Schedule of investments
Delaware Tax-Free Idaho Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 99.44% | | | |
| Corporate Revenue Bonds - 3.20% | | | |
| Nez Perce County Pollution Control Revenue | | | |
| (Potlatch Project) 2.75% 10/1/24 | 1,250,000 | $ | 1,194,638 |
| Power County Industrial Development Revenue | | | |
| (FMC Project) 6.45% 8/1/32 (AMT) | 2,000,000 | | 2,008,960 |
| | | | 3,203,598 |
| Education Revenue Bonds - 15.29% | | | |
| Boise State University Revenue | | | |
| (General Project) | | | |
| Series A 5.00% 4/1/47 | 500,000 | | 574,820 |
| Series A 5.00% 4/1/48 | 1,000,000 | | 1,168,250 |
| Idaho Housing & Finance Association | | | |
| (Compass Public Charter School Project) | | | |
| Series A 144A 5.00% 7/1/54 # | 1,000,000 | | 974,410 |
| Series A 144A 6.00% 7/1/39 # | 370,000 | | 415,491 |
| Series A 144A 6.00% 7/1/49 # | 595,000 | | 658,701 |
| Series A 144A 6.00% 7/1/54 # | 570,000 | | 628,984 |
| (Idaho Arts Charter School Project) | | | |
| Series A 5.00% 12/1/38 | 1,000,000 | | 1,053,480 |
| Series A 144A 5.00% 12/1/46 # | 1,000,000 | | 1,033,830 |
| (North Star Charter School Project) | | | |
| Capital Appreciation Subordinate Series B 144A | | | |
| 4.88% 7/1/49 #^ | 2,888,155 | | 384,009 |
| Series A 6.75% 7/1/48 | 529,151 | | 556,090 |
| (Victory Charter School Project) Series B 5.00% 7/1/39 | 1,000,000 | | 1,067,000 |
| (Xavier Charter School Project) Series A 5.00% 6/1/50 | 1,275,000 | | 1,352,048 |
| Idaho State University Revenue | | | |
| 3.00% 4/1/49 | 1,700,000 | | 1,729,546 |
| 5.00% 4/1/40 | 190,000 | | 228,830 |
| 5.00% 4/1/43 | 250,000 | | 298,930 |
| 5.00% 4/1/44 | 250,000 | | 298,190 |
| University of Idaho | | | |
| Series 2011 5.25% 4/1/41 • | 1,670,000 | | 1,729,168 |
| Series A 5.00% 4/1/41 | 1,000,000 | | 1,180,260 |
| | | | 15,332,037 |
| Electric Revenue Bonds - 4.17% | | | |
| Boise-Kuna Irrigation District Revenue | | | |
| (Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34 | 2,000,000 | | 2,348,560 |
| Guam Power Authority Revenue | | | |
| Series A 5.00% 10/1/40 | 1,000,000 | | 1,063,980 |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series A 5.05% 7/1/42 ‡ | 75,000 | | 46,313 |
| Series AAA 5.25% 7/1/25 ‡ | 45,000 | | 27,900 |
NQ- 360 [5/20] 7/20 (1236721) 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 ‡ | 345,000 | $ | 213,900 |
| Series WW 5.00% 7/1/28 ‡ | 320,000 | | 197,600 |
| Series XX 4.75% 7/1/26 ‡ | 50,000 | | 30,625 |
| Series XX 5.25% 7/1/40 ‡ | 135,000 | | 83,700 |
| Series XX 5.75% 7/1/36 ‡ | 175,000 | | 109,375 |
| Series ZZ 4.75% 7/1/27 ‡ | 40,000 | | 24,500 |
| Series ZZ 5.25% 7/1/24 ‡ | 60,000 | | 37,200 |
| | | | 4,183,653 |
| Healthcare Revenue Bonds - 9.03% | | | |
| Idaho Health Facilities Authority Revenue | | | |
| (Madison Memorial Hospital Project) 5.00% 9/1/37 | 1,350,000 | | 1,490,251 |
| (St. Luke’s Health System Project) | | | |
| Series A 5.00% 3/1/27 | 1,000,000 | | 1,205,300 |
| Series A 5.00% 3/1/47 | 1,500,000 | | 1,553,895 |
| (Trinity Health Credit Group) | | | |
| Series ID 4.00% 12/1/43 | 1,000,000 | | 1,084,960 |
| Series ID 5.00% 12/1/46 | 750,000 | | 860,737 |
| (Valley Vista Care Corporation) | | | |
| Series A 5.25% 11/15/37 | 1,005,000 | | 883,566 |
| Series A 5.25% 11/15/47 | 1,130,000 | | 925,459 |
| 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 | | 1,052,773 |
| | | | 9,056,941 |
| Housing Revenue Bonds - 4.68% | | | |
| Idaho Housing & Finance Association | | | |
| Series A 4.50% 1/21/49 (GNMA) | 837,947 | | 900,156 |
| Idaho Housing & Finance Association Single Family | | | |
| Mortgage Revenue | | | |
| Series A 3.05% 7/1/39 (GNMA) | 1,665,000 | | 1,762,153 |
| Series A 3.25% 1/1/43 (GNMA) | 820,000 | | 866,740 |
| | 330,000 | | 330,670 |
| Series C 3.00% 1/1/43 (FHA) | 800,000 | | 833,392 |
| | | | 4,693,111 |
| Lease Revenue Bonds - 11.25% | | | |
| Boise Urban Renewal Agency | | | |
| 5.00% 12/15/31 | 750,000 | | 869,647 |
| 5.00% 12/15/32 | 750,000 | | 865,230 |
2 NQ- 360 [5/20] 7/20 (1236721)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Lease Revenue Bonds (continued) | | | |
| Idaho Fish & Wildlife Foundation | | | |
| (Idaho Department of Fish & Game Headquarters Office | | | |
| Project) | | | |
| 4.00% 12/1/36 | 650,000 | $ | 781,241 |
| 4.00% 12/1/39 | 1,545,000 | | 1,839,431 |
| 4.00% 12/1/42 | 1,300,000 | | 1,529,398 |
| 4.00% 12/1/44 | 250,000 | | 291,513 |
| (Idaho Department of Fish & Game Nampa Regional | | | |
| Office Project) 5.00% 12/1/41 | 200,000 | | 247,860 |
| Idaho Housing & Finance Association Economic | | | |
| Development Facilities Revenue | | | |
| (TDF Facilities Project) | | | |
| Series A 6.50% 2/1/26 | 1,350,000 | | 1,384,668 |
| Series A 7.00% 2/1/36 | 1,500,000 | | 1,534,500 |
| Idaho State Building Authority Revenue | | | |
| (Capitol Mall Parking Project) | | | |
| Series A 4.50% 9/1/26 | 485,000 | | 544,747 |
| Series A 4.50% 9/1/27 | 505,000 | | 566,095 |
| (Department of Health & Welfare Project) Series B | | | |
| 4.00% 9/1/48 | 750,000 | | 823,687 |
| | | | 11,278,017 |
| Local General Obligation Bonds - 23.41% | | | |
| Ada & Boise Counties Independent School District Boise | | | |
| City | | | |
| 5.00% 8/1/33 | 1,010,000 | | 1,250,905 |
| 5.00% 8/1/34 | 1,500,000 | | 1,852,815 |
| 5.00% 8/1/35 | 1,160,000 | | 1,427,612 |
| 5.00% 8/1/36 | 500,000 | | 613,265 |
| Ada & Canyon Counties Joint School District No. 3 Kuna | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 9/15/33 | 1,000,000 | | 1,246,000 |
| Series B 5.00% 9/15/35 | 1,100,000 | | 1,361,624 |
| 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 | | 1,731,158 |
| Series A 5.00% 9/15/23 (AGM) | 1,810,000 | | 1,816,425 |
| Canyon County School District No. 139 Vallivue | | | |
| (School Board Guaranteed) | | | |
| 5.00% 9/15/33 | 1,000,000 | | 1,140,270 |
| Series B 5.00% 9/15/24 | 1,480,000 | | 1,637,605 |
NQ- 360 [5/20] 7/20 (1236721) 3
Schedule of investments
Delaware Tax-Free Idaho Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Local General Obligation Bonds (continued) | | | |
| Idaho Bond Bank Authority Revenue | | | |
| Series A 4.00% 9/15/33 | 530,000 | $ | 614,715 |
| Series A 4.00% 9/15/37 | 1,000,000 | | 1,145,030 |
| Series C 5.00% 9/15/42 | 500,000 | | 614,940 |
| Madison County School District No. 321 Rexburg | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 8/15/25 | 1,080,000 | | 1,329,404 |
| Series B 5.00% 8/15/26 | 500,000 | | 633,210 |
| Nez Perce County Independent School District No. 1 | | | |
| (Sales Tax & Credit Enhancement Guaranty) | | | |
| Series B 5.00% 9/15/36 | 1,000,000 | | 1,231,520 |
| Series B 5.00% 9/15/37 | 1,000,000 | | 1,226,760 |
| Twin Falls County School District No. 411 | | | |
| (School Board Guaranteed) Series A 4.75% 9/15/37 | 1,000,000 | | 1,132,370 |
| | | | 23,479,325 |
| Pre-Refunded Bonds - 6.78% | | | |
| Boise State University Revenue | | | |
| (General Project) | | | |
| Series A 4.00% 4/1/37-22§ | 1,250,000 | | 1,333,887 |
| Series A 5.00% 4/1/42-22§ | 1,350,000 | | 1,465,223 |
| Idaho Health Facilities Authority Revenue | | | |
| (Trinity Health Credit Group) | | | |
| Series D 4.50% 12/1/37-20§ | 1,385,000 | | 1,414,722 |
| Series ID 5.00% 12/1/32-22§ | 1,000,000 | | 1,093,100 |
| Idaho State Building Authority Revenue | | | |
| Series B 5.00% 9/1/40-22§ | 250,000 | | 277,073 |
| Nampa Development Corporation Revenue | | | |
| (Library Square Project) 144A 5.00% 9/1/31-24#§ | 1,000,000 | | 1,217,150 |
| | | | 6,801,155 |
| Special Tax Revenue Bonds - 15.86% | | | |
| Guam Government Business Privilege Tax Revenue | | | |
| Series A 5.125% 1/1/42 | 545,000 | | 553,121 |
| Series A 5.25% 1/1/36 | 705,000 | | 718,874 |
| Series B-1 5.00% 1/1/42 | 1,425,000 | | 1,443,525 |
| Idaho Water Resource Board Loan Program Revenue | | | |
| (Ground Water Rights Mitigation) Series A 5.00% 9/1/32 | 3,565,000 | | 3,908,844 |
| Ketchum Urban Renewal Agency Tax Increment Revenue | | | |
| 5.50% 10/15/34 | 1,500,000 | | 1,501,815 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.55% 7/1/40 | 875,000 | | 867,353 |
| Series A-1 4.75% 7/1/53 | 3,485,000 | | 3,399,687 |
4 NQ- 360 [5/20] 7/20 (1236721)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Special Tax Revenue Bonds (continued) | | | |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) | | | |
| Series A-1 4.931% 7/1/46 ^ | 1,530,000 | $ | 397,234 |
| Series A-1 5.00% 7/1/58 | 1,531,000 | | 1,535,991 |
| Series A-1 6.801% 7/1/51 ^ | 3,285,000 | | 623,165 |
| Series A-2 4.329% 7/1/40 | 730,000 | | 702,625 |
| Virgin Islands Public Finance Authority Revenue | | | |
| (Senior Lien-Matching Fund Loan Note) 5.00% 10/1/29 | | | |
| (AGM) | 250,000 | | 253,558 |
| | | | 15,905,792 |
| State General Obligation Bonds - 1.63% | | | |
| Commonwealth of Puerto Rico | | | |
| Series A 5.00% 7/1/24 ‡ | 210,000 | | 130,988 |
| Series A 5.00% 7/1/41 ‡ | 325,000 | | 180,781 |
| Series A 5.25% 7/1/34 ‡ | 175,000 | | 105,656 |
| Series A 5.375% 7/1/33 ‡ | 365,000 | | 227,213 |
| Series A 8.00% 7/1/35 ‡ | 610,000 | | 333,975 |
| Series B 5.00% 7/1/35 ‡ | 145,000 | | 90,444 |
| Series B 5.75% 7/1/38 ‡ | 460,000 | | 281,175 |
| Series C 6.00% 7/1/39 ‡ | 465,000 | | 288,881 |
| | | | 1,639,113 |
| Transportation Revenue Bonds - 2.85% | | | |
| Boise City Airport Revenue | | | |
| (Air Terminal Facilities Project) | | | |
| 5.75% 9/1/20 (AGM) (AMT) | 500,000 | | 505,700 |
| (Parking Facilities Project) 4.00% 9/1/32 | 2,180,000 | | 2,247,929 |
| Idaho Housing & Finance Association | | | |
| (Federal Highway Trust Fund) Series A 5.00% 7/15/31 | 80,000 | | 100,517 |
| | | | 2,854,146 |
| Water & Sewer Revenue Bonds - 1.29% | | | |
| Guam Government Waterworks Authority | | | |
| 5.00% 7/1/40 | 370,000 | | 399,389 |
| 5.00% 1/1/46 | 835,000 | | 892,941 |
| | | | 1,292,330 |
| Total Municipal Bonds (cost $96,626,317) | | | 99,719,218 |
NQ- 360 [5/20] 7/20 (1236721) 5
Schedule of investments
Delaware Tax-Free Idaho Fund (Unaudited)
| | | |
| | Number of shares | | Value (US $) |
| Short-Term Investment – 0.06% | | | |
| Money Market Mutual Fund - 0.06% | | | |
| Dreyfus AMT-Free Tax Exempt Cash Management Fund - | | | |
| Institutional Shares (seven-day effective yield -0.03%) | 65,118 | $ | 65,118 |
| Total Short-Term Investment (cost $65,118) | | | 65,118 |
| Total Value of Securities – 99.50% | | | |
| (cost $96,691,435) | | | 99,784,336 |
| Receivables and Other Assets Net of Liabilities – 0.50% | | | 500,096 |
| Net Assets Applicable to 8,865,085 Shares Outstanding – 100.00% | | $ | 100,284,432 |
| |
| # | 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 $5,312,575, which represents |
| | 5.30% of the Fund’s net assets. |
| § | 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. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at |
| | May 31, 2020. 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 |
| USD – US Dollar |
6 NQ- 360 [5/20] 7/20 (1236721)
