Schedule of investments
Delaware Tax-Free Idaho Fund November 30, 2019 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 98.39% | | | |
| Corporate Revenue Bonds - 3.12% | | | |
| Nez Perce County Pollution Control Revenue | | | |
| (Potlatch Project) 2.75% 10/1/24 | 1,250,000 | $ | 1,298,187 |
| Power County Industrial Development Revenue | | | |
| (FMC Project) 6.45% 8/1/32 (AMT) | 2,000,000 | | 2,008,520 |
| | | | 3,306,707 |
| Education Revenue Bonds - 17.71% | | | |
| Boise State University Revenue | | | |
| (General Project) | | | |
| Series A 4.00% 4/1/22 | 485,000 | | 515,579 |
| Series A 4.00% 4/1/37 | 1,250,000 | | 1,294,363 |
| Series A 5.00% 4/1/42 | 1,350,000 | | 1,446,957 |
| Series A 5.00% 4/1/47 | 500,000 | | 592,890 |
| Series A 5.00% 4/1/48 | 1,000,000 | | 1,198,920 |
| Idaho Housing & Finance Association | | | |
| (Compass Public Charter School Project) | | | |
| Series A 144A 6.00% 7/1/39 # | 370,000 | | 431,161 |
| Series A 144A 6.00% 7/1/49 # | 595,000 | | 684,399 |
| Series A 144A 6.00% 7/1/54 # | 570,000 | | 651,179 |
| (Idaho Arts Charter School Project) | | | |
| Series A 5.00% 12/1/38 | 1,000,000 | | 1,110,720 |
| Series A 144A 5.00% 12/1/46 # | 1,000,000 | | 1,084,120 |
| (North Star Charter School Project) | | | |
| Capital Appreciation Subordinate Series B 144A | | | |
| 4.88% 7/1/49 #^ | 2,888,155 | | 562,237 |
| Series A 6.75% 7/1/48 | 529,151 | | 576,748 |
| (Victory Charter School Project) Series B 5.00% 7/1/39 | 1,000,000 | | 1,085,710 |
| (Xavier Charter School Project) Series A 5.00% 6/1/50 | 1,275,000 | | 1,392,861 |
| Idaho State University Revenue | | | |
| 3.00% 4/1/49 | 1,000,000 | | 990,320 |
| 5.00% 4/1/43 | 250,000 | | 304,973 |
| 5.00% 4/1/44 | 250,000 | | 304,440 |
| University of Idaho | | | |
| Series 2011 5.25% 4/1/41• | 1,710,000 | | 1,792,679 |
| Series A 5.00% 4/1/41 | 1,000,000 | | 1,219,220 |
| Series B 5.00% 4/1/28 | 1,000,000 | | 1,012,040 |
| Series B 5.00% 4/1/32 | 500,000 | | 505,955 |
| | | | 18,757,471 |
| Electric Revenue Bonds - 3.64% | | | |
| Boise-Kuna Irrigation District Revenue | | | |
| (Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34 | 2,000,000 | | 2,291,600 |
| Guam Power Authority Revenue | | | |
| Series A 5.00% 10/1/40 | 1,000,000 | | 1,139,440 |
NQ- 360 [11/19] 1/20 (1050615) 1
Schedule of investments
Delaware Tax-Free Idaho Fund (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 ‡ | 230,000 | $ | 176,525 |
| Series WW 5.00% 7/1/28 ‡ | 320,000 | | 245,600 |
| | | | 3,853,165 |
| Healthcare Revenue Bonds - 11.43% | | | |
| Idaho Health Facilities Authority Revenue | | | |
| (Madison Memorial Hospital Project) 5.00% 9/1/37 | 1,350,000 | | 1,507,248 |
| (St. Luke’s Health System Project) | | | |
| Series A 5.00% 3/1/27 | 1,000,000 | | 1,223,800 |
| Series A 5.00% 3/1/47 | 1,500,000 | | 1,576,875 |
| (Trinity Health Credit Group) | | | |
| Series D 4.50% 12/1/37 | 1,385,000 | | 1,425,165 |
| Series ID 4.00% 12/1/43 | 1,000,000 | | 1,092,620 |
| Series ID 5.00% 12/1/32 | 1,000,000 | | 1,082,420 |
| Series ID 5.00% 12/1/46 | 750,000 | | 880,485 |
| (Valley Vista Care Corporation) | | | |
| Series A 5.25% 11/15/37 | 1,005,000 | | 1,067,993 |
| Series A 5.25% 11/15/47 | 1,130,000 | | 1,181,483 |
| Puerto Rico Industrial Tourist Educational Medical & | | | |
| Environmental Control Facilities Financing Authority | | | |
| (Hospital Auxilio Mutuo Obligated Group Project) | | | |
| Series A 6.00% 7/1/33 | 1,020,000 | | 1,063,952 |
| | | | 12,102,041 |
| Housing Revenue Bonds - 4.57% | | | |
| Idaho Housing & Finance Association | | | |
| Series A 4.50% 1/21/49 (GNMA) | 954,018 | | 1,009,894 |
| Idaho Housing & Finance Association Single Family | | | |
| Mortgage Revenue | | | |
| Series A 3.05% 7/1/39 (GNMA) | 1,675,000 | | 1,699,187 |
| Series A 3.25% 1/1/43 (GNMA) | 825,000 | | 841,723 |
| Series A Class II 4.375% 7/1/32 | 480,000 | | 485,640 |
| Series C 3.00% 1/1/43 (FHA) | 800,000 | | 805,496 |
| | | | 4,841,940 |
| Lease Revenue Bonds - 7.86% | | | |
| Boise Urban Renewal Agency | | | |
| 5.00% 12/15/31 | 750,000 | | 892,665 |
| 5.00% 12/15/32 | 750,000 | | 890,363 |
| Idaho Fish & Wildlife Foundation | | | |
| 5.00% 12/1/41 | 200,000 | | 243,574 |
2 NQ- 360 [11/19] 1/20 (1050615)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Lease Revenue Bonds(continued) | | | |
| Idaho Housing & Finance Association Economic | | | |
| Development Facilities Revenue | | | |
| (TDF Facilities Project) | | | |
| Series A 6.50% 2/1/26 | 1,370,000 | $ | 1,446,556 |
| Series A 7.00% 2/1/36 | 1,500,000 | | 1,583,025 |
| Idaho State Building Authority Revenue | | | |
| Series B 5.00% 9/1/40 | 1,250,000 | | 1,359,087 |
| (Capitol Mall Parking Project) | | | |
| Series A 4.50% 9/1/26 | 485,000 | | 541,939 |
| Series A 4.50% 9/1/27 | 505,000 | | 562,913 |
| (Department of Health & Welfare Project) Series B | | | |
| 4.00% 9/1/48 | 750,000 | | 807,270 |
| | | | 8,327,392 |
| Local General Obligation Bonds - 24.12% | | | |
| Ada & Boise Counties Independent School District Boise | | | |
| City | | | |
| 5.00% 8/1/33 | 1,010,000 | | 1,230,847 |
| 5.00% 8/1/34 | 1,500,000 | | 1,824,525 |
| 5.00% 8/1/35 | 1,160,000 | | 1,408,692 |
| 5.00% 8/1/36 | 500,000 | | 605,840 |
| Ada & Canyon Counties Joint School District No. 2 | | | |
| Meridian | | | |
| 4.50% 7/30/22 | 1,500,000 | | 1,532,940 |
| Ada & Canyon Counties Joint School District No. 3 Kuna | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 9/15/33 | 1,670,000 | | 2,040,573 |
| Series B 5.00% 9/15/35 | 1,100,000 | | 1,338,359 |
| Canyon County School District No. 131 Nampa | | | |
| (School Board Guaranteed) | | | |
| Series B 5.00% 8/15/23 | 1,295,000 | | 1,473,697 |
| Canyon County School District No. 132 Caldwell | | | |
| Series A 5.00% 9/15/22 (AGM) | 1,725,000 | | 1,729,985 |
| Series A 5.00% 9/15/23 (AGM) | 1,810,000 | | 1,815,195 |
| Canyon County School District No. 139 Vallivue | | | |
| (School Board Guaranteed) | | | |
| 5.00% 9/15/33 | 1,000,000 | | 1,125,490 |
| Series B 5.00% 9/15/24 | 1,480,000 | | 1,633,890 |
| Idaho Bond Bank Authority Revenue | | | |
| Series A 4.00% 9/15/33 | 530,000 | | 599,875 |
| Series A 4.00% 9/15/37 | 1,000,000 | | 1,117,210 |
| Series C 5.00% 9/15/42 | 500,000 | | 603,765 |
NQ- 360 [11/19] 1/20 (1050615) 3
Schedule of investments
Delaware Tax-Free Idaho Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Local General Obligation Bonds(continued) | | | |
| Madison County School District No. 321 Rexburg | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 8/15/25 | 1,080,000 | $ | 1,300,990 |
| Series B 5.00% 8/15/26 | 500,000 | | 617,360 |
| Nez Perce County Independent School District No. 1 | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 9/15/36 | 1,000,000 | | 1,211,690 |
| Series B 5.00% 9/15/37 | 1,000,000 | | 1,206,420 |
| Twin Falls County School District No. 411 | | | |
| (School Board Guaranteed) Series A 4.75% 9/15/37 | 1,000,000 | | 1,129,890 |
| | | | 25,547,233 |
| Pre-Refunded Bond - 2.41% | | | |
| Idaho Health Facilities Authority Revenue | | | |
| (St. Luke’s Regional Medical Center Project) | | | |
| 5.00% 7/1/35-20 (AGM)§ | 2,500,000 | | 2,556,125 |
| | | | 2,556,125 |
| Special Tax Revenue Bonds - 19.14% | | | |
| Guam Government Business Privilege Tax Revenue | | | |
| Series A 5.125% 1/1/42 | 545,000 | | 568,833 |
| Series A 5.25% 1/1/36 | 705,000 | | 741,491 |
| Series B-1 5.00% 1/1/42 | 1,425,000 | | 1,482,285 |
| Idaho Water Resource Board Loan Program Revenue | | | |
| (Ground Water Rights Mitigation) Series A 5.00% 9/1/32 | 3,565,000 | | 3,877,116 |
| Ketchum Urban Renewal Agency Tax Increment Revenue | | | |
| 5.50% 10/15/34 | 1,500,000 | | 1,523,910 |
| Nampa Development Corporation Revenue | | | |
| 5.90% 3/1/30 | 3,000,000 | | 3,015,150 |
| (Library Square Project) 144A 5.00% 9/1/31 # | 1,000,000 | | 1,072,050 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.55% 7/1/40 | 875,000 | | 905,826 |
| Series A-1 4.75% 7/1/53 | 3,485,000 | | 3,606,452 |
| Series A-1 5.00% 7/1/58 | 1,381,000 | | 1,451,086 |
| Series A-2 4.329% 7/1/40 | 420,000 | | 426,821 |
| Virgin Islands Public Finance Authority Revenue | | | |
| (Senior Lien-Matching Fund Loan Note) 5.00% 10/1/29 | | | |
| (AGM) | 1,500,000 | | 1,598,250 |
| | | | 20,269,270 |
| Transportation Revenue Bonds - 3.10% | | | |
| Boise City Airport Revenue | | | |
| (Air Terminal Facilities Project) | | | |
| 5.75% 9/1/20 (AGM) (AMT) | 1,000,000 | | 1,032,610 |
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| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds(continued) | | | |
| Transportation Revenue Bonds(continued) | | | |
| Boise City Airport Revenue | | | |
| (Parking Facilities Project) 4.00% 9/1/32 | 2,180,000 | $ | 2,249,411 |
| | | | 3,282,021 |
| Water & Sewer Revenue Bonds - 1.29% | | | |
| Guam Government Waterworks Authority | | | |
| 5.00% 7/1/40 | 370,000 | | 427,128 |
| 5.00% 1/1/46 | 835,000 | | 941,170 |
| | | | 1,368,298 |
| Total Municipal Bonds(cost $99,320,365) | | | 104,211,663 |
| | Number of shares | | |
| Short-Term Investments – 0.38% | | | |
| Money Market Mutual Fund - 0.07% | | | |
| Dreyfus AMT-Free Tax Exempt Cash Management Fund - | | | |
| Institutional Shares (seven-day effective yield 1.01%) | 75,022 | | 75,022 |
| | | | 75,022 |
| | Principal amount° | | |
| Variable Rate Demand Note - 0.31%¤ | | | |
| Idaho Health Facilities Authority Revenue (St. Luke’s | | | |
| Health System Project) Series C | | | |
| 1.13% 3/1/48 (LOC – US Bank N. A. ) | 325,000 | | 325,000 |
| | | | 325,000 |
| Total Short-Term Investments(cost $400,022) | | | 400,022 |
| |
| Total Value of Securities – 98.77% | | | |
| (cost $99,720,387) | | | 104,611,685 |
| Receivables and Other Assets Net of Liabilities – 1.23% | | | 1,306,219 |
| Net Assets Applicable to 9,178,355 Shares Outstanding – 100.00% | | $ | 105,917,904 |
# 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 $4,485,146, which represents
4.23% 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.
NQ- 360 [11/19] 1/20 (1050615) 5
Schedule of investments
Delaware Tax-Free Idaho Fund (Unaudited)
‡ Non-income producing security. Security is currently in default.
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Nov. 30, 2019. For securities based on a published reference rate and spread, the reference rate and
spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M,
LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on
a published reference rate and spread but are determined by the issuer or agent and are based on
current market conditions, or for mortgage-backed securities, are impacted by the individual
mortgages which are paying off over time. These securities do not indicate a reference rate and
spread in their description above.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
FHA – Federal Housing Administration
GNMA – Government National Mortgage Association collateral
ICE – Intercontinental Exchange
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar
6 NQ- 360 [11/19] 1/20 (1050615)
