Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc.
June 30, 2020 (Unaudited)
| Principal | Value | Principal | Value | |||||||
| Amount° | (US $) | Amount° | (US $) | |||||||
| Municipal Bonds - 137.16% | Municipal Bonds (continued) | |||||||||
| Corporate Revenue Bonds - 6.54% | Education Revenue Bonds (continued) | |||||||||
| Denver City & County | Colorado Educational & | |||||||||
| (United Airlines Project) | Cultural Facilities Authority | |||||||||
| 5.00% 10/1/32 (AMT) | 215,000 | $ | 216,339 | Revenue | ||||||
| Public Authority for Colorado | (Loveland Classical | |||||||||
| Energy Natural Gas | Schools) 144A | |||||||||
| Revenue | 5.00% 7/1/36 # | 625,000 | $ | 630,800 | ||||||
| Series 2008 | (Science Technology | |||||||||
| 6.50% 11/15/38 | 2,250,000 | 3,386,587 | Engineering and Math | |||||||
| Public Authority for Colorado | (Stem) School Project) | |||||||||
| Energy Revenue | 5.00% 11/1/54 | 700,000 | 740,222 | |||||||
| 6.25% 11/15/28 | 865,000 | 1,083,966 | (Skyview Charter School) | |||||||
| 144A 5.50% 7/1/49 # | 750,000 | 761,535 | ||||||||
| 4,686,892 | (Vail Mountain School | |||||||||
| Project) 4.00% 5/1/46 | 25,000 | 24,177 | ||||||||
| Education Revenue Bonds - 17.80% | (Windsor Charter Academy | |||||||||
| Board of Trustees For | Project) 144A | |||||||||
| Colorado Mesa University | 5.00% 9/1/46 # | 500,000 | 489,955 | |||||||
| Enterprise Revenue | Colorado School of Mines | |||||||||
| Series B 5.00% 5/15/49 | 750,000 | 927,683 | Series B 5.00% 12/1/42 | 270,000 | 291,916 | |||||
| Colorado Educational & | ||||||||||
| Cultural Facilities Authority | ||||||||||
| Revenue | 12,751,110 | |||||||||
| 144A 5.00% 7/1/36 # | 500,000 | 505,060 | Electric Revenue Bonds - 3.86% | |||||||
| 5.125% 11/1/49 | 765,000 | 816,071 | City of Fort Collins Electric | |||||||
| 144A 5.25% 7/1/46 # | 500,000 | 504,805 | Utility Enterprise Revenue | |||||||
| (Alexander Dawson | Series A 5.00% 12/1/42 | 500,000 | 621,575 | |||||||
| School-Nevada Project) | City of Loveland Colorado | |||||||||
| 5.00% 5/15/29 | 760,000 | 911,027 | Electric & Communications | |||||||
| (Charter School - Atlas | Enterprise Revenue | |||||||||
| Preparatory School) 144A | Series A 5.00% 12/1/44 | 1,060,000 | 1,313,033 | |||||||
| 5.25% 4/1/45 # | 700,000 | 698,978 | Puerto Rico Electric Power | |||||||
| (Charter School - | Authority Revenue | |||||||||
| Community Leadership | Series A 5.05% 7/1/42 ‡ | 75,000 | 52,313 | |||||||
| Academy) 7.45% 8/1/48 | 500,000 | 549,505 | Series AAA 5.25% | |||||||
| (Charter School - Peak to | 7/1/25 ‡ | 40,000 | 28,000 | |||||||
| Peak Charter) | Series CCC 5.25% | |||||||||
| 5.00% 8/15/34 | 1,000,000 | 1,118,420 | 7/1/27 ‡ | 335,000 | 234,500 | |||||
| (Improvement - Charter | Series WW 5.00% | |||||||||
| School - University Lab | 7/1/28 ‡ | 325,000 | 226,688 | |||||||
| School Building) | Series XX 4.75% 7/1/26 ‡ | 45,000 | 31,163 | |||||||
| 5.00% 12/15/45 | 500,000 | 537,830 | Series XX 5.25% 7/1/40 ‡ | 125,000 | 87,500 | |||||
| (Johnson & Wales | Series XX 5.75% 7/1/36 ‡ | 155,000 | 109,275 | |||||||
| University) Series A | Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 24,238 | |||||||
| 5.25% 4/1/37 | 900,000 | 961,542 | Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 38,500 | |||||
| (Liberty Charter School) | ||||||||||
| Series A 5.00% 1/15/44 | 1,000,000 | 1,080,300 | 2,766,785 | |||||||
| (Littleton Charter School | ||||||||||
| Project) | ||||||||||
| 4.375% 1/15/36 (AGC) | 1,200,000 | 1,201,284 | ||||||||
(continues) NQ-OV2 [6/20] 8/20 (1294488) 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 - 37.85% | Healthcare Revenue Bonds (continued) | ||||||||
| City of Aurora | Colorado Health Facilities | ||||||||
| (Children’s Hospital | Authority Revenue | ||||||||
| Association Project) | (Sunny Vista Living Center) | ||||||||
| Series A 0.00% 12/1/40 | 2,000,000 | $ | 2,000,000 | Series A 144A | |||||
| Colorado Health Facilities | 6.25% 12/1/50 # | 505,000 | $ | 515,398 | |||||
| Authority Revenue | (Vail Valley Medical Center | ||||||||
| (AdventHealth Obligated | Project) 5.00% 1/15/35 | 1,250,000 | 1,446,625 | ||||||
| Group) Series A | (Valley View Hospital | ||||||||
| 4.00% 11/15/43 | 1,000,000 | 1,123,520 | Association Project) | ||||||
| (Adventist Health | Series A 4.00% 5/15/34 | 330,000 | 366,584 | ||||||
| System/Sunbelt Obligated | Denver Health & Hospital | ||||||||
| Group) Series A | Authority Health Care | ||||||||
| 5.00% 11/15/48 | 1,000,000 | 1,178,010 | Revenue | ||||||
| (Bethesda Project) | Series A 4.00% 12/1/40 | 500,000 | 531,500 | ||||||
| Series A1 5.00% 9/15/48 | 750,000 | 792,825 | |||||||
| (Cappella of Grand | 27,108,467 | ||||||||
| Junction Project) 144A | Lease Revenue Bonds - 4.13% | ||||||||
| 5.00% 12/1/54 # | 515,000 | 479,887 | Denver Health & Hospital | ||||||
| (Christian Living | Authority | ||||||||
| Community Project) | |||||||||
| 6.375% 1/1/41 | 615,000 | 633,671 | (550 ACOMA, Inc. ) | ||||||
| (CommonSpirit Health) | 4.00% 12/1/38 | 500,000 | 532,065 | ||||||
| Pueblo County Certificates of | |||||||||
| Series A-1 4.00% 8/1/39 | 550,000 | 600,699 | Participation | ||||||
| Series A-2 4.00% 8/1/49 | 1,500,000 | 1,610,190 | (County Judicial Complex | ||||||
| Series A-2 5.00% 8/1/38 | 1,500,000 | 1,788,840 | Project) | ||||||
| Series A-2 5.00% 8/1/39 | 1,500,000 | 1,782,690 | 5.00% 9/15/42 (AGM) | 1,250,000 | 1,355,463 | ||||
| Series A-2 5.00% 8/1/44 | 1,500,000 | 1,763,430 | State of Colorado Department | ||||||
| (Covenant Retirement | of Transportation | ||||||||
| Communities Inc. ) | Certificates of Participation | ||||||||
| 5.00% 12/1/35 | 1,000,000 | 1,068,080 | 5.00% 6/15/34 | 340,000 | 413,494 | ||||
| Series A 5.75% 12/1/36 | 1,000,000 | 1,081,140 | 5.00% 6/15/36 | 545,000 | 660,714 | ||||
| (Frasier Meadows | |||||||||
| Retirement Community | 2,961,736 | ||||||||
| Project) | |||||||||
| Series A 5.25% 5/15/37 | 265,000 | 269,412 | Local General Obligation Bonds - 15.01% | ||||||
| Series B 5.00% 5/15/48 | 340,000 | 324,737 | Adams & Weld Counties | ||||||
| School District No 27J | |||||||||
| (Healthcare Facilities - | Brighton | ||||||||
| American Baptist) | |||||||||
| 8.00% 8/1/43 | 500,000 | 528,630 | 4.00% 12/1/30 | 700,000 | 802,886 | ||||
| (Mental Health Center of | Arapahoe County School | ||||||||
| Denver Project) Series A | District No. 6 Littleton | ||||||||
| 5.75% 2/1/44 | 1,500,000 | 1,578,015 | Series A 5.50% 12/1/38 | 650,000 | 850,785 | ||||
| (National Jewish Health | Beacon Point Metropolitan | ||||||||
| Project) 5.00% 1/1/27 | 500,000 | 523,915 | District | ||||||
| (Sanford Health) Series A | 5.00% 12/1/30 (AGM) | 600,000 | 715,152 | ||||||
| 5.00% 11/1/44 | 1,500,000 | 1,790,685 | Boulder Valley School District | ||||||
| (SCL Health System) | No RE-2 Boulder | ||||||||
| Series A 4.00% 1/1/37 | 575,000 | 643,879 | Series A 4.00% 12/1/48 | 500,000 | 582,380 | ||||
| Series A 4.00% 1/1/38 | 1,950,000 | 2,171,169 | |||||||
| Series A 4.00% 1/1/39 | 465,000 | 514,936 | |||||||
2 NQ-OV2 [6/20] 8/20 (1294488)
(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 | Regional Transportation | ||||||||
| Center | District Sales Tax Revenue | ||||||||
| Metropolitan District No. 1 | (FasTracks Project) Series A | ||||||||
| 5.00% 12/1/30 | 650,000 | $ | 656,149 | 5.00% 11/1/38-20§ | 2,500,000 | $ | 2,539,800 | ||
| Eaton Area Park & Recreation | |||||||||
| District | 11,120,156 | ||||||||
| 5.25% 12/1/34 | 190,000 | 194,133 | Special Tax Revenue Bonds - 21.04% | ||||||
| 5.50% 12/1/38 | 245,000 | 251,493 | Central Platte Valley | ||||||
| Grand River Hospital District | Metropolitan District | ||||||||
| 5.25% 12/1/37 (AGM) | 675,000 | 782,899 | 5.00% 12/1/43 | 375,000 | 383,917 | ||||
| Jefferson County School | Commerce City | ||||||||
| District No. R-1 | 5.00% 8/1/44 (AGM) | 1,000,000 | 1,146,350 | ||||||
| 5.25% 12/15/24 | 750,000 | 908,857 | Fountain Urban Renewal | ||||||
| Sierra Ridge Metropolitan | Authority Tax Increment | ||||||||
| District No. 2 | Revenue | ||||||||
| Series A 5.50% 12/1/46 | 500,000 | 510,655 | (Academy Highlands | ||||||
| Weld County School District | Project) Series A | ||||||||
| No. RE-1 | 5.50% 11/1/44 | 655,000 | 660,345 | ||||||
| 5.00% 12/15/30 (AGM) | 500,000 | 620,935 | Guam Government Business | ||||||
| Weld County School District | Privilege Tax Revenue | ||||||||
| No. RE-2 Eaton | Series A 5.125% 1/1/42 | 435,000 | 445,436 | ||||||
| Series 2 5.00% 12/1/44 | 1,250,000 | 1,593,138 | Series A 5.25% 1/1/36 | 565,000 | 581,046 | ||||
| Weld County School District | Lincoln Park Metropolitan | ||||||||
| No. RE-3J | District | ||||||||
| 5.00% 12/15/34 (BAM) | 1,000,000 | 1,228,580 | 5.00% 12/1/46 (AGM) | 500,000 | 603,045 | ||||
| Weld County School District | Prairie Center Metropolitan | ||||||||
| No. RE-8 | District No. 3 | ||||||||
| 5.00% 12/1/31 | 510,000 | 633,104 | Series A 144A | ||||||
| 5.00% 12/1/32 | 340,000 | 419,934 | 5.00% 12/15/41 # | 500,000 | 502,725 | ||||
| Puerto Rico Sales Tax | |||||||||
| 10,751,080 | Financing Revenue | ||||||||
| Pre-Refunded/Escrowed to Maturity Bonds - 15.52% | (Restructured) | ||||||||
| Colorado Health Facilities | Series A-1 4.55% 7/1/40 | 1,000,000 | 1,022,000 | ||||||
| Authority Revenue | Series A-1 4.75% 7/1/53 | 2,290,000 | 2,359,066 | ||||||
| (Catholic Health Initiatives) | Series A-1 5.00% 7/1/58 | 1,110,000 | 1,163,336 | ||||||
| Series A 5.00% 2/1/41-21§ | 2,400,000 | 2,465,520 | Regional Transportation | ||||||
| (Evangelical Lutheran Good | District Revenue | ||||||||
| Samaritan Society) | (Denver Transit Partners) | ||||||||
| 5.00% 6/1/28-23§ | 1,250,000 | 1,420,313 | 6.00% 1/15/41 | 2,175,000 | 2,178,719 | ||||
| 5.50% 6/1/33-23§ | 2,000,000 | 2,301,500 | Regional Transportation | ||||||
| 5.625% 6/1/43-23§ | 1,000,000 | 1,154,370 | District Sales Tax Revenue | ||||||
| Colorado School of Mines | (FasTracks Project) | ||||||||
| Series B | Series A 5.00% 11/1/30 | 330,000 | 405,860 | ||||||
| 5.00% 12/1/42-22§ | 1,115,000 | 1,238,653 | Series A 5.00% 11/1/31 | 755,000 | 920,843 | ||||
| Solaris Metropolitan District | |||||||||
| No. 3 | |||||||||
| (Limited Tax Convertible) | |||||||||
| Series A 5.00% 12/1/46 | 500,000 | 507,290 | |||||||
(continues) NQ-OV2 [6/20] 8/20 (1294488) 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) | Transportation Revenue Bonds (continued) | |||||||||
| Southlands Metropolitan | E-470 Public Highway | |||||||||
| District No. 1 | Authority | |||||||||
| Series A1 5.00% 12/1/37 | 200,000 | $ | 210,242 | Series A 5.00% 9/1/34 | 310,000 | $ | 408,044 | |||
| Series A1 5.00% 12/1/47 | 300,000 | 310,311 | Series C 5.25% 9/1/25 | 310,000 | 312,548 | |||||
| Sterling Ranch Community | ||||||||||
| Authority Board | 7,555,726 | |||||||||
| Series A 5.75% 12/1/45 | 525,000 | 542,861 | Water & Sewer Revenue Bonds - 3.03% | |||||||
| Tallyn’s Reach Metropolitan | Arapahoe County Water & | |||||||||
| District No. 3 | Wastewater Authority | |||||||||
| (Limited Tax Convertible) | Revenue | |||||||||
| 5.125% 11/1/38 | 295,000 | 298,437 | Series A 4.00% 12/1/39 | 1,250,000 | 1,501,275 | |||||
| Thornton Development | Dominion Water & Sanitation | |||||||||
| Authority | District, Colorado | |||||||||
| (East 144th Avenue & I-25 | 6.00% 12/1/46 | 245,000 | 256,052 | |||||||
| Project) | Guam Government | |||||||||
| Series B 5.00% 12/1/35 | 265,000 | 311,319 | Waterworks Authority | |||||||
| Series B 5.00% 12/1/36 | 440,000 | 516,490 | Revenue | |||||||
| 5.00% 7/1/40 | 360,000 | 413,420 | ||||||||
| 15,069,638 | ||||||||||
| State General Obligation Bonds - 1.83% | 2,170,747 | |||||||||
| Commonwealth of Puerto | Total Municipal Bonds | |||||||||
| Rico | (cost $93,521,573) | 98,251,543 | ||||||||
| (General Obligation Bonds) | ||||||||||
| Series A 5.00% 7/1/41 ‡ | 305,000 | 192,150 | Short-Term Investments - 0.84% | |||||||
| Series A 5.375% 7/1/33 ‡ | 305,000 | 213,119 | Variable Rate Demand Notes - 0.84%¤ | |||||||
| Series A 8.00% 7/1/35 ‡ | 535,000 | 322,337 | Colorado Educational & | |||||||
| Series B 5.75% 7/1/38 ‡ | 440,000 | 303,600 | Cultural Facilities Authority | |||||||
| Series C 6.00% 7/1/39 ‡ | 400,000 | 278,000 | Revenue Series F-2 | |||||||
| (National Jewish | ||||||||||
| 1,309,206 | Federation Bond Program) | |||||||||
| Transportation Revenue Bonds - 10.55% | 0.12% 7/1/41 | |||||||||
| (LOC - Northern Trust | ||||||||||
| Colorado High Performance | Company) | 500,000 | 500,000 | |||||||
| Transportation Enterprise | ||||||||||
| Revenue | Denver City & County | |||||||||
| Series A1 0.12% 12/1/29 | ||||||||||
| (Senior U.S. 36 & I-25 | (SPA - JPMorgan Chase | |||||||||
| Managed Lanes) | Bank, N.A. ) | 100,000 | 100,000 | |||||||
| 5.75% 1/1/44 (AMT) | 1,110,000 | 1,179,630 | ||||||||
| C-470 Express Lanes | ||||||||||
| 5.00% 12/31/56 | 1,000,000 | 1,065,770 | Total Short-Term | |||||||
| Denver City & County Airport | Investments | |||||||||
| System Revenue | (cost $600,000) | 600,000 | ||||||||
| Series A 5.00% 12/1/29 | 270,000 | 340,124 | ||||||||
| Series A 5.00% 11/15/30 | Total Value of | |||||||||
| (AMT) | 750,000 | 918,690 | Securities - 138.00% | |||||||
| Series A 5.00% 12/1/48 | (cost $94,121,573) | 98,851,543 | ||||||||
| (AMT) | 1,000,000 | 1,184,040 | ||||||||
| Series B 5.00% 11/15/37 | 2,000,000 | 2,146,880 | ||||||||
| E-470 Public Highway | ||||||||||
| Authority | ||||||||||
4 NQ-OV2 [6/20] 8/20 (1294488)
(Unaudited)
| Liquidation Value of | § | Pre-refunded bonds. Municipal bonds that are generally backed or | ||||
| Preferred | secured by US Treasury bonds. For pre-refunded bonds, the stated | |||||
| Stock - (41.88%) | (30,000,000 | ) | maturity is followed by the year in which the bond will be | |||
| Receivables and Other | pre-refunded. | |||||
| Assets Net of | ° | Principal amount shown is stated in USD unless noted that the security | ||||
| Liabilities - 3.88% | 2,779,206 | is denominated in another currency. | ||||
| Net Assets Applicable to | ‡ | Non-income producing security. Security is currently in default. | ||||
| 4,837,100 Shares | ||||||
| Outstanding - 100.00% | $ | 71,630,749 | Summary of abbreviations: | |||
| AGC - Insured by Assured Guaranty Corporation | ||||||
| # | Security exempt from registration under Rule 144A of the Securities | AGM - Insured by Assured Guaranty Municipal | ||||
| Act of 1933, as amended. At June 30, 2020, the aggregate value | Corporation | |||||
| of Rule 144A securities was $5,089,143, which represents 7.10% | AMT - Subject to Alternative Minimum Tax | |||||
| of the Fund’s net assets. | BAM - Build America Mutual Assurance Company | |||||
| ¤ | Tax-exempt obligations that contain a floating or variable interest | LOC - Letter of Credit | ||||
| rate adjustment formula and an unconditional right of demand to | N.A. - National Association | |||||
| receive payment of the unpaid principal balance plus accrued interest | SPA - Stand-by Purchase Agreement | |||||
| upon a short notice period (generally up to 30 days) prior to specified | USD - US Dollar | |||||
| 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 June 30, 2020. | ||||||
NQ-OV2 [6/20] 8/20 (1294488) 5