Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc.
December 31, 2021 (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 138.31% | |||
| Corporate Revenue Bonds — 6.42% | |||
| Denver City & County | |||
| (United Airlines Project) 5.00% 10/1/32 (AMT) | 215,000 | $ 227,137 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.25% 11/15/28 | 865,000 | 1,079,407 | |
| 6.50% 11/15/38 | 2,250,000 | 3,503,025 | |
| 4,809,569 | |||
| Education Revenue Bonds — 17.50% | |||
| Board of Trustees For Colorado Mesa University Enterprise Revenue | |||
| Series B 5.00% 5/15/49 | 750,000 | 927,892 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| 144A 5.00% 7/1/36 # | 500,000 | 541,195 | |
| 5.125% 11/1/49 | 765,000 | 829,757 | |
| 144A 5.25% 7/1/46 # | 500,000 | 539,095 | |
| (Alexander Dawson School-Nevada Project) 5.00% 5/15/29 | 760,000 | 881,045 | |
| (Aspen View Academy Project) 4.00% 5/1/41 | 175,000 | 195,008 | |
| (Charter School - Atlas Preparatory School) 144A 5.25% 4/1/45 # | 700,000 | 728,035 | |
| (Charter School - Community Leadership Academy) 7.45% 8/1/48 | 500,000 | 539,755 | |
| (Charter School - Peak to Peak Charter) 5.00% 8/15/34 | 1,000,000 | 1,091,270 | |
| (Global Village Academy - Northglenn Project) 144A 5.00% 12/1/50 # | 475,000 | 516,221 | |
| (Improvement - Charter School - University Lab School Building) 5.00% 12/15/45 | 500,000 | 554,990 | |
| (Johnson & Wales University) Series A 5.25% 4/1/37-23 § | 900,000 | 953,973 | |
| (Liberty Charter School) Series A 5.00% 1/15/44 | 1,000,000 | 1,055,900 | |
| (Littleton Charter School Project) 4.375% 1/15/36 (AGC) | 1,200,000 | 1,201,536 | |
| (Loveland Classical Schools) 144A 5.00% 7/1/36 # | 625,000 | 687,919 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Science Technology Engineering and Math (Stem) School Project) 5.00% 11/1/54 | 700,000 | $ 755,783 | |
| (Skyview Charter School) 144A 5.50% 7/1/49 # | 750,000 | 798,405 | |
| (Vail Mountain School Project) 4.00% 5/1/46 | 25,000 | 26,287 | |
| Colorado School of Mines | |||
| Series B 5.00% 12/1/42 | 270,000 | 280,857 | |
| 13,104,923 | |||
| Electric Revenue Bonds — 8.48% | |||
| City of Fort Collins Electric Utility Enterprise Revenue | |||
| Series A 5.00% 12/1/42 | 500,000 | 612,735 | |
| City of Loveland Colorado Electric & Communications Enterprise Revenue | |||
| Series A 5.00% 12/1/44 | 1,060,000 | 1,301,775 | |
| Colorado Springs Utilities System Revenue | |||
| Series B 4.00% 11/15/46 | 1,500,000 | 1,809,195 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 75,000 | 74,906 | |
| Series AAA 5.25% 7/1/25 ‡ | 40,000 | 40,100 | |
| Series CCC 5.25% 7/1/27 ‡ | 335,000 | 335,837 | |
| Series WW 5.00% 7/1/28 ‡ | 325,000 | 324,594 | |
| Series WW 5.25% 7/1/33 ‡ | 95,000 | 95,238 | |
| Series WW 5.50% 7/1/17 ‡ | 210,000 | 206,850 | |
| Series WW 5.50% 7/1/19 ‡ | 160,000 | 157,600 | |
| Series XX 4.75% 7/1/26 ‡ | 45,000 | 44,775 | |
| Series XX 5.25% 7/1/40 ‡ | 825,000 | 827,062 | |
| Series XX 5.75% 7/1/36 ‡ | 155,000 | 156,550 | |
| Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 34,825 | |
| Series ZZ 5.00% 7/1/19 ‡ | 280,000 | 273,350 | |
| Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 55,138 | |
| 6,350,530 | |||
| Healthcare Revenue Bonds — 34.07% | |||
| Colorado Health Facilities Authority Revenue | |||
| (Aberdeen Ridge) Series A 5.00% 5/15/49 | 500,000 | 528,295 | |
| (AdventHealth Obligated Group) | |||
| Series A 3.00% 11/15/51 | 500,000 | 531,650 | |
NQ-OV2 [12/21] 2/22 (2028209) 1
Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc. (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) | |||
| Series A 4.00% 11/15/43 | 1,000,000 | $ 1,173,190 | |
| (Adventist Health System/Sunbelt Obligated Group) Series A 5.00% 11/15/48 | 1,000,000 | 1,221,650 | |
| (Bethesda Project) Series A-1 5.00% 9/15/48 | 750,000 | 863,438 | |
| (Boulder Community Health Project) | |||
| 4.00% 10/1/38 | 250,000 | 290,808 | |
| 4.00% 10/1/39 | 250,000 | 290,240 | |
| 4.00% 10/1/40 | 280,000 | 324,534 | |
| (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 945,000 | 964,750 | |
| (CommonSpirit Health) | |||
| Series A-1 4.00% 8/1/39 | 550,000 | 640,613 | |
| Series A-2 4.00% 8/1/49 | 1,500,000 | 1,714,920 | |
| Series A-2 5.00% 8/1/39 | 1,500,000 | 1,864,275 | |
| Series A-2 5.00% 8/1/44 | 1,500,000 | 1,843,170 | |
| (Covenant Living Communities and Services) Series A 4.00% 12/1/40 | 750,000 | 867,067 | |
| (Covenant Retirement Communities Inc.) 5.00% 12/1/35 | 1,000,000 | 1,118,500 | |
| (Frasier Meadows Retirement Community Project) Series B 5.00% 5/15/48 | 340,000 | 360,947 | |
| (Healthcare Facilities - American Baptist) 8.00% 8/1/43 | 500,000 | 534,580 | |
| (Mental Health Center of Denver Project) Series A 5.75% 2/1/44 | 1,500,000 | 1,609,605 | |
| (National Jewish Health Project) 5.00% 1/1/27 | 500,000 | 501,545 | |
| (Sanford Health) Series A 5.00% 11/1/44 | 1,500,000 | 1,862,400 | |
| (SCL Health System) | |||
| Series A 4.00% 1/1/37 | 575,000 | 677,879 | |
| Series A 4.00% 1/1/38 | 1,950,000 | 2,295,150 | |
| Series A 4.00% 1/1/39 | 465,000 | 546,315 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 # | 505,000 | $ 506,586 | |
| (Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,250,000 | 1,436,312 | |
| (Valley View Hospital Association Project) Series A 4.00% 5/15/34 | 330,000 | 371,052 | |
| Denver Health & Hospital Authority Health Care Revenue | |||
| Series A 4.00% 12/1/40 | 500,000 | 578,870 | |
| 25,518,341 | |||
| Lease Revenue Bonds — 2.92% | |||
| Denver Health & Hospital Authority | |||
| (550 ACOMA, Inc.) 4.00% 12/1/38 | 500,000 | 572,940 | |
| Puerto Rico Public Buildings Authority Revenue | |||
| (Government Facilities) | |||
| 5.25% 7/1/36 ‡ | 160,000 | 173,400 | |
| 5.75% 7/1/17 ‡ | 80,000 | 89,200 | |
| Series M-1 5.75% 7/1/17 ‡ | 215,000 | 239,725 | |
| Series Q 5.50% 7/1/37 ‡ | 70,000 | 77,263 | |
| State of Colorado Department of Transportation Certificates of Participation | |||
| 5.00% 6/15/34 | 340,000 | 397,776 | |
| 5.00% 6/15/36 | 545,000 | 635,546 | |
| 2,185,850 | |||
| Local General Obligation Bonds — 15.93% | |||
| Adams & Weld Counties School District No 27J Brighton | |||
| 4.00% 12/1/30 | 700,000 | 790,720 | |
| Arapahoe County School District No. 6 Littleton | |||
| Series A 5.50% 12/1/38 | 650,000 | 841,809 | |
| Beacon Point Metropolitan District | |||
| 5.00% 12/1/30 (AGM) | 600,000 | 698,106 | |
| Boulder Valley School District No RE-2 Boulder | |||
| Series A 4.00% 12/1/48 | 500,000 | 583,785 | |
| Denver City & County | |||
| Series B 5.00% 8/1/30 | 1,000,000 | 1,327,900 | |
2 NQ-OV2 [12/21] 2/22 (2028209)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Grand River Hospital District | |||
| 5.25% 12/1/37 (AGM) | 675,000 | $ 822,420 | |
| Jefferson County School District No. R-1 | |||
| 5.25% 12/15/24 | 750,000 | 856,575 | |
| Sierra Ridge Metropolitan District No. 2 | |||
| Series A 5.50% 12/1/46 | 500,000 | 515,795 | |
| Verve Metropolitan District No 1 | |||
| 5.00% 12/1/51 | 1,000,000 | 1,093,760 | |
| Weld County School District No. RE-1 | |||
| 5.00% 12/15/30 (AGM) | 500,000 | 597,335 | |
| Weld County School District No. RE-2 Eaton | |||
| Series 2 5.00% 12/1/44 | 1,250,000 | 1,588,925 | |
| Weld County School District No. RE-3J | |||
| 5.00% 12/15/34 (BAM) | 1,000,000 | 1,191,470 | |
| Weld County School District No. RE-8 | |||
| 5.00% 12/1/31 | 510,000 | 612,438 | |
| 5.00% 12/1/32 | 340,000 | 407,929 | |
| 11,928,967 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 12.16% | |||
| Colorado Health Facilities Authority Revenue | |||
| (Covenant Retirement Communities Inc.) Series A 5.75% 12/1/36-23 § | 1,000,000 | 1,103,940 | |
| (Evangelical Lutheran Good Samaritan Society) | |||
| 5.00% 6/1/28-23 § | 1,250,000 | 1,332,075 | |
| 5.50% 6/1/33-23 § | 2,000,000 | 2,145,360 | |
| 5.625% 6/1/43-23 § | 1,000,000 | 1,074,440 | |
| Colorado School of Mines | |||
| Series B 5.00% 12/1/42-22 § | 1,115,000 | 1,163,112 | |
| Denver City & County Airport System Revenue | |||
| Series B 5.00% 11/15/37-22 § | 1,700,000 | 1,770,244 | |
| Eaton Area Park & Recreation District | |||
| 5.25% 12/1/34-22 § | 190,000 | 198,676 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
| Tallyn's Reach Metropolitan District No. 3 | |||
| (Limited Tax Convertible) 5.125% 11/1/38-23 § | 295,000 | $ 319,886 | |
| 9,107,733 | |||
| Special Tax Revenue Bonds — 20.55% | |||
| Central Platte Valley Metropolitan District | |||
| 5.00% 12/1/43 | 375,000 | 392,539 | |
| Commerce City | |||
| 5.00% 8/1/44 (AGM) | 1,000,000 | 1,101,060 | |
| Fountain Urban Renewal Authority Tax Increment Revenue | |||
| (Academy Highlands Project) Series A 5.50% 11/1/44 | 655,000 | 689,486 | |
| GDB Debt Recovery Authority of Puerto Rico | |||
| (Taxable) 7.50% 8/20/40 | 1,682,000 | 1,606,310 | |
| Lincoln Park Metropolitan District | |||
| 5.00% 12/1/46 (AGM) | 500,000 | 593,330 | |
| Prairie Center Metropolitan District No. 3 | |||
| Series A 144A 5.00% 12/15/41 # | 500,000 | 543,155 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 1,000,000 | 1,142,600 | |
| Series A-1 4.62% 7/1/46 ^ | 3,325,000 | 1,134,058 | |
| Series A-1 4.75% 7/1/53 | 2,560,000 | 2,931,379 | |
| Series A-1 4.903% 7/1/51 ^ | 1,150,000 | 283,199 | |
| Series A-1 5.00% 7/1/58 | 920,000 | 1,067,246 | |
| Series A-2 4.784% 7/1/58 | 1,100,000 | 1,261,821 | |
| Regional Transportation District Sales Tax Revenue | |||
| (FasTracks Project) | |||
| Series A 5.00% 11/1/30 | 330,000 | 395,336 | |
| Series A 5.00% 11/1/31 | 755,000 | 904,090 | |
| Southlands Metropolitan District No. 1 | |||
| Series A1 5.00% 12/1/37 | 200,000 | 226,260 | |
| Series A1 5.00% 12/1/47 | 300,000 | 334,491 | |
NQ-OV2 [12/21] 2/22 (2028209) 3
Schedule of investments
Delaware Investments® Colorado Municipal Income Fund, Inc. (Unaudited)
| 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 | $ 295,859 | |
| Series B 5.00% 12/1/36 | 440,000 | 490,833 | |
| 15,393,052 | |||
| State General Obligation Bonds — 6.24% | |||
| Commonwealth of Puerto Rico | |||
| (Custodial Receipts) Series A 144A 5.50% 6/1/22 # | 470,000 | 471,062 | |
| (Public Improvement) | |||
| Series A 5.00% 7/1/41 ‡ | 305,000 | 274,881 | |
| Series A 5.125% 7/1/37 ‡ | 1,150,000 | 1,052,250 | |
| Series A 5.375% 7/1/33 ‡ | 305,000 | 301,569 | |
| Series A 5.50% 7/1/39 ‡ | 1,350,000 | 1,274,063 | |
| Series A 8.00% 7/1/35 ‡ | 535,000 | 476,150 | |
| Series B 5.75% 7/1/38 ‡ | 440,000 | 429,550 | |
| Series C 6.00% 7/1/39 ‡ | 400,000 | 393,500 | |
| 4,673,025 | |||
| Transportation Revenue Bonds — 8.07% | |||
| Colorado High Performance Transportation Enterprise Revenue | |||
| (C-470 Express Lanes) 5.00% 12/31/56 | 1,000,000 | 1,122,860 | |
| (Senior U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 1,110,000 | 1,167,454 | |
| Denver City & County Airport System Revenue | |||
| Series A 5.00% 12/1/29 (AMT) | 270,000 | 335,005 | |
| Series A 5.00% 12/1/48 (AMT) | 1,000,000 | 1,216,920 | |
| E-470 Public Highway Authority | |||
| Series A 5.00% 9/1/34 | 310,000 | 400,390 | |
| Regional Transportation District | |||
| (Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/35 | 1,500,000 | 1,797,555 | |
| 6,040,184 | |||
| Water & Sewer Revenue Bonds — 5.97% | |||
| Arapahoe County Water & Wastewater Authority Revenue | |||
| Series A 4.00% 12/1/39 | 1,250,000 | 1,499,225 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| Central Weld County Water District | |||
| 4.00% 12/1/40 (AGM) | 500,000 | $ 598,940 | |
| Guam Government Waterworks Authority Revenue | |||
| 5.00% 7/1/40 | 360,000 | 418,817 | |
| Metro Wastewater Reclamation District | |||
| Series A 5.00% 4/1/33 | 500,000 | 650,705 | |
| Morgan County Quality Water District | |||
| 4.00% 12/1/45 (AGM) | 750,000 | 877,657 | |
| 4.00% 12/1/50 (AGM) | 365,000 | 425,342 | |
| 4,470,686 | |||
| Total Municipal Bonds (cost $95,662,354) | 103,582,860 | ||
| Total Value of Securities—138.31% (cost $95,662,354) | $103,582,860 | ||
| Liquidation Value of Preferred – (40.06%) | (30,000,000) | ||
| Receivables and Other Assets Net of Liabilities—1.75% | 1,309,289 | ||
| Net Assets Applicable to 4,837,100 Shares Outstanding—100.00% | $74,892,149 | ||
| ° | 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, 2021, the aggregate value of Rule 144A securities was $6,296,423, which represents 8.41% 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. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| 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 |
| USD – US Dollar |
4 NQ-OV2 [12/21] 2/22 (2028209)