Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc.
December 31, 2020 (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 138.73% | |||
| Corporate Revenue Bonds — 6.61% | |||
| Denver City & County | |||
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 215,000 | $225,638 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 2,250,000 | 3,579,165 | |
| Public Authority for Colorado Energy Revenue | |||
| 6.25% 11/15/28 | 865,000 | 1,104,917 | |
| 4,909,720 | |||
| Education Revenue Bonds — 18.12% | |||
| Board of Trustees For Colorado Mesa University Enterprise Revenue | |||
| Series B 5.00% 5/15/49 | 750,000 | 931,335 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| 144A 5.00% 7/1/36 # | 500,000 | 531,545 | |
| 5.125% 11/1/49 | 765,000 | 826,644 | |
| 144A 5.25% 7/1/46 # | 500,000 | 529,450 | |
| (Alexander Dawson School-Nevada Project) 5.00% 5/15/29 | 760,000 | 915,230 | |
| (Charter School - Atlas Preparatory School) 144A 5.25% 4/1/45 # | 700,000 | 723,828 | |
| (Charter School - Community Leadership Academy) 7.45% 8/1/48 | 500,000 | 554,145 | |
| (Charter School - Peak to Peak Charter) 5.00% 8/15/34 | 1,000,000 | 1,121,130 | |
| (Global Village Academy - Northglenn Project) 144A 5.00% 12/1/50 # | 475,000 | 502,360 | |
| (Improvement - Charter School - University Lab School Building) 5.00% 12/15/45 | 500,000 | 547,970 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Johnson & Wales University) Series A 5.25% 4/1/37 | 900,000 | $966,861 | |
| (Liberty Charter School) Series A 5.00% 1/15/44 | 1,000,000 | 1,083,730 | |
| (Littleton Charter School Project) 4.375% 1/15/36 (AGC) | 1,200,000 | 1,201,596 | |
| (Loveland Classical Schools) 144A 5.00% 7/1/36 # | 625,000 | 672,419 | |
| (Science Technology Engineering and Math (Stem) School Project) 5.00% 11/1/54 | 700,000 | 751,926 | |
| (Skyview Charter School) 144A 5.50% 7/1/49 # | 750,000 | 792,292 | |
| (Vail Mountain School Project) 4.00% 5/1/46 | 25,000 | 25,226 | |
| (Windsor Charter Academy Project) 5.00% 9/1/46 | 500,000 | 505,900 | |
| Colorado School of Mines | |||
| Series B 5.00% 12/1/42 | 270,000 | 287,920 | |
| 13,471,507 | |||
| Electric Revenue Bonds — 3.93% | |||
| City of Fort Collins Electric Utility Enterprise Revenue | |||
| Series A 5.00% 12/1/42 | 500,000 | 625,610 | |
| City of Loveland Colorado Electric & Communications Enterprise Revenue | |||
| Series A 5.00% 12/1/44 | 1,060,000 | 1,327,830 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 75,000 | 60,750 | |
| Series AAA 5.25% 7/1/25 ‡ | 40,000 | 32,500 | |
NQ-OV2 [12/20] 2/21 (1511904) 1
Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc. (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 ‡ | 335,000 | $272,187 | |
| Series WW 5.00% 7/1/28 ‡ | 325,000 | 263,250 | |
| Series XX 4.75% 7/1/26 ‡ | 45,000 | 36,338 | |
| Series XX 5.25% 7/1/40 ‡ | 125,000 | 101,562 | |
| Series XX 5.75% 7/1/36 ‡ | 155,000 | 126,712 | |
| Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 28,263 | |
| Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 44,688 | |
| 2,919,690 | |||
| Healthcare Revenue Bonds — 36.28% | |||
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) Series A 4.00% 11/15/43 | 1,000,000 | 1,172,800 | |
| (Adventist Health System/Sunbelt Obligated Group) Series A 5.00% 11/15/48 | 1,000,000 | 1,215,520 | |
| (Bethesda Project) Series A1 5.00% 9/15/48 | 750,000 | 822,622 | |
| (Boulder Community Health Project) | |||
| 4.00% 10/1/38 | 250,000 | 293,545 | |
| 4.00% 10/1/39 | 250,000 | 292,615 | |
| 4.00% 10/1/40 | 280,000 | 326,550 | |
| (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 865,000 | 879,264 | |
| (Christian Living Community Project) 6.375% 1/1/41 | 615,000 | 635,320 | |
| (CommonSpirit Health) | |||
| Series A-1 4.00% 8/1/39 | 550,000 | 637,439 | |
| Series A-2 4.00% 8/1/49 | 1,500,000 | 1,691,445 | |
| Series A-2 5.00% 8/1/38 | 1,500,000 | 1,888,575 | |
| Series A-2 5.00% 8/1/39 | 1,500,000 | 1,884,480 | |
| Series A-2 5.00% 8/1/44 | 1,500,000 | 1,839,270 | |
| (Covenant Living Communities and Services) Series A 4.00% 12/1/40 | 750,000 | 852,307 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (Covenant Retirement Communities Inc.) 5.00% 12/1/35 | 1,000,000 | $1,125,570 | |
| (Frasier Meadows Retirement Community Project) Series B 5.00% 5/15/48 | 340,000 | 358,561 | |
| (Healthcare Facilities - American Baptist) 8.00% 8/1/43 | 500,000 | 536,760 | |
| (Mental Health Center of Denver Project) Series A 5.75% 2/1/44 | 1,500,000 | 1,599,705 | |
| (National Jewish Health Project) 5.00% 1/1/27 | 500,000 | 518,020 | |
| (Sanford Health) Series A 5.00% 11/1/44 | 1,500,000 | 1,867,335 | |
| (SCL Health System) | |||
| Series A 4.00% 1/1/37 | 575,000 | 691,857 | |
| Series A 4.00% 1/1/38 | 1,950,000 | 2,336,139 | |
| Series A 4.00% 1/1/39 | 465,000 | 554,675 | |
| (Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 # | 505,000 | 523,034 | |
| (Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,250,000 | 1,492,700 | |
| (Valley View Hospital Association Project) Series A 4.00% 5/15/34 | 330,000 | 375,078 | |
| Denver Health & Hospital Authority Health Care Revenue | |||
| Series A 4.00% 12/1/40 | 500,000 | 560,000 | |
| 26,971,186 | |||
| Lease Revenue Bonds — 3.98% | |||
| Denver Health & Hospital Authority | |||
| (550 ACOMA, Inc.) 4.00% 12/1/38 | 500,000 | 551,730 | |
2 NQ-OV2 [12/20] 2/21 (1511904)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| Pueblo County Certificates of Participation | |||
| (County Judicial Complex Project) 5.00% 9/15/42 (AGM) | 1,250,000 | $1,333,575 | |
| State of Colorado Department of Transportation Certificates of Participation | |||
| 5.00% 6/15/34 | 340,000 | 413,919 | |
| 5.00% 6/15/36 | 545,000 | 661,554 | |
| 2,960,778 | |||
| Local General Obligation Bonds — 16.83% | |||
| Adams & Weld Counties School District No 27J Brighton | |||
| 4.00% 12/1/30 | 700,000 | 801,031 | |
| Arapahoe County School District No. 6 Littleton | |||
| Series A 5.50% 12/1/38 | 650,000 | 856,375 | |
| Beacon Point Metropolitan District | |||
| 5.00% 12/1/30 (AGM) | 600,000 | 717,588 | |
| Boulder Valley School District No RE-2 Boulder | |||
| Series A 4.00% 12/1/48 | 500,000 | 588,655 | |
| Denver City & County | |||
| Series B 5.00% 8/1/30 | 2,000,000 | 2,792,880 | |
| Grand River Hospital District | |||
| 5.25% 12/1/37 (AGM) | 675,000 | 805,761 | |
| Jefferson County School District No. R-1 | |||
| 5.25% 12/15/24 | 750,000 | 897,765 | |
| Sierra Ridge Metropolitan District No. 2 | |||
| Series A 5.50% 12/1/46 | 500,000 | 520,480 | |
| Weld County School District No. RE-1 | |||
| 5.00% 12/15/30 (AGM) | 500,000 | 621,850 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Weld County School District No. RE-2 Eaton | |||
| Series 2 5.00% 12/1/44 | 1,250,000 | $1,622,312 | |
| Weld County School District No. RE-3J | |||
| 5.00% 12/15/34 (BAM) | 1,000,000 | 1,231,290 | |
| Weld County School District No. RE-8 | |||
| 5.00% 12/1/31 | 510,000 | 633,976 | |
| 5.00% 12/1/32 | 340,000 | 420,655 | |
| 12,510,618 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 16.34% | |||
| Colorado Health Facilities Authority Revenue | |||
| (Catholic Health Initiatives) Series A 5.00% 2/1/41-21 § | 2,000,000 | 2,006,960 | |
| (Covenant Retirement Communities Inc.) Series A 5.75% 12/1/36-23 § | 1,000,000 | 1,159,760 | |
| (Evangelical Lutheran Good Samaritan Society) | |||
| 5.00% 6/1/28-23 § | 1,250,000 | 1,393,587 | |
| 5.50% 6/1/33-23 § | 2,000,000 | 2,253,720 | |
| 5.625% 6/1/43-23 § | 1,000,000 | 1,129,860 | |
| Colorado School of Mines | |||
| Series B 5.00% 12/1/42-22 § | 1,115,000 | 1,215,618 | |
| Denver City & County Airport System Revenue | |||
| Series B 5.00% 11/15/37-22 § | 2,000,000 | 2,178,240 | |
| Eaton Area Park & Recreation District | |||
| 5.25% 12/1/34-22 § | 190,000 | 207,856 | |
| 5.50% 12/1/38-22 § | 245,000 | 269,189 | |
| Tallyn's Reach Metropolitan District No. 3 | |||
| (Limited Tax Convertible) 5.125% 11/1/38-23 § | 295,000 | 333,574 | |
| 12,148,364 | |||
NQ-OV2 [12/20] 2/21 (1511904) 3
Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc. (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds — 18.80% | |||
| Central Platte Valley Metropolitan District | |||
| 5.00% 12/1/43 | 375,000 | $393,439 | |
| Commerce City | |||
| 5.00% 8/1/44 (AGM) | 1,000,000 | 1,135,640 | |
| Fountain Urban Renewal Authority Tax Increment Revenue | |||
| (Academy Highlands Project) Series A 5.50% 11/1/44 | 655,000 | 683,355 | |
| Guam Government Business Privilege Tax Revenue | |||
| Series A 5.125% 1/1/42 | 435,000 | 448,420 | |
| Series A 5.25% 1/1/36 | 565,000 | 584,351 | |
| Lincoln Park Metropolitan District | |||
| 5.00% 12/1/46 (AGM) | 500,000 | 602,040 | |
| Prairie Center Metropolitan District No. 3 | |||
| Series A 144A 5.00% 12/15/41 # | 500,000 | 524,590 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 1,000,000 | 1,100,120 | |
| Series A-1 4.75% 7/1/53 | 2,560,000 | 2,819,738 | |
| Series A-1 5.00% 7/1/58 | 1,110,000 | 1,239,759 | |
| Series A-2 4.784% 7/1/58 | 1,100,000 | 1,212,134 | |
| Regional Transportation District Sales Tax Revenue | |||
| (FasTracks Project) | |||
| Series A 5.00% 11/1/30 | 330,000 | 408,246 | |
| Series A 5.00% 11/1/31 | 755,000 | 930,636 | |
| Solaris Metropolitan District No. 3 | |||
| (Limited Tax Convertible) Series A 5.00% 12/1/46 | 500,000 | 521,930 | |
| Southlands Metropolitan District No. 1 | |||
| Series A1 5.00% 12/1/37 | 200,000 | 220,984 | |
| Series A1 5.00% 12/1/47 | 300,000 | 326,040 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Thornton Development Authority | |||
| (East 144th Avenue & I-25 Project) | |||
| Series B 5.00% 12/1/35 | 265,000 | $308,500 | |
| Series B 5.00% 12/1/36 | 440,000 | 511,856 | |
| 13,971,778 | |||
| State General Obligation Bonds — 1.96% | |||
| Commonwealth of Puerto Rico | |||
| (General Obligation Bonds) | |||
| Series A 5.00% 7/1/41 ‡ | 305,000 | 213,500 | |
| Series A 5.375% 7/1/33 ‡ | 305,000 | 234,469 | |
| Series A 8.00% 7/1/35 ‡ | 535,000 | 367,812 | |
| Series B 5.75% 7/1/38 ‡ | 440,000 | 334,400 | |
| Series C 6.00% 7/1/39 ‡ | 400,000 | 306,500 | |
| 1,456,681 | |||
| Transportation Revenue Bonds — 9.39% | |||
| Colorado High Performance Transportation Enterprise Revenue | |||
| (C-470 Express Lanes) 5.00% 12/31/56 | 1,000,000 | 1,095,940 | |
| (Senior U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 1,110,000 | 1,190,497 | |
| Denver City & County Airport System Revenue | |||
| Series A 5.00% 12/1/29 (AMT) | 270,000 | 343,310 | |
| Series A 5.00% 11/15/30 (AMT) | 750,000 | 927,878 | |
| Series A 5.00% 12/1/48 (AMT) | 1,000,000 | 1,197,750 | |
| E-470 Public Highway Authority | |||
| Series A 5.00% 9/1/34 | 310,000 | 412,465 | |
| Regional Transportation District | |||
| (Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/35 | 1,500,000 | 1,815,270 | |
| 6,983,110 | |||
4 NQ-OV2 [12/20] 2/21 (1511904)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds — 6.49% | |||
| Arapahoe County Water & Wastewater Authority Revenue | |||
| Series A 4.00% 12/1/39 | 1,250,000 | $1,524,313 | |
| Central Weld County Water District | |||
| 4.00% 12/1/40 (AGM) | 500,000 | 608,540 | |
| Dominion Water & Sanitation District, Colorado | |||
| 6.00% 12/1/46 | 245,000 | 255,760 | |
| Guam Government Waterworks Authority Revenue | |||
| 5.00% 7/1/40 | 360,000 | 425,322 | |
| Metro Wastewater Reclamation District | |||
| Series A 5.00% 4/1/33 | 500,000 | 678,860 | |
| Morgan County Quality Water District | |||
| 4.00% 12/1/45 (AGM) | 750,000 | 899,737 | |
| 4.00% 12/1/50 (AGM) | 365,000 | 435,248 | |
| 4,827,780 | |||
| Total Municipal Bonds (cost $95,647,199) | 103,131,212 | ||
| Short-Term Investments — 0.19% | |||
| Variable Rate Demand Note — 0.19%¤ | |||
| Denver City & County | |||
| Series A1 0.10% 12/1/29 (SPA - JPMorgan Chase Bank, N.A.) | 140,000 | 140,000 | |
| Total Short-Term Investments (cost $140,000) | 140,000 | ||
| Total Value of Securities—138.92% (cost $95,787,199) | 103,271,212 | ||
| Value (US $) | |||
| Liquidation Value of Preferred – (40.36%) | (30,000,000) | ||
| Receivables and Other Assets Net of Liabilities—1.44% | $1,068,935 | ||
| Net Assets Applicable to 4,837,100 Shares Outstanding—100.00% | $74,340,147 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $5,678,782, which represents 7.64% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| § | 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. |
| ¤ | 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 December 31, 2020. |
| Summary of abbreviations: |
| AGC – Insured by Assured Guaranty Corporation |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| N.A. – National Association |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |
NQ-OV2 [12/20] 2/21 (1511904) 5