Schedule of investments
Delaware Tax-Free New York Fund November 30, 2019 (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds – 99.32% | ||||
| Corporate Revenue Bonds - 5.85% | ||||
| Nassau County Tobacco Settlement | ||||
| (Asset-Backed) Series A-3 5.125% 6/1/46 | 625,000 | $ | 623,650 | |
| New York Counties Tobacco Trust VI | ||||
| (Tobacco Settlement Pass Through) Series C 5.00% | ||||
| 6/1/51 | 500,000 | 521,375 | ||
| New York Transportation Development Corporation | ||||
| Special Facilities Revenue | ||||
| (Delta Air Lines - LaGuardia Airport Terminals C&D | ||||
| Redevelopment Project) 5.00% 1/1/36 (AMT) | 1,000,000 | 1,181,700 | ||
| Suffolk Tobacco Asset Securitization | ||||
| Series B 5.25% 6/1/37 | 700,000 | 740,173 | ||
| TSASC Revenue | ||||
| (Senior) Fiscal 2017 Series A 5.00% 6/1/41 | 900,000 | 1,009,080 | ||
| (Subordinate) Fiscal 2017 Series B 5.00% 6/1/48 | 1,000,000 | 992,490 | ||
| 5,068,468 | ||||
| Education Revenue Bonds - 20.30% | ||||
| Albany Industrial Development Agency Civic Facilities | ||||
| Revenue | ||||
| (Brighter Choice Charter School) Series A 5.00% | ||||
| 4/1/37 | 250,000 | 250,295 | ||
| Buffalo & Erie County Industrial Land Development | ||||
| (Buffalo State College Foundation Housing Project) | ||||
| Series A 6.00% 10/1/31 | 525,000 | 557,062 | ||
| (Tapestry Charter School Project) Series A 5.00% | ||||
| 8/1/52 | 500,000 | 544,735 | ||
| Build NYC Resource | ||||
| (Bronx Charter School for Excellence Project) | ||||
| Series A 5.00% 4/1/33 | 500,000 | 537,510 | ||
| Series A 5.50% 4/1/43 | 500,000 | 539,625 | ||
| (Inwood Academy for Leadership Charter School | ||||
| Project) Series A 144A 5.50% 5/1/48 # | 500,000 | 564,140 | ||
| (Manhattan College Project) 5.00% 8/1/47 | 500,000 | 587,850 | ||
| (Metropolitan College of New York Project) 5.50% | ||||
| 11/1/44 | 600,000 | 644,730 | ||
| (Metropolitan Lighthouse Charter School Project) | ||||
| Series A 144A 5.00% 6/1/52 # | 250,000 | 271,940 | ||
| (New Dawn Charter Schools Project) 144A 5.75% | ||||
| 2/1/49# | 500,000 | 531,615 | ||
| (The Packer Collegiate Institute Project) 5.00% 6/1/40 | 750,000 | 859,477 | ||
| Dutchess County Local Development | ||||
| (The Culinary Institute of America Project) Series A-1 | ||||
| 5.00% 7/1/46 | 300,000 | 342,372 | ||
NQ-401 [11/19] 1/20 (1050073) 1
Schedule of investments
Delaware Tax-Free New York Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Education Revenue Bonds(continued) | |||
| Hempstead Town Local Development | |||
| (Hofstra University Project) 5.00% 7/1/42 | 500,000 | $ | 591,060 |
| Monroe County Industrial Development Revenue | |||
| (St. John Fisher College Project) Series A 5.50% 6/1/39 | 300,000 | 347,502 | |
| (University of Rochester Project) Series C 4.00% 7/1/43 | 500,000 | 552,350 | |
| New York City Trust for Cultural Resources | |||
| (Alvin Ailey Dance Foundation) Series A 4.00% 7/1/46 | 1,000,000 | 1,078,730 | |
| (Whitney Museum of American Art) 5.00% 7/1/31 | 500,000 | 519,780 | |
| New York State Dormitory Authority | |||
| (Barnard College) Series A 5.00% 7/1/35 | 400,000 | 468,036 | |
| (Fordham University) 5.00% 7/1/44 | 650,000 | 734,987 | |
| (Marymount Manhattan College) 5.00% 7/1/24 | 350,000 | 350,955 | |
| (Pratt Institute) Series A 5.00% 7/1/34 | 1,000,000 | 1,135,430 | |
| (Rockefeller University) Series A 5.00% 7/1/27 | 250,000 | 250,750 | |
| (Touro College & University) Series A 5.50% 1/1/44 | 1,000,000 | 1,097,280 | |
| (University of Rochester Project) Unrefunded Series A | |||
| 5.125% 7/1/39 | 20,000 | 20,057 | |
| Onondaga Civic Development Revenue | |||
| (Le Moyne College Project) 5.20% 7/1/29 | 500,000 | 511,125 | |
| St. Lawrence County Industrial Development Agency Civic | |||
| Development Revenue | |||
| (St. Lawrence University Project) Series A 4.00% | |||
| 7/1/43 | 1,000,000 | 1,083,130 | |
| Tompkins County Development | |||
| (Ithaca College Project) | |||
| 5.00% 7/1/34 | 750,000 | 875,213 | |
| 5.00% 7/1/41 | 500,000 | 600,910 | |
| Troy Industrial Development Authority | |||
| (Rensselaer Polytechnic Institute Project) Series E 5.20% | |||
| 4/1/37 | 500,000 | 530,550 | |
| Yonkers Economic Development Educational Revenue | |||
| (Charter School of Educational Excellence Project) | |||
| Series A 6.25% 10/15/40 | 600,000 | 616,116 | |
| 17,595,312 | |||
| Electric Revenue Bonds - 4.36% | |||
| Long Island Power Authority Electric System Revenue | |||
| 5.00% 9/1/37 | 450,000 | 551,975 | |
| 5.00% 9/1/47 | 500,000 | 594,910 | |
| Series A 5.00% 9/1/44 | 750,000 | 849,900 | |
| New York State Power Authority Revenue | |||
| Series A 5.00% 11/15/38 | 500,000 | 534,925 |
2 NQ-401 [11/19] 1/20 (1050073)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Electric Revenue Bonds(continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series CCC 5.25% 7/1/27 ‡ | 190,000 | $ | 145,825 |
| Series WW 5.00% 7/1/28 ‡ | 270,000 | 207,225 | |
| Utility Debt Securitization Authority | |||
| (Restructuring Bonds) 5.00% 12/15/37 | 750,000 | 894,270 | |
| 3,779,030 | |||
| Healthcare Revenue Bonds - 13.08% | |||
| Buffalo & Erie County Industrial Land Development | |||
| (Catholic Health System Project) 5.25% 7/1/35 | 250,000 | 291,920 | |
| Build NYC Resource | |||
| (The Children’s Aid Society Project) 4.00% 7/1/49 | 1,000,000 | 1,118,580 | |
| Dutchess County Local Development | |||
| (Nuvance Health) Series B 4.00% 7/1/49 | 1,000,000 | 1,104,290 | |
| Guilderland Industrial Development Agency | |||
| (Albany Place Development Project) Series A 144A | |||
| 5.875% 1/1/52 # | 500,000 | 510,550 | |
| Monroe County Industrial Development | |||
| (The Rochester General Hospital Project) | |||
| 5.00% 12/1/36 | 405,000 | 476,887 | |
| 5.00% 12/1/46 | 540,000 | 621,831 | |
| (The Unity Hospital of Rochester Project) 5.50% | |||
| 8/15/40 (FHA) | 585,000 | 613,846 | |
| Nassau County Local Economic Assistance | |||
| (Catholic Health Services of Long Island Obligated | |||
| Group Project) 5.00% 7/1/33 | 725,000 | 807,027 | |
| New York City Trust for Cultural Resources | |||
| (Carnegie Hall) 5.00% 12/1/39 | 250,000 | 317,860 | |
| New York State Dormitory Authority Revenue | |||
| (Montefiore Obligated Group) Series A 4.00% 8/1/38 | 1,000,000 | 1,104,770 | |
| New York State Dormitory Authority Revenue Non-State | |||
| Supported Debt | |||
| (Mt. Sinai Hospital) Series A 5.00% 7/1/26-20 | 600,000 | 613,578 | |
| (New York University Hospitals Center) Series A 4.00% | |||
| 7/1/40 | 465,000 | 508,231 | |
| (Orange Regional Medical Center Obligated Group) | |||
| 144A 5.00% 12/1/34 # | 500,000 | 587,545 | |
| 144A 5.00% 12/1/45 # | 700,000 | 784,238 | |
| Orange County Funding Assisted Living Residence | |||
| Revenue | |||
| (The Hamlet at Wallkill Assisted Living Project) 6.50% | |||
| 1/1/46 | 400,000 | 413,868 | |
| Southold Local Development Revenue | |||
| (Peconic Landing at Southold Project) 5.00% 12/1/45 | 750,000 | 792,337 |
NQ-401 [11/19] 1/20 (1050073) 3
Schedule of investments
Delaware Tax-Free New York Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Healthcare Revenue Bonds(continued) | ||||
| Suffolk County Economic Development Revenue | ||||
| (Peconic Landing at Southhold Project) 6.00% 12/1/40 | 650,000 | $ | 673,185 | |
| 11,340,543 | ||||
| Lease Revenue Bonds - 6.86% | ||||
| Hudson Yards Infrastructure | ||||
| Unrefunded Fiscal 2012 Series A 5.75% 2/15/47 | 385,000 | 404,939 | ||
| MTA Hudson Rail Yards Trust Obligations | ||||
| (The Metropolitan Transportation Authority) Series A | ||||
| 5.00% 11/15/56 | 710,000 | 787,965 | ||
| New York City Industrial Development Agency | ||||
| (Senior Trips) | ||||
| Series A 5.00% 7/1/22 (AMT) | 350,000 | 380,237 | ||
| Series A 5.00% 7/1/28 (AMT) | 1,500,000 | 1,612,470 | ||
| New York Liberty Development | ||||
| (4 World Trade Center Project) 5.00% 11/15/31 | 500,000 | 535,350 | ||
| (Class 1 - 3 World Trade Center Project) 144A 5.00% | ||||
| 11/15/44# | 1,500,000 | 1,657,365 | ||
| (Class 2 - 3 World Trade Center Project) 144A 5.375% | ||||
| 11/15/40# | 500,000 | 563,800 | ||
| 5,942,126 | ||||
| Local General Obligation Bonds - 3.39% | ||||
| New York City | ||||
| Fiscal 2014 Subordinate Series D-1 5.00% 8/1/31 | 1,000,000 | 1,125,930 | ||
| Fiscal 2018 Series B-1 4.00% 10/1/41 | 500,000 | 556,340 | ||
| Fiscal 2019 Series E 5.00% 8/1/32 | 500,000 | 632,825 | ||
| Subordinate Series E-1 5.25% 3/1/35 | 500,000 | 627,685 | ||
| 2,942,780 | ||||
| Pre-Refunded Bonds - 7.97% | ||||
| Dutchess County Local Development | ||||
| (Health Quest Systems Project) | ||||
| Series A 5.00% 7/1/34-24 § | 350,000 | 407,708 | ||
| Series A 5.00% 7/1/44-24 § | 1,000,000 | 1,164,880 | ||
| Hudson Yards Infrastructure | ||||
| Fiscal 2012 Series A 5.75% 2/15/47-21 § | 615,000 | 649,594 | ||
| Metropolitan Transportation Authority Revenue | ||||
| Series D 5.25% 11/15/27-20 § | 250,000 | 260,165 | ||
| Monroe County Industrial Development Revenue | ||||
| (Nazareth College of Rochester Project) | ||||
| 5.25% 10/1/31-21 § | 500,000 | 538,195 | ||
| 5.50% 10/1/41-21 § | 500,000 | 540,455 | ||
4 NQ-401 [11/19] 1/20 (1050073)
(Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Pre-Refunded Bonds(continued) | ||||
| New York City Transitional Finance Authority Revenue | ||||
| (Future Tax Secured) Fiscal 2011 Subordinate Series D-1 | ||||
| 5.25% 2/1/29-21 § | 305,000 | $ | 320,030 | |
| New York Liberty Development Revenue | ||||
| (Second Priority - Bank of America Tower at One Bryant | ||||
| Park Project) Class 2 5.625% 7/15/47-20 § | 500,000 | 502,705 | ||
| New York State Dormitory Authority Revenue Non-State | ||||
| Supported Debt | ||||
| (The Northwell Health Obligated Group) Series A 5.00% | ||||
| 5/1/41-21§ | 500,000 | 527,440 | ||
| New York State Thruway Authority General Revenue | ||||
| Series I 5.00% 1/1/32-22 § | 700,000 | 757,729 | ||
| Onondaga Civic Development Revenue | ||||
| (St. Joseph’s Hospital Health Center Project) | ||||
| 4.50% 7/1/32-22 § | 380,000 | 412,950 | ||
| 5.00% 7/1/42-22 § | 750,000 | 824,535 | ||
| 6,906,386 | ||||
| Resource Recovery Revenue Bond - 1.83% | ||||
| Niagara Area Development Revenue | ||||
| (Covanta Project) Series A 144A 4.75% 11/1/42 (AMT) # | 1,500,000 | 1,584,735 | ||
| 1,584,735 | ||||
| Special Tax Revenue Bonds - 19.68% | ||||
| Build NYC Resource | ||||
| (YMCA of Greater New York Project) 5.00% 8/1/40 | 450,000 | 512,775 | ||
| Glen Cove Local Economic Assistance | ||||
| (Garvies Point Public Improvement Project) Series A | ||||
| 5.00% 1/1/56 | 250,000 | 270,553 | ||
| Guam Government Business Privilege Tax Revenue | ||||
| Series A 5.25% 1/1/36 | 240,000 | 252,422 | ||
| New York City Transitional Finance Authority Revenue | ||||
| (Building Aid) | ||||
| Fiscal 2012 Subordinate Series S-1A 5.25% 7/15/37 | 1,000,000 | 1,063,060 | ||
| Fiscal 2015 Subordinate Series S-1 5.00% 7/15/43 | 1,000,000 | 1,152,190 | ||
| (Future Tax Secured) | ||||
| Fiscal 2014 Subordinate Series A-1 5.00% 11/1/42 | 750,000 | 841,777 | ||
| Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40 | 750,000 | 852,653 | ||
| Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41 | 1,000,000 | 1,153,320 | ||
| Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42 | 500,000 | 563,930 | ||
| Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42 | 500,000 | 550,800 | ||
| Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43 | 1,000,000 | 1,187,080 | ||
| Unrefunded Fiscal 2011 Subordinate Series C 5.25% | ||||
| 11/1/25 | 310,000 | 321,830 | ||
NQ-401 [11/19] 1/20 (1050073) 5
Schedule of investments
Delaware Tax-Free New York Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Special Tax Revenue Bonds(continued) | |||
| New York City Transitional Finance Authority Revenue | |||
| (Future Tax Secured) | |||
| Unrefunded Fiscal 2011 Subordinate Series D-1 5.25% | |||
| 2/1/29 | 195,000 | $ | 204,235 |
| New York Convention Center Development Revenue | |||
| (Hotel Unit Fee Secured) 5.00% 11/15/35 | 1,000,000 | 1,184,930 | |
| New York State Dormitory Authority Revenue | |||
| (General Purpose) Series C 5.00% 3/15/34 | 500,000 | 523,245 | |
| New York State Urban Development Revenue | |||
| (General Purpose) Series A 4.00% 3/15/36 | 500,000 | 558,800 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 425,000 | 439,973 | |
| Series A-1 4.75% 7/1/53 | 1,475,000 | 1,526,404 | |
| Series A-1 5.00% 7/1/58 | 2,745,000 | 2,884,309 | |
| Series A-2 4.536% 7/1/53 | 1,000,000 | 1,016,030 | |
| 17,060,316 | |||
| Transportation Revenue Bonds - 10.11% | |||
| Buffalo & Fort Erie Public Bridge Authority | |||
| 5.00% 1/1/47 | 435,000 | 507,728 | |
| Metropolitan Transportation Authority Revenue | |||
| Series D 5.00% 11/15/32 | 500,000 | 548,355 | |
| (Green Bond) Series B 4.00% 11/15/50 | 1,000,000 | 1,099,980 | |
| New York State Thruway Authority General Revenue | |||
| Series L 5.00% 1/1/35 | 100,000 | 124,010 | |
| (Junior Indebtedness Obligation) Series A 5.25% | |||
| 1/1/56 | 1,000,000 | 1,162,710 | |
| Port Authority of New York & New Jersey | |||
| (Consolidated Bonds - Two Hundred Seventeen Series) | |||
| 4.00% 11/1/49 | 1,500,000 | 1,696,665 | |
| (Consolidated Bonds - Two Hundred Sixteen Series) | |||
| 4.00% 9/1/49 | 1,000,000 | 1,129,360 | |
| (JFK International Air Terminal Project) | |||
| Series 8 6.00% 12/1/42 | 700,000 | 730,828 | |
| Series 8 6.50% 12/1/28 | 550,000 | 574,222 | |
| Triborough Bridge & Tunnel Authority | |||
| (MTA Bridges and Tunnels) Series A 5.00% 11/15/47 | 1,000,000 | 1,191,440 | |
| 8,765,298 |
6 NQ-401 [11/19] 1/20 (1050073)
(Unaudited)
| Principal amount° | Value (US $) | |||
| Municipal Bonds(continued) | ||||
| Water & Sewer Revenue Bonds - 5.89% | ||||
| New York City Municipal Water Finance Authority Water & | ||||
| Sewer System Revenue | ||||
| (Second General Resolution) | ||||
| Fiscal 2017 Series DD 5.00% 6/15/47 | 1,000,000 | $ | 1,187,420 | |
| Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49 | 1,000,000 | 1,124,450 | ||
| Fiscal 2020 Series AA 4.00% 6/15/40 | 1,000,000 | 1,141,050 | ||
| New York State Environmental Facilities Revenue | ||||
| (New York City Municipal Water Finance Authority | ||||
| Projects - Second Resolution) | ||||
| Fiscal 2011 Series B 5.00% 6/15/30 | 500,000 | 529,215 | ||
| Series B 4.00% 6/15/49 | 1,000,000 | 1,125,360 | ||
| 5,107,495 | ||||
| Total Municipal Bonds(cost $81,846,795) | 86,092,489 | |||
| Short-Term Investments – 0.69% | ||||
| Variable Rate Demand Notes - 0.69%¤ | ||||
| New York City Municipal Water Finance Authority Water & | ||||
| Sewer System Revenue | ||||
| (Second General Resolution) Fiscal 2008 Series BB-5 | ||||
| 1.12% 6/15/33 (Bank of America N. A. ) | 500,000 | 500,000 | ||
| Fiscal 2012 Subseries A-2 | ||||
| 1.12% 6/15/44 (Mizuho Bank) | 100,000 | 100,000 | ||
| Total Short-Term Investments(cost $600,000) | 600,000 | |||
| Total Value of Securities – 100.01% | ||||
| (cost $82,446,795) | 86,692,489 | |||
| Liabilities Net of Receivables and Other Assets – (0.01%) | (6,509) | |||
| Net Assets Applicable to 7,432,985 Shares Outstanding – 100.00% | $ | 86,685,980 | ||
# 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 $7,055,928, which represents
8.14% 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.
NQ-401 [11/19] 1/20 (1050073) 7
Schedule of investments
Delaware Tax-Free New York Fund (Unaudited)
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
‡ Non-income producing security. Security is currently in default.
Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
FHA – Federal Housing Administration
N.A. – National Association
USD – US Dollar
8 NQ-401 [11/19] 1/20 (1050073)
