Schedule of investments
Delaware Tax-Free California Fund November 30, 2019 (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds – 97.77% | ||||
| Corporate Revenue Bonds - 3.89% | ||||
| Golden State Tobacco Securitization Settlement Revenue | ||||
| (Asset-Backed) | ||||
| Series A-1 5.25% 6/1/47 | 750,000 | $ | 776,303 | |
| Series A-2 5.00% 6/1/47 | 2,000,000 | 2,057,820 | ||
| (Capital Appreciation Asset-Backed) Subordinate Series | ||||
| B 1.548% 6/1/47 ^ | 1,615,000 | 270,561 | ||
| M-S-R Energy Authority Revenue | ||||
| Series B 6.50% 11/1/39 | 500,000 | 774,940 | ||
| 3,879,624 | ||||
| Education Revenue Bonds - 28.30% | ||||
| California Educational Facilities Authority | ||||
| (Loma Linda University) Series A 5.00% 4/1/47 | 1,000,000 | 1,165,190 | ||
| (Stanford University) Series V-1 5.00% 5/1/49 | 2,500,000 | 3,808,975 | ||
| California Infrastructure & Economic Development Bank | ||||
| (Equitable School Revolving Fund) | ||||
| Series B 5.00% 11/1/39 | 300,000 | 365,766 | ||
| Series B 5.00% 11/1/44 | 350,000 | 422,534 | ||
| Series B 5.00% 11/1/49 | 500,000 | 600,250 | ||
| California Municipal Finance Authority | ||||
| (Bella Mente Montessori Academy Project) Series A | ||||
| 144A 5.00% 6/1/48 # | 500,000 | 574,290 | ||
| (Biola University) 5.00% 10/1/39 | 1,000,000 | 1,180,120 | ||
| (California Baptist University) Series A 144A 5.375% | ||||
| 11/1/40# | 1,000,000 | 1,148,160 | ||
| (CHF - Davis I, LLC - West Village Student Housing | ||||
| Project) 5.00% 5/15/48 | 1,000,000 | 1,182,900 | ||
| (CHF - Riverside II, LLC - UCR North District Phase I | ||||
| Student Housing Project) 5.00% 5/15/44 (BAM) | 420,000 | 515,122 | ||
| (Creative Center of Los Altos Project - Pinewood School | ||||
| & Oakwood School) Series B 144A 4.50% 11/1/46 # | 500,000 | 524,495 | ||
| (Julian Charter School Project) Series A 144A 5.625% | ||||
| 3/1/45# | 500,000 | 519,590 | ||
| (Literacy First Charter Schools Project) Series A 5.00% | ||||
| 12/1/49 | 750,000 | 871,005 | ||
| (Southwestern Law School) 6.50% 11/1/41 | 1,140,000 | 1,250,740 | ||
| California Public Finance Authority Educational Facilities | ||||
| Revenue | ||||
| (Trinity Classical Academy Project) | ||||
| Series A 144A 5.00% 7/1/44 # | 350,000 | 369,621 | ||
| Series A 144A 5.00% 7/1/54 # | 500,000 | 524,020 | ||
NQ- 329 [11/19] 1/20 (1050603) 1
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Education Revenue Bonds(continued) | ||||
| California School Finance Authority | ||||
| (Aspire Public Schools - Obligated Group) Series A 144A | ||||
| 5.00% 8/1/45 # | 715,000 | $ | 793,764 | |
| (Encore Education Obligated Group) Series A 144A | ||||
| 5.00% 6/1/42 # | 500,000 | 455,350 | ||
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | 250,000 | 260,905 | ||
| (Granada Hills Charter Obligated Group) 144A 5.00% | ||||
| 7/1/49# | 500,000 | 568,435 | ||
| (Green Dot Public Schools Project) Series A 144A 5.00% | ||||
| 8/1/35# | 1,000,000 | 1,131,970 | ||
| (Grimmway Schools - Obligated Group) Series A 144A | ||||
| 5.00% 7/1/36 # | 500,000 | 548,640 | ||
| (ICEF - View Park Elementary & Middle Schools) | ||||
| Series A 5.625% 10/1/34 | 575,000 | 640,153 | ||
| (KIPP LA Projects) Series A 5.125% 7/1/44 | 1,000,000 | 1,103,900 | ||
| (KIPP SoCal Projects) Series A 144A 5.00% 7/1/49 # | 1,000,000 | 1,188,900 | ||
| (Partnerships to Uplift Communities Valley Project) | ||||
| Series A 144A 6.75% 8/1/44 # | 1,000,000 | 1,121,480 | ||
| California State University Systemwide Revenue | ||||
| Series A 5.00% 11/1/47 | 1,000,000 | 1,198,090 | ||
| California Statewide Communities Development Authority | ||||
| Charter School Revenue | ||||
| (Green Dot Public Schools - Animo Inglewood Charter | ||||
| High School Project) Series A 7.25% 8/1/41 | 800,000 | 864,688 | ||
| California Statewide Communities Development Authority | ||||
| Revenue | ||||
| (California Baptist University) Series A 6.125% 11/1/33 | 750,000 | 864,593 | ||
| (NCCD - Hooper Street LLC - California College of the | ||||
| Arts Project) 144A 5.25% 7/1/49 # | 250,000 | 288,195 | ||
| California Statewide Communities Development Authority | ||||
| Student Housing Revenue | ||||
| (University of California Irvine East Campus Apartments) | ||||
| 5.375% 5/15/38 | 1,000,000 | 1,057,720 | ||
| Mt. San Antonio Community College District Convertible | ||||
| Capital Appreciation Election 2008 | ||||
| Series A 0.00% 8/1/28 ~ | 1,000,000 | 1,088,020 | ||
| 28,197,581 | ||||
| Electric Revenue Bonds - 0.41% | ||||
| Puerto Rico Electric Power Authority Revenue | ||||
| Series CCC 5.25% 7/1/27 ‡ | 220,000 | 168,850 | ||
| Series WW 5.00% 7/1/28 ‡ | 310,000 | 237,925 | ||
| 406,775 | ||||
2 NQ- 329 [11/19] 1/20 (1050603)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Healthcare Revenue Bonds - 18.51% | |||
| Abag Finance Authority for Nonprofit Corporations | |||
| (Episcopal Senior Communities) 6.125% 7/1/41 | 850,000 | $ | 905,505 |
| (Sharp HealthCare) Series A 5.00% 8/1/28 | 250,000 | 269,420 | |
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Medical Center) Series B 4.00% 8/15/36 | 1,000,000 | 1,117,920 | |
| (Children’s Hospital Los Angeles) | |||
| Series A 5.00% 11/15/34 | 500,000 | 543,520 | |
| Series A 5.00% 8/15/47 | 500,000 | 585,190 | |
| (Dignity Health) Series E 5.625% 7/1/25 | 1,000,000 | 1,007,270 | |
| (Kaiser Permanente) Subordinate Series A-2 4.00% | |||
| 11/1/44 | 2,005,000 | 2,219,274 | |
| (Lucile Salter Packard Children’s Hospital at Stanford) | |||
| Series A 5.00% 11/15/56 | 1,000,000 | 1,199,230 | |
| (Sutter Health) Series D 5.25% 8/15/31 | 1,000,000 | 1,069,240 | |
| California Municipal Finance Authority Revenue | |||
| (Community Medical Centers) | |||
| Series A 5.00% 2/1/42 | 750,000 | 872,707 | |
| Series A 5.00% 2/1/47 | 250,000 | 289,037 | |
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | 573,110 | |
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Adventist Health System/West) Series A 4.00% 3/1/48 | 1,000,000 | 1,079,060 | |
| (Covenant Retirement Communities) Series C 5.625% | |||
| 12/1/36 | 1,000,000 | 1,146,630 | |
| (Episcopal Communities & Services) 5.00% 5/15/32 | 600,000 | 647,958 | |
| (Huntington Memorial Hospital) 4.00% 7/1/48 | 500,000 | 536,425 | |
| (Loma Linda University Medical Center) Series A 144A | |||
| 5.50% 12/1/58 # | 400,000 | 468,300 | |
| (Marin General Hospital - Green Bonds) Series A 4.00% | |||
| 8/1/45 | 500,000 | 519,545 | |
| (Redlands Community Hospital) 5.00% 10/1/46 | 1,000,000 | 1,151,140 | |
| La Verne | |||
| (Brethren Hillcrest Homes) 5.00% 5/15/36 | 750,000 | 795,247 | |
| Palomar Health | |||
| 5.00% 11/1/47 (AGM) | 500,000 | 588,050 | |
| San Buenaventura | |||
| (Community Memorial Health System) 7.50% 12/1/41 | 785,000 | 864,340 | |
| 18,448,118 | |||
| Housing Revenue Bonds - 4.25% | |||
| California Municipal Finance Authority Mobile Home Park | |||
| Revenue | |||
| (Caritas Projects) | |||
| Series A 4.00% 8/15/42 | 1,270,000 | 1,336,142 | |
NQ- 329 [11/19] 1/20 (1050603) 3
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Housing Revenue Bonds(continued) | |||
| California Municipal Finance Authority Mobile Home Park | |||
| Revenue | |||
| (Caritas Projects) | |||
| Series A 5.50% 8/15/47 | 750,000 | $ | 800,873 |
| Independent Cities Finance Authority Mobile Home Park | |||
| Revenue | |||
| (Pillar Ridge) Series A 5.25% 5/15/44 | 1,000,000 | 1,091,750 | |
| Santa Clara County Multifamily Housing Authority Revenue | |||
| (RiverTown Apartments Project) Series A 5.85% 8/1/31 | |||
| (AMT) | 1,000,000 | 1,001,700 | |
| 4,230,465 | |||
| Lease Revenue Bonds - 9.09% | |||
| Abag Finance Authority for Nonprofit Corporations | |||
| (Jackson Laboratory) 5.00% 7/1/37 | 1,000,000 | 1,089,310 | |
| California Infrastructure & Economic Development Bank | |||
| (Academy of Motion Picture Arts & Sciences Obligated | |||
| Group) Series A 5.00% 11/1/41 | 1,000,000 | 1,120,150 | |
| California Municipal Finance Authority | |||
| (Goodwill Industry of Sacramento Valley & Northern | |||
| Nevada Project) 5.00% 1/1/35 | 635,000 | 641,210 | |
| California Pollution Control Financing Authority Revenue | |||
| (San Diego County Water Authority Desalination Project | |||
| Pipeline) 144A 5.00% 11/21/45 # | 1,000,000 | 1,195,610 | |
| California State Public Works Board Lease Revenue | |||
| (Department of Corrections and Rehabilitation) Series C | |||
| 5.00% 10/1/26 | 1,000,000 | 1,069,490 | |
| California Statewide Communities Development Authority | |||
| Revenue | |||
| (Lancer Plaza Project) 5.625% 11/1/33 | 1,000,000 | 1,128,060 | |
| Golden State Tobacco Securitization Settlement Revenue | |||
| (Enhanced Asset-Backed) Series A 5.00% 6/1/29 | 1,000,000 | 1,125,500 | |
| Oceanside Public Financing Authority | |||
| (EL Corazon Aquatics Center Project) 4.00% 11/1/49 | 1,000,000 | 1,119,910 | |
| San Jose Financing Authority Lease Revenue | |||
| (Civic Center Project) Series A 5.00% 6/1/33 | 500,000 | 564,460 | |
| 9,053,700 | |||
| Local General Obligation Bonds - 3.14% | |||
| Anaheim School District Capital Appreciation Election | |||
| 2002 | |||
| 4.58% 8/1/25 (NATL) ^ | 1,000,000 | 906,290 | |
| Marin Healthcare District Election 2013 | |||
| Series A 4.00% 8/1/47 | 1,000,000 | 1,104,090 |
4 NQ- 329 [11/19] 1/20 (1050603)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Local General Obligation Bonds(continued) | |||
| San Francisco Bay Area Rapid Transit District Election of | |||
| 2016 | |||
| (Green Bonds) Series B-1 4.00% 8/1/44 | 500,000 | $ | 578,025 |
| West Contra Costa Unified School District 2012 Election | |||
| Series C 4.00% 8/1/41 | 500,000 | 542,765 | |
| 3,131,170 | |||
| Pre-Refunded Bonds - 5.90% | |||
| Anaheim Public Financing Authority Revenue | |||
| (Anaheim Electric System Distribution Facilities) Series A | |||
| 5.00% 10/1/25-21 § | 800,000 | 843,624 | |
| California Municipal Finance Authority Mobile Home Park | |||
| Revenue | |||
| (Caritas Projects) Series A 6.40% 8/15/45-20 § | 935,000 | 970,044 | |
| Imperial Irrigation District Electric System Revenue | |||
| Series B 5.00% 11/1/36-20 § | 250,000 | 259,233 | |
| Pittsburg Unified School District Financing Authority | |||
| Revenue | |||
| (Pittsburg Unified School District Bond Program) 5.50% | |||
| 9/1/46-21 (AGM) § | 800,000 | 861,944 | |
| Rancho Santa Fe Community Services District Financing | |||
| Authority Revenue | |||
| (Superior Lien Bonds) Series A 5.75% 9/1/30-21 § | 800,000 | 866,120 | |
| Riverside County Redevelopment Agency Tax Allocation | |||
| Housing | |||
| Series A 6.00% 10/1/39-20 § | 1,000,000 | 1,041,780 | |
| San Diego Public Facilities Financing Authority Lease | |||
| Revenue | |||
| (Master Refunding Project) Series A 5.25% 3/1/40-20 § | 1,000,000 | 1,032,570 | |
| 5,875,315 | |||
| Special Tax Revenue Bonds - 5.48% | |||
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 1,745,000 | 1,805,813 | |
| Series A-1 5.00% 7/1/58 | 1,835,000 | 1,928,126 | |
| Sacramento Transient Occupancy Tax Revenue | |||
| (Convention Center Complex) Senior Series A 5.00% | |||
| 6/1/48 | 1,000,000 | 1,197,220 | |
| Yucaipa Special Tax Community Facilities District No. 98-1 | |||
| (Chapman Heights) 5.375% 9/1/30 | 500,000 | 530,615 | |
| 5,461,774 | |||
NQ- 329 [11/19] 1/20 (1050603) 5
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| State General Obligation Bonds - 7.06% | |||
| California | |||
| (Various Purpose) | |||
| 4.00% 10/1/44 | 2,000,000 | $ | 2,297,320 |
| 5.00% 4/1/32 | 300,000 | 406,833 | |
| 5.00% 8/1/46 | 1,000,000 | 1,184,970 | |
| 5.25% 3/1/30 | 1,000,000 | 1,010,230 | |
| 5.25% 4/1/35 | 1,000,000 | 1,093,810 | |
| 5.25% 11/1/40 | 1,000,000 | 1,037,600 | |
| 7,030,763 | |||
| Transportation Revenue Bonds - 11.74% | |||
| Alameda Corridor Transportation Authority | |||
| (2nd Subordinate Lien) Series B 5.00% 10/1/37 | 500,000 | 586,275 | |
| California Municipal Finance Authority Senior Lien | |||
| (LINXS APM Project) Series A 5.00% 12/31/47 (AMT) | 645,000 | 752,431 | |
| Long Beach Marina Revenue | |||
| (Alamitos Bay Marina Project) 5.00% 5/15/45 | 500,000 | 564,875 | |
| Los Angeles Department of Airports | |||
| (Los Angeles International Airport) | |||
| Senior Series D 5.00% 5/15/36 (AMT) | 1,000,000 | 1,157,270 | |
| Subordinate Series A 5.00% 5/15/33 (AMT) | 255,000 | 312,579 | |
| Riverside County Transportation Commission Senior Lien | |||
| (Current Interest Obligations) Series A 5.75% 6/1/44 | 500,000 | 559,295 | |
| Sacramento County Airport System Revenue | |||
| Series C 5.00% 7/1/39 (AMT) | 1,000,000 | 1,205,790 | |
| Subordinate Series B 5.00% 7/1/41 | 500,000 | 588,205 | |
| San Diego County Regional Airport Authority Revenue | |||
| Subordinate Series A 5.00% 7/1/47 | 375,000 | 447,975 | |
| San Diego Redevelopment Agency | |||
| (Centre City Redevelopment Project) Series A 6.40% | |||
| 9/1/25 | 870,000 | 873,698 | |
| San Francisco City & County Airports Commission | |||
| (San Francisco International Airport) | |||
| Second Series A 5.00% 5/1/49 (AMT) | 1,000,000 | 1,207,430 | |
| Second Series B 5.00% 5/1/46 (AMT) | 1,000,000 | 1,153,480 | |
| Second Series E 5.00% 5/1/50 (AMT) | 1,000,000 | 1,206,280 | |
| San Francisco Municipal Transportation Agency Revenue | |||
| Series B 5.00% 3/1/37 | 1,000,000 | 1,081,860 | |
| 11,697,443 | |||
| Total Municipal Bonds(cost $91,332,370) | 97,412,728 |
6 NQ- 329 [11/19] 1/20 (1050603)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Short-Term Investments – 1.05% | |||
| Variable Rate Demand Notes - 1.05%¤ | |||
| California Series A2 | |||
| 0.55% 5/1/34 (LOC - State Street Bank and Trust) | 350,000 | $ | 350,000 |
| Los Angeles Department of Water & Power Revenue | |||
| Subseries B-3 | |||
| 0.64% 7/1/34 (SPA - Barclays Bank PLC) | 200,000 | 200,000 | |
| Regents of the University of California Medical Center | |||
| Pooled Revenue Subseries B-2 | |||
| 0.55% 5/15/32 | 500,000 | 500,000 | |
| Total Short-Term Investments(cost $1,050,000) | 1,050,000 | ||
| Total Value of Securities – 98.82% | |||
| (cost $92,382,370) | 98,462,728 | ||
| Receivables and Other Assets Net of Liabilities – 1.18% | 1,170,809 | ||
| Net Assets Applicable to 8,145,745 Shares Outstanding – 100.00% | $ | 99,633,537 | |
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Nov. 30, 2019, the aggregate value of Rule 144A securities was $11,681,725, which represents
11.72% of the Fund’s net assets.
¤ 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 Nov. 30, 2019.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds.
For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be
pre-refunded.
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
‡ Non-income producing security. Security is currently in default.
^ 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 Nov. 30, 2019.
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
ICEF – Inner City Education Foundation
NQ- 329 [11/19] 1/20 (1050603) 7
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
Summary of abbreviations (continued):
LOC – Letter of Credit
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
NCCD – National Campus and Community Development
PLC – Public Limited Company
SPA – Stand-by Purchase Agreement
UCR – University of California Riverside
USD – US Dollar
8 NQ- 329 [11/19] 1/20 (1050603)
