Schedule of investments
Delaware Tax-Free California Fund May 31, 2020 (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Municipal Bonds – 99.48% | | | | |
| Corporate Revenue Bonds - 7.04% | | | | |
| Golden State Tobacco Securitization Settlement Revenue | | | | |
| (Asset-Backed) Series A-2 5.00% 6/1/47 | | 2,000,000 | $ | 2,001,620 |
| (Capital Appreciation Asset-Backed) Subordinate | | | | |
| Series B 1.548% 6/1/47 ^ | | 1,615,000 | | 318,898 |
| Inland Empire Tobacco Securitization Authority | | | | |
| (Capital Appreciation Turbo Asset-Backed) Series F | | | | |
| 144A 1.46% 6/1/57 #^ | | 16,655,000 | | 535,958 |
| M-S-R Energy Authority Revenue | | | | |
| Series B 6.50% 11/1/39 | | 500,000 | | 749,870 |
| Tobacco Securitization Authority of Southern California | | | | |
| (San Diego County) | | | | |
| Capital Appreciation Second Subordinate Series C | | | | |
| 0.558% 6/1/46 ^ | | 9,285,000 | | 1,493,306 |
| Capital Appreciation Third Subordinate Series D 0.307% | | | | |
| 6/1/46 ^ | 3,460,000 | | 498,102 |
| | | | | 5,597,754 |
| Education Revenue Bonds - 32.53% | | | | |
| California Educational Facilities Authority | | | | |
| (Loma Linda University) Series A 5.00% 4/1/47 | | 1,000,000 | | 1,087,550 |
| (Stanford University) | | | | |
| Series U-1 5.25% 4/1/40 | | 775,000 | | 1,221,687 |
| Series V-1 5.00% 5/1/49 | | 2,600,000 | | 4,292,158 |
| California Municipal Finance Authority | | | | |
| (Bella Mente Montessori Academy Project) Series A | | | | |
| 144A 5.00% 6/1/48 # | | 500,000 | | 495,900 |
| (Biola University) 5.00% 10/1/39 | | 1,000,000 | | 1,073,250 |
| (California Baptist University) Series A 144A 5.375% | | | | |
| 11/1/40 # | 1,000,000 | | 1,032,370 |
| (CHF - Davis I, LLC - West Village Student Housing | | | | |
| Project) 5.00% 5/15/48 | | 1,000,000 | | 1,075,050 |
| (Creative Center of Los Altos Project - Pinewood School | | | | |
| & Oakwood School) Series B 144A 4.50% 11/1/46 # | | 500,000 | | 458,065 |
| (Julian Charter School Project) Series A 144A 5.625% | | | | |
| 3/1/45 # | 600,000 | | 555,144 |
| (Literacy First Charter Schools Project) Series A 5.00% | | | | |
| 12/1/49 | | 750,000 | | 788,947 |
| (Southwestern Law School) 6.50% 11/1/41 | | 1,140,000 | | 1,207,283 |
| California Public Finance Authority Educational Facilities | | | | |
| Revenue | | | | |
| (Trinity Classical Academy Project) Series A 144A 5.00% | | | | |
| 7/1/54 # | 500,000 | | 482,620 |
NQ- 329 [5/20] 7/20 (1236700) 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 | $ | 743,314 |
| (Encore Education Obligated Group) Series A 144A | | | | |
| 5.00% 6/1/42 # | | 500,000 | | 455,845 |
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | | 250,000 | | 261,505 |
| (Granada Hills Charter Obligated Group) 144A 5.00% | | | | |
| 7/1/49 # | 475,000 | | 494,655 |
| (Green Dot Public Schools Project) Series A 144A 5.00% | | | | |
| 8/1/35 # | 1,000,000 | | 1,059,290 |
| (Grimmway Schools - Obligated Group) Series A 144A | | | | |
| 5.00% 7/1/36 # | | 500,000 | | 505,465 |
| (ICEF - View Park Elementary & Middle Schools) | | | | |
| Series A 5.625% 10/1/34 | | 575,000 | | 600,616 |
| (KIPP LA Projects) Series A 5.125% 7/1/44 | | 1,000,000 | | 1,052,100 |
| (KIPP SoCal Projects) Series A 144A 5.00% 7/1/49 # | | 1,000,000 | | 1,083,360 |
| (Partnerships to Uplift Communities Valley Project) | | | | |
| Series A 144A 6.75% 8/1/44 # | | 1,000,000 | | 1,074,090 |
| California State University Systemwide Revenue | | | | |
| Series A 5.00% 11/1/47 | | 1,000,000 | | 1,206,930 |
| 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 | | 300,000 | | 313,017 |
| California Statewide Communities Development Authority | | | | |
| Revenue | | | | |
| (California Baptist University) Series A 6.125% 11/1/33 | | 750,000 | | 811,050 |
| (NCCD - Hooper Street LLC - California College of the | | | | |
| Arts Project) 144A 5.25% 7/1/49 # | | 250,000 | | 247,047 |
| California Statewide Communities Development Authority | | | | |
| Student Housing Revenue | | | | |
| (University of California Irvine East Campus Apartments) | | | | |
| 5.375% 5/15/38 | | 1,000,000 | | 1,019,950 |
| Mt. San Antonio Community College District Convertible | | | | |
| Capital Appreciation Election 2008 | | | | |
| Series A 0.00% 8/1/28 ~ | | 1,000,000 | | 1,153,370 |
| | | | | 25,851,628 |
| Electric Revenue Bonds - 0.80% | | | | |
| Puerto Rico Electric Power Authority Revenue | | | | |
| Series A 5.05% 7/1/42 ‡ | | 70,000 | | 43,225 |
| Series AAA 5.25% 7/1/25 ‡ | | 40,000 | | 24,800 |
| Series CCC 5.25% 7/1/27 ‡ | | 325,000 | | 201,500 |
| Series WW 5.00% 7/1/28 ‡ | | 310,000 | | 191,425 |
2 NQ- 329 [5/20] 7/20 (1236700)
| | | |
| (Unaudited) | | | |
| |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Electric Revenue Bonds (continued) | | | |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series XX 4.75% 7/1/26 ‡ | 45,000 | $ | 27,563 |
| Series XX 5.75% 7/1/36 ‡ | 150,000 | | 93,750 |
| Series ZZ 4.75% 7/1/27 ‡ | 35,000 | | 21,437 |
| Series ZZ 5.25% 7/1/24 ‡ | 55,000 | | 34,100 |
| | | | 637,800 |
| Healthcare Revenue Bonds - 19.14% | | | |
| Abag Finance Authority for Nonprofit Corporations | | | |
| (Episcopal Senior Communities) 6.125% 7/1/41 | 850,000 | | 864,425 |
| (Sharp HealthCare) Series A 5.00% 8/1/28 | 250,000 | | 267,025 |
| California Health Facilities Financing Authority Revenue | | | |
| (Cedars-Sinai Medical Center) Series B 4.00% 8/15/36 | 500,000 | | 550,190 |
| (Children’s Hospital Los Angeles) | | | |
| Series A 5.00% 11/15/34 | 500,000 | | 527,820 |
| Series A 5.00% 8/15/47 | 500,000 | | 553,080 |
| (Dignity Health) Series E 5.625% 7/1/25 | 1,000,000 | | 1,003,080 |
| (Kaiser Permanente) Subordinate Series A-2 4.00% | | | |
| 11/1/44 | 1,005,000 | | 1,105,460 |
| (Lucile Salter Packard Children’s Hospital at Stanford) | | | |
| Series A 5.00% 11/15/56 | 500,000 | | 579,885 |
| (Sutter Health) Series D 5.25% 8/15/31 | 1,000,000 | | 1,046,120 |
| California Municipal Finance Authority Revenue | | | |
| (Community Medical Centers) | | | |
| Series A 5.00% 2/1/42 | 750,000 | | 841,807 |
| Series A 5.00% 2/1/47 | 250,000 | | 278,810 |
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | | 542,895 |
| California Statewide Communities Development Authority | | | |
| Revenue | | | |
| (Adventist Health System/West) Series A 4.00% 3/1/48 | 1,000,000 | | 1,083,860 |
| (Covenant Retirement Communities) Series C 5.625% | | | |
| 12/1/36 | 1,000,000 | | 1,064,970 |
| (Episcopal Communities & Services) 5.00% 5/15/32 | 600,000 | | 626,562 |
| (Huntington Memorial Hospital) 4.00% 7/1/48 | 500,000 | | 543,340 |
| (Marin General Hospital - Green Bonds) Series A 4.00% | | | |
| 8/1/45 | 500,000 | | 518,660 |
| (Redlands Community Hospital) 5.00% 10/1/46 | 1,000,000 | | 1,095,090 |
| La Verne | | | |
| (Brethren Hillcrest Homes) 5.00% 5/15/36 | 750,000 | | 749,955 |
| Palomar Health | | | |
| 5.00% 11/1/47 (AGM) | 500,000 | | 566,625 |
NQ- 329 [5/20] 7/20 (1236700) 3
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| San Buenaventura | | | |
| (Community Memorial Health System) 7.50% 12/1/41 | 785,000 | $ | 798,628 |
| | | | 15,208,287 |
| Housing Revenue Bonds - 4.09% | | | |
| California Municipal Finance Authority Mobile Home Park | | | |
| Revenue | | | |
| (Caritas Projects) Series A 5.50% 8/15/47 | 250,000 | | 261,485 |
| Independent Cities Finance Authority Mobile Home Park | | | |
| Revenue | | | |
| (Pillar Ridge) | | | |
| Series A 5.25% 5/15/44 | 1,000,000 | | 1,072,840 |
| Series A 5.25% 5/15/49 | 850,000 | | 909,959 |
| Santa Clara County Multifamily Housing Authority Revenue | | | |
| (RiverTown Apartments Project) Series A 5.85% 8/1/31 | | | |
| (AMT) | 1,000,000 | | 1,003,160 |
| | | | 3,247,444 |
| Lease Revenue Bonds - 8.26% | | | |
| Abag Finance Authority for Nonprofit Corporations | | | |
| (Jackson Laboratory) 5.00% 7/1/37 | 1,000,000 | | 1,060,470 |
| California Infrastructure & Economic Development Bank | | | |
| (Academy of Motion Picture Arts & Sciences Obligated | | | |
| Group) Series A 5.00% 11/1/41 | 1,000,000 | | 1,113,380 |
| California Municipal Finance Authority | | | |
| (Goodwill Industry of Sacramento Valley & Northern | | | |
| Nevada Project) 5.00% 1/1/35 | 635,000 | | 552,590 |
| California State Public Works Board Lease Revenue | | | |
| (Department of Corrections and Rehabilitation) Series C | | | |
| 5.00% 10/1/26 | 1,000,000 | | 1,061,660 |
| Golden State Tobacco Securitization Settlement Revenue | | | |
| (Enhanced Asset-Backed) Series A 5.00% 6/1/29 | 1,000,000 | | 1,112,170 |
| Oceanside Public Financing Authority | | | |
| (EL Corazon Aquatics Center Project) 4.00% 11/1/49 | 1,000,000 | | 1,117,460 |
| San Jose Financing Authority Lease Revenue | | | |
| (Civic Center Project) Series A 5.00% 6/1/33 | 500,000 | | 548,015 |
| | | | 6,565,745 |
| Local General Obligation Bonds - 1.95% | | | |
| Anaheim School District Capital Appreciation Election | | | |
| 2002 | | | |
| 4.58% 8/1/25 (NATL) ^ | 1,000,000 | | 958,980 |
4 NQ- 329 [5/20] 7/20 (1236700)
| | | |
| (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 | $ | 587,565 |
| | | | 1,546,545 |
| Pre-Refunded Bonds - 3.20% | | | |
| Anaheim Public Financing Authority Revenue | | | |
| (Anaheim Electric System Distribution Facilities) Series A | | | |
| 5.00% 10/1/25-21 § | 800,000 | | 832,464 |
| Pittsburg Unified School District Financing Authority | | | |
| Revenue | | | |
| (Pittsburg Unified School District Bond Program) 5.50% | | | |
| 9/1/46-21 (AGM) § | 800,000 | | 852,160 |
| Rancho Santa Fe Community Services District Financing | | | |
| Authority Revenue | | | |
| (Superior Lien Bonds) Series A 5.75% 9/1/30-21 § | 800,000 | | 855,176 |
| | | | 2,539,800 |
| Special Tax Revenue Bonds - 7.58% | | | |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.75% 7/1/53 | 1,745,000 | | 1,702,282 |
| Series A-1 5.00% 7/1/58 | 1,335,000 | | 1,339,352 |
| Series A-1 5.349% 7/1/46 ^ | 4,230,000 | | 1,098,235 |
| Series A-2 4.329% 7/1/40 | 245,000 | | 235,813 |
| Sacramento Transient Occupancy Tax Revenue | | | |
| (Convention Center Complex) Senior Series A 5.00% | | | |
| 6/1/48 | 1,000,000 | | 1,122,180 |
| Yucaipa Special Tax Community Facilities District No. 98-1 | | | |
| (Chapman Heights) 5.375% 9/1/30 | 500,000 | | 524,470 |
| | | | 6,022,332 |
| State General Obligation Bonds - 4.93% | | | |
| California | | | |
| (Various Purpose) | | | |
| 5.00% 4/1/32 | 300,000 | | 421,551 |
| 5.00% 8/1/46 | 1,000,000 | | 1,196,190 |
| 5.25% 4/1/35 | 1,000,000 | | 1,085,540 |
| Commonwealth of Puerto Rico | | | |
| (Public Improvement) | | | |
| Series A 5.00% 7/1/24 ‡ | 185,000 | | 115,394 |
| Series A 5.00% 7/1/41 ‡ | 300,000 | | 166,875 |
| Series A 5.25% 7/1/34 ‡ | 155,000 | | 93,581 |
| Series A 5.375% 7/1/33 ‡ | 350,000 | | 217,875 |
| Series B 5.75% 7/1/38 ‡ | 430,000 | | 262,837 |
NQ- 329 [5/20] 7/20 (1236700) 5
Schedule of investments
Delaware Tax-Free California Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| State General Obligation Bonds (continued) | | | |
| Commonwealth of Puerto Rico | | | |
| (Public Improvement) | | | |
| Series C 6.00% 7/1/39 ‡ | 450,000 | $ | 279,563 |
| Unrefunded Series B 5.00% 7/1/35 ‡ | 125,000 | | 77,969 |
| | | | 3,917,375 |
| Transportation Revenue Bonds - 9.96% | | | |
| California Municipal Finance Authority Senior Lien | | | |
| (LINXS APM Project) Series A 5.00% 12/31/47 (AMT) | 645,000 | | 697,651 |
| Long Beach Marina Revenue | | | |
| (Alamitos Bay Marina Project) 5.00% 5/15/45 | 500,000 | | 504,435 |
| Los Angeles Department of Airports | | | |
| (Los Angeles International Airport) | | | |
| Senior Series D 5.00% 5/15/36 (AMT) | 1,000,000 | | 1,130,330 |
| Subordinate Series A 5.00% 5/15/33 (AMT) | 30,000 | | 35,625 |
| Riverside County Transportation Commission Senior Lien | | | |
| (Current Interest Obligations) Series A 5.75% 6/1/44 | 500,000 | | 535,570 |
| Sacramento County Airport System Revenue | | | |
| Series C 5.00% 7/1/39 (AMT) | 500,000 | | 578,000 |
| Subordinate Series B 5.00% 7/1/41 | 500,000 | | 563,945 |
| San Diego County Regional Airport Authority Revenue | | | |
| Subordinate Series A 5.00% 7/1/47 | 165,000 | | 190,948 |
| San Diego Redevelopment Agency | | | |
| (Centre City Redevelopment Project) Series A 6.40% | | | |
| 9/1/25 | 870,000 | | 874,011 |
| San Francisco City & County Airports Commission | | | |
| (San Francisco International Airport) | | | |
| Second Series A 5.00% 5/1/49 (AMT) | 1,000,000 | | 1,160,670 |
| Second Series E 5.00% 5/1/50 (AMT) | 500,000 | | 579,210 |
| San Francisco Municipal Transportation Agency Revenue | | | |
| Series B 5.00% 3/1/37 | 1,000,000 | | 1,062,770 |
| | | | 7,913,165 |
| Total Municipal Bonds (cost $76,393,970) | | | 79,047,875 |
| |
| Short-Term Investments – 0.25% | | | |
| Variable Rate Demand Notes - 0.25%¤ | | | |
| California Series A2 | | | |
| 0.03% 5/1/34 (LOC - State Street Bank and Trust) | 100,000 | | 100,000 |
| University of California Series AL-2 | | | |
| 0.03% 5/15/48 | 100,000 | | 100,000 |
| Total Short-Term Investments (cost $200,000) | | | 200,000 |
6 NQ- 329 [5/20] 7/20 (1236700)
| | |
| (Unaudited) | | |
| |
| |
| Total Value of Securities – 99.73% | | |
| (cost $76,593,970) | $ | 79,247,875 |
| Receivables and Other Assets Net of Liabilities – 0.27% | | 214,933 |
| Net Assets Applicable to 6,722,442 Shares Outstanding – 100.00% | $ | 79,462,808 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At May 31, 2020, the aggregate value of Rule 144A securities was $9,484,628, which represents |
| | 11.94% 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 May 31, 2020. |
| § | 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 May 31, 2020. |
| |
| Summary of abbreviations: |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| CHF – Collegiate Housing Foundation |
| ICEF – Inner City Education Foundation |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| NATL – Insured by National Public Finance Guarantee Corporation |
| NCCD – National Campus and Community Development |
| USD – US Dollar |
NQ- 329 [5/20] 7/20 (1236700) 7
