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 29, 2024 |
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 29, 2024
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's public markets businesses trace their roots to 1929 and partner 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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 29, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2023 to February 29, 2024 (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, 2023 to February 29, 2024.
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, 2023 to February 29, 2024 (Unaudited)
Delaware Tax-Free USA Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,086.80 | 0.80% | $4.15 | ||||||||||
Class C | 1,000.00 | 1,082.80 | 1.55% | 8.03 | ||||||||||
Institutional Class | 1,000.00 | 1,088.60 | 0.55% | 2.86 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.89 | 0.80% | $4.02 | ||||||||||
Class C | 1,000.00 | 1,017.16 | 1.55% | 7.77 | ||||||||||
Institutional Class | 1,000.00 | 1,022.13 | 0.55% | 2.77 |
Delaware Tax-Free USA Intermediate Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,061.30 | 0.75% | $3.84 | ||||||||||
Class C | 1,000.00 | 1,057.40 | 1.50% | 7.67 | ||||||||||
Institutional Class | 1,000.00 | 1,062.20 | 0.50% | 2.56 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,021.13 | 0.75% | $3.77 | ||||||||||
Class C | 1,000.00 | 1,017.40 | 1.50% | 7.52 | ||||||||||
Institutional Class | 1,000.00 | 1,022.38 | 0.50% | 2.51 |
2 |
Delaware National High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,082.40 | 0.85% | $4.40 | ||||||||||
Class C | 1,000.00 | 1,078.20 | 1.60% | 8.27 | ||||||||||
Institutional Class | 1,000.00 | 1,082.10 | 0.60% | 3.11 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.64 | 0.85% | $4.27 | ||||||||||
Class C | 1,000.00 | 1,016.91 | 1.60% | 8.02 | ||||||||||
Institutional Class | 1,000.00 | 1,021.88 | 0.60% | 3.02 |
* | “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 182/366 (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 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 97.94 | % | |
Education Revenue Bonds | 11.94 | % | |
Electric Revenue Bonds | 2.37 | % | |
Healthcare Revenue Bonds | 15.43 | % | |
Housing Revenue Bonds | 4.39 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 16.92 | % | |
Lease Revenue Bonds | 7.80 | % | |
Local General Obligation Bonds | 2.47 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 1.16 | % | |
Resource Recovery Revenue Bond | 0.09 | % | |
Special Tax Revenue Bonds | 17.47 | % | |
State General Obligation Bonds | 6.58 | % | |
Transportation Revenue Bonds | 9.28 | % | |
Water & Sewer Revenue Bonds | 2.04 | % | |
Short-Term Investments | 1.41 | % | |
Total Value of Securities | 99.35 | % | |
Receivables and Other Assets Net of Liabilities | 0.65 | % | |
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 | 2.62 | % | |
Alaska | 0.94 | % | |
Arizona | 4.10 | % | |
Arkansas | 1.13 | % | |
California | 13.42 | % | |
Colorado | 4.11 | % | |
Connecticut | 0.56 | % | |
District of Columbia | 0.69 | % | |
Florida | 5.64 | % | |
Georgia | 2.53 | % | |
Guam | 0.19 | % | |
Illinois | 9.59 | % | |
Indiana | 1.29 | % | |
Iowa | 0.73 | % | |
Kansas | 0.22 | % |
4 |
State / territory | Percentage of net assets | ||
Louisiana | 0.12 | % | |
Maine | 0.40 | % | |
Maryland | 0.70 | % | |
Massachusetts | 1.58 | % | |
Michigan | 0.12 | % | |
Minnesota | 0.20 | % | |
Missouri | 0.87 | % | |
Nebraska | 0.66 | % | |
Nevada | 0.09 | % | |
New Jersey | 1.90 | % | |
New Mexico | 0.14 | % | |
New York | 8.93 | % | |
North Carolina | 1.16 | % | |
North Dakota | 0.38 | % | |
Ohio | 2.60 | % | |
Oregon | 0.40 | % | |
Pennsylvania | 3.70 | % | |
Puerto Rico | 15.60 | % | |
Rhode Island | 0.94 | % | |
South Carolina | 0.18 | % | |
Tennessee | 1.27 | % | |
Texas | 3.24 | % | |
US Virgin Islands | 0.21 | % | |
Utah | 0.69 | % | |
Virginia | 0.72 | % | |
Washington | 1.54 | % | |
Wisconsin | 1.84 | % | |
Total Value of Municipal Bonds | 97.94 | % |
5 |
Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 97.55 | % | |
Education Revenue Bonds | 6.58 | % | |
Electric Revenue Bonds | 4.24 | % | |
Healthcare Revenue Bonds | 8.08 | % | |
Housing Revenue Bonds | 3.91 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 16.11 | % | |
Lease Revenue Bonds | 8.28 | % | |
Local General Obligation Bonds | 2.56 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 2.20 | % | |
Special Tax Revenue Bonds | 16.63 | % | |
State General Obligation Bonds | 10.77 | % | |
Transportation Revenue Bonds | 16.58 | % | |
Water & Sewer Revenue Bonds | 1.61 | % | |
Short-Term Investments | 1.54 | % | |
Total Value of Securities | 99.09 | % | |
Receivables and Other Assets Net of Liabilities | 0.91 | % | |
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 | 2.19 | % | |
Arizona | 4.51 | % | |
Arkansas | 0.69 | % | |
California | 9.68 | % | |
Colorado | 3.88 | % | |
Connecticut | 0.58 | % | |
District of Columbia | 0.28 | % | |
Florida | 4.94 | % | |
Georgia | 1.56 | % | |
Guam | 0.73 | % | |
Idaho | 0.57 | % | |
Illinois | 9.87 | % | |
Indiana | 0.37 | % | |
Iowa | 0.51 | % | |
Kansas | 0.08 | % | |
Kentucky | 0.25 | % |
6 |
State / territory | Percentage of net assets | ||
Louisiana | 1.14 | % | |
Maine | 0.23 | % | |
Maryland | 0.75 | % | |
Massachusetts | 0.77 | % | |
Michigan | 0.62 | % | |
Minnesota | 0.40 | % | |
Missouri | 0.89 | % | |
Montana | 0.16 | % | |
Nebraska | 0.49 | % | |
Nevada | 0.44 | % | |
New Hampshire | 0.16 | % | |
New Jersey | 5.53 | % | |
New York | 16.21 | % | |
North Carolina | 0.43 | % | |
North Dakota | 0.15 | % | |
Ohio | 1.49 | % | |
Oklahoma | 0.26 | % | |
Oregon | 1.36 | % | |
Pennsylvania | 4.07 | % | |
Puerto Rico | 10.69 | % | |
Rhode Island | 0.84 | % | |
South Carolina | 0.71 | % | |
Tennessee | 1.16 | % | |
Texas | 1.31 | % | |
US Virgin Islands | 0.16 | % | |
Utah | 2.46 | % | |
Virginia | 2.74 | % | |
Washington | 0.63 | % | |
Wisconsin | 0.61 | % | |
Total Value of Municipal Bonds | 97.55 | % |
7 |
Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 97.67 | % | |
Education Revenue Bonds | 18.58 | % | |
Electric Revenue Bonds | 1.31 | % | |
Healthcare Revenue Bonds | 14.12 | % | |
Housing Revenue Bonds | 3.38 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 23.38 | % | |
Lease Revenue Bonds | 2.73 | % | |
Local General Obligation Bonds | 3.69 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 1.48 | % | |
Resource Recovery Revenue Bonds | 0.31 | % | |
Special Tax Revenue Bonds | 14.76 | % | |
State General Obligation Bonds | 5.66 | % | |
Transportation Revenue Bonds | 7.16 | % | |
Water & Sewer Revenue Bonds | 1.11 | % | |
Short-Term Investments | 1.75 | % | |
Total Value of Securities | 99.42 | % | |
Receivables and Other Assets Net of Liabilities | 0.58 | % | |
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 | 2.25 | % | |
Arizona | 3.81 | % | |
Arkansas | 1.40 | % | |
California | 12.48 | % | |
Colorado | 1.98 | % | |
Connecticut | 0.32 | % | |
Delaware | 0.04 | % | |
District of Columbia | 1.44 | % | |
Florida | 4.72 | % | |
Georgia | 1.43 | % | |
Guam | 0.30 | % | |
Hawaii | 0.07 | % | |
Idaho | 0.90 | % | |
Illinois | 5.88 | % | |
Indiana | 1.63 | % |
8 |
State / territory | Percentage of net assets | ||
Iowa | 0.57 | % | |
Kansas | 0.44 | % | |
Kentucky | 0.18 | % | |
Louisiana | 1.29 | % | |
Maine | 0.32 | % | |
Maryland | 0.25 | % | |
Massachusetts | 2.48 | % | |
Michigan | 0.81 | % | |
Minnesota | 0.41 | % | |
Missouri | 1.34 | % | |
Montana | 0.20 | % | |
Nebraska | 0.18 | % | |
Nevada | 0.61 | % | |
New Hampshire | 0.14 | % | |
New Jersey | 1.50 | % | |
New York | 9.24 | % | |
North Carolina | 0.99 | % | |
Ohio | 2.93 | % | |
Oklahoma | 0.17 | % | |
Oregon | 0.24 | % | |
Pennsylvania | 3.16 | % | |
Puerto Rico | 14.79 | % | |
Rhode Island | 0.32 | % | |
South Carolina | 0.68 | % | |
Tennessee | 0.24 | % | |
Texas | 6.66 | % | |
US Virgin Islands | 0.32 | % | |
Utah | 0.46 | % | |
Vermont | 0.03 | % | |
Virginia | 3.86 | % | |
Washington | 0.72 | % | |
West Virginia | 0.14 | % | |
Wisconsin | 3.35 | % | |
Total Value of Municipal Bonds | 97.67 | % |
9 |
Delaware Tax-Free USA Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 97.94% | ||||||||
Education Revenue Bonds — 11.94% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
Series A 5.25% 11/1/48 | 2,195,000 | $ | 2,368,207 | |||||
Series A 5.25% 11/1/53 | 2,750,000 | 2,940,080 | ||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 2.25% 7/1/46 | 1,295,000 | 856,474 | ||||||
Series A 2.375% 7/1/52 | 1,295,000 | 799,831 | ||||||
(Leman Academy Of Excellence of Projects) | ||||||||
Series A 4.50% 7/1/54 | 3,560,000 | 3,219,237 | ||||||
Board of Governors of the Colorado State University System Enterprise Revenue | ||||||||
Series A 5.00% 3/1/43 | 7,880,000 | 9,262,467 | ||||||
Build NYC, New York Resource Revenue | ||||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/62 # | 1,250,000 | 1,280,113 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.25% 7/1/52 | 1,000,000 | 1,037,450 | ||||||
5.25% 7/1/57 | 4,000,000 | 4,131,760 | ||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 5,000,000 | 5,078,800 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series U-7 5.00% 6/1/46 | 6,500,000 | 7,986,550 | ||||||
Series V-1 5.00% 5/1/49 | 14,555,000 | 17,774,129 | ||||||
Series V-2 2.25% 4/1/51 | 500,000 | 323,745 | ||||||
California Enterprise Development Authority Revenue | ||||||||
(Heights Christian Schools Project) | ||||||||
Series A 144A 6.375% 6/1/63 # | 4,280,000 | 4,290,486 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(KIPP:Cooper Norcross Academy - 2022 Project) | ||||||||
6.00% 6/15/62 | 1,325,000 | 1,426,707 | ||||||
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | ||||||||
5.75% 4/1/48 | 1,850,000 | 2,045,342 | ||||||
5.75% 4/1/48 (BAM) | 2,000,000 | 2,225,460 | ||||||
Clemson University | ||||||||
(Byrnes Hall Project) | ||||||||
Series A 4.125% 5/1/53 | 2,000,000 | 1,965,440 |
10 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
DeKalb County, Georgia Development Authority Revenue | ||||||||
(The Globe Academy, INC. Project) | ||||||||
Series A 5.00% 6/1/63 | 1,315,000 | $ | 1,315,197 | |||||
Florida Development Finance Surface Transportation Facilities Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 4.00% 6/15/52 | 1,535,000 | 1,293,591 | ||||||
Gloucester County, New Jersey Improvement Authority Revenue | ||||||||
(Rowan University Projects) | ||||||||
5.00% 7/1/54 (BAM) | 2,500,000 | 2,681,175 | ||||||
Indiana Finance Authority Revenue | ||||||||
(CHF - Tippecanoe, LLC - Student Housing Project) | ||||||||
Series A 5.00% 6/1/53 | 2,500,000 | 2,586,775 | ||||||
Series A 5.125% 6/1/58 | 5,350,000 | 5,544,901 | ||||||
Knox County, Tennessee Health, Educational & Housing Facility Board Revenue | ||||||||
(University of Tennessee Project) | ||||||||
Series A1 5.00% 7/1/64 (BAM) | 3,000,000 | 3,135,120 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Choice Academies, Inc. Project) | ||||||||
Series AZ 144A 5.75% 9/1/45 # | 2,455,000 | 2,439,975 | ||||||
Massachusetts Development Finance Agency Revenue | ||||||||
(Harvard University) | ||||||||
Series A 5.00% 7/15/40 | 5,000,000 | 6,068,750 | ||||||
Massachusetts State College Building Authority Revenue | ||||||||
(Community College Program) | ||||||||
Series 3 4.125% 5/1/50 | 1,855,000 | 1,824,114 | ||||||
Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue | ||||||||
(Belmont University) | ||||||||
5.25% 5/1/48 | 1,500,000 | 1,632,855 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(Saint Joseph's University Project) | ||||||||
5.50% 11/1/60 | 4,745,000 | 5,097,743 |
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 | ||||||||
Series 1 5.75% 7/1/62 | 6,000,000 | $ | 6,395,940 | |||||
(CFP3 – Eastern Michigan University Student Housing Project) | ||||||||
Series A-1 5.375% 7/1/47 (BAM) | 2,775,000 | 3,040,706 | ||||||
Series A-1 5.50% 7/1/52 (BAM) | 4,000,000 | 4,388,320 | ||||||
University of Texas System Board of Regents Revenue | ||||||||
Series B 5.00% 8/15/49 | 8,670,000 | 10,375,129 | ||||||
Washington Higher Education Facilities Authority Revenue | ||||||||
(Gonzaga University) | ||||||||
4.00% 4/1/47 | 6,475,000 | 6,144,322 | ||||||
132,976,891 | ||||||||
Electric Revenue Bonds — 2.37% | ||||||||
Guam Power Authority Revenue | ||||||||
Series A 5.00% 10/1/43 | 2,000,000 | 2,086,880 | ||||||
Municipal Electric Authority of Georgia Revenue | ||||||||
(Plant Vogtle Units 3 & 4 Project M) | ||||||||
4.00% 1/1/59 | 9,000,000 | 8,338,590 | ||||||
New York Power Authority Revenue | ||||||||
Series A 4.00% 11/15/55 | 3,885,000 | 3,752,755 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 3,665,000 | 971,225 | ||||||
Series A 5.05% 7/1/42 ‡ | 100,000 | 26,500 | ||||||
Series A 6.75% 7/1/36 ‡ | 1,725,000 | 457,125 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 285,000 | 75,525 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 531,325 | ||||||
Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 716,825 | ||||||
Series WW 5.00% 7/1/28 ‡ | 510,000 | 135,150 | ||||||
Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 658,525 | ||||||
Series XX 4.75% 7/1/26 ‡ | 390,000 | 103,350 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 305,000 | 80,825 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 395,000 | 104,675 | ||||||
Salt River, Arizona Project Agricultural Improvement & Power District Revenue | ||||||||
Series A 5.00% 1/1/50 | 5,000,000 | 5,481,150 | ||||||
Utility Debt Securitization Authority Revenue | ||||||||
Series 1 5.00% 12/15/41 | 2,500,000 | 2,882,900 | ||||||
26,403,325 |
12 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds — 15.43% | ||||||||
Alachua County, Florida Health Facilities Authority Revenue | ||||||||
(Oak Hammock at the University of Florida, Inc. Project) | ||||||||
4.00% 10/1/46 | 1,750,000 | $ | 1,424,605 | |||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Minnesota Senior Living LLC Project) | ||||||||
Series B 5.00% 1/1/47 | 1,815,000 | 1,079,798 | ||||||
Series D 7.25% 1/1/52 | 1,980,000 | 1,157,429 | ||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Great Lakes Senior Living Communities LLC | ||||||||
Project Fourth Tier) | ||||||||
144A 7.75% 1/1/54 # | 225,000 | 101,232 | ||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 300,000 | 156,096 | ||||||
(Phoenix Children's Hospital) | ||||||||
Series A 4.00% 2/1/50 | 7,560,000 | 7,179,732 | ||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Cedars-Sinai Health System) | ||||||||
Series A 3.00% 8/15/51 (BAM) | 4,000,000 | 3,331,880 | ||||||
(CommonSpirit Health) | ||||||||
Series A 4.00% 4/1/45 | 3,470,000 | 3,369,127 | ||||||
Series A 4.00% 4/1/49 | 5,000,000 | 4,807,450 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 22,465,000 | 26,685,949 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Medical Centers) | ||||||||
Series A 5.00% 2/1/47 | 2,025,000 | 2,057,420 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(AdventHealth Obligated Group) | ||||||||
Series A 3.00% 11/15/51 | 1,500,000 | 1,135,110 | ||||||
Series A 4.00% 11/15/43 | 4,155,000 | 4,079,670 | ||||||
Series A 4.00% 11/15/46 | 3,000,000 | 2,910,330 | ||||||
Series A 4.00% 11/15/50 | 2,500,000 | 2,357,625 | ||||||
(CommonSpirit Health) | ||||||||
Series A-2 4.00% 8/1/49 (BAM) | 7,925,000 | 7,709,202 | ||||||
Series A-2 5.00% 8/1/44 | 2,290,000 | 2,389,752 |
13 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Royal Oaks Inspirata Pointe Project) | ||||||||
Series A 5.00% 5/15/56 | 1,905,000 | $ | 1,620,355 | |||||
Hamilton County, Ohio Hospital Revenue | ||||||||
(Cincinnati Children's Hospital Medical Center) | ||||||||
Series CC 5.00% 11/15/49 | 6,460,000 | 7,596,185 | ||||||
Hillsborough County, Florida Industrial Development Authority Hospital Revenue | ||||||||
(Tampa General Hospital Project) | ||||||||
Series A 3.50% 8/1/55 | 13,915,000 | 10,725,265 | ||||||
Illinois Finance Authority Revenue | ||||||||
(NorthShore - Edward-Elmhurst Health Credit Group) | ||||||||
Series A 5.00% 8/15/51 | 8,775,000 | 9,340,987 | ||||||
(Shedd Aquarium Society Project) | ||||||||
5.00% 6/1/44 | 1,500,000 | 1,605,720 | ||||||
Jacksonville, Alabama Public Educational Building Authority Revenue | ||||||||
(JSU Foundation Project) | ||||||||
Series A 5.25% 8/1/53 (AGM) | 1,500,000 | 1,627,185 | ||||||
Jefferson County, Washington Public Hospital District No. 2 Revenue | ||||||||
(Jefferson Healthcare) | ||||||||
Series A 6.875% 12/1/53 | 3,000,000 | 3,059,220 | ||||||
Lake County, Ohio Port & Economic Development Authority Revenue | ||||||||
(Tapestry Wickliffe, LLC Project) | ||||||||
Series A 144A 6.75% 12/1/52 #, ‡ | 1,300,000 | 377,000 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
(The Glen Retirement System Project) | ||||||||
Series A 5.00% 1/1/49 | 1,905,000 | 1,363,580 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Banner Health) | ||||||||
Series A 4.00% 1/1/44 | 2,500,000 | 2,479,525 | ||||||
Michigan Finance Authority Hospital Revenue | ||||||||
(Henry Ford Health System) | ||||||||
Series A 4.00% 11/15/50 | 1,500,000 | 1,368,210 |
14 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Missouri State Health and Educational Facilities Authority Revenue | ||||||||
(Mercy Health) | ||||||||
4.00% 6/1/53 | 5,000,000 | $ | 4,743,400 | |||||
4.00% 6/1/53 (BAM) | 2,440,000 | 2,350,159 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series B 4.00% 5/1/56 | 4,950,000 | 4,442,279 | ||||||
Moon, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Baptist Homes Society Obligation) | ||||||||
6.125% 7/1/50 | 1,895,000 | 1,408,781 | ||||||
New Hope, Texas Cultural Education Facilities Finance Revenue | ||||||||
(Legacy Midtown Park Project) | ||||||||
Series A 5.50% 7/1/54 | 1,725,000 | 1,351,262 | ||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 4,000,000 | 3,039,640 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Montefiore Obligated Group) | ||||||||
Series A 3.00% 9/1/50 (AGM) | 12,640,000 | 9,463,189 | ||||||
(Northwell Health Obligated Group) | ||||||||
Series A 5.00% 5/1/52 | 3,000,000 | 3,186,630 | ||||||
Orange County, New York Funding Corporation Assisted Living Residence Revenue | ||||||||
(The Hamlet at Wallkill Assisted Living Project) | ||||||||
6.50% 1/1/46 | 2,035,000 | 1,642,204 | ||||||
Pennsylvania Economic Development Financing Authority First Mortgage Revenue | ||||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series A 144A 6.50% 12/1/38 #, ‡ | 3,285,000 | 1,252,406 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
Series A 4.00% 11/15/42 | 3,300,000 | 3,262,380 | ||||||
Series A 4.00% 5/15/53 | 5,000,000 | 4,681,150 | ||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series A 144A 6.75% 12/1/53 #, ‡ | 3,765,000 | 1,435,406 | ||||||
Rhode Island Health and Educational Building Revenue | ||||||||
5.25% 5/15/54 | 2,300,000 | 2,473,788 |
15 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Seminole County, Florida Industrial Development Authority Revenue | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.50% 11/15/49 | 3,055,000 | $ | 2,405,996 | |||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/52 # | 1,395,000 | 844,003 | ||||||
University of North Carolina Board of Governors Revenue | ||||||||
5.00% 2/1/49 | 3,700,000 | 4,338,990 | ||||||
Virginia Small Business Financing Authority Revenue | ||||||||
(LifeSpire of Virginia) | ||||||||
4.00% 12/1/41 | 2,500,000 | 2,265,550 | ||||||
Westchester County, New York Local Development Revenue | ||||||||
(Westchester Medical Center Obligated Group Project) | ||||||||
5.00% 11/1/51 (AGM) | 1,250,000 | 1,310,475 | ||||||
5.75% 11/1/53 (AGM) | 2,500,000 | 2,894,150 | ||||||
171,887,477 | ||||||||
Housing Revenue Bonds — 4.39% | ||||||||
Alaska Housing Finance Revenue | ||||||||
(Veterans Mortgage Program) | ||||||||
4.60% 12/1/50 | 5,585,000 | 5,572,825 | ||||||
4.65% 12/1/52 | 4,965,000 | 4,934,316 | ||||||
Connecticut Housing Finance Authority Revenue | ||||||||
(Housing Mortgage Finance Program) | ||||||||
Series D 5.35% 11/15/48 | 3,000,000 | 3,167,340 | ||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Pasadena Portfolio) | ||||||||
Series A-2 144A 3.00% 12/1/56 # | 1,300,000 | 912,275 | ||||||
Illinois Housing Development Authority Revenue | ||||||||
Series K 5.25% 10/1/43 | 4,000,000 | 4,261,120 | ||||||
Maryland Community Development Administration Revenue | ||||||||
4.50% 9/1/49 | 3,250,000 | 3,252,600 | ||||||
Nebraska Investment Finance Authority Single Family Housing Revenue | ||||||||
Series G 5.40% 9/1/53 (GNMA) | 5,000,000 | 5,226,650 |
16 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
New Mexico Mortgage Finance Authority Revenue | ||||||||
(Single Family Mortgage Program) | ||||||||
4.70% 9/1/53 | 1,500,000 | $ | 1,506,765 | |||||
North Dakota Housing Finance Agency Revenue | ||||||||
(Home Mortgage Financial Program) | ||||||||
4.55% 7/1/48 | 4,250,000 | 4,268,445 | ||||||
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | ||||||||
Series A 5.00% 10/1/50 | 3,660,000 | 3,809,987 | ||||||
Series A 5.45% 4/1/51 | 3,000,000 | 3,192,000 | ||||||
Rhode Island Housing & Mortgage Finance Revenue | ||||||||
Series A 4.65% 10/1/53 (GNMA) | 8,000,000 | 8,017,440 | ||||||
Tucson, Arizona Industrial Development Authority Revenue | ||||||||
Series A 4.85% 7/1/48 | 725,000 | 743,618 | ||||||
48,865,381 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 16.92% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 6,400,000 | 384,000 | ||||||
Arkansas Development Finance Authority Revenue | ||||||||
(Hybar Steel Project) | ||||||||
144A 7.375% 7/1/48 (AMT) # | 5,000,000 | 5,497,850 | ||||||
Series A 144A 6.875% 7/1/48 (AMT) # | 6,500,000 | 7,109,505 | ||||||
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 15,360,000 | 11,753,165 | ||||||
Series A-2 4.00% 6/1/48 | 9,975,000 | 9,284,730 | ||||||
California Infrastructure & Economic Development Bank Revenue | ||||||||
(Brightline West Passenger Rail Project) | ||||||||
144A 8.00% 1/1/50 (AMT) #, • | 2,750,000 | 2,797,273 | ||||||
Central Plains, Nebraska Energy Project Revenue | ||||||||
(Project No. 3) | ||||||||
Series A 5.00% 9/1/34 | 2,000,000 | 2,156,940 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
Second Subseries 2 5.00% 9/1/52 (AMT) • | 3,000,000 | 3,103,890 |
17 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Erie, New York Tobacco Asset Securitization Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 9.242% 6/1/60 #, ^ | 65,340,000 | $ | 4,299,372 | |||||
Finance Authority of Maine Revenue | ||||||||
(Go Lab Madison, LLC Project) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 5,660,000 | 4,464,155 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 10,435,000 | 10,695,666 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.50% 1/1/49 (AMT) #, • | 2,555,000 | 2,551,602 | ||||||
George L Smith II Georgia World Congress Center Authority Revenue | ||||||||
(Convention Center Hotel 1st Tier) | ||||||||
Series A 4.00% 1/1/54 | 20,715,000 | 18,446,500 | ||||||
Illinois Finance Authority Revenue | ||||||||
(Shedd Aquarium Society Project) | ||||||||
5.00% 6/1/47 | 1,125,000 | 1,191,803 | ||||||
Indiana Finance Authority Exempt Facility Revenue | ||||||||
(Polyflow Indiana Project - Green Bonds) | ||||||||
144A 7.00% 3/1/39 (AMT) # | 2,580,000 | 1,957,523 | ||||||
Inland, California Empire Tobacco Securitization Revenue | ||||||||
(Capital Appreciation-Turbo-Asset-Backed) | ||||||||
Series E 144A 8.656% 6/1/57 #, ^ | 122,985,000 | 9,788,376 | ||||||
Series F 144A 7.519% 6/1/57 #, ^ | 80,485,000 | 5,237,964 | ||||||
Iowa Finance Authority Midwestern Disaster Area Revenue | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 7,725,000 | 8,138,056 | ||||||
Lower Alabama Gas District Revenue | ||||||||
Series A 5.00% 9/1/34 | 6,845,000 | 7,400,403 | ||||||
Series A 5.00% 9/1/46 | 2,265,000 | 2,457,865 | ||||||
M-S-R Energy Authority, California Gas Revenue | ||||||||
Series A 6.125% 11/1/29 | 1,180,000 | 1,268,028 | ||||||
Series B 6.50% 11/1/39 | 4,015,000 | 5,161,965 | ||||||
Nevada State Department of Business & Industry Revenue | ||||||||
(Brightline West Passenger Rail Project) | ||||||||
144A 8.125% 1/1/50 (AMT) #, • | 1,000,000 | 1,017,710 |
18 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
New York City, New York Industrial Development Agency Revenue | ||||||||
(Queens Baseball Stadium Project) | ||||||||
7.07% 3/1/25 ^ | 3,175,000 | $ | 3,063,367 | |||||
7.18% 3/1/26 ^ | 3,185,000 | 2,970,490 | ||||||
7.29% 3/1/27 ^ | 3,000,000 | 2,708,340 | ||||||
New York Counties Tobacco Trust V Pass-Through Revenue | ||||||||
Series 4B 144A 8.105% 6/1/60 #, ♦ , ^ | 393,200,000 | 19,247,140 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 4,745,000 | 5,868,141 | ||||||
Public Finance Authority, Wisconsin Hotel Revenue | ||||||||
(Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 5,145,000 | 5,123,134 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 6,725,000 | 7,384,050 | ||||||
Southeast Energy Authority A Cooperative District Revenue | ||||||||
(Project No.2) | ||||||||
Series B 4.00% 12/1/51 • | 5,000,000 | 5,026,400 | ||||||
Tobacco Securitization Authority of Southern California Revenue | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 7.084% 6/1/46 ^ | 13,510,000 | 2,711,998 | ||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 7.576% 6/1/46 ^ | 2,255,000 | 377,126 | ||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 7,775,000 | 7,745,688 | ||||||
188,390,215 | ||||||||
Lease Revenue Bonds — 7.80% | ||||||||
Illinois Finance Authority Revenue | ||||||||
(Provident Group–SCCIL Properties LLC – University Of Illinois Urbana-Champaign Project) | ||||||||
Series A 5.25% 10/1/53 | 1,000,000 | 1,088,200 | ||||||
Series A 5.25% 10/1/57 | 1,500,000 | 1,620,015 |
19 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue | ||||||||
(Capital Appreciation-McCormick) | ||||||||
Series MC 4.124% 12/15/37 (BAM) ^ | 6,045,000 | $ | 3,537,413 | |||||
(McCormick Place Expansion Project) | ||||||||
5.75% 12/15/56 (AGM) ^ | 36,795,000 | 7,587,497 | ||||||
5.92% 12/15/56 ^ | 5,000,000 | 939,700 | ||||||
Series A 4.00% 6/15/50 (BAM) | 6,500,000 | 6,177,860 | ||||||
Series A 4.00% 6/15/52 | 14,490,000 | 13,467,585 | ||||||
Series B 4.822% 12/15/54 (BAM) ^ | 29,170,000 | 6,663,303 | ||||||
Series B 4.854% 12/15/51 (BAM) ^ | 31,975,000 | 8,538,924 | ||||||
Series B 5.26% 12/15/54 ^ | 5,000,000 | 1,046,900 | ||||||
New Jersey Transportation Trust Fund Authority Revenue | ||||||||
Series AA 4.00% 6/15/50 (BAM) | 2,000,000 | 1,970,080 | ||||||
(Transportation System) | ||||||||
Series A 5.396% 12/15/39 (BAM) ^ | 25,700,000 | 14,051,475 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center - Green Bond) | ||||||||
Series A 2.875% 11/15/46 (BAM) | 16,960,000 | 13,036,474 | ||||||
Tucson, Arizona Industrial Development Authority Revenue | ||||||||
Series A 4.90% 7/1/54 | 1,350,000 | 1,380,956 | ||||||
Virginia College Building Authority Revenue | ||||||||
(21st Century College and Equipment Programs) | ||||||||
5.25% 2/1/42 | 5,000,000 | 5,732,100 | ||||||
86,838,482 | ||||||||
Local General Obligation Bonds — 2.47% | ||||||||
Dallas Independent School District, Texas | ||||||||
4.00% 2/15/53 (PSF) | 2,000,000 | 1,945,040 | ||||||
Los Angeles, California Community College District | ||||||||
Series C 5.00% 8/1/25 | 1,905,000 | 1,965,255 | ||||||
Mechanicsburg, Pennsylvania Area School District | ||||||||
Series AA 4.00% 5/15/50 | 2,875,000 | 2,783,374 | ||||||
Mecklenburg County, North Carolina | ||||||||
Series A 5.00% 9/1/25 | 3,000,000 | 3,092,340 | ||||||
MIDA Golf and Equestrian Center Public Infrastructure District | ||||||||
144A 4.625% 6/1/57 # | 2,000,000 | 1,450,720 | ||||||
Multnomah County, Oregon School District No. 40 | ||||||||
Series A 5.157% 6/15/51 ^ | 3,000,000 | 760,260 |
20 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Palomar Health | ||||||||
Series A 6.746% 8/1/32 ^ | 5,000,000 | $ | 3,768,850 | |||||
Series A 7.00% 8/1/31 ^ | 3,315,000 | 2,595,280 | ||||||
Series A 7.07% 8/1/33 ^ | 5,000,000 | 3,624,950 | ||||||
Wake County, North Carolina General Obligation Public Improvement Bonds | ||||||||
Series A 4.00% 2/1/34 | 5,000,000 | 5,473,100 | ||||||
27,459,169 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 1.16% | ||||||||
Central Texas Turnpike System | ||||||||
Series A 3.278% 8/15/26 ^ | 1,340,000 | 1,242,073 | ||||||
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | ||||||||
(Convertible Capital Appreciation Bonds) | ||||||||
Series C 6.50% 10/1/41-26 §, ~ | 7,000,000 | 7,638,190 | ||||||
Washington State Housing Finance Commission Revenue | ||||||||
(Heron's Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 3,890,000 | 4,053,107 | ||||||
12,933,370 | ||||||||
Resource Recovery Revenue Bond — 0.09% | ||||||||
Union County, New Jersey Improvement Authority Revenue | ||||||||
(Aries Linden, LLC Project) | ||||||||
144A 6.75% 12/1/41 (AMT) # | 1,550,000 | 1,010,894 | ||||||
1,010,894 | ||||||||
Special Tax Revenue Bonds — 17.47% | ||||||||
City of Bullhead, Arizona Excise Taxes Revenue | ||||||||
2.30% 7/1/41 | 1,000,000 | 752,870 | ||||||
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 4.55% 9/1/53 ^ | 25,000,000 | 5,970,500 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
3.143% 11/1/43 • | 41,557,676 | 24,363,188 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 35,621,292 | 34,018,334 |
21 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Indianapolis, Indiana Local Public Improvement Bond Bank | ||||||||
Series F1 5.25% 3/1/67 (BAM) | 4,000,000 | $ | 4,267,080 | |||||
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands Revenue | ||||||||
Series A 5.00% 10/1/39 | 2,205,000 | 2,306,540 | ||||||
Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue | ||||||||
(Stadium Project Senior Lien) | ||||||||
Series A 5.25% 7/1/53 (AGM) | 4,000,000 | 4,390,720 | ||||||
Series A 5.25% 7/1/56 (AGM) | 4,500,000 | 4,932,000 | ||||||
Miami-Dade County, Florida Special Obligation Revenue | ||||||||
4.56% 10/1/45 ^ | 5,000,000 | 1,907,950 | ||||||
5.15% 10/1/42 (BAM) ^ | 2,585,000 | 1,189,721 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | ||||||||
Series B-1 3.00% 11/1/47 | 4,000,000 | 3,215,480 | ||||||
New York Convention Center Development Corporate Senior Lien Revenue | ||||||||
(Hotel Unit Fee Secured) | ||||||||
Series B 2.873% 11/15/55 (BAM) ^ | 2,585,000 | 527,909 | ||||||
New York State Thruway Authority State Personal Income Tax Revenue | ||||||||
Series A-1 3.00% 3/15/49 | 2,500,000 | 1,995,100 | ||||||
Series A-1 3.00% 3/15/51 | 3,000,000 | 2,351,580 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 17,300,000 | 17,309,861 | ||||||
Series A-1 5.00% 7/1/58 | 11,562,000 | 11,648,599 | ||||||
Series A-1 5.556% 7/1/46 ^ | 153,255,000 | 49,893,698 | ||||||
Series A-1 5.798% 7/1/51 ^ | 80,886,000 | 19,540,440 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 1,645,000 | 1,572,225 | ||||||
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 | 2,424,195 | ||||||
194,577,990 |
22 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds — 6.58% | ||||||||
California State | ||||||||
(Various Purpose) | ||||||||
5.00% 11/1/42 | 3,000,000 | $ | 3,426,990 | |||||
5.25% 10/1/50 | 4,750,000 | 5,428,348 | ||||||
Commonwealth of Massachusetts | ||||||||
Series A 5.00% 1/1/54 | 2,250,000 | 2,451,263 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | ||||||||
(Rail Enhancement Program) | ||||||||
Series B 5.00% 6/1/52 | 2,775,000 | 3,002,411 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/46 | 14,700,000 | 13,285,860 | ||||||
Connecticut State | ||||||||
Series B 4.00% 1/15/43 | 3,000,000 | 3,040,020 | ||||||
Illinois State | ||||||||
4.10% 10/1/47 | 6,580,000 | 7,113,573 | ||||||
5.50% 5/1/39 | 3,725,000 | 4,118,099 | ||||||
Series A 4.00% 3/1/41 | 1,110,000 | 1,086,024 | ||||||
Series A 5.50% 3/1/47 | 9,500,000 | 10,410,005 | ||||||
Series B 5.50% 5/1/47 | 2,000,000 | 2,193,820 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/39 | 10,775,000 | 10,641,929 | ||||||
Maryland State | ||||||||
Series A 5.00% 3/15/26 | 2,000,000 | 2,087,280 | ||||||
Series A 5.00% 3/15/28 | 2,290,000 | 2,508,855 | ||||||
Washington State | ||||||||
Series B 5.00% 6/1/46 | 2,270,000 | 2,523,536 | ||||||
73,318,013 | ||||||||
Transportation Revenue Bonds — 9.28% | ||||||||
City & County of Denver, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/43 (AMT) | 5,900,000 | 5,714,563 | ||||||
Series B 5.50% 11/15/42 (AMT) | 1,000,000 | 1,135,750 | ||||||
Series B 5.50% 11/15/43 (AMT) | 1,000,000 | 1,130,160 | ||||||
City of Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
Series B 5.00% 7/1/49 (AMT) | 1,370,000 | 1,412,580 | ||||||
City of Salt Lake, Utah Airport Revenue | ||||||||
Series A 5.00% 7/1/42 (AMT) | 3,055,000 | 3,108,890 | ||||||
Series A 5.00% 7/1/51 (AMT) | 3,000,000 | 3,109,680 |
23 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Colorado Regional Transportation District Revenue | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/39 | 1,995,000 | $ | 2,019,479 | |||||
Commonwealth of Massachusetts Transportation Fund Revenue | ||||||||
(Rail Enhancement Program) | ||||||||
Series A 5.00% 6/1/53 | 2,000,000 | 2,187,880 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | ||||||||
(Junior Lien) | ||||||||
Series C 4.00% 1/15/43 | 1,725,000 | 1,719,014 | ||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 1,000,000 | 972,950 | ||||||
Harris County, Texas Toll Road First Lien Revenue and Refunding | ||||||||
4.00% 8/15/50 | 3,175,000 | 3,050,953 | ||||||
Harris County, Texas Toll Road Senior Lien Revenue and Refunding | ||||||||
Series A 5.00% 8/15/27 | 1,000,000 | 1,076,580 | ||||||
Kansas City, Missouri Industrial Development Authority Revenue | ||||||||
(Kansas City International Airport Terminal Modernization Project) | ||||||||
Series A 5.00% 3/1/57 (AGM) (AMT) | 2,450,000 | 2,526,024 | ||||||
Lee County, Florida Airport Revenue | ||||||||
Series B 4.00% 10/1/51 (AMT) | 4,430,000 | 4,088,801 | ||||||
Los Angeles, California Department of Airports Revenue | ||||||||
Series C 4.00% 5/15/50 (AMT) | 4,365,000 | 4,129,377 | ||||||
Series F 4.00% 5/15/49 (AMT) | 2,500,000 | 2,378,225 | ||||||
Massachusetts Port Authority Revenue | ||||||||
Series A 5.00% 7/1/40 (AMT) | 2,000,000 | 2,107,820 | ||||||
Miami-Dade County, Florida Aviation Revenue | ||||||||
Series A 4.00% 10/1/44 (AMT) | 1,500,000 | 1,419,900 | ||||||
Monroe Country, Florida Airport Revenue | ||||||||
(Key West International Airport) | ||||||||
Series 2022 5.00% 10/1/42 (AMT) | 1,505,000 | 1,564,342 | ||||||
Series 2022 5.00% 10/1/52 (AMT) | 2,445,000 | 2,492,702 | ||||||
Series 2022 5.25% 10/1/47 (AMT) | 1,100,000 | 1,145,408 | ||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
Series A-2 4.00% 11/15/41 | 1,370,000 | 1,363,040 |
24 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
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) | 7,825,000 | $ | 7,721,084 | |||||
(John F. Kennedy International Airport New Terminal One Project) | ||||||||
5.125% 6/30/60 (AGM) (AMT) | 5,000,000 | 5,245,250 | ||||||
North Texas Tollway Authority Revenue | ||||||||
Series A 4.00% 1/1/44 | 5,750,000 | 5,718,432 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series C 6.25% 6/1/33 (AGM) ~ | 4,000,000 | 4,298,720 | ||||||
Port of Seattle, Washington Intermediate Lien Revenue | ||||||||
(Private Activity) | ||||||||
Series B 4.00% 8/1/47 (AMT) | 1,500,000 | 1,409,805 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
Series B 4.00% 7/1/56 (AMT) (BAM) | 7,000,000 | 6,640,690 | ||||||
San Francisco City & County, California Airports Commission Revenue | ||||||||
Second Series E 5.00% 5/1/50 (AMT) | 3,825,000 | 3,944,455 | ||||||
(San Francisco International Airport) | ||||||||
Series A 4.00% 5/1/49 (AMT) | 4,000,000 | 3,787,720 | ||||||
Southeastern Pennsylvania Transportation Authority Revenue | ||||||||
(Asset Improvement Program) | ||||||||
5.25% 6/1/52 | 5,000,000 | 5,498,750 | ||||||
State of Oregon Department of Transportation Highway User Tax Revenue Senior Lien | ||||||||
Series A 5.25% 11/15/47 | 3,250,000 | 3,666,715 | ||||||
Texas Private Activity Bond Surface Transportation Revenue | ||||||||
(NTE Mobility Partners LLC North Tarrant Express Project) | ||||||||
5.50% 12/31/58 (AMT) | 5,000,000 | 5,503,750 | ||||||
103,289,489 | ||||||||
Water & Sewer Revenue Bonds — 2.04% | ||||||||
City of Tampa, Florida Water & Wastewater System Revenue | ||||||||
Series A 5.25% 10/1/57 | 12,500,000 | 13,791,500 |
25 |
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds (continued) | ||||||||
Irvine, California Facilities Financing Authority Revenue | ||||||||
(Irvine Great Park Infrastructure Project) | ||||||||
Series A 4.00% 9/1/58 (BAM) | 1,000,000 | $ | 989,850 | |||||
Jefferson County, Alabama Sewer Revenue | ||||||||
5.50% 10/1/53 | 4,500,000 | 4,921,830 | ||||||
San Antonio, Texas River Authority Wastewater System Revenue | ||||||||
4.25% 1/1/43 (BAM) | 925,000 | 931,549 | ||||||
4.375% 1/1/45 (BAM) | 1,005,000 | 1,014,839 | ||||||
4.375% 1/1/46 (BAM) | 1,050,000 | 1,056,352 | ||||||
22,705,920 | ||||||||
Total Municipal Bonds (cost $1,054,801,083) | 1,090,656,616 | |||||||
Short-Term Investments — 1.41% | ||||||||
Variable Rate Demand Notes — 1.41%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% | ||||||||
11/15/48 (LOC – Wells Fargo Bank N.A.) | 6,300,000 | 6,300,000 | ||||||
City of Phoenix, Arizona Helathcare Facilities Revenue | ||||||||
(Mayo Clinic) Series B 3.50% 11/15/52 | ||||||||
(SPA - Northern Trust) | 815,000 | 815,000 | ||||||
New York City, New York | ||||||||
Fiscal 2023 Subordinate Series A-4 3.65% 9/1/49 | ||||||||
(SPA - TD Bank, N.A.) | 1,000,000 | 1,000,000 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Second General Resolution Revenue | ||||||||
Series AA 3.65% 6/15/49 | ||||||||
(SPA - TD Bank N.A.) | 1,000,000 | 1,000,000 | ||||||
Series BB 3.78% 6/15/50 | ||||||||
(SPA - Barclays Bank) | 3,000,000 | 3,000,000 | ||||||
Oregon Facilities Authority Revenue | ||||||||
(PeaceHealth) Series B 3.65% 8/1/34 | ||||||||
(LOC - TD Bank N.A.) | 3,100,000 | 3,100,000 |
26 |
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes¤ (continued) | ||||||||
University of Delaware Revenue | ||||||||
Series 2005 3.65% 11/1/35 (SPA - TD Bank N.A.) | 500,000 | $ | 500,000 | |||||
Total Short-Term Investments (cost $15,715,000) | 15,715,000 | |||||||
Total Value of Securities—99.35% (cost $1,070,516,083) | $ | 1,106,371,616 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $108,892,466, which represents 9.78% of the Fund’s net assets. See Note 8 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 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
^ | 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. |
§ | 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 8 in “Notes to financial statements.” |
~ | 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 29, 2024. |
¤ | 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 29, 2024. |
27 |
Schedules of investments
Delaware Tax-Free USA Fund
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
GNMA – Government National Mortgage Association
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
PSF – Guaranteed by Permanent School Fund
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
28 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 97.55% | ||||||||
Education Revenue Bonds — 6.58% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 1,345,000 | $ | 1,384,785 | |||||
(Empower College Prep Project) 144A 6.00% 7/1/49 # | 875,000 | 876,487 | ||||||
(KIPP NYC Public Charter Schools - Macombs Facility Project) | ||||||||
Series A 4.00% 7/1/51 | 2,000,000 | 1,741,400 | ||||||
(Odyssey Preparatory Academy Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 875,000 | 835,118 | ||||||
Board of Governors of the Colorado State University System Enterprise Revenue | ||||||||
Series A 5.00% 3/1/43 | 2,000,000 | 2,350,880 | ||||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(School Lane Charter School Project) | ||||||||
5.125% 3/15/36 | 2,000,000 | 2,037,100 | ||||||
Build NYC, New York Resource Revenue | ||||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.00% 6/1/32 # | 375,000 | 390,251 | ||||||
144A 5.75% 6/1/42 # | 750,000 | 783,450 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.00% 7/1/30 | 510,000 | 551,473 | ||||||
5.00% 7/1/32 | 560,000 | 614,695 | ||||||
5.00% 7/1/33 | 585,000 | 640,417 | ||||||
5.00% 7/1/34 | 415,000 | 452,786 | ||||||
5.00% 7/1/36 | 415,000 | 448,063 | ||||||
5.00% 7/1/37 | 550,000 | 588,825 | ||||||
5.00% 7/1/42 | 1,000,000 | 1,044,110 | ||||||
California Community College Financing Authority Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 4.25% 7/1/32 # | 1,480,000 | 1,446,419 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series T-1 5.00% 3/15/39 | 5,000,000 | 6,180,200 | ||||||
Series U-7 5.00% 6/1/46 | 1,000,000 | 1,228,700 | ||||||
California Municipal Finance Authority Revenue | ||||||||
Series A 144A 5.50% 6/1/53 # | 1,000,000 | 992,710 |
29 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California School Finance Authority Revenue | ||||||||
(Hawking Steam Charter School Project) | ||||||||
Series A 144A 5.00% 7/1/42 # | 1,000,000 | $ | 1,011,570 | |||||
(Partnerships to Uplift Communities Valley Project) | ||||||||
144A 5.00% 8/1/33 # | 715,000 | 738,302 | ||||||
California State University Revenue | ||||||||
(Systemwide) | ||||||||
Series A 5.00% 11/1/31 | 2,000,000 | 2,153,600 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 6.125% 11/1/33 # | 2,215,000 | 2,218,854 | ||||||
Capital Trust Agency, Florida Revenue | ||||||||
(Liza Jackson Preparatory School Project) | ||||||||
Series A 5.00% 8/1/40 | 300,000 | 302,130 | ||||||
Series A 5.00% 8/1/55 | 800,000 | 760,520 | ||||||
(University Bridge, LLC Student Housing Project) | ||||||||
Series A 144A 5.25% 12/1/43 # | 2,000,000 | 1,980,420 | ||||||
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue 5.75% 4/1/48 | 2,500,000 | 2,763,975 | ||||||
City of 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 | 364,287 | ||||||
Series A 5.00% 7/1/32 | 235,000 | 243,956 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Global Village Academy - Northglenn Project) | ||||||||
144A 5.00% 12/1/40 # | 2,215,000 | 2,013,324 | ||||||
District of Columbia Revenue | ||||||||
(KIPP DC Issue) | ||||||||
4.00% 7/1/39 | 1,275,000 | 1,234,723 | ||||||
4.00% 7/1/44 | 1,120,000 | 1,039,259 | ||||||
Florida Development Finance Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 5.00% 6/15/28 | 410,000 | 425,662 | ||||||
Series A 5.00% 6/15/29 | 400,000 | 415,440 | ||||||
Idaho Housing & Finance Association Revenue | ||||||||
(Alturas International Academy Project) | ||||||||
4.00% 5/1/52 | 1,400,000 | 1,204,714 |
30 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Idaho Housing & Finance Association Revenue | ||||||||
(Anser of Idaho Project) | ||||||||
Series A 4.00% 5/1/28 | 230,000 | $ | 232,484 | |||||
Series A 4.00% 5/1/30 | 250,000 | 253,658 | ||||||
(Meridian South Charter School Project) | ||||||||
144A 4.00% 5/1/46 # | 710,000 | 534,303 | ||||||
(Sage International School of Boise Project) | ||||||||
Series A 4.00% 5/1/35 | 450,000 | 451,305 | ||||||
Series A 4.00% 5/1/40 | 1,330,000 | 1,274,991 | ||||||
Series A 4.00% 5/1/55 | 1,540,000 | 1,336,243 | ||||||
Illinois Finance Authority Revenue | ||||||||
(University of Illinois at Chicago) | ||||||||
Series A 5.00% 2/15/26 | 400,000 | 403,972 | ||||||
Series A 5.00% 2/15/28 | 260,000 | 265,767 | ||||||
Series A 5.00% 2/15/30 | 390,000 | 398,775 | ||||||
Series A 5.00% 2/15/32 | 265,000 | 270,620 | ||||||
Indiana Finance Authority Revenue | ||||||||
(Tippecanoe LLC Student Housing Project) | ||||||||
Series A 5.00% 6/1/38 | 600,000 | 643,506 | ||||||
Knox County, Tennessee Health Educational & Housing Facilities Board Revenue | ||||||||
(University of Tennessee Project) | ||||||||
Series A-1 5.00% 7/1/43 (BAM) | 550,000 | 593,934 | ||||||
Series A-1 5.00% 7/1/44 (BAM) | 625,000 | 672,869 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Arizona Autism Charter Schools Project) | ||||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | 245,333 | ||||||
Series A 144A 5.00% 7/1/50 # | 925,000 | 859,778 | ||||||
(Highland Prep Project) | ||||||||
Series A 4.00% 7/1/38 | 460,000 | 460,046 | ||||||
Series A 4.00% 7/1/40 | 500,000 | 490,050 | ||||||
Miami-Dade County, Florida Educational Facilities Authority Revenue | ||||||||
(University of Miami) | ||||||||
Series A 5.00% 4/1/30 | 520,000 | 527,847 | ||||||
Series A 5.00% 4/1/31 | 1,090,000 | 1,105,794 | ||||||
Nevada State Department of Business & Industry Revenue | ||||||||
(Somerset Academy) | ||||||||
Series A 144A 5.00% 12/15/38 # | 1,295,000 | 1,285,546 |
31 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Revenue | ||||||||
(New York University) | ||||||||
Series A 5.75% 7/1/27 (NATL) | 6,190,000 | $ | 6,511,323 | |||||
Newark, Texas Higher Education Finance Revenue | ||||||||
(Village Tech Schools) | ||||||||
Series A 5.125% 8/15/47 | 1,250,000 | 1,160,662 | ||||||
Oregon State Facilities Authority Revenue | ||||||||
(Metro East Web Academy Project) | ||||||||
Series A 144A 5.00% 6/15/49 # | 1,000,000 | 903,050 | ||||||
Public Finance Authority, Wisconsin Revenue | ||||||||
(CFP3 – Eastern Michigan University Student Housing Project) | ||||||||
Series A-1 5.25% 7/1/42 (BAM) | 3,000,000 | 3,309,690 | ||||||
Regents of the University of California General Revenue | ||||||||
Series BK 5.00% 5/15/52 | 1,740,000 | 1,924,475 | ||||||
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue | ||||||||
(High Point Academy Project) | ||||||||
Series A 144A 5.75% 6/15/39 # | 1,345,000 | 1,369,708 | ||||||
University of Minnesota Revenue | ||||||||
Series A 5.00% 4/1/34 | 1,855,000 | 1,926,807 | ||||||
Westchester County, New York Local Development Revenue | ||||||||
(Pace University) | ||||||||
Series A 5.00% 5/1/34 | 4,150,000 | 4,154,399 | ||||||
77,025,540 | ||||||||
Electric Revenue Bonds — 4.24% | ||||||||
American Municipal Power Revenue | ||||||||
(AMP Fremont Energy Center Project) | ||||||||
Series A 4.00% 2/15/37 | 1,330,000 | 1,373,119 | ||||||
California Community Choice Financing Authority Revenue | ||||||||
(Clean Energy Project) | ||||||||
Series C 5.25% 1/1/54 • | 3,325,000 | 3,519,413 | ||||||
Guam Power Authority Revenue | ||||||||
Series A 5.00% 10/1/32 | 4,000,000 | 4,409,440 | ||||||
Series A 5.00% 10/1/33 | 2,915,000 | 3,211,193 | ||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 915,000 | 962,095 |
32 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Missouri Joint Municipal Electric Utility Commission Revenue | ||||||||
(Green Bonds - Climate Bond Certified) | ||||||||
5.25% 12/1/39 | 500,000 | $ | 552,475 | |||||
5.25% 12/1/40 | 500,000 | 548,415 | ||||||
5.25% 12/1/41 | 650,000 | 712,153 | ||||||
5.25% 12/1/42 | 1,000,000 | 1,093,690 | ||||||
Municipal Electric Authority of Georgia Revenue | ||||||||
(Plant Vogtle Units 3&4 Project) | ||||||||
Series A 5.00% 1/1/39 | 6,250,000 | 6,469,812 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series CCC 5.25% 7/1/27 ‡ | 1,520,000 | 402,800 | ||||||
Series TT 5.00% 7/1/32 ‡ | 1,555,000 | 412,075 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,015,000 | 268,975 | ||||||
Series WW 5.50% 7/1/17 ‡ | 2,200,000 | 577,500 | ||||||
Series WW 5.50% 7/1/19 ‡ | 1,710,000 | 448,875 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,925,000 | 510,125 | ||||||
Series XX 5.25% 7/1/40 ‡ | 4,630,000 | 1,226,950 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 2,990,000 | 784,875 | ||||||
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue | ||||||||
Series A 5.00% 1/1/38 | 5,000,000 | 5,230,750 | ||||||
Series A 5.00% 1/1/43 | 1,135,000 | 1,274,945 | ||||||
South Carolina Public Service Authority Revenue | ||||||||
(Santee Cooper) | ||||||||
Series E 5.25% 12/1/37 (AGM) | 3,000,000 | 3,416,070 | ||||||
Series E 5.25% 12/1/38 (AGM) | 1,615,000 | 1,827,195 | ||||||
Utility Debt Securitization Authority Restructuring Bonds Revenue | ||||||||
5.00% 12/15/35 | 5,090,000 | 5,266,267 | ||||||
5.00% 12/15/36 | 5,000,000 | 5,171,400 | ||||||
49,670,607 | ||||||||
Healthcare Revenue Bonds — 8.08% | ||||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
4th Tier Series D 5.25% 1/1/37 | 915,000 | 667,511 | ||||||
Arizona Health Facilities Authority Revenue | ||||||||
(Scottsdale Lincoln Hospital Project) | ||||||||
5.00% 12/1/30 | 5,000,000 | 5,047,650 |
33 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Children's Hospital of Orange County) | ||||||||
Series A 2.125% 11/1/41 | 5,000,000 | $ | 3,568,850 | |||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 4,600,000 | 5,464,294 | ||||||
(Sutter Health) | ||||||||
Series A 5.00% 11/15/38 | 760,000 | 801,101 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(AdventHealth Obligated Group) | ||||||||
Series A 4.00% 11/15/46 | 7,000,000 | 6,790,770 | ||||||
(CommonSpirit Health) | ||||||||
Series A-1 4.00% 8/1/37 | 1,000,000 | 991,110 | ||||||
Series A-2 5.00% 8/1/37 | 1,105,000 | 1,178,007 | ||||||
Cuyahoga County, Ohio Revenue | ||||||||
(The Metrohealth System) | ||||||||
5.00% 2/15/37 | 1,000,000 | 1,021,350 | ||||||
Escambia County, Florida Health Facilities Authority Revenue | ||||||||
(Baptist Healthcare Obligated Group) | ||||||||
Series A 4.00% 8/15/45 | 655,000 | 591,347 | ||||||
Series A 4.00% 8/15/50 | 1,950,000 | 1,686,965 | ||||||
Gainesville & Hall County, Georgia Hospital Authority Revenue | ||||||||
(Northeast Georgia Health System Project) | ||||||||
Series A 3.00% 2/15/51 | 515,000 | 393,161 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.25% 11/15/46 | 875,000 | 657,151 | ||||||
(Royal Oaks Inspirata Pointe Project) | ||||||||
Series A 5.00% 5/15/41 | 500,000 | 465,020 | ||||||
(Royal Oaks Life Care Community) | ||||||||
4.00% 5/15/27 | 620,000 | 601,140 | ||||||
4.00% 5/15/30 | 1,385,000 | 1,298,507 | ||||||
(The Terraces of Phoenix Project) | ||||||||
Series A 5.00% 7/1/48 | 875,000 | 780,097 | ||||||
Hamilton County, Ohio Hospital Facilities Revenue | ||||||||
(Cincinnati Children's Hospital Medical Center) | ||||||||
Series CC 5.00% 11/15/49 | 3,540,000 | 4,162,615 |
34 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | ||||||||
(Westminster Canterbury Richmond) | ||||||||
Series A 5.00% 10/1/42 | 650,000 | $ | 683,676 | |||||
Series A 5.00% 10/1/47 | 525,000 | 542,735 | ||||||
Series A 5.00% 10/1/52 | 1,750,000 | 1,786,610 | ||||||
Illinois Finance Authority Revenue | ||||||||
Series C 4.00% 2/15/41 | 3,750,000 | 3,658,012 | ||||||
(The Admiral at the Lake Project) | ||||||||
5.50% 5/15/54 | 875,000 | 691,810 | ||||||
Iowa Finance Authority Senior Housing Revenue | ||||||||
(PHS Council Bluffs, Inc. Project) | ||||||||
5.00% 8/1/33 | 500,000 | 465,780 | ||||||
Jacksonville, Alabama Public Educational Building Authority Revenue | ||||||||
(JSU Foundation Project) | ||||||||
Series A 5.25% 8/1/53 (AGM) | 1,530,000 | 1,659,729 | ||||||
Kalispell, Montana Housing and Healthcare Facilities Revenue | ||||||||
(Immanuel Lutheran Corporation Project) | ||||||||
Series A 5.25% 5/15/29 | 630,000 | 617,898 | ||||||
Series A 5.25% 5/15/37 | 1,400,000 | 1,268,274 | ||||||
Lancaster County, Pennsylvania Hospital Authority Revenue | ||||||||
(University of Pennsylvania Health System Obligation) | ||||||||
Series A 5.00% 8/15/33 | 2,430,000 | 2,540,346 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Banner Health Obligation Group) | ||||||||
Series A 5.00% 1/1/32 | 3,000,000 | 3,157,050 | ||||||
(Christian Care Surprise, Inc. Project) | ||||||||
144A 5.75% 1/1/36 # | 1,540,000 | 1,260,598 | ||||||
Maryland Health & Higher Educational Facilities Authority Revenue | ||||||||
(Adventist Healthcare Obligated) | ||||||||
Series A 5.50% 1/1/36 | 2,000,000 | 2,074,760 | ||||||
Michigan Finance Authority Revenue | ||||||||
4.00% 12/1/40 | 2,185,000 | 2,183,012 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(Rochester Regional Health Project) | ||||||||
Series D 3.00% 12/1/40 | 1,000,000 | 760,000 |
35 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(Rochester Regional Health Project) | ||||||||
Series D 4.00% 12/1/38 | 1,200,000 | $ | 1,169,616 | |||||
Moon, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Baptist Homes Society Obligation) | ||||||||
5.625% 7/1/30 | 2,440,000 | 2,188,778 | ||||||
National Finance Authority Revenue | ||||||||
(Springpoint Senior Living Project) | ||||||||
4.00% 1/1/51 | 1,330,000 | 998,870 | ||||||
(The Vista Project) | ||||||||
Series A 144A 5.25% 7/1/39 # | 1,000,000 | 930,160 | ||||||
New Hope, Texas Cultural Education Facilities Finance Revenue | ||||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 1,615,000 | 1,227,255 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Orange Regional Medical Center) | ||||||||
144A 5.00% 12/1/32 # | 700,000 | 672,959 | ||||||
144A 5.00% 12/1/33 # | 1,000,000 | 953,670 | ||||||
Oklahoma Development Finance Authority Health System Revenue | ||||||||
(OU Medicine Project) | ||||||||
Series B 5.25% 8/15/43 | 1,000,000 | 1,013,560 | ||||||
Series B 5.25% 8/15/48 | 2,000,000 | 2,021,660 | ||||||
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 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(Presbyterian Senior Living Project) | ||||||||
Series B-2 5.00% 7/1/38 | 3,000,000 | 3,143,310 | ||||||
Series B-2 5.00% 7/1/42 | 1,500,000 | 1,542,045 | ||||||
Prince George's County, Maryland Revenue | ||||||||
(Collington Episcopal Life Care Community) | ||||||||
5.00% 4/1/30 | 2,880,000 | 2,869,430 |
36 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Rhode Island Health and Educational Building Revenue | ||||||||
(Lifespan Obligated Group) | ||||||||
5.00% 5/15/40 | 575,000 | $ | 627,319 | |||||
5.00% 5/15/41 | 700,000 | 757,729 | ||||||
5.00% 5/15/42 | 700,000 | 753,753 | ||||||
5.00% 5/15/43 | 700,000 | 750,456 | ||||||
5.25% 5/15/49 | 2,000,000 | 2,165,920 | ||||||
Salem, Oregon Hospital Facility Authority Revenue | ||||||||
(Capital Manor Project) | ||||||||
4.00% 5/15/40 | 1,450,000 | 1,268,213 | ||||||
Seminole County, Florida Industrial Development Authority Revenue | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.25% 11/15/39 | 5,340,000 | 4,457,725 | ||||||
Series B-1 4.25% 11/15/26 | 1,400,000 | 1,357,594 | ||||||
Tempe City, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.00% 10/1/37 # | 1,200,000 | 852,384 | ||||||
Westchester County Local Development Revenue | ||||||||
(Westchester Medical Center Obligated Group Project) | ||||||||
5.00% 11/1/47 (AGM) | 500,000 | 529,835 | ||||||
5.75% 11/1/48 (AGM) | 1,875,000 | 2,192,194 | ||||||
94,676,215 | ||||||||
Housing Revenue Bonds — 3.91% | ||||||||
Denver City & County, Colorado Housing Authority Revenue | ||||||||
(Flo Senior Apartments Project) | ||||||||
4.50% 7/1/41 | 1,500,000 | 1,549,380 | ||||||
Illinois Housing Development Authority Revenue | ||||||||
Series K 4.95% 10/1/38 | 2,500,000 | 2,647,000 | ||||||
Series K 5.25% 10/1/43 | 2,800,000 | 2,982,784 | ||||||
Maryland Community Development Administration Revenue | ||||||||
Series C 4.375% 9/1/43 | 1,640,000 | 1,633,276 | ||||||
Nebraska Investment Finance Authority Single Family Housing Revenue | ||||||||
Series G 4.95% 9/1/38 | 1,250,000 | 1,357,137 | ||||||
Series G 5.15% 9/1/43 | 2,610,000 | 2,772,812 |
37 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
New York City Housing Development Revenue | ||||||||
4.60% 8/1/48 | 2,495,000 | $ | 2,523,168 | |||||
New York State Mortgage Agency Homeowner Revenue | ||||||||
Series 250 4.80% 10/1/48 | 4,000,000 | 4,087,240 | ||||||
North Carolina Housing Finance Agency Revenue | ||||||||
4.875% 7/1/42 | 4,755,000 | 4,973,635 | ||||||
North Dakota Housing Finance Agency Revenue | ||||||||
4.50% 7/1/43 | 1,740,000 | 1,756,791 | ||||||
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | ||||||||
Series 143-A 5.125% 10/1/41 | 3,350,000 | 3,601,049 | ||||||
Series A 4.85% 10/1/43 | 10,730,000 | 11,074,648 | ||||||
Rhode Island Housing & Mortgage Finance Revenue | ||||||||
Series 81-A 5.25% 10/1/43 | 4,500,000 | 4,825,035 | ||||||
45,783,955 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 16.11% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 5,520,000 | 331,200 | ||||||
Arkansas Development Finance Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
5.70% 5/1/53 (AMT) | 7,750,000 | 8,034,735 | ||||||
Black Belt Energy Gas District, Alabama Revenue | ||||||||
Series A 4.00% 6/1/51 • | 5,000,000 | 4,980,150 | ||||||
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 7,060,000 | 5,402,171 | ||||||
Series A-2 4.00% 6/1/48 | 1,700,000 | 1,582,360 | ||||||
Series B-2 5.00% 6/1/55 | 4,000,000 | 3,817,400 | ||||||
California Community Choice Financing Authority Revenue | ||||||||
(Clean Energy Project) | ||||||||
Series A-1 5.00% 12/1/53 • | 3,500,000 | 3,672,655 | ||||||
Series B-1 4.00% 2/1/52 • | 4,910,000 | 4,938,036 | ||||||
Series D 5.50% 5/1/54 • | 7,000,000 | 7,447,440 | ||||||
California Pollution Control Financing Authority Revenue | ||||||||
(Calplant I Project) | ||||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 1,250,000 | 16,875 |
38 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
California Pollution Control Financing Authority Revenue | ||||||||
(LP Desalination Project) | ||||||||
144A 5.00% 7/1/37 (AMT) # | 3,700,000 | $ | 3,703,515 | |||||
Central Plains, Nebraska Energy Project Revenue | ||||||||
(Project No. 3) | ||||||||
Series A 5.00% 9/1/35 | 1,250,000 | 1,354,125 | ||||||
Series A 5.00% 9/1/42 | 250,000 | 270,780 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
Second Subseries 5.00% 9/1/52 (AMT) • | 4,750,000 | 4,914,492 | ||||||
City of Houston, Texas Airport System Revenue | ||||||||
(United Airlines, Inc. Terminal E Project) | ||||||||
Series A 4.00% 7/1/41 (AMT) | 1,220,000 | 1,113,677 | ||||||
Commonwealth of Pennsylvania Financing Authority Revenue | ||||||||
(Tobacco Master Settlement Payment) | ||||||||
5.00% 6/1/27 | 2,000,000 | 2,110,100 | ||||||
Erie, New York Tobacco Asset Securitization Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 8.054% 6/1/60 #, ^ | 38,675,000 | 2,544,815 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series A 144A 7.50% 7/1/57 (AMT) #, • | 1,500,000 | 1,493,220 | ||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 5,435,000 | 5,570,766 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.50% 1/1/49 (AMT) #, • | 1,710,000 | 1,707,726 | ||||||
George L Smith II Georgia World Congress Center Authority Revenue | ||||||||
Series B 144A 5.00% 1/1/36 # | 1,000,000 | 1,001,460 | ||||||
(Convention Center Hotel First Tier) | ||||||||
Series A 4.00% 1/1/54 | 2,210,000 | 1,967,983 | ||||||
Inland, California Empire Tobacco Securitization Revenue | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series E 144A 0.935% 6/1/57 #, ^ | 62,600,000 | 4,982,334 | ||||||
Series F 144A 4.454% 6/1/57 #, ^ | 74,090,000 | 4,821,777 |
39 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 4,135,000 | $ | 4,356,098 | |||||
Iowa Tobacco Settlement Authority Revenue | ||||||||
Series A-2 4.00% 6/1/38 | 300,000 | 305,085 | ||||||
Series A-2 4.00% 6/1/39 | 600,000 | 607,884 | ||||||
Series A-2 4.00% 6/1/40 | 300,000 | 302,238 | ||||||
Jefferson County, Texas Industrial Development Revenue | ||||||||
(TRP Crude Marketing LLC Project) | ||||||||
144A 7.75% 4/1/39 # | 1,275,000 | 1,158,350 | ||||||
Kentucky Public Energy Authority Revenue | ||||||||
Series A-1 5.25% 4/1/54 • | 2,750,000 | 2,966,068 | ||||||
Lower Alabama Gas District Revenue | ||||||||
Series A 5.00% 9/1/34 | 4,850,000 | 5,243,529 | ||||||
Maine Finance Authority Revenue | ||||||||
(Go Lab Madison, LLC Project) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 3,490,000 | 2,752,633 | ||||||
Michigan Finance Authority Revenue | ||||||||
Series A Class 1 4.00% 6/1/49 | 2,000,000 | 1,832,960 | ||||||
M-S-R Energy Authority, California Gas Revenue | ||||||||
Series B 6.50% 11/1/39 | 580,000 | 745,689 | ||||||
Series B 7.00% 11/1/34 | 2,905,000 | 3,687,171 | ||||||
Nevada State Department of Business & Industry Revenue | ||||||||
(Brightline West Passenger Rail Project) | ||||||||
144A 8.125% 1/1/50 (AMT) #, • | 3,750,000 | 3,816,412 | ||||||
New Jersey Economic Development Authority Special Facility Revenue | ||||||||
(Continental Airlines Project) | ||||||||
Series B 5.625% 11/15/30 (AMT) | 1,890,000 | 1,909,505 | ||||||
New Jersey Tobacco Settlement Financing Revenue | ||||||||
Series B 5.00% 6/1/46 | 1,830,000 | 1,864,862 | ||||||
New York Counties Tobacco Trust V Revenue | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series S4B 144A 8.459% 6/1/60 #, ^ | 20,000,000 | 979,000 | ||||||
New York Liberty Development Revenue | ||||||||
(Goldman Sachs Headquarters) | ||||||||
5.25% 10/1/35 | 3,540,000 | 4,206,476 |
40 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(American Airlines, Inc. - John F. Kennedy International Airport Project) | ||||||||
3.00% 8/1/31 (AMT) | 6,030,000 | $ | 5,617,307 | |||||
5.00% 12/1/37 (AMT) | 1,000,000 | 1,069,160 | ||||||
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
5.00% 1/1/34 (AMT) | 4,210,000 | 4,350,740 | ||||||
5.00% 1/1/36 (AMT) | 3,000,000 | 3,089,160 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 3,000,000 | 3,710,100 | ||||||
Public Finance Authority, Wisconsin Revenue | ||||||||
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/52 | 200,000 | 201,416 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 8,200,000 | 9,003,600 | ||||||
5.25% 12/1/24 | 3,050,000 | 3,075,315 | ||||||
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 | 1,291,755 | ||||||
(Jasper Pellets, LLC Project - Green Bonds) | ||||||||
Series A 144A 7.00% 11/1/38 (AMT) #, ‡ | 1,250,000 | 295,000 | ||||||
Southeast Energy Authority, A Cooperative District Revenue, Alabama | ||||||||
(Project No.3) | ||||||||
Series A-1 5.50% 1/1/53 • | 5,500,000 | 5,889,345 | ||||||
St. John Baptist Parish, Louisiana Revenue | ||||||||
(Marathon Oil Corporation project) | ||||||||
Subseries A-2 2.10% 6/1/37 • | 2,250,000 | 2,231,573 | ||||||
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 2,000,000 | 1,938,640 | ||||||
Tennergy Gas Supply Revenue | ||||||||
Series A 4.00% 12/1/51 • | 4,100,000 | 4,113,448 |
41 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Tobacco Securitization Authority of Southern California Revenue | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 7.242% 6/1/46 ^ | 9,655,000 | $ | 1,938,145 | |||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 2.609% 6/1/46 ^ | 1,630,000 | 272,601 | ||||||
TSASC, New York Revenue | ||||||||
Series A 5.00% 6/1/30 | 475,000 | 495,677 | ||||||
Series A 5.00% 6/1/31 | 475,000 | 495,149 | ||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 2,945,000 | 2,933,897 | ||||||
Virginia Tobacco Settlement Financing Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series B 5.20% 6/1/46 ~ | 1,250,000 | 1,238,500 | ||||||
Series C 1.96% 6/1/47 ^ | 58,500,000 | 15,952,365 | ||||||
Series D 2.466% 6/1/47 ^ | 8,185,000 | 2,182,039 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 2,720,000 | 2,708,440 | ||||||
188,607,124 | ||||||||
Lease Revenue Bonds — 8.28% | ||||||||
California State Public Works Board Revenue | ||||||||
(Various Capital Project) | ||||||||
Series D 5.00% 11/1/46 | 5,000,000 | 5,675,800 | ||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue | ||||||||
(Capital Appreciation-McCormick) | ||||||||
Series MC 4.025% 12/15/37 (BAM) ^ | 7,000,000 | 4,096,260 | ||||||
(McCormick Place Expansion Project) | ||||||||
Series A 3.192% 12/15/56 (BAM) ^ | 12,000,000 | 2,474,520 | ||||||
Series A 4.00% 12/15/42 | 2,220,000 | 2,193,427 | ||||||
Series A 4.00% 12/15/42 (BAM) | 2,520,000 | 2,512,767 | ||||||
Series A 4.00% 12/15/47 | 11,560,000 | 10,980,035 | ||||||
Series A 4.00% 6/15/50 (BAM) | 1,000,000 | 950,440 | ||||||
Series A 4.00% 6/15/52 | 1,970,000 | 1,830,997 | ||||||
Series A 4.00% 6/15/52 (BAM) | 1,415,000 | 1,332,548 |
42 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
New Jersey Economic Development Authority Revenue | ||||||||
(NJ Transit Transportation Project) | ||||||||
Series A 4.00% 11/1/39 | 2,835,000 | $ | 2,881,721 | |||||
(Portal North Bridge Project) | ||||||||
Series A 5.00% 11/1/28 | 500,000 | 547,900 | ||||||
Series A 5.00% 11/1/31 | 1,000,000 | 1,152,750 | ||||||
New Jersey Transportation Trust Fund Authority Revenue | ||||||||
5.25% 6/15/43 | 4,750,000 | 5,298,958 | ||||||
Series A 5.00% 6/15/29 | 1,500,000 | 1,564,755 | ||||||
Series A 5.20% 12/15/38 (BAM) ^ | 9,380,000 | 5,365,266 | ||||||
Series A 5.396% 12/15/39 (BAM) ^ | 15,910,000 | 8,698,792 | ||||||
Series CC 5.25% 6/15/39 | 2,000,000 | 2,292,620 | ||||||
(Transportation System) | ||||||||
Series A 4.00% 6/15/35 | 1,810,000 | 1,899,613 | ||||||
Series A 5.00% 12/15/25 | 5,000,000 | 5,164,250 | ||||||
Series BB 4.00% 6/15/46 | 5,000,000 | 4,870,600 | ||||||
New York City, New York - Transitional Finance Authority Building Aid Revenue | ||||||||
Series S 5.00% 7/15/40 | 5,000,000 | 5,075,400 | ||||||
Series S-1 5.00% 7/15/30 | 2,000,000 | 2,028,580 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center - Green Bond) | ||||||||
Series A 2.875% 11/15/46 (BAM) | 1,000,000 | 768,660 | ||||||
(Port Authority Consolidated Bonds) | ||||||||
Series 1WTC 2.75% 2/15/44 | 10,000,000 | 7,566,000 | ||||||
Virginia College Building Authority Educational Facilities Revenue | ||||||||
(21st Century College And Equipment Programs) | ||||||||
Series A 5.00% 2/1/29 | 4,000,000 | 4,471,320 | ||||||
Virginia Public Building Public Facilities Authority Revenue | ||||||||
Series A 4.00% 8/1/39 | 5,000,000 | 5,232,000 | ||||||
96,925,979 | ||||||||
Local General Obligation Bonds — 2.56% | ||||||||
Chicago, Illinois Board of Education | ||||||||
5.00% 4/1/35 | 825,000 | 853,850 | ||||||
5.00% 4/1/36 | 320,000 | 330,134 | ||||||
Series B 4.00% 12/1/40 | 2,810,000 | 2,687,119 | ||||||
(Dedicated Revenues) | ||||||||
Series D 5.00% 12/1/31 | 2,160,000 | 2,208,449 |
43 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
City of Chicago, Illinois | ||||||||
Series A 5.50% 1/1/35 | 1,980,000 | $ | 2,140,281 | |||||
Series C 5.00% 1/1/26 | 1,280,000 | 1,312,218 | ||||||
Howard Country, Maryland Consolidated Public Improvement Project | ||||||||
Series A 4.00% 8/15/35 | 2,065,000 | 2,192,576 | ||||||
Independent School District of Boise City, Ada & Boise Counties, Idaho | ||||||||
Series 2019 5.00% 8/1/31 | 850,000 | 940,729 | ||||||
MIDA Golf and Equestrian Center Public Infrastructure District, Utah | ||||||||
144A 4.125% 6/1/36 # | 1,790,000 | 1,540,635 | ||||||
144A 4.25% 6/1/41 # | 2,210,000 | 1,755,315 | ||||||
New York City, New York | ||||||||
Series A 4.00% 8/1/38 | 5,000,000 | 5,125,900 | ||||||
Series A 5.00% 8/1/47 | 3,500,000 | 3,761,835 | ||||||
Series A-1 5.00% 8/1/27 | 1,000,000 | 1,071,240 | ||||||
Series C 5.00% 8/1/30 | 2,355,000 | 2,680,225 | ||||||
Subseries B-1 5.00% 12/1/33 | 100,000 | 105,228 | ||||||
West Branch Area School District, Pennsylvania | ||||||||
4.00% 5/15/35 (AGM) | 410,000 | 422,033 | ||||||
4.00% 5/15/36 (AGM) | 405,000 | 415,194 | ||||||
4.00% 5/15/39 (AGM) | 485,000 | 488,434 | ||||||
30,031,395 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 2.20% | ||||||||
Atlanta, Georgia Water & Wastewater Revenue | ||||||||
5.00% 11/1/35-25 § | 5,000,000 | 5,113,000 | ||||||
California State Department of Water Resources | ||||||||
(Water System) | ||||||||
Series AS 5.00% 12/1/29-24 § | 15,000 | 15,224 | ||||||
Unrefunded Series AS 5.00% 12/1/29-24 § | 2,680,000 | 2,720,013 | ||||||
East Hempfield Township, Pennsylvania Industrial Development Authority | ||||||||
(Student Services - Student Housing Project at Millersville University) | ||||||||
5.00% 7/1/39-24 § | 875,000 | 878,710 | ||||||
5.00% 7/1/46-24 § | 1,425,000 | 1,431,042 | ||||||
Golden State, California Tobacco Securitization Corporate Settlement Revenue | ||||||||
(Asset-Backed Bonds) | ||||||||
Series A-1 5.00% 6/1/26 | 850,000 | 893,622 |
44 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Golden State, California Tobacco Securitization Corporate Settlement Revenue | ||||||||
(Asset-Backed Enhanced) | ||||||||
Series A 5.00% 6/1/35-25 § | 3,000,000 | $ | 3,080,250 | |||||
Idaho State Building Authority Revenue | ||||||||
(State Office Campus Project) | ||||||||
Series A 4.00% 9/1/48-27 § | 500,000 | 522,430 | ||||||
Louisiana State Highway Improvement Revenue | ||||||||
Series A 5.00% 6/15/29-24 § | 5,195,000 | 5,218,741 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Touro College & University System) | ||||||||
Series A 5.25% 1/1/34-24 § | 1,335,000 | 1,343,517 | ||||||
University of Texas Permanent University Fund | ||||||||
Series B 5.00% 7/1/27-24 § | 3,715,000 | 3,735,581 | ||||||
Washington State Housing Finance Commission Revenue | ||||||||
(Heron's Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 800,000 | 833,544 | ||||||
25,785,674 | ||||||||
Special Tax Revenue Bonds — 16.63% | ||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
5.00% 5/1/31 | 670,000 | 720,016 | ||||||
5.00% 5/1/34 | 750,000 | 808,133 | ||||||
5.00% 5/1/35 | 850,000 | 911,956 | ||||||
5.00% 5/1/36 | 850,000 | 905,624 | ||||||
(City Center Refunding Project) | ||||||||
144A 5.00% 5/1/42 # | 3,150,000 | 3,152,299 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(County Capital Program) | ||||||||
Series A 5.00% 1/15/40 | 5,750,000 | 5,804,222 | ||||||
Celebration Pointe, Florida Community Development District Revenue | ||||||||
4.75% 5/1/24 | 100,000 | 100,097 | ||||||
5.00% 5/1/34 | 830,000 | 830,888 | ||||||
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 5.08% 9/1/45 ^ | 12,000,000 | 4,416,360 |
45 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
2.911% 11/1/43 • | 26,286,863 | $ | 15,410,673 | |||||
Connecticut State Transportation Infrastructure Revenue | ||||||||
Series B 5.00% 10/1/30 | 3,375,000 | 3,706,020 | ||||||
Denver, Colorado Convention Center Hotel Authority Revenue | ||||||||
(Senior) | ||||||||
5.00% 12/1/25 | 1,900,000 | 1,929,165 | ||||||
5.00% 12/1/26 | 2,500,000 | 2,569,825 | ||||||
5.00% 12/1/29 | 600,000 | 617,664 | ||||||
5.00% 12/1/31 | 900,000 | 923,463 | ||||||
5.00% 12/1/32 | 1,800,000 | 1,842,768 | ||||||
5.00% 12/1/34 | 1,500,000 | 1,529,025 | ||||||
5.00% 12/1/35 | 1,200,000 | 1,219,068 | ||||||
5.00% 12/1/36 | 900,000 | 912,717 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 33,342,135 | 31,841,739 | ||||||
Harris County-Houston, Texas Sports Authority Revenue | ||||||||
(Senior Lien) | ||||||||
Series A 5.00% 11/15/30 | 1,805,000 | 1,820,469 | ||||||
Indianapolis, Indiana - Local Public Improvement Bond Bank Convention Center Hotel Revenue | ||||||||
(Senior) | ||||||||
Series E 5.75% 3/1/43 | 3,350,000 | 3,639,775 | ||||||
Irvine, California Facilities Financing Authority Revenue | ||||||||
(Irvine Great Park Infrastructure Project) | ||||||||
Series A 5.00% 9/1/48 (BAM) | 2,500,000 | 2,806,075 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue | ||||||||
Series A 5.00% 7/1/36 | 700,000 | 833,784 | ||||||
Matching Fund Special Purpose Securitization Revenue | ||||||||
Series A 5.00% 10/1/39 | 1,785,000 | 1,867,199 | ||||||
Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue | ||||||||
(Stadium Project) | ||||||||
Series A 5.00% 7/1/43 (AGM) | 4,050,000 | 4,474,521 |
46 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Metropolitan Transportation Authority Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Subordinate Series B-2 5.00% 11/15/36 | 5,000,000 | $ | 5,221,600 | |||||
Miami-Dade County, Florida Special Obligation Revenue | ||||||||
5.15% 10/1/42 (BAM) ^ | 3,000,000 | 1,380,720 | ||||||
New York City, New York Transitional Finance Authority Building Aid Revenue | ||||||||
Subseries S-3A 5.00% 7/15/28 | 4,400,000 | 4,858,568 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue | ||||||||
Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42 | 5,000,000 | 5,018,400 | ||||||
Subseries C 5.00% 11/1/27 | 4,150,000 | 4,159,918 | ||||||
(Subordinate) | ||||||||
Subseries E-1 5.00% 2/1/32 | 5,000,000 | 5,294,150 | ||||||
New York State Dormitory Authority Personal Income Tax Revenue | ||||||||
(General Purpose) | ||||||||
Series E 3.00% 3/15/50 | 1,500,000 | 1,172,400 | ||||||
New York State Thruway Authority Revenue | ||||||||
5.00% 3/15/41 | 5,000,000 | 5,636,900 | ||||||
Series A-1 3.00% 3/15/49 | 6,000,000 | 4,788,240 | ||||||
New York Triborough Bridge & Tunnel Authority Revenue | ||||||||
(MTA Bridges and Tunnels) | ||||||||
Series A-1 4.00% 5/15/46 | 6,000,000 | 5,878,380 | ||||||
Pasco County, Florida Capital Improvement Tax Revenue | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 5.50% 9/1/42 (AGM) | 1,000,000 | 1,137,100 | ||||||
Series A 5.50% 9/1/43 (AGM) | 1,000,000 | 1,131,580 | ||||||
Series A 5.50% 9/1/44 (AGM) | 1,000,000 | 1,127,520 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 1.26% 7/1/51 ^ | 31,841,000 | 7,692,149 | ||||||
Series A-1 1.607% 7/1/46 ^ | 9,170,000 | 2,985,385 | ||||||
Series A-1 4.55% 7/1/40 | 5,765,000 | 5,809,679 | ||||||
Series A-1 4.75% 7/1/53 | 17,993,000 | 18,003,256 | ||||||
Series A-1 5.00% 7/1/58 | 1,330,000 | 1,339,962 | ||||||
Series A-2 4.329% 7/1/40 | 5,453,000 | 5,428,025 |
47 |
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 Improvement | ||||||||
(Francis Place Redevelopment Project) | ||||||||
5.625% 11/1/25 | 445,000 | $ | 439,389 | |||||
Utah Telecommunication Open Infrastructure Agency Revenue | ||||||||
5.25% 6/1/33 | 1,000,000 | 1,167,120 | ||||||
5.25% 6/1/34 | 1,000,000 | 1,166,180 | ||||||
5.25% 6/1/35 | 1,000,000 | 1,166,710 | ||||||
5.25% 6/1/37 | 2,100,000 | 2,421,993 | ||||||
5.50% 6/1/40 | 2,000,000 | 2,292,040 | ||||||
Washington County, Pennsylvania Redevelopment Authority Revenue | ||||||||
(Victory Centre Tax Increment Financing Project) | ||||||||
5.00% 7/1/35 | 500,000 | 503,190 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 1,010,000 | 965,318 | ||||||
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 | 970,000 | 952,860 | ||||||
194,732,277 | ||||||||
State General Obligation Bonds — 10.77% | ||||||||
California State | ||||||||
(Various Purpose) | ||||||||
4.00% 10/1/36 | 3,875,000 | 4,088,241 | ||||||
4.00% 10/1/37 | 2,000,000 | 2,097,460 | ||||||
5.00% 8/1/26 | 3,120,000 | 3,287,295 | ||||||
5.00% 10/1/26 | 2,500,000 | 2,644,975 | ||||||
5.00% 9/1/32 | 1,400,000 | 1,642,900 | ||||||
5.00% 8/1/33 | 4,100,000 | 4,304,672 | ||||||
5.00% 9/1/36 | 4,000,000 | 4,183,600 | ||||||
5.00% 10/1/42 | 2,000,000 | 2,296,560 | ||||||
5.00% 11/1/42 | 470,000 | 536,895 | ||||||
5.25% 9/1/47 | 1,000,000 | 1,142,590 | ||||||
Series C 5.00% 9/1/30 | 2,000,000 | 2,057,820 | ||||||
Commonwealth of Massachusetts | ||||||||
Series A 5.00% 1/1/37 | 7,500,000 | 8,216,550 |
48 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/35 | 7,586,622 | $ | 7,363,955 | |||||
Series A-1 4.00% 7/1/37 | 8,316,690 | 7,943,104 | ||||||
Series A-1 4.00% 7/1/46 | 11,820,000 | 10,682,916 | ||||||
Connecticut State | ||||||||
Series F 5.00% 9/15/27 | 2,790,000 | 3,014,177 | ||||||
Illinois State | ||||||||
4.107% 10/1/47 ^ | 3,180,000 | 3,437,866 | ||||||
5.00% 1/1/28 | 1,630,000 | 1,678,069 | ||||||
5.00% 11/1/36 | 1,965,000 | 2,017,485 | ||||||
5.25% 2/1/30 | 2,410,000 | 2,413,085 | ||||||
5.25% 2/1/32 | 1,015,000 | 1,016,167 | ||||||
5.50% 5/1/39 | 2,500,000 | 2,763,825 | ||||||
Series A 5.125% 12/1/29 | 3,260,000 | 3,486,668 | ||||||
Series B 4.00% 10/1/35 | 8,830,000 | 8,977,461 | ||||||
Series C 4.00% 10/1/37 | 1,710,000 | 1,717,473 | ||||||
Series C 4.00% 10/1/42 | 3,935,000 | 3,826,158 | ||||||
Series D 5.00% 11/1/25 | 1,220,000 | 1,251,976 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/35 | 2,200,000 | 2,231,306 | ||||||
Series B 4.00% 11/1/38 | 1,810,000 | 1,798,126 | ||||||
New Jersey State | ||||||||
(COVID-19 General Obligation Emergency Bonds) | ||||||||
Series A 4.00% 6/1/32 | 3,440,000 | 3,768,692 | ||||||
Oregon State | ||||||||
(Article XI-Q State Projects) | ||||||||
Series A 5.00% 5/1/36 | 4,555,000 | 5,375,856 | ||||||
Series A 5.00% 5/1/44 | 5,000,000 | 5,381,000 | ||||||
Series A 5.25% 5/1/45 | 2,590,000 | 2,958,635 | ||||||
Washington State | ||||||||
Series A 5.00% 8/1/35 | 3,000,000 | 3,466,290 | ||||||
Series E 5.00% 7/1/31 | 3,000,000 | 3,046,830 | ||||||
126,116,678 | ||||||||
Transportation Revenue Bonds — 16.58% | ||||||||
Atlanta, Georgia Department of Aviation Revenue | ||||||||
Series B 5.00% 7/1/32 (AMT) | 1,000,000 | 1,126,750 | ||||||
Series B 5.00% 7/1/33 (AMT) | 2,045,000 | 2,302,752 | ||||||
Chicago Midway Airport Revenue | ||||||||
(Second Lien) | ||||||||
Series A 5.00% 1/1/31 (AMT) | 1,905,000 | 1,907,229 |
49 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Chicago Midway Airport Revenue | ||||||||
(Senior) | ||||||||
Series C 5.00% 1/1/41 (AMT) | 1,250,000 | $ | 1,351,062 | |||||
Chicago, Illinois O'Hare International Airport Revenue | ||||||||
Series A 4.00% 1/1/36 | 1,180,000 | 1,215,624 | ||||||
Series A 5.00% 1/1/37 (AMT) | 5,000,000 | 5,297,050 | ||||||
Series B 5.00% 1/1/33 | 2,520,000 | 2,555,205 | ||||||
Series B 5.00% 1/1/36 | 5,000,000 | 5,480,450 | ||||||
City & County of Denver, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/43 (AMT) | 7,890,000 | 7,642,017 | ||||||
Series A 5.00% 12/1/43 (AMT) | 6,300,000 | 6,518,043 | ||||||
City of Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
(Junior Lien) | ||||||||
Series A 5.00% 7/1/33 | 3,355,000 | 3,429,548 | ||||||
Series B 5.00% 7/1/49 (AMT) | 3,900,000 | 4,021,212 | ||||||
City of Salt Lake, Utah Airport Revenue | ||||||||
Series A 5.00% 7/1/37 (AMT) | 15,000,000 | 15,714,450 | ||||||
Series B 5.00% 7/1/31 | 500,000 | 532,380 | ||||||
Series B 5.00% 7/1/33 | 1,000,000 | 1,062,520 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series C 144A 8.00% 7/1/57 (AMT) #, • | 5,900,000 | 6,196,239 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | ||||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 1,000,000 | 972,950 | ||||||
Illinois State Toll Highway Authority Revenue | ||||||||
(Senior) | ||||||||
Series A 5.25% 1/1/43 | 6,500,000 | 7,350,460 | ||||||
Series A 5.25% 1/1/45 | 3,500,000 | 3,899,350 | ||||||
Kansas City, Missouri Industrial Development Authority Revenue | ||||||||
(Kansas City International Airport Terminal Modernization Project) | ||||||||
Series A 5.00% 3/1/57 (AGM) (AMT) | 6,795,000 | 7,005,849 | ||||||
Los Angeles, California Department of Airports Revenue | ||||||||
Series A 5.00% 5/15/33 (AMT) | 845,000 | 937,054 | ||||||
Series B 5.00% 5/15/45 | 500,000 | 557,915 |
50 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Metropolitan Nashville, Tennessee Airport Authority Revenue | ||||||||
Series B 5.50% 7/1/41 (AMT) | 1,500,000 | $ | 1,685,430 | |||||
Series B 5.50% 7/1/42 (AMT) | 1,855,000 | 2,076,524 | ||||||
Metropolitan Transportation Authority Revenue | ||||||||
Subseries A-2 4.00% 11/15/41 | 3,000,000 | 2,984,760 | ||||||
Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue | ||||||||
(Dulles Metrorail and Capital Improvement Projects) | ||||||||
Series B 4.00% 10/1/38 | 1,000,000 | 1,005,020 | ||||||
Miami-Dade County, Florida Aviation Revenue | ||||||||
Series B 5.00% 10/1/37 | 5,700,000 | 5,734,029 | ||||||
Monroe County, Florida Airport Revenue | ||||||||
(Key West International Airport) | ||||||||
Series 2022 5.00% 10/1/36 (AMT) | 1,235,000 | 1,331,985 | ||||||
Series 2022 5.00% 10/1/37 (AMT) | 1,270,000 | 1,358,278 | ||||||
Series 2022 5.00% 10/1/38 (AMT) | 1,360,000 | 1,442,824 | ||||||
Series 2022 5.00% 10/1/40 (AMT) | 1,475,000 | 1,546,316 | ||||||
New Jersey State Turnpike Authority Revenue | ||||||||
Series A 5.00% 1/1/33 | 1,770,000 | 1,867,987 | ||||||
Series E 5.00% 1/1/32 | 5,050,000 | 5,461,222 | ||||||
New Orleans, Louisiana Aviation Board Revenue | ||||||||
(North Terminal Project) | ||||||||
Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | 2,927,956 | ||||||
Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | 2,927,753 | ||||||
New York State Thruway Authority Revenue | ||||||||
Series B 4.00% 1/1/38 | 2,135,000 | 2,188,845 | ||||||
Series B 4.00% 1/1/41 | 10,000,000 | 10,033,800 | ||||||
Series J 5.00% 1/1/27 | 5,705,000 | 5,722,799 | ||||||
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 | 1,949,142 | ||||||
4.375% 10/1/45 (AMT) | 2,500,000 | 2,466,800 | ||||||
5.00% 1/1/33 (AMT) | 790,000 | 816,686 | ||||||
5.00% 10/1/40 (AMT) | 1,125,000 | 1,161,191 | ||||||
6.00% 4/1/35 (AMT) | 2,000,000 | 2,258,680 | ||||||
Series A 4.00% 7/1/35 (AGM) (AMT) | 2,660,000 | 2,638,348 |
51 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(John F. Kennedy International Airport New Terminal One Project) | ||||||||
5.00% 12/1/32 (AMT) | 1,500,000 | $ | 1,642,920 | |||||
5.375% 6/30/60 (AMT) | 2,500,000 | 2,624,675 | ||||||
5.50% 6/30/38 (AMT) | 1,670,000 | 1,843,413 | ||||||
5.50% 6/30/40 (AMT) | 800,000 | 875,528 | ||||||
5.50% 6/30/42 (AGM) (AMT) | 1,750,000 | 1,937,127 | ||||||
Series 2022 5.00% 12/1/33 (AMT) | 3,955,000 | 4,331,793 | ||||||
Series A 5.00% 12/1/35 (AMT) | 1,000,000 | 1,070,960 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series A-1 5.00% 12/1/40 | 2,090,000 | 2,118,236 | ||||||
Series A-1 5.00% 12/1/45 | 1,000,000 | 1,009,050 | ||||||
Series B 5.00% 12/1/45 | 5,000,000 | 5,070,450 | ||||||
Port Authority of New York & New Jersey Revenue | ||||||||
5.00% 10/15/29 (AMT) | 3,105,000 | 3,163,467 | ||||||
5.00% 10/15/32 | 2,500,000 | 2,573,200 | ||||||
Series 218 4.00% 11/1/41 (AMT) | 2,480,000 | 2,433,724 | ||||||
Series 221 4.00% 7/15/36 (AMT) | 1,200,000 | 1,220,652 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue | ||||||||
(San Juan Cruise Terminal Project) | ||||||||
Series 2 6.75% 1/1/45 (AMT) | 5,000,000 | 5,966,200 | ||||||
Regional Transportation District Revenue | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/33 | 1,000,000 | 1,056,880 | ||||||
South Jersey Port, New Jersey Revenue | ||||||||
(Subordinated Marine Terminal) | ||||||||
Series B 5.00% 1/1/25 (AMT) | 390,000 | 393,354 | ||||||
Series B 5.00% 1/1/30 (AMT) | 230,000 | 242,995 | ||||||
Series B 5.00% 1/1/32 (AMT) | 215,000 | 227,023 | ||||||
Series B 5.00% 1/1/33 (AMT) | 705,000 | 743,683 | ||||||
Series B 5.00% 1/1/34 (AMT) | 880,000 | 927,177 | ||||||
Series B 5.00% 1/1/35 (AMT) | 675,000 | 709,533 | ||||||
Series B 5.00% 1/1/36 (AMT) | 660,000 | 691,845 | ||||||
Series B 5.00% 1/1/37 (AMT) | 430,000 | 449,384 | ||||||
Texas Private Activity Bond Surface Transportation Revenue | ||||||||
(Senior Lien) | ||||||||
5.50% 6/30/42 (AMT) | 500,000 | 539,190 |
52 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Texas Private Activity Bond Surface Transportation Revenue | ||||||||
(Senior Lien) | ||||||||
5.50% 6/30/43 (AMT) | 1,500,000 | $ | 1,615,710 | |||||
194,140,653 | ||||||||
Water & Sewer Revenue Bonds — 1.61% | ||||||||
Broward County, Florida Water & Sewer Utility Revenue | ||||||||
Series A 4.00% 10/1/45 | 2,640,000 | 2,648,263 | ||||||
City of Tampa, Florida Water & Wastewater System Revenue | ||||||||
Series A 5.00% 10/1/52 | 500,000 | 543,360 | ||||||
(Green Bonds) | ||||||||
Series A 5.00% 10/1/47 | 4,000,000 | 4,388,160 | ||||||
Great Lakes, Michigan Water Authority Water Supply System Revenue | ||||||||
(Senior Lien Bond) | ||||||||
Series C 5.00% 7/1/31 | 3,000,000 | 3,128,820 | ||||||
Jefferson County, Alabama Sewer Revenue | ||||||||
5.25% 10/1/42 | 2,000,000 | 2,217,060 | ||||||
5.25% 10/1/44 | 2,500,000 | 2,747,150 | ||||||
San Antonio, Texas River Authority Wastewater System Revenue | ||||||||
4.00% 1/1/40 (BAM) | 820,000 | 823,789 | ||||||
San Antonio, Texas Water System Revenue | ||||||||
Series A 5.00% 5/15/33 | 2,250,000 | 2,394,495 | ||||||
18,891,097 | ||||||||
Total Municipal Bonds (cost $1,131,106,574) | 1,142,387,194 | |||||||
Short-Term Investments — 1.54% | ||||||||
Variable Rate Demand Notes — 1.54%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% 11/15/48 | ||||||||
(LOC - Wells Fargo Bank N.A.) | 3,000,000 | 3,000,000 | ||||||
City of Phoenix, Arizona Health Care Facilities Revenue | ||||||||
(Mayo Clinic) Series B 3.50% 11/15/52 | ||||||||
(SPA - Northern Trust) | 600,000 | 600,000 |
53 |
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes¤ (continued) | ||||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Subordinate Series A-2 3.74% 7/1/45 | ||||||||
(SPA - Barclays Bank) | 2,220,000 | $ | 2,220,000 | |||||
Subordinate Series A-3 3.65% 7/1/35 | ||||||||
(SPA - Bank of America, N.A.) | 3,035,000 | 3,035,000 | ||||||
Subordinate Series B-3 3.74% 7/1/34 | ||||||||
(SPA - Barclays Bank) | 2,200,000 | 2,200,000 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(Second General Resolution) | ||||||||
Series BB-4 3.78% 6/15/50 | ||||||||
(SPA - Barclays Bank) | 6,000,000 | 6,000,000 | ||||||
Series DD-1 3.65% 6/15/43 | ||||||||
(SPA - TD Bank, N.A.) | 1,000,000 | 1,000,000 | ||||||
Total Short-Term Investments (cost $18,055,000) | 18,055,000 | |||||||
Total Value of Securities—99.09% (cost $1,149,161,574) | $ | 1,160,442,194 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $81,036,748, which represents 6.92% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
‡ | Non-income producing security. Security is currently in default. |
^ | 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 29, 2024. |
54 |
§ | 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 8 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
55 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 97.67% | ||||||||
Education Revenue Bonds — 18.58% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
Series A 5.25% 11/1/53 | 2,250,000 | $ | 2,405,520 | |||||
(Academies of Math & Science Projects) | ||||||||
144A 5.25% 7/1/43 # | 255,000 | 254,671 | ||||||
144A 5.375% 7/1/53 # | 965,000 | 950,216 | ||||||
144A 5.50% 7/1/58 # | 1,115,000 | 1,111,488 | ||||||
(ACCEL Schools Project) | ||||||||
Series A 144A 5.25% 8/1/48 # | 3,200,000 | 2,886,720 | ||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 1,155,000 | 1,189,165 | ||||||
144A 6.00% 7/1/47 # | 8,995,000 | 9,148,185 | ||||||
(Basis Schools Projects) | ||||||||
Series A 144A 5.125% 7/1/37 # | 750,000 | 755,085 | ||||||
(Benjamin Franklin Charter School Projects) | ||||||||
Series A 144A 5.25% 7/1/53 # | 1,000,000 | 962,310 | ||||||
Series A 144A 5.50% 7/1/58 # | 1,385,000 | 1,372,202 | ||||||
(Empower College Prep Project) | ||||||||
144A 6.00% 7/1/49 # | 1,000,000 | 1,001,700 | ||||||
(Kaizen Education Foundation Project) | ||||||||
144A 5.80% 7/1/52 # | 4,000,000 | 4,048,960 | ||||||
(Leman Academy Of Excellence of Projects) | ||||||||
Series A 4.50% 7/1/54 | 5,000,000 | 4,521,400 | ||||||
(Odyssey Preparatory Academy Project) | ||||||||
144A 5.00% 7/1/54 # | 5,000,000 | 4,399,500 | ||||||
(Pinecrest Academy Nevada-Horizon, Inspirada) | ||||||||
Series A 144A 5.75% 7/15/48 # | 2,500,000 | 2,514,575 | ||||||
Arlington, Texas Higher Education Finance Revenue | ||||||||
(Cypress Christian School) | ||||||||
144A 6.00% 6/1/53 # | 5,000,000 | 5,099,300 | ||||||
144A 6.25% 6/1/63 # | 5,000,000 | 5,142,850 | ||||||
(KIPP Texas, Inc.) | ||||||||
3.00% 8/15/49 (PSF) | 4,000,000 | 3,021,520 | ||||||
(Newman International Academy) | ||||||||
Series A 4.00% 8/15/31 | 200,000 | 185,214 | ||||||
Series A 5.00% 8/15/41 | 600,000 | 541,032 | ||||||
Build NYC, New York Resource Revenue | ||||||||
5.00% 11/1/39 | 1,000,000 | 600,000 | ||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/52 # | 1,000,000 | 1,029,440 | ||||||
144A 5.75% 6/1/62 # | 1,000,000 | 1,024,090 |
56 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Build NYC, New York Resource Revenue | ||||||||
(Inwood Academy for Leadership Charter School Project) | ||||||||
Series A 144A 5.125% 5/1/38 # | 575,000 | $ | 574,097 | |||||
Series A 144A 5.50% 5/1/48 # | 1,500,000 | 1,505,955 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.25% 7/1/52 | 1,265,000 | 1,312,374 | ||||||
5.25% 7/1/62 | 6,355,000 | 6,542,346 | ||||||
(New Dawn Charter Schools Project) | ||||||||
144A 5.625% 2/1/39 # | 1,290,000 | 1,281,563 | ||||||
144A 5.75% 2/1/49 # | 2,700,000 | 2,579,580 | ||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 14,090,000 | 14,312,058 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-1 5.00% 5/1/49 | 33,445,000 | 40,842,030 | ||||||
Series V-2 2.25% 4/1/51 | 4,975,000 | 3,221,263 | ||||||
California Enterprise Development Authority Revenue | ||||||||
(Heights Christian Schools Project) | ||||||||
Series A 144A 6.375% 6/1/63 # | 10,000,000 | 10,024,500 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 5.50% 11/1/45 # | 4,000,000 | 4,025,440 | ||||||
(Julian Charter School Project) | ||||||||
Series A 144A 5.625% 3/1/45 # | 5,760,000 | 5,490,835 | ||||||
(Palmdale Aerospace Academy Project) | ||||||||
Series A 144A 5.00% 7/1/41 # | 750,000 | 728,775 | ||||||
Series A 144A 5.00% 7/1/46 # | 2,145,000 | 2,036,957 | ||||||
California Public Finance Authority Educational Revenue | ||||||||
(Crossroads Christian School Project) | ||||||||
144A 5.00% 1/1/56 # | 2,000,000 | 1,724,840 | ||||||
California School Finance Authority Revenue | ||||||||
Series A 144A 5.75% 6/1/53 # | 2,000,000 | 1,988,580 | ||||||
Series A 144A 6.00% 6/1/63 # | 3,035,000 | 3,045,258 | ||||||
(Encore Education Obligated Group) | ||||||||
Series A 144A 5.00% 6/1/52 # | 1,000,000 | 783,520 | ||||||
(Escuela Popular Project) | ||||||||
144A 6.50% 7/1/50 # | 2,500,000 | 2,532,500 |
57 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California School Finance Authority Revenue | ||||||||
(Harbor Springs Obligated Group) | ||||||||
Series A 144A 5.625% 7/1/63 # | 1,500,000 | $ | 1,510,140 | |||||
(Hawking Steam Charter School Project) | ||||||||
144A 5.375% 7/1/56 # | 995,000 | 1,008,930 | ||||||
Series A 144A 5.00% 7/1/42 # | 860,000 | 869,950 | ||||||
Series A 144A 5.50% 7/1/62 # | 1,000,000 | 1,016,970 | ||||||
(John Adams Academies - Obligated Group) | ||||||||
Series A 144A 5.125% 7/1/62 # | 1,680,000 | 1,566,987 | ||||||
(Lighthouse Community Public Schools - Obligated Group) | ||||||||
Series A 144A 6.25% 6/1/42 # | 1,000,000 | 1,040,560 | ||||||
Series A 144A 6.375% 6/1/52 # | 1,240,000 | 1,281,292 | ||||||
Series A 144A 6.50% 6/1/62 # | 2,300,000 | 2,378,936 | ||||||
(New Designs Charter School) | ||||||||
Series A 5.50% 6/1/42 | 1,750,000 | 1,750,385 | ||||||
(Rocketship Public Schools - Obligated Group) | ||||||||
Series G 144A 5.00% 6/1/47 # | 1,425,000 | 1,417,134 | ||||||
(Sonoma County Junior College District Project) | ||||||||
Series A 144A 4.00% 11/1/41 # | 2,980,000 | 2,708,045 | ||||||
Series A 144A 4.00% 11/1/55 # | 2,500,000 | 2,046,500 | ||||||
(View Park Elementary & Middle Schools) | ||||||||
Series A 5.875% 10/1/44 | 1,000,000 | 1,002,210 | ||||||
Series A 6.00% 10/1/49 | 720,000 | 721,526 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Lancer Educational Student Housing Project) | ||||||||
Series A 144A 5.00% 6/1/46 # | 1,500,000 | 1,497,885 | ||||||
Camden County, New Jersey Improvement Authority Revenue | ||||||||
(KIPP:Cooper Norcross Academy - 2022 Project) | ||||||||
6.00% 6/15/62 | 3,750,000 | 4,037,850 | ||||||
Capital Trust Agency Educational Facilities Housing Revenue | ||||||||
(Lutz Preparatory School Project) | ||||||||
Series A 4.00% 6/1/41 | 330,000 | 312,002 | ||||||
(Pineapple Cove Classical Academy Inc. Project) | ||||||||
Series A 144A 5.375% 7/1/54 # | 6,000,000 | 5,605,080 | ||||||
(The Pepin Academies Inc. Project) | ||||||||
Series A 5.75% 7/1/55 | 3,625,000 | 3,433,817 |
58 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Capital Trust Authority Revenue | ||||||||
(KIPP Miami North Camous Project) | ||||||||
Series A 144A 5.625% 6/15/44 # | 410,000 | $ | 413,604 | |||||
Series A 144A 6.00% 6/15/54 # | 655,000 | 664,733 | ||||||
Series A 144A 6.125% 6/15/60 # | 800,000 | 811,832 | ||||||
Capital Trust Student Housing Revenue | ||||||||
(University Bridge, LLC Student Housing Project) | ||||||||
Series A 144A 5.25% 12/1/58 # | 8,000,000 | 7,714,800 | ||||||
Chester County, Pennsylvania Economic Development Authority Lease Revenue | ||||||||
(Chester Community Charter School Project) | ||||||||
Series A 144A 5.625% 8/15/48 # | 12,000,000 | 11,575,200 | ||||||
Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue | ||||||||
(West Chester University of Pennsylvania) | ||||||||
Series A 5.00% 8/1/30 | 2,200,000 | 2,200,330 | ||||||
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | ||||||||
5.00% 4/1/41 | 2,000,000 | 2,124,520 | ||||||
5.00% 4/1/45 | 1,665,000 | 1,744,337 | ||||||
5.75% 4/1/48 | 5,150,000 | 5,693,789 | ||||||
City of Burbank, Illinois Revenue | ||||||||
(Intercultural Montessori Language) | ||||||||
144A 6.25% 9/1/45 # | 4,000,000 | 4,002,200 | ||||||
Clifton, Texas Higher Education Finance Revenue | ||||||||
(Valor Education) | ||||||||
Series A 144A 6.25% 6/15/53 # | 3,710,000 | 3,757,080 | ||||||
Cobb County, Georgia Development Authority Charter School Revenue | ||||||||
(Northwest Classical Academy Project) | ||||||||
Series A 144A 6.375% 6/15/58 # | 1,205,000 | 1,209,362 | ||||||
Series A 144A 6.40% 6/15/53 # | 1,850,000 | 1,870,128 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Community Leadership Academy, Inc. Second Campus Project) | ||||||||
7.45% 8/1/48 | 2,500,000 | 2,502,775 | ||||||
(Global Village Academy - Northglenn Project) | ||||||||
144A 5.00% 12/1/50 # | 1,000,000 | 846,460 | ||||||
144A 5.00% 12/1/55 # | 3,440,000 | 2,845,121 | ||||||
(Loveland Classical Schools Project) | ||||||||
144A 5.00% 7/1/46 # | 3,000,000 | 2,932,770 |
59 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Skyview Academy Project) | ||||||||
144A 5.375% 7/1/44 # | 500,000 | $ | 500,185 | |||||
District of Columbia Revenue | ||||||||
(Rockestship DC Obligated Group) | ||||||||
Series A 5.75% 6/1/54 | 1,000,000 | 1,002,240 | ||||||
Series A 6.00% 6/1/58 | 600,000 | 607,302 | ||||||
Florida Development Finance Revenue | ||||||||
(Cornerstone Charter Academy Project) | ||||||||
144A 5.125% 10/1/52 # | 4,110,000 | 3,906,021 | ||||||
144A 5.25% 10/1/56 # | 1,900,000 | 1,825,520 | ||||||
(Mater Academy Projects) | ||||||||
Series A 4.00% 6/15/52 | 1,145,000 | 964,926 | ||||||
Series A 5.00% 6/15/56 | 1,630,000 | 1,620,839 | ||||||
(Renaissance Charter School Projects) | ||||||||
Series A 144A 6.00% 6/15/35 # | 2,000,000 | 2,026,060 | ||||||
Series A 144A 6.125% 6/15/44 # | 5,300,000 | 5,308,639 | ||||||
Series C 144A 5.00% 9/15/50 # | 2,000,000 | 1,752,840 | ||||||
Hawaii State Department of Budget & Finance Revenue | ||||||||
(Hawaii Pacific University) | ||||||||
Series A 144A 6.875% 7/1/43 # | 2,000,000 | 2,001,200 | ||||||
Idaho Housing & Finance Association Revenue | ||||||||
Series A 5.00% 6/1/50 | 1,000,000 | 1,001,630 | ||||||
(Compass Public Charter School) | ||||||||
Series A 144A 5.00% 7/1/54 # | 860,000 | 794,451 | ||||||
(Idaho Arts Charter School) | ||||||||
144A 5.00% 12/1/36 # | 595,000 | 597,469 | ||||||
(North Star Charter School) | ||||||||
Series A 6.75% 7/1/48 | 529,150 | 537,325 | ||||||
Series B 144A 4.88% 7/1/49 #, ^ | 2,888,155 | 478,019 | ||||||
(Sage International School of Middleton Project) | ||||||||
Series A 5.00% 5/1/63 | 1,150,000 | 1,166,468 | ||||||
Illinois Finance Authority Charter School Revenue | ||||||||
(Chicago International Charter School Project) | ||||||||
5.00% 12/1/47 | 2,965,000 | 2,924,231 | ||||||
Illinois Finance Authority Educational Facility Revenue | ||||||||
(Rogers Park Montessori) | ||||||||
6.00% 2/1/34 | 675,000 | 675,229 | ||||||
6.125% 2/1/45 | 1,800,000 | 1,800,414 |
60 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Illinois Finance Authority Revenue | ||||||||
(Acero Charter Schools) | ||||||||
144A 4.00% 10/1/42 # | 2,245,000 | $ | 1,869,928 | |||||
Illinois Finance Authority Student Housing & Academic Facility Revenue | ||||||||
(University of Illinois at Chicago Project) | ||||||||
Series A 5.00% 2/15/47 | 3,640,000 | 3,547,726 | ||||||
Indiana Finance Authority Revenue | ||||||||
(Matchbook Learning Schools of Indiana Inc Project) | ||||||||
144A 7.00% 6/15/53 # | 4,000,000 | 4,017,440 | ||||||
144A 7.00% 6/15/58 # | 6,405,000 | 6,411,213 | ||||||
(Tippecanoe, LLC - Student Housing Project) | ||||||||
Series A 5.375% 6/1/64 | 6,010,000 | 6,294,754 | ||||||
Industrial Development Authority of the County of Pima, Arizona Revenue | ||||||||
(Noah Webster Schools-Pima Project) | ||||||||
Series A 7.00% 12/15/43 | 1,500,000 | 1,502,715 | ||||||
Kent County, Delaware Student Housing and Dining Facilities Revenue | ||||||||
(Delaware State University Project) | ||||||||
Series A 5.00% 7/1/58 | 1,250,000 | 1,222,388 | ||||||
Louisiana Public Facilities Authority Revenue | ||||||||
(Athlos Academy Jefferson Paris) | ||||||||
Series A 144A 7.375% 6/1/54 # | 2,500,000 | 2,478,625 | ||||||
Series A 144A 7.50% 6/1/59 # | 5,000,000 | 4,956,250 | ||||||
(Geo Academies Ebr - Geo Prep Mid-City Project) | ||||||||
144A 6.125% 6/1/52 # | 1,030,000 | 1,051,280 | ||||||
144A 6.25% 6/1/62 # | 1,420,000 | 1,451,297 | ||||||
(Jefferson Rise Charter School Project) | ||||||||
Series A 144A 6.25% 6/1/52 # | 1,000,000 | 975,290 | ||||||
Series A 144A 6.375% 6/1/62 # | 1,330,000 | 1,286,469 | ||||||
(Lake Charles Charter Academy Foundation Project) | ||||||||
8.00% 12/15/41 | 1,500,000 | 1,502,850 | ||||||
(Lincoln Preparatory School Project) | ||||||||
Series A 144A 5.25% 6/1/60 # | 2,000,000 | 1,636,560 | ||||||
Series A 144A 6.375% 6/1/52 # | 1,000,000 | 985,050 | ||||||
Series A 144A 6.50% 6/1/62 # | 2,000,000 | 1,974,700 |
61 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Macomb County, Michigan Public School Academy Revenue | ||||||||
(Academy Of Warren) | ||||||||
Series A 144A 5.50% 5/1/50 # | 1,810,000 | $ | 1,662,141 | |||||
Macon-Bibb County, Georgia Urban Development Authority Revenue | ||||||||
(Academy for Classical Education) | ||||||||
Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,713,633 | ||||||
Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,561,243 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Choice Academies, Inc. Project) | ||||||||
144A 5.75% 9/1/45 # | 4,925,000 | 4,894,859 | ||||||
Massachusetts Development Finance Agency Revenue | ||||||||
Series V 5.00% 7/1/55 | 14,470,000 | 17,026,415 | ||||||
(Massachusetts Institute Of Technology) | ||||||||
Series P 5.00% 7/1/50 | 18,030,000 | 21,619,773 | ||||||
Miami-Dade County, Florida Industrial Development Authority Revenue | ||||||||
(Youth Co-Op Charter School) | ||||||||
Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,004,570 | ||||||
Series A 144A 6.00% 9/15/45 # | 1,000,000 | 1,003,730 | ||||||
Michigan Finance Authority Limited Obligation Revenue | ||||||||
(Hanley International Academy) | ||||||||
5.00% 9/1/40 | 1,115,000 | 1,092,912 | ||||||
(Landmark Academy Project) | ||||||||
5.00% 6/1/45 | 2,000,000 | 1,808,100 | ||||||
(Old Redford) | ||||||||
Series A 5.90% 12/1/30 | 1,520,000 | 1,506,533 | ||||||
(Public School Academy Old Redford) | ||||||||
Series A 6.50% 12/1/40 | 3,900,000 | 3,829,332 | ||||||
Michigan Public Educational Facilities Authority Revenue | ||||||||
(Old Redford) | ||||||||
Series A 5.875% 12/1/30 | 1,550,000 | 1,534,143 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(University of Rochester Project) | ||||||||
Series A 5.00% 7/1/53 | 2,500,000 | 2,724,325 |
62 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Nevada State Department of Business & Industry Revenue | ||||||||
(Somerset Academy) | ||||||||
Series A 144A 5.00% 12/15/35 # | 1,595,000 | $ | 1,602,146 | |||||
Series A 144A 5.00% 12/15/38 # | 1,000,000 | 992,700 | ||||||
Series A 144A 5.00% 12/15/48 # | 500,000 | 466,985 | ||||||
Series A 144A 5.125% 12/15/45 # | 5,030,000 | 4,884,985 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Columbia University) | ||||||||
Series A 5.00% 10/1/50 | 1,965,000 | 2,358,452 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(First Philadelphia Preparatory Charter School Project) | ||||||||
Series A 7.25% 6/15/43 | 1,230,000 | 1,240,418 | ||||||
(Mast Community Charter School II Project) | ||||||||
5.00% 8/1/50 | 375,000 | 360,278 | ||||||
Phoenix, Arizona Industrial Development Authority Education Revenue | ||||||||
(Basic Schools Project) | ||||||||
Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | 3,848,280 | ||||||
Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 1,938,660 | ||||||
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 | 1,009,150 | ||||||
Pima County, Arizona Industrial Development Authority Education Revenue | ||||||||
(American Leadership Academy Project) | ||||||||
144A 4.00% 6/15/57 # | 4,500,000 | 3,374,125 | ||||||
(Career Success Schools Project) | ||||||||
144A 5.50% 5/1/40 # | 500,000 | 491,560 | ||||||
144A 5.75% 5/1/50 # | 2,530,000 | 2,492,758 | ||||||
(Edkey Charter Schools Project) | ||||||||
144A 5.00% 7/1/49 # | 7,000,000 | 6,352,710 | ||||||
144A 5.00% 7/1/55 # | 7,370,000 | 6,577,873 | ||||||
Pottsboro, Texas Higher Education Finance Authority Revenue | ||||||||
Series A 5.00% 8/15/36 | 755,000 | 750,825 | ||||||
Series A 5.00% 8/15/46 | 1,000,000 | 937,170 |
63 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Public Finance Authority Revenue | ||||||||
5.75% 7/1/62 | 13,000,000 | $ | 13,857,870 | |||||
(Cornerstone Charter Academy) | ||||||||
Series A 144A 5.125% 2/1/46 # | 3,000,000 | 2,740,050 | ||||||
(Minnesota College of Osteopathic Medicine) | ||||||||
Series A-1 144A 5.50% 12/1/48 # | 125,528 | 64,031 | ||||||
Series B 144A 3.061% 12/1/48 # | 2,500,000 | 25 | ||||||
(Revolution Academy) | ||||||||
Series A 144A 6.25% 10/1/53 # | 2,000,000 | 2,031,160 | ||||||
Series A 144A 6.25% 10/1/58 # | 3,885,000 | 3,933,757 | ||||||
(Triad Educational Services, Inc.) | ||||||||
Series A 144A 5.50% 6/15/45 # | 6,000,000 | 6,003,420 | ||||||
(Wittenberg University) | ||||||||
144A 5.25% 12/1/39 # | 5,000,000 | 4,252,600 | ||||||
South Carolina Jobs-Economic Development Authority Revenue | ||||||||
(Green Charter Schools Project) | ||||||||
Series A 144A 4.00% 6/1/46 # | 2,300,000 | 1,671,456 | ||||||
Series A 144A 4.00% 6/1/56 # | 1,530,000 | 1,025,284 | ||||||
(High Point Academy Project) | ||||||||
Series A 144A 5.75% 6/15/49 # | 5,000,000 | 5,060,850 | ||||||
(Riverwalk Academy Project) | ||||||||
Series A 144A 7.125% 6/15/53 # | 2,550,000 | 2,627,163 | ||||||
Series A 144A 7.25% 6/15/58 # | 2,915,000 | 3,002,741 | ||||||
(Virtus Academy Project) | ||||||||
Series A 144A 6.75% 6/15/43 # | 940,000 | 956,600 | ||||||
Series A 144A 7.00% 6/15/53 # | 1,830,000 | 1,869,400 | ||||||
Series A 144A 7.125% 6/15/58 # | 1,510,000 | 1,548,898 | ||||||
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | ||||||||
(Confluence Academy Project) | ||||||||
Series A 144A 5.625% 6/15/53 # | 4,805,000 | 4,433,429 | ||||||
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 | 2,225,280 | ||||||
University of Texas System Board of Regents Revenue | ||||||||
Series B 5.00% 8/15/49 | 24,915,000 | 29,815,033 | ||||||
University of Virginia Revenue | ||||||||
Series 2 3.57% 4/1/45 | 10,000,000 | 9,315,200 | ||||||
Series A 2.18% 11/1/51 | 10,000,000 | 6,103,100 |
64 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Pennsylvania Steam Academy Charter School Project) | ||||||||
Series A 144A 6.25% 7/1/57 # | 2,400,000 | $ | 2,293,272 | |||||
Upper Illinois River Valley Development Authority Revenue | ||||||||
(Elgin Math And Science Academy Charter School Project) | ||||||||
Series A 144A 6.00% 3/1/63 # | 2,990,000 | 2,991,465 | ||||||
Utah State Charter School Finance Authority Revenue | ||||||||
(Leadership Learning Academy Project) | ||||||||
Series A 144A 5.00% 6/15/39 # | 1,000,000 | 967,740 | ||||||
Series A 144A 5.00% 6/15/50 # | 2,200,000 | 1,996,852 | ||||||
Washington State Housing Finance Commission Revenue | ||||||||
(Seattle Academy Of Arts And Sciences Project) | ||||||||
144A 6.375% 7/1/63 # | 3,000,000 | 3,277,470 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Founders Academy of Las Vegas) | ||||||||
Series A 144A 6.375% 7/1/43 # | 300,000 | 309,423 | ||||||
Series A 144A 6.625% 7/1/53 # | 600,000 | 619,386 | ||||||
Series A 144A 6.75% 7/1/58 # | 550,000 | 570,146 | ||||||
(Pine Lake Preparatory) | ||||||||
144A 5.50% 3/1/45 # | 3,460,000 | 3,480,622 | ||||||
(Shining Rock Classical Academy) | ||||||||
Series A 6.00% 6/15/52 | 1,000,000 | 955,430 | ||||||
Series A 6.125% 6/15/57 | 1,000,000 | 958,210 | ||||||
(Wilson Preparatory Academy) | ||||||||
Series A 144A 4.125% 6/15/29 # | 395,000 | 380,527 | ||||||
Series A 144A 5.00% 6/15/39 # | 500,000 | 489,505 | ||||||
Series A 144A 5.00% 6/15/49 # | 1,100,000 | 1,019,612 | ||||||
Yonkers, New York Economic Development Educational Revenue | ||||||||
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | ||||||||
Series A 5.00% 10/15/49 | 1,000,000 | 976,160 | ||||||
Series A 5.00% 10/15/54 | 465,000 | 445,312 | ||||||
548,417,660 |
65 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds — 1.31% | ||||||||
Build NYC, New York Resource Revenue | ||||||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project) | ||||||||
144A 5.25% 12/31/33 (AMT) # | 4,520,000 | $ | 4,129,336 | |||||
Burke County, Georgia Development Authority Pollution Control Revenue | ||||||||
(Oglethorpe Power Corporation Project) | ||||||||
Series A 1.50% 1/1/40 • | 700,000 | 675,297 | ||||||
California Community Choice Financing Authority Revenue | ||||||||
(Clean Energy Project) | ||||||||
Series C 5.25% 1/1/54 • | 3,000,000 | 3,175,410 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/38 | 135,000 | 143,822 | ||||||
Series A 5.00% 10/1/44 | 6,000,000 | 6,234,300 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 8,615,000 | 2,282,975 | ||||||
Series A 5.05% 7/1/42 ‡ | 4,590,000 | 1,216,350 | ||||||
Series A 6.75% 7/1/36 ‡ | 1,500,000 | 397,500 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 925,000 | 245,125 | ||||||
Series AAA 5.25% 7/1/26 ‡ | 1,030,000 | 272,950 | ||||||
Series AAA 5.25% 7/1/27 ‡ | 5,330,000 | 1,412,450 | ||||||
Series AAA 5.25% 7/1/28 ‡ | 1,205,000 | 319,325 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 5,525,000 | 1,464,125 | ||||||
Series TT 5.00% 7/1/23 ‡ | 2,785,000 | 731,063 | ||||||
Series TT 5.00% 7/1/37 ‡ | 5,230,000 | 1,385,950 | ||||||
Series WW 5.00% 7/1/28 ‡ | 6,040,000 | 1,600,600 | ||||||
Series WW 5.25% 7/1/25 ‡ | 1,530,000 | 405,450 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,260,000 | 333,900 | ||||||
Series WW 5.50% 7/1/38 ‡ | 9,035,000 | 2,394,275 | ||||||
Series XX 4.75% 7/1/26 ‡ | 920,000 | 243,800 | ||||||
Series XX 5.25% 7/1/40 ‡ | 19,300,000 | 5,114,500 | ||||||
Series XX 5.75% 7/1/36 ‡ | 7,470,000 | 1,979,550 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 760,000 | 201,400 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 1,275,000 | 337,875 | ||||||
Series ZZ 5.25% 7/1/26 ‡ | 7,005,000 | 1,856,325 | ||||||
38,553,653 |
66 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds — 14.12% | ||||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
2nd Tier Series B 5.00% 1/1/47 | 2,375,000 | $ | 1,412,959 | |||||
2nd Tier Series B 7.25% 1/1/52 | 7,410,000 | 4,331,590 | ||||||
4th Tier Series D 5.25% 1/1/37 | 420,000 | 306,398 | ||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Great Lakes Senior Living Communities LLC Project First Tier) | ||||||||
Series A 5.00% 1/1/54 | 2,595,000 | 1,594,368 | ||||||
(Great Lakes Senior Living Communities LLC Project Fourth Tier) | ||||||||
144A 7.75% 1/1/54 # | 2,100,000 | 944,832 | ||||||
Series D 144A 7.25% 1/1/54 # | 2,500,000 | 1,124,875 | ||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 975,000 | 507,312 | ||||||
Series B 5.125% 1/1/54 | 1,130,000 | 573,441 | ||||||
(Great Lakes Senior Living Communities LLC Project Third Tier) | ||||||||
Series C 144A 5.00% 1/1/49 # | 1,000,000 | 463,530 | ||||||
Series C 144A 5.50% 1/1/54 # | 4,000,000 | 1,954,960 | ||||||
Bexar County, Texas Health Facilities Development Revenue | ||||||||
(Army Retirement Residence Foundation Project) | ||||||||
5.00% 7/15/41 | 5,395,000 | 4,855,230 | ||||||
Birmingham, Alabama Special Care Facilities Financing Authority Revenue | ||||||||
(Methodist Home for the Aging) | ||||||||
5.50% 6/1/30 | 1,850,000 | 1,799,421 | ||||||
5.75% 6/1/35 | 1,500,000 | 1,445,760 | ||||||
5.75% 6/1/45 | 2,500,000 | 2,194,225 | ||||||
6.00% 6/1/50 | 3,130,000 | 2,790,176 | ||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-2 5.00% 4/1/51 | 7,455,000 | 9,104,046 | ||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Cedars-Sinai Health System) | ||||||||
Series A 3.00% 8/15/51 | 15,170,000 | 12,116,886 | ||||||
Series A 3.00% 8/15/51 (AGM) | 1,025,000 | 853,794 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 9,870,000 | 11,724,474 |
67 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Health System Project) | ||||||||
Series A 3.00% 2/1/46 (AGM) | 10,000,000 | $ | 8,097,800 | |||||
(Goodwill Industry Sacramento Valley and Northern Nevada Project) | ||||||||
5.25% 1/1/45 | 1,295,000 | 1,019,683 | ||||||
Series A 144A 6.625% 1/1/32 # | 500,000 | 491,880 | ||||||
Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,432,815 | ||||||
(Northbay Healthcare Group) | ||||||||
Series A 5.25% 11/1/47 | 500,000 | 495,285 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Enloe Medical Center) | ||||||||
Series A 5.375% 8/15/57 (AGM) | 2,000,000 | 2,202,220 | ||||||
Capital Trust Agency Senior Living Facilities Revenue | ||||||||
(Elim Senior Housing Inc. Project) | ||||||||
144A 5.875% 8/1/52 # | 2,000,000 | 1,471,760 | ||||||
City of Chicago, Illinois Multi-Family Housing Revenue | ||||||||
(Goldblatts Supportive Living Project) | ||||||||
6.125% 12/1/43 ‡ | 8,560,000 | 5,400,076 | ||||||
City of Lenexa, Kansas Health Care Facility Revenue | ||||||||
(Lakeview Village) | ||||||||
Series A 4.00% 5/15/34 | 1,000,000 | 940,650 | ||||||
Series A 5.00% 5/15/39 | 1,500,000 | 1,481,025 | ||||||
City of Terre Haute, Indiana Revenue | ||||||||
(Westminster Village Project) | ||||||||
6.00% 8/1/39 | 4,000,000 | 3,222,600 | ||||||
City of Topeka, Kansas Healthcare Facilities Revenue | ||||||||
(Brewster Place) | ||||||||
Series A 6.25% 12/1/42 | 1,500,000 | 1,516,905 | ||||||
Series A 6.50% 12/1/52 | 2,000,000 | 2,022,300 | ||||||
Clackamas County, Oregon Hospital Facility Authority Revenue | ||||||||
(Rose Villa Project) | ||||||||
Series A 5.25% 11/15/50 | 1,000,000 | 926,960 | ||||||
Series A 5.375% 11/15/55 | 1,000,000 | 930,400 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Aberdeen Ridge) | ||||||||
Series A 5.00% 5/15/58 | 500,000 | 311,565 | ||||||
(AdventHealth Obligated Group) | ||||||||
Series A 3.00% 11/15/51 | 7,000,000 | 5,297,180 |
68 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(American Baptist) | ||||||||
8.00% 8/1/43 | 2,500,000 | $ | 2,494,825 | |||||
(Cappella of Grand Junction Project) | ||||||||
144A 5.00% 12/1/54 # | 1,255,000 | 789,219 | ||||||
(Mental Health Center Denver Project) | ||||||||
Series A 5.75% 2/1/44 | 500,000 | 500,175 | ||||||
(Sunny Vista Living Center) | ||||||||
Series A 144A 5.50% 12/1/30 # | 750,000 | 614,738 | ||||||
Series A 144A 5.75% 12/1/35 # | 1,150,000 | 862,558 | ||||||
Series A 144A 6.125% 12/1/45 # | 1,200,000 | 825,288 | ||||||
Series A 144A 6.25% 12/1/50 # | 560,000 | 379,422 | ||||||
Connecticut State Health & Educational Facilities Authority Revenue | ||||||||
(Church Home of Hartford Incorporated Project) | ||||||||
Series A 144A 5.00% 9/1/46 # | 1,000,000 | 863,060 | ||||||
Series A 144A 5.00% 9/1/53 # | 1,600,000 | 1,315,472 | ||||||
Cuyahoga County, Ohio Hospital Revenue | ||||||||
(The Metrohealth System) | ||||||||
5.25% 2/15/47 | 4,000,000 | 4,025,880 | ||||||
5.50% 2/15/52 | 4,930,000 | 4,996,555 | ||||||
Escambia County, Florida Health Facilities Authority Revenue | ||||||||
(Baptist Healthcare Corporation Obligated Group) | ||||||||
Series A 4.00% 8/15/50 | 8,065,000 | 6,977,112 | ||||||
Gainesville & Hall County, Georgia Hospital Authority Revenue | ||||||||
(Northeast Georgia Health System Project) | ||||||||
3.00% 2/15/47 | 3,775,000 | 2,980,249 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.00% 11/15/36 | 950,000 | 789,669 | ||||||
5.25% 11/15/51 | 1,350,000 | 969,718 | ||||||
Guilderland, New York Industrial Development Agency Revenue | ||||||||
(Albany Place Development LLC Project) | ||||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 6,000,000 | 3,600,000 | ||||||
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | ||||||||
(Westminster Canterbury Richmond) | ||||||||
Series A 5.00% 10/1/47 | 2,170,000 | 2,243,303 |
69 |
Schedules of investments
Delaware National High-Yield Municipal Bond 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 | 7,430,000 | $ | 5,373,748 | |||||
Series A 4.00% 3/1/51 | 2,000,000 | 1,841,840 | ||||||
(Valley Vista Care Corporation) | ||||||||
Series A 5.00% 11/15/32 | 455,000 | 405,414 | ||||||
Illinois Finance Authority Revenue | ||||||||
(Plymouth Place, Inc.) | ||||||||
Series A 6.75% 5/15/58 | 3,000,000 | 3,097,050 | ||||||
(The Admiral at the Lake Project) | ||||||||
5.25% 5/15/42 | 900,000 | 751,392 | ||||||
5.25% 5/15/54 | 5,910,000 | 4,491,955 | ||||||
5.50% 5/15/54 | 3,375,000 | 2,668,410 | ||||||
Illinois Housing Development Authority Revenue | ||||||||
(Stonebridge of Gurnee Project) | ||||||||
Series A 144A 5.45% 1/1/46 # | 2,500,000 | 1,838,500 | ||||||
Series A 144A 5.60% 1/1/56 # | 2,630,000 | 1,860,383 | ||||||
Iowa Finance Authority Revenue | ||||||||
(Childserve Project) | ||||||||
Series B 5.00% 6/1/36 | 2,425,000 | 2,299,167 | ||||||
(PHS Council Bluffs Project) | ||||||||
5.125% 8/1/48 | 1,750,000 | 1,385,650 | ||||||
5.25% 8/1/55 | 2,500,000 | 1,921,225 | ||||||
Jefferson County, Washington Public Hospital District No. 2 Revenue | ||||||||
Series A 6.875% 12/1/53 | 8,880,000 | 9,055,291 | ||||||
Kalispell, Montana Revenue | ||||||||
(Immanuel Lutheran Corporation Project) | ||||||||
Series A 5.25% 5/15/32 | 435,000 | 418,700 | ||||||
Series A 5.25% 5/15/47 | 1,500,000 | 1,237,965 | ||||||
Series A 5.25% 5/15/52 | 5,420,000 | 4,360,011 | ||||||
Kentucky Economic Development Finance Authority Healthcare Revenue | ||||||||
(Rosedale Green Project) | ||||||||
5.50% 11/15/35 | 1,310,000 | 1,238,539 | ||||||
5.75% 11/15/45 | 3,000,000 | 2,651,160 | ||||||
5.75% 11/15/50 | 1,600,000 | 1,383,680 | ||||||
Kirkwood, Missouri Industrial Development Authority Revenue | ||||||||
(Aberdeen Heights Project) | ||||||||
Series A 5.25% 5/15/50 | 9,000,000 | 6,943,590 |
70 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Lake County, Florida Retirement Facility Revenue | ||||||||
(Lakeside At Waterman Village Project) | ||||||||
Series A 5.75% 8/15/50 | 2,500,000 | $ | 2,311,875 | |||||
Series A 5.75% 8/15/55 | 1,500,000 | 1,370,475 | ||||||
Lancaster County, Pennsylvania Hospital Authority Revenue | ||||||||
(Penn State Health) | ||||||||
5.00% 11/1/51 | 4,670,000 | 4,845,825 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
(The Glen Retirement System Project) | ||||||||
Series A 5.00% 1/1/49 | 3,500,000 | 2,505,265 | ||||||
Series A 5.00% 1/1/55 | 2,635,000 | 1,809,876 | ||||||
Louisiana Public Facilities Authority Revenue | ||||||||
(Ochsner Clinic Foundation Project) | ||||||||
Series A 3.00% 5/15/47 | 10,000,000 | 7,614,600 | ||||||
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | ||||||||
(Christian Care Surprise Project) | ||||||||
144A 6.00% 1/1/48 # | 5,645,000 | 4,078,795 | ||||||
Michigan Finance Authority Hospital Revenue | ||||||||
Series A 3.00% 12/1/49 | 12,000,000 | 9,272,040 | ||||||
Michigan State Strategic Fund Limited Revenue | ||||||||
(Evangelical Homes) | ||||||||
5.50% 6/1/47 | 2,560,000 | 2,202,982 | ||||||
Missouri State, Health and Educational Facilities Authority Revenue | ||||||||
(Mercy Health) | ||||||||
4.00% 6/1/53 | 4,810,000 | 4,563,151 | ||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Whitemarsh Continuing Care Retirement Community Project) | ||||||||
5.25% 1/1/40 | 1,550,000 | 1,426,186 | ||||||
5.375% 1/1/50 | 6,250,000 | 5,473,562 | ||||||
Series A 5.375% 1/1/51 | 2,000,000 | 1,743,200 | ||||||
Moon, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Baptist Homes Society) | ||||||||
6.125% 7/1/50 | 8,935,000 | 6,642,458 |
71 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Muskingum County, Ohio Hospital Facilities Revenue | ||||||||
(Genesis Healthcare System Obligated Group Project) | ||||||||
5.00% 2/15/48 | 2,000,000 | $ | 1,812,280 | |||||
Nassau County, New York Industrial Development Agency Revenue | ||||||||
(Amsterdam at Harborside Project) | ||||||||
Series B 5.00% 1/1/58 • | 10,884,206 | 3,259,167 | ||||||
National Finance Authority Revenue | ||||||||
(The Vista Project) | ||||||||
Series A 144A 5.25% 7/1/39 # | 1,515,000 | 1,409,192 | ||||||
Series A 144A 5.625% 7/1/46 # | 1,000,000 | 918,460 | ||||||
Series A 144A 5.75% 7/1/54 # | 2,000,000 | 1,824,240 | ||||||
New Hope, Texas Cultural Education Facilities Finance Revenue | ||||||||
(Army Retirement Residence Foundation Project) | ||||||||
6.00% 7/15/57 | 6,000,000 | 5,847,600 | ||||||
(Buckingham Senior Living Community, Inc. Project) | ||||||||
Series A-1 7.50% 11/15/37 | 120,000 | 92,479 | ||||||
Series A-2 7.50% 11/15/36 | 745,000 | 614,483 | ||||||
Series B 2.00% 11/15/61 • | 3,119,242 | 1,164,070 | ||||||
(Cardinal Bay - Village on the Park) | ||||||||
Series A-1 5.00% 7/1/46 | 660,000 | 452,100 | ||||||
Series A-1 5.00% 7/1/51 | 1,575,000 | 1,078,875 | ||||||
Series B 4.00% 7/1/31 | 635,000 | 285,750 | ||||||
Series B 4.75% 7/1/51 | 1,915,000 | 861,750 | ||||||
Series C 5.00% 7/1/31 ‡ | 250,000 | 87,500 | ||||||
Series C 5.25% 7/1/36 ‡ | 350,000 | 122,500 | ||||||
Series C 5.75% 7/1/51 ‡ | 2,250,000 | 787,500 | ||||||
Series D 6.00% 7/1/26 ‡ | 90,000 | 27,000 | ||||||
Series D 7.00% 7/1/51 ‡ | 1,350,000 | 405,000 | ||||||
(Legacy Midtown Park Project) | ||||||||
Series A 5.50% 7/1/54 | 5,000,000 | 3,916,700 | ||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 15,635,000 | 11,881,193 | ||||||
(The Outlook at Windhaven Project) | ||||||||
Series A 6.75% 10/1/52 | 1,000,000 | 926,430 | ||||||
Series A 6.875% 10/1/57 | 6,500,000 | 6,048,315 |
72 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
New Jersey Economic Development Authority Revenue | ||||||||
(Black Horse EHT Urban Renewal LLC Project) | ||||||||
Series A 144A 5.00% 10/1/39 #, ‡ | 3,125,000 | $ | 2,070,813 | |||||
(Lions Gate Project) | ||||||||
5.25% 1/1/44 | 2,000,000 | 1,880,180 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Garnet Health Medical Center) | ||||||||
144A 5.00% 12/1/40 # | 800,000 | 777,072 | ||||||
North Carolina Medical Care Commission Health Care Facilities Revenue | ||||||||
(Novant Health Obligated Group) | ||||||||
Series A 3.125% 11/1/49 | 5,000,000 | 3,903,650 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Morningstar Senior Living) | ||||||||
5.00% 11/1/49 | 1,830,000 | 1,559,965 | ||||||
Oklahoma Development Finance Authority Revenue | ||||||||
(OU Medicine Project) | ||||||||
Series B 5.50% 8/15/57 | 3,000,000 | 3,044,130 | ||||||
Orange County, New York Funding Assisted Living Residence Revenue | ||||||||
(The Hamlet at Wallkill Assisted Living Project) | ||||||||
6.50% 1/1/46 | 8,200,000 | 6,617,236 | ||||||
Palomar Health, California Revenue | ||||||||
4.00% 11/1/39 | 4,375,000 | 4,073,519 | ||||||
Payne County, Oklahoma Economic Development Authority Revenue | ||||||||
(Epworth Living at the Ranch) | ||||||||
Series A 7.00% 11/1/51 ‡ | 961,600 | 673 | ||||||
Pennsylvania Economic Development Financing Authority First Mortgage Revenue | ||||||||
(Tapestry Moon Senior Housing Project) | ||||||||
Series A 144A 6.75% 12/1/53 #, ‡ | 10,495,000 | 4,001,219 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(University of Pennsylvania Health System) | ||||||||
4.00% 8/15/49 | 4,770,000 | 4,609,919 | ||||||
Prince George's County, Maryland Revenue | ||||||||
(Collington Episcopal Life Care Community) | ||||||||
5.25% 4/1/47 | 2,000,000 | 1,784,060 |
73 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Rhode Island Health and Educational Building Revenue | ||||||||
5.25% 5/15/54 | 6,100,000 | $ | 6,560,916 | |||||
Rochester, Minnesota Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 2,500,000 | 2,499,725 | ||||||
Salem Hospital Facility Authority Revenue | ||||||||
(Capital Manor Project) | ||||||||
5.00% 5/15/53 | 1,895,000 | 1,742,453 | ||||||
Seminole County, Florida Industrial Development Authority Revenue | ||||||||
(Legacy Pointe at UCF Project) | ||||||||
Series A 5.25% 11/15/39 | 2,000,000 | 1,669,560 | ||||||
Series A 5.50% 11/15/49 | 8,000,000 | 6,300,480 | ||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue | ||||||||
(The Farms at Bailey Station Project) | ||||||||
5.75% 10/1/59 | 3,830,000 | 2,670,314 | ||||||
Southeastern Ohio Port Authority Revenue | ||||||||
(Memorial Health Systems) | ||||||||
5.00% 12/1/43 | 805,000 | 729,266 | ||||||
5.50% 12/1/43 | 1,250,000 | 1,205,262 | ||||||
St. Louis County, Missouri Industrial Development Authority Revenue | ||||||||
(Nazareth Living Center Project) | ||||||||
Series A 5.00% 8/15/35 | 600,000 | 555,492 | ||||||
Series A 5.125% 8/15/45 | 1,800,000 | 1,551,816 | ||||||
Tarrant County, Texas Cultural Education Facilities Finance Revenue | ||||||||
(Air Force Villages Obligated Group Project) | ||||||||
5.00% 5/15/45 | 8,650,000 | 7,752,908 | ||||||
(Buckner Senior Living - Ventana Project) | ||||||||
Series A 6.75% 11/15/47 | 3,250,000 | 3,324,295 | ||||||
Series A 6.75% 11/15/52 | 5,800,000 | 5,900,572 | ||||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/47 # | 2,150,000 | 1,344,180 | ||||||
Series A 144A 6.125% 10/1/52 # | 2,570,000 | 1,554,901 |
74 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
University of North Carolina Board of Governors Revenue | ||||||||
5.00% 2/1/49 | 19,355,000 | $ | 22,697,608 | |||||
Westchester County, New York Local Development Revenue | ||||||||
(Purchase Senior Learning Community, Inc. Project) | ||||||||
Series A 144A 5.00% 7/1/56 # | 4,250,000 | 3,960,448 | ||||||
Westminster, Maryland Project Revenue | ||||||||
(Lutheran Village Millers Grant) | ||||||||
Series A 5.00% 7/1/24 | 315,000 | 315,107 | ||||||
Series A 6.00% 7/1/34 | 1,000,000 | 1,001,890 | ||||||
Series A 6.125% 7/1/39 | 750,000 | 750,578 | ||||||
Series A 6.25% 7/1/44 | 2,500,000 | 2,500,500 | ||||||
Wisconsin Health & Educational Facilities Authority Revenue | ||||||||
(Children's Hospital of Wisconsin) | ||||||||
3.00% 8/15/52 | 3,000,000 | 2,238,120 | ||||||
(Covenant Communities Project) | ||||||||
Series B-5 5.00% 7/1/53 | 945,000 | 700,604 | ||||||
Series B 5.00% 7/1/48 | 1,000,000 | 768,730 | ||||||
Series C 7.00% 7/1/43 | 1,000,000 | 761,160 | ||||||
Series C 7.50% 7/1/53 | 1,000,000 | 755,940 | ||||||
(St. Camillus Health System) | ||||||||
Series A 5.00% 11/1/39 | 635,000 | 558,127 | ||||||
Series A 5.00% 11/1/46 | 1,000,000 | 821,260 | ||||||
Series A 5.00% 11/1/54 | 3,500,000 | 2,751,910 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Bancroft Neurohealth Project) | ||||||||
Series A 144A 5.00% 6/1/36 # | 960,000 | 906,931 | ||||||
Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,235,108 | ||||||
(Goodwill Industries of Southern Nevada Project) | ||||||||
Series A 5.50% 12/1/38 | 2,572,956 | 2,254,038 | ||||||
Series A 5.75% 12/1/48 | 2,576,272 | 2,147,529 | ||||||
Woodbury, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.125% 12/1/44 | 1,250,000 | 1,140,413 | ||||||
Yamhill County, Oregon Hospital Authority Revenue | ||||||||
(Friendsview) | ||||||||
Series A 5.00% 11/15/56 | 1,600,000 | 1,242,656 | ||||||
416,686,401 |
75 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds — 3.38% | ||||||||
California Municipal Finance Authority Revenue | ||||||||
Series I 144A 6.00% 1/1/39 # | 6,530,000 | $ | 6,784,735 | |||||
City of Dallas, Texas Housing Finance Revenue | ||||||||
Residential Development-Senior Lien | ||||||||
Series A 6.00% 12/1/62 | 2,000,000 | 2,037,300 | ||||||
Connecticut Housing Finance Authority Revenue | ||||||||
(Housing Mortgage Finance Program) | ||||||||
Series D 5.35% 11/15/48 | 7,000,000 | 7,390,460 | ||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Jefferson-Anaheim) | ||||||||
Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,073,535 | ||||||
(Parallel - Anaheim) | ||||||||
Series A 144A 4.00% 8/1/56 # | 700,000 | 584,311 | ||||||
(Pasadena Portfolio) | ||||||||
Series A-2 144A 3.00% 12/1/56 # | 5,800,000 | 4,070,150 | ||||||
Georgia Housing & Finance Authority Revenue | ||||||||
Series B 5.05% 12/1/43 | 2,500,000 | 2,701,775 | ||||||
Series B 5.20% 12/1/48 | 1,615,000 | 1,695,249 | ||||||
Series B 5.25% 6/1/51 | 2,000,000 | 2,137,480 | ||||||
Idaho Housing & Finance Association Single Family Mortgage Revenue | ||||||||
Series C 4.80% 7/1/53 (GNMA) | 6,000,000 | 6,054,720 | ||||||
Illinois Housing Development Authority Revenue | ||||||||
Series K 5.35% 4/1/47 | 7,400,000 | 7,777,104 | ||||||
Independent Cities, California Finance Authority Mobile Home Park Revenue | ||||||||
(Pillar Ridge) | ||||||||
Series A 5.25% 5/15/44 | 750,000 | 751,935 | ||||||
Indiana Housing & Community Development Authority Single Family Mortgage Revenue | ||||||||
Series D-1 5.00% 7/1/43 (GNMA) | 1,500,000 | 1,577,055 | ||||||
Series D-1 5.125% 7/1/48 (GNMA) | 1,850,000 | 1,919,523 | ||||||
Series D-1 5.20% 7/1/53 (GNMA) | 5,000,000 | 5,201,100 | ||||||
Nebraska Investment Finance Authority Single Family Housing Revenue | ||||||||
Series G 5.40% 9/1/53 (GNMA) | 5,000,000 | 5,226,650 | ||||||
New York City, New York Housing Development Revenue | ||||||||
4.80% 2/1/53 | 5,000,000 | 5,120,900 |
76 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | ||||||||
Series 141A 4.60% 10/1/43 | 1,645,000 | $ | 1,680,516 | |||||
(Social Bonds) | ||||||||
Series 142A 5.00% 10/1/50 | 10,340,000 | 10,763,733 | ||||||
Series 143A 5.45% 4/1/51 | 5,000,000 | 5,320,000 | ||||||
Public Finance Authority Revenue | ||||||||
(The Promenade Apartments) | ||||||||
6.25% 2/1/39 | 8,500,000 | 8,422,255 | ||||||
Rhode Island Housing & Mortgage Finance Revenue | ||||||||
Series A 4.65% 10/1/53 (GNMA) | 3,000,000 | 3,006,540 | ||||||
South Carolina State Housing Finance & Development Authority Revenue | ||||||||
Series B 4.90% 7/1/53 | 1,500,000 | 1,532,640 | ||||||
Texas Department of Housing & Community Affairs Revenue | ||||||||
Series C 5.125% 9/1/53 (GNMA) | 2,500,000 | 2,585,150 | ||||||
Virginia Housing Development Authority | ||||||||
Series A 5.30% 11/1/53 | 3,500,000 | 3,677,415 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue | ||||||||
Series C 3.00% 5/1/59 | 1,100,000 | 754,072 | ||||||
99,846,303 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 23.38% | ||||||||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
5.75% 8/1/42 (AMT) | 2,000,000 | 2,000,440 | ||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 6.00% 7/1/51 #, ‡ | 6,540,000 | 392,400 | ||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 21,330,000 | 1,279,800 | ||||||
Arkansas Development Finance Authority Revenue | ||||||||
(Hybar Steel Project) | ||||||||
144A 7.375% 7/1/48 (AMT) # | 10,000,000 | 10,995,700 | ||||||
Series A 144A 6.875% 7/1/48 (AMT) # | 10,000,000 | 10,937,700 | ||||||
(United States Steel Corporation Project) | ||||||||
5.70% 5/1/53 (AMT) | 18,750,000 | 19,438,875 |
77 |
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) | ||||||||
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | ||||||||
(Senior) | ||||||||
Series A-2 3.00% 6/1/48 | 13,775,000 | $ | 10,540,355 | |||||
Series A-2 4.00% 6/1/48 | 150,000 | 139,620 | ||||||
Series B-2 5.00% 6/1/55 | 64,670,000 | 61,717,814 | ||||||
Calhoun County, Texas Navigation Industrial Development Authority Revenue | ||||||||
(Max Midstream Texas, LLC Project) | ||||||||
Series A 144A 3.625% 7/1/26 (AMT) # | 3,285,000 | 3,077,257 | ||||||
California County Tobacco Securitization Agency Settlement Revenue | ||||||||
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) | ||||||||
Series D 8.613% 6/1/55 ^ | 100,000,000 | 9,542,000 | ||||||
(Capital Appreciation Bond- Stanislaus County Tobacco Funding Corporation) | ||||||||
Series D 8.239% 6/1/55 ^ | 6,250,000 | 494,000 | ||||||
California Infrastructure & Economic Development Bank Revenue | ||||||||
(Brightline West Passenger Rail Project) | ||||||||
144A 8.00% 1/1/50 (AMT) #, • | 13,500,000 | 13,732,065 | ||||||
California Pollution Control Financing Authority Revenue | ||||||||
(Calplant I Project) | ||||||||
144A 7.50% 7/1/32 (AMT) #, ‡ | 1,600,000 | 21,600 | ||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 5,250,000 | 70,875 | ||||||
Chicago, Illinois O'Hare International Airport Special Facilities Revenue | ||||||||
(Trips Obligated Group) | ||||||||
5.00% 7/1/48 (AMT) | 150,000 | 150,947 | ||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 7.707% 5/15/57 ^ | 225,000,000 | 18,562,500 | ||||||
Series B 9.403% 5/15/57 ^ | 3,420,000 | 221,616 | ||||||
City of Houston, Texas Airport System Revenue | ||||||||
Series B-1 5.00% 7/15/35 (AMT) | 3,000,000 | 3,005,670 | ||||||
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects) | ||||||||
Series 2011 6.625% 7/15/38 (AMT) | 2,000,000 | 2,001,180 |
78 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
City of Houston, Texas Airport System Revenue | ||||||||
(United Airlines Inc.) | ||||||||
5.00% 7/1/29 (AMT) | 1,150,000 | $ | 1,150,276 | |||||
District of Columbia Tobacco Settlement Financing Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series C 3.88% 6/15/55 ^ | 121,000,000 | 13,545,950 | ||||||
Series D 7.392% 6/15/55 ^ | 262,500,000 | 26,433,750 | ||||||
Erie County, New York Tobacco Asset Securitization Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 9.212% 6/1/60 #, ^ | 196,565,000 | 12,933,977 | ||||||
Series D 7.815% 6/1/55 ^ | 4,000,000 | 320,960 | ||||||
Finance Authority of Maine Solid Waste Disposal Revenue | ||||||||
(Casella Waste System Project) | ||||||||
Series R-2 144A 4.375% 8/1/35 (AMT) #, • | 1,000,000 | 993,970 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series A 144A 7.50% 7/1/57 (AMT) #, • | 11,900,000 | 11,846,212 | ||||||
(Brightline Passenger Rail Project) | ||||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 21,540,000 | 22,078,069 | ||||||
(Virgin Trains USA Passenger Rail Project) | ||||||||
Series A 144A 6.50% 1/1/49 (AMT) #, • | 8,905,000 | 8,893,157 | ||||||
George L Smith II Georgia World Congress Center Authority Revenue | ||||||||
(Convention Center Hotel First Tier) | ||||||||
Series A 4.00% 1/1/54 | 13,060,000 | 11,629,799 | ||||||
(Convention Center Hotel Second Tier) | ||||||||
Series B 144A 5.00% 1/1/54 # | 10,000,000 | 9,020,800 | ||||||
Golden State, California Tobacco Securitization Corporate Settlement Revenue | ||||||||
(Capital Appreciation) | ||||||||
Series B-2 1.355% 6/1/66 ^ | 355,550,000 | 40,472,256 | ||||||
Hoover, Alabama Industrial Development Board Environmental Improvement Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
5.75% 10/1/49 (AMT) | 10,250,000 | 10,599,422 | ||||||
Indiana Finance Authority Exempt Facility Revenue | ||||||||
(Polyflow Indiana Project - Green Bonds) | ||||||||
144A 7.00% 3/1/39 (AMT) # | 6,835,000 | 5,185,920 |
79 |
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) | ||||||||
Inland, California Empire Tobacco Securitization Revenue | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series E 144A 8.455% 6/1/57 #, ^ | 383,610,000 | $ | 30,531,520 | |||||
Series F 144A 5.666% 6/1/57 #, ^ | 406,910,000 | 26,481,703 | ||||||
Iowa Finance Authority Midwestern Disaster Area Revenue | ||||||||
(Iowa Fertilizer Company Project) | ||||||||
5.00% 12/1/50 | 10,625,000 | 11,193,119 | ||||||
Louisiana Public Facilities Authority Revenue | ||||||||
(Louisiana Pellets Project) | ||||||||
Series A 8.375% 7/1/39 (AMT) ‡ | 13,547,003 | 135 | ||||||
Series B 10.50% 7/1/39 (AMT) ‡ | 12,201,587 | 122 | ||||||
Series LA 144A 7.75% 7/1/39 (AMT) #, ‡ | 1,976,705 | 20 | ||||||
Lower Alabama Gas District Revenue | ||||||||
Series A 5.00% 9/1/46 | 10,910,000 | 11,838,986 | ||||||
Main Street Natural Gas Project Revenue | ||||||||
Series A 4.00% 5/15/39 | 5,500,000 | 5,279,725 | ||||||
Maine Finance Authority Revenue | ||||||||
(Go Lab Madison, LLC Project) | ||||||||
144A 8.00% 12/1/51 (AMT) # | 10,950,000 | 8,636,484 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Commercial Metals Company Project) | ||||||||
144A 4.00% 10/15/47 (AMT) # | 8,020,000 | 7,202,842 | ||||||
Miami-Dade County, Florida Industrial Development Authority Revenue | ||||||||
(CFC-MB I, LLC Collins Park Housing Project) | ||||||||
144A 6.25% 1/1/59 # | 7,000,000 | 7,015,680 | ||||||
Michigan Finance Authority Limited Obligation Revenue | ||||||||
Series B-2 4.97% 6/1/65 ^ | 10,000,000 | 1,133,300 | ||||||
Monroe, New York Tobacco Asset Securitization Revenue | ||||||||
(4th Subordinate - Capital Appreciation - Asset-Backed) | ||||||||
Series A 144A 7.939% 6/1/61 #, ^ | 487,500,000 | 26,539,500 | ||||||
Nassau County, New York Tobacco Settlement Revenue | ||||||||
(Asset-Backed) | ||||||||
Series A-3 5.125% 6/1/46 | 10,000,000 | 9,545,900 |
80 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Nevada State Department of Business & Industry Revenue | ||||||||
(Fulcrum Sierra Biofuels, LLC Project - Green Bonds) | ||||||||
144A 6.25% 12/15/37 (AMT) #, ‡ | 2,500,000 | $ | 1,000,000 | |||||
New Jersey Economic Development Authority Special Facility Revenue | ||||||||
(Continental Airlines Project) | ||||||||
5.25% 9/15/29 (AMT) | 4,000,000 | 4,009,200 | ||||||
Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,283,106 | ||||||
New Jersey Tobacco Settlement Financing Revenue | ||||||||
Series B 5.00% 6/1/46 | 4,605,000 | 4,692,725 | ||||||
New York City, New York Industrial Development Agency Revenue | ||||||||
(Queens Baseball Stadium Project) | ||||||||
Series A 2.00% 1/1/38 (AGM) | 500,000 | 366,750 | ||||||
(Yankee Stadium Project) | ||||||||
Series A 3.00% 3/1/49 | 1,000,000 | 743,320 | ||||||
New York Counties Tobacco Trust IV Revenue | ||||||||
Series F 0.15% 6/1/60 ^ | 55,000,000 | 4,019,950 | ||||||
New York Counties Tobacco Trust V Revenue | ||||||||
Series 4B 144A 0.269% 6/1/60 #, ^ | 322,800,000 | 15,801,060 | ||||||
New York Counties Tobacco Trust VI Revenue | ||||||||
Series C 5.00% 6/1/51 | 1,000,000 | 944,550 | ||||||
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 | 1,044,900 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/38 (AMT) | 2,455,000 | 2,607,996 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(National Gypsum) | ||||||||
5.50% 11/1/44 (AMT) | 4,500,000 | 4,516,065 | ||||||
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 | 1,227,013 |
81 |
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) | ||||||||
Port of Seattle, Washington Industrial Development Special Facilities Revenue | ||||||||
(Delta Airlines) | ||||||||
5.00% 4/1/30 (AMT) | 2,000,000 | $ | 2,000,180 | |||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 11,000,000 | 13,603,700 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 9,250,000 | 10,156,500 | ||||||
5.25% 12/1/27 | 2,235,000 | 2,335,352 | ||||||
5.25% 12/1/28 | 1,050,000 | 1,106,280 | ||||||
5.50% 12/1/29 | 765,000 | 821,847 | ||||||
San Diego County, California Tobacco Settlement Revenue Funding | ||||||||
Series C 4.00% 6/1/32 | 445,000 | 448,435 | ||||||
Sanger Industrial Development Revenue | ||||||||
(Texas Pellets Project) | ||||||||
Series B 8.00% 7/1/38 (AMT) ‡ | 17,870,000 | 4,199,450 | ||||||
Shoals, Indiana Exempt Facilities Revenue | ||||||||
(National Gypsum Project) | ||||||||
7.25% 11/1/43 (AMT) | 1,860,000 | 1,863,069 | ||||||
St. James Parish, Louisiana Revenue | ||||||||
(NuStar Logistics, LP Project) | ||||||||
144A 6.10% 6/1/38 #, • | 1,000,000 | 1,097,540 | ||||||
Series B 144A 6.10% 12/1/40 #, • | 1,630,000 | 1,788,958 | ||||||
Tennessee State Energy Acquisition Gas Revenue | ||||||||
Series C 5.00% 2/1/27 | 2,940,000 | 2,982,512 | ||||||
Tobacco Securitization Authority of Southern California Revenue | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 1.574% 6/1/46 ^ | 3,515,000 | 705,601 | ||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 3.916% 6/1/46 ^ | 8,770,000 | 1,466,695 | ||||||
(San Diego County Tobacco Asset Securitization Corporation) | ||||||||
Series B-1 5.00% 6/1/48 | 795,000 | 813,245 | ||||||
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue | ||||||||
Series A 5.50% 6/1/35 (AMT) | 2,000,000 | 2,000,300 |
82 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue | ||||||||
(Hunt Refining Project) | ||||||||
Series A 144A 5.25% 5/1/44 # | 9,440,000 | $ | 9,404,411 | |||||
Valparaiso, Indiana Revenue | ||||||||
(Pratt Paper LLC Project) | ||||||||
7.00% 1/1/44 (AMT) | 3,305,000 | 3,312,040 | ||||||
Vermont Economic Development Authority Revenue | ||||||||
(Casella Waste System) | ||||||||
144A 4.625% 4/1/36 (AMT) #, • | 1,000,000 | 997,940 | ||||||
Virginia Tobacco Settlement Financing Revenue | ||||||||
(Capital Appreciation) | ||||||||
Series A-1 6.706% 6/1/46 | 10,865,000 | 9,255,133 | ||||||
Series B-1 5.00% 6/1/47 | 2,000,000 | 1,894,620 | ||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series C 2.949% 6/1/47 ^ | 95,170,000 | 25,951,907 | ||||||
Series D 2.20% 6/1/47 ^ | 179,085,000 | 47,742,270 | ||||||
Washington Economic Development Finance Authority Revenue | ||||||||
(Columbia Pulp I, LLC Project) | ||||||||
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | 4,800,000 | 480 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 13,255,000 | 13,198,666 | ||||||
690,229,734 | ||||||||
Lease Revenue Bonds — 2.73% | ||||||||
Baltimore, Maryland Special Obligation Subordinate Revenue | ||||||||
(Harbor Point Project) | ||||||||
5.00% 6/1/51 | 1,000,000 | 1,002,650 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Lancer Plaza Project) | ||||||||
5.625% 11/1/33 | 1,400,000 | 1,401,666 | ||||||
5.875% 11/1/43 | 3,765,000 | 3,768,313 | ||||||
Idaho Falls, Idaho Annual Appropriation Certificates of Participation Revenue | ||||||||
144A 5.25% 5/15/51 # | 5,000,000 | 4,942,450 |
83 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Los Angeles County, California Public Works Financing Authority Revenue | ||||||||
(LACMA Building for the Permanent Collection Project) | ||||||||
Series A 3.00% 12/1/50 | 11,000,000 | $ | 8,464,280 | |||||
Metropolitan Pier & Exposition Authority, Illinois Revenue | ||||||||
(McCormick Place Expansion Project) | ||||||||
5.92% 12/15/56 ^ | 6,110,000 | 1,148,313 | ||||||
Series A 4.00% 6/15/52 | 8,305,000 | 7,718,999 | ||||||
Series A 5.00% 6/15/50 | 4,135,000 | 4,252,310 | ||||||
Series B 4.952% 12/15/54 (BAM) ^ | 3,535,000 | 807,500 | ||||||
Series B 5.03% 12/15/54 ^ | 3,710,000 | 776,800 | ||||||
New Jersey Transportation Trust Fund Authority Revenue | ||||||||
5.50% 6/15/50 | 4,250,000 | 4,713,463 | ||||||
Series AA 4.00% 6/15/50 | 2,945,000 | 2,832,059 | ||||||
(Transportation Program) | ||||||||
Series AA 5.00% 6/15/25 | 1,000,000 | 1,022,240 | ||||||
(Transportation System) | ||||||||
Series A 4.991% 12/15/39 ^ | 5,290,000 | 2,843,481 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center Project) | ||||||||
Series A 3.00% 11/15/51 | 5,750,000 | 4,282,255 | ||||||
(Class 1 - 3 World Trade Center Project) | ||||||||
144A 5.00% 11/15/44 # | 14,500,000 | 14,503,770 | ||||||
(Class 3 - 3 World Trade Center Project) | ||||||||
144A 7.25% 11/15/44 # | 7,250,000 | 7,310,030 | ||||||
Phoenix, Arizona Industrial Development Authority Lease Revenue | ||||||||
5.125% 2/1/34 | 1,000,000 | 972,730 | ||||||
5.375% 2/1/41 | 1,300,000 | 1,220,102 | ||||||
St. Louis, Missouri Municipal Finance Revenue | ||||||||
(Convention Center Capital Improvement Project) | ||||||||
Series A 6.43% 7/15/36 (AGM) ^ | 2,250,000 | 1,376,213 | ||||||
Series A 6.44% 7/15/37 (AGM) ^ | 4,000,000 | 2,313,680 | ||||||
University of Missouri Industrial Development Authority Revenue | ||||||||
(Markets At Olive Project) | ||||||||
Series A 5.50% 6/15/42 | 3,000,000 | 3,040,980 | ||||||
80,714,284 |
84 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds — 3.69% | ||||||||
Chicago, Illinois Board of Education | ||||||||
Series A 5.00% 12/1/42 | 7,690,000 | $ | 7,689,385 | |||||
Series A 5.875% 12/1/47 | 8,000,000 | 8,826,160 | ||||||
Series A 6.00% 12/1/49 | 13,820,000 | 15,334,948 | ||||||
Series A 144A 7.00% 12/1/46 # | 2,500,000 | 2,708,425 | ||||||
Series B 4.00% 12/1/40 | 4,500,000 | 4,303,215 | ||||||
Series B 4.00% 12/1/41 | 2,000,000 | 1,884,260 | ||||||
Series G 5.00% 12/1/44 | 2,545,000 | 2,556,376 | ||||||
Series H 5.00% 12/1/36 | 4,850,000 | 4,925,612 | ||||||
Series H 5.00% 12/1/46 | 4,225,000 | 4,230,873 | ||||||
City of Chicago, Illinois | ||||||||
Series 2005D 5.50% 1/1/37 | 2,280,000 | 2,299,517 | ||||||
Series 2007E 5.50% 1/1/42 | 1,900,000 | 1,908,740 | ||||||
Series A 5.50% 1/1/39 | 2,660,000 | 2,911,689 | ||||||
Series A 5.50% 1/1/40 | 2,160,000 | 2,351,246 | ||||||
Series A 5.50% 1/1/49 | 770,000 | 798,960 | ||||||
Series C 5.00% 1/1/26 | 500,000 | 512,585 | ||||||
Conroe, Texas Independent School District | ||||||||
5.00% 2/15/49 (PSF) | 10,000,000 | 10,961,100 | ||||||
Deer Park, Texas Independent School District | ||||||||
(Unlimited Tax School Building Bonds) | ||||||||
5.00% 8/15/48 (PSF) | 5,830,000 | 6,355,691 | ||||||
Fairfield, Alabama General Obligation Warrants | ||||||||
6.00% 6/1/37 | 8,485,000 | 7,636,500 | ||||||
Lodi, California Unified School Distirct | ||||||||
Series 2020 3.00% 8/1/43 | 2,750,000 | 2,341,405 | ||||||
MIDA Golf and Equestrian Center Public Infrastructure District | ||||||||
144A 4.50% 6/1/51 # | 7,500,000 | 5,493,900 | ||||||
144A 4.625% 6/1/57 # | 7,000,000 | 5,077,520 | ||||||
Verve, Colorado Metropolitan District No. 1 | ||||||||
5.00% 12/1/51 | 1,000,000 | 792,710 | ||||||
Village of Riverdale, Illinois | ||||||||
8.00% 10/1/36 | 6,925,000 | 6,941,343 | ||||||
108,842,160 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 1.48% | ||||||||
Blythe Township, Pennsylvania Solid Waste Authority Revenue | ||||||||
7.75% 12/1/37-27 (AMT) § | 2,725,000 | 3,087,016 |
85 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
California School Finance Authority Revenue | ||||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41-25 #, § | 125,000 | $ | 128,516 | |||||
Central Texas Regional Mobility Authority Senior Lien Revenue | ||||||||
Series A 5.00% 1/1/45-25 § | 4,000,000 | 4,099,760 | ||||||
Decatur County, Texas Hospital Authority | ||||||||
(Wise Regional Health System) | ||||||||
Series C 4.00% 9/1/29 | 491,000 | 504,454 | ||||||
Series C 4.00% 9/1/34-31 § | 987,000 | 1,037,031 | ||||||
Series C 4.00% 9/1/44-31 § | 2,036,000 | 2,201,262 | ||||||
Golden State, California Tobacco Securitization Corporate Settlement Revenue | ||||||||
(Asset-Backed Enhanced) | ||||||||
Series A 5.00% 6/1/35-25 § | 6,265,000 | 6,432,589 | ||||||
Henderson, Nevada Public Improvement Trust | ||||||||
(Touro College & University System) | ||||||||
Series A 5.50% 1/1/39-24 § | 560,000 | 563,724 | ||||||
Multnomah County, Oregon Hospital Facilities Authority Revenue | ||||||||
(Mirabella at South Waterfront) | ||||||||
Series A 5.50% 10/1/49-24 § | 2,400,000 | 2,426,544 | ||||||
Nampa, Idaho Development Corporation Revenue Allocation | ||||||||
(Library Square Project) | ||||||||
144A 5.00% 9/1/31-24 #, § | 2,940,000 | 3,030,552 | ||||||
New Jersey Economic Development Authority Special Facility | ||||||||
Series WW 5.25% 6/15/30-25 § | 5,000,000 | 5,141,350 | ||||||
North Texas Tollway Authority Special Project System Revenue | ||||||||
Series C 7.00% 9/1/43-31 §, ~ | 5,000,000 | 6,275,100 | ||||||
Osceola County, Florida Expressway System Senior Lien | ||||||||
(Poinciana Parkway Project) | ||||||||
Series A 5.375% 10/1/47-24 § | 2,000,000 | 2,023,580 | ||||||
Washington State Housing Finance Commission Revenue | ||||||||
(Heron's Key) | ||||||||
Series A 144A 7.00% 7/1/45-25 #, § | 1,000,000 | 1,041,930 | ||||||
Series A 144A 7.00% 7/1/50-25 #, § | 3,625,000 | 3,776,996 |
86 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(Rose Villa Project) | ||||||||
Series A 144A 5.75% 11/15/44-24 #, § | 2,000,000 | $ | 2,026,960 | |||||
43,797,364 | ||||||||
Resource Recovery Revenue Bonds — 0.31% | ||||||||
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 | 2,979,210 | ||||||
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 | 910,815 | ||||||
Union County, New Jersey Improvement Authority Revenue | ||||||||
(Aries Linden, LLC Project) | ||||||||
144A 6.75% 12/1/41 (AMT) # | 7,990,000 | 5,210,998 | ||||||
9,101,023 | ||||||||
Special Tax Revenue Bonds — 14.76% | ||||||||
Branson, Missouri Industrial Development Authority Tax Increment Revenue | ||||||||
(Branson Shoppes Redevelopment Project) | ||||||||
Series A 3.90% 11/1/29 | 430,000 | 403,779 | ||||||
Celebration Pointe, Florida Community Development District No. 1 Revenue | ||||||||
5.125% 5/1/45 | 2,460,000 | 2,460,320 | ||||||
Cherry Hill, Virginia Community Development Authority Revenue | ||||||||
(Potomac Shores Project) | ||||||||
144A 5.15% 3/1/35 # | 1,000,000 | 1,010,860 | ||||||
144A 5.40% 3/1/45 # | 2,000,000 | 2,011,160 | ||||||
City of Kansas, Missouri Tax Increment Financing Commission Revenue | ||||||||
(Brywood Centre Project) | ||||||||
Series A 8.00% 4/1/33 ‡ | 3,950,000 | 750,500 | ||||||
City of Newport Beach, California Revenue | ||||||||
Series A 4.00% 9/2/33 | 200,000 | 208,670 | ||||||
Series A 4.125% 9/2/38 | 575,000 | 585,551 | ||||||
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | ||||||||
(H. Lee Moffitt Cancer Center Project) | ||||||||
Series A 4.55% 9/1/53 ^ | 12,095,000 | 2,888,528 |
87 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 • | 13,447,774 | $ | 6,202,785 | |||||
(Restructured) | ||||||||
2.689% 11/1/43 • | 89,035,341 | 52,196,969 | ||||||
Conley, Missouri Road Transportation Development District Revenue | ||||||||
5.375% 5/1/47 | 6,655,000 | 6,679,557 | ||||||
East Dundee, Illinois Limited Obligation Tax Increment Revenue | ||||||||
(Route 25 South Redevelopment Project) | ||||||||
5.625% 12/1/31 | 1,200,000 | 1,167,876 | ||||||
Fountain Urban Renewal Authority, Colorado Revenue | ||||||||
(South Academy Highlands Project) | ||||||||
Series A 5.50% 11/1/44 | 3,750,000 | 3,745,387 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 77,451,354 | 73,966,043 | ||||||
Glen Cove, New York Local Economic Assistance Revenue | ||||||||
(Garvies Point Public Improvement Project) | ||||||||
Series A 5.00% 1/1/56 | 2,000,000 | 1,799,360 | ||||||
Grandview Industrial Development Authority Revenue | ||||||||
(Grandview Crossing Project) | ||||||||
5.75% 12/1/28 ‡ | 1,000,000 | 380,000 | ||||||
Guam Government Business Privilege Tax Revenue | ||||||||
Series F 4.00% 1/1/42 | 2,500,000 | 2,409,700 | ||||||
Henderson, Nevada Local Improvement Districts Revenue | ||||||||
(Black Mountain Ranch) | ||||||||
3.00% 9/1/36 | 300,000 | 240,825 | ||||||
3.50% 9/1/45 | 720,000 | 543,089 | ||||||
4.00% 9/1/51 | 500,000 | 403,390 | ||||||
Indianapolis, Indiana Local Public Improvement Bond Bank Revenue | ||||||||
(Convention Center Hotel Project) | ||||||||
Series E 6.00% 3/1/53 | 3,000,000 | 3,229,710 | ||||||
Series E 6.125% 3/1/57 | 3,250,000 | 3,508,537 | ||||||
Juban Crossing Economic Development District, Louisiana Revenue | ||||||||
(General Infrastructure Projects) | ||||||||
Series C 144A 7.00% 9/15/44 # | 2,910,000 | 2,914,743 |
88 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Juban Crossing Economic Development District, Louisiana Revenue | ||||||||
(Road Projects) | ||||||||
Series A 144A 7.00% 9/15/44 # | 1,745,000 | $ | 1,747,827 | |||||
Lakeside 370 Levee District, Missouri Subdistrict B Revenue | ||||||||
Series 2015-B 0.00% 4/1/55 | 853,802 | 768,422 | ||||||
Las Vegas, Nevada Special Improvement District No 817 Local Improvement Revenue | ||||||||
(Summerlin Village 29) | ||||||||
5.50% 6/1/38 | 375,000 | 389,179 | ||||||
5.75% 6/1/43 | 500,000 | 518,855 | ||||||
6.00% 6/1/53 | 1,000,000 | 1,038,670 | ||||||
Las Vegas, Nevada Revenue | ||||||||
(Villages At Tule Springs Village 1) | ||||||||
144A 5.50% 6/1/37 # | 750,000 | 766,140 | ||||||
144A 5.75% 6/1/42 # | 1,100,000 | 1,120,273 | ||||||
144A 5.75% 6/1/47 # | 1,575,000 | 1,589,380 | ||||||
144A 6.00% 6/1/52 # | 1,800,000 | 1,838,898 | ||||||
Lees Summit Industrial Development Authority Revenue | ||||||||
(Kensington Farms Improvement Project) | ||||||||
5.75% 3/1/29 ‡ | 2,185,000 | 1,201,750 | ||||||
Marquis Community Development Authority of York County Virginia Revenue | ||||||||
Series B 5.625% 9/1/41 ‡ | 2,779,000 | 972,650 | ||||||
(Capital Appreciation Bonds) | ||||||||
Series C 0.00% 9/1/41 ^ | 821,000 | 2,053 | ||||||
(Convertible Capital Appreciation Bonds) | ||||||||
144A 7.50% 9/1/45 #, ‡ | 859,000 | 300,650 | ||||||
Matching Fund Special Purpose Securitization Revenue | ||||||||
Series A 5.00% 10/1/39 | 8,945,000 | 9,356,917 | ||||||
Midtown Miami, Florida Community Development District Revenue | ||||||||
(Parking Garage Project) | ||||||||
Series A 5.00% 5/1/37 | 500,000 | 500,005 | ||||||
Mobile, Alabama Improvement District Revenue | ||||||||
(McGowin Park Project) | ||||||||
Series A 5.25% 8/1/30 | 1,000,000 | 972,050 | ||||||
Series A 5.50% 8/1/35 | 1,300,000 | 1,262,274 |
89 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Monongalia County | ||||||||
(Development District No. 4 – University Town Centre) | ||||||||
Series A 144A 5.00% 6/1/33 # | 1,000,000 | $ | 1,035,800 | |||||
Series A 144A 5.75% 6/1/43 # | 1,500,000 | 1,591,560 | ||||||
Series A 144A 6.00% 6/1/53 # | 1,500,000 | 1,610,925 | ||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue | ||||||||
Series A-3 3.00% 5/1/45 | 5,000,000 | 4,132,900 | ||||||
Series B-1 3.00% 8/1/48 | 6,605,000 | 5,256,986 | ||||||
New York State Thruway Authority Revenue | ||||||||
Series A-1 3.00% 3/15/49 | 5,000,000 | 3,990,200 | ||||||
Series A-1 3.00% 3/15/50 | 3,640,000 | 2,877,420 | ||||||
New York State Urban Development Revenue | ||||||||
Series E 3.00% 3/15/50 | 2,500,000 | 1,946,675 | ||||||
(General Purpose) | ||||||||
Series A 3.00% 3/15/50 | 3,310,000 | 2,577,398 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Route 33 Project) | ||||||||
7.00% 7/1/32 | 1,755,000 | 1,758,124 | ||||||
Ohio Infrastructure Improvement Revenue | ||||||||
(Hickory Chase Project) | ||||||||
Senior Series A 144A 5.00% 12/1/40 # | 1,315,000 | 1,223,515 | ||||||
Orange County, California Community Facilities District No. 2023-1 Revenue | ||||||||
(Rienda Phase 2B) | ||||||||
Series A 5.50% 8/15/48 | 1,500,000 | 1,572,600 | ||||||
Series A 5.50% 8/15/53 | 1,200,000 | 1,249,728 | ||||||
Prairie Center Metropolitan District No. 3, Colorado Revenue | ||||||||
Series A 144A 5.00% 12/15/41 # | 2,000,000 | 2,007,560 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 47,908,000 | 47,935,307 | ||||||
Series A-1 5.00% 7/1/58 | 18,685,000 | 18,824,951 | ||||||
Series A-1 5.831% 7/1/46 ^ | 104,102,000 | 33,891,447 | ||||||
Series A-1 5.915% 7/1/51 ^ | 143,746,000 | 34,726,159 | ||||||
Series A-2 4.536% 7/1/53 | 1,022,000 | 990,032 | ||||||
Series A-2 4.784% 7/1/58 | 15,694,000 | 15,654,765 | ||||||
Series B-1 4.75% 7/1/53 | 5,619,000 | 5,622,203 |
90 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement | ||||||||
(Francis Place Redevelopment Project) | ||||||||
5.625% 11/1/25 | 540,000 | $ | 533,191 | |||||
San Buenaventura Redevelopment Agency Revenue | ||||||||
(Merged San Buenaventura Redevelopment Project) | ||||||||
7.75% 8/1/28 | 840,000 | 843,158 | ||||||
8.00% 8/1/38 | 1,500,000 | 1,505,940 | ||||||
St. Louis County, Missouri Industrial Development Authority Revenue | ||||||||
(Manchester Ballas Community) | ||||||||
Series A 144A 5.00% 9/1/38 # | 1,050,000 | 1,046,084 | ||||||
Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,514,016 | ||||||
Stone Canyon Community Improvement District Revenue | ||||||||
(Public Infrastructure Improvement Project) | ||||||||
5.75% 4/1/27 ‡ | 1,250,000 | 112,500 | ||||||
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior lien Revenue | ||||||||
(MTA Bridges and Tunnels) | ||||||||
Series C-3 3.00% 5/15/51 | 6,000,000 | 4,572,900 | ||||||
Verve, Colorado Metropolitan District No. 1 Revenue | ||||||||
6.50% 12/1/43 | 4,365,000 | 4,248,978 | ||||||
6.75% 12/1/52 | 4,000,000 | 3,925,360 | ||||||
Village Community Development District No. 15, Florida | ||||||||
144A 5.00% 5/1/43 # | 1,000,000 | 1,022,870 | ||||||
144A 5.25% 5/1/54 # | 3,500,000 | 3,597,405 | ||||||
Whiting Redevelopment District, Indiana Revenue | ||||||||
4.00% 1/15/32 | 2,600,000 | 2,507,206 | ||||||
Wisconsin Public Finance Authority Revenue | ||||||||
(American Dream @ Meadowlands Project) | ||||||||
144A 7.00% 12/1/50 # | 5,065,000 | 4,840,924 | ||||||
(Mclemore Hotel & Conference Center) | ||||||||
Series A 144A 4.50% 6/1/56 # | 13,000,000 | 10,867,480 | ||||||
Series B 144A 6.50% 6/1/56 # | 1,000,000 | 867,650 | ||||||
Wyandotte County, Kansas Unified Government Special Obligation Revenue | ||||||||
(Sales Tax Vacation Village Project) | ||||||||
Series A 6.00% 9/1/35 | 4,690,000 | 4,282,533 |
91 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Wyandotte County, Kansas Unified Government Special Obligation Revenue | ||||||||
(Wyandotte Plaza Redevelopment Project) | ||||||||
5.00% 12/1/34 | 3,000,000 | $ | 2,865,300 | |||||
435,683,082 | ||||||||
State General Obligation Bonds — 5.66% | ||||||||
California State | ||||||||
4.00% 9/1/29 | 3,950,000 | 4,256,085 | ||||||
Commonwealth of Massachusetts | ||||||||
Series A 5.00% 1/1/54 | 12,000,000 | 13,073,400 | ||||||
Series C 2.75% 3/1/50 | 5,000,000 | 3,624,600 | ||||||
Series D 4.00% 11/1/35 | 5,000,000 | 5,343,550 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | ||||||||
(Rail Enhancement Project) | ||||||||
Series B 5.00% 6/1/52 | 6,000,000 | 6,491,700 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 10,759,631 | 10,276,309 | ||||||
Series A-1 4.00% 7/1/41 | 35,742,237 | 33,198,462 | ||||||
Series A-1 4.00% 7/1/46 | 62,264,861 | 56,274,981 | ||||||
Illinois State | ||||||||
5.00% 1/1/28 | 1,190,000 | 1,225,093 | ||||||
5.50% 5/1/39 | 6,000,000 | 6,633,180 | ||||||
Series A 5.125% 12/1/29 | 1,310,000 | 1,401,084 | ||||||
Series A 5.50% 3/1/47 | 9,700,000 | 10,629,163 | ||||||
Series B 3.00% 12/1/41 | 2,605,000 | 2,164,104 | ||||||
Series C 4.00% 10/1/41 | 400,000 | 390,112 | ||||||
Series C 4.00% 10/1/42 | 2,900,000 | 2,819,786 | ||||||
Series C 5.00% 11/1/29 | 4,600,000 | 4,894,676 | ||||||
(Rebuild Illinois Program) | ||||||||
Series B 4.00% 11/1/35 | 2,000,000 | 2,028,460 | ||||||
New Jersey State | ||||||||
(COVID-19 General Obligation Emergency Bonds) | ||||||||
Series A 4.00% 6/1/32 | 2,080,000 | 2,278,744 | ||||||
167,003,489 | ||||||||
Transportation Revenue Bonds — 7.16% | ||||||||
Allegheny County, Pennsylvania Airport Authority Revenue | ||||||||
(Pittsburgh International Airport) | ||||||||
Series A 5.50% 1/1/48 (AGM) (AMT) | 5,000,000 | 5,515,700 |
92 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Allegheny County, Pennsylvania Airport Authority Revenue | ||||||||
(Pittsburgh International Airport) | ||||||||
Series A 5.50% 1/1/53 (AGM) (AMT) | 6,770,000 | $ | 7,399,881 | |||||
California Municipal Finance Authority Senior Lien Revenue | ||||||||
(LINXS APM Project) | ||||||||
Series A 4.00% 12/31/47 (AMT) | 10,150,000 | 9,030,759 | ||||||
Series A 5.00% 12/31/43 (AMT) | 1,500,000 | 1,500,105 | ||||||
Central Texas Regional Mobility Authority Senior Lien Revenue | ||||||||
7.81% 1/1/36 ^ | 2,500,000 | 1,579,100 | ||||||
7.85% 1/1/40 ^ | 2,000,000 | 990,680 | ||||||
City & County of Denver, Colorado Airport System Revenue | ||||||||
Series A 4.00% 12/1/48 (AMT) | 5,000,000 | 4,696,650 | ||||||
City of Los Angeles, California Department of Airports Revenue | ||||||||
(Los Angeles International Airport) | ||||||||
Series F 3.00% 5/15/49 (AMT) | 3,030,000 | 2,299,103 | ||||||
Colorado High Performance Transportation Enterprise Revenue | ||||||||
(U.S. 36 & I-25 Managed Lanes) | ||||||||
5.75% 1/1/44 (AMT) | 3,250,000 | 3,255,005 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | ||||||||
(Rail Enhancement Project) | ||||||||
Series A 5.00% 6/1/53 | 5,500,000 | 6,016,670 | ||||||
Florida Development Finance Revenue | ||||||||
(Brightline Florida Passenger Rail Expansion Project) | ||||||||
Series C 144A 8.00% 7/1/57 (AMT) #, • | 12,500,000 | 13,127,625 | ||||||
(Brightline Florida Passenger Rail Project) | ||||||||
Series A 144A 6.25% 1/1/49 (AMT) #, • | 5,000,000 | 5,000,750 | ||||||
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | ||||||||
Series B-1 3.95% 1/15/53 | 2,800,000 | 2,597,140 | ||||||
Series B-2 3.50% 1/15/53 | 1,600,000 | 1,357,696 | ||||||
Series B-2 3.50% 1/15/53 (AGM) | 2,000,000 | 1,756,320 | ||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 3,560,000 | 3,463,702 |
93 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Grand Parkway Transportation Revenue | ||||||||
(First Tier) | ||||||||
3.00% 10/1/50 | 3,500,000 | $ | 2,584,015 | |||||
Metropolitan Nashville Airport Authority Revenue | ||||||||
Series B 5.50% 7/1/52 (AMT) | 1,500,000 | 1,635,690 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | ||||||||
(Convertible Capital Appreciation Bonds) | ||||||||
Series B 6.50% 10/1/44 ~ | 1,000,000 | 1,109,410 | ||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series B 4.00% 11/15/50 | 5,000,000 | 4,747,950 | ||||||
Subordinate Series C-1 5.25% 11/15/55 | 5,000,000 | 5,297,500 | ||||||
New York State Thruway Authority Revenue | ||||||||
Series B 3.00% 1/1/53 (BAM) | 3,410,000 | 2,632,690 | ||||||
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 | 16,616,365 | ||||||
5.00% 10/1/40 (AMT) | 3,400,000 | 3,509,378 | ||||||
(John F. Kennedy International Airport New Terminal One Project) | ||||||||
5.125% 6/30/60 (AGM) (AMT) | 3,650,000 | 3,829,032 | ||||||
5.375% 6/30/60 (AMT) | 24,500,000 | 25,721,815 | ||||||
6.00% 6/30/54 (AMT) | 10,000,000 | 11,014,600 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/41 (AMT) | 4,920,000 | 5,162,507 | ||||||
North Carolina Turnpike Authority Revenue | ||||||||
(Triangle Expressway System) 4.00% 1/1/55 (AGM) | 1,000,000 | 968,100 | ||||||
Series C 4.97% 7/1/41 ^ | 4,160,000 | 1,783,309 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series C 3.00% 12/1/51 | 1,700,000 | 1,275,187 | ||||||
Subordinate Series B 3.00% 12/1/51 | 2,500,000 | 1,882,400 | ||||||
Phoenix, Arizona Civic Improvement Revenue | ||||||||
Series B 3.25% 7/1/49 (AMT) | 1,555,000 | 1,213,351 | ||||||
(Junior Lien) | ||||||||
Series A 5.00% 7/1/40 | 30,000 | 30,456 |
94 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Port of Seattle, Washington Intermediate Lien Revenue | ||||||||
(Private Activity) | ||||||||
Series B 4.00% 8/1/47 (AMT) | 2,250,000 | $ | 2,114,708 | |||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue | ||||||||
(San Juan Cruise Terminal Project) | ||||||||
Series A-1 6.75% 1/1/45 (AMT) | 3,000,000 | 3,579,720 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
Series B 4.00% 7/1/56 (AMT) | 3,000,000 | 2,748,030 | ||||||
San Francisco City & County, California Airports Commission Revenue | ||||||||
(San Francisco International Airport) | ||||||||
Series A 4.00% 5/1/49 (AMT) | 5,000,000 | 4,734,650 | ||||||
South Jersey Port, New Jersey Revenue | ||||||||
(Subordinated Marine Terminal Revenue) | ||||||||
Series B 5.00% 1/1/48 (AMT) | 2,000,000 | 2,033,020 | ||||||
Texas Private Activity Bond Surface Transportation Revenue | ||||||||
(NTE Mobility Partners LLC North Tarrant Express Project) | ||||||||
5.50% 12/31/58 (AMT) | 9,765,000 | 10,748,824 | ||||||
(NTE Mobility Partners Segments 3 LLC Segment 3C Project) | ||||||||
5.00% 6/30/58 (AMT) | 20,780,000 | 21,088,791 | ||||||
Virginia Small Business Financing Authority Revenue | ||||||||
(Transform 66-33 Project) | ||||||||
5.00% 12/31/52 (AMT) | 3,840,000 | 3,867,725 | ||||||
211,516,109 | ||||||||
Water & Sewer Revenue Bonds — 1.11% | ||||||||
City of Chicago, Illinois Waterworks Revenue | ||||||||
(Second Lien) | ||||||||
5.00% 11/1/26 | 180,000 | 189,036 | ||||||
5.00% 11/1/28 | 30,000 | 31,309 | ||||||
Jefferson County, Alabama Sewer Revenue | ||||||||
5.50% 10/1/53 | 14,750,000 | 16,132,665 | ||||||
New York City Municipal Water Finance Authority Revenue | ||||||||
Series 1 3.50% 6/15/48 | 5,000,000 | 4,468,500 | ||||||
Subseries AA-1 3.00% 6/15/51 | 5,800,000 | 4,528,350 |
95 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds (continued) | ||||||||
New York City Municipal Water Finance Authority Revenue | ||||||||
Subseries BB-1 3.00% 6/15/44 | 8,750,000 | $ | 7,353,587 | |||||
32,703,447 | ||||||||
Total Municipal Bonds (cost $3,011,902,096) | 2,883,094,709 | |||||||
Short-Term Investments — 1.75% | ||||||||
Variable Rate Demand Notes — 1.75%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% 11/15/48 | ||||||||
(LOC - Wells Fargo Bank N.A.) | 7,300,000 | 7,300,000 | ||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Subordinate Series A-1 3.65% 7/1/50 | ||||||||
(SPA - TD Bank N.A.) | 5,725,000 | 5,725,000 | ||||||
Subordinate Series A-2 3.74% 7/1/45 | ||||||||
(SPA - Barclays Bank) | 6,500,000 | 6,500,000 | ||||||
Subordinate Series B-3 3.74% 7/1/34 | ||||||||
(SPA - Barclays Bank) | 6,500,000 | 6,500,000 | ||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | ||||||||
(Second General Resolution) | ||||||||
Series AA-3 3.65% 6/15/49 | ||||||||
(SPA - TD Bank, N.A.) | 3,850,000 | 3,850,000 | ||||||
Series BB-4 3.78% 6/15/50 | ||||||||
(SPA - Barclays Bank) | 10,000,000 | 10,000,000 | ||||||
Series DD-1 3.65% 6/15/43 | ||||||||
(SPA - TD Bank, N.A.) | 10,500,000 | 10,500,000 | ||||||
Oregon Facilities Authority Revenue | ||||||||
(PeaceHealth) Series B 3.65% 8/1/34 | ||||||||
(LOC - TD Bank N.A.) | 1,200,000 | 1,200,000 | ||||||
Total Short-Term Investments (cost $51,575,000) | 51,575,000 | |||||||
Total Value of Securities—99.42% (cost $3,063,477,096) | $ | 2,934,669,709 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
96 |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 29, 2024, the aggregate value of Rule 144A securities was $745,418,500, which represents 25.25% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
^ | 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 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
‡ | 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 8 in “Notes to financial statements.” |
~ | 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 29, 2024. |
¤ | 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
GNMA – Government National Mortgage Association
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
PSF – Guaranteed by Permanent School Fund
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
97 |
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
98 |
Statements of assets and liabilities
February 29, 2024 (Unaudited)
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 1,106,371,616 | $ | 1,160,442,194 | $ | 2,934,669,709 | ||||||
Cash | 5,826 | 10,770 | 2,360,338 | |||||||||
Interest receivable | 10,593,337 | 12,022,119 | 29,199,444 | |||||||||
Receivable for fund shares sold | 7,292,225 | 1,966,730 | 4,804,631 | |||||||||
Receivable for securities sold | 5,122,575 | 3,351,674 | — | |||||||||
Prepaid expenses | 73,301 | 87,154 | 102,849 | |||||||||
Other assets | 7,206 | 8,545 | 19,450 | |||||||||
Total Assets | 1,129,466,086 | 1,177,889,186 | 2,971,156,421 | |||||||||
Liabilities: | ||||||||||||
Payable for securities purchased | 12,354,168 | 3,512,986 | 8,398,085 | |||||||||
Payable for fund shares redeemed | 2,278,404 | 2,075,878 | 7,933,657 | |||||||||
Investment management fees | ||||||||||||
payable to affiliates | 371,852 | 328,058 | 1,037,586 | |||||||||
Distribution payable | 343,947 | 406,933 | 1,004,177 | |||||||||
Other accrued expenses | 308,807 | 415,306 | 765,408 | |||||||||
Distribution fees payable to affiliates | 143,027 | 83,072 | 172,405 | |||||||||
Administration expenses payable to affiliates | 11,739 | 12,115 | 12,907 | |||||||||
Total Liabilities | 15,811,944 | 6,834,348 | 19,324,225 | |||||||||
Total Net Assets | $ | 1,113,654,142 | $ | 1,171,054,838 | $ | 2,951,832,196 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 1,164,768,517 | $ | 1,227,512,154 | $ | 3,144,324,272 | ||||||
Total distributable earnings (loss) | (51,114,375 | ) | (56,457,316 | ) | (192,492,076 | ) | ||||||
Total Net Assets | $ | 1,113,654,142 | $ | 1,171,054,838 | $ | 2,951,832,196 |
99 |
Statements of assets and liabilities
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 | $ | 697,016,654 | $ | 399,797,351 | $ | 657,448,857 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 65,326,434 | 35,994,739 | 64,344,364 | |||||||||
Net asset value per share | $ | 10.67 | $ | 11.11 | $ | 10.22 | ||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | ||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 11.17 | $ | 11.42 | $ | 10.70 | ||||||
Class C: | ||||||||||||
Net assets | $ | 10,025,860 | $ | 4,869,792 | $ | 54,724,122 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 939,461 | 438,846 | 5,335,431 | |||||||||
Net asset value per share | $ | 10.67 | $ | 11.10 | $ | 10.26 | ||||||
Institutional Class: | ||||||||||||
Net assets | $ | 406,611,628 | $ | 766,387,695 | $ | 2,239,659,217 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 37,806,368 | 68,348,879 | 217,210,075 | |||||||||
Net asset value per share | $ | 10.76 | $ | 11.21 | $ | 10.31 | ||||||
*Investments, at cost | $ | 1,070,516,083 | $ | 1,149,161,574 | $ | 3,063,477,096 |
See accompanying notes, which are an integral part of the financial statements.
100 |
Six months ended February 29, 2024 (Unaudited)
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | Delaware National High-Yield Municipal Bond Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 25,637,083 | $ | 24,946,856 | $ | 77,717,462 | ||||||
Expenses: | ||||||||||||
Management fees | 2,620,301 | 2,732,037 | 6,295,609 | |||||||||
Distribution expenses — Class A | 796,861 | 494,457 | 737,846 | |||||||||
Distribution expenses — Class C | 44,392 | 23,857 | 253,128 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 306,048 | 454,443 | 1,345,344 | |||||||||
Accounting and administration expenses | 115,487 | 146,920 | 271,804 | |||||||||
Legal fees | 40,142 | 58,742 | 105,292 | |||||||||
Registration fees | 37,241 | 45,234 | 125,738 | |||||||||
Audit and tax fees | 22,242 | 22,242 | 22,242 | |||||||||
Trustees’ fees and expenses | 21,654 | 28,747 | 54,821 | |||||||||
Reports and statements to shareholders expenses | 18,986 | 26,133 | 48,248 | |||||||||
Custodian fees | 13,541 | 2,297 | 2,766 | |||||||||
Other | 15,102 | 72,813 | 33,312 | |||||||||
4,051,997 | 4,107,922 | 9,296,150 | ||||||||||
Less expenses waived | (452,694 | ) | (760,887 | ) | (376,489 | ) | ||||||
Less expenses paid indirectly | (376 | ) | (319 | ) | (43 | ) | ||||||
Total operating expenses | 3,598,927 | 3,346,716 | 8,919,618 | |||||||||
Net Investment Income (Loss) | 22,038,156 | 21,600,140 | 68,797,844 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | (20,409,891 | ) | (6,389,628 | ) | (3,582,431 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments | 88,099,745 | 50,830,430 | 156,360,937 | |||||||||
Net Realized and Unrealized Gain (Loss) | 67,689,854 | 44,440,802 | 152,778,506 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 89,728,010 | $ | 66,040,942 | $ | 221,576,350 |
See accompanying notes, which are an integral part of the financial statements.
101 |
Statements of changes in net assets
Delaware Tax-Free USA Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 22,038,156 | $ | 29,720,825 | ||||
Net realized gain (loss) | (20,409,891 | ) | (30,645,705 | ) | ||||
Net change in unrealized appreciation (depreciation) | 88,099,745 | (10,710,260 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 89,728,010 | (11,635,140 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (14,004,866 | ) | (19,406,727 | ) | ||||
Class C | (157,993 | ) | (234,267 | ) | ||||
Institutional Class | (7,877,935 | ) | (10,079,832 | ) | ||||
(22,040,794 | ) | (29,720,826 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 37,297,452 | 64,922,267 | ||||||
Class C | 2,396,323 | 2,019,449 | ||||||
Institutional Class | 131,479,516 | 199,258,747 | ||||||
Net assets from reorganization:1 | ||||||||
Class A | 213,736,002 | — | ||||||
Class C | 2,397,289 | — | ||||||
Institutional Class | 89,102,523 | — | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 13,546,804 | 17,429,261 | ||||||
Class C | 159,192 | 225,820 | ||||||
Institutional Class | 6,993,327 | 8,676,864 | ||||||
497,108,428 | 292,532,408 |
102 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (81,275,160 | ) | $ | (124,176,268 | ) | ||
Class C | (2,223,098 | ) | (3,565,123 | ) | ||||
Institutional Class | (110,090,851 | ) | (293,420,592 | ) | ||||
(193,589,109 | ) | (421,161,983 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | 303,519,319 | (128,629,575 | ) | |||||
Net Increase (Decrease) in Net Assets | 371,206,535 | (169,985,541 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 742,447,607 | 912,433,148 | ||||||
End of period | $ | 1,113,654,142 | $ | 742,447,607 |
1 | See Note 5 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
103 |
Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 21,600,140 | $ | 39,501,500 | ||||
Net realized gain (loss) | (6,389,628 | ) | (19,902,832 | ) | ||||
Net change in unrealized appreciation (depreciation) | 50,830,430 | (12,794,094 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 66,040,942 | 6,804,574 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (7,238,855 | ) | (14,615,401 | ) | ||||
Class C | (69,397 | ) | (153,171 | ) | ||||
Institutional Class | (14,291,888 | ) | (24,733,154 | ) | ||||
(21,600,140 | ) | (39,501,726 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 12,158,573 | 48,083,715 | ||||||
Class C | 673,152 | 1,188,284 | ||||||
Institutional Class | 148,088,344 | 528,477,921 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 6,424,059 | 12,840,577 | ||||||
Class C | 68,074 | 149,566 | ||||||
Institutional Class | 12,619,315 | 21,906,539 | ||||||
180,031,517 | 612,646,602 |
104 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (46,290,806 | ) | $ | (88,524,439 | ) | ||
Class C | (1,230,149 | ) | (2,825,816 | ) | ||||
Institutional Class | (174,471,218 | ) | (389,254,059 | ) | ||||
(221,992,173 | ) | (480,604,314 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | (41,960,656 | ) | 132,042,288 | |||||
Net Increase in Net Assets | 2,480,146 | 99,345,136 | ||||||
Net Assets: | ||||||||
Beginning of period | 1,168,574,692 | 1,069,229,556 | ||||||
End of period | $ | 1,171,054,838 | $ | 1,168,574,692 |
See accompanying notes, which are an integral part of the financial statements.
105 |
Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 68,797,844 | $ | 95,971,125 | ||||
Net realized gain (loss) | (3,582,431 | ) | (18,871,167 | ) | ||||
Net change in unrealized appreciation (depreciation) | 156,360,937 | (111,713,910 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 221,576,350 | (34,613,952 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (14,299,912 | ) | (13,967,631 | ) | ||||
Class C | (1,032,270 | ) | (1,769,724 | ) | ||||
Institutional Class | (50,823,305 | ) | (83,695,859 | ) | ||||
(66,155,487 | ) | (99,433,214 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 92,393,071 | 153,803,317 | ||||||
Class C | 9,944,396 | 15,810,320 | ||||||
Institutional Class | 1,051,282,812 | 1,557,341,473 | ||||||
Net assets from reorganization:1 | ||||||||
Class A | 312,501,951 | — | ||||||
Class C | 8,337,619 | — | ||||||
Institutional Class | 121,654,911 | — | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 14,425,663 | 12,838,334 | ||||||
Class C | 1,018,835 | 1,666,105 | ||||||
Institutional Class | 45,501,321 | 72,106,517 | ||||||
1,657,060,579 | 1,813,566,066 |
106 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (114,020,377 | ) | $ | (93,380,058 | ) | ||
Class C | (10,658,707 | ) | (17,682,031 | ) | ||||
Institutional Class | (904,690,722 | ) | (1,252,490,538 | ) | ||||
(1,029,369,806 | ) | (1,363,552,627 | ) | |||||
Increase in net assets derived from capital share transactions | 627,690,773 | 450,013,439 | ||||||
Net Increase in Net Assets | 783,111,636 | 315,966,273 | ||||||
Net Assets: | ||||||||
Beginning of period | 2,168,720,560 | 1,852,754,287 | ||||||
End of period | $ | 2,951,832,196 | $ | 2,168,720,560 |
1 | See Note 5 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
107 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.03 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | ||||||||||||
0.22 | 0.40 | 0.33 | 0.36 | 0.38 | 0.41 | ||||||||||||||||||
0.64 | (0.48 | ) | (1.88 | ) | 0.70 | 0.01 | 0.52 | ||||||||||||||||
0.86 | (0.08 | ) | (1.55 | ) | 1.06 | 0.39 | 0.93 | ||||||||||||||||
(0.22 | ) | (0.40 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||
— | — | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | ||||||||||||||
(0.22 | ) | (0.40 | ) | (0.50 | ) | (0.44 | ) | (0.41 | ) | (0.41 | ) | ||||||||||||
$ | 10.67 | $ | 10.03 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | ||||||||||||
8.68 | % | (0.72 | %) | (12.65 | %) | 9.03 | % | 3.44 | % | 8.35 | % | ||||||||||||
$ | 697,017 | $ | 469,980 | $ | 534,749 | $ | 944,054 | $ | 478,671 | $ | 472,153 | ||||||||||||
0.80 | % | 0.80 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.81 | % | ||||||||||||
0.89 | % | 0.95 | % | 0.91 | % | 0.92 | % | 0.95 | % | 0.95 | % | ||||||||||||
4.31 | % | 3.93 | % | 2.82 | % | 2.84 | % | 3.24 | % | 3.55 | % | ||||||||||||
4.22 | % | 3.78 | % | 2.71 | % | 2.74 | % | 3.10 | % | 3.41 | % | ||||||||||||
16 | % | 65 | % | 71 | % | 40 | % | 77 | % | 43 | % |
109 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.03 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | $ | 11.44 | ||||||||||||
0.18 | 0.32 | 0.24 | 0.26 | 0.29 | 0.32 | ||||||||||||||||||
0.64 | (0.48 | ) | (1.88 | ) | 0.70 | 0.01 | 0.52 | ||||||||||||||||
0.82 | (0.16 | ) | (1.64 | ) | 0.96 | 0.30 | 0.84 | ||||||||||||||||
(0.18 | ) | (0.32 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
— | — | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | ||||||||||||||
(0.18 | ) | (0.32 | ) | (0.41 | ) | (0.34 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||
$ | 10.67 | $ | 10.03 | $ | 10.51 | $ | 12.56 | $ | 11.94 | $ | 11.96 | ||||||||||||
8.28 | % | (1.46 | %) | (13.31 | %) | 8.22 | % | 2.66 | % | 7.55 | % | ||||||||||||
$ | 10,026 | $ | 6,723 | $ | 8,366 | $ | 9,834 | $ | 10,778 | $ | 16,051 | ||||||||||||
1.55 | % | 1.55 | % | 1.55 | % | 1.57 | % | 1.56 | % | 1.56 | % | ||||||||||||
1.64 | % | 1.70 | % | 1.66 | % | 1.67 | % | 1.70 | % | 1.70 | % | ||||||||||||
3.56 | % | 3.18 | % | 2.07 | % | 2.09 | % | 2.49 | % | 2.80 | % | ||||||||||||
3.47 | % | 3.03 | % | 1.96 | % | 1.99 | % | 2.35 | % | 2.66 | % | ||||||||||||
16 | % | 65 | % | 71 | % | 40 | % | 77 | % | 43 | % |
111 |
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. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
112 |
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.11 | $ | 10.59 | $ | 12.66 | $ | 12.03 | $ | 12.05 | $ | 11.52 | ||||||||||||
0.23 | 0.43 | 0.36 | 0.39 | 0.41 | 0.44 | ||||||||||||||||||
0.65 | (0.48 | ) | (1.90 | ) | 0.71 | 0.01 | 0.53 | ||||||||||||||||
0.88 | (0.05 | ) | (1.54 | ) | 1.10 | 0.42 | 0.97 | ||||||||||||||||
(0.23 | ) | (0.43 | ) | (0.36 | ) | (0.39 | ) | (0.41 | ) | (0.44 | ) | ||||||||||||
— | — | (0.17 | ) | (0.08 | ) | (0.03 | ) | — | 3 | ||||||||||||||
(0.23 | ) | (0.43 | ) | (0.53 | ) | (0.47 | ) | (0.44 | ) | (0.44 | ) | ||||||||||||
$ | 10.76 | $ | 10.11 | $ | 10.59 | $ | 12.66 | $ | 12.03 | $ | 12.05 | ||||||||||||
8.86 | % | (0.43 | %) | (12.48 | %) | 9.34 | % | 3.70 | % | 8.68 | % | ||||||||||||
$ | 406,611 | $ | 265,745 | $ | 369,318 | $ | 209,447 | $ | 135,801 | $ | 134,112 | ||||||||||||
0.55 | % | 0.55 | % | 0.55 | % | 0.57 | % | 0.56 | % | 0.56 | % | ||||||||||||
0.64 | % | 0.70 | % | 0.66 | % | 0.67 | % | 0.70 | % | 0.70 | % | ||||||||||||
4.56 | % | 4.18 | % | 3.07 | % | 3.09 | % | 3.49 | % | 3.80 | % | ||||||||||||
4.47 | % | 4.03 | % | 2.96 | % | 2.99 | % | 3.35 | % | 3.66 | % | ||||||||||||
16 | % | 65 | % | 71 | % | 40 | % | 77 | % | 43 | % |
113 |
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
114 |
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.66 | $ | 11.01 | $ | 12.63 | $ | 12.26 | $ | 12.28 | $ | 11.76 | ||||||||||||
0.20 | 0.37 | 0.33 | 0.33 | 0.35 | 0.37 | ||||||||||||||||||
0.45 | (0.35 | ) | (1.62 | ) | 0.37 | (0.02 | ) | 0.52 | |||||||||||||||
0.65 | 0.02 | (1.29 | ) | 0.70 | 0.33 | 0.89 | |||||||||||||||||
(0.20 | ) | (0.37 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | (0.37 | ) | ||||||||||||
(0.20 | ) | (0.37 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | (0.37 | ) | ||||||||||||
$ | 11.11 | $ | 10.66 | $ | 11.01 | $ | 12.63 | $ | 12.26 | $ | 12.28 | ||||||||||||
6.13 | % | 0.17 | % | (10.33 | %) | 5.79 | % | 2.76 | % | 7.71 | % | ||||||||||||
$ | 399,797 | $ | 411,551 | $ | 452,772 | $ | 564,932 | $ | 106,135 | $ | 123,691 | ||||||||||||
0.75 | % | 0.75 | % | 0.71 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
0.88 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.91 | % | 0.91 | % | ||||||||||||
3.66 | % | 3.39 | % | 2.80 | % | 2.64 | % | 2.87 | % | 3.11 | % | ||||||||||||
3.53 | % | 3.26 | % | 2.64 | % | 2.41 | % | 2.61 | % | 2.85 | % | ||||||||||||
14 | % | 27 | % | 59 | % | 23 | % | 27 | % | 25 | % |
115 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.65 | $ | 11.00 | $ | 12.62 | $ | 12.25 | $ | 12.27 | $ | 11.75 | ||||||||||||
0.16 | 0.28 | 0.24 | 0.23 | 0.24 | 0.27 | ||||||||||||||||||
0.45 | (0.35 | ) | (1.62 | ) | 0.37 | (0.02 | ) | 0.52 | |||||||||||||||
0.61 | (0.07 | ) | (1.38 | ) | 0.60 | 0.22 | 0.79 | ||||||||||||||||
(0.16 | ) | (0.28 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||
(0.16 | ) | (0.28 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||
$ | 11.10 | $ | 10.65 | $ | 11.00 | $ | 12.62 | $ | 12.25 | $ | 12.27 | ||||||||||||
5.74 | % | (0.58 | %) | (11.04 | %) | 4.90 | % | 1.89 | % | 6.81 | % | ||||||||||||
$ | 4,870 | $ | 5,177 | $ | 6,872 | $ | 7,497 | $ | 11,864 | $ | 22,874 | ||||||||||||
1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
1.63 | % | 1.63 | % | 1.62 | % | 1.63 | % | 1.66 | % | 1.66 | % | ||||||||||||
2.91 | % | 2.64 | % | 2.01 | % | 1.79 | % | 2.02 | % | 2.26 | % | ||||||||||||
2.78 | % | 2.51 | % | 1.89 | % | 1.66 | % | 1.86 | % | 2.10 | % | ||||||||||||
14 | % | 27 | % | 59 | % | 23 | % | 27 | % | 25 | % |
117 |
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. 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.76 | $ | 11.11 | $ | 12.75 | $ | 12.38 | $ | 12.40 | $ | 11.87 | ||||||||||||
0.21 | 0.40 | 0.36 | 0.35 | 0.37 | 0.39 | ||||||||||||||||||
0.45 | (0.35 | ) | (1.64 | ) | 0.37 | (0.02 | ) | 0.53 | |||||||||||||||
0.66 | 0.05 | (1.28 | ) | 0.72 | 0.35 | 0.92 | |||||||||||||||||
(0.21 | ) | (0.40 | ) | (0.36 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | ||||||||||||
(0.21 | ) | (0.40 | ) | (0.36 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | ||||||||||||
$ | 11.21 | $ | 10.76 | $ | 11.11 | $ | 12.75 | $ | 12.38 | $ | 12.40 | ||||||||||||
6.22 | % | 0.45 | % | (10.17 | %) | 5.92 | % | 2.92 | % | 7.92 | % | ||||||||||||
$ | 766,388 | $ | 751,847 | $ | 609,586 | $ | 649,184 | $ | 453,727 | $ | 399,830 | ||||||||||||
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
0.63 | % | 0.63 | % | 0.62 | % | 0.63 | % | 0.66 | % | 0.66 | % | ||||||||||||
3.91 | % | 3.64 | % | 3.01 | % | 2.79 | % | 3.02 | % | 3.26 | % | ||||||||||||
3.78 | % | 3.51 | % | 2.89 | % | 2.66 | % | 2.86 | % | 3.10 | % | ||||||||||||
14 | % | 27 | % | 59 | % | 23 | % | 27 | % | 25 | % |
119 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.67 | $ | 10.35 | $ | 12.04 | $ | 11.15 | $ | 11.48 | $ | 11.00 | ||||||||||||
0.23 | 0.46 | 0.44 | 0.42 | 0.44 | 0.46 | ||||||||||||||||||
0.55 | (0.66 | ) | (1.67 | ) | 0.91 | (0.33 | ) | 0.48 | |||||||||||||||
0.78 | (0.20 | ) | (1.23 | ) | 1.33 | 0.11 | 0.94 | ||||||||||||||||
(0.23 | ) | (0.44 | ) | (0.43 | ) | (0.42 | ) | (0.44 | ) | (0.46 | ) | ||||||||||||
— | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | |||||||||||||||
(0.23 | ) | (0.48 | ) | (0.46 | ) | (0.44 | ) | (0.44 | ) | (0.46 | ) | ||||||||||||
$ | 10.22 | $ | 9.67 | $ | 10.35 | $ | 12.04 | $ | 11.15 | $ | 11.48 | ||||||||||||
8.24 | % | (1.92 | %) | (10.49 | %) | 12.12 | % | 1.06 | % | 8.81 | % | ||||||||||||
$ | 657,449 | $ | 315,959 | $ | 261,839 | $ | 247,542 | $ | 182,214 | $ | 208,549 | ||||||||||||
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||
0.88 | % | 0.88 | % | 0.88 | % | 0.88 | % | 0.91 | % | 0.90 | % | ||||||||||||
5.03 | % | 4.62 | % | 3.94 | % | 3.65 | % | 3.99 | % | 4.22 | % | ||||||||||||
5.00 | % | 4.59 | % | 3.91 | % | 3.62 | % | 3.93 | % | 4.17 | % | ||||||||||||
14 | % | 18 | % | 56 | % | 16 | % | 44 | % | 33 | % |
121 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.71 | $ | 10.39 | $ | 12.09 | $ | 11.20 | $ | 11.52 | $ | 11.04 | ||||||||||||
0.20 | 0.38 | 0.35 | 0.33 | 0.36 | 0.38 | ||||||||||||||||||
0.55 | (0.66 | ) | (1.67 | ) | 0.91 | (0.32 | ) | 0.48 | |||||||||||||||
0.75 | (0.28 | ) | (1.32 | ) | 1.24 | 0.04 | 0.86 | ||||||||||||||||
(0.20 | ) | (0.36 | ) | (0.35 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | ||||||||||||
— | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | |||||||||||||||
(0.20 | ) | (0.40 | ) | (0.38 | ) | (0.35 | ) | (0.36 | ) | (0.38 | ) | ||||||||||||
$ | 10.26 | $ | 9.71 | $ | 10.39 | $ | 12.09 | $ | 11.20 | $ | 11.52 | ||||||||||||
7.82 | % | (2.64 | %) | (11.18 | %) | 11.25 | % | 0.41 | % | 7.98 | % | ||||||||||||
$ | 54,724 | $ | 43,123 | $ | 46,410 | $ | 58,285 | $ | 68,993 | $ | 91,184 | ||||||||||||
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
1.63 | % | 1.63 | % | 1.63 | % | 1.63 | % | 1.66 | % | 1.65 | % | ||||||||||||
4.28 | % | 3.87 | % | 3.19 | % | 2.90 | % | 3.24 | % | 3.47 | % | ||||||||||||
4.25 | % | 3.84 | % | 3.16 | % | 2.87 | % | 3.18 | % | 3.42 | % | ||||||||||||
14 | % | 18 | % | 56 | % | 16 | % | 44 | % | 33 | % |
123 |
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. 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.77 | $ | 10.45 | $ | 12.15 | $ | 11.26 | $ | 11.58 | $ | 11.10 | ||||||||||||
0.25 | 0.49 | 0.47 | 0.45 | 0.47 | 0.49 | ||||||||||||||||||
0.54 | (0.66 | ) | (1.68 | ) | 0.91 | (0.32 | ) | 0.48 | |||||||||||||||
0.79 | (0.17 | ) | (1.21 | ) | 1.36 | 0.15 | 0.97 | ||||||||||||||||
(0.25 | ) | (0.47 | ) | (0.46 | ) | (0.45 | ) | (0.47 | ) | (0.49 | ) | ||||||||||||
— | (0.04 | ) | (0.03 | ) | (0.02 | ) | — | — | |||||||||||||||
(0.25 | ) | (0.51 | ) | (0.49 | ) | (0.47 | ) | (0.47 | ) | (0.49 | ) | ||||||||||||
$ | 10.31 | $ | 9.77 | $ | 10.45 | $ | 12.15 | $ | 11.26 | $ | 11.58 | ||||||||||||
8.21 | % | (1.62 | %) | (10.22 | %) | 12.32 | % | 1.44 | % | 9.03 | % | ||||||||||||
$ | 2,239,659 | $ | 1,809,639 | $ | 1,544,505 | $ | 1,452,944 | $ | 1,095,548 | $ | 1,141,973 | ||||||||||||
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.66 | % | 0.65 | % | ||||||||||||
5.28 | % | 4.87 | % | 4.19 | % | 3.90 | % | 4.24 | % | 4.47 | % | ||||||||||||
5.25 | % | 4.84 | % | 4.16 | % | 3.87 | % | 4.18 | % | 4.42 | % | ||||||||||||
14 | % | 18 | % | 56 | % | 16 | % | 44 | % | 33 | % |
125 |
Delaware Funds by Macquarie® national tax-free funds | February 29, 2024 (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 $250,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund or Delaware Tax-Free USA Fund, you will have to pay a limited contingent deferred sales charge (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, 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 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.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund's valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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
126 |
which market quotations are not readily available are valued at fair value as determined in good faith by DMC. Subject to the oversight of each Trust's Board of Trustees (each, a Board, or collectively, the Boards), 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 29, 2024, and for all open tax years (years ended August 31, 2020–August 31, 2023), 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 29, 2024, 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 specific securities sold. Interest income is recorded on an accrual basis. Discounts and
127 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
1. Significant Accounting Policies (continued)
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, at least 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 managers, 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 investment advisory fees 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, 2023 through December 30, 2024. These waivers and reimbursements may only be terminated by agreement
128 |
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) | |||
Delaware Tax-Free USA Fund | 0.55 | % | ||
Delaware Tax-Free USA Intermediate Fund | 0.50 | % | ||
Delaware National High-Yield Municipal Bond Fund | 0.60 | % |
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2023 through December 30, 2024 is as follows:
Operating expense limitation as a percentage of average daily net assets | ||||||||||||
Fund | Class A | Class C | Institutional Class | |||||||||
Delaware Tax-Free USA Fund | 0.80 | % | 1.55 | % | 0.55 | % | ||||||
Delaware Tax-Free USA Intermediate Fund | 0.75 | % | 1.50 | % | 0.50 | % | ||||||
Delaware National High-Yield Municipal Bond Fund | 0.85 | % | 1.60 | % | 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, effective October 1, 2023, 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: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 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. 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 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free USA Fund | $ | 22,221 | ||
Delaware Tax-Free USA Intermediate Fund | 24,553 | |||
Delaware National High-Yield Municipal Bond Fund | 55,217 |
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
129 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free USA Fund | $ | 33,230 | ||
Delaware Tax-Free USA Intermediate Fund | 37,505 | |||
Delaware National High-Yield Municipal Bond Fund | 87,574 |
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 are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund pay 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. Delaware Tax-Free USA Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. All Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of the 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 29, 2024, 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 | $ | 13,143 | ||
Delaware Tax-Free USA Intermediate Fund | 14,905 | |||
Delaware National High-Yield Municipal Bond Fund | 30,585 |
130 |
For the six months ended February 29, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free USA Fund | $ | 8,506 | ||
Delaware Tax-Free USA Intermediate Fund | 1,909 | |||
Delaware National High-Yield Municipal Bond Fund | 11,344 |
For the six months ended February 29, 2024, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, 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 | $ | 3,667 | $ | 91 | ||||
Delaware Tax-Free USA Intermediate Fund | 826 | 41 | ||||||
Delaware National High-Yield Municipal Bond Fund | 62,333 | 4,574 |
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 Trusts. These officers and Trustees are paid no compensation by the Funds.
3. Investments
For the six months ended February 29, 2024, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free USA Fund | $ | 161,303,101 | $ | 181,810,355 | ||||
Delaware Tax-Free USA Intermediate Fund | 154,101,465 | 214,641,452 | ||||||
Delaware National High-Yield Municipal Bond Fund | 537,511,645 | 369,171,247 |
131 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
3. Investments (continued)
At February 29, 2024, 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 29, 2024, 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 | $ | 1,070,516,083 | $ | 63,639,023 | $ | (27,783,490 | ) | $ | 35,855,533 | |||||||
Delaware Tax-Free USA Intermediate Fund | 1,149,161,574 | 47,320,445 | (36,039,825 | ) | 11,280,620 | |||||||||||
Delaware National High-Yield Municipal Bond Fund | 3,054,132,581 | 137,812,811 | (257,275,683 | ) | (119,462,872 | ) |
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, each Fund had capital loss carryforwards available to offset future realized capital gains as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free USA Fund | $ | 44,269,784 | $ | 16,759,935 | $ | 61,029,719 | ||||||
Delaware Tax-Free USA Intermediate Fund | 51,099,880 | 8,874,656 | 59,974,536 | |||||||||
Delaware National High-Yield Municipal Bond Fund | 9,831,480 | 10,452,581 | 20,284,061 |
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
132 |
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, forward 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 29, 2024:
Delaware Tax-Free USA Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 1,090,656,616 | ||
Short-Term Investments | 15,715,000 | |||
Total Value of Securities | $ | 1,106,371,616 |
133 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
3. Investments (continued)
Delaware Tax-Free USA Intermediate Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 1,142,387,194 | ||
Short-Term Investments | 18,055,000 | |||
Total Value of Securities | $ | 1,160,442,194 |
Delaware National High-Yield Municipal Bond Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 2,883,094,709 | ||
Short-Term Investments | 51,575,000 | |||
Total Value of Securities | $ | 2,934,669,709 |
During the six months ended February 29, 2024, 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. As of February 29, 2024, there were no Level 3 investments.
134 |
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 2/29/24 | Year ended 8/31/23 | Six months ended 2/29/24 | Year ended 8/31/23 | Six months ended 2/29/24 | Year ended 8/31/23 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 3,662,865 | 6,444,065 | 1,135,733 | 4,500,219 | 9,293,906 | 15,539,442 | ||||||||||||||||||
Class C | 229,632 | 200,006 | 62,037 | 110,390 | 1,013,092 | 1,589,181 | ||||||||||||||||||
Institutional Class | 12,897,411 | 19,371,149 | 13,697,877 | 48,946,268 | 108,546,366 | 156,610,912 | ||||||||||||||||||
Shares from reorganization:1 | ||||||||||||||||||||||||
Class A | 21,567,710 | — | — | — | 32,586,231 | — | ||||||||||||||||||
Class C | 241,906 | — | — | — | 865,796 | — | ||||||||||||||||||
Institutional Class | 8,919,172 | — | — | — | 12,567,656 | — | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 1,342,502 | 1,723,149 | 598,332 | 1,196,194 | 1,483,493 | 1,306,224 | ||||||||||||||||||
Class C | 15,778 | 22,343 | 6,350 | 13,954 | 104,304 | 168,989 | ||||||||||||||||||
Institutional Class | 686,193 | 850,586 | 1,164,412 | 2,020,209 | 4,626,856 | 7,269,709 | ||||||||||||||||||
49,563,169 | 28,611,298 | 16,664,741 | 56,787,234 | 171,087,700 | 182,484,457 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (8,093,834 | ) | (12,223,030 | ) | (4,338,911 | ) | (8,237,446 | ) | (11,677,027 | ) | (9,485,208 | ) | ||||||||||||
Class C | (217,904 | ) | (348,509 | ) | (115,497 | ) | (263,388 | ) | (1,087,352 | ) | (1,784,899 | ) | ||||||||||||
Institutional Class | (10,974,157 | ) | (28,817,690 | ) | (16,362,890 | ) | (35,987,523 | ) | (93,848,184 | ) | (126,415,803 | ) | ||||||||||||
(19,285,895 | ) | (41,389,229 | ) | (20,817,298 | ) | (44,488,357 | ) | (106,612,563 | ) | (137,685,910 | ) | |||||||||||||
Net increase (decrease) | 30,277,274 | (12,777,931 | ) | (4,152,557 | ) | 12,298,877 | 64,475,137 | 44,798,547 |
1 | See Note 5. |
135 |
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 29, 2024 and the year ended August 31, 2023, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class A Shares | Institutional Class Shares | Value | |||||||||||||||||||
Delaware Tax-Free USA Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 124,260 | 984 | 12,174 | 13,305 | 123,212 | $ | 1,323,931 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 367,183 | 10,333 | — | 10,355 | 364,280 | 3,971,790 | ||||||||||||||||||
Delaware Tax-Free USA Intermediate Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 56,201 | 784 | 2,464 | 3,270 | 55,670 | 625,703 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 107,901 | 1,333 | 3,617 | 4,982 | 106,891 | 1,239,618 | ||||||||||||||||||
Delaware National High-Yield Municipal Bond Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 138,581 | 16,910 | 10,394 | 13,682 | 150,954 | 1,651,744 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 493,993 | 5,948 | 27,463 | 29,441 | 494,187 | 5,405,940 |
5. Reorganization
On February 15-16, 2023, the Board approved a proposal to reorganize Delaware Ivy Municipal Bond Fund (the “Acquired Fund I”), a series of Ivy Funds, and Delaware Ivy Municipal High Income Fund (the “Acquired Fund II”), a series of Ivy Funds, (and together with Acquired Fund I, the “Acquired Funds”) with and into Delaware Tax-Free USA Fund (the “Acquiring Fund I”), a series of the Delaware Group Tax-Free Fund, and Delaware National High-Yield Municipal Bond Fund (the “Acquiring Fund II”), a series of the Voyageur Mutual Funds (and together with Acquiring Fund I, the “Acquiring Funds”) (the “Reorganizations”). On June 27, 2023, Acquired Fund I shareholders and Acquired Fund II shareholders, respectively, approved the Reorganizations. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trusts, on behalf of Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, Acquired Funds liquidated and dissolved following the Reorganizations. The Reorganizations were accomplished by a tax-free exchange of shares on September 15, 2023 for the Acquired Funds reorganization. For financial
136 |
reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transactions associated with the Acquired Fund I Reorganizations were as follows:
Acquired Fund I Net Assets | Acquired Fund I Shares Outstanding | Shares Converted to Acquiring Fund I | Acquiring Fund I Net Assets | Conversion Ratio | ||||||||||||||||
Delaware Ivy Municipal Bond Fund | Delaware Tax-Free USA Fund | |||||||||||||||||||
Class A | $ | 213,736,002 | 21,721,138 | 21,567,710 | $ | 464,030,626 | 0.9929 | |||||||||||||
Class C | 2,397,289 | 243,627 | 241,906 | 6,644,838 | 0.9929 | |||||||||||||||
Class I* | 88,087,676 | 8,952,000 | — | — | — | |||||||||||||||
Institutional Class | — | — | 8,919,172 | 261,686,733 | 0.9850 | |||||||||||||||
Class R6* | 1,014,847 | 103,135 | — | — | — |
* | Class I and Class R6 shares of the Acquired Fund I were converted into Institutional Class shares of the Acquiring Fund I. |
The share transactions associated with the Acquired Fund II Reorganizations were as follows:
Acquired Fund II Net Assets | Acquired Fund II Shares Outstanding | Shares Converted to Acquiring Fund II | Acquiring Fund II Net Assets | Conversion Ratio | ||||||||||||||||
Delaware Ivy Municipal High Income Fund | Delaware National High-Yield Municipal Bond Fund | |||||||||||||||||||
Class A | $ | 309,636,927 | 75,891,404 | 32,586,231 | $ | 315,787,147 | 0.4254 | |||||||||||||
Class C | 8,337,619 | 2,043,534 | 865,796 | 42,795,914 | 0.4237 | |||||||||||||||
Class I* | 120,826,680 | 29,614,382 | — | — | — | |||||||||||||||
Institutional Class | — | — | 12,567,656 | 1,806,357,370 | 0.4215 | |||||||||||||||
Class R6* | 828,231 | 202,998 | — | — | — | |||||||||||||||
Class Y** | 2,865,024 | 702,212 | — | — | — |
* | Class I and Class R6 shares of the Acquired Fund II were converted into Institutional Class shares of the Acquiring Fund II. |
** | Class Y shares of the Acquired Fund II were converted into Class A shares of the Acquiring Fund II. |
137 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
5. Reorganization (continued)
The net assets of the Acquired Funds before the Reorganizations were as follows:
Net Assets | ||||
Delaware Ivy Municipal Bond Fund | $ | 305,457,973 | ||
Delaware Ivy Municipal High Income Fund | 443,535,339 |
The Acquired Funds net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the reorganization. The net assets of the Acquiring Fund I and Acquiring Fund II immediately following the Reorganizations were as follows:
Net Assets | ||||
Delaware Tax-Free USA Fund | $ | 1,037,820,170 | ||
Delaware National High-Yield Municipal Bond Fund | 2,608,475,770 |
Assuming the Reorganizations had been completed on September 1, 2023, the Acquiring Funds' pro forma results of operations for the six months ended February 29, 2024, would have been as follows:
Delaware Tax-Free USA Fund | Delaware National High-Yield Municipal Bond Fund | |||||||
Net investment income | $ | 29,042,836 | $ | 79,888,679 | ||||
Net realized loss on investments | (25,960,111 | ) | (5,901,222 | ) | ||||
Net change in unrealized appreciation (depreciation) | 84,342,323 | 135,561,863 | ||||||
Net increase in net assets resulting from operations | $ | 87,425,048 | $ | 209,549,320 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Acquired Funds that have been included in Acquiring Funds' “Statements of operations” since the Reorganizations were consummated on September 15, 2023.
6. 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,
138 |
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 30, 2023.
On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 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 28, 2024.
Each Fund had no amounts outstanding as of February 29, 2024, or at any time during the period then ended.
7. 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 is generally invested in an individual separate account. 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-
139 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
7. Securities Lending (continued)
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 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.
At February 29, 2024, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 29, 2024, Delaware Tax Free USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.
8. Geographic, Credit and Market Risks
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.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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
140 |
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 29, 2024, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California and territory of Puerto Rico, which constituted approximately 13.42% and 15.60%, respectively, of the Fund’s net assets. As of February 29, 2024, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of New York and territory of Puerto Rico, which constituted approximately 16.21% and 10.69%, respectively, of the Fund’s net assets. As of February 29, 2024, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico, which constituted approximately 12.48% and 14.79%, respectively, of 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 US, 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 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 usually 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
141 |
Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds
8. Geographic, Credit and Market Risks (continued)
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 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.”
9. 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.
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 29, 2024, that would require recognition or disclosure in the Funds’ financial statements.
142 |
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 each Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is 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 each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Fund’s most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how each Fund 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.
143 |
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 29, 2024
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’s public markets businesses trace their roots to 1929 and partner 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
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● | 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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 29, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2023 to February 29, 2024 (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, 2023 to February 29, 2024.
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, 2023 to February 29, 2024 (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 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,044.80 | 0.84% | $4.27 | ||||||||||
Class C | 1,000.00 | 1,041.80 | 1.59% | 8.07 | ||||||||||
Institutional Class | 1,000.00 | 1,046.10 | 0.59% | 3.00 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.69 | 0.84% | $4.22 | ||||||||||
Class C | 1,000.00 | 1,016.96 | 1.59% | 7.97 | ||||||||||
Institutional Class | 1,000.00 | 1,021.93 | 0.59% | 2.97 | ||||||||||
Delaware Tax-Free Minnesota Intermediate Fund Expense analysis of an investment of $1,000 | ||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,043.60 | 0.81% | $4.12 | ||||||||||
Class C | 1,000.00 | 1,039.60 | 1.56% | 7.91 | ||||||||||
Institutional Class | 1,000.00 | 1,045.90 | 0.56% | 2.85 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.84 | 0.81% | $4.07 | ||||||||||
Class C | 1,000.00 | 1,017.11 | 1.56% | 7.82 | ||||||||||
Institutional Class | 1,000.00 | 1,022.08 | 0.56% | 2.82 |
2 |
Delaware Minnesota High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Annualized Expense Ratio | Expenses Paid During Period 9/1/23 to 2/29/24* | |||||||||||
Actual Fund return† | ||||||||||||||
Class A | $1,000.00 | $1,053.50 | 0.85% | $4.34 | ||||||||||
Class C | 1,000.00 | 1,049.50 | 1.60% | 8.15 | ||||||||||
Institutional Class | 1,000.00 | 1,054.80 | 0.60% | 3.07 | ||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.64 | 0.85% | $4.27 | ||||||||||
Class C | 1,000.00 | 1,016.91 | 1.60% | 8.02 | ||||||||||
Institutional Class | 1,000.00 | 1,021.88 | 0.60% | 3.02 |
* | “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 182/366 (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 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 99.04 | % | |
Education Revenue Bonds | 22.80 | % | |
Electric Revenue Bonds | 7.02 | % | |
Healthcare Revenue Bonds | 32.82 | % | |
Housing Revenue Bonds | 1.83 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 2.86 | % | |
Lease Revenue Bonds | 1.26 | % | |
Local General Obligation Bonds | 17.65 | % | |
Pre-Refunded Bonds | 0.33 | % | |
Special Tax Revenue Bonds | 3.17 | % | |
State General Obligation Bonds | 2.91 | % | |
Transportation Revenue Bonds | 5.30 | % | |
Water & Sewer Revenue Bonds | 1.09 | % | |
Short-Term Investments | 0.43 | % | |
Total Value of Securities | 99.47 | % | |
Receivables and Other Assets Net of Liabilities | 0.53 | % | |
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 | 95.31 | % | |
Puerto Rico | 3.73 | % | |
Total Value of Municipal Bonds | 99.04 | % |
4 |
Security type / sector / state / territory allocations
Delaware Tax-Free Minnesota Intermediate Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 99.37 | % | |
Education Revenue Bonds | 17.36 | % | |
Electric Revenue Bonds | 3.15 | % | |
Healthcare Revenue Bonds | 38.46 | % | |
Housing Revenue Bonds | 2.50 | % | |
Industrial Development Revenue/Pollution Control Revenue Bond | 2.36 | % | |
Lease Revenue Bonds | 0.82 | % | |
Local General Obligation Bonds | 22.34 | % | |
Pre-Refunded Bond | 0.22 | % | |
Special Tax Revenue Bonds | 2.88 | % | |
State General Obligation Bonds | 4.78 | % | |
Transportation Revenue Bonds | 3.44 | % | |
Water & Sewer Revenue Bond | 1.06 | % | |
Short-Term Investments | 0.17 | % | |
Total Value of Securities | 99.54 | % | |
Receivables and Other Assets Net of Liabilities | 0.46 | % | |
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 | 96.19 | % | |
Puerto Rico | 3.18 | % | |
Total Value of Municipal Bonds | 99.37 | % |
5 |
Security type / sector / state / territory allocations
Delaware Minnesota High-Yield Municipal Bond Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||
Municipal Bonds* | 97.92 | % | |
Education Revenue Bonds | 28.75 | % | |
Electric Revenue Bonds | 1.34 | % | |
Healthcare Revenue Bonds | 39.11 | % | |
Housing Revenue Bonds | 2.93 | % | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 3.39 | % | |
Lease Revenue Bonds | 0.91 | % | |
Local General Obligation Bonds | 9.43 | % | |
Pre-Refunded Bonds | 0.23 | % | |
Special Tax Revenue Bonds | 4.18 | % | |
State General Obligation Bonds | 3.25 | % | |
Transportation Revenue Bonds | 4.40 | % | |
Short-Term Investments | 1.09 | % | |
Total Value of Securities | 99.01 | % | |
Receivables and Other Assets Net of Liabilities | 0.99 | % | |
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 | 93.33 | % | |
Puerto Rico | 4.59 | % | |
Total Value of Municipal Bonds | 97.92 | % |
6 |
Delaware Tax-Free Minnesota Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 99.04% | ||||||||
Education Revenue Bonds — 22.80% | ||||||||
Bethel, Minnesota Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.25% 7/1/47 | 1,550,000 | $ | 1,304,170 | |||||
Series A 4.375% 7/1/52 | 1,250,000 | 1,039,850 | ||||||
Brooklyn Park, Minnesota Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/34 | 2,120,000 | 2,042,472 | ||||||
Series A 5.00% 3/1/39 | 385,000 | 358,808 | ||||||
Cologne, Minnesota Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/45 | 1,705,000 | 1,625,325 | ||||||
Deephaven, Minnesota Charter School Revenue | ||||||||
(Eagle Ridge Academy Project) | ||||||||
Series A 5.25% 7/1/40 | 500,000 | 502,055 | ||||||
Series A 5.50% 7/1/50 | 2,000,000 | 2,004,880 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/48 | 3,355,000 | 2,823,434 | ||||||
Duluth Independent School District No. 709 Revenue | ||||||||
Series B 5.00% 2/1/28 | 350,000 | 376,677 | ||||||
Forest Lake, Minnesota Charter School Lease Revenue | ||||||||
(Lakes International Language Academy Project) | ||||||||
Series A 5.25% 8/1/43 | 400,000 | 399,976 | ||||||
Series A 5.375% 8/1/50 | 2,290,000 | 2,256,520 | ||||||
Series A 5.50% 8/1/36 | 580,000 | 581,612 | ||||||
Series A 5.75% 8/1/44 | 1,895,000 | 1,898,184 | ||||||
Ham Lake, Minnesota Charter School Lease Revenue | ||||||||
(DaVinci Academy Project) | ||||||||
Series A 5.00% 7/1/36 | 765,000 | 728,724 | ||||||
Series A 5.00% 7/1/47 | 2,290,000 | 1,993,903 | ||||||
Hugo, Minnesota Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/44 | 2,545,000 | 2,444,371 | ||||||
Minneapolis, Minnesota Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.25% 6/1/42 | 750,000 | 699,870 | ||||||
Series A 5.50% 6/1/57 | 500,000 | 454,155 | ||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.00% 7/1/32 # | 300,000 | 301,602 | ||||||
Series A 144A 5.375% 7/1/42 # | 880,000 | 849,596 | ||||||
Series A 144A 5.50% 7/1/52 # | 1,440,000 | 1,362,931 |
7 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minneapolis, Minnesota Charter School Lease Revenue | ||||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.50% 7/1/57 # | 1,120,000 | $ | 1,050,258 | |||||
Minneapolis, Minnesota Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
5.50% 8/1/49 | 3,250,000 | 3,252,372 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(Bethel University) | ||||||||
5.00% 5/1/37 | 1,500,000 | 1,471,545 | ||||||
(Carleton College) | ||||||||
4.00% 3/1/35 | 1,000,000 | 1,021,450 | ||||||
4.00% 3/1/36 | 415,000 | 422,283 | ||||||
4.00% 3/1/47 | 3,500,000 | 3,453,345 | ||||||
5.00% 3/1/44 | 1,275,000 | 1,319,077 | ||||||
5.00% 3/1/53 | 2,900,000 | 3,127,389 | ||||||
(College of St. Benedict) | ||||||||
Series 8-K 4.00% 3/1/43 | 1,000,000 | 919,060 | ||||||
(College of St. Scholastica) | ||||||||
4.00% 12/1/29 | 280,000 | 281,044 | ||||||
4.00% 12/1/30 | 290,000 | 290,502 | ||||||
4.00% 12/1/33 | 500,000 | 496,665 | ||||||
4.00% 12/1/34 | 500,000 | 494,720 | ||||||
4.00% 12/1/40 | 1,200,000 | 1,103,472 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/47 | 6,850,000 | 7,007,002 | ||||||
(Macalester College) | ||||||||
4.00% 3/1/42 | 500,000 | 501,790 | ||||||
(St. Catherine University) | ||||||||
5.00% 10/1/52 | 2,000,000 | 2,021,120 | ||||||
Series A 4.00% 10/1/36 | 925,000 | 925,638 | ||||||
Series A 5.00% 10/1/32 | 715,000 | 761,153 | ||||||
Series A 5.00% 10/1/35 | 875,000 | 920,876 | ||||||
Series A 5.00% 10/1/45 | 2,905,000 | 2,946,890 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/32 | 500,000 | 513,940 | ||||||
Series 8-I 5.00% 10/1/33 | 250,000 | 257,010 | ||||||
(St. Olaf College) | ||||||||
3.00% 10/1/38 | 1,000,000 | 909,070 | ||||||
4.00% 10/1/46 | 565,000 | 559,260 | ||||||
4.00% 10/1/50 | 700,000 | 676,599 | ||||||
Series 8-G 5.00% 12/1/31 | 670,000 | 688,097 | ||||||
Series 8-G 5.00% 12/1/32 | 670,000 | 687,983 |
8 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(St. Olaf College) | ||||||||
Series 8-N 4.00% 10/1/35 | 500,000 | $ | 506,840 | |||||
(Trustees of the Hamline University of Minnesota) | ||||||||
Series B 5.00% 10/1/37 | 955,000 | 971,732 | ||||||
Series B 5.00% 10/1/38 | 1,000,000 | 1,014,700 | ||||||
Series B 5.00% 10/1/39 | 940,000 | 951,430 | ||||||
Series B 5.00% 10/1/40 | 625,000 | 631,600 | ||||||
Series B 5.00% 10/1/47 | 1,060,000 | 1,065,035 | ||||||
(University of St. Thomas) | ||||||||
4.00% 10/1/36 | 700,000 | 715,064 | ||||||
4.00% 10/1/37 | 750,000 | 760,823 | ||||||
4.00% 10/1/44 | 1,800,000 | 1,756,656 | ||||||
5.00% 10/1/34 | 800,000 | 872,632 | ||||||
5.00% 10/1/40 | 1,595,000 | 1,696,203 | ||||||
Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,300,912 | ||||||
Series A 4.00% 10/1/34 | 400,000 | 408,276 | ||||||
Series A 4.00% 10/1/36 | 500,000 | 507,135 | ||||||
(University of St. Thomas) (Green Bonds) | ||||||||
Series A 5.00% 10/1/35 | 1,720,000 | 1,898,639 | ||||||
Minnesota Office of Higher Education Revenue | ||||||||
(Senior Supplemental Student Loan Program) | ||||||||
2.65% 11/1/38 (AMT) | 645,000 | 572,618 | ||||||
4.00% 11/1/42 (AMT) | 1,300,000 | 1,277,848 | ||||||
Minnesota State Colleges & Universities Revenue | ||||||||
Series A 5.00% 10/1/26 | 4,990,000 | 5,245,039 | ||||||
Otsego, Minnesota Charter School Lease Revenue | ||||||||
(Kaleidoscope Charter School) | ||||||||
Series A 5.00% 9/1/34 | 520,000 | 506,340 | ||||||
Series A 5.00% 9/1/44 | 1,565,000 | 1,410,800 | ||||||
St. Cloud, Minnesota Charter School Lease Revenue | ||||||||
(Stride Academy Project) | ||||||||
Series A 5.00% 4/1/46 | 875,000 | 713,414 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority | ||||||||
Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 2,770,000 | 2,407,822 | ||||||
(Great River School Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 735,000 | 735,375 | ||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/55 | 1,000,000 | 914,420 | ||||||
Series A 5.75% 9/1/46 | 1,000,000 | 1,007,820 |
9 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority | ||||||||
Charter School Lease Revenue | ||||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.125% 9/1/47 | 1,750,000 | $ | 1,465,205 | |||||
(Twin Cities Academy Project) | ||||||||
Series A 5.30% 7/1/45 | 1,440,000 | 1,398,701 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/40 | 375,000 | 364,335 | ||||||
University of Minnesota Revenue | ||||||||
Series A 5.00% 4/1/34 | 2,115,000 | 2,196,872 | ||||||
Series A 5.00% 9/1/34 | 1,125,000 | 1,197,968 | ||||||
Series A 5.00% 4/1/35 | 3,175,000 | 3,290,760 | ||||||
Series A 5.00% 9/1/41 | 750,000 | 784,185 | ||||||
Series A 5.00% 9/1/42 | 2,100,000 | 2,192,904 | ||||||
Series A 5.00% 11/1/42 | 2,000,000 | 2,211,960 | ||||||
Series A 5.00% 1/1/43 | 1,250,000 | 1,420,875 | ||||||
Series A 5.00% 1/1/44 | 1,000,000 | 1,132,190 | ||||||
Woodbury, Minnesota Charter School Lease Revenue | ||||||||
(Woodbury Leadership Academy Project) | ||||||||
Series A 4.00% 7/1/51 | 1,500,000 | 1,104,105 | ||||||
112,737,958 | ||||||||
Electric Revenue Bonds — 7.02% | ||||||||
Chaska, Minnesota Electric Revenue | ||||||||
(Generating Facilities) | ||||||||
Series A 5.00% 10/1/30 | 1,150,000 | 1,183,293 | ||||||
Minnesota Municipal Power Agency Electric Revenue | ||||||||
4.00% 10/1/41 | 1,000,000 | 1,003,270 | ||||||
5.00% 10/1/29 | 395,000 | 399,001 | ||||||
5.00% 10/1/30 | 500,000 | 504,720 | ||||||
5.00% 10/1/33 | 1,205,000 | 1,215,893 | ||||||
5.00% 10/1/47 | 2,000,000 | 2,040,420 | ||||||
Series A 5.00% 10/1/30 | 1,060,000 | 1,070,007 | ||||||
Series A 5.00% 10/1/34 | 750,000 | 756,653 | ||||||
Series A 5.00% 10/1/35 | 1,525,000 | 1,538,008 | ||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
5.00% 1/1/29 | 585,000 | 605,054 | ||||||
5.00% 1/1/41 | 400,000 | 412,324 | ||||||
Series A 5.00% 1/1/26 | 425,000 | 425,535 |
10 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
Series A 5.00% 1/1/31 | 520,000 | $ | 520,551 | |||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 430,000 | 113,950 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 250,000 | 66,250 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 496,875 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,250,000 | 331,250 | ||||||
Series XX 4.75% 7/1/26 ‡ | 260,000 | 68,900 | ||||||
Series XX 5.75% 7/1/36 ‡ | 925,000 | 245,125 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 55,650 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 350,000 | 92,750 | ||||||
Rochester, Minnesota Electric Utility Revenue | ||||||||
Series A 5.00% 12/1/47 | 3,660,000 | 3,744,619 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/42 | 4,315,000 | 4,577,611 | ||||||
Series A 5.00% 1/1/46 | 3,310,000 | 3,372,658 | ||||||
(Capital Appreciation) | ||||||||
Series A 4.965% 1/1/25 (NATL) ^ | 5,000,000 | 4,840,700 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
Series A 4.00% 10/1/30 | 1,235,000 | 1,275,545 | ||||||
Series A 4.00% 10/1/31 | 885,000 | 909,559 | ||||||
Series A 4.00% 10/1/33 | 365,000 | 373,654 | ||||||
Western Minnesota Municipal Power Agency Supply Revenue | ||||||||
Series A 5.00% 1/1/30 | 1,000,000 | 1,131,010 | ||||||
(Red Rock Hydroelectric Project) | ||||||||
Series A 5.00% 1/1/49 | 1,300,000 | 1,351,454 | ||||||
34,722,289 | ||||||||
Healthcare Revenue Bonds — 32.82% | ||||||||
Anoka, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.375% 11/1/34 | 320,000 | 311,750 | ||||||
5.125% 11/1/49 | 1,100,000 | 948,992 | ||||||
Apple Valley, Minnesota Senior Housing Revenue | ||||||||
(PHS Apple Valley Senior Housing Orchard Path | ||||||||
Phase II Project) | ||||||||
4.00% 9/1/51 | 500,000 | 414,655 | ||||||
4.00% 9/1/61 | 500,000 | 389,930 |
11 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Apple Valley, Minnesota Senior Housing Revenue | ||||||||
(PHS Senior Housing, Inc. Orchard Path Project) | ||||||||
4.50% 9/1/53 | 500,000 | $ | 448,190 | |||||
5.00% 9/1/58 | 1,605,000 | 1,543,817 | ||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
2nd Tier Series B 5.00% 1/1/47 | 1,640,000 | 975,685 | ||||||
2nd Tier Series B 7.25% 1/1/52 | 2,580,000 | 1,508,165 | ||||||
4th Tier Series D 5.25% 1/1/37 | 480,000 | 350,169 | ||||||
4th Tier Series D 7.00% 1/1/37 | 1,585,000 | 1,038,191 | ||||||
Bethel, Minnesota Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 2,350,000 | 2,094,132 | ||||||
Bethel, Minnesota Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.00% 6/1/38 | 450,000 | 402,107 | ||||||
5.00% 6/1/48 | 1,000,000 | 805,650 | ||||||
5.00% 6/1/53 | 2,450,000 | 1,918,595 | ||||||
Center City, Minnesota Health Care Facilities Revenue | ||||||||
(Hazelden Betty Ford Foundation Project) | ||||||||
4.00% 11/1/34 | 500,000 | 486,840 | ||||||
4.00% 11/1/41 | 2,000,000 | 1,824,180 | ||||||
4.50% 11/1/34 | 1,700,000 | 1,701,972 | ||||||
5.00% 11/1/24 | 600,000 | 604,524 | ||||||
5.00% 11/1/26 | 500,000 | 503,285 | ||||||
Chatfield, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
5.00% 9/1/44 | 500,000 | 424,235 | ||||||
Crookston, Minnesota Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/38 | 100,000 | 78,483 | ||||||
5.00% 5/1/44 | 1,500,000 | 1,102,005 | ||||||
5.00% 5/1/51 | 1,585,000 | 1,101,813 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/36 # | 280,000 | 280,006 | ||||||
Series A 144A 5.00% 8/1/46 # | 1,500,000 | 1,416,885 | ||||||
Series A 144A 5.00% 8/1/51 # | 880,000 | 814,519 |
12 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Deephaven, Minnesota Housing & Healthcare Facility Revenue | ||||||||
(St. Therese Senior Living Project) | ||||||||
Series A 5.00% 4/1/38 | 730,000 | $ | 658,664 | |||||
Series A 5.00% 4/1/40 | 705,000 | 620,950 | ||||||
Series A 5.00% 4/1/48 | 315,000 | 256,889 | ||||||
Duluth Economic Development Authority Revenue | ||||||||
(Benedictine Health System) | ||||||||
Series A 4.00% 7/1/31 | 1,125,000 | 1,036,451 | ||||||
(Essentia Health Obligated Group) | ||||||||
Series A 4.25% 2/15/43 | 3,300,000 | 3,226,905 | ||||||
Series A 5.00% 2/15/53 | 6,100,000 | 6,175,091 | ||||||
Series A 5.00% 2/15/58 | 11,100,000 | 11,216,439 | ||||||
Series A 5.25% 2/15/58 | 7,250,000 | 7,448,432 | ||||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||||
Series A 3.00% 6/15/44 | 650,000 | 494,669 | ||||||
Series A 4.00% 6/15/38 | 150,000 | 143,924 | ||||||
Series A 4.00% 6/15/39 | 150,000 | 142,202 | ||||||
Series B 5.25% 6/15/52 | 500,000 | 511,405 | ||||||
Glencoe, Minnesota Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/24 | 500,000 | 499,895 | ||||||
4.00% 4/1/25 | 660,000 | 655,914 | ||||||
4.00% 4/1/31 | 60,000 | 59,606 | ||||||
Hayward, Minnesota Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
5.375% 8/1/34 | 660,000 | 586,984 | ||||||
5.75% 2/1/44 | 500,000 | 412,015 | ||||||
(St. John’s Lutheran Home of Albert Lea Project) | ||||||||
Series A 5.375% 10/1/44 | 400,000 | 244,000 | ||||||
Maple Grove, Minnesota Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 2,000,000 | 1,894,720 | ||||||
5.00% 5/1/27 | 1,400,000 | 1,455,650 | ||||||
5.00% 5/1/29 | 1,000,000 | 1,039,580 | ||||||
5.00% 5/1/30 | 850,000 | 884,127 | ||||||
5.00% 5/1/31 | 500,000 | 519,205 | ||||||
5.00% 5/1/32 | 825,000 | 853,958 | ||||||
(North Memorial Health Care) | ||||||||
4.00% 9/1/35 | 350,000 | 345,415 | ||||||
5.00% 9/1/31 | 1,000,000 | 1,018,670 |
13 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Maple Grove, Minnesota Health Care Facilities Revenue | ||||||||
(North Memorial Health Care) | ||||||||
5.00% 9/1/32 | 1,000,000 | $ | 1,017,080 | |||||
Maple Plain, Minnesota Senior Housing & Health Care Revenue | ||||||||
(Haven Homes Project) | ||||||||
5.00% 7/1/54 | 3,500,000 | 3,097,675 | ||||||
Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/38 | 2,000,000 | 2,025,600 | ||||||
4.00% 11/15/40 | 2,500,000 | 2,485,800 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/48 | 6,790,000 | 6,049,551 | ||||||
Series A 5.00% 11/15/32 | 500,000 | 512,205 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 511,890 | ||||||
Series A 5.00% 11/15/35 | 1,500,000 | 1,575,210 | ||||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,011,650 | ||||||
Series A 5.00% 11/15/49 | 6,115,000 | 6,165,754 | ||||||
Minneapolis, Minnesota Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.00% 11/1/35 | 500,000 | 462,805 | ||||||
5.25% 11/1/45 | 1,950,000 | 1,749,891 | ||||||
5.375% 11/1/50 | 655,000 | 589,605 | ||||||
Minneapolis-St. Paul, Minnesota Housing & Redevelopment Authority Health Care Revenue | ||||||||
(Allina Health System) | ||||||||
Series A 5.00% 11/15/28 | 1,550,000 | 1,626,214 | ||||||
Minnesota Agricultural & Economic Development Board Healthcare Facilities Revenue | ||||||||
(Health Partners Obligated Group) | ||||||||
4.00% 1/1/49 | 4,900,000 | 4,674,600 | ||||||
Rochester, Minnesota Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 3,230,000 | 3,229,645 | ||||||
Rochester, Minnesota Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 9,350,000 | 9,844,148 | ||||||
5.00% 11/15/57 | 7,250,000 | 7,897,280 | ||||||
Series B 5.00% 11/15/33 | 1,750,000 | 2,099,160 |
14 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Sartell, Minnesota Health Care & Housing Facilities Revenue | ||||||||
(Country Manor Campus LLC Project) | ||||||||
5.30% 9/1/37 | 1,200,000 | $ | 1,189,728 | |||||
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 1,375,000 | 1,180,259 | ||||||
Shakopee, Minnesota Health Care Facilities Revenue | ||||||||
(St. Francis Regional Medical Center) | ||||||||
4.00% 9/1/31 | 915,000 | 900,927 | ||||||
5.00% 9/1/24 | 575,000 | 578,398 | ||||||
5.00% 9/1/25 | 750,000 | 754,748 | ||||||
5.00% 9/1/26 | 575,000 | 577,708 | ||||||
5.00% 9/1/27 | 405,000 | 406,778 | ||||||
5.00% 9/1/28 | 425,000 | 426,594 | ||||||
5.00% 9/1/29 | 425,000 | 426,649 | ||||||
5.00% 9/1/34 | 730,000 | 732,686 | ||||||
St. Cloud, Minnesota Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
4.00% 5/1/49 | 6,315,000 | 5,911,345 | ||||||
Series A 4.00% 5/1/37 | 1,765,000 | 1,740,290 | ||||||
Series A 5.00% 5/1/46 | 5,275,000 | 5,358,925 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/43 | 2,450,000 | 2,255,960 | ||||||
Series A 5.00% 11/15/47 | 2,240,000 | 2,276,086 | ||||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 5.00% 7/1/30 | 2,200,000 | 2,237,312 | ||||||
Series A 5.00% 7/1/33 | 3,500,000 | 3,555,895 | ||||||
(Marian Center Project) | ||||||||
Series A 5.375% 5/1/43 | 500,000 | 440,315 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Multifamily Housing Revenue | ||||||||
(Marian Center Project) | ||||||||
Series A 5.30% 11/1/30 | 445,000 | 434,013 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(Amherst H. Wilder Foundation Project) | ||||||||
Series A 5.00% 12/1/30 | 300,000 | 307,566 | ||||||
Series A 5.00% 12/1/36 | 750,000 | 754,200 |
15 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue | ||||||||
(Episcopal Homes Project) | ||||||||
5.125% 5/1/48 | 4,000,000 | $ | 3,333,920 | |||||
Wayzata, Minnesota Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
3.75% 8/1/36 | 500,000 | 458,800 | ||||||
4.00% 8/1/44 | 800,000 | 696,512 | ||||||
West St. Paul, Minnesota Housing & Health Care Facilities Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
4.50% 11/1/40 | 250,000 | 227,775 | ||||||
4.75% 11/1/52 | 750,000 | 655,628 | ||||||
Woodbury, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.125% 12/1/44 | 2,105,000 | 1,920,455 | ||||||
162,255,770 | ||||||||
Housing Revenue Bonds — 1.83% | ||||||||
Minnesota Housing Finance Agency Revenue | ||||||||
Series D 5.50% 7/1/53 | 1,985,000 | 2,096,180 | ||||||
Series F 4.50% 1/1/43 | 1,405,000 | 1,421,017 | ||||||
Series I 2.00% 7/1/40 | 630,000 | 450,015 | ||||||
Series I 2.20% 1/1/51 | 1,195,000 | 769,186 | ||||||
Series O 4.45% 7/1/38 | 1,700,000 | 1,767,303 | ||||||
Series O 4.65% 7/1/41 | 650,000 | 678,099 | ||||||
Northwest Multi-County Housing & Redevelopment Authority Revenue | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 1,890,000 | 1,854,941 | ||||||
9,036,741 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 2.86% | ||||||||
Cottonwood, Minnesota Revenue | ||||||||
(Extreme Holdings LLC Project) | ||||||||
Series A 144A 5.00% 12/1/50 (AMT) # | 1,000,000 | 786,610 | ||||||
Minnesota Municipal Gas Agency Revenue | ||||||||
(Minnesota Community Energy) | ||||||||
Sub-Series A 4.00% 12/1/27 | 1,300,000 | 1,307,774 | ||||||
Sub-Series A 4.00% 12/1/52 • | 3,625,000 | 3,632,286 |
16 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds (continued) | ||||||||
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 8,665,000 | $ | 8,399,158 | |||||
14,125,828 | ||||||||
Lease Revenue Bonds — 1.26% | ||||||||
Hibbing Independent School District No. 701 Revenue | ||||||||
Series A 3.00% 3/1/41 | 1,250,000 | 1,080,963 | ||||||
Minnesota Housing Finance Agency Revenue | ||||||||
(State Appropriation Housing Infrastructure) | ||||||||
Series A 4.00% 8/1/33 | 655,000 | 685,438 | ||||||
Series C 5.00% 8/1/34 | 1,565,000 | 1,573,685 | ||||||
Series C 5.00% 8/1/35 | 1,645,000 | 1,653,258 | ||||||
New London Economic Development Authority Revenue | ||||||||
(SWWC Service Cooperative Lease with Option to | ||||||||
Purchase Project) | ||||||||
5.125% 2/1/43 | 1,250,000 | 1,261,162 | ||||||
6,254,506 | ||||||||
Local General Obligation Bonds — 17.65% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/43 | 750,000 | 634,665 | ||||||
Series A 3.00% 2/1/45 | 2,600,000 | 2,156,284 | ||||||
Brainerd, Minnesota Independent School District No. 181 | ||||||||
(School Building) | ||||||||
Series A 4.00% 2/1/38 | 1,500,000 | 1,523,910 | ||||||
Series A 4.00% 2/1/42 | 3,500,000 | 3,493,070 | ||||||
Cass Lake-Bena Independent School District No. 115 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 915,000 | 932,174 | ||||||
Series A 4.00% 2/1/42 | 2,260,000 | 2,297,426 | ||||||
Series A 4.00% 2/1/43 | 1,925,000 | 1,951,719 | ||||||
Corcoran, Minnesota | ||||||||
Series A 4.00% 2/1/53 (BAM) | 2,000,000 | 1,942,120 | ||||||
Dilworth Glyndon Felton Independent School | ||||||||
District No. 2164 | ||||||||
Series A 3.00% 2/1/37 | 1,000,000 | 948,470 | ||||||
Series A 3.00% 2/1/41 | 1,000,000 | 861,980 |
17 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Duluth, Minnesota | ||||||||
(DECC Improvement) | ||||||||
Series A 5.00% 2/1/34 | 1,000,000 | $ | 1,028,960 | |||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 1,555,000 | 1,380,762 | ||||||
Gibbon, Minnesota Independent School District No. 2365 | ||||||||
Series A 4.125% 2/1/52 | 1,000,000 | 1,002,140 | ||||||
Series A 5.00% 2/1/48 | 1,850,000 | 1,998,648 | ||||||
Hennepin County, Minnesota | ||||||||
Series A 5.00% 12/1/36 | 3,555,000 | 3,969,769 | ||||||
Series A 5.00% 12/1/37 | 2,850,000 | 3,060,188 | ||||||
Series A 5.00% 12/1/38 | 3,310,000 | 3,542,230 | ||||||
Series B 5.00% 12/1/30 | 1,000,000 | 1,056,820 | ||||||
Lakeville Independent School District No. 194 | ||||||||
(Lakeville area schools) | ||||||||
Series A 4.00% 2/1/34 | 800,000 | 876,296 | ||||||
Series A 4.00% 2/1/35 | 1,060,000 | 1,153,746 | ||||||
Maple Grove, Minnesota | ||||||||
Series A 4.00% 2/1/35 | 1,000,000 | 1,065,450 | ||||||
Metropolitan Council General Obligation Wastewater | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/41 | 1,400,000 | 1,426,880 | ||||||
Series C 4.00% 3/1/43 | 1,250,000 | 1,258,800 | ||||||
Minneapolis Special School District No. 1 | ||||||||
(School Building) | ||||||||
Series B 4.00% 2/1/39 | 600,000 | 612,558 | ||||||
Minneapolis, Minnesota | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/37 | 3,075,000 | 2,848,126 | ||||||
3.00% 12/1/38 | 2,975,000 | 2,683,748 | ||||||
3.00% 12/1/40 | 1,875,000 | 1,630,950 | ||||||
3.00% 12/1/42 | 3,400,000 | 2,922,674 | ||||||
Mounds View, Minnesota Independent School District No. 621 | ||||||||
Series A 4.00% 2/1/39 | 1,850,000 | 1,918,358 | ||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/43 | 3,000,000 | 3,009,630 | ||||||
Mountain Iron-Buhl Independent School District No. 712 | ||||||||
(School Building) | ||||||||
Series A 4.00% 2/1/26 | 1,315,000 | 1,332,121 |
18 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Ramsey County, Minnesota | ||||||||
Series B 4.00% 2/1/42 | 1,000,000 | $ | 1,024,200 | |||||
Redwood Area Schools Independent School District No. 2897 | ||||||||
4.00% 2/1/42 | 2,210,000 | 2,243,902 | ||||||
4.00% 2/1/43 | 1,130,000 | 1,145,684 | ||||||
Rice County, Minnesota | ||||||||
Series A 5.00% 2/1/44 | 3,865,000 | 4,326,481 | ||||||
Rosemount, Minnesota | ||||||||
Series A 4.00% 2/1/53 | 7,255,000 | 7,177,371 | ||||||
Rosemount-Apple Valley-Eagan Independent School District No. 196 | ||||||||
Series A 4.00% 2/1/44 | 2,590,000 | 2,610,280 | ||||||
St. Michael-Albertville Independent School District No. 885 | ||||||||
(School Building) | ||||||||
Series A 5.00% 2/1/27 | 1,865,000 | 1,931,599 | ||||||
Stillwater Independent School District No. 834 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 1,000,000 | 1,024,780 | ||||||
Series A 4.00% 2/1/44 | 1,245,000 | 1,262,106 | ||||||
Virginia Independent School District No. 706 | ||||||||
Series A 3.00% 2/1/40 | 2,000,000 | 1,769,960 | ||||||
Westonka Independent School District No. 277 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/44 | 2,400,000 | 2,416,632 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 4,400,000 | 3,799,840 | ||||||
87,253,507 | ||||||||
Pre-Refunded Bonds — 0.33% | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/29-25 § | 910,000 | 936,936 | ||||||
Series A 5.00% 11/15/30-25 § | 670,000 | 689,832 | ||||||
1,626,768 |
19 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds — 3.17% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
2.689% 11/1/43 • | 2,338,068 | $ | 1,370,692 | |||||
Minneapolis, Minnesota Charter School Lease Revenue | ||||||||
(YMCA Greater Twin Cities Project) | ||||||||
4.00% 6/1/30 | 250,000 | 255,008 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 0.098% 7/1/46 ^ | 2,750,000 | 895,290 | ||||||
Series A-1 4.75% 7/1/53 | 5,100,000 | 5,102,907 | ||||||
Series A-1 6.378% 7/1/51 ^ | 24,325,000 | 5,876,434 | ||||||
St. Paul, Minnesota Sales Tax Revenue | ||||||||
Series G 5.00% 11/1/30 | 655,000 | 661,936 | ||||||
Series G 5.00% 11/1/31 | 1,500,000 | 1,513,635 | ||||||
15,675,902 | ||||||||
State General Obligation Bonds — 2.91% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 2,000,000 | 1,910,160 | ||||||
Series A-1 4.00% 7/1/46 | 2,000,000 | 1,807,600 | ||||||
Minnesota State | ||||||||
Series A 4.00% 9/1/38 | 625,000 | 651,425 | ||||||
Series A 5.00% 8/1/30 | 1,250,000 | 1,380,363 | ||||||
Series A 5.00% 8/1/37 | 2,925,000 | 3,179,972 | ||||||
Series A 5.00% 8/1/39 | 1,000,000 | 1,097,620 | ||||||
Series A 5.00% 8/1/41 | 1,000,000 | 1,136,550 | ||||||
(State Trunk Highway) | ||||||||
Series E 5.00% 10/1/26 | 1,480,000 | 1,565,455 | ||||||
(Various Purposes) | ||||||||
Series A 5.00% 8/1/35 | 500,000 | 558,905 | ||||||
Series A 5.00% 8/1/38 | 1,000,000 | 1,085,660 | ||||||
14,373,710 | ||||||||
Transportation Revenue Bonds — 5.30% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Revenue | ||||||||
Series C 5.00% 1/1/37 | 675,000 | 710,248 | ||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/32 (AMT) | 755,000 | 815,068 | ||||||
Series B 5.00% 1/1/39 (AMT) | 1,000,000 | 1,054,210 | ||||||
Series B 5.00% 1/1/49 (AMT) | 6,600,000 | 6,789,288 | ||||||
Series B 5.25% 1/1/47 (AMT) | 2,000,000 | 2,144,220 |
20 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Senior) | ||||||||
Series C 5.00% 1/1/33 | 850,000 | $ | 900,099 | |||||
Series C 5.00% 1/1/36 | 600,000 | 633,360 | ||||||
Series C 5.00% 1/1/41 | 600,000 | 625,188 | ||||||
Series C 5.00% 1/1/46 | 1,595,000 | 1,650,921 | ||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/44 | 200,000 | 213,780 | ||||||
Series B 5.00% 1/1/35 (AMT) | 1,205,000 | 1,335,996 | ||||||
Series B 5.00% 1/1/44 (AMT) | 9,000,000 | 9,349,920 | ||||||
26,222,298 | ||||||||
Water & Sewer Revenue Bonds — 1.09% | ||||||||
Metropolitan Council General Obligation Wastewater Revenue | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/31 | 2,000,000 | 2,064,520 | ||||||
Series C 4.00% 3/1/32 | 3,225,000 | 3,321,556 | ||||||
5,386,076 | ||||||||
Total Municipal Bonds (cost $499,919,554) | 489,671,353 | |||||||
Short-Term Investments — 0.43% | ||||||||
Variable Rate Demand Note — 0.43%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% 11/15/48 | ||||||||
(LOC - Wells Fargo Bank N.A.) | 2,150,000 | 2,150,000 | ||||||
Total Short-Term Investments (cost $2,150,000) | 2,150,000 | |||||||
Total Value of Securities—99.47% (cost $502,069,554) | $ | 491,821,353 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $15,996,940, which represents 3.24% 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. |
21 |
Schedules of investments
Delaware Tax-Free Minnesota Fund
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
§ | 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 29, 2024. |
Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month 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 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 99.37% | ||||||||
Education Revenue Bonds — 17.36% | ||||||||
Bethel, Minnesota Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.00% 7/1/32 | 425,000 | $ | 407,218 | |||||
Brooklyn Park, Minnesota Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/34 | 455,000 | 438,361 | ||||||
Cologne, Minnesota Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/29 | 305,000 | 305,192 | ||||||
Series A 5.00% 7/1/34 | 150,000 | 149,984 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/38 | 400,000 | 366,440 | ||||||
Forest Lake, Minnesota Charter School Lease Revenue | ||||||||
(Lakes International Language Academy Project) | ||||||||
Series A 5.50% 8/1/36 | 420,000 | 421,168 | ||||||
Minneapolis, Minnesota Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.25% 6/1/42 | 250,000 | 233,290 | ||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.00% 7/1/32 # | 500,000 | 502,670 | ||||||
Minneapolis, Minnesota Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
5.25% 8/1/39 | 250,000 | 250,355 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(Bethel University) | ||||||||
5.00% 5/1/32 | 375,000 | 378,788 | ||||||
(Carleton College) | ||||||||
4.00% 3/1/47 | 275,000 | 271,334 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/34 | 435,000 | 461,570 | ||||||
5.00% 10/1/35 | 555,000 | 587,068 | ||||||
(Macalester College) | ||||||||
4.00% 3/1/42 | 235,000 | 235,841 | ||||||
(St. Catherine University) | ||||||||
5.00% 10/1/52 | 250,000 | 252,640 | ||||||
Series A 5.00% 10/1/35 | 565,000 | 594,623 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/31 | 130,000 | 133,643 | ||||||
(St. Olaf College) | ||||||||
Series 8-G 5.00% 12/1/31 | 125,000 | 128,376 | ||||||
Series 8-G 5.00% 12/1/32 | 125,000 | 128,355 |
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) | ||||||||
4.00% 10/1/36 | 300,000 | $ | 306,456 | |||||
5.00% 10/1/33 | 750,000 | 821,662 | ||||||
5.00% 10/1/34 | 350,000 | 381,776 | ||||||
Series 7-U 4.00% 4/1/26 | 1,000,000 | 1,000,390 | ||||||
Minnesota Office of Higher Education Revenue | ||||||||
(Senior Supplemental Student Loan Program) | ||||||||
4.00% 11/1/42 (AMT) | 200,000 | 196,592 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority | ||||||||
Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 340,000 | 295,545 | ||||||
(Twin Cities Academy Project) | ||||||||
Series A 5.30% 7/1/45 | 260,000 | 252,543 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority | ||||||||
Health Care Facilities Revenue | ||||||||
(Great River School Project) | ||||||||
Series A 144A 4.75% 7/1/29 # | 100,000 | 100,053 | ||||||
Series A 144A 5.25% 7/1/33 # | 140,000 | 142,377 | ||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.00% 9/1/36 | 150,000 | 138,423 | ||||||
9,882,733 | ||||||||
Electric Revenue Bonds — 3.15% | ||||||||
Central Minnesota Municipal Power Agency Revenue | ||||||||
(Brookings SouthEast Twin Cities Transmission Project) | ||||||||
3.00% 1/1/38 (AGM) | 300,000 | 271,965 | ||||||
Chaska, Minnesota Electric Revenue | ||||||||
(Generating Facilities) | ||||||||
Series A 5.00% 10/1/28 | 250,000 | 257,470 | ||||||
Minnesota Municipal Power Agency Electric Revenue | ||||||||
Series A 5.00% 10/1/30 | 240,000 | 242,265 | ||||||
Northern Municipal Power Agency Electric System Revenue | ||||||||
Series A 5.00% 1/1/25 | 200,000 | 200,222 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/46 | 375,000 | 382,099 |
24 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
Series A 4.00% 10/1/30 | 425,000 | $ | 438,953 | |||||
1,792,974 | ||||||||
Healthcare Revenue Bonds — 38.46% | ||||||||
Anoka, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.375% 11/1/34 | 270,000 | 263,039 | ||||||
Apple Valley, Minnesota Senior Housing Revenue | ||||||||
(PHS Apple Valley Senior Housing Orchard Path Phase II Project) | ||||||||
4.00% 9/1/61 | 200,000 | 155,972 | ||||||
(PHS Senior Housing, Inc. Orchard Path Project) | ||||||||
4.50% 9/1/53 | 500,000 | 448,190 | ||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
3rd Tier Series C 4.25% 1/1/27 | 285,000 | 245,847 | ||||||
3rd Tier Series C 5.00% 1/1/32 | 400,000 | 289,140 | ||||||
Bethel, Minnesota Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 250,000 | 222,780 | ||||||
Bethel, Minnesota Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.00% 6/1/38 | 250,000 | 223,393 | ||||||
Chatfield, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
4.00% 9/1/34 | 100,000 | 86,141 | ||||||
4.00% 9/1/39 | 100,000 | 79,144 | ||||||
Crookston, Minnesota Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/38 | 400,000 | 313,932 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/36 # | 350,000 | 350,007 | ||||||
Duluth Economic Development Authority Revenue | ||||||||
(Benedictine Health System) | ||||||||
Series A 4.00% 7/1/31 | 500,000 | 460,645 |
25 |
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Duluth Economic Development Authority Revenue | ||||||||
(Essentia Health Obligated Group) | ||||||||
Series A 4.25% 2/15/43 | 300,000 | $ | 293,355 | |||||
Series A 5.00% 2/15/37 | 750,000 | 783,772 | ||||||
Series A 5.00% 2/15/53 | 2,610,000 | 2,642,129 | ||||||
Series A 5.25% 2/15/58 | 750,000 | 770,528 | ||||||
Glencoe, Minnesota Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/26 | 270,000 | 268,896 | ||||||
Hayward, Minnesota Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
4.25% 8/1/24 | 53,334 | 52,874 | ||||||
Maple Grove, Minnesota Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 500,000 | 473,680 | ||||||
5.00% 5/1/28 | 1,000,000 | 1,039,690 | ||||||
(North Memorial Health Care) | ||||||||
5.00% 9/1/31 | 320,000 | 325,974 | ||||||
Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/40 | 1,250,000 | 1,242,900 | ||||||
(Fairview Health Services) | ||||||||
Series A 5.00% 11/15/32 | 250,000 | 256,102 | ||||||
Series A 5.00% 11/15/33 | 860,000 | 906,896 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 511,890 | ||||||
Minneapolis, Minnesota Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.00% 11/1/35 | 530,000 | 490,573 | ||||||
Minnesota Agricultural & Economic Development Board Healthcare Facilities Revenue | ||||||||
(Health Partners Obligated Group) | ||||||||
4.00% 1/1/49 | 550,000 | 524,700 | ||||||
Rochester, Minnesota Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 290,000 | 289,968 | ||||||
Rochester, Minnesota Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 3,100,000 | 3,263,835 | ||||||
Series B 5.00% 11/15/33 | 150,000 | 179,928 |
26 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 575,000 | $ | 493,563 | |||||
Shakopee, Minnesota Health Care Facilities Revenue | ||||||||
(St. Francis Regional Medical Center) | ||||||||
5.00% 9/1/34 | 165,000 | 165,607 | ||||||
St. Cloud, Minnesota Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
4.00% 5/1/49 | 1,000,000 | 936,080 | ||||||
Series A 4.00% 5/1/37 | 240,000 | 236,640 | ||||||
Series A 5.00% 5/1/46 | 235,000 | 238,739 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority | ||||||||
Health Care Facilities Revenue | ||||||||
(Episcopal Homes Project) | ||||||||
5.00% 5/1/33 | 500,000 | 473,545 | ||||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 5.00% 7/1/33 | 765,000 | 777,217 | ||||||
Wayzata, Minnesota Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
5.00% 8/1/54 | 375,000 | 365,824 | ||||||
West St. Paul, Minnesota Housing & Health Care | ||||||||
Facilities Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
5.00% 11/1/37 | 250,000 | 248,515 | ||||||
Woodbury Housing & Redevelopment Authority Revenue | ||||||||
(St. Therese of Woodbury) | ||||||||
5.00% 12/1/34 | 500,000 | 497,905 | ||||||
21,889,555 | ||||||||
Housing Revenue Bonds — 2.50% | ||||||||
Minnesota Housing Finance Agency Residential Housing Finance Revenue | ||||||||
Series F 4.20% 7/1/38 | 350,000 | 357,903 | ||||||
(Social Bonds) | ||||||||
Series F 2.40% 7/1/46 | 390,000 | 274,712 | ||||||
Minnesota Housing Finance Agency Revenue | ||||||||
Series I 2.00% 7/1/40 | 275,000 | 196,436 | ||||||
Series O 4.45% 7/1/38 | 300,000 | 311,877 |
27 |
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
Northwest Multi-County Housing & Redevelopment Authority Revenue | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 285,000 | $ | 279,713 | |||||
1,420,641 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bond — 2.36% | ||||||||
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 1,385,000 | 1,342,508 | ||||||
1,342,508 | ||||||||
Lease Revenue Bonds — 0.82% | ||||||||
Hibbing Independent School District No. 701 Revenue | ||||||||
Series A 3.00% 3/1/41 | 250,000 | 216,193 | ||||||
New London Economic Development Authority Revenue | ||||||||
(SWWC Service Cooperative Lease With Option to Purchase Project) | ||||||||
4.50% 2/1/33 | 250,000 | 252,487 | ||||||
468,680 | ||||||||
Local General Obligation Bonds — 22.34% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/45 | 500,000 | 414,670 | ||||||
Cass Lake-Bena Independent School District No. 115 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 130,000 | 132,440 | ||||||
Series A 4.00% 2/1/42 | 320,000 | 325,299 | ||||||
Series A 4.00% 2/1/43 | 275,000 | 278,817 | ||||||
Cottage Grove, Minnesota | ||||||||
Series A 3.00% 2/1/35 | 500,000 | 485,710 | ||||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 415,000 | 368,499 | ||||||
Hennepin County, Minnesota | ||||||||
Series A 5.00% 12/1/36 | 1,500,000 | 1,569,060 | ||||||
Series A 5.00% 12/1/38 | 1,055,000 | 1,129,019 | ||||||
Lakeville Independent School District No. 194 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series B 4.00% 2/1/28 | 1,475,000 | 1,548,352 |
28 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Maple Grove, Minnesota | ||||||||
Series A 4.00% 2/1/35 | 210,000 | $ | 223,745 | |||||
Marshall, Minnesota General Obligation Improvement | ||||||||
Series B 4.00% 4/1/28 | 275,000 | 288,156 | ||||||
Metropolitan Council General Obligation Wastewater | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/43 | 175,000 | 176,232 | ||||||
Minneapolis Special School District No. 1 | ||||||||
(School Building) | ||||||||
Series B 4.00% 2/1/39 | 1,360,000 | 1,388,465 | ||||||
Minneapolis, Minnesota | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/37 | 425,000 | 393,643 | ||||||
3.00% 12/1/42 | 600,000 | 515,766 | ||||||
Rice County, Minnesota | ||||||||
Series A 5.00% 2/1/44 | 715,000 | 800,371 | ||||||
Rosemount, Minnesota | ||||||||
Series A 4.00% 2/1/53 | 350,000 | 346,255 | ||||||
Rosemount-Apple Valley-Eagan Independent School District No. 196 | ||||||||
Series A 4.00% 2/1/44 | 340,000 | 342,662 | ||||||
St. Cloud, Minnesota General Obligation Tax Abatement | ||||||||
Series C 3.00% 10/1/32 | 425,000 | 425,829 | ||||||
Stillwater Independent School District No. 834 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/44 | 500,000 | 506,870 | ||||||
Virginia Independent School District No. 706 | ||||||||
Series A 3.00% 2/1/40 | 295,000 | 261,069 | ||||||
Westonka Independent School District No. 277 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/44 | 275,000 | 276,906 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 600,000 | 518,160 | ||||||
12,715,995 |
29 |
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bond — 0.22% | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/30-25 § | 120,000 | $ | 123,552 | |||||
123,552 | ||||||||
Special Tax Revenue Bonds — 2.88% | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.55% 7/1/40 | 830,000 | 836,432 | ||||||
Series A-1 4.62% 7/1/46 ^ | 530,000 | 172,547 | ||||||
Series A-1 4.75% 7/1/53 | 195,000 | 195,111 | ||||||
Series A-1 5.216% 7/1/51 ^ | 289,000 | 69,817 | ||||||
Series A-2 4.536% 7/1/53 | 378,000 | 366,176 | ||||||
1,640,083 | ||||||||
State General Obligation Bonds — 4.78% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 180,000 | 171,914 | ||||||
Minnesota State | ||||||||
Series A 5.00% 9/1/31 | 1,000,000 | 1,174,930 | ||||||
Series A 5.00% 8/1/34 | 1,000,000 | 1,102,380 | ||||||
Series A 5.00% 8/1/39 | 250,000 | 274,405 | ||||||
2,723,629 | ||||||||
Transportation Revenue Bonds — 3.44% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Revenue | ||||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/32 (AMT) | 125,000 | 134,945 | ||||||
Series B 5.00% 1/1/39 (AMT) | 715,000 | 753,760 | ||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/44 | 1,000,000 | 1,068,900 | ||||||
1,957,605 | ||||||||
Water & Sewer Revenue Bond — 1.06% | ||||||||
Metropolitan Council General Obligation Wastewater Revenue | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/32 | 585,000 | 602,515 | ||||||
602,515 | ||||||||
Total Municipal Bonds (cost $56,588,473) | 56,560,470 |
30 |
Principal amount° | Value (US $) | |||||||
Short-Term Investments — 0.17% | ||||||||
Variable Rate Demand Note — 0.17%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% 11/15/48 | ||||||||
(LOC - Wells Fargo Bank N.A.) | 100,000 | $ | 100,000 | |||||
Total Short-Term Investments (cost $100,000) | 100,000 | |||||||
Total Value of Securities—99.54% (cost $56,688,473) | $ | 56,660,470 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $2,437,615, which represents 4.28% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
§ | 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.” |
^ | 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
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.
31 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 97.92% | ||||||||
Education Revenue Bonds — 28.75% | ||||||||
Bethel, Minnesota Charter School Lease Revenue | ||||||||
(Spectrum High School Project) | ||||||||
Series A 4.00% 7/1/32 | 840,000 | $ | 804,854 | |||||
Series A 4.00% 7/1/37 | 850,000 | 768,757 | ||||||
Series A 4.25% 7/1/47 | 750,000 | 631,050 | ||||||
Series A 4.375% 7/1/52 | 250,000 | 207,970 | ||||||
Brooklyn Park, Minnesota Charter School Lease Revenue | ||||||||
(Prairie Seeds Academy Project) | ||||||||
Series A 5.00% 3/1/39 | 1,270,000 | 1,183,602 | ||||||
Cologne, Minnesota Charter School Lease Revenue | ||||||||
(Cologne Academy Project) | ||||||||
Series A 5.00% 7/1/29 | 270,000 | 270,170 | ||||||
Series A 5.00% 7/1/34 | 350,000 | 349,962 | ||||||
Series A 5.00% 7/1/45 | 360,000 | 343,177 | ||||||
Deephaven, Minnesota Charter School Revenue | ||||||||
(Eagle Ridge Academy Project) | ||||||||
Series A 5.50% 7/1/50 | 1,000,000 | 1,002,440 | ||||||
Duluth Housing & Redevelopment Authority Revenue | ||||||||
(Duluth Public Schools Academy Project) | ||||||||
Series A 5.00% 11/1/38 | 700,000 | 641,270 | ||||||
Series A 5.00% 11/1/48 | 1,700,000 | 1,430,652 | ||||||
Forest Lake, Minnesota Charter School Lease Revenue | ||||||||
(Lakes International Language Academy Project) | ||||||||
Series A 5.375% 8/1/50 | 975,000 | 960,745 | ||||||
Series A 5.75% 8/1/44 | 585,000 | 585,983 | ||||||
Ham Lake, Minnesota Charter School Lease Revenue | ||||||||
(DaVinci Academy Project) | ||||||||
Series A 5.00% 7/1/36 | 235,000 | 223,856 | ||||||
Series A 5.00% 7/1/47 | 710,000 | 618,197 | ||||||
(Parnassus Preparatory School Project) | ||||||||
Series A 5.00% 11/1/47 | 650,000 | 610,344 | ||||||
Hugo, Minnesota Charter School Lease Revenue | ||||||||
(Noble Academy Project) | ||||||||
Series A 5.00% 7/1/34 | 1,000,000 | 1,000,920 | ||||||
Series A 5.00% 7/1/44 | 495,000 | 475,428 | ||||||
Minneapolis, Minnesota Charter School Lease Revenue | ||||||||
(Cyber Village Academy Project) | ||||||||
Series A 5.50% 6/1/57 | 1,400,000 | 1,271,634 | ||||||
(Hiawatha Academies Project) | ||||||||
Series A 144A 5.375% 7/1/42 # | 690,000 | 666,161 | ||||||
Series A 144A 5.50% 7/1/52 # | 1,130,000 | 1,069,522 | ||||||
Series A 144A 5.50% 7/1/57 # | 880,000 | 825,202 |
32 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Minneapolis, Minnesota Student Housing Revenue | ||||||||
(Riverton Community Housing Project) | ||||||||
144A 4.75% 8/1/43 # | 750,000 | $ | 708,150 | |||||
144A 5.00% 8/1/53 # | 570,000 | 547,913 | ||||||
5.25% 8/1/39 | 800,000 | 801,136 | ||||||
Minnesota Higher Education Facilities Authority Revenue | ||||||||
(Bethel University) | ||||||||
5.00% 5/1/32 | 1,525,000 | 1,540,402 | ||||||
5.00% 5/1/37 | 1,250,000 | 1,226,287 | ||||||
5.00% 5/1/47 | 3,000,000 | 2,771,430 | ||||||
(Carleton College) | ||||||||
4.00% 3/1/37 | 635,000 | 644,366 | ||||||
4.00% 3/1/47 | 1,500,000 | 1,480,005 | ||||||
(Green Bonds) | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 555,190 | ||||||
(Gustavus Adolphus College) | ||||||||
5.00% 10/1/47 | 2,350,000 | 2,403,862 | ||||||
(Macalester College) | ||||||||
3.00% 3/1/40 | 365,000 | 320,087 | ||||||
3.00% 3/1/43 | 325,000 | 270,150 | ||||||
4.00% 3/1/48 | 600,000 | 580,668 | ||||||
(Minneapolis College of Art & Design) | ||||||||
4.00% 5/1/24 | 250,000 | 249,923 | ||||||
4.00% 5/1/25 | 200,000 | 199,996 | ||||||
4.00% 5/1/26 | 100,000 | 99,932 | ||||||
(St. Catherine University) | ||||||||
5.00% 10/1/52 | 750,000 | 757,920 | ||||||
Series A 4.00% 10/1/37 | 580,000 | 573,835 | ||||||
Series A 4.00% 10/1/38 | 920,000 | 898,270 | ||||||
Series A 5.00% 10/1/45 | 670,000 | 679,661 | ||||||
(St. John’s University) | ||||||||
Series 8-I 5.00% 10/1/34 | 215,000 | 221,233 | ||||||
(St. Olaf College) | ||||||||
4.00% 10/1/46 | 935,000 | 925,500 | ||||||
Series 8-G 5.00% 12/1/31 | 205,000 | 210,537 | ||||||
Series 8-G 5.00% 12/1/32 | 205,000 | 210,502 | ||||||
(Trustees of the Hamline University of Minnesota) | ||||||||
Series B 5.00% 10/1/37 | 300,000 | 305,256 | ||||||
Series B 5.00% 10/1/39 | 1,000,000 | 1,012,160 | ||||||
Series B 5.00% 10/1/47 | 1,055,000 | 1,060,011 |
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 | 300,000 | $ | 304,329 | |||||
4.00% 10/1/41 | 1,000,000 | 991,950 | ||||||
4.00% 10/1/44 | 950,000 | 927,124 | ||||||
5.00% 10/1/34 | 450,000 | 490,856 | ||||||
5.00% 10/1/40 | 915,000 | 973,057 | ||||||
Series A 4.00% 10/1/35 | 400,000 | 407,476 | ||||||
Minnesota Office of Higher Education Revenue | ||||||||
(Senior Supplemental Student Loan Program) | ||||||||
4.00% 11/1/42 (AMT) | 250,000 | 245,740 | ||||||
Otsego, Minnesota Charter School Lease Revenue | ||||||||
(Kaleidoscope Charter School) | ||||||||
Series A 5.00% 9/1/44 | 1,435,000 | 1,293,609 | ||||||
St. Cloud, Minnesota Charter School Lease Revenue | ||||||||
(Stride Academy Project) | ||||||||
Series A 5.00% 4/1/46 | 750,000 | 611,498 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | ||||||||
(Academia Cesar Chavez School Project) | ||||||||
Series A 5.25% 7/1/50 | 1,750,000 | 1,521,188 | ||||||
(Great River School Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 265,000 | 265,135 | ||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/43 | 1,000,000 | 960,280 | ||||||
Series A 5.00% 9/1/55 | 1,000,000 | 914,420 | ||||||
Series A 5.75% 9/1/46 | 500,000 | 503,910 | ||||||
Series A 6.00% 9/1/51 | 3,500,000 | 3,537,765 | ||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.125% 9/1/47 | 1,250,000 | 1,046,575 | ||||||
(Twin Cities Academy Project) | ||||||||
Series A 5.375% 7/1/50 | 1,500,000 | 1,451,670 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Great River School Project) | ||||||||
Series A 144A 4.75% 7/1/29 # | 300,000 | 300,159 | ||||||
(Nova Classical Academy Project) | ||||||||
Series A 4.00% 9/1/36 | 1,620,000 | 1,494,968 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(Hmong College Preparatory Academy Project) | ||||||||
Series A 5.00% 9/1/40 | 715,000 | 694,665 |
34 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
University of Minnesota Revenue | ||||||||
Series A 5.00% 9/1/42 | 900,000 | $ | 939,816 | |||||
(State Supported Biomedical Science Research Facilities Funding Program) | ||||||||
Series A 5.00% 8/1/31 | 1,000,000 | 1,168,770 | ||||||
Woodbury, Minnesota Charter School Lease Revenue | ||||||||
(MSA Building Company) | ||||||||
Series A 4.00% 12/1/50 | 450,000 | 362,079 | ||||||
(Woodbury Leadership Academy Project) | ||||||||
4.00% 7/1/41 | 890,000 | 720,508 | ||||||
Series A 4.00% 7/1/51 | 1,140,000 | 839,120 | ||||||
Series A 4.00% 7/1/56 | 575,000 | 410,383 | ||||||
60,573,328 | ||||||||
Electric Revenue Bonds — 1.34% | ||||||||
Hutchinson Utilities Commission Revenue | ||||||||
Series A 5.00% 12/1/26 | 360,000 | 360,450 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 165,000 | 43,725 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 25,175 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 650,000 | 172,250 | ||||||
Series WW 5.00% 7/1/28 ‡ | 585,000 | 155,025 | ||||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 27,825 | ||||||
Series XX 5.25% 7/1/40 ‡ | 295,000 | 78,175 | ||||||
Series XX 5.75% 7/1/36 ‡ | 370,000 | 98,050 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 22,525 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 130,000 | 34,450 | ||||||
Southern Minnesota Municipal Power Agency Revenue | ||||||||
Series A 5.00% 1/1/46 | 400,000 | 407,572 | ||||||
St. Paul, Minnesota Housing & Redevelopment Energy Revenue | ||||||||
Series A 4.00% 10/1/32 | 800,000 | 820,320 | ||||||
Western Minnesota Municipal Power Agency Supply Revenue | ||||||||
(Red Rock Hydroelectric Project) | ||||||||
Series A 5.00% 1/1/49 | 555,000 | 576,967 | ||||||
2,822,509 | ||||||||
Healthcare Revenue Bonds — 39.11% | ||||||||
Anoka, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(The Homestead at Anoka Project) | ||||||||
5.125% 11/1/49 | 400,000 | 345,088 |
35 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Apple Valley, Minnesota Senior Housing Revenue | ||||||||
(PHS Senior Housing, Inc. Orchard Path Project) | ||||||||
4.50% 9/1/53 | 840,000 | $ | 752,959 | |||||
5.00% 9/1/43 | 1,000,000 | 1,000,270 | ||||||
5.00% 9/1/58 | 1,175,000 | 1,130,209 | ||||||
Apple Valley, Minnesota Senior Living Revenue | ||||||||
(Senior Living LLC Project) | ||||||||
2nd Tier Series B 5.00% 1/1/47 | 535,000 | 318,288 | ||||||
2nd Tier Series B 7.25% 1/1/52 | 1,495,000 | 873,917 | ||||||
4th Tier Series D 7.00% 1/1/37 | 490,000 | 320,955 | ||||||
Bethel, Minnesota Housing & Health Care Facilities Revenue | ||||||||
(Benedictine Health System – St. Peter Communities Project) | ||||||||
Series A 5.50% 12/1/48 | 1,280,000 | 1,140,634 | ||||||
Bethel, Minnesota Senior Housing Revenue | ||||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||||
5.25% 6/1/58 | 1,475,000 | 1,180,811 | ||||||
Brooklyn Center, Minnesota Multifamily Housing Revenue | ||||||||
(Sanctuary at Brooklyn Center Project) | ||||||||
Series A 5.50% 11/1/35 ‡ | 639,031 | 383,418 | ||||||
Center City, Minnesota Health Care Facilities Revenue | ||||||||
(Hazelden Betty Ford Foundation Project) | ||||||||
4.50% 11/1/34 | 1,000,000 | 1,001,160 | ||||||
Chatfield, Minnesota Healthcare & Housing Facilities Revenue | ||||||||
(Chosen Valley Care Center Project) | ||||||||
4.00% 9/1/39 | 250,000 | 197,860 | ||||||
5.00% 9/1/52 | 1,500,000 | 1,199,985 | ||||||
Crookston, Minnesota Health Care Facilities Revenue | ||||||||
(Riverview Health Project) | ||||||||
5.00% 5/1/51 | 1,025,000 | 712,529 | ||||||
Dakota County Community Development Agency Senior Housing Revenue | ||||||||
(Walker Highview Hills Project) | ||||||||
Series A 144A 5.00% 8/1/51 # | 1,995,000 | 1,846,552 | ||||||
Deephaven, Minnesota Housing & Healthcare Facility Revenue | ||||||||
(St. Therese Senior Living Project) | ||||||||
Series A 5.00% 4/1/38 | 335,000 | 302,264 | ||||||
Series A 5.00% 4/1/40 | 315,000 | 277,446 | ||||||
Series A 5.00% 4/1/48 | 185,000 | 150,871 |
36 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Duluth Economic Development Authority Revenue | ||||||||
(Benedictine Health System) | ||||||||
Series A 4.00% 7/1/31 | 1,500,000 | $ | 1,381,935 | |||||
Series A 4.00% 7/1/41 | 930,000 | 738,085 | ||||||
(Essentia Health Obligated Group) | ||||||||
Series A 4.25% 2/15/43 | 400,000 | 391,140 | ||||||
Series A 5.00% 2/15/53 | 1,590,000 | 1,609,573 | ||||||
Series A 5.00% 2/15/58 | 6,940,000 | 7,012,801 | ||||||
Series A 5.25% 2/15/58 | 2,000,000 | 2,054,740 | ||||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||||
Series A 4.00% 6/15/33 | 380,000 | 382,177 | ||||||
Series A 4.00% 6/15/38 | 400,000 | 383,796 | ||||||
Series A 4.00% 6/15/39 | 250,000 | 237,003 | ||||||
Series B 5.25% 6/15/52 | 1,000,000 | 1,022,810 | ||||||
Glencoe, Minnesota Health Care Facilities Revenue | ||||||||
(Glencoe Regional Health Services Project) | ||||||||
4.00% 4/1/31 | 185,000 | 183,785 | ||||||
Hayward, Minnesota Health Care Facilities Revenue | ||||||||
(American Baptist Homes Midwest Obligated Group) | ||||||||
5.375% 8/1/34 | 750,000 | 667,027 | ||||||
(St. John’s Lutheran Home of Albert Lea Project) | ||||||||
Series A 5.375% 10/1/44 | 90,000 | 54,900 | ||||||
Maple Grove, Minnesota Health Care Facilities Revenue | ||||||||
(Maple Grove Hospital Corporation) | ||||||||
4.00% 5/1/37 | 1,155,000 | 1,094,201 | ||||||
5.00% 5/1/29 | 500,000 | 519,790 | ||||||
(North Memorial Health Care) | ||||||||
4.00% 9/1/35 | 300,000 | 296,070 | ||||||
5.00% 9/1/30 | 610,000 | 621,907 | ||||||
Maple Plain, Minnesota Senior Housing & Health Care Revenue | ||||||||
(Haven Homes Incorporate Project) | ||||||||
5.00% 7/1/49 | 1,000,000 | 906,690 | ||||||
Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Allina Health System) | ||||||||
4.00% 11/15/40 | 1,000,000 | 994,320 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/48 | 2,855,000 | 2,543,662 | ||||||
Series A 5.00% 11/15/32 | 1,250,000 | 1,280,513 | ||||||
Series A 5.00% 11/15/33 | 1,400,000 | 1,476,342 | ||||||
Series A 5.00% 11/15/34 | 500,000 | 511,890 | ||||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,011,650 |
37 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) | ||||||||
Series A 5.00% 11/15/49 | 1,000,000 | $ | 1,008,300 | |||||
Minneapolis, Minnesota Senior Housing & Healthcare Revenue | ||||||||
(Ecumen-Abiitan Mill City Project) | ||||||||
5.375% 11/1/50 | 1,700,000 | 1,530,272 | ||||||
Minnesota Agricultural & Economic Development Board Healthcare Facilities Revenue | ||||||||
(Health Partners Obligated Group) | ||||||||
4.00% 1/1/49 | 2,050,000 | 1,955,700 | ||||||
Morris, Minnesota Health Care Facilities Revenue | ||||||||
(Farmington Health Services) | ||||||||
4.10% 8/1/44 | 500,000 | 373,670 | ||||||
4.20% 8/1/49 | 1,500,000 | 1,085,370 | ||||||
Rochester, Minnesota Health Care & Housing Revenue | ||||||||
(The Homestead at Rochester Project) | ||||||||
Series A 6.875% 12/1/48 | 1,200,000 | 1,199,868 | ||||||
Rochester, Minnesota Health Care Facilities Revenue | ||||||||
(Mayo Clinic) | ||||||||
4.00% 11/15/39 | 3,500,000 | 3,684,975 | ||||||
5.00% 11/15/57 | 5,175,000 | 5,637,024 | ||||||
Series B 5.00% 11/15/33 | 500,000 | 599,760 | ||||||
Sartell, Minnesota Health Care & Housing Facilities Revenue | ||||||||
(Country Manor Campus LLC Project) | ||||||||
5.30% 9/1/37 | 600,000 | 594,864 | ||||||
Series A 5.00% 9/1/32 | 1,000,000 | 996,570 | ||||||
Series A 5.00% 9/1/35 | 350,000 | 343,406 | ||||||
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue | ||||||||
(Good Shepherd Lutheran Home) | ||||||||
5.125% 1/1/39 | 825,000 | 708,155 | ||||||
Shakopee, Minnesota Health Care Facilities Revenue | ||||||||
(St. Francis Regional Medical Center) | ||||||||
4.00% 9/1/31 | 130,000 | 128,001 | ||||||
5.00% 9/1/34 | 105,000 | 105,386 | ||||||
St. Cloud, Minnesota Health Care Revenue | ||||||||
(Centracare Health System Project) | ||||||||
4.00% 5/1/49 | 2,250,000 | 2,106,180 | ||||||
Series A 4.00% 5/1/37 | 1,695,000 | 1,671,270 | ||||||
Series A 5.00% 5/1/46 | 2,630,000 | 2,671,843 |
38 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
St. Joseph, Minnesota Senior Housing & Healthcare Revenue | ||||||||
(Woodcrest Country Manor Project) | ||||||||
5.00% 7/1/55 | 1,000,000 | $ | 823,120 | |||||
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | ||||||||
(Allina Health System) | ||||||||
Series A 5.00% 11/15/29 | 415,000 | 435,820 | ||||||
(Episcopal Homes Obligated Group) | ||||||||
Series A 4.00% 11/1/42 | 700,000 | 572,733 | ||||||
(Fairview Health Services) | ||||||||
Series A 4.00% 11/15/43 | 1,550,000 | 1,427,240 | ||||||
Series A 5.00% 11/15/47 | 760,000 | 772,244 | ||||||
(HealthPartners Obligated Group Project) | ||||||||
Series A 5.00% 7/1/30 | 1,000,000 | 1,016,960 | ||||||
Series A 5.00% 7/1/33 | 1,000,000 | 1,015,970 | ||||||
(Marian Center Project) | ||||||||
Series A 5.375% 5/1/43 | 1,000,000 | 880,630 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Revenue | ||||||||
(Amherst H. Wilder Foundation Project) | ||||||||
Series A 5.00% 12/1/36 | 1,000,000 | 1,005,600 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue | ||||||||
(Episcopal Homes Project) | ||||||||
5.125% 5/1/48 | 2,000,000 | 1,666,960 | ||||||
Victoria, Minnesota Health Care Facilities Revenue | ||||||||
(Augustana Emerald Care Project) | ||||||||
5.00% 8/1/39 | 1,500,000 | 1,244,550 | ||||||
Wayzata, Minnesota Senior Housing Revenue | ||||||||
(Folkestone Senior Living Community) | ||||||||
3.75% 8/1/37 | 500,000 | 454,055 | ||||||
4.00% 8/1/38 | 500,000 | 463,145 | ||||||
4.00% 8/1/39 | 400,000 | 366,236 | ||||||
4.00% 8/1/44 | 700,000 | 609,448 | ||||||
5.00% 8/1/35 | 150,000 | 151,584 | ||||||
5.00% 8/1/54 | 1,250,000 | 1,219,412 | ||||||
West St. Paul, Minnesota Rochester Health Care & Housing Revenue | ||||||||
(Walker Westwood Ridge Campus Project) | ||||||||
5.00% 11/1/49 | 1,500,000 | 1,381,950 | ||||||
82,420,294 |
39 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds — 2.93% | ||||||||
Bethel, Minnesota Senior Housing Revenue | ||||||||
(Birchwood Landing at the Lakes at Stillwater Project) | ||||||||
5.00% 5/1/54 | 1,000,000 | $ | 817,290 | |||||
Minnesota Housing Finance Agency Residential Housing Finance Revenue | ||||||||
(Social Bonds) | ||||||||
Series F 2.40% 7/1/46 | 1,250,000 | 880,488 | ||||||
Minnesota Housing Finance Agency Revenue | ||||||||
Series D 5.50% 7/1/53 | 1,000,000 | 1,056,010 | ||||||
Series I 2.20% 1/1/51 | 635,000 | 408,730 | ||||||
Series O 4.45% 7/1/38 | 1,000,000 | 1,039,590 | ||||||
Northwest Multi-County Housing & Redevelopment Authority Revenue | ||||||||
(Pooled Housing Program) | ||||||||
5.50% 7/1/45 | 1,275,000 | 1,251,349 | ||||||
Stillwater, Minnesota Multifamily Housing Revenue | ||||||||
(Orleans Homes Project) | ||||||||
5.50% 2/1/42 (AMT) | 750,000 | 711,495 | ||||||
6,164,952 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 3.39% | ||||||||
Cottonwood, Minnesota Revenue | ||||||||
(Extreme Holdings LLC Project) | ||||||||
Series A 144A 5.00% 12/1/50 (AMT) # | 1,210,000 | 951,798 | ||||||
Minnesota Municipal Gas Agency Revenue | ||||||||
(Minnesota Community Energy) | ||||||||
Sub-Series A 4.00% 12/1/52 • | 1,000,000 | 1,002,010 | ||||||
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | ||||||||
(Gerdau St. Paul Steel Mill Project) | ||||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 5,350,000 | 5,185,862 | ||||||
7,139,670 | ||||||||
Lease Revenue Bonds — 0.91% | ||||||||
Hibbing Independent School District No. 701 Revenue | ||||||||
Series A 3.00% 3/1/41 | 500,000 | 432,385 | ||||||
Minnesota Housing Finance Agency Revenue | ||||||||
(State Appropriation) | ||||||||
5.00% 8/1/31 | 250,000 | 250,342 |
40 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
New London Economic Development Authority Revenue | ||||||||
(SWWC Service Cooperative Lease With Option to Purchase Project) | ||||||||
4.50% 2/1/33 | 345,000 | $ | 348,433 | |||||
5.00% 2/1/38 | 880,000 | 888,659 | ||||||
1,919,819 | ||||||||
Local General Obligation Bonds — 9.43% | ||||||||
Anoka-Hennepin Independent School District No. 11 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 3.00% 2/1/43 | 500,000 | 423,110 | ||||||
Series A 3.00% 2/1/45 | 750,000 | 622,005 | ||||||
Cass Lake-Bena Independent School District No. 115 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 375,000 | 382,039 | ||||||
Series A 4.00% 2/1/42 | 925,000 | 940,318 | ||||||
Series A 4.00% 2/1/43 | 800,000 | 811,104 | ||||||
Dilworth Glyndon Felton Independent School District No. 2164 | ||||||||
Series A 3.00% 2/1/41 | 225,000 | 193,946 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series A 4.20% 3/1/34 | 750,000 | 781,282 | ||||||
Elk River Independent School District No. 728 | ||||||||
Series A 3.00% 2/1/40 | 530,000 | 470,613 | ||||||
Gibbon, Minnesota Independent School District No. 2365 | ||||||||
Series A 4.125% 2/1/52 | 1,250,000 | 1,252,675 | ||||||
Metropolitan Council General Obligation Wastewater | ||||||||
(Minneapolis-St. Paul Metropolitan Area) | ||||||||
Series C 4.00% 3/1/41 | 600,000 | 611,520 | ||||||
Series C 4.00% 3/1/43 | 575,000 | 579,048 | ||||||
Minneapolis, Minnesota | ||||||||
(Green Bonds) | ||||||||
3.00% 12/1/37 | 1,300,000 | 1,204,086 | ||||||
3.00% 12/1/38 | 1,970,000 | 1,777,137 | ||||||
3.00% 12/1/42 | 1,000,000 | 859,610 | ||||||
Ramsey County, Minnesota | ||||||||
Series B 4.00% 2/1/42 | 500,000 | 512,100 | ||||||
Rice County, Minnesota | ||||||||
Series A 5.00% 2/1/44 | 1,000,000 | 1,119,400 |
41 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Rosemount, Minnesota | ||||||||
Series A 4.00% 2/1/53 | 2,930,000 | $ | 2,898,649 | |||||
Rosemount-Apple Valley-Eagan Independent School District No. 196 | ||||||||
Series A 4.00% 2/1/44 | 1,070,000 | 1,078,378 | ||||||
Stillwater Independent School District No. 834 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/41 | 435,000 | 445,779 | ||||||
Virginia, Minnesota | ||||||||
Series A 4.00% 2/1/38 (AGM) | 1,000,000 | 1,012,640 | ||||||
Westonka Independent School District No. 277 | ||||||||
(Minnesota School District Credit Enhancement Program) | ||||||||
Series A 4.00% 2/1/44 | 1,035,000 | 1,042,173 | ||||||
White Bear Lake Independent School District No. 624 | ||||||||
Series A 3.00% 2/1/42 | 1,000,000 | 863,600 | ||||||
19,881,212 | ||||||||
Pre-Refunded Bonds — 0.23% | ||||||||
St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility Revenue | ||||||||
(Healtheast Care System Project) | ||||||||
Series A 5.00% 11/15/29-25 § | 275,000 | 283,140 | ||||||
Series A 5.00% 11/15/30-25 § | 205,000 | 211,068 | ||||||
494,208 | ||||||||
Special Tax Revenue Bonds — 4.18% | ||||||||
Commonwealth of Puerto Rico Revenue | ||||||||
(Restructured) | ||||||||
2.665% 11/1/43 • | 1,761,295 | 1,032,559 | ||||||
Minneapolis, Minnesota Revenue | ||||||||
(YMCA Greater Twin Cities Project) | ||||||||
4.00% 6/1/31 | 250,000 | 254,870 | ||||||
Minneapolis, Minnesota Tax Increment Revenue | ||||||||
(Grant Park Project) | ||||||||
4.00% 3/1/27 | 200,000 | 200,000 | ||||||
4.00% 3/1/30 | 260,000 | 260,000 | ||||||
(Village of St. Anthony Falls Project) | ||||||||
4.00% 3/1/24 | 350,000 | 350,000 | ||||||
4.00% 3/1/27 | 650,000 | 646,913 |
42 |
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 1,505,000 | $ | 1,505,858 | |||||
Series A-1 6.098% 7/1/51 ^ | 6,809,000 | 1,644,918 | ||||||
Series A-2 4.536% 7/1/53 | 3,000,000 | 2,906,160 | ||||||
8,801,278 | ||||||||
State General Obligation Bonds — 3.25% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 1,070,000 | 1,021,936 | ||||||
Series A-1 4.00% 7/1/46 | 1,000,000 | 903,800 | ||||||
Minnesota State | ||||||||
Series A 4.00% 9/1/38 | 550,000 | 573,254 | ||||||
Series A 5.00% 8/1/39 | 1,250,000 | 1,399,080 | ||||||
Series A 5.00% 8/1/40 | 750,000 | 832,350 | ||||||
Series A 5.00% 8/1/41 | 1,860,000 | 2,113,983 | ||||||
6,844,403 | ||||||||
Transportation Revenue Bonds — 4.40% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Revenue | ||||||||
Series C 5.00% 1/1/37 | 500,000 | 526,110 | ||||||
(Private Activity) | ||||||||
Series B 5.00% 1/1/32 (AMT) | 330,000 | 356,255 | ||||||
Series B 5.00% 1/1/39 (AMT) | 500,000 | 527,105 | ||||||
Series B 5.00% 1/1/49 (AMT) | 600,000 | 617,208 | ||||||
Series B 5.25% 1/1/47 (AMT) | 500,000 | 536,055 | ||||||
(Senior) | ||||||||
Series C 5.00% 1/1/46 | 185,000 | 191,486 | ||||||
(Subordinate) | ||||||||
Series A 5.00% 1/1/44 | 4,000,000 | 4,275,600 | ||||||
Series B 5.00% 1/1/44 (AMT) | 2,150,000 | 2,233,592 | ||||||
9,263,411 | ||||||||
Total Municipal Bonds (cost $215,273,421) | 206,325,084 |
43 |
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | |||||||
Short-Term Investments — 1.09% | ||||||||
Variable Rate Demand Note — 1.09%¤ | ||||||||
City of Minneapolis, Minnesota Health Care System Revenue | ||||||||
(Fairview Health Services) Series C 3.60% 11/15/48 | ||||||||
(LOC - Wells Fargo Bank N.A.) | 2,300,000 | $ | 2,300,000 | |||||
Total Short-Term Investments (cost $2,300,000) | 2,300,000 | |||||||
Total Value of Securities—99.01% (cost $217,573,421) | $ | 208,625,084 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $12,366,454, which represents 5.87% 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 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
§ | 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.” |
^ | 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
44 |
Summary of abbreviations: (continued)
LOC – Letter of Credit
N.A. – National Association
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
45 |
Statements of assets and liabilities
February 29, 2024 (Unaudited)
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 491,821,353 | $ | 56,660,470 | $ | 208,625,084 | ||||||
Cash | 7,216 | 53,304 | 18,096 | |||||||||
Interest receivable | 5,840,102 | 618,270 | 2,636,971 | |||||||||
Receivable for fund shares sold | 1,084,113 | 42,422 | 410,772 | |||||||||
Prepaid expenses | 113,592 | 51,293 | 73,975 | |||||||||
Other assets | 4,099 | 605 | 1,586 | |||||||||
Total Assets | 498,870,475 | 57,426,364 | 211,766,484 | |||||||||
Liabilities: | ||||||||||||
Payable for securities purchased | 2,548,342 | — | — | |||||||||
Payable for fund shares redeemed | 1,158,835 | 385,287 | 817,177 | |||||||||
Other accrued expenses | 271,402 | 79,279 | 121,870 | |||||||||
Distribution payable | 222,637 | 18,658 | 19,280 | |||||||||
Investment management fees payable to affiliates | 160,269 | 4,323 | 62,239 | |||||||||
Distribution fees payable to affiliates | 58,854 | 9,033 | 23,970 | |||||||||
Administration expenses payable to affiliates | 11,085 | 10,314 | 10,530 | |||||||||
Total Liabilities | 4,431,424 | 506,894 | 1,055,066 | |||||||||
Total Net Assets | $ | 494,439,051 | $ | 56,919,470 | $ | 210,711,418 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 531,028,596 | $ | 61,436,859 | $ | 228,289,464 | ||||||
Total distributable earnings (loss) | (36,589,545 | ) | (4,517,389 | ) | (17,578,046 | ) | ||||||
Total Net Assets | $ | 494,439,051 | $ | 56,919,470 | $ | 210,711,418 |
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 | $ | 267,972,114 | $ | 39,188,178 | $ | 87,597,031 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 23,858,145 | 3,863,316 | 8,778,090 | |||||||||
Net asset value per share | $ | 11.23 | $ | 10.14 | $ | 9.98 | ||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | ||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 11.76 | $ | 10.43 | $ | 10.45 | ||||||
Class C: | ||||||||||||
Net assets | $ | 7,398,952 | $ | 1,390,626 | $ | 8,086,958 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 656,531 | 136,821 | 808,854 | |||||||||
Net asset value per share | $ | 11.27 | $ | 10.16 | $ | 10.00 | ||||||
Institutional Class: | ||||||||||||
Net assets | $ | 219,067,985 | $ | 16,340,666 | $ | 115,027,429 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 19,508,456 | 1,610,201 | 11,530,522 | |||||||||
Net asset value per share | $ | 11.23 | $ | 10.15 | $ | 9.98 | ||||||
*Investments, at cost | $ | 502,069,554 | $ | 56,688,473 | $ | 217,573,421 |
See accompanying notes, which are an integral part of the financial statements.
47 |
Six months ended February 29, 2024 (Unaudited)
Delaware Tax-Free Minnesota Fund | Delaware Tax-Free Minnesota Intermediate Fund | Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 10,641,398 | $ | 1,204,961 | $ | 4,614,585 | ||||||
Expenses: | ||||||||||||
Management fees | 1,305,221 | 149,679 | 545,924 | |||||||||
Distribution expenses — Class A | 327,593 | 53,468 | 108,189 | |||||||||
Distribution expenses — Class C | 40,115 | 7,501 | 39,945 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 173,058 | 19,115 | 75,775 | |||||||||
Accounting and administration expenses | 76,044 | 27,433 | 42,883 | |||||||||
Registration fees | 74,891 | 35,787 | 33,486 | |||||||||
Legal fees | 27,437 | 4,226 | 11,854 | |||||||||
Audit and tax fees | 21,987 | 21,987 | 21,987 | |||||||||
Reports and statements to shareholders expenses | 15,914 | 8,428 | 8,130 | |||||||||
Trustees’ fees and expenses | 12,622 | 1,775 | 5,356 | |||||||||
Custodian fees | 1,851 | 1,385 | 1,536 | |||||||||
Other | 49,550 | 17,350 | 30,068 | |||||||||
2,126,283 | 348,134 | 925,133 | ||||||||||
Less expenses waived | (358,342 | ) | (119,510 | ) | (178,387 | ) | ||||||
Less expenses paid indirectly | (86 | ) | (16 | ) | (17 | ) | ||||||
Total operating expenses | 1,767,855 | 228,608 | 746,729 | |||||||||
Net Investment Income (Loss) | 8,873,543 | 976,353 | 3,867,856 |
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 | $ | (5,225,222 | ) | $ | (562,924 | ) | $ | (985,174 | ) | |||
Net change in unrealized appreciation (depreciation) on investments | 17,549,608 | 1,907,483 | 7,425,877 | |||||||||
Net Realized and Unrealized Gain (Loss) | 12,324,386 | 1,344,559 | 6,440,703 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 21,197,929 | $ | 2,320,912 | $ | 10,308,559 |
See accompanying notes, which are an integral part of the financial statements.
49 |
Statements of changes in net assets
Delaware Tax-Free Minnesota Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 8,873,543 | $ | 15,096,090 | ||||
Net realized gain (loss) | (5,225,222 | ) | (15,001,894 | ) | ||||
Net change in unrealized appreciation (depreciation) | 17,549,608 | (5,140,655 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 21,197,929 | (5,046,459 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (4,409,734 | ) | (8,698,787 | ) | ||||
Class C | (105,018 | ) | (227,836 | ) | ||||
Institutional Class | (3,694,113 | ) | (6,535,249 | ) | ||||
(8,208,865 | ) | (15,461,872 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 34,168,829 | 68,439,065 | ||||||
Class C | 638,573 | 1,456,957 | ||||||
Institutional Class | 57,954,977 | 131,692,831 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 4,091,950 | 8,076,183 | ||||||
Class C | 104,433 | 226,411 | ||||||
Institutional Class | 2,581,352 | 4,268,668 | ||||||
99,540,114 | 214,160,115 |
50 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (53,895,584 | ) | $ | (105,517,160 | ) | ||
Class C | (2,157,860 | ) | (5,517,111 | ) | ||||
Institutional Class | (50,789,005 | ) | (135,208,517 | ) | ||||
(106,842,449 | ) | (246,242,788 | ) | |||||
Decrease in net assets derived from capital share transactions | (7,302,335 | ) | (32,082,673 | ) | ||||
Net Increase (Decrease) in Net Assets | 5,686,729 | (52,591,004 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 488,752,322 | 541,343,326 | ||||||
End of period | $ | 494,439,051 | $ | 488,752,322 |
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
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 976,353 | $ | 2,033,985 | ||||
Net realized gain (loss) | (562,924 | ) | (2,953,631 | ) | ||||
Net change in unrealized appreciation (depreciation) | 1,907,483 | 1,510,919 | ||||||
Net increase (decrease) in net assets resulting from operations | 2,320,912 | 591,273 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (675,398 | ) | (1,361,277 | ) | ||||
Class C | (18,208 | ) | (36,272 | ) | ||||
Institutional Class | (265,260 | ) | (610,743 | ) | ||||
(958,866 | ) | (2,008,292 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 3,588,838 | 11,495,192 | ||||||
Class C | 456,697 | 304,264 | ||||||
Institutional Class | 5,313,552 | 12,015,007 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 572,475 | 1,198,434 | ||||||
Class C | 18,132 | 36,100 | ||||||
Institutional Class | 249,237 | 591,317 | ||||||
10,198,931 | 25,640,314 |
52 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (13,367,477 | ) | $ | (15,577,188 | ) | ||
Class C | (652,036 | ) | (998,846 | ) | ||||
Institutional Class | (6,395,895 | ) | (21,037,831 | ) | ||||
(20,415,408 | ) | (37,613,865 | ) | |||||
Decrease in net assets derived from capital share transactions | (10,216,477 | ) | (11,973,551 | ) | ||||
Net Decrease in Net Assets | (8,854,431 | ) | (13,390,570 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 65,773,901 | 79,164,471 | ||||||
End of period | $ | 56,919,470 | $ | 65,773,901 |
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
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,867,856 | $ | 7,200,116 | ||||
Net realized gain (loss) | (985,174 | ) | (5,129,123 | ) | ||||
Net change in unrealized appreciation (depreciation) | 7,425,877 | (4,535,253 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 10,308,559 | (2,464,260 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (1,613,327 | ) | (3,179,809 | ) | ||||
Class C | (118,792 | ) | (250,269 | ) | ||||
Institutional Class | (2,065,079 | ) | (3,687,208 | ) | ||||
(3,797,198 | ) | (7,117,286 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,985,229 | 24,733,272 | ||||||
Class C | 1,082,711 | 1,407,398 | ||||||
Institutional Class | 34,090,181 | 56,284,847 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,553,502 | 3,072,064 | ||||||
Class C | 117,499 | 247,254 | ||||||
Institutional Class | 2,016,814 | 3,631,762 | ||||||
46,845,936 | 89,376,597 |
54 |
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (15,933,885 | ) | $ | (31,088,176 | ) | ||
Class C | (1,537,772 | ) | (4,514,906 | ) | ||||
Institutional Class | (29,322,728 | ) | (57,410,992 | ) | ||||
(46,794,385 | ) | (93,014,074 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | 51,551 | (3,637,477 | ) | |||||
Net Increase (Decrease) in Net Assets | 6,562,912 | (13,219,023 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 204,148,506 | 217,367,529 | ||||||
End of period | $ | 210,711,418 | $ | 204,148,506 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.93 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | ||||||||||||
0.18 | 0.32 | 0.27 | 0.29 | 0.31 | 0.36 | ||||||||||||||||||
0.30 | (0.42 | ) | (1.34 | ) | 0.21 | (0.16 | ) | 0.54 | |||||||||||||||
0.48 | (0.10 | ) | (1.07 | ) | 0.50 | 0.15 | 0.90 | ||||||||||||||||
(0.18 | ) | (0.33 | ) | (0.27 | ) | (0.29 | ) | (0.31 | ) | (0.36 | ) | ||||||||||||
— | — | — | — | (0.03 | ) | — | |||||||||||||||||
(0.18 | ) | (0.33 | ) | (0.27 | ) | (0.29 | ) | (0.34 | ) | (0.36 | ) | ||||||||||||
$ | 11.23 | $ | 10.93 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | ||||||||||||
4.48 | % | (0.89 | %) | (8.51 | %) | 4.05 | % | 1.30 | % | 7.54 | % | ||||||||||||
$ | 267,972 | $ | 276,596 | $ | 317,184 | $ | 375,799 | $ | 373,691 | $ | 386,790 | ||||||||||||
0.84 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||
0.99 | % | 0.98 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | ||||||||||||
3.64 | % | 2.89 | % | 2.25 | % | 2.30 | % | 2.53 | % | 2.92 | % | ||||||||||||
3.49 | % | 2.75 | % | 2.17 | % | 2.22 | % | 2.45 | % | 2.84 | % | ||||||||||||
13 | % | 35 | % | 24 | % | 3 | % | 15 | % | 13 | % |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.96 | $ | 11.40 | $ | 12.75 | $ | 12.53 | $ | 12.72 | $ | 12.18 | ||||||||||||
0.14 | 0.24 | 0.18 | 0.20 | 0.22 | 0.27 | ||||||||||||||||||
0.31 | (0.43 | ) | (1.35 | ) | 0.22 | (0.16 | ) | 0.54 | |||||||||||||||
0.45 | (0.19 | ) | (1.17 | ) | 0.42 | 0.06 | 0.81 | ||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.18 | ) | (0.20 | ) | (0.22 | ) | (0.27 | ) | ||||||||||||
— | — | — | — | (0.03 | ) | — | |||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.18 | ) | (0.20 | ) | (0.25 | ) | (0.27 | ) | ||||||||||||
$ | 11.27 | $ | 10.96 | $ | 11.40 | $ | 12.75 | $ | 12.53 | $ | 12.72 | ||||||||||||
4.18 | % | (1.71 | %) | (9.23 | %) | 3.35 | % | 0.54 | % | 6.73 | % | ||||||||||||
$ | 7,399 | $ | 8,592 | $ | 12,837 | $ | 17,096 | $ | 25,219 | $ | 29,933 | ||||||||||||
1.59 | % | 1.59 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
1.74 | % | 1.73 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
2.89 | % | 2.14 | % | 1.50 | % | 1.55 | % | 1.78 | % | 2.17 | % | ||||||||||||
2.74 | % | 2.00 | % | 1.42 | % | 1.47 | % | 1.70 | % | 2.09 | % | ||||||||||||
13 | % | 35 | % | 24 | % | 3 | % | 15 | % | 13 | % |
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. Total return during the period reflects waivers by the manager. 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.93 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | $ | 12.14 | ||||||||||||
0.20 | 0.35 | 0.30 | 0.32 | 0.34 | 0.39 | ||||||||||||||||||
0.30 | (0.42 | ) | (1.34 | ) | 0.21 | (0.16 | ) | 0.54 | |||||||||||||||
0.50 | (0.07 | ) | (1.04 | ) | 0.53 | 0.18 | 0.93 | ||||||||||||||||
(0.20 | ) | (0.36 | ) | (0.30 | ) | (0.32 | ) | (0.34 | ) | (0.39 | ) | ||||||||||||
— | — | — | — | (0.03 | ) | — | |||||||||||||||||
(0.20 | ) | (0.36 | ) | (0.30 | ) | (0.32 | ) | (0.37 | ) | (0.39 | ) | ||||||||||||
$ | 11.23 | $ | 10.93 | $ | 11.36 | $ | 12.70 | $ | 12.49 | $ | 12.68 | ||||||||||||
4.61 | % | (0.64 | %) | (8.28 | %) | 4.31 | % | 1.55 | % | 7.81 | % | ||||||||||||
$ | 219,068 | $ | 203,564 | $ | 211,322 | $ | 218,886 | $ | 181,242 | $ | 169,241 | ||||||||||||
0.59 | % | 0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
0.74 | % | 0.73 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||||||
3.89 | % | 3.14 | % | 2.50 | % | 2.55 | % | 2.78 | % | 3.17 | % | ||||||||||||
3.74 | % | 3.00 | % | 2.42 | % | 2.47 | % | 2.70 | % | 3.09 | % | ||||||||||||
13 | % | 35 | % | 24 | % | 3 | % | 15 | % | 13 | % |
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 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.87 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.82 | ||||||||||||
0.16 | 0.27 | 0.23 | 0.23 | 0.27 | 0.31 | ||||||||||||||||||
0.27 | (0.20 | ) | (1.15 | ) | 0.11 | (0.15 | ) | 0.43 | |||||||||||||||
0.43 | 0.07 | (0.92 | ) | 0.34 | 0.12 | 0.74 | |||||||||||||||||
(0.16 | ) | (0.27 | ) | (0.23 | ) | (0.22 | ) | (0.27 | ) | (0.31 | ) | ||||||||||||
(0.16 | ) | (0.27 | ) | (0.23 | ) | (0.22 | ) | (0.27 | ) | (0.31 | ) | ||||||||||||
$ | 10.14 | $ | 9.87 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | ||||||||||||
4.36 | % | 0.72 | % | (8.32 | %) | 3.13 | % | 1.08 | % | 7.00 | % | ||||||||||||
$ | 39,188 | $ | 47,433 | $ | 51,298 | $ | 63,499 | $ | 57,788 | $ | 55,918 | ||||||||||||
0.81 | % | 0.81 | % | 0.78 | % | 0.71 | % | 0.71 | % | 0.71 | % | ||||||||||||
1.21 | % | 1.10 | % | 1.01 | % | 1.00 | % | 1.02 | % | 1.04 | % | ||||||||||||
3.22 | % | 2.75 | % | 2.11 | % | 2.01 | % | 2.39 | % | 2.87 | % | ||||||||||||
2.82 | % | 2.46 | % | 1.88 | % | 1.72 | % | 2.08 | % | 2.54 | % | ||||||||||||
10 | % | 32 | % | 28 | % | 7 | % | 20 | % | 19 | % |
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 period2 |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.89 | $ | 10.09 | $ | 11.24 | $ | 11.12 | $ | 11.27 | $ | 10.84 | ||||||||||||
0.12 | 0.20 | 0.14 | 0.13 | 0.17 | 0.22 | ||||||||||||||||||
0.27 | (0.20 | ) | (1.15 | ) | 0.12 | (0.15 | ) | 0.43 | |||||||||||||||
0.39 | — | (1.01 | ) | 0.25 | 0.02 | 0.65 | |||||||||||||||||
(0.12 | ) | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||
(0.12 | ) | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||
$ | 10.16 | $ | 9.89 | $ | 10.09 | $ | 11.24 | $ | 11.12 | $ | 11.27 | ||||||||||||
3.96 | % | (0.03 | %) | (9.02 | %) | 2.26 | % | 0.22 | % | 6.09 | % | ||||||||||||
$ | 1,390 | $ | 1,524 | $ | 2,222 | $ | 2,990 | $ | 5,149 | $ | 7,167 | ||||||||||||
1.56 | % | 1.56 | % | 1.56 | % | 1.56 | % | 1.56 | % | 1.56 | % | ||||||||||||
1.96 | % | 1.85 | % | 1.76 | % | 1.75 | % | 1.77 | % | 1.79 | % | ||||||||||||
2.47 | % | 2.00 | % | 1.33 | % | 1.16 | % | 1.54 | % | 2.02 | % | ||||||||||||
2.07 | % | 1.71 | % | 1.13 | % | 0.97 | % | 1.33 | % | 1.79 | % | ||||||||||||
10 | % | 32 | % | 28 | % | 7 | % | 20 | % | 19 | % |
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 |
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. 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.87 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | $ | 10.83 | ||||||||||||
0.17 | 0.30 | 0.25 | 0.24 | 0.28 | 0.33 | ||||||||||||||||||
0.28 | (0.20 | ) | (1.15 | ) | 0.12 | (0.15 | ) | 0.42 | |||||||||||||||
0.45 | 0.10 | (0.90 | ) | 0.36 | 0.13 | 0.75 | |||||||||||||||||
(0.17 | ) | (0.30 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.33 | ) | ||||||||||||
(0.17 | ) | (0.30 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.33 | ) | ||||||||||||
$ | 10.15 | $ | 9.87 | $ | 10.07 | $ | 11.22 | $ | 11.10 | $ | 11.25 | ||||||||||||
4.59 | % | 0.97 | % | (8.12 | %) | 3.29 | % | 1.23 | % | 7.06 | % | ||||||||||||
$ | 16,341 | $ | 16,817 | $ | 25,644 | $ | 23,946 | $ | 24,848 | $ | 17,718 | ||||||||||||
0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
0.96 | % | 0.85 | % | 0.76 | % | 0.75 | % | 0.77 | % | 0.79 | % | ||||||||||||
3.47 | % | 3.00 | % | 2.33 | % | 2.16 | % | 2.54 | % | 3.02 | % | ||||||||||||
3.07 | % | 2.71 | % | 2.13 | % | 1.97 | % | 2.33 | % | 2.79 | % | ||||||||||||
10 | % | 32 | % | 28 | % | 7 | % | 20 | % | 19 | % |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.65 | $ | 10.08 | $ | 11.34 | $ | 11.00 | $ | 11.21 | $ | 10.66 | ||||||||||||
0.18 | 0.32 | 0.27 | 0.28 | 0.29 | 0.32 | ||||||||||||||||||
0.33 | (0.43 | ) | (1.26 | ) | 0.34 | (0.21 | ) | 0.55 | |||||||||||||||
0.51 | (0.11 | ) | (0.99 | ) | 0.62 | 0.08 | 0.87 | ||||||||||||||||
(0.18 | ) | (0.32 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
(0.18 | ) | (0.32 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
$ | 9.98 | $ | 9.65 | $ | 10.08 | $ | 11.34 | $ | 11.00 | $ | 11.21 | ||||||||||||
5.35 | % | (1.06 | %) | (8.79 | %) | 5.71 | % | 0.81 | % | 8.33 | % | ||||||||||||
$ | 87,597 | $ | 91,116 | $ | 98,592 | $ | 112,606 | $ | 103,913 | $ | 103,487 | ||||||||||||
0.85 | % | 0.87 | % | 0.88 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||||
1.03 | % | 0.99 | % | 0.98 | % | 0.97 | % | 0.97 | % | 0.99 | % | ||||||||||||
3.80 | % | 3.33 | % | 2.58 | % | 2.52 | % | 2.69 | % | 2.97 | % | ||||||||||||
3.62 | % | 3.21 | % | 2.48 | % | 2.44 | % | 2.61 | % | 2.87 | % | ||||||||||||
9 | % | 36 | % | 23 | % | 3 | % | 18 | % | 12 | % |
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 (as applicable). 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.67 | $ | 10.10 | $ | 11.36 | $ | 11.02 | $ | 11.23 | $ | 10.68 | ||||||||||||
0.14 | 0.25 | 0.19 | 0.20 | 0.21 | 0.24 | ||||||||||||||||||
0.33 | (0.43 | ) | (1.26 | ) | 0.34 | (0.21 | ) | 0.55 | |||||||||||||||
0.47 | (0.18 | ) | (1.07 | ) | 0.54 | — | 3 | 0.79 | |||||||||||||||
(0.14 | ) | (0.25 | ) | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.24 | ) | ||||||||||||
(0.14 | ) | (0.25 | ) | (0.19 | ) | (0.20 | ) | (0.21 | ) | (0.24 | ) | ||||||||||||
$ | 10.00 | $ | 9.67 | $ | 10.10 | $ | 11.36 | $ | 11.02 | $ | 11.23 | ||||||||||||
4.95 | % | (1.79 | %) | (9.46 | %) | 4.92 | % | 0.05 | % | 7.51 | % | ||||||||||||
$ | 8,087 | $ | 8,163 | $ | 11,476 | $ | 14,317 | $ | 19,376 | $ | 21,059 | ||||||||||||
1.60 | % | 1.62 | % | 1.63 | % | 1.64 | % | 1.64 | % | 1.64 | % | ||||||||||||
1.78 | % | 1.74 | % | 1.73 | % | 1.72 | % | 1.72 | % | 1.74 | % | ||||||||||||
3.05 | % | 2.58 | % | 1.82 | % | 1.77 | % | 1.94 | % | 2.22 | % | ||||||||||||
2.87 | % | 2.46 | % | 1.73 | % | 1.69 | % | 1.86 | % | 2.12 | % | ||||||||||||
9 | % | 36 | % | 23 | % | 3 | % | 18 | % | 12 | % |
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. Total return during the period reflects waivers by the manager. 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 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.65 | $ | 10.07 | $ | 11.33 | $ | 11.00 | $ | 11.20 | $ | 10.66 | ||||||||||||
0.19 | 0.35 | 0.30 | 0.31 | 0.32 | 0.35 | ||||||||||||||||||
0.33 | (0.42 | ) | (1.26 | ) | 0.33 | (0.20 | ) | 0.54 | |||||||||||||||
0.52 | (0.07 | ) | (0.96 | ) | 0.64 | 0.12 | 0.89 | ||||||||||||||||
(0.19 | ) | (0.35 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.35 | ) | ||||||||||||
(0.19 | ) | (0.35 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.35 | ) | ||||||||||||
$ | 9.98 | $ | 9.65 | $ | 10.07 | $ | 11.33 | $ | 11.00 | $ | 11.20 | ||||||||||||
5.48 | % | (0.71 | %) | (8.58 | %) | 5.89 | % | 1.15 | % | 8.50 | % | ||||||||||||
$ | 115,027 | $ | 104,870 | $ | 107,300 | $ | 102,787 | $ | 75,325 | $ | 75,155 | ||||||||||||
0.60 | % | 0.62 | % | 0.63 | % | 0.64 | % | 0.64 | % | 0.64 | % | ||||||||||||
0.78 | % | 0.74 | % | 0.73 | % | 0.72 | % | 0.72 | % | 0.74 | % | ||||||||||||
4.05 | % | 3.58 | % | 2.83 | % | 2.77 | % | 2.94 | % | 3.22 | % | ||||||||||||
3.87 | % | 3.46 | % | 2.73 | % | 2.69 | % | 2.86 | % | 3.12 | % | ||||||||||||
9 | % | 36 | % | 23 | % | 3 | % | 18 | % | 12 | % |
73 |
Delaware Funds by Macquarie® Minnesota municipal bond funds | February 29, 2024 (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 $250,000 or more of Class A shares, for shares of Delaware Tax-Free Minnesota Fund or Delaware Minnesota High-Yield Municipal Bond Fund, you will have to pay a limited contingent deferred sales charge (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 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. 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.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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
74 |
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 DMC. Subject to the oversight of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards), 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 29, 2024, and for all open tax years (years ended August 31, 2020–August 31, 2023), 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 29, 2024, 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
75 |
Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
1. Significant Accounting Policies (continued)
calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on an 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, at least 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 managers, 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 investment advisory fees 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, 2023 (except as noted) through December 30, 2024. These waivers and reimbursements may only be
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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 Minnesota Fund | 0.59 | % | ||
Delaware Tax-Free Minnesota Intermediate Fund | 0.56 | % | ||
Delaware Minnesota High-Yield Municipal Bond Fund | 0.59 | %* |
* | Effective December 29, 2023. Prior to December 29, 2023, the expense limitation for Delaware Minnesota High-Yield Municipal Bond Fund was 0.61%. |
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2023 (except as noted) through December 30, 2024 is as follows:
Operating expense limitation as a percentage of average daily net assets | ||||||||||||
Fund | Class A | Class C | Institutional Class | |||||||||
Delaware Tax-Free Minnesota Fund | 0.84 | % | 1.59 | % | 0.59 | % | ||||||
Delaware Tax-Free Minnesota Intermediate Fund | 0.81 | % | 1.56 | % | 0.56 | % | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 0.84 | %* | 1.59 | %* | 0.59 | %* |
* | Effective December 29, 2023. Prior to December 29, 2023, the expense limitation for Delaware Minnesota High-Yield Municipal Bond Fund were as follows for Class A, Class C, and Institutional Class, respectively: 0.86%, 1.61% and 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, effective October 1, 2023, 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: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 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. 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
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
operations” under “Accounting and administration expenses.” For the six months ended February 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Minnesota Fund | $ | 11,477 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 3,177 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 5,961 |
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 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Minnesota Fund | $ | 15,731 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 1,986 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 6,578 |
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 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%, and 1.00% of the average daily net assets of the Class A, and Class C shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.
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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 the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 29, 2024, 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 Minnesota Fund | $ | 5,857 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 748 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 2,607 |
For the six months ended February 29, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free Minnesota Fund | $ | 1,916 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 968 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | 1,850 |
For the six months ended February 29, 2024, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, 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 | $ | 580 | $ | 107 | ||||
Delaware Tax-Free Minnesota Intermediate Fund | 455 | 54 | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 2,799 | 103 |
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 Trusts. These officers and Trustees are paid no compensation by the Funds.
3. Investments
For the six months ended February 29, 2024, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free Minnesota Fund | $ | 59,327,500 | $ | 65,522,106 | ||||
Delaware Tax-Free Minnesota Intermediate Fund | 5,793,587 | 14,885,643 | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 18,412,170 | 20,762,037 |
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
3. Investments (continued)
At February 29, 2024, 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 29, 2024, 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 | $ | 501,776,200 | $ | 8,121,954 | $ | (18,076,801 | ) | $ | (9,954,847 | ) | ||||||
Delaware Tax-Free Minnesota Intermediate Fund | 56,649,137 | 960,915 | (949,582 | ) | 11,333 | |||||||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 217,383,670 | 3,036,604 | (11,795,190 | ) | (8,758,586 | ) |
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, each Fund had capital loss carryforwards available to offset future realized capital gains as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free Minnesota Fund | $ | 7,274,626 | $ | 13,886,989 | $ | 21,161,615 | ||||||
Delaware Tax-Free Minnesota Intermediate Fund | 561,415 | 3,409,698 | 3,971,113 | |||||||||
Delaware Minnesota High-Yield Municipal Bond Fund | 4,044,218 | 3,711,784 | 7,756,002 |
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
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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, forward 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 29, 2024:
Delaware Tax-Free Minnesota Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 489,671,353 | ||
Short-Term Investments | 2,150,000 | |||
Total Value of Securities | $ | 491,821,353 |
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
3. Investments (continued)
Delaware Tax-Free Minnesota Intermediate Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 56,560,470 | ||
Short-Term Investments | 100,000 | |||
Total Value of Securities | $ | 56,660,470 |
Delaware Minnesota High-Yield Municipal Bond Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 206,325,084 | ||
Short-Term Investments | 2,300,000 | |||
Total Value of Securities | $ | 208,625,084 |
During the six months ended February 29, 2024, 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. As of February 29, 2024, there were no Level 3 investments.
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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 ended 2/29/24 | Year ended 8/31/23 | Six months ended 2/29/24 | Year ended 8/31/23 | Six months ended 2/29/24 | Year ended 8/31/23 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 3,201,378 | 6,212,711 | 363,057 | 1,166,387 | 832,245 | 2,520,760 | ||||||||||||||||||
Class C | 59,235 | 131,667 | 45,585 | 30,724 | 112,037 | 142,713 | ||||||||||||||||||
Institutional Class | 5,335,359 | 11,868,644 | 536,593 | 1,206,119 | 3,524,045 | 5,729,835 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 375,271 | 728,413 | 58,128 | 120,576 | 161,329 | 314,143 | ||||||||||||||||||
Class C | 9,557 | 20,362 | 1,831 | 3,627 | 12,180 | 25,248 | ||||||||||||||||||
Institutional Class | 236,383 | 385,083 | 25,198 | 59,589 | 209,200 | 371,678 | ||||||||||||||||||
9,217,183 | 19,346,880 | 1,030,392 | 2,587,022 | 4,851,036 | 9,104,377 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (5,029,363 | ) | (9,555,213 | ) | (1,363,550 | ) | (1,575,131 | ) | (1,658,059 | ) | (3,176,663 | ) | ||||||||||||
Class C | (195,901 | ) | (494,878 | ) | (64,652 | ) | (100,472 | ) | (159,707 | ) | (460,254 | ) | ||||||||||||
Institutional Class | (4,695,399 | ) | (12,230,968 | ) | (654,729 | ) | (2,108,041 | ) | (3,074,467 | ) | (5,882,046 | ) | ||||||||||||
(9,920,663 | ) | (22,281,059 | ) | (2,082,931 | ) | (3,783,644 | ) | (4,892,233 | ) | (9,518,963 | ) | |||||||||||||
Net decrease | (703,480 | ) | (2,934,179 | ) | (1,052,539 | ) | (1,196,622 | ) | (41,197 | ) | (414,586 | ) |
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond 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 29, 2024 and the year ended August 31, 2023, 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 | ||||||||||||||||||||||||
2/29/24 | 18,674 | 10,118 | 2,262 | 12,427 | 18,674 | $ | 340,084 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 133,658 | 29,308 | 1,304 | 20,971 | 143,436 | 1,824,634 | ||||||||||||||||||
Delaware Tax-Free Minnesota Intermediate Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | — | 568 | — | 569 | — | 5,771 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 7,086 | 10,790 | — | 10,823 | 7,080 | 178,880 | ||||||||||||||||||
Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | — | 2,962 | — | 2,970 | — | 29,464 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 226 | 13,236 | 39 | 13,317 | 226 | 133,068 |
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 30, 2023.
On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 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 28, 2024.
Each Fund had no amounts outstanding as of February 29, 2024, or at any time during the period then ended.
6. Geographic, Credit and Market Risks
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.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
The Funds concentrate their investments in securities issued by municipalities, mainly in Minnesota, and are 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 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 usually 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 US, 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
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Notes to financial statements
Delaware Funds by Macquarie® Minnesota municipal bond funds
6. Geographic, Credit and Market Risks (continued)
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 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.
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8. Subsequent Events
On January 16,2024, the Board approved the reorganization of the Fund into and with a substantially similar fund and class of another Delaware Fund (the “Reorganization”) as shown in the table below:
Acquired Fund | Acquiring Fund | |
Delaware Tax-Free Minnesota Intermediate Fund, a series of Voyageur Intermediate Tax-Free Funds | Delaware Tax-Free Minnesota Fund, a series of Voyageur Tax Free Funds |
If approved by Acquired Fund shareholders, the Reorganization is anticipated to occur in mid-2024.
Management has determined that no other material events or transactions occurred subsequent to February 29, 2024, that would require recognition or disclosure in the Funds’ financial statements.
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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 29, 2024
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's public markets businesses trace their roots to 1929 and partner 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.
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• Check your account balance and transactions
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Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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 29, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
For the six-month period from September 1, 2023 to February 29, 2024 (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, 2023 to February 29, 2024.
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, 2023 to February 29, 2024 (Unaudited)
Delaware Tax-Free Arizona Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,073.40 | 0.84% | $4.33 | ||||||||||||
Class C | 1,000.00 | 1,070.40 | 1.59% | 8.18 | ||||||||||||
Institutional Class | 1,000.00 | 1,074.80 | 0.59% | 3.04 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.69 | 0.84% | $4.22 | ||||||||||||
Class C | 1,000.00 | 1,016.96 | 1.59% | 7.97 | ||||||||||||
Institutional Class | 1,000.00 | 1,021.93 | 0.59% | 2.97 |
Delaware Tax-Free California Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,072.10 | 0.80% | $4.12 | ||||||||||||
Class C | 1,000.00 | 1,067.10 | 1.55% | 7.97 | ||||||||||||
Institutional Class | 1,000.00 | 1,072.50 | 0.55% | 2.83 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.89 | 0.80% | $4.02 | ||||||||||||
Class C | 1,000.00 | 1,017.16 | 1.55% | 7.77 | ||||||||||||
Institutional Class | 1,000.00 | 1,022.13 | 0.55% | 2.77 |
2
Delaware Tax-Free Colorado Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,067.50 | 0.82% | $4.22 | ||||||||||||
Class C | 1,000.00 | 1,063.40 | 1.57% | 8.05 | ||||||||||||
Institutional Class | 1,000.00 | 1,068.80 | 0.57% | 2.93 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.79 | 0.82% | $4.12 | ||||||||||||
Class C | 1,000.00 | 1,017.06 | 1.57% | 7.87 | ||||||||||||
Institutional Class | 1,000.00 | 1,022.03 | 0.57% | 2.87 |
Delaware Tax-Free Idaho Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,062.00 | 0.86% | $4.41 | ||||||||||||
Class C | 1,000.00 | 1,057.00 | 1.61% | 8.23 | ||||||||||||
Institutional Class | 1,000.00 | 1,062.20 | 0.61% | 3.13 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.59 | 0.86% | $4.32 | ||||||||||||
Class C | 1,000.00 | 1,016.86 | 1.61% | 8.07 | ||||||||||||
Institutional Class | 1,000.00 | 1,021.83 | 0.61% | 3.07 |
3
Disclosure of Fund expenses
For the six-month period from September 1, 2023 to February 29, 2024 (Unaudited)
Delaware Tax-Free New York Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,068.30 | 0.80% | $4.11 | ||||||||||||
Class C | 1,000.00 | 1,064.40 | 1.55% | 7.96 | ||||||||||||
Institutional Class | 1,000.00 | 1,070.70 | 0.55% | 2.83 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.89 | 0.80% | $4.02 | ||||||||||||
Class C | 1,000.00 | 1,017.16 | 1.55% | 7.77 | ||||||||||||
Institutional Class | 1,000.00 | 1,022.13 | 0.55% | 2.77 |
Delaware Tax-Free Pennsylvania Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/23 | 2/29/24 | Expense Ratio | 9/1/23 to 2/29/24* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $1,000.00 | $1,071.00 | 0.84% | $4.33 | ||||||||||||
Class C | 1,000.00 | 1,065.60 | 1.59% | 8.17 | ||||||||||||
Institutional Class | 1,000.00 | 1,072.30 | 0.59% | 3.04 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.69 | 0.84% | $4.22 | ||||||||||||
Class C | 1,000.00 | 1,016.96 | 1.59% | 7.97 | ||||||||||||
Institutional Class | 1,000.00 | 1,021.93 | 0.59% | 2.97 |
*“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 182/366 (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 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 96.06% | |
Education Revenue Bonds | 27.57% | |
Electric Revenue Bonds | 6.07% | |
Healthcare Revenue Bonds | 23.76% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 7.29% | |
Lease Revenue Bonds | 2.59% | |
Local General Obligation Bonds | 4.25% | |
Special Tax Revenue Bonds | 15.63% | |
State General Obligation Bond | 0.31% | |
Transportation Revenue Bonds | 5.41% | |
Water & Sewer Revenue Bonds | 3.18% | |
Short-Term Investments | 2.71% | |
Total Value of Securities | 98.77% | |
Receivables and Other Assets Net of Liabilities | 1.23% | |
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 | 79.79% | |
Puerto Rico | 15.72% | |
US Virgin Islands | 0.55% | |
Total Value of Municipal Bonds | 96.06% |
5
Security type / sector / state / territory allocations
Delaware Tax-Free California Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 96.95% | |
Education Revenue Bonds | 20.31% | |
Electric Revenue Bonds | 3.00% | |
Healthcare Revenue Bonds | 13.68% | |
Housing Revenue Bonds | 3.70% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 12.00% | |
Lease Revenue Bonds | 3.33% | |
Local General Obligation Bonds | 4.25% | |
Pre-Refunded/Escrowed to Maturity Bonds | 2.11% | |
Special Tax Revenue Bonds | 13.58% | |
State General Obligation Bonds | 8.49% | |
Transportation Revenue Bonds | 10.90% | |
Water & Sewer Revenue Bonds | 1.60% | |
Short-Term Investments | 1.52% | |
Total Value of Securities | 98.47% | |
Receivables and Other Assets Net of Liabilities | 1.53% | |
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 | 82.38% | |
Guam | 0.56% | |
Puerto Rico | 13.80% | |
US Virgin Islands | 0.21% | |
Total Value of Municipal Bonds | 96.95% |
6
Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 95.83% | |
Education Revenue Bonds | 14.08% | |
Electric Revenue Bonds | 4.58% | |
Healthcare Revenue Bonds | 22.56% | |
Housing Revenue Bond | 1.23% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 4.64% | |
Lease Revenue Bonds | 2.38% | |
Local General Obligation Bonds | 8.71% | |
Pre-Refunded Bonds | 2.31% | |
Special Tax Revenue Bonds | 19.25% | |
State General Obligation Bonds | 0.80% | |
Transportation Revenue Bonds | 11.31% | |
Water & Sewer Revenue Bonds | 3.98% | |
Short-Term Investments | 3.77% | |
Total Value of Securities | 99.60% | |
Receivables and Other Assets Net of Liabilities | 0.40% | |
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 | 77.87% | |
Guam | 1.13% | |
Puerto Rico | 16.60% | |
US Virgin Islands | 0.23% | |
Total Value of Municipal Bonds | 95.83% |
7
Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 96.10% | |
Education Revenue Bonds | 23.49% | |
Electric Revenue Bonds | 2.28% | |
Healthcare Revenue Bonds | 13.15% | |
Housing Revenue Bonds | 4.71% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 4.53% | |
Lease Revenue Bonds | 11.44% | |
Local General Obligation Bonds | 9.36% | |
Pre-Refunded Bonds | 1.35% | |
Resource Recovery Revenue Bond | 0.32% | |
Special Tax Revenue Bonds | 21.04% | |
Transportation Revenue Bonds | 2.72% | |
Water & Sewer Revenue Bond | 1.71% | |
Short-Term Investments | 2.65% | |
Total Value of Securities | 98.75% | |
Receivables and Other Assets Net of Liabilities | 1.25% | |
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 | 81.90% | |
Puerto Rico | 14.20% | |
Total Value of Municipal Bonds | 96.10% |
8
Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 96.01% | |
Education Revenue Bonds | 17.80% | |
Electric Revenue Bonds | 5.94% | |
Healthcare Revenue Bonds | 8.73% | |
Housing Revenue Bonds | 3.11% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 8.83% | |
Lease Revenue Bonds | 6.36% | |
Local General Obligation Bonds | 3.26% | |
Pre-Refunded Bonds | 0.88% | |
Resource Recovery Revenue Bond | 0.57% | |
Special Tax Revenue Bonds | 25.35% | |
State General Obligation Bonds | 1.35% | |
Transportation Revenue Bonds | 11.37% | |
Water & Sewer Revenue Bonds | 2.46% | |
Short-Term Investments | 3.56% | |
Total Value of Securities | 99.57% | |
Receivables and Other Assets Net of Liabilities | 0.43% | |
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 | 0.62% | |
New York | 78.74% | |
Puerto Rico | 16.42% | |
US Virgin Islands | 0.23% | |
Total Value of Municipal Bonds | 96.01% |
9
Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund | As of February 29, 2024 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |
Municipal Bonds* | 95.70% | |
Education Revenue Bonds | 10.47% | |
Electric Revenue Bonds | 0.63% | |
Healthcare Revenue Bonds | 31.19% | |
Housing Revenue Bonds | 3.24% | |
Industrial Development Revenue/Pollution Control Revenue Bonds | 9.33% | |
Lease Revenue Bonds | 0.73% | |
Local General Obligation Bonds | 3.85% | |
Pre-Refunded/Escrowed to Maturity Bonds | 1.01% | |
Special Tax Revenue Bonds | 17.09% | |
State General Obligation Bonds | 1.48% | |
Transportation Revenue Bonds | 16.11% | |
Water & Sewer Revenue Bond | 0.57% | |
Short-Term Investments | 2.55% | |
Total Value of Securities | 98.25% | |
Receivables and Other Assets Net of Liabilities | 1.75% | |
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 | 78.04% | |
Puerto Rico | 16.34% | |
US Virgin Islands | 1.32% | |
Total Value of Municipal Bonds | 95.70% |
10
Delaware Tax-Free Arizona Fund | February 29, 2024 (Unaudited) |
Principal | ||||||||
amount° | Value (US $) | |||||||
Municipal Bonds — 96.06% | ||||||||
Education Revenue Bonds — 27.57% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Academies of Math & Science Projects) | ||||||||
Series A 5.00% 7/1/51 | 1,000,000 | $ | 1,010,610 | |||||
(ACCEL Schools Project) | ||||||||
Series A 144A 5.25% 8/1/48 # | 350,000 | 315,735 | ||||||
(American Charter Schools Foundation Project) | ||||||||
144A 6.00% 7/1/37 # | 250,000 | 257,395 | ||||||
144A 6.00% 7/1/47 # | 400,000 | 406,812 | ||||||
(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects) | ||||||||
Series A 5.00% 7/15/49 | 375,000 | 361,470 | ||||||
(Empower College Prep Project) | ||||||||
144A 6.00% 7/1/49 # | 500,000 | 500,850 | ||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 2.25% 7/1/46 | 1,000,000 | 661,370 | ||||||
Series A 2.375% 7/1/52 | 1,205,000 | 744,244 | ||||||
(KIPP NYC Public Charter Schools - Macombs Facility Project) | ||||||||
Series A 4.00% 7/1/51 | 1,230,000 | 1,070,961 | ||||||
(Odyssey Preparatory Academy Project) | ||||||||
Series A 144A 5.50% 7/1/52 # | 375,000 | 357,908 | ||||||
(Social Bonds - Equitable School) | ||||||||
Series A 4.00% 11/1/50 | 1,600,000 | 1,496,032 | ||||||
Arizona State University Revenue System | ||||||||
Series A 5.00% 7/1/43 | 1,000,000 | 1,085,590 | ||||||
City of Phoenix, Arizona Industrial Development Authority Revenue | ||||||||
(Great Hearts Academic Project) | ||||||||
5.00% 7/1/46 | 1,000,000 | 966,030 | ||||||
Maricopa County, Arizona Industrial Development Authority Revenue | ||||||||
(Arizona Autism Charter Schools Project) | ||||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | 245,333 | ||||||
(Choice Academies, Inc. Project) | ||||||||
144A 5.75% 9/1/45 # | 1,225,000 | 1,217,503 | ||||||
(Creighton University Project) | ||||||||
4.00% 7/1/50 | 1,000,000 | 950,770 | ||||||
(Great Hearts Arizona Projects) | ||||||||
Series A 5.00% 7/1/52 | 725,000 | 734,236 | ||||||
(Highland Prep Projects) | ||||||||
Series A 4.00% 7/1/56 | 2,000,000 | 1,766,900 | ||||||
(Reid Traditional Schools Projects) | ||||||||
5.00% 7/1/47 | 785,000 | 788,014 |
11
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal | ||||||||
amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Pima County, Arizona Industrial Development Authority Education Revenue | ||||||||
(Edkey Charter Schools Project) | ||||||||
144A 5.00% 7/1/55 # | 750,000 | $ | 669,390 | |||||
University of Arizona Board of Regents | ||||||||
Series A 4.00% 6/1/44 | 475,000 | 477,171 | ||||||
16,084,324 | ||||||||
Electric Revenue Bonds — 6.07% | ||||||||
Mesa, Arizona Utility System Revenue | ||||||||
4.00% 7/1/42 | 550,000 | 556,111 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 55,000 | 14,575 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 9,275 | ||||||
Series WW 5.00% 7/1/28 ‡ | 550,000 | 145,750 | ||||||
Series XX 4.75% 7/1/26 ‡ | 35,000 | 9,275 | ||||||
Series XX 5.75% 7/1/36 ‡ | 125,000 | 33,125 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 7,950 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 11,925 | ||||||
Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue | ||||||||
Series A 5.00% 1/1/47 | 1,500,000 | 1,657,290 | ||||||
Series A 5.00% 1/1/50 | 1,000,000 | 1,096,230 | ||||||
3,541,506 | ||||||||
Healthcare Revenue Bonds — 23.76% | ||||||||
Arizona Health Facilities Authority Hospital System Revenue | ||||||||
(Scottsdale Lincoln Hospital Project) | ||||||||
5.00% 12/1/42 | 500,000 | 501,005 | ||||||
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 | 2,102,490 | ||||||
(Great Lakes Senior Living Communities LLC Project First Tier) | ||||||||
Series A 5.00% 1/1/54 | 145,000 | 89,088 | ||||||
(Great Lakes Senior Living Communities LLC Project Fourth Tier) | ||||||||
144A 7.75% 1/1/54 # | 150,000 | 67,488 | ||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.00% 1/1/49 | 55,000 | 28,618 |
12
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Great Lakes Senior Living Communities LLC Project Second Tier) | ||||||||
Series B 5.125% 1/1/54 | 65,000 | $ | 32,985 | |||||
(Great Lakes Senior Living Communities LLC Project Third Tier) | ||||||||
Series C 144A 5.00% 1/1/49 # | 500,000 | 231,765 | ||||||
(Phoenix Children's Hospital) | ||||||||
Series A 4.00% 2/1/50 | 1,000,000 | 949,700 | ||||||
Glendale, Arizona Industrial Development Authority Revenue | ||||||||
(Glencroft Retirement Community Project) | ||||||||
5.00% 11/15/36 | 150,000 | 124,685 | ||||||
5.25% 11/15/46 | 415,000 | 311,677 | ||||||
(Royal Oaks Inspirata Pointe Project) | ||||||||
Series A 5.00% 5/15/56 | 1,000,000 | 850,580 | ||||||
(Sun Health Services) | ||||||||
Series A 5.00% 11/15/48 | 1,000,000 | 993,660 | ||||||
(The Beatitudes Campus Project) | ||||||||
5.00% 11/15/45 | 200,000 | 164,342 | ||||||
(The Terraces of Phoenix Project) | ||||||||
Series A 5.00% 7/1/48 | 275,000 | 245,173 | ||||||
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue | ||||||||
(Banner Health) | ||||||||
Series A 4.00% 1/1/41 | 1,000,000 | 1,002,290 | ||||||
Series F 4.00% 1/1/45 | 1,750,000 | 1,721,738 | ||||||
Maricopa County, Arizona Industrial Development Authority Hospital Revenue | ||||||||
(HonorHealth) | ||||||||
Series A 3.00% 9/1/51 | 975,000 | 719,462 | ||||||
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | ||||||||
(Christian Care Surprise Project) | ||||||||
144A 6.00% 1/1/48 # | 405,000 | 292,633 | ||||||
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 | 305,659 | ||||||
5.00% 7/1/30 | 105,000 | 113,292 |
13
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal | ||||||||
amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Tempe, Arizona Industrial Development Authority Revenue | ||||||||
(Mirabella at ASU Project) | ||||||||
Series A 144A 6.125% 10/1/52 # | 800,000 | $ | 484,016 | |||||
Yavapai County, Arizona Industrial Development Authority Hospital Facility | ||||||||
(Yavapai Regional Medical Center) | ||||||||
4.00% 8/1/43 | 1,500,000 | 1,432,110 | ||||||
Series A 5.25% 8/1/33 | 500,000 | 500,220 | ||||||
Yuma, Arizona Industrial Development Authority Hospital Revenue | ||||||||
(Yuma Regional Medical Center) | ||||||||
Series A 5.00% 8/1/32 | 295,000 | 296,469 | ||||||
Series A 5.25% 8/1/32 | 300,000 | 302,151 | ||||||
13,863,296 | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds — 7.29% | ||||||||
Arizona Industrial Development Authority Revenue | ||||||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 6.00% 7/1/51 #, ‡ | 450,000 | 27,000 | ||||||
Series A 144A 7.75% 7/1/50 #, ‡ | 285,000 | 17,100 | ||||||
Chandler, Arizona Industrial Development Authority Revenue | ||||||||
(Intel Corporation Project) | ||||||||
Second Subseries 5.00% 9/1/52 (AMT) • | 750,000 | 775,972 | ||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 15,000,000 | 1,237,500 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue | ||||||||
5.00% 12/1/37 | 2,000,000 | 2,196,000 | ||||||
4,253,572 | ||||||||
Lease Revenue Bonds — 2.59% | ||||||||
Arizona Game & Fish Department & Community Beneficial Interest Certificates | ||||||||
(Administration Building Project) | ||||||||
5.00% 7/1/32 | 1,000,000 | 1,001,140 | ||||||
Tucson and Pima County, Arizona Industrial Development Authority Revenue | ||||||||
Series A 4.70% 7/1/43 | 500,000 | 508,595 | ||||||
1,509,735 |
14
Principal | ||||||||
amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds — 4.25% | ||||||||
City of Goodyear, Arizona | ||||||||
3.00% 7/1/39 | 750,000 | $ | 683,760 | |||||
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 | 1,021,970 | ||||||
Maricopa County, Arizona Unified School District No. 95 Queen Creek | ||||||||
(School Improvement Project) | ||||||||
4.00% 7/1/35 | 500,000 | 520,870 | ||||||
Pinal County, Arizona Community College District | ||||||||
4.00% 7/1/31 | 250,000 | 256,335 | ||||||
2,482,935 | ||||||||
Special Tax Revenue Bonds — 15.63% | ||||||||
City of Bullhead, Arizona Excise Taxes Revenue | ||||||||
2.55% 7/1/46 | 1,000,000 | 721,690 | ||||||
4.00% 7/1/52 | 1,035,000 | 974,908 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
3.10% 11/1/43 • | 1,159,649 | 679,844 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 1,871,473 | 1,787,257 | ||||||
Matching Fund Special Purpose Securitization, Virgin Islands | ||||||||
Series A 5.00% 10/1/32 | 300,000 | 322,068 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Capital Appreciation - Restructured) | ||||||||
Series A-1 5.565% 7/1/51 ^ | 3,179,000 | 767,983 | ||||||
Series A-1 5.615% 7/1/46 ^ | 1,180,000 | 384,161 | ||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 2,485,000 | 2,486,416 | ||||||
Series A-2 4.329% 7/1/40 | 1,000,000 | 995,420 | ||||||
9,119,747 | ||||||||
State General Obligation Bond — 0.31% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/46 | 200,000 | 180,760 | ||||||
180,760 |
15
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds — 5.41% | ||||||||
City of Phoenix, Arizona Civic Improvement Airport Revenue | ||||||||
(Junior Lien) | ||||||||
Series B 4.00% 7/1/37 (AMT) | 2,250,000 | $ | 2,267,730 | |||||
Series B 5.00% 7/1/49 (AMT) | 400,000 | 412,432 | ||||||
(Senior Lien) | ||||||||
4.00% 7/1/48 (AMT) | 500,000 | 475,695 | ||||||
3,155,857 | ||||||||
Water & Sewer Revenue Bonds — 3.18% | ||||||||
Goodyear, Arizona Water & Sewer Revenue Second Series 4.00% 7/1/45 (AGM) | 1,000,000 | 986,270 | ||||||
Mesa, Arizona Utility System Revenue | ||||||||
4.00% 7/1/31 | 850,000 | 867,697 | ||||||
1,853,967 | ||||||||
Total Municipal Bonds (cost $58,965,173) | 56,045,699 | |||||||
Short-Term Investments — 2.71% | ||||||||
Variable Rate Demand Note — 2.71%¤ | ||||||||
City of Phoenix, Arizona Health Care Facilities Revenue | ||||||||
(Mayo Clinic) Series B 3.50% 11/15/52 | ||||||||
(SPA - Northern Trust) | 1,580,000 | 1,580,000 | ||||||
Total Short-Term Investments (cost $1,580,000) | 1,580,000 | |||||||
Total Value of Securities—98.77% | ||||||||
(cost $60,545,173) | $ | 57,625,699 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $5,090,928, which represents 8.73% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
16
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
^ | 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
17
Schedules of investments
Delaware Tax-Free California Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 96.95% | ||||||||
Education Revenue Bonds — 20.31% | ||||||||
California Community College Financing Authority Student Housing Revenue | ||||||||
(Napa Valley College Project) | ||||||||
Series A 144A 5.75% 7/1/60 # | 1,500,000 | $ | 1,523,640 | |||||
California Educational Facilities Authority Revenue | ||||||||
(Art Center College of Design) | ||||||||
Series 2018A 5.00% 12/1/48 | 250,000 | 255,538 | ||||||
(Loma Linda University) | ||||||||
Series A 5.00% 4/1/47 | 1,700,000 | 1,739,780 | ||||||
(Stanford University) | ||||||||
Series U-1 5.25% 4/1/40 | 1,840,000 | 2,319,375 | ||||||
Series V-1 5.00% 5/1/49 | 4,455,000 | 5,440,312 | ||||||
Series V-2 2.25% 4/1/51 | 1,130,000 | 731,664 | ||||||
California Enterprise Development Authority Revenue | ||||||||
(Curtis School Foundation Project) | ||||||||
4.00% 6/1/49 | 1,000,000 | 972,690 | ||||||
(Heights Christian Schools Project) | ||||||||
Series A 144A 6.375% 6/1/63 # | 1,480,000 | 1,483,626 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Bella Mente Montessori Academy Project) | ||||||||
Series A 144A 5.00% 6/1/48 # | 500,000 | 464,175 | ||||||
(Biola University) | ||||||||
5.00% 10/1/39 | 1,000,000 | 1,034,220 | ||||||
(California Baptist University) | ||||||||
Series A 144A 5.00% 11/1/46 # | 500,000 | 491,970 | ||||||
Series A 144A 5.375% 11/1/40 # | 1,000,000 | 1,007,720 | ||||||
(CHF - Davis I, LLC - West Village Student Housing Project) | ||||||||
4.00% 5/15/48 (BAM) | 300,000 | 280,329 | ||||||
5.00% 5/15/48 | 1,000,000 | 1,025,370 | ||||||
(Emerson College) | ||||||||
Series B 5.00% 1/1/32 | 1,000,000 | 1,042,470 | ||||||
(Julian Charter School Project) | ||||||||
Series A 144A 5.625% 3/1/45 # | 850,000 | 810,280 | ||||||
(Literacy First Charter Schools Project) | ||||||||
Series A 5.00% 12/1/49 | 750,000 | 753,705 | ||||||
(Palmdale Aerospace Academy Project) | ||||||||
Series A 144A 5.00% 7/1/46 # | 670,000 | 636,252 | ||||||
Series A 144A 5.00% 7/1/49 # | 300,000 | 280,770 | ||||||
(Southwestern Law School) | ||||||||
4.00% 11/1/41 | 575,000 | 546,520 |
18
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(The Creative Center of Los Altos Project - Pinewood | ||||||||
School and Oakwood School) | ||||||||
Series B 144A 4.50% 11/1/46 # | 500,000 | $ | 430,425 | |||||
(The Learning Choice Academy) | ||||||||
Series A 4.00% 7/1/31 | 90,000 | 89,375 | ||||||
California School Finance Authority Revenue | ||||||||
Series A 144A 6.00% 6/1/63 # | 500,000 | 501,690 | ||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41 # | 225,000 | 226,429 | ||||||
(Aspire Public Schools-Obligated Group) | ||||||||
Series A 144A 5.00% 8/1/45 # | 715,000 | 717,610 | ||||||
(Aspire Public Schools-Obligated | ||||||||
Group-Issue Number 3) | ||||||||
Series A 144A 5.00% 8/1/40 # | 1,000,000 | 1,021,000 | ||||||
(Camino Nuevo Charter Academy - Obligated Group) | ||||||||
Series A 144A 5.25% 6/1/53 # | 1,000,000 | 997,670 | ||||||
(Classical Academies Project) | ||||||||
Series A 144A 5.00% 10/1/50 # | 250,000 | 247,205 | ||||||
(Encore Education Obligated Group) | ||||||||
Series A 144A 5.00% 6/1/42 # | 500,000 | 416,740 | ||||||
(Escuela Popular Project) | ||||||||
144A 6.50% 7/1/50 # | 250,000 | 253,250 | ||||||
(Granada Hills Charter Obligated Group) | ||||||||
144A 5.00% 7/1/49 # | 1,725,000 | 1,708,060 | ||||||
(Green Dot Public Schools California Projects) | ||||||||
Series A 144A 5.00% 8/1/48 # | 250,000 | 250,530 | ||||||
(Green Dot Public Schools Project) | ||||||||
Series A 144A 5.00% 8/1/35 # | 1,000,000 | 1,015,210 | ||||||
(Grimmway Schools - Obligated Group) | ||||||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 504,765 | ||||||
(Harbor Springs Obligated Group) | ||||||||
Series A 144A 5.625% 7/1/63 # | 700,000 | 704,732 | ||||||
(Hawking Steam Charter School Project) | ||||||||
Series A 144A 5.50% 7/1/62 # | 775,000 | 788,152 | ||||||
(HTH Learning Project) | ||||||||
Series A 144A 5.00% 7/1/49 # | 300,000 | 285,504 | ||||||
(ICEF - View Park Elementary & Middle Schools) | ||||||||
Series A 5.625% 10/1/34 | 575,000 | 577,179 | ||||||
(John Adams Academies - Obligated Group) | ||||||||
Series A 144A 5.00% 7/1/52 # | 1,000,000 | 935,230 | ||||||
(KIPP LA Projects) | ||||||||
Series A 144A 5.125% 7/1/44 # | 1,000,000 | 1,001,330 |
19
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
California School Finance Authority Revenue | ||||||||
(KIPP Socal Projects) | ||||||||
Series A 144A 5.00% 7/1/49 # | 1,000,000 | $ | 1,006,020 | |||||
(Partnerships To Uplift Communities Project) | ||||||||
144A 5.25% 8/1/38 # | 500,000 | 511,525 | ||||||
144A 5.50% 8/1/47 # | 525,000 | 535,789 | ||||||
(Stem Preparatory Schools - Obligated Group) | ||||||||
Series A 144A 5.00% 6/1/43 # | 280,000 | 282,072 | ||||||
Series A 144A 5.125% 6/1/53 # | 500,000 | 495,460 | ||||||
Series A 144A 5.375% 5/1/63 # | 1,000,000 | 1,001,700 | ||||||
California State University Systemwide Revenue | ||||||||
Series A 3.00% 11/1/52 | 6,650,000 | 5,223,974 | ||||||
Regents of the University of California General Revenue | ||||||||
Series BE 4.00% 5/15/50 | 1,950,000 | 1,940,035 | ||||||
Series BK 5.00% 5/15/52 | 2,000,000 | 2,212,040 | ||||||
Series BS 5.00% 5/15/44 | 1,000,000 | 1,158,640 | ||||||
Regents of the University of California Limited Project Revenue | ||||||||
Series Q 3.00% 5/15/51 | 1,000,000 | 796,500 | ||||||
50,676,247 | ||||||||
Electric Revenue Bonds — 3.00% | ||||||||
California Community Choice Financing Authority Revenue | ||||||||
(Clean Energy Project) | ||||||||
Series C 5.25% 1/1/54 • | 2,000,000 | 2,116,940 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/41 | 970,000 | 1,019,926 | ||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
(Power System) | ||||||||
Series A 5.00% 7/1/42 | 1,000,000 | 1,046,780 | ||||||
Series D 5.00% 7/1/26 | 2,000,000 | 2,109,600 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 350,000 | 92,750 | ||||||
Series A 5.05% 7/1/42 ‡ | 70,000 | 18,550 | ||||||
Series A 6.75% 7/1/36 ‡ | 185,000 | 49,025 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 40,000 | 10,600 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 325,000 | 86,125 | ||||||
Series TT 5.00% 7/1/32 ‡ | 340,000 | 90,100 | ||||||
Series TT 5.00% 7/1/37 ‡ | 1,165,000 | 308,725 |
20
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series WW 5.00% 7/1/28 ‡ | 470,000 | $ | 124,550 | |||||
Series WW 5.25% 7/1/33 ‡ | 335,000 | 88,775 | ||||||
Series WW 5.50% 7/1/38 ‡ | 730,000 | 193,450 | ||||||
Series XX 4.75% 7/1/26 ‡ | 45,000 | 11,925 | ||||||
Series XX 5.25% 7/1/40 ‡ | 230,000 | 60,950 | ||||||
Series XX 5.75% 7/1/36 ‡ | 150,000 | 39,750 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 9,275 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 14,575 | ||||||
7,492,371 | ||||||||
Healthcare Revenue Bonds — 13.68% | ||||||||
California Educational Facilities Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-2 5.00% 4/1/51 | 500,000 | 610,600 | ||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Cedars-Sinai Health System) | ||||||||
Series A 3.00% 8/15/51 | 1,900,000 | 1,517,606 | ||||||
Series A 3.00% 8/15/51 (BAM) | 1,910,000 | 1,590,973 | ||||||
(Children's Hospital Los Angeles) | ||||||||
Series A 5.00% 8/15/47 | 500,000 | 506,770 | ||||||
(Children's Hospital of Orange County) | ||||||||
Series A 2.125% 11/1/41 | 2,500,000 | 1,784,425 | ||||||
(CommonSpirit Health) | ||||||||
Series A 4.00% 4/1/45 | 1,280,000 | 1,242,790 | ||||||
Series A 4.00% 4/1/49 | 1,000,000 | 961,490 | ||||||
(Episcopal Communities & Services) | ||||||||
Series B 5.25% 11/15/58 | 2,500,000 | 2,634,825 | ||||||
(Kaiser Permanente) | ||||||||
Series A-2 5.00% 11/1/47 | 3,400,000 | 4,038,826 | ||||||
Subordinate Series A-2 4.00% 11/1/44 | 1,150,000 | 1,142,571 | ||||||
(Lucile Salter Packard Children's Hospital At Stanford) | ||||||||
Series A 4.00% 5/15/51 | 1,000,000 | 979,830 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Community Medical Centers) | ||||||||
Series A 5.00% 2/1/47 | 1,200,000 | 1,219,212 | ||||||
(Eisenhower Medical Center) | ||||||||
Series B 5.00% 7/1/37 | 250,000 | 257,665 | ||||||
Series B 5.00% 7/1/42 | 250,000 | 255,030 | ||||||
(Goodwill Industry of Sacramento Valley & Northern | ||||||||
Nevada Project) | ||||||||
5.00% 1/1/35 | 635,000 | 544,030 |
21
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(Humangood California Obligated Group) | ||||||||
Series A 4.00% 10/1/28 | 290,000 | $ | 293,286 | |||||
(Northbay Healthcare Group) | ||||||||
Series A 5.25% 11/1/47 | 500,000 | 495,285 | ||||||
(Palomar Health Certificates) | ||||||||
Series A 5.25% 11/1/52 (AGM) | 500,000 | 560,870 | ||||||
California Municipal Finance Authority Senior Living Revenue | ||||||||
(Mt. San Antonio Gardens Project) | ||||||||
Series A 4.00% 11/15/52 | 750,000 | 593,055 | ||||||
Series A 4.00% 11/15/56 | 1,075,000 | 831,480 | ||||||
California Public Finance Authority Senior Living Revenue | ||||||||
(Enso Village Project - Green Bonds) | ||||||||
Series A 144A 5.00% 11/15/46 # | 1,000,000 | 873,450 | ||||||
Series A 144A 5.00% 11/15/51 # | 500,000 | 425,095 | ||||||
Series A 144A 5.00% 11/15/56 # | 640,000 | 534,438 | ||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Adventist Health System/West) | ||||||||
Series A 4.00% 3/1/48 | 1,000,000 | 922,280 | ||||||
(Emanate Health) | ||||||||
Series A 4.00% 4/1/45 | 500,000 | 480,730 | ||||||
(Enloe Medical Center) | ||||||||
Series A 5.25% 8/15/52 (AGM) | 2,000,000 | 2,189,640 | ||||||
(Front Porch Communities and Services) | ||||||||
4.00% 4/1/51 | 1,000,000 | 920,760 | ||||||
(Huntington Memorial Hospital) | ||||||||
4.00% 7/1/48 | 500,000 | 495,160 | ||||||
(John Muir Health) | ||||||||
Series A 5.00% 8/15/51 | 1,500,000 | 1,534,290 | ||||||
(Marin General Hospital - Green Bonds) | ||||||||
Series A 4.00% 8/1/45 | 500,000 | 452,080 | ||||||
(Redlands Community Hospital) | ||||||||
5.00% 10/1/46 | 1,000,000 | 1,019,560 | ||||||
Palomar Health, California Revenue | ||||||||
5.00% 11/1/47 (AGM) | 500,000 | 516,830 | ||||||
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 | 480,142 | ||||||
5.00% 7/1/32 | 900,000 | 979,884 |
22
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Washington Township Health Care District Revenue | ||||||||
Series A 3.75% 7/1/31 | 255,000 | $ | 249,548 | |||||
34,134,506 | ||||||||
Housing Revenue Bonds — 3.70% | ||||||||
California Housing Finance Agency Revenue | ||||||||
Series 2019-2 Class A 4.00% 3/20/33 | 465,973 | 466,966 | ||||||
CSCDA Community Improvement Authority Essential Housing Revenue | ||||||||
(Jefferson-Anaheim) | ||||||||
Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,073,535 | ||||||
(Parallel - Anaheim) | ||||||||
Series A 144A 4.00% 8/1/56 # | 300,000 | 250,419 | ||||||
(Pasadena Portfolio) | ||||||||
Series A-2 144A 3.00% 12/1/56 # | 3,510,000 | 2,463,142 | ||||||
Independent Cities, California Finance Authority Mobile Home Park Revenue | ||||||||
(Pillar Ridge) | ||||||||
Series A 5.25% 5/15/44 | 1,000,000 | 1,002,580 | ||||||
Series A 5.25% 5/15/49 | 1,200,000 | 1,202,640 | ||||||
Los Angeles, California Housing Authority Revenue | ||||||||
(Union Portfolio Project) | ||||||||
Series A 3.25% 6/1/35 | 250,000 | 244,095 | ||||||
Series A 4.00% 6/1/30 | 135,000 | 141,205 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
(Private Activity) | ||||||||
Series B 5.00% 7/1/46 (AMT) | 1,500,000 | 1,572,990 | ||||||
Santa Clara County, California Multifamily Housing Authority Revenue | ||||||||
(RiverTown Apartments Project) | ||||||||
Series A 5.85% 8/1/31 (AMT) | 805,000 | 806,682 | ||||||
9,224,254 | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds — 12.00% | ||||||||
California Community Choice Financing Authority Revenue | ||||||||
(Clean Energy Project - Green Bonds) | ||||||||
5.00% 5/1/54 • | 2,500,000 | 2,685,000 | ||||||
(Clean Energy Project) | ||||||||
Series A-1 5.00% 12/1/53 • | 1,500,000 | 1,573,995 | ||||||
Series D 5.50% 5/1/54 • | 2,000,000 | 2,127,840 |
23
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds (continued) | ||||||||
California County Tobacco Securitization Agency Revenue | ||||||||
(Gold Country Settlement Funding Corporation) | ||||||||
Series B-1 4.00% 6/1/49 | 40,000 | $ | 39,958 | |||||
(Stanislaus County Tobacco Funding Corporation) | ||||||||
Series D 9.019% 6/1/55 ^ | 1,000,000 | 79,040 | ||||||
California Infrastructure & Economic Development Bank Revenue | ||||||||
(Brightline West Passenger Rail Project) | ||||||||
144A 8.00% 1/1/50 (AMT) #, • | 1,250,000 | 1,271,487 | ||||||
California M-S-R Energy Authority Revenue | ||||||||
Series C 6.50% 11/1/39 | 1,905,000 | 2,449,201 | ||||||
Series C 7.00% 11/1/34 | 300,000 | 380,775 | ||||||
California Pollution Control Financing Authority Revenue (Calplant I Project) | ||||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 300,000 | 4,050 | ||||||
(Poseidon Resources (ChannelSide) LP Desalination Project) | ||||||||
144A 5.00% 11/21/45 (AMT) # | 940,000 | 940,498 | ||||||
(Waste Management Project) | ||||||||
Series A1 3.375% 7/1/25 (AMT) | 300,000 | 300,744 | ||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 47,000,000 | 3,877,500 | ||||||
Golden State, California Tobacco Securitization Settlement Revenue | ||||||||
(Capital Appreciation) | ||||||||
Subordinate Series B-2 4.959% 6/1/66 ^ | 9,450,000 | 1,075,693 | ||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A-1 5.00% 6/1/51 | 3,500,000 | 3,673,705 | ||||||
Inland, California Empire Tobacco Securitization Revenue | ||||||||
(Capital Appreciation Turbo Asset-Backed) | ||||||||
Series E 144A 8.596% 6/1/57 #, ^ | 8,500,000 | 676,515 | ||||||
Series F 144A 9.491% 6/1/57 #, ^ | 29,440,000 | 1,915,955 | ||||||
Long Beach, California Bond Finance Authority Natural Gas Purchase Revenue | ||||||||
Series A 5.50% 11/15/37 | 165,000 | 189,260 | ||||||
M-S-R Energy Authority, California Gas Revenue | ||||||||
Series B 6.50% 11/1/39 | 750,000 | 964,253 |
24
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds (continued) | ||||||||
Southern California Public Power Authority Revenue | ||||||||
(Natural Gas Project) | ||||||||
Series A 5.00% 11/1/33 | 295,000 | $ | 318,376 | |||||
Tobacco Securitization Authority of Northern California Revenue | ||||||||
(Sacramento County) | ||||||||
Series A Class 1 Senior 4.00% 6/1/49 | 1,200,000 | 1,139,496 | ||||||
Tobacco Securitization Authority of Southern California Revenue | ||||||||
(Capital Appreciation-2nd Subordinate Lien) | ||||||||
Series C 7.028% 6/1/46 ^ | 16,770,000 | 3,366,410 | ||||||
(Capital Appreciation-3rd Subordinate Lien) | ||||||||
Series D 7.487% 6/1/46 ^ | 5,270,000 | 881,355 | ||||||
29,931,106 | ||||||||
Lease Revenue Bonds — 3.33% | ||||||||
California Municipal Finance Authority Revenue | ||||||||
(Orange County Civic Center Infrastructure | ||||||||
Improvement Program - Phase II) | ||||||||
Series A 5.00% 6/1/43 | 750,000 | 799,545 | ||||||
California State Public Works Board Revenue | ||||||||
Series E 3.00% 10/1/36 (AGM) | 1,525,000 | 1,468,636 | ||||||
(Green Bonds) | ||||||||
Series D 4.00% 5/1/47 | 2,520,000 | 2,535,599 | ||||||
Irvine, California Facilities Financing Authority Revenue | ||||||||
(Gateway Preserve Land Acquisition Project) | ||||||||
4.25% 5/1/53 | 2,500,000 | 2,508,550 | ||||||
Oceanside, California Public Financing Authority Revenue | ||||||||
(EL Corazon Aquatics Center Project) | ||||||||
4.00% 11/1/49 | 1,000,000 | 1,003,260 | ||||||
8,315,590 | ||||||||
Local General Obligation Bonds — 4.25% | ||||||||
Alameda, California Oakland Unified School District | ||||||||
Series A 5.25% 8/1/48 (AGM) | 1,500,000 | 1,719,330 | ||||||
Anaheim, California School District Capital Appreciation Election of 2002 | ||||||||
4.58% 8/1/25 (NATL) ^ | 1,000,000 | 954,530 | ||||||
Bass Lake, California Joint Union Elementary School District Election of 2006 | ||||||||
4.40% 8/1/45 (AGM) ^ | 2,025,000 | 780,415 |
25
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
Long Beach, California Community College District | ||||||||
Series D 3.00% 8/1/38 | 1,250,000 | $ | 1,141,213 | |||||
Palomar Health, California | ||||||||
Series B 4.00% 8/1/37 | 1,000,000 | 1,004,480 | ||||||
San Bernardino and Los Angeles Counties, California Victor Valley Community College District Election of 2008 | ||||||||
Series E 5.00% 8/1/51 | 1,445,000 | 1,597,953 | ||||||
San Bernardino County, California Oro Grande Elementary School District | ||||||||
4.00% 9/15/32 | 300,000 | 297,618 | ||||||
San Diego County, California Certificates of Participation | ||||||||
(County Public Health Laboratory and Capital Improvements) | ||||||||
5.00% 10/1/53 | 1,000,000 | 1,111,220 | ||||||
San Diego County, California Unified School District | ||||||||
(Dedicated Unlimited Ad Valorem Property Tax Bonds) | ||||||||
Series G-3 4.00% 7/1/53 | 1,500,000 | 1,494,345 | ||||||
San Francisco Bay Area, California Rapid Transit District Election of 2016 | ||||||||
(Green Bonds) | ||||||||
Series B-1 4.00% 8/1/44 | 500,000 | 505,140 | ||||||
10,606,244 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 2.11% | ||||||||
California Health Facilities Financing Authority Revenue | ||||||||
(Sutter Health) | ||||||||
Series A 5.00% 8/15/43-25 § | 1,000,000 | 1,028,900 | ||||||
California Municipal Finance Authority Revenue | ||||||||
(Retirement Housing Foundation Obligated Group) | ||||||||
Series A 5.00% 11/15/32 | 425,000 | 502,758 | ||||||
California School Finance Authority Revenue | ||||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41-25 #, § | 25,000 | 25,703 | ||||||
Fresno, California Unified School District Election of 2016 | ||||||||
Series A 5.00% 8/1/41-26 § | 500,000 | 529,690 | ||||||
Golden State, California Tobacco Securitization Settlement Revenue | ||||||||
(Enhanced Asset-Backed) | ||||||||
Series A 5.00% 6/1/45-25 § | 1,000,000 | 1,026,750 |
26
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
New Haven, California Unified School District | ||||||||
Election of 2014 | ||||||||
Series A 5.00% 8/1/40-25 § | 1,000,000 | $ | 1,030,230 | |||||
San Francisco Bay Area, California Subordinate Toll Bridge Authority Revenue | ||||||||
Series S-H 5.00% 4/1/44-29 § | 1,000,000 | 1,129,030 | ||||||
5,273,061 | ||||||||
Special Tax Revenue Bonds — 13.58% | ||||||||
California State Public Works Board Revenue | ||||||||
(Various Capital Projects) | ||||||||
Series B 4.00% 5/1/39 | 1,555,000 | 1,632,672 | ||||||
Series B 4.00% 5/1/46 | 1,000,000 | 1,009,900 | ||||||
Commonwealth of Puerto Rico Revenue | ||||||||
(Restructured) | ||||||||
3.139% 11/1/43 • | 4,884,602 | 2,863,598 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 6,553,179 | 6,254,625 | ||||||
Irvine, California Community Facilities District Revenue | ||||||||
(Great Park) | ||||||||
4.00% 9/1/58 (BAM) | 750,000 | 752,062 | ||||||
5.25% 9/1/53 (BAM) | 1,000,000 | 1,119,270 | ||||||
Irvine, California Facilities Financing Authority Revenue | ||||||||
(Irvine Great Park Infrastructure Project) | ||||||||
Series A 5.00% 9/1/48 (BAM) | 1,000,000 | 1,122,430 | ||||||
Jurupa Valley, California Community Facilities District No. 36 Revenue | ||||||||
(Eastvale Area) | ||||||||
Series A 4.125% 9/1/42 | 200,000 | 190,856 | ||||||
Series A 4.25% 9/1/47 | 300,000 | 281,328 | ||||||
Matching Fund Special Purpose Securitization, Virgin Islands | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 536,780 | ||||||
Ontario, California Community Facilities District No. 28 Revenue | ||||||||
(New Haven Facilities - Area A) | ||||||||
5.00% 9/1/47 | 230,000 | 234,720 | ||||||
Orange County, California Community Facilities District No. 2023-1 Revenue | ||||||||
(Rienda Phase 2B) | ||||||||
Series A 5.50% 8/15/53 | 500,000 | 520,720 |
27
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 2,780,000 | $ | 2,781,584 | |||||
Series A-1 5.00% 7/1/58 | 1,975,000 | 1,989,793 | ||||||
Series A-1 5.319% 7/1/51 ^ | 23,429,000 | 5,659,978 | ||||||
Series A-1 5.634% 7/1/46 ^ | 10,820,000 | 3,522,559 | ||||||
Series A-2 4.329% 7/1/40 | 1,595,000 | 1,587,695 | ||||||
Sacramento County, California Transient Occupancy Tax Revenue | ||||||||
(Convention Center Complex) | ||||||||
Senior Series A 5.00% 6/1/38 | 500,000 | 532,940 | ||||||
Senior Series A 5.00% 6/1/48 | 1,000,000 | 1,042,430 | ||||||
Tulare Redevelopment Agency Successor Agency Revenue | ||||||||
Series A 4.00% 8/1/40 (BAM) | 250,000 | 251,493 | ||||||
33,887,433 | ||||||||
State General Obligation Bonds — 8.49% | ||||||||
California State | ||||||||
(Various Purpose) | ||||||||
4.00% 8/1/36 | 2,000,000 | 2,026,020 | ||||||
4.00% 10/1/36 | 500,000 | 527,515 | ||||||
5.00% 4/1/32 | 2,520,000 | 2,988,695 | ||||||
5.00% 10/1/34 | 3,000,000 | 3,609,240 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/41 | 1,901,743 | 1,766,396 | ||||||
Series A-1 4.00% 7/1/46 | 1,600,636 | 1,446,655 | ||||||
State of California | ||||||||
(Various Purpose) | ||||||||
3.00% 3/1/46 | 3,000,000 | 2,493,570 | ||||||
4.00% 9/1/42 | 1,750,000 | 1,820,122 | ||||||
5.00% 8/1/46 | 1,000,000 | 1,036,430 | ||||||
5.25% 10/1/45 | 3,000,000 | 3,471,870 | ||||||
21,186,513 | ||||||||
Transportation Revenue Bonds — 10.90% | ||||||||
California Municipal Finance Authority Senior Lien Revenue | ||||||||
(LINXS APM Project) | ||||||||
Series A 4.00% 12/31/47 (AMT) | 1,750,000 | 1,557,028 | ||||||
Series A 5.00% 12/31/43 (AMT) | 1,000,000 | 1,000,070 |
28
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | ||||||||
Series B-1 3.95% 1/15/53 | 300,000 | $ | 278,265 | |||||
Series B-2 3.50% 1/15/53 (AGM) | 500,000 | 439,080 | ||||||
(Junior Lien) | ||||||||
Series C 4.00% 1/15/43 | 2,275,000 | 2,267,106 | ||||||
(Senior Lien) | ||||||||
Series A 4.00% 1/15/46 | 2,000,000 | 1,945,900 | ||||||
Long Beach, California Marina Revenue | ||||||||
(Alamitos Bay Marina Project) | ||||||||
5.00% 5/15/45 | 500,000 | 500,790 | ||||||
Los Angeles, California Department of Airports Revenue | ||||||||
Series A 5.00% 5/15/33 (AMT) | 1,545,000 | 1,713,312 | ||||||
Series B 5.00% 5/15/46 (AMT) | 300,000 | 303,900 | ||||||
Series D 4.00% 5/15/41 (AMT) | 3,000,000 | 2,975,460 | ||||||
Series D 5.00% 5/15/36 (AMT) | 1,000,000 | 1,013,330 | ||||||
Series F 4.00% 5/15/49 (AMT) | 2,000,000 | 1,902,580 | ||||||
Series H 4.00% 5/15/47 (AMT) | 1,500,000 | 1,447,110 | ||||||
(Private Activity) | ||||||||
Series G 5.00% 5/15/33 (AMT) | 220,000 | 247,183 | ||||||
Port Authority of Guam Revenue | ||||||||
(Governmental) | ||||||||
Series A 5.00% 7/1/48 | 375,000 | 381,908 | ||||||
Sacramento County, California Airport System Revenue | ||||||||
Series C 5.00% 7/1/39 (AMT) | 500,000 | 522,420 | ||||||
Subordinate Series B 5.00% 7/1/41 | 500,000 | 514,370 | ||||||
San Diego County, California Redevelopment Agency Revenue | ||||||||
(Centre City Redevelopment Project) | ||||||||
Series A 6.40% 9/1/25 | 325,000 | 325,845 | ||||||
San Diego County, California Regional Airport Authority Revenue | ||||||||
Series B 4.00% 7/1/56 (AMT) (BAM) | 690,000 | 654,582 | ||||||
San Francisco City & County, California Airports Commission Revenue | ||||||||
(San Francisco International Airport) | ||||||||
Second Series A 5.00% 5/1/34 (AMT) | 1,000,000 | 1,078,920 | ||||||
(San Francisco International Airport) | ||||||||
Series A 4.00% 5/1/49 (AMT) | 2,025,000 | 1,917,533 | ||||||
Series E 4.00% 5/1/50 (AMT) | 2,500,000 | 2,335,500 | ||||||
San Jose, California Airport Revenue | ||||||||
Series A 5.00% 3/1/47 (AMT) | 200,000 | 203,216 |
29
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
San Jose, California Airport Revenue | ||||||||
Series B 5.00% 3/1/36 | 575,000 | $ | 611,777 | |||||
Series B 5.00% 3/1/42 | 1,000,000 | 1,045,100 | ||||||
27,182,285 | ||||||||
Water & Sewer Revenue Bonds — 1.60% | ||||||||
Alameda and Contra Costa Counties, California East Bay Municipal Utility District Water System Revenue | ||||||||
Series A 5.00% 6/1/54 | 2,000,000 | 2,230,800 | ||||||
Arvin-Edison, California Water Storage District Revenue | ||||||||
4.00% 5/1/40 | 315,000 | 320,478 | ||||||
California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds | ||||||||
(San Diego County Water Authority Desalination Project Pipeline) | ||||||||
144A 5.00% 11/21/45 # | 250,000 | 255,460 | ||||||
Irvine, California Facilities Financing Authority Revenue | ||||||||
(Irvine Great Park Infrastructure Project) | ||||||||
Series A 4.00% 9/1/58 (BAM) | 1,205,000 | 1,192,769 | ||||||
3,999,507 | ||||||||
Total Municipal Bonds (cost $242,622,643) | 241,909,117 | |||||||
Short-Term Investments — 1.52% | ||||||||
Variable Rate Demand Notes — 1.52%¤ | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
(Rady Children's Hospital - San Diego) | ||||||||
Series B 3.40% 8/15/47 | ||||||||
(LOC - Wells Fargo Bank, N.A.) | 1,800,000 | 1,800,000 | ||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Subordinate Series A-2 3.74% 7/1/45 | ||||||||
(SPA - Barclays Bank) | 500,000 | 500,000 |
30
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes¤ (continued) | ||||||||
Los Angeles, California Department of Water & Power Revenue | ||||||||
Subordinate Series B-3 3.74% 7/1/34 | ||||||||
(SPA - Barclays Bank) | 1,500,000 | $ | 1,500,000 | |||||
Total Short-Term Investments (cost $3,800,000) | 3,800,000 | |||||||
Total Value of Securities—98.47% (cost $246,422,643) | $ | 245,709,117 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $33,246,278, which represents 13.32% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
31
Schedules of investments
Delaware Tax-Free California Fund
Summary of abbreviations: (continued)
CHF – Collegiate Housing Foundation
CSCDA – California Statewide Communities Development Authority
ICEF – Inner City Education Foundation
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
32
Schedules of investments
Delaware Tax-Free Colorado Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 95.83% | ||||||||
Education Revenue Bonds — 14.08% | ||||||||
Board of Governors of the Colorado State University System Enterprise Revenue | ||||||||
Series A 5.00% 3/1/43 | 3,990,000 | $ | 4,690,006 | |||||
Series C 4.00% 3/1/47 | 1,065,000 | 1,046,128 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Alexander Dawson School-Nevada Project) | ||||||||
5.00% 5/15/29 | 1,230,000 | 1,269,704 | ||||||
(Aspen View Academy Project) | ||||||||
4.00% 5/1/51 | 500,000 | 402,685 | ||||||
4.00% 5/1/61 | 750,000 | 575,063 | ||||||
(Charter School - Aspen Ridge School Project) | ||||||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 499,960 | ||||||
Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,311,862 | ||||||
(Charter School - Skyview Academy Project) | ||||||||
144A 5.50% 7/1/49 # | 870,000 | 870,322 | ||||||
(Charter School Project) | ||||||||
5.00% 7/15/37 | 1,150,000 | 1,151,495 | ||||||
(Community Leadership Academy, Inc. Second Campus Project) | ||||||||
7.45% 8/1/48 | 1,000,000 | 1,001,110 | ||||||
(Global Village Academy - Northglenn Project) | ||||||||
144A 5.00% 12/1/50 # | 950,000 | 804,137 | ||||||
144A 5.00% 12/1/55 # | 1,000,000 | 827,070 | ||||||
(Golden View Classical Academy Project) | ||||||||
Series 2022 4.00% 1/1/52 | 1,115,000 | 888,744 | ||||||
(Liberty Common Charter School Project) | ||||||||
Series A 5.00% 1/15/39 | 1,000,000 | 1,000,330 | ||||||
(Littleton Preparatory Charter School Project) | ||||||||
5.00% 12/1/33 | 420,000 | 420,164 | ||||||
5.00% 12/1/42 | 540,000 | 539,957 | ||||||
(Loveland Classical Schools Project) | ||||||||
144A 5.00% 7/1/36 # | 1,250,000 | 1,264,100 | ||||||
144A 5.00% 7/1/46 # | 500,000 | 488,795 | ||||||
(Pinnacle Charter School Project) | ||||||||
5.00% 6/1/26 | 700,000 | 705,397 | ||||||
(Science Technology Engineering and Math School Project) | ||||||||
5.00% 11/1/44 | 890,000 | 884,633 | ||||||
5.00% 11/1/54 | 1,500,000 | 1,428,810 | ||||||
(Skyview Academy Project) | ||||||||
144A 5.375% 7/1/44 # | 860,000 | 860,318 |
33
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(University of Denver Project) | ||||||||
Series A 4.00% 3/1/35 | 400,000 | $ | 406,752 | |||||
Series A 4.00% 3/1/36 | 550,000 | 557,931 | ||||||
(University of Lab Charter School) | ||||||||
144A 5.00% 12/15/45 # | 500,000 | 500,755 | ||||||
(Vail Mountain School Project) | ||||||||
4.00% 5/1/46 | 80,000 | 69,258 | ||||||
5.00% 5/1/31 | 1,000,000 | 1,020,460 | ||||||
University of Colorado | ||||||||
(University Enterprise Refunding Revenue) | ||||||||
Series C-4 4.00% 6/1/51 | 4,250,000 | 4,177,240 | ||||||
29,663,186 | ||||||||
Electric Revenue Bonds — 4.58% | ||||||||
Colorado Springs Utilities System Refunding Revenue | ||||||||
Series A 4.00% 11/15/50 | 2,035,000 | 1,997,881 | ||||||
Series B 5.25% 11/15/52 | 2,000,000 | 2,219,540 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/35 | 1,640,000 | 1,791,405 | ||||||
Loveland, Colorado Electric & Communications Enterprise Revenue | ||||||||
Series A 5.00% 12/1/44 | 1,000,000 | 1,049,530 | ||||||
Platte River, Colorado Power Authority Revenue | ||||||||
Series JJ 5.00% 6/1/27 | 1,000,000 | 1,045,350 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 170,000 | 45,050 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 25,175 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 705,000 | 186,825 | ||||||
Series WW 5.00% 7/1/28 ‡ | 660,000 | 174,900 | ||||||
Series WW 5.25% 7/1/33 ‡ | 210,000 | 55,650 | ||||||
Series WW 5.50% 7/1/17 ‡ | 460,000 | 120,750 | ||||||
Series WW 5.50% 7/1/19 ‡ | 360,000 | 94,500 | ||||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 27,825 | ||||||
Series XX 5.25% 7/1/40 ‡ | 1,840,000 | 487,600 | ||||||
Series XX 5.75% 7/1/36 ‡ | 365,000 | 96,725 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 22,525 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 620,000 | 162,750 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 140,000 | 37,100 | ||||||
9,641,081 |
34
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds — 22.56% | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Aberdeen Ridge) | ||||||||
Series A 5.00% 5/15/58 | 1,500,000 | $ | 934,695 | |||||
(AdventHealth Obligated Group) | ||||||||
Series A 3.00% 11/15/51 | 6,325,000 | 4,786,380 | ||||||
Series A 4.00% 11/15/43 | 2,290,000 | 2,248,482 | ||||||
Series A 4.00% 11/15/50 | 6,015,000 | 5,672,446 | ||||||
(American Baptist) | ||||||||
7.625% 8/1/33 | 150,000 | 150,021 | ||||||
8.00% 8/1/43 | 1,000,000 | 997,930 | ||||||
(Bethesda Project) | ||||||||
Series A-1 5.00% 9/15/48 | 2,250,000 | 2,005,155 | ||||||
(Cappella of Grand Junction Project) | ||||||||
144A 5.00% 12/1/54 # | 2,220,000 | 1,396,069 | ||||||
(CommonSpirit Health) | ||||||||
Series A-1 4.00% 8/1/37 | 1,885,000 | 1,868,242 | ||||||
Series A-1 4.00% 8/1/38 | 120,000 | 118,661 | ||||||
Series A-1 4.00% 8/1/44 | 300,000 | 289,536 | ||||||
Series A-2 4.00% 8/1/49 (BAM) | 3,670,000 | 3,570,066 | ||||||
Series A-2 5.00% 8/1/37 | 1,500,000 | 1,599,105 | ||||||
Series A-2 5.00% 8/1/39 | 5,000 | 5,295 | ||||||
(Covenant Living Communities and Services) | ||||||||
Series A 4.00% 12/1/40 | 1,250,000 | 1,164,575 | ||||||
(Covenant Retirement Communities, Inc.) | ||||||||
Series A 5.00% 12/1/35 | 1,000,000 | 1,005,710 | ||||||
(Craig Hospital Project) | ||||||||
Series A 5.00% 12/1/47 | 1,830,000 | 1,943,497 | ||||||
(Frasier Project) | ||||||||
Series A 4.00% 5/15/48 | 1,000,000 | 821,460 | ||||||
(Intermountain Healthcare) | ||||||||
Series A 5.00% 5/15/52 | 1,195,000 | 1,277,276 | ||||||
(Mental Health Center Denver Project) | ||||||||
Series A 5.75% 2/1/44 | 2,000,000 | 2,000,700 | ||||||
(National Jewish Health Project) | ||||||||
5.00% 1/1/27 | 300,000 | 300,015 | ||||||
(Parkview Medical Center, Inc. Project) | ||||||||
Series A 4.00% 9/1/50 | 1,750,000 | 1,647,170 | ||||||
(Sanford) | ||||||||
Series A 5.00% 11/1/44 | 3,410,000 | 3,569,929 | ||||||
(SCL Health System) | ||||||||
Series A 4.00% 1/1/37 | 4,470,000 | 4,583,895 |
35
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(Sunny Vista Living Center) | ||||||||
Series A 144A 6.25% 12/1/50 # | 935,000 | $ | 633,500 | |||||
(Vail Valley Medical Center Project) | ||||||||
5.00% 1/15/35 | 1,000,000 | 1,030,550 | ||||||
(Valley View Hospital Association Project) | ||||||||
Series A 4.00% 5/15/35 | 685,000 | 694,926 | ||||||
Denver, Colorado Health & Hospital Authority Revenue | ||||||||
Series A 4.00% 12/1/39 | 1,000,000 | 928,710 | ||||||
Series A 4.00% 12/1/40 | 250,000 | 229,890 | ||||||
Puerto Rico Industrial Tourist Educational Medical & | ||||||||
Environmental Control Facilities Financing Authority Revenue | ||||||||
(Hospital Auxilio Mutuo Obligated Group Project) | ||||||||
4.00% 7/1/39 | 75,000 | 70,537 | ||||||
47,544,423 | ||||||||
Housing Revenue Bond — 1.23% | ||||||||
Denver City & County, Colorado Housing Authority Revenue | ||||||||
(Flo Senior Apartments Project) | ||||||||
4.50% 7/1/41 | 2,500,000 | 2,582,300 | ||||||
2,582,300 | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds — 4.64% | ||||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 52,100,000 | 4,298,250 | ||||||
City & County of Denver, Colorado Special Facilities Airport Revenue | ||||||||
(United Airlines, Inc. Project) | ||||||||
5.00% 10/1/32 (AMT) | 215,000 | 214,983 | ||||||
Public Authority for Colorado Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 4,250,000 | 5,255,975 | ||||||
9,769,208 | ||||||||
Lease Revenue Bonds — 2.38% | ||||||||
Colorado Higher Education Lease Purchase Financing Program Revenue | ||||||||
4.00% 9/1/41 | 1,000,000 | 1,008,770 |
36
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Colorado State Department of Transportation Certificates of Participation Revenue | ||||||||
5.00% 6/15/34 | 660,000 | $ | 681,226 | |||||
5.00% 6/15/36 | 1,055,000 | 1,085,426 | ||||||
Denver, Colorado Health & Hospital Authority Revenue | ||||||||
(550 Acoma, Inc.) | ||||||||
4.00% 12/1/38 | 750,000 | 706,612 | ||||||
State of Colorado Revenue | ||||||||
4.00% 3/15/37 | 1,500,000 | 1,540,455 | ||||||
5,022,489 | ||||||||
Local General Obligation Bonds — 8.71% | ||||||||
Adams & Weld Counties, Colorado School District No. 27J Brighton | ||||||||
4.00% 12/1/46 | 1,370,000 | 1,373,781 | ||||||
Beacon Point, Colorado Metropolitan District | ||||||||
5.00% 12/1/30 (AGM) | 1,130,000 | 1,160,861 | ||||||
Commerce City, Colorado Northern Infrastructure General Improvement District | ||||||||
5.00% 12/1/32 (AGM) | 2,125,000 | 2,126,360 | ||||||
Denver City & County, Colorado School District No. 1 | ||||||||
Series A 5.00% 12/1/45 | 5,000,000 | 5,553,000 | ||||||
El Paso County School District No. 2 Harrison | ||||||||
5.00% 12/1/38 | 1,000,000 | 1,077,550 | ||||||
Grand River, Colorado Hospital District | ||||||||
5.25% 12/1/35 (AGM) | 1,000,000 | 1,066,620 | ||||||
Jefferson County, Colorado School District No. R-1 | ||||||||
5.25% 12/15/24 | 1,250,000 | 1,269,300 | ||||||
Verve, Colorado Metropolitan District No. 1 | ||||||||
5.00% 12/1/51 | 2,000,000 | 1,585,420 | ||||||
Weld County, Colorado School District No. Re-1 | ||||||||
5.00% 12/15/31 (AGM) | 1,000,000 | 1,052,890 | ||||||
Weld County, Colorado School District No. Re-3J | ||||||||
5.00% 12/15/34 (BAM) | 2,000,000 | 2,093,260 | ||||||
18,359,042 | ||||||||
Pre-Refunded Bonds — 2.31% | ||||||||
City of Commerce, Colorado Sales and Use Tax Revenue | ||||||||
5.00% 8/1/44-24 (AGM) § | 1,500,000 | 1,509,420 | ||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
(Atlas Preparatory Charter School) | ||||||||
144A 5.25% 4/1/45-25 #, § | 1,300,000 | 1,327,014 |
37
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bonds (continued) | ||||||||
Colorado Health Facilities Authority Revenue | ||||||||
(NCMC Project) | ||||||||
4.00% 5/15/32-26 § | 2,000,000 | $ | 2,036,120 | |||||
4,872,554 | ||||||||
Special Tax Revenue Bonds — 19.25% | ||||||||
City & County of Denver, Colorado Dedicated Excise Tax Revenue | ||||||||
Series A 4.00% 8/1/51 | 1,000,000 | 972,650 | ||||||
Colorado Regional Transportation District Sales Tax Revenue | ||||||||
(FasTracks Project) | ||||||||
Series A 5.00% 11/1/30 | 670,000 | 704,780 | ||||||
Series A 5.00% 11/1/31 | 1,495,000 | 1,571,828 | ||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 • | 1,306,663 | 602,698 | ||||||
Commonwealth of Puerto Rico Revenue | ||||||||
(Restructured) | ||||||||
3.325% 11/1/43 • | 4,266,912 | 2,501,477 | ||||||
Denver, Colorado Convention Center Hotel Authority Revenue | ||||||||
5.00% 12/1/40 | 2,660,000 | 2,679,498 | ||||||
Fountain Urban Renewal Authority, Colorado Revenue | ||||||||
(South Academy Highlands Project) | ||||||||
Series A 5.50% 11/1/44 | 1,375,000 | 1,373,309 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 7,214,547 | 6,889,892 | ||||||
Lincoln Park Metropolitan District Douglas County, Colorado Revenue | ||||||||
5.00% 12/1/46 (AGM) | 1,000,000 | 1,039,580 | ||||||
Matching Fund Special Purpose Securitization, Virgin Islands | ||||||||
Series A 5.00% 10/1/32 | 450,000 | 483,102 | ||||||
Plaza Metropolitan District No. 1, Colorado Revenue | ||||||||
144A 5.00% 12/1/40 # | 1,265,000 | 1,245,582 | ||||||
Prairie Center Metropolitan District No. 3, Colorado Revenue | ||||||||
Series A 144A 5.00% 12/15/41 # | 1,000,000 | 1,003,780 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 3,986,000 | 3,988,272 | ||||||
Series A-1 5.00% 7/1/58 | 2,910,000 | 2,931,796 |
38
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 5.696% 7/1/46 ^ | 10,000,000 | $ | 3,255,600 | ||||
Series A-1 6.142% 7/1/51 ^ | 17,857,000 | 4,313,894 | |||||
Series A-2 4.536% 7/1/53 | 3,000,000 | 2,906,160 | |||||
Southlands Metropolitan District No. 1, Colorado | |||||||
Revenue | |||||||
Series A-1 5.00% 12/1/37 | 500,000 | 502,470 | |||||
Series A-1 5.00% 12/1/47 | 300,000 | 293,607 | |||||
Thornton, Colorado Development Authority Revenue | |||||||
(East 144th Avenue & I-25 Project) | |||||||
Series B 5.00% 12/1/35 | 485,000 | 489,248 | |||||
Series B 5.00% 12/1/36 | 810,000 | 817,031 | |||||
40,566,254 | |||||||
State General Obligation Bonds — 0.80% | |||||||
Commonwealth of Puerto Rico | |||||||
(Restructured) | |||||||
Series A-1 4.00% 7/1/37 | 295,740 | 282,455 | |||||
Series A-1 4.00% 7/1/41 | 1,127,839 | 1,047,571 | |||||
Series A-1 4.00% 7/1/46 | 400,000 | 361,520 | |||||
1,691,546 | |||||||
Transportation Revenue Bonds — 11.31% | |||||||
City & County of Denver, Colorado Airport System Revenue | |||||||
Series A 4.00% 11/15/41 (AMT) | 710,000 | 704,079 | |||||
Series A 4.00% 12/1/43 (AMT) | 4,445,000 | 4,305,294 | |||||
Series A 4.00% 12/1/48 (AMT) | 400,000 | 375,732 | |||||
Series A 5.00% 11/15/30 (AMT) | 1,500,000 | 1,578,135 | |||||
Series A 5.00% 11/15/47 (AMT) | 1,000,000 | 1,058,470 | |||||
Series A 5.25% 12/1/43 (AMT) | 2,000,000 | 2,097,520 | |||||
Colorado High Performance Transportation Enterprise Revenue | |||||||
(C-470 Express Lanes) | |||||||
5.00% 12/31/56 | 3,250,000 | 3,257,312 | |||||
(U.S. 36 & I-25 Managed Lanes) | |||||||
5.75% 1/1/44 (AMT) | 2,140,000 | 2,143,296 | |||||
Colorado Regional Transportation District Revenue | |||||||
(Denver Transit Partners Eagle P3 Project) | |||||||
Series A 3.00% 7/15/37 | 1,025,000 | 922,756 | |||||
Series A 4.00% 7/15/34 | 1,100,000 | 1,146,299 | |||||
Series A 4.00% 7/15/38 | 700,000 | 711,711 |
39
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Colorado Regional Transportation District Revenue | ||||||||
(Denver Transit Partners Eagle P3 Project) | ||||||||
Series A 4.00% 7/15/39 | 1,500,000 | $ | 1,518,405 | |||||
Series A 4.00% 7/15/40 | 2,815,000 | 2,838,899 | ||||||
Series A 5.00% 7/15/32 | 1,045,000 | 1,163,472 | ||||||
23,821,380 | ||||||||
Water & Sewer Revenue Bonds — 3.98% | ||||||||
Arapahoe County, Colorado Water & Wastewater Authority Revenue | ||||||||
4.00% 12/1/36 | 3,000,000 | 3,096,330 | ||||||
Douglas County, Colorado Centennial Water & Sanitation District Revenue | ||||||||
4.00% 12/1/38 | 500,000 | 510,100 | ||||||
Guam Waterworks Authority Water & Wastewater System Revenue Refunding | ||||||||
5.00% 7/1/37 | 575,000 | 595,890 | ||||||
Johnstown, Colorado Wastewater Revenue | ||||||||
4.00% 12/1/51 | 2,875,000 | 2,689,419 | ||||||
Metro Wastewater Reclamation District, Colorado Revenue | ||||||||
Series A 3.00% 4/1/38 | 1,620,000 | 1,493,283 | ||||||
8,385,022 | ||||||||
Total Municipal Bonds (cost $206,835,864) | 201,918,485 |
Number of shares | ||||||||
Short-Term Investments — 3.77% | ||||||||
Money Market Mutual Funds — 0.36% | ||||||||
Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 3.11%) | 767,638 | 767,556 | ||||||
767,556 |
Principal amount° | ||||||||
Variable Rate Demand Notes — 3.41%¤ | ||||||||
Colorado Educational & Cultural Facilities Authority Revenue | ||||||||
Series A-12 3.70% 2/1/38 (LOC - Bank of America, N.A.) | 1,700,000 | 1,700,000 | ||||||
(National Jewish Federation Bond Program) Series F-2 3.65% 7/1/41 (LOC - TD Bank N.A.) | 3,475,000 | 3,475,000 |
40
Principal amount° | Value (US $) | ||||||
Variable Rate Demand Notes¤ (continued) | |||||||
Colorado Health Facilities Authority Revenue | |||||||
Series A 3.65% 12/1/52 | |||||||
(LOC - TD Bank N.A.) | 2,000,000 | $ | 2,000,000 | ||||
7,175,000 | |||||||
Total Short-Term Investments (cost $7,942,556) | 7,942,556 | ||||||
Total Value of Securities—99.60% (cost $214,778,420) | $ | 209,861,041 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $13,033,264, which represents 6.19% of the Fund’s net assets. See Note 7 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. |
§ | 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.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
¤ | 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 29, 2024. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LOC – Letter of Credit
41
Schedules of investments
Delaware Tax-Free Colorado Fund
Summary of abbreviations: (continued)
N.A. – National Association
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
42
Schedules of investments
Delaware Tax-Free Idaho Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 96.10% | ||||||||
Education Revenue Bonds — 23.49% | ||||||||
Boise, Idaho State University Revenue | ||||||||
(General Project) | ||||||||
Series A 5.00% 4/1/47 | 500,000 | $ | 515,285 | |||||
Series A 5.00% 4/1/48 | 435,000 | 451,234 | ||||||
Idaho Housing & Finance Association Revenue | ||||||||
Series A 5.00% 6/1/50 | 1,275,000 | 1,277,078 | ||||||
(Alturas International Academy Project) | ||||||||
4.00% 5/1/52 | 1,500,000 | 1,290,765 | ||||||
(Anser of Idaho Project) | ||||||||
Series A 2.25% 5/1/51 | 1,165,000 | 683,377 | ||||||
Series A 3.00% 5/1/41 | 3,150,000 | 2,541,294 | ||||||
Series A 4.00% 5/1/56 | 1,585,000 | 1,347,250 | ||||||
(Compass Public Charter School Project) | ||||||||
Series A 144A 6.00% 7/1/39 # | 370,000 | 384,489 | ||||||
Series A 144A 6.00% 7/1/49 # | 595,000 | 610,857 | ||||||
Series A 144A 6.00% 7/1/54 # | 570,000 | 582,540 | ||||||
(Compass Public Charter School) | ||||||||
Series A 144A 5.00% 7/1/54 # | 1,000,000 | 923,780 | ||||||
(Gem Prep: Meridian Project) | ||||||||
Series A 4.00% 5/1/57 | 1,000,000 | 833,920 | ||||||
(Idaho Arts Charter School Project) | ||||||||
Series A 4.00% 5/1/41 | 330,000 | 316,655 | ||||||
Series A 4.00% 5/1/50 | 520,000 | 466,450 | ||||||
Series A 4.00% 5/1/55 | 305,000 | 266,863 | ||||||
Series A 144A 5.00% 12/1/38 # | 2,050,000 | 2,038,828 | ||||||
Series A 144A 5.00% 12/1/46 # | 1,000,000 | 958,020 | ||||||
(Meridian South Charter School Project) | ||||||||
144A 4.00% 5/1/46 # | 1,000,000 | 752,540 | ||||||
(North Star Charter School) | ||||||||
Series A 6.75% 7/1/48 | 529,151 | 537,326 | ||||||
Series B 144A 4.88% 7/1/49 #, ^ | 2,888,155 | 478,019 | ||||||
(Sage International School of Boise Project) | ||||||||
Series A 4.00% 5/1/50 | 3,000,000 | 2,670,300 | ||||||
Series A 4.00% 5/1/55 | 1,100,000 | 954,459 | ||||||
(Victory Charter School Project) | ||||||||
Series A 144A 5.00% 7/1/39 # | 1,500,000 | 1,506,000 | ||||||
(White Pine Charter School Project) | ||||||||
Series A 5.75% 5/1/58 | 1,000,000 | 1,052,270 | ||||||
Idaho State University General Revenue | ||||||||
Series A 4.00% 4/1/37 | 350,000 | 359,790 | ||||||
Series A 4.50% 4/1/52 | 1,750,000 | 1,786,505 | ||||||
Series A 5.25% 4/1/42 | 605,000 | 675,428 |
43
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Idaho State University Revenue | ||||||||
3.00% 4/1/49 | 1,700,000 | $ | 1,274,966 | |||||
The Regents of The University of Idaho General Revenue | ||||||||
Series A 4.00% 4/1/45 (BAM) | 700,000 | 701,939 | ||||||
Series A 5.00% 4/1/35 (AGM) | 580,000 | 661,397 | ||||||
University of Idaho Revenue | ||||||||
Unrefunded Series A 5.00% 4/1/41 | 680,000 | 717,856 | ||||||
29,617,480 | ||||||||
Electric Revenue Bonds — 2.28% | ||||||||
Boise-Kuna, Idaho Irrigation District Revenue | ||||||||
(Idaho Arrowrock Hydroelectric Project) | ||||||||
5.00% 6/1/34 | 2,000,000 | 2,020,440 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 75,000 | 19,875 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 45,000 | 11,925 | ||||||
Series CCC 5.25% 7/1/27 ‡ | 345,000 | 91,425 | ||||||
Series WW 5.00% 7/1/28 ‡ | 320,000 | 84,800 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,500,000 | 397,500 | ||||||
Series XX 4.75% 7/1/26 ‡ | 50,000 | 13,250 | ||||||
Series XX 5.25% 7/1/40 ‡ | 595,000 | 157,675 | ||||||
Series XX 5.75% 7/1/36 ‡ | 175,000 | 46,375 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 40,000 | 10,600 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 60,000 | 15,900 | ||||||
2,869,765 | ||||||||
Healthcare Revenue Bonds — 13.15% | ||||||||
Idaho Health Facilities Authority Revenue | ||||||||
(Madison Memorial Hospital Project) | ||||||||
5.00% 9/1/37 | 1,350,000 | 1,359,936 | ||||||
(St. Luke's Health System Project) | ||||||||
3.00% 3/1/51 (BAM) | 3,300,000 | 2,514,039 | ||||||
4.00% 3/1/51 (BAM) | 2,210,000 | 2,108,274 | ||||||
Series A 3.00% 3/1/51 | 3,000,000 | 2,169,750 | ||||||
Series A 4.00% 3/1/46 | 500,000 | 475,400 | ||||||
(Trinity Health Credit Group) | ||||||||
Series ID 4.00% 12/1/43 | 3,900,000 | 3,843,840 | ||||||
Series ID 5.00% 12/1/46 | 750,000 | 770,363 | ||||||
(Valley Vista Care Corporation) | ||||||||
Series A 4.00% 11/15/27 | 575,000 | 570,072 | ||||||
Series A 5.25% 11/15/37 | 1,005,000 | 853,908 | ||||||
Series A 5.25% 11/15/47 | 1,130,000 | 856,144 |
44
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Idaho State Building Authority Revenue | ||||||||
(Department of Health & Welfare Project) | ||||||||
Series B 5.00% 9/1/43 | 1,000,000 | $ | 1,060,280 | |||||
16,582,006 | ||||||||
Housing Revenue Bonds — 4.71% | ||||||||
Idaho Housing & Finance Association Multifamily Housing Revenue | ||||||||
(Sunset Landing Apartments Project) | ||||||||
Series A 2.75% 7/1/40 | 1,300,000 | 1,062,802 | ||||||
Series A 3.125% 7/1/54 | 2,000,000 | 1,477,940 | ||||||
Idaho Housing & Finance Association Revenue | ||||||||
Series A 4.50% 1/21/49 (GNMA) | 203,410 | 203,478 | ||||||
Idaho Housing & Finance Association Single Family Mortgage Revenue | ||||||||
Series A 4.75% 1/1/48 (GNMA) | 1,000,000 | 1,019,410 | ||||||
Series C 3.00% 1/1/43 (FHA) | 425,000 | 358,292 | ||||||
Series C 4.80% 7/1/53 (GNMA) | 1,800,000 | 1,816,416 | ||||||
5,938,338 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 4.53% | ||||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 30,000,000 | 2,475,000 | ||||||
Nez Perce County, Idaho Pollution Control Revenue | ||||||||
(Potlatch Project) | ||||||||
2.75% 10/1/24 | 1,250,000 | 1,237,337 | ||||||
Power County, Idaho Industrial Development Revenue | ||||||||
(FMC Project) | ||||||||
6.45% 8/1/32 (AMT) | 2,000,000 | 2,006,720 | ||||||
5,719,057 | ||||||||
Lease Revenue Bonds — 11.44% | ||||||||
Boise, Idaho Urban Renewal Agency Revenue | ||||||||
5.00% 12/15/31 | 750,000 | 780,142 | ||||||
5.00% 12/15/32 | 750,000 | 779,535 | ||||||
City of Idaho Falls, Annual Appropriation Certificates of Participation Revenue | ||||||||
4.00% 9/15/39 | 1,050,000 | 1,064,416 | ||||||
Idaho Falls, Idaho Annual Appropriation Certificates of Participation Revenue | ||||||||
144A 5.25% 5/15/51 # | 2,000,000 | 1,976,980 |
45
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
Idaho Fish & Wildlife Foundation Revenue | ||||||||
(Idaho Department of Fish & Game Headquarters Office Project) | ||||||||
4.00% 12/1/36 | 525,000 | $ | 541,301 | |||||
4.00% 12/1/39 | 1,540,000 | 1,563,408 | ||||||
4.00% 12/1/42 | 1,300,000 | 1,304,888 | ||||||
4.00% 12/1/44 | 250,000 | 249,253 | ||||||
(Idaho Department of Fish & Game Nampa Regional Office Project) | ||||||||
5.00% 12/1/41 | 200,000 | 214,202 | ||||||
Idaho Housing & Finance Association Economic Development Facilities Revenue | ||||||||
(TDF Facilities Project) | ||||||||
Series A 6.50% 2/1/26 | 420,000 | 420,634 | ||||||
Series A 7.00% 2/1/36 | 1,500,000 | 1,503,075 | ||||||
Idaho Housing & Finance Association Revenue | ||||||||
Series A 4.00% 7/15/39 | 2,735,000 | 2,768,176 | ||||||
Idaho State Building Authority Revenue | ||||||||
(Department of Health & Welfare Project) | ||||||||
Series B 4.00% 9/1/48 | 1,290,000 | 1,260,072 | ||||||
14,426,082 | ||||||||
Local General Obligation Bonds — 9.36% | ||||||||
Ada & Boise Counties, Idaho Independent School District Boise City | ||||||||
5.00% 8/1/34 | 1,000,000 | 1,054,060 | ||||||
5.00% 8/1/35 | 1,160,000 | 1,222,049 | ||||||
5.00% 8/1/36 | 500,000 | 525,605 | ||||||
Canyon County, Idaho School District No. 139 Vallivue | ||||||||
5.00% 9/15/42 | 1,000,000 | 1,127,430 | ||||||
5.00% 9/15/43 | 2,000,000 | 2,247,160 | ||||||
(School Board Guaranteed) | ||||||||
Series B 5.00% 9/15/24 | 1,480,000 | 1,481,998 | ||||||
City of Ketchum, Idaho | ||||||||
2.125% 9/15/41 | 500,000 | 361,015 | ||||||
Idaho Bond Bank Authority Revenue | ||||||||
Series A 4.00% 9/15/33 | 530,000 | 548,380 | ||||||
Series A 4.00% 9/15/37 | 1,000,000 | 1,016,580 | ||||||
Series C 5.00% 9/15/42 | 500,000 | 522,575 | ||||||
Madison County, Idaho School District No. 321 Rexburg | ||||||||
(Sales Tax & Credit Enhancement Guaranty) | ||||||||
Series B 5.00% 9/15/31 | 600,000 | 642,612 |
46
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 | $ | 1,052,860 | |||||
11,802,324 | ||||||||
Pre-Refunded Bonds — 1.35% | ||||||||
Ada & Canyon Counties, Idaho Joint School District No. 3 Kuna | ||||||||
(Sales Tax & Credit Enhancement Guaranty) | ||||||||
Series B 5.00% 9/15/35-27 § | 1,100,000 | 1,175,185 | ||||||
Idaho State Building Authority Revenue | ||||||||
(State Office Campus Project) | ||||||||
Series A 4.00% 9/1/48-27 § | 500,000 | 522,430 | ||||||
1,697,615 | ||||||||
Resource Recovery Revenue Bond — 0.32% | ||||||||
Idawy, Idaho Solid Waste District Revenue | ||||||||
Series A 3.00% 1/1/50 | 550,000 | 403,211 | ||||||
403,211 | ||||||||
Special Tax Revenue Bonds — 21.04% | ||||||||
Commonwealth of Puerto Rico Revenue | ||||||||
3.799% 11/1/51 • | 3,330,467 | 1,536,178 | ||||||
(Restructured) | ||||||||
3.373% 11/1/43 • | 2,315,951 | 1,357,726 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 4,455,307 | 4,254,818 | ||||||
Idaho Bond Bank Authority Revenue | ||||||||
Series A 4.00% 9/15/39 | 230,000 | 234,897 | ||||||
Idaho Housing & Finance Association Sales Tax Revenue | ||||||||
(Transportation Expansion And Congestion Mitigation) | ||||||||
5.00% 8/15/47 | 3,630,000 | 3,997,102 | ||||||
Series A 4.00% 8/15/48 | 2,370,000 | 2,329,876 | ||||||
Series A 5.25% 8/15/48 | 1,620,000 | 1,824,865 | ||||||
Idaho Water Resource Board Loan Program Revenue | ||||||||
(Ground Water Rights Mitigation) | ||||||||
Series A 5.00% 9/1/32 | 3,565,000 | 3,566,925 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.55% 7/1/40 | 875,000 | 881,781 | ||||||
Series A-1 4.75% 7/1/53 | 3,045,000 | 3,046,736 | ||||||
Series A-1 5.00% 7/1/58 | 691,000 | 696,176 |
47
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 5.466% 7/1/46 ^ | 3,320,000 | $ | 1,080,859 | |||||
Series A-1 5.974% 7/1/51 ^ | 7,109,000 | 1,717,392 | ||||||
26,525,331 | ||||||||
Transportation Revenue Bonds — 2.72% | ||||||||
City of Boise, Idaho Airport Revenue | ||||||||
(Employee Parking Facilities Project) | ||||||||
Series B 4.00% 9/1/51 (AMT) | 1,955,000 | 1,816,390 | ||||||
(Public Parking Facilities Project) | ||||||||
Series A 5.00% 9/1/51 | 1,500,000 | 1,615,425 | ||||||
3,431,815 | ||||||||
Water & Sewer Revenue Bond — 1.71% | ||||||||
City of Boise, Idaho Water Renewal Revenue | ||||||||
5.00% 9/1/51 | 2,000,000 | 2,162,260 | ||||||
2,162,260 | ||||||||
Total Municipal Bonds (cost $126,042,472) | 121,175,284 |
Number of shares | |||||||
Short-Term Investments — 2.65% | |||||||
Money Market Mutual Funds — 2.65% | |||||||
Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 3.11%) | 3,341,946 | 3,341,598 | |||||
Total Short-Term Investments (cost $3,341,598) | 3,341,598 | ||||||
Total Value of Securities—98.75% (cost $129,384,070) | $ | 124,516,882 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $10,212,053, which represents 8.10% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.” |
48
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
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
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 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 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 96.01% | ||||||||
Education Revenue Bonds — 17.80% | ||||||||
Buffalo & Erie County, New York Industrial Land Development Revenue | ||||||||
(Tapestry Charter School Project) | ||||||||
Series A 5.00% 8/1/52 | 500,000 | $ | 466,285 | |||||
Build NYC, New York Resource Revenue | ||||||||
(Classical Charter Schools Project) | ||||||||
Series A 4.75% 6/15/53 | 1,700,000 | 1,672,103 | ||||||
(East Harlem Scholars Academy Charter School Project) | ||||||||
144A 5.75% 6/1/62 # | 1,000,000 | 1,024,090 | ||||||
(Inwood Academy for Leadership Charter School Project) | ||||||||
Series A 144A 5.50% 5/1/48 # | 500,000 | 501,985 | ||||||
(KIPP NYC Public School Facilities - Canal West Project) | ||||||||
5.00% 7/1/35 | 530,000 | 576,179 | ||||||
5.00% 7/1/42 | 1,365,000 | 1,425,210 | ||||||
(Manhattan College Project) | ||||||||
5.00% 8/1/47 | 500,000 | 504,025 | ||||||
(Metropolitan College of New York Project) | ||||||||
5.50% 11/1/44 | 600,000 | 360,000 | ||||||
(Metropolitan Lighthouse Charter School Project) | ||||||||
Series A 144A 5.00% 6/1/52 # | 250,000 | 242,620 | ||||||
(New Dawn Charter Schools Project) | ||||||||
144A 5.75% 2/1/49 # | 500,000 | 477,700 | ||||||
(New World Preparatory Charter School Project) | ||||||||
Series A 144A 4.00% 6/15/51 # | 315,000 | 232,593 | ||||||
Series A 144A 4.00% 6/15/56 # | 450,000 | 321,719 | ||||||
(The Packer Collegiate Institute Project) | ||||||||
5.00% 6/1/40 | 750,000 | 756,352 | ||||||
Dutchess County, New York Local Development Revenue | ||||||||
(Vassar College Project) | ||||||||
5.00% 7/1/36 | 1,000,000 | 1,055,630 | ||||||
5.00% 7/1/37 | 1,000,000 | 1,051,970 | ||||||
Hempstead Town, New York Local Development Revenue | ||||||||
(Hofstra University Project) | ||||||||
5.00% 7/1/42 | 500,000 | 518,975 | ||||||
Madison County, New York Capital Resource Revenue | ||||||||
(Colgate University Refunding Project) | ||||||||
Series B 5.00% 7/1/39 | 1,000,000 | 1,013,130 |
50
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(St. John Fisher College Project) | ||||||||
Series A 5.50% 6/1/39 | 300,000 | $ | 301,179 | |||||
(True North Rochester Preparatory Charter School Project) | ||||||||
144A 5.00% 6/1/50 # | 705,000 | 705,557 | ||||||
Series A 144A 5.00% 6/1/59 # | 1,000,000 | 989,310 | ||||||
(University of Rochester Project) | ||||||||
Series A 4.00% 7/1/50 | 2,125,000 | 2,066,052 | ||||||
Series A 5.00% 7/1/53 | 1,000,000 | 1,089,730 | ||||||
Nassau County, New York Local Economic Assistance Revenue | ||||||||
(Roosevelt Children's Academy Charter School Project) | ||||||||
Series A 5.00% 7/1/55 | 1,750,000 | 1,740,305 | ||||||
New York City, New York Trust for Cultural Resources Revenue | ||||||||
(Alvin Ailey Dance Foundation) | ||||||||
Series A 4.00% 7/1/46 | 1,000,000 | 927,670 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Columbia University) | ||||||||
Series A 5.00% 10/1/50 | 2,325,000 | 2,790,535 | ||||||
(Fordham University) | ||||||||
5.00% 7/1/44 | 650,000 | 652,288 | ||||||
(New York University) | ||||||||
5.50% 7/1/40 (AMBAC) | 740,000 | 891,419 | ||||||
New York State Dormitory Authority Revenue Non-State | ||||||||
Supported Debt | ||||||||
Series A 5.00% 7/1/33 | 2,000,000 | 2,092,260 | ||||||
(Hudson City School District) | ||||||||
Unrefunded Series A 5.625% 10/1/29 (AGC) | 375,000 | 375,686 | ||||||
(New York State University Dormitory Facilities) | ||||||||
Series A 5.00% 7/1/37 | 2,200,000 | 2,354,594 | ||||||
(New York University) | ||||||||
Series A 5.00% 7/1/39 | 2,000,000 | 2,071,260 | ||||||
(Vaughn College of Aeronautics and Technology) | ||||||||
Series A 144A 5.50% 12/1/46 # | 300,000 | 282,549 | ||||||
Saratoga County, New York Capital Resource Revenue | ||||||||
(Skidmore College Project) | ||||||||
5.00% 7/1/43 | 3,570,000 | 3,778,631 | ||||||
5.00% 7/1/48 | 1,000,000 | 1,051,620 |
51
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
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 | $ | 1,003,260 | |||||
Tompkins County, New York Development Revenue | ||||||||
(Ithaca College Project) | ||||||||
5.00% 7/1/34 | 750,000 | 763,680 | ||||||
Westchester County, New York Local Development Revenue | ||||||||
(Pace University) | ||||||||
Series A 5.00% 5/1/34 | 1,725,000 | 1,726,828 | ||||||
Yonkers, New York Economic Development Educational Revenue | ||||||||
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | ||||||||
Series A 5.00% 10/15/49 | 795,000 | 776,047 | ||||||
Series A 5.00% 10/15/50 | 250,000 | 242,823 | ||||||
40,873,849 | ||||||||
Electric Revenue Bonds — 5.94% | ||||||||
Build NYC, New York Resource Revenue | ||||||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project) | ||||||||
144A 5.25% 12/31/33 (AMT) # | 1,000,000 | 913,570 | ||||||
Guam Power Authority Revenue | ||||||||
(Tax-Exempt Forward Delivery) | ||||||||
Series A 5.00% 10/1/35 | 1,310,000 | 1,430,939 | ||||||
Long Island, New York Power Authority Electric System | ||||||||
Revenue | ||||||||
5.00% 9/1/37 | 450,000 | 484,547 | ||||||
5.00% 9/1/38 | 2,000,000 | 2,145,900 | ||||||
5.00% 9/1/42 | 1,500,000 | 1,570,245 | ||||||
Series B 5.00% 9/1/41 | 2,065,000 | 2,142,747 | ||||||
New York Power Authority Revenue | ||||||||
4.00% 11/15/40 (AGM) | 1,000,000 | 1,012,460 | ||||||
Series A 5.125% 11/15/58 (AGM) | 1,500,000 | 1,659,240 | ||||||
New York State Power Authority Revenue | ||||||||
Series A 4.00% 11/15/50 | 1,000,000 | 984,950 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.05% 7/1/42 ‡ | 65,000 | 17,225 | ||||||
Series A 6.75% 7/1/36 ‡ | 625,000 | 165,625 | ||||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 9,275 | ||||||
Series TT 5.00% 7/1/32 ‡ | 1,120,000 | 296,800 |
52
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series WW 5.25% 7/1/33 ‡ | 195,000 | $ | 51,675 | |||||
Series WW 5.50% 7/1/17 ‡ | 420,000 | 110,250 | ||||||
Series WW 5.50% 7/1/19 ‡ | 330,000 | 86,625 | ||||||
Series XX 4.75% 7/1/26 ‡ | 40,000 | 10,600 | ||||||
Series XX 5.25% 7/1/40 ‡ | 1,430,000 | 378,950 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 7,950 | ||||||
Series ZZ 5.00% 7/1/19 ‡ | 570,000 | 149,625 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 50,000 | 13,250 | ||||||
13,642,448 | ||||||||
Healthcare Revenue Bonds — 8.73% | ||||||||
Buffalo & Erie County, New York Industrial Land Development Revenue | ||||||||
(Catholic Health System Project) | ||||||||
Series N 5.25% 7/1/35 | 250,000 | 219,350 | ||||||
Build NYC, New York Resource Revenue | ||||||||
(The Children's Aid Society Project) | ||||||||
4.00% 7/1/49 | 1,000,000 | 946,830 | ||||||
Dutchess County, New York Local Development Revenue | ||||||||
(Nuvance Health) | ||||||||
Series B 4.00% 7/1/49 | 1,000,000 | 901,220 | ||||||
Guilderland, New York Industrial Development Agency Revenue | ||||||||
(Albany Place Development LLC Project) | ||||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 500,000 | 300,000 | ||||||
Monroe County, New York Industrial Development Revenue | ||||||||
(Rochester General Hospital Project) | ||||||||
5.00% 12/1/36 | 405,000 | 416,089 | ||||||
5.00% 12/1/46 | 540,000 | 546,577 | ||||||
(Rochester Regional Health Project) | ||||||||
Series D 4.00% 12/1/38 | 2,550,000 | 2,485,434 | ||||||
Nassau County, New York Local Economic Assistance Revenue | ||||||||
(Catholic Health Services of Long Island Obligated Group Project) | ||||||||
5.00% 7/1/33 | 725,000 | 727,364 | ||||||
New York State Dormitory Authority Revenue | ||||||||
(Maimonides Medical Center) | ||||||||
3.00% 2/1/50 (FHA) | 3,135,000 | 2,343,412 | ||||||
(Montefiore Obligated Group) | ||||||||
Series A 4.00% 8/1/38 | 1,000,000 | 971,710 |
53
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
New York State Dormitory Authority Revenue | ||||||||
(Montefiore Obligated Group) | ||||||||
Series A 4.00% 9/1/45 | 2,000,000 | $ | 1,825,640 | |||||
Series A 4.00% 9/1/50 | 500,000 | 439,235 | ||||||
(Northwell Health Obligated Group) | ||||||||
Series A 5.00% 5/1/52 | 3,000,000 | 3,186,630 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(NYU Hospitals Center) | ||||||||
Series A 4.00% 7/1/40 | 465,000 | 467,632 | ||||||
(Orange Regional Medical Center Obligated Group) | ||||||||
144A 5.00% 12/1/34 # | 800,000 | 755,272 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt Revenue | ||||||||
(Orange Regional Medical Center Obligated Group) | ||||||||
144A 5.00% 12/1/45 # | 700,000 | 659,624 | ||||||
Orange County, New York Funding Assisted Living Residence Revenue | ||||||||
(The Hamlet at Wallkill Assisted Living Project) | ||||||||
6.50% 1/1/46 | 300,000 | 242,094 | ||||||
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 | 385,228 | ||||||
Southold, New York Local Development Revenue (Peconic Landing at Southold Project) | ||||||||
5.00% 12/1/45 | 750,000 | 712,740 | ||||||
Westchester County, New York Local Development Revenue | ||||||||
(Purchase Senior Learning Community, Inc. Project) | ||||||||
Series A 144A 5.00% 7/1/46 # | 615,000 | 590,966 | ||||||
Series A 144A 5.00% 7/1/56 # | 1,000,000 | 931,870 | ||||||
20,054,917 | ||||||||
Housing Revenue Bonds — 3.11% | ||||||||
New York City, New York Housing Development Revenue | ||||||||
4.80% 2/1/53 | 1,750,000 | 1,792,315 | ||||||
(Sustainable Development Bonds) | ||||||||
Series A 5.00% 5/1/63 | 2,125,000 | 2,228,041 | ||||||
Series B-1 5.30% 11/1/53 | 2,000,000 | 2,098,800 |
54
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Housing Revenue Bonds (continued) | ||||||||
New York State Mortgage Agency Homeowner Revenue | ||||||||
Series 250 4.80% 10/1/48 | 1,000,000 | $ | 1,021,810 | |||||
7,140,966 | ||||||||
Industrial Development Revenue/Pollution Control | ||||||||
Revenue Bonds — 8.83% | ||||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 48,900,000 | 4,034,250 | ||||||
Erie County, New York Tobacco Asset Securitization Revenue | ||||||||
(Capital Appreciation-Asset-Backed) | ||||||||
Series A 144A 9.23% 6/1/60 #, ^ | 65,350,000 | 4,300,030 | ||||||
New York City, New York Industrial Development Agency Revenue | ||||||||
(Queens Baseball Stadium Project) | ||||||||
Series A 3.00% 1/1/46 (AGM) | 2,000,000 | 1,591,320 | ||||||
(Yankee Stadium Project) | ||||||||
Series A 3.00% 3/1/40 (AGM) | 1,000,000 | 865,090 | ||||||
Series A 4.00% 3/1/45 (AGM) | 1,000,000 | 979,740 | ||||||
New York Counties Tobacco Trust V Pass-Through Revenue | ||||||||
Series 4B 144A 0.971% 6/1/60 #, ¨, ^ | 39,000,000 | 1,909,050 | ||||||
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 | 2,074,885 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
5.00% 12/1/38 (AMT) | 340,000 | 361,189 | ||||||
Suffolk County, New York Tobacco Asset Securitization Revenue | ||||||||
Senior Series A-2 4.00% 6/1/50 | 1,595,000 | 1,489,108 | ||||||
TSASC, New York | ||||||||
Fiscal 2017 Senior Series A 5.00% 6/1/41 | 1,900,000 | 1,931,065 | ||||||
Westchester County, New York Tobacco Asset | ||||||||
Securitization Revenue | ||||||||
Subordinate Series C 5.00% 6/1/45 | 750,000 | 749,970 | ||||||
20,285,697 |
55
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds — 6.36% | ||||||||
Hudson Yards, New York Infrastructure Revenue | ||||||||
(Tax-Exempt) | ||||||||
Series A 4.00% 2/15/44 | 2,875,000 | $ | 2,849,441 | |||||
New York City, New York Industrial Development Agency Revenue | ||||||||
(Senior Trips) | ||||||||
Series A 5.00% 7/1/28 (AMT) | 1,290,000 | 1,290,323 | ||||||
New York Liberty Development Revenue | ||||||||
(4 World Trade Center - Green Bond) | ||||||||
Series A 2.875% 11/15/46 (BAM) | 1,620,000 | 1,245,229 | ||||||
(Class 1 - 3 World Trade Center Project) | ||||||||
144A 5.00% 11/15/44 # | 4,000,000 | 4,001,040 | ||||||
(Class 2 - 3 World Trade Center Project) | ||||||||
144A 5.375% 11/15/40 # | 500,000 | 501,740 | ||||||
(Class 3 - 3 World Trade Center Project) | ||||||||
144A 7.25% 11/15/44 # | 1,500,000 | 1,512,420 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt | ||||||||
(Court Facility) | ||||||||
Series A 5.50% 5/15/27 (AMBAC) | 2,500,000 | 2,707,275 | ||||||
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 | 470,000 | 499,408 | ||||||
14,606,876 | ||||||||
Local General Obligation Bonds — 3.26% | ||||||||
New York City, New York | ||||||||
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35 | 1,895,000 | 2,049,253 | ||||||
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39 | 1,000,000 | 1,064,970 | ||||||
Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47 | 1,500,000 | 1,659,015 | ||||||
Fiscal 2024 Series C 5.25% 3/1/53 | 1,500,000 | 1,656,975 | ||||||
Series F-1 3.00% 3/1/51 (BAM) | 1,360,000 | 1,052,232 | ||||||
7,482,445 | ||||||||
Pre-Refunded Bonds — 0.88% | ||||||||
Dutchess County, New York Local Development | ||||||||
(Health Quest Systems Project) | ||||||||
Series A 5.00% 7/1/44-24 § | 1,000,000 | 1,004,920 |
56
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded Bonds (continued) | ||||||||
New York State Dormitory Authority | ||||||||
(Touro College & University) | ||||||||
Series A 5.50% 1/1/44-24 § | 1,000,000 | $ | 1,007,170 | |||||
2,012,090 | ||||||||
Resource Recovery Revenue Bond — 0.57% | ||||||||
Niagara Area, New York Development Revenue | ||||||||
(Covanta Project) | ||||||||
Series A 144A 4.75% 11/1/42 (AMT) # | 1,500,000 | 1,303,245 | ||||||
1,303,245 | ||||||||
Special Tax Revenue Bonds — 25.35% | ||||||||
Commonwealth of Puerto Rico | ||||||||
3.799% 11/1/51 • | 955,735 | 440,833 | ||||||
(Restructured) | ||||||||
3.122% 11/1/43 • | 6,231,787 | 3,653,385 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 6,162,579 | 5,880,467 | ||||||
Glen Cove, New York Local Economic Assistance Revenue | ||||||||
(Garvies Point Public Improvement Project) | ||||||||
Series A 5.00% 1/1/56 | 250,000 | 224,920 | ||||||
Matching Fund Special Purpose Securitization, Virgin Islands | ||||||||
Series A 5.00% 10/1/32 | 500,000 | 536,780 | ||||||
Metropolitan Transportation Authority Revenue | ||||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Subordinate Series B-2 5.00% 11/15/36 | 1,500,000 | 1,566,480 | ||||||
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 | 1,077,430 | ||||||
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 | 2,007,360 | ||||||
Series A-1 5.00% 8/1/42 | 5,220,000 | 5,531,791 | ||||||
Series A-3 3.00% 5/1/45 | 2,000,000 | 1,653,160 | ||||||
New York Convention Center Development Revenue | ||||||||
(Hotel Unit Fee Secured) | ||||||||
5.00% 11/15/35 | 1,000,000 | 1,019,370 | ||||||
5.00% 11/15/40 | 1,000,000 | 1,014,060 |
57
Schedules of investments
Delaware Tax-Free New York 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 A 4.00% 3/15/49 | 1,000,000 | $ | 972,170 | |||||
Series E 3.00% 3/15/50 | 1,000,000 | 781,600 | ||||||
Series E 4.00% 3/15/48 | 1,000,000 | 976,400 | ||||||
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 | 1,353,105 | ||||||
New York State Thruway Authority Revenue | ||||||||
Series A-1 3.00% 3/15/49 | 1,500,000 | 1,197,060 | ||||||
New York State Thruway Authority State Personal Income Tax Revenue | ||||||||
Series A-1 3.00% 3/15/51 | 2,000,000 | 1,567,720 | ||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series C 5.00% 3/15/55 | 1,000,000 | 1,075,030 | ||||||
New York Triborough Bridge & Tunnel Authority Payroll | ||||||||
Mobility Tax Senior lien Revenue | ||||||||
(MTA Bridges and Tunnels) | ||||||||
Series C-3 3.00% 5/15/51 | 1,500,000 | 1,143,225 | ||||||
New York Triborough Bridge & Tunnel Authority Sales Tax Revenue | ||||||||
(TBTA Capital Lockbox - City Sales Tax) | ||||||||
Series A 4.00% 5/15/48 | 2,000,000 | 1,950,840 | ||||||
Series A 4.00% 5/15/57 | 1,000,000 | 963,470 | ||||||
Subordinate Series A-1 5.25% 5/15/64 | 2,500,000 | 2,745,150 | ||||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 1.148% 7/1/46 ^ | 13,880,000 | 4,518,773 | ||||||
Series A-1 1.941% 7/1/51 ^ | 6,855,000 | 1,656,031 | ||||||
Series A-1 4.55% 7/1/40 | 444,000 | 447,441 | ||||||
Series A-1 4.75% 7/1/53 | 6,805,000 | 6,808,879 | ||||||
Series A-1 5.00% 7/1/58 | 3,665,000 | 3,692,451 | ||||||
Series A-2 4.329% 7/1/40 | 480,000 | 477,801 | ||||||
Series A-2 4.536% 7/1/53 | 1,330,000 | 1,288,397 | ||||||
58,221,579 | ||||||||
State General Obligation Bonds — 1.35% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 1,605,640 | 1,533,515 |
58
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/46 | 1,730,000 | $ | 1,563,574 | |||||
3,097,089 | ||||||||
Transportation Revenue Bonds — 11.37% | ||||||||
New York Metropolitan Transportation Authority Revenue | ||||||||
Series A-2 4.00% 11/15/43 | 2,500,000 | 2,462,675 | ||||||
(Climate Bond Certified - Green Bonds) | ||||||||
Series 1 4.00% 11/15/46 | 3,250,000 | 3,171,252 | ||||||
Series B 4.00% 11/15/50 | 1,000,000 | 949,590 | ||||||
Series E 4.00% 11/15/45 | 1,500,000 | 1,467,945 | ||||||
Subordinate Series C-1 5.25% 11/15/55 | 1,500,000 | 1,589,250 | ||||||
New York State Thruway Authority General Revenue | ||||||||
Series B 4.00% 1/1/50 | 1,000,000 | 963,700 | ||||||
Series O 3.00% 1/1/51 (BAM) | 2,000,000 | 1,561,400 | ||||||
Series P 5.25% 1/1/54 | 500,000 | 552,830 | ||||||
(Junior Indebtedness Obligation) | ||||||||
Series B 4.00% 1/1/45 | 1,500,000 | 1,479,585 | ||||||
New York Transportation Development Special Facilities Revenue | ||||||||
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) | ||||||||
4.00% 1/1/36 (AMT) | 750,000 | 742,770 | ||||||
(John F. Kennedy International Airport New Terminal One Project) | ||||||||
5.00% 12/1/32 (AMT) | 2,000,000 | 2,190,560 | ||||||
5.125% 6/30/60 (AGM) (AMT) | 1,350,000 | 1,416,217 | ||||||
5.375% 6/30/60 (AMT) | 2,000,000 | 2,099,740 | ||||||
(LaGuardia Airport Terminal B Redevelopment Project) | ||||||||
Series A 5.25% 1/1/50 (AMT) | 1,000,000 | 1,000,270 | ||||||
(Terminal 4 John F. Kennedy International Airport Project) | ||||||||
Series A 4.00% 12/1/40 (AMT) | 335,000 | 320,803 | ||||||
New York Triborough Bridge & Tunnel Authority Revenue | ||||||||
(MTA Bridges and Tunnels Climate Bond Certified - Green Bonds) | ||||||||
Series D-2 5.50% 5/15/52 | 1,000,000 | 1,127,980 | ||||||
Niagara, New York Frontier Transportation Authority Revenue | ||||||||
(Buffalo Niagara International Airport) | ||||||||
Series A 5.00% 4/1/35 (AMT) | 775,000 | 819,059 | ||||||
Series A 5.00% 4/1/37 (AMT) | 750,000 | 783,922 |
59
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Niagara, New York Frontier Transportation Authority Revenue | ||||||||
(Buffalo Niagara International Airport) | ||||||||
Series A 5.00% 4/1/39 (AMT) | 350,000 | $ | 363,430 | |||||
Port Authority of New York & New Jersey | ||||||||
Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT) | 1,130,000 | 1,034,018 | ||||||
26,096,996 | ||||||||
Water & Sewer Revenue Bonds — 2.46% | ||||||||
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 | 1,036,370 | ||||||
Fiscal 2018 Series EE 5.00% 6/15/40 | 2,500,000 | 2,659,025 | ||||||
Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49 | 1,000,000 | 979,690 | ||||||
Fiscal 2020 Series GG-1 4.00% 6/15/50 | 1,000,000 | 980,260 | ||||||
5,655,345 | ||||||||
Total Municipal Bonds (cost $219,859,056) | 220,473,542 | |||||||
Short-Term Investments — 3.56% | ||||||||
Variable Rate Demand Notes — 3.56%¤ | ||||||||
New York City, New York | ||||||||
Fiscal 2006 Subordinate Series I-4 3.65% 4/1/36 | ||||||||
(LOC - TD Bank, N.A.) | 875,000 | 875,000 | ||||||
Fiscal 2023 Subordinate Series A-4 3.65% 9/1/49 | ||||||||
(SPA - TD Bank, N.A.) | 1,000,000 | 1,000,000 | ||||||
New York City, New York Municipal Water Finance | ||||||||
Authority Water & Sewer System Revenue (Second General Resolution) | ||||||||
Fiscal 2008 Series BB-5 3.65% 6/15/33 (SPA - Bank of America N.A) | 650,000 | 650,000 | ||||||
Fiscal 2023 Subordinate Series BB-2 3.65% 6/15/44 | ||||||||
(SPA - Mizuho Bank) | 640,000 | 640,000 | ||||||
Series AA-3 3.65% 6/15/49 | ||||||||
(SPA - TD Bank, N.A.) | 3,000,000 | 3,000,000 |
60
Principal amount° | Value (US $) | |||||||
Short-Term Investments (continued) | ||||||||
Variable Rate Demand Notes¤ (continued) | ||||||||
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue (Second General Resolution) | ||||||||
Series DD-1 3.65% 6/15/43 | ||||||||
(SPA - TD Bank, N.A.) | 2,000,000 | $ | 2,000,000 | |||||
Total Short-Term Investments (cost $8,165,000) | 8,165,000 | |||||||
Total Value of Securities—99.57% (cost $228,024,056) | $ | 228,638,542 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $22,456,950, which represents 9.78% of the Fund’s net assets. See Note 7 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. |
u | 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. |
§ | 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.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
61
Schedules of investments
Delaware Tax-Free New York Fund
¤ | 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 29, 2024. |
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
FHA – Federal Housing Administration
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
62
Schedules of investments
Delaware Tax-Free Pennsylvania Fund | February 29, 2024 (Unaudited) |
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 95.70% | ||||||||
Education Revenue Bonds — 10.47% | ||||||||
Allegheny County, Pennsylvania Higher Education Building Authority Revenue | ||||||||
(Robert Morris University) | ||||||||
5.00% 10/15/47 | 1,500,000 | $ | 1,348,620 | |||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(School Lane Charter School Project) | ||||||||
Series A 5.125% 3/15/46 | 2,500,000 | 2,478,825 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Avon Grove Charter School Project) | ||||||||
Series A 5.00% 12/15/47 | 1,160,000 | 1,153,527 | ||||||
Series A 5.00% 12/15/51 | 770,000 | 751,913 | ||||||
(Renaissance Academy Charter School Project) | ||||||||
5.00% 10/1/34 | 1,000,000 | 999,450 | ||||||
5.00% 10/1/39 | 1,250,000 | 1,207,588 | ||||||
5.00% 10/1/44 | 1,000,000 | 939,190 | ||||||
(Westtown School) | ||||||||
Series A 4.00% 1/1/52 | 2,250,000 | 2,156,197 | ||||||
City of Erie, Pennsylvania Higher Education Building Authority Revenue | ||||||||
(AICUP Financing Program - Gannon University Project) | ||||||||
Series TT1 4.00% 5/1/41 | 475,000 | 412,438 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(AICUP Financing Program - Gwynedd Mercy University Project) | ||||||||
5.00% 5/1/42 | 2,500,000 | 2,455,475 | ||||||
(Arcadia University) | ||||||||
5.75% 4/1/40 | 2,000,000 | 2,000,140 | ||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(AICUP Financing Program - Gwynedd Mercy University Project) | ||||||||
Series VV1 5.75% 5/1/48 | 1,500,000 | 1,540,650 | ||||||
(Germantown Academy Project) | ||||||||
Series A 4.00% 10/1/51 | 1,430,000 | 1,142,856 | ||||||
Northeastern Pennsylvania Hospital and Education Authority Revenue | ||||||||
(King's College Project) | ||||||||
5.00% 5/1/44 | 1,000,000 | 965,830 |
63
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(Ursinus College Project) | ||||||||
Series A 5.00% 11/1/32 | 1,130,000 | $ | 1,210,061 | |||||
Pennsylvania State University | ||||||||
Series A 5.25% 9/1/52 | 2,000,000 | 2,223,700 | ||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(First Philadelphia Preparatory Charter School Project) | ||||||||
Series A 7.25% 6/15/43 | 2,870,000 | 2,894,309 | ||||||
(International Apartments of Temple University) | ||||||||
Series A 5.375% 6/15/30 | 1,145,000 | 1,087,784 | ||||||
Series A 5.625% 6/15/42 | 3,000,000 | 2,555,910 | ||||||
(Saint Joseph's University Project) | ||||||||
5.50% 11/1/60 | 6,000,000 | 6,446,040 | ||||||
Swarthmore Borough, Pennsylvania Authority Revenue | ||||||||
(Swarthmore College) | ||||||||
5.00% 9/15/53 | 2,840,000 | 3,121,018 | ||||||
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Pennsylvania Steam Academy Charter School Project) | ||||||||
Series A 144A 6.25% 7/1/57 # | 2,500,000 | 2,388,825 | ||||||
Series B 144A 6.00% 7/1/29 # | 235,000 | 227,259 | ||||||
41,707,605 | ||||||||
Electric Revenue Bonds — 0.63% | ||||||||
Philadelphia, Pennsylvania Gas Works Revenue | ||||||||
(1998 General Ordinance) | ||||||||
Sixteenth Series A 4.00% 8/1/45 (AGM) | 1,500,000 | 1,510,950 | ||||||
Puerto Rico Electric Power Authority Revenue | ||||||||
Series A 5.00% 7/1/42 ‡ | 1,110,000 | 294,150 | ||||||
Series A 5.05% 7/1/42 ‡ | 400,000 | 106,000 | ||||||
Series WW 5.25% 7/1/33 ‡ | 1,055,000 | 279,575 | ||||||
Series WW 5.50% 7/1/38 ‡ | 1,190,000 | 315,350 | ||||||
2,506,025 | ||||||||
Healthcare Revenue Bonds — 31.19% | ||||||||
Allegheny County, Pennsylvania Hospital Development Authority Revenue | ||||||||
(Allegheny Health Network Obligated Group Issue) | ||||||||
Series A 4.00% 4/1/44 | 2,640,000 | 2,489,626 | ||||||
Series A 5.00% 4/1/47 | 13,240,000 | 13,546,374 |
64
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Allegheny County, Pennsylvania Hospital Development Authority Revenue | ||||||||
(University of Pittsburgh Medical Center) | ||||||||
Series A 4.00% 7/15/38 | 1,125,000 | $ | 1,136,947 | |||||
Series A 4.00% 7/15/39 | 2,000,000 | 2,007,680 | ||||||
Berks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(The Highlands at Wyomissing) | ||||||||
Series A 5.00% 5/15/37 | 1,365,000 | 1,374,910 | ||||||
Series A 5.00% 5/15/42 | 470,000 | 462,790 | ||||||
Series A 5.00% 5/15/47 | 600,000 | 575,310 | ||||||
Series C 5.00% 5/15/42 | 1,000,000 | 984,660 | ||||||
Series C 5.00% 5/15/47 | 1,000,000 | 958,850 | ||||||
Bucks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(St. Luke's University Health Network Project) | ||||||||
3.00% 8/15/53 | 2,000,000 | 1,434,460 | ||||||
4.00% 8/15/50 | 1,400,000 | 1,313,550 | ||||||
4.00% 8/15/50 (BAM) | 1,600,000 | 1,532,592 | ||||||
Butler County, Pennsylvania Hospital Authority Revenue | ||||||||
(Butler Health System Project) | ||||||||
Series A 5.00% 7/1/39 | 1,625,000 | 1,624,399 | ||||||
Centre County, Pennsylvania Hospital Authority Revenue | ||||||||
(Mount Nittany Medical Center Project) | ||||||||
Series A 4.00% 11/15/47 | 1,400,000 | 1,340,990 | ||||||
Chester County, Pennsylvania Health and Education Facilities Authority Revenue | ||||||||
(Main Line Health System) | ||||||||
Series A 4.00% 9/1/50 | 2,060,000 | 1,917,160 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Longwood Gardens, Inc. Project) | ||||||||
4.00% 12/1/46 | 1,330,000 | 1,307,018 | ||||||
Cumberland County, Pennsylvania Municipal Authority Revenue | ||||||||
(Asbury Pennsylvania Obligated Group) | ||||||||
5.00% 1/1/45 | 3,000,000 | 2,671,860 | ||||||
(Diakon Lutheran Social Ministries) | ||||||||
5.00% 1/1/38 | 995,000 | 998,512 | ||||||
(Penn State Health) | ||||||||
Series A 4.00% 11/1/44 | 5,000,000 | 4,836,100 |
65
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
DuBois, Pennsylvania Hospital Authority Revenue | ||||||||
(Penn Highlands Healthcare) | ||||||||
4.00% 7/15/45 | 1,495,000 | $ | 1,388,735 | |||||
4.00% 7/15/48 | 2,000,000 | 1,809,540 | ||||||
Geisinger Authority, Pennsylvania Health System Revenue | ||||||||
(Geisinger Health System) | ||||||||
Series A-2 5.00% 2/15/39 | 1,150,000 | 1,190,388 | ||||||
Lancaster County, Pennsylvania Hospital Authority Revenue | ||||||||
(Brethren Village Project) | ||||||||
5.00% 7/1/31 | 130,000 | 126,342 | ||||||
5.25% 7/1/35 | 250,000 | 247,040 | ||||||
5.50% 7/1/45 | 1,000,000 | 964,650 | ||||||
(Landis Homes Retirement Community Project) | ||||||||
Series A 5.00% 7/1/45 | 2,000,000 | 1,844,520 | ||||||
(Masonic Villages Project) | ||||||||
5.00% 11/1/35 | 1,000,000 | 1,027,530 | ||||||
5.00% 11/1/36 | 510,000 | 522,918 | ||||||
5.00% 11/1/37 | 250,000 | 255,748 | ||||||
5.125% 11/1/38 | 3,500,000 | 3,693,375 | ||||||
Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue | ||||||||
(Lehigh Valley Health Network) | ||||||||
Series A 4.00% 7/1/49 | 11,105,000 | 10,433,369 | ||||||
Maxatawny Township, Pennsylvania Municipal Authority Revenue | ||||||||
(Diakon Lutheran Social Ministries Project) | ||||||||
Series A 4.50% 1/1/45 | 2,000,000 | 1,813,600 | ||||||
Monroeville, Pennsylvania Finance Authority Revenue | ||||||||
Series B 4.00% 2/15/41 | 2,100,000 | 2,086,245 | ||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series A 4.00% 9/1/49 | 2,500,000 | 2,328,525 | ||||||
Series B 4.00% 5/1/47 | 4,000,000 | 3,771,280 | ||||||
Series B 4.00% 5/1/52 | 5,950,000 | 5,464,599 | ||||||
Series B 4.00% 5/1/56 | 2,550,000 | 2,288,446 | ||||||
Series B 5.00% 5/1/57 | 3,000,000 | 3,129,420 |
66
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Montgomery County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Foulkeways at Gwynedd Project) | ||||||||
5.00% 12/1/46 | 1,500,000 | $ | 1,501,140 | |||||
(Waverly Heights Project) | ||||||||
5.00% 12/1/44 | 500,000 | 511,030 | ||||||
5.00% 12/1/49 | 1,250,000 | 1,267,863 | ||||||
(Whitemarsh Continuing Care Retirement Community Project) | ||||||||
4.00% 1/1/25 | 75,000 | 74,123 | ||||||
5.375% 1/1/50 | 4,000,000 | 3,503,080 | ||||||
Series A 5.25% 1/1/48 | 1,000,000 | 869,040 | ||||||
Series A 5.375% 1/1/51 | 1,600,000 | 1,394,560 | ||||||
Moon, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Baptist Homes Society) | ||||||||
6.125% 7/1/50 | 4,090,000 | 3,040,588 | ||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Morningstar Senior Living, Inc. Project) | ||||||||
5.00% 11/1/44 | 1,000,000 | 880,240 | ||||||
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 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
(Presbyterian Senior Living Project) | ||||||||
Series B-1 5.25% 7/1/49 | 2,500,000 | 2,576,275 | ||||||
Series B-2 5.25% 7/1/46 | 2,500,000 | 2,595,400 | ||||||
(University of Pittsburgh Medical Center) | ||||||||
Series A 4.00% 11/15/42 | 5,200,000 | 5,140,720 | ||||||
Series A 4.00% 2/15/52 | 1,710,000 | 1,613,864 | ||||||
Subordinate Series A-2 4.00% 5/15/48 | 2,250,000 | 2,141,887 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(University of Pennsylvania Health System) | ||||||||
4.00% 8/15/49 | 1,360,000 | 1,314,358 | ||||||
Series A 4.00% 8/15/42 | 2,000,000 | 1,966,520 |
67
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Philadelphia, Pennsylvania Authority for Industrial Development Revenue | ||||||||
(Thomas Jefferson University) | ||||||||
Series A 5.00% 9/1/47 | 2,500,000 | $ | 2,541,075 | |||||
(Wesley Enhanced Living Obligated Group) | ||||||||
Series A 5.00% 7/1/49 | 2,500,000 | 2,035,575 | ||||||
124,198,740 | ||||||||
Housing Revenue Bonds — 3.24% | ||||||||
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | ||||||||
(Social Bonds) | ||||||||
Series 142A 5.00% 10/1/50 | 5,000,000 | 5,204,900 | ||||||
Series 143A 5.30% 4/1/44 | 3,500,000 | 3,718,155 | ||||||
Series 143A 5.45% 4/1/51 | 3,750,000 | 3,990,000 | ||||||
12,913,055 | ||||||||
Industrial Development Revenue/Pollution Control Revenue Bonds — 9.33% | ||||||||
Allegheny County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(United States Steel Corporation Project) | ||||||||
4.875% 11/1/24 | 2,650,000 | 2,655,353 | ||||||
5.125% 5/1/30 | 750,000 | 786,015 | ||||||
5.75% 8/1/42 (AMT) | 725,000 | 725,159 | ||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
(City Center Project) | ||||||||
144A 5.00% 5/1/42 # | 1,000,000 | 1,004,140 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Longwood Gardens, Inc. Project) | ||||||||
4.00% 12/1/51 | 2,635,000 | 2,551,075 | ||||||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | ||||||||
(Tobacco Settlement Asset-Backed) | ||||||||
Series A 8.21% 5/15/57 ^ | 95,000,000 | 7,837,500 | ||||||
Pennsylvania Commonwealth Financing Authority Revenue | ||||||||
(Tobacco Master Settlement Payment Revenue) | ||||||||
4.00% 6/1/39 (AGM) | 5,045,000 | 5,087,328 |
68
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) | 4,000,000 | $ | 4,014,280 | |||||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue | ||||||||
(Proctor & Gamble Paper Project) | ||||||||
5.375% 3/1/31 (AMT) | 11,000,000 | 12,498,090 | ||||||
37,158,940 | ||||||||
Lease Revenue Bonds — 0.73% | ||||||||
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | ||||||||
(Pennsylvania Rapid Bridge Replacement Project) | ||||||||
5.00% 12/31/29 (AMT) | 500,000 | 511,360 | ||||||
Philadelphia, Pennsylvania Municipal Authority Revenue | ||||||||
(Juvenile Justice Services Center) | ||||||||
5.00% 4/1/37 | 1,250,000 | 1,330,175 | ||||||
5.00% 4/1/38 | 1,000,000 | 1,057,790 | ||||||
2,899,325 | ||||||||
Local General Obligation Bonds — 3.85% | ||||||||
City of Philadelphia, Pennsylvania | ||||||||
5.00% 8/1/41 | 1,260,000 | 1,321,047 | ||||||
Series A 4.00% 5/1/42 | 500,000 | 498,440 | ||||||
City of Pittsburgh, Pennsylvania | ||||||||
5.00% 9/1/41 | 1,000,000 | 1,091,290 | ||||||
5.00% 9/1/42 | 1,000,000 | 1,086,830 | ||||||
5.00% 9/1/43 | 500,000 | 540,775 | ||||||
Council Rock, Pennsylvania School District | ||||||||
4.00% 11/15/52 | 2,975,000 | 2,882,002 | ||||||
Marple Newtown, Pennsylvania School District | ||||||||
3.00% 6/1/40 | 3,740,000 | 3,316,707 | ||||||
Punxsutawney Area, Pennsylvania School District | ||||||||
2.00% 10/15/28 (AGM) | 225,000 | 208,233 | ||||||
2.00% 10/15/29 (AGM) | 700,000 | 635,236 | ||||||
2.00% 10/15/30 (AGM) | 190,000 | 169,227 | ||||||
Township of Lower Paxton, Pennsylvania | ||||||||
Series A 4.00% 4/1/50 | 1,100,000 | 1,067,231 | ||||||
West Branch Area School District, Pennsylvania | ||||||||
4.00% 5/15/41 (AGM) | 930,000 | 936,445 |
69
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Local General Obligation Bonds (continued) | ||||||||
West Branch Area School District, Pennsylvania | ||||||||
4.00% 5/15/44 (AGM) | 1,595,000 | $ | 1,580,342 | |||||
15,333,805 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 1.01% | ||||||||
Berks County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(The Highlands at Wyomissing) | ||||||||
5.00% 5/15/38-25 § | 415,000 | 431,442 | ||||||
5.00% 5/15/43-25 § | 500,000 | 519,810 | ||||||
5.00% 5/15/48-25 § | 1,000,000 | 1,039,620 | ||||||
Cumberland County, Pennsylvania Municipal Authority Revenue | ||||||||
(Diakon Lutheran Social Ministries) | ||||||||
5.00% 1/1/38-25 § | 195,000 | 197,550 | ||||||
5.00% 1/1/38-25 § | 810,000 | 820,595 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue | ||||||||
(University of the Arts) | ||||||||
5.20% 3/15/25 (AGC) | 1,000,000 | 1,008,210 | ||||||
Philadelphia, Pennsylvania School District | ||||||||
Series F 5.00% 9/1/38-26 § | 5,000 | 5,266 | ||||||
4,022,493 | ||||||||
Special Tax Revenue Bonds — 17.09% | ||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | ||||||||
(City Center Project) | ||||||||
144A 5.25% 5/1/42 # | 4,500,000 | 4,501,935 | ||||||
(Forward Delivery) | ||||||||
5.00% 5/1/42 | 2,000,000 | 2,045,380 | ||||||
Chester County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Woodlands at Greystone Project) | ||||||||
144A 5.125% 3/1/48 # | 802,000 | 768,909 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
2.912% 11/1/43 • | 7,337,587 | 4,301,660 | ||||||
GDB Debt Recovery Authority of Puerto Rico Revenue | ||||||||
(Taxable) | ||||||||
7.50% 8/20/40 | 17,720,339 | 16,922,924 | ||||||
Matching Fund Special Purpose Securitization Revenue | ||||||||
Series A 5.00% 10/1/39 | 5,040,000 | 5,272,092 |
70
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Northampton County, Pennsylvania Industrial Development Authority Revenue | ||||||||
(Route 33 Project) | ||||||||
7.00% 7/1/32 | 1,710,000 | $ | 1,713,044 | |||||
Puerto Rico Sales Tax Financing Revenue | ||||||||
(Restructured) | ||||||||
Series A-1 4.75% 7/1/53 | 7,858,000 | 7,862,479 | ||||||
Series A-1 5.00% 7/1/58 | 5,000,000 | 5,037,450 | ||||||
Series A-1 5.614% 7/1/46 ^ | 26,050,000 | 8,480,838 | ||||||
Series A-1 5.716% 7/1/51 ^ | 16,638,000 | 4,019,408 | ||||||
Series A-2 4.329% 7/1/40 | 5,201,000 | 5,177,180 | ||||||
Series A-2 4.536% 7/1/53 | 1,000,000 | 968,720 | ||||||
Washington County, Pennsylvania Redevelopment Authority Revenue | ||||||||
(Victory Centre Tax Increment Financing Project) | ||||||||
5.00% 7/1/35 | 1,000,000 | 1,006,380 | ||||||
68,078,399 | ||||||||
State General Obligation Bonds — 1.48% | ||||||||
Commonwealth of Pennsylvania | ||||||||
4.00% 10/1/39 | 1,000,000 | 1,038,920 | ||||||
Series D 4.00% 8/15/34 | 1,370,000 | 1,379,234 | ||||||
Commonwealth of Puerto Rico | ||||||||
(Restructured) | ||||||||
Series A-1 4.00% 7/1/37 | 2,172,745 | 2,075,145 | ||||||
Series A-1 4.00% 7/1/41 | 1,169,072 | 1,085,869 | ||||||
Series A-1 4.00% 7/1/46 | 330,000 | 298,254 | ||||||
5,877,422 | ||||||||
Transportation Revenue Bonds — 16.11% | ||||||||
Allegheny County, Pennsylvania Airport Authority Revenue | ||||||||
Series A 4.00% 1/1/38 (AMT) | 1,400,000 | 1,393,868 | ||||||
(Pittsburgh International Airport) | ||||||||
Series A 5.50% 1/1/53 (AGM) (AMT) | 1,260,000 | 1,377,230 | ||||||
City of Philadelphia, Pennsylvania Airport Revenue | ||||||||
4.00% 7/1/46 (AGM) (AMT) | 3,125,000 | 2,995,562 | ||||||
5.00% 7/1/51 (AMT) | 3,000,000 | 3,103,980 | ||||||
Series A 4.00% 7/1/33 | 10,000,000 | 10,502,100 | ||||||
Series B 5.00% 7/1/47 (AMT) | 1,000,000 | 1,013,060 | ||||||
Delaware River Joint Toll Bridge Commission Revenue | ||||||||
(Pennsylvania - New Jersey) | ||||||||
5.00% 7/1/42 | 5,000,000 | 5,234,350 |
71
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
Series B-2 4.859% 1/1/45 (BAM) ^ | 3,345,000 | $ | 1,380,415 | |||||
Series B-2 5.52% 1/1/46 (BAM) ^ | 1,885,000 | 738,524 | ||||||
Series B-2 5.54% 1/1/47 (BAM) ^ | 2,050,000 | 760,837 | ||||||
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue | ||||||||
(Pennsylvania Rapid Bridge Replacement Project) | ||||||||
5.00% 12/31/34 (AMT) | 2,115,000 | 2,158,273 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | ||||||||
Series A 5.00% 12/1/46 | 2,750,000 | 3,000,690 | ||||||
Pennsylvania Turnpike Commission Revenue | ||||||||
Series A 4.00% 12/1/38 | 2,250,000 | 2,327,535 | ||||||
Series A 5.00% 12/1/44 | 2,000,000 | 2,144,920 | ||||||
Series A-1 5.00% 12/1/45 | 1,000,000 | 1,009,050 | ||||||
Series C 3.00% 12/1/51 | 2,825,000 | 2,119,061 | ||||||
Subordinate Series A 3.00% 12/1/42 | 2,000,000 | 1,690,300 | ||||||
Subordinate Series A 4.00% 12/1/49 (AGM) | 2,375,000 | 2,353,245 | ||||||
Subordinate Series B 3.00% 12/1/51 | 7,550,000 | 5,684,848 | ||||||
Subordinate Series B 4.00% 12/1/51 | 1,200,000 | 1,150,368 | ||||||
Southeastern Pennsylvania Transportation Authority Revenue | ||||||||
(Asset Improvement Program) | ||||||||
5.25% 6/1/52 | 10,000,000 | 10,997,500 | ||||||
Susquehanna Area, Pennsylvania Regional Airport Authority Revenue | ||||||||
5.00% 1/1/38 (AMT) | 1,000,000 | 1,020,450 | ||||||
64,156,166 | ||||||||
Water & Sewer Revenue Bond — 0.57% | ||||||||
Allegheny County, Pennsylvania Sanitary Authority Revenue | ||||||||
5.00% 6/1/53 | 2,125,000 | 2,272,794 | ||||||
2,272,794 | ||||||||
Total Municipal Bonds (cost $378,944,474) | 381,124,769 |
72
Principal amount° | Value (US $) | |||||||
Short-Term Investments — 2.55% | ||||||||
Variable Rate Demand Note — 2.55%¤ | ||||||||
Allegheny County, Pennsylvania Higher Education Building Authority Revenue | ||||||||
(Carnegie Mellon University) Series A 3.50% 12/1/37 | ||||||||
(SPA - Bank of New York) | 10,165,000 | $ | 10,165,000 | |||||
Total Short-Term Investments (cost $10,165,000) | 10,165,000 | |||||||
Total Value of Securities—98.25% (cost $389,109,474) | $ | 391,289,769 |
° | 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 29, 2024, the aggregate value of Rule 144A securities was $11,222,412, which represents 2.82% of the Fund’s net assets. See Note 7 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. |
§ | 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.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 29, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
¤ | 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 29, 2024. |
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AICUP – Association of Independent Colleges & Universities of Pennsylvania
73
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Summary of abbreviations: (continued)
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
74
Statements of assets and liabilities
February 29, 2024 (Unaudited)
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 57,625,699 | $ | 245,709,117 | $ | 209,861,041 | ||||||
Cash | 281,439 | 2,011,594 | — | |||||||||
Dividend and interest receivable | 513,063 | 2,417,671 | 2,088,513 | |||||||||
Receivable for fund shares sold | 73,216 | 2,151,817 | 807,654 | |||||||||
Prepaid expenses | 64,929 | 66,455 | 67,349 | |||||||||
Other assets | 617 | 958 | 1,741 | |||||||||
Total Assets | 58,558,963 | 252,357,612 | 212,826,298 | |||||||||
Liabilities: | ||||||||||||
Due to custodian | — | — | 706,925 | |||||||||
Payable for fund shares redeemed | 87,199 | 406,889 | 1,121,010 | |||||||||
Other accrued expenses | 85,052 | 33,753 | 139,870 | |||||||||
Distribution payable | 15,097 | 55,969 | 49,091 | |||||||||
Administration expenses payable to affiliates | 10,321 | 10,403 | 10,559 | |||||||||
Distribution fees payable to affiliates | 9,468 | 18,024 | 26,962 | |||||||||
Investment management fees payable to affiliates | 5,922 | 73,029 | 60,562 | |||||||||
Payable for securities purchased | — | 2,229,956 | — | |||||||||
Total Liabilities | 213,059 | 2,828,023 | 2,114,979 | |||||||||
Total Net Assets | $ | 58,345,904 | $ | 249,529,589 | $ | 210,711,319 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 64,593,473 | $ | 253,419,178 | $ | 224,907,290 | ||||||
Total distributable earnings (loss) | (6,247,569 | ) | (3,889,589 | ) | (14,195,971 | ) | ||||||
Total Net Assets | $ | 58,345,904 | $ | 249,529,589 | $ | 210,711,319 |
75
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 | $ | 44,293,179 | $ | 81,767,737 | $ | 125,194,524 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,295,531 | 7,277,226 | 12,043,677 | |||||||||
Net asset value per share | $ | 10.31 | $ | 11.24 | $ | 10.40 | ||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 10.80 | $ | 11.77 | $ | 10.89 | ||||||
Class C: | ||||||||||||
Net assets | $ | 857,761 | $ | 2,571,859 | $ | 2,766,657 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 82,974 | 228,425 | 265,494 | |||||||||
Net asset value per share | $ | 10.34 | $ | 11.26 | $ | 10.42 | ||||||
Institutional Class: | ||||||||||||
Net assets | $ | 13,194,964 | $ | 165,189,993 | $ | 82,750,138 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,279,777 | 14,699,181 | 7,960,529 | |||||||||
Net asset value per share | $ | 10.31 | $ | 11.24 | $ | 10.40 | ||||||
$ | 60,545,173 | $ | 246,422,643 | $ | 214,778,420 |
See accompanying notes, which are an integral part of the financial statements.
76
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value* | $ | 124,516,882 | $ | 228,638,542 | $ | 391,289,769 | ||||||
Cash | 71,127 | 29,668 | 1,168,718 | |||||||||
Dividend and interest receivable | 1,465,875 | 2,195,011 | 4,331,146 | |||||||||
Receivable for fund shares sold | 450,451 | 866,709 | 780,527 | |||||||||
Prepaid expenses | 76,917 | 63,651 | 73,449 | |||||||||
Receivable for securities sold | — | — | 4,949,470 | |||||||||
Other assets | 967 | 1,461 | 3,180 | |||||||||
Total Assets | 126,582,219 | 231,795,042 | 402,596,259 | |||||||||
Liabilities: | ||||||||||||
Payable for fund shares redeemed | 317,062 | 186,195 | 569,576 | |||||||||
Other accrued expenses | 95,234 | 109,698 | 215,054 | |||||||||
Investment management fees payable to affiliates | 33,962 | 66,393 | 132,905 | |||||||||
Distribution payable | 17,091 | 105,738 | 108,607 | |||||||||
Distribution fees payable to affiliates | 16,715 | 30,824 | 69,523 | |||||||||
Administration expenses payable to affiliates | 10,398 | 10,493 | 10,866 | |||||||||
Payable for securities purchased | — | 1,653,060 | 3,212,766 | |||||||||
Total Liabilities | 490,462 | 2,162,401 | 4,319,297 | |||||||||
Total Net Assets | $ | 126,091,757 | $ | 229,632,641 | $ | 398,276,962 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 139,625,706 | $ | 232,647,975 | $ | 412,498,165 | ||||||
Total distributable earnings (loss) | (13,533,949 | ) | (3,015,334 | ) | (14,221,203 | ) | ||||||
Total Net Assets | $ | 126,091,757 | $ | 229,632,641 | $ | 398,276,962 |
77
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 | $ | 66,965,763 | $ | 147,381,073 | $ | 319,036,447 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 6,378,904 | 13,729,761 | 43,040,003 | |||||||||
Net asset value per share | $ | 10.50 | $ | 10.73 | $ | 7.41 | ||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 10.99 | $ | 11.24 | $ | 7.76 | ||||||
Class C: | ||||||||||||
Net assets | $ | 4,451,454 | $ | 3,134,514 | $ | 9,674,613 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 424,269 | 292,702 | 1,304,798 | |||||||||
Net asset value per share | $ | 10.49 | $ | 10.71 | $ | 7.41 | ||||||
Institutional Class: | ||||||||||||
Net assets | $ | 54,674,540 | $ | 79,117,054 | $ | 69,565,902 | ||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 5,206,742 | 7,376,347 | 9,391,536 | |||||||||
Net asset value per share | $ | 10.50 | $ | 10.73 | $ | 7.41 | ||||||
$ | 129,384,070 | $ | 228,024,056 | $ | 389,109,474 |
See accompanying notes, which are an integral part of the financial statements.
78
Six months ended February 29, 2024 (Unaudited)
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 1,289,862 | $ | 5,065,029 | $ | 4,532,078 | ||||||
Dividends | — | — | 17,480 | |||||||||
1,289,862 | 5,065,029 | 4,549,558 | ||||||||||
Expenses: | ||||||||||||
Management fees | 140,890 | 601,166 | 559,659 | |||||||||
Distribution expenses — Class A | 54,197 | 95,076 | 150,711 | |||||||||
Distribution expenses — Class C | 4,022 | 11,492 | 13,914 | |||||||||
Registration fees | 38,717 | 34,724 | 31,304 | |||||||||
Accounting and administration expenses | 26,769 | 40,784 | 43,685 | |||||||||
Audit and tax fees | 21,987 | 21,987 | 21,987 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 18,846 | 71,771 | 66,451 | |||||||||
Reports and statements to shareholders expenses | 8,760 | 7,533 | 11,295 | |||||||||
Legal fees | 4,013 | 10,130 | 11,772 | |||||||||
Trustees’ fees and expenses | 1,561 | 4,622 | 5,365 | |||||||||
Custodian fees | 1,516 | 1,532 | 7,651 | |||||||||
Other | 12,784 | 6,797 | 22,777 | |||||||||
334,062 | 907,614 | 946,571 | ||||||||||
Less expenses waived | (109,582 | ) | (199,846 | ) | (201,907 | ) | ||||||
Less expenses paid indirectly | (11 | ) | (34 | ) | (29 | ) | ||||||
Total operating expenses | 224,469 | 707,734 | 744,635 | |||||||||
Net Investment Income (Loss) | 1,065,393 | 4,357,295 | 3,804,923 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | (1,338,962 | ) | (494,249 | ) | (611,705 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments | 4,199,251 | 11,596,989 | 9,573,026 | |||||||||
Net Realized and Unrealized Gain (Loss) | 2,860,289 | 11,102,740 | 8,961,321 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 3,925,682 | $ | 15,460,035 | $ | 12,766,244 |
See accompanying notes, which are an integral part of the financial statements.
79
Statements of operations
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 2,601,433 | $ | 4,717,293 | $ | 9,150,655 | ||||||
Dividends | 28,060 | — | — | |||||||||
2,629,493 | 4,717,293 | 9,150,655 | ||||||||||
Expenses: | ||||||||||||
Management fees | 327,683 | 564,708 | 1,023,520 | |||||||||
Distribution expenses — Class A | 80,316 | 166,126 | 374,083 | |||||||||
Distribution expenses — Class C | 21,334 | 12,258 | 44,322 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 39,641 | 59,383 | 113,930 | |||||||||
Registration fees | 37,310 | 33,967 | 32,917 | |||||||||
Accounting and administration expenses | 32,920 | 41,836 | 63,382 | |||||||||
Audit and tax fees | 21,987 | 21,987 | 21,988 | |||||||||
Legal fees | 8,916 | 10,279 | 21,181 | |||||||||
Reports and statements to shareholders expenses | 5,811 | 7,748 | 13,888 | |||||||||
Custodian fees | 3,147 | 1,536 | 1,658 | |||||||||
Trustees’ fees and expenses | 3,129 | 4,805 | 9,786 | |||||||||
Other | 15,914 | 21,079 | 27,659 | |||||||||
598,108 | 945,712 | 1,748,314 | ||||||||||
Less expenses waived | (133,021 | ) | (202,521 | ) | (238,526 | ) | ||||||
Less expenses paid indirectly | (8 | ) | (99 | ) | (104 | ) | ||||||
Total operating expenses | 465,079 | 743,092 | 1,509,684 | |||||||||
Net Investment Income (Loss) | 2,164,414 | 3,974,201 | 7,640,971 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on investments | 11,664 | (1,019,873 | ) | (487,624 | ) | |||||||
Net change in unrealized appreciation (depreciation) on investments | 4,978,935 | 10,870,830 | 18,601,852 | |||||||||
Net Realized and Unrealized Gain (Loss) | 4,990,599 | 9,850,957 | 18,114,228 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,155,013 | $ | 13,825,158 | $ | 25,755,199 |
See accompanying notes, which are an integral part of the financial statements.
80
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 1,065,393 | $ | 2,203,289 | ||||
Net realized gain (loss) | (1,338,962 | ) | (1,651,704 | ) | ||||
Net change in unrealized appreciation (depreciation) | 4,199,251 | (2,578,957 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 3,925,682 | (2,027,372 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (791,100 | ) | (1,643,098 | ) | ||||
Class C | (11,641 | ) | (23,479 | ) | ||||
Institutional Class | (237,957 | ) | (500,798 | ) | ||||
(1,040,698 | ) | (2,167,375 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 420,664 | 3,574,099 | ||||||
Class C | 57,274 | 203,897 | ||||||
Institutional Class | 2,484,982 | 4,382,454 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 705,588 | 1,466,847 | ||||||
Class C | 11,641 | 23,475 | ||||||
Institutional Class | 228,521 | 479,748 | ||||||
3,908,670 | 10,130,520 |
81
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (4,689,779 | ) | $ | (13,153,564 | ) | ||
Class C | (88,036 | ) | (448,544 | ) | ||||
Institutional Class | (2,928,279 | ) | (9,951,656 | ) | ||||
(7,706,094 | ) | (23,553,764 | ) | |||||
Decrease in net assets derived from capital share transactions | (3,797,424 | ) | (13,423,244 | ) | ||||
Net Decrease in Net Assets | (912,440 | ) | (17,617,991 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 59,258,344 | 76,876,335 | ||||||
End of period | $ | 58,345,904 | $ | 59,258,344 |
See accompanying notes, which are an integral part of the financial statements.
82
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 4,357,295 | $ | 6,649,150 | ||||
Net realized gain (loss) | (494,249 | ) | (1,542,727 | ) | ||||
Net change in unrealized appreciation (depreciation) | 11,596,989 | (3,894,500 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 15,460,035 | 1,211,923 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (1,421,253 | ) | (2,431,975 | ) | ||||
Class C | (34,361 | ) | (59,702 | ) | ||||
Institutional Class | (2,793,456 | ) | (4,027,340 | ) | ||||
(4,249,070 | ) | (6,519,017 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 10,103,749 | 12,292,940 | ||||||
Class C | 438,754 | 375,687 | ||||||
Institutional Class | 43,644,253 | 90,167,613 | ||||||
Net assets from reorganization:1 | ||||||||
Class A | 7,161,531 | — | ||||||
Class C | 357,099 | — | ||||||
Institutional Class | 4,402,146 | — | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,341,290 | 2,227,676 | ||||||
Class C | 34,488 | 58,605 | ||||||
Institutional Class | 2,542,820 | 3,500,222 | ||||||
70,026,130 | 108,622,743 |
83
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (9,942,215 | ) | $ | (14,852,977 | ) | ||
Class C | (379,378 | ) | (844,429 | ) | ||||
Institutional Class | (24,817,474 | ) | (37,873,243 | ) | ||||
(35,139,067 | ) | (53,570,649 | ) | |||||
Increase in net assets derived from capital share transactions | 34,887,063 | 55,052,094 | ||||||
Net Increase in Net Assets | 46,098,028 | 49,745,000 | ||||||
Net Assets: | ||||||||
Beginning of period | 203,431,561 | 153,686,561 | ||||||
End of period | $ | 249,529,589 | $ | 203,431,561 |
1 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
84
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,804,923 | $ | 7,596,620 | ||||
Net realized gain (loss) | (611,705 | ) | (5,137,100 | ) | ||||
Net change in unrealized appreciation (depreciation) | 9,573,026 | (3,603,204 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 12,766,244 | (1,143,684 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (2,194,569 | ) | (4,466,012 | ) | ||||
Class C | (40,280 | ) | (99,573 | ) | ||||
Institutional Class | (1,558,846 | ) | (2,867,680 | ) | ||||
(3,793,695 | ) | (7,433,265 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 6,101,519 | 7,142,609 | ||||||
Class C | 121,258 | 265,872 | ||||||
Institutional Class | 18,743,414 | 32,457,083 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 2,002,179 | 4,097,868 | ||||||
Class C | 39,247 | 97,526 | ||||||
Institutional Class | 1,452,474 | 2,685,949 | ||||||
28,460,091 | 46,746,907 |
85
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (15,557,166 | ) | $ | (21,503,738 | ) | ||
Class C | (608,642 | ) | (1,948,138 | ) | ||||
Institutional Class | (23,352,381 | ) | (32,101,650 | ) | ||||
(39,518,189 | ) | (55,553,526 | ) | |||||
Decrease in net assets derived from capital share transactions | (11,058,098 | ) | (8,806,619 | ) | ||||
Net Decrease in Net Assets | (2,085,549 | ) | (17,383,568 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 212,796,868 | 230,180,436 | ||||||
End of period | $ | 210,711,319 | $ | 212,796,868 |
See accompanying notes, which are an integral part of the financial statements.
86
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 2,164,414 | $ | 3,971,062 | ||||
Net realized gain (loss) | 11,664 | (2,376,811 | ) | |||||
Net change in unrealized appreciation (depreciation) | 4,978,935 | (2,403,529 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 7,155,013 | (809,278 | ) | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (1,120,431 | ) | (2,049,712 | ) | ||||
Class C | (58,390 | ) | (117,116 | ) | ||||
Institutional Class | (945,679 | ) | (1,697,616 | ) | ||||
(2,124,500 | ) | (3,864,444 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 4,609,162 | 16,995,143 | ||||||
Class C | 498,696 | 705,381 | ||||||
Institutional Class | 9,321,780 | 21,898,695 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 1,087,001 | 1,953,262 | ||||||
Class C | 58,284 | 116,674 | ||||||
Institutional Class | 878,399 | 1,607,629 | ||||||
16,453,322 | 43,276,784 |
87
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (6,199,388 | ) | $ | (18,952,998 | ) | ||
Class C | (803,634 | ) | (1,109,842 | ) | ||||
Institutional Class | (8,816,707 | ) | (19,749,321 | ) | ||||
(15,819,729 | ) | (39,812,161 | ) | |||||
Increase in net assets derived from capital share transactions | 633,593 | 3,464,623 | ||||||
Net Increase (Decrease) in Net Assets | 5,664,106 | (1,209,099 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 120,427,651 | 121,636,750 | ||||||
End of period | $ | 126,091,757 | $ | 120,427,651 |
See accompanying notes, which are an integral part of the financial statements.
88
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 3,974,201 | $ | 6,974,865 | ||||
Net realized gain (loss) | (1,019,873 | ) | (2,131,943 | ) | ||||
Net change in unrealized appreciation (depreciation) | 10,870,830 | (4,834,624 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 13,825,158 | 8,298 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (2,455,574 | ) | (4,350,900 | ) | ||||
Class C | (36,052 | ) | (78,647 | ) | ||||
Institutional Class | (1,382,027 | ) | (2,350,712 | ) | ||||
(3,873,653 | ) | (6,780,259 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 24,391,756 | 25,930,760 | ||||||
Class C | 1,131,728 | 548,305 | ||||||
Institutional Class | 20,984,797 | 36,258,510 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 2,079,178 | 3,637,579 | ||||||
Class C | 32,556 | 65,957 | ||||||
Institutional Class | 1,144,920 | 2,018,704 | ||||||
49,764,935 | 68,459,815 |
89
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (16,241,221 | ) | $ | (25,172,845 | ) | ||
Class C | (892,916 | ) | (1,546,228 | ) | ||||
Institutional Class | (14,195,823 | ) | (32,708,869 | ) | ||||
(31,329,960 | ) | (59,427,942 | ) | |||||
Increase in net assets derived from capital share transactions | 18,434,975 | 9,031,873 | ||||||
Net Increase in Net Assets | 28,386,480 | 2,259,912 | ||||||
Net Assets: | ||||||||
Beginning of period | 201,246,161 | 198,986,249 | ||||||
End of period | $ | 229,632,641 | $ | 201,246,161 |
See accompanying notes, which are an integral part of the financial statements.
90
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income (loss) | $ | 7,640,971 | $ | 14,824,610 | ||||
Net realized gain (loss) | (487,624 | ) | (10,953,077 | ) | ||||
Net change in unrealized appreciation (depreciation) | 18,601,852 | (3,634,903 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 25,755,199 | 236,630 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (6,133,099 | ) | (11,855,458 | ) | ||||
Class C | (147,294 | ) | (280,340 | ) | ||||
Institutional Class | (1,360,578 | ) | (2,688,812 | ) | ||||
(7,640,971 | ) | (14,824,610 | ) | |||||
Capital Share Transactions (See Note 4): | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 47,493,552 | 90,808,169 | ||||||
Class C | 2,443,604 | 1,929,675 | ||||||
Institutional Class | 19,367,743 | 30,568,725 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 5,505,341 | 10,596,263 | ||||||
Class C | 144,171 | 271,565 | ||||||
Institutional Class | 1,304,655 | 2,610,502 | ||||||
76,259,066 | 136,784,899 |
91
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months ended 2/29/24 (Unaudited) | Year ended 8/31/23 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (56,512,822 | ) | $ | (120,653,920 | ) | ||
Class C | (2,238,275 | ) | (3,528,529 | ) | ||||
Institutional Class | (17,462,183 | ) | (39,578,290 | ) | ||||
(76,213,280 | ) | (163,760,739 | ) | |||||
Increase (decrease) in net assets derived from capital share transactions | 45,786 | (26,975,840 | ) | |||||
Net Increase (Decrease) in Net Assets | 18,160,014 | (41,563,820 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 380,116,948 | 421,680,768 | ||||||
End of period | $ | 398,276,962 | $ | 380,116,948 |
See accompanying notes, which are an integral part of the financial statements.
92
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
93
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.78 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | ||||||||||||
0.19 | 0.33 | 0.30 | 0.31 | 0.33 | 0.37 | ||||||||||||||||||
0.52 | (0.63 | ) | (1.61 | ) | 0.55 | (0.13 | ) | 0.46 | |||||||||||||||
0.71 | (0.30 | ) | (1.31 | ) | 0.86 | 0.20 | 0.83 | ||||||||||||||||
(0.18 | ) | (0.32 | ) | (0.30 | ) | (0.31 | ) | (0.35 | ) | (0.37 | ) | ||||||||||||
— | —3 | (0.08 | ) | (0.01 | ) | — | — | ||||||||||||||||
(0.18 | ) | (0.32 | ) | (0.38 | ) | (0.32 | ) | (0.35 | ) | (0.37 | ) | ||||||||||||
$ | 10.31 | $ | 9.78 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | ||||||||||||
7.34 | % | (2.84 | )% | (11.06 | )% | 7.51 | % | 1.79 | % | 7.51 | % | ||||||||||||
$ | 44,293 | $ | 45,650 | $ | 56,882 | $ | 66,710 | $ | 62,186 | $ | 62,033 | ||||||||||||
0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | ||||||||||||
1.23 | % | 1.10 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.02 | % | ||||||||||||
3.74 | % | 3.31 | % | 2.70 | % | 2.60 | % | 2.87 | % | 3.29 | % | ||||||||||||
3.35 | % | 3.05 | % | 2.53 | % | 2.44 | % | 2.70 | % | 3.11 | % | ||||||||||||
8 | % | 22 | % | 30 | % | 19 | % | 36 | % | 31 | % |
94
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
95
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.80 | $ | 10.43 | $ | 12.12 | $ | 11.58 | $ | 11.73 | $ | 11.27 | ||||||||||||
0.15 | 0.26 | 0.22 | 0.22 | 0.24 | 0.28 | ||||||||||||||||||
0.53 | (0.64 | ) | (1.61 | ) | 0.55 | (0.12 | ) | 0.46 | |||||||||||||||
0.68 | (0.38 | ) | (1.39 | ) | 0.77 | 0.12 | 0.74 | ||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | (0.28 | ) | ||||||||||||
— | —3 | (0.08 | ) | (0.01 | ) | — | — | ||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.30 | ) | (0.23 | ) | (0.27 | ) | (0.28 | ) | ||||||||||||
$ | 10.34 | $ | 9.80 | $ | 10.43 | $ | 12.12 | $ | 11.58 | $ | 11.73 | ||||||||||||
7.04 | % | (3.65 | )% | (11.70 | )% | 6.70 | % | 1.03 | % | 6.70 | % | ||||||||||||
$ | 858 | $ | 834 | $ | 1,119 | $ | 1,527 | $ | 2,561 | $ | 3,100 | ||||||||||||
1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | ||||||||||||
1.98 | % | 1.85 | % | 1.76 | % | 1.75 | % | 1.76 | % | 1.77 | % | ||||||||||||
2.99 | % | 2.56 | % | 1.95 | % | 1.85 | % | 2.12 | % | 2.54 | % | ||||||||||||
2.60 | % | 2.30 | % | 1.78 | % | 1.69 | % | 1.95 | % | 2.36 | % | ||||||||||||
8 | % | 22 | % | 30 | % | 19 | % | 36 | % | 31 | % |
96
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. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
97
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.78 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | $ | 11.24 | ||||||||||||
0.20 | 0.36 | 0.33 | 0.34 | 0.36 | 0.39 | ||||||||||||||||||
0.52 | (0.63 | ) | (1.61 | ) | 0.55 | (0.13 | ) | 0.46 | |||||||||||||||
0.72 | (0.27 | ) | (1.28 | ) | 0.89 | 0.23 | 0.85 | ||||||||||||||||
(0.19 | ) | (0.35 | ) | (0.33 | ) | (0.34 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||
— | —3 | (0.08 | ) | (0.01 | ) | — | — | ||||||||||||||||
(0.19 | ) | (0.35 | ) | (0.41 | ) | (0.35 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||
$ | 10.31 | $ | 9.78 | $ | 10.40 | $ | 12.09 | $ | 11.55 | $ | 11.70 | ||||||||||||
7.48 | % | (2.60 | )% | (10.84 | )% | 7.78 | % | 2.05 | % | 7.78 | % | ||||||||||||
$ | 13,195 | $ | 12,774 | $ | 18,875 | $ | 22,147 | $ | 15,072 | $ | 14,136 | ||||||||||||
0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
0.98 | % | 0.85 | % | 0.76 | % | 0.75 | % | 0.76 | % | 0.77 | % | ||||||||||||
3.99 | % | 3.56 | % | 2.95 | % | 2.85 | % | 3.12 | % | 3.54 | % | ||||||||||||
3.60 | % | 3.30 | % | 2.78 | % | 2.69 | % | 2.95 | % | 3.36 | % | ||||||||||||
8 | % | 22 | % | 30 | % | 19 | % | 36 | % | 31 | % |
98
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
99
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.68 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | ||||||||||||
0.20 | 0.39 | 0.35 | 0.37 | 0.38 | 0.40 | ||||||||||||||||||
0.56 | (0.30 | ) | (1.65 | ) | 0.46 | (0.20 | ) | 0.53 | |||||||||||||||
0.76 | 0.09 | (1.30 | ) | 0.83 | 0.18 | 0.93 | |||||||||||||||||
(0.20 | ) | (0.38 | ) | (0.35 | ) | (0.37 | ) | (0.38 | ) | (0.40 | ) | ||||||||||||
— | — | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | |||||||||||||||
(0.20 | ) | (0.38 | ) | (0.37 | ) | (0.37 | ) | (0.49 | ) | (0.42 | ) | ||||||||||||
$ | 11.24 | $ | 10.68 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | ||||||||||||
7.21 | % | 0.87 | % | (10.48 | )% | 6.88 | % | 1.59 | % | 7.99 | % | ||||||||||||
$ | 81,768 | $ | 69,093 | $ | 71,308 | $ | 86,059 | $ | 44,059 | $ | 42,203 | ||||||||||||
0.80 | % | 0.81 | % | 0.82 | % | 0.86 | % | 0.82 | % | 0.82 | % | ||||||||||||
0.98 | % | 1.00 | % | 0.99 | % | 1.06 | % | 1.03 | % | 1.03 | % | ||||||||||||
3.83 | % | 3.62 | % | 2.94 | % | 2.95 | % | 3.17 | % | 3.36 | % | ||||||||||||
3.65 | % | 3.43 | % | 2.77 | % | 2.75 | % | 2.96 | % | 3.15 | % | ||||||||||||
10 | % | 22 | % | 31 | % | 14 | % | 36 | % | 32 | % |
100
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
101
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.71 | $ | 11.00 | $ | 12.66 | $ | 12.21 | $ | 12.52 | $ | 12.00 | ||||||||||||
0.16 | 0.31 | 0.26 | 0.27 | 0.29 | 0.32 | ||||||||||||||||||
0.55 | (0.30 | ) | (1.64 | ) | 0.45 | (0.20 | ) | 0.54 | |||||||||||||||
0.71 | 0.01 | (1.38 | ) | 0.72 | 0.09 | 0.86 | |||||||||||||||||
(0.16 | ) | (0.30 | ) | (0.26 | ) | (0.27 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||
— | — | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | |||||||||||||||
(0.16 | ) | (0.30 | ) | (0.28 | ) | (0.27 | ) | (0.40 | ) | (0.34 | ) | ||||||||||||
$ | 11.26 | $ | 10.71 | $ | 11.00 | $ | 12.66 | $ | 12.21 | $ | 12.52 | ||||||||||||
6.71 | % | 0.12 | % | (11.05 | )% | 5.99 | % | 0.83 | % | 7.26 | % | ||||||||||||
$ | 2,572 | $ | 2,001 | $ | 2,479 | $ | 3,843 | $ | 6,829 | $ | 11,551 | ||||||||||||
1.55 | % | 1.56 | % | 1.57 | % | 1.61 | % | 1.57 | % | 1.57 | % | ||||||||||||
1.73 | % | 1.75 | % | 1.74 | % | 1.81 | % | 1.78 | % | 1.78 | % | ||||||||||||
3.08 | % | 2.87 | % | 2.19 | % | 2.20 | % | 2.42 | % | 2.61 | % | ||||||||||||
2.90 | % | 2.68 | % | 2.02 | % | 2.00 | % | 2.21 | % | 2.40 | % | ||||||||||||
10 | % | 22 | % | 31 | % | 14 | % | 36 | % | 32 | % |
102
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. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
103
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.69 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | $ | 11.98 | ||||||||||||
0.21 | 0.42 | 0.38 | 0.40 | 0.41 | 0.43 | ||||||||||||||||||
0.55 | (0.29 | ) | (1.65 | ) | 0.46 | (0.20 | ) | 0.53 | |||||||||||||||
0.76 | 0.13 | (1.27 | ) | 0.86 | 0.21 | 0.96 | |||||||||||||||||
(0.21 | ) | (0.41 | ) | (0.38 | ) | (0.40 | ) | (0.41 | ) | (0.43 | ) | ||||||||||||
— | — | (0.02 | ) | — | (0.11 | ) | (0.02 | ) | |||||||||||||||
(0.21 | ) | (0.41 | ) | (0.40 | ) | (0.40 | ) | (0.52 | ) | (0.45 | ) | ||||||||||||
$ | 11.24 | $ | 10.69 | $ | 10.97 | $ | 12.64 | $ | 12.18 | $ | 12.49 | ||||||||||||
7.25 | % | 1.22 | % | (10.26 | )% | 7.14 | % | 1.84 | % | 8.25 | % | ||||||||||||
$ | 165,190 | $ | 132,338 | $ | 79,900 | $ | 45,996 | $ | 34,098 | $ | 44,646 | ||||||||||||
0.55 | % | 0.56 | % | 0.57 | % | 0.61 | % | 0.57 | % | 0.57 | % | ||||||||||||
0.73 | % | 0.75 | % | 0.74 | % | 0.81 | % | 0.78 | % | 0.78 | % | ||||||||||||
4.08 | % | 3.87 | % | 3.19 | % | 3.20 | % | 3.42 | % | 3.61 | % | ||||||||||||
3.90 | % | 3.68 | % | 3.02 | % | 3.00 | % | 3.21 | % | 3.40 | % | ||||||||||||
10 | % | 22 | % | 31 | % | 14 | % | 36 | % | 32 | % |
104
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 (as applicable). 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.
105
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.92 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | ||||||||||||
0.18 | 0.35 | 0.30 | 0.29 | 0.33 | 0.37 | ||||||||||||||||||
0.48 | (0.39 | ) | (1.40 | ) | 0.34 | (0.12 | ) | 0.44 | |||||||||||||||
0.66 | (0.04 | ) | (1.10 | ) | 0.63 | 0.21 | 0.81 | ||||||||||||||||
(0.18 | ) | (0.34 | ) | (0.30 | ) | (0.29 | ) | (0.33 | ) | (0.37 | ) | ||||||||||||
(0.18 | ) | (0.34 | ) | (0.30 | ) | (0.29 | ) | (0.33 | ) | (0.37 | ) | ||||||||||||
$ | 10.40 | $ | 9.92 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | ||||||||||||
6.75 | % | (0.39 | )% | (9.49 | )% | 5.64 | % | 1.88 | % | 7.48 | % | ||||||||||||
$ | 125,194 | $ | 127,477 | $ | 142,904 | $ | 164,258 | $ | 162,955 | $ | 167,136 | ||||||||||||
0.82 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | ||||||||||||
1.02 | % | 0.98 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.97 | % | ||||||||||||
3.65 | % | 3.43 | % | 2.76 | % | 2.54 | % | 2.91 | % | 3.31 | % | ||||||||||||
3.45 | % | 3.27 | % | 2.62 | % | 2.41 | % | 2.79 | % | 3.18 | % | ||||||||||||
4 | % | 34 | % | 24 | % | 10 | % | 18 | % | 16 | % |
106
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 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 (as applicable). 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.
107
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.94 | $ | 10.32 | $ | 11.73 | $ | 11.39 | $ | 11.51 | $ | 11.07 | ||||||||||||
0.14 | 0.27 | 0.22 | 0.21 | 0.24 | 0.29 | ||||||||||||||||||
0.48 | (0.39 | ) | (1.41 | ) | 0.34 | (0.12 | ) | 0.44 | |||||||||||||||
0.62 | (0.12 | ) | (1.19 | ) | 0.55 | 0.12 | 0.73 | ||||||||||||||||
(0.14 | ) | (0.26 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||
(0.14 | ) | (0.26 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||
$ | 10.42 | $ | 9.94 | $ | 10.32 | $ | 11.73 | $ | 11.39 | $ | 11.51 | ||||||||||||
6.34 | % | (1.14 | )% | (10.22 | )% | 4.85 | % | 1.12 | % | 6.67 | % | ||||||||||||
$ | 2,767 | $ | 3,111 | $ | 4,845 | $ | 6,758 | $ | 8,121 | $ | 10,364 | ||||||||||||
1.57 | % | 1.57 | % | 1.57 | % | 1.58 | % | 1.59 | % | 1.59 | % | ||||||||||||
1.77 | % | 1.73 | % | 1.71 | % | 1.71 | % | 1.71 | % | 1.72 | % | ||||||||||||
2.90 | % | 2.68 | % | 2.01 | % | 1.79 | % | 2.16 | % | 2.56 | % | ||||||||||||
2.70 | % | 2.52 | % | 1.87 | % | 1.66 | % | 2.04 | % | 2.43 | % | ||||||||||||
4 | % | 34 | % | 24 | % | 10 | % | 18 | % | 16 | % |
108
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. 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.
109
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 9.92 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | $ | 11.04 | ||||||||||||
0.19 | 0.37 | 0.33 | 0.32 | 0.36 | 0.40 | ||||||||||||||||||
0.48 | (0.39 | ) | (1.40 | ) | 0.34 | (0.12 | ) | 0.44 | |||||||||||||||
0.67 | (0.02 | ) | (1.07 | ) | 0.66 | 0.24 | 0.84 | ||||||||||||||||
(0.19 | ) | (0.36 | ) | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.40 | ) | ||||||||||||
(0.19 | ) | (0.36 | ) | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.40 | ) | ||||||||||||
$ | 10.40 | $ | 9.92 | $ | 10.30 | $ | 11.70 | $ | 11.36 | $ | 11.48 | ||||||||||||
6.88 | % | (0.14 | )% | (9.27 | )% | 5.91 | % | 2.14 | % | 7.74 | % | ||||||||||||
$ | 82,750 | $ | 82,209 | $ | 82,431 | $ | 76,092 | $ | 51,941 | $ | 42,317 | ||||||||||||
0.57 | % | 0.57 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.59 | % | ||||||||||||
0.77 | % | 0.73 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.72 | % | ||||||||||||
3.90 | % | 3.68 | % | 3.01 | % | 2.79 | % | 3.16 | % | 3.56 | % | ||||||||||||
3.70 | % | 3.52 | % | 2.87 | % | 2.66 | % | 3.04 | % | 3.43 | % | ||||||||||||
4 | % | 34 | % | 24 | % | 10 | % | 18 | % | 16 | % |
110
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 (as applicable). 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.
111
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.06 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | ||||||||||||
0.18 | 0.34 | 0.30 | 0.30 | 0.33 | 0.35 | ||||||||||||||||||
0.44 | (0.39 | ) | (1.47 | ) | 0.39 | (0.13 | ) | 0.44 | |||||||||||||||
0.62 | (0.05 | ) | (1.17 | ) | 0.69 | 0.20 | 0.79 | ||||||||||||||||
(0.18 | ) | (0.33 | ) | (0.30 | ) | (0.30 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||
(0.18 | ) | (0.33 | ) | (0.30 | ) | (0.30 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||
$ | 10.50 | $ | 10.06 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | ||||||||||||
6.20 | % | (0.51 | )% | (10.00 | )% | 6.03 | % | 1.77 | % | 7.19 | % | ||||||||||||
$ | 66,966 | $ | 64,691 | $ | 67,247 | $ | 71,345 | $ | 60,667 | $ | 55,480 | ||||||||||||
0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||
1.08 | % | 1.03 | % | 1.01 | % | 1.01 | % | 1.02 | % | 1.03 | % | ||||||||||||
3.55 | % | 3.27 | % | 2.62 | % | 2.53 | % | 2.87 | % | 3.11 | % | ||||||||||||
3.33 | % | 3.10 | % | 2.47 | % | 2.38 | % | 2.71 | % | 2.94 | % | ||||||||||||
7 | % | 25 | % | 38 | % | 17 | % | 22 | % | 14 | % |
112
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 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 (as applicable). 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.
113
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.06 | $ | 10.44 | $ | 11.90 | $ | 11.51 | $ | 11.64 | $ | 11.20 | ||||||||||||
0.14 | 0.26 | 0.21 | 0.21 | 0.24 | 0.27 | ||||||||||||||||||
0.43 | (0.39 | ) | (1.46 | ) | 0.39 | (0.13 | ) | 0.44 | |||||||||||||||
0.57 | (0.13 | ) | (1.25 | ) | 0.60 | 0.11 | 0.71 | ||||||||||||||||
(0.14 | ) | (0.25 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||
(0.14 | ) | (0.25 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||
$ | 10.49 | $ | 10.06 | $ | 10.44 | $ | 11.90 | $ | 11.51 | $ | 11.64 | ||||||||||||
5.70 | % | (1.26 | )% | (10.59 | )% | 5.24 | % | 1.00 | % | 6.40 | % | ||||||||||||
$ | 4,451 | $ | 4,532 | $ | 4,997 | $ | 6,453 | $ | 8,819 | $ | 12,875 | ||||||||||||
1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | 1.61 | % | ||||||||||||
1.83 | % | 1.78 | % | 1.76 | % | 1.76 | % | 1.77 | % | 1.78 | % | ||||||||||||
2.80 | % | 2.52 | % | 1.87 | % | 1.78 | % | 2.12 | % | 2.36 | % | ||||||||||||
2.58 | % | 2.35 | % | 1.72 | % | 1.63 | % | 1.96 | % | 2.19 | % | ||||||||||||
7 | % | 25 | % | 38 | % | 17 | % | 22 | % | 14 | % |
114
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. 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.
115
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.07 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | $ | 11.21 | ||||||||||||
0.19 | 0.36 | 0.32 | 0.33 | 0.36 | 0.38 | ||||||||||||||||||
0.43 | (0.38 | ) | (1.47 | ) | 0.39 | (0.13 | ) | 0.44 | |||||||||||||||
0.62 | (0.02 | ) | (1.15 | ) | 0.72 | 0.23 | 0.82 | ||||||||||||||||
(0.19 | ) | (0.35 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | ||||||||||||
(0.19 | ) | (0.35 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | (0.38 | ) | ||||||||||||
$ | 10.50 | $ | 10.07 | $ | 10.44 | $ | 11.91 | $ | 11.52 | $ | 11.65 | ||||||||||||
6.22 | % | (0.17 | )% | (9.77 | )% | 6.29 | % | 2.02 | % | 7.46 | % | ||||||||||||
$ | 54,675 | $ | 51,205 | $ | 49,393 | $ | 51,125 | $ | 36,057 | $ | 35,157 | ||||||||||||
0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
0.83 | % | 0.78 | % | 0.76 | % | 0.76 | % | 0.77 | % | 0.78 | % | ||||||||||||
3.80 | % | 3.52 | % | 2.87 | % | 2.78 | % | 3.12 | % | 3.36 | % | ||||||||||||
3.58 | % | 3.35 | % | 2.72 | % | 2.63 | % | 2.96 | % | 3.19 | % | ||||||||||||
7 | % | 25 | % | 38 | % | 17 | % | 22 | % | 14 | % |
116
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
117
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.23 | $ | 10.56 | $ | 12.06 | $ | 11.66 | $ | 11.86 | $ | 11.33 | ||||||||||||
0.19 | 0.37 | 0.31 | 0.29 | 0.33 | 0.36 | ||||||||||||||||||
0.50 | (0.34 | ) | (1.50 | ) | 0.45 | (0.14 | ) | 0.53 | |||||||||||||||
0.69 | 0.03 | (1.19 | ) | 0.74 | 0.19 | 0.89 | |||||||||||||||||
(0.19 | ) | (0.36 | ) | (0.31 | ) | (0.29 | ) | (0.33 | ) | (0.36 | ) | ||||||||||||
— | — | — | 3 | (0.05 | ) | (0.06 | ) | — | |||||||||||||||
(0.19 | ) | (0.36 | ) | (0.31 | ) | (0.34 | ) | (0.39 | ) | (0.36 | ) | ||||||||||||
$ | 10.73 | $ | 10.23 | $ | 10.56 | $ | 12.06 | $ | 11.66 | $ | 11.86 | ||||||||||||
6.83 | % | 0.29 | % | (9.96 | )% | 6.46 | % | 1.68 | % | 8.00 | % | ||||||||||||
$ | 147,381 | $ | 130,791 | $ | 130,721 | $ | 161,593 | $ | 42,514 | $ | 36,058 | ||||||||||||
0.80 | % | 0.80 | % | 0.80 | % | 0.83 | % | 0.80 | % | 0.80 | % | ||||||||||||
1.00 | % | 0.98 | % | 0.97 | % | 1.01 | % | 1.05 | % | 1.07 | % | ||||||||||||
3.80 | % | 3.56 | % | 2.78 | % | 2.47 | % | 2.86 | % | 3.12 | % | ||||||||||||
3.60 | % | 3.38 | % | 2.61 | % | 2.29 | % | 2.61 | % | 2.85 | % | ||||||||||||
12 | % | 24 | % | 30 | % | 13 | % | 31 | % | 21 | % |
118
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
119
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.21 | $ | 10.53 | $ | 12.03 | $ | 11.63 | $ | 11.83 | $ | 11.30 | ||||||||||||
0.15 | 0.29 | 0.23 | 0.21 | 0.24 | 0.27 | ||||||||||||||||||
0.50 | (0.33 | ) | (1.50 | ) | 0.45 | (0.14 | ) | 0.53 | |||||||||||||||
0.65 | (0.04 | ) | (1.27 | ) | 0.66 | 0.10 | 0.80 | ||||||||||||||||
(0.15 | ) | (0.28 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||
— | — | — | 3 | (0.05 | ) | (0.06 | ) | — | |||||||||||||||
(0.15 | ) | (0.28 | ) | (0.23 | ) | (0.26 | ) | (0.30 | ) | (0.27 | ) | ||||||||||||
$ | 10.71 | $ | 10.21 | $ | 10.53 | $ | 12.03 | $ | 11.63 | $ | 11.83 | ||||||||||||
6.44 | % | (0.37 | )% | (10.66 | )% | 5.68 | % | 0.92 | % | 7.20 | % | ||||||||||||
$ | 3,135 | $ | 2,757 | $ | 3,818 | $ | 4,720 | $ | 7,037 | $ | 13,459 | ||||||||||||
1.55 | % | 1.55 | % | 1.55 | % | 1.58 | % | 1.55 | % | 1.55 | % | ||||||||||||
1.75 | % | 1.73 | % | 1.72 | % | 1.76 | % | 1.80 | % | 1.82 | % | ||||||||||||
3.05 | % | 2.81 | % | 2.02 | % | 1.72 | % | 2.11 | % | 2.37 | % | ||||||||||||
2.85 | % | 2.63 | % | 1.85 | % | 1.54 | % | 1.86 | % | 2.10 | % | ||||||||||||
12 | % | 24 | % | 30 | % | 13 | % | 31 | % | 21 | % |
120
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. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
121
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 10.22 | $ | 10.55 | $ | 12.06 | $ | 11.66 | $ | 11.85 | $ | 11.33 | ||||||||||||
0.20 | 0.39 | 0.34 | 0.32 | 0.36 | 0.38 | ||||||||||||||||||
0.51 | (0.34 | ) | (1.51 | ) | 0.45 | (0.13 | ) | 0.52 | |||||||||||||||
0.71 | 0.05 | (1.17 | ) | 0.77 | 0.23 | 0.90 | |||||||||||||||||
(0.20 | ) | (0.38 | ) | (0.34 | ) | (0.32 | ) | (0.36 | ) | (0.38 | ) | ||||||||||||
— | — | — | 3 | (0.05 | ) | (0.06 | ) | — | |||||||||||||||
(0.20 | ) | (0.38 | ) | (0.34 | ) | (0.37 | ) | (0.42 | ) | (0.38 | ) | ||||||||||||
$ | 10.73 | $ | 10.22 | $ | 10.55 | $ | 12.06 | $ | 11.66 | $ | 11.85 | ||||||||||||
7.07 | % | 0.54 | % | (9.82 | )% | 6.73 | % | 2.03 | % | 8.17 | % | ||||||||||||
$ | 79,117 | $ | 67,698 | $ | 64,447 | $ | 50,997 | $ | 38,394 | $ | 39,363 | ||||||||||||
0.55 | % | 0.55 | % | 0.55 | % | 0.58 | % | 0.55 | % | 0.55 | % | ||||||||||||
0.75 | % | 0.73 | % | 0.72 | % | 0.76 | % | 0.80 | % | 0.82 | % | ||||||||||||
4.05 | % | 3.81 | % | 3.03 | % | 2.72 | % | 3.11 | % | 3.37 | % | ||||||||||||
3.85 | % | 3.63 | % | 2.86 | % | 2.54 | % | 2.86 | % | 3.10 | % | ||||||||||||
12 | % | 24 | % | 30 | % | 13 | % | 31 | % | 21 | % |
122
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
123
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 7.06 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | ||||||||||||
0.14 | 0.27 | 0.22 | 0.23 | 0.25 | 0.28 | ||||||||||||||||||
0.35 | (0.25 | ) | (1.00 | ) | 0.32 | (0.11 | ) | 0.32 | |||||||||||||||
0.49 | 0.02 | (0.78 | ) | 0.55 | 0.14 | 0.60 | |||||||||||||||||
(0.14 | ) | (0.27 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.28 | ) | ||||||||||||
— | — | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | |||||||||||||||
(0.14 | ) | (0.27 | ) | (0.25 | ) | (0.27 | ) | (0.33 | ) | (0.28 | ) | ||||||||||||
$ | 7.41 | $ | 7.06 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | ||||||||||||
7.10 | % | 0.29 | % | (9.59 | )% | 7.04 | % | 1.72 | % | 7.72 | % | ||||||||||||
$ | 319,036 | $ | 307,781 | $ | 338,811 | $ | 384,915 | $ | 364,480 | $ | 376,965 | ||||||||||||
0.84 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.85 | % | ||||||||||||
0.96 | % | 0.95 | % | 0.94 | % | 0.92 | % | 0.92 | % | 0.93 | % | ||||||||||||
4.08 | % | 3.75 | % | 2.75 | % | 2.86 | % | 3.09 | % | 3.49 | % | ||||||||||||
3.96 | % | 3.64 | % | 2.65 | % | 2.77 | % | 3.00 | % | 3.41 | % | ||||||||||||
8 | % | 35 | % | 47 | % | 32 | % | 40 | % | 23 | % |
124
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 (as applicable). Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
125
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 7.07 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | $ | 7.93 | ||||||||||||
0.12 | 0.21 | 0.16 | 0.17 | 0.19 | 0.22 | ||||||||||||||||||
0.34 | (0.24 | ) | (1.00 | ) | 0.32 | (0.11 | ) | 0.32 | |||||||||||||||
0.46 | (0.03 | ) | (0.84 | ) | 0.49 | 0.08 | 0.54 | ||||||||||||||||
(0.12 | ) | (0.21 | ) | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | ||||||||||||
— | — | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | |||||||||||||||
(0.12 | ) | (0.21 | ) | (0.19 | ) | (0.21 | ) | (0.27 | ) | (0.22 | ) | ||||||||||||
$ | 7.41 | $ | 7.07 | $ | 7.31 | $ | 8.34 | $ | 8.06 | $ | 8.25 | ||||||||||||
6.56 | % | (0.33 | )% | (10.27 | )% | 6.24 | % | 0.95 | % | 6.91 | % | ||||||||||||
$ | 9,675 | $ | 8,854 | $ | 10,540 | $ | 14,040 | $ | 19,009 | $ | 25,065 | ||||||||||||
1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.59 | % | 1.61 | % | ||||||||||||
1.71 | % | 1.70 | % | 1.69 | % | 1.68 | % | 1.68 | % | 1.69 | % | ||||||||||||
3.33 | % | 3.00 | % | 1.99 | % | 2.10 | % | 2.33 | % | 2.73 | % | ||||||||||||
3.21 | % | 2.89 | % | 1.89 | % | 2.01 | % | 2.24 | % | 2.65 | % | ||||||||||||
8 | % | 35 | % | 47 | % | 32 | % | 40 | % | 23 | % |
126
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. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
127
Six months ended 2/29/241 | Year ended | ||||||||||||||||||||||
(Unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | ||||||||||||||||||
$ | 7.06 | $ | 7.31 | $ | 8.33 | $ | 8.05 | $ | 8.25 | $ | 7.92 | ||||||||||||
0.15 | 0.29 | 0.24 | 0.25 | 0.27 | 0.30 | ||||||||||||||||||
0.35 | (0.25 | ) | (0.99 | ) | 0.32 | (0.12 | ) | 0.33 | |||||||||||||||
0.50 | 0.04 | (0.75 | ) | 0.57 | 0.15 | 0.63 | |||||||||||||||||
(0.15 | ) | (0.29 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | (0.30 | ) | ||||||||||||
— | — | (0.03 | ) | (0.04 | ) | (0.08 | ) | — | |||||||||||||||
(0.15 | ) | (0.29 | ) | (0.27 | ) | (0.29 | ) | (0.35 | ) | (0.30 | ) | ||||||||||||
$ | 7.41 | $ | 7.06 | $ | 7.31 | $ | 8.33 | $ | 8.05 | $ | 8.25 | ||||||||||||
7.23 | % | 0.53 | % | (9.26 | )% | 7.31 | % | 1.84 | % | 8.12 | % | ||||||||||||
$ | 69,566 | $ | 63,482 | $ | 72,330 | $ | 72,333 | $ | 55,919 | $ | 47,241 | ||||||||||||
0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.61 | % | ||||||||||||
0.71 | % | 0.70 | % | 0.69 | % | 0.68 | % | 0.68 | % | 0.69 | % | ||||||||||||
4.33 | % | 4.00 | % | 2.99 | % | 3.10 | % | 3.33 | % | 3.73 | % | ||||||||||||
4.21 | % | 3.89 | % | 2.89 | % | 3.01 | % | 3.24 | % | 3.65 | % | ||||||||||||
8 | % | 35 | % | 47 | % | 32 | % | 40 | % | 23 | % |
128
Delaware Funds by Macquarie® state tax-free funds | February 29, 2024 (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 $250,000 or more of Class A shares, for shares 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 or Delaware Tax-Free Pennsylvania Fund you will have to pay a limited contingent deferred sales charge (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.
Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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
129
systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies, other than exchange-traded funds (ETFs), 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 DMC. Subject to the oversight of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards), 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 29, 2024, and for all open tax years (years ended August 31, 2020–August 31, 2023), 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 29, 2024, 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
130
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
1. Significant Accounting Policies (continued) 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 an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each 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, at least 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 managers, 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 investment advisory fees 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, 2023 (except as noted) through December 30, 2024. These waivers and reimbursements may only be
131
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 Arizona Fund | 0.59 | % | ||
Delaware Tax-Free California Fund | 0.55 | % | ||
Delaware Tax-Free Colorado Fund | 0.57 | % | ||
Delaware Tax-Free Idaho Fund | 0.61 | % | ||
Delaware Tax-Free New York Fund | 0.55 | % | ||
Delaware Tax-Free Pennsylvania Fund | 0.58 | %* |
* | Effective December 29, 2023. Prior to December 29, 2023, the expense limitation for Delaware Tax-Free Pennsylvania Fund was 0.59%. |
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from September 1, 2023 (except as noted) through December 30, 2024 is as follows:
Operating expense limitation as a percentage of average daily net assets | ||||||||||||
Fund | Class A | Class C | Institutional Class | |||||||||
Delaware Tax-Free Arizona Fund | 0.84 | % | 1.59 | % | 0.59 | % | ||||||
Delaware Tax-Free California Fund | 0.80 | % | 1.55 | % | 0.55 | % | ||||||
Delaware Tax-Free Colorado Fund | 0.82 | % | 1.57 | % | 0.57 | % | ||||||
Delaware Tax-Free Idaho Fund | 0.86 | % | 1.61 | % | 0.61 | % | ||||||
Delaware Tax-Free New York Fund | 0.80 | % | 1.55 | % | 0.55 | % | ||||||
Delaware Tax-Free Pennsylvania Fund | 0.83 | %* | 1.58 | %* | 0.58 | %* |
* | Effective December 29, 2023. Prior to December 29, 2023, the expense limitation for Delaware Tax-Free Pennsylvania Fund were as follows for Class A, Class C, and Institutional Class, respectively: 0.84%, 1.59%, and 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, effective October 1, 2023, 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: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 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. Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is
132
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Arizona Fund | $ | 3,114 | ||
Delaware Tax-Free California Fund | 6,380 | |||
Delaware Tax-Free Colorado Fund | 6,048 | |||
Delaware Tax-Free Idaho Fund | 4,374 | |||
Delaware Tax-Free New York Fund | 6,110 | |||
Delaware Tax-Free Pennsylvania Fund | 9,436 |
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 29, 2024, each Fund paid for these services as follows:
Fund | Fees | |||
Delaware Tax-Free Arizona Fund | $ | 1,868 | ||
Delaware Tax-Free California Fund | 7,242 | |||
Delaware Tax-Free Colorado Fund | 6,746 | |||
Delaware Tax-Free Idaho Fund | 3,949 | |||
Delaware Tax-Free New York Fund | 6,803 | |||
Delaware Tax-Free Pennsylvania Fund | 12,334 |
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 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). Delaware Tax-Free Pennsylvania Fund’s Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares
133
acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. All Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of the 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.
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 29, 2024, 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 | $ | 1,878 | ||
Delaware Tax-Free California Fund | 3,211 | |||
Delaware Tax-Free Colorado Fund | 2,728 | |||
Delaware Tax-Free Idaho Fund | 1,521 | |||
Delaware Tax-Free New York Fund | 2,626 | |||
Delaware Tax-Free Pennsylvania Fund | 7,992 |
For the six months ended February 29, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Class A | |||
Delaware Tax-Free Arizona Fund | $ | 545 | ||
Delaware Tax-Free California Fund | 1,576 | |||
Delaware Tax-Free Colorado Fund | 662 | |||
Delaware Tax-Free Idaho Fund | 2,632 | |||
Delaware Tax-Free New York Fund | 2,387 | |||
Delaware Tax-Free Pennsylvania Fund | 4,191 |
For the six months ended February 29, 2024, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, 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 | $ | 3,896 | $ | — | ||||
Delaware Tax-Free California Fund | 4,434 | — | ||||||
Delaware Tax-Free Colorado Fund | 376 | — | ||||||
Delaware Tax-Free Idaho Fund | 9,105 | 379 | ||||||
Delaware Tax-Free New York Fund | 9 | — | ||||||
Delaware Tax-Free Pennsylvania Fund | 1,195 | 1,252 |
134
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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 Trusts. These officers and Trustees are paid no compensation by the Funds.
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 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.
3. Investments
For the six months ended February 29, 2024, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:
Fund | Purchases | Sales | ||||||
Delaware Tax-Free Arizona Fund | $ | 4,448,931 | $ | 9,702,220 | ||||
Delaware Tax-Free California Fund | 40,024,989 | 20,829,699 | ||||||
Delaware Tax-Free Colorado Fund | 7,342,143 | 23,936,373 | ||||||
Delaware Tax-Free Idaho Fund | 7,643,655 | 9,877,211 | ||||||
Delaware Tax-Free New York Fund | 40,745,048 | 24,576,724 | ||||||
Delaware Tax-Free Pennsylvania Fund | 30,539,430 | 42,327,887 |
135
At February 29, 2024, 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 29, 2024, 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 | $ | 60,452,124 | $ | 1,572,122 | $ | (4,398,547 | ) | $ | (2,826,425 | ) | ||||||
Delaware Tax-Free California Fund | 246,197,355 | 6,959,840 | (7,448,078 | ) | (488,238 | ) | ||||||||||
Delaware Tax-Free Colorado Fund | 214,590,498 | 5,376,957 | (10,106,414 | ) | (4,729,457 | ) | ||||||||||
Delaware Tax-Free Idaho Fund | 129,200,304 | 3,137,195 | (7,820,617 | ) | (4,683,422 | ) | ||||||||||
Delaware Tax-Free New York Fund | 227,683,137 | 8,271,922 | (7,316,517 | ) | 955,405 | |||||||||||
Delaware Tax-Free Pennsylvania Fund | 389,109,474 | 15,376,005 | (13,195,710 | ) | 2,180,295 |
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free Arizona Fund | $ | 716,403 | $ | 1,356,934 | $ | 2,073,337 | ||||||
Delaware Tax-Free California Fund | 1,683,951 | 1,013,742 | 2,697,693 | |||||||||
Delaware Tax-Free Colorado Fund | 5,164,789 | 3,207,516 | 8,372,305 | |||||||||
Delaware Tax-Free Idaho Fund | 4,816,396 | 3,485,573 | 8,301,969 | |||||||||
Delaware Tax-Free New York Fund | 1,445,209 | 1,355,114 | 2,800,323 |
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Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
3. Investments (continued)
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free Pennsylvania Fund | $ | 7,316,673 | $ | 8,443,915 | $ | 15,760,588 |
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, forward 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.
137
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 29, 2024:
Delaware Tax-Free Arizona Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 56,045,699 | ||
Short-Term Investments | 1,580,000 | |||
Total Value of Securities | $ | 57,625,699 |
Delaware Tax-Free California Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 241,909,117 | ||
Short-Term Investments | 3,800,000 | |||
Total Value of Securities | $ | 245,709,117 |
Delaware Tax-Free Colorado Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 201,918,485 | $ | 201,918,485 | ||||||
Short-Term Investments | 767,556 | 7,175,000 | 7,942,556 | |||||||||
Total Value of Securities | $ | 767,556 | $ | 209,093,485 | $ | 209,861,041 |
Delaware Tax-Free Idaho Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 121,175,284 | $ | 121,175,284 | ||||||
Short-Term Investments | 3,341,598 | — | 3,341,598 | |||||||||
Total Value of Securities | $ | 3,341,598 | $ | 121,175,284 | $ | 124,516,882 |
Delaware Tax-Free New York Fund | ||||
Level 2 | ||||
Securities | ||||
Assets: | ||||
Municipal Bonds | $ | 220,473,542 | ||
Short-Term Investments | 8,165,000 | |||
Total Value of Securities | $ | 228,638,542 |
138
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 | $ | 381,124,769 | ||
Short-Term Investments | 10,165,000 | |||
Total Value of Securities | $ | 391,289,769 |
During the six months ended February 29, 2024, 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. As of February 29, 2024, there were no Level 3 investments.
139
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 | |||||||||||||||||||
2/29/24 | 8/31/23 | 2/29/24 | 8/31/23 | 2/29/24 | 8/31/23 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 41,780 | 355,524 | 926,660 | 1,148,802 | 598,336 | 708,020 | ||||||||||||||||||
Class C | 5,628 | 19,939 | 39,047 | 34,458 | 11,781 | 26,393 | ||||||||||||||||||
Institutional Class | 256,343 | 439,574 | 4,019,968 | 8,325,544 | 1,876,784 | 3,225,993 | ||||||||||||||||||
Shares from reorganization:1 | ||||||||||||||||||||||||
Class A | — | — | 676,254 | — | — | — | ||||||||||||||||||
Class C | — | — | 33,657 | — | — | — | ||||||||||||||||||
Institutional Class | — | — | 415,689 | — | — | — | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 71,775 | 146,699 | 124,589 | 207,624 | 200,741 | 408,205 | ||||||||||||||||||
Class C | 1,181 | 2,342 | 3,198 | 5,457 | 3,932 | 9,701 | ||||||||||||||||||
Institutional Class | 23,235 | 48,027 | 235,920 | 325,448 | 145,558 | 267,560 | ||||||||||||||||||
399,942 | 1,012,105 | 6,474,982 | 10,047,333 | 2,837,132 | 4,645,872 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (487,063 | ) | (1,301,114 | ) | (917,384 | ) | (1,387,649 | ) | (1,607,108 | ) | (2,142,669 | ) | ||||||||||||
Class C | (8,912 | ) | (44,564 | ) | (34,370 | ) | (78,456 | ) | (63,050 | ) | (192,575 | ) | ||||||||||||
Institutional Class | (306,447 | ) | (995,521 | ) | (2,356,818 | ) | (3,546,840 | ) | (2,349,807 | ) | (3,210,723 | ) | ||||||||||||
(802,422 | ) | (2,341,199 | ) | (3,308,572 | ) | (5,012,945 | ) | (4,019,965 | ) | (5,545,967 | ) | |||||||||||||
Net increase (decrease) | (402,480 | ) | (1,329,094 | ) | 3,166,410 | 5,034,388 | (1,182,833 | ) | (900,095 | ) |
140
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 | |||||||||||||||||||
2/29/24 | 8/31/23 | 2/29/24 | 8/31/23 | 2/29/24 | 8/31/23 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 451,580 | 1,656,764 | 2,331,405 | 2,493,095 | 6,877,075 | 12,904,727 | ||||||||||||||||||
Class C | 47,990 | 68,969 | 106,531 | 52,421 | 346,210 | 269,783 | ||||||||||||||||||
Institutional Class | 916,901 | 2,147,615 | 2,053,150 | 3,512,151 | 2,724,903 | 4,359,438 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 107,560 | 191,593 | 201,854 | 353,002 | 775,604 | 1,490,669 | ||||||||||||||||||
Class C | 5,778 | 11,454 | 3,179 | 6,418 | 20,295 | 38,195 | ||||||||||||||||||
Institutional Class | 86,840 | 157,640 | 111,229 | 195,980 | 184,038 | 367,405 | ||||||||||||||||||
1,616,649 | 4,234,035 | 4,807,348 | 6,613,067 | 10,928,125 | 19,430,217 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (607,858 | ) | (1,861,186 | ) | (1,587,972 | ) | (2,443,964 | ) | (8,186,991 | ) | (17,159,399 | ) | ||||||||||||
Class C | (80,010 | ) | (108,766 | ) | (87,174 | ) | (151,146 | ) | (314,879 | ) | (495,977 | ) | ||||||||||||
Institutional Class | (883,417 | ) | (1,948,199 | ) | (1,410,789 | ) | (3,195,136 | ) | (2,511,680 | ) | (5,632,202 | ) | ||||||||||||
(1,571,285 | ) | (3,918,151 | ) | (3,085,935 | ) | (5,790,246 | ) | (11,013,550 | ) | (23,287,578 | ) | |||||||||||||
Net increase (decrease) | 45,364 | 315,884 | 1,721,413 | 822,821 | (85,425 | ) | (3,857,361 | ) |
1 See Note 5.
141
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 pages and on the “Statements of changes in net assets.” For the six months ended February 29, 2024 and the year ended August 31, 2023, 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 | ||||||||||||||||||||||||
2/29/24 | 114,002 | — | — | — | 114,002 | $ | 1,065,336 | |||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | — | — | 29,308 | 29,308 | — | 287,804 | ||||||||||||||||||
Delaware Tax-Free California Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | — | — | 16,494 | 16,555 | — | 164,892 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 2,606 | — | — | — | 2,606 | 28,713 | ||||||||||||||||||
Delaware Tax-Free Colorado Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 8,692 | — | 940 | 940 | 8,692 | 95,673 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 74,673 | 2,690 | 2,116 | 4,815 | 74,673 | 798,445 | ||||||||||||||||||
Delaware Tax-Free Idaho Fund* | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | — | — | 277 | 277 | — | 2,868 | ||||||||||||||||||
Delaware Tax-Free New York Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 21,769 | 70 | — | 69 | 21,779 | 221,537 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 20,232 | 6,789 | — | 6,785 | 20,252 | 273,391 | ||||||||||||||||||
Delaware Tax-Free Pennsylvania Fund | ||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||
2/29/24 | 4,955 | 5,089 | — | 5,092 | 4,960 | 72,150 | ||||||||||||||||||
Year ended | ||||||||||||||||||||||||
8/31/23 | 105,897 | 28,025 | — | 28,056 | 105,970 | 955,662 |
*Delaware Tax-Free Idaho Fund did not have any exchange transactions for the year ended August 31, 2023.
142
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
5. Reorganization
On February 15-16, 2023, the Board approved a proposal to reorganize Delaware Ivy California Municipal High Income Fund (the “Acquired Fund”), a series of Ivy Funds, with and into Delaware Tax-Free California Fund (the “Acquiring Fund”), a series of Delaware Voyager Mutual Funds (the “Reorganization”). On June 27, 2023, the Acquired Fund shareholders approved the Reorganization. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property and assets of the Acquired Fund were acquired by the Acquiring Fund and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The Reorganization was accomplished by a tax-free exchange of shares on September 15, 2023. For financial reporting purposes, assets received and shares issued by Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The share transactions associated with September 15, 2023 Reorganization were as follows:
Shares | ||||||||||||||||||||
Acquired | Acquired | Converted | Acquiring | |||||||||||||||||
Fund | Fund Shares | to Acquiring | Fund | Conversion | ||||||||||||||||
Net Assets | Outstanding | Fund | Net Assets | Ratio | ||||||||||||||||
Delaware Ivy California Municipal | Delaware Tax-Free California | |||||||||||||||||||
High Income Fund | Fund | |||||||||||||||||||
Class A | $ | 7,115,020 | 821,596 | 676,254 | $ | 68,507,883 | 0.8178 | |||||||||||||
Class C | 357,099 | 41,235 | 33,657 | 1,983,584 | 0.8162 | |||||||||||||||
Class I* | 4,402,146 | 508,331 | — | — | — | |||||||||||||||
Institutional Class | — | — | 415,689 | 131,292,034 | 0.8178 | |||||||||||||||
Class Y** | 46,511 | 5,371 | — | — | — |
* Class I shares of the Acquired Fund were converted into Institutional Class shares of the Acquiring Fund.
** Class Y shares of the Acquired Fund were converted into Class A shares of the Acquiring Fund.
The net assets of the Acquired Fund before the Reorganization were $11,942,940. The Acquired Fund net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Reorganization. The net assets of the Acquiring Fund immediately following the Reorganization were $213,726,440.
143
Assuming the Reorganization had been completed on September 1, 2023, the Acquiring Fund’s pro forma results of operations for the six months ended February 29, 2024, would have been as follows:
Net investment income | $ | 4,800,153 | ||
Net realized loss on investments | (869,707 | ) | ||
Net change in unrealized appreciation (depreciation) | 11,760,045 | |||
Net increase in net assets resulting from operations | $ | 15,690,491 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Acquired Fund that have been included in Acquiring Fund’s “Statements of operations” since the Reorganization was consummated on September 15, 2023.
6. 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 30, 2023.
On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 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 28, 2024.
Each Fund had no amounts outstanding as of February 29, 2024, or at any time during the period then ended.
7. Geographic, Credit, and Market Risks
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.
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. Interest rate changes are influenced by a number of factors, such as government
144
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
7. Geographic, Credit, and Market Risks (continued)
policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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 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.
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 usually 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 US, 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
145
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 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.
146
Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 29, 2024, that would require recognition or disclosure in the Funds’ financial statements.
147
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.
148
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. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 14. 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 26, 2024 |
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 26, 2024 |
/s/RICHARD SALUS | ||
By: | Richard Salus | |
Title: | Chief Financial Officer | |
Date: | April 26, 2024 |