Schedule of investments
Delaware Investments®Colorado Municipal Income Fund, Inc.
December 31, 2019 (Unaudited)
| | | | | | | | |
| | Principal | | Value | | | Principal | | Value |
| | Amount° | | (US $) | | | Amount° | | (US $) |
| Municipal Bonds - 139.29% | | | | Municipal Bonds (continued) | | | | |
| Corporate Revenue Bonds - 5.49% | | | | Education Revenue Bonds (continued) | | | | |
| Denver City & County | | | | Colorado Educational & | | | | |
| (United Airlines Project) | | | | Cultural Facilities Authority | | | | |
| 5.00% 10/1/32 (AMT) | 215,000 | $ | 234,494 | Revenue | | | | |
| Public Authority for Colorado | | | | (Littleton Charter School | | | | |
| Energy Natural Gas | | | | Project) | | | | |
| Revenue | | | | 4.375% 1/15/36 (AGC) | | 1,200,000 | $ | 1,201,128 |
| Series 2008 | | | | (Loveland Classical | | | | |
| 6.50% 11/15/38 | 1,750,000 | | 2,660,263 | Schools) 144A | | | | |
| Public Authority for Colorado | | | | 5.00% 7/1/36 # | | 625,000 | | 673,769 |
| Energy Revenue | | | | (Science Technology | | | | |
| 6.25% 11/15/28 | 865,000 | | 1,105,409 | Engineering and Math | | | | |
| | | | | (Stem) School Project) | | | | |
| | | | 4,000,166 | 5.00% 11/1/54 | | 700,000 | | 749,434 |
| | | | | (Skyview Charter School) | | | | |
| Education Revenue Bonds - 20.20% | | | | 144A 5.50% 7/1/49 # | | 750,000 | | 798,397 |
| Board of Trustees For | | | | (Vail Mountain School | | | | |
| Colorado Mesa University | | | | Project) 4.00% 5/1/46 | | 25,000 | | 25,554 |
| Enterprise Revenue | | | | (Windsor Charter Academy | | | | |
| Series B 5.00% 5/15/49 | 750,000 | | 913,793 | Project) 144A | | | | |
| Colorado Educational & | | | | 5.00% 9/1/46 # | | 500,000 | | 506,405 |
| Cultural Facilities Authority | | | | Colorado School of Mines | | | | |
| Revenue | | | | Series B 5.00% 12/1/42 | | 270,000 | | 295,912 |
| 144A 5.00% 7/1/36 # | 500,000 | | 534,355 | Colorado State Board of | | | | |
| 5.125% 11/1/49 | 765,000 | | 827,156 | Governors | | | | |
| 144A 5.25% 7/1/46 # | 500,000 | | 533,605 | (University Enterprise | | | | |
| (Academy Charter School | | | | System) Series A | | | | |
| Project) | | | | 5.00% 3/1/39 | | 10,000 | | 10,028 |
| 5.50% 5/1/36 (AGC) | 1,720,000 | | 1,725,039 | | | | | |
| (Alexander Dawson | | | | | | | | 14,723,825 |
| School-Nevada Project) | | | | | | | | |
| 5.00% 5/15/29 | 760,000 | | 905,798 | Electric Revenue Bonds - 3.18% | | | | |
| (Charter School - Atlas | | | | City of Fort Collins Electric | | | | |
| Preparatory School) 144A | | | | Utility Enterprise Revenue | | | | |
| 5.25% 4/1/45 # | 700,000 | | 730,548 | Series A 5.00% 12/1/42 | | 500,000 | | 608,485 |
| (Charter School - | | | | City of Loveland Colorado | | | | |
| Community Leadership | | | | Electric & Communications | | | | |
| Academy) 7.45% 8/1/48 | 500,000 | | 564,955 | Enterprise Revenue | | | | |
| (Charter School - Peak to | | | | Series A 5.00% 12/1/44 | | 1,060,000 | | 1,283,406 |
| Peak Charter) | | | | Puerto Rico Electric Power | | | | |
| 5.00% 8/15/34 | 1,000,000 | | 1,124,460 | Authority Revenue | | | | |
| (Improvement - Charter | | | | Series CCC 5.25% | | | | |
| School - University Lab | | | | 7/1/27‡ | | 230,000 | | 175,375 |
| School Building) | | | | Series WW 5.00% | | | | |
| 5.00% 12/15/45 | 500,000 | | 547,110 | 7/1/28‡ | | 325,000 | | 247,000 |
| (Johnson & Wales | | | | | | | | |
| University) Series A | | | | | | | | 2,314,266 |
| 5.25% 4/1/37 | 900,000 | | 969,669 | | | | | |
| (Liberty Charter School) | | | | | | | | |
| Series A 5.00% 1/15/44 | 1,000,000 | | 1,086,710 | | | | | |
(continues)NQ-OV2 [12/19] 2/20 (1080091) 1
Schedule of investments
Delaware Investments®Colorado Municipal Income Fund, Inc. (Unaudited)
| | | | | | | | | |
| | | | Principal | | Value | | Principal | | Value |
| | | | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds - 38.05% | | | | Healthcare Revenue Bonds (continued) | | |
| Aurora Hospital Revenue | | | | Colorado Health Facilities | | | |
| (Children’s Hospital | | | | Authority Revenue | | | |
| Association Project) | | | | (Sunny Vista Living Center) | | | |
| Series A 5.00% 12/1/40 | 2,000,000 | $ | 2,028,300 | Series A 144A | | | |
| Colorado Health Facilities | | | | 6.25% 12/1/50 # | 505,000 | $ | 565,958 |
| Authority Revenue | | | | | (Vail Valley Medical Center | | | |
| (AdventHealth Obligated | | | | Project) 5.00% 1/15/35 | 1,250,000 | | 1,462,300 |
| Group) Series A | | | | | | (Valley View Hospital | | | |
| 4.00% 11/15/43 | | 1,000,000 | | 1,117,320 | Association Project) | | | |
| (Adventist Health | | | | | Series A 4.00% 5/15/34 | 330,000 | | 363,241 |
| System/Sunbelt Obligated | | | | Denver Health & Hospital | | | |
| Group) Series A | | | | | | Authority Health Care | | | |
| 5.00% 11/15/48 | | 1,000,000 | | 1,193,660 | Revenue | | | |
| (Bethesda Project) | | | | | Series A 4.00% 12/1/40 | 500,000 | | 552,000 |
| Series A1 5.00% 9/15/48 | 750,000 | | 839,947 | | | | |
| (Cappella of Grand | | | | | | | 27,724,886 |
| Junction Project) 144A | | | | Lease Revenue Bonds - 4.06% | | | |
| 5.00% 12/1/54 # | | 515,000 | | 532,886 | Denver Health & Hospital | | | |
| (Christian Living | | | | | | Authority | | | |
| Community Project) | | | | | | | |
| 6.375% 1/1/41 | | | 615,000 | | 661,709 | (550 ACOMA, Inc. ) | | | |
| (CommonSpirit Health) | | | | 4.00% 12/1/38 | 500,000 | | 551,920 |
| | | | | | | Pueblo County Certificates of | | | |
| Series A-1 4.00%8/1/39 | 500,000 | | 545,480 | Participation | | | |
| Series A-2 4.00%8/1/49 | 1,250,000 | | 1,330,113 | (County Judicial Complex | | | |
| Series A-2 5.00%8/1/38 | 1,500,000 | | 1,792,170 | Project) | | | |
| Series A-2 5.00%8/1/39 | 1,500,000 | | 1,785,930 | 5.00% 9/15/42 (AGM) | 1,250,000 | | 1,352,450 |
| Series A-2 5.00%8/1/44 | 1,750,000 | | 2,063,985 | State of Colorado Department | | | |
| (Covenant Retirement | | | | of Transportation | | | |
| Communities Inc. ) | | | | | Certificates of Participation | | | |
| 5.00% 12/1/35 | | | 1,000,000 | | 1,131,010 | 5.00% 6/15/34 | 340,000 | | 404,892 |
| Series A 5.75%12/1/36 | 1,000,000 | | 1,144,800 | 5.00% 6/15/36 | 545,000 | | 646,234 |
| (Frasier Meadows | | | | | | | | |
| Retirement Community | | | | | | | 2,955,496 |
| Project) | | | | | | | | | |
| Series A 5.25%5/15/37 | 265,000 | | 303,759 | Local General Obligation Bonds - 14.65% | | |
| Series B 5.00%5/15/48 | 340,000 | | 357,707 | Adams & Weld Counties | | | |
| | | | | | | School District No 27J | | | |
| (Healthcare Facilities - | | | | Brighton | | | |
| American Baptist) | | | | | | | | |
| 8.00% 8/1/43 | | | 500,000 | | 565,105 | 4.00% 12/1/30 | 700,000 | | 789,733 |
| (Mental Health Center of | | | | Arapahoe County School | | | |
| Denver Project) Series A | | | | District No. 6 Littleton | | | |
| 5.75% 2/1/44 | | | 1,500,000 | | 1,667,745 | Series A 5.50% 12/1/38 | 650,000 | | 839,013 |
| (National Jewish Health | | | | Beacon Point Metropolitan | | | |
| Project) 5.00% 1/1/27 | 500,000 | | 523,340 | District | | | |
| (Sanford Health) Series A | | | | 5.00% 12/1/30 (AGM) | 600,000 | | 708,660 |
| 5.00% 11/1/44 | | | 1,500,000 | | 1,805,880 | Boulder Valley School District | | | |
| (SCL Health System) | | | | No RE-2 Boulder | | | |
| Series A 4.00%1/1/37 | 575,000 | | 653,896 | Series A 4.00% 12/1/48 | 500,000 | | 561,270 |
| Series A 4.00%1/1/38 | 1,950,000 | | 2,210,949 | | | | |
| Series A 4.00%1/1/39 | 465,000 | | 525,696 | | | | |
2 NQ-OV2 [12/19] 2/20 (1080091)
(Unaudited)
| | | | | | | | | |
| | Principal | | Value | | | | Principal | | Value |
| | Amount° | | (US $) | | | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | Municipal Bonds (continued) | | | |
| Local General Obligation Bonds (continued) | | | Pre-Refunded/Escrowed to Maturity Bonds (continued) | | |
| Denver International Business | | | | Denver Health & Hospital | | | |
| Center | | | | Authority Health Care | | | |
| Metropolitan District No. 1 | | | | Revenue | | | | | |
| 5.00% 12/1/30 | 650,000 | $ | 663,585 | (Recovery Zone Facilities) | | | |
| Eaton Area Park & Recreation | | | | 5.625% 12/1/40-20§ | 750,000 | $ | 780,045 |
| District | | | | Regional Transportation | | | |
| 5.25% 12/1/34 | 190,000 | | 200,469 | District Sales Tax Revenue | | | |
| 5.50% 12/1/38 | 245,000 | | 259,906 | (FasTracks Project) Series A | | | |
| Grand River Hospital District | | | | 5.00% 11/1/38-20§ | 4,085,000 | | 4,216,210 |
| 5.25% 12/1/37 (AGM) | 675,000 | | 834,881 | | | | | | |
| Jefferson County School | | | | | | | | | 14,754,490 |
| District No. R-1 | | | | Special Tax Revenue Bonds - 21.05% | | | |
| 5.25% 12/15/24 | 750,000 | | 897,825 | Central Platte Valley | | | | |
| Sierra Ridge Metropolitan | | | | Metropolitan District | | | |
| District No. 2 | | | | 5.00% 12/1/43 | | | 375,000 | | 403,193 |
| Series A 5.50% 12/1/46 | 500,000 | | 524,800 | Commerce City | | | | | |
| Weld County School District | | | | 5.00% 8/1/44 (AGM) | 1,000,000 | | 1,123,310 |
| No. RE-1 | | | | Fountain Urban Renewal | | | |
| 5.00% 12/15/30 (AGM) | 500,000 | | 607,235 | Authority Tax Increment | | | |
| Weld County School District | | | | Revenue | | | | | |
| No. RE-2 Eaton | | | | (Academy Highlands | | | |
| Series 2 5.00% 12/1/44 | 1,250,000 | | 1,552,200 | Project) Series A | | | | | |
| Weld County School District | | | | 5.50% 11/1/44 | | | 655,000 | | 695,787 |
| No. RE-3J | | | | Guam Government Business | | | |
| 5.00% 12/15/34 (BAM) | 1,000,000 | | 1,204,210 | Privilege Tax Revenue | | | |
| Weld County School District | | | | Series A 5.125%1/1/42 | 435,000 | | 453,796 |
| No. RE-8 | | | | Series A 5.25%1/1/36 | 565,000 | | 594,521 |
| 5.00% 12/1/31 | 510,000 | | 621,073 | Lincoln Park Metropolitan | | | |
| 5.00% 12/1/32 | 340,000 | | 412,926 | District | | | | | |
| | | | | 5.00% 12/1/46(AGM) | 500,000 | | 588,855 |
| | | | 10,677,786 | Prairie Center Metropolitan | | | |
| Pre-Refunded/Escrowed to Maturity Bonds - 20.25% | | | District No. 3 | | | | | |
| Colorado Health Facilities | | | | Series A 144A | | | | | |
| Authority Revenue | | | | 5.00% 12/15/41 # | | 500,000 | | 528,825 |
| (Catholic Health Initiatives) | | | | Puerto Rico Sales Tax | | | | |
| Series A 5.00% 2/1/41-21§ | 2,400,000 | | 2,498,928 | Financing Revenue | | | | |
| (Evangelical Lutheran Good | | | | (Restructured) | | | | | |
| Samaritan Society) | | | | Series A-1 4.55%7/1/40 | 1,000,000 | | 1,037,820 |
| 5.00% 6/1/28-23§ | 1,250,000 | | 1,412,763 | Series A-1 4.75%7/1/53 | 2,290,000 | | 2,396,531 |
| 5.50% 6/1/33-23§ | 2,000,000 | | 2,293,800 | Series A-1 5.00%7/1/58 | 195,000 | | 207,388 |
| 5.625% 6/1/43-23§ | 1,000,000 | | 1,151,070 | Regional Transportation | | | |
| (NCMC Project) | | | | District Revenue | | | | | |
| 4.00% 5/15/32-26§ | 1,000,000 | | 1,163,790 | Series A 5.375% 6/1/31 | 460,000 | | 467,498 |
| Colorado School of Mines | | | | (Denver Transit Partners) | | | |
| Series B | | | | 6.00% 1/15/41 | | | 2,175,000 | | 2,218,435 |
| 5.00% 12/1/42-22§ | 1,115,000 | | 1,237,884 | Regional Transportation | | | |
| | | | | District Sales Tax Revenue | | | |
| | | | | (FasTracks Project) | | | | |
| | | | | Series A 5.00%11/1/30 | 330,000 | | 403,623 |
| | | | | Series A 5.00%11/1/31 | 755,000 | | 920,451 |
(continues)NQ-OV2 [12/19] 2/20 (1080091) 3
Schedule of investments
Delaware Investments®Colorado Municipal Income Fund, Inc. (Unaudited)
| | | | | | | | | | | |
| | | Principal | | Value | | | Principal | | | Value | |
| | | Amount° | | (US $) | | | Amount° | | | (US $) | |
| Municipal Bonds (continued) | | | | Municipal Bonds (continued) | | | | | |
| Special Tax Revenue Bonds (continued) | | | Water & Sewer Revenue Bonds - 2.90% | | | | |
| Solaris Metropolitan District | | | | | Arapahoe County Water & | | | | | |
| No. 3 | | | | | | Wastewater Authority | | | | | |
| (Limited Tax Convertible) | | | | | Revenue | | | | | |
| Series A 5.00% 12/1/46 | 500,000 | $ | 523,815 | | Series A 4.00% 12/1/39 | 1,250,000 | | $ | 1,435,375 | |
| Southlands Metropolitan | | | | | Dominion Water & Sanitation | | | | | |
| District No. 1 | | | | | | District | | | | | |
| Series A1 5.00%12/1/37 | 200,000 | | 227,074 | | 6.00% 12/1/46 | 250,000 | | | 266,897 | |
| Series A1 5.00%12/1/47 | 300,000 | | 336,126 | | Guam Government | | | | | |
| Sterling Ranch Community | | | | | Waterworks Authority | | | | | |
| Authority Board | | | | | | Revenue | | | | | |
| Series A 5.75% 12/1/45 | 525,000 | | 547,486 | | 5.00% 7/1/40 | 360,000 | | | 415,130 | |
| Tallyns Reach Metropolitan | | | | | | | | | | |
| District No. 3 | | | | | | | | | | 2,117,402 | |
| (Limited Tax Convertible) | | | | Total Municipal Bonds | | | | | |
| 5.125% 11/1/38 | 295,000 | | 314,148 | | (cost $95,737,453) | | | | 101,504,303 | |
| Thornton Development | | | | | | | | | | |
| Authority | | | | | Short-Term Investment - 0.55% | | | | | |
| (East 144th Avenue & I-25 | | | | Variable Rate Demand Note - 0.55%¤ | | | | |
| Project) | | | | | | Denver City & County | | | | | |
| Series B 5.00%12/1/35 | 265,000 | | 305,585 | | Series A-2 1.70% 12/1/29 | | | | | |
| Series B 5.00%12/1/36 | 440,000 | | 506,986 | | (SPA - JPMorgan Chase | | | | | |
| Virgin Islands Public Finance | | | | | Bank, N.A. ) | 400,000 | | | 400,000 | |
| Authority | | | | | | | | | | | |
| (Matching Fund Senior | | | | Total Short-Term Investment | | | | | |
| Lien) | | | | | | (cost $400,000) | | | | 400,000 | |
| 5.00% 10/1/29(AGM) | 500,000 | | 541,605 | | | | | | | |
| |
| | | | | | Total Value of | | | | | |
| | | | | 15,342,858 | | Securities - 139.84% | | | | | |
| Transportation Revenue Bonds - 9.46% | | | | (cost $96,137,453) | | | | 101,904,303 | |
| Colorado High Performance | | | | Liquidation Value of | | | | | |
| Transportation Enterprise | | | | | Preferred | | | | | |
| Revenue | | | | | | Stock - (41.17%) | | | | (30,000,000 | ) |
| (Senior U.S. 36 & I-25 | | | | Receivables and Other | | | | | |
| Managed Lanes) | | | | | | Assets Net of | | | | | |
| 5.75% 1/1/44 (AMT) | 1,110,000 | | 1,201,764 | | Liabilities - 1.33% | | | | 965,962 | |
| C-470 Express Lanes | | | | | | | | | | |
| 5.00% 12/31/56 | 1,000,000 | | 1,090,720 | Net Assets Applicable to | | | | | |
| Denver City & County Airport | | | | | 4,837,100 Shares | | | | | |
| System Revenue | | | | | | Outstanding - 100.00% | | $ | 72,870,265 | |
| Series A 5.00%11/15/30 | | | | | | | | | | |
| (AMT) | | 750,000 | | 910,133 | # | Security exempt from registration under Rule 144A of the Securities | |
| Series A 5.00%12/1/48 | | | | | Act of 1933, as amended. At Dec. 31, 2019, the aggregate value | |
| (AMT) | | 1,000,000 | | 1,183,800 | | of Rule 144A securities was $5,404,748, which represents 7.42% | |
| Series B 5.00%11/15/37 | 2,000,000 | | 2,188,480 | | of the Fund’s net assets. | | | | | |
| E-470 Public Highway | | | | ¤ | Tax-exempt obligations that contain a floating or variable interest | |
| Authority | | | | | | rate adjustment formula and an unconditional right of demand to | |
| Series C 5.25% 9/1/25 | 310,000 | | 318,231 | | receive payment of the unpaid principal balance plus accrued interest | |
| | | | | | | upon a short notice period (generally up to 30 days) prior to specified | |
| | | | | 6,893,128 | | dates either from the issuer or by drawing on a bank letter of credit, | |
4 NQ-OV2 [12/19] 2/20 (1080091)
(Unaudited)
| |
| | a guarantee, or insurance issued with respect to such instrument. |
| | Each rate shown is as of Dec. 31, 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. |
|
| Summary of abbreviations: |
| AGC - Insured by Assured Guaranty Corporation |
| AGM - Insured by Assured Guaranty Municipal |
| Corporation |
| AMT - Subject to Alternative Minimum Tax |
| BAM - Build America Mutual Assurance Company |
| N.A. - National Association |
| SPA - Stand-by Purchase Agreement |
| USD - US Dollar |
NQ-OV2 [12/19] 2/20 (1080091) 5
