||||||
Series D 7.00% 7/1/51 | 1,350,000 | $ | 540,000 | |||||
(Legacy Midtown Park Project) | ||||||||
Series A 5.50% 7/1/54 | 5,000,000 | 3,867,100 | ||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 8,830,000 | 6,493,670 | ||||||
(The Outlook at Windhaven Project) | ||||||||
Series A 6.75% 10/1/52 | 1,000,000 | 964,040 | ||||||
Series A 6.875% 10/1/57 | 6,500,000 | 6,263,400 | ||||||
New Jersey Economic Development Authority | ||||||||
(Black Horse EHT Urban Renewal LLC Project) | ||||||||
Series A 144A 5.00% 10/1/39 # | 3,125,000 | 2,332,594 | ||||||
(Lions Gate Project) | ||||||||
5.25% 1/1/44 | 2,000,000 | 1,753,840 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Garnet Health Medical Center) | ||||||||
144A 5.00% 12/1/40 # | 1,100,000 | 1,062,820 | ||||||
North Carolina Medical Care Commission Health Care Facilities Revenue | ||||||||
(Novant Health Obligated Group) | ||||||||
Series A 3.125% 11/1/49 | 5,000,000 | 3,731,100 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Morningstar Senior Living) | ||||||||
5.00% 11/1/49 | 1,830,000 | 1,553,579 | ||||||
Orange County, New York Funding Assisted Living Residence Revenue | ||||||||
6.50% 1/1/46 | 3,600,000 | 2,879,028 | ||||||
Payne County, Oklahoma Economic Development Authority | ||||||||
(Epworth Living at the Ranch) | ||||||||
Series A 7.00% 11/1/51 ‡ | 961,600 | 2,404 | ||||||
Pennsylvania Economic Development Financing Authority | ||||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series 2018A 144A 6.75% 12/1/53 #, ‡ | 10,495,000 | 4,001,219 | ||||||
Prince George’s County | ||||||||
(Collington Episcopal Life Care Community) | ||||||||
5.25% 4/1/47 | 2,000,000 | 1,687,020 |
65
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Rochester, Minnesota | ||||||||
(The Homestead at Rochester) | ||||||||
Series A 6.875% 12/1/48 | 2,500,000 | $ | 2,506,725 | |||||
Seminole County, Florida Industrial Development Authority Revenue | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.50% 11/15/49 | 8,000,000 | 6,582,640 | ||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue | ||||||||
(The Farms at Bailey Station Project) | ||||||||
5.75% 10/1/59 | 3,830,000 | 2,887,973 | ||||||
Southeastern Ohio Port Authority | ||||||||
(Memorial Health Systems) | ||||||||
5.00% 12/1/43 | 805,000 | 732,888 | ||||||
5.50% 12/1/43 | 1,250,000 | 1,251,863 | ||||||
St. Louis County, Missouri Industrial Development Authority | ||||||||
(Nazareth Living Center Project) | ||||||||
Series A 5.00% 8/15/35 | 600,000 | 551,826 | ||||||
Series A 5.125% 8/15/45 | 1,800,000 | 1,542,582 | ||||||
Tarrant County, Texas Cultural Education Facilities Finance | ||||||||
(Air Force Villages Obligated Group Project) | ||||||||
5.00% 5/15/45 | 5,000,000 | 4,217,550 | ||||||
(Buckner Senior Living - Ventana Project) | ||||||||
Series A 6.75% 11/15/47 | 2,250,000 | 2,261,902 | ||||||
Series A 6.75% 11/15/52 | 3,300,000 | 3,307,887 | ||||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/47 # | 2,150,000 | 1,666,400 | ||||||
Series A 144A 6.125% 10/1/52 # | 2,570,000 | 1,950,322 | ||||||
Topeka City, Kansas Healthcare Facilities | ||||||||
(Brewster Place) | ||||||||
Series A 6.25% 12/1/42 | 1,500,000 | 1,484,730 | ||||||
Series A 6.50% 12/1/52 | 2,000,000 | 1,976,380 | ||||||
University of North Carolina Board of Governors | ||||||||
5.00% 2/1/49 | 19,355,000 | 21,648,567 | ||||||
Westchester County, New York Local Development | ||||||||
(Purchase Senior Learning Community, Inc. Project) | ||||||||
Series A 144A 5.00% 7/1/56 # | 4,250,000 | 3,140,750 |
66
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Westminster Project Revenue | ||||||||
(Lutheran Village Millers Grant) | ||||||||
Series A 5.00% 7/1/24 | 625,000 | $ | 627,519 | |||||
Series A 6.00% 7/1/34 | 1,000,000 | 1,008,400 | ||||||
Series A 6.125% 7/1/39 | 750,000 | 756,052 | ||||||
Series A 6.25% 7/1/44 | 2,500,000 | 2,519,975 | ||||||
Wisconsin Health & Educational Facilities Authority | ||||||||
(Children’s Hospital of Wisconsin) | ||||||||
3.00% 8/15/52 | 3,000,000 | 2,129,520 | ||||||
(Covenant Communities Project) | ||||||||
Series B 5.00% 7/1/48 | 1,000,000 | 725,260 | ||||||
Series B 5.00% 7/1/53 | 945,000 | 662,813 | ||||||
Series C 7.00% 7/1/43 | 1,000,000 | 716,430 | ||||||
Series C 7.50% 7/1/53 | 1,000,000 | 729,640 | ||||||
(St. Camillus Health System) | ||||||||
Series A 5.00% 11/1/39 | 635,000 | 546,405 | ||||||
Series A 5.00% 11/1/46 | 1,000,000 | 809,630 | ||||||
Series A 5.00% 11/1/54 | 3,500,000 | 2,721,810 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Goodwill Industries of Southern Nevada Project) | ||||||||
Series A 5.50% 12/1/38 | 2,572,956 | 2,345,661 | ||||||
Series A 5.75% 12/1/48 | 2,576,272 | 2,263,667 | ||||||
(Bancroft Neurohealth Project) | ||||||||
Series A 144A 5.00% 6/1/36 # | 960,000 | 902,266 | ||||||
Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,229,250 | ||||||
Woodbury Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.125% 12/1/44 | 1,250,000 | 1,075,913 | ||||||
Yamhill County, Oregon Hospital Authority | ||||||||
(Friendsview) | ||||||||
Series A 5.00% 11/15/56 | 1,600,000 | 1,173,232 | ||||||
299,947,175 | ||||||||
Housing Revenue Bonds — 0.19% | ||||||||
City of Dallas, Texas Housing Finance Residential Development-Senior Lien | ||||||||
Series A 6.00% 12/1/62 | 2,000,000 | 2,055,860 | ||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Jefferson-Anaheim) | ||||||||
Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,053,240 |
67
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
Independent Cities Finance Authority, California | ||||||||
Series A 5.25% 5/15/44 | 750,000 | $ | 758,467 | |||||
3,867,567 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 16.29% | ||||||||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
5.75% 8/1/42 (AMT) | 2,000,000 | 2,003,460 | ||||||
Buckeye, Ohio Tobacco Settlement Financing Authority | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 13,775,000 | 9,958,498 | ||||||
Series A-2 4.00% 6/1/48 | 150,000 | 131,343 | ||||||
Series B-2 5.00% 6/1/55 | 70,795,000 | 64,383,097 | ||||||
California County Tobacco Securitization Agency Settlement Revenue | ||||||||
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) | ||||||||
0.83% 6/1/55 ^ | 100,000,000 | 8,612,000 | ||||||
California Pollution Control Financing Authority Revenue | ||||||||
(LP Desalination Project) | ||||||||
144A 5.00% 7/1/37 (AMT) # | 3,500,000 | 3,508,925 | ||||||
Children’s Trust Fund, Puerto Rico | ||||||||
(Asset-Backed) | ||||||||
Series B 0.485% 5/15/57 ^ | 3,420,000 | 185,467 | ||||||
District of Columbia Tobacco Settlement Financing | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series C 0.711% 6/15/55 ^ | 50,000,000 | 4,652,500 | ||||||
Series D 0.122% 6/15/55 ^ | 250,000,000 | 19,617,500 | ||||||
Erie, New York Tobacco Asset Securitization | ||||||||
(Asset-Backed) | ||||||||
Series A 144A 1.504% 6/1/60 #, ^ | 196,565,000 | 10,773,728 | ||||||
Golden State Tobacco Securitization Settlement Revenue, California | ||||||||
Series B-2 1.066% 6/1/66 ^ | 97,500,000 | 9,691,500 | ||||||
Houston, Texas Airport System Revenue | ||||||||
Series B-1 5.00% 7/15/35 (AMT) | 3,000,000 | 2,937,540 |
68
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Houston, Texas Airport System Revenue | ||||||||
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects) | ||||||||
Series 2011 6.625% 7/15/38 (AMT) | 2,000,000 | $ | 2,000,140 | |||||
(United Airlines Inc.) | ||||||||
5.00% 7/1/29 (AMT) | 1,150,000 | 1,133,451 | ||||||
Indiana Finance Authority Exempt Facility Revenue | ||||||||
(Polyflow Indiana Project - Green Bond) | ||||||||
144A 7.00% 3/1/39 (AMT) # | 7,035,000 | 5,308,611 | ||||||
Inland, California Empire Tobacco Securitization | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series E 144A 0.94% 6/1/57 #, ^ | 376,610,000 | 21,481,834 | ||||||
Series F 144A 1.271% 6/1/57 #, ^ | 238,790,000 | 11,445,205 | ||||||
Lower Alabama Gas District | ||||||||
(Gas Project Revenue Bonds) | ||||||||
Series A 5.00% 9/1/46 | 4,910,000 | 4,880,540 | ||||||
Main Street Natural Gas Project Revenue | ||||||||
Series A 4.00% 5/15/39 | 3,000,000 | 2,705,340 | ||||||
Series A 5.50% 9/15/23 | 40,000 | 40,252 | ||||||
Michigan Finance Authority Limited Obligation Revenue | ||||||||
Series B-2 4.97% 6/1/65 ^ | 10,000,000 | 938,300 | ||||||
Monroe, New York Tobacco Asset Securitization | ||||||||
(4th Subordinate - Capital Appreciation - Asset-Backed) | ||||||||
Series A 144A 0.186% 6/1/61 #, ^ | 487,500,000 | 18,695,625 | ||||||
New Jersey Economic Development Authority Special Facility Revenue | ||||||||
(Continental Airlines Project) | ||||||||
5.25% 9/15/29 | 4,000,000 | 3,980,600 | ||||||
Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,278,484 | ||||||
New Jersey Tobacco Settlement Financing | ||||||||
Series B 5.00% 6/1/46 | 4,440,000 | 4,395,689 | ||||||
New York Liberty Development Revenue | ||||||||
(Goldman Sachs Headquarters) | ||||||||
5.25% 10/1/35 | 360,000 | 404,255 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(American Airlines Inc. John F. Kennedy International Airport Project) | ||||||||
5.375% 8/1/36 (AMT) | 1,000,000 | 1,010,480 |
69
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(National Gypsum) | ||||||||
5.50% 11/1/44 (AMT) | 4,500,000 | $ | 4,519,440 | |||||
Port of Seattle, Washington Industrial Development Special Facilities Revenue | ||||||||
(Delta Airlines) | ||||||||
5.00% 4/1/30 (AMT) | 2,000,000 | 2,001,060 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
Series 28 6.50% 11/15/38 | 2,000,000 | 2,383,940 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 9,250,000 | 9,447,487 | ||||||
5.25% 12/1/27 | 2,235,000 | 2,315,415 | ||||||
5.25% 12/1/28 | 1,050,000 | 1,095,560 | ||||||
5.50% 12/1/29 | 765,000 | 815,100 | ||||||
San Diego, California Tobacco Settlement Revenue Funding | ||||||||
Series C 4.00% 6/1/32 | 565,000 | 544,615 | ||||||
Shoals, Indiana Exempt Facilities Revenue | ||||||||
(National Gypsum Co. Project) | ||||||||
7.25% 11/1/43 (AMT) | 1,860,000 | 1,884,738 | ||||||
Tennessee State Energy Acquisition Gas Revenue | ||||||||
Series C 5.00% 2/1/27 | 2,940,000 | 2,966,107 | ||||||
Tobacco Securitization Authority of Southern California | ||||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 2.609% 6/1/46 ^ | 2,230,000 | 279,218 | ||||||
TSASC, New York | ||||||||
Series A 5.00% 6/1/41 | 705,000 | 717,894 | ||||||
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue | ||||||||
Series A 5.50% 6/1/35 (AMT) | 2,000,000 | 2,002,300 | ||||||
Valparaiso, Indiana | ||||||||
(Pratt Paper LLC Project) | ||||||||
7.00% 1/1/44 (AMT) | 3,305,000 | 3,388,220 | ||||||
Virginia Tobacco Settlement Financing | ||||||||
Series A-1 6.706% 6/1/46 | 7,870,000 | 7,252,441 | ||||||
Series B-1 5.00% 6/1/47 | 2,000,000 | 1,866,780 | ||||||
Series C 2.949% 6/1/47 ^ | 95,170,000 | 23,504,135 | ||||||
Series D 2.20% 6/1/47 ^ | 179,085,000 | 42,808,478 | ||||||
325,947,292 |
70
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds — 3.87% | ||||||||
Baltimore, Maryland Special Obligation Subordinate Revenue | ||||||||
(Harbor Point Project) | ||||||||
5.00% 6/1/51 | 1,000,000 | $ | 941,040 | |||||
California Statewide Communities Development Authority Revenue | ||||||||
(Lancer Plaza Project) | ||||||||
5.875% 11/1/43 | 1,875,000 | 1,881,281 | ||||||
Los Angeles County Public Works Financing Authority | ||||||||
Series A 3.00% 12/1/50 | 11,000,000 | 8,248,680 | ||||||
Metropolitan Pier & Exposition Authority, Illinois | ||||||||
(McCormick Place Expansion Project) | ||||||||
Series A 4.00% 6/15/52 | 8,305,000 | 6,661,523 | ||||||
Series A 5.00% 6/15/50 | 4,135,000 | 4,038,365 | ||||||
Series A 5.00% 6/15/57 | 3,975,000 | 3,854,279 | ||||||
Series B 4.952% 12/15/54 (BAM) ^ | 3,535,000 | 708,980 | ||||||
Series B 5.03% 12/15/54 ^ | 9,820,000 | 1,692,379 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
5.50% 6/15/50 | 4,250,000 | 4,566,880 | ||||||
Series AA 4.00% 6/15/50 | 2,945,000 | 2,668,965 | ||||||
(Transportation Program) | ||||||||
Series AA 5.00% 6/15/25 | 1,000,000 | 1,030,700 | ||||||
Series AA 5.00% 6/15/44 | 2,900,000 | 2,910,121 | ||||||
Series BB 4.00% 6/15/46 | 1,000,000 | 911,410 | ||||||
(Transportation System) | ||||||||
Series A 4.991% 12/15/39 ^ | 5,290,000 | 2,368,915 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center Project) | ||||||||
Series A 3.00% 11/15/51 | 5,750,000 | 3,982,623 | ||||||
(Class 1 - 3 World Trade Center Project) | ||||||||
144A 5.00% 11/15/44 # | 14,500,000 | 13,959,875 | ||||||
(Class 3 - 3 World Trade Center Project) | ||||||||
144A 7.25% 11/15/44 # | 14,500,000 | 14,649,640 | ||||||
Phoenix, Arizona Industrial Development Authority Lease Revenue | ||||||||
5.125% 2/1/34 | 1,000,000 | 1,002,040 | ||||||
5.375% 2/1/41 | 1,300,000 | 1,290,744 | ||||||
77,368,440 | ||||||||
Local General Obligation Bonds — 2.84% | ||||||||
Chicago, Illinois | ||||||||
Series 2005D 5.50% 1/1/37 | 2,280,000 | 2,310,620 |
71
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Chicago, Illinois | ||||||||
Series 2005D 5.50% 1/1/40 | 3,000,000 | $ | 3,035,310 | |||||
Series 2007E 5.50% 1/1/42 | 1,900,000 | 1,917,613 | ||||||
Series 2007F 5.50% 1/1/42 | 1,250,000 | 1,261,588 | ||||||
Series A 5.25% 1/1/38 | 2,295,000 | 2,400,409 | ||||||
Series A 5.50% 1/1/39 | 2,660,000 | 2,825,984 | ||||||
Series A 5.50% 1/1/40 | 2,160,000 | 2,286,749 | ||||||
Series A 5.50% 1/1/49 | 770,000 | 788,757 | ||||||
Series C 5.00% 1/1/26 | 500,000 | 509,865 | ||||||
Chicago, Illinois Board of Education | ||||||||
Series A 144A 7.00% 12/1/46 # | 2,500,000 | 2,695,425 | ||||||
Series B 4.00% 12/1/41 | 2,000,000 | 1,702,420 | ||||||
Series G 5.00% 12/1/44 | 2,545,000 | 2,464,909 | ||||||
Series H 5.00% 12/1/46 | 4,225,000 | 4,054,352 | ||||||
(Dedicated Revenues) | ||||||||
Series A 5.00% 12/1/42 | 7,690,000 | 7,265,051 | ||||||
Series B 4.00% 12/1/40 | 4,500,000 | 3,881,700 | ||||||
Galveston, Texas Independent School District Unlimited Tax Building | ||||||||
4.00% 2/1/47 (PSF) | 7,500,000 | 7,103,925 | ||||||
Lodi Unified School District | ||||||||
Series 2020 3.00% 8/1/43 | 2,750,000 | 2,187,652 | ||||||
MIDA Golf and Equestrian Center Public Infrastructure District | ||||||||
144A 4.50% 6/1/51 # | 4,835,000 | 3,647,331 | ||||||
144A 4.625% 6/1/57 # | 4,690,000 | 3,487,953 | ||||||
Verve, Colorado Metropolitan District No. 1 | ||||||||
5.00% 12/1/51 | 1,000,000 | 863,740 | ||||||
56,691,353 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 2.03% | ||||||||
Blythe Township, Pennsylvania Solid Waste Authority Revenue | ||||||||
7.75% 12/1/37-27 (AMT) § | 2,800,000 | 3,237,724 | ||||||
District of Columbia Revenue | ||||||||
(KIPP Charter School) | ||||||||
6.00% 7/1/48-23 § | 1,450,000 | 1,462,818 | ||||||
East Hempfield Township, Pennsylvania Industrial Development Authority | ||||||||
(Student Services Income - Student Housing Project) | ||||||||
5.00% 7/1/30-23 § | 1,000,000 | 1,004,660 |
72
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Florida Development Finance Revenue | ||||||||
(UF Health - Jacksonville Project) | ||||||||
Series A 6.00% 2/1/33-23 § | 490,000 | $ | 495,645 | |||||
Foothill-Eastern Transportation Corridor Agency Revenue | ||||||||
Series A 6.00% 1/15/49-24 § | 7,690,000 | 7,882,327 | ||||||
Henderson, Nevada Public Improvement Trust | ||||||||
(Touro College & University System) | ||||||||
Series A 5.50% 1/1/39-24 § | 560,000 | 576,111 | ||||||
Kanawha, West Virginia | ||||||||
(West Virginia University Foundation Project) | ||||||||
144A 6.75% 7/1/45-23 #, § | 2,500,000 | 2,527,775 | ||||||
Kentucky Public Transportation Infrastructure Authority | ||||||||
(First Tier - Downtown Crossing) | ||||||||
Series A 5.75% 7/1/49-23 § | 1,800,000 | 1,813,068 | ||||||
Series A 6.00% 7/1/53-23 § | 1,290,000 | 1,300,333 | ||||||
Nampa, Idaho Development Revenue | ||||||||
144A 5.00% 9/1/31-24 #, § | 2,940,000 | 3,084,560 | ||||||
New Jersey Economic Development Authority Special Facility Revenue | ||||||||
Series WW 5.25% 6/15/30-25 § | 5,000,000 | 5,228,150 | ||||||
Riverside County, California Transportation Senior Lien | ||||||||
Series A 5.75% 6/1/48-23 § | 1,000,000 | 1,006,580 | ||||||
Southwestern Illinois Development Authority Revenue | ||||||||
(Memorial Group) | ||||||||
7.125% 11/1/30-23 § | 1,420,000 | 1,453,427 | ||||||
7.125% 11/1/43-23 § | 2,500,000 | 2,558,850 | ||||||
Washington State Housing Finance Commission | ||||||||
(Heron’s Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 1,000,000 | 1,070,420 | ||||||
Series A 144A 7.00% 7/1/50-25 #, § | 3,625,000 | 3,880,272 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Rose Villa Project) | ||||||||
Series A 144A 5.75% 11/15/44-24 #, § | 2,000,000 | 2,070,780 | ||||||
40,653,500 | ||||||||
Resource Recovery Revenue Bonds — 0.53% | ||||||||
Brazoria County, Texas Industrial Development Solid Waste Disposal Facilities Revenue | ||||||||
(Aleon Renewable Metals, LLC Project) | ||||||||
144A 10.00% 6/1/42 (AMT) #, ● | 3,000,000 | 2,961,150 |
73
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Resource Recovery Revenue Bonds (continued) | ||||||||
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue | ||||||||
(Last Step Recycling Project) | ||||||||
Series A 144A 6.50% 6/1/51 (AMT) # | 1,500,000 | $ | 1,077,090 | |||||
Union County, New Jersey Improvement Authority | ||||||||
(Aries Linden, LLC Project) | ||||||||
144A 6.75% 12/1/41 (AMT) # | 7,800,000 | 6,517,290 | ||||||
10,555,530 | ||||||||
Special Tax Revenue Bonds — 15.63% | ||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
(City Center Project) | ||||||||
144A 5.25% 5/1/42 # | 6,530,000 | 6,352,645 | ||||||
Celebration Pointe, Florida Community Development District No 1 | ||||||||
5.125% 5/1/45 | 1,915,000 | 1,781,793 | ||||||
Cherry Hill, Virginia Community Development Authority | ||||||||
(Potomac Shores Project) | ||||||||
144A 5.15% 3/1/35 # | 1,000,000 | 993,810 | ||||||
144A 5.40% 3/1/45 # | 2,000,000 | 1,972,140 | ||||||
City & County of San Francisco, California Special Tax District No 2020-1 | ||||||||
(Federally Taxable) | ||||||||
Series B 144A 5.25% 9/1/49 # | 1,000,000 | 711,940 | ||||||
Commonwealth of Puerto Rico | ||||||||
Series A 3.799% 11/1/51 ● | 14,007,998 | 4,797,739 | ||||||
(Subordinate) | ||||||||
3.035% 11/1/43 ● | 98,972,910 | 42,682,068 | ||||||
Conley Road Transportation Development District, Missouri | ||||||||
5.375% 5/1/47 | 6,655,000 | 6,159,202 | ||||||
Fountain Urban Renewal Authority, Colorado | ||||||||
(Improvement - South Academy Highland) | ||||||||
Series A 5.50% 11/1/44 | 3,750,000 | 3,528,300 | ||||||
GDB Debt Recovery Authority of Puerto Rico | ||||||||
7.50% 8/20/40 | 63,244,919 | 53,125,732 | ||||||
Glen Cove, New York Local Economic Assistance | ||||||||
(Garvies Point Public Improvement Project) | ||||||||
Series A 5.00% 1/1/56 | 2,000,000 | 1,711,820 | ||||||
Guam Government Business Privilege Tax Revenue | ||||||||
Series F 4.00% 1/1/42 | 2,500,000 | 2,231,200 |
74
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Henderson, Nevada Local Improvement Districts | ||||||||
(Black Mountain Ranch) | ||||||||
3.00% 9/1/36 | 300,000 | $ | 220,968 | |||||
3.50% 9/1/45 | 720,000 | 508,205 | ||||||
4.00% 9/1/51 | 500,000 | 386,855 | ||||||
Hickory Chase Community Authority Revenue, Ohio | ||||||||
(Hickory Chase Project) | ||||||||
Senior Series A 144A 5.00% 12/1/40 # | 1,355,000 | 1,216,858 | ||||||
Juban Crossing Economic Development District, Louisiana | ||||||||
(General Infrastructure Projects) | ||||||||
Series C 144A 7.00% 9/15/44 # | 3,005,000 | 2,744,347 | ||||||
(Road Projects) | ||||||||
Series A 144A 7.00% 9/15/44 # | 1,855,000 | 1,694,097 | ||||||
Las Vegas, Nevada | ||||||||
(Villages At Tule Springs Village 1) | ||||||||
144A 5.50% 6/1/37 # | 750,000 | 747,000 | ||||||
144A 5.75% 6/1/42 # | 1,100,000 | 1,091,035 | ||||||
144A 5.75% 6/1/47 # | 1,575,000 | 1,532,695 | ||||||
144A 6.00% 6/1/52 # | 1,800,000 | 1,794,870 | ||||||
Massachusetts Bay Transportation Authority | ||||||||
(Sustainability Bonds) | ||||||||
Series A 5.00% 7/1/52 | 5,000,000 | 5,432,950 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/39 | 2,655,000 | 2,614,564 | ||||||
Midtown Miami, Florida Community Development District | ||||||||
(Parking Garage Project) | ||||||||
Series A 5.00% 5/1/37 | 500,000 | 491,475 | ||||||
Mobile, Alabama Improvement District | ||||||||
(McGowin Park Project) | ||||||||
Series A 5.25% 8/1/30 | 1,000,000 | 950,730 | ||||||
Series A 5.50% 8/1/35 | 1,300,000 | 1,205,984 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue | ||||||||
Fiscal 2020 Subordinate | ||||||||
Series A-3 3.00% 5/1/45 | 5,000,000 | 3,905,500 | ||||||
Series A-1 5.25% 8/1/42 | 6,425,000 | 7,162,269 | ||||||
Series B-1 3.00% 8/1/48 | 6,605,000 | 5,035,388 | ||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series E 3.00% 3/15/50 | 5,000,000 | 3,699,100 |
75
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series E 4.00% 3/15/48 | 4,000,000 | $ | 3,766,000 | |||||
New York State Thruway Authority | ||||||||
Series A-1 3.00% 3/15/50 | 3,640,000 | 2,673,034 | ||||||
Series A-1 4.00% 3/15/55 | 2,000,000 | 1,850,680 | ||||||
Series A-1 4.00% 3/15/56 | 2,380,000 | 2,195,978 | ||||||
New York State Urban Development | ||||||||
Series E 3.00% 3/15/50 | 2,500,000 | 1,849,550 | ||||||
(General Purpose) | ||||||||
Series A 3.00% 3/15/50 | 3,310,000 | 2,448,804 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Route 33 Project) | ||||||||
7.00% 7/1/32 | 1,955,000 | 1,967,903 | ||||||
Prairie Center Metropolitan District No 3 | ||||||||
Series A 144A 5.00% 12/15/41 # | 2,000,000 | 1,944,520 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 0.109% 7/1/51 ^ | 49,254,000 | 9,293,245 | ||||||
Series A-1 1.607% 7/1/46 ^ | 78,170,000 | 20,033,408 | ||||||
Series A-1 4.75% 7/1/53 | 50,505,000 | 45,271,672 | ||||||
Series A-1 5.00% 7/1/58 | 4,988,000 | 4,627,866 | ||||||
Series A-2 4.536% 7/1/53 | 1,022,000 | 883,805 | ||||||
Series A-2 4.784% 7/1/58 | 10,622,000 | 9,494,581 | ||||||
Series B-1 4.75% 7/1/53 | 135,000 | 121,011 | ||||||
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement | ||||||||
(Francis Place Redevelopment Project) | ||||||||
5.625% 11/1/25 | 705,000 | 688,214 | ||||||
San Francisco, California Bay Area Rapid Transit District Sales Tax Revenue | ||||||||
Series A 3.00% 7/1/44 | 2,000,000 | 1,612,680 | ||||||
St. Louis County, Missouri Industrial Development Authority | ||||||||
(Manchester Ballas Community) | ||||||||
Series A 144A 5.00% 9/1/38 # | 1,050,000 | 956,865 | ||||||
Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,146,635 |
76
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | ||||||||
(Grand Center Redevelopment Project) | ||||||||
6.375% 12/1/25 | 335,000 | $ | 335,007 | |||||
Tampa, Florida | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 0.363% 9/1/53 ^ | 12,095,000 | 2,535,838 | ||||||
Verve Metropolitan District No 1 | ||||||||
6.50% 12/1/43 | 4,365,000 | 4,002,749 | ||||||
6.75% 12/1/52 | 4,000,000 | 3,630,960 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 5,065,000 | 4,373,222 | ||||||
(Mclemore Hotel & Conference Center) | ||||||||
Series A 144A 4.50% 6/1/56 # | 13,000,000 | 9,463,610 | ||||||
Series B 144A 6.50% 6/1/56 # | 1,000,000 | 795,740 | ||||||
Wyandotte County, Kansas Unified Government Special Obligation Revenue | ||||||||
(Sales Tax Vacation Village Project) | ||||||||
Series A 6.00% 9/1/35 | 4,690,000 | 4,285,300 | ||||||
312,732,156 | ||||||||
State General Obligation Bonds — 5.89% | ||||||||
California State | ||||||||
(Forward Delivery) | ||||||||
4.00% 9/1/29 | 3,950,000 | 4,251,108 | ||||||
(Various Purpose) | ||||||||
4.00% 10/1/36 | 5,055,000 | 5,166,463 | ||||||
5.00% 11/1/30 | 1,030,000 | 1,198,436 | ||||||
Commonwealth of Massachusetts | ||||||||
Series B 5.00% 1/1/32 | 5,000,000 | 5,497,550 | ||||||
Series D 4.00% 11/1/35 | 5,000,000 | 5,190,700 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 5,759,631 | 4,925,694 | ||||||
Series A-1 4.00% 7/1/41 | 27,881,837 | 23,032,070 | ||||||
Series A-1 4.00% 7/1/46 | 21,267,876 | 16,935,610 | ||||||
Illinois State | ||||||||
5.00% 1/1/28 | 1,190,000 | 1,225,914 | ||||||
5.00% 11/1/36 | 2,245,000 | 2,293,582 | ||||||
5.50% 5/1/39 | 6,000,000 | 6,378,480 | ||||||
Series A 5.00% 4/1/38 | 2,805,000 | 2,806,010 |
77
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Illinois State | ||||||||
Series A 5.125% 12/1/29 | 1,310,000 | $ | 1,377,805 | |||||
Series A 5.50% 3/1/47 | 9,700,000 | 10,182,284 | ||||||
Series B 3.00% 12/1/41 | 2,605,000 | 2,013,300 | ||||||
Series C 4.00% 10/1/41 | 400,000 | 360,928 | ||||||
Series C 4.00% 10/1/42 | 2,900,000 | 2,591,179 | ||||||
Series C 5.00% 11/1/29 | 4,600,000 | 4,810,772 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/35 | 2,000,000 | 1,924,480 | ||||||
Series B 4.00% 11/1/39 | 1,225,000 | 1,128,066 | ||||||
New Jersey State | ||||||||
Series A 4.00% 6/1/32 | 2,080,000 | 2,243,405 | ||||||
Washington State | ||||||||
Series A 5.00% 8/1/44 | 4,540,000 | 4,925,401 | ||||||
Series A-2 5.00% 8/1/43 | 6,635,000 | 7,274,415 | ||||||
117,733,652 | ||||||||
Transportation Revenue Bonds — 5.65% | ||||||||
Atlanta, Georgia Airport Revenue | ||||||||
Series B 5.00% 7/1/52 (AMT) | 2,000,000 | 2,054,800 | ||||||
California Municipal Finance Authority Senior Lien | ||||||||
(LINXS APM Project) | ||||||||
Series A 4.00% 12/31/47 (AMT) | 7,500,000 | 6,404,025 | ||||||
Chicago, Illinois O’Hare International Airport | ||||||||
(General-Airport-Senior Lien) | ||||||||
Series B 4.00% 1/1/44 | 3,000,000 | 2,821,380 | ||||||
Denver City & County, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/48 (AMT) | 5,000,000 | 4,523,700 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series A 144A 7.25% 7/1/57 (AMT) #, ● | 5,000,000 | 5,015,950 | ||||||
Foothill-Eastern Transportation Corridor Agency Revenue | ||||||||
Series B-2 3.50% 1/15/53 (AGM) | 2,000,000 | 1,656,260 | ||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 3,560,000 | 3,229,668 | ||||||
Georgia Ports Authority | ||||||||
4.00% 7/1/52 | 4,000,000 | 3,747,600 |
78
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Grand Parkway Transportation | ||||||||
(First Tier) | ||||||||
3.00% 10/1/50 | 3,500,000 | $ | 2,461,760 | |||||
Long Beach, California Marina Revenue | ||||||||
5.00% 5/15/40 | 1,000,000 | 1,011,860 | ||||||
Los Angeles Department of Airports | ||||||||
(Los Angeles International Airport) | ||||||||
Series F 3.00% 5/15/49 (AMT) | 3,030,000 | 2,196,114 | ||||||
Metropolitan Nashville Airport Authority | ||||||||
Series B 5.50% 7/1/52 (AMT) | 1,500,000 | 1,605,600 | ||||||
Metropolitan Transportation Authority Revenue, New York | ||||||||
Subordinate Series C-1 5.25% 11/15/55 | 5,000,000 | 5,122,100 | ||||||
New York State Thruway Authority | ||||||||
Series B 3.00% 1/1/53 (BAM) | 3,410,000 | 2,413,734 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project) | ||||||||
4.375% 10/1/45 (AMT) | 16,840,000 | 15,318,338 | ||||||
5.00% 10/1/40 (AMT) | 3,400,000 | 3,395,886 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/41 (AMT) | 4,920,000 | 5,019,630 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series C 3.00% 12/1/51 | 1,700,000 | 1,228,539 | ||||||
Phoenix, Arizona Civic Improvement | ||||||||
(Junior Lien) | ||||||||
Series A 5.00% 7/1/40 | 30,000 | 30,643 | ||||||
Port Beaumont, Texas Navigation District Dock & Wharf Facility Revenue | ||||||||
(Jefferson Gulf Coast Energy Project) | ||||||||
Series A 144A 2.875% 1/1/41 (AMT) # | 1,750,000 | 1,175,282 | ||||||
Port of Seattle, Washington Intermediate Lien Revenue | ||||||||
(Private Activity) | ||||||||
Series B 4.00% 8/1/47 (AMT) | 2,250,000 | 1,984,995 | ||||||
Series B 5.50% 8/1/47 (AMT) | 3,000,000 | 3,228,630 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 10,000,000 | 9,275,000 |
79
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
San Diego County, California Regional Airport Authority | ||||||||
Series B 4.00% 7/1/56 (AMT) | 3,000,000 | $ | 2,630,280 | |||||
South Jersey Port, New Jersey | ||||||||
(Subordinated Marine Terminal Revenue) | ||||||||
Series B 5.00% 1/1/48 (AMT) | 2,000,000 | 2,012,880 | ||||||
Texas Private Activity Bond Surface Transportation Corporate Senior Lien | ||||||||
(NTE Mobility Partners Segments 3 LLC Segment 3C Project) | ||||||||
5.00% 6/30/58 (AMT) | 23,780,000 | 23,390,721 | ||||||
112,955,375 | ||||||||
Water & Sewer Revenue Bonds — 2.80% | ||||||||
Chicago, Illinois Waterworks Revenue | ||||||||
(Second Lien) | ||||||||
5.00% 11/1/26 | 180,000 | 186,365 | ||||||
5.00% 11/1/28 | 30,000 | 31,154 | ||||||
Jefferson County, Alabama Sewer Revenue | ||||||||
(Senior Lien-Warrants) | ||||||||
Series A 5.50% 10/1/53 (AGM) | 2,500,000 | 2,566,575 | ||||||
(Sub Lien-Warrants) | ||||||||
Series D 7.00% 10/1/51 | 5,000,000 | 5,334,150 | ||||||
King County, Washington Sewer Revenue | ||||||||
Series A 4.00% 1/1/52 | 5,000,000 | 4,656,250 | ||||||
New York City Municipal Water Finance Authority | ||||||||
Subseries AA-1 3.00% 6/15/51 | 5,800,000 | 4,245,948 | ||||||
Subseries BB-1 3.00% 6/15/44 | 8,750,000 | 6,819,663 | ||||||
Tampa, Florida Water & Wastewater System Revenue | ||||||||
(Green Bonds) | ||||||||
Series A 5.25% 10/1/57 | 15,000,000 | 16,823,550 | ||||||
Texas Water Development Board | ||||||||
4.00% 10/15/46 | 10,000,000 | 9,566,200 | ||||||
(Master Trust) | ||||||||
Series B 5.00% 4/15/31 | 5,240,000 | 5,841,185 | ||||||
56,071,040 | ||||||||
Total Municipal Bonds (cost $2,080,968,367) | 1,934,826,124 |
80
Principal amount° | Value | |||||||
Short-Term Investments — 2.51% | ||||||||
Variable Rate Demand Notes — 2.51%¤ | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Rady Children’s Hospital - San Diego) | ||||||||
Series B 1.85% 8/15/47 | ||||||||
(LOC - Wells Fargo Bank, N.A.) | 2,800,000 | $ | 2,800,000 | |||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
Series F-2 2.50% 7/1/41 | ||||||||
(LOC - TD Bank N.A.) | 1,920,000 | 1,920,000 | ||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Series A-2 1.55% 7/1/45 | ||||||||
(SPA - Barclays Bank) | 900,000 | 900,000 | ||||||
Massachusetts Development Finance Agency Revenue | ||||||||
Series U-6E 2.40% 10/1/42 | ||||||||
(LOC - TD Bank N.A.) | 3,500,000 | 3,500,000 | ||||||
Metropolitan Washington, D.C. Airports Authority | ||||||||
Series D-2 2.45% 10/1/39 | ||||||||
(LOC - TD Bank N.A.) | 950,000 | 950,000 | ||||||
Mississippi Business Finance Gulf Opportunity Zone Industrial Development Revenue | ||||||||
(Chevron U.S.A Inc Project) | ||||||||
Series C 2.55% 12/1/30 | 1,000,000 | 1,000,000 | ||||||
Series C 2.55% 12/1/30 | 200,000 | 200,000 | ||||||
Series E 2.55% 12/1/30 | 1,550,000 | 1,550,000 | ||||||
Series F 2.55% 12/1/30 | 950,000 | 950,000 | ||||||
Series H 2.55% 11/1/35 | 700,000 | 700,000 | ||||||
New York City Municipal Water Finance Authority | ||||||||
Fiscal 2023 Subseries BB-2 2.55% 6/15/44 | ||||||||
(SPA - Mizuho Bank) | 10,500,000 | 10,500,000 | ||||||
Series BB 2.55% 6/15/33 | ||||||||
(SPA - Bank of America N.A) | 1,900,000 | 1,900,000 | ||||||
(General Resolution) | ||||||||
Series DD-1 2.45% 6/15/43 | ||||||||
(SPA - TD Bank, N.A.) | 7,300,000 | 7,300,000 | ||||||
New York City, New York | ||||||||
Fiscal 2014 Subordinate | ||||||||
Series D-4 2.45% 8/1/40 | ||||||||
(LOC - TD Bank, N.A.) | 500,000 | 500,000 | ||||||
Fiscal 2018 Subordinate | ||||||||
Series E-5 2.45% 3/1/48 | ||||||||
(LOC - TD Bank, N.A.) | 2,100,000 | 2,100,000 | ||||||
Phoenix, Arizona Industrial Development Authority | ||||||||
(Mayo Clinic) | ||||||||
Series B 2.60% 11/15/52 | ||||||||
(SPA - Northern Trust) | 900,000 | 900,000 | ||||||
University of Michigan | ||||||||
(General Revenue) | ||||||||
Series D-1 2.55% 12/1/24 | 2,465,000 | 2,465,000 |
81
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes (continued) | ||||||||
University of North Carolina Hospitals at Chapel Hill | ||||||||
Series A 2.50% 2/15/31 | ||||||||
(SPA - TD Bank N.A.) | 4,025,000 | $ | 4,025,000 | |||||
Series B 2.50% 2/15/31 | ||||||||
(SPA - TD Bank N.A.) | 6,115,000 | 6,115,000 | ||||||
Total Short-Term Investments (cost $50,275,000) | 50,275,000 | |||||||
Total Value of Securities—99.23% | ||||||||
(cost $2,131,243,367) | $ | 1,985,101,124 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $478,317,527, which represents 23.91% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at February 28, 2023. | |
§ | 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. See Note 7 in “Notes to financial statements.” | |
¤ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
82
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
PSF – Guaranteed by Permanent School Fund
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
83
Statements of assets and liabilities
February 28, 2023 (Unaudited)
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 715,671,551 | $ | 1,067,896,851 | $ | 1,985,101,124 | ||||||
Cash | 3,224,709 | 186,501 | — | |||||||||
Interest receivable | 6,993,954 | 11,303,246 | 20,812,050 | |||||||||
Receivable for securities sold | 4,457,101 | — | — | |||||||||
Receivable for fund shares sold | 1,012,147 | 5,490,688 | 6,969,985 | |||||||||
Prepaid expenses | 261,261 | 203,775 | 306,985 | |||||||||
Other assets | 7,206 | 8,545 | 12,692 | |||||||||
Total Assets | 731,627,929 | 1,085,089,606 | 2,013,202,836 | |||||||||
Liabilities: | ||||||||||||
Due to custodian | — | — | 3,474,075 | |||||||||
Payable for fund shares redeemed | 6,025,381 | 1,591,007 | 6,824,513 | |||||||||
Payable for securities purchased | 4,392,009 | 2,693,154 | — | |||||||||
Other accrued expenses | 567,317 | 564,263 | 594,059 | |||||||||
Distribution payable | 252,150 | 356,715 | 926,326 | |||||||||
Investment management fees payable to affiliates | 110,890 | 149,456 | 668,925 | |||||||||
Distribution fees payable to affiliates | 100,887 | 88,376 | 91,816 | |||||||||
Administration expenses payable to affiliates | 58,594 | 69,079 | 95,831 | |||||||||
Total Liabilities | 11,507,228 | 5,512,050 | 12,675,545 | |||||||||
Total Net Assets | $ | 720,120,701 | $ | 1,079,577,556 | $ | 2,000,527,291 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 821,751,775 | $ | 1,174,406,744 | $ | 2,204,137,758 | ||||||
Total distributable earnings (loss) | (101,631,074 | ) | (94,829,188 | ) | (203,610,467 | ) | ||||||
Total Net Assets | $ | 720,120,701 | $ | 1,079,577,556 | $ | 2,000,527,291 |
84
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | |||||||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 482,937,205 | $ | 428,933,387 | $ | 296,968,645 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 48,016,860 | 40,060,296 | 30,320,588 | ||||||||||
Net asset value per share | $ | 10.06 | $ | 10.71 | $ | 9.79 | |||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | |||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 10.53 | $ | 11.01 | $ | 10.25 | |||||||
Class C: | |||||||||||||
Net assets | $ | 7,192,942 | $ | 5,622,549 | $ | 43,215,808 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 715,044 | 525,605 | 4,394,902 | ||||||||||
Net asset value per share | $ | 10.06 | $ | 10.70 | $ | 9.83 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 229,990,554 | $ | 645,021,620 | $ | 1,660,342,838 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 22,684,432 | 59,673,321 | 167,954,163 | ||||||||||
Net asset value per share | $ | 10.14 | $ | 10.81 | $ | 9.89 | |||||||
| |||||||||||||
* | Investments, at cost | $ | 762,906,012 | $ | 1,103,444,341 | $ | 2,131,243,367 |
See accompanying notes, which are an integral part of the financial statements.
85
Six months ended February 28, 2023 (Unaudited)
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 17,109,439 | $ | 21,557,317 | $ | 50,121,614 | ||||||
Expenses: | ||||||||||||
Management fees | 1,957,990 | 2,569,965 | 4,557,360 | |||||||||
Distribution expenses — Class A | 616,786 | 542,837 | 336,586 | |||||||||
Distribution expenses — Class C | 38,863 | 30,045 | 216,326 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 394,968 | 489,725 | 757,904 | |||||||||
Accounting and administration expenses | 73,397 | 94,112 | 143,518 | |||||||||
Registration fees | 40,234 | 53,127 | 61,021 | |||||||||
Legal fees | 30,127 | 33,447 | 49,037 | |||||||||
Reports and statements to shareholders expenses | 29,715 | 29,286 | 40,868 | |||||||||
Trustees’ fees and expenses | 20,636 | 25,545 | 37,081 | |||||||||
Audit and tax fees | 20,379 | 20,379 | 20,379 | |||||||||
Custodian fees | 15,218 | 18,057 | 24,303 | |||||||||
Other | 37,549 | 41,434 | 50,186 | |||||||||
3,275,862 | 3,947,959 | 6,294,569 | ||||||||||
Less expenses waived | (601,883 | ) | (725,250 | ) | (159,884 | ) | ||||||
Less expenses paid indirectly | (121 | ) | (108 | ) | (16 | ) | ||||||
Total operating expenses | 2,673,858 | 3,222,601 | 6,134,669 | |||||||||
Net Investment Income (Loss) | 14,435,581 | 18,334,716 | 43,986,945 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | (18,237,357 | ) | (17,648,427 | ) | (10,730,160 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments | (20,182,702 | ) | (8,791,774 | ) | (87,635,906 | ) | ||||||
Net Realized and Unrealized Gain (Loss) | (38,420,059 | ) | (26,440,201 | ) | (98,366,066 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (23,984,478 | ) | $ | (8,105,485 | ) | $ | (54,379,121 | ) |
See accompanying notes, which are an integral part of the financial statements.
86
Statements of changes in net assets
Delaware Tax-Free USA Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 14,435,581 | $ | 28,748,280 | ||||
Net realized gain (loss) | (18,237,357 | ) | (32,326,956 | ) | ||||
Net change in unrealized appreciation (depreciation) | (20,182,702 | ) | (135,309,676 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (23,984,478 | ) | (138,888,352 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (9,775,121 | ) | (31,900,298 | ) | ||||
Class C | (124,098 | ) | (346,866 | ) | ||||
Institutional Class | (4,784,788 | ) | (11,084,625 | ) | ||||
(14,684,007 | ) | (43,331,789 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 42,506,150 | 253,814,461 | ||||||
Class C | 1,385,067 | 3,778,437 | ||||||
Institutional Class | 116,723,367 | 339,475,248 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 8,766,236 | 29,634,976 | ||||||
Class C | 120,802 | 338,804 | ||||||
Institutional Class | 4,120,979 | 9,707,948 | ||||||
173,622,601 | 636,749,874 |
87
Statements of changes in net assets
Delaware Tax-Free USA Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (81,080,681 | ) | $ | (558,816,551 | ) | ||
Class C | (2,362,891 | ) | (3,819,203 | ) | ||||
Institutional Class | (243,822,991 | ) | (142,795,609 | ) | ||||
(327,266,563 | ) | (705,431,363 | ) | |||||
Decrease in net assets derived from capital share transactions | (153,643,962 | ) | (68,681,489 | ) | ||||
Net Decrease in Net Assets | (192,312,447 | ) | (250,901,630 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 912,433,148 | 1,163,334,778 | ||||||
End of period | $ | 720,120,701 | $ | 912,433,148 |
See accompanying notes, which are an integral part of the financial statements.
88
Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 18,334,716 | $ | 34,441,127 | ||||
Net realized gain (loss) | (17,648,427 | ) | (38,294,341 | ) | ||||
Net change in unrealized appreciation (depreciation) | (8,791,774 | ) | (127,905,368 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (8,105,485 | ) | (131,758,582 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (7,283,403 | ) | (14,242,426 | ) | ||||
Class C | (78,120 | ) | (149,437 | ) | ||||
Institutional Class | (11,161,214 | ) | (20,049,264 | ) | ||||
(18,522,737 | ) | (34,441,127 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 38,409,233 | 45,547,114 | ||||||
Class C | 832,616 | 2,873,486 | ||||||
Institutional Class | 330,342,194 | 521,335,408 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 6,385,626 | 12,394,377 | ||||||
Class C | 76,644 | 146,413 | ||||||
Institutional Class | 9,978,894 | 17,674,611 | ||||||
386,025,207 | 599,971,409 |
89
Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (56,584,356 | ) | $ | (99,996,602 | ) | ||
Class C | (1,971,332 | ) | (2,610,271 | ) | ||||
Institutional Class | (290,493,297 | ) | (483,548,428 | ) | ||||
(349,048,985 | ) | (586,155,301 | ) | |||||
Increase in net assets derived from capital share transactions | 36,976,222 | 13,816,108 | ||||||
Net Increase (Decrease) in Net Assets | 10,348,000 | (152,383,601 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 1,069,229,556 | 1,221,613,157 | ||||||
End of period | $ | 1,079,577,556 | $ | 1,069,229,556 |
See accompanying notes, which are an integral part of the financial statements.
90
Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 43,986,945 | $ | 73,710,021 | ||||
Net realized gain (loss) | (10,730,160 | ) | (42,953,091 | ) | ||||
Net change in unrealized appreciation (depreciation) | (87,635,906 | ) | (225,036,921 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (54,379,121 | ) | (194,279,991 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (6,998,280 | ) | (10,155,975 | ) | ||||
Class C | (963,262 | ) | (1,727,407 | ) | ||||
Institutional Class | (42,352,108 | ) | (63,585,989 | ) | ||||
(50,313,650 | ) | (75,469,371 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 100,553,182 | 132,767,302 | ||||||
Class C | 10,447,096 | 11,602,221 | ||||||
Institutional Class | 1,101,325,817 | 1,068,879,793 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 6,459,453 | 9,284,028 | ||||||
Class C | 910,050 | 1,640,114 | ||||||
Institutional Class | 36,689,460 | 53,416,421 | ||||||
1,256,385,058 | 1,277,589,879 |
91
Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (56,888,537 | ) | $ | (89,531,641 | ) | ||
Class C | (12,012,801 | ) | (17,118,633 | ) | ||||
Institutional Class | (935,017,945 | ) | (807,206,556 | ) | ||||
(1,003,919,283 | ) | (913,856,830 | ) | |||||
Increase in net assets derived from capital share transactions | 252,465,775 | 363,733,049 | ||||||
Net Increase in Net Assets | 147,773,004 | 93,983,687 | ||||||
Net Assets: | ||||||||
Beginning of period | 1,852,754,287 | 1,758,770,600 | ||||||
End of period | $ | 2,000,527,291 | $ | 1,852,754,287 |
See accompanying notes, which are an integral part of the financial statements.
92
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Delaware Tax-Free USA Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $0.005 per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
94
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | ||||||||||||
0.20 | 0.33 | 0.36 | 0.38 | 0.41 | 0.42 | ||||||||||||||||||
(0.45 | ) | (1.88 | ) | 0.70 | 0.01 | 0.52 | (0.26 | ) | |||||||||||||||
(0.25 | ) | (1.55 | ) | 1.06 | 0.39 | 0.93 | 0.16 | ||||||||||||||||
(0.20 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||
— | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | — | ||||||||||||||
(0.20 | ) | (0.50 | ) | (0.44 | ) | (0.41 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||
$ | 10.06 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | ||||||||||||
(2.37 | )% | (12.65 | )% | 9.03 | % | 3.44 | % | 8.35 | % | 1.44 | % | ||||||||||||
$ | 482,937 | $ | 534,749 | $ | 944,054 | $ | 478,671 | $ | 472,153 | $ | 481,117 | ||||||||||||
0.80 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||
0.96 | % | 0.91 | % | 0.92 | % | 0.95 | % | 0.95 | % | 0.96 | % | ||||||||||||
3.86 | % | 2.82 | % | 2.84 | % | 3.24 | % | 3.55 | % | 3.66 | % | ||||||||||||
3.70 | % | 2.71 | % | 2.74 | % | 3.10 | % | 3.41 | % | 3.51 | % | ||||||||||||
34 | % | 71 | % | 40 | % | 77 | % | 43 | % | 42 | % |
95
Financial highlights
Delaware Tax-Free USA Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $0.005 per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
96
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | ||||||||||||
0.16 | 0.24 | 0.26 | 0.29 | 0.32 | 0.34 | ||||||||||||||||||
(0.45 | ) | (1.88 | ) | 0.70 | 0.01 | 0.52 | (0.26 | ) | |||||||||||||||
(0.29 | ) | (1.64 | ) | 0.96 | 0.30 | 0.84 | 0.08 | ||||||||||||||||
(0.16 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
— | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | — | ||||||||||||||
(0.16 | ) | (0.41 | ) | (0.34 | ) | (0.32 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
$ | 10.06 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | ||||||||||||
(2.74 | )% | (13.31 | )% | 8.22 | % | 2.66 | % | 7.55 | % | 0.68 | % | ||||||||||||
$ | 7,193 | $ | 8,366 | $ | 9,834 | $ | 10,778 | $ | 16,051 | $ | 18,808 | ||||||||||||
1.55 | % | 1.55 | % | 1.57 | % | 1.56 | % | 1.56 | % | 1.56 | % | ||||||||||||
1.71 | % | 1.66 | % | 1.67 | % | 1.70 | % | 1.70 | % | 1.71 | % | ||||||||||||
3.11 | % | 2.07 | % | 2.09 | % | 2.49 | % | 2.80 | % | 2.91 | % | ||||||||||||
2.95 | % | 1.96 | % | 1.99 | % | 2.35 | % | 2.66 | % | 2.76 | % | ||||||||||||
34 | % | 71 | % | 40 | % | 77 | % | 43 | % | 42 | % |
97
Financial highlights
Delaware Tax-Free USA Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $0.005 per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
98
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.59 | $ | 12.66 | $ | 12.03 | $ | 12.05 | $ | 11.52 | $ | 11.79 | ||||||||||||
0.21 | 0.36 | 0.39 | 0.41 | 0.44 | 0.45 | ||||||||||||||||||
(0.45 | ) | (1.90 | ) | 0.71 | 0.01 | 0.53 | (0.27 | ) | |||||||||||||||
(0.24 | ) | (1.54 | ) | 1.10 | 0.42 | 0.97 | 0.18 | ||||||||||||||||
(0.21 | ) | (0.36 | ) | (0.39 | ) | (0.41 | ) | (0.44 | ) | (0.45 | ) | ||||||||||||
— | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | — | ||||||||||||||
(0.21 | ) | (0.53 | ) | (0.47 | ) | (0.44 | ) | (0.44 | ) | (0.45 | ) | ||||||||||||
$ | 10.14 | $ | 10.59 | $ | 12.66 | $ | 12.03 | $ | 12.05 | $ | 11.52 | ||||||||||||
(2.22 | )% | (12.48 | )% | 9.34 | % | 3.70 | % | 8.68 | % | 1.61 | % | ||||||||||||
$ | 229,991 | $ | 369,318 | $ | 209,447 | $ | 135,801 | $ | 134,112 | $ | 77,396 | ||||||||||||
0.55 | % | 0.55 | % | 0.57 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
0.71 | % | 0.66 | % | 0.67 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||
4.11 | % | 3.07 | % | 3.09 | % | 3.49 | % | 3.80 | % | 3.91 | % | ||||||||||||
3.95 | % | 2.96 | % | 2.99 | % | 3.35 | % | 3.66 | % | 3.76 | % | ||||||||||||
34 | % | 71 | % | 40 | % | 77 | % | 43 | % | 42 | % |
99
Financial highlights
Delaware Tax-Free USA Intermediate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
100
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.01 | $ | 12.63 | $ | 12.26 | $ | 12.28 | $ | 11.76 | $ | 12.06 | ||||||||||||
0.18 | 0.33 | 0.33 | 0.35 | 0.37 | 0.37 | ||||||||||||||||||
(0.30 | ) | (1.62 | ) | 0.37 | (0.02 | ) | 0.52 | (0.30 | ) | ||||||||||||||
(0.12 | ) | (1.29 | ) | 0.70 | 0.33 | 0.89 | 0.07 | ||||||||||||||||
(0.18 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | (0.37 | ) | (0.37 | ) | ||||||||||||
(0.18 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | (0.37 | ) | (0.37 | ) | ||||||||||||
$ | 10.71 | $ | 11.01 | $ | 12.63 | $ | 12.26 | $ | 12.28 | $ | 11.76 | ||||||||||||
(1.08 | )% | (10.33 | )% | 5.79 | % | 2.76 | % | 7.71 | % | 0.57 | % | ||||||||||||
$ | 428,933 | $ | 452,772 | $ | 564,932 | $ | 106,135 | $ | 123,691 | $ | 136,653 | ||||||||||||
0.75 | % | 0.71 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.71 | % | ||||||||||||
0.89 | % | 0.87 | % | 0.88 | % | 0.91 | % | 0.91 | % | 0.92 | % | ||||||||||||
3.32 | % | 2.80 | % | 2.64 | % | 2.87 | % | 3.11 | % | 3.10 | % | ||||||||||||
3.18 | % | 2.64 | % | 2.41 | % | 2.61 | % | 2.85 | % | 2.89 | % | ||||||||||||
23 | % | 59 | % | 23 | % | 27 | % | 25 | % | 32 | % |
101
Financial highlights
Delaware Tax-Free USA Intermediate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
102
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.00 | $ | 12.62 | $ | 12.25 | $ | 12.27 | $ | 11.75 | $ | 12.05 | ||||||||||||
0.14 | 0.24 | 0.23 | 0.24 | 0.27 | 0.27 | ||||||||||||||||||
(0.30 | ) | (1.62 | ) | 0.37 | (0.02 | ) | 0.52 | (0.30 | ) | ||||||||||||||
(0.16 | ) | (1.38 | ) | 0.60 | 0.22 | 0.79 | (0.03 | ) | |||||||||||||||
(0.14 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
(0.14 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
$ | 10.70 | $ | 11.00 | $ | 12.62 | $ | 12.25 | $ | 12.27 | $ | 11.75 | ||||||||||||
(1.46 | )% | (11.04 | )% | 4.90 | % | 1.89 | % | 6.81 | % | (0.28 | )% | ||||||||||||
$ | 5,623 | $ | 6,872 | $ | 7,497 | $ | 11,864 | $ | 22,874 | $ | 28,002 | ||||||||||||
1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.56 | % | ||||||||||||
1.64 | % | 1.62 | % | 1.63 | % | 1.66 | % | 1.66 | % | 1.67 | % | ||||||||||||
2.57 | % | 2.01 | % | 1.79 | % | 2.02 | % | 2.26 | % | 2.25 | % | ||||||||||||
2.43 | % | 1.89 | % | 1.66 | % | 1.86 | % | 2.10 | % | 2.14 | % | ||||||||||||
23 | % | 59 | % | 23 | % | 27 | % | 25 | % | 32 | % |
103
Financial highlights
Delaware Tax-Free USA Intermediate Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
104
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.11 | $ | 12.75 | $ | 12.38 | $ | 12.40 | $ | 11.87 | $ | 12.17 | ||||||||||||
0.19 | 0.36 | 0.35 | 0.37 | 0.39 | 0.39 | ||||||||||||||||||
(0.30 | ) | (1.64 | ) | 0.37 | (0.02 | ) | 0.53 | (0.30 | ) | ||||||||||||||
(0.11 | ) | (1.28 | ) | 0.72 | 0.35 | 0.92 | 0.09 | ||||||||||||||||
(0.19 | ) | (0.36 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | (0.39 | ) | ||||||||||||
(0.19 | ) | (0.36 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | (0.39 | ) | ||||||||||||
$ | 10.81 | $ | 11.11 | $ | 12.75 | $ | 12.38 | $ | 12.40 | $ | 11.87 | ||||||||||||
(0.94 | )% | (10.17 | )% | 5.92 | % | 2.92 | % | 7.92 | % | 0.75 | % | ||||||||||||
$ | 645,022 | $ | 609,586 | $ | 649,184 | $ | 453,727 | $ | 399,830 | $ | 377,445 | ||||||||||||
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.56 | % | ||||||||||||
0.64 | % | 0.62 | % | 0.63 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||
3.57 | % | 3.01 | % | 2.79 | % | 3.02 | % | 3.26 | % | 3.25 | % | ||||||||||||
3.43 | % | 2.89 | % | 2.66 | % | 2.86 | % | 3.10 | % | 3.14 | % | ||||||||||||
23 | % | 59 | % | 23 | % | 27 | % | 25 | % | 32 | % |
105
Financial highlights
Delaware National High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
106
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.35 | $ | 12.04 | $ | 11.15 | $ | 11.48 | $ | 11.00 | $ | 11.05 | ||||||||||||
0.22 | 0.44 | 0.42 | 0.44 | 0.46 | 0.46 | ||||||||||||||||||
(0.52 | ) | (1.67 | ) | 0.91 | (0.33 | ) | 0.48 | (0.05 | ) | ||||||||||||||
(0.30 | ) | (1.23 | ) | 1.33 | 0.11 | 0.94 | 0.41 | ||||||||||||||||
(0.22 | ) | (0.43 | ) | (0.42 | ) | (0.44 | ) | (0.46 | ) | (0.46 | ) | ||||||||||||
(0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | — | |||||||||||||||
(0.26 | ) | (0.46 | ) | (0.44 | ) | (0.44 | ) | (0.46 | ) | (0.46 | ) | ||||||||||||
$ | 9.79 | $ | 10.35 | $ | 12.04 | $ | 11.15 | $ | 11.48 | $ | 11.00 | ||||||||||||
(2.90 | )% | (10.49 | )% | 12.12 | % | 1.06 | % | 8.81 | % | 3.80 | % | ||||||||||||
$ | 296,969 | $ | 261,839 | $ | 247,542 | $ | 182,214 | $ | 208,549 | $ | 200,493 | ||||||||||||
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||
0.87 | % | 0.88 | % | 0.88 | % | 0.91 | % | 0.90 | % | 0.91 | % | ||||||||||||
4.54 | % | 3.94 | % | 3.65 | % | 3.99 | % | 4.22 | % | 4.19 | % | ||||||||||||
4.52 | % | 3.91 | % | 3.62 | % | 3.93 | % | 4.17 | % | 4.13 | % | ||||||||||||
11 | % | 56 | % | 16 | % | 44 | % | 33 | % | 19 | % |
107
Financial highlights
Delaware National High-Yield Municipal Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
108
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.39 | $ | 12.09 | $ | 11.20 | $ | 11.52 | $ | 11.04 | $ | 11.09 | ||||||||||||
0.18 | 0.35 | 0.33 | 0.36 | 0.38 | 0.38 | ||||||||||||||||||
(0.52 | ) | (1.67 | ) | 0.91 | (0.32 | ) | 0.48 | (0.05 | ) | ||||||||||||||
(0.34 | ) | (1.32 | ) | 1.24 | 0.04 | 0.86 | 0.33 | ||||||||||||||||
(0.18 | ) | (0.35 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | (0.38 | ) | ||||||||||||
(0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | — | |||||||||||||||
(0.22 | ) | (0.38 | ) | (0.35 | ) | (0.36 | ) | (0.38 | ) | (0.38 | ) | ||||||||||||
$ | 9.83 | $ | 10.39 | $ | 12.09 | $ | 11.20 | $ | 11.52 | $ | 11.04 | ||||||||||||
(3.24 | )% | (11.18 | )% | 11.25 | % | 0.41 | % | 7.98 | % | 3.03 | % | ||||||||||||
$ | 43,215 | $ | 46,410 | $ | 58,285 | $ | 68,993 | $ | 91,184 | $ | 92,155 | ||||||||||||
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
1.62 | % | 1.63 | % | 1.63 | % | 1.66 | % | 1.65 | % | 1.66 | % | ||||||||||||
3.79 | % | 3.19 | % | 2.90 | % | 3.24 | % | 3.47 | % | 3.44 | % | ||||||||||||
3.77 | % | 3.16 | % | 2.87 | % | 3.18 | % | 3.42 | % | 3.38 | % | ||||||||||||
11 | % | 56 | % | 16 | % | 44 | % | 33 | % | 19 | % |
109
Financial highlights
Delaware National High-Yield Municipal Bond Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
110
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.45 | $ | 12.15 | $ | 11.26 | $ | 11.58 | $ | 11.10 | $ | 11.15 | ||||||||||||
0.23 | 0.47 | 0.45 | 0.47 | 0.49 | 0.49 | ||||||||||||||||||
(0.52 | ) | (1.68 | ) | 0.91 | (0.32 | ) | 0.48 | (0.05 | ) | ||||||||||||||
(0.29 | ) | (1.21 | ) | 1.36 | 0.15 | 0.97 | 0.44 | ||||||||||||||||
(0.23 | ) | (0.46 | ) | (0.45 | ) | (0.47 | ) | (0.49 | ) | (0.49 | ) | ||||||||||||
(0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | — | |||||||||||||||
(0.27 | ) | (0.49 | ) | (0.47 | ) | (0.47 | ) | (0.49 | ) | (0.49 | ) | ||||||||||||
$ | 9.89 | $ | 10.45 | $ | 12.15 | $ | 11.26 | $ | 11.58 | $ | 11.10 | ||||||||||||
(2.73 | )% | (10.22 | )% | 12.32 | % | 1.44 | % | 9.03 | % | 4.07 | % | ||||||||||||
$ | 1,660,343 | $ | 1,544,505 | $ | 1,452,944 | $ | 1,095,548 | $ | 1,141,973 | $ | 1,017,167 | ||||||||||||
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
0.62 | % | 0.63 | % | 0.63 | % | 0.66 | % | 0.65 | % | 0.66 | % | ||||||||||||
4.79 | % | 4.19 | % | 3.90 | % | 4.24 | % | 4.47 | % | 4.44 | % | ||||||||||||
4.77 | % | 4.16 | % | 3.87 | % | 4.18 | % | 4.42 | % | 4.38 | % | ||||||||||||
11 | % | 56 | % | 16 | % | 44 | % | 33 | % | 19 | % |
111
Delaware Funds by Macquarie® national tax-free funds | February 28, 2023 (Unaudited) |
Delaware Group® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
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Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Funds’ Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2023, and for all open tax years (years ended August 31, 2019 – August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2023, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to a Fund are charged directly to each Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||
On the first $500 million | 0.5500 | % | 0.5000 | % | 0.5500 | % | ||||||
On the next $500 million | 0.5000 | % | 0.4750 | % | 0.5000 | % | ||||||
On the next $1.5 billion | 0.4500 | % | 0.4500 | % | 0.4500 | % | ||||||
In excess of $2.5 billion | 0.4250 | % | 0.4250 | % | 0.4250 | % |
DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s
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average daily net assets from September 1, 2022 through February 28, 2023.* These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.
Fund | Operating expense limitation as a percentage of average daily net assets (per annum) | |||
Delaware Tax-Free USA Fund | 0.55 | % | ||
Delaware Tax-Free USA Intermediate Fund | 0.50 | % | ||
Delaware National High-Yield Municipal Bond Fund | 0.60 | % |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free USA Fund | $ | 20,004 | ||
Delaware Tax-Free USA Intermediate Fund | 26,596 | |||
Delaware National High-Yield Municipal Bond Fund | 36,518 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free USA Fund | $ | 142,931 | ||
Delaware Tax-Free USA Intermediate Fund | 252,320 |
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund | Fees | |||
Delaware National High-Yield Municipal Bond Fund | $ | 644,220 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |||
Delaware Tax-Free USA Fund | $ | 9,662 | ||
Delaware Tax-Free USA Intermediate Fund | 12,556 | |||
Delaware National High-Yield Municipal Bond Fund | 20,412 |
For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free USA Fund | $ | 8,035 | ||
Delaware Tax-Free USA Intermediate Fund | 2,643 |
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Fund | Class A | |||
Delaware National High-Yield Municipal Bond Fund | $ | 6,233 |
For the six months ended February 28, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||||||
Delaware Tax-Free USA Fund | $ | 31,544 | $ | 156 | ||||
Delaware Tax-Free USA Intermediate Fund | 1,504 | 427 | ||||||
Delaware National High-Yield Municipal Bond Fund | 22,891 | 1,192 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
Cross trades for the six months ended February 28, 2023, were executed by each Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended February 28, 2023, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
Delaware Tax-Free USA Fund | $ | — | $ | 2,900,286 | $ | — | ||||||
Delaware Tax-Free USA Intermediate Fund | — | 3,000,049 | — | |||||||||
Delaware National High-Yield Municipal Bond Fund | 7,920,966 | — | — |
Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund did not have any realized gains (losses) during the six months ended February 28, 2023.
* | The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023. |
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
3. Investments
For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free USA Fund | $ | 251,784,414 | $ | 377,401,178 | ||||
Delaware Tax-Free USA Intermediate Fund | 276,977,176 | 231,335,804 | ||||||
Delaware National High-Yield Municipal Bond Fund | 427,832,008 | 207,179,356 |
At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund | Cost of investments | Aggregate unrealized appreciation of investments | Aggregate unrealized depreciation of investments | Net unrealized appreciation (depreciation) of investments | ||||||||||||
Delaware Tax-Free USA Fund | $ | 762,906,012 | $ | 8,280,603 | $ | (55,515,064 | ) | $ | (47,234,461 | ) | ||||||
Delaware Tax-Free USA Intermediate Fund | 1,103,444,341 | 15,491,134 | (51,038,624 | ) | (35,547,490 | ) | ||||||||||
Delaware National High-Yield Municipal Bond Fund | 2,125,584,012 | 36,910,543 | (177,393,431 | ) | (140,482,888 | ) |
At August 31, 2022, capital loss carryforwards available to offset future realized capital gains, are as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free USA Fund | $ | 30,578,460 | $ | — | $ | 30,578,460 | ||||||
Delaware Tax-Free USA Intermediate Fund | 39,375,633 | 1,482,641 | 40,858,274 |
At August 31, 2022, there were no capital loss carryforwards for Delaware National High-Yield Municipal Bond Fund.
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US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 − | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 − | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
3. Investments (continued)
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2023:
Delaware Tax-Free USA Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 713,171,551 | ||
Short-Term Investments | 2,500,000 | |||
Total Value of Securities | $ | 715,671,551 |
Delaware Tax-Free USA Intermediate Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 1,054,121,851 | ||
Short-Term Investments | 13,775,000 | |||
Total Value of Securities | $ | 1,067,896,851 |
Delaware National High-Yield Municipal Bond Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 1,934,826,124 | ||
Short-Term Investments | 50,275,000 | |||
Total Value of Securities | $ | 1,985,101,124 |
During the six months ended February 28, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2023, there were no Level 3 investments.
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4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||||||||||||||
Six months ended | Year ended | Six months ended | Year ended | Six months ended | Year ended | |||||||||||||||||||
2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 4,252,884 | 21,643,136 | 3,605,604 | 3,867,874 | 10,152,427 | 12,029,757 | ||||||||||||||||||
Class C | 137,969 | 317,604 | 77,528 | 239,606 | 1,049,865 | 1,024,094 | ||||||||||||||||||
Institutional Class | 11,385,399 | 30,397,160 | 30,817,789 | 44,237,789 | 110,916,555 | 97,284,036 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 877,890 | 2,523,875 | 599,463 | 1,056,330 | 660,535 | 833,394 | ||||||||||||||||||
Class C | 12,096 | 28,962 | 7,208 | 12,554 | 92,770 | 146,115 | ||||||||||||||||||
Institutional Class | 409,568 | 833,445 | 927,610 | 1,495,970 | 3,718,274 | 4,757,740 | ||||||||||||||||||
17,075,806 | 55,744,182 | 36,035,202 | 50,910,123 | 126,590,426 | 116,075,136 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (8,016,921 | ) | (48,417,109 | ) | (5,285,389 | ) | (8,512,381 | ) | (5,789,677 | ) | (8,128,802 | ) | ||||||||||||
Class C | (231,230 | ) | (333,039 | ) | (184,131 | ) | (221,305 | ) | (1,214,053 | ) | (1,526,414 | ) | ||||||||||||
Institutional Class | (23,984,239 | ) | (12,898,965 | ) | (26,942,604 | ) | (41,779,806 | ) | (94,533,229 | ) | (73,781,566 | ) | ||||||||||||
(32,232,390 | ) | (61,649,113 | ) | (32,412,124 | ) | (50,513,492 | ) | (101,536,959 | ) | (83,436,782 | ) | |||||||||||||
Net increase (decrease) | (15,156,584 | ) | (5,904,931 | ) | 3,623,078 | 396,631 | 25,053,467 | 32,638,354 |
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
4. Capital Shares (continued)
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||||
Institutional | Institutional | |||||||||||||||||||||||
Class A | Class C | Class | Class A | Class | ||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Value | |||||||||||||||||||
Delaware Tax-Free USA Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 354,489 | 5,622 | — | 5,636 | 351,685 | $ | 3,791,892 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 11,172 | 6,613 | — | 6,620 | 11,085 | 201,168 | ||||||||||||||||||
Delaware Tax-Free USA Intermediate Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 80,816 | 617 | — | 616 | 80,056 | 899,938 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 18,956 | 1,239 | — | 1,238 | 18,791 | 244,139 | ||||||||||||||||||
Delaware National High-Yield Municipal Bond Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 486,947 | 5,948 | 19,341 | 21,243 | 487,207 | 5,255,474 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 55,160 | 45,255 | — | 11,151 | 88,682 | 1,181,043 |
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.
On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is
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allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.
Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.
6. Securities Lending
Delaware Tax-Free USA Intermediate Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by the fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and
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Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
6. Securities Lending (continued)
provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
During the six months ended February 28, 2023, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 28, 2023, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.
7. Geographic, Credit, and Market Risks
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial
124
instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by municipalities, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes.
The value of the Funds’ investments may be adversely affected by new legislation within the US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
As of February 28, 2023, Delaware Tax-Free USA Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico, which constituted approximately 13.31% and 20.04%, respectively, of the Fund’s net assets. As of February 28, 2023, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 10.55%, 17.52%, and 10.38%, respectively, of the Fund’s net assets. As of February 28, 2023, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 11.08%, 10.37%, and 14.70%, respectively, the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.
From time to time, each Fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the United States, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent each Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally
125
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
7. Geographic, Credit, and Market Risks (continued)
recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
Bonds are considered “pre-refunded” when the refunding issuer’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC the
126
day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
8. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
9. Recent Accounting Pronouncements
In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.
10. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and exchange-traded funds (ETFs); and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.
11. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.
127
Other Fund information (Unaudited)
Delaware Funds by Macquarie® national tax-free funds
Form N-PORT and proxy voting information
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
128
Semiannual report | |
Fixed income mutual funds
Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Minnesota High-Yield Municipal Bond Fund
February 28, 2023 | |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail. Visit delawarefunds.com/edelivery. |
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
This semiannual report is for the information of Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2023 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
Delaware Tax-Free Minnesota Fund seeks as high a level of current income exempt from federal income tax and from Minnesota state personal income taxes as is consistent with preservation of capital.
Delaware Tax-Free Minnesota Intermediate Fund seeks to provide investors with preservation of capital and, secondarily, current income exempt from federal income tax and Minnesota state personal income taxes, by maintaining a dollar-weighted average effective portfolio maturity of 10 years or less.
Delaware Minnesota High-Yield Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and from Minnesota state personal income taxes, primarily through investment in medium- and lower-grade municipal obligations.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
1
Disclosure of Fund expenses
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
Delaware Tax-Free Minnesota Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 9/1/22 | | | Ending Account Value 2/28/23 | | | Annualized Expense Ratio | | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 990.10 | 0.85% | $4.19 | |||||||
Class C | 1,000.00 | 986.50 | 1.60% | 7.88 | |||||||||
Institutional Class | 1,000.00 | 991.30 | 0.60% | 2.96 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.58 | 0.85% | $4.26 | |||||||
Class C | 1,000.00 | 1,016.86 | 1.60% | 8.00 | |||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60% | 3.01 |
Delaware Tax-Free Minnesota Intermediate Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 9/1/22 | | | Ending Account Value 2/28/23 | | | Annualized Expense Ratio | | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 998.80 | 0.81% | $4.01 | |||||||
Class C | 1,000.00 | 995.10 | 1.56% | 7.72 | |||||||||
Institutional Class | 1,000.00 | 1,001.00 | 0.56% | 2.78 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.78 | 0.81% | $4.06 | |||||||
Class C | 1,000.00 | 1,017.06 | 1.56% | 7.80 | |||||||||
Institutional Class | 1,000.00 | 1,022.02 | 0.56% | 2.81 |
2
Delaware Minnesota High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 9/1/22 | | | Ending Account Value 2/28/23 | | | Annualized Expense Ratio | | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 985.60 | 0.87% | $4.28 | |||||||
Class C | 1,000.00 | 982.00 | 1.62% | 7.96 | |||||||||
Institutional Class | 1,000.00 | 987.80 | 0.62% | 3.06 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.48 | 0.87% | $4.36 | |||||||
Class C | 1,000.00 | 1,016.76 | 1.62% | 8.10 | |||||||||
Institutional Class | 1,000.00 | 1,021.72 | 0.62% | 3.11 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
3
Security type / sector / state / territory allocations
Delaware Tax-Free Minnesota Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.63 | % | |
Corporate Revenue Bond | 0.14 | % | |
Education Revenue Bonds | 20.78 | % | |
Electric Revenue Bonds | 8.37 | % | |
Healthcare Revenue Bonds | 29.64 | % | |
Housing Revenue Bonds | 0.50 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 1.98 | % | |
Lease Revenue Bonds | 1.99 | % | |
Local General Obligation Bonds | 13.15 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 2.19 | % | |
Special Tax Revenue Bonds | 4.66 | % | |
State General Obligation Bonds | 7.82 | % | |
Transportation Revenue Bonds | 5.90 | % | |
Water & Sewer Revenue Bonds | 1.51 | % | |
Short-Term Investments | 0.54 | % | |
Total Value of Securities | 99.17 | % | |
Receivables and Other Assets Net of Liabilities | 0.83 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Minnesota Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | | Percentage of net assets | |
Minnesota | 93.69 | % | |
Puerto Rico | 5.48 | % | |
Total Value of Securities | 99.17 | % |
4
Security type / sector / state / territory allocations
Delaware Tax-Free Minnesota Intermediate Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.42 | % | |
Education Revenue Bonds | 15.80 | % | |
Electric Revenue Bonds | 6.40 | % | |
Healthcare Revenue Bonds | 30.82 | % | |
Housing Revenue Bonds | 0.66 | % | |
Industrial Development Revenue/Pollution Control Revenue Bond | 1.80 | % | |
Lease Revenue Bonds | 2.85 | % | |
Local General Obligation Bonds | 21.56 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 0.42 | % | |
Special Tax Revenue Bonds | 3.10 | % | |
State General Obligation Bonds | 8.65 | % | |
Transportation Revenue Bonds | 4.67 | % | |
Water & Sewer Revenue Bonds | 1.69 | % | |
Total Value of Securities | 98.42 | % | |
Receivables and Other Assets Net of Liabilities | 1.58 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Minnesota Intermediate Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Minnesota | 95.17 | % | |
Puerto Rico | 3.25 | % | |
Total Value of Securities | 98.42 | % |
5
Security type / sector / state / territory allocations
Delaware Minnesota High-Yield Municipal Bond Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 95.82 | % | |
Corporate Revenue Bond | 0.41 | % | |
Education Revenue Bonds | 25.29 | % | |
Electric Revenue Bonds | 3.82 | % | |
Healthcare Revenue Bonds | 34.58 | % | |
Housing Revenue Bonds | 1.52 | % | |
Industrial Development Revenue/Pollution Control Revenue Bond | 2.30 | % | |
Lease Revenue Bonds | 2.27 | % | |
Local General Obligation Bonds | 7.52 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 2.08 | % | |
Special Tax Revenue Bonds | 5.20 | % | |
State General Obligation Bonds | 5.84 | % | |
Transportation Revenue Bonds | 4.04 | % | |
Water & Sewer Revenue Bonds | 0.95 | % | |
Short-Term Investments | 1.72 | % | |
Total Value of Securities | 97.54 | % | |
Receivables and Other Assets Net of Liabilities | 2.46 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Minnesota High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Minnesota | 92.48 | % | |
Puerto Rico | 5.06 | % | |
Total Value of Securities | 97.54 | % |
6
Delaware Tax-Free Minnesota Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.63% | ||||||||
Corporate Revenue Bond — 0.14% | ||||||||
Cottonwood Revenue | ||||||||
(Extreme Holdings LLC Project) | ||||||||
Series A 144A 5.00% 12/1/50 (AMT) # | 1,000,000 | $ | 735,370 | |||||
735,370 | ||||||||
Education Revenue Bonds — 20.78% | ||||||||
Bethel Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.00% 7/1/32 | 840,000 | 750,070 | ||||||
Series A 4.25% 7/1/47 | 1,550,000 | 1,190,369 | ||||||
Series A 4.375% 7/1/52 | 400,000 | 304,056 | ||||||
Brooklyn Park Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/34 | 2,260,000 | 2,135,565 | ||||||
Series A 5.00% 3/1/39 | 385,000 | 350,550 | ||||||
Cologne Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/34 | 250,000 | 242,410 | ||||||
Series A 5.00% 7/1/45 | 1,705,000 | 1,565,241 | ||||||
Deephaven Charter School Lease Revenue | ||||||||
(Eagle Ridge Academy Project) | ||||||||
Series A 5.50% 7/1/50 | 2,000,000 | 2,000,680 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/38 | 700,000 | 657,916 | ||||||
Series A 5.00% 11/1/48 | 2,800,000 | 2,485,560 | ||||||
Duluth Independent School District No. 709 Certificates of Participation | ||||||||
Series B 5.00% 2/1/28 | 350,000 | 378,511 | ||||||
Forest Lake Charter School Lease Revenue | ||||||||
(Lakes International Language Academy Project) | ||||||||
Series A 5.25% 8/1/43 | 400,000 | 385,900 | ||||||
Series A 5.375% 8/1/50 | 1,690,000 | 1,623,228 | ||||||
Series A 5.50% 8/1/36 | 580,000 | 582,389 | ||||||
Series A 5.75% 8/1/44 | 1,190,000 | 1,193,606 | ||||||
Ham Lake Charter School Lease Revenue | ||||||||
(Davinci Academy Project) | ||||||||
Series A 5.00% 7/1/36 | 765,000 | 744,628 | ||||||
Series A 5.00% 7/1/47 | 2,290,000 | 2,052,527 | ||||||
Hugo Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/34 | 580,000 | 565,755 |
7
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Hugo Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/44 | 2,545,000 | $ | 2,332,365 | |||||
Minneapolis Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.25% 6/1/42 | 750,000 | 714,158 | ||||||
Series A 5.50% 6/1/57 | 500,000 | 474,890 | ||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.00% 7/1/32 # | 300,000 | 288,084 | ||||||
Series A 144A 5.375% 7/1/42 # | 880,000 | 821,295 | ||||||
Series A 144A 5.50% 7/1/52 # | 1,440,000 | 1,322,525 | ||||||
Series A 144A 5.50% 7/1/57 # | 1,120,000 | 1,016,310 | ||||||
Minneapolis Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
5.25% 8/1/39 | 470,000 | 471,180 | ||||||
5.50% 8/1/49 | 2,260,000 | 2,266,260 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
Series A 5.00% 10/1/32 | 715,000 | 763,112 | ||||||
(Bethel University) | ||||||||
5.00% 5/1/37 | 2,750,000 | 2,605,350 | ||||||
5.00% 5/1/47 | 250,000 | 219,453 | ||||||
(Carleton College) | ||||||||
4.00% 3/1/35 | 1,000,000 | 1,021,370 | ||||||
4.00% 3/1/36 | 415,000 | 420,756 | ||||||
5.00% 3/1/44 | 1,275,000 | 1,344,755 | ||||||
(College of St. Benedict) | ||||||||
Series 8-K 4.00% 3/1/43 | 1,000,000 | 902,210 | ||||||
(College of St. Scholastica) | ||||||||
4.00% 12/1/29 | 280,000 | 274,506 | ||||||
4.00% 12/1/30 | 290,000 | 283,202 | ||||||
4.00% 12/1/33 | 500,000 | 477,695 | ||||||
4.00% 12/1/34 | 500,000 | 471,655 | ||||||
4.00% 12/1/40 | 1,200,000 | 1,045,032 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/47 | 6,600,000 | 6,735,630 | ||||||
(St. Catherine University) | ||||||||
Series A 4.00% 10/1/36 | 925,000 | 898,730 | ||||||
Series A 5.00% 10/1/35 | 875,000 | 920,281 | ||||||
Series A 5.00% 10/1/45 | 2,120,000 | 2,161,467 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/32 | 500,000 | 520,400 |
8
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/33 | 250,000 | $ | 259,933 | |||||
(St. Olaf College) | ||||||||
3.00% 10/1/38 | 1,000,000 | 840,070 | ||||||
4.00% 10/1/50 | 565,000 | 519,766 | ||||||
Series 8-G 5.00% 12/1/31 | 670,000 | 696,499 | ||||||
Series 8-G 5.00% 12/1/32 | 670,000 | 696,318 | ||||||
Series 8-N 4.00% 10/1/35 | 500,000 | 502,730 | ||||||
(Trustees of the Hamline University) | ||||||||
Series B 5.00% 10/1/37 | 955,000 | 967,272 | ||||||
Series B 5.00% 10/1/38 | 1,000,000 | 1,010,700 | ||||||
Series B 5.00% 10/1/39 | 940,000 | 948,733 | ||||||
Series B 5.00% 10/1/40 | 625,000 | 629,750 | ||||||
Series B 5.00% 10/1/47 | 1,060,000 | 1,063,487 | ||||||
(University of St. Thomas) | ||||||||
4.00% 10/1/36 | 1,450,000 | 1,452,654 | ||||||
4.00% 10/1/37 | 750,000 | 741,375 | ||||||
4.00% 10/1/44 | 1,800,000 | 1,676,088 | ||||||
5.00% 10/1/40 | 2,395,000 | 2,507,517 | ||||||
Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,310,525 | ||||||
Series A 4.00% 10/1/34 | 400,000 | 407,008 | ||||||
Series A 4.00% 10/1/36 | 500,000 | 500,660 | ||||||
Series A 5.00% 10/1/35 | 1,720,000 | 1,869,330 | ||||||
Minnesota Office of Higher Education Revenue | ||||||||
(Senior Supplemental Student Loan Program) | ||||||||
2.65% 11/1/38 (AMT) | 715,000 | 585,056 | ||||||
Minnesota State Colleges & Universities Revenue | ||||||||
Series A 5.00% 10/1/26 | 4,990,000 | 5,335,009 | ||||||
Otsego Charter School Lease Revenue | ||||||||
(Kaleidoscope Charter School) | ||||||||
Series A 5.00% 9/1/34 | 520,000 | 496,777 | ||||||
Series A 5.00% 9/1/44 | 1,165,000 | 1,030,431 | ||||||
St. Cloud Charter School Lease Revenue | ||||||||
(Stride Academy Project) | ||||||||
Series A 5.00% 4/1/46 | 875,000 | 644,201 | ||||||
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 1,945,000 | 1,627,245 | ||||||
(Great River School Project) | ||||||||
Series A 144A 4.75% 7/1/29 # | 210,000 | 207,054 |
9
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Great River School Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 735,000 | $ | 722,329 | |||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/43 | 250,000 | 231,272 | ||||||
Series A 5.75% 9/1/46 | 1,000,000 | 1,001,620 | ||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.00% 9/1/36 | 500,000 | 433,515 | ||||||
Series A 4.125% 9/1/47 | 1,750,000 | 1,392,387 | ||||||
(Twin Cities Academy Project) | ||||||||
Series A 5.30% 7/1/45 | 1,440,000 | 1,352,074 | ||||||
University of Minnesota | ||||||||
Series A 5.00% 4/1/34 | 3,040,000 | 3,178,320 | ||||||
Series A 5.00% 9/1/34 | 1,125,000 | 1,224,349 | ||||||
Series A 5.00% 4/1/35 | 3,175,000 | 3,312,858 | ||||||
Series A 5.00% 4/1/36 | 2,650,000 | 2,763,500 | ||||||
Series A 5.00% 4/1/37 | 1,125,000 | 1,171,845 | ||||||
Series A 5.00% 11/1/39 | 5,880,000 | 6,462,414 | ||||||
Series A 5.00% 9/1/40 | 1,560,000 | 1,657,562 | ||||||
Series A 5.00% 9/1/41 | 750,000 | 796,845 | ||||||
Series A 5.00% 9/1/42 | 1,000,000 | 1,061,530 | ||||||
105,270,240 | ||||||||
Electric Revenue Bonds — 8.37% | ||||||||
Central Minnesota Municipal Power Agency Revenue | ||||||||
(Brookings - Southeast Twin Cities Transmission Project) | ||||||||
4.00% 1/1/42 (AGM) | 340,000 | 331,554 | ||||||
Chaska Electric Revenue | ||||||||
(Generating Facilities) | ||||||||
Series A 5.00% 10/1/30 | 1,150,000 | 1,201,969 | ||||||
Minnesota Municipal Power Agency Electric Revenue | ||||||||
4.00% 10/1/41 | 1,000,000 | 973,200 | ||||||
5.00% 10/1/29 | 395,000 | 405,594 | ||||||
5.00% 10/1/30 | 500,000 | 513,255 | ||||||
5.00% 10/1/33 | 1,205,000 | 1,233,582 | ||||||
5.00% 10/1/47 | 2,000,000 | 2,071,420 | ||||||
Series A 5.00% 10/1/30 | 1,060,000 | 1,088,101 | ||||||
Series A 5.00% 10/1/34 | 750,000 | 767,790 | ||||||
Series A 5.00% 10/1/35 | 1,525,000 | 1,560,456 |
10
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
5.00% 1/1/27 | 540,000 | $ | 565,731 | |||||
5.00% 1/1/28 | 350,000 | 367,066 | ||||||
5.00% 1/1/28 | 210,000 | 224,513 | ||||||
5.00% 1/1/29 | 585,000 | 614,174 | ||||||
5.00% 1/1/29 | 220,000 | 235,384 | ||||||
5.00% 1/1/30 | 520,000 | 545,787 | ||||||
5.00% 1/1/31 | 200,000 | 213,106 | ||||||
5.00% 1/1/32 | 210,000 | 223,257 | ||||||
5.00% 1/1/35 | 160,000 | 168,760 | ||||||
5.00% 1/1/36 | 180,000 | 188,905 | ||||||
5.00% 1/1/41 | 400,000 | 412,516 | ||||||
Series A 5.00% 1/1/26 | 425,000 | 425,578 | ||||||
Series A 5.00% 1/1/31 | 520,000 | 520,645 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 430,000 | 299,925 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 250,000 | 174,063 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 1,307,812 | ||||||
Series WW 5.00% 7/1/28 ‡ | 1,775,000 | 1,233,625 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,250,000 | 878,125 | ||||||
Series XX 4.75% 7/1/26 ‡ | 260,000 | 180,050 | ||||||
Series XX 5.25% 7/1/40 ‡ | 750,000 | 526,875 | ||||||
Series XX 5.75% 7/1/36 ‡ | 925,000 | 654,437 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 145,425 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 350,000 | 243,688 | ||||||
Rochester Electric Utility Revenue | ||||||||
Series A 5.00% 12/1/42 | 1,395,000 | 1,450,214 | ||||||
Series A 5.00% 12/1/47 | 2,265,000 | 2,341,852 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/41 | 1,310,000 | 1,355,536 | ||||||
Series A 5.00% 1/1/42 | 1,500,000 | 1,608,150 | ||||||
Series A 5.00% 1/1/46 | 2,000,000 | 2,054,900 | ||||||
Series A 5.00% 1/1/47 | 3,130,000 | 3,334,326 | ||||||
(Capital Appreciation) | ||||||||
Series A 4.965% 1/1/25 (NATL) ^ | 5,000,000 | 4,678,100 | ||||||
St. Paul Housing & Redevelopment Authority | ||||||||
Series A 4.00% 10/1/30 | 1,235,000 | 1,275,175 | ||||||
Series A 4.00% 10/1/31 | 885,000 | 909,603 | ||||||
Series A 4.00% 10/1/33 | 365,000 | 372,734 |
11
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Western Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/30 | 1,000,000 | $ | 1,133,470 | |||||
(Red Rock Hydroelectric Project) | ||||||||
Series A 5.00% 1/1/49 | 1,300,000 | 1,378,325 | ||||||
42,388,753 | ||||||||
Healthcare Revenue Bonds — 29.64% | ||||||||
Anoka Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.375% 11/1/34 | 320,000 | 306,730 | ||||||
5.125% 11/1/49 | 1,100,000 | 919,160 | ||||||
Apple Valley Senior Housing Revenue | ||||||||
(PHS Apple Valley Senior Housing Orchard Path Phase II Project) | ||||||||
4.00% 9/1/51 | 500,000 | 387,920 | ||||||
4.00% 9/1/61 | 500,000 | 368,620 | ||||||
(PHS Senior Housing, Inc. Orchard Path Project) | ||||||||
5.00% 9/1/43 | 465,000 | 451,645 | ||||||
5.00% 9/1/58 | 3,220,000 | 2,998,271 | ||||||
Apple Valley Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
2nd Tier Series B 5.00% 1/1/47 | 1,640,000 | 953,037 | ||||||
2nd Tier Series B 5.25% 1/1/37 | 480,000 | 334,704 | ||||||
4th Tier Series D 7.00% 1/1/37 | 1,585,000 | 1,081,762 | ||||||
4th Tier Series D 7.25% 1/1/52 | 2,580,000 | 1,603,264 | ||||||
Bethel Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 2,350,000 | 1,898,588 | ||||||
Bethel Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.00% 6/1/38 | 450,000 | 409,176 | ||||||
5.00% 6/1/48 | 1,000,000 | 846,660 | ||||||
5.00% 6/1/53 | 2,450,000 | 2,015,958 | ||||||
Center City Health Care Facilities Revenue | ||||||||
(Hazelden Betty Ford Foundation Project) | ||||||||
4.00% 11/1/34 | 500,000 | 477,475 | ||||||
4.00% 11/1/41 | 2,000,000 | 1,792,680 | ||||||
4.50% 11/1/34 | 1,700,000 | 1,701,241 | ||||||
5.00% 11/1/24 | 600,000 | 610,404 | ||||||
5.00% 11/1/26 | 500,000 | 507,860 |
12
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Chatfield Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
5.00% 9/1/44 | 500,000 | $ | 414,790 | |||||
Crookston Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/38 | 100,000 | 88,214 | ||||||
5.00% 5/1/44 | 1,500,000 | 1,272,075 | ||||||
5.00% 5/1/51 | 1,585,000 | 1,295,183 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/36 # | 280,000 | 271,211 | ||||||
Series A 144A 5.00% 8/1/46 # | 2,380,000 | 2,154,590 | ||||||
Deephaven Housing & Healthcare Revenue | ||||||||
(St. Therese Senior Living Project) | ||||||||
Series A 5.00% 4/1/38 | 730,000 | 641,021 | ||||||
Series A 5.00% 4/1/40 | 705,000 | 608,584 | ||||||
Series A 5.00% 4/1/48 | 315,000 | 255,906 | ||||||
Duluth Economic Development Authority Revenue | ||||||||
(Essentia Health Obligated Group) | ||||||||
Series A 4.25% 2/15/43 | 2,000,000 | 1,913,300 | ||||||
Series A 5.00% 2/15/53 | 2,850,000 | 2,879,925 | ||||||
Series A 5.00% 2/15/58 | 4,100,000 | 4,141,246 | ||||||
Series A 5.25% 2/15/58 | 7,250,000 | 7,430,960 | ||||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||||
Series A 3.00% 6/15/44 | 850,000 | 582,760 | ||||||
Series A 4.00% 6/15/34 | 215,000 | 206,707 | ||||||
Series A 4.00% 6/15/36 | 590,000 | 547,390 | ||||||
Series A 4.00% 6/15/36 | 400,000 | 371,112 | ||||||
Series A 4.00% 6/15/37 | 380,000 | 345,960 | ||||||
Series A 4.00% 6/15/38 | 150,000 | 134,529 | ||||||
Series A 4.00% 6/15/39 | 150,000 | 132,894 | ||||||
Series B 5.25% 6/15/52 | 500,000 | 503,095 | ||||||
Glencoe Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/24 | 500,000 | 499,975 | ||||||
4.00% 4/1/25 | 660,000 | 651,987 | ||||||
4.00% 4/1/31 | 60,000 | 58,945 | ||||||
Hayward Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
5.375% 8/1/34 | 660,000 | 569,593 |
13
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Hayward Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
5.75% 2/1/44 | 500,000 | $ | 411,035 | |||||
(St. John’s Lutheran Home of Albert Lea Project) | ||||||||
Series A 5.375% 10/1/44 | 400,000 | 262,772 | ||||||
Maple Grove Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 2,000,000 | 1,839,640 | ||||||
5.00% 5/1/27 | 1,400,000 | 1,466,052 | ||||||
5.00% 5/1/29 | 1,000,000 | 1,047,060 | ||||||
5.00% 5/1/30 | 850,000 | 890,477 | ||||||
5.00% 5/1/31 | 500,000 | 522,865 | ||||||
5.00% 5/1/32 | 500,000 | 520,555 | ||||||
(North Memorial Health Care) | ||||||||
4.00% 9/1/35 | 350,000 | 331,121 | ||||||
5.00% 9/1/31 | 1,000,000 | 1,028,160 | ||||||
5.00% 9/1/32 | 1,000,000 | 1,025,350 | ||||||
Maple Plain Senior Housing & Health Care Revenue | ||||||||
(Haven Homes Project) | ||||||||
5.00% 7/1/54 | 3,500,000 | 2,852,465 | ||||||
Minneapolis Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/40 | 4,500,000 | 4,347,000 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/48 | 5,600,000 | 4,922,232 | ||||||
Series A 5.00% 11/15/33 | 500,000 | 516,210 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 514,910 | ||||||
Series A 5.00% 11/15/35 | 1,500,000 | 1,578,420 | ||||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,011,230 | ||||||
Series A 5.00% 11/15/49 | 6,615,000 | 6,715,548 | ||||||
Minneapolis Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.00% 11/1/35 | 500,000 | 456,455 | ||||||
5.25% 11/1/45 | 1,950,000 | 1,741,136 | ||||||
5.375% 11/1/50 | 455,000 | 407,798 | ||||||
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue | ||||||||
(Allina Health System) | ||||||||
Series A 5.00% 11/15/28 | 1,550,000 | 1,670,900 | ||||||
Rochester Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 3,230,000 | 3,238,689 |
14
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Rochester Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 7,850,000 | $ | 7,979,996 | |||||
5.00% 11/15/57 | 7,250,000 | 7,786,282 | ||||||
Series B 5.00% 11/15/36 | 1,950,000 | 2,277,678 | ||||||
Sartell Health Care & Housing Facilities Revenue | ||||||||
(Country Manor Campus LLC Project) | ||||||||
Series A 5.00% 9/1/32 | 1,000,000 | 944,990 | ||||||
Series A 5.00% 9/1/35 | 250,000 | 227,005 | ||||||
Series A 5.30% 9/1/37 | 1,200,000 | 1,112,832 | ||||||
Sauk Rapids Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 1,350,000 | 1,149,012 | ||||||
Shakopee Health Care Facilities Revenue | ||||||||
(St. Francis Regional Medical Center) | ||||||||
4.00% 9/1/31 | 915,000 | 915,558 | ||||||
5.00% 9/1/24 | 575,000 | 585,603 | ||||||
5.00% 9/1/25 | 750,000 | 763,477 | ||||||
5.00% 9/1/26 | 575,000 | 585,545 | ||||||
5.00% 9/1/27 | 405,000 | 412,403 | ||||||
5.00% 9/1/28 | 425,000 | 432,642 | ||||||
5.00% 9/1/29 | 425,000 | 432,591 | ||||||
5.00% 9/1/34 | 730,000 | 738,052 | ||||||
St. Cloud Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
4.00% 5/1/49 | 5,315,000 | 4,806,727 | ||||||
5.00% 5/1/48 | 4,690,000 | 4,787,552 | ||||||
Series A 4.00% 5/1/37 | 1,765,000 | 1,712,897 | ||||||
Series A 5.00% 5/1/46 | 5,275,000 | 5,368,156 | ||||||
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Amherst H. Wilder Foundation Project) | ||||||||
Series A 5.00% 12/1/30 | 300,000 | 306,351 | ||||||
(Episcopal Homes Project) | ||||||||
5.125% 5/1/48 | 3,100,000 | 2,571,729 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/43 | 2,450,000 | 2,208,920 | ||||||
Series A 5.00% 11/15/47 | 1,560,000 | 1,581,559 | ||||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 5.00% 7/1/33 | 4,760,000 | 4,912,511 |
15
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Healthpartners Obligated Group) | ||||||||
Series A 5.00% 7/1/30 | 2,200,000 | $ | 2,277,044 | |||||
(Marian Center Project) | ||||||||
Series A 5.375% 5/1/43 | 500,000 | 414,740 | ||||||
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue | ||||||||
(Marian Center Project) | ||||||||
Series A 5.30% 11/1/30 | 500,000 | 465,035 | ||||||
Wayzata Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
3.75% 8/1/36 | 500,000 | 425,385 | ||||||
4.00% 8/1/44 | 800,000 | 641,440 | ||||||
5.00% 8/1/49 | 1,000,000 | 917,710 | ||||||
5.00% 8/1/54 | 875,000 | 791,779 | ||||||
West St. Paul Housing & Health Care Facilities Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
4.50% 11/1/40 | 250,000 | 219,898 | ||||||
4.75% 11/1/52 | 750,000 | 632,557 | ||||||
Woodbury Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.125% 12/1/44 | 2,105,000 | 1,811,837 | ||||||
150,152,680 | ||||||||
Housing Revenue Bonds — 0.50% | ||||||||
Minnesota Housing Finance Agency | ||||||||
Series I 2.00% 7/1/40 | 630,000 | 462,136 | ||||||
Series I 2.20% 1/1/51 | 1,195,000 | 808,406 | ||||||
Northwest Multi-County Housing & Redevelopment Authority | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 1,330,000 | 1,269,073 | ||||||
2,539,615 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 1.98% | ||||||||
Minnesota Municipal Gas Agency Revenue | ||||||||
(Subordinate) | ||||||||
Series A 4.00% 12/1/52 ● | 2,000,000 | 2,006,420 | ||||||
St. Paul Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 # | 8,665,000 | 8,016,511 | ||||||
10,022,931 |
16
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds — 1.99% | ||||||||
Hibbing Independent School District No. 701 | ||||||||
Series A 3.00% 3/1/41 | 1,250,000 | $ | 1,041,487 | |||||
Minnesota General Fund Revenue | ||||||||
(Appropriations) | ||||||||
Series A 5.00% 6/1/38 | 1,250,000 | 1,252,425 | ||||||
Series A 5.00% 6/1/43 | 3,835,000 | 3,840,561 | ||||||
Minnesota Housing Finance Agency | ||||||||
(State Appropriation Housing Infrastructure) | ||||||||
Series A 4.00% 8/1/33 | 655,000 | 682,143 | ||||||
Series C 5.00% 8/1/34 | 1,565,000 | 1,597,270 | ||||||
Series C 5.00% 8/1/35 | 1,645,000 | 1,675,499 | ||||||
10,089,385 | ||||||||
Local General Obligation Bonds — 13.15% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/43 | 750,000 | 625,822 | ||||||
Series A 3.00% 2/1/45 | 2,600,000 | 2,120,794 | ||||||
Blooming Prairie Independent School District No. 756 | ||||||||
(School Building) | ||||||||
Series A 3.00% 2/1/33 | 200,000 | 199,882 | ||||||
Brainerd Independent School District No. 181 | ||||||||
(School Building) | ||||||||
Series A 4.00% 2/1/38 | 1,500,000 | 1,528,785 | ||||||
Series A 4.00% 2/1/42 | 3,500,000 | 3,537,975 | ||||||
Burnsville-Eagan-Savage Independent School District No. 191 | ||||||||
(Alternative Facilities) | ||||||||
Series A 4.00% 2/1/28 | 920,000 | 936,707 | ||||||
Series A 4.00% 2/1/29 | 1,800,000 | 1,835,046 | ||||||
Cass Lake-Bena Independent School District No. 115 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 915,000 | 902,611 | ||||||
Series A 4.00% 2/1/42 | 2,260,000 | 2,216,111 | ||||||
Series A 4.00% 2/1/43 | 1,925,000 | 1,874,930 | ||||||
Chaska Independent School District No. 112 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/27 | 1,905,000 | 2,012,652 |
17
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
City of Minneapolis | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/40 | 1,875,000 | $ | 1,618,069 | |||||
3.00% 12/1/42 | 3,400,000 | 2,846,480 | ||||||
Duluth | ||||||||
(DECC Improvement) | ||||||||
Series A 5.00% 2/1/32 | 1,000,000 | 1,047,100 | ||||||
Series A 5.00% 2/1/33 | 3,585,000 | 3,744,712 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series A 4.00% 2/1/28 | 1,250,000 | 1,270,650 | ||||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 1,555,000 | 1,326,757 | ||||||
Hennepin County | ||||||||
Series A 5.00% 12/1/36 | 940,000 | 993,674 | ||||||
Series A 5.00% 12/1/37 | 2,850,000 | 3,090,369 | ||||||
Series A 5.00% 12/1/37 | 1,000,000 | 1,056,380 | ||||||
Series A 5.00% 12/1/38 | 3,310,000 | 3,576,257 | ||||||
Series B 5.00% 12/1/30 | 1,000,000 | 1,071,670 | ||||||
Series C 5.00% 12/1/28 | 1,500,000 | 1,687,035 | ||||||
Series C 5.00% 12/1/30 | 1,245,000 | 1,334,229 | ||||||
Series C 5.00% 12/1/37 | 3,000,000 | 3,169,140 | ||||||
Hennepin County Regional Railroad Authority | ||||||||
Series D 5.00% 12/1/30 | 1,865,000 | 2,177,313 | ||||||
Minneapolis Special School District No. 1 | ||||||||
Series A 4.00% 2/1/37 | 600,000 | 609,036 | ||||||
Series A 4.00% 2/1/38 | 625,000 | 628,844 | ||||||
Series B 4.00% 2/1/36 | 945,000 | 968,209 | ||||||
Series B 4.00% 2/1/37 | 1,255,000 | 1,273,900 | ||||||
Series B 4.00% 2/1/38 | 1,305,000 | 1,313,026 | ||||||
Series B 4.00% 2/1/39 | 600,000 | 609,636 | ||||||
Series D 5.00% 2/1/33 | 1,710,000 | 1,956,958 | ||||||
Mounds View Independent School District No. 621 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/43 | 3,000,000 | 3,020,040 | ||||||
Mountain Iron-Buhl Independent School District No. 712 | ||||||||
(School Building) | ||||||||
Series A 4.00% 2/1/26 | 1,315,000 | 1,336,671 | ||||||
St. Michael-Albertville Independent School District No. 885 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/27 | 1,865,000 | 1,960,805 |
18
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
St. Paul Independent School District No. 625 | ||||||||
(School Building) | ||||||||
Series D 4.00% 2/1/32 | 200,000 | $ | 209,404 | |||||
Wayzata Independent School District No. 284 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/28 | 1,950,000 | 2,115,107 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 3,400,000 | 2,802,960 | ||||||
66,605,746 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 2.19% | ||||||||
Rochester Electric Utility Revenue | ||||||||
Series B 5.00% 12/1/31-23 § | 1,365,000 | 1,383,973 | ||||||
Series B 5.00% 12/1/33-23 § | 300,000 | 304,170 | ||||||
Rochester Health Care Facilities Revenue | ||||||||
(Olmsted Medical Center Project) | ||||||||
5.00% 7/1/33-23 § | 650,000 | 653,673 | ||||||
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/29-25 § | 910,000 | 954,481 | ||||||
Series A 5.00% 11/15/30-25 § | 670,000 | 702,749 | ||||||
Western Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/34-24 § | 4,000,000 | 4,061,760 | ||||||
Series A 5.00% 1/1/46-24 § | 3,000,000 | 3,046,320 | ||||||
11,107,126 | ||||||||
Special Tax Revenue Bonds — 4.66% | ||||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 ● | 3,501,999 | 1,199,435 | ||||||
(Restructured) | ||||||||
3.171% 11/1/43 ● | 1,169,897 | 504,518 | ||||||
Minneapolis Revenue | ||||||||
(YMCA Greater Twin Cities Project) | ||||||||
4.00% 6/1/30 | 250,000 | 254,970 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 0.098% 7/1/46 ^ | 2,750,000 | 704,770 | ||||||
Series A-1 0.528% 7/1/51 ^ | 31,552,000 | 5,953,231 | ||||||
Series A-1 4.75% 7/1/53 | 12,700,000 | 11,384,026 | ||||||
Series A-1 5.00% 7/1/58 | 1,500,000 | 1,391,700 | ||||||
St. Paul Sales Tax Revenue | ||||||||
Series G 5.00% 11/1/30 | 655,000 | 671,624 |
19
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
St. Paul Sales Tax Revenue | ||||||||
Series G 5.00% 11/1/31 | 1,500,000 | $ | 1,537,080 | |||||
23,601,354 | ||||||||
State General Obligation Bonds — 7.82% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 191,584 | 163,845 | ||||||
Series A-1 4.00% 7/1/41 | 988,988 | 816,963 | ||||||
Minnesota State | ||||||||
Series A 4.00% 9/1/38 | 625,000 | 649,631 | ||||||
Series A 5.00% 8/1/30 | 1,250,000 | 1,401,163 | ||||||
Series A 5.00% 8/1/35 | 2,975,000 | 3,280,860 | ||||||
Series A 5.00% 8/1/39 | 1,000,000 | 1,141,460 | ||||||
Series A 5.00% 8/1/41 | 1,500,000 | 1,693,560 | ||||||
(State Trunk Highway) | ||||||||
Series E 5.00% 10/1/26 | 4,875,000 | 5,234,336 | ||||||
(Various Purposes) | ||||||||
Series A 4.00% 9/1/40 | 1,410,000 | 1,452,497 | ||||||
Series A 5.00% 8/1/27 | 2,875,000 | 3,010,096 | ||||||
Series A 5.00% 8/1/29 | 1,000,000 | 1,046,270 | ||||||
Series A 5.00% 8/1/32 | 3,875,000 | 3,980,826 | ||||||
Series A 5.00% 8/1/33 | 2,075,000 | 2,314,061 | ||||||
Series A 5.00% 10/1/33 | 1,000,000 | 1,098,090 | ||||||
Series A 5.00% 8/1/35 | 500,000 | 560,050 | ||||||
Series A 5.00% 8/1/38 | 2,450,000 | 2,670,010 | ||||||
Series D 5.00% 8/1/26 | 6,000,000 | 6,419,340 | ||||||
Series D 5.00% 8/1/27 | 2,525,000 | 2,691,297 | ||||||
39,624,355 | ||||||||
Transportation Revenue Bonds — 5.90% | ||||||||
Minneapolis – St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/39 (AMT) | 1,000,000 | 1,041,540 | ||||||
Series B 5.25% 1/1/47 (AMT) | 2,000,000 | 2,090,760 | ||||||
(Senior) | ||||||||
Series C 5.00% 1/1/29 | 410,000 | 440,980 | ||||||
Series C 5.00% 1/1/33 | 850,000 | 908,522 | ||||||
Series C 5.00% 1/1/36 | 600,000 | 634,530 | ||||||
Series C 5.00% 1/1/41 | 600,000 | 623,514 | ||||||
Series C 5.00% 1/1/46 | 1,595,000 | 1,642,818 |
20
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Minneapolis – St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/35 | 1,000,000 | $ | 1,012,450 | |||||
Series A 5.00% 1/1/44 | 3,000,000 | 3,130,200 | ||||||
Series B 5.00% 1/1/31 (AMT) | 960,000 | 1,032,144 | ||||||
Series B 5.00% 1/1/35 | 1,205,000 | 1,307,835 | ||||||
Series B 5.00% 1/1/44 (AMT) | 12,600,000 | 12,942,468 | ||||||
Series B 5.00% 1/1/47 (AMT) | 1,000,000 | 1,027,420 | ||||||
Series B 5.00% 1/1/49 (AMT) | 2,000,000 | 2,037,700 | ||||||
29,872,881 | ||||||||
Water & Sewer Revenue Bonds — 1.51% | ||||||||
Metropolitan Council General Obligation Wastewater Revenue | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/31 | 3,120,000 | 3,263,333 | ||||||
Series C 4.00% 3/1/32 | 3,225,000 | 3,360,933 | ||||||
Minnesota Public Facilities Authority | ||||||||
Series B 4.00% 3/1/26 | 1,000,000 | 1,032,290 | ||||||
7,656,556 | ||||||||
Total Municipal Bonds (cost $523,977,876) | 499,666,992 | |||||||
Short-Term Investments — 0.54% | ||||||||
Variable Rate Demand Notes — 0.54%¤ | ||||||||
Minneapolis Health Care System Revenue | ||||||||
(Fairview Health Services) | ||||||||
Series C 2.65% 11/15/48 | ||||||||
(LOC – Wells Fargo Bank N.A.) | 1,760,000 | 1,760,000 | ||||||
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue | ||||||||
Series B-2 2.45% 11/15/35 | ||||||||
(LOC – JPMorgan Chase Bank N.A.) | 1,000,000 | 1,000,000 | ||||||
Total Short-Term Investments (cost $2,760,000) | 2,760,000 | |||||||
Total Value of Securities—99.17% | ||||||||
(cost $526,737,876) | $ | 502,426,992 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
21
Schedules of investments
Delaware Tax-Free Minnesota Fund
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2023, the aggregate value of Rule 144A securities was $15,555,279, which represents 3.07% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
§ | 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. See Note 6 in “Notes to financial statements.” | |
¤ | 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 February 28, 2023. |
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
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
22
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.42% | ||||||||
Education Revenue Bonds — 15.80% | ||||||||
Bethel Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.00% 7/1/32 | 425,000 | $ | 379,500 | |||||
Brooklyn Park Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/34 | 485,000 | 458,296 | ||||||
Cologne Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/29 | 305,000 | 304,158 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/38 | 400,000 | 375,952 | ||||||
Forest Lake Charter School Lease Revenue | ||||||||
(Lakes International Language Academy Project) | ||||||||
Series A 5.50% 8/1/36 | 420,000 | 421,730 | ||||||
Hugo Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/29 | 530,000 | 530,026 | ||||||
Minneapolis Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.25% 6/1/42 | 250,000 | 238,052 | ||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.00% 7/1/32 # | 500,000 | 480,140 | ||||||
Minneapolis Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
5.25% 8/1/39 | 525,000 | 526,318 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(Bethel University) | ||||||||
5.00% 5/1/32 | 750,000 | 743,423 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/34 | 435,000 | 461,979 | ||||||
5.00% 10/1/35 | 555,000 | 584,964 | ||||||
(St. Catherine University) | ||||||||
Series A 5.00% 10/1/35 | 565,000 | 594,239 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/31 | 130,000 | 135,360 | ||||||
(St. Olaf College) | ||||||||
Series 8-G 5.00% 12/1/31 | 125,000 | 129,944 | ||||||
Series 8-G 5.00% 12/1/32 | 125,000 | 129,910 | ||||||
(University of St. Thomas) | ||||||||
4.00% 10/1/36 | 300,000 | 300,549 | ||||||
5.00% 10/1/34 | 350,000 | 382,088 |
23
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(University of St. Thomas) | ||||||||
5.00% 10/1/35 | 750,000 | $ | 817,117 | |||||
Series 7-U 4.00% 4/1/26 | 1,400,000 | 1,400,840 | ||||||
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 340,000 | 284,454 | ||||||
(Great River School Project) | ||||||||
Series A 144A 5.25% 7/1/33 # | 140,000 | 140,634 | ||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/40 | 1,000,000 | 942,120 | ||||||
(Twin Cities Academy Project) | ||||||||
Series A 5.30% 7/1/45 | 260,000 | 244,125 | ||||||
University of Minnesota | ||||||||
(State Supported Biomedical Science Research Facilities Funding Program) | ||||||||
Series A 5.00% 8/1/36 | 200,000 | 239,716 | ||||||
11,245,634 | ||||||||
Electric Revenue Bonds — 6.40% | ||||||||
Central Minnesota Municipal Power Agency Revenue | ||||||||
(Brookings SouthEast Twin Cities Transmission Project) | ||||||||
3.00% 1/1/38 (AGM) | 300,000 | 262,191 | ||||||
Chaska Electric Revenue | ||||||||
(Generating Facilities) | ||||||||
Series A 5.00% 10/1/28 | 250,000 | 261,675 | ||||||
Minnesota Municipal Power Agency Electric Revenue | ||||||||
Series A 5.00% 10/1/29 | 500,000 | 513,410 | ||||||
Series A 5.00% 10/1/30 | 240,000 | 246,362 | ||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
5.00% 1/1/29 | 150,000 | 157,481 | ||||||
5.00% 1/1/30 | 235,000 | 250,771 | ||||||
5.00% 1/1/31 | 350,000 | 367,258 | ||||||
Series A 5.00% 1/1/25 | 200,000 | 200,230 | ||||||
Rochester Electric Utility Revenue | ||||||||
Series A 5.00% 12/1/28 | 300,000 | 321,390 | ||||||
Series A 5.00% 12/1/29 | 500,000 | 534,000 | ||||||
Series A 5.00% 12/1/31 | 575,000 | 612,841 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/41 | 375,000 | 388,035 |
24
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
St. Paul Housing & Redevelopment Authority | ||||||||
Series A 4.00% 10/1/30 | 425,000 | $ | 438,825 | |||||
4,554,469 | ||||||||
Healthcare Revenue Bonds — 30.82% | ||||||||
Anoka Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.375% 11/1/34 | 270,000 | 258,803 | ||||||
Apple Valley Senior Living Revenue | ||||||||
(PHS Apple Valley Senior Housing Orchard Path Phase II Project) | ||||||||
4.00% 9/1/61 | 370,000 | 272,779 | ||||||
(Senior Living LLC Project) | ||||||||
3rd Tier Series C 4.25% 1/1/27 | 380,000 | 318,394 | ||||||
3rd Tier Series C 5.00% 1/1/32 | 400,000 | 290,696 | ||||||
Bethel Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 250,000 | 201,978 | ||||||
Bethel Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.00% 6/1/38 | 250,000 | 227,320 | ||||||
Chatfield Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
4.00% 9/1/34 | 100,000 | 81,099 | ||||||
4.00% 9/1/39 | 100,000 | 74,677 | ||||||
Crookston Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/38 | 400,000 | 352,856 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/36 # | 480,000 | 464,933 | ||||||
Duluth Economic Development Authority Revenue | ||||||||
(Essentia Health Obligated Group) | ||||||||
Series A 5.00% 2/15/37 | 750,000 | 775,695 | ||||||
Series A 5.00% 2/15/53 | 800,000 | 808,400 | ||||||
Series A 5.25% 2/15/58 | 750,000 | 768,720 | ||||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||||
Series B 5.25% 6/15/47 | 500,000 | 506,285 | ||||||
Glencoe Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/26 | 270,000 | 266,541 |
25
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Hayward Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
4.25% 8/1/24 | 153,334 | $ | 148,817 | |||||
Maple Grove Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 500,000 | 459,910 | ||||||
5.00% 5/1/28 | 1,000,000 | 1,046,700 | ||||||
(North Memorial Health Care) | ||||||||
5.00% 9/1/31 | 320,000 | 329,011 | ||||||
Minneapolis Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/40 | 1,250,000 | 1,207,500 | ||||||
(Fairview Health Services) | ||||||||
Series A 5.00% 11/15/33 | 500,000 | 516,210 | ||||||
Series A 5.00% 11/15/33 | 710,000 | 756,058 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 514,910 | ||||||
Series A 5.00% 11/15/49 | 1,000,000 | 1,015,200 | ||||||
Minneapolis Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.00% 11/1/35 | 530,000 | 483,842 | ||||||
Rochester Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 290,000 | 290,780 | ||||||
Rochester Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 2,500,000 | 2,541,400 | ||||||
Series B 5.00% 11/15/36 | 150,000 | 175,206 | ||||||
Sauk Rapids Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 575,000 | 489,394 | ||||||
St. Cloud Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
5.00% 5/1/48 | 1,810,000 | 1,847,648 | ||||||
Series A 4.00% 5/1/37 | 240,000 | 232,915 | ||||||
Series A 5.00% 5/1/46 | 235,000 | 239,150 | ||||||
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Allina Health System) | ||||||||
Series A 5.00% 11/15/27 | 1,205,000 | 1,296,279 |
26
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Episcopal Homes Project) | ||||||||
5.00% 5/1/33 | 500,000 | $ | 456,975 | |||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 5.00% 7/1/33 | 965,000 | 995,918 | ||||||
Wayzata Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
5.00% 8/1/34 | 125,000 | 124,243 | ||||||
5.00% 8/1/35 | 150,000 | 147,678 | ||||||
West St. Paul, Housing & Health Care Facilities Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
5.00% 11/1/37 | 500,000 | 483,810 | ||||||
Woodbury Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.00% 12/1/34 | 500,000 | 462,605 | ||||||
21,931,335 | ||||||||
Housing Revenue Bonds — 0.66% | ||||||||
Minnesota Housing Finance Agency Residential Housing Finance | ||||||||
Series I 2.00% 7/1/40 | 275,000 | 201,727 | ||||||
Northwest Multi-County Housing & Redevelopment Authority | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 285,000 | 271,944 | ||||||
473,671 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bond — 1.80% | ||||||||
St. Paul Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 # | 1,385,000 | 1,281,347 | ||||||
1,281,347 | ||||||||
Lease Revenue Bonds — 2.85% | ||||||||
Hibbing Independent School District No. 701 | ||||||||
Series A 3.00% 3/1/41 | 250,000 | 208,297 | ||||||
Minnesota General Fund Revenue | ||||||||
(Appropriations) | ||||||||
Series A 5.00% 6/1/38 | 1,100,000 | 1,102,134 | ||||||
Series A 5.00% 6/1/43 | 715,000 | 716,037 | ||||||
2,026,468 |
27
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds — 21.56% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/45 | 500,000 | $ | 407,845 | |||||
Bloomington Independent School District No. 271 | ||||||||
(School District Credit Enhancement Program) | ||||||||
Series A 2.00% 2/1/27 | 585,000 | 553,638 | ||||||
Cass Lake-Bena Independent School District No. 115 | �� | |||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 130,000 | 128,240 | ||||||
Series A 4.00% 2/1/42 | 320,000 | 313,786 | ||||||
Series A 4.00% 2/1/43 | 275,000 | 267,847 | ||||||
City of Minneapolis | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/42 | 600,000 | 502,320 | ||||||
Duluth General Obligation Improvement | ||||||||
(DECC Improvement) | ||||||||
Series A 5.00% 2/1/30 | 250,000 | 263,128 | ||||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 415,000 | 354,086 | ||||||
Hennepin County | ||||||||
Series A 5.00% 12/1/36 | 1,500,000 | 1,585,650 | ||||||
Series A 5.00% 12/1/38 | 1,055,000 | 1,139,864 | ||||||
Series C 5.00% 12/1/30 | 1,500,000 | 1,607,505 | ||||||
Lakeville Independent School District No. 194 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series B 4.00% 2/1/28 | 1,475,000 | 1,551,906 | ||||||
Marshall General Obligation Improvement | ||||||||
Series B 4.00% 4/1/28 | 275,000 | 290,499 | ||||||
Minneapolis Special School District No. 1 | ||||||||
Series B 4.00% 2/1/39 | 1,360,000 | 1,381,842 | ||||||
Series B 5.00% 2/1/40 | 500,000 | 555,620 | ||||||
Series D 5.00% 2/1/34 | 250,000 | 285,395 | ||||||
North St. Paul-Maplewood-Oakdale Independent School District No. 622 | ||||||||
Series A 4.00% 2/1/30 | 500,000 | 527,875 | ||||||
Park Rapids Independent School District No. 309 | ||||||||
(Park Rapids Area Public Schools) | ||||||||
Series A 4.00% 2/1/31 | 605,000 | 651,597 |
28
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Plymouth General Obligation Improvement | ||||||||
Series A 3.00% 2/1/32 | 535,000 | $ | 533,550 | |||||
St. Cloud General Obligation Tax Abatement | ||||||||
Series C 3.00% 10/1/32 | 425,000 | 417,146 | ||||||
St. Michael-Albertville Independent School District No. 885 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/27 | 500,000 | 525,685 | ||||||
Virginia, Minnesota | ||||||||
(General Obligation Sales Tax Revenue) | ||||||||
Series A 4.00% 2/1/38 (AGM) | 1,000,000 | 1,003,870 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 600,000 | 494,640 | ||||||
15,343,534 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 0.42% | ||||||||
St. Paul Housing & Redevelopment Authority Hospital Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/29-25 § | 165,000 | 173,065 | ||||||
Series A 5.00% 11/15/30-25 § | 120,000 | 125,866 | ||||||
298,931 | ||||||||
Special Tax Revenue Bonds — 3.10% | ||||||||
Commonwealth of Puerto Rico | ||||||||
2.807% 11/1/43 ● | 405,244 | 174,761 | ||||||
Minneapolis Revenue | ||||||||
(YMCA Greater Twin Cities Project) | ||||||||
4.00% 6/1/27 | 150,000 | 152,727 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.55% 7/1/40 | 830,000 | 775,112 | ||||||
Series A-1 4.62% 7/1/46 ^ | 530,000 | 135,828 | ||||||
Series A-1 4.75% 7/1/53 | 655,000 | 587,129 | ||||||
Series A-1 5.216% 7/1/51 ^ | 289,000 | 54,529 | ||||||
Series A-2 4.536% 7/1/53 | 378,000 | 326,887 | ||||||
2,206,973 | ||||||||
State General Obligation Bonds — 8.65% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 179,773 | 148,503 | ||||||
Series A-1 5.625% 7/1/27 | 104,000 | 107,434 |
29
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Minnesota State | ||||||||
Series A 5.00% 9/1/31 | 1,750,000 | $ | 2,062,970 | |||||
Series A 5.00% 8/1/33 | 285,000 | 317,835 | ||||||
Series A 5.00% 8/1/34 | 1,000,000 | 1,109,150 | ||||||
Series D 5.00% 8/1/26 | 1,500,000 | 1,604,835 | ||||||
Series D 5.00% 8/1/27 | 250,000 | 266,465 | ||||||
Series E 5.00% 10/1/26 | 500,000 | 536,855 | ||||||
6,154,047 | ||||||||
Transportation Revenue Bonds — 4.67% | ||||||||
Minneapolis – St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/39 (AMT) | 715,000 | 744,701 | ||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/44 | 1,000,000 | 1,043,400 | ||||||
Series B 5.00% 1/1/31 (AMT) | 160,000 | 172,024 | ||||||
St. Paul Housing & Redevelopment Authority | ||||||||
(Parking Enterprise) | ||||||||
Series A 4.00% 8/1/26 | 450,000 | 456,134 | ||||||
Series A 4.00% 8/1/27 | 545,000 | 552,586 | ||||||
Series A 4.00% 8/1/28 | 350,000 | 356,531 | ||||||
3,325,376 | ||||||||
Water & Sewer Revenue Bonds — 1.69% | ||||||||
Metropolitan Council General Obligation Wastewater Revenue | ||||||||
(Minneapolis – St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/31 | 565,000 | 590,956 | ||||||
Series C 4.00% 3/1/32 | 585,000 | 609,658 | ||||||
1,200,614 | ||||||||
Total Municipal Bonds (cost $72,408,590) | 70,042,399 | |||||||
Total Value of Securities—98.42% | ||||||||
(cost $72,408,590) | $ | 70,042,399 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $2,367,054, which represents 3.33% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
30
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
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
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
31
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 95.82% | ||||||||
Corporate Revenue Bond — 0.41% | ||||||||
Cottonwood | ||||||||
(Extreme Holdings LLC Project) | ||||||||
Series A 144A 5.00% 12/1/50 (AMT) # | 1,210,000 | $ | 889,798 | |||||
889,798 | ||||||||
Education Revenue Bonds — 25.29% | ||||||||
Bethel Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.00% 7/1/37 | 850,000 | 710,464 | ||||||
Series A 4.25% 7/1/47 | 750,000 | 575,985 | ||||||
Brooklyn Park Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/39 | 1,270,000 | 1,156,360 | ||||||
Cologne Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/29 | 270,000 | 269,255 | ||||||
Series A 5.00% 7/1/34 | 250,000 | 242,410 | ||||||
Series A 5.00% 7/1/45 | 360,000 | 330,491 | ||||||
Deephaven Charter School Lease Revenue | ||||||||
(Eagle Ridge Academy Project) | ||||||||
Series A 5.50% 7/1/50 | 1,000,000 | 1,000,340 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/48 | 1,000,000 | 887,700 | ||||||
Forest Lake Charter School Lease Revenue Fund | ||||||||
(Lakes International Language Academy) | ||||||||
Series A 5.375% 8/1/50 | 660,000 | 633,923 | ||||||
Series A 5.75% 8/1/44 | 585,000 | 586,773 | ||||||
Ham Lake Charter School Lease Revenue | ||||||||
(Davinci Academy Project) | ||||||||
Series A 5.00% 7/1/36 | 235,000 | 228,742 | ||||||
Series A 5.00% 7/1/47 | 710,000 | 636,373 | ||||||
(Parnassus Preparatory School Project) | ||||||||
Series A 5.00% 11/1/47 | 650,000 | 595,705 | ||||||
Hugo Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/34 | 420,000 | 409,685 | ||||||
Series A 5.00% 7/1/44 | 495,000 | 453,643 | ||||||
Minneapolis Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.50% 6/1/57 | 1,400,000 | 1,329,692 |
32
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minneapolis Charter School Lease Revenue | ||||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.375% 7/1/42 # | 690,000 | $ | 643,970 | |||||
Series A 144A 5.50% 7/1/52 # | 1,130,000 | 1,037,814 | ||||||
Series A 144A 5.50% 7/1/57 # | 880,000 | 798,530 | ||||||
Minneapolis Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
144A 4.75% 8/1/43 # | 750,000 | 692,295 | ||||||
144A 5.00% 8/1/53 # | 570,000 | 542,298 | ||||||
5.25% 8/1/39 | 800,000 | 802,008 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(Bethel University) | ||||||||
5.00% 5/1/32 | 1,150,000 | 1,139,915 | ||||||
5.00% 5/1/47 | 2,750,000 | 2,413,977 | ||||||
(Carleton College) | ||||||||
4.00% 3/1/37 | 635,000 | 639,337 | ||||||
(Green Bonds) | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 554,970 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/47 | 2,100,000 | 2,143,155 | ||||||
(Macalester College) | ||||||||
3.00% 3/1/40 | 365,000 | 307,421 | ||||||
3.00% 3/1/43 | 325,000 | 257,748 | ||||||
(Minneapolis College of Art & Design) | ||||||||
4.00% 5/1/24 | 250,000 | 249,890 | ||||||
4.00% 5/1/25 | 200,000 | 200,000 | ||||||
4.00% 5/1/26 | 100,000 | 100,017 | ||||||
(St. Catherine University) | ||||||||
Series A 4.00% 10/1/37 | 580,000 | 556,696 | ||||||
Series A 5.00% 10/1/45 | 670,000 | 683,105 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/34 | 215,000 | 223,310 | ||||||
(St. Olaf College) | ||||||||
4.00% 10/1/50 | 935,000 | 860,144 | ||||||
Series 8-G 5.00% 12/1/31 | 205,000 | 213,108 | ||||||
Series 8-G 5.00% 12/1/32 | 205,000 | 213,052 | ||||||
Series 8-N 4.00% 10/1/34 | 800,000 | 808,224 | ||||||
Series 8-N 4.00% 10/1/35 | 590,000 | 593,221 | ||||||
(Trustees of the Hamline University of Minnesota) | ||||||||
Series B 5.00% 10/1/37 | 300,000 | 303,855 | ||||||
Series B 5.00% 10/1/39 | 1,000,000 | 1,009,290 |
33
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(University of St. Thomas) | ||||||||
4.00% 10/1/37 | 800,000 | $ | 790,800 | |||||
4.00% 10/1/41 | 1,000,000 | 943,480 | ||||||
4.00% 10/1/44 | 1,050,000 | 977,718 | ||||||
5.00% 10/1/40 | 1,365,000 | 1,429,128 | ||||||
Series A 4.00% 10/1/35 | 400,000 | 403,880 | ||||||
Otsego Charter School Lease Revenue | ||||||||
(Kaleidoscope Charter School) | ||||||||
Series A 5.00% 9/1/44 | 1,435,000 | 1,269,243 | ||||||
St. Cloud Charter School Lease Revenue | ||||||||
(Stride Academy Project) | ||||||||
Series A 5.00% 4/1/46 | 750,000 | 552,173 | ||||||
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 1,750,000 | 1,464,102 | ||||||
(Great River School Project) | ||||||||
Series A 144A 4.75% 7/1/29 # | 100,000 | 98,597 | ||||||
Series A 144A 5.50% 7/1/52 # | 265,000 | 260,431 | ||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/40 | 215,000 | 202,556 | ||||||
Series A 5.00% 9/1/43 | 750,000 | 693,818 | ||||||
Series A 5.00% 9/1/55 | 1,000,000 | 879,910 | ||||||
Series A 5.75% 9/1/46 | 500,000 | 500,810 | ||||||
Series A 6.00% 9/1/51 | 3,500,000 | 3,526,250 | ||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.00% 9/1/36 | 1,270,000 | 1,101,128 | ||||||
Series A 4.125% 9/1/47 | 1,250,000 | 994,563 | ||||||
(Twin Cities Academy Project) | ||||||||
Series A 5.375% 7/1/50 | 1,500,000 | 1,399,395 | ||||||
St. Paul Housing & Redevelopment Authority Revenue | ||||||||
(Amherst H. Wilder Foundation Project) | ||||||||
Series A 5.00% 12/1/36 | 1,000,000 | 1,002,470 | ||||||
University of Minnesota | ||||||||
Series A 5.00% 11/1/32 | 985,000 | 1,126,426 | ||||||
Series A 5.00% 9/1/40 | 900,000 | 956,286 | ||||||
Series A 5.00% 9/1/41 | 620,000 | 658,725 | ||||||
(State Supported Biomedical Science Research Facilities Funding Program) | ||||||||
Series A 5.00% 8/1/31 | 1,000,000 | 1,174,900 | ||||||
Series A 5.00% 8/1/35 | 2,200,000 | 2,655,246 |
34
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Woodbury Charter School Lease Revenue | ||||||||
(MSA Building Company) | ||||||||
Series A 4.00% 12/1/50 | 450,000 | $ | 374,198 | |||||
(Woodbury Leadership Academy Project) | ||||||||
Series A 4.00% 7/1/51 | 660,000 | 483,305 | ||||||
Series A 4.00% 7/1/56 | 575,000 | 405,593 | ||||||
54,360,022 | ||||||||
Electric Revenue Bonds — 3.82% | ||||||||
Hutchinson Utilities Commission Revenue | ||||||||
Series A 5.00% 12/1/26 | 360,000 | 360,518 | ||||||
Minnesota Municipal Power Agency Electric Revenue | ||||||||
5.00% 10/1/27 | 165,000 | 169,503 | ||||||
5.00% 10/1/28 | 500,000 | 513,490 | ||||||
5.00% 10/1/47 | 745,000 | 771,604 | ||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
5.00% 1/1/29 | 470,000 | 493,439 | ||||||
5.00% 1/1/33 | 225,000 | 238,651 | ||||||
5.00% 1/1/34 | 200,000 | 211,738 | ||||||
Series A 5.00% 1/1/24 | 335,000 | 335,432 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 165,000 | 115,087 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 66,144 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 650,000 | 453,375 | ||||||
Series WW 5.00% 7/1/28 ‡ | 585,000 | 406,575 | ||||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 72,713 | ||||||
Series XX 5.25% 7/1/40 ‡ | 295,000 | 207,237 | ||||||
Series XX 5.75% 7/1/36 ‡ | 370,000 | 261,775 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 58,863 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 130,000 | 90,512 | ||||||
Rochester Electric Utility Revenue | ||||||||
Series A 5.00% 12/1/34 | 450,000 | 477,324 | ||||||
Series A 5.00% 12/1/35 | 500,000 | 527,285 | ||||||
Series A 5.00% 12/1/36 | 520,000 | 548,002 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/41 | 400,000 | 413,904 | ||||||
St. Paul Housing & Redevelopment Energy Revenue | ||||||||
Series A 4.00% 10/1/32 | 800,000 | 819,256 |
35
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Western Minnesota Municipal Power Agency Revenue | ||||||||
(Red Rock Hydroelectric Project) | ||||||||
Series A 5.00% 1/1/49 | 555,000 | $ | 588,439 | |||||
8,200,866 | ||||||||
Healthcare Revenue Bonds — 34.58% | ||||||||
Anoka Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.125% 11/1/49 | 400,000 | 334,240 | ||||||
Apple Valley Senior Housing Revenue | ||||||||
(PHS Senior Housing, Inc. Orchard Path Project) | ||||||||
4.50% 9/1/53 | 840,000 | 728,683 | ||||||
5.00% 9/1/43 | 535,000 | 519,635 | ||||||
5.00% 9/1/58 | 1,175,000 | 1,094,090 | ||||||
Apple Valley Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
2nd Tier Series B 5.00% 1/1/47 | 535,000 | 310,899 | ||||||
4th Tier Series D 7.00% 1/1/37 | 490,000 | 334,425 | ||||||
4th Tier Series D 7.25% 1/1/52 | 1,495,000 | 929,023 | ||||||
Bethel Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 1,280,000 | 1,034,125 | ||||||
Bethel Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.25% 6/1/58 | 1,475,000 | 1,226,182 | ||||||
Brooklyn Center Multifamily Housing Revenue | ||||||||
(Sanctuary at Brooklyn Center Project) | ||||||||
Series A 5.50% 11/1/35 ‡ | 645,000 | 387,000 | ||||||
Center City Healthcare Facilities Revenue | ||||||||
(Hazelden Betty Ford Foundation Project) | ||||||||
4.50% 11/1/34 | 1,000,000 | 1,000,730 | ||||||
Chatfield Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
4.00% 9/1/39 | 250,000 | 186,693 | ||||||
5.00% 9/1/52 | 1,500,000 | 1,180,245 | ||||||
Crookston Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/51 | 1,025,000 | 837,579 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/46 # | 370,000 | 334,957 |
36
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/51 # | 1,625,000 | $ | 1,446,998 | |||||
Deephaven Housing & Healthcare Revenue | ||||||||
(St. Therese Senior Living Project) | ||||||||
Series A 5.00% 4/1/38 | 335,000 | 294,167 | ||||||
Series A 5.00% 4/1/40 | 315,000 | 271,920 | ||||||
Series A 5.00% 4/1/48 | 185,000 | 150,294 | ||||||
Duluth Economic Development Authority Revenue | ||||||||
(Benedictine Health System) | ||||||||
Series A 4.00% 7/1/41 | 930,000 | 738,931 | ||||||
(Essentia Health Obligated Group) | ||||||||
Series A 4.25% 2/15/43 | 2,500,000 | 2,391,625 | ||||||
Series A 5.00% 2/15/53 | 1,590,000 | 1,606,695 | ||||||
Series A 5.00% 2/15/58 | 1,750,000 | 1,767,605 | ||||||
Series A 5.25% 2/15/58 | 2,000,000 | 2,049,920 | ||||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||||
Series A 4.00% 6/15/33 | 380,000 | 367,810 | ||||||
Series A 4.00% 6/15/38 | 400,000 | 358,744 | ||||||
Series A 4.00% 6/15/39 | 250,000 | 221,490 | ||||||
Series B 5.25% 6/15/52 | 1,000,000 | 1,006,190 | ||||||
Glencoe Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/31 | 185,000 | 181,746 | ||||||
Hayward Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
5.375% 8/1/34 | 750,000 | 647,265 | ||||||
(St. John’s Lutheran Home of Albert Lea Project) | ||||||||
5.375% 10/1/44 | 90,000 | 59,124 | ||||||
Maple Grove Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 1,155,000 | 1,062,392 | ||||||
5.00% 5/1/26 | 1,300,000 | 1,351,467 | ||||||
5.00% 5/1/29 | 500,000 | 523,530 | ||||||
(North Memorial Health Care) | ||||||||
4.00% 9/1/35 | 300,000 | 283,818 | ||||||
5.00% 9/1/30 | 610,000 | 628,007 | ||||||
Maple Plain Senior Housing & Health Care Revenue | ||||||||
(Haven Homes Incorporate Project) | ||||||||
5.00% 7/1/49 | 1,000,000 | 837,220 |
37
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Minneapolis Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/40 | 1,000,000 | $ | 966,000 | |||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/48 | 1,000,000 | 878,970 | ||||||
Series A 5.00% 11/15/33 | 1,200,000 | 1,238,904 | ||||||
Series A 5.00% 11/15/33 | 1,000,000 | 1,064,870 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 514,910 | ||||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,011,230 | ||||||
Series A 5.00% 11/15/49 | 2,450,000 | 2,487,240 | ||||||
Minneapolis Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.375% 11/1/50 | 1,700,000 | 1,523,642 | ||||||
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue | ||||||||
(Allina Health System) | ||||||||
Series A 5.00% 11/15/29 | 415,000 | 447,216 | ||||||
Morris Health Care Facilities Revenue | ||||||||
(Farmington Health Services) | ||||||||
4.10% 8/1/44 | 500,000 | 369,735 | ||||||
4.20% 8/1/49 | 1,500,000 | 1,075,980 | ||||||
Rochester Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 5.25% 12/1/23 | 175,000 | 174,515 | ||||||
Series A 6.875% 12/1/48 | 1,200,000 | 1,203,228 | ||||||
Rochester Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 1,500,000 | 1,524,840 | ||||||
5.00% 11/15/57 | 5,175,000 | 5,557,795 | ||||||
Series B 5.00% 11/15/36 | 500,000 | 584,020 | ||||||
Sartell Health Care & Housing Facilities Revenue | ||||||||
(Country Manor Campus LLC Project) | ||||||||
Series A 5.00% 9/1/35 | 350,000 | 317,807 | ||||||
Sauk Rapids Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 825,000 | 702,174 | ||||||
Shakopee Health Care Facilities Revenue | ||||||||
(St. Francis Regional Medical Center) | ||||||||
4.00% 9/1/31 | 130,000 | 130,079 | ||||||
5.00% 9/1/34 | 105,000 | 106,158 |
38
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
St. Cloud Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
4.00% 5/1/49 | 250,000 | $ | 226,092 | |||||
5.00% 5/1/48 | 4,200,000 | 4,287,360 | ||||||
Series A 4.00% 5/1/37 | 1,695,000 | 1,644,964 | ||||||
Series A 5.00% 5/1/46 | 2,630,000 | 2,676,446 | ||||||
St. Joseph Senior Housing & Healthcare Revenue | ||||||||
(Woodcrest Country Manor Project) | ||||||||
5.00% 7/1/55 | 1,000,000 | 801,700 | ||||||
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Episcopal Homes Project) | ||||||||
5.125% 5/1/48 | 1,700,000 | 1,410,303 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/43 | 645,000 | 581,532 | ||||||
Series A 5.00% 11/15/47 | 760,000 | 770,503 | ||||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 4.00% 7/1/33 | 1,320,000 | 1,328,039 | ||||||
Series A 5.00% 7/1/33 | 2,540,000 | 2,621,382 | ||||||
(Healthpartners Obligated Group) | ||||||||
Series A 5.00% 7/1/30 | 1,000,000 | 1,035,020 | ||||||
(Marian Center Project) | ||||||||
Series A 5.375% 5/1/43 | 1,000,000 | 829,480 | ||||||
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue | ||||||||
(Episcopal Homes Obligated Group) | ||||||||
Series A 4.00% 11/1/42 | 700,000 | 549,822 | ||||||
Victoria Health Care Facilities Revenue | ||||||||
(Augustana Emerald Care Project) | ||||||||
5.00% 8/1/39 | 1,500,000 | 1,232,760 | ||||||
Wayzata Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
3.75% 8/1/37 | 500,000 | 419,415 | ||||||
4.00% 8/1/38 | 500,000 | 428,780 | ||||||
4.00% 8/1/39 | 400,000 | 338,748 | ||||||
4.00% 8/1/44 | 700,000 | 561,260 | ||||||
5.00% 8/1/54 | 750,000 | 678,667 | ||||||
West St. Paul Rochester Health Care & Housing Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
5.00% 11/1/49 | 1,500,000 | 1,351,140 | ||||||
74,338,190 |
39
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds — 1.52% | ||||||||
Bethel Senior Housing Revenue | ||||||||
(Birchwood Landing at the Lakes at Stillwater Project) | ||||||||
5.00%5/1/54 | 1,000,000 | $ | 813,010 | |||||
Minnesota Housing Finance Agency | ||||||||
Series I 2.20% 1/1/51 | 635,000 | 429,571 | ||||||
(State Appropriation - Housing Infrastructure) | ||||||||
Series C 5.00% 8/1/33 | 100,000 | 102,201 | ||||||
Northwest Multi-County Housing & Redevelopment Authority | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 1,275,000 | 1,216,592 | ||||||
Stillwater Multifamily Housing Revenue | ||||||||
(Orleans Homes Project) | ||||||||
5.50% 2/1/42 (AMT) | 750,000 | 702,255 | ||||||
3,263,629 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bond — 2.30% | ||||||||
St. Paul Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 # | 5,350,000 | 4,949,606 | ||||||
4,949,606 | ||||||||
Lease Revenue Bonds — 2.27% | ||||||||
Hibbing Independent School District No. 701 | ||||||||
Series A 3.00% 3/1/41 | 500,000 | 416,595 | ||||||
Minnesota General Fund Revenue Appropriations | ||||||||
Series A 5.00% 6/1/38 | 1,750,000 | 1,753,395 | ||||||
Series A 5.00% 6/1/43 | 1,000,000 | 1,001,450 | ||||||
Minnesota Housing Finance Agency | ||||||||
(State Appropriation - Housing Infrastructure) | ||||||||
Series C 5.00% 8/1/32 | 1,415,000 | 1,446,937 | ||||||
(State Appropriation) | ||||||||
5.00% 8/1/31 | 250,000 | 250,392 | ||||||
4,868,769 | ||||||||
Local General Obligation Bonds — 7.52% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/43 | 500,000 | 417,215 | ||||||
Series A 3.00% 2/1/45 | 750,000 | 611,767 |
40
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Cass Lake-Bena Independent School District No. 115 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 375,000 | $ | 369,923 | |||||
Series A 4.00% 2/1/42 | 925,000 | 907,036 | ||||||
Series A 4.00% 2/1/43 | 800,000 | 779,192 | ||||||
City of Minneapolis | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/42 | 1,000,000 | 837,200 | ||||||
Duluth General Obligation Entertainment Convention Center Improvement | ||||||||
Series A 5.00% 2/1/34 | 1,000,000 | 1,041,170 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series A 4.00% 2/1/27 | 440,000 | 446,574 | ||||||
Series A 4.20% 3/1/34 | 750,000 | 703,942 | ||||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 530,000 | 452,207 | ||||||
Hennepin County | ||||||||
Series A 5.00% 12/1/37 | 910,000 | 986,749 | ||||||
Series C 5.00% 12/1/37 | 2,500,000 | 2,640,950 | ||||||
Mahtomedi Independent School District No. 832 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/28 | 1,000,000 | 1,031,810 | ||||||
Series A 5.00% 2/1/29 | 1,000,000 | 1,030,310 | ||||||
Series A 5.00% 2/1/31 | 1,000,000 | 1,028,060 | ||||||
Minneapolis Special School District No. 1 | ||||||||
Series A 4.00% 2/1/37 | 215,000 | 218,238 | ||||||
Series A 4.00% 2/1/38 | 220,000 | 221,353 | ||||||
Series B 4.00% 2/1/37 | 445,000 | 451,701 | ||||||
Series B 4.00% 2/1/38 | 465,000 | 467,860 | ||||||
Wayzata Independent School District No. 284 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/28 | 650,000 | 705,036 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 1,000,000 | 824,400 | ||||||
16,172,693 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 2.08% | ||||||||
Deephaven Charter School Lease Revenue | ||||||||
(Eagle Ridge Academy Project) | ||||||||
Series A 5.50% 7/1/43-23 § | 500,000 | 503,725 |
41
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Rochester Health Care Facilities Revenue | ||||||||
(Olmsted Medical Center Project) | ||||||||
5.00% 7/1/27-23 § | 245,000 | $ | 246,385 | |||||
5.00% 7/1/28-23 § | 225,000 | 226,271 | ||||||
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/29-25 § | 275,000 | 288,442 | ||||||
Series A 5.00% 11/15/30-25 § | 205,000 | 215,020 | ||||||
Western Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/30-24 § | 500,000 | 507,720 | ||||||
Series A 5.00% 1/1/34-24 § | 450,000 | 456,948 | ||||||
Series A 5.00% 1/1/40-24 § | 2,000,000 | 2,030,880 | ||||||
4,475,391 | ||||||||
Special Tax Revenue Bonds — 5.20% | ||||||||
Commonwealth of Puerto Rico | ||||||||
2.632% 11/1/43 ● | 1,594,652 | 687,694 | ||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 707,440 | 584,388 | ||||||
Minneapolis Revenue | ||||||||
(YMCA Greater Twin Cities Project) | ||||||||
4.00% 6/1/31 | 250,000 | 254,957 | ||||||
Minneapolis Tax Increment Revenue | ||||||||
(Grant Park Project) | ||||||||
4.00% 3/1/27 | 200,000 | 197,070 | ||||||
4.00% 3/1/30 | 260,000 | 250,216 | ||||||
(Village of St. Anthony Falls Project) | ||||||||
4.00% 3/1/24 | 700,000 | 697,998 | ||||||
4.00% 3/1/27 | 650,000 | 640,478 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 4,155,000 | 3,724,459 | ||||||
Series A-1 5.00% 7/1/58 | 275,000 | 255,145 | ||||||
Series A-1 5.721% 7/1/51 ^ | 6,809,000 | 1,284,722 | ||||||
Series A-2 4.536% 7/1/53 | 3,000,000 | 2,594,340 | ||||||
11,171,467 | ||||||||
State General Obligation Bonds — 5.84% | ||||||||
Minnesota State | ||||||||
Series A 4.00% 9/1/38 | 550,000 | 571,676 | ||||||
Series A 5.00% 8/1/27 | 750,000 | 785,242 | ||||||
Series A 5.00% 9/1/31 | 1,250,000 | 1,473,550 |
42
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Minnesota State | ||||||||
Series A 5.00% 8/1/33 | 660,000 | $ | 736,039 | |||||
Series A 5.00% 8/1/34 | 2,185,000 | 2,423,493 | ||||||
Series A 5.00% 8/1/39 | 500,000 | 570,730 | ||||||
Series A 5.00% 8/1/40 | 750,000 | 832,425 | ||||||
Series A 5.00% 8/1/41 | 860,000 | 970,974 | ||||||
Series D 5.00% 8/1/27 | 1,000,000 | 1,065,860 | ||||||
Series E 5.00% 10/1/26 | 1,085,000 | 1,164,975 | ||||||
(Various Purposes) | ||||||||
Series A 5.00% 8/1/32 | 1,915,000 | 1,967,299 | ||||||
12,562,263 | ||||||||
Transportation Revenue Bonds — 4.04% | ||||||||
Minneapolis – St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/39 (AMT) | 500,000 | 520,770 | ||||||
Series B 5.25% 1/1/47 (AMT) | 500,000 | 522,690 | ||||||
(Senior) | ||||||||
Series C 5.00% 1/1/46 | 185,000 | 190,546 | ||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/44 | 4,000,000 | 4,173,600 | ||||||
Series B 5.00% 1/1/31 (AMT) | 420,000 | 451,563 | ||||||
Series B 5.00% 1/1/44 (AMT) | 2,150,000 | 2,208,437 | ||||||
Series B 5.00% 1/1/47 (AMT) | 600,000 | 616,452 | ||||||
8,684,058 | ||||||||
Water & Sewer Revenue Bonds — 0.95% | ||||||||
Metropolitan Council General Obligation Wastewater Revenue | ||||||||
(Minneapolis – St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/31 | 965,000 | 1,009,332 | ||||||
Series C 4.00% 3/1/32 | 1,000,000 | 1,042,150 | ||||||
2,051,482 | ||||||||
Total Municipal Bonds (cost $220,779,485) | 205,988,234 | |||||||
Short-Term Investments — 1.72% | ||||||||
Variable Rate Demand Notes — 1.72% ¤ | ||||||||
Minneapolis Health Care System Revenue | ||||||||
(Fairview Health Services) | ||||||||
Series C 2.65% 11/15/48 | ||||||||
(LOC – Wells Fargo Bank N.A.) | 2,200,000 | 2,200,000 |
43
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes (continued) | ||||||||
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Revenue | ||||||||
(Allina Health System) | ||||||||
Series B-1A 2.48% 11/15/35 | ||||||||
(LOC – JPMorgan Chase Bank N.A.) | 500,000 | $ | 500,000 | |||||
Series B-2 2.45% 11/15/35 | ||||||||
(LOC – JPMorgan Chase Bank N.A.) | 1,000,000 | 1,000,000 | ||||||
Total Short-Term Investments (cost $3,700,000) | 3,700,000 | |||||||
Total Value of Securities—97.54% | ||||||||
(cost $224,479,485) | $ | 209,688,234 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $11,695,294, which represents 5.44% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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 February 28, 2023. |
44
Summary of abbreviations:
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
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
45
Statements of assets and liabilities
February 28, 2023 (Unaudited)
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 502,426,992 | $ | 70,042,399 | $ | 209,688,234 | ||||||
Cash | — | 470,926 | 3,036,831 | |||||||||
Interest receivable | 5,818,887 | 781,678 | 2,579,451 | |||||||||
Receivable for fund shares sold | 2,356,086 | 31,081 | 292,785 | |||||||||
Prepaid expenses | 148,590 | 23,383 | 11,902 | |||||||||
Other assets | 4,100 | 605 | 1,586 | |||||||||
Total Assets | 510,754,655 | 71,350,072 | 215,610,789 | |||||||||
Liabilities: | ||||||||||||
Due to custodian | 796,367 | — | — | |||||||||
Payable for fund shares redeemed | 2,596,605 | 70,381 | 393,401 | |||||||||
Other accrued expenses | 299,661 | 80,718 | 148,090 | |||||||||
Distribution payable | 219,798 | 13,401 | 11,043 | |||||||||
Investment management fees payable to affiliates | 124,705 | 26 | 45,194 | |||||||||
Distribution fees payable to affiliates | 65,868 | 11,334 | 27,118 | |||||||||
Administration expenses payable to affiliates | 35,766 | 10,651 | 17,399 | |||||||||
Total Liabilities | 4,138,770 | 186,511 | 642,245 | |||||||||
Total Net Assets | $ | 506,615,885 | $ | 71,163,561 | $ | 214,968,544 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 548,629,963 | $ | 76,664,201 | $ | 236,236,381 | ||||||
Total distributable earnings (loss) | (42,014,078 | ) | (5,500,640 | ) | (21,267,837 | ) | ||||||
Total Net Assets | $ | 506,615,885 | $ | 71,163,561 | $ | 214,968,544 |
46
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | |||||||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 294,034,353 | $ | 50,125,599 | $ | 97,989,023 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 26,504,572 | 5,047,085 | 10,016,241 | ||||||||||
Net asset value per share | $ | 11.09 | $ | 9.93 | $ | 9.78 | |||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | |||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 11.61 | $ | 10.21 | $ | 10.24 | |||||||
Class C: | |||||||||||||
Net assets | $ | 10,134,692 | $ | 1,925,554 | $ | 10,167,134 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 910,504 | 193,488 | 1,037,266 | ||||||||||
Net asset value per share | $ | 11.13 | $ | 9.95 | $ | 9.80 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 202,446,840 | $ | 19,112,408 | $ | 106,812,387 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 18,253,274 | 1,923,725 | 10,921,799 | ||||||||||
Net asset value per share | $ | 11.09 | $ | 9.94 | $ | 9.78 | |||||||
| |||||||||||||
* | Investments, at cost | $ | 526,737,876 | $ | 72,408,590 | $ | 224,479,485 |
See accompanying notes, which are an integral part of the financial statements.
47
Six months ended February 28, 2023 (Unaudited)
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 9,339,873 | $ | 1,273,919 | $ | 4,189,813 | ||||||
Expenses: | ||||||||||||
Management fees | 1,388,176 | 187,336 | 567,765 | |||||||||
Distribution expenses — Class A | 370,135 | 62,140 | 120,072 | |||||||||
Distribution expenses — Class C | 56,704 | 9,935 | 52,797 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 188,877 | 29,789 | 92,404 | |||||||||
Accounting and administration expenses | 54,793 | 24,539 | 33,570 | |||||||||
Registration fees | 26,911 | 7,821 | 7,119 | |||||||||
Reports and statements to shareholders expenses | 23,917 | 6,183 | 10,096 | |||||||||
Audit and tax fees | 20,145 | 20,145 | 20,145 | |||||||||
Legal fees | 17,590 | 2,677 | 6,444 | |||||||||
Trustees’ fees and expenses | 11,917 | 1,701 | 4,527 | |||||||||
Custodian fees | 8,569 | 1,254 | 3,349 | |||||||||
Other | 30,046 | 12,202 | 19,118 | |||||||||
2,197,780 | 365,722 | 937,406 | ||||||||||
Less expenses waived | (261,791 | ) | (83,766 | ) | (121,215 | ) | ||||||
Less expenses paid indirectly | (32 | ) | (5 | ) | (13 | ) | ||||||
Total operating expenses | 1,935,957 | 281,951 | 816,178 | |||||||||
Net Investment Income (Loss) | 7,403,916 | 991,968 | 3,373,635 |
48
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | $ | (11,334,080 | ) | $ | (2,128,074 | ) | $ | (3,836,988 | ) | |||
Net change in unrealized appreciation (depreciation) on investments | (1,653,730 | ) | 1,080,214 | (2,952,290 | ) | |||||||
Net Realized and Unrealized Gain (Loss) | (12,987,810 | ) | (1,047,860 | ) | (6,789,278 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,583,894 | ) | $ | (55,892 | ) | $ | (3,415,643 | ) |
See accompanying notes, which are an integral part of the financial statements.
49
Statements of changes in net assets
Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 7,403,916 | $ | 13,338,910 | ||||
Net realized gain (loss) | (11,334,080 | ) | (5,994,882 | ) | ||||
Net change in unrealized appreciation (depreciation) | (1,653,730 | ) | (58,761,630 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (5,583,894 | ) | (51,417,602 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (4,187,710 | ) | (7,696,597 | ) | ||||
Class C | (117,594 | ) | (224,436 | ) | ||||
Institutional Class | (3,054,602 | ) | (5,374,031 | ) | ||||
(7,359,906 | ) | (13,295,064 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 54,744,216 | 78,404,017 | ||||||
Class C | 1,013,923 | 1,924,033 | ||||||
Institutional Class | 96,445,579 | 123,458,808 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 3,893,471 | 7,030,872 | ||||||
Class C | 116,902 | 222,610 | ||||||
Institutional Class | 1,953,002 | 3,728,698 | ||||||
158,167,093 | 214,769,038 |
50
Delaware Tax-Free Minnesota Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (74,445,492 | ) | $ | (105,934,797 | ) | ||
Class C | (3,545,237 | ) | (4,721,588 | ) | ||||
Institutional Class | (101,960,005 | ) | (109,837,221 | ) | ||||
(179,950,734 | ) | (220,493,606 | ) | |||||
Decrease in net assets derived from capital share transactions | (21,783,641 | ) | (5,724,568 | ) | ||||
Net Decrease in Net Assets | (34,727,441 | ) | (70,437,234 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 541,343,326 | 611,780,560 | ||||||
End of period | $ | 506,615,885 | $ | 541,343,326 |
See accompanying notes, which are an integral part of the financial statements.
51
Statements of changes in net assets
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Tax-Free Minnesota Intermediate Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 991,968 | $ | 1,813,825 | ||||
Net realized gain (loss) | (2,128,074 | ) | (858,493 | ) | ||||
Net change in unrealized appreciation (depreciation) | 1,080,214 | (8,048,203 | ) | |||||
Net increase (decrease) in net assets resulting from operations | (55,892 | ) | (7,092,871 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (639,108 | ) | (1,236,691 | ) | ||||
Class C | (18,021 | ) | (35,021 | ) | ||||
Institutional Class | (325,203 | ) | (539,394 | ) | ||||
(982,332 | ) | (1,811,106 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 9,436,692 | 4,787,242 | ||||||
Class C | 217,307 | 354,310 | ||||||
Institutional Class | 10,010,673 | 16,667,624 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 562,300 | 1,081,064 | ||||||
Class C | 17,995 | 34,988 | ||||||
Institutional Class | 320,617 | 530,155 | ||||||
20,565,584 | 23,455,383 |
52
Delaware Tax-Free Minnesota Intermediate Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (10,479,650 | ) | $ | (11,647,254 | ) | ||
Class C | (498,737 | ) | (869,136 | ) | ||||
Institutional Class | (16,549,883 | ) | (13,305,865 | ) | ||||
(27,528,270 | ) | (25,822,255 | ) | |||||
Decrease in net assets derived from capital share transactions | (6,962,686 | ) | (2,366,872 | ) | ||||
Net Decrease in Net Assets | (8,000,910 | ) | (11,270,849 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 79,164,471 | 90,435,320 | ||||||
End of period | $ | 71,163,561 | $ | 79,164,471 |
See accompanying notes, which are an integral part of the financial statements.
53
Statements of changes in net assets
Delaware Minnesota High-Yield Municipal Bond Fund
Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,373,635 | $ | 5,933,666 | ||||
Net realized gain (loss) | (3,836,988 | ) | (2,014,639 | ) | ||||
Net change in unrealized appreciation (depreciation) | (2,952,290 | ) | (24,508,368 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (3,415,643 | ) | (20,589,341 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (1,517,200 | ) | (2,698,669 | ) | ||||
Class C | (126,846 | ) | (232,692 | ) | ||||
Institutional Class | (1,700,287 | ) | (2,961,633 | ) | ||||
(3,344,333 | ) | (5,892,994 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 20,197,715 | 16,556,227 | ||||||
Class C | 1,280,337 | 2,605,070 | ||||||
Institutional Class | 40,563,451 | 55,946,931 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,466,651 | 2,584,003 | ||||||
Class C | 125,592 | 230,068 | ||||||
Institutional Class | 1,680,571 | 2,920,723 | ||||||
65,314,317 | 80,843,022 |
54
Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (19,312,176 | ) | $ | (20,548,181 | ) | ||
Class C | (2,362,363 | ) | (4,141,665 | ) | ||||
Institutional Class | (39,278,787 | ) | (42,013,074 | ) | ||||
(60,953,326 | ) | (66,702,920 | ) | |||||
Increase in net assets derived from capital share transactions | 4,360,991 | 14,140,102 | ||||||
Net Decrease in Net Assets | (2,398,985 | ) | (12,342,233 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 217,367,529 | 229,709,762 | ||||||
End of period | $ | 214,968,544 | $ | 217,367,529 |
See accompanying notes, which are an integral part of the financial statements.
55
Delaware Tax-Free Minnesota Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
56
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | ||||||||||||
0.16 | 0.27 | 0.29 | 0.31 | 0.36 | 0.37 | ||||||||||||||||||
(0.27 | ) | (1.34 | ) | 0.21 | (0.16 | ) | 0.54 | (0.34 | ) | ||||||||||||||
(0.11 | ) | (1.07 | ) | 0.50 | 0.15 | 0.90 | 0.03 | ||||||||||||||||
(0.16 | ) | (0.27 | ) | (0.29 | ) | (0.31 | ) | (0.36 | ) | (0.37 | ) | ||||||||||||
— | — | — | (0.03 | ) | — | (0.06 | ) | ||||||||||||||||
(0.16 | ) | (0.27 | ) | (0.29 | ) | (0.34 | ) | (0.36 | ) | (0.43 | ) | ||||||||||||
$ | 11.09 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | ||||||||||||
(0.99 | )% | (8.51 | )% | 4.05 | % | 1.30 | % | 7.54 | % | 0.26 | % | ||||||||||||
$ | 294,034 | $ | 317,184 | $ | 375,799 | $ | 373,691 | $ | 386,790 | $ | 390,477 | ||||||||||||
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||
0.95 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.94 | % | ||||||||||||
2.85 | % | 2.25 | % | 2.30 | % | 2.53 | % | 2.92 | % | 2.99 | % | ||||||||||||
2.75 | % | 2.17 | % | 2.22 | % | 2.45 | % | 2.84 | % | 2.90 | % | ||||||||||||
17 | % | 24 | % | 3 | % | 15 | % | 13 | % | 16 | % |
57
Financial highlights
Delaware Tax-Free Minnesota Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
58
| Six months ended 2/28/231 | | | Year ended | | ||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.40 | $ | 12.75 | $ | 12.53 | $ | 12.72 | $ | 12.18 | $ | 12.58 | ||||||||||||
0.11 | 0.18 | 0.20 | 0.22 | 0.27 | 0.28 | ||||||||||||||||||
(0.27 | ) | (1.35 | ) | 0.22 | (0.16 | ) | 0.54 | (0.34 | ) | ||||||||||||||
(0.16 | ) | (1.17 | ) | 0.42 | 0.06 | 0.81 | (0.06 | ) | |||||||||||||||
(0.11 | ) | (0.18 | ) | (0.20 | ) | (0.22 | ) | (0.27 | ) | (0.28 | ) | ||||||||||||
— | — | — | (0.03 | ) | — | (0.06 | ) | ||||||||||||||||
(0.11 | ) | (0.18 | ) | (0.20 | ) | (0.25 | ) | (0.27 | ) | (0.34 | ) | ||||||||||||
$ | 11.13 | $ | 11.40 | $ | 12.75 | $ | 12.53 | $ | 12.72 | $ | 12.18 | ||||||||||||
(1.35 | )% | (9.23 | )% | 3.35 | % | 0.54 | % | 6.73 | % | (0.49 | )% | ||||||||||||
$ | 10,135 | $ | 12,837 | $ | 17,096 | $ | 25,219 | $ | 29,933 | $ | 35,642 | ||||||||||||
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
1.70 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.69 | % | ||||||||||||
2.10 | % | 1.50 | % | 1.55 | % | 1.78 | % | 2.17 | % | 2.24 | % | ||||||||||||
2.00 | % | 1.42 | % | 1.47 | % | 1.70 | % | 2.09 | % | 2.15 | % | ||||||||||||
17 | % | 24 | % | 3 | % | 15 | % | 13 | % | 16 | % |
59
Financial highlights
Delaware Tax-Free Minnesota Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
60
| Six months ended 2/28/231 | | | Year ended | | ||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | ||||||||||||
0.17 | 0.30 | 0.32 | 0.34 | 0.39 | 0.40 | ||||||||||||||||||
(0.27 | ) | (1.34 | ) | 0.21 | (0.16 | ) | 0.54 | (0.34 | ) | ||||||||||||||
(0.10 | ) | (1.04 | ) | 0.53 | 0.18 | 0.93 | 0.06 | ||||||||||||||||
(0.17 | ) | (0.30 | ) | (0.32 | ) | (0.34 | ) | (0.39 | ) | (0.40 | ) | ||||||||||||
— | — | — | (0.03 | ) | — | (0.06 | ) | ||||||||||||||||
(0.17 | ) | (0.30 | ) | (0.32 | ) | (0.37 | ) | (0.39 | ) | (0.46 | ) | ||||||||||||
$ | 11.09 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | ||||||||||||
(0.87 | )% | (8.28 | )% | 4.31 | % | 1.55 | % | 7.81 | % | 0.51 | % | ||||||||||||
$ | 202,447 | $ | 211,322 | $ | 218,886 | $ | 181,242 | $ | 169,241 | $ | 119,894 | ||||||||||||
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
0.70 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.69 | % | ||||||||||||
3.10 | % | 2.50 | % | 2.55 | % | 2.78 | % | 3.17 | % | 3.24 | % | ||||||||||||
3.00 | % | 2.42 | % | 2.47 | % | 2.70 | % | 3.09 | % | 3.15 | % | ||||||||||||
17 | % | 24 | % | 3 | % | 15 | % | 13 | % | 16 | % |
61
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
62
| Six months ended 2/28/231 | | | Year ended | | ||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.82 | $ | 11.17 | ||||||||||||
0.13 | 0.23 | 0.23 | 0.27 | 0.31 | 0.30 | ||||||||||||||||||
(0.14 | ) | (1.15 | ) | 0.11 | (0.15 | ) | 0.43 | (0.31 | ) | ||||||||||||||
(0.01 | ) | (0.92 | ) | 0.34 | 0.12 | 0.74 | (0.01 | ) | |||||||||||||||
(0.13 | ) | (0.23 | ) | (0.22 | ) | (0.27 | ) | (0.31 | ) | (0.30 | ) | ||||||||||||
— | — | — | — | — | (0.04 | ) | |||||||||||||||||
(0.13 | ) | (0.23 | ) | (0.22 | ) | (0.27 | ) | (0.31 | ) | (0.34 | ) | ||||||||||||
$ | 9.93 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.82 | ||||||||||||
(0.12 | )% | (8.32 | )% | 3.13 | % | 1.08 | % | 7.00 | % | (0.01 | )% | ||||||||||||
$ | 50,126 | $ | 51,298 | $ | 63,499 | $ | 57,788 | $ | 55,918 | $ | 59,284 | ||||||||||||
0.81 | % | 0.78 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.79 | % | ||||||||||||
1.03 | % | 1.01 | % | 1.00 | % | 1.02 | % | 1.04 | % | 1.00 | % | ||||||||||||
2.59 | % | 2.11 | % | 2.01 | % | 2.39 | % | 2.87 | % | 2.77 | % | ||||||||||||
2.37 | % | 1.88 | % | 1.72 | % | 2.08 | % | 2.54 | % | 2.56 | % | ||||||||||||
16 | % | 28 | % | 7 | % | 20 | % | 19 | % | 17 | % |
63
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
64
Six months ended 2/28/231 | | | Year ended | | |||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.09 | $ | 11.24 | $ | 11.12 | $ | 11.27 | $ | 10.84 | $ | 11.19 | ||||||||||||
0.09 | 0.14 | 0.13 | 0.17 | 0.22 | 0.21 | ||||||||||||||||||
(0.14 | ) | (1.15 | ) | 0.12 | (0.15 | ) | 0.43 | (0.31 | ) | ||||||||||||||
(0.05 | ) | (1.01 | ) | 0.25 | 0.02 | 0.65 | (0.10 | ) | |||||||||||||||
(0.09 | ) | (0.14 | ) | (0.13 | ) | (0.17 | ) | (0.22 | ) | (0.21 | ) | ||||||||||||
— | — | — | — | — | (0.04 | ) | |||||||||||||||||
(0.09 | ) | (0.14 | ) | (0.13 | ) | (0.17 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||
$ | 9.95 | $ | 10.09 | $ | 11.24 | $ | 11.12 | $ | 11.27 | $ | 10.84 | ||||||||||||
(0.49 | )% | (9.02 | )% | 2.26 | % | 0.22 | % | 6.09 | % | (0.86 | )% | ||||||||||||
�� | |||||||||||||||||||||||
$ | 1,926 | $ | 2,222 | $ | 2,990 | $ | 5,149 | $ | 7,167 | $ | 8,558 | ||||||||||||
1.56 | % | 1.56 | % | 1.56 | % | 1.56 | % | 1.56 | % | 1.64 | % | ||||||||||||
1.78 | % | 1.76 | % | 1.75 | % | 1.77 | % | 1.79 | % | 1.75 | % | ||||||||||||
1.84 | % | 1.33 | % | 1.16 | % | 1.54 | % | 2.02 | % | 1.92 | % | ||||||||||||
1.62 | % | 1.13 | % | 0.97 | % | 1.33 | % | 1.79 | % | 1.81 | % | ||||||||||||
16 | % | 28 | % | 7 | % | 20 | % | 19 | % | 17 | % |
65
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
66
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.83 | $ | 11.17 | ||||||||||||
0.14 | 0.25 | 0.24 | 0.28 | 0.33 | 0.32 | ||||||||||||||||||
(0.13 | ) | (1.15 | ) | 0.12 | (0.15 | ) | 0.42 | (0.30 | ) | ||||||||||||||
0.01 | (0.90 | ) | 0.36 | 0.13 | 0.75 | 0.02 | |||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.33 | ) | (0.32 | ) | ||||||||||||
— | — | — | — | — | (0.04 | ) | |||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.33 | ) | (0.36 | ) | ||||||||||||
$ | 9.94 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.83 | ||||||||||||
0.10 | % | (8.12 | )% | 3.29 | % | 1.23 | % | 7.06 | % | 0.23 | % | ||||||||||||
$ | 19,112 | $ | 25,644 | $ | 23,946 | $ | 24,848 | $ | 17,718 | $ | 11,470 | ||||||||||||
0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.64 | % | ||||||||||||
0.78 | % | 0.76 | % | 0.75 | % | 0.77 | % | 0.79 | % | 0.75 | % | ||||||||||||
2.84 | % | 2.33 | % | 2.16 | % | 2.54 | % | 3.02 | % | 2.92 | % | ||||||||||||
2.62 | % | 2.13 | % | 1.97 | % | 2.33 | % | 2.79 | % | 2.81 | % | ||||||||||||
16 | % | 28 | % | 7 | % | 20 | % | 19 | % | 17 | % |
67
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
68
Six months ended 2/28/231 | | | Year ended | | |||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.08 | $ | 11.34 | $ | 11.00 | $ | 11.21 | $ | 10.66 | $ | 10.88 | ||||||||||||
0.15 | 0.27 | 0.28 | 0.29 | 0.32 | 0.32 | ||||||||||||||||||
(0.30 | ) | (1.26 | ) | 0.34 | (0.21 | ) | 0.55 | (0.22 | ) | ||||||||||||||
(0.15 | ) | (0.99 | ) | 0.62 | 0.08 | 0.87 | 0.10 | ||||||||||||||||
(0.15 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||
(0.15 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||
$ | 9.78 | $ | 10.08 | $ | 11.34 | $ | 11.00 | $ | 11.21 | $ | 10.66 | ||||||||||||
(1.44 | )% | (8.79 | )% | 5.71 | % | 0.81 | % | 8.33 | % | 0.95 | % | ||||||||||||
$ | 97,989 | $ | 98,592 | $ | 112,606 | $ | 103,913 | $ | 103,487 | $ | 98,980 | ||||||||||||
0.87 | % | 0.88 | % | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||||
0.99 | % | 0.98 | % | 0.97 | % | 0.97 | % | 0.99 | % | 0.99 | % | ||||||||||||
3.19 | % | 2.58 | % | 2.52 | % | 2.69 | % | 2.97 | % | 2.98 | % | ||||||||||||
3.07 | % | 2.48 | % | 2.44 | % | 2.61 | % | 2.87 | % | 2.88 | % | ||||||||||||
15 | % | 23 | % | 3 | % | 18 | % | 12 | % | 14 | % |
69
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $0.005 per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
70
Six months ended 2/28/231 | | | Year ended | | |||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.10 | $ | 11.36 | $ | 11.02 | $ | 11.23 | $ | 10.68 | $ | 10.90 | ||||||||||||
0.12 | 0.19 | 0.20 | 0.21 | 0.24 | 0.24 | ||||||||||||||||||
(0.30 | ) | (1.26 | ) | 0.34 | (0.21 | ) | 0.55 | (0.22 | ) | ||||||||||||||
(0.18 | ) | (1.07 | ) | 0.54 | — | 3 | 0.79 | 0.02 | |||||||||||||||
(0.12 | ) | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
(0.12 | ) | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
$ | 9.80 | $ | 10.10 | $ | 11.36 | $ | 11.02 | $ | 11.23 | $ | 10.68 | ||||||||||||
(1.80 | )% | (9.46 | )% | 4.92 | % | 0.05 | % | 7.51 | % | 0.19 | % | ||||||||||||
$ | 10,167 | $ | 11,476 | $ | 14,317 | $ | 19,376 | $ | 21,059 | $ | 21,651 | ||||||||||||
1.62 | % | 1.63 | % | 1.64 | % | 1.64 | % | 1.64 | % | 1.64 | % | ||||||||||||
1.74 | % | 1.73 | % | 1.72 | % | 1.72 | % | 1.74 | % | 1.74 | % | ||||||||||||
2.44 | % | 1.82 | % | 1.77 | % | 1.94 | % | 2.22 | % | 2.23 | % | ||||||||||||
2.32 | % | 1.73 | % | 1.69 | % | 1.86 | % | 2.12 | % | 2.13 | % | ||||||||||||
15 | % | 23 | % | 3 | % | 18 | % | 12 | % | 14 | % |
71
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
72
| Six months ended 2/28/231 | | | Year ended | | ||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.07 | $ | 11.33 | $ | 11.00 | $ | 11.20 | $ | 10.66 | $ | 10.87 | ||||||||||||
0.17 | 0.30 | 0.31 | 0.32 | 0.35 | 0.35 | ||||||||||||||||||
(0.29 | ) | (1.26 | ) | 0.33 | (0.20 | ) | 0.54 | (0.21 | ) | ||||||||||||||
(0.12 | ) | (0.96 | ) | 0.64 | 0.12 | 0.89 | 0.14 | ||||||||||||||||
(0.17 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.35 | ) | (0.35 | ) | ||||||||||||
(0.17 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.35 | ) | (0.35 | ) | ||||||||||||
$ | 9.78 | $ | 10.07 | $ | 11.33 | $ | 11.00 | $ | 11.20 | $ | 10.66 | ||||||||||||
(1.22 | )% | (8.58 | )% | 5.89 | % | 1.15 | % | 8.50 | % | 1.30 | % | ||||||||||||
$ | 106,813 | $ | 107,300 | $ | 102,787 | $ | 75,325 | $ | 75,155 | $ | 53,501 | ||||||||||||
0.62 | % | 0.63 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | ||||||||||||
0.74 | % | 0.73 | % | 0.72 | % | 0.72 | % | 0.74 | % | 0.74 | % | ||||||||||||
3.44 | % | 2.83 | % | 2.77 | % | 2.94 | % | 3.22 | % | 3.23 | % | ||||||||||||
3.32 | % | 2.73 | % | 2.69 | % | 2.86 | % | 3.12 | % | 3.13 | % | ||||||||||||
15 | % | 23 | % | 3 | % | 18 | % | 12 | % | 14 | % |
73
Delaware Funds by Macquarie® Minnesota municipal bond funds February 28, 2023 (Unaudited)
Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Fund. Voyageur Intermediate Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Intermediate Fund. Voyageur Mutual Funds, Voyageur Tax-Free Funds, and Voyageur Intermediate Tax-Free Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free Minnesota Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Minnesota Fund or Delaware Tax-Free Minnesota High-Yield Fund prior to December 2, 2019, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year, and for shares of Delaware Tax-Free Minnesota Intermediate Fund, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware Tax-Free Minnesota Fund or Delaware Minnesota High-Yield Municipal Bond Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related
74
to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2023, and for all open tax years (years ended August 31, 2019 – August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2023, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the
75
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
1. Significant Accounting Policies (continued)
specific securities sold. Interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
On the first $500 million | 0.5500 | % | 0.5000 | % | 0.5500 | % | ||||||
On the next $500 million | 0.5000 | % | 0.4750 | % | 0.5000 | % | ||||||
On the next $1.5 billion | 0.4500 | % | 0.4500 | % | 0.4500 | % | ||||||
In excess of $2.5 billion | 0.4250 | % | 0.4250 | % | 0.4250 | % |
DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from September 1, 2021 through February 28, 2023.* These waivers and reimbursements may only be terminated by agreement
76
of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Fund | Operating expense limitation as a percentage of average daily net assets (per annum) December 29, 2021- December 29, 2022 | Operating expense limitation as a percentage of average daily net assets (per annum) December 29, 2022- December 29, 2023 | ||||||
Delaware Tax-Free Minnesota Fund | 0.60 | % | 0.59 | % | ||||
Delaware Tax-Free Minnesota Intermediate Fund | 0.56 | % | 0.56 | % | ||||
Delaware Minnesota High-Yield Municipal Bond Fund | 0.63 | % | 0.61 | % |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Minnesota Fund | $ | 16,879 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 6,072 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 10,858 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
77
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund | Fees | |||
Delaware Tax-Free Minnesota Fund | $ | 100,454 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 16,675 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 47,541 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2023, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |||
Delaware Tax-Free Minnesota Fund | $ | 6,008 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 897 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 2,700 |
For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free Minnesota Fund | $ | 1,039 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 61 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 811 |
78
For the six months ended February 28, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||||||
Delaware Tax-Free Minnesota Fund | $ | 1,122 | $ | 2,070 | ||||
Delaware Tax-Free Minnesota Intermediate Fund | — | 24 | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 2,991 | 1,331 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
Cross trades for the six months ended February 28, 2023, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2023, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
Delaware Tax-Free Minnesota Fund | $ | 3,035,052 | $ | — | $ | — | ||||||
Delaware Tax-Free Minnesota Intermediate Fund | — | 934,995 | 197 |
Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund did not have any realized gains (losses) during the six months ended February 28, 2023.
* | The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023. |
3. Investments
For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free Minnesota Fund | $ | 85,732,594 | $ | 95,041,093 | ||||
Delaware Tax-Free Minnesota Intermediate Fund | 11,395,128 | 17,767,294 | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 31,998,292 | 29,578,180 |
79
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
3. Investments (continued)
At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund | Cost of investments | Aggregate unrealized appreciation of investments | Aggregate unrealized depreciation of investments | Net unrealized appreciation (depreciation) of investments | ||||||||||||
Delaware Tax-Free Minnesota Fund | $ | 526,737,876 | $ | 2,953,979 | $ | (27,264,863 | ) | $ | (24,310,884 | ) | ||||||
Delaware Tax-Free Minnesota Intermediate Fund | 72,408,590 | 429,441 | (2,795,632 | ) | (2,366,191 | ) | ||||||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 224,446,879 | 1,205,712 | (15,964,357 | ) | (14,758,645 | ) |
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 − | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, |
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prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 − | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2022:
Delaware Tax-Free Minnesota Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 499,666,992 | ||
Short-Term Investments | 2,760,000 | |||
Total Value of Securities | $ | 502,426,992 |
Delaware Tax-Free Minnesota Intermediate Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 70,042,399 |
Delaware Minnesota High-Yield Municipal Bond Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 205,988,234 | ||
Short-Term Investments | 3,700,000 | |||
Total Value of Securities | $ | 209,688,234 |
During the six months ended February 28, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
3. Investments (continued)
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2023, there were no Level 3 investments.
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||||||||
2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 4,984,112 | 6,675,584 | 960,858 | 459,040 | 2,060,593 | 1,570,364 | ||||||||||||||||||
Class C | 92,032 | 158,306 | 22,080 | 33,463 | 129,860 | 243,560 | ||||||||||||||||||
Institutional Class | 8,700,462 | 10,473,884 | 1,005,802 | 1,633,157 | 4,132,467 | 5,317,085 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 352,529 | 585,945 | 56,942 | 102,035 | 150,661 | 242,222 | ||||||||||||||||||
Class C | 10,556 | 18,503 | 1,820 | 3,305 | 12,887 | 21,551 | ||||||||||||||||||
Institutional Class | 176,905 | 310,784 | 32,516 | 50,147 | 172,858 | 274,448 | ||||||||||||||||||
14,316,596 | 18,223,006 | 2,080,018 | 2,281,147 | 6,659,326 | 7,669,230 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (6,757,017 | ) | (8,915,827 | ) | (1,064,564 | ) | (1,126,691 | ) | (1,979,348 | ) | (1,961,685 | ) | ||||||||||||
Class C | (318,573 | ) | (391,496 | ) | (50,590 | ) | (82,500 | ) | (242,118 | ) | (388,928 | ) | ||||||||||||
Institutional Class | (9,233,447 | ) | (9,407,543 | ) | (1,660,065 | ) | (1,271,288 | ) | (4,035,803 | ) | (4,009,249 | ) | ||||||||||||
(16,309,037 | ) | (18,714,866 | ) | (2,775,219 | ) | (2,480,479 | ) | (6,257,269 | ) | (6,359,862 | ) | |||||||||||||
Net increase (decrease) | (1,992,441 | ) | (491,860 | ) | (695,201 | ) | (199,332 | ) | 402,057 | 1,309,368 |
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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||||
Institutional | Institutional | |||||||||||||||||||||||
Class A | Class C | Class | Class A | Class | ||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Value | |||||||||||||||||||
Delaware Tax-Free Minnesota Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 54,357 | 17,040 | — | 7,353 | 64,135 | $ | 787,580 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 35,428 | 12,655 | — | 12,701 | 35,432 | 592,244 | ||||||||||||||||||
Delaware Tax-Free Minnesota Intermediate Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 766 | 582 | — | 584 | 766 | 13,522 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 10,192 | 737 | — | 738 | 10,192 | 117,346 | ||||||||||||||||||
Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 226 | 1,667 | 39 | 1,709 | 226 | 18,703 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 629 | 16,920 | — | 16,961 | 629 | 195,261 |
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.
On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.
83
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
5. Line of Credit (continued)
Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.
6. Geographic, Credit, and Market Risks
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by municipalities, mainly in Minnesota, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes.
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), and lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
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Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
From time to time, each Fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the United States, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent each Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.
Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” Advance refunded bonds are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
Bonds are considered “pre-refunded” when the refunding issuer’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under
85
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
6. Geographic, Credit, and Market Risks (continued)
Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
7. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
8. Recent Accounting Pronouncements
In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.
9. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and exchange-traded funds (ETFs); and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.
86
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.
87
Other Fund information (Unaudited)
Delaware Funds by Macquarie® Minnesota municipal bond funds
Form N-PORT and proxy voting information
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Semiannual report | |
Fixed income mutual funds
Delaware Tax-Free Arizona Fund
Delaware Tax-Free California Fund
Delaware Tax-Free Colorado Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund
Delaware Tax-Free Pennsylvania Fund
February 28, 2023 | |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail. Visit delawarefunds.com/edelivery. |
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/ literature.
Unless otherwise noted, views expressed herein are current as of February 28, 2023, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2023 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
The investment objective of each Fund is to seek as high a level of current income exempt from federal income tax and from personal income taxes in the respective applicable state, as is consistent with preservation of capital.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 to February 28, 2023.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
Delaware Tax-Free Arizona Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 975.40 | 0.84% | $4.11 | |||||||
Class C | 1,000.00 | 971.80 | 1.59% | 7.77 | |||||||||
Institutional Class | 1,000.00 | 976.60 | 0.59% | 2.89 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.63 | 0.84% | $4.21 | |||||||
Class C | 1,000.00 | 1,016.91 | 1.59% | 7.95 | |||||||||
Institutional Class | 1,000.00 | 1,021.87 | 0.59% | 2.96 |
Delaware Tax-Free California Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 992.50 | 0.81% | $4.00 | |||||||
Class C | 1,000.00 | 987.90 | 1.56% | 7.69 | |||||||||
Institutional Class | 1,000.00 | 993.70 | 0.56% | 2.77 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.78 | 0.81% | $4.06 | |||||||
Class C | 1,000.00 | 1,017.06 | 1.56% | 7.80 | |||||||||
Institutional Class | 1,000.00 | 1,022.02 | 0.56% | 2.81 |
2
Delaware Tax-Free Colorado Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 987.80 | 0.82% | $4.04 | |||||||
Class C | 1,000.00 | 985.10 | 1.57% | 7.73 | |||||||||
Institutional Class | 1,000.00 | 989.00 | 0.57% | 2.81 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.73 | 0.82% | $4.11 | |||||||
Class C | 1,000.00 | 1,017.01 | 1.57% | 7.85 | |||||||||
Institutional Class | 1,000.00 | 1,021.97 | 0.57% | 2.86 |
Delaware Tax-Free Idaho Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 990.50 | 0.86% | $4.24 | |||||||
Class C | 1,000.00 | 985.90 | 1.61% | 7.93 | |||||||||
Institutional Class | 1,000.00 | 991.70 | 0.61% | 3.01 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.53 | 0.86% | $4.31 | |||||||
Class C | 1,000.00 | 1,016.81 | 1.61% | 8.05 | |||||||||
Institutional Class | 1,000.00 | 1,021.77 | 0.61% | 3.06 |
3
Disclosure of Fund expenses
For the six-month period from September 1, 2022 to February 28, 2023 (Unaudited)
Delaware Tax-Free New York Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 989.20 | 0.80% | $3.95 | |||||||
Class C | 1,000.00 | 986.40 | 1.55% | 7.63 | |||||||||
Institutional Class | 1,000.00 | 990.40 | 0.55% | 2.71 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.83 | 0.80% | $4.01 | |||||||
Class C | 1,000.00 | 1,017.11 | 1.55% | 7.75 | |||||||||
Institutional Class | 1,000.00 | 1,022.07 | 0.55% | 2.76 |
Delaware Tax-Free Pennsylvania Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Annualized Expense Ratio | Expenses Paid During Period 9/1/22 to 2/28/23* | ||||||||||
Actual Fund return† | |||||||||||||
Class A | $ | 1,000.00 | $ | 988.00 | 0.84% | $4.14 | |||||||
Class C | 1,000.00 | 985.70 | 1.59% | 7.83 | |||||||||
Institutional Class | 1,000.00 | 989.20 | 0.59% | 2.91 | |||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.63 | 0.84% | $4.21 | |||||||
Class C | 1,000.00 | 1,016.91 | 1.59% | 7.95 | |||||||||
Institutional Class | 1,000.00 | 1,021.87 | 0.59% | 2.96 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables above and on the previous pages do not reflect the expenses of any Underlying Funds.
4
Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.54 | % | |
Corporate Revenue Bonds | 2.41 | % | |
Education Revenue Bonds | 27.81 | % | |
Electric Revenue Bonds | 7.37 | % | |
Healthcare Revenue Bonds | 22.73 | % | |
Industrial Development Revenue/Pollution Control Revenue Bond | 3.25 | % | |
Lease Revenue Bond | 1.59 | % | |
Local General Obligation Bonds | 3.85 | % | |
Special Tax Revenue Bonds | 18.34 | % | |
State General Obligation Bond | 0.25 | % | |
Transportation Revenue Bonds | 7.04 | % | |
Water & Sewer Revenue Bonds | 3.90 | % | |
Short-Term Investments | 0.87 | % | |
Total Value of Securities | 99.41 | % | |
Receivables and Other Assets Net of Liabilities | 0.59 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Arizona Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Arizona | 81.01 | % | |
Guam | 0.94 | % | |
Puerto Rico | 16.97 | % | |
US Virgin Islands | 0.49 | % | |
Total Value of Securities | 99.41 | % |
5
Security type / sector / state / territory allocations
Delaware Tax-Free California Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 95.66 | % | |
Corporate Revenue Bonds | 0.53 | % | |
Education Revenue Bonds | 17.34 | % | |
Electric Revenue Bonds | 4.78 | % | |
Healthcare Revenue Bonds | 12.21 | % | |
Housing Revenue Bonds | 3.78 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 7.53 | % | |
Lease Revenue Bonds | 3.36 | % | |
Local General Obligation Bonds | 2.52 | % | |
Pre-Refunded Bonds | 4.07 | % | |
Special Tax Revenue Bonds | 16.73 | % | |
State General Obligation Bonds | 7.65 | % | |
Transportation Revenue Bonds | 13.66 | % | |
Water & Sewer Revenue Bonds | 1.50 | % | |
Short-Term Investments | 3.13 | % | |
Total Value of Securities | 98.79 | % | |
Receivables and Other Assets Net of Liabilities | 1.21 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free California Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
California | 81.34 | % | |
Guam | 0.77 | % | |
Puerto Rico | 16.40 | % | |
US Virgin Islands | 0.28 | % | |
Total Value of Securities | 98.79 | % |
6
Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.48 | % | |
Education Revenue Bonds | 12.46 | % | |
Electric Revenue Bonds | 6.31 | % | |
Healthcare Revenue Bonds | 20.85 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 2.47 | % | |
Lease Revenue Bonds | 2.31 | % | |
Local General Obligation Bonds | 9.24 | % | |
Pre-Refunded Bonds | 7.44 | % | |
Special Tax Revenue Bonds | 19.98 | % | |
State General Obligation Bonds | 0.98 | % | |
Transportation Revenue Bonds | 11.76 | % | |
Water & Sewer Revenue Bonds | 4.68 | % | |
Short-Term Investments | 0.48 | % | |
Total Value of Securities | 98.96 | % | |
Receivables and Other Assets Net of Liabilities | 1.04 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Colorado Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Colorado | 80.27 | % | |
Guam | 1.41 | % | |
Puerto Rico | 17.06 | % | |
US Virgin Islands | 0.22 | % | |
Total Value of Securities | 98.96 | % |
7
Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.22 | % | |
Corporate Revenue Bond | 1.05 | % | |
Education Revenue Bonds | 23.01 | % | |
Electric Revenue Bonds | 3.67 | % | |
Healthcare Revenue Bonds | 13.14 | % | |
Housing Revenue Bonds | 2.63 | % | |
Industrial Development Revenue/Pollution Control Revenue Bond | 1.71 | % | |
Lease Revenue Bonds | 10.69 | % | |
Local General Obligation Bonds | 8.90 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 3.63 | % | |
Resource Recovery Revenue Bond | 0.34 | % | |
Special Tax Revenue Bonds | 22.74 | % | |
State General Obligation Bond | 0.16 | % | |
Transportation Revenue Bonds | 4.71 | % | |
Water & Sewer Revenue Bond | 1.84 | % | |
Short-Term Investments | 0.78 | % | |
Total Value of Securities | 99.00 | % | |
Receivables and Other Assets Net of Liabilities | 1.00 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Idaho Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Idaho | 81.70 | % | |
Puerto Rico | 17.08 | % | |
US Virgin Islands | 0.22 | % | |
Total Value of Securities | 99.00 | % |
8
Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.39 | % | |
Corporate Revenue Bonds | 3.02 | % | |
Education Revenue Bonds | 20.78 | % | |
Electric Revenue Bonds | 7.76 | % | |
Healthcare Revenue Bonds | 9.02 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 4.69 | % | |
Lease Revenue Bonds | 8.08 | % | |
Local General Obligation Bonds | 2.57 | % | |
Pre-Refunded Bonds | 1.11 | % | |
Resource Recovery Revenue Bond | 0.70 | % | |
Special Tax Revenue Bonds | 25.40 | % | |
State General Obligation Bonds | 0.74 | % | |
Transportation Revenue Bonds | 11.50 | % | |
Water & Sewer Revenue Bonds | 3.02 | % | |
Short-Term Investments | 0.81 | % | |
Total Value of Securities | 99.20 | % | |
Receivables and Other Assets Net of Liabilities | 0.80 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free New York Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Guam | 0.75 | % | |
New York | 81.37 | % | |
Puerto Rico | 16.80 | % | |
US Virgin Islands | 0.28 | % | |
Total Value of Securities | 99.20 | % |
9
Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund | As of February 28, 2023 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 98.28 | % | |
Corporate Revenue Bonds | 0.88 | % | |
Education Revenue Bonds | 10.88 | % | |
Electric Revenue Bonds | 1.99 | % | |
Healthcare Revenue Bonds | 33.70 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 5.69 | % | |
Lease Revenue Bonds | 1.18 | % | |
Local General Obligation Bonds | 3.38 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 1.66 | % | |
Special Tax Revenue Bonds | 20.03 | % | |
State General Obligation Bonds | 1.55 | % | |
Transportation Revenue Bonds | 16.44 | % | |
Water & Sewer Revenue Bonds | 0.90 | % | |
Total Value of Securities | 98.28 | % | |
Receivables and Other Assets Net of Liabilities | 1.72 | % | |
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Pennsylvania Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||
Pennsylvania | 79.65 | % | |
Puerto Rico | 17.36 | % | |
US Virgin Islands | 1.27 | % | |
Total Value of Securities | 98.28 | % |
10
Delaware Tax-Free Arizona Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.54% | ||||||||
Corporate Revenue Bonds — 2.41% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 6.00% 7/1/51 #, ‡ | 450,000 | $ | 292,500 | |||||
Series A 144A 7.75% 7/1/50 #, ‡ | 285,000 | 185,250 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
5.00% 9/1/42 (AMT) ● | 1,000,000 | 1,034,390 | ||||||
1,512,140 | ||||||||
Education Revenue Bonds — 27.81% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Academies of Math & Science Projects) | ||||||||
Series A 5.00% 7/1/51 | 1,000,000 | 1,003,760 | ||||||
(ACCEL Schools Project) | ||||||||
Series A 144A 5.25% 8/1/48 # | 350,000 | 315,546 | ||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 250,000 | 257,158 | ||||||
144A 6.00% 7/1/47 # | 400,000 | 405,876 | ||||||
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects) | ||||||||
Series A 144A 5.00% 7/15/49 # | 375,000 | 337,031 | ||||||
(Empower College Prep Project) | ||||||||
144A 6.00% 7/1/49 # | 500,000 | 488,950 | ||||||
(Equitable School Revolving Fund) | ||||||||
Series A 4.00% 11/1/49 | 1,600,000 | 1,382,240 | ||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 2.25% 7/1/46 | 1,000,000 | 620,330 | ||||||
Series A 2.375% 7/1/52 | 1,205,000 | 703,792 | ||||||
(KIPP NYC Public Charter Schools - Macombs Facility Project) | ||||||||
Series A 4.00% 7/1/61 | 1,980,000 | 1,578,515 | ||||||
(Odyssey Preparatory Academy Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 375,000 | 365,903 | ||||||
Arizona State University Energy Management Revenue | ||||||||
(Arizona State University Tempe Campus II Project) | ||||||||
4.50% 7/1/24 | 500,000 | 500,395 | ||||||
Arizona State University Revenue System | ||||||||
Series A 5.00% 7/1/43 | 1,000,000 | 1,080,500 | ||||||
Maricopa County, Arizona Industrial Development Authority Education Revenue | ||||||||
(Choice Academies, Inc. Project) | ||||||||
Series AZ 144A 5.75% 9/1/45 # | 1,250,000 | 1,172,175 |
11
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Arizona Autism Charter Schools Project) | ||||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | $ | 235,860 | |||||
(Creighton University Project) | ||||||||
4.00% 7/1/50 | 1,000,000 | 890,980 | ||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 5.00% 7/1/52 | 725,000 | 735,541 | ||||||
(Highland Prep Projects) | ||||||||
Series A 4.00% 7/1/56 | 2,000,000 | 1,720,680 | ||||||
(Reid Traditional Schools Projects) | ||||||||
5.00% 7/1/47 | 785,000 | 787,151 | ||||||
McAllister, Arizona Academic Village Revenue | ||||||||
(Arizona State University Hassayampa Academic Village Project) | ||||||||
5.00% 7/1/31 | 500,000 | 532,695 | ||||||
Phoenix, Arizona Industrial Development Authority | ||||||||
(Eagle College Preparatory Project) | ||||||||
Series A 5.00% 7/1/43 | 500,000 | 470,755 | ||||||
(Great Hearts Academic Project) | ||||||||
5.00% 7/1/46 | 1,000,000 | 1,003,770 | ||||||
Pima County, Arizona Industrial Development Authority Education Revenue | ||||||||
(Edkey Charter Schools Project) | ||||||||
144A 5.00% 7/1/55 # | 500,000 | 433,165 | ||||||
University of Arizona Board of Regents | ||||||||
Series A 4.00% 6/1/44 | 475,000 | 453,198 | ||||||
17,475,966 | ||||||||
Electric Revenue Bonds — 7.37% | ||||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 565,000 | 589,572 | ||||||
Mesa, Arizona Utility System Revenue | ||||||||
4.00% 7/1/42 | 550,000 | 536,426 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 55,000 | 38,363 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 24,369 | ||||||
Series WW 5.00% 7/1/28 ‡ | 550,000 | 382,250 | ||||||
Series WW 5.50% 7/1/38 ‡ | 710,000 | 502,325 | ||||||
Series XX 4.75% 7/1/26 ‡ | 35,000 | 24,238 | ||||||
Series XX 5.25% 7/1/40 ‡ | 355,000 | 249,387 | ||||||
Series XX 5.75% 7/1/36 ‡ | 125,000 | 88,437 |
12
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | $ | 20,775 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 31,331 | ||||||
Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue | ||||||||
Series A 5.00% 1/1/39 | 1,000,000 | 1,070,500 | ||||||
Series A 5.00% 1/1/47 | 1,000,000 | 1,074,820 | ||||||
4,632,793 | ||||||||
Healthcare Revenue Bonds — 22.73% | ||||||||
Arizona Health Facilities Authority Hospital System Revenue | ||||||||
(Scottsdale Lincoln Hospital Project) | ||||||||
5.00% 12/1/42 | 1,000,000 | 1,011,610 | ||||||
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 | 2,124,112 | ||||||
(Great Lakes Senior Living Communities LLC Project First Tier) | ||||||||
Series A 5.00% 1/1/54 | 145,000 | 87,763 | ||||||
(Great Lakes Senior Living Communities LLC Project Fourth Tier) | ||||||||
144A 7.75% 1/1/54 # | 150,000 | 83,712 | ||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 55,000 | 29,524 | ||||||
Series B 5.125% 1/1/54 | 65,000 | 33,700 | ||||||
(Great Lakes Senior Living Communities LLC Project Third Tier) | ||||||||
Series C 144A 5.00% 1/1/49 # | 500,000 | 244,215 | ||||||
(Phoenix Children’s Hospital) | ||||||||
Series A 4.00% 2/1/50 | 1,000,000 | 897,860 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.00% 11/15/36 | 150,000 | 116,293 | ||||||
5.25% 11/15/46 | 415,000 | 297,410 | ||||||
(Royal Oaks Inspirita Pointe Project) | ||||||||
Series A 5.00% 5/15/56 | 1,000,000 | 845,340 | ||||||
(Sun Health Services) | ||||||||
Series A 5.00% 11/15/48 | 1,000,000 | 910,180 |
13
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(The Beatitudes Campus Project) | ||||||||
5.00% 11/15/45 | 200,000 | $ | 165,040 | |||||
(The Terraces of Phoenix Project) | ||||||||
Series A 5.00% 7/1/48 | 275,000 | 221,752 | ||||||
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue | ||||||||
(Banner Health) | ||||||||
Series A 4.00% 1/1/41 | 1,000,000 | 952,400 | ||||||
Series A 4.00% 1/1/44 | 1,665,000 | 1,561,554 | ||||||
Series D 4.00% 1/1/48 | 650,000 | 590,154 | ||||||
Maricopa County, Arizona Industrial Development Authority Hospital Revenue | ||||||||
(HonorHealth) | ||||||||
Series A 3.00% 9/1/51 | 500,000 | 357,995 | ||||||
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | ||||||||
(Christian Care Surprise Project) | ||||||||
144A 6.00% 1/1/48 # | 405,000 | 283,601 | ||||||
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 | 286,452 | ||||||
5.00% 7/1/30 | 105,000 | 114,806 | ||||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/52 # | 800,000 | 607,104 | ||||||
Yavapai County, Arizona Industrial Development Authority Hospital Facility | ||||||||
(Yavapai Regional Medical Center) | ||||||||
4.00% 8/1/43 | 1,500,000 | 1,355,475 | ||||||
Series A 5.25% 8/1/33 | 500,000 | 502,335 | ||||||
Yuma, Arizona Industrial Development Authority Hospital Revenue | ||||||||
(Yuma Regional Medical Center) | ||||||||
Series A 5.00% 8/1/32 | 295,000 | 299,357 | ||||||
Series A 5.25% 8/1/32 | 300,000 | 306,657 | ||||||
14,286,401 |
14
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bond — 3.25% | ||||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 2,000,000 | $ | 2,042,700 | |||||
2,042,700 | ||||||||
Lease Revenue Bond — 1.59% | ||||||||
Arizona Game & Fish Department & Community Beneficial Interest Certificates | ||||||||
(Administration Building Project) | ||||||||
5.00% 7/1/32 | 1,000,000 | 1,001,370 | ||||||
1,001,370 | ||||||||
Local General Obligation Bonds — 3.85% | ||||||||
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 | 1,022,620 | ||||||
Maricopa County, Arizona School District No. 3 Tempe Elementary | ||||||||
(School Improvement Project) | ||||||||
Series B 5.00% 7/1/30 | 560,000 | 622,894 | ||||||
Maricopa County, Arizona Unified School District No. 95 Queen Creek | ||||||||
(School Improvement) | ||||||||
4.00% 7/1/35 | 500,000 | 517,470 | ||||||
Pinal County, Arizona Community College District | ||||||||
4.00% 7/1/31 | 250,000 | 259,027 | ||||||
2,422,011 | ||||||||
Special Tax Revenue Bonds — 18.34% | ||||||||
Arizona Regional Public Transportation Authority | ||||||||
(Maricopa County Public Transportation) | ||||||||
5.25% 7/1/24 | 500,000 | 513,760 | ||||||
Bullhead City, Arizona Excise Taxes Revenue | ||||||||
2.55% 7/1/46 | 1,000,000 | 686,160 | ||||||
4.00% 7/1/52 | 1,035,000 | 934,098 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
2.949% 11/1/43 ● | 2,248,597 | 969,708 | ||||||
GDB Debt Recovery Authority | ||||||||
7.50% 8/20/40 | 2,450,479 | 2,058,402 | ||||||
Glendale, Arizona Transportation Excise Tax Revenue | ||||||||
5.00% 7/1/30 (AGM) | 500,000 | 519,465 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/32 | 300,000 | 309,516 |
15
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Capital Appreciation - Restructured) | ||||||||
Series A-1 3.904% 7/1/51 ^ | 2,814,000 | $ | 530,946 | |||||
Series A-1 5.60% 7/1/46 ^ | 1,110,000 | 284,471 | ||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 2,485,000 | 2,227,504 | ||||||
Series A-2 4.329% 7/1/40 | 1,745,000 | 1,585,681 | ||||||
Series A-2 4.329% 7/1/40 | 1,000,000 | 908,700 | ||||||
11,528,411 | ||||||||
State General Obligation Bond — 0.25% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 185,336 | 153,098 | ||||||
153,098 | ||||||||
Transportation Revenue Bonds — 7.04% | ||||||||
Arizona Department of Transportation State Highway Fund Revenue | ||||||||
5.00% 7/1/35 | 500,000 | 526,335 | ||||||
Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
(Junior Lien) | ||||||||
Series B 4.00% 7/1/37 (AMT) | 3,000,000 | 2,851,830 | ||||||
Series B 5.00% 7/1/49 (AMT) | 400,000 | 407,540 | ||||||
(Senior Lien) | ||||||||
4.00% 7/1/48 (AMT) | 500,000 | 454,865 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 200,000 | 185,500 | ||||||
4,426,070 | ||||||||
Water & Sewer Revenue Bonds — 3.90% | ||||||||
Central Arizona Water Conservation District | ||||||||
(Central Arizona Project) | ||||||||
5.00% 1/1/31 | 600,000 | 628,098 | ||||||
Goodyear, Arizona Water & Sewer Revenue | ||||||||
Second Series 4.00% 7/1/45 (AGM) | 1,000,000 | 951,420 | ||||||
Mesa, Arizona Utility System Revenue | ||||||||
4.00% 7/1/31 | 850,000 | 872,253 | ||||||
2,451,771 | ||||||||
Total Municipal Bonds (cost $68,644,617) | 61,932,731 |
16
Principal amount° | Value (US $) | |||||||
Short-Term Investments — 0.87% | ||||||||
Variable Rate Demand Note — 0.87%¤ | ||||||||
Phoenix, Arizona Industrial Development Authority | ||||||||
(Mayo Clinic) | ||||||||
Series B 2.60% 11/15/52 | ||||||||
(SPA - Northern Trust) | 550,000 | $ | 550,000 | |||||
Total Short-Term Investments (cost $550,000) | 550,000 | |||||||
Total Value of Securities—99.41% | ||||||||
(cost $69,194,617) | $ | 62,482,731 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $5,708,046, which represents 9.08% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
17
Schedules of investments
Delaware Tax-Free Arizona Fund
Summary of abbreviations: (continued)
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
18
Schedules of investments
Delaware Tax-Free California Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 95.66% | ||||||||
Corporate Revenue Bonds — 0.53% | ||||||||
California Pollution Control Financing Authority | ||||||||
(Poseidon Resources (ChannelSide) LP Desalination Project) | ||||||||
144A 5.00% 11/21/45 (AMT) # | 940,000 | $ | 941,100 | |||||
California Pollution Control Financing Authority Solid Waste Disposal Revenue | ||||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 300,000 | 15,000 | ||||||
956,100 | ||||||||
Education Revenue Bonds — 17.34% | ||||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 1,500,000 | 1,437,780 | ||||||
California Educational Facilities Authority | ||||||||
(Loma Linda University) | ||||||||
Series A 5.00% 4/1/47 | 1,700,000 | 1,734,000 | ||||||
(Stanford University - Green Bonds) | ||||||||
Series V-2 2.25% 4/1/51 | 300,000 | 187,242 | ||||||
(Stanford University) | ||||||||
Series U-1 5.25% 4/1/40 | 1,840,000 | 2,194,678 | ||||||
Series V-1 5.00% 5/1/49 | 2,360,000 | 2,731,441 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Bella Mente Montessori Academy Project) | ||||||||
Series A 144A 5.00% 6/1/48 # | 500,000 | 446,055 | ||||||
(California Baptist University) | ||||||||
Series A 144A 5.375% 11/1/40 # | 1,000,000 | 1,010,660 | ||||||
(CHF - Davis I, LLC - West Village Student Housing Project) | ||||||||
5.00% 5/15/48 | 1,000,000 | 1,001,190 | ||||||
(Literacy First Charter Schools Project) | ||||||||
Series A 5.00% 12/1/49 | 750,000 | 750,293 | ||||||
(Southwestern Law School) | ||||||||
4.00% 11/1/41 | 575,000 | 505,258 | ||||||
(The Creative Center of Los Altos Project - Pinewood School and Oakwood School) | ||||||||
Series B 144A 4.50% 11/1/46 # | 500,000 | 414,615 | ||||||
(Biola University) | ||||||||
5.00% 10/1/39 | 1,000,000 | 1,026,120 | ||||||
(Emerson College) | ||||||||
Series B 5.00% 1/1/32 | 1,000,000 | 1,046,910 |
19
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(Julian Charter School Project) | ||||||||
Series A 144A 5.625% 3/1/45 # | 850,000 | $ | 788,859 | |||||
(Palmdale Aerospace Academy Project) | ||||||||
Series A 144A 5.00% 7/1/46 # | 670,000 | 602,665 | ||||||
California School Finance Authority | ||||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41 # | 225,000 | 225,713 | ||||||
(Aspire Public Schools-Obligated Group) | ||||||||
Series A 144A 5.00% 8/1/45 # | 715,000 | 715,322 | ||||||
(Aspire Public Schools-Obligated Group-Issue Number 3) | ||||||||
Series A 144A 5.00% 8/1/40 # | 1,000,000 | 1,009,610 | ||||||
(Classical Academies Project) | ||||||||
Series A 144A 5.00% 10/1/50 # | 250,000 | 248,635 | ||||||
(Encore Education Obligated Group) | ||||||||
Series A 144A 5.00% 6/1/42 # | 500,000 | 405,055 | ||||||
(Escuela Popular Project) | ||||||||
144A 6.50% 7/1/50 # | 250,000 | 251,090 | ||||||
(Granada Hills Charter Obligated Group) | ||||||||
144A 5.00% 7/1/49 # | 1,725,000 | 1,731,607 | ||||||
(Green Dot Public Schools Project) | ||||||||
Series A 144A 5.00% 8/1/35 # | 1,000,000 | 1,016,720 | ||||||
(Grimmway Schools - Obligated Group) | ||||||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 502,855 | ||||||
(Hawking Steam Charter School Project) | ||||||||
Series A 144A 5.50% 7/1/62 # | 775,000 | 755,462 | ||||||
(ICEF - View Park Elementary & Middle Schools) | ||||||||
Series A 5.625% 10/1/34 | 575,000 | 578,720 | ||||||
(John Adams Academies - Obligated Group) | ||||||||
Series A 144A 5.00% 7/1/52 # | 1,000,000 | 890,340 | ||||||
(KIPP LA Projects) | ||||||||
Series A 144A 5.125% 7/1/44 # | 1,000,000 | 1,005,210 | ||||||
(KIPP SoCal Projects) | ||||||||
Series A 144A 5.00% 7/1/49 # | 1,000,000 | 1,007,930 | ||||||
California State University Systemwide Revenue | ||||||||
Series A 5.00% 11/1/47 | 1,000,000 | 1,052,550 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 6.125% 11/1/33 # | 750,000 | 759,203 |
20
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Mt. San Antonio, California Community College District Convertible Capital Appreciation Election 2008 | ||||||||
Series A 0.00% 8/1/28 ~ | 1,000,000 | $ | 1,093,600 | |||||
Regents of the University of California General Revenue | ||||||||
Series BE 4.00% 5/15/50 | 1,500,000 | 1,433,745 | ||||||
Regents of the University of California Limited Project Revenue | ||||||||
Series Q 3.00% 5/15/51 | 1,000,000 | 763,600 | ||||||
31,324,733 | ||||||||
Electric Revenue Bonds — 4.78% | ||||||||
California Community Choice Financing Authority Clean Energy Project Revenue | ||||||||
(Green Bonds) | ||||||||
Series C 5.25% 1/1/54 ● | 2,000,000 | 2,082,480 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 970,000 | 1,012,185 | ||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
(Power System) | ||||||||
Series A 5.00% 7/1/42 | 1,000,000 | 1,052,220 | ||||||
Series D 5.00% 7/1/26 | 2,000,000 | 2,139,100 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 350,000 | 244,125 | ||||||
Series A 5.05% 7/1/42 ‡ | 70,000 | 48,825 | ||||||
Series A 6.75% 7/1/36 ‡ | 185,000 | 133,200 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 40,000 | 27,850 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 325,000 | 226,687 | ||||||
Series TT 5.00% 7/1/32 ‡ | 340,000 | 237,150 | ||||||
Series WW 5.00% 7/1/28 ‡ | 470,000 | 326,650 | ||||||
Series WW 5.25% 7/1/33 ‡ | 335,000 | 235,337 | ||||||
Series WW 5.50% 7/1/38 ‡ | 730,000 | 516,475 | ||||||
Series XX 4.75% 7/1/26 ‡ | 45,000 | 31,163 | ||||||
Series XX 5.25% 7/1/40 ‡ | 230,000 | 161,575 | ||||||
Series XX 5.75% 7/1/36 ‡ | 150,000 | 106,125 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 24,238 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 38,294 | ||||||
8,643,679 |
21
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds — 12.21% | ||||||||
California Educational Facilities Authority | ||||||||
(Stanford University) | ||||||||
Series V-2 5.00% 4/1/51 | 500,000 | $ | 579,145 | |||||
California Health Facilities Financing Authority Revenue | ||||||||
(Cedars-Sinai Health System) | ||||||||
Series A 3.00% 8/15/51 | 1,500,000 | 1,074,030 | ||||||
(Cedars-Sinai Medical Center) | ||||||||
Series B 4.00% 8/15/36 | 500,000 | 504,570 | ||||||
(Children’s Hospital Los Angeles) | ||||||||
Series A 5.00% 8/15/47 | 500,000 | 505,800 | ||||||
(Children’s Hospital of Orange County) | ||||||||
Series A 2.125% 11/1/41 | 2,500,000 | 1,700,400 | ||||||
(CommonSpirit Health) | ||||||||
Series A 4.00% 4/1/45 | 1,280,000 | 1,161,306 | ||||||
Series A 4.00% 4/1/49 | 1,000,000 | 884,170 | ||||||
(Kaiser Permanente) | ||||||||
Subordinate Series A-2 4.00% 11/1/44 | 1,005,000 | 943,313 | ||||||
(Lucile Salter Packard Children’s Hospital At Stanford) | ||||||||
Series A 4.00% 5/15/51 | 1,000,000 | 926,410 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Medical Centers) | ||||||||
Series A 5.00% 2/1/47 | 1,000,000 | 1,024,300 | ||||||
(Goodwill Industry of Sacramento Valley & Northern Nevada Project) | ||||||||
5.00% 1/1/35 | 635,000 | 540,798 | ||||||
(Humangood California Obligated Group) | ||||||||
Series A 4.00% 10/1/28 | 290,000 | 291,554 | ||||||
(Northbay Healthcare Group) | ||||||||
Series A 5.25% 11/1/47 | 500,000 | 501,490 | ||||||
(Palomar Health Certificates) | ||||||||
Series A 5.25% 11/1/52 (AGM) | 500,000 | 526,925 | ||||||
California Municipal Finance Authority Senior Living Revenue | ||||||||
(Mt. San Antonio Gardens Project) | ||||||||
Series A 4.00% 11/15/52 | 750,000 | 538,275 | ||||||
Series A 4.00% 11/15/56 | 1,075,000 | 753,672 | ||||||
California Public Finance Authority Senior Living Revenue | ||||||||
(Enso Village Project - Green Bonds) | ||||||||
Series A 144A 5.00% 11/15/51 # | 500,000 | 420,535 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Adventist Health System/West) | ||||||||
Series A 4.00% 3/1/48 | 1,000,000 | 882,540 |
22
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Emanate Health) | ||||||||
Series A 4.00% 4/1/45 | 825,000 | $ | 766,771 | |||||
(Huntington Memorial Hospital) | ||||||||
4.00% 7/1/48 | 500,000 | 471,275 | ||||||
(John Muir Health) | ||||||||
Series A 5.00% 8/15/51 | 1,500,000 | 1,531,830 | ||||||
(Marin General Hospital - Green Bonds) | ||||||||
Series A 4.00% 8/1/45 | 500,000 | 429,125 | ||||||
(Redlands Community Hospital) | ||||||||
5.00% 10/1/46 | 1,000,000 | 1,009,610 | ||||||
(Enloe Medical Center) | ||||||||
Series A 5.25% 8/15/52 (AGM) | 2,000,000 | 2,116,920 | ||||||
Palomar Health, California | ||||||||
5.00% 11/1/47 (AGM) | 500,000 | 511,700 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue | ||||||||
(Hospital Auxilio Mutuo Obligated Group Project) | ||||||||
5.00% 7/1/30 | 445,000 | 486,559 | ||||||
5.00% 7/1/32 | 900,000 | 985,095 | ||||||
22,068,118 | ||||||||
Housing Revenue Bonds — 3.78% | ||||||||
California Housing Finance Agency | ||||||||
Series 2019-2 Class A 4.00% 3/20/33 | 475,480 | 469,946 | ||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Jefferson-Anaheim) | ||||||||
Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,053,240 | ||||||
(Pasadena Portfolio) | ||||||||
Series A-2 144A 3.00% 12/1/56 # | 3,010,000 | 2,044,723 | ||||||
Independent Cities, California Finance Authority Mobile Home Park Revenue | ||||||||
(Pillar Ridge) | ||||||||
Series A 5.25% 5/15/44 | 1,000,000 | 1,011,290 | ||||||
Series A 5.25% 5/15/49 | 1,200,000 | 1,212,552 | ||||||
Los Angeles, California Housing Authority | ||||||||
(Union Portfolio Project) | ||||||||
Series A 4.00% 6/1/30 | 135,000 | 140,846 |
23
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
Santa Clara County, California Multifamily Housing Authority Revenue | ||||||||
(RiverTown Apartments Project) | ||||||||
Series A 5.85% 8/1/31 (AMT) | 885,000 | $ | 886,885 | |||||
6,819,482 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 7.53% | ||||||||
California Community Choice Financing Authority Clean Energy Project Revenue | ||||||||
(Clean Energy Project - Green Bonds) | ||||||||
Series A-1 5.00% 12/1/53 ● | 1,500,000 | 1,574,250 | ||||||
California M-S-R Energy Authority Revenue | ||||||||
Series B 6.50% 11/1/39 | 750,000 | 894,698 | ||||||
Golden State, California Tobacco Securitization | ||||||||
Series A-1 5.00% 6/1/51 | 2,000,000 | 2,083,260 | ||||||
Golden State, California Tobacco Securitization Settlement Revenue | ||||||||
(Capital Appreciation) | ||||||||
Subordinate Series B-2 0.915% 6/1/66 ^ | 14,450,000 | 1,436,330 | ||||||
Inland, California Empire Tobacco Securitization | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series E 144A 0.935% 6/1/57 #, ^ | 8,500,000 | 484,840 | ||||||
Series F 144A 1.386% 6/1/57 #, ^ | 29,440,000 | 1,411,059 | ||||||
Tobacco Securitization Authority of Northern California | ||||||||
(Sacramento County) | ||||||||
Series A Class 1 Senior 4.00% 6/1/36 | 300,000 | 300,153 | ||||||
Series A Class 1 Senior 4.00% 6/1/37 | 300,000 | 296,796 | ||||||
Series A Class 1 Senior 4.00% 6/1/38 | 400,000 | 392,496 | ||||||
Series A Class 1 Senior 4.00% 6/1/39 | 250,000 | 243,325 | ||||||
Series A Class 1 Senior 4.00% 6/1/40 | 300,000 | 289,209 | ||||||
Series A Class 1 Senior 4.00% 6/1/49 | 1,000,000 | 899,180 | ||||||
Tobacco Securitization Authority of Southern California | ||||||||
(San Diego County) | ||||||||
Capital Appreciation Second Subordinate | ||||||||
Series C 0.603% 6/1/46 ^ | 16,770,000 | 2,677,330 | ||||||
Capital Appreciation Third Subordinate | ||||||||
Series D 0.317% 6/1/46 ^ | 4,965,000 | 621,668 | ||||||
13,604,594 |
24
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds — 3.36% | ||||||||
California Infrastructure & Economic Development Bank | ||||||||
(Academy of Motion Picture Arts & Sciences Obligated Group) | ||||||||
Series A 5.00% 11/1/41 | 1,000,000 | $ | 1,006,460 | |||||
California Municipal Finance Authority Revenue | ||||||||
(Orange County Civic Center Infrastructure Improvement Program - Phase II) | ||||||||
Series A 5.00% 6/1/43 | 750,000 | 796,298 | ||||||
California State Public Works Board | ||||||||
Series E 3.00% 10/1/36 (AGM) | 1,525,000 | 1,366,537 | ||||||
(Department of General Services - New Natural Resources) | ||||||||
Series C 4.00% 11/1/46 | 1,000,000 | 967,040 | ||||||
(Various Capital Projects) | ||||||||
Series I 5.50% 11/1/30 | 1,000,000 | 1,015,560 | ||||||
Oceanside, California Public Financing Authority | ||||||||
(EL Corazon Aquatics Center Project) | ||||||||
4.00% 11/1/49 | 1,000,000 | 925,330 | ||||||
6,077,225 | ||||||||
Local General Obligation Bonds — 2.52% | ||||||||
Anaheim, California School District Capital Appreciation Election of 2002 | ||||||||
5.00% 8/1/25 (NATL) ^ | 1,000,000 | 924,570 | ||||||
Long Beach, California Community College District | ||||||||
Series D 3.00% 8/1/38 | 1,250,000 | 1,081,087 | ||||||
Los Angeles, California Unified School District Election of 2008 | ||||||||
(Dedicated Unlimited Ad Valorem Property Tax) | ||||||||
Series A 5.00% 7/1/40 | 500,000 | 518,035 | ||||||
Moreno Valley, California Unified School District Election of 2014 | ||||||||
Series B 5.00% 8/1/43 (AGM) | 500,000 | 535,060 | ||||||
Palomar Health, California | ||||||||
Series B 4.00% 8/1/37 | 1,000,000 | 992,840 | ||||||
San Francisco Bay Area, California Rapid Transit District Election of 2016 | ||||||||
(Green Bonds) | ||||||||
Series B-1 4.00% 8/1/44 | 500,000 | 493,555 | ||||||
4,545,147 | ||||||||
Pre-Refunded Bonds — 4.07% | ||||||||
Bay Area, California Toll Authority | ||||||||
Series S-H 5.00% 4/1/44-29 § | 1,000,000 | 1,135,470 |
25
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bonds (continued) | ||||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Sutter Health) | ||||||||
Series A 5.00% 8/15/43-25 § | 1,000,000 | $ | 1,047,730 | |||||
California School Finance Authority | ||||||||
(Partnerships to Uplift Communities Valley Project) | ||||||||
Series A 144A 6.75% 8/1/44-24 #, § | 1,000,000 | 1,027,040 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Covenant Retirement Communities) | ||||||||
Series C 5.625% 12/1/36-23 § | 1,000,000 | 1,017,130 | ||||||
Fresno, California Unified School District Election of 2016 | ||||||||
Series A 5.00% 8/1/41-26 § | 500,000 | 535,785 | ||||||
Golden State, California Tobacco Securitization Settlement Revenue | ||||||||
(Enhanced Asset-Backed) | ||||||||
Series A 5.00% 6/1/45-25 § | 1,000,000 | 1,043,260 | ||||||
New Haven, California Unified School District Election of 2014 | ||||||||
Series A 5.00% 8/1/40-25 § | 1,000,000 | 1,048,180 | ||||||
Riverside County, California Transportation Commission Senior Lien | ||||||||
(Current Interest Obligations) | ||||||||
Series A 5.75% 6/1/44-23 § | 500,000 | 503,290 | ||||||
7,357,885 | ||||||||
Special Tax Revenue Bonds — 16.73% | ||||||||
California State Public Works Board | ||||||||
(Various Capital Projects) | ||||||||
Series B 4.00% 5/1/39 | 1,555,000 | 1,557,224 | ||||||
Series B 4.00% 5/1/46 | 1,000,000 | 967,810 | ||||||
City of Irvine, California Limited Obligation Improvement Bonds | ||||||||
(Reassessment District No. 21-1) | ||||||||
4.00% 9/2/46 (BAM) | 1,340,000 | 1,274,461 | ||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 ● | 5,434,497 | 1,861,315 | ||||||
(Restructured) | ||||||||
3.171% 11/1/43 ● | 4,472,195 | 1,928,634 | ||||||
GDB Debt Recovery Authority | ||||||||
7.50% 8/20/40 | 6,621,878 | 5,562,377 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 515,860 |
26
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 3.649% 7/1/46 ^ | 9,840,000 | $ | 2,521,795 | |||||
Series A-1 4.75% 7/1/53 | 2,780,000 | 2,491,936 | ||||||
Series A-1 4.863% 7/1/51 ^ | 28,678,000 | 5,410,965 | ||||||
Series A-1 5.00% 7/1/58 | 1,975,000 | 1,832,405 | ||||||
Series A-2 4.329% 7/1/40 | 735,000 | 667,895 | ||||||
Series A-2 4.329% 7/1/40 | 750,000 | 681,525 | ||||||
Sacramento, California Transient Occupancy Tax Revenue | ||||||||
(Convention Center Complex) | ||||||||
Senior Series A 5.00% 6/1/38 | 500,000 | 529,965 | ||||||
Senior Series A 5.00% 6/1/48 | 1,000,000 | 1,039,300 | ||||||
San Francisco, California Facilities District No. 2021-01 | ||||||||
(Public Facilities and Services) | ||||||||
4.00% 9/1/44 | 1,000,000 | 889,670 | ||||||
Yucaipa, California Special Tax Community Facilities District No. 98-1 | ||||||||
(Chapman Heights) | ||||||||
5.375% 9/1/30 | 500,000 | 502,030 | ||||||
30,235,167 | ||||||||
State General Obligation Bonds — 7.65% | ||||||||
California | ||||||||
(Various Purpose) | ||||||||
3.00% 3/1/46 | 3,000,000 | 2,362,980 | ||||||
4.00% 10/1/36 | 500,000 | 511,025 | ||||||
4.00% 9/1/42 | 1,750,000 | 1,748,442 | ||||||
5.00% 9/1/31 | 1,000,000 | 1,008,680 | ||||||
5.00% 4/1/32 | 2,820,000 | 3,342,292 | ||||||
5.00% 4/1/37 | 2,000,000 | 2,002,180 | ||||||
5.00% 8/1/46 | 1,000,000 | 1,042,800 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 99,821 | 85,368 | ||||||
Series A-1 4.00% 7/1/41 | 1,785,743 | 1,475,131 | ||||||
Series A-1 4.00% 7/1/46 | 300,000 | 238,890 | ||||||
13,817,788 | ||||||||
Transportation Revenue Bonds — 13.66% | ||||||||
California Municipal Finance Authority Senior Lien | ||||||||
(LINXS APM Project) | ||||||||
Series A 4.00% 12/31/47 (AMT) | 1,750,000 | 1,494,272 |
27
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Senior Lien | ||||||||
(LINXS APM Project) | ||||||||
Series A 5.00% 12/31/43 (AMT) | 1,995,000 | $ | 2,000,985 | |||||
Series A 5.00% 12/31/47 (AMT) | 615,000 | 609,133 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Revenue | ||||||||
Series A 4.00% 1/15/46 | 2,000,000 | 1,814,420 | ||||||
Series B-2 3.50% 1/15/53 (AGM) | 500,000 | 414,065 | ||||||
Series C 4.00% 1/15/43 | 2,275,000 | 2,102,919 | ||||||
Long Beach, California Marina Revenue | ||||||||
(Alamitos Bay Marina Project) | ||||||||
5.00% 5/15/45 | 500,000 | 505,175 | ||||||
Los Angeles, California Department of Airports | ||||||||
Series A 4.00% 5/15/44 (AMT) | 1,500,000 | 1,405,800 | ||||||
Series A 5.00% 5/15/33 (AMT) | 1,390,000 | 1,527,582 | ||||||
Series B 5.00% 5/15/46 (AMT) | 300,000 | 303,747 | ||||||
Series D 5.00% 5/15/36 (AMT) | 1,000,000 | 1,020,830 | ||||||
Series F 4.00% 5/15/49 (AMT) | 2,000,000 | 1,837,780 | ||||||
Port Authority of Guam Revenue | ||||||||
(Governmental) | ||||||||
Series A 5.00% 7/1/48 | 375,000 | 381,158 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 1,130,000 | 1,048,075 | ||||||
Sacramento County, California Airport System Revenue | ||||||||
Series C 5.00% 7/1/39 (AMT) | 500,000 | 517,600 | ||||||
Subordinate Series B 5.00% 7/1/41 | 500,000 | 512,480 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
Series A 4.00% 7/1/56 | 2,000,000 | 1,847,940 | ||||||
Series B 4.00% 7/1/56 (AMT) (BAM) | 690,000 | 620,938 | ||||||
San Diego, California Redevelopment Agency | ||||||||
(Centre City Redevelopment Project) | ||||||||
Series A 6.40% 9/1/25 | 475,000 | 476,273 | ||||||
San Francisco City & County, California Airports Commission | ||||||||
(San Francisco International Airport) | ||||||||
Second Series A 5.00% 5/1/34 (AMT) | 1,000,000 | 1,068,000 | ||||||
Second Series A 5.00% 5/1/49 (AMT) | 1,000,000 | 1,018,420 | ||||||
Second Series E 5.00% 5/1/50 (AMT) | 500,000 | 508,810 | ||||||
San Jose, California Airport Revenue | ||||||||
Series B 5.00% 3/1/36 | 575,000 | 610,690 |
28
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
San Jose, California Airport Revenue | ||||||||
Series B 5.00% 3/1/42 | 1,000,000 | $ | 1,035,520 | |||||
24,682,612 | ||||||||
Water & Sewer Revenue Bonds — 1.50% | ||||||||
Arvin-Edison, California Water Storage District | ||||||||
4.00% 5/1/40 | 315,000 | 303,720 | ||||||
California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds | ||||||||
(Sandiego County Water Authority Desalination Project Pipeline) | ||||||||
144A 5.00% 11/21/45 # | 250,000 | 251,867 | ||||||
Sacramento County, California Sanitation Districts Financing Authority Revenue | ||||||||
Series A 5.00% 12/1/50 | 2,000,000 | 2,150,380 | ||||||
2,705,967 | ||||||||
Total Municipal Bonds (cost $183,453,167) | 172,838,497 | |||||||
Short-Term Investments — 3.13% | ||||||||
Variable Rate Demand Notes — 3.13%¤ | ||||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Subordinate Series A-2 1.55% 7/1/45 | ||||||||
(SPA - Barclays Bank) | 2,500,000 | 2,500,000 | ||||||
Subordinate Series A-7 1.55% 7/1/35 | ||||||||
(SPA - Bank of America N.A.) | 350,000 | 350,000 | ||||||
Subordinate Series B-3 1.55% 7/1/34 | ||||||||
(SPA - Barclays Bank) | 1,100,000 | 1,100,000 | ||||||
Regents of the University of California General Revenue | ||||||||
Series AL-1 1.55% 5/15/48 | 600,000 | 600,000 | ||||||
Series AL-3 1.55% 5/15/48 | 1,100,000 | 1,100,000 | ||||||
Total Short-Term Investments (cost $5,650,000) | 5,650,000 | |||||||
Total Value of Securities—98.79% | ||||||||
(cost $189,103,167) | $ | 178,488,497 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $22,874,790, which represents 12.66% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
29
Schedules of investments
Delaware Tax-Free California Fund
‡ | Non-income producing security. Security is currently in default. | |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at February 28, 2023. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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. See Note 6 in “Notes to financial statements.” | |
¤ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
CHF – Collegiate Housing Foundation
CSCDA – California Statewide Communities Development Authority
ICE – Intercontinental Exchange, Inc.
ICEF – Inner City Education Foundation
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
SPA – Stand-by Purchase Agreement
30
Summary of abbreviations: (continued)
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
31
Schedules of investments
Delaware Tax-Free Colorado Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.48% | ||||||||
Education Revenue Bonds — 12.46% | ||||||||
Board of Governors of the Colorado State University System Enterprise Revenue | ||||||||
Series A 5.00% 3/1/43 | 2,480,000 | $ | 2,779,658 | |||||
Board of Trustees For Colorado Mesa University Enterprise Revenue | ||||||||
Series B 5.00% 5/15/44 | 1,000,000 | 1,073,090 | ||||||
Series B 5.00% 5/15/49 | 750,000 | 801,772 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Loveland Classical Schools Project) | ||||||||
144A 5.00% 7/1/36 # | 1,250,000 | 1,180,112 | ||||||
(Science Technology Engineering and Math School Project) | ||||||||
5.00% 11/1/54 | 1,500,000 | 1,420,455 | ||||||
(Alexander Dawson School-Nevada Project) | ||||||||
5.00% 5/15/29 | 1,230,000 | 1,293,517 | ||||||
(Aspen View Academy Project) | ||||||||
4.00% 5/1/51 | 500,000 | 397,970 | ||||||
4.00% 5/1/61 | 750,000 | 569,393 | ||||||
(Charter School - Aspen Ridge School Project) | ||||||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 488,085 | ||||||
Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,288,764 | ||||||
(Charter School - Global Village Academy - Northglenn Project) | ||||||||
144A 5.00% 12/1/50 # | 1,000,000 | 864,350 | ||||||
(Charter School - Skyview Academy Project) | ||||||||
144A 5.50% 7/1/49 # | 870,000 | 867,520 | ||||||
(Charter School Project) | ||||||||
5.00% 7/15/37 | 1,150,000 | 1,151,334 | ||||||
(Community Leadership Academy, Inc. Second Campus Project) | ||||||||
7.45% 8/1/48 | 1,000,000 | 1,011,040 | ||||||
(Liberty Common Charter School Project) | ||||||||
Series A 5.00% 1/15/39 | 1,000,000 | 1,006,760 | ||||||
(Littleton Preparatory Charter School Project) | ||||||||
5.00% 12/1/33 | 450,000 | 448,115 | ||||||
5.00% 12/1/42 | 540,000 | 511,407 | ||||||
(Loveland Classical Schools Project) | ||||||||
144A 5.00% 7/1/46 # | 500,000 | 446,815 | ||||||
(Pinnacle Charter School Project) | ||||||||
5.00% 6/1/26 | 700,000 | 702,387 |
32
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Science Technology Engineering and Math School Project) | ||||||||
5.00% 11/1/44 | 890,000 | $ | 863,505 | |||||
(Skyview Academy Project) | ||||||||
144A 5.375% 7/1/44 # | 860,000 | 849,714 | ||||||
(University of Denver Project) | ||||||||
Series A 4.00% 3/1/35 | 400,000 | 403,944 | ||||||
Series A 4.00% 3/1/36 | 550,000 | 552,877 | ||||||
(University of Lab Charter School) | ||||||||
144A 5.00% 12/15/45 # | 500,000 | 504,775 | ||||||
(Vail Mountain School Project) | ||||||||
4.00% 5/1/46 | 80,000 | 67,981 | ||||||
5.00% 5/1/31 | 1,000,000 | 1,026,970 | ||||||
University of Colorado | ||||||||
(University Enterprise Refunding Revenue) | ||||||||
Series C-4 4.00% 6/1/51 | 4,250,000 | 4,002,055 | ||||||
26,574,365 | ||||||||
Electric Revenue Bonds — 6.31% | ||||||||
City of Colorado Springs, Colorado Utilities System Refunding Revenue | ||||||||
Series A 4.00% 11/15/50 | 1,035,000 | 966,856 | ||||||
Colorado Springs Utilities System Revenue | ||||||||
Series B 4.00% 11/15/51 | 1,000,000 | 921,330 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/35 | 1,640,000 | 1,753,668 | ||||||
Loveland, Colorado Electric & Communications Enterprise Revenue | ||||||||
Series A 5.00% 12/1/44 | 2,185,000 | 2,272,072 | ||||||
Platte River, Colorado Power Authority Revenue | ||||||||
Series JJ 5.00% 6/1/27 | 3,300,000 | 3,509,616 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 170,000 | 118,575 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 66,144 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 705,000 | 491,737 | ||||||
Series WW 5.00% 7/1/28 ‡ | 660,000 | 458,700 | ||||||
Series WW 5.25% 7/1/33 ‡ | 210,000 | 147,525 | ||||||
Series WW 5.50% 7/1/17 ‡ | 460,000 | 316,250 | ||||||
Series WW 5.50% 7/1/19 ‡ | 360,000 | 247,500 | ||||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 72,713 |
33
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series XX 5.25% 7/1/40 ‡ | 1,840,000 | $ | 1,292,600 | |||||
Series XX 5.75% 7/1/36 ‡ | 365,000 | 258,237 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 58,863 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 620,000 | 422,375 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 140,000 | 97,475 | ||||||
13,472,236 | ||||||||
Healthcare Revenue Bonds — 20.85% | ||||||||
Colorado Health Facilities Authority Hospital Revenue | ||||||||
(AdventHealth Obligated Group) | ||||||||
Series A 3.00% 11/15/51 | 6,325,000 | 4,623,322 | ||||||
Series A 4.00% 11/15/43 | 2,290,000 | 2,171,103 | ||||||
Series A 4.00% 11/15/50 | 6,015,000 | 5,473,229 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Aberdeen Ridge) | ||||||||
Series A 5.00% 5/15/58 | 1,500,000 | 1,116,960 | ||||||
(American Baptist) | ||||||||
7.625% 8/1/33 | 150,000 | 151,250 | ||||||
8.00% 8/1/43 | 1,000,000 | 1,010,360 | ||||||
(Bethesda Project) | ||||||||
Series A-1 5.00% 9/15/48 | 2,250,000 | 2,076,300 | ||||||
(Capella of Grand Junction Project) | ||||||||
144A 5.00% 12/1/54 # | 2,220,000 | 1,513,441 | ||||||
(CommonSpirit Health) | ||||||||
Series A-1 4.00% 8/1/37 | 1,885,000 | 1,796,348 | ||||||
Series A-1 4.00% 8/1/38 | 120,000 | 113,370 | ||||||
Series A-1 4.00% 8/1/44 | 300,000 | 269,931 | ||||||
Series A-2 4.00% 8/1/49 | 4,700,000 | 4,075,887 | ||||||
Series A-2 5.00% 8/1/37 | 1,500,000 | 1,559,520 | ||||||
Series A-2 5.00% 8/1/39 | 5,000 | 5,151 | ||||||
(Covenant Living Communities and Services) | ||||||||
Series A 4.00% 12/1/40 | 1,250,000 | 1,075,437 | ||||||
(Covenant Retirement Communities, Inc.) | ||||||||
5.00% 12/1/35 | 1,000,000 | 1,004,100 | ||||||
(Craig Hospital Project) | ||||||||
Series A 5.00% 12/1/47 | 1,830,000 | 1,891,579 | ||||||
(Frasier Project) | ||||||||
Series A 4.00% 5/15/48 | 1,000,000 | 722,250 | ||||||
(Mental Health Center Denver Project) | ||||||||
Series A 5.75% 2/1/44 | 2,000,000 | 2,012,440 |
34
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(National Jewish Health Project) | ||||||||
5.00% 1/1/27 | 300,000 | $ | 300,270 | |||||
(Sanford) | ||||||||
Series A 5.00% 11/1/44 | 3,410,000 | 3,487,168 | ||||||
(SCL Health System) | ||||||||
Series A 4.00% 1/1/37 | 575,000 | 581,394 | ||||||
Series A 4.00% 1/1/38 | 3,895,000 | 3,920,162 | ||||||
(Sunny Vista Living Center) | ||||||||
Series A 144A 6.25% 12/1/50 # | 935,000 | 635,015 | ||||||
(Vail Valley Medical Center Project) | ||||||||
5.00% 1/15/35 | 1,000,000 | 1,031,600 | ||||||
(Valley View Hospital Association Project) | ||||||||
Series A 4.00% 5/15/35 | 685,000 | 688,377 | ||||||
Denver, Colorado Health & Hospital Authority Health Care Revenue | ||||||||
Series A 4.00% 12/1/39 | 1,000,000 | 887,230 | ||||||
Series A 4.00% 12/1/40 | 250,000 | 220,305 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | ||||||||
(Hospital Auxilio Mutuo Obligated Group Project) | ||||||||
4.00% 7/1/39 | 75,000 | 66,104 | ||||||
44,479,603 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 2.47% | ||||||||
Denver City & County, Colorado Special Facilities Airport Revenue | ||||||||
(United Airlines, Inc. Project) | ||||||||
5.00% 10/1/32 (AMT) | 215,000 | 210,147 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 4,250,000 | 5,065,873 | ||||||
5,276,020 | ||||||||
Lease Revenue Bonds — 2.31% | ||||||||
Colorado Department of Transportation | ||||||||
5.00% 6/15/34 | 660,000 | 690,670 | ||||||
5.00% 6/15/36 | 1,055,000 | 1,097,369 | ||||||
Colorado Higher Education Lease Purchase Financing Program | ||||||||
4.00% 9/1/41 | 1,000,000 | 959,780 | ||||||
Denver, Colorado Health & Hospital Authority | ||||||||
(550 Acoma, Inc.) | ||||||||
4.00% 12/1/38 | 750,000 | 671,850 |
35
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
State of Colorado | ||||||||
4.00% 3/15/37 | 1,500,000 | $ | 1,511,400 | |||||
4,931,069 | ||||||||
Local General Obligation Bonds — 9.24% | ||||||||
Adams & Weld Counties, Colorado School District No. 27J Brighton | ||||||||
4.00% 12/1/30 | 300,000 | 308,769 | ||||||
4.00% 12/1/31 | 1,000,000 | 1,029,400 | ||||||
Arapahoe County, Colorado School District No. 6 Littleton | ||||||||
(Littleton Public Schools) | ||||||||
Series A 5.50% 12/1/33 | 1,000,000 | 1,144,180 | ||||||
Series A 5.50% 12/1/38 | 350,000 | 391,142 | ||||||
Beacon Point, Colorado Metropolitan District | ||||||||
5.00% 12/1/30 (AGM) | 1,130,000 | 1,175,596 | ||||||
Boulder Valley, Colorado School District No. Re-2 Boulder | ||||||||
Series A 4.00% 12/1/48 | 1,370,000 | 1,292,609 | ||||||
Commerce City, Colorado Northern Infrastructure General Improvement District | ||||||||
5.00% 12/1/32 (AGM) | 2,125,000 | 2,127,571 | ||||||
El Paso County, Colorado School District No. 2 Harrison | ||||||||
5.00% 12/1/38 | 1,000,000 | 1,083,350 | ||||||
Grand River, Colorado Hospital District | ||||||||
5.25% 12/1/35 (AGM) | 1,000,000 | 1,058,720 | ||||||
Jefferson County, Colorado School District No. R-1 | ||||||||
5.25% 12/15/24 | 1,250,000 | 1,296,888 | ||||||
Verve Metropolitan District No. 1, Colorado | ||||||||
5.00% 12/1/51 | 2,000,000 | 1,727,480 | ||||||
Weld County, Colorado Reorganized School District No. Re-8 | ||||||||
5.00% 12/1/31 | 990,000 | 1,051,905 | ||||||
5.00% 12/1/32 | 660,000 | 700,550 | ||||||
Weld County, Colorado School District No. Re-1 | ||||||||
5.00% 12/15/31 (AGM) | 1,000,000 | 1,064,760 | ||||||
Weld County, Colorado School District No. Re-2 Eaton | ||||||||
Series 2 5.00% 12/1/44 | 2,000,000 | 2,147,620 | ||||||
Weld County, Colorado School District No. Re-3J | ||||||||
5.00% 12/15/34 (BAM) | 2,000,000 | 2,111,240 | ||||||
19,711,780 |
36
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bonds — 7.44% | ||||||||
Central Colorado Water Conservancy District | ||||||||
(Limited Tax) | ||||||||
5.00% 12/1/33-23 § | 1,000,000 | $ | 1,013,530 | |||||
Central Platte Valley, Colorado Metropolitan District | ||||||||
5.00% 12/1/43-23 § | 725,000 | 732,932 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Atlas Preparatory Charter School) | ||||||||
144A 5.25% 4/1/45-25 #, § | 1,300,000 | 1,350,830 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Frasier Meadows Retirement Community Project) | ||||||||
Series B 5.00% 5/15/48-23 § | 660,000 | 662,138 | ||||||
(NCMC Project) | ||||||||
4.00% 5/15/32-26 § | 2,000,000 | 2,061,700 | ||||||
(SCL Health System) | ||||||||
Series A 5.00% 1/1/44-24 § | 3,050,000 | 3,092,059 | ||||||
(The Evangelical Lutheran Good Samaritan Society Project) | ||||||||
5.625% 6/1/43-23 § | 1,150,000 | 1,156,153 | ||||||
Colorado Regional Transportation District Certificates of Participation | ||||||||
Series A 5.00% 6/1/33-23 § | 1,500,000 | 1,506,315 | ||||||
Commerce City, Colorado | ||||||||
5.00% 8/1/44-24 (AGM) § | 1,500,000 | 1,537,830 | ||||||
Tallyn’s Reach Metropolitan District No. 3, Colorado | ||||||||
144A 5.125% 11/1/38-23 #, § | 740,000 | 749,043 | ||||||
University of Colorado | ||||||||
Series A 5.00% 6/1/33-23 § | 2,000,000 | 2,009,160 | ||||||
15,871,690 | ||||||||
Special Tax Revenue Bonds — 19.98% | ||||||||
Broomfield Colorado Sales & Use Tax Revenue | ||||||||
5.00% 12/1/33 | 1,000,000 | 1,078,180 | ||||||
Colorado Regional Transportation District Sales Tax Revenue | ||||||||
(FasTracks Project) | ||||||||
Series A 5.00% 11/1/30 | 670,000 | 718,012 | ||||||
Series A 5.00% 11/1/31 | 1,495,000 | 1,601,055 | ||||||
Series A 5.00% 11/1/36 | 930,000 | 977,142 | ||||||
Commonwealth of Puerto Rico | ||||||||
3.122% 11/1/43 ● | 9,133,132 | 3,938,663 | ||||||
3.799% 11/1/51 ● | 1,614,244 | 552,879 |
37
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Denver City & County, Colorado Dedicated Excise Tax Revenue | ||||||||
Series A 4.00% 8/1/51 | 1,000,000 | $ | 917,350 | |||||
Denver, Colorado Convention Center Hotel Authority Revenue | ||||||||
5.00% 12/1/40 | 2,660,000 | 2,603,023 | ||||||
Fountain, Colorado Urban Renewal Authority Tax Increment Revenue | ||||||||
(South Academy Highlands Project) | ||||||||
Series A 5.50% 11/1/44 | 1,375,000 | 1,293,710 | ||||||
GDB Debt Recovery Authority | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 9,446,621 | 7,935,162 | ||||||
Lincoln Park, Colorado Metropolitan District | ||||||||
5.00% 12/1/46 (AGM) | 1,000,000 | 1,052,050 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/32 | 450,000 | 464,274 | ||||||
Plaza Metropolitan District No. 1, Colorado | ||||||||
144A 5.00% 12/1/40 # | 1,265,000 | 1,189,555 | ||||||
Prairie Center Metropolitan District No. 3, Colorado | ||||||||
Series A 144A 5.00% 12/15/41 # | 1,000,000 | 972,260 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Capital Appreciation - Restructured) | ||||||||
Series A-1 5.692% 7/1/46 ^ | 9,750,000 | 2,498,730 | ||||||
Series A-1 6.018% 7/1/51 ^ | 20,624,000 | 3,891,336 | ||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 3,986,000 | 3,572,971 | ||||||
Series A-1 5.00% 7/1/58 | 2,910,000 | 2,699,898 | ||||||
Series A-2 4.536% 7/1/53 | 3,000,000 | 2,594,340 | ||||||
Southlands Metropolitan District No. 1, Colorado | ||||||||
Series A-1 5.00% 12/1/37 | 500,000 | 487,335 | ||||||
Series A-1 5.00% 12/1/47 | 300,000 | 277,200 | ||||||
Thornton, Colorado Development Authority | ||||||||
(East 144th Avenue & I-25 Project) | ||||||||
Series B 5.00% 12/1/35 | 485,000 | 494,501 | ||||||
Series B 5.00% 12/1/36 | 810,000 | 825,730 | ||||||
42,635,356 | ||||||||
State General Obligation Bonds — 0.98% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 295,740 | 252,920 |
38
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 1,834,787 | $ | 1,515,644 | |||||
Series A-1 4.00% 7/1/46 | 400,000 | 318,520 | ||||||
2,087,084 | ||||||||
Transportation Revenue Bonds — 11.76% | ||||||||
City & County of Denver, Colorado Airport System Revenue | ||||||||
Series A 4.00% 11/15/41 (AMT) | 710,000 | 675,998 | ||||||
Series A 5.00% 11/15/47 (AMT) | 1,000,000 | 1,039,100 | ||||||
Colorado High Performance Transportation Enterprise Revenue | ||||||||
(C-470 Express Lanes) | ||||||||
5.00% 12/31/56 | 3,250,000 | 3,053,472 | ||||||
(Senior U.S. 36 & I-25 Managed Lanes) | ||||||||
5.75% 1/1/44 (AMT) | 2,140,000 | 2,141,220 | ||||||
Colorado Regional Transportation District | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/34 | 1,100,000 | 1,097,272 | ||||||
Series A 4.00% 7/15/38 | 700,000 | 665,126 | ||||||
Series A 4.00% 7/15/39 | 1,500,000 | 1,411,425 | ||||||
Series A 4.00% 7/15/40 | 1,500,000 | 1,395,570 | ||||||
Series A 5.00% 7/15/31 | 1,050,000 | 1,135,365 | ||||||
Colorado, E-470 Public Highway Authority | ||||||||
Series A 5.00% 9/1/35 | 400,000 | 447,532 | ||||||
Series A 5.00% 9/1/36 | 1,300,000 | 1,433,991 | ||||||
Denver City & County, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/43 (AMT) | 4,445,000 | 4,088,556 | ||||||
Series A 4.00% 12/1/48 (AMT) | 400,000 | 361,896 | ||||||
Series A 5.00% 11/15/30 (AMT) | 1,500,000 | 1,588,080 | ||||||
Series A 5.00% 12/1/48 (AMT) | 2,000,000 | 2,028,040 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 2,720,000 | 2,522,800 | ||||||
25,085,443 | ||||||||
Water & Sewer Revenue Bonds — 4.68% | ||||||||
Arapahoe County, Colorado Water & Wastewater Authority | ||||||||
4.00% 12/1/36 | 3,000,000 | 3,026,070 | ||||||
Central Weld County, Colorado Water District | ||||||||
4.00% 12/1/39 (AGM) | 1,150,000 | 1,148,413 |
39
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds (continued) | ||||||||
Douglas County, Colorado Centennial Water & Sanitation District | ||||||||
4.00% 12/1/38 | 500,000 | $ | 506,370 | |||||
Guam Government Waterworks Authority Water & Wastewater System Revenue | ||||||||
5.00% 7/1/37 | 1,250,000 | 1,271,312 | ||||||
Johnstown, Colorado Wastewater Revenue | ||||||||
4.00% 12/1/51 (AGM) | 2,875,000 | 2,615,589 | ||||||
Metro Wastewater Reclamation District, Colorado | ||||||||
Series A 3.00% 4/1/38 | 1,620,000 | 1,416,755 | ||||||
9,984,509 | ||||||||
Total Municipal Bonds (cost $224,177,224) | 210,109,155 | |||||||
Number of | ||||||||
shares | ||||||||
Short-Term Investments — 0.48% | ||||||||
Money Market Mutual Funds — 0.01% | ||||||||
Dreyfus Tax Exempt Cash Management - Institutional | ||||||||
Shares (seven-day effective yield 3.15%) | 26,429 | 26,429 | ||||||
26,429 | ||||||||
Principal | ||||||||
amount° | ||||||||
Variable Rate Demand Note — 0.47%¤ | ||||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(National Jewish Federation Bond Program) | ||||||||
Series F- 2 2.50% 7/1/41 | ||||||||
(LOC - TD Bank, N.A.) | 1,000,000 | 1,000,000 | ||||||
1,000,000 | ||||||||
Total Short-Term Investments (cost $1,026,429) | 1,026,429 | |||||||
Total Value of Securities—98.96% | ||||||||
(cost $225,203,653) | $ | 211,135,584 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $12,900,279, which represents 6.05% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. |
40
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | 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 February 28, 2023. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
41
Schedules of investments
Delaware Tax-Free Idaho Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.22% | ||||||||
Corporate Revenue Bond — 1.05% | ||||||||
Nez Perce County, Idaho Pollution Control Revenue | ||||||||
(Potlatch Project) | ||||||||
2.75% 10/1/24 | 1,250,000 | $ | 1,231,713 | |||||
1,231,713 | ||||||||
Education Revenue Bonds — 23.01% | ||||||||
Boise, Idaho State University Revenue | ||||||||
(General Project) | ||||||||
Series A 5.00% 4/1/47 | 500,000 | 520,210 | ||||||
Series A 5.00% 4/1/48 | 435,000 | 455,676 | ||||||
Idaho Housing & Finance Association | ||||||||
(Alturas International Academy Project) | ||||||||
4.00% 5/1/52 | 1,500,000 | 1,278,315 | ||||||
(Anser of Idaho Project) | ||||||||
Series A 2.25% 5/1/51 | 1,165,000 | 690,973 | ||||||
Series A 3.00% 5/1/41 | 1,650,000 | 1,294,772 | ||||||
Series A 4.00% 5/1/56 | 1,585,000 | 1,336,551 | ||||||
(Compass Public Charter School Project) | ||||||||
Series A 144A 6.00% 7/1/39 # | 370,000 | 389,569 | ||||||
Series A 144A 6.00% 7/1/49 # | 595,000 | 618,824 | ||||||
Series A 144A 6.00% 7/1/54 # | 570,000 | 591,478 | ||||||
(Compass Public Charter School) | ||||||||
Series A 144A 5.00% 7/1/54 # | 1,000,000 | 921,430 | ||||||
(Gem Prep: Meridian Project) | ||||||||
Series A 4.00% 5/1/57 | 1,000,000 | 839,980 | ||||||
(Idaho Arts Charter School Project) | ||||||||
Series A 4.00% 5/1/41 | 330,000 | 317,298 | ||||||
Series A 4.00% 5/1/50 | 520,000 | 478,182 | ||||||
Series A 4.00% 5/1/55 | 305,000 | 274,942 | ||||||
Series A 144A 5.00% 12/1/38 # | 2,050,000 | 2,074,210 | ||||||
Series A 144A 5.00% 12/1/46 # | 1,000,000 | 1,006,190 | ||||||
(Meridian South Charter School Project) | ||||||||
144A 4.00% 5/1/46 # | 1,000,000 | 726,460 | ||||||
(North Star Charter School) | ||||||||
Capital Appreciation Subordinate Series B | ||||||||
144A 4.88% 7/1/49 #, ^ | 2,888,155 | 482,813 | ||||||
Series A 6.75% 7/1/48 | 529,151 | 553,566 | ||||||
(Sage International School of Boise Project) | ||||||||
Series A 4.00% 5/1/50 | 3,630,000 | 3,316,840 | ||||||
Series A 4.00% 5/1/55 | 1,100,000 | 978,076 |
42
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Idaho Housing & Finance Association | ||||||||
(Victory Charter School Project) | ||||||||
Series B 144A 5.00% 7/1/39 # | 1,000,000 | $ | 1,013,270 | |||||
(Xavier Charter School Project) | ||||||||
Series A 5.00% 6/1/50 | 1,275,000 | 1,277,129 | ||||||
Idaho State University General Revenue Bonds | ||||||||
Series A 4.00% 4/1/37 | 350,000 | 351,726 | ||||||
Series A 4.50% 4/1/52 | 1,750,000 | 1,764,997 | ||||||
Series A 5.25% 4/1/42 | 605,000 | 670,400 | ||||||
Idaho State University Revenue | ||||||||
3.00% 4/1/49 | 1,700,000 | 1,213,137 | ||||||
The Regents of The University of Idaho General Revenue | ||||||||
(BAM) | ||||||||
Series A 4.00% 4/1/45 | 700,000 | 665,154 | ||||||
University of Idaho | ||||||||
Series A 5.00% 4/1/35 (AGM) | 465,000 | 527,994 | ||||||
Unrefunded Series A 5.00% 4/1/41 | 340,000 | 362,117 | ||||||
26,992,279 | ||||||||
Electric Revenue Bonds — 3.67% | ||||||||
Boise-Kuna, Idaho Irrigation District Revenue | ||||||||
(Idaho Arrowrock Hydroelectric Project) | ||||||||
5.00% 6/1/34 | 2,000,000 | 2,045,980 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 75,000 | 52,313 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 45,000 | 31,331 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 345,000 | 240,637 | ||||||
Series WW 5.00% 7/1/28 ‡ | 320,000 | 222,400 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,500,000 | 1,061,250 | ||||||
Series XX 4.75% 7/1/26 ‡ | 50,000 | 34,625 | ||||||
Series XX 5.25% 7/1/40 ‡ | 595,000 | 417,987 | ||||||
Series XX 5.75% 7/1/36 ‡ | 175,000 | 123,813 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 40,000 | 27,700 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 60,000 | 41,775 | ||||||
4,299,811 | ||||||||
Healthcare Revenue Bonds — 13.14% | ||||||||
Idaho Health Facilities Authority Revenue | ||||||||
(Madison Memorial Hospital Project) | ||||||||
5.00% 9/1/37 | 1,350,000 | 1,355,130 | ||||||
(St. Luke’s Health System Project) | ||||||||
3.00% 3/1/51 | 3,300,000 | 2,432,892 | ||||||
4.00% 3/1/51 | 2,210,000 | 2,004,404 |
43
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Idaho Health Facilities Authority Revenue | ||||||||
(St. Luke’s Health System Project) | ||||||||
Series A 3.00% 3/1/51 | 2,345,000 | $ | 1,673,040 | |||||
Series A 4.00% 3/1/46 | 500,000 | 448,530 | ||||||
Series A 5.00% 3/1/27 | 1,000,000 | 1,053,620 | ||||||
(Trinity Health Credit Group) | ||||||||
Series ID 4.00% 12/1/43 | 3,595,000 | 3,329,401 | ||||||
Series ID 5.00% 12/1/46 | 750,000 | 763,605 | ||||||
(Valley Vista Care Corporation) | ||||||||
Series A 4.00% 11/15/27 | 705,000 | 684,485 | ||||||
Series A 5.25% 11/15/37 | 1,005,000 | 835,296 | ||||||
Series A 5.25% 11/15/47 | 1,130,000 | 836,799 | ||||||
15,417,202 | ||||||||
Housing Revenue Bonds — 2.63% | ||||||||
Idaho Housing & Finance Association | ||||||||
Series A 4.50% 1/21/49 (GNMA) | 253,082 | 253,510 | ||||||
Idaho Housing & Finance Association Multifamily Housing Revenue | ||||||||
(Sunset Landing Apartments Project) | ||||||||
Series A 2.75% 7/1/40 | 1,300,000 | 1,018,108 | ||||||
Series A 3.125% 7/1/54 | 2,000,000 | 1,424,660 | ||||||
Idaho Housing & Finance Association Single Family Mortgage Revenue | ||||||||
Series C 3.00% 1/1/43 (FHA) | 425,000 | 384,956 | ||||||
3,081,234 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bond — 1.71% | ||||||||
Power County, Idaho Industrial Development Revenue | ||||||||
(FMC Project) | ||||||||
6.45% 8/1/32 (AMT) | 2,000,000 | 2,007,080 | ||||||
2,007,080 | ||||||||
Lease Revenue Bonds — 10.69% | ||||||||
Boise, Idaho Urban Renewal Agency | ||||||||
5.00% 12/15/31 | 750,000 | 785,460 | ||||||
5.00% 12/15/32 | 750,000 | 784,650 | ||||||
Fremont County, Idaho Annual Appropriation Certificates of Participation | ||||||||
4.00% 9/1/36 | 750,000 | 762,165 | ||||||
Idaho Falls Certificates of Participation | ||||||||
4.00% 9/15/39 | 1,050,000 | 1,027,394 |
44
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Idaho Fish & Wildlife Foundation | ||||||||
(Idaho Department of Fish & Game Headquarters Office Project) | ||||||||
4.00% 12/1/36 | 525,000 | $ | 533,935 | |||||
4.00% 12/1/39 | 1,540,000 | 1,521,212 | ||||||
4.00% 12/1/42 | 1,300,000 | 1,253,278 | ||||||
4.00% 12/1/44 | 250,000 | 238,073 | ||||||
(Idaho Department of Fish & Game Nampa Regional Office Project) | ||||||||
5.00% 12/1/41 | 200,000 | 214,878 | ||||||
Idaho Housing & Finance Association Economic Development Facilities Revenue | ||||||||
(TDF Facilities Project) | ||||||||
Series A 6.50% 2/1/26 | 595,000 | 595,964 | ||||||
Series A 7.00% 2/1/36 | 1,500,000 | 1,502,880 | ||||||
Idaho Housing & Finance Association Grant and Revenue Anticipation Bonds | ||||||||
Series A 4.00% 7/15/39 | 2,150,000 | 2,097,561 | ||||||
Idaho State Building Authority Revenue | ||||||||
(Department of Health & Welfare Project) | ||||||||
Series B 4.00% 9/1/48 | 1,290,000 | 1,217,579 | ||||||
12,535,029 | ||||||||
Local General Obligation Bonds — 8.90% | ||||||||
Ada & Boise Counties, Idaho Independent School District Boise City | ||||||||
5.00% 8/1/35 | 1,160,000 | 1,229,310 | ||||||
5.00% 8/1/34 | 1,500,000 | 1,598,115 | ||||||
5.00% 8/1/36 | 500,000 | 527,430 | ||||||
Canyon County, Idaho School District No. 139 Vallivue | ||||||||
(School Board Guaranteed) | ||||||||
Series B 5.00% 9/15/24 | 1,480,000 | 1,482,235 | ||||||
Idaho Bond Bank Authority Revenue | ||||||||
Series A 4.00% 9/15/33 | 530,000 | 551,322 | ||||||
Series A 4.00% 9/15/37 | 1,000,000 | 1,017,420 | ||||||
Series C 5.00% 9/15/42 | 500,000 | 524,580 | ||||||
Ketchum City, Idaho | ||||||||
2.125% 9/15/41 | 500,000 | 340,605 | ||||||
Madison County, Idaho School District No. 321 Rexburg | ||||||||
(Sales Tax & Credit Enhancement Guaranty) | ||||||||
Series B 5.00% 8/15/25 | 500,000 | 521,285 | ||||||
Series B 5.00% 8/15/26 | 500,000 | 531,665 |
45
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Nez Perce County, Idaho Independent School District No. 1 | ||||||||
(Sales Tax & Credit Enhancement Guaranty) | ||||||||
Series B 5.00% 9/15/36 | 1,000,000 | $ | 1,061,190 | |||||
Series B 5.00% 9/15/37 | 1,000,000 | 1,059,250 | ||||||
10,444,407 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 3.63% | ||||||||
Ada & Canyon Counties, Idaho Joint School District No. 3 Kuna | ||||||||
Series B 5.00% 9/15/33 | 445,000 | 481,241 | ||||||
(Sales Tax & Credit Enhancement Guaranty) | ||||||||
Series B 5.00% 9/15/35-27 § | 1,100,000 | 1,191,773 | ||||||
Canyon County, Idaho School District No. 139 Vallivue | ||||||||
(School Board Guaranteed) | ||||||||
5.00% 9/15/33-23 § | 500,000 | 505,020 | ||||||
Nampa, Idaho Development Corporation Revenue | ||||||||
(Library Square Project) | ||||||||
144A 5.00% 9/1/31-24 #, § | 1,000,000 | 1,049,170 | ||||||
Twin Falls County, Idaho School District No. 411 | ||||||||
(School Board Guaranteed) | ||||||||
Series A 4.75% 9/15/37-24 § | 1,000,000 | 1,024,520 | ||||||
4,251,724 | ||||||||
Resource Recovery Revenue Bond — 0.34% | ||||||||
Idawy, Idaho Solid Waste District | ||||||||
Series A 3.00% 1/1/50 | 550,000 | 403,062 | ||||||
403,062 | ||||||||
Special Tax Revenue Bonds — 22.74% | ||||||||
Commonwealth of Puerto Rico | ||||||||
3.095% 11/1/43 ● | 4,417,758 | 1,905,158 | ||||||
3.799% 11/1/51 ● | 3,469,212 | 1,188,205 | ||||||
GDB Debt Recovery Authority of Puerto Rico | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 5,178,013 | 4,349,531 | ||||||
Idaho Bond Bank Authority | ||||||||
Series A 4.00% 9/15/39 | 230,000 | 231,578 | ||||||
Idaho Housing & Finance Association Sales Tax Revenue | ||||||||
(Transportation Expansion And Congestion Mitigation) | ||||||||
5.00% 8/15/47 | 5,295,000 | 5,731,043 | ||||||
Series A 5.00% 8/15/42 | 1,325,000 | 1,461,435 |
46
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Idaho Water Resource Board Loan Program Revenue | ||||||||
(Ground Water Rights Mitigation) | ||||||||
Series A 5.00% 9/1/32 | 3,565,000 | $ | 3,567,424 | |||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/32 | 250,000 | 257,930 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Capital Appreciation - Restructured) | ||||||||
Series A-1 5.462% 7/1/46 ^ | 3,320,000 | 850,850 | ||||||
Series A-1 5.732% 7/1/51 ^ | 9,663,000 | 1,823,215 | ||||||
(Restructured) | ||||||||
Series A-1 4.55% 7/1/40 | 875,000 | 817,136 | ||||||
Series A-1 4.75% 7/1/53 | 3,045,000 | 2,729,477 | ||||||
Series A-1 5.00% 7/1/58 | 1,181,000 | 1,095,732 | ||||||
Series A-2 4.329% 7/1/40 | 730,000 | 663,351 | ||||||
26,672,065 | ||||||||
State General Obligation Bond — 0.16% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 221,605 | 183,059 | ||||||
183,059 | ||||||||
Transportation Revenue Bonds — 4.71% | ||||||||
Boise City, Idaho Airport Revenue | ||||||||
(Employee Parking Facilities Project) | ||||||||
Series B 4.00% 9/1/51 (AMT) | 1,955,000 | 1,758,053 | ||||||
(Public Parking Facilities Project) | ||||||||
Series A 5.00% 9/1/51 | 1,500,000 | 1,594,830 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 2,340,000 | 2,170,350 | ||||||
5,523,233 | ||||||||
Water & Sewer Revenue Bond — 1.84% | ||||||||
City of Boise City, Idaho Water Renewal Revenue | ||||||||
5.00% 9/1/51 | 2,000,000 | 2,158,240 | ||||||
2,158,240 | ||||||||
Total Municipal Bonds (cost $124,051,517) | 115,200,138 |
47
Schedules of investments
Delaware Tax-Free Idaho Fund
Number of shares | Value (US $) | |||||||
Short-Term Investments — 0.78% | ||||||||
Money Market Mutual Funds — 0.78% | ||||||||
Dreyfus Tax Exempt Cash Management - Institutional | ||||||||
Shares (seven-day effective yield 3.15%) | 919,227 | $ | 919,227 | |||||
Total Short-Term Investments (cost $919,227) | 919,227 | |||||||
Total Value of Securities—99.00% | ||||||||
(cost $124,970,744) | $ | 116,119,365 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $8,873,414, which represents 7.57% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
‡ | Non-income producing security. Security is currently in default. | |
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. |
48
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
FHA – Federal Housing Administration
GNMA – Government National Mortgage Association
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
49
Schedules of investments
Delaware Tax-Free New York Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.39% | ||||||||
Corporate Revenue Bonds — 3.02% | ||||||||
New York City, New York Industrial Development Agency | ||||||||
(Queens Baseball Stadium Project) | ||||||||
Series A 3.00% 1/1/46 (AGM) | 2,000,000 | $ | 1,476,960 | |||||
(Yankee Stadium Project) | ||||||||
Series A 3.00% 3/1/40 (AGM) | 1,000,000 | 813,030 | ||||||
Series A 4.00% 3/1/45 (AGM) | 1,000,000 | 930,620 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
5.00% 1/1/36 (AMT) | 2,015,000 | 2,048,026 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/37 (AMT) | 340,000 | 353,117 | ||||||
5,621,753 | ||||||||
Education Revenue Bonds — 20.78% | ||||||||
Buffalo & Erie County, New York Industrial Land Development | ||||||||
(Tapestry Charter School Project) | ||||||||
Series A 5.00% 8/1/52 | 500,000 | 452,300 | ||||||
Build NYC, New York Resource | ||||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/62 # | 1,000,000 | 1,006,960 | ||||||
(Inwood Academy for Leadership Charter School Project) | ||||||||
Series A 144A 5.50% 5/1/48 # | 500,000 | 493,250 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.00% 7/1/35 | 530,000 | 560,767 | ||||||
5.00% 7/1/42 | 1,365,000 | 1,390,498 | ||||||
(Manhattan College Project) | ||||||||
5.00% 8/1/47 | 500,000 | 509,935 | ||||||
(Metropolitan College of New York Project) | ||||||||
5.50% 11/1/44 | 600,000 | 516,414 | ||||||
(Metropolitan Lighthouse Charter School Project) | ||||||||
Series A 144A 5.00% 6/1/52 # | 250,000 | 225,535 | ||||||
(New Dawn Charter Schools Project) | ||||||||
144A 5.75% 2/1/49 # | 500,000 | 500,500 | ||||||
(New World Preparatory Charter School Project) | ||||||||
Series A 4.00% 6/15/51 | 315,000 | 235,560 | ||||||
Series A 4.00% 6/15/56 | 450,000 | 326,993 |
50
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Build NYC, New York Resource | ||||||||
(The Packer Collegiate Institute Project) | ||||||||
5.00% 6/1/40 | 750,000 | $ | 761,197 | |||||
Dutchess County, New York Local Development | ||||||||
(Vassar College Project) | ||||||||
5.00% 7/1/36 | 1,000,000 | 1,060,880 | ||||||
5.00% 7/1/37 | 1,000,000 | 1,055,630 | ||||||
Hempstead Town, New York Local Development | ||||||||
(Hofstra University Project) | ||||||||
5.00% 7/1/42 | 500,000 | 515,080 | ||||||
Madison County, New York Capital Resource Revenue | ||||||||
(Colgate University Refunding Project) | ||||||||
Series B 5.00% 7/1/39 | 1,000,000 | 1,024,670 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(St. John Fisher College Project) | ||||||||
Series A 5.50% 6/1/39 | 300,000 | 305,385 | ||||||
(True North Rochester Preparatory Charter School Project) | ||||||||
Series A 144A 5.00% 6/1/40 # | 1,000,000 | 1,003,330 | ||||||
(University of Rochester Project) | ||||||||
Series A 5.00% 7/1/37 | 1,000,000 | 1,069,280 | ||||||
Series C 4.00% 7/1/43 | 500,000 | 469,690 | ||||||
New York City, New York Trust for Cultural Resources | ||||||||
(Alvin Ailey Dance Foundation) | ||||||||
Series A 4.00% 7/1/46 | 1,000,000 | 924,250 | ||||||
New York State Dormitory Authority | ||||||||
(Columbia University) | ||||||||
Series A 5.00% 10/1/50 | 2,325,000 | 2,616,136 | ||||||
(Fordham University) | ||||||||
5.00% 7/1/44 | 650,000 | 657,794 | ||||||
(New York University) | ||||||||
5.50% 7/1/40 (AMBAC) | 740,000 | 876,256 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(Hudson City School District) | ||||||||
Unrefunded Series A 5.625% 10/1/29 (AGC) | 375,000 | 375,776 | ||||||
(New York State University Dormitory Facilities) | ||||||||
Series A 5.00% 7/1/37 | 2,200,000 | 2,356,882 | ||||||
(New York University) | ||||||||
Series A 5.00% 7/1/36 | 2,000,000 | 2,107,280 | ||||||
Series A 5.00% 7/1/39 | 2,000,000 | 2,097,620 |
51
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(School Districts Financing Program) | ||||||||
Series B 5.00% 10/1/42 (AGM) | 3,565,000 | $ | 3,830,165 | |||||
(Vaughn College of Aeronautics and Technology) | ||||||||
Series A 144A 5.50% 12/1/46 # | 300,000 | 278,250 | ||||||
Saratoga County, New York Capital Resource Revenue | ||||||||
(Skidmore College Project) | ||||||||
5.00% 7/1/43 | 3,570,000 | 3,760,031 | ||||||
5.00% 7/1/48 | 1,000,000 | 1,048,150 | ||||||
St. Lawrence County, New York Industrial Development Agency Civic Development Revenue | ||||||||
(St. Lawrence University Project) | ||||||||
Series A 4.00% 7/1/43 | 1,000,000 | 926,700 | ||||||
Tompkins County, New York Development | ||||||||
(Ithaca College Project) | ||||||||
5.00% 7/1/34 | 750,000 | 769,808 | ||||||
Westchester County, New York Local Development | ||||||||
(Pace University) | ||||||||
Series A 5.00% 5/1/34 | 1,725,000 | 1,739,369 | ||||||
Yonkers, New York Economic Development Educational Revenue | ||||||||
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | ||||||||
Series A 5.00% 10/15/49 | 640,000 | 573,338 | ||||||
Series A 5.00% 10/15/50 | 250,000 | 223,237 | ||||||
38,644,896 | ||||||||
Electric Revenue Bonds — 7.76% | ||||||||
Build NYC, New York Resource | ||||||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project) | ||||||||
144A 5.25% 12/31/33 (AMT) # | 1,000,000 | 917,630 | ||||||
Guam Power Authority | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/35 | 1,310,000 | 1,400,796 | ||||||
Long Island, New York Power Authority Electric System Revenue | ||||||||
5.00% 9/1/37 | 450,000 | 484,650 | ||||||
5.00% 9/1/39 | 2,000,000 | 2,140,180 | ||||||
5.00% 9/1/47 | 1,500,000 | 1,550,730 | ||||||
Series A 5.00% 9/1/37 | 425,000 | 474,304 | ||||||
Series B 5.00% 9/1/41 | 2,065,000 | 2,131,865 |
52
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
New York State Power Authority Revenue | ||||||||
Series A 4.00% 11/15/50 | 1,000,000 | $ | 955,310 | |||||
(Green Transmission Project) | ||||||||
4.00% 11/15/42 (AGM) | 1,000,000 | 951,600 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 65,000 | 45,338 | ||||||
Series A 6.75% 7/1/36 ‡ | 625,000 | 450,000 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 24,369 | ||||||
Series TT 5.00% 7/1/32 ‡ | 1,120,000 | 781,200 | ||||||
Series WW 5.25% 7/1/33 ‡ | 195,000 | 136,987 | ||||||
Series WW 5.50% 7/1/17 ‡ | 420,000 | 288,750 | ||||||
Series WW 5.50% 7/1/19 ‡ | 330,000 | 226,875 | ||||||
Series XX 4.75% 7/1/26 ‡ | 40,000 | 27,700 | ||||||
Series XX 5.25% 7/1/40 ‡ | 1,430,000 | 1,004,575 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 20,775 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 570,000 | 388,312 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 50,000 | 34,813 | ||||||
14,436,759 | ||||||||
Healthcare Revenue Bonds — 9.02% | ||||||||
Buffalo & Erie County, New York Industrial Land Development | ||||||||
(Catholic Health System Project) | ||||||||
Series N 5.25% 7/1/35 | 250,000 | 218,543 | ||||||
Build NYC, New York Resource | ||||||||
(The Children’s Aid Society Project) | ||||||||
4.00% 7/1/49 | 1,000,000 | 892,040 | ||||||
Dutchess County, New York Local Development | ||||||||
(Nuvance Health) | ||||||||
Series B 4.00% 7/1/49 | 1,000,000 | 841,320 | ||||||
Guilderland, New York Industrial Development Agency | ||||||||
(Albany Place Development Project) | ||||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 500,000 | 375,000 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(Rochester General Hospital Project) | ||||||||
5.00% 12/1/36 | 405,000 | 414,485 | ||||||
5.00% 12/1/46 | 540,000 | 527,207 | ||||||
(Rochester Regional Health Project) | ||||||||
Series D 4.00% 12/1/38 | 2,550,000 | 2,306,399 |
53
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Nassau County, New York Local Economic Assistance | ||||||||
(Catholic Health Services of Long Island Obligated Group Project) | ||||||||
5.00% 7/1/33 | 725,000 | $ | 740,189 | |||||
New York State Dormitory Authority | ||||||||
(Montefiore Obligated Group) | ||||||||
Series A 4.00% 8/1/38 | 1,000,000 | 881,750 | ||||||
Series A 4.00% 9/1/50 | 2,500,000 | 2,030,875 | ||||||
(Northwell Health Obligated Group) | ||||||||
Series A 5.00% 5/1/52 | 3,000,000 | 3,081,030 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(NYU Hospitals Center) | ||||||||
Series A 4.00% 7/1/40 | 465,000 | 453,310 | ||||||
(Orange Regional Medical Center Obligated Group) | ||||||||
144A 5.00% 12/1/34 # | 800,000 | 799,200 | ||||||
144A 5.00% 12/1/45 # | 700,000 | 666,351 | ||||||
Orange County, New York Funding Assisted Living Residence Revenue | ||||||||
(The Hamlet at Wallkill Assisted Living Project) | ||||||||
6.50% 1/1/46 | 300,000 | 239,919 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | ||||||||
(Hospital Auxilio Mutuo Obligated Group Project) | ||||||||
4.00% 7/1/36 | 400,000 | 366,888 | ||||||
Southold, New York Local Development Revenue | ||||||||
(Peconic Landing at Southold Project) | ||||||||
5.00% 12/1/45 | 750,000 | 717,532 | ||||||
Westchester County, New York Local Development | ||||||||
(Purchase Senior Learning Community, Inc. Project) | ||||||||
Series A 144A 5.00% 7/1/46 # | 615,000 | 478,021 | ||||||
Series A 144A 5.00% 7/1/56 # | 1,000,000 | 739,000 | ||||||
16,769,059 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 4.69% | ||||||||
Erie County, New York Tobacco Asset Securitization | ||||||||
(Asset-Backed) | ||||||||
Series A 144A 5.84% 6/1/60 #, ^ | 65,350,000 | 3,581,834 | ||||||
New York Counties Tobacco Trust V Pass-Through | ||||||||
(Subordinate Turbo CABs) | ||||||||
Series S4B 144A 1.63% 6/1/60 #, ♦ , ^ | 30,000,000 | 1,069,500 |
54
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Suffolk, New York Tobacco Asset Securitization | ||||||||
Senior Series A-2 4.00% 6/1/50 | 1,595,000 | $ | 1,391,111 | |||||
TSASC, New York | ||||||||
Fiscal 2017 Senior Series A 5.00% 6/1/41 | 1,900,000 | 1,934,751 | ||||||
Westchester, New York Tobacco Asset Securitization | ||||||||
Subordinate Series C 5.00% 6/1/45 | 750,000 | 750,435 | ||||||
8,727,631 | ||||||||
Lease Revenue Bonds — 8.08% | ||||||||
Hudson Yards, New York Infrastructure Revenue | ||||||||
(Tax-Exempt) | ||||||||
Series A 4.00% 2/15/44 | 2,875,000 | 2,688,384 | ||||||
New York City, New York Industrial Development Agency | ||||||||
(Senior Trips) | ||||||||
Series A 5.00% 7/1/28 (AMT) | 1,500,000 | 1,500,375 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center - Green Bond) | ||||||||
Series A 3.00% 11/15/51 (BAM) | 1,620,000 | 1,146,960 | ||||||
(Class 1 - 3 World Trade Center Project) | ||||||||
144A 5.00% 11/15/44 # | 4,000,000 | 3,851,000 | ||||||
(Class 2 - 3 World Trade Center Project) | ||||||||
144A 5.375% 11/15/40 # | 500,000 | 486,875 | ||||||
(Class 3 - 3 World Trade Center Project) | ||||||||
144A 7.25% 11/15/44 # | 1,500,000 | 1,515,480 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(Court Facility) | ||||||||
Series A 5.50% 5/15/27 (AMBAC) | 2,500,000 | 2,757,400 | ||||||
New York State Environmental Facilities Clean Water and Drinking Water Revenue | ||||||||
(New York City Municipal Water Finance Authority Projects - Second Resolution) | ||||||||
Series B 5.00% 6/15/43 | 1,000,000 | 1,068,090 | ||||||
15,014,564 | ||||||||
Local General Obligation Bonds — 2.57% | ||||||||
New York City, New York | ||||||||
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35 | 1,895,000 | 2,054,464 | ||||||
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39 | 1,000,000 | 1,064,260 | ||||||
Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47 | 1,500,000 | 1,650,780 | ||||||
4,769,504 |
55
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bonds — 1.11% | ||||||||
Dutchess County, New York Local Development | ||||||||
(Health Quest Systems Project) | ||||||||
Series A 5.00% 7/1/44-24 § | 1,000,000 | $ | 1,024,290 | |||||
New York State Dormitory Authority | ||||||||
(Touro College & University) | ||||||||
Series A 5.50% 1/1/44-24 § | 1,000,000 | 1,030,750 | ||||||
2,055,040 | ||||||||
Resource Recovery Revenue Bond — 0.70% | ||||||||
Niagara Area, New York Development Revenue | ||||||||
(Covanta Project) | ||||||||
Series A 144A 4.75% 11/1/42 (AMT) # | 1,500,000 | 1,302,270 | ||||||
1,302,270 | ||||||||
Special Tax Revenue Bonds — 25.40% | ||||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 ● | 995,550 | 340,976 | ||||||
(Restructured) | ||||||||
3.171% 11/1/43 ● | 7,154,450 | 3,085,357 | ||||||
GDB Debt Recovery Authority of Puerto Rico | ||||||||
7.50% 8/20/40 | 8,152,255 | 6,847,894 | ||||||
Glen Cove, New York Local Economic Assistance | ||||||||
(Garvies Point Public Improvement Project) | ||||||||
Series A 5.00% 1/1/56 | 250,000 | 213,977 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 515,860 | ||||||
New York City, New York Transitional Finance Authority Building Aid Revenue | ||||||||
Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37 | 1,000,000 | 1,078,770 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue | ||||||||
Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42 | 2,000,000 | 2,032,660 | ||||||
Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42 | 500,000 | 486,100 | ||||||
Fiscal 2020 Subordinate Series A-3 3.00% 5/1/45 | 2,000,000 | 1,562,200 | ||||||
New York Convention Center Development Revenue | ||||||||
(Hotel Unit Fee Secured) | ||||||||
5.00% 11/15/35 | 1,000,000 | 1,026,980 | ||||||
5.00% 11/15/40 | 1,000,000 | 1,022,340 | ||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Subordinate Series B-2 5.00% 11/15/36 | 1,500,000 | 1,568,640 |
56
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series A 4.00% 3/15/49 | 1,000,000 | $ | 939,580 | |||||
Series A 5.00% 3/15/40 | 5,000,000 | 5,316,100 | ||||||
Series E 3.00% 3/15/50 | 1,500,000 | 1,109,730 | ||||||
Series E 4.00% 3/15/48 | 1,000,000 | 941,500 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(New York State University Dormitory Facilities) | ||||||||
Series A 5.00% 7/1/42 | 1,300,000 | 1,370,226 | ||||||
New York State Thruway Authority State Personal Income Tax Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series C 5.00% 3/15/55 | 1,000,000 | 1,072,150 | ||||||
New York Triborough Bridge & Tunnel Authority Sales Tax Revenue | ||||||||
(TBTA Capital Lockbox - City Sales Tax) | ||||||||
Series A 4.00% 5/15/57 | 1,000,000 | 903,600 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 0.396% 7/1/51 ^ | 4,555,000 | 859,437 | ||||||
Series A-1 4.55% 7/1/40 | 425,000 | 396,895 | ||||||
Series A-1 4.75% 7/1/53 | 6,805,000 | 6,099,866 | ||||||
Series A-1 5.00% 7/1/58 | 3,665,000 | 3,400,387 | ||||||
Series A-1 5.791% 7/1/46 ^ | 13,880,000 | 3,557,167 | ||||||
Series A-2 4.329% 7/1/40 | 370,000 | 336,219 | ||||||
Series A-2 4.536% 7/1/53 | 1,330,000 | 1,150,157 | ||||||
47,234,768 | ||||||||
State General Obligation Bonds — 0.74% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 1,445,926 | 1,194,421 | ||||||
Series A-1 4.00% 7/1/46 | 230,000 | 183,149 | ||||||
1,377,570 | ||||||||
Transportation Revenue Bonds — 11.50% | ||||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
Series A-2 4.00% 11/15/43 | 2,500,000 | 2,221,150 | ||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series 1 4.00% 11/15/46 | 3,250,000 | 2,825,355 | ||||||
Series B 4.00% 11/15/50 | 1,000,000 | 852,720 |
57
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series E 4.00% 11/15/45 | 1,500,000 | $ | 1,312,455 | |||||
Subordinate Series C-1 5.25% 11/15/55 | 1,500,000 | 1,536,630 | ||||||
New York State Thruway Authority General Revenue | ||||||||
Series B 4.00% 1/1/50 | 1,000,000 | 915,550 | ||||||
(Junior Indebtedness Obligation) | ||||||||
Series B 4.00% 1/1/45 | 1,500,000 | 1,397,100 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
4.00% 1/1/36 (AMT) | 750,000 | 697,740 | ||||||
(LaGuardia Airport Terminal B Redevelopment Project) | ||||||||
Series A 5.25% 1/1/50 (AMT) | 1,000,000 | 997,560 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/32 (AMT) | 2,000,000 | 2,172,080 | ||||||
Series A 4.00% 12/1/40 (AMT) | 335,000 | 299,312 | ||||||
New York Triborough Bridge & Tunnel Authority | ||||||||
(MTA Bridges and Tunnels Climate Bond Certified - Green Bonds) | ||||||||
Series D-2 5.50% 5/15/52 | 1,000,000 | 1,133,860 | ||||||
(MTA Bridges and Tunnels) | ||||||||
Series A 5.00% 11/15/41 | 2,000,000 | 2,067,500 | ||||||
Niagara, New York Frontier Transportation Authority Revenue | ||||||||
(Buffalo Niagara International Airport) | ||||||||
Series A 5.00% 4/1/35 (AMT) | 775,000 | 816,780 | ||||||
Series A 5.00% 4/1/37 (AMT) | 750,000 | 780,465 | ||||||
Series A 5.00% 4/1/39 (AMT) | 350,000 | 361,956 | ||||||
Port Authority of New York & New Jersey | ||||||||
Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT) | 1,130,000 | 988,061 | ||||||
21,376,274 | ||||||||
Water & Sewer Revenue Bonds — 3.02% | ||||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(Second General Resolution) | ||||||||
Fiscal 2017 Series DD 5.00% 6/15/47 | 1,000,000 | 1,034,040 | ||||||
Fiscal 2018 Series EE 5.00% 6/15/40 | 2,500,000 | 2,667,725 | ||||||
Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49 | 1,000,000 | 949,710 |
58
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds (continued) | ||||||||
New York State Environmental Facilities Clean Water and Drinking Water Revenue | ||||||||
(New York City Municipal Water Finance Authority Projects - Second Resolution Bonds) | ||||||||
Series A 4.00% 6/15/47 | 1,000,000 | $ | 964,150 | |||||
5,615,625 | ||||||||
Total Municipal Bonds (cost $192,718,280) | 182,945,713 | |||||||
Short-Term Investments — 0.81% | ||||||||
Variable Rate Demand Notes — 0.81%¤ | ||||||||
New York City, New York | ||||||||
Fiscal 2014 Subordinate | ||||||||
Series D-4 2.45% 8/1/40 | ||||||||
(LOC - TD Bank, N.A.) | 200,000 | 200,000 | ||||||
Fiscal 2018 Subordinate | ||||||||
Series E-5 2.45% 3/1/48 | ||||||||
(LOC - TD Bank, N.A.) | 300,000 | 300,000 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(Second Resolution) | ||||||||
Fiscal 2023 Subordinate | ||||||||
Series BB-2 2.55% 6/15/44 | ||||||||
(SPA - Mizuho Bank) | 900,000 | 900,000 | ||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
Series A-1 2.45% 11/1/31 | ||||||||
(LOC - TD Bank, N.A.) | 110,000 | 110,000 | ||||||
Total Short-Term Investments (cost $1,510,000) | 1,510,000 | |||||||
Total Value of Securities—99.20% | ||||||||
(cost $194,228,280) | $ | 184,455,713 |
° | 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 February 28, 2023, the aggregate value of Rule 144A securities was $19,289,986, which represents 10.37% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
59
Schedules of investments
Delaware Tax-Free New York Fund
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
¤ | 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 February 28, 2023. |
60
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
61
Schedules of investments
Delaware Tax-Free Pennsylvania Fund | February 28, 2023 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 98.28% | ||||||||
Corporate Revenue Bonds — 0.88% | ||||||||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
4.875% 11/1/24 | 2,650,000 | $ | 2,664,310 | |||||
5.125% 5/1/30 | 750,000 | 770,062 | ||||||
3,434,372 | ||||||||
Education Revenue Bonds — 10.88% | ||||||||
Allegheny County, Pennsylvania Higher Education Building Authority Revenue | ||||||||
(Robert Morris University) | ||||||||
5.00% 10/15/47 | 1,500,000 | 1,407,570 | ||||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(School Lane Charter School Project) | ||||||||
Series A 5.125% 3/15/46 | 2,500,000 | 2,533,650 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Avon Grove Charter School Project) | ||||||||
Series A 5.00% 12/15/47 | 1,160,000 | 1,155,430 | ||||||
Series A 5.00% 12/15/51 | 770,000 | 759,428 | ||||||
(Renaissance Academy Charter School Project) | ||||||||
5.00% 10/1/34 | 1,000,000 | 1,002,040 | ||||||
5.00% 10/1/39 | 1,250,000 | 1,193,812 | ||||||
5.00% 10/1/44 | 1,000,000 | 937,150 | ||||||
(Westtown School) | ||||||||
Series A 4.00% 1/1/52 | 2,250,000 | 1,998,607 | ||||||
City of Erie, Pennsylvania Higher Education Building Authority Revenue | ||||||||
(AICUP Financing Program - Gannon University Project) | ||||||||
Series TT1 4.00% 5/1/41 | 475,000 | 398,254 | ||||||
Huntingdon County, Pennsylvania General Authority Revenue | ||||||||
(AICUP Financing Program - Juniata College Project) | ||||||||
Series TT3 5.00% 10/1/51 | 2,500,000 | 2,504,925 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(AICUP Financing Program - Gwynedd Mercy University Project) | ||||||||
5.00% 5/1/42 | 2,500,000 | 2,384,500 | ||||||
(Arcadia University) | ||||||||
5.75% 4/1/40 | 2,000,000 | 2,020,200 |
62
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Germantown Academy Project) | ||||||||
Series A 4.00% 10/1/51 | 1,430,000 | $ | 1,125,968 | |||||
Northeastern Pennsylvania Hospital and Education Authority Revenue | ||||||||
(King’s College Project) | ||||||||
5.00% 5/1/44 | 1,000,000 | 984,440 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(Ursinus College Project) | ||||||||
Series A 5.00% 11/1/32 | 1,130,000 | 1,208,840 | ||||||
Pennsylvania State University | ||||||||
Series A 5.25% 9/1/52 | 2,000,000 | 2,198,580 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(First Philadelphia Preparatory Charter School Project) | ||||||||
Series A 7.25% 6/15/43 | 2,870,000 | 2,971,282 | ||||||
(International Apartments of Temple University) | ||||||||
Series A 5.375% 6/15/30 | 1,270,000 | 1,265,720 | ||||||
Series A 5.625% 6/15/42 | 3,000,000 | 2,829,660 | ||||||
(Saint Joseph’s University Project) | ||||||||
5.50% 11/1/60 | 6,000,000 | 6,422,460 | ||||||
(Tacony Academy Charter School Project) | ||||||||
Series A-1 7.00% 6/15/43 | 1,535,000 | 1,547,188 | ||||||
(Tacony Academy Charter School Project) | ||||||||
Series A-1 6.75% 6/15/33 | 1,020,000 | 1,028,385 | ||||||
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Pennsylvania Steam Academy Charter School Project) | ||||||||
Series A 144A 6.25% 7/1/57 # | 2,500,000 | 2,317,850 | ||||||
Series B 144A 6.00% 7/1/29 # | 235,000 | 223,828 | ||||||
42,419,767 | ||||||||
Electric Revenue Bonds — 1.99% | ||||||||
City of Philadelphia, Pennsylvania Gas Works Revenue | ||||||||
(1998 General Ordinance) | ||||||||
Sixteenth Series A 4.00% 8/1/45 (AGM) | 1,950,000 | 1,800,415 | ||||||
Sixteenth Series B 4.00% 8/1/37 (AGM) | 2,000,000 | 2,023,620 | ||||||
Sixteenth Series B 4.00% 8/1/39 (AGM) | 1,300,000 | 1,294,709 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 1,110,000 | 774,225 |
63
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 400,000 | $ | 279,000 | |||||
Series WW 5.25% 7/1/33 ‡ | 1,055,000 | 741,138 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,190,000 | 841,925 | ||||||
7,755,032 | ||||||||
Healthcare Revenue Bonds — 33.70% | ||||||||
Allegheny County, Pennsylvania Hospital Development Authority Revenue | ||||||||
(Allegheny Health Network Obligated Group Issue) | ||||||||
Series A 4.00% 4/1/44 | 2,300,000 | 2,103,120 | ||||||
Series A 5.00% 4/1/47 | 16,240,000 | 16,466,386 | ||||||
(University of Pittsburgh Medical Center) | ||||||||
Series A 4.00% 7/15/38 | 1,125,000 | 1,087,200 | ||||||
Series A 4.00% 7/15/39 | 2,000,000 | 1,922,240 | ||||||
Berks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(The Highlands at Wyomissing) | ||||||||
5.00% 5/15/38 | 415,000 | 399,147 | ||||||
5.00% 5/15/43 | 500,000 | 468,530 | ||||||
5.00% 5/15/48 | 1,000,000 | 914,370 | ||||||
Series A 5.00% 5/15/37 | 1,365,000 | 1,319,095 | ||||||
Series A 5.00% 5/15/42 | 470,000 | 434,957 | ||||||
Series A 5.00% 5/15/47 | 600,000 | 542,982 | ||||||
Series C 5.00% 5/15/42 | 1,000,000 | 942,210 | ||||||
Series C 5.00% 5/15/47 | 1,000,000 | 917,200 | ||||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Saint Luke’s University Health Network Project) | ||||||||
4.00% 8/15/44 | 2,400,000 | 2,165,208 | ||||||
4.00% 8/15/50 | 3,000,000 | 2,629,050 | ||||||
Butler County, Pennsylvania Hospital Authority Revenue | ||||||||
(Butler Health System Project) | ||||||||
Series A 5.00% 7/1/39 | 1,625,000 | 1,585,253 | ||||||
Centre County, Pennsylvania Hospital Authority Revenue | ||||||||
(Mount Nittany Medical Center Project) | ||||||||
Series A 4.00% 11/15/47 | 1,400,000 | 1,281,056 | ||||||
Chester County, Pennsylvania Health and Education Facilities Authority Revenue | ||||||||
(Main Line Health System) | ||||||||
Series A 4.00% 9/1/50 | 2,060,000 | 1,831,834 |
64
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Longwood Gardens, Inc. Project) | ||||||||
4.00% 12/1/46 | 1,330,000 | $ | 1,209,276 | |||||
4.00% 12/1/51 | 2,635,000 | 2,370,894 | ||||||
Cumberland County, Pennsylvania Municipal Authority Revenue | ||||||||
(Asbury Pennsylvania Obligated Group) | ||||||||
5.00% 1/1/45 | 3,000,000 | 2,601,210 | ||||||
(Diakon Lutheran Social Ministries) | ||||||||
5.00% 1/1/38 | 995,000 | 999,418 | ||||||
(Penn State Health) | ||||||||
Series A 4.00% 11/1/44 | 5,000,000 | 4,610,000 | ||||||
DuBois, Pennsylvania Hospital Authority Revenue | ||||||||
(Penn Highlands Healthcare) | ||||||||
4.00% 7/15/45 | 1,495,000 | 1,314,180 | ||||||
4.00% 7/15/48 | 2,000,000 | 1,728,100 | ||||||
Geisinger Authority, Pennsylvania Health System Revenue | ||||||||
(Geisinger Health System) | ||||||||
Series A-1 5.00% 2/15/45 | 2,000,000 | 2,035,940 | ||||||
Series A-2 5.00% 2/15/39 | 1,150,000 | 1,185,109 | ||||||
Lancaster County, Pennsylvania Hospital Authority Revenue | ||||||||
(Brethren Village Project) | ||||||||
5.00% 7/1/31 | 130,000 | 124,436 | ||||||
5.25% 7/1/35 | 250,000 | 242,910 | ||||||
5.50% 7/1/45 | 1,000,000 | 944,700 | ||||||
(Landis Homes Retirement Community Project) | ||||||||
Series A 5.00% 7/1/45 | 2,000,000 | 1,838,420 | ||||||
(Masonic Villages Project) | ||||||||
5.00% 11/1/35 | 1,000,000 | 1,030,120 | ||||||
5.00% 11/1/36 | 510,000 | 522,612 | ||||||
5.00% 11/1/37 | 250,000 | 255,290 | ||||||
Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue | ||||||||
(Lehigh Valley Health Network) | ||||||||
Series A 4.00% 7/1/49 | 11,105,000 | 10,059,242 | ||||||
Maxatawny Township, Pennsylvania Municipal Authority Revenue | ||||||||
(Diakon Lutheran Social Ministries Project) | ||||||||
Series A 4.50% 1/1/45 | 2,000,000 | 1,766,000 |
65
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Monroe County, Pennsylvania Hospital Authority Revenue | ||||||||
(Pocono Medical Center) | ||||||||
5.00% 7/1/41 | 1,000,000 | $ | 1,007,940 | |||||
Monroeville, Pennsylvania Finance Authority Revenue | ||||||||
Series B 4.00% 2/15/41 | 2,100,000 | 1,999,641 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series A 4.00% 9/1/49 | 2,500,000 | �� | 2,235,800 | |||||
Series B 4.00% 5/1/47 | 4,000,000 | 3,615,400 | ||||||
Series B 4.00% 5/1/52 | 5,950,000 | 5,280,030 | ||||||
Series B 4.00% 5/1/56 | 2,550,000 | 2,224,875 | ||||||
Series B 5.00% 5/1/57 | 3,000,000 | 3,008,790 | ||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Foulkeways at Gwynedd Project) | ||||||||
5.00% 12/1/46 | 1,500,000 | 1,447,335 | ||||||
(Waverly Heights Project) | ||||||||
5.00% 12/1/44 | 500,000 | 508,430 | ||||||
5.00% 12/1/49 | 1,250,000 | 1,265,987 | ||||||
(Whitemarsh Continuing Care Retirement Community Project) | ||||||||
4.00% 1/1/25 | 145,000 | 141,007 | ||||||
5.375% 1/1/50 | 4,000,000 | 3,378,400 | ||||||
Series A 5.25% 1/1/48 | 1,000,000 | 837,210 | ||||||
Series A 5.375% 1/1/51 | 1,500,000 | 1,262,130 | ||||||
Moon, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Baptist Homes Society) | ||||||||
6.125% 7/1/50 | 4,090,000 | 3,394,986 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Morningstar Senior Living, Inc. Project) | ||||||||
5.00% 11/1/44 | 1,000,000 | 872,980 | ||||||
Pennsylvania Economic Development Financing Authority First Mortgage Revenue | ||||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series A 144A 6.50% 12/1/38 #, ‡ | 715,000 | 272,594 | ||||||
Series A 144A 6.75% 12/1/53 #, ‡ | 5,400,000 | 2,058,750 |
66
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(University of Pittsburgh Medical Center) | ||||||||
Series A 4.00% 2/1/40 | 265,000 | $ | 253,496 | |||||
Series A 4.00% 11/15/42 | 5,200,000 | 4,921,644 | ||||||
Series A 5.00% 7/1/43 | 1,265,000 | 1,225,102 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series A 5.00% 9/1/45 | 5,000,000 | 5,037,950 | ||||||
Series A 5.25% 9/1/50 | 2,500,000 | 2,527,025 | ||||||
(University of Pennsylvania Health System) | ||||||||
4.00% 8/15/49 | 110,000 | 101,356 | ||||||
Series A 4.00% 8/15/42 | 4,000,000 | 3,823,040 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series A 5.00% 9/1/47 | 2,500,000 | 2,529,075 | ||||||
(Wesley Enhanced Living Obligated Group) | ||||||||
Series A 5.00% 7/1/49 | 2,500,000 | 2,023,100 | ||||||
Pocono Mountains, Pennsylvania Industrial Park Authority Revenue | ||||||||
(St. Luke’s Hospital - Monroe Project) | ||||||||
Series A 5.00% 8/15/40 | 2,245,000 | 2,266,305 | ||||||
131,368,073 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 5.69% | ||||||||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
5.75% 8/1/42 (AMT) | 725,000 | 726,254 | ||||||
Pennsylvania Commonwealth Financing Authority Revenue | ||||||||
(Tobacco Master Settlement Payment Revenue) | ||||||||
4.00% 6/1/39 (AGM) | 5,045,000 | 4,912,973 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(National Gypsum) | ||||||||
5.50% 11/1/44 (AMT) | 4,000,000 | 4,017,280 |
67
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue | ||||||||
(Proctor & Gamble Paper Project) | ||||||||
5.375% 3/1/31 (AMT) | 11,000,000 | $ | 12,536,810 | |||||
22,193,317 | ||||||||
Lease Revenue Bonds — 1.18% | ||||||||
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | ||||||||
(Pennsylvania Rapid Bridge Replacement Project) | ||||||||
5.00% 12/31/29 (AMT) | 500,000 | 509,995 | ||||||
Philadelphia, Pennsylvania Municipal Authority Revenue | ||||||||
(Juvenile Justice Services Center) | ||||||||
5.00% 4/1/37 | 1,250,000 | 1,333,700 | ||||||
5.00% 4/1/38 | 1,000,000 | 1,063,170 | ||||||
5.00% 4/1/39 | 1,600,000 | 1,698,368 | ||||||
4,605,233 | ||||||||
Local General Obligation Bonds — 3.38% | ||||||||
Allegheny County, Pennsylvania | ||||||||
Series C-77 5.00% 11/1/43 | 4,535,000 | 4,839,798 | ||||||
City of Philadelphia, Pennsylvania | ||||||||
5.00% 8/1/41 | 1,260,000 | 1,323,101 | ||||||
Series A 5.00% 8/1/37 | 1,750,000 | 1,842,155 | ||||||
Marple Newtown, Pennsylvania School District | ||||||||
3.00% 6/1/40 | 3,740,000 | 3,141,899 | ||||||
Punxsutawney Area, Pennsylvania School District | ||||||||
2.00% 10/15/28 (AGM) | 225,000 | 204,527 | ||||||
2.00% 10/15/29 (AGM) | 700,000 | 623,658 | ||||||
2.00% 10/15/30 (AGM) | 190,000 | 165,393 | ||||||
Township of Lower Paxton, Pennsylvania | ||||||||
Series A 4.00% 4/1/50 | 1,100,000 | 1,033,384 | ||||||
13,173,915 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 1.66% | ||||||||
City of Philadelphia, Pennsylvania | ||||||||
Series A 5.25% 7/15/29-24 § | 2,500,000 | 2,545,725 | ||||||
Cumberland County, Pennsylvania Municipal Authority Revenue | ||||||||
5.00% 1/1/38-25 § | 195,000 | 201,294 | ||||||
(Diakon Lutheran Social Ministries) | ||||||||
5.00% 1/1/38-25 § | 810,000 | 836,147 |
68
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(University of the Arts) | ||||||||
5.20% 3/15/25 (AGC) | 2,825,000 | $ | 2,878,054 | |||||
Philadelphia, Pennsylvania School District | ||||||||
Series F 5.00% 9/1/38-26 § | 5,000 | 5,347 | ||||||
6,466,567 | ||||||||
Special Tax Revenue Bonds — 20.03% | ||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
(City Center Project) | ||||||||
144A 5.25% 5/1/42 # | 4,500,000 | 4,377,780 | ||||||
(Forward Delivery) | ||||||||
5.00% 5/1/26 | 95,000 | 97,560 | ||||||
5.00% 5/1/27 | 385,000 | 398,360 | ||||||
5.00% 5/1/29 | 600,000 | 627,222 | ||||||
5.00% 5/1/31 | 670,000 | 704,284 | ||||||
5.00% 5/1/34 | 750,000 | 783,412 | ||||||
5.00% 5/1/42 | 2,000,000 | 1,971,020 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Woodlands at Greystone Project) | ||||||||
144A 5.125% 3/1/48 # | 900,000 | 827,442 | ||||||
Commonwealth of Puerto Rico | ||||||||
2.476% 11/1/51 ● | 8,059,513 | 2,760,383 | ||||||
(Restructured) | ||||||||
2.949% 11/1/43 ● | 11,308,420 | 4,876,756 | ||||||
GDB Debt Recovery Authority | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 21,235,650 | 17,837,946 | ||||||
Matching Fund Special Purpose Securitization | ||||||||
Series A 5.00% 10/1/39 | 5,040,000 | 4,963,241 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Route 33 Project) | ||||||||
7.00% 7/1/32 | 1,805,000 | 1,816,913 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 3.338% 7/1/51 ^ | 17,409,000 | 3,284,730 | ||||||
Series A-1 3.993% 7/1/46 ^ | 29,660,000 | 7,601,265 | ||||||
Series A-1 4.75% 7/1/53 | 7,958,000 | 7,133,392 | ||||||
Series A-1 5.00% 7/1/58 | 7,510,000 | 6,967,778 |
69
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-2 4.329% 7/1/40 | 8,701,000 | $ | 7,906,599 | |||||
Series A-2 4.329% 7/1/40 | 1,449,000 | 1,316,706 | ||||||
Series A-2 4.536% 7/1/53 | 1,000,000 | 864,780 | ||||||
Washington County, Pennsylvania Redevelopment Authority Revenue | ||||||||
(Victory Centre Tax Increment Financing Project) | ||||||||
5.00% 7/1/35 | 1,000,000 | 973,020 | ||||||
78,090,589 | ||||||||
State General Obligation Bonds — 1.55% | ||||||||
Commonwealth of Pennsylvania | ||||||||
4.00% 10/1/39 | 1,000,000 | 982,420 | ||||||
5.00% 9/15/26 | 2,000,000 | 2,143,340 | ||||||
Series D 4.00% 8/15/34 | 1,370,000 | 1,395,208 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 1,169,072 | 965,724 | ||||||
Series A-1 4.00% 7/1/46 | 670,000 | 533,521 | ||||||
6,020,213 | ||||||||
Transportation Revenue Bonds — 16.44% | ||||||||
Allegheny County, Pennsylvania Airport Authority Revenue | ||||||||
(Pittsburgh International Airport) | ||||||||
Series A 5.00% 1/1/56 (AMT) | 3,000,000 | 3,050,550 | ||||||
Delaware River Joint Toll Bridge Commission | ||||||||
(Pennsylvania - New Jersey) | ||||||||
5.00% 7/1/42 | 5,000,000 | 5,196,950 | ||||||
Pennsylvania Economic Development Financing Authority | ||||||||
Series B-2 4.859% 1/1/45 (BAM) ^ | 3,345,000 | 1,039,091 | ||||||
Series B-2 5.52% 1/1/46 (BAM) ^ | 1,885,000 | 551,815 | ||||||
Series B-2 5.54% 1/1/47 (BAM) ^ | 2,050,000 | 565,574 | ||||||
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | ||||||||
(Pennsylvania Rapid Bridge Replacement Project) | ||||||||
5.00% 12/31/34 (AMT) | 2,115,000 | 2,136,129 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | ||||||||
Series A 5.00% 12/1/46 | 2,750,000 | 2,912,828 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series A 4.00% 12/1/38 | 2,250,000 | 2,254,500 |
70
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series A 5.00% 12/1/44 | 2,000,000 | $ | 2,110,980 | |||||
Series A 5.00% 12/1/49 | 1,000,000 | 1,039,270 | ||||||
Series A-1 5.00% 12/1/45 | 1,000,000 | 1,021,920 | ||||||
Series B 3.00% 12/1/51 | 3,050,000 | 2,175,382 | ||||||
Series C 3.00% 12/1/51 | 2,825,000 | 2,041,543 | ||||||
Series C 5.00% 12/1/44 | 2,500,000 | 2,542,850 | ||||||
Subordinate Series A 4.00% 12/1/50 | 1,000,000 | 907,900 | ||||||
Subordinate Series B 4.00% 12/1/51 | 1,200,000 | 1,096,320 | ||||||
Philadelphia, Pennsylvania Airport Revenue | ||||||||
4.00% 7/1/46 (AGM) (AMT) | 3,125,000 | 2,840,031 | ||||||
Series A 4.00% 7/1/33 | 11,420,000 | 11,731,652 | ||||||
Series B 5.00% 7/1/47 (AMT) | 3,000,000 | 3,034,980 | ||||||
Puerto Rico Highway & Transportation Authority | ||||||||
(Restructured) | ||||||||
Series A 5.00% 7/1/62 | 3,165,000 | 2,935,537 | ||||||
Southeastern Pennsylvania Transportation Authority Revenue | ||||||||
(Asset Improvement Program) | ||||||||
5.25% 6/1/52 | 10,000,000 | 11,027,500 | ||||||
Susquehanna Area, Pennsylvania Regional Airport Authority Revenue | ||||||||
5.00% 1/1/35 (AMT) | 800,000 | 832,640 | ||||||
5.00% 1/1/38 (AMT) | 1,000,000 | 1,023,580 | ||||||
64,069,522 | ||||||||
Water & Sewer Revenue Bonds — 0.90% | ||||||||
Allegheny County, Pennsylvania Sanitary Authority | ||||||||
5.00% 6/1/53 | 1,750,000 | 1,849,540 | ||||||
Pennsylvania Economic Development Financing Authority | ||||||||
(Pennsylvania-American Water Company Project) | ||||||||
3.00% 4/1/39 | 2,000,000 | 1,663,480 | ||||||
3,513,020 | ||||||||
Total Municipal Bonds (cost $401,145,357) | 383,109,620 | |||||||
Total Value of Securities—98.28% | ||||||||
(cost $401,145,357) | $ | 383,109,620 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
71
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2023, the aggregate value of Rule 144A securities was $10,078,244, which represents 2.59% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
§ | 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. See Note 6 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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. 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. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AICUP – Association of Independent Colleges & Universities of Pennsylvania
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
72
Statements of assets and liabilities
February 28, 2023 (Unaudited)
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 62,482,731 | $ | 178,488,497 | $ | 211,135,584 | ||||||
Cash | — | 153,641 | 478,170 | |||||||||
Receivable for fund shares sold | 774,897 | 695,921 | 139,129 | |||||||||
Dividend and interest receivable | 575,125 | 1,730,774 | 2,187,903 | |||||||||
Prepaid expenses | 2,023 | 9,911 | 1,178 | |||||||||
Receivable from investment manager | 1,063 | — | — | |||||||||
Other assets | 617 | 958 | 1,742 | |||||||||
Total Assets | 63,836,456 | 181,079,702 | 213,943,706 | |||||||||
Liabilities: | ||||||||||||
Due to custodian | 20,138 | — | — | |||||||||
Payable for fund shares redeemed | 842,143 | 204,779 | 311,236 | |||||||||
Other accrued expenses | 87,487 | 80,806 | 145,173 | |||||||||
Distribution payable | 13,706 | 51,027 | 43,831 | |||||||||
Administration expenses payable to affiliates | 10,431 | 13,047 | 18,372 | |||||||||
Distribution fees payable to affiliates | 10,389 | 15,031 | 28,848 | |||||||||
Investment management fees payable to affiliates | — | 33,436 | 35,616 | |||||||||
Total Liabilities | 984,294 | 398,126 | 583,076 | |||||||||
Total Net Assets | $ | 62,852,162 | $ | 180,681,576 | $ | 213,360,630 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 70,747,278 | $ | 193,655,770 | $ | 234,541,815 | ||||||
Total distributable earnings (loss) | (7,895,116 | ) | (12,974,194 | ) | (21,181,185 | ) | ||||||
Total Net Assets | $ | 62,852,162 | $ | 180,681,576 | $ | 213,360,630 |
73
Statements of assets and liabilities
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | |||||||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 48,503,634 | $ | 69,214,115 | $ | 132,122,019 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,857,716 | 6,469,357 | 13,198,449 | ||||||||||
Net asset value per share | $ | 9.98 | $ | 10.70 | $ | 10.01 | |||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | |||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 10.45 | $ | 11.20 | $ | 10.48 | |||||||
Class C: | |||||||||||||
Net assets | $ | 909,900 | $ | 2,004,855 | $ | 3,682,201 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 90,895 | 187,005 | 366,900 | ||||||||||
Net asset value per share | $ | 10.01 | $ | 10.72 | $ | 10.04 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 13,438,628 | $ | 109,462,606 | $ | 77,556,410 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,345,988 | 10,229,252 | 7,747,520 | ||||||||||
Net asset value per share | $ | 9.98 | $ | 10.70 | $ | 10.01 | |||||||
| |||||||||||||
* | Investments, at cost | $ | 69,194,617 | $ | 189,103,167 | $ | 225,203,653 |
See accompanying notes, which are an integral part of the financial statements.
74
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 116,119,365 | $ | 184,455,713 | $ | 383,109,620 | ||||||
Cash | 172,417 | 70,984 | 2,919,121 | |||||||||
Receivable for securities sold | 4,291,123 | — | 4,387,059 | |||||||||
Dividend and interest receivable | 1,425,361 | 2,039,078 | 4,557,419 | |||||||||
Receivable for fund shares sold | 50,397 | 93,725 | 503,525 | |||||||||
Prepaid expenses | 11,354 | 14,404 | 1,353 | |||||||||
Other assets | 967 | 1,461 | 3,180 | |||||||||
Total Assets | 122,070,984 | 186,675,365 | 395,481,277 | |||||||||
Liabilities: | ||||||||||||
Payable for securities purchased | 4,447,628 | — | 4,462,051 | |||||||||
Payable for fund shares redeemed | 158,327 | 454,454 | 733,676 | |||||||||
Other accrued expenses | 113,437 | 137,125 | 209,646 | |||||||||
Distribution fees payable to affiliates | 16,035 | 26,218 | 66,894 | |||||||||
Investment management fees payable to affiliates | 14,391 | 24,745 | 92,578 | |||||||||
Distribution payable | 13,261 | 76,543 | 102,449 | |||||||||
Administration expenses payable to affiliates | 12,940 | 16,290 | 15,792 | |||||||||
Total Liabilities | 4,776,019 | 735,375 | 5,683,086 | |||||||||
Total Net Assets | $ | 117,294,965 | $ | 185,939,990 | $ | 389,798,191 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 134,464,613 | $ | 197,817,745 | $ | 420,440,131 | ||||||
Total distributable earnings (loss) | (17,169,648 | ) | (11,877,755 | ) | (30,641,940 | ) | ||||||
Total Net Assets | $ | 117,294,965 | $ | 185,939,990 | $ | 389,798,191 |
75
Statements of assets and liabilities
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | |||||||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 63,755,847 | $ | 122,038,589 | $ | 312,820,695 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 6,265,695 | 11,882,042 | 44,092,239 | ||||||||||
Net asset value per share | $ | 10.18 | $ | 10.27 | $ | 7.09 | |||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | |||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 10.66 | $ | 10.75 | $ | 7.42 | |||||||
Class C: | |||||||||||||
Net assets | $ | 4,679,025 | $ | 2,741,090 | $ | 9,177,037 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 460,105 | 267,511 | 1,293,171 | ||||||||||
Net asset value per share | $ | 10.17 | $ | 10.25 | $ | 7.10 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 48,860,093 | $ | 61,160,311 | $ | 67,800,459 | |||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,800,656 | 5,959,668 | 9,563,545 | ||||||||||
Net asset value per share | $ | 10.18 | $ | 10.26 | $ | 7.09 | |||||||
| |||||||||||||
* | Investments, at cost | $ | 124,970,744 | $ | 194,228,280 | $ | 401,145,357 |
See accompanying notes, which are an integral part of the financial statements.
76
Six months ended February 28, 2023 (Unaudited)
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 1,405,372 | $ | 3,442,063 | $ | 4,474,751 | ||||||
Expenses: | ||||||||||||
Management fees | 172,146 | 436,276 | 592,162 | |||||||||
Distribution expenses — Class A | 65,570 | 85,089 | 166,988 | |||||||||
Distribution expenses — Class C | 4,842 | 11,196 | 21,266 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 30,607 | 39,248 | 78,472 | |||||||||
Accounting and administration expenses | 24,294 | 29,772 | 34,326 | |||||||||
Audit and tax fees | 20,145 | 20,145 | 20,145 | |||||||||
Registration fees | 10,051 | 12,721 | 6,581 | |||||||||
Reports and statements to shareholders expenses | 7,034 | 7,942 | 12,241 | |||||||||
Legal fees | 2,695 | 4,006 | 7,209 | |||||||||
Trustees’ fees and expenses | 1,794 | 2,834 | 4,996 | |||||||||
Custodian fees | 1,403 | 1,826 | 3,562 | |||||||||
Other | 10,785 | 14,441 | 15,510 | |||||||||
351,366 | 665,496 | 963,458 | ||||||||||
Less expenses waived | (77,757 | ) | (122,906 | ) | (161,328 | ) | ||||||
Less expenses paid indirectly | (4 | ) | (12 | ) | (11 | ) | ||||||
Total operating expenses | 273,605 | 542,578 | 802,119 | |||||||||
Net Investment Income (Loss) | 1,131,767 | 2,899,485 | 3,672,632 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | (776,952 | ) | (1,026,452 | ) | (3,486,976 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments | (2,172,118 | ) | (3,748,242 | ) | (3,180,868 | ) | ||||||
Net Realized and Unrealized Gain (Loss) | (2,949,070 | ) | (4,774,694 | ) | (6,667,844 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,817,303 | ) | $ | (1,875,209 | ) | $ | (2,995,212 | ) |
See accompanying notes, which are an integral part of the financial statements.
77
Statements of operations
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 2,327,612 | $ | 3,982,767 | $ | 8,763,480 | ||||||
Expenses: | ||||||||||||
Management fees | 314,408 | 510,617 | 1,072,663 | |||||||||
Distribution expenses — Class A | 77,982 | 153,334 | 384,221 | |||||||||
Distribution expenses — Class C | 24,159 | 15,513 | 47,455 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 50,898 | 57,710 | 135,215 | |||||||||
Accounting and administration expenses | 27,447 | 32,111 | 46,536 | |||||||||
Audit and tax fees | 20,145 | 20,145 | 20,145 | |||||||||
Reports and statements to shareholders expenses | 7,662 | 11,407 | 23,621 | |||||||||
Registration fees | 4,987 | 12,424 | 9,555 | |||||||||
Legal fees | 3,897 | 6,429 | 13,729 | |||||||||
Trustees’ fees and expenses | 2,865 | 4,076 | 9,135 | |||||||||
Custodian fees | 1,964 | 3,227 | 6,460 | |||||||||
Other | 11,672 | 17,264 | 18,536 | |||||||||
548,086 | 844,257 | 1,787,271 | ||||||||||
Less expenses waived | (97,142 | ) | (164,617 | ) | (204,576 | ) | ||||||
Less expenses paid indirectly | (4 | ) | (33 | ) | (34 | ) | ||||||
Total operating expenses | 450,940 | 679,607 | 1,582,661 | |||||||||
Net Investment Income (Loss) | 1,876,672 | 3,303,160 | 7,180,819 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | (1,910,066 | ) | (1,413,340 | ) | (7,564,936 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments | (1,408,785 | ) | (4,350,847 | ) | (5,249,083 | ) | ||||||
Net Realized and Unrealized Gain (Loss) | (3,318,851 | ) | (5,764,187 | ) | (12,814,019 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,442,179 | ) | $ | (2,461,027 | ) | $ | (5,633,200 | ) |
See accompanying notes, which are an integral part of the financial statements.
78
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 1,131,767 | $ | 2,351,650 | ||||
Net realized gain (loss) | (776,952 | ) | (457,665 | ) | ||||
Net change in unrealized appreciation (depreciation) | (2,172,118 | ) | (11,758,111 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (1,817,303 | ) | (9,864,126 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (856,470 | ) | (2,089,058 | ) | ||||
Class C | (12,171 | ) | (33,764 | ) | ||||
Institutional Class | (271,366 | ) | (767,658 | ) | ||||
(1,140,007 | ) | (2,890,480 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 1,213,077 | 3,450,236 | ||||||
Class C | 62,026 | 265,951 | ||||||
Institutional Class | 2,324,322 | 11,245,008 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 771,709 | 1,904,687 | ||||||
Class C | 12,169 | 32,694 | ||||||
Institutional Class | 262,294 | 736,314 | ||||||
4,645,597 | 17,634,890 |
79
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (8,191,957 | ) | $ | (5,846,661 | ) | ||
Class C | (238,708 | ) | (514,815 | ) | ||||
Institutional Class | (7,281,795 | ) | (12,026,164 | ) | ||||
(15,712,460 | ) | (18,387,640 | ) | |||||
Decrease in net assets derived from capital share transactions | (11,066,863 | ) | (752,750 | ) | ||||
Net Decrease in Net Assets | (14,024,173 | ) | (13,507,356 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 76,876,335 | 90,383,691 | ||||||
End of period | $ | 62,852,162 | $ | 76,876,335 |
See accompanying notes, which are an integral part of the financial statements.
80
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 2,899,485 | $ | 4,229,613 | ||||
Net realized gain (loss) | (1,026,452 | ) | (1,460,722 | ) | ||||
Net change in unrealized appreciation (depreciation) | (3,748,242 | ) | (18,215,437 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (1,875,209 | ) | (15,446,546 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (1,180,946 | ) | (2,432,541 | ) | ||||
Class C | (30,419 | ) | (76,340 | ) | ||||
Institutional Class | (1,643,747 | ) | (1,926,235 | ) | ||||
(2,855,112 | ) | (4,435,116 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,101,352 | 20,137,487 | ||||||
Class C | 329,408 | 454,010 | ||||||
Institutional Class | 57,215,268 | 71,643,689 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,078,837 | 2,220,247 | ||||||
Class C | 29,967 | 73,058 | ||||||
Institutional Class | 1,437,421 | 1,525,423 | ||||||
67,192,253 | 96,053,914 |
81
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (8,467,770 | ) | $ | (25,977,701 | ) | ||
Class C | (767,663 | ) | (1,431,105 | ) | ||||
Institutional Class | (26,231,484 | ) | (30,974,449 | ) | ||||
(35,466,917 | ) | (58,383,255 | ) | |||||
Increase in net assets derived from capital share transactions | 31,725,336 | 37,670,659 | ||||||
Net Increase in Net Assets | 26,995,015 | 17,788,997 | ||||||
Net Assets: | ||||||||
Beginning of period | 153,686,561 | 135,897,564 | ||||||
End of period | $ | 180,681,576 | $ | 153,686,561 |
See accompanying notes, which are an integral part of the financial statements.
82
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,672,632 | $ | 6,853,984 | ||||
Net realized gain (loss) | (3,486,976 | ) | (2,049,598 | ) | ||||
Net change in unrealized appreciation (depreciation) | (3,180,868 | ) | (28,878,750 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (2,995,212 | ) | (24,074,364 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (2,179,525 | ) | (4,285,002 | ) | ||||
Class C | (53,353 | ) | (121,908 | ) | ||||
Institutional Class | (1,361,524 | ) | (2,423,301 | ) | ||||
(3,594,402 | ) | (6,830,211 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 3,501,077 | 14,671,622 | ||||||
Class C | 238,508 | 624,715 | ||||||
Institutional Class | 18,846,127 | 48,683,482 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 2,002,791 | 3,898,619 | ||||||
Class C | 52,305 | 120,257 | ||||||
Institutional Class | 1,275,035 | 2,295,028 | ||||||
25,915,843 | 70,293,723 |
83
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (12,258,776 | ) | $ | (20,207,612 | ) | ||
Class C | (1,322,122 | ) | (1,856,539 | ) | ||||
Institutional Class | (22,565,137 | ) | (34,252,508 | ) | ||||
(36,146,035 | ) | (56,316,659 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | (10,230,192 | ) | 13,977,064 | |||||
Net Decrease in Net Assets | (16,819,806 | ) | (16,927,511 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 230,180,436 | 247,107,947 | ||||||
End of period | $ | 213,360,630 | $ | 230,180,436 |
See accompanying notes, which are an integral part of the financial statements.
84
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 1,876,672 | $ | 3,528,605 | ||||
Net realized gain (loss) | (1,910,066 | ) | (2,007,208 | ) | ||||
Net change in unrealized appreciation (depreciation) | (1,408,785 | ) | (15,656,297 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (1,442,179 | ) | (14,134,900 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (979,805 | ) | (1,825,616 | ) | ||||
Class C | (57,818 | ) | (112,483 | ) | ||||
Institutional Class | (799,106 | ) | (1,570,088 | ) | ||||
(1,836,729 | ) | (3,508,187 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 10,491,339 | 13,572,945 | ||||||
Class C | 434,438 | 873,521 | ||||||
Institutional Class | 13,493,409 | 28,883,730 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 938,987 | 1,745,380 | ||||||
Class C | 57,726 | 109,662 | ||||||
Institutional Class | 761,656 | 1,491,925 | ||||||
26,177,555 | 46,677,163 |
85
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (13,132,174 | ) | $ | (10,298,057 | ) | ||
Class C | (681,068 | ) | (1,623,624 | ) | ||||
Institutional Class | (13,427,190 | ) | (24,398,399 | ) | ||||
(27,240,432 | ) | (36,320,080 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | (1,062,877 | ) | 10,357,083 | |||||
Net Decrease in Net Assets | (4,341,785 | ) | (7,286,004 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 121,636,750 | 128,922,754 | ||||||
End of period | $ | 117,294,965 | $ | 121,636,750 |
See accompanying notes, which are an integral part of the financial statements.
86
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,303,160 | $ | 5,752,659 | ||||
Net realized gain (loss) | (1,413,340 | ) | (413,164 | ) | ||||
Net change in unrealized appreciation (depreciation) | (4,350,847 | ) | (26,046,535 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (2,461,027 | ) | (20,707,040 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (2,086,579 | ) | (4,051,766 | ) | ||||
Class C | (41,026 | ) | (86,390 | ) | ||||
Institutional Class | (1,094,245 | ) | (1,607,905 | ) | ||||
(3,221,850 | ) | (5,746,061 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 8,274,468 | 10,730,406 | ||||||
Class C | 327,694 | 727,697 | ||||||
Institutional Class | 22,180,005 | 46,697,915 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,754,494 | 3,353,448 | ||||||
Class C | 32,814 | 60,731 | ||||||
Institutional Class | 948,674 | 1,436,549 | ||||||
33,518,149 | 63,006,746 |
87
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (15,046,847 | ) | $ | (25,585,926 | ) | ||
Class C | (1,319,708 | ) | (1,126,545 | ) | ||||
Institutional Class | (24,514,976 | ) | (28,165,210 | ) | ||||
(40,881,531 | ) | (54,877,681 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | (7,363,382 | ) | 8,129,065 | |||||
Net Decrease in Net Assets | (13,046,259 | ) | (18,324,036 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 198,986,249 | 217,310,285 | ||||||
End of period | $ | 185,939,990 | $ | 198,986,249 |
See accompanying notes, which are an integral part of the financial statements.
88
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 7,180,819 | $ | 12,352,695 | ||||
Net realized gain (loss) | (7,564,936 | ) | (4,807,510 | ) | ||||
Net change in unrealized appreciation (depreciation) | (5,249,083 | ) | (52,099,049 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (5,633,200 | ) | (44,553,864 | ) | ||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (5,794,429 | ) | (11,150,166 | ) | ||||
Class C | (139,501 | ) | (292,574 | ) | ||||
Institutional Class | (1,327,359 | ) | (2,439,217 | ) | ||||
(7,261,289 | ) | (13,881,957 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 73,920,310 | 109,442,517 | ||||||
Class C | 1,091,108 | 1,733,363 | ||||||
Institutional Class | 24,670,265 | 41,965,797 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 5,186,685 | 10,037,495 | ||||||
Class C | 134,319 | 285,547 | ||||||
Institutional Class | 1,295,783 | 2,360,450 | ||||||
106,298,470 | 165,825,169 |
89
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months ended 2/28/23 (Unaudited) | Year ended 8/31/22 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (94,707,037 | ) | $ | (118,594,370 | ) | ||
Class C | (2,264,726 | ) | (3,825,938 | ) | ||||
Institutional Class | (28,314,795 | ) | (34,576,771 | ) | ||||
(125,286,558 | ) | (156,997,079 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | (18,988,088 | ) | 8,828,090 | |||||
Net Decrease in Net Assets | (31,882,577 | ) | (49,607,731 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 421,680,768 | 471,288,499 | ||||||
End of period | $ | 389,798,191 | $ | 421,680,768 |
See accompanying notes, which are an integral part of the financial statements.
90
This page intentionally left blank.
Delaware Tax-Free Arizona Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
92
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | ||||||||||||
0.16 | 0.30 | 0.31 | 0.33 | 0.37 | 0.36 | ||||||||||||||||||
(0.42 | ) | (1.61 | ) | 0.55 | (0.13 | ) | 0.46 | (0.24 | ) | ||||||||||||||
(0.26 | ) | (1.31 | ) | 0.86 | 0.20 | 0.83 | 0.12 | ||||||||||||||||
(0.16 | ) | (0.30 | ) | (0.31 | ) | (0.35 | ) | (0.37 | ) | (0.36 | ) | ||||||||||||
— | 3 | (0.08 | ) | (0.01 | ) | — | — | — | |||||||||||||||
(0.16 | ) | (0.38 | ) | (0.32 | ) | (0.35 | ) | (0.37 | ) | (0.36 | ) | ||||||||||||
$ | 9.98 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | ||||||||||||
(2.46 | )% | (11.06 | )% | 7.51 | % | 1.79 | % | 7.51 | % | 1.11 | % | ||||||||||||
$ | 48,504 | $ | 56,882 | $ | 66,710 | $ | 62,186 | $ | 62,033 | $ | 63,327 | ||||||||||||
0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | ||||||||||||
1.07 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.02 | % | 1.00 | % | ||||||||||||
3.24 | % | 2.70 | % | 2.60 | % | 2.87 | % | 3.29 | % | 3.23 | % | ||||||||||||
3.01 | % | 2.53 | % | 2.44 | % | 2.70 | % | 3.11 | % | 3.07 | % | ||||||||||||
8 | % | 30 | % | 19 | % | 36 | % | 31 | % | 6 | % |
93
Financial highlights
Delaware Tax-Free Arizona Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
94
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.43 | $ | 12.12 | $ | 11.58 | $ | 11.73 | $ | 11.27 | $ | 11.51 | ||||||||||||
0.12 | 0.22 | 0.22 | 0.24 | 0.28 | 0.28 | ||||||||||||||||||
(0.42 | ) | (1.61 | ) | 0.55 | (0.12 | ) | 0.46 | (0.24 | ) | ||||||||||||||
(0.30 | ) | (1.39 | ) | 0.77 | 0.12 | 0.74 | 0.04 | ||||||||||||||||
(0.12 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | ||||||||||||
— | 3 | (0.08 | ) | (0.01 | ) | — | — | — | |||||||||||||||
(0.12 | ) | (0.30 | ) | (0.23 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | ||||||||||||
$ | 10.01 | $ | 10.43 | $ | 12.12 | $ | 11.58 | $ | 11.73 | $ | 11.27 | ||||||||||||
(2.82 | )% | (11.70 | )% | 6.70 | % | 1.03 | % | 6.70 | % | 0.36 | % | ||||||||||||
$ | 910 | $ | 1,119 | $ | 1,527 | $ | 2,561 | $ | 3,100 | $ | 3,122 | ||||||||||||
1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | ||||||||||||
1.82 | % | 1.76 | % | 1.75 | % | 1.76 | % | 1.77 | % | 1.75 | % | ||||||||||||
2.49 | % | 1.95 | % | 1.85 | % | 2.12 | % | 2.54 | % | 2.48 | % | ||||||||||||
2.26 | % | 1.78 | % | 1.69 | % | 1.95 | % | 2.36 | % | 2.32 | % | ||||||||||||
8 | % | 30 | % | 19 | % | 36 | % | 31 | % | 6 | % |
95
Financial highlights
Delaware Tax-Free Arizona Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
96
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | ||||||||||||
0.17 | 0.33 | 0.34 | 0.36 | 0.39 | 0.39 | ||||||||||||||||||
(0.42 | ) | (1.61 | ) | 0.55 | (0.13 | ) | 0.46 | (0.24 | ) | ||||||||||||||
(0.25 | ) | (1.28 | ) | 0.89 | 0.23 | 0.85 | 0.15 | ||||||||||||||||
(0.17 | ) | (0.33 | ) | (0.34 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | ||||||||||||
— | 3 | (0.08 | ) | (0.01 | ) | — | — | — | |||||||||||||||
(0.17 | ) | (0.41 | ) | (0.35 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | ||||||||||||
$ | 9.98 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | ||||||||||||
(2.34 | )% | (10.84 | )% | 7.78 | % | 2.05 | % | 7.78 | % | 1.36 | % | ||||||||||||
$ | 13,438 | $ | 18,875 | $ | 22,147 | $ | 15,072 | $ | 14,136 | $ | 10,097 | ||||||||||||
0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
0.82 | % | 0.76 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.75 | % | ||||||||||||
3.49 | % | 2.95 | % | 2.85 | % | 3.12 | % | 3.54 | % | 3.48 | % | ||||||||||||
3.26 | % | 2.78 | % | 2.69 | % | 2.95 | % | 3.36 | % | 3.32 | % | ||||||||||||
8 | % | 30 | % | 19 | % | 36 | % | 31 | % | 6 | % |
97
Financial highlights
Delaware Tax-Free California Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
98
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | ||||||||||||
0.18 | 0.35 | 0.37 | 0.38 | 0.40 | 0.40 | ||||||||||||||||||
(0.27 | ) | (1.65 | ) | 0.46 | (0.20 | ) | 0.53 | (0.28 | ) | ||||||||||||||
(0.09 | ) | (1.30 | ) | 0.83 | 0.18 | 0.93 | 0.12 | ||||||||||||||||
(0.18 | ) | (0.35 | ) | (0.37 | ) | (0.38 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||
— | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | — | |||||||||||||||
(0.18 | ) | (0.37 | ) | (0.37 | ) | (0.49 | ) | (0.42 | ) | (0.40 | ) | ||||||||||||
$ | 10.70 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | ||||||||||||
(0.75 | )% | (10.48 | )% | 6.88 | % | 1.59 | % | 7.99 | % | 1.00 | % | ||||||||||||
$ | 69,214 | $ | 71,308 | $ | 86,059 | $ | 44,059 | $ | 42,203 | $ | 53,171 | ||||||||||||
0.81 | % | 0.82 | % | 0.86 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||
0.96 | % | 0.99 | % | 1.06 | % | 1.03 | % | 1.03 | % | 1.02 | % | ||||||||||||
3.53 | % | 2.94 | % | 2.95 | % | 3.17 | % | 3.36 | % | 3.30 | % | ||||||||||||
3.38 | % | 2.77 | % | 2.75 | % | 2.96 | % | 3.15 | % | 3.10 | % | ||||||||||||
9 | % | 31 | % | 14 | % | 36 | % | 32 | % | 16 | % |
99
Financial highlights
Delaware Tax-Free California Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
100
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 11.00 | $ | 12.66 | $ | 12.21 | $ | 12.52 | $ | 12.00 | $ | 12.28 | ||||||||||||
0.14 | 0.26 | 0.27 | 0.29 | 0.32 | 0.31 | ||||||||||||||||||
(0.28 | ) | (1.64 | ) | 0.45 | (0.20 | ) | 0.54 | (0.28 | ) | ||||||||||||||
(0.14 | ) | (1.38 | ) | 0.72 | 0.09 | 0.86 | 0.03 | ||||||||||||||||
(0.14 | ) | (0.26 | ) | (0.27 | ) | (0.29 | ) | (0.32 | ) | (0.31 | ) | ||||||||||||
— | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | — | |||||||||||||||
(0.14 | ) | (0.28 | ) | (0.27 | ) | (0.40 | ) | (0.34 | ) | (0.31 | ) | ||||||||||||
$ | 10.72 | $ | 11.00 | $ | 12.66 | $ | 12.21 | $ | 12.52 | $ | 12.00 | ||||||||||||
(1.21 | )% | (11.05 | )% | 5.99 | % | 0.83 | % | 7.26 | % | 0.25 | % | ||||||||||||
$ | 2,005 | $ | 2,479 | $ | 3,843 | $ | 6,829 | $ | 11,551 | $ | 13,015 | ||||||||||||
1.56 | % | 1.57 | % | 1.61 | % | 1.57 | % | 1.57 | % | 1.57 | % | ||||||||||||
1.71 | % | 1.74 | % | 1.81 | % | 1.78 | % | 1.78 | % | 1.77 | % | ||||||||||||
2.78 | % | 2.19 | % | 2.20 | % | 2.42 | % | 2.61 | % | 2.55 | % | ||||||||||||
2.63 | % | 2.02 | % | 2.00 | % | 2.21 | % | 2.40 | % | 2.35 | % | ||||||||||||
9 | % | 31 | % | 14 | % | 36 | % | 32 | % | 16 | % |
101
Financial highlights
Delaware Tax-Free California Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
102
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | ||||||||||||
0.20 | 0.38 | 0.40 | 0.41 | 0.43 | 0.43 | ||||||||||||||||||
(0.27 | ) | (1.65 | ) | 0.46 | (0.20 | ) | 0.53 | (0.28 | ) | ||||||||||||||
(0.07 | ) | (1.27 | ) | 0.86 | 0.21 | 0.96 | 0.15 | ||||||||||||||||
(0.20 | ) | (0.38 | ) | (0.40 | ) | (0.41 | ) | (0.43 | ) | (0.43 | ) | ||||||||||||
— | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | — | |||||||||||||||
(0.20 | ) | (0.40 | ) | (0.40 | ) | (0.52 | ) | (0.45 | ) | (0.43 | ) | ||||||||||||
$ | 10.70 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | ||||||||||||
(0.63 | )% | (10.26 | )% | 7.14 | % | 1.84 | % | 8.25 | % | 1.26 | % | ||||||||||||
$ | 109,463 | $ | 79,900 | $ | 45,996 | $ | 34,098 | $ | 44,646 | $ | 32,953 | ||||||||||||
0.56 | % | 0.57 | % | 0.61 | % | 0.57 | % | 0.57 | % | 0.57 | % | ||||||||||||
0.71 | % | 0.74 | % | 0.81 | % | 0.78 | % | 0.78 | % | 0.77 | % | ||||||||||||
3.78 | % | 3.19 | % | 3.20 | % | 3.42 | % | 3.61 | % | 3.55 | % | ||||||||||||
3.63 | % | 3.02 | % | 3.00 | % | 3.21 | % | 3.40 | % | 3.35 | % | ||||||||||||
9 | % | 31 | % | 14 | % | 36 | % | 32 | % | 16 | % |
103
Financial highlights
Delaware Tax-Free Colorado Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
104
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | ||||||||||||
0.16 | 0.30 | 0.29 | 0.33 | 0.37 | 0.37 | ||||||||||||||||||
(0.29 | ) | (1.40 | ) | 0.34 | (0.12 | ) | 0.44 | (0.24 | ) | ||||||||||||||
(0.13 | ) | (1.10 | ) | 0.63 | 0.21 | 0.81 | 0.13 | ||||||||||||||||
(0.16 | ) | (0.30 | ) | (0.29 | ) | (0.33 | ) | (0.37 | ) | (0.37 | ) | ||||||||||||
(0.16 | ) | (0.30 | ) | (0.29 | ) | (0.33 | ) | (0.37 | ) | (0.37 | ) | ||||||||||||
$ | 10.01 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | ||||||||||||
(1.22 | )% | (9.49 | )% | 5.64 | % | 1.88 | % | 7.48 | % | 1.22 | % | ||||||||||||
$ | 132,122 | $ | 142,904 | $ | 164,258 | $ | 162,955 | $ | 167,136 | $ | 164,087 | ||||||||||||
0.82 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.84 | % | ||||||||||||
0.97 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.97 | % | 0.97 | % | ||||||||||||
3.34 | % | 2.76 | % | 2.54 | % | 2.91 | % | 3.31 | % | 3.36 | % | ||||||||||||
3.19 | % | 2.62 | % | 2.41 | % | 2.79 | % | 3.18 | % | 3.23 | % | ||||||||||||
18 | % | 24 | % | 10 | % | 18 | % | 16 | % | 6 | % |
105
Financial highlights
Delaware Tax-Free Colorado Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
106
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.32 | $ | 11.73 | $ | 11.39 | $ | 11.51 | $ | 11.07 | $ | 11.31 | ||||||||||||
0.13 | 0.22 | 0.21 | 0.24 | 0.29 | 0.29 | ||||||||||||||||||
(0.28 | ) | (1.41 | ) | 0.34 | (0.12 | ) | 0.44 | (0.24 | ) | ||||||||||||||
(0.15 | ) | (1.19 | ) | 0.55 | 0.12 | 0.73 | 0.05 | ||||||||||||||||
(0.13 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | (0.29 | ) | (0.29 | ) | ||||||||||||
(0.13 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | (0.29 | ) | (0.29 | ) | ||||||||||||
$ | 10.04 | $ | 10.32 | $ | 11.73 | $ | 11.39 | $ | 11.51 | $ | 11.07 | ||||||||||||
(1.49 | )% | (10.22 | )% | 4.85 | % | 1.12 | % | 6.67 | % | 0.47 | % | ||||||||||||
$ | 3,683 | $ | 4,845 | $ | 6,758 | $ | 8,121 | $ | 10,364 | $ | 10,923 | ||||||||||||
1.57 | % | 1.57 | % | 1.58 | % | 1.59 | % | 1.59 | % | 1.59 | % | ||||||||||||
1.72 | % | 1.71 | % | 1.71 | % | 1.71 | % | 1.72 | % | 1.72 | % | ||||||||||||
2.59 | % | 2.01 | % | 1.79 | % | 2.16 | % | 2.56 | % | 2.61 | % | ||||||||||||
2.44 | % | 1.87 | % | 1.66 | % | 2.04 | % | 2.43 | % | 2.48 | % | ||||||||||||
18 | % | 24 | % | 10 | % | 18 | % | 16 | % | 6 | % |
107
Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
108
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | ||||||||||||
0.18 | 0.33 | 0.32 | 0.36 | 0.40 | 0.40 | ||||||||||||||||||
(0.29 | ) | (1.40 | ) | 0.34 | (0.12 | ) | 0.44 | (0.24 | ) | ||||||||||||||
(0.11 | ) | (1.07 | ) | 0.66 | 0.24 | 0.84 | 0.16 | ||||||||||||||||
(0.18 | ) | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||
(0.18 | ) | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||
$ | 10.01 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | ||||||||||||
(1.10 | )% | (9.27 | )% | 5.91 | % | 2.14 | % | 7.74 | % | 1.47 | % | ||||||||||||
$ | 77,556 | $ | 82,431 | $ | 76,092 | $ | 51,941 | $ | 42,317 | $ | 27,433 | ||||||||||||
0.57 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
0.72 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.72 | % | 0.72 | % | ||||||||||||
3.59 | % | 3.01 | % | 2.79 | % | 3.16 | % | 3.56 | % | 3.61 | % | ||||||||||||
3.44 | % | 2.87 | % | 2.66 | % | 3.04 | % | 3.43 | % | 3.48 | % | ||||||||||||
18 | % | 24 | % | 10 | % | 18 | % | 16 | % | 6 | % |
109
Financial highlights
Delaware Tax-Free Idaho Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
110
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | ||||||||||||
0.16 | 0.30 | 0.30 | 0.33 | 0.35 | 0.34 | ||||||||||||||||||
(0.26 | ) | (1.47 | ) | 0.39 | (0.13 | ) | 0.44 | (0.28 | ) | ||||||||||||||
(0.10 | ) | (1.17 | ) | 0.69 | 0.20 | 0.79 | 0.06 | ||||||||||||||||
(0.16 | ) | (0.30 | ) | (0.30 | ) | (0.33 | ) | (0.35 | ) | (0.34 | ) | ||||||||||||
(0.16 | ) | (0.30 | ) | (0.30 | ) | (0.33 | ) | (0.35 | ) | (0.34 | ) | ||||||||||||
$ | 10.18 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | ||||||||||||
(0.95 | )% | (10.00 | )% | 6.03 | % | 1.77 | % | 7.19 | % | 0.56 | % | ||||||||||||
$ | 63,756 | $ | 67,247 | $ | 71,345 | $ | 60,667 | $ | 55,480 | $ | 59,425 | ||||||||||||
0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||
1.03 | % | 1.01 | % | 1.01 | % | 1.02 | % | 1.03 | % | 1.01 | % | ||||||||||||
3.21 | % | 2.62 | % | 2.53 | % | 2.87 | % | 3.11 | % | 3.04 | % | ||||||||||||
3.04 | % | 2.47 | % | 2.38 | % | 2.71 | % | 2.94 | % | 2.89 | % | ||||||||||||
17 | % | 38 | % | 17 | % | 22 | % | 14 | % | 11 | % |
111
Financial highlights
Delaware Tax-Free Idaho Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
112
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.44 | $ | 11.90 | $ | 11.51 | $ | 11.64 | $ | 11.20 | $ | 11.48 | ||||||||||||
0.12 | 0.21 | 0.21 | 0.24 | 0.27 | 0.26 | ||||||||||||||||||
(0.27 | ) | (1.46 | ) | 0.39 | (0.13 | ) | 0.44 | (0.28 | ) | ||||||||||||||
(0.15 | ) | (1.25 | ) | 0.60 | 0.11 | 0.71 | (0.02 | ) | |||||||||||||||
(0.12 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
(0.12 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
$ | 10.17 | $ | 10.44 | $ | 11.90 | $ | 11.51 | $ | 11.64 | $ | 11.20 | ||||||||||||
(1.41 | )% | (10.59 | )% | 5.24 | % | 1.00 | % | 6.40 | % | (0.19 | )% | ||||||||||||
$ | 4,679 | $ | 4,997 | $ | 6,453 | $ | 8,819 | $ | 12,875 | $ | 17,597 | ||||||||||||
1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | ||||||||||||
1.78 | % | 1.76 | % | 1.76 | % | 1.77 | % | 1.78 | % | 1.76 | % | ||||||||||||
2.46 | % | 1.87 | % | 1.78 | % | 2.12 | % | 2.36 | % | 2.29 | % | ||||||||||||
2.29 | % | 1.72 | % | 1.63 | % | 1.96 | % | 2.19 | % | 2.14 | % | ||||||||||||
17 | % | 38 | % | 17 | % | 22 | % | 14 | % | 11 | % |
113
Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
114
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | ||||||||||||
0.17 | 0.32 | 0.33 | 0.36 | 0.38 | 0.37 | ||||||||||||||||||
(0.26 | ) | (1.47 | ) | 0.39 | (0.13 | ) | 0.44 | (0.28 | ) | ||||||||||||||
(0.09 | ) | (1.15 | ) | 0.72 | 0.23 | 0.82 | 0.09 | ||||||||||||||||
(0.17 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | (0.37 | ) | ||||||||||||
(0.17 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | (0.37 | ) | ||||||||||||
$ | 10.18 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | ||||||||||||
(0.83 | )% | (9.77 | )% | 6.29 | % | 2.02 | % | 7.46 | % | 0.82 | % | ||||||||||||
$ | 48,860 | $ | 49,393 | $ | 51,125 | $ | 36,057 | $ | 35,157 | $ | 21,310 | ||||||||||||
0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
0.78 | % | 0.76 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.76 | % | ||||||||||||
3.46 | % | 2.87 | % | 2.78 | % | 3.12 | % | 3.36 | % | 3.29 | % | ||||||||||||
3.29 | % | 2.72 | % | 2.63 | % | 2.96 | % | 3.19 | % | 3.14 | % | ||||||||||||
17 | % | 38 | % | 17 | % | 22 | % | 14 | % | 11 | % |
115
Financial highlights
Delaware Tax-Free New York Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $(0.005) per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
116
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.56 | $ | 12.06 | $ | 11.66 | $ | 11.86 | $ | 11.33 | $ | 11.62 | ||||||||||||
0.17 | 0.31 | 0.29 | 0.33 | 0.36 | 0.36 | ||||||||||||||||||
(0.29 | ) | (1.50 | ) | 0.45 | (0.14 | ) | 0.53 | (0.29 | ) | ||||||||||||||
(0.12 | ) | (1.19 | ) | 0.74 | 0.19 | 0.89 | 0.07 | ||||||||||||||||
(0.17 | ) | (0.31 | ) | (0.29 | ) | (0.33 | ) | (0.36 | ) | (0.36 | ) | ||||||||||||
— | — | 3 | (0.05 | ) | (0.06 | ) | — | — | |||||||||||||||
(0.17 | ) | (0.31 | ) | (0.34 | ) | (0.39 | ) | (0.36 | ) | (0.36 | ) | ||||||||||||
$ | 10.27 | $ | 10.56 | $ | 12.06 | $ | 11.66 | $ | 11.86 | $ | 11.33 | ||||||||||||
(1.08 | )% | (9.96 | )% | 6.46 | % | 1.68 | % | 8.00 | % | 0.60 | % | ||||||||||||
$ | 122,039 | $ | 130,721 | $ | 161,593 | $ | 42,514 | $ | 36,058 | $ | 38,139 | ||||||||||||
0.80 | % | 0.80 | % | 0.83 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||
0.98 | % | 0.97 | % | 1.01 | % | 1.05 | % | 1.07 | % | 1.08 | % | ||||||||||||
3.49 | % | 2.78 | % | 2.47 | % | 2.86 | % | 3.12 | % | 3.10 | % | ||||||||||||
3.31 | % | 2.61 | % | 2.29 | % | 2.61 | % | 2.85 | % | 2.82 | % | ||||||||||||
16 | % | 30 | % | 13 | % | 31 | % | 21 | % | 10 | % |
117
Financial highlights
Delaware Tax-Free New York Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $(0.005) per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
118
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.53 | $ | 12.03 | $ | 11.63 | $ | 11.83 | $ | 11.30 | $ | 11.59 | ||||||||||||
0.13 | 0.23 | 0.21 | 0.24 | 0.27 | 0.27 | ||||||||||||||||||
(0.28 | ) | (1.50 | ) | 0.45 | (0.14 | ) | 0.53 | (0.29 | ) | ||||||||||||||
(0.15 | ) | (1.27 | ) | 0.66 | 0.10 | 0.80 | (0.02 | ) | |||||||||||||||
(0.13 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
— | — | 3 | (0.05 | ) | (0.06 | ) | — | — | |||||||||||||||
(0.13 | ) | (0.23 | ) | (0.26 | ) | (0.30 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
$ | 10.25 | $ | 10.53 | $ | 12.03 | $ | 11.63 | $ | 11.83 | $ | 11.30 | ||||||||||||
(1.36 | )% | (10.66 | )% | 5.68 | % | 0.92 | % | 7.20 | % | (0.16 | )% | ||||||||||||
$ | 2,741 | $ | 3,818 | $ | 4,720 | $ | 7,037 | $ | 13,459 | $ | 14,941 | ||||||||||||
1.55 | % | 1.55 | % | 1.58 | % | 1.55 | % | 1.55 | % | 1.55 | % | ||||||||||||
1.73 | % | 1.72 | % | 1.76 | % | 1.80 | % | 1.82 | % | 1.83 | % | ||||||||||||
2.74 | % | 2.02 | % | 1.72 | % | 2.11 | % | 2.37 | % | 2.35 | % | ||||||||||||
2.56 | % | 1.85 | % | 1.54 | % | 1.86 | % | 2.10 | % | 2.07 | % | ||||||||||||
16 | % | 30 | % | 13 | % | 31 | % | 21 | % | 10 | % |
119
Financial highlights
Delaware Tax-Free New York Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
120
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 10.55 | $ | 12.06 | $ | 11.66 | $ | 11.85 | $ | 11.33 | $ | 11.61 | ||||||||||||
0.19 | 0.34 | 0.32 | 0.36 | 0.38 | 0.39 | ||||||||||||||||||
(0.29 | ) | (1.51 | ) | 0.45 | (0.13 | ) | 0.52 | (0.28 | ) | ||||||||||||||
(0.10 | ) | (1.17 | ) | 0.77 | 0.23 | 0.90 | 0.11 | ||||||||||||||||
(0.19 | ) | (0.34 | ) | (0.32 | ) | (0.36 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||
— | — | 3 | (0.05 | ) | (0.06 | ) | — | — | |||||||||||||||
(0.19 | ) | (0.34 | ) | (0.37 | ) | (0.42 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||
$ | 10.26 | $ | 10.55 | $ | 12.06 | $ | 11.66 | $ | 11.85 | $ | 11.33 | ||||||||||||
(0.96 | )% | (9.82 | )% | 6.73 | % | 2.03 | % | 8.17 | % | 0.93 | % | ||||||||||||
$ | 61,160 | $ | 64,447 | $ | 50,997 | $ | 38,394 | $ | 39,363 | $ | 32,981 | ||||||||||||
0.55 | % | 0.55 | % | 0.58 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
0.73 | % | 0.72 | % | 0.76 | % | 0.80 | % | 0.82 | % | 0.83 | % | ||||||||||||
3.74 | % | 3.03 | % | 2.72 | % | 3.11 | % | 3.37 | % | 3.35 | % | ||||||||||||
3.56 | % | 2.86 | % | 2.54 | % | 2.86 | % | 3.10 | % | 3.07 | % | ||||||||||||
16 | % | 30 | % | 13 | % | 31 | % | 21 | % | 10 | % |
121
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
122
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | ||||||||||||
0.13 | 0.22 | 0.23 | 0.25 | 0.28 | 0.28 | ||||||||||||||||||
(0.22 | ) | (1.00 | ) | 0.32 | (0.11 | ) | 0.32 | (0.20 | ) | ||||||||||||||
(0.09 | ) | (0.78 | ) | 0.55 | 0.14 | 0.60 | 0.08 | ||||||||||||||||
(0.13 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | ||||||||||||
— | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | (0.01 | ) | ||||||||||||||
(0.13 | ) | (0.25 | ) | (0.27 | ) | (0.33 | ) | (0.28 | ) | (0.29 | ) | ||||||||||||
$ | 7.09 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | ||||||||||||
(1.20 | )% | (9.59 | )% | 7.04 | % | 1.72 | % | 7.72 | % | 0.93 | % | ||||||||||||
$ | 312,821 | $ | 338,811 | $ | 384,915 | $ | 364,480 | $ | 376,965 | $ | 378,038 | ||||||||||||
0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.85 | % | 0.88 | % | ||||||||||||
0.94 | % | 0.94 | % | 0.92 | % | 0.92 | % | 0.93 | % | 0.93 | % | ||||||||||||
3.66 | % | 2.75 | % | 2.86 | % | 3.09 | % | 3.49 | % | 3.48 | % | ||||||||||||
3.56 | % | 2.65 | % | 2.77 | % | 3.00 | % | 3.41 | % | 3.43 | % | ||||||||||||
24 | % | 47 | % | 32 | % | 40 | % | 23 | % | 19 | % |
123
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
124
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | ||||||||||||
0.10 | 0.16 | 0.17 | 0.19 | 0.22 | 0.22 | ||||||||||||||||||
(0.21 | ) | (1.00 | ) | 0.32 | (0.11 | ) | 0.32 | (0.20 | ) | ||||||||||||||
(0.11 | ) | (0.84 | ) | 0.49 | 0.08 | 0.54 | 0.02 | ||||||||||||||||
(0.10 | ) | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||
— | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | (0.01 | ) | ||||||||||||||
(0.10 | ) | (0.19 | ) | (0.21 | ) | (0.27 | ) | (0.22 | ) | (0.23 | ) | ||||||||||||
$ | 7.10 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | ||||||||||||
(1.43 | )% | (10.27 | )% | 6.24 | % | 0.95 | % | 6.91 | % | 0.16 | % | ||||||||||||
$ | 9,177 | $ | 10,540 | $ | 14,040 | $ | 19,009 | $ | 25,065 | $ | 26,376 | ||||||||||||
1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.61 | % | 1.64 | % | ||||||||||||
1.69 | % | 1.69 | % | 1.68 | % | 1.68 | % | 1.69 | % | 1.69 | % | ||||||||||||
2.90 | % | 1.99 | % | 2.10 | % | 2.33 | % | 2.73 | % | 2.72 | % | ||||||||||||
2.80 | % | 1.89 | % | 2.01 | % | 2.24 | % | 2.65 | % | 2.67 | % | ||||||||||||
24 | % | 47 | % | 32 | % | 40 | % | 23 | % | 19 | % |
125
Financial highlights
Delaware Tax-Free Pennsylvania Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
126
Six months ended 2/28/231 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | 8/31/18 | ||||||||||||||||||
$ | 7.31 | $ | 8.33 | $ | 8.05 | $ | 8.25 | $ | 7.92 | $ | 8.13 | ||||||||||||
0.14 | 0.24 | 0.25 | 0.27 | 0.30 | 0.30 | ||||||||||||||||||
(0.22 | ) | (0.99 | ) | 0.32 | (0.12 | ) | 0.33 | (0.20 | ) | ||||||||||||||
(0.08 | ) | (0.75 | ) | 0.57 | 0.15 | 0.63 | 0.10 | ||||||||||||||||
(0.14 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | (0.30 | ) | (0.30 | ) | ||||||||||||
— | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | (0.01 | ) | ||||||||||||||
(0.14 | ) | (0.27 | ) | (0.29 | ) | (0.35 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||
$ | 7.09 | $ | 7.31 | $ | 8.33 | $ | 8.05 | $ | 8.25 | $ | 7.92 | ||||||||||||
(1.08 | )% | (9.26 | )% | 7.31 | % | 1.84 | % | 8.12 | % | 1.16 | % | ||||||||||||
$ | 67,800 | $ | 72,330 | $ | 72,333 | $ | 55,919 | $ | 47,241 | $ | 41,427 | ||||||||||||
0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.61 | % | 0.64 | % | ||||||||||||
0.69 | % | 0.69 | % | 0.68 | % | 0.68 | % | 0.69 | % | 0.69 | % | ||||||||||||
3.90 | % | 2.99 | % | 3.10 | % | 3.33 | % | 3.73 | % | 3.72 | % | ||||||||||||
3.80 | % | 2.89 | % | 3.01 | % | 3.24 | % | 3.65 | % | 3.67 | % | ||||||||||||
24 | % | 47 | % | 32 | % | 40 | % | 23 | % | 19 | % |
127
Delaware Funds by Macquarie® state tax-free funds | February 28, 2023 (Unaudited) |
Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
128
Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Funds’ Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2023, and for all open tax years (years ended August 31, 2019 – August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2023, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
129
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | |||||||||||||||||||
On the first $500 million | 0.5000 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | ||||||||||||
On the next $500 million | 0.4750 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | ||||||||||||
On the next $1.5 billion | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | ||||||||||||
In excess of $2.5 billion | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % |
DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and non routine expenses or costs, including,
130
but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from September 1, 2022 through February 28, 2023.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Fund | Operating expense limitation as a percentage of average daily net assets (per annum) September 1, 2022- December 28, 2022 | Operating expense limitation as a percentage of average daily net assets (per annum) December 29, 2022- February 28, 2023 | ||||||
Delaware Tax-Free Arizona Fund | 0.59 | % | 0.59 | % | ||||
Delaware Tax-Free California Fund | 0.57 | % | 0.55 | % | ||||
Delaware Tax-Free Colorado Fund | 0.57 | % | 0.57 | % | ||||
Delaware Tax-Free Idaho Fund | 0.61 | % | 0.61 | % | ||||
Delaware Tax-Free New York Fund | 0.55 | % | 0.55 | % | ||||
Delaware Tax-Free Pennsylvania Fund | 0.59 | % | 0.59 | % |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Arizona Fund | $ | 5,846 | ||
Delaware Tax-Free California Fund | 7,918 | |||
Delaware Tax-Free Colorado Fund | 8,963 | |||
Delaware Tax-Free Idaho Fund | 6,963 | |||
Delaware Tax-Free New York Fund | 8,768 | |||
Delaware Tax-Free Pennsylvania Fund | 11,360 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next
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Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
$20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2023, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Arizona Fund | $ | 10,240 | ||
Delaware Tax-Free California Fund | 32,570 | |||
Delaware Tax-Free Colorado Fund | 38,310 | |||
Delaware Tax-Free Idaho Fund | 23,186 | |||
Delaware Tax-Free New York Fund | 26,002 | |||
Delaware Tax-Free Pennsylvania Fund | 85,353 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.
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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |||
Delaware Tax-Free Arizona Fund | $ | 859 | ||
Delaware Tax-Free California Fund | 1,670 | |||
Delaware Tax-Free Colorado Fund | 2,581 | |||
Delaware Tax-Free Idaho Fund | 1,348 | |||
Delaware Tax-Free New York Fund | 2,194 | |||
Delaware Tax-Free Pennsylvania Fund | 4,670 |
For the six months ended February 28, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free Arizona Fund | $ | 125 | ||
Delaware Tax-Free California Fund | 994 | |||
Delaware Tax-Free Colorado Fund | 528 | |||
Delaware Tax-Free Idaho Fund | 2,174 | |||
Delaware Tax-Free New York Fund | 1,586 | |||
Delaware Tax-Free Pennsylvania Fund | 3,235 |
For the six months ended February 28, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||||||
Delaware Tax-Free Arizona Fund | $ | 2,872 | $ | — | ||||
Delaware Tax-Free California Fund | 108 | 323 | ||||||
Delaware Tax-Free Colorado Fund | 21,766 | 26 | ||||||
Delaware Tax-Free Idaho Fund | 478 | 520 | ||||||
Delaware Tax-Free New York Fund | 90 | 340 | ||||||
Delaware Tax-Free Pennsylvania Fund | 7,146 | 26 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
Cross trades for the six months ended February 28, 2023, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of
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Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2023, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
Delaware Tax-Free Arizona Fund | $ | 1,000,000 | $ | — | $ | — | ||||||
Delaware Tax-Free California Fund | 1,000,022 | 2,300,266 | — | |||||||||
Delaware Tax-Free Colorado Fund | 100,003 | — | — | |||||||||
Delaware Tax-Free New York Fund | — | 850,107 | — |
In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds including exchange-traded funds (ETFs) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
* | The aggregate contractual waiver period covering this report is from December 29, 2021 through December 29, 2023. |
3. Investments
For the six months ended February 28, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free Arizona Fund | $ | 5,253,852 | $ | 16,188,210 | ||||
Delaware Tax-Free California Fund | 48,049,448 | 14,216,944 | ||||||
Delaware Tax-Free Colorado Fund | 38,546,313 | 45,719,284 | ||||||
Delaware Tax-Free Idaho Fund | 21,120,953 | 19,301,428 | ||||||
Delaware Tax-Free New York Fund | 28,944,114 | 33,054,754 | ||||||
Delaware Tax-Free Pennsylvania Fund | 92,757,024 | 116,796,642 |
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At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2023, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund | Cost of investments | Aggregate unrealized appreciation of investments | Aggregate unrealized depreciation of investments | Net unrealized appreciation (depreciation) of investments | ||||||||||||
Delaware Tax-Free Arizona Fund | $ | 69,194,617 | $ | 241,842 | $ | (6,953,728 | ) | $ | (6,711,886 | ) | ||||||
Delaware Tax-Free California Fund | 189,103,167 | 1,423,395 | (12,038,065 | ) | (10,614,670 | ) | ||||||||||
Delaware Tax-Free Colorado Fund | 225,203,653 | 927,269 | (14,995,338 | ) | (14,068,069 | ) | ||||||||||
Delaware Tax-Free Idaho Fund | 124,970,744 | 338,468 | (9,189,847 | ) | (8,851,379 | ) | ||||||||||
Delaware Tax-Free New York Fund | 194,228,280 | 1,744,247 | (11,516,814 | ) | (9,772,567 | ) | ||||||||||
Delaware Tax-Free Pennsylvania Fund | 401,145,357 | 5,158,356 | (23,194,093 | ) | (18,035,737 | ) |
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s
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Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
3. Investments (continued)
investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 − | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 − | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2023:
Delaware Tax-Free Arizona Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 61,932,731 | ||
Short-Term Investments | 550,000 | |||
Total Value of Securities | $ | 62,482,731 |
136
Delaware Tax-Free California Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 172,838,497 | ||
Short-Term Investments | 5,650,000 | |||
Total Value of Securities | $ | 178,488,497 |
Delaware Tax-Free Colorado Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 210,109,155 | $ | 210,109,155 | ||||||
Short-Term Investments1 | 26,429 | 1,000,000 | 1,026,429 | |||||||||
Total Value of Securities | $ | 26,429 | $ | 211,109,155 | $ | 211,135,584 |
Delaware Tax-Free Idaho Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 115,200,138 | $ | 115,200,138 | ||||||
Short-Term Investments | 919,227 | — | 919,227 | |||||||||
Total Value of Securities | $ | 919,227 | $ | 115,200,138 | $ | 116,119,365 |
Delaware Tax-Free New York Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 182,945,713 | ||
Short-Term Investments | 1,510,000 | |||
Total Value of Securities | $ | 184,455,713 |
137
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
3. Investments (continued)
Delaware Tax-Free Pennsylvania Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 383,109,620 |
1 | Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types: |
Delaware Tax-Free Colorado Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Short-Term Investments | 2.57 | % | 97.43 | % | 100.00 | % |
During the six months ended February 28, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2023, there were no Level 3 investments.
138
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | ||||||||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||||||||
2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 120,523 | 300,220 | 668,226 | 1,745,483 | 350,066 | 1,335,477 | ||||||||||||||||||
Class C | 6,018 | 24,116 | 30,145 | 38,036 | 23,722 | 55,260 | ||||||||||||||||||
Institutional Class | 233,729 | 1,007,938 | 5,287,468 | 6,229,536 | 1,881,365 | 4,468,748 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 77,479 | 168,065 | 101,730 | 187,969 | 201,035 | 355,561 | ||||||||||||||||||
Class C | 1,219 | 2,871 | 2,823 | 6,147 | 5,241 | 10,933 | ||||||||||||||||||
Institutional Class | 26,371 | 64,976 | 135,303 | 130,790 | 128,010 | 209,604 | ||||||||||||||||||
465,339 | 1,568,186 | 6,225,695 | 8,337,961 | 2,589,439 | 6,435,583 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (808,216 | ) | (519,951 | ) | (798,929 | ) | (2,244,604 | ) | (1,230,804 | ) | (1,850,043 | ) | ||||||||||||
Class C | (23,702 | ) | (45,692 | ) | (71,397 | ) | �� | (122,243 | ) | (131,375 | ) | (172,957 | ) | |||||||||||
Institutional Class | (728,678 | ) | (1,090,512 | ) | (2,473,789 | ) | (2,718,798 | ) | (2,267,019 | ) | (3,176,192 | ) | ||||||||||||
(1,560,596 | ) | (1,656,155 | ) | (3,344,115 | ) | (5,085,645 | ) | (3,629,198 | ) | (5,199,192 | ) | |||||||||||||
Net increase (decrease) | (1,095,257 | ) | (87,969 | ) | 2,881,580 | 3,252,316 | (1,039,759 | ) | 1,236,391 |
139
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
4. Capital Shares (continued)
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||||||||
Idaho Fund | New York Fund | Pennsylvania Fund | ||||||||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||||||||
2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | 2/28/23 | 8/31/22 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 1,028,909 | 1,222,948 | 799,923 | 967,256 | 10,548,100 | 14,365,895 | ||||||||||||||||||
Class C | 42,559 | 74,579 | 31,154 | 65,179 | 153,253 | 217,372 | ||||||||||||||||||
Institutional Class | 1,329,737 | 2,537,889 | 2,162,826 | 4,263,727 | 3,536,248 | 5,473,407 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 92,901 | 156,483 | 172,159 | 297,179 | 736,729 | 1,283,255 | ||||||||||||||||||
Class C | 5,718 | 9,851 | 3,228 | 5,413 | 19,076 | 36,449 | ||||||||||||||||||
Institutional Class | 75,385 | 133,514 | 93,115 | 127,769 | 184,104 | 302,064 | ||||||||||||||||||
2,575,209 | 4,135,264 | 3,262,405 | 5,726,523 | 15,177,510 | 21,678,442 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (1,296,566 | ) | (930,517 | ) | (1,472,381 | ) | (2,279,699 | ) | (13,530,908 | ) | (15,469,049 | ) | ||||||||||||
Class C | (67,026 | ) | (147,945 | ) | (129,344 | ) | (100,403 | ) | (320,329 | ) | (495,841 | ) | ||||||||||||
Institutional Class | (1,333,828 | ) | (2,234,652 | ) | (2,406,035 | ) | (2,511,065 | ) | (4,056,441 | ) | (4,556,076 | ) | ||||||||||||
(2,697,420 | ) | (3,313,114 | ) | (4,007,760 | ) | (4,891,167 | ) | (17,907,678 | ) | (20,520,966 | ) | |||||||||||||
Net increase (decrease) | (122,211 | ) | 822,150 | (745,355 | ) | 835,356 | (2,730,168 | ) | 1,157,476 |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and above and on the “Statements of changes in net assets.” For the six months ended February 28, 2023 and the year ended August 31, 2022, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||||
Institutional | Institutional | |||||||||||||||||||||||
Class A | Class C | Class | Class A | Class | ||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Value | |||||||||||||||||||
Delaware Tax-Free Arizona Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | — | — | 29,308 | 29,308 | — | $ | 287,804 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 8,660 | 4,736 | — | — | 13,404 | 157,073 |
140
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||||
Institutional | Institutional | |||||||||||||||||||||||
Class A | Class C | Class | Class A | Class | ||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Value | |||||||||||||||||||
Delaware Tax-Free California Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 1,689 | — | — | — | 1,689 | $ | 18,697 | |||||||||||||||||
Delaware Tax-Free Colorado Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 66,136 | — | — | — | 66,136 | 662,289 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 28,759 | 29,958 | — | — | 58,786 | 624,114 | ||||||||||||||||||
Delaware Tax-Free Idaho Fund | ||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | — | 2,774 | — | 868 | 1,906 | 31,924 | ||||||||||||||||||
Delaware Tax-Free New York Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 20,232 | 34 | — | 34 | 20,252 | 203,047 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 2,825 | 299 | — | 298 | 2,833 | 37,182 | ||||||||||||||||||
Delaware Tax-Free Pennsylvania Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/28/23 | 90,599 | 11,421 | — | 11,431 | 90,672 | 725,715 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/22 | 59,419 | 9,495 | — | 9,502 | 59,480 | 539,221 |
Delaware Tax-Free Idaho Fund did not have any exchange transactions for the six months ended February 28, 2023.
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.
On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It
141
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
5. Line of Credit (continued)
operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.
Each Fund had no amounts outstanding as of February 28, 2023, or at any time during the period then ended.
6. Geographic, Credit, and Market Risks
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance
142
reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
From time to time, each Fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the United States, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent each Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.
Each Fund may invest in advanced refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
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Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
6. Geographic, Credit, and Market Risks (continued)
Bonds are considered “pre-refunded” when the refunding issuer’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
7. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
8. Recent Accounting Pronouncements
In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.
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9. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in the Funds’ financial statements.
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Other Fund information (Unaudited)
Delaware Funds by Macquarie® state tax-free funds
Form N-PORT and proxy voting information
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits
(a) | (1) Code of Ethics |
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
VOYAGEUR MUTUAL FUNDS
/s/SHAWN K. LYTLE | ||
By: | Shawn K. Lytle | |
Title: | President and Chief Executive Officer | |
Date: | April 28, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/SHAWN K. LYTLE | ||
By: | Shawn K. Lytle | |
Title: | President and Chief Executive Officer | |
Date: | April 28, 2023 |
/s/RICHARD SALUS | ||
By: | Richard Salus | |
Title: | Chief Financial Officer | |
Date: | April 28, 2023 |