UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-07742 | |
Exact name of registrant as specified in charter: | Voyageur Mutual Funds | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 | ||
Registrant’s telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | August 31 | |
Date of reporting period: | February 28, 2021 |
Item 1. Reports to Stockholders
Semiannual report
Fixed income mutual funds
Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Minnesota High-Yield Municipal Bond Fund
February 28, 2021
Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary. You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds® by Macquarie or your financial intermediary. |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.
Experience Delaware Funds® by Macquarie
Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of February 28, 2021, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2021 Macquarie Management Holdings, Inc.
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
Delaware Tax-Free Minnesota Fund seeks as high a level of current income exempt from federal income tax and from Minnesota state personal income taxes as is consistent with preservation of capital.
Delaware Tax-Free Minnesota Intermediate Fund seeks to provide investors with preservation of capital and, secondarily, current income exempt from federal income tax and Minnesota state personal income taxes, by maintaining a dollar-weighted average effective portfolio maturity of 10 years or less.
Delaware Minnesota High-Yield Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and from Minnesota state personal income taxes, primarily through investment in medium- and lower-grade municipal obligations.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2020 to February 28, 2021.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
Delaware Tax-Free Minnesota Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.30 | 0.85 | % | $ | 4.25 | ||||||||||||
Class C | 1,000.00 | 1,010.50 | 1.60 | % | 7.98 | |||||||||||||||
Institutional Class | 1,000.00 | 1,014.70 | 0.60 | % | 3.00 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.58 | 0.85 | % | $ | 4.26 | ||||||||||||
Class C | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60 | % | 3.01 |
Delaware Tax-Free Minnesota Intermediate Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,007.40 | 0.71 | % | $ | 3.53 | ||||||||||||
Class C | 1,000.00 | 1,003.20 | 1.56 | % | 7.75 | |||||||||||||||
Institutional Class | 1,000.00 | 1,008.20 | 0.56 | % | 2.79 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.27 | 0.71 | % | $ | 3.56 | ||||||||||||
Class C | 1,000.00 | 1,017.06 | 1.56 | % | 7.80 | |||||||||||||||
Institutional Class | 1,000.00 | 1,022.02 | 0.56 | % | 2.81 |
2
Delaware Minnesota High-Yield Municipal Bond
Fund Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | |||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | ||||||||||||||
Actual Fund return† | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.10 | 0.89 | % | $ | 4.47 | |||||||||
Class C | 1,000.00 | 1,020.30 | 1.64 | % | 8.22 | ||||||||||||
Institutional Class | 1,000.00 | 1,024.40 | 0.64 | % | 3.21 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.38 | 0.89 | % | $ | 4.46 | |||||||||
Class C | 1,000.00 | 1,016.66 | 1.64 | % | 8.20 | ||||||||||||
Institutional Class | 1,000.00 | 1,021.62 | 0.64 | % | 3.21 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
3
Security type / sector / state / territory allocations | |
Delaware Tax-Free Minnesota Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 97.43 | % | |||
Corporate Revenue Bond | 1.25 | % | |||
Education Revenue Bonds | 18.47 | % | |||
Electric Revenue Bonds | 7.68 | % | |||
Healthcare Revenue Bonds | 22.76 | % | |||
Housing Revenue Bonds | 0.70 | % | |||
Lease Revenue Bonds | 2.85 | % | |||
Local General Obligation Bonds | 11.98 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 7.55 | % | |||
Special Tax Revenue Bonds | 3.20 | % | |||
State General Obligation Bonds | 11.79 | % | |||
Transportation Revenue Bonds | 6.24 | % | |||
Water & Sewer Revenue Bonds | 2.96 | % | |||
Short-Term Investments | 1.38 | % | |||
Total Value of Securities | 98.81 | % | |||
Receivables and Other Assets Net of Liabilities | 1.19 | % | |||
Total Net Assets | 100.00 | % |
*As of the date of this report, Delaware Tax-Free Minnesota Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | ||||
Guam | 0.37 | % | |||
Minnesota | 94.62 | % | |||
Puerto Rico | 3.48 | % | |||
US Virgin Islands | 0.34 | % | |||
Total Value of Securities | 98.81 | % |
4
Security type / sector / state / territory allocations | |
Delaware Tax-Free Minnesota Intermediate Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 98.32 | % | |||
Corporate Revenue Bond | 1.01 | % | |||
Education Revenue Bonds | 13.98 | % | |||
Electric Revenue Bonds | 6.08 | % | |||
Healthcare Revenue Bonds | 23.08 | % | |||
Housing Revenue Bonds | 0.66 | % | |||
Lease Revenue Bonds | 4.26 | % | |||
Local General Obligation Bonds | 17.36 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 5.94 | % | |||
Special Tax Revenue Bonds | 3.01 | % | |||
State General Obligation Bonds | 15.28 | % | |||
Transportation Revenue Bonds | 5.43 | % | |||
Water & Sewer Revenue Bonds | 2.23 | % | |||
Short-Term Investments | 0.53 | % | |||
Total Value of Securities | 98.85 | % | |||
Receivables and Other Assets Net of Liabilities | 1.15 | % | |||
Total Net Assets | 100.00 | % |
*As of the date of this report, Delaware Tax-Free Minnesota Intermediate Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | ||||
Guam | 0.74 | % | |||
Minnesota | 95.50 | % | |||
Puerto Rico | 2.61 | % | |||
Total Value of Securities | 98.85 | % |
5
Security type / sector / state / territory allocations | |
Delaware Minnesota High-Yield Municipal Bond Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 96.44 | % | |||
Corporate Revenue Bond | 1.48 | % | |||
Education Revenue Bonds | 21.91 | % | |||
Electric Revenue Bonds | 5.88 | % | |||
Healthcare Revenue Bonds | 33.44 | % | |||
Housing Revenue Bonds | 1.89 | % | |||
Lease Revenue Bonds | 2.25 | % | |||
Local General Obligation Bonds | 6.38 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 4.57 | % | |||
Special Tax Revenue Bonds | 4.75 | % | |||
State General Obligation Bonds | 7.29 | % | |||
Transportation Revenue Bonds | 5.50 | % | |||
Water & Sewer Revenue Bonds | 1.10 | % | |||
Short-Term Investments | 0.44 | % | |||
Total Value of Securities | 96.88 | % | |||
Receivables and Other Assets Net of Liabilities | 3.12 | % | |||
Total Net Assets | 100.00 | % |
*As of the date of this report, Delaware Minnesota High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | ||||
Minnesota | 92.01 | % | |||
Puerto Rico | 4.87 | % | |||
Total Value of Securities | 96.88 | % |
6
Schedules of investments | |
Delaware Tax-Free Minnesota Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 97.43% | |||||||
Corporate Revenue Bond – 1.25% | |||||||
St. Paul Port Authority Solid Waste Disposal | |||||||
Revenue | |||||||
(Gerdau St. Paul Steel Mill Project) | |||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 7,250,000 | $ | 7,417,548 | ||||
7,417,548 | |||||||
Education Revenue Bonds – 18.47% | |||||||
Bethel Charter School Lease Revenue | |||||||
(Spectrum High School Project) | |||||||
Series A 4.00% 7/1/32 | 840,000 | 898,926 | |||||
Series A 4.25% 7/1/47 | 1,550,000 | 1,634,351 | |||||
Series A 4.375% 7/1/52 | 400,000 | 423,432 | |||||
Brooklyn Park Charter School Lease Revenue | |||||||
(Prairie Seeds Academy Project) | |||||||
Series A 5.00% 3/1/34 | 2,260,000 | 2,344,411 | |||||
Series A 5.00% 3/1/39 | 385,000 | 396,227 | |||||
Cologne Charter School Lease Revenue | |||||||
(Cologne Academy Project) | |||||||
Series A 5.00% 7/1/34 | 250,000 | 267,530 | |||||
Series A 5.00% 7/1/45 | 1,390,000 | 1,468,841 | |||||
Deephaven Charter School Lease Revenue | |||||||
(Eagle Ridge Academy Project) | |||||||
Series A 5.50% 7/1/50 | 2,000,000 | 2,198,980 | |||||
Duluth Housing & Redevelopment Authority | |||||||
Revenue | |||||||
(Duluth Public Schools Academy Project) | |||||||
Series A 5.00% 11/1/38 | 700,000 | 783,447 | |||||
Series A 5.00% 11/1/48 | 2,800,000 | 3,092,012 | |||||
Duluth Independent School District No. 709 | |||||||
Certificates of Participation | |||||||
Series B 5.00% 2/1/28 | 350,000 | 433,433 | |||||
Forest Lake Charter School Lease Revenue Fund | |||||||
(Lakes International Language Academy Project) | |||||||
Series A 5.25% 8/1/43 | 400,000 | 449,992 | |||||
Series A 5.375% 8/1/50 | 1,690,000 | 1,905,982 | |||||
Series A 5.50% 8/1/36 | 580,000 | 612,532 | |||||
Series A 5.75% 8/1/44 | 1,190,000 | 1,259,984 | |||||
Ham Lake Charter School Lease Revenue | |||||||
(Davinci Academy Project) | |||||||
Series A 5.00% 7/1/36 | 765,000 | 829,520 | |||||
Series A 5.00% 7/1/47 | 2,290,000 | 2,455,063 |
7
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Hugo Charter School Lease Revenue | |||||||
(Noble Academy Project) | |||||||
Series A 5.00% 7/1/34 | 580,000 | $ | 612,898 | ||||
Series A 5.00% 7/1/44 | 1,770,000 | 1,847,030 | |||||
Minneapolis Charter School Lease Revenue | |||||||
(Hiawatha Academies Project) | |||||||
Series A 5.00% 7/1/31 | 885,000 | 951,711 | |||||
Series A 5.00% 7/1/47 | 2,300,000 | 2,423,073 | |||||
Minneapolis Student Housing Revenue | |||||||
(Riverton Community Housing Project) | |||||||
5.25% 8/1/39 | 470,000 | 494,073 | |||||
5.50% 8/1/49 | 2,260,000 | 2,374,379 | |||||
Minnesota Colleges & Universities Revenue Fund | |||||||
Series A 5.00% 10/1/26 | 4,990,000 | 6,096,183 | |||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(Bethel University) | |||||||
5.00% 5/1/37 | 1,250,000 | 1,358,187 | |||||
5.00% 5/1/47 | 250,000 | 266,753 | |||||
(Carleton College) | |||||||
4.00% 3/1/35 | 1,000,000 | 1,131,070 | |||||
4.00% 3/1/36 | 415,000 | 468,137 | |||||
5.00% 3/1/44 | 2,110,000 | 2,472,013 | |||||
(College of St. Benedict) | |||||||
Series 8-K 4.00% 3/1/43 | 1,000,000 | 1,044,570 | |||||
(College of St. Scholastica) | |||||||
4.00% 12/1/29 | 280,000 | 317,752 | |||||
4.00% 12/1/30 | 290,000 | 326,604 | |||||
4.00% 12/1/33 | 500,000 | 554,305 | |||||
4.00% 12/1/34 | 500,000 | 552,645 | |||||
4.00% 12/1/40 | 1,200,000 | 1,302,096 | |||||
(Gustavus Adolphus College) | |||||||
5.00% 10/1/47 | 5,600,000 | 6,454,728 | |||||
(St. Catherine University) | |||||||
Series A 4.00% 10/1/36 | 925,000 | 1,016,112 | |||||
Series A 5.00% 10/1/35 | 875,000 | 1,042,396 | |||||
Series A 5.00% 10/1/45 | 2,120,000 | 2,460,642 | |||||
(St. John’s University) | |||||||
Series 8-I 5.00% 10/1/32 | 500,000 | 578,985 | |||||
Series 8-I 5.00% 10/1/33 | 250,000 | 288,788 |
8
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(St. Olaf College) | |||||||
3.00% 10/1/41 | 1,585,000 | $ | 1,706,157 | ||||
4.00% 10/1/46 | 750,000 | 870,255 | |||||
4.00% 10/1/50 | 565,000 | 653,869 | |||||
Series 8-G 5.00% 12/1/31 | 745,000 | 867,299 | |||||
Series 8-G 5.00% 12/1/32 | 670,000 | 777,883 | |||||
Series 8-N 4.00% 10/1/35 | 500,000 | 561,780 | |||||
(Trustees of The Hamline University) | |||||||
Series B 5.00% 10/1/37 | 955,000 | 1,058,341 | |||||
Series B 5.00% 10/1/38 | 1,000,000 | 1,106,040 | |||||
Series B 5.00% 10/1/39 | 170,000 | 187,534 | |||||
Series B 5.00% 10/1/40 | 625,000 | 688,606 | |||||
Series B 5.00% 10/1/47 | 1,060,000 | 1,155,527 | |||||
(University of St. Thomas) | |||||||
4.00% 10/1/36 | 1,450,000 | 1,668,732 | |||||
4.00% 10/1/37 | 750,000 | 860,318 | |||||
4.00% 10/1/44 | 1,255,000 | 1,411,975 | |||||
5.00% 10/1/40 | 500,000 | 612,200 | |||||
Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,460,125 | |||||
Series A 4.00% 10/1/34 | 400,000 | 455,772 | |||||
Series A 4.00% 10/1/36 | 500,000 | 566,585 | |||||
Minnesota Office of Higher Education Revenue | |||||||
(Senior Supplemental Student Loan Program) | |||||||
2.65% 11/1/38 (AMT) | 1,000,000 | 983,380 | |||||
Otsego Charter School Lease Revenue | |||||||
(Kaleidoscope Charter School) | |||||||
Series A 5.00% 9/1/34 | 520,000 | 540,603 | |||||
Series A 5.00% 9/1/44 | 1,165,000 | 1,195,779 | |||||
Rice County Educational Facilities Revenue | |||||||
(Shattuck-St. Mary’s School) | |||||||
Series A 144A 5.00% 8/1/22 # | 2,855,000 | 2,928,031 | |||||
St. Cloud Charter School Lease Revenue | |||||||
(Stride Academy Project) | |||||||
Series A 5.00% 4/1/46 | 875,000 | 612,500 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Charter School Lease Revenue | |||||||
(Academia Cesar Chavez School Project) | |||||||
Series A 5.25% 7/1/50 | 1,945,000 | 1,975,692 | |||||
(Great River School Project) | |||||||
Series A 144A 4.75% 7/1/29 # | 300,000 | 325,488 |
9
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
St. Paul Housing & Redevelopment Authority | |||||||
Charter School Lease Revenue | |||||||
(Great River School Project) | |||||||
Series A 144A 5.50% 7/1/52 # | 735,000 | $ | 812,513 | ||||
(Hmong College Preparatory Academy Project) | |||||||
Series A 5.75% 9/1/46 | 1,000,000 | 1,155,400 | |||||
(Nova Classical Academy Project) | |||||||
Series A 4.00% 9/1/36 | 500,000 | 526,005 | |||||
Series A 4.125% 9/1/47 | 1,750,000 | 1,813,858 | |||||
(Twin Cities Academy Project) | |||||||
Series A 5.30% 7/1/45 | 1,440,000 | 1,545,048 | |||||
University of Minnesota | |||||||
Series A 5.00% 4/1/34 | 925,000 | 1,104,006 | |||||
Series A 5.00% 9/1/34 | 2,625,000 | 3,220,035 | |||||
Series A 5.00% 4/1/35 | 3,175,000 | 3,784,219 | |||||
Series A 5.00% 4/1/36 | 2,650,000 | 3,152,705 | |||||
Series A 5.00% 4/1/37 | 1,125,000 | 1,336,579 | |||||
Series A 5.00% 9/1/40 | 1,560,000 | 1,893,388 | |||||
Series A 5.00% 9/1/41 | 1,750,000 | 2,122,207 | |||||
Series A 5.00% 4/1/44 | 3,000,000 | 3,704,220 | |||||
109,290,447 | |||||||
Electric Revenue Bonds – 7.68% | |||||||
Chaska Electric Revenue | |||||||
(Generating Facilities) | |||||||
Series A 5.00% 10/1/28 | 350,000 | 412,297 | |||||
Series A 5.00% 10/1/30 | 1,150,000 | 1,352,998 | |||||
Minnesota Municipal Power Agency Electric | |||||||
Revenue | |||||||
4.00% 10/1/41 | 1,000,000 | 1,089,590 | |||||
5.00% 10/1/29 | 395,000 | 452,670 | |||||
5.00% 10/1/30 | 500,000 | 572,430 | |||||
5.00% 10/1/33 | 1,205,000 | 1,377,267 | |||||
5.00% 10/1/47 | 2,000,000 | 2,353,900 | |||||
Series A 5.00% 10/1/30 | 1,060,000 | 1,213,551 | |||||
Series A 5.00% 10/1/34 | 750,000 | 857,220 | |||||
Series A 5.00% 10/1/35 | 1,525,000 | 1,743,014 | |||||
Northern Municipal Power Agency Electric System | |||||||
Revenue | |||||||
5.00% 1/1/27 | 540,000 | 643,901 | |||||
5.00% 1/1/28 | 350,000 | 415,520 | |||||
5.00% 1/1/28 | 210,000 | 255,039 |
10
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Northern Municipal Power Agency Electric System | |||||||
Revenue | |||||||
5.00% 1/1/29 | 585,000 | $ | 691,178 | ||||
5.00% 1/1/29 | 220,000 | 264,829 | |||||
5.00% 1/1/30 | 520,000 | 611,166 | |||||
5.00% 1/1/31 | 200,000 | 237,492 | |||||
5.00% 1/1/32 | 210,000 | 248,207 | |||||
5.00% 1/1/35 | 160,000 | 187,573 | |||||
5.00% 1/1/36 | 180,000 | 210,505 | |||||
5.00% 1/1/41 | 400,000 | 462,980 | |||||
Series A 5.00% 1/1/25 | 125,000 | 134,994 | |||||
Series A 5.00% 1/1/26 | 425,000 | 458,656 | |||||
Series A 5.00% 1/1/31 | 520,000 | 559,889 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.05% 7/1/42 ‡ | 430,000 | 388,075 | |||||
Series AAA 5.25% 7/1/25 ‡ | 250,000 | 226,250 | |||||
Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 1,696,875 | |||||
Series WW 5.00% 7/1/28 ‡ | 1,775,000 | 1,601,938 | |||||
Series WW 5.25% 7/1/33 ‡ | 1,250,000 | 1,131,250 | |||||
Series XX 4.75% 7/1/26 ‡ | 260,000 | 234,000 | |||||
Series XX 5.25% 7/1/40 ‡ | 750,000 | 678,750 | |||||
Series XX 5.75% 7/1/36 ‡ | 925,000 | 841,750 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 189,000 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 350,000 | 316,750 | |||||
Rochester Electric Utility Revenue | |||||||
Series A 5.00% 12/1/42 | 1,395,000 | 1,662,324 | |||||
Series A 5.00% 12/1/47 | 2,265,000 | 2,675,780 | |||||
Southern Minnesota Municipal Power Agency | |||||||
Revenue | |||||||
Series A 5.00% 1/1/41 | 1,310,000 | 1,522,954 | |||||
Series A 5.00% 1/1/42 | 1,500,000 | 1,808,970 | |||||
Series A 5.00% 1/1/46 | 2,000,000 | 2,309,980 | |||||
Series A 5.00% 1/1/47 | 3,130,000 | 3,742,697 | |||||
Southern Minnesota Municipal Power Agency | |||||||
Revenue Capital Appreciation | |||||||
Series A 4.965% 1/1/25 (NATL) ^ | 5,000,000 | 4,810,100 | |||||
St. Paul Housing & Redevelopment Energy Revenue | |||||||
Series A 4.00% 10/1/30 | 1,235,000 | 1,414,384 | |||||
Series A 4.00% 10/1/31 | 885,000 | 1,008,245 | |||||
Series A 4.00% 10/1/33 | 365,000 | 411,873 | |||||
45,478,811 |
11
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds – 22.76% | |||||||
Anoka Healthcare & Housing Facilities Revenue | |||||||
(The Homestead at Anoka Project) | |||||||
5.125% 11/1/49 | 1,100,000 | $ | 1,151,645 | ||||
5.375% 11/1/34 | 320,000 | 340,109 | |||||
Apple Valley Senior Housing Revenue | |||||||
(PHS Apple Valley Senior Housing, Inc. - Orchard | |||||||
Path Project) | |||||||
5.00% 9/1/43 | 465,000 | 484,744 | |||||
5.00% 9/1/58 | 3,220,000 | 3,332,571 | |||||
Apple Valley Senior Living Revenue | |||||||
(Senior Living LLC Project) | |||||||
2nd Tier Series B 5.00% 1/1/47 | 1,725,000 | 1,171,551 | |||||
2nd Tier Series B 5.25% 1/1/37 | 505,000 | 395,955 | |||||
4th Tier Series D 7.00% 1/1/37 | 1,665,000 | 1,315,966 | |||||
4th Tier Series D 7.25% 1/1/52 | 2,715,000 | 2,034,784 | |||||
Bethel Housing & Health Care Facilities Revenue | |||||||
(Benedictine Health System – St. Peter | |||||||
Communities Project) | |||||||
Series A 5.50% 12/1/48 | 2,350,000 | 2,408,280 | |||||
Bethel Senior Housing Revenue | |||||||
(The Lodge at The Lakes at Stillwater Project) | |||||||
5.00% 6/1/38 | 450,000 | 464,549 | |||||
5.00% 6/1/48 | 1,000,000 | 1,020,230 | |||||
5.00% 6/1/53 | 2,450,000 | 2,494,810 | |||||
Center City Health Care Facilities Revenue | |||||||
(Hazelden Betty Ford Foundation Project) | |||||||
4.00% 11/1/34 | 500,000 | 570,775 | |||||
4.00% 11/1/41 | 800,000 | 899,096 | |||||
5.00% 11/1/26 | 500,000 | 567,545 | |||||
Chatfield Healthcare and Housing Facilities Revenue | |||||||
(Chosen Valley Care Center Project) | |||||||
5.00% 9/1/44 | 500,000 | 493,200 | |||||
Crookston Health Care Facilities Revenue | |||||||
(Riverview Health Project) | |||||||
5.00% 5/1/38 | 100,000 | 101,399 | |||||
5.00% 5/1/44 | 1,500,000 | 1,531,140 | |||||
5.00% 5/1/51 | 1,585,000 | 1,607,174 | |||||
Dakota County Community Development Agency | |||||||
Senior Housing Revenue | |||||||
(Walker Highview Hills Project) | |||||||
Series A 144A 5.00% 8/1/36 # | 280,000 | 288,394 | |||||
Series A 144A 5.00% 8/1/46 # | 2,380,000 | 2,443,023 |
12
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Deephaven Housing & Healthcare Revenue | |||||||
(St. Therese Senior Living Project) | |||||||
Series A 5.00% 4/1/38 | 730,000 | $ | 739,899 | ||||
Series A 5.00% 4/1/40 | 705,000 | 713,439 | |||||
Series A 5.00% 4/1/48 | 315,000 | 317,523 | |||||
Duluth Economic Development Authority | |||||||
(Essentia Health Obligated Group) | |||||||
Series A 4.25% 2/15/43 | 2,000,000 | 2,232,780 | |||||
Series A 5.00% 2/15/48 | 1,850,000 | 2,170,050 | |||||
(St. Luke’s Hospital of Duluth Obligated Group) | |||||||
5.75% 6/15/32 | 3,750,000 | 3,904,725 | |||||
6.00% 6/15/39 | 3,570,000 | 3,717,262 | |||||
Glencoe Health Care Facilities Revenue | |||||||
(Glencoe Regional Health Services Project) | |||||||
4.00% 4/1/24 | 500,000 | 516,430 | |||||
4.00% 4/1/25 | 660,000 | 680,044 | |||||
4.00% 4/1/31 | 60,000 | 61,143 | |||||
Hayward Health Care Facilities Revenue | |||||||
(American Baptist Homes Midwest Obligated | |||||||
Group) | |||||||
5.375% 8/1/34 | 660,000 | 661,696 | |||||
5.75% 2/1/44 | 500,000 | 503,505 | |||||
(St. John’s Lutheran Home of Albert Lea Project) | |||||||
5.375% 10/1/44 | 575,000 | 561,091 | |||||
Maple Grove Health Care Facilities Revenue | |||||||
(Maple Grove Hospital Corporation) | |||||||
4.00% 5/1/37 | 2,000,000 | 2,119,880 | |||||
5.00% 5/1/27 | 1,400,000 | 1,710,506 | |||||
5.00% 5/1/29 | 1,000,000 | 1,195,240 | |||||
5.00% 5/1/30 | 850,000 | 1,006,766 | |||||
5.00% 5/1/31 | 500,000 | 588,450 | |||||
5.00% 5/1/32 | 500,000 | 584,680 | |||||
(North Memorial Health Care) | |||||||
5.00% 9/1/31 | 1,000,000 | 1,127,760 | |||||
5.00% 9/1/32 | 1,000,000 | 1,124,750 | |||||
Maple Plain Senior Housing & Health Care Revenue | |||||||
(Haven Homes Project) | |||||||
5.00% 7/1/54 | 3,500,000 | 3,646,125 | |||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 4.00% 11/15/48 | 5,600,000 | 6,183,464 |
13
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 5.00% 11/15/33 | 500,000 | $ | 575,465 | ||||
Series A 5.00% 11/15/34 | 500,000 | 574,455 | |||||
Series A 5.00% 11/15/35 | 1,000,000 | 1,222,120 | |||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,128,470 | |||||
Series A 5.00% 11/15/49 | 3,475,000 | 4,115,269 | |||||
Minneapolis Senior Housing & Healthcare Revenue | |||||||
(Ecumen-Abiitan Mill City Project) | |||||||
5.00% 11/1/35 | 500,000 | 505,170 | |||||
5.25% 11/1/45 | 1,950,000 | 1,966,906 | |||||
5.375% 11/1/50 | 455,000 | 459,632 | |||||
Minneapolis – St. Paul Housing & Redevelopment | |||||||
Authority Health Care Facilities Revenue | |||||||
(Allina Health System) | |||||||
Series A 5.00% 11/15/28 | 1,550,000 | 1,908,469 | |||||
Red Wing Senior Housing | |||||||
(Deer Crest Project) | |||||||
Series A 5.00% 11/1/27 | 430,000 | 434,605 | |||||
Series A 5.00% 11/1/32 | 330,000 | 333,515 | |||||
Series A 5.00% 11/1/42 | 1,250,000 | 1,263,200 | |||||
Rochester Health Care & Housing Revenue | |||||||
(The Homestead at Rochester Project) | |||||||
Series A 6.875% 12/1/48 | 2,980,000 | 3,205,377 | |||||
Rochester Health Care Facilities Revenue | |||||||
(Mayo Clinic) | |||||||
4.00% 11/15/41 | 4,515,000 | 4,635,460 | |||||
Sartell Health Care Facilities Revenue | |||||||
(Country Manor Campus Project) | |||||||
Series A 5.25% 9/1/27 | 1,280,000 | 1,302,656 | |||||
Series A 5.30% 9/1/37 | 1,200,000 | 1,222,440 | |||||
Sauk Rapids Health Care Housing Facilities | |||||||
Revenue | |||||||
(Good Shepherd Lutheran Home) | |||||||
5.125% 1/1/39 | 1,350,000 | 1,356,804 | |||||
Shakopee Health Care Facilities Revenue | |||||||
(St. Francis Regional Medical Center) | |||||||
4.00% 9/1/31 | 915,000 | 969,058 | |||||
5.00% 9/1/24 | 575,000 | 654,062 | |||||
5.00% 9/1/25 | 750,000 | 847,185 | |||||
5.00% 9/1/26 | 575,000 | 647,174 | |||||
5.00% 9/1/27 | 405,000 | 454,062 |
14
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Shakopee Health Care Facilities Revenue | |||||||
(St. Francis Regional Medical Center) | |||||||
5.00% 9/1/28 | 425,000 | $ | 472,974 | ||||
5.00% 9/1/29 | 425,000 | 471,083 | |||||
5.00% 9/1/34 | 730,000 | 793,437 | |||||
St. Cloud Health Care Revenue | |||||||
(Centracare Health System Project) | |||||||
4.00% 5/1/49 | 5,315,000 | 5,854,685 | |||||
5.00% 5/1/48 | 5,090,000 | 6,142,663 | |||||
Series A 4.00% 5/1/37 | 965,000 | 1,061,741 | |||||
Series A 5.00% 5/1/46 | 3,715,000 | 4,285,624 | |||||
Unrefunded Balance 5.125% 5/1/30 | 740,000 | 742,035 | |||||
St. Paul Housing & Redevelopment Authority Health | |||||||
Care Facilities Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 4.00% 11/15/43 | 2,450,000 | 2,690,541 | |||||
Series A 5.00% 11/15/47 | 1,560,000 | 1,820,972 | |||||
(HealthPartners Obligated Group Project) | |||||||
Series A 5.00% 7/1/29 | 2,200,000 | 2,555,146 | |||||
Series A 5.00% 7/1/32 | 3,000,000 | 3,449,520 | |||||
Series A 5.00% 7/1/33 | 1,260,000 | 1,443,116 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Housing & Health Care Facilities Revenue | |||||||
(Episcopal Homes Project) | |||||||
5.125% 5/1/48 | 3,100,000 | 3,035,241 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Multifamily Housing Revenue | |||||||
(Marian Center Project) | |||||||
Series A 5.30% 11/1/30 | 500,000 | 500,190 | |||||
Series A 5.375% 5/1/43 | 500,000 | 499,995 | |||||
Wayzata Senior Housing Revenue | |||||||
(Folkestone Senior Living Community) | |||||||
3.75% 8/1/36 | 500,000 | 506,350 | |||||
4.00% 8/1/44 | 800,000 | 812,440 | |||||
5.00% 8/1/49 | 1,000,000 | 1,057,950 | |||||
5.00% 8/1/54 | 875,000 | 923,396 | |||||
West St. Paul Housing and Health Care Facilities | |||||||
Revenue | |||||||
(Walker Westwood Ridge Campus Project) | |||||||
4.50% 11/1/40 | 250,000 | 250,300 | |||||
4.75% 11/1/52 | 750,000 | 750,578 |
15
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Winona Health Care Facilities Revenue | |||||||
(Winona Health Obligation Group) | |||||||
4.50% 7/1/25 | 850,000 | $ | 858,500 | ||||
4.65% 7/1/26 | 540,000 | 545,476 | |||||
Woodbury Housing & Redevelopment Authority | |||||||
Revenue | |||||||
(St. Therese of Woodbury) | |||||||
5.00% 12/1/34 | 500,000 | 524,130 | |||||
5.125% 12/1/44 | 1,605,000 | 1,671,126 | |||||
134,684,911 | |||||||
Housing Revenue Bonds – 0.70% | |||||||
Minnesota Housing Finance Agency | |||||||
Series I 2.00% 7/1/40 | 700,000 | 683,970 | |||||
Series I 2.20% 1/1/51 | 1,315,000 | 1,268,291 | |||||
Minnesota Housing Finance Agency | |||||||
Homeownership Finance (Mortgage-Backed | |||||||
Securities Program) | |||||||
Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) | 825,000 | 832,854 | |||||
Northwest Multi-County Housing & Redevelopment | |||||||
Authority | |||||||
(Pooled Housing Program) | |||||||
5.50% 7/1/45 | 1,330,000 | 1,373,691 | |||||
4,158,806 | |||||||
Lease Revenue Bonds – 2.85% | |||||||
Minnesota General Fund Revenue Appropriations | |||||||
Series A 5.00% 6/1/38 | 1,250,000 | 1,368,688 | |||||
Series A 5.00% 6/1/43 | 3,835,000 | 4,182,911 | |||||
Series B 5.00% 3/1/28 | 2,500,000 | 2,617,150 | |||||
Series B 5.00% 3/1/29 | 1,000,000 | 1,046,750 | |||||
Minnesota Housing Finance Agency | |||||||
(State Appropriation – Housing Infrastructure) | |||||||
Series C 5.00% 8/1/34 | 1,565,000 | 1,788,795 | |||||
Series C 5.00% 8/1/35 | 1,645,000 | 1,877,241 | |||||
University of Minnesota Special Purpose Revenue | |||||||
(State Supported Biomed Science Research | |||||||
Facilities Funding Project) | |||||||
Series A 5.00% 8/1/35 | 3,960,000 | 3,973,820 | |||||
16,855,355 |
16
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds – 11.98% | |||||||
Brainerd Independent School District No. 181 | |||||||
(School Building) | |||||||
Series A 4.00% 2/1/38 | 1,500,000 | $ | 1,690,635 | ||||
Series A 4.00% 2/1/43 | 3,500,000 | 3,905,195 | |||||
Burnsville-Eagan-Savage Independent School | |||||||
District No. 191 | |||||||
(Alternative Facilities) | |||||||
Series A 4.00% 2/1/28 | 920,000 | 1,027,787 | |||||
Series A 4.00% 2/1/29 | 1,800,000 | 2,004,318 | |||||
Chaska Independent School District No. 112 | |||||||
(School Building) | |||||||
Series A 5.00% 2/1/27 | 1,905,000 | 2,299,297 | |||||
Duluth | |||||||
(DECC Improvement) | |||||||
Series A 5.00% 2/1/32 | 1,000,000 | 1,194,150 | |||||
Series A 5.00% 2/1/33 | 3,585,000 | 4,275,328 | |||||
Duluth Independent School District No. 709 | |||||||
Series A 4.00% 2/1/27 | 160,000 | 182,493 | |||||
Series A 4.00% 2/1/28 | 1,250,000 | 1,416,912 | |||||
Hennepin County | |||||||
Series A 5.00% 12/1/26 | 2,635,000 | 3,281,181 | |||||
Series A 5.00% 12/1/36 | 940,000 | 1,153,239 | |||||
Series A 5.00% 12/1/37 | 5,495,000 | 6,758,500 | |||||
Series A 5.00% 12/1/38 | 3,310,000 | 4,078,681 | |||||
Series B 5.00% 12/1/30 | 1,000,000 | 1,233,780 | |||||
Series C 5.00% 12/1/28 | 1,500,000 | 1,958,745 | |||||
Series C 5.00% 12/1/30 | 1,245,000 | 1,536,056 | |||||
Series C 5.00% 12/1/37 | 3,000,000 | 3,673,020 | |||||
Mahtomedi Independent School District No. 832 | |||||||
(School Building) | |||||||
Series A 5.00% 2/1/30 | 445,000 | 520,356 | |||||
Minneapolis Special School District No. 1 | |||||||
Series A 4.00% 2/1/36 | 450,000 | 530,410 | |||||
Series A 4.00% 2/1/37 | 600,000 | 703,776 | |||||
Series A 4.00% 2/1/38 | 625,000 | 730,525 | |||||
Series B 4.00% 2/1/36 | 945,000 | 1,113,862 | |||||
Series B 4.00% 2/1/37 | 1,255,000 | 1,472,065 | |||||
Series B 4.00% 2/1/38 | 1,305,000 | 1,525,336 | |||||
(School Building) | |||||||
Series B 4.00% 2/1/37 | 1,000,000 | 1,193,250 |
17
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Mounds View Independent School District No. 621 | |||||||
(Minnesota School District Credit Enhancement | |||||||
Program) | |||||||
Series A 4.00% 2/1/43 | 3,000,000 | $ | 3,347,310 | ||||
Mountain Iron-Buhl Independent School District No. | |||||||
712 | |||||||
(School Building) | |||||||
Series A 4.00% 2/1/26 | 1,315,000 | 1,523,783 | |||||
St. Michael-Albertville Independent School District | |||||||
No. 885 | |||||||
(School Building) | |||||||
Series A 5.00% 2/1/27 | 1,865,000 | 2,257,042 | |||||
Virginia, Minnesota Sales Tax Revenue | |||||||
(General Obligation Sales Tax) | |||||||
Series A 4.00% 2/1/35 (AGM) | 500,000 | 571,575 | |||||
Wayzata Independent School District No. 284 | |||||||
Series A 5.00% 2/1/28 | 1,950,000 | 2,420,379 | |||||
White Bear Lake Independent School District No. | |||||||
624 | |||||||
Series A 3.00% 2/1/43 | 10,645,000 | 11,315,209 | |||||
70,894,195 | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 7.55% | |||||||
Dakota & Washington Counties Housing & | |||||||
Redevelopment Authority Single Family | |||||||
Residential Mortgage Revenue | |||||||
(City of Bloomington) | |||||||
Series B 8.375% 9/1/21 (GNMA) (AMT) | 14,115,000 | 14,663,368 | |||||
Minnesota | |||||||
Series A Unrefunded | |||||||
Balance 5.00% 10/1/24-21 § | 2,555,000 | 2,627,332 | |||||
Series A Unrefunded | |||||||
Balance 5.00% 10/1/27-21 § | 5,200,000 | 5,347,212 | |||||
(State Trunk Highway) | |||||||
Series B 5.00% 10/1/29-21 § | 5,000,000 | 5,141,550 | |||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(St. Catherine University) | |||||||
Series 7-Q 5.00% 10/1/23-22 § | 350,000 | 376,555 | |||||
Series 7-Q 5.00% 10/1/24-22 § | 475,000 | 511,038 | |||||
Series 7-Q 5.00% 10/1/27-22 § | 200,000 | 215,174 | |||||
Rochester Electric Utility Revenue | |||||||
Series B 5.00% 12/1/27-23 § | 295,000 | 332,904 |
18
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Rochester Electric Utility Revenue | |||||||
Series B 5.00% 12/1/28-23 § | 275,000 | $ | 310,335 | ||||
Series B 5.00% 12/1/31-23 § | 1,365,000 | 1,540,389 | |||||
Series B 5.00% 12/1/33-23 § | 300,000 | 338,547 | |||||
Rochester Health Care Facilities Revenue | |||||||
(Olmsted Medical Center Project) | |||||||
5.00% 7/1/24-23 § | 295,000 | 326,592 | |||||
5.00% 7/1/33-23 § | 650,000 | 719,608 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Hospital Facility Revenue | |||||||
(Healtheast Care System Project) | |||||||
Series A 5.00% 11/15/29-25 § | 910,000 | 1,093,511 | |||||
Series A 5.00% 11/15/30-25 § | 670,000 | 805,112 | |||||
University of Minnesota | |||||||
Series A 5.50% 7/1/21 | 2,365,000 | 2,404,235 | |||||
Western Minnesota Municipal Power Agency | |||||||
Revenue | |||||||
Series A 5.00% 1/1/34-24 § | 4,000,000 | 4,525,840 | |||||
Series A 5.00% 1/1/46-24 § | 3,000,000 | 3,394,380 | |||||
44,673,682 | |||||||
Special Tax Revenue Bonds – 3.20% | |||||||
Minneapolis Development Revenue | |||||||
(Limited Tax Supported Common Bond Fund) | |||||||
Series 2-A 6.00% 12/1/40 | 3,000,000 | 3,041,760 | |||||
Minneapolis Revenue | |||||||
(YMCA Greater Twin Cities Project) | |||||||
4.00% 6/1/30 | 250,000 | 266,445 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.75% 7/1/53 | 10,200,000 | 11,132,586 | |||||
St. Paul Sales Tax Revenue | |||||||
Series G 5.00% 11/1/30 | 655,000 | 751,521 | |||||
Series G 5.00% 11/1/31 | 1,500,000 | 1,719,285 | |||||
Virgin Islands Public Finance Authority | |||||||
(Matching Fund Senior Lien) | |||||||
5.00% 10/1/29 (AGM) | 2,000,000 | 2,035,200 | |||||
18,946,797 | |||||||
State General Obligation Bonds – 11.79% | |||||||
Commonwealth of Puerto Rico | |||||||
(Public Improvement) | |||||||
Series B 5.75% 7/1/38 ‡ | 2,530,000 | 2,197,937 |
19
Schedules of investments
Delaware Tax-Free Minnesota Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Minnesota | |||||||
Series A 5.00% 8/1/30 | 6,980,000 | $ | 9,175,280 | ||||
Series A 5.00% 8/1/35 | 3,000,000 | 3,864,480 | |||||
Series A 5.00% 8/1/40 | 1,750,000 | 2,271,850 | |||||
(State Trunk Highway) | |||||||
Series E 5.00% 10/1/26 | 3,395,000 | 4,208,102 | |||||
(Various Purposes) | |||||||
Series A 5.00% 8/1/27 | 7,590,000 | 9,051,075 | |||||
Series A 5.00% 8/1/29 | 3,200,000 | 3,800,608 | |||||
Series A 5.00% 8/1/30 | 4,200,000 | 4,814,418 | |||||
Series A 5.00% 8/1/32 | 3,875,000 | 4,437,611 | |||||
Series A 5.00% 8/1/33 | 2,075,000 | 2,633,715 | |||||
Series A 5.00% 10/1/33 | 3,000,000 | 3,727,050 | |||||
Series A 5.00% 8/1/35 | 2,975,000 | 3,759,389 | |||||
Series A 5.00% 8/1/38 | 3,450,000 | 4,321,815 | |||||
Series A Unrefunded Balance 4.00% 8/1/27 | 955,000 | 999,331 | |||||
Series D 5.00% 8/1/26 | 6,000,000 | 7,402,080 | |||||
Series D 5.00% 8/1/27 | 2,525,000 | 3,104,462 | |||||
69,769,203 | |||||||
Transportation Revenue Bonds – 6.24% | |||||||
Minneapolis – St. Paul Metropolitan Airports | |||||||
Commission Revenue | |||||||
(Senior) | |||||||
Series A 5.00% 1/1/32 | 1,245,000 | 1,489,842 | |||||
Series C 5.00% 1/1/29 | 410,000 | 498,162 | |||||
Series C 5.00% 1/1/33 | 850,000 | 1,013,906 | |||||
Series C 5.00% 1/1/36 | 600,000 | 710,406 | |||||
Series C 5.00% 1/1/41 | 600,000 | 703,086 | |||||
Series C 5.00% 1/1/46 | 1,595,000 | 1,852,273 | |||||
(Subordinate) | |||||||
Series A 5.00% 1/1/35 | 1,000,000 | 1,114,430 | |||||
Series A 5.00% 1/1/44 | 3,000,000 | 3,636,420 | |||||
Series A 5.00% 1/1/49 | 5,000,000 | 6,019,800 | |||||
Series B 5.00% 1/1/26 | 575,000 | 597,396 | |||||
Series B 5.00% 1/1/27 | 1,160,000 | 1,204,498 | |||||
Series B 5.00% 1/1/28 | 2,750,000 | 2,854,060 | |||||
Series B 5.00% 1/1/29 | 120,000 | 124,500 | |||||
Series B 5.00% 1/1/30 | 1,675,000 | 1,737,243 | |||||
Series B 5.00% 1/1/31 | 1,750,000 | 1,814,872 |
20
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Minneapolis – St. Paul Metropolitan Airports | |||||||
Commission Revenue | |||||||
(Subordinate) | |||||||
Series B 5.00% 1/1/44 (AMT) | 3,595,000 | $ | 4,282,256 | ||||
Series B 5.00% 1/1/49 (AMT) | 6,150,000 | 7,276,434 | |||||
36,929,584 | |||||||
Water & Sewer Revenue Bonds – 2.96% | |||||||
Guam Government Waterworks Authority | |||||||
5.00% 7/1/40 | 1,930,000 | 2,222,376 | |||||
Metropolitan Council General Obligation | |||||||
Wastewater Revenue | |||||||
(Minneapolis-St. Paul Metropolitan Area) | |||||||
Series B 4.00% 9/1/27 | 2,400,000 | 2,517,528 | |||||
Series B 5.00% 9/1/25 | 2,000,000 | 2,143,540 | |||||
Series C 4.00% 3/1/31 | 3,120,000 | 3,612,554 | |||||
Series C 4.00% 3/1/32 | 3,225,000 | 3,715,813 | |||||
Series E 5.00% 9/1/23 | 2,000,000 | 2,144,160 | |||||
Minnesota Public Facilities Authority | |||||||
Series B 4.00% 3/1/26 | 1,000,000 | 1,169,000 | |||||
17,524,971 | |||||||
Total Municipal Bonds (cost $549,390,406) | 576,624,310 | ||||||
Short-Term Investments – 1.38% | |||||||
Variable Rate Demand Notes – 1.38%¤ | |||||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) Series C 0.01% | |||||||
11/15/48 (LOC – Wells Fargo Bank N.A.) | 1,150,000 | 1,150,000 | |||||
Minneapolis – St. Paul Housing & Redevelopment | |||||||
Authority Health Care Revenue | |||||||
(Allina Health System) | |||||||
Series B-1 0.01% 11/15/35 | |||||||
(LOC – JPMorgan Chase Bank N.A.) | 5,865,000 | 5,865,000 | |||||
Series B-2 0.01% 11/15/35 | |||||||
(LOC - JPMorgan Chase Bank N.A.) | 1,125,000 | 1,125,000 | |||||
Total Short-Term Investments (cost $8,140,000) | 8,140,000 | ||||||
Total Value of Securities–98.81% | |||||||
(cost $557,530,406) | $ | 584,764,310 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
21
Schedules of investments
Delaware Tax-Free Minnesota Fund
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $14,214,997, which represents 2.40% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
§ | 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. See Note 6 in “Notes to financial statements.” |
¤ | 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 February 28, 2021. |
Summary of abbreviations: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
GNMA – Government National Mortgage Association |
LLC – Limited Liability Corporation |
LOC – Letter of Credit |
N.A. – National Association |
NATL – Insured by National Public Finance Guarantee Corporation |
USD – US Dollar |
See accompanying notes, which are an integral part of the financial statements.
22
Schedules of investments Delaware Tax-Free Minnesota Intermediate Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 98.32% | |||||||
Corporate Revenue Bond – 1.01% | |||||||
St. Paul Port Authority Solid Waste Disposal | |||||||
Revenue | |||||||
(Gerdau St. Paul Steel Mill Project) | |||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 885,000 | $ | 905,452 | ||||
905,452 | |||||||
Education Revenue Bonds – 13.98% | |||||||
Bethel Charter School Lease Revenue | |||||||
(Spectrum High School Project) | |||||||
Series A 4.00% 7/1/32 | 425,000 | 454,814 | |||||
Brooklyn Park Charter School Lease Revenue | |||||||
(Prairie Seeds Academy Project) | |||||||
Series A 5.00% 3/1/34 | 485,000 | 503,115 | |||||
Cologne Charter School Lease Revenue | |||||||
(Cologne Academy Project) | |||||||
Series A 5.00% 7/1/29 | 305,000 | 331,657 | |||||
Duluth Housing & Redevelopment Authority | |||||||
Revenue | |||||||
(Duluth Public Schools Academy Project) | |||||||
Series A 5.00% 11/1/38 | 400,000 | 447,684 | |||||
Forest Lake Charter School Lease Revenue Fund | |||||||
(Lakes International Language Academy Project) | |||||||
Series A 5.50% 8/1/36 | 420,000 | 443,558 | |||||
Hugo Charter School Lease Revenue | |||||||
(Noble Academy Project) | |||||||
Series A 5.00% 7/1/29 | 530,000 | 565,939 | |||||
Minneapolis Charter School Lease Revenue | |||||||
(Hiawatha Academies Project) | |||||||
Series A 5.00% 7/1/31 | 500,000 | 537,690 | |||||
Minneapolis Student Housing Revenue | |||||||
(Riverton Community Housing Project) | |||||||
5.25% 8/1/39 | 525,000 | 551,890 | |||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(Bethel University) | |||||||
5.00% 5/1/32 | 750,000 | 827,610 | |||||
(Gustavus Adolphus College) | |||||||
5.00% 10/1/34 | 435,000 | 515,153 | |||||
5.00% 10/1/35 | 555,000 | 654,872 | |||||
(St. Catherine University) | |||||||
Series A 5.00% 10/1/35 | 565,000 | 673,090 | |||||
(St. John’s University) | |||||||
Series 8-I 5.00% 10/1/31 | 130,000 | 150,942 |
23
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(St. Olaf College) | |||||||
3.00% 10/1/41 | 415,000 | $ | 446,723 | ||||
Series 8-G 5.00% 12/1/31 | 125,000 | 145,520 | |||||
Series 8-G 5.00% 12/1/32 | 125,000 | 145,128 | |||||
(University of St. Thomas) | |||||||
4.00% 10/1/36 | 300,000 | 345,255 | |||||
5.00% 10/1/34 | 350,000 | 436,229 | |||||
5.00% 10/1/35 | 750,000 | 931,830 | |||||
Series 7-U 4.00% 4/1/26 | 1,400,000 | 1,490,888 | |||||
Series A 5.00% 10/1/29 | 630,000 | 778,856 | |||||
Rice County Educational Facilities Revenue | |||||||
(Shattuck-St. Mary’s School) | |||||||
Series A 144A 5.00% 8/1/22 # | 325,000 | 333,314 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Charter School Lease Revenue | |||||||
(Academia Cesar Chavez School Project) | |||||||
Series A 5.25% 7/1/50 | 340,000 | 345,365 | |||||
(Great River School Project) | |||||||
Series A 144A 5.25% 7/1/33 # | 140,000 | 157,090 | |||||
(Twin Cities Academy Project) | |||||||
Series A 5.30% 7/1/45 | 260,000 | 278,967 | |||||
12,493,179 | |||||||
Electric Revenue Bonds – 6.08% | |||||||
Central Minnesota Municipal Power Agency | |||||||
(Brookings Twin Cities Transmission Project) | |||||||
Series E 5.00% 1/1/23 | 1,000,000 | 1,038,360 | |||||
Chaska Electric Revenue | |||||||
Series A 5.00% 10/1/28 | 250,000 | 294,498 | |||||
Minnesota Municipal Power Agency Electric | |||||||
Revenue | |||||||
Series A 5.00% 10/1/29 | 500,000 | 573,000 | |||||
Series A 5.00% 10/1/30 | 240,000 | 274,766 | |||||
Northern Municipal Power Agency Electric System | |||||||
Revenue | |||||||
5.00% 1/1/29 | 150,000 | 177,225 | |||||
5.00% 1/1/30 | 235,000 | 280,449 | |||||
5.00% 1/1/31 | 350,000 | 409,749 | |||||
Series A 5.00% 1/1/25 | 200,000 | 215,990 | |||||
Rochester Electric Utility Revenue | |||||||
Series A 5.00% 12/1/28 | 300,000 | 367,491 |
24
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Electric Revenue Bonds (continued) | ||||||
Rochester Electric Utility Revenue | ||||||
Series A 5.00% 12/1/29 | 500,000 | $ | 609,980 | |||
Series A 5.00% 12/1/31 | 575,000 | 700,758 | ||||
St. Paul Housing & Redevelopment Energy Revenue | ||||||
Series A 4.00% 10/1/30 | 425,000 | 486,731 | ||||
5,428,997 | ||||||
Healthcare Revenue Bonds – 23.08% | ||||||
Anoka Healthcare & Housing Facilities Revenue | ||||||
(The Homestead at Anoka Project) | ||||||
5.375% 11/1/34 | 270,000 | 286,967 | ||||
Apple Valley Senior Living Revenue | ||||||
(Senior Living LLC Project) | ||||||
3rd Tier Series C 4.25% 1/1/27 | 500,000 | 402,825 | ||||
3rd Tier Series C 5.00% 1/1/32 | 420,000 | 309,712 | ||||
Bethel Housing & Health Care Facilities Revenue | ||||||
(Benedictine Health System - St. Peter | ||||||
Communities Project) | ||||||
Series A 5.50% 12/1/48 | 250,000 | 256,200 | ||||
Bethel Senior Housing Revenue | ||||||
(The Lodge at the Lakes at Stillwater Project) | ||||||
5.00% 6/1/38 | 250,000 | 258,083 | ||||
Center City Health Care Facilities Revenue | ||||||
(Hazelden Betty Ford Foundation Project) | ||||||
5.00% 11/1/24 | 600,000 | 684,906 | ||||
Chatfield Healthcare and Housing Facilities Revenue | ||||||
(Chosen Valley Care Center Project) | ||||||
4.00% 9/1/34 | 100,000 | 90,361 | ||||
4.00% 9/1/39 | 100,000 | 86,066 | ||||
Crookston Health Care Facilities Revenue | ||||||
(RiverView Health Project) | ||||||
5.00% 5/1/38 | 400,000 | 405,596 | ||||
Dakota County Community Development Agency | ||||||
Senior Housing Revenue | ||||||
(Walker Highview Hills Project) | ||||||
Series A 144A 5.00% 8/1/36 # | 480,000 | 494,390 | ||||
Duluth Economic Development Authority | ||||||
(Essentia Health Obligated Group) | ||||||
Series A 5.00% 2/15/37 | 750,000 | 895,852 | ||||
Series A 5.00% 2/15/48 | 390,000 | 457,470 | ||||
(St. Luke’s Hospital of Duluth Obligated Group) | ||||||
5.75% 6/15/32 | 750,000 | 780,945 |
25
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds (continued) | ||||||
Glencoe Health Care Facilities Revenue | ||||||
(Glencoe Regional Health Services Project) | ||||||
4.00% 4/1/26 | 270,000 | $ | 277,898 | |||
Hayward Health Care Facilities Revenue | ||||||
(American Baptist Homes Midwest Obligated | ||||||
Group) | ||||||
4.25% 8/1/24 | 413,334 | 408,411 | ||||
Maple Grove Health Care Facilities Revenue | ||||||
(Maple Grove Hospital Corporation) | ||||||
4.00% 5/1/37 | 500,000 | 529,970 | ||||
5.00% 5/1/28 | 1,000,000 | 1,209,580 | ||||
(North Memorial Health Care) | ||||||
5.00% 9/1/31 | 320,000 | 360,883 | ||||
Minneapolis Health Care System Revenue | ||||||
(Fairview Health Services) | ||||||
Series A 5.00% 11/15/33 | 500,000 | 575,465 | ||||
Series A 5.00% 11/15/34 | 500,000 | 574,455 | ||||
Series A 5.00% 11/15/35 | 500,000 | 611,060 | ||||
Series A 5.00% 11/15/49 | 1,000,000 | 1,184,250 | ||||
Minneapolis Senior Housing & Healthcare Revenue | ||||||
(Ecumen-Abiitan Mill City Project) | ||||||
5.00% 11/1/35 | 530,000 | 535,480 | ||||
Minneapolis – St. Paul Housing & Redevelopment | ||||||
Authority Health Care Facilities Revenue | ||||||
(Allina Health System) | ||||||
Series A 5.00% 11/15/27 | 1,205,000 | 1,494,586 | ||||
Rochester Health Care Facilities Revenue | ||||||
(Mayo Clinic) | ||||||
Series C 4.50% 11/15/38 ● | 925,000 | 952,177 | ||||
Sartell Health Care Facilities Revenue | ||||||
(Country Manor Campus Project) | ||||||
Series A 5.00% 9/1/21 | 1,050,000 | 1,057,234 | ||||
Sauk Rapids Health Care Housing Facilities | ||||||
Revenue | ||||||
(Good Shepherd Lutheran Home) | ||||||
5.125% 1/1/39 | 575,000 | 577,898 | ||||
St. Cloud Health Care Revenue | ||||||
(Centracare Health System Project) | ||||||
5.00% 5/1/48 | 810,000 | 977,516 | ||||
Unrefunded Balance 5.125% 5/1/30 | 360,000 | 360,990 |
26
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds (continued) | ||||||
St. Paul Housing & Redevelopment Authority Health | ||||||
Care Facilities Revenue | ||||||
(Fairview Health Services) | ||||||
Series A 5.00% 11/15/47 | 275,000 | $ | 321,005 | |||
(HealthPartners Obligated Group Project) | ||||||
Series A 5.00% 7/1/32 | 1,000,000 | 1,149,840 | ||||
Series A 5.00% 7/1/33 | 200,000 | 229,066 | ||||
St. Paul Housing & Redevelopment Authority | ||||||
Housing & Health Care Facilities Revenue | ||||||
(Episcopal Homes Project) | ||||||
5.00% 5/1/33 | 500,000 | 502,510 | ||||
Wayzata Senior Housing Revenue | ||||||
(Folkestone Senior Living Community) | ||||||
5.00% 8/1/34 | 125,000 | 133,536 | ||||
5.00% 8/1/35 | 150,000 | 160,143 | ||||
West St. Paul, Housing and Health Care Facilities | ||||||
Revenue | ||||||
(Walker Westwood Ridge Campus Project) | ||||||
5.00% 11/1/37 | 500,000 | 513,770 | ||||
Woodbury Housing & Redevelopment Authority | ||||||
Revenue | ||||||
(St. Therese of Woodbury) | ||||||
5.00% 12/1/34 | 500,000 | 524,130 | ||||
20,631,226 | ||||||
Housing Revenue Bonds – 0.66% | ||||||
Minnesota Housing Finance Agency Residential | ||||||
Housing Finance | ||||||
Series I 2.00% 7/1/40 | 300,000 | 293,130 | ||||
Northwest Multi-County Housing & Redevelopment | ||||||
Authority | ||||||
(Pooled Housing Program) | ||||||
5.50% 7/1/45 | 285,000 | 294,362 | ||||
587,492 | ||||||
Lease Revenue Bonds – 4.26% | ||||||
Minnesota General Fund Revenue Appropriations | ||||||
Series A 5.00% 6/1/38 | 1,100,000 | 1,204,445 | ||||
Series A 5.00% 6/1/43 | 715,000 | 779,865 | ||||
Series B 5.00% 3/1/27 | 1,000,000 | 1,046,960 |
27
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Lease Revenue Bonds (continued) | ||||||
Minnesota Housing Finance Agency State | ||||||
Appropriation | ||||||
(Housing Infrastructure) | ||||||
Series A 4.00% 8/1/33 | 655,000 | $ | 778,055 | |||
3,809,325 | ||||||
Local General Obligation Bonds – 17.36% | ||||||
Chaska Independent School District No. 112 | ||||||
(School Building) | ||||||
Series A 5.00% 2/1/28 | 1,000,000 | 1,201,620 | ||||
Duluth Independent School District No. 709 | ||||||
Series A 4.00% 2/1/28 | 250,000 | 283,382 | ||||
Hennepin County | ||||||
Series A 5.00% 12/1/36 | 1,500,000 | 1,840,275 | ||||
Series A 5.00% 12/1/38 | 1,055,000 | 1,300,003 | ||||
Series C 5.00% 12/1/30 | 1,500,000 | 1,850,670 | ||||
Hennepin County Regional Railroad Authority | ||||||
Series D 5.00% 12/1/30 | 2,365,000 | 3,204,362 | ||||
Minneapolis Special School District No. 1 | ||||||
Series A 4.00% 2/1/36 | 220,000 | 259,312 | ||||
Series B 4.00% 2/1/36 | 465,000 | 548,091 | ||||
Series B 4.00% 2/1/37 | 600,000 | 715,950 | ||||
St. Michael-Albertville Independent School District | ||||||
No. 885 | ||||||
(School Building) | ||||||
Series A 5.00% 2/1/27 | 500,000 | 605,105 | ||||
Virginia, Minnesota | ||||||
(General Obligation Sales Tax Revenue) | ||||||
Series A 4.00% 2/1/38 (AGM) | 1,000,000 | 1,133,390 | ||||
White Bear Lake Independent School District | ||||||
No. 624 | ||||||
Series A 3.00% 2/1/43 | 2,420,000 | 2,572,363 | ||||
15,514,523 | ||||||
Pre-Refunded/Escrowed to Maturity Bonds – 5.94% | ||||||
Minnesota | ||||||
Series A Unrefunded Balance 5.00% | ||||||
10/1/24-21 § | 2,000,000 | 2,056,620 | ||||
Minnesota Higher Education Facilities Authority | ||||||
Revenue | ||||||
(St. Catherine University) | ||||||
Series 7-Q 5.00% 10/1/22 | 425,000 | 457,245 |
28
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||
St. Paul Housing & Redevelopment Authority | ||||||
Hospital Revenue | ||||||
(Healtheast Care System Project) | ||||||
Series A 5.00% 11/15/29-25 § | 165,000 | $ | 198,274 | |||
Series A 5.00% 11/15/30-25 § | 120,000 | 144,199 | ||||
University of Minnesota | ||||||
Series D 5.00% 12/1/26-21 § | 1,000,000 | 1,036,050 | ||||
Western Minnesota Municipal Power Agency | ||||||
Revenue | ||||||
Series A 5.00% 1/1/33-24 § | 1,250,000 | 1,414,325 | ||||
5,306,713 | ||||||
Special Tax Revenue Bonds – 3.01% | ||||||
Minneapolis Revenue | ||||||
(YMCA Greater Twin Cities Project) | ||||||
4.00% 6/1/27 | 150,000 | 164,232 | ||||
Puerto Rico Sales Tax Financing Revenue | ||||||
(Restructured) | ||||||
Series A-1 4.55% 7/1/40 | 830,000 | 904,741 | ||||
Series A-1 4.75% 7/1/53 | 655,000 | 714,887 | ||||
Series A-2 4.536% 7/1/53 | 378,000 | 407,344 | ||||
St. Paul Sales Tax Revenue | ||||||
Series G 5.00% 11/1/28 | 435,000 | 500,803 | ||||
2,692,007 | ||||||
State General Obligation Bonds – 15.28% | ||||||
Commonwealth of Puerto Rico | ||||||
(Public Improvement) | ||||||
Series B 5.75% 7/1/38 ‡ | 345,000 | 299,719 | ||||
Minnesota | ||||||
Series A 5.00% 8/1/30 | 2,000,000 | 2,629,020 | ||||
Series A 5.00% 8/1/33 | 285,000 | 361,739 | ||||
Series A 5.00% 8/1/34 | 1,000,000 | 1,266,200 | ||||
Series A 5.00% 8/1/35 | 2,000,000 | 2,576,320 | ||||
Series A 5.00% 8/1/40 | 750,000 | 973,650 | ||||
Series D 5.00% 8/1/26 | 2,500,000 | 3,084,200 | ||||
Series D 5.00% 8/1/27 | 1,500,000 | 1,844,235 | ||||
Series E 5.00% 10/1/26 | 500,000 | 619,750 | ||||
13,654,833 |
29
Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds – 5.43% | |||||||
Minneapolis – St. Paul Metropolitan Airports | |||||||
Commission Revenue | |||||||
(Subordinate) | |||||||
Series B 5.00% 1/1/26 | 710,000 | $ | 737,655 | ||||
Series B 5.00% 1/1/31 | 750,000 | 777,802 | |||||
Series B 5.00% 1/1/44 (AMT) | 1,600,000 | 1,905,872 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
(Parking Enterprise) | |||||||
Series A 4.00% 8/1/26 | 450,000 | 482,202 | |||||
Series A 4.00% 8/1/27 | 545,000 | 580,256 | |||||
Series A 4.00% 8/1/28 | 350,000 | 370,240 | |||||
4,854,027 | |||||||
Water & Sewer Revenue Bonds – 2.23% | |||||||
Guam Government Waterworks Authority Water & | |||||||
Wastewater System Revenue | |||||||
5.00% 7/1/37 | 575,000 | 666,097 | |||||
Metropolitan Council General Obligation | |||||||
Wastewater Revenue (Minneapolis – St. Paul | |||||||
Metropolitan Area) | |||||||
Series C 4.00% 3/1/31 | 565,000 | 654,197 | |||||
Series C 4.00% 3/1/32 | 585,000 | 674,031 | |||||
1,994,325 | |||||||
Total Municipal Bonds (cost $84,512,779) | 87,872,099 | ||||||
Short-Term Investments – 0.53% | |||||||
Variable Rate Demand Notes – 0.53%¤ | |||||||
Minneapolis – St. Paul Housing & Redevelopment | |||||||
Authority Health Care Facilities Revenue | |||||||
(Allina Health System) Series B-2 0.01% | |||||||
11/15/35 | |||||||
(LOC - JPMorgan Chase Bank N.A.) | 475,000 | 475,000 | |||||
Total Short-Term Investments (cost $475,000) | 475,000 | ||||||
Total Value of Securities–98.85% | |||||||
(cost $84,987,779) | $ | 88,347,099 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $1,890,246, which represents 2.11% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
30
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
§ | 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. See Note 6 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
¤ | 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 February 28, 2021. |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
31
Schedules of investments | |
Delaware Minnesota High-Yield Municipal Bond Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 96.44% | |||||||
Corporate Revenue Bond – 1.48% | |||||||
St. Paul Port Authority Solid Waste Disposal | |||||||
Revenue | |||||||
(Gerdau St. Paul Steel Mill Project) | |||||||
Series 7 144A 4.50% 10/1/37 (AMT) # | 2,975,000 | $ | 3,043,752 | ||||
3,043,752 | |||||||
Education Revenue Bonds – 21.91% | |||||||
Bethel Charter School Lease Revenue | |||||||
(Spectrum High School Project) | |||||||
Series A 4.00% 7/1/37 | 850,000 | 898,645 | |||||
Brooklyn Park Charter School Lease Revenue | |||||||
(Prairie Seeds Academy Project) | |||||||
Series A 5.00% 3/1/39 | 1,270,000 | 1,307,033 | |||||
Cologne Charter School Lease Revenue | |||||||
(Cologne Academy Project) | |||||||
Series A 5.00% 7/1/34 | 250,000 | 267,530 | |||||
Series A 5.00% 7/1/45 | 230,000 | 243,046 | |||||
Deephaven Charter School Lease Revenue | |||||||
(Eagle Ridge Academy Project) | |||||||
Series A 5.50% 7/1/50 | 1,000,000 | 1,099,490 | |||||
Duluth Housing & Redevelopment Authority | |||||||
Revenue | |||||||
(Duluth Public Schools Academy Project) | |||||||
Series A 5.00% 11/1/48 | 1,000,000 | 1,104,290 | |||||
Forest Lake Charter School Lease Revenue Fund | |||||||
(Lakes International Language Academy) | |||||||
Series A 5.375% 8/1/50 | 660,000 | 744,348 | |||||
Series A 5.75% 8/1/44 | 585,000 | 619,404 | |||||
Ham Lake Charter School Lease Revenue | |||||||
(Davinci Academy Project) | |||||||
Series A 5.00% 7/1/36 | 235,000 | 254,820 | |||||
Series A 5.00% 7/1/47 | 710,000 | 761,177 | |||||
(Parnassus Preparatory School Project) | |||||||
Series A 5.00% 11/1/47 | 650,000 | 706,283 | |||||
Hugo Charter School Lease Revenue | |||||||
(Noble Academy Project) | |||||||
Series A 5.00% 7/1/34 | 165,000 | 174,359 | |||||
Series A 5.00% 7/1/44 | 495,000 | 516,542 | |||||
Minneapolis Charter School Lease Revenue | |||||||
(Hiawatha Academies Project) | |||||||
Series A 5.00% 7/1/36 | 1,000,000 | 1,061,280 | |||||
Series A 5.00% 7/1/47 | 800,000 | 842,808 |
32
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Minneapolis Student Housing Revenue | |||||||
(Riverton Community Housing Project) | |||||||
144A 4.75% 8/1/43 # | 750,000 | $ | 772,695 | ||||
144A 5.00% 8/1/53 # | 570,000 | 592,697 | |||||
5.25% 8/1/39 | 800,000 | 840,976 | |||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(Bethel University) | |||||||
5.00% 5/1/32 | 1,150,000 | 1,269,002 | |||||
5.00% 5/1/47 | 1,500,000 | 1,600,515 | |||||
(Carleton College) | |||||||
4.00% 3/1/37 | 635,000 | 714,362 | |||||
(Gustavus Adolphus College) | |||||||
5.00% 10/1/47 | 1,000,000 | 1,152,630 | |||||
(Minneapolis College of Art & Design) | |||||||
4.00% 5/1/24 | 250,000 | 263,107 | |||||
4.00% 5/1/25 | 200,000 | 209,896 | |||||
4.00% 5/1/26 | 100,000 | 104,743 | |||||
(St. Catherine University) | |||||||
Series A 4.00% 10/1/37 | 580,000 | 634,433 | |||||
Series A 5.00% 10/1/45 | 670,000 | 777,656 | |||||
(St. John’s University) | |||||||
Series 8-I 5.00% 10/1/34 | 215,000 | 247,904 | |||||
(St. Olaf College) | |||||||
4.00% 10/1/50 | 935,000 | 1,082,066 | |||||
Series 8-G 5.00% 12/1/31 | 205,000 | 238,653 | |||||
Series 8-G 5.00% 12/1/32 | 205,000 | 238,009 | |||||
Series 8-N 4.00% 10/1/34 | 800,000 | 900,848 | |||||
Series 8-N 4.00% 10/1/35 | 590,000 | 662,900 | |||||
(Trustees of the Hamline University of Minnesota) | |||||||
Series B 5.00% 10/1/37 | 300,000 | 332,463 | |||||
Series B 5.00% 10/1/39 | 770,000 | 849,418 | |||||
(University of St. Thomas) | |||||||
4.00% 10/1/37 | 500,000 | 573,545 | |||||
4.00% 10/1/41 | 1,000,000 | 1,134,110 | |||||
4.00% 10/1/44 | 950,000 | 1,068,826 | |||||
Series A 4.00% 10/1/35 | 400,000 | 454,604 | |||||
Otsego Charter School Lease Revenue | |||||||
(Kaleidoscope Charter School) | |||||||
Series A 5.00% 9/1/44 | 1,435,000 | 1,472,913 |
33
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Rice County Educational Facilities Revenue | |||||||
(Shattuck-St. Mary’s School) | |||||||
Series A 144A 5.00% 8/1/22 # | 770,000 | $ | 789,697 | ||||
St. Cloud Charter School Lease Revenue | |||||||
(Stride Academy Project) | |||||||
Series A 5.00% 4/1/46 | 750,000 | 525,000 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Charter School Lease Revenue | |||||||
(Academia Cesar Chavez School Project) | |||||||
Series A 5.25% 7/1/50 | 1,750,000 | 1,777,615 | |||||
(Great River School Project) | |||||||
Series A 144A 5.50% 7/1/52 # | 265,000 | 292,947 | |||||
(Hmong College Preparatory Academy Project) | |||||||
Series A 5.75% 9/1/46 | 500,000 | 577,700 | |||||
Series A 6.00% 9/1/51 | 3,500,000 | 4,078,620 | |||||
(Nova Classical Academy Project) | |||||||
Series A 4.00% 9/1/36 | 1,270,000 | 1,336,053 | |||||
Series A 4.125% 9/1/47 | 500,000 | 518,245 | |||||
(Twin Cities Academy Project) | |||||||
Series A 5.375% 7/1/50 | 1,500,000 | 1,610,790 | |||||
University of Minnesota | |||||||
Series A 5.00% 4/1/34 | 2,115,000 | 2,524,295 | |||||
Series A 5.00% 9/1/40 | 900,000 | 1,092,339 | |||||
Series A 5.00% 9/1/41 | 620,000 | 751,868 | |||||
Woodbury Charter School Lease Revenue | |||||||
(MSA Building Company) | |||||||
Series A 4.00% 12/1/50 | 450,000 | 470,371 | |||||
45,135,566 | |||||||
Electric Revenue Bonds – 5.88% | |||||||
Central Minnesota Municipal Power Agency | |||||||
(Brookings Twin Cities Transmission Project) | |||||||
5.00% 1/1/42 | 1,500,000 | 1,554,075 | |||||
Hutchinson Utilities Commission Revenue | |||||||
Series A 5.00% 12/1/22 | 490,000 | 530,371 | |||||
Series A 5.00% 12/1/26 | 360,000 | 388,044 | |||||
Minnesota Municipal Power Agency Electric | |||||||
Revenue | |||||||
5.00% 10/1/27 | 165,000 | 189,405 | |||||
5.00% 10/1/28 | 500,000 | 573,575 | |||||
5.00% 10/1/47 | 745,000 | 876,828 |
34
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Northern Municipal Power Agency Electric System | |||||||
Revenue | |||||||
5.00% 1/1/26 | 500,000 | $ | 598,560 | ||||
5.00% 1/1/28 | 500,000 | 593,600 | |||||
5.00% 1/1/29 | 470,000 | 555,305 | |||||
5.00% 1/1/33 | 225,000 | 265,086 | |||||
5.00% 1/1/34 | 200,000 | 234,932 | |||||
Series A 5.00% 1/1/24 | 335,000 | 362,363 | |||||
Puerto Rico Electric Power Authority | |||||||
Series A 5.05% 7/1/42 ‡ | 165,000 | 148,913 | |||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 85,975 | |||||
Series CCC 5.25% 7/1/27 ‡ | 650,000 | 588,250 | |||||
Series WW 5.00% 7/1/28 ‡ | 585,000 | 527,962 | |||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 94,500 | |||||
Series XX 5.25% 7/1/40 ‡ | 295,000 | 266,975 | |||||
Series XX 5.75% 7/1/36 ‡ | 370,000 | 336,700 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 76,500 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 130,000 | 117,650 | |||||
Rochester Electric Utility Revenue | |||||||
Series A 5.00% 12/1/34 | 450,000 | 546,462 | |||||
Series A 5.00% 12/1/35 | 500,000 | 605,940 | |||||
Series A 5.00% 12/1/36 | 520,000 | 628,888 | |||||
Southern Minnesota Municipal Power Agency | |||||||
Revenue | |||||||
Series A 5.00% 1/1/41 | 400,000 | 465,024 | |||||
St. Paul Housing & Redevelopment Energy Revenue | |||||||
Series A 4.00% 10/1/32 | 800,000 | 906,896 | |||||
12,118,779 | |||||||
Healthcare Revenue Bonds – 33.44% | |||||||
Anoka Healthcare & Housing Facilities Revenue | |||||||
(The Homestead at Anoka Project) | |||||||
5.125% 11/1/49 | 400,000 | 418,780 | |||||
Apple Valley Senior Housing Revenue | |||||||
(PHS Senior Housing, Inc. Orchard Path Project) | |||||||
4.50% 9/1/53 | 840,000 | 854,020 | |||||
5.00% 9/1/43 | 535,000 | 557,716 | |||||
5.00% 9/1/58 | 1,175,000 | 1,216,078 | |||||
Apple Valley Senior Living Revenue | |||||||
(Senior Living LLC Project) | |||||||
2nd Tier Series B 5.00% 1/1/47 | 560,000 | 380,330 | |||||
4th Tier Series D 7.00% 1/1/37 | 515,000 | 407,041 |
35
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Apple Valley Senior Living Revenue | |||||||
(Senior Living LLC Project) | |||||||
4th Tier Series D 7.25% 1/1/52 | 1,575,000 | $ | 1,180,399 | ||||
Bethel Housing & Health Care Facilities Revenue | |||||||
(Benedictine Health System - St. Peter | |||||||
Communities Project) | |||||||
Series A 5.50% 12/1/48 | 1,280,000 | 1,311,744 | |||||
Bethel Senior Housing Revenue | |||||||
(The Lodge at the Lakes at Stillwater Project) | |||||||
5.25% 6/1/58 | 1,475,000 | 1,513,217 | |||||
Brooklyn Center Multifamily Housing Revenue | |||||||
(Sanctuary at Brooklyn Center Project) | |||||||
Series A 5.50% 11/1/35 | 645,000 | 608,499 | |||||
Chatfield Healthcare and Housing Facilities Revenue | |||||||
(Chosen Valley Care Center Project) | |||||||
4.00% 9/1/39 | 250,000 | 215,165 | |||||
5.00% 9/1/52 | 1,500,000 | 1,442,535 | |||||
City of West St. Paul Minnesota | |||||||
(Walker Westwood Ridge Campus Project) | |||||||
5.00% 11/1/49 | 1,500,000 | 1,518,555 | |||||
Cloquet Housing Facilities | |||||||
(HADC Cloquet Project) | |||||||
Series A 5.00% 8/1/48 | 850,000 | 850,723 | |||||
Crookston Health Care Facilities Revenue | |||||||
(Riverview Health Project) | |||||||
5.00% 5/1/51 | 1,025,000 | 1,039,340 | |||||
Dakota County Community Development Agency | |||||||
Senior Housing Revenue | |||||||
(Walker Highview Hills Project) | |||||||
Series A 144A 5.00% 8/1/51 # | 870,000 | 892,429 | |||||
Deephaven Housing & Healthcare Revenue | |||||||
(St. Therese Senior Living Project) | |||||||
Series A 5.00% 4/1/38 | 335,000 | 339,543 | |||||
Series A 5.00% 4/1/40 | 315,000 | 318,770 | |||||
Series A 5.00% 4/1/48 | 185,000 | 186,482 | |||||
Duluth Economic Development Authority | |||||||
(Essentia Health Obligated Group) | |||||||
Series A 4.25% 2/15/43 | 2,500,000 | 2,790,975 | |||||
Series A 5.00% 2/15/48 | 1,590,000 | 1,865,070 | |||||
(St. Luke’s Hospital of Duluth Obligated Group) | |||||||
5.75% 6/15/32 | 2,000,000 | 2,082,520 | |||||
6.00% 6/15/39 | 1,000,000 | 1,041,250 |
36
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Glencoe Health Care Facilities Revenue | |||||||
(Glencoe Regional Health Services Project) | |||||||
4.00% 4/1/31 | 185,000 | $ | 188,524 | ||||
Hayward Health Care Facilities Revenue | |||||||
(American Baptist Homes Midwest Obligated | |||||||
Group) | |||||||
5.375% 8/1/34 | 750,000 | 751,927 | |||||
(St. John’s Lutheran Home of Albert Lea Project) | |||||||
5.375% 10/1/44 | 165,000 | 161,009 | |||||
Maple Grove Health Care Facilities Revenue | |||||||
(Maple Grove Hospital Corporation) | |||||||
4.00% 5/1/37 | 1,155,000 | 1,224,231 | |||||
5.00% 5/1/26 | 1,300,000 | 1,551,966 | |||||
5.00% 5/1/29 | 500,000 | 597,620 | |||||
(North Memorial Health Care) | |||||||
5.00% 9/1/30 | 610,000 | 689,873 | |||||
Maple Plain Senior Housing & Health Care Revenue | |||||||
(Haven Homes Incorporate Project) | |||||||
5.00% 7/1/49 | 1,000,000 | 1,044,580 | |||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 4.00% 11/15/48 | 1,000,000 | 1,104,190 | |||||
Series A 5.00% 11/15/33 | 1,200,000 | 1,381,116 | |||||
Series A 5.00% 11/15/34 | 500,000 | 574,455 | |||||
Series A 5.00% 11/15/44 | 1,000,000 | 1,128,470 | |||||
Series A 5.00% 11/15/49 | 1,450,000 | 1,717,162 | |||||
Minneapolis Senior Housing & Healthcare Revenue | |||||||
(Ecumen-Abiitan Mill City Project) | |||||||
5.375% 11/1/50 | 1,700,000 | 1,717,306 | |||||
Minneapolis – St. Paul Housing & Redevelopment | |||||||
Authority Health Care Facilities Revenue | |||||||
(Allina Health System) | |||||||
Series A 5.00% 11/15/29 | 415,000 | 507,470 | |||||
Morris Health Care Facilities Revenue | |||||||
(Farmington Health Services) | |||||||
4.10% 8/1/44 | 500,000 | 475,390 | |||||
4.20% 8/1/49 | 1,500,000 | 1,414,410 | |||||
Oakdale Senior Housing | |||||||
(Oak Meadows Project) | |||||||
5.00% 4/1/34 | 500,000 | 500,055 |
37
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Rochester Health Care & Housing Revenue | |||||||
(The Homestead at Rochester Project) | |||||||
Series A 5.25% 12/1/23 | 175,000 | $ | 184,970 | ||||
Rochester Health Care Facilities Revenue | |||||||
(Mayo Clinic) | |||||||
4.00% 11/15/41 | 1,790,000 | 1,837,757 | |||||
Rochester, Minnesota | |||||||
(The Homestead at Rochester Project) | |||||||
Series A 6.875% 12/1/48 | 800,000 | 860,504 | |||||
Sartell Health Care Facilities Revenue | |||||||
(Country Manor Campus Project) | |||||||
Series A 5.25% 9/1/22 | 1,080,000 | 1,104,635 | |||||
Sauk Rapids Health Care Housing Facilities | |||||||
Revenue | |||||||
(Good Shepherd Lutheran Home) | |||||||
5.125% 1/1/39 | 825,000 | 829,158 | |||||
Shakopee Health Care Facilities Revenue | |||||||
(St. Francis Regional Medical Center) | |||||||
4.00% 9/1/31 | 130,000 | 137,680 | |||||
5.00% 9/1/34 | 105,000 | 114,125 | |||||
St. Cloud Health Care Revenue | |||||||
(Centracare Health System Project) | |||||||
4.00% 5/1/49 | 250,000 | 275,385 | |||||
5.00% 5/1/48 | 3,900,000 | 4,706,559 | |||||
Series A 4.00% 5/1/37 | 1,440,000 | 1,584,360 | |||||
Series A 5.00% 5/1/46 | 2,000,000 | 2,307,200 | |||||
Unrefunded Balance 5.125% 5/1/30 | 15,000 | 15,041 | |||||
St. Joseph Senior Housing & Healthcare Revenue | |||||||
(Woodcrest Country Manor Project) | |||||||
5.00% 7/1/55 | 1,000,000 | 1,005,040 | |||||
St. Paul Housing & Redevelopment Authority Health | |||||||
Care Facilities Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 4.00% 11/15/43 | 645,000 | 708,326 | |||||
Series A 5.00% 11/15/47 | 485,000 | 566,136 | |||||
(HealthPartners Obligated Group Project) | |||||||
Series A 4.00% 7/1/33 | 1,320,000 | 1,430,154 | |||||
Series A 5.00% 7/1/29 | 1,000,000 | 1,161,430 | |||||
Series A 5.00% 7/1/32 | 900,000 | 1,034,856 | |||||
Series A 5.00% 7/1/33 | 1,540,000 | 1,763,808 |
38
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
St. Paul Housing & Redevelopment Authority | |||||||
Housing & Health Care Facilities Revenue | |||||||
(Episcopal Homes Project) | |||||||
5.125% 5/1/48 | 1,700,000 | $ | 1,664,487 | ||||
Series A 5.15% 11/1/42 | 775,000 | 775,387 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Multifamily Housing Revenue | |||||||
(Marian Center Project) | |||||||
Series A 5.375% 5/1/43 | 1,000,000 | 999,990 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Revenue | |||||||
(Amherst H. Wilder Foundation Project) | |||||||
Series A 5.00% 12/1/36 | 1,000,000 | 1,180,880 | |||||
Victoria Health Care Facilities Revenue | |||||||
(Augustana Emerald Care Project) | |||||||
5.00% 8/1/39 | 1,500,000 | 1,502,745 | |||||
Wayzata Senior Housing Revenue | |||||||
(Folkestone Senior Living Community) | |||||||
4.00% 8/1/38 | 250,000 | 254,628 | |||||
4.00% 8/1/39 | 400,000 | 407,404 | |||||
4.00% 8/1/44 | 350,000 | 355,443 | |||||
5.00% 8/1/54 | 350,000 | 369,358 | |||||
68,898,381 | |||||||
Housing Revenue Bonds – 1.89% | |||||||
Bethel Senior Housing Revenue | |||||||
(Birchwood Landing at the Lakes at Stillwater | |||||||
Project) | |||||||
5.00% 5/1/54 | 1,000,000 | 1,050,250 | |||||
Minneapolis – St. Paul Housing Finance Board | |||||||
Single Family Mortgage-Backed Securities | |||||||
Program | |||||||
(City Living Project) | |||||||
Series A-2 5.00% | |||||||
12/1/38 (GNMA) (FNMA) (FHLMC) (AMT) | 651 | 651 | |||||
Minnesota Housing Finance Agency | |||||||
Series I 2.20% 1/1/51 | 690,000 | 665,491 | |||||
Minnesota Housing Finance Agency State | |||||||
Appropriation | |||||||
(Housing Infrastructure) | |||||||
Series C 5.00% 8/1/33 | 100,000 | 114,446 |
39
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Housing Revenue Bonds (continued) | |||||||
Northwest Multi-County Housing & Redevelopment | |||||||
Authority | |||||||
(Pooled Housing Program) | |||||||
5.50% 7/1/45 | 1,275,000 | $ | 1,316,884 | ||||
Stillwater Multifamily Housing Revenue | |||||||
(Orleans Homes Project) | |||||||
5.50% 2/1/42 (AMT) | 750,000 | 750,525 | |||||
3,898,247 | |||||||
Lease Revenue Bonds – 2.25% | |||||||
Minnesota General Fund Revenue Appropriations | |||||||
Series A 5.00% 6/1/38 | 1,750,000 | 1,916,162 | |||||
Series A 5.00% 6/1/43 | 1,000,000 | 1,090,720 | |||||
Minnesota Housing Finance Agency State | |||||||
Appropriation | |||||||
(Housing Infrastructure) | |||||||
Series C 5.00% 8/1/32 | 1,415,000 | 1,620,444 | |||||
4,627,326 | |||||||
Local General Obligation Bonds – 6.38% | |||||||
Duluth General Obligation Entertainment Convention | |||||||
Center Improvement | |||||||
Series A 5.00% 2/1/34 | 1,000,000 | 1,190,440 | |||||
Duluth Independent School District No. 709 | |||||||
Series A 4.00% 2/1/27 | 440,000 | 501,855 | |||||
Series A 4.20% 3/1/34 | 750,000 | 792,308 | |||||
Hennepin County | |||||||
Series A 5.00% 12/1/37 | 910,000 | 1,123,968 | |||||
Series C 5.00% 12/1/37 | 2,500,000 | 3,060,850 | |||||
Mahtomedi Independent School District No. 832 | |||||||
(School Building) | |||||||
Series A 5.00% 2/1/28 | 1,000,000 | 1,171,880 | |||||
Series A 5.00% 2/1/29 | 1,000,000 | 1,169,340 | |||||
Series A 5.00% 2/1/31 | 1,000,000 | 1,168,920 | |||||
Minneapolis Special School District No. 1 | |||||||
Series A 4.00% 2/1/36 | 160,000 | 188,590 | |||||
Series A 4.00% 2/1/37 | 215,000 | 252,187 | |||||
Series A 4.00% 2/1/38 | 220,000 | 257,145 | |||||
Series B 4.00% 2/1/36 | 335,000 | 394,861 | |||||
Series B 4.00% 2/1/37 | 445,000 | 521,967 | |||||
Series B 4.00% 2/1/38 | 465,000 | 543,511 |
40
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Wayzata Independent School District No. 284 | |||||||
(School Building) | |||||||
Series A 5.00% 2/1/28 | 650,000 | $ | 806,793 | ||||
13,144,615 | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 4.57% | |||||||
Deephaven Charter School Lease Revenue | |||||||
(Eagle Ridge Academy Project) | |||||||
Series A 5.50% 7/1/43-23 § | 500,000 | 558,720 | |||||
Minnesota | |||||||
Series A Unrefunded Balance 5.00% | |||||||
10/1/24-21 § | 985,000 | 1,012,886 | |||||
Minnesota Higher Education Facilities Authority | |||||||
Revenue | |||||||
(St. Catherine University) | |||||||
Series 7-Q 5.00% 10/1/25-22 § | 325,000 | 349,658 | |||||
Series 7-Q 5.00% 10/1/26-22 § | 280,000 | 301,243 | |||||
Rochester Health Care Facilities Revenue | |||||||
(Olmsted Medical Center Project) | |||||||
5.00% 7/1/22 | 350,000 | 371,924 | |||||
5.00% 7/1/27-23 § | 245,000 | 271,237 | |||||
5.00% 7/1/28-23 § | 225,000 | 249,095 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Charter School Lease Revenue | |||||||
(Nova Classical Academy Project) | |||||||
Series A 6.625% 9/1/42-21 § | 1,500,000 | 1,548,255 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Hospital Facility Revenue | |||||||
(Healtheast Care System Project) | |||||||
Series A 5.00% 11/15/29-25 § | 275,000 | 330,457 | |||||
Series A 5.00% 11/15/30-25 § | 205,000 | 246,340 | |||||
Western Minnesota Municipal Power Agency | |||||||
Revenue | |||||||
Series A 5.00% 1/1/30-24 § | 500,000 | 565,730 | |||||
Series A 5.00% 1/1/33-24 § | 750,000 | 848,595 | |||||
Series A 5.00% 1/1/34-24 § | 450,000 | 509,157 | |||||
Series A 5.00% 1/1/40-24 § | 2,000,000 | 2,262,920 | |||||
9,426,217 | |||||||
Special Tax Revenue Bonds – 4.75% | |||||||
Minneapolis Revenue | |||||||
(YMCA Greater Twin Cities Project) | |||||||
4.00% 6/1/31 | 250,000 | 264,580 |
41
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Minneapolis Tax Increment Revenue | |||||||
(Grant Park Project) | |||||||
4.00% 3/1/27 | 200,000 | $ | 205,298 | ||||
4.00% 3/1/30 | 260,000 | 265,413 | |||||
(Village of St. Anthony Falls Project) | |||||||
4.00% 3/1/24 | 700,000 | 718,956 | |||||
4.00% 3/1/27 | 650,000 | 664,294 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.75% 7/1/53 | 3,155,000 | 3,443,462 | |||||
Series A-1 5.00% 7/1/58 | 275,000 | 304,573 | |||||
Series A-2 4.536% 7/1/53 | 3,000,000 | 3,232,890 | |||||
St. Paul Sales Tax Revenue | |||||||
Series G 5.00% 11/1/28 | 600,000 | 690,762 | |||||
9,790,228 | |||||||
State General Obligation Bonds – 7.29% | |||||||
Commonwealth of Puerto Rico | |||||||
(Public Improvement) | |||||||
Series B 5.75% 7/1/38 ‡ | 920,000 | 799,250 | |||||
Minnesota | |||||||
Series A 5.00% 8/1/27 | 750,000 | 894,375 | |||||
Series A 5.00% 8/1/29 | 1,000,000 | 1,187,690 | |||||
Series A 5.00% 8/1/33 | 660,000 | 837,712 | |||||
Series A 5.00% 8/1/34 | 2,185,000 | 2,766,647 | |||||
Series A 5.00% 8/1/35 | 1,000,000 | 1,288,160 | |||||
Series D 5.00% 8/1/26 | 1,000,000 | 1,233,680 | |||||
Series D 5.00% 8/1/27 | 1,000,000 | 1,229,490 | |||||
Series E 5.00% 10/1/26 | 1,085,000 | 1,344,857 | |||||
(Various Purposes) | |||||||
Series A 5.00% 8/1/32 | 1,915,000 | 2,193,039 | |||||
Series A 5.00% 8/1/38 | 1,000,000 | 1,252,700 | |||||
15,027,600 | |||||||
Transportation Revenue Bonds – 5.50% | |||||||
Minneapolis – St. Paul Metropolitan Airports | |||||||
Commission Revenue | |||||||
(Senior) | |||||||
Series C 5.00% 1/1/46 | 185,000 | 214,840 | |||||
(Subordinate) | |||||||
Series A 5.00% 1/1/32 | 500,000 | 558,255 | |||||
Series A 5.00% 1/1/49 | 1,500,000 | 1,805,940 | |||||
Series B 5.00% 1/1/29 | 2,130,000 | 2,209,875 |
42
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Minneapolis – St. Paul Metropolitan Airports | |||||||
Commission Revenue | |||||||
(Subordinate) | |||||||
Series B 5.00% 1/1/44 (AMT) | 4,000,000 | $ | 4,764,680 | ||||
Series B 5.00% 1/1/49 (AMT) | 1,500,000 | 1,774,740 | |||||
11,328,330 | |||||||
Water & Sewer Revenue Bonds – 1.10% | |||||||
Metropolitan Council General Obligation | |||||||
Wastewater Revenue (Minneapolis – St. Paul | |||||||
Metropolitan Area) | |||||||
Series C 4.00% 3/1/31 | 965,000 | 1,117,345 | |||||
Series C 4.00% 3/1/32 | 1,000,000 | 1,152,190 | |||||
2,269,535 | |||||||
Total Municipal Bonds (cost $190,187,351) | 198,708,576 | ||||||
Short-Term Investments – 0.44% | |||||||
Variable Rate Demand Notes – 0.44%¤ | |||||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) Series C 0.01% | |||||||
11/15/48 (LOC – Wells Fargo Bank N.A.) | 300,000 | 300,000 | |||||
Minneapolis – St. Paul Housing & Redevelopment | |||||||
Authority Health Care Revenue | |||||||
Series B-2 0.01% 11/15/35 | |||||||
(LOC - JPMorgan Chase Bank N.A.) | 600,000 | 600,000 | |||||
Total Short-Term Investments (cost $900,000) | 900,000 | ||||||
Total Value of Securities–96.88% | |||||||
(cost $191,087,351) | $ | 199,608,576 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $6,384,217, which represents 3.10% of the Fund’s net assets. See Note 6 in “Notes to financial statements.” |
‡ | 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. See Note 6 in “Notes to financial statements.” |
43
Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund
¤ | 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 February 28, 2021. |
Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
44
Statements of assets and liabilities |
February 28, 2021 (Unaudited) |
Delaware Tax-Free | Delaware Minnesota | |||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||
Assets: | ||||||||||
Investments, at value* | $ | 584,764,310 | $ | 88,347,099 | $ | 199,608,576 | ||||
Cash | 4,888,185 | 826,930 | 5,364,185 | |||||||
Interest receivable | 6,483,948 | 847,347 | 2,226,916 | |||||||
Receivable for fund shares sold | 848,582 | 11,914 | 560,001 | |||||||
Total Assets | 596,985,025 | 90,033,290 | 207,759,678 | |||||||
Liabilities: | ||||||||||
Payable for securities purchased | 3,323,494 | 458,836 | 1,114,492 | |||||||
Payable for fund shares redeemed | 1,179,817 | 80,682 | 377,315 | |||||||
Investment management fees payable | ||||||||||
to affiliates | 208,522 | 19,988 | 71,509 | |||||||
Distribution payable | 190,154 | 18,911 | 24,644 | |||||||
Other accrued expenses | 112,605 | 31,991 | 54,613 | |||||||
Distribution fees payable to affiliates | 86,921 | 9,828 | 32,370 | |||||||
Audit and tax fees payable | 22,570 | 22,570 | 22,570 | |||||||
Accounting and administration | ||||||||||
expenses payable to non-affiliates | 19,758 | 9,968 | 12,172 | |||||||
Dividend disbursing and transfer agent | ||||||||||
fees and expenses payable to | ||||||||||
affiliates | 3,802 | 576 | 1,305 | |||||||
Trustees’ fees and expenses payable | ||||||||||
to affiliates | 2,168 | 330 | 741 | |||||||
Accounting and administration | ||||||||||
expenses payable to affiliates | 1,836 | 538 | 832 | |||||||
Legal fees payable to affiliates | 925 | 141 | 316 | |||||||
Reports and statements to | ||||||||||
shareholders expenses payable to | ||||||||||
affiliates | 694 | 105 | 241 | |||||||
Total Liabilities | 5,153,266 | 654,464 | 1,713,120 | |||||||
Total Net Assets | $ | 591,831,759 | $ | 89,378,826 | $ | 206,046,558 | ||||
Net Assets Consist of: | ||||||||||
Paid-in capital | $ | 565,121,862 | $ | 86,182,282 | $ | 198,244,104 | ||||
Total distributable earnings (loss) | 26,709,897 | 3,196,544 | 7,802,454 | |||||||
Total Net Assets | $ | 591,831,759 | $ | 89,378,826 | $ | 206,046,558 |
45
Statements of assets and liabilities
Delaware Tax-Free | Delaware Minnesota | |||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||
Net Asset Value | ||||||||||||
Class A: | ||||||||||||
Net assets | $ | 371,784,202 | $ | 61,206,274 | $ | 106,887,822 | ||||||
Shares of beneficial interest outstanding, | ||||||||||||
unlimited authorization, no par | 29,703,075 | 5,531,398 | 9,614,527 | |||||||||
Net asset value per share | $ | 12.52 | $ | 11.07 | $ | 11.12 | ||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | ||||||
Offering price per share, equal to net | ||||||||||||
asset value per share / (1 - sales | ||||||||||||
charge) | $ | 13.11 | $ | 11.38 | $ | 11.64 | ||||||
Class C: | ||||||||||||
Net assets | $ | 18,034,314 | $ | 3,368,275 | $ | 14,900,540 | ||||||
Shares of beneficial interest outstanding, | ||||||||||||
unlimited authorization, no par | 1,436,075 | 303,777 | 1,337,683 | |||||||||
Net asset value per share | $ | 12.56 | $ | 11.09 | $ | 11.14 | ||||||
Institutional Class: | ||||||||||||
Net assets | $ | 202,013,243 | $ | 24,804,277 | $ | 84,258,196 | ||||||
Shares of beneficial interest outstanding, | ||||||||||||
unlimited authorization, no par | 16,142,988 | 2,240,809 | 7,581,302 | |||||||||
Net asset value per share | $ | 12.51 | $ | 11.07 | $ | 11.11 | ||||||
____________________ | ||||||||||||
* Investments, at cost | $ | 557,530,406 | $ | 84,987,779 | $ | 191,087,351 |
See accompanying notes, which are an integral part of the financial statements.
46
Statements of operations |
Six months ended February 28, 2021 (Unaudited) |
Delaware Minnesota | |||||||||||||
Delaware Tax-Free | High-Yield | ||||||||||||
Delaware Tax-Free | Minnesota | Municipal Bond | |||||||||||
Minnesota Fund | Intermediate Fund | Fund | |||||||||||
Investment Income: | |||||||||||||
Interest | $ | 9,333,392 | $ | 1,214,389 | $ | 3,505,587 | |||||||
Expenses: | |||||||||||||
Management fees | 1,578,148 | 221,265 | 549,634 | ||||||||||
Distribution expenses – Class A | 461,063 | 73,801 | 129,494 | ||||||||||
Distribution expenses – Class C | 116,090 | 23,175 | 88,790 | ||||||||||
Dividend disbursing and transfer agent | |||||||||||||
fees and expenses | 187,210 | 30,124 | 71,826 | ||||||||||
Accounting and administration expenses | 65,585 | 26,388 | 35,240 | ||||||||||
Registration fees | 30,635 | 13,135 | 8,052 | ||||||||||
Reports and statements to shareholders | |||||||||||||
expenses | 25,403 | 7,261 | 9,668 | ||||||||||
Legal fees | 23,802 | 3,480 | 8,140 | ||||||||||
Audit and tax fees | 23,667 | 22,570 | 22,949 | ||||||||||
Trustees’ fees and expenses | 14,915 | 2,262 | 5,107 | ||||||||||
Custodian fees | 8,991 | 1,378 | 3,249 | ||||||||||
Other | 29,099 | 11,128 | 18,259 | ||||||||||
2,564,608 | 435,967 | 950,408 | |||||||||||
Less expenses waived | (242,189 | ) | (91,125 | ) | (92,531 | ) | |||||||
Less waived distribution | |||||||||||||
expenses – Class A | — | (29,520 | ) | — | |||||||||
Less expenses paid indirectly | (161 | ) | (27 | ) | (67 | ) | |||||||
Total operating expenses | 2,322,258 | 315,295 | 857,810 | ||||||||||
Net Investment Income | 7,011,134 | 899,094 | 2,647,777 | ||||||||||
Net Realized and Unrealized Gain | |||||||||||||
(Loss): | |||||||||||||
Net realized gain on investments | 330,477 | 6,410 | 116,823 | ||||||||||
Net change in unrealized appreciation | |||||||||||||
(depreciation) of investments | 723,060 | (292,426 | ) | 1,980,680 | |||||||||
Net Realized and Unrealized Gain (Loss) | 1,053,537 | (286,016 | ) | 2,097,503 | |||||||||
Net Increase in Net Assets Resulting | |||||||||||||
from Operations | $ | 8,064,671 | $ | 613,078 | $ | 4,745,280 |
See accompanying notes, which are an integral part of the financial statements.
47
Statements of changes in net assets
Delaware Tax-Free Minnesota Fund
Six months | |||||||||
ended | |||||||||
2/28/21 | Year ended | ||||||||
(Unaudited) | 8/31/20 | ||||||||
Increase (Decrease) in Net Assets from Operations: | |||||||||
Net investment income | $ | 7,011,134 | $ | 14,887,472 | |||||
Net realized gain | 330,477 | 932,823 | |||||||
Net change in unrealized appreciation (depreciation) | 723,060 | (8,816,749 | ) | ||||||
Net increase in net assets resulting from operations | 8,064,671 | 7,003,546 | |||||||
Dividends and Distributions to Shareholders from: | |||||||||
Distributable earnings: | |||||||||
Class A | (4,375,003 | ) | (10,479,934 | ) | |||||
Class C | (187,919 | ) | (567,741 | ) | |||||
Institutional Class | (2,483,249 | ) | (5,376,871 | ) | |||||
(7,046,171 | ) | (16,424,546 | ) | ||||||
Capital Share Transactions: | |||||||||
Proceeds from shares sold: | |||||||||
Class A | 19,171,445 | 30,564,638 | |||||||
Class C | 1,289,188 | 2,044,174 | |||||||
Institutional Class | 28,285,741 | 49,162,276 | |||||||
Net asset value of shares issued upon reinvestment of | |||||||||
dividends and distributions: | |||||||||
Class A | 4,078,451 | 9,360,817 | |||||||
Class C | 190,530 | 554,458 | |||||||
Institutional Class | 1,816,568 | 3,892,433 | |||||||
54,831,923 | 95,578,796 |
48
Six months | ||||||||
ended | ||||||||
2/28/21 | Year ended | |||||||
(Unaudited) | 8/31/20 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (25,826,533 | ) | $ | (47,198,375 | ) | ||
Class C | (8,779,302 | ) | (6,825,961 | ) | ||||
Institutional Class | (9,564,795 | ) | (37,945,871 | ) | ||||
(44,170,630 | ) | (91,970,207 | ) | |||||
Increase in net assets derived from capital share transactions | 10,661,293 | 3,608,589 | ||||||
Net Increase (Decrease) in Net Assets | 11,679,793 | (5,812,411 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 580,151,966 | 585,964,377 | ||||||
End of period | $ | 591,831,759 | $ | 580,151,966 |
See accompanying notes, which are an integral part of the financial statements.
49
Statements of changes in net assets
Delaware Tax-Free Minnesota Intermediate Fund
Six months | ||||||||||
ended | ||||||||||
2/28/21 | Year ended | |||||||||
(Unaudited) | 8/31/20 | |||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||
Net investment income | $ | 899,094 | $ | 1,942,599 | ||||||
Net realized gain (loss) | 6,410 | (68,890 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (292,426 | ) | (916,519 | ) | ||||||
Net increase in net assets resulting from operations | 613,078 | 957,190 | ||||||||
Dividends and Distributions to Shareholders from: | ||||||||||
Distributable earnings: | ||||||||||
Class A | (600,233 | ) | (1,346,270 | ) | ||||||
Class C | (27,421 | ) | (98,584 | ) | ||||||
Institutional Class | (271,066 | ) | (497,364 | ) | ||||||
(898,720 | ) | (1,942,218 | ) | |||||||
Capital Share Transactions: | ||||||||||
Proceeds from shares sold: | ||||||||||
Class A | 5,491,722 | 8,419,718 | ||||||||
Class C | 136,565 | 635,657 | ||||||||
Institutional Class | 1,273,096 | 11,917,665 | ||||||||
Net asset value of shares issued upon reinvestment of | ||||||||||
dividends and distributions: | ||||||||||
Class A | 521,017 | 1,146,384 | ||||||||
Class C | 27,784 | 94,088 | ||||||||
Institutional Class | 265,519 | 463,348 | ||||||||
7,715,703 | 22,676,860 |
50
Six months | ||||||||||
ended | ||||||||||
2/28/21 | Year ended | |||||||||
(Unaudited) | 8/31/20 | |||||||||
Capital Share Transactions (continued): | ||||||||||
Cost of shares redeemed: | ||||||||||
Class A | $ | (2,380,797 | ) | $ | (6,850,828 | ) | ||||
Class C | (1,947,713 | ) | (2,655,009 | ) | ||||||
Institutional Class | (1,507,819 | ) | (5,203,976 | ) | ||||||
(5,836,329 | ) | (14,709,813 | ) | |||||||
Increase in net assets derived from capital share transactions | 1,879,374 | 7,967,047 | ||||||||
Net Increase in Net Assets | 1,593,732 | 6,982,019 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 87,785,094 | 80,803,075 | ||||||||
End of period | $ | 89,378,826 | $ | 87,785,094 |
See accompanying notes, which are an integral part of the financial statements.
51
Statements of changes in net assets
Delaware Minnesota High-Yield Municipal Bond Fund
Six months | ||||||||||
ended | ||||||||||
2/28/21 | Year ended | |||||||||
(Unaudited) | 8/31/20 | |||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||
Net investment income | $ | 2,647,777 | $ | 5,533,266 | ||||||
Net realized gain | 116,823 | 180,719 | ||||||||
Net change in unrealized appreciation (depreciation) | 1,980,680 | (4,939,126 | ) | |||||||
Net increase in net assets resulting from operations | 4,745,280 | 774,859 | ||||||||
Dividends and Distributions to Shareholders from: | ||||||||||
Distributable earnings: | ||||||||||
Class A | (1,352,508 | ) | (2,770,295 | ) | ||||||
Class C | (164,813 | ) | (393,155 | ) | ||||||
Institutional Class | (1,121,817 | ) | (2,354,836 | ) | ||||||
(2,639,138 | ) | (5,518,286 | ) | |||||||
Capital Share Transactions: | ||||||||||
Proceeds from shares sold: | ||||||||||
Class A | 8,254,727 | 12,533,954 | ||||||||
Class C | 754,835 | 3,689,377 | ||||||||
Institutional Class | 15,519,922 | 28,268,095 | ||||||||
Net asset value of shares issued upon reinvestment of | ||||||||||
dividends and distributions: | ||||||||||
Class A | 1,293,187 | 2,475,879 | ||||||||
Class C | 165,043 | 369,511 | ||||||||
Institutional Class | 1,112,805 | 2,262,483 | ||||||||
27,100,519 | 49,599,299 |
52
Six months | ||||||||||
ended | ||||||||||
2/28/21 | Year ended | |||||||||
(Unaudited) | 8/31/20 | |||||||||
Capital Share Transactions (continued): | ||||||||||
Cost of shares redeemed: | ||||||||||
Class A | $ | (7,635,867 | ) | $ | (12,513,039 | ) | ||||
Class C | (5,618,581 | ) | (5,297,308 | ) | ||||||
Institutional Class | (8,519,749 | ) | (28,132,087 | ) | ||||||
(21,774,197 | ) | (45,942,434 | ) | |||||||
Increase in net assets derived from capital share transactions | 5,326,322 | 3,656,865 | ||||||||
Net Increase (Decrease) in Net Assets | 7,432,464 | (1,086,562 | ) | |||||||
Net Assets: | ||||||||||
Beginning of period | 198,614,094 | 199,700,656 | ||||||||
End of period | $ | 206,046,558 | $ | 198,614,094 |
See accompanying notes, which are an integral part of the financial statements.
53
Financial highlights
Delaware Tax-Free Minnesota Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
54
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | $ | 12.87 | $ | 12.60 | ||||||||||||||
0.15 | 0.31 | 0.36 | 0.37 | 0.38 | 0.41 | ||||||||||||||||||||
0.03 | (0.16 | ) | 0.54 | (0.34 | ) | (0.32 | ) | 0.28 | |||||||||||||||||
0.18 | 0.15 | 0.90 | 0.03 | 0.06 | 0.69 | ||||||||||||||||||||
(0.15 | ) | (0.31 | ) | (0.36 | ) | (0.37 | ) | (0.39 | ) | (0.42 | ) | ||||||||||||||
— | (0.03 | ) | — | (0.06 | ) | — | — | ||||||||||||||||||
(0.15 | ) | (0.34 | ) | (0.36 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | ||||||||||||||
$ | 12.52 | $ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | $ | 12.87 | ||||||||||||||
1.43% | 1.30% | 7.54% | 0.26% | 0.49% | 5.52% | ||||||||||||||||||||
$ | 371,784 | $ | 373,691 | $ | 386,790 | $ | 390,477 | $ | 423,497 | $ | 481,066 | ||||||||||||||
0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | ||||||||||||||||||||
0.93% | 0.93% | 0.93% | 0.94% | 0.95% | 0.95% | ||||||||||||||||||||
2.36% | 2.53% | 2.92% | 2.99% | 3.08% | 3.25% | ||||||||||||||||||||
2.28% | 2.45% | 2.84% | 2.90% | 2.98% | 3.15% | ||||||||||||||||||||
3% | 15% | 13% | 16% | 17% | 15% |
55
Financial highlights
Delaware Tax-Free Minnesota Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
56
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 12.53 | $ | 12.72 | $ | 12.18 | $ | 12.58 | $ | 12.91 | $ | 12.64 | ||||||||||||||
0.10 | 0.22 | 0.27 | 0.28 | 0.29 | 0.32 | ||||||||||||||||||||
0.03 | (0.16 | ) | 0.54 | (0.34 | ) | (0.33 | ) | 0.27 | |||||||||||||||||
0.13 | 0.06 | 0.81 | (0.06 | ) | (0.04 | ) | 0.59 | ||||||||||||||||||
(0.10 | ) | (0.22 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||||
— | (0.03 | ) | — | (0.06 | ) | — | — | ||||||||||||||||||
(0.10 | ) | (0.25 | ) | (0.27 | ) | (0.34 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||||
$ | 12.56 | $ | 12.53 | $ | 12.72 | $ | 12.18 | $ | 12.58 | $ | 12.91 | ||||||||||||||
1.05% | 0.54% | 6.73% | (0.49% | ) | (0.25% | ) | 4.73% | ||||||||||||||||||
$ | 18,035 | $ | 25,219 | $ | 29,933 | $ | 35,642 | $ | 51,045 | $ | 53,502 | ||||||||||||||
1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | ||||||||||||||||||||
1.68% | 1.68% | 1.68% | 1.69% | 1.70% | 1.70% | ||||||||||||||||||||
1.61% | 1.78% | 2.17% | 2.24% | 2.33% | 2.50% | ||||||||||||||||||||
1.53% | 1.70% | 2.09% | 2.15% | 2.23% | 2.40% | ||||||||||||||||||||
3% | 15% | 13% | 16% | 17% | 15% |
57
Financial highlights
Delaware Tax-Free Minnesota Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
58
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | $ | 12.87 | $ | 12.59 | ||||||||||||||
0.16 | 0.34 | 0.39 | 0.40 | 0.41 | 0.45 | ||||||||||||||||||||
0.02 | (0.16 | ) | 0.54 | (0.34 | ) | (0.32 | ) | 0.28 | |||||||||||||||||
0.18 | 0.18 | 0.93 | 0.06 | 0.09 | 0.73 | ||||||||||||||||||||
(0.16 | ) | (0.34 | ) | (0.39 | ) | (0.40 | ) | (0.42 | ) | (0.45 | ) | ||||||||||||||
— | (0.03 | ) | — | (0.06 | ) | — | — | ||||||||||||||||||
(0.16 | ) | (0.37 | ) | (0.39 | ) | (0.46 | ) | (0.42 | ) | (0.45 | ) | ||||||||||||||
$ | 12.51 | $ | 12.49 | $ | 12.68 | $ | 12.14 | $ | 12.54 | $ | 12.87 | ||||||||||||||
1.47% | 1.55% | 7.81% | 0.51% | 0.75% | 5.87% | ||||||||||||||||||||
$ | 202,013 | $ | 181,242 | $ | 169,241 | $ | 119,894 | $ | 88,826 | $ | 53,133 | ||||||||||||||
0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | ||||||||||||||||||||
0.68% | 0.68% | 0.68% | 0.69% | 0.70% | 0.70% | ||||||||||||||||||||
2.61% | 2.78% | 3.17% | 3.24% | 3.33% | 3.50% | ||||||||||||||||||||
2.53% | 2.70% | 3.09% | 3.15% | 3.23% | 3.40% | ||||||||||||||||||||
3% | 15% | 13% | 16% | 17% | 15% |
59
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
60
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.10 | $ | 11.25 | $ | 10.82 | $ | 11.17 | $ | 11.44 | $ | 11.22 | ||||||||||||||
0.11 | 0.27 | 0.31 | 0.30 | 0.31 | 0.33 | ||||||||||||||||||||
(0.03 | ) | (0.15 | ) | 0.43 | (0.31 | ) | (0.25 | ) | 0.22 | ||||||||||||||||
0.08 | 0.12 | 0.74 | (0.01 | ) | 0.06 | 0.55 | |||||||||||||||||||
(0.11 | ) | (0.27 | ) | (0.31 | ) | (0.30 | ) | (0.31 | ) | (0.33 | ) | ||||||||||||||
— | — | — | (0.04 | ) | (0.02 | ) | — | ||||||||||||||||||
(0.11 | ) | (0.27 | ) | (0.31 | ) | (0.34 | ) | (0.33 | ) | (0.33 | ) | ||||||||||||||
$ | 11.07 | $ | 11.10 | $ | 11.25 | $ | 10.82 | $ | 11.17 | $ | 11.44 | ||||||||||||||
0.74% | 1.08% | 7.00% | (0.01% | ) | 0.55% | 4.98% | |||||||||||||||||||
$ | 61,206 | $ | 57,788 | $ | 55,918 | $ | 59,284 | $ | 68,934 | $ | 79,730 | ||||||||||||||
0.71% | 0.71% | 0.71% | 0.79% | 0.84% | 0.84% | ||||||||||||||||||||
1.02% | 1.02% | 1.04% | 1.00% | 0.99% | 0.97% | ||||||||||||||||||||
2.03% | 2.39% | 2.87% | 2.77% | 2.79% | 2.92% | ||||||||||||||||||||
1.72% | 2.08% | 2.54% | 2.56% | 2.64% | 2.79% | ||||||||||||||||||||
5% | 20% | 19% | 17% | 22% | 14% |
61
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
62
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.12 | $ | 11.27 | $ | 10.84 | $ | 11.19 | $ | 11.47 | $ | 11.24 | ||||||||||||||
0.07 | 0.17 | 0.22 | 0.21 | 0.22 | 0.24 | ||||||||||||||||||||
(0.03 | ) | (0.15 | ) | 0.43 | (0.31 | ) | (0.26 | ) | 0.23 | ||||||||||||||||
0.04 | 0.02 | 0.65 | (0.10 | ) | (0.04 | ) | 0.47 | ||||||||||||||||||
(0.07 | ) | (0.17 | ) | (0.22 | ) | (0.21 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||||
— | — | — | (0.04 | ) | (0.02 | ) | — | ||||||||||||||||||
(0.07 | ) | (0.17 | ) | (0.22 | ) | (0.25 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||
$ | 11.09 | $ | 11.12 | $ | 11.27 | $ | 10.84 | $ | 11.19 | $ | 11.47 | ||||||||||||||
0.32% | 0.22% | 6.09% | (0.86% | ) | (0.39% | ) | 4.17% | ||||||||||||||||||
$ | 3,368 | $ | 5,149 | $ | 7,167 | $ | 8,558 | $ | 11,885 | $ | 13,315 | ||||||||||||||
1.56% | 1.56% | 1.56% | 1.64% | 1.69% | 1.69% | ||||||||||||||||||||
1.77% | 1.77% | 1.79% | 1.75% | 1.74% | 1.72% | ||||||||||||||||||||
1.18% | 1.54% | 2.02% | 1.92% | 1.94% | 2.07% | ||||||||||||||||||||
0.97% | 1.33% | 1.79% | 1.81% | 1.89% | 2.04% | ||||||||||||||||||||
5% | 20% | 19% | 17% | 22% | 14% |
63
Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
64
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.10 | $ | 11.25 | $ | 10.83 | $ | 11.17 | $ | 11.45 | $ | 11.22 | |||||||||||||||
0.12 | 0.28 | 0.33 | 0.32 | 0.33 | 0.35 | |||||||||||||||||||||
(0.03 | ) | (0.15 | ) | 0.42 | (0.30 | ) | (0.26 | ) | 0.23 | |||||||||||||||||
0.09 | 0.13 | 0.75 | 0.02 | 0.07 | 0.58 | |||||||||||||||||||||
(0.12 | ) | (0.28 | ) | (0.33 | ) | (0.32 | ) | (0.33 | ) | (0.35 | ) | |||||||||||||||
— | — | — | (0.04 | ) | (0.02 | ) | — | |||||||||||||||||||
(0.12 | ) | (0.28 | ) | (0.33 | ) | (0.36 | ) | (0.35 | ) | (0.35 | ) | |||||||||||||||
$ | 11.07 | $ | 11.10 | $ | 11.25 | $ | 10.83 | $ | 11.17 | $ | 11.45 | |||||||||||||||
0.82% | 1.23% | 7.06% | 0.23% | 0.61% | 5.22% | |||||||||||||||||||||
$ | 24,805 | $ | 24,848 | $ | 17,718 | $ | 11,470 | $ | 18,800 | $ | 12,694 | |||||||||||||||
0.56% | 0.56% | 0.56% | 0.64% | 0.69% | 0.69% | |||||||||||||||||||||
0.77% | 0.77% | 0.79% | 0.75% | 0.74% | 0.72% | |||||||||||||||||||||
2.18% | 2.54% | 3.02% | 2.92% | 2.94% | 3.07% | |||||||||||||||||||||
1.97% | 2.33% | 2.79% | 2.81% | 2.89% | 3.04% | |||||||||||||||||||||
5% | 20% | 19% | 17% | 22% | 14% |
65
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
66
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.00 | $ | 11.21 | $ | 10.66 | $ | 10.88 | $ | 11.13 | $ | 10.84 | |||||||||||||||
0.14 | 0.29 | 0.32 | 0.32 | 0.33 | 0.36 | |||||||||||||||||||||
0.12 | (0.21 | ) | 0.55 | (0.22 | ) | (0.25 | ) | 0.29 | ||||||||||||||||||
0.26 | 0.08 | 0.87 | 0.10 | 0.08 | 0.65 | |||||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.32 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | |||||||||||||||
(0.14 | ) | (0.29 | ) | (0.32 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | |||||||||||||||
$ | 11.12 | $ | 11.00 | $ | 11.21 | $ | 10.66 | $ | 10.88 | $ | 11.13 | |||||||||||||||
2.41% | 0.81% | 8.33% | 0.95% | 0.84% | 6.12% | |||||||||||||||||||||
$ | 106,888 | $ | 103,913 | $ | 103,487 | $ | 98,980 | $ | 98,491 | $ | 121,168 | |||||||||||||||
0.89% | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% | |||||||||||||||||||||
0.98% | 0.97% | 0.99% | 0.99% | 0.99% | 0.98% | |||||||||||||||||||||
2.62% | 2.69% | 2.97% | 2.98% | 3.08% | 3.23% | |||||||||||||||||||||
2.53% | 2.61% | 2.87% | 2.88% | 2.98% | 3.14% | |||||||||||||||||||||
2% | 18% | 12% | 14% | 19% | 15% |
67
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
68
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.02 | $ | 11.23 | $ | 10.68 | $ | 10.90 | $ | 11.15 | $ | 10.87 | |||||||||||||||
0.10 | 0.21 | 0.24 | 0.24 | 0.25 | 0.27 | |||||||||||||||||||||
0.12 | (0.21 | ) | 0.55 | (0.22 | ) | (0.25 | ) | 0.29 | ||||||||||||||||||
0.22 | — | 3 | 0.79 | 0.02 | — | 3 | 0.56 | |||||||||||||||||||
(0.10 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.28 | ) | |||||||||||||||
(0.10 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.28 | ) | |||||||||||||||
$ | 11.14 | $ | 11.02 | $ | 11.23 | $ | 10.68 | $ | 10.90 | $ | 11.15 | |||||||||||||||
2.03% | 0.05% | 7.51% | 0.19% | 0.09% | 5.22% | |||||||||||||||||||||
$ | 14,901 | $ | 19,376 | $ | 21,059 | $ | 21,651 | $ | 32,223 | $ | 35,751 | |||||||||||||||
1.64% | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% | |||||||||||||||||||||
1.73% | 1.72% | 1.74% | 1.74% | 1.74% | 1.73% | |||||||||||||||||||||
1.87% | 1.94% | 2.22% | 2.23% | 2.33% | 2.48% | |||||||||||||||||||||
1.78% | 1.86% | 2.12% | 2.13% | 2.23% | 2.39% | |||||||||||||||||||||
2% | 18% | 12% | 14% | 19% | 15% |
69
Financial highlights
Delaware Minnesota High-Yield Municipal Bond Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
70
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.00 | $ | 11.20 | $ | 10.66 | $ | 10.87 | $ | 11.12 | $ | 10.84 | |||||||||||||||
0.16 | 0.32 | 0.35 | 0.35 | 0.36 | 0.38 | |||||||||||||||||||||
0.11 | (0.20 | ) | 0.54 | (0.21 | ) | (0.25 | ) | 0.29 | ||||||||||||||||||
0.27 | 0.12 | 0.89 | 0.14 | 0.11 | 0.67 | |||||||||||||||||||||
(0.16 | ) | (0.32 | ) | (0.35 | ) | (0.35 | ) | (0.36 | ) | (0.39 | ) | |||||||||||||||
(0.16 | ) | (0.32 | ) | (0.35 | ) | (0.35 | ) | (0.36 | ) | (0.39 | ) | |||||||||||||||
$ | 11.11 | $ | 11.00 | $ | 11.20 | $ | 10.66 | $ | 10.87 | $ | 11.12 | |||||||||||||||
2.44% | 1.15% | 8.50% | 1.30% | 1.09% | 6.28% | |||||||||||||||||||||
$ | 84,258 | $ | 75,325 | $ | 75,155 | $ | 53,501 | $ | 44,805 | $ | 31,206 | |||||||||||||||
0.64% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% | |||||||||||||||||||||
0.73% | 0.72% | 0.74% | 0.74% | 0.74% | 0.73% | |||||||||||||||||||||
2.87% | 2.94% | 3.22% | 3.23% | 3.33% | 3.48% | |||||||||||||||||||||
2.78% | 2.86% | 3.12% | 3.13% | 3.23% | 3.39% | |||||||||||||||||||||
2% | 18% | 12% | 14% | 19% | 15% |
71
Notes to financial statements | |
Delaware Funds® by Macquarie Minnesota municipal bond funds | February 28, 2021 (Unaudited) |
Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Fund. Voyageur Intermediate Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Intermediate Fund. Voyageur Mutual Funds, Voyageur Tax-Free Funds, and Voyageur Intermediate Tax-Free Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free Minnesota Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Minnesota Fund or Delaware Tax-Free Minnesota High-Yield Fund prior to December 2, 2019, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free Minnesota Intermediate Fund, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware Tax-Free Minnesota or Delaware Minnesota High-Yield Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are
72
not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any,
73
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
1. Significant Accounting Policies (continued)
annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended February 28, 2021.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:
Fund | Earnings Credits | ||||
Delaware Tax-Free Minnesota Fund | $ | 161 | |||
Delaware Tax-Free Minnesota Intermediate Fund | 27 | ||||
Delaware Minnesota High-Yield Municipal Bond Fund | 67 |
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware Tax-Free | Delaware Minnesota | |||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||
On the first $500 million | 0.5500% | 0.5000% | 0.5500% | |||||||||
On the next $500 million | 0.5000% | 0.4750% | 0.5000% | |||||||||
On the next $1.5 billion | 0.4500% | 0.4500% | 0.4500% | |||||||||
In excess of $2.5 billion | 0.4250% | 0.4250% | 0.4250% |
DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These waivers and reimbursements may only be
74
terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Fund | Operating expense limitation as a percentage of average daily net assets | |
Delaware Tax-Free Minnesota Fund | 0.60% | |
Delaware Tax-Free Minnesota Intermediate Fund | 0.56% | |
Delaware Minnesota High-Yield Municipal Bond Fund | 0.64% |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | |
Delaware Tax-Free Minnesota Fund | $11,784 | |
Delaware Tax-Free Minnesota Intermediate Fund | 3,472 | |
Delaware Minnesota High-Yield Municipal Bond Fund | 5,349 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | |
Delaware Tax-Free Minnesota Fund | $25,640 | |
Delaware Tax-Free Minnesota Intermediate Fund | 3,901 | |
Delaware Minnesota High-Yield Municipal Bond Fund | 8,810 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under
75
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
“Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. DDLP has contracted to waive Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fee to 0.15% of average daily net assets from September 1, 2020 through August 31, 2021.* The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |
Delaware Tax-Free Minnesota Fund | $8,636 | |
Delaware Tax-Free Minnesota Intermediate Fund | 1,315 | |
Delaware Minnesota High-Yield Municipal Bond Fund | 2,942 |
For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Commissions | |
Delaware Tax-Free Minnesota Fund | $6,168 | |
Delaware Tax-Free Minnesota Intermediate Fund | 1,614 | |
Delaware Minnesota High-Yield Municipal Bond Fund | 2,953 |
For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||
Delaware Tax-Free Minnesota Fund | $1,023 | $279 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 150 | 44 | ||
Delaware Minnesota High-Yield Municipal Bond Fund | 2,168 | 405 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
76
Cross trades for the six months ended February 28, 2021, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2021, the Funds engaged in the following Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains (losses) as follows:
Purchases | Sales | Net realized gain (loss) | ||||||
Delaware Tax-Free Minnesota Fund | $8,998,541 | $4,261,952 | $57,127 | |||||
Delaware Tax-Free Minnesota | ||||||||
Intermediate Fund | 2,410,597 | 3,180,040 | — | |||||
Delaware Minnesota High-Yield | ||||||||
Municipal Bond Fund | 4,162,378 | 7,377,530 | 85,207 |
____________________
Delaware Tax-Free Minnesota Intermediate Fund did not have any realized gains (losses) during the six months ended February 28, 2021
*The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.
3. Investments
For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||
Delaware Tax-Free Minnesota Fund | $25,740,099 | $14,952,099 | ||
Delaware Tax-Free Minnesota Intermediate Fund | 7,652,058 | 4,525,037 | ||
Delaware Minnesota High-Yield Municipal Bond Fund | 7,176,217 | 4,145,632 |
77
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
3. Investments (continued)
At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund | Cost of investments | Aggregate unrealized appreciation of investments | Aggregate unrealized depreciation of investments | Net unrealized appreciation of investments | ||||
Delaware Tax-Free | ||||||||
Minnesota Fund | $557,557,921 | $30,001,042 | $(2,794,653) | $27,206,389 | ||||
Delaware Tax-Free | ||||||||
Minnesota | ||||||||
Intermediate Fund | 84,985,386 | 3,832,312 | (470,599) | 3,361,713 | ||||
Delaware Minnesota | ||||||||
High-Yield Municipal | ||||||||
Bond Fund | 191,047,966 | 9,952,886 | (1,392,276) | 8,560,610 |
At August 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:
Loss carryforward character | ||||||||
Short-term | Long-term | Total | ||||||
Delaware Tax-Free | ||||||||
Minnesota | ||||||||
Intermediate Fund | $167,389 | $— | $167,389 | |||||
Delaware Minnesota | ||||||||
High-Yield Municipal | ||||||||
Bond Fund | 790,025 | — | 790,025 |
At August 31, 2020, Delaware Tax-Free Minnesota Fund did not have any capital loss carryforwards.
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the
78
circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 – | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 – | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 – | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2021:
Delaware Tax-Free Minnesota Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 576,624,310 | |||
Short-Term Investments | 8,140,000 | ||||
Total Value of Securities | $ | 584,764,310 |
79
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
3. Investments (continued)
Delaware Tax-Free Minnesota Intermediate Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 87,872,099 | |||
Short-Term Investments | 475,000 | ||||
Total Value of Securities | $ | 88,347,099 |
Delaware Minnesota High-Yield Municipal Bond Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 198,708,576 | |||
Short-Term Investments | 900,000 | ||||
Total Value of Securities | $ | 199,608,576 |
During the six months ended February 28, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2021, there were no Level 3 investments.
80
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free | Delaware Minnesota | |||||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||
2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 1,522,174 | 2,470,484 | 491,597 | 760,322 | 739,510 | 1,132,737 | ||||||||||||
Class C | 102,254 | 162,787 | 12,257 | 58,542 | 67,516 | 332,654 | ||||||||||||
Institutional Class | 2,247,116 | 3,968,576 | 114,022 | 1,097,848 | 1,397,383 | 2,563,763 | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 324,805 | 756,678 | 46,789 | 104,225 | 116,484 | 227,598 | ||||||||||||
Class C | 15,126 | 44,653 | 2,489 | 8,531 | 14,843 | 33,910 | ||||||||||||
Institutional Class | 144,720 | 314,844 | 23,832 | 42,075 | 100,269 | 208,101 | ||||||||||||
4,356,195 | 7,718,022 | 690,986 | 2,071,543 | 2,436,005 | 4,498,763 | |||||||||||||
Shares redeemed: | ||||||||||||||||||
Class A | (2,057,849 | ) | (3,813,207 | ) | (213,001 | ) | (629,289 | ) | (688,611 | ) | (1,146,037 | ) | ||||||
Class C | (693,507 | ) | (547,958 | ) | (173,881 | ) | (240,006 | ) | (502,855 | ) | (483,508 | ) | ||||||
Institutional Class | (760,233 | ) | (3,120,080 | ) | (134,795 | ) | (476,666 | ) | (766,665 | ) | (2,628,916 | ) | ||||||
(3,511,589 | ) | (7,481,245 | ) | (521,677 | ) | (1,345,961 | ) | (1,958,131 | ) | (4,258,461 | ) | |||||||
Net increase | 844,606 | 236,777 | 169,309 | 725,582 | 477,874 | 240,302 |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the “Statements of changes in net assets.” For the six months ended February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||
Institutional | ||||||||||
Class A | Class C | Class A | Class | |||||||
Shares | Shares | Shares | Shares | Value | ||||||
Delaware Tax-Free Minnesota Fund | ||||||||||
Six months ended | ||||||||||
2/28/21 | 44,506 | 201,129 | 197,593 | 48,824 | $3,104,590 | |||||
Year ended | ||||||||||
8/31/20 | 73,750 | 57,333 | 55,209 | 76,105 | 1,625,460 |
81
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
4. Capital Shares (continued)
Exchange | |||||||||||
Exchange Redemptions | Subscriptions | ||||||||||
Institutional | |||||||||||
Class A | Class C | Class A | Class | ||||||||
Shares | Shares | Shares | Shares | Value | |||||||
Delaware Tax-Free Minnesota Intermediate Fund | |||||||||||
Six months ended | |||||||||||
2/28/21 | — | 36,271 | 36,360 | — | $ | 406,725 | |||||
Year ended | |||||||||||
8/31/20 | — | 20,392 | 20,195 | 252 | 225,863 | ||||||
Delaware Minnesota High-Yield Municipal Bond Fund | |||||||||||
Six months ended | |||||||||||
2/28/21 | 629 | 56,175 | 56,038 | 936 | 633,674 | ||||||
Year ended | |||||||||||
8/31/20 | 4,022 | 46,853 | 45,608 | 5,405 | 559,234 |
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.
On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.
The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.
6. Geographic, Credit, and Market Risks
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to
82
adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by municipalities, mainly in Minnesota, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes.
The value of the Funds’ investments may be adversely affected by new legislation within the US state or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At February 28, 2021, the percentages of each Fund’s net assets insured by bond insurers are listed below, and these securities have been identified on the “Schedules of investments.”
Delaware Tax-Free | |||||||||
Delaware Tax-Free | Minnesota | ||||||||
Minnesota Fund | Intermediate Fund | ||||||||
Assured Guaranty Municipal Corporation | 0.44 | % | 1.27 | % | |||||
National Public Finance Guarantee Corporation | 0.81 | % | — | ||||||
Total | 1.25 | % | 1.27 | % |
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties,
83
Notes to financial statements
Delaware Funds® by Macquarie Minnesota municipal bond funds
6. Geographic, Credit, and Market Risks (continued)
through various means of structuring the transaction or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” Advance refunded bonds are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
7. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However,
84
each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
8. Recent Accounting Pronouncements
In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in the Funds’ financial statements.
85
Board of trustees | ||||||
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA | Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA | Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA | Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN | |||
Affiliated officers | ||||||
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA | Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA | Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature. |
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
86
Semiannual report
Fixed income mutual funds
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
Delaware National High-Yield Municipal Bond Fund
February 28, 2021
Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary. You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds® by Macquarie or your financial intermediary. |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
Visit delawarefunds.com/edelivery.
Experience Delaware Funds® by Macquarie
Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of February 28, 2021, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2021 Macquarie Management Holdings, Inc.
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
The investment objective of Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund is to seek as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.
The investment objective of Delaware National High-Yield Municipal Bond Fund is to seek a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2020 to February 28, 2021.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
Delaware Tax-Free USA Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,038.00 | 0.82 | % | $ | 4.14 | ||||||||||||
Class C | 1,000.00 | 1,035.00 | 1.57 | % | 7.92 | |||||||||||||||
Institutional Class | 1,000.00 | 1,040.00 | 0.57 | % | 2.88 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.73 | 0.82 | % | $ | 4.11 | ||||||||||||
Class C | 1,000.00 | 1,017.01 | 1.57 | % | 7.85 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.97 | 0.57 | % | 2.86 |
Delaware Tax-Free USA Intermediate Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.10 | 0.66 | % | $ | 3.31 | ||||||||||||
Class C | 1,000.00 | 1,017.80 | 1.51 | % | 7.55 | |||||||||||||||
Institutional Class | 1,000.00 | 1,022.80 | 0.51 | % | 2.56 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.52 | 0.66 | % | $ | 3.31 | ||||||||||||
Class C | 1,000.00 | 1,017.31 | 1.51 | % | 7.55 | |||||||||||||||
Institutional Class | 1,000.00 | 1,022.27 | 0.51 | % | 2.56 |
2
Delaware National High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | |||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | ||||||||||||||
Actual Fund return† | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,054.80 | 0.85 | % | $ | 4.33 | |||||||||
Class C | 1,000.00 | 1,050.80 | 1.60 | % | 8.14 | ||||||||||||
Institutional Class | 1,000.00 | 1,055.80 | 0.60 | % | 3.06 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.58 | 0.85 | % | $ | 4.26 | |||||||||
Class C | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | ||||||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60 | % | 3.01 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
3
Security type / sector / state / territory allocations | |
Delaware Tax-Free USA Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 99.15 | % | |||
Corporate Revenue Bonds | 13.59 | % | |||
Education Revenue Bonds | 6.39 | % | |||
Electric Revenue Bonds | 3.77 | % | |||
Healthcare Revenue Bonds | 12.08 | % | |||
Housing Revenue Bonds | 0.13 | % | |||
Lease Revenue Bonds | 4.22 | % | |||
Local General Obligation Bonds | 4.87 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 5.21 | % | |||
Resource Recovery Revenue Bond | 0.20 | % | |||
Special Tax Revenue Bonds | 16.95 | % | |||
State General Obligation Bonds | 12.25 | % | |||
Transportation Revenue Bonds | 18.98 | % | |||
Water & Sewer Revenue Bonds | 0.51 | % | |||
Total Value of Securities | 99.15 | % | |||
Receivables and Other Assets Net of Liabilities | 0.85 | % | |||
Total Net Assets | 100.00 | % |
* As of the date of this report, Delaware Tax-Free USA Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | ||||
Alabama | 1.73 | % | |||
Arizona | 3.57 | % | |||
California | 11.44 | % | |||
Colorado | 4.28 | % | |||
Connecticut | 1.07 | % | |||
District of Columbia | 1.08 | % | |||
Florida | 4.13 | % | |||
Georgia | 0.25 | % | |||
Guam | 0.24 | % | |||
Idaho | 0.34 | % | |||
Illinois | 7.75 | % | |||
Indiana | 0.68 | % | |||
Kansas | 0.33 | % | |||
Louisiana | 0.74 | % | |||
Maryland | 1.21 | % | |||
Massachusetts | 1.97 | % | |||
Michigan | 1.33 | % | |||
Minnesota | 0.69 | % |
4
State / territory | Percentage of net assets | |||
Mississippi | 0.11% | |||
Missouri | 0.77% | |||
Nebraska | 0.65% | |||
New Hampshire | 0.38% | |||
New Jersey | 4.90% | |||
New York | 12.91% | |||
North Carolina | 1.77% | |||
Ohio | 1.78% | |||
Oklahoma | 1.40% | |||
Oregon | 0.31% | |||
Pennsylvania | 3.00% | |||
Puerto Rico | 17.64% | |||
Rhode Island | 0.14% | |||
South Carolina | 0.06% | |||
Tennessee | 0.57% | |||
Texas | 6.81% | |||
Utah | 0.87% | |||
Virginia | 1.47% | |||
Washington | 0.54% | |||
Wisconsin | 0.24% | |||
Total Value of Securities | 99.15% |
5
Security type / sector / state / territory allocations | |
Delaware Tax-Free USA Intermediate Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 99.02% | |||
Corporate Revenue Bonds | 11.32% | |||
Education Revenue Bonds | 6.71% | |||
Electric Revenue Bonds | 5.24% | |||
Healthcare Revenue Bonds | 7.19% | |||
Lease Revenue Bonds | 3.96% | |||
Local General Obligation Bonds | 5.32% | |||
Pre-Refunded/Escrowed to Maturity Bonds | 6.04% | |||
Special Tax Revenue Bonds | 16.51% | |||
State General Obligation Bonds | 16.84% | |||
Transportation Revenue Bonds | 18.56% | |||
Water & Sewer Revenue Bonds | 1.33% | |||
Short-Term Investments | 0.05% | |||
Total Value of Securities | 99.07% | |||
Receivables and Other Assets Net of Liabilities | 0.93% | |||
Total Net Assets | 100.00% |
* As of the date of this report, Delaware Tax-Free USA Intermediate Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||
Alabama | 0.76% | |||
Alaska | 0.13% | |||
Arizona | 7.38% | |||
California | 11.87% | |||
Colorado | 1.88% | |||
Connecticut | 0.71% | |||
District of Columbia | 1.33% | |||
Florida | 3.16% | |||
Georgia | 1.56% | |||
Guam | 0.10% | |||
Hawaii | 0.32% | |||
Idaho | 0.38% | |||
Illinois | 6.84% | |||
Iowa | 0.05% | |||
Kansas | 0.12% | |||
Kentucky | 0.51% | |||
Louisiana | 1.57% | |||
Maryland | 0.41% | |||
Massachusetts | 2.61% |
6
State / territory | Percentage of net assets | |||
Michigan | 1.64% | |||
Minnesota | 0.24% | |||
Mississippi | 0.03% | |||
Missouri | 0.48% | |||
Montana | 0.04% | |||
Nebraska | 0.03% | |||
New Hampshire | 0.27% | |||
New Jersey | 5.91% | |||
New York | 20.39% | |||
North Carolina | 0.36% | |||
Ohio | 0.35% | |||
Oklahoma | 0.72% | |||
Oregon | 1.16% | |||
Pennsylvania | 5.84% | |||
Puerto Rico | 7.96% | |||
South Carolina | 0.76% | |||
Tennessee | 0.38% | |||
Texas | 4.58% | |||
Utah | 1.86% | |||
Virginia | 2.02% | |||
Washington | 0.90% | |||
Wisconsin | 1.46% | |||
Total Value of Securities | 99.07% |
7
Security type / sector / state / territory allocations | |
Delaware National High-Yield Municipal Bond Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 98.56% | |||
Corporate Revenue Bonds | 22.31% | |||
Education Revenue Bonds | 16.48% | |||
Electric Revenue Bonds | 4.08% | |||
Healthcare Revenue Bonds | 21.60% | |||
Housing Revenue Bond | 0.05% | |||
Lease Revenue Bonds | 3.27% | |||
Local General Obligation Bonds | 1.41% | |||
Pre-Refunded/Escrowed to Maturity Bonds | 2.89% | |||
Resource Recovery Revenue Bonds | 0.76% | |||
Special Tax Revenue Bonds | 8.82% | |||
State General Obligation Bonds | 11.84% | |||
Transportation Revenue Bonds | 2.67% | |||
Water & Sewer Revenue Bonds | 2.38% | |||
Short-Term Investments | 0.58% | |||
Total Value of Securities | 99.14% | |||
Receivables and Other Assets Net of Liabilities | 0.86% | |||
Total Net Assets | 100.00% |
* | As of the date of this report, Delaware National High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | |||
Alabama | 3.15% | |||
Arizona | 6.76% | |||
California | 11.63% | |||
Colorado | 2.01% | |||
Delaware | 0.09% | |||
District of Columbia | 1.58% | |||
Florida | 5.05% | |||
Georgia | 0.45% | |||
Hawaii | 0.21% | |||
Idaho | 0.58% | |||
Illinois | 6.39% | |||
Indiana | 0.83% | |||
Iowa | 0.59% | |||
Kansas | 0.31% | |||
Kentucky | 0.58% | |||
Louisiana | 1.34% | |||
Maine | 0.11% |
8
State / territory | Percentage of net assets | |||
Maryland | 0.50% | |||
Massachusetts | 0.81% | |||
Michigan | 0.66% | |||
Minnesota | 1.28% | |||
Mississippi | 0.48% | |||
Missouri | 1.39% | |||
Montana | 0.09% | |||
Nevada | 0.62% | |||
New Hampshire | 0.39% | |||
New Jersey | 3.72% | |||
New York | 5.70% | |||
North Carolina | 2.12% | |||
Ohio | 4.55% | |||
Oklahoma | 0.14% | |||
Oregon | 0.41% | |||
Pennsylvania | 4.68% | |||
Puerto Rico | 15.19% | |||
South Carolina | 0.36% | |||
Tennessee | 0.52% | |||
Texas | 5.96% | |||
Utah | 0.23% | |||
Virginia | 3.78% | |||
Washington | 1.12% | |||
West Virginia | 0.17% | |||
Wisconsin | 2.54% | |||
Wyoming | 0.07% | |||
Total Value of Securities | 99.14% |
9
Schedules of investments | |
Delaware Tax-Free USA Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 99.15% | |||||||
Corporate Revenue Bonds – 13.59% | |||||||
Arizona Industrial Development Authority Revenue | |||||||
(Legacy Cares, Inc. Project) | |||||||
Series A 144A 7.75% 7/1/50 # | 8,380,000 | $ | 9,042,188 | ||||
Buckeye, Ohio Tobacco Settlement Financing | |||||||
Authority | |||||||
(Senior) | |||||||
Series A-2 4.00% 6/1/48 | 5,550,000 | 6,204,179 | |||||
California Pollution Control Financing Authority | |||||||
Revenue | |||||||
(Calplant I Project) | |||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 375,000 | 243,750 | |||||
Central Plains, Nebraska Energy Project | |||||||
(Project No. 3) | |||||||
Series A 5.00% 9/1/31 | 2,810,000 | 3,652,775 | |||||
Series A 5.00% 9/1/35 | 2,160,000 | 2,917,685 | |||||
Erie, New York Tobacco Asset Securitization | |||||||
(Capital Appreciation-Asset-Backed) | |||||||
Series A 144A 1.495% 6/1/60 #, ^ | 82,695,000 | 3,534,384 | |||||
Florida Development Finance Surface | |||||||
Transportation Facilities Revenue | |||||||
(Brightline Passenger Rail Project) | |||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 9,130,000 | 8,862,491 | |||||
(Virgin Trains USA Passenger Rail Project) | |||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 3,245,000 | 3,113,577 | |||||
Hoover, Alabama Industrial Development Board | |||||||
(United States Steel Corporation Project) | |||||||
5.75% 10/1/49 (AMT) | 5,000,000 | 5,688,450 | |||||
Indiana Finance Authority Exempt Facility Revenue | |||||||
(Polyflow Indiana Project - Green Bond) | |||||||
144A 7.00% 3/1/39 (AMT) # | 3,030,000 | 2,789,418 | |||||
Inland, California Empire Tobacco Securitization | |||||||
(Capital Appreciation-Turbo-Asset-Backed) | |||||||
Series E 144A 0.944% 6/1/57 #, ^ | 151,190,000 | 10,034,480 | |||||
Series F 144A 1.335% 6/1/57 #, ^ | 257,430,000 | 12,019,407 | |||||
Jefferson County, Texas Industrial Development | |||||||
Revenue | |||||||
(TRP Crude Marketing LLC Project) | |||||||
144A 7.75% 4/1/39 # | 450,000 | 459,135 | |||||
Lower Alabama Gas District | |||||||
Series A 5.00% 9/1/34 | 4,400,000 | 5,890,016 | |||||
Series A 5.00% 9/1/46 | 2,750,000 | 3,871,450 |
10
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Michigan Finance Authority Revenue | |||||||
Series B-1 5.00% 6/1/49 | 1,500,000 | $ | 1,793,610 | ||||
Minneapolis, Minnesota | |||||||
Series A 6.25% 12/1/30 | 300,000 | 304,359 | |||||
Monroe County, Michigan Economic Development | |||||||
Revenue | |||||||
(The Detroit Edison Company Project) | |||||||
Series AA 6.95% 9/1/22 (NATL) | 500,000 | 549,635 | |||||
M-S-R Energy Authority, California Gas Revenue | |||||||
Series A 6.125% 11/1/29 | 1,870,000 | 2,336,284 | |||||
Series B 6.50% 11/1/39 | 5,000,000 | 7,906,200 | |||||
Series C 6.50% 11/1/39 | 2,500,000 | 3,953,100 | |||||
New York Transportation Development Corporation | |||||||
Special Facilities Revenue | |||||||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals | |||||||
C&D Redevelopment Project) | |||||||
5.00% 1/1/34 (AMT) | 3,000,000 | 3,541,650 | |||||
Series 2018 4.00% 1/1/36 (AMT) | 910,000 | 1,002,083 | |||||
Public Authority for Colorado Energy Natural Gas | |||||||
Revenue | |||||||
6.50% 11/15/38 | 6,000,000 | 8,994,120 | |||||
Salt Verde, Arizona Financial Senior Gas Revenue | |||||||
5.00% 12/1/37 | 1,600,000 | 2,210,272 | |||||
Shoals, Indiana | |||||||
(National Gypsum Co. Project) | |||||||
7.25% 11/1/43 (AMT) | 1,940,000 | 2,053,374 | |||||
South Carolina Jobs - Economic Development | |||||||
Authority Educational Facilities Revenue | |||||||
(AC East LLC Project - Green Bonds) | |||||||
Series A 144A 7.00% 5/1/39 (AMT) # | 600,000 | 561,270 | |||||
Southern Ohio Port Authority | |||||||
(Purecycle Project) | |||||||
Series A 144A 7.00% 12/1/42 (AMT) # | 1,000,000 | 1,065,270 | |||||
St. John Baptist Parish, Louisiana | |||||||
(Marathon Oil Corporation Project) | |||||||
Series B-2 2.375% 6/1/37 ● | 5,000,000 | 5,181,600 | |||||
Tobacco Securitization Authority of Southern | |||||||
California | |||||||
(Capital Appreciation-2nd Subordinate Lien) | |||||||
Series C 0.546% 6/1/46 ^ | 16,970,000 | 3,459,334 | |||||
(Capital Appreciation-3rd Subordinate Lien) | |||||||
Series D 0.30% 6/1/46 ^ | 2,795,000 | 480,265 |
11
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Valparaiso, Indiana | |||||||
(Pratt Paper, LLC Project) | |||||||
7.00% 1/1/44 (AMT) | 1,780,000 | $ | 2,000,613 | ||||
Virginia Tobacco Settlement Financing | |||||||
(Capital Appreciation) | |||||||
Series C 2.401% 6/1/47 ^ | 25,240,000 | 5,641,140 | |||||
Series D 2.493% 6/1/47 ^ | 29,060,000 | 6,252,550 | |||||
137,610,114 | |||||||
Education Revenue Bonds – 6.39% | |||||||
Auburn University, Alabama General Fee Revenue | |||||||
Series A 5.00% 6/1/33 | 1,720,000 | 2,143,344 | |||||
Bibb County, Georgia Development Authority | |||||||
Revenue | |||||||
(Macon State College Student Housing Project) | |||||||
Series A 5.75% 7/1/40 (AGM) | 2,500,000 | 2,531,750 | |||||
California Educational Facilities Authority Revenue | |||||||
(Loma Linda University) | |||||||
Series A 5.00% 4/1/47 | 1,000,000 | 1,148,690 | |||||
(Stanford University) | |||||||
Series T-1 5.00% 3/15/39 | 8,000,000 | 11,329,040 | |||||
Series V-1 5.00% 5/1/49 | 8,275,000 | 12,416,389 | |||||
California School Finance Authority | |||||||
(Aspire Public Schools) | |||||||
Series A 144A 5.00% 8/1/50 # | 1,770,000 | 2,078,883 | |||||
District of Columbia Revenue | |||||||
5.00% 6/1/40 | 1,500,000 | 1,745,640 | |||||
5.00% 6/1/50 | 1,000,000 | 1,145,300 | |||||
(KIPP DC Issue) | |||||||
4.00% 7/1/44 | 500,000 | 549,020 | |||||
4.00% 7/1/49 | 1,375,000 | 1,502,902 | |||||
Idaho Housing & Finance Association | |||||||
(Sage International School of Boise Project) | |||||||
Series A 4.00% 5/1/50 | 1,500,000 | 1,649,190 | |||||
Series A 4.00% 5/1/55 | 1,640,000 | 1,798,162 | |||||
Illinois Finance Authority Revenue | |||||||
(University of Illinois at Chicago Project) | |||||||
Series A 5.00% 2/15/47 | 1,860,000 | 2,034,486 | |||||
Series A 5.00% 2/15/50 | 540,000 | 589,675 |
12
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Massachusetts Development Finance Agency | |||||||
Revenue | |||||||
(Emerson College) | |||||||
5.00% 1/1/38 | 500,000 | $ | 590,885 | ||||
Massachusetts Educational Financing Authority | |||||||
Revenue | |||||||
Series I 6.00% 1/1/28 | 60,000 | 60,860 | |||||
New Jersey Economic Development Authority | |||||||
(Provident Group - Montclair State University) | |||||||
5.00% 6/1/42 (AGM) | 1,250,000 | 1,461,237 | |||||
Rhode Island Health and Educational Building | |||||||
Revenue | |||||||
(University of Rhode Island) | |||||||
Series B 5.25% 9/15/29 (AGC) | 1,415,000 | 1,420,009 | |||||
Town of Davie, Florida | |||||||
(Nova Southeastern University Project) | |||||||
5.00% 4/1/38 | 3,000,000 | 3,516,510 | |||||
University of Texas System Board of Regents | |||||||
Series B 5.00% 8/15/49 | 10,000,000 | 15,055,300 | |||||
64,767,272 | |||||||
Electric Revenue Bonds – 3.77% | |||||||
Electric and Gas Systems Revenue San Antonio, | |||||||
Texas | |||||||
5.25% 2/1/24 | 2,500,000 | 2,852,025 | |||||
Long Island, New York Power Authority Electric | |||||||
System Revenue | |||||||
5.00% 9/1/47 | 1,605,000 | 1,920,575 | |||||
Series B 5.00% 9/1/41 | 3,000,000 | 3,537,150 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.00% 7/1/42 ‡ | 4,705,000 | 4,246,262 | |||||
Series A 5.05% 7/1/42 ‡ | 130,000 | 117,325 | |||||
Series A 6.75% 7/1/36 ‡ | 2,270,000 | 2,094,075 | |||||
Series AAA 5.25% 7/1/25 ‡ | 75,000 | 67,875 | |||||
Series CCC 5.25% 7/1/27 ‡ | 2,570,000 | 2,325,850 | |||||
Series TT 5.00% 7/1/32 ‡ | 3,165,000 | 2,856,413 | |||||
Series WW 5.00% 7/1/28 ‡ | 1,125,000 | 1,015,313 | |||||
Series WW 5.25% 7/1/33 ‡ | 3,250,000 | 2,941,250 | |||||
Series WW 5.50% 7/1/38 ‡ | 2,170,000 | 1,969,275 | |||||
Series XX 4.75% 7/1/26 ‡ | 265,000 | 238,500 | |||||
Series XX 5.25% 7/1/40 ‡ | 3,690,000 | 3,339,450 | |||||
Series XX 5.75% 7/1/36 ‡ | 940,000 | 855,400 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 189,000 |
13
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series ZZ 5.25% 7/1/24 ‡ | 105,000 | $ | 95,025 | ||||
Salt River, Arizona Project Agricultural Improvement | |||||||
& Power District Electric Systems Revenue | |||||||
(Salt River Project Electric System) | |||||||
Series A 5.00% 1/1/30 | 6,000,000 | 7,566,780 | |||||
38,227,543 | |||||||
Healthcare Revenue Bonds – 12.08% | |||||||
Alachua County, Florida Health Facilities Authority | |||||||
(Oak Hammock University) | |||||||
Series A 8.00% 10/1/42 | 1,000,000 | 1,088,960 | |||||
Allegheny County, Pennsylvania Hospital | |||||||
Development Authority Revenue | |||||||
(Allegheny Health Network Obligated Group Issue) | |||||||
Series A 5.00% 4/1/47 | 1,800,000 | 2,099,196 | |||||
Apple Valley Senior Living Revenue | |||||||
(Minnesota Senior Living LLC Project) | |||||||
Series B 5.00% 1/1/47 | 2,500,000 | 1,697,900 | |||||
Series D 7.25% 1/1/52 | 2,620,000 | 1,963,585 | |||||
Arizona Industrial Development Authority Revenue | |||||||
(2nd Tier - Great Lakes Senior Living | |||||||
Communities LLC Project) | |||||||
Series B 5.00% 1/1/49 | 400,000 | 301,732 | |||||
Series B 5.125% 1/1/54 | 470,000 | 353,863 | |||||
(Great Lakes Senior Living Communities LLC | |||||||
Project) | |||||||
Series A 5.00% 1/1/54 | 1,070,000 | 962,187 | |||||
(Phoenix Children’s Hospital) | |||||||
Series A 4.00% 2/1/50 | 2,500,000 | 2,791,225 | |||||
California Health Facilities Financing Authority | |||||||
Revenue | |||||||
(Kaiser Permanente) | |||||||
Series A-2 5.00% 11/1/47 | 7,855,000 | 11,306,173 | |||||
(Sutter Health) | |||||||
Series A 5.00% 11/15/38 | 1,000,000 | 1,215,890 | |||||
California Municipal Finance Authority Revenue | |||||||
(Community Medical Centers) | |||||||
Series A 5.00% 2/1/42 | 2,550,000 | 2,922,938 |
14
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 | 3,000,000 | $ | 3,426,840 | ||||
(American Baptist) | |||||||
8.00% 8/1/43 | 2,040,000 | 2,180,536 | |||||
(CommonSpirit Health) | |||||||
Series A-2 4.00% 8/1/49 | 5,250,000 | 5,800,357 | |||||
Series A-2 5.00% 8/1/44 | 3,000,000 | 3,633,630 | |||||
(Mental Health Center Denver Project) | |||||||
Series A 5.75% 2/1/44 | 1,875,000 | 2,012,906 | |||||
Cuyahoga County, Ohio | |||||||
(The Metro Health System) | |||||||
5.25% 2/15/47 | 2,235,000 | 2,567,724 | |||||
5.50% 2/15/57 | 3,000,000 | 3,473,790 | |||||
Glendale, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Royal Oaks Inspirata Pointe Project) | |||||||
Series A 5.00% 5/15/56 | 2,500,000 | 2,785,500 | |||||
Illinois Finance Authority Revenue | |||||||
(The Admiral at the Lake Project) | |||||||
5.50% 5/15/54 | 375,000 | 348,101 | |||||
Lake County, Florida Retirement Facility Revenue | |||||||
(Lakeside At Waterman Village Project) | |||||||
Series A 5.75% 8/15/50 | 500,000 | 533,005 | |||||
Lake County, Ohio Port & Economic Development | |||||||
Authority | |||||||
(Tapestry Wicklife, LLC Project) | |||||||
Series A 144A 6.75% 12/1/52 #, ‡ | 1,300,000 | 455,000 | |||||
Louisiana Local Government Environmental | |||||||
Facilities & Community Development Authority | |||||||
Revenue | |||||||
(The Glen Retirement System Project) | |||||||
Series A 5.00% 1/1/49 | 2,500,000 | 2,306,050 | |||||
Maricopa County, Arizona Industrial Development | |||||||
Authority Senior Living Facility Revenue Bonds | |||||||
(Christian Care Surprise, Inc. Project) | |||||||
144A 6.00% 1/1/48 # | 1,195,000 | 1,217,801 | |||||
Maryland Health & Higher Educational Facilities | |||||||
Authority Revenue | |||||||
(Adventist Healthcare Obligated) | |||||||
Series A 5.50% 1/1/46 | 2,000,000 | 2,341,320 |
15
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Miami-Dade County, Florida Health Facilities | |||||||
Authority Revenue | |||||||
(Nicklaus Children’s Hospital Project) | |||||||
5.00% 8/1/42 | 1,500,000 | $ | 1,768,200 | ||||
Monroe County, New York Industrial Development | |||||||
(Rochester Regional Health Project) | |||||||
Series A 3.00% 12/1/40 | 2,100,000 | 2,156,952 | |||||
Series A 4.00% 12/1/46 | 6,455,000 | 7,242,833 | |||||
Montgomery County, Ohio | |||||||
(Kettering Health Network Obligated Group | |||||||
Project) | |||||||
4.00% 8/1/41 | 500,000 | 574,365 | |||||
4.00% 8/1/51 | 2,000,000 | 2,257,900 | |||||
Montgomery County, Pennsylvania Industrial | |||||||
Development Authority Revenue | |||||||
(Foulkeways At Gwynedd Project) | |||||||
5.00% 12/1/46 | 1,500,000 | 1,634,700 | |||||
Moon, Pennsylvania Industrial Development | |||||||
Authority | |||||||
(Baptist Homes Society Obligation) | |||||||
6.125% 7/1/50 | 2,250,000 | 2,386,800 | |||||
Nash Health Care Systems Revenue, North Carolina | |||||||
5.50% 11/1/26 (AGM) | 1,000,000 | 1,003,880 | |||||
New Hampshire Business Finance Authority | |||||||
Revenue | |||||||
(Springpoint Senior Living Project) | |||||||
4.00% 1/1/41 | 1,000,000 | 1,101,700 | |||||
4.00% 1/1/51 | 2,500,000 | 2,725,250 | |||||
New Hope, Texas Cultural Education Facilities | |||||||
Finance | |||||||
(Legacy Midtown Park Project) | |||||||
Series A 5.50% 7/1/54 | 2,250,000 | 2,354,940 | |||||
New York State Dormitory Authority | |||||||
(Orange Regional Medical Center) | |||||||
144A 5.00% 12/1/34 # | 400,000 | 459,900 | |||||
144A 5.00% 12/1/35 # | 1,200,000 | 1,373,988 | |||||
144A 5.00% 12/1/37 # | 800,000 | 908,392 | |||||
Norfolk Economic Development Authority Revenue, | |||||||
Virginia | |||||||
(Sentara Healthcare) | |||||||
Series B 5.00% 11/1/43 | 1,000,000 | 1,060,290 |
16
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Orange County, New York Funding Corporation | |||||
Assisted Living Residence Revenue | |||||
6.50% 1/1/46 | 2,900,000 | $ | 2,919,981 | ||
Oregon Health & Science University Revenue | |||||
(Capital Appreciation Insured) | |||||
Series A 10.285% 7/1/21 (NATL) ^ | 400,000 | 399,736 | |||
Palm Beach County, Florida Health Facilities | |||||
Authority | |||||
(Sinai Residences Boca Raton Project) | |||||
Series A 7.50% 6/1/49 | 610,000 | 658,623 | |||
Pennsylvania Economic Development Financing | |||||
Authority First Mortgage Revenue | |||||
(Tapestry Moon Senior Housing Project) | |||||
Series A 144A 6.50% 12/1/38 # | 3,285,000 | 2,463,750 | |||
Series A 144A 6.75% 12/1/53 # | 3,615,000 | 2,711,250 | |||
Pennsylvania Higher Educational Facilities Authority | |||||
Revenue | |||||
(Thomas Jefferson University) | |||||
Series A 5.00% 9/1/45 | 2,000,000 | 2,233,060 | |||
(University Of Pennsylvania Health System) | |||||
4.00% 8/15/49 | 5,000,000 | 5,627,100 | |||
Rochester, Minnesota | |||||
(The Homestead at Rochester) | |||||
Series A 6.875% 12/1/48 | 2,350,000 | 2,527,731 | |||
Seminole County, Florida Industrial Development | |||||
Authority Revenue | |||||
(Legacy Pointe at UCF Project) | |||||
Series A 5.50% 11/15/49 | 4,000,000 | 3,876,280 | |||
Tarrant County, Texas Cultural Education Facilities | |||||
Finance Corporation Retirement Facility Revenue | |||||
(Buckner Senior Living - Ventana Project) | |||||
6.625% 11/15/37 | 1,000,000 | 1,122,440 | |||
Tempe, Arizona Industrial Development Authority | |||||
Revenue | |||||
(Friendship Village) | |||||
Series A 6.25% 12/1/46 | 1,000,000 | 1,016,840 | |||
(Mirabella at ASU Project) | |||||
Series A 144A 6.125% 10/1/52 # | 1,790,000 | 1,901,660 | |||
University of North Carolina at Chapel Hill | |||||
5.00% 2/1/46 | 500,000 | 580,455 |
17
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Washington State Housing Finance Commission | |||||
(Heron’s Key Senior Living) | |||||
Series A 144A 7.00% 7/1/45 # | 5,095,000 | $ | 5,488,945 | ||
122,324,150 | |||||
Housing Revenue Bonds – 0.13% | |||||
Massachusetts Housing Finance Agency | |||||
Series A 5.25% 12/1/35 (FHA) | 1,000,000 | 1,007,370 | |||
Minnesota Housing Finance Agency | |||||
(Rental Housing) | |||||
Series A 5.05% 8/1/31 | 300,000 | 304,035 | |||
1,311,405 | |||||
Lease Revenue Bonds – 4.22% | |||||
California Pollution Control Financing Authority | |||||
Revenue | |||||
(San Diego County Water Authority Desalination | |||||
Project Pipeline) | |||||
144A 5.00% 7/1/39 # | 1,000,000 | 1,190,070 | |||
Connecticut State Health & Educational Facilities | |||||
Authority Revenue | |||||
(Supported Child Care) | |||||
Series A 5.00% 7/1/28 | 1,000,000 | 1,014,300 | |||
Kansas City, Missouri | |||||
(Downtown Streetcar Project) | |||||
Series A 5.00% 9/1/34 | 4,000,000 | 4,012,880 | |||
Metropolitan Pier & Exposition Authority, Illinois | |||||
(McCormick Place Expansion Project) | |||||
Series A 4.00% 6/15/50 | 2,000,000 | 2,207,040 | |||
Series A 5.00% 6/15/50 | 2,850,000 | 3,386,598 | |||
Series A 5.00% 6/15/57 | 1,620,000 | 1,892,209 | |||
Minnesota Housing Finance Agency | |||||
(State Appropriation) | |||||
5.00% 8/1/31 | 250,000 | 254,887 | |||
New Jersey Economic Development Authority | |||||
(State Government Buildings Project) | |||||
Series A 5.00% 6/15/47 | 2,250,000 | 2,584,935 | |||
New Jersey Transportation Trust Fund Authority | |||||
(Transportation Program) | |||||
Series AA 4.00% 6/15/50 | 11,655,000 | 12,632,738 | |||
Series AA 5.00% 6/15/24 | 5,000,000 | 5,273,500 | |||
Series AA 5.00% 6/15/29 | 1,000,000 | 1,233,080 |
18
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Lease Revenue Bonds (continued) | |||||
New York City, New York Transitional Finance | |||||
Authority Building Aid Revenue | |||||
Series S-1 5.00% 7/15/37 | 5,000,000 | $ | 5,298,300 | ||
Poplar Bluff, Missouri | |||||
2.50% 10/1/41 | 1,000,000 | 929,360 | |||
2.625% 10/1/46 | 900,000 | 821,448 | |||
42,731,345 | |||||
Local General Obligation Bonds – 4.87% | |||||
Chicago, Illinois | |||||
Series A 5.25% 1/1/29 | 2,020,000 | 2,201,921 | |||
Series A 5.50% 1/1/49 | 1,000,000 | 1,162,330 | |||
Series A 6.00% 1/1/38 | 525,000 | 622,424 | |||
Chicago, Illinois Board of Education | |||||
5.00% 4/1/42 | 1,060,000 | 1,208,750 | |||
5.00% 4/1/46 | 1,085,000 | 1,228,600 | |||
Los Angeles, California Community College District | |||||
Series C 5.00% 8/1/25 | 2,500,000 | 2,990,925 | |||
Mecklenburg County, North Carolina | |||||
Series A 5.00% 4/1/25 | 2,500,000 | 2,960,175 | |||
Series A 5.00% 9/1/25 | 8,000,000 | 9,604,880 | |||
New York City, New York | |||||
Fiscal 2021 Series C 5.00% 8/1/43 | 1,500,000 | 1,860,315 | |||
Series E-1 5.00% 3/1/44 | 5,000,000 | 5,912,500 | |||
Series F-1 5.00% 4/1/45 | 5,355,000 | 6,325,861 | |||
Subseries B-1 5.00% 12/1/37 | 4,500,000 | 5,386,995 | |||
Subseries B-1 5.00% 12/1/41 | 5,000,000 | 5,924,850 | |||
Subseries D-1 4.00% 12/1/42 | 1,700,000 | 1,940,958 | |||
Subseries D-1 5.00% 10/1/36 | 20,000 | 20,515 | |||
49,351,999 | |||||
Pre-Refunded/Escrowed to Maturity Bonds – 5.21% | |||||
Allegheny County, Pennsylvania Port Auhtority | |||||
Revenue | |||||
5.25% 3/1/24-21 § | 6,000,000 | 6,000,000 | |||
Broward County, Florida Airport System Revenue | |||||
Series C 5.25% 10/1/30-23 § | 5,000,000 | 5,637,100 | |||
Commonwealth of Massachusetts | |||||
Series E 5.00% 8/1/35-21 § | 2,000,000 | 2,040,380 | |||
Illinois Railsplitter Tobacco Settlement Authority | |||||
6.00% 6/1/28-21 § | 6,000,000 | 6,086,880 |
19
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||
Kent Hospital Finance Authority Revenue, Michigan | |||||
(Spectrum Health System) | |||||
Series A 5.00% 11/15/29-21 § | 1,000,000 | $ | 1,034,270 | ||
Lansing, Michigan Board of Water & Light | |||||
Series A 5.50% 7/1/41-21 § | 5,000,000 | 5,088,850 | |||
Michigan State Building Authority Revenue | |||||
(Facilities Program) | |||||
Series I-A 5.00% 10/15/29-21 § | 1,000,000 | 1,030,210 | |||
New York City, New York | |||||
Subseries D-1 5.00% 10/1/36-21 § | 2,500,000 | 2,570,175 | |||
Oklahoma State Turnpike Authority Revenue | |||||
(First Senior) | |||||
6.00% 1/1/22 | 13,535,000 | 14,191,989 | |||
Pennsylvania State Public School Building Authority | |||||
5.50% 3/1/31-21 § | 500,000 | 500,000 | |||
Philadelphia, Pennsylvania Water & Wastewater | |||||
Revenue | |||||
5.00% 11/1/28-22 § | 1,000,000 | 1,079,690 | |||
Richmond, Virginia Public Utility Revenue | |||||
Series A 5.00% 1/15/38-23 § | 500,000 | 544,760 | |||
Rockwall Independent School District, Texas | |||||
5.00% 2/15/46-25 (PSF) § | 2,000,000 | 2,352,680 | |||
Southwestern Illinois Development Authority | |||||
Revenue | |||||
(Memorial Group) | |||||
7.125% 11/1/43-23 § | 2,000,000 | 2,353,100 | |||
University of Massachusetts Building Authority | |||||
Revenue | |||||
Senior Series 2013-1 5.00% 11/1/39-22 § | 1,000,000 | 1,080,570 | |||
Waterbury, Connecticut | |||||
Lot A 5.00% 12/1/32-23 § | 1,000,000 | 1,129,960 | |||
52,720,614 | |||||
Resource Recovery Revenue Bond – 0.20% | |||||
Union County, New Jersey Improvement Authority | |||||
Revenue | |||||
(Aries Linden, LLC Project) | |||||
144A 6.75% 12/1/41 (AMT) # | 1,950,000 | 1,987,577 | |||
1,987,577 |
20
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Special Tax Revenue Bonds – 16.95% | |||||
Conley Road Transportation Development District, | |||||
Missouri | |||||
5.375% 5/1/47 | 2,000,000 | $ | 2,051,140 | ||
GDB Debt Recovery Authority of Puerto Rico | |||||
7.50% 8/20/40 | 11,193,682 | 9,570,599 | |||
Illinois State | |||||
First Series 6.00% 6/15/26 (NATL) | 1,000,000 | 1,243,030 | |||
Massachusetts School Building Authority | |||||
Series C 5.00% 8/15/31 | 2,500,000 | 2,953,450 | |||
Metropolitan Transportation Authority Revenue, | |||||
New York | |||||
(Climate Bond Certified) | |||||
Series B-2 5.00% 11/15/36 | 2,000,000 | 2,370,360 | |||
New Jersey Economic Development Authority | |||||
Revenue | |||||
(Cigarette Tax) | |||||
5.00% 6/15/28 | 2,695,000 | 2,804,794 | |||
New York City, New York Transitional Finance | |||||
Authority | |||||
(Future Tax Secured Fiscal 2011) | |||||
Series D-1 5.00% 2/1/26 | 3,000,000 | 3,010,740 | |||
(Future Tax Secured Fiscal 2014) | |||||
Series A-1 5.00% 11/1/42 | 10,000,000 | 11,127,800 | |||
New York City, New York Transitional Finance | |||||
Authority Building Aid Revenue | |||||
Subordinate Subseries S-3A 5.00% 7/15/37 | 2,500,000 | 3,054,050 | |||
New York State Dormitory Authority Revenue | |||||
Series A 5.00% 3/15/39 | 4,000,000 | 4,773,480 | |||
Series A 5.00% 3/15/42 | 2,000,000 | 2,372,980 | |||
Series B 5.00% 3/15/34 | 5,000,000 | 5,234,700 | |||
New York State Urban Development Revenue | |||||
(General Purpose) | |||||
Series A 5.00% 3/15/37 | 3,000,000 | 3,708,360 | |||
Series E 4.00% 3/15/38 | 2,755,000 | 3,163,098 | |||
Public Finance Authority, Wisconsin | |||||
(American Dream @ Meadowlands Project) | |||||
144A 7.00% 12/1/50 # | 2,155,000 | 2,380,866 | |||
Puerto Rico Sales Tax Financing Revenue | |||||
(Restructured) | |||||
Series A 4.922% 7/1/51 ^ | 45,600,000 | 10,039,752 | |||
Series A-1 4.55% 7/1/40 | 1,456,000 | 1,587,113 | |||
Series A-1 4.75% 7/1/53 | 26,318,000 | 28,724,255 |
21
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Special Tax Revenue Bonds (continued) | |||||
Puerto Rico Sales Tax Financing Revenue | |||||
(Restructured) | |||||
Series A-1 5.00% 7/1/58 | 27,687,000 | $ | 30,664,460 | ||
Series A-1 5.234% 7/1/46 ^ | 50,995,000 | 15,677,903 | |||
Series A-2 4.329% 7/1/40 | 8,194,000 | 8,813,876 | |||
Series A-2 4.329% 7/1/40 | 4,039,000 | 4,344,550 | |||
Series A-2 4.784% 7/1/58 | 7,930,000 | 8,672,010 | |||
Wyandotte County, Kansas City, Kansas Unified | |||||
Government Special Obligation Revenue | |||||
(Sales Tax - Vacation Village Project Area 1 and | |||||
2A) | |||||
Series 2015A 5.75% 9/1/32 | 3,310,000 | 3,307,782 | |||
171,651,148 | |||||
State General Obligation Bonds – 12.25% | |||||
California State | |||||
(Various Purpose) | |||||
5.00% 8/1/27 | 2,500,000 | 3,066,250 | |||
5.00% 3/1/30 | 5,000,000 | 5,864,450 | |||
5.00% 4/1/32 | 1,400,000 | 1,906,240 | |||
5.00% 4/1/37 | 5,000,000 | 5,460,400 | |||
5.00% 10/1/47 | 2,145,000 | 2,535,626 | |||
Commonwealth of Massachusetts | |||||
Series A 5.50% 8/1/30 (AMBAC) | 1,000,000 | 1,366,210 | |||
Commonwealth of Puerto Rico | |||||
Series A 5.25% 7/1/30 ‡ | 6,000,000 | 5,197,500 | |||
Series A 8.00% 7/1/35 ‡ | 8,485,000 | 6,607,694 | |||
Series B 5.00% 7/1/35 ‡ | 1,295,000 | 1,118,556 | |||
(Public Improvement) | |||||
Series A 5.00% 7/1/24 ‡ | 1,905,000 | 1,645,444 | |||
Series A 5.00% 7/1/41 ‡ | 4,360,000 | 3,406,250 | |||
Series A 5.125% 7/1/37 ‡ | 13,750,000 | 11,137,500 | |||
Series A 5.25% 7/1/22 ‡ | 1,820,000 | 1,576,575 | |||
Series A 5.25% 7/1/31 ‡ | 1,270,000 | 1,100,137 | |||
Series A 5.25% 7/1/34 ‡ | 1,565,000 | 1,355,681 | |||
Series A 5.375% 7/1/33 ‡ | 880,000 | 760,100 | |||
Series A 5.50% 7/1/39 ‡ | 2,835,000 | 2,324,700 | |||
Series A 5.75% 7/1/28 ‡ | 1,945,000 | 1,594,900 | |||
Series A 6.00% 7/1/38 ‡ | 545,000 | 475,513 | |||
Connecticut State | |||||
Series B 5.00% 6/15/35 | 2,475,000 | 2,871,569 | |||
Series E 5.00% 9/15/35 | 2,500,000 | 3,093,300 |
22
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Connecticut State | |||||||
Series E 5.00% 9/15/37 | 2,250,000 | $ | 2,766,915 | ||||
Florida State | |||||||
(Department Of Transportation Right-of-Way | |||||||
Acquisition and Bridge Construction) | |||||||
Series A 4.00% 7/1/33 | 2,500,000 | 2,984,125 | |||||
Series A 4.00% 7/1/34 | 3,660,000 | 4,354,741 | |||||
Illinois State | |||||||
5.00% 5/1/36 | 480,000 | 515,496 | |||||
5.00% 11/1/36 | 1,780,000 | 1,984,202 | |||||
5.00% 2/1/39 | 2,030,000 | 2,162,112 | |||||
5.25% 2/1/30 | 3,490,000 | 3,791,327 | |||||
5.25% 2/1/32 | 1,180,000 | 1,276,548 | |||||
5.25% 2/1/33 | 740,000 | 799,096 | |||||
5.50% 5/1/39 | 5,000,000 | 6,075,300 | |||||
Series A 4.00% 12/1/33 | 1,010,000 | 1,085,225 | |||||
Series A 5.00% 4/1/38 | 885,000 | 928,984 | |||||
Series D 5.00% 11/1/27 | 3,500,000 | 4,077,955 | |||||
(Rebuild Illinois Program) | |||||||
Series B 4.00% 11/1/39 | 13,700,000 | 14,711,608 | |||||
Maryland State | |||||||
Series A 5.00% 3/15/26 | 5,000,000 | 6,098,000 | |||||
Series A 5.00% 3/15/28 | 3,000,000 | 3,850,950 | |||||
Texas State | |||||||
(Transportation Commission Mobility) | |||||||
Series A 5.00% 10/1/33 | 1,755,000 | 2,179,061 | |||||
124,106,240 | |||||||
Transportation Revenue Bonds – 18.98% | |||||||
Broward County, Florida Airport System Revenue | |||||||
Series A 4.00% 10/1/49 (AMT) | 5,000,000 | 5,516,250 | |||||
Chicago, Illinois Midway International Airport | |||||||
Series A 5.00% 1/1/28 (AMT) | 2,025,000 | 2,254,898 | |||||
Chicago, Illinois O’Hare International Airport | |||||||
Series A 5.00% 1/1/37 (AMT) | 1,690,000 | 2,033,425 | |||||
Series A 5.00% 1/1/38 (AMT) | 600,000 | 719,922 | |||||
Series B 5.00% 1/1/33 | 2,345,000 | 2,703,926 | |||||
Series D 5.25% 1/1/42 | 2,000,000 | 2,358,000 | |||||
Chicago, Illinois Transit Authority Revenue | |||||||
Series A 4.00% 12/1/50 | 2,000,000 | 2,208,480 | |||||
Series A 5.00% 12/1/45 | 2,000,000 | 2,431,100 |
23
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Dallas, Texas Fort Worth International Airport | |||||||
Revenue | |||||||
Series F 5.25% 11/1/30 | 5,000,000 | $ | 5,612,350 | ||||
Denver City & County, Colorado Airport System | |||||||
Revenue | |||||||
Series A 5.00% 12/1/43 (AMT) | 6,000,000 | 7,131,180 | |||||
Harris County, Texas Toll Road Authority | |||||||
Senior Lien Series A 5.00% 8/15/27 | 3,750,000 | 4,730,475 | |||||
Los Angeles, California International Airport | |||||||
Revenue | |||||||
Series A 5.00% 5/15/46 (AMT) | 3,100,000 | 3,858,384 | |||||
Love Field Airport Modernization, Texas General | |||||||
Airport Revenue Bonds | |||||||
5.00% 11/1/35 (AMT) | 1,000,000 | 1,164,200 | |||||
5.00% 11/1/36 (AMT) | 1,000,000 | 1,161,260 | |||||
Massachusetts Port Authority Revenue | |||||||
Series A 5.00% 7/1/37 (AMT) | 4,000,000 | 4,955,920 | |||||
Series A 5.00% 7/1/39 (AMT) | 2,945,000 | 3,629,330 | |||||
Series A 5.00% 7/1/40 (AMT) | 1,825,000 | 2,240,771 | |||||
Metropolitan Nashville, Tennessee Airport Authority | |||||||
Series A 5.00% 7/1/45 | 5,020,000 | 5,742,980 | |||||
Metropolitan Transportation Authority Revenue, | |||||||
New York | |||||||
Series D 5.00% 11/15/33 | 1,485,000 | 1,778,020 | |||||
(Green Bonds) | |||||||
Series C-1 5.25% 11/15/55 | 750,000 | 900,825 | |||||
Metropolitan Washington, D.C. Airports Authority | |||||||
Dulles Toll Road Revenue | |||||||
(Dulles Metrorail and Capital Improvement | |||||||
Projects) | |||||||
Series B 4.00% 10/1/49 | 4,280,000 | 4,711,552 | |||||
Montgomery County, Texas Toll Road Authority | |||||||
Revenue | |||||||
(Senior Lien) | |||||||
5.00% 9/15/37 | 1,750,000 | 1,963,273 | |||||
New Jersey Turnpike Authority | |||||||
Series A 5.00% 1/1/28 | 5,000,000 | 5,708,550 | |||||
Series E 5.00% 1/1/45 | 6,000,000 | 6,901,260 |
24
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
New York Transportation Development Corporation | |||||||
Special Facilities Revenue | |||||||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals | |||||||
C&D Redevelopment Project) | |||||||
4.375% 10/1/45 (AMT) | 12,800,000 | $ | 14,668,800 | ||||
5.00% 10/1/40 (AMT) | 1,600,000 | 1,944,944 | |||||
(LaGuardia Airport Terminal B Redevelopment | |||||||
Project) | |||||||
Series A 5.00% 7/1/46 (AMT) | 3,000,000 | 3,339,960 | |||||
(Terminal 4 John F. Kennedy International Airport | |||||||
Project) | |||||||
Series A 4.00% 12/1/40 (AMT) | 1,545,000 | 1,718,643 | |||||
Series A 5.00% 12/1/36 (AMT) | 1,000,000 | 1,234,500 | |||||
Series C 4.00% 12/1/39 | 680,000 | 758,717 | |||||
Series C 4.00% 12/1/41 | 660,000 | 735,530 | |||||
Series C 5.00% 12/1/29 | 205,000 | 257,490 | |||||
North Carolina Turnpike Authority Revenue | |||||||
5.00% 1/1/36 (AGM) | 3,000,000 | 3,707,070 | |||||
North Texas Tollway Authority Revenue | |||||||
(1st Tier) Series B 5.00% 1/1/40 | 2,000,000 | 2,146,580 | |||||
(2nd Tier) Series A 5.00% 1/1/34 | 5,000,000 | 5,738,850 | |||||
Series A 5.00% 1/1/43 | 7,000,000 | 8,415,050 | |||||
Ohio Turnpike & Infrastructure Commission | |||||||
(Infrastructure Projects) | |||||||
Series A-1 5.00% 2/15/28 | 300,000 | 326,013 | |||||
Pennsylvania Turnpike Commission Revenue | |||||||
Series A-2 5.00% 12/1/43 | 2,000,000 | 2,418,020 | |||||
Series C 5.00% 12/1/44 | 1,000,000 | 1,132,250 | |||||
Phoenix City, Arizona Civic Improvement Airport | |||||||
Revenue | |||||||
Series B 5.00% 7/1/49 (AMT) | 5,000,000 | 5,954,100 | |||||
Port Beaumont Navigation District, Texas | |||||||
(Allegiant Industrial Island Park Project) | |||||||
144A 8.00% 2/1/39 (AMT) # | 750,000 | 823,380 | |||||
Port of Portland, Oregon Airport Revenue | |||||||
Series Twenty-Seven A 4.00% 7/1/50 (AMT) | 2,500,000 | 2,743,825 | |||||
Regional Transportation District, Colorado | |||||||
(Denver Transit Partners Eagle P3 Project) | |||||||
Series A 4.00% 7/15/36 | 5,925,000 | 6,934,502 | |||||
Series A 4.00% 7/15/40 | 2,670,000 | 3,269,468 | |||||
Salt Lake City, Utah Airport Revenue | |||||||
Series A 5.00% 7/1/36 (AMT) | 4,000,000 | 4,805,560 |
25
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Salt Lake City, Utah Airport Revenue | |||||||
Series B 5.00% 7/1/42 | 3,350,000 | $ | 3,972,832 | ||||
San Francisco, California City International Airport | |||||||
Commission | |||||||
Series A 5.00% 5/1/44 (AMT) | 5,000,000 | 6,031,900 | |||||
South Jersey Port, New Jersey | |||||||
(Subordinated Marine Terminal) | |||||||
Series A 5.00% 1/1/49 | 450,000 | 513,689 | |||||
Series B 5.00% 1/1/42 (AMT) | 1,450,000 | 1,645,126 | |||||
Series B 5.00% 1/1/48 (AMT) | 6,035,000 | 6,797,281 | |||||
Texas Private Activity Bond Surface Transportation | |||||||
Corporate Senior Lien | |||||||
(NTE Mobility Partners Segments 3 LLC Segment | |||||||
3A and 3B Facility) | |||||||
6.75% 6/30/43 (AMT) | 2,490,000 | 2,829,636 | |||||
7.00% 12/31/38 (AMT) | 1,830,000 | 2,093,282 | |||||
(NTE Mobility Partners Segments 3 LLC Segment | |||||||
3C Project) | |||||||
5.00% 6/30/58 (AMT) | 5,000,000 | 5,942,450 | |||||
Virginia Small Business Financing Authority Revenue | |||||||
(Transform 66 P3 Project) | |||||||
5.00% 12/31/56 (AMT) | 1,220,000 | 1,404,379 | |||||
Washington, Metropolitan Area Transit Authority | |||||||
Revenue, Columbia | |||||||
5.00% 7/1/43 | 1,000,000 | 1,193,090 | |||||
Wayne County, Michigan Airport Authority | |||||||
(Detroit Metropolitan Wayne County Airport) | |||||||
Series A 5.00% 12/1/42 | 2,500,000 | 2,676,125 | |||||
Series D 5.00% 12/1/45 (AGM) | 750,000 | 872,070 | |||||
Westchester County, New York Industrial | |||||||
Development Agency | |||||||
(Million Air Two LLC General Aviation Facilities | |||||||
Project) | |||||||
Series A 144A 7.00% 6/1/46 (AMT) # | 775,000 | 811,045 | |||||
192,272,488 | |||||||
Water & Sewer Revenue Bonds – 0.51% | |||||||
Guam Government Waterworks Authority | |||||||
Series A 5.00% 1/1/50 | 2,000,000 | 2,409,980 | |||||
Mississippi Development Bank | |||||||
(Jackson Water and Sewer System Revenue | |||||||
Bond Project) | |||||||
6.75% 12/1/30 (AGM) | 1,000,000 | 1,151,370 |
26
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Water & Sewer Revenue Bonds (continued) | |||||||
Saginaw, Michigan Water Supply System Revenue | |||||||
Series A 5.00% 7/1/31 (AGM) | 500,000 | $ | 509,690 | ||||
Toledo, Ohio Water System Revenue | |||||||
5.00% 11/15/38 | 1,000,000 | 1,092,050 | |||||
5,163,090 | |||||||
Total Municipal Bonds (cost $923,673,673) | 1,004,224,985 | ||||||
Total Value of Securities–99.15% | |||||||
(cost $923,673,673) | $ | 1,004,224,985 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $77,977,877, which represents 7.70% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
§ | 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. See Note 8 in “Notes to financial statements.” |
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
FHA – Federal Housing Administration
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
27
Schedules of investments
Delaware Tax-Free USA Fund
Summary of abbreviations: (continued)
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
28
Schedules of investments | |
Delaware Tax-Free USA Intermediate Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 99.02% | |||||||
Corporate Revenue Bonds – 11.32% | |||||||
Arizona Industrial Development Authority Revenue | |||||||
(Legacy Cares, Inc. Project) | |||||||
Series A 144A 7.75% 7/1/50 # | 5,520,000 | $ | 5,956,190 | ||||
Black Belt Energy Gas District, Alabama | |||||||
(Project No. 4) | |||||||
Series A 4.00% 6/1/25 | 1,655,000 | 1,879,435 | |||||
Buckeye, Ohio Tobacco Settlement Financing | |||||||
Authority | |||||||
Series A-2 5.00% 6/1/32 | 1,270,000 | 1,623,454 | |||||
Series A-2 5.00% 6/1/33 | 850,000 | 1,078,242 | |||||
California Pollution Control Financing Authority | |||||||
Revenue | |||||||
(Calplant I Project) | |||||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 875,000 | 568,750 | |||||
Central Plains Energy Project Nebraska | |||||||
(Project No. 3) | |||||||
Series A 5.00% 9/1/42 | 250,000 | 352,075 | |||||
Chandler, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Intel Corporation Project) | |||||||
2.70% 12/1/37 (AMT) ● | 3,000,000 | 3,152,670 | |||||
Commonwealth of Pennsylvania Financing Authority | |||||||
(Tobacco Master Settlement Payment) | |||||||
5.00% 6/1/27 | 2,000,000 | 2,476,260 | |||||
Denver City & County, Colorado Special Facilities | |||||||
Airport Revenue | |||||||
(United Airlines Project) | |||||||
5.00% 10/1/32 (AMT) | 1,190,000 | 1,263,875 | |||||
Erie, New York Tobacco Asset Securitization | |||||||
(Capital Appreciation-Asset-Backed) | |||||||
Series A 144A 1.495% 6/1/60 #, ^ | 36,000,000 | 1,538,640 | |||||
Florida Development Finance Corporation Surface | |||||||
Transportation Facility Revenue | |||||||
(Brightline Passenger Rail Project) | |||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 5,435,000 | 5,275,754 | |||||
(Virgin Trains USA Passenger Rail Project) | |||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 1,710,000 | 1,640,745 | |||||
Golden State, California Tobacco Securitization | |||||||
Corporate Settlement Revenue | |||||||
(Asset-Backed Bonds) | |||||||
Series A-1 5.00% 6/1/26 | 850,000 | 1,028,355 | |||||
Series A-1 5.00% 6/1/34 | 100,000 | 121,487 | |||||
Series A-1 5.25% 6/1/47 | 750,000 | 778,155 |
29
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Golden State, California Tobacco Securitization | |||||||
Corporate Settlement Revenue | |||||||
(Capital Appreciation-Asset-Backed) | |||||||
Series B 1.05% 6/1/47 ^ | 11,840,000 | $ | 2,599,354 | ||||
Houston, Texas Airport System Revenue | |||||||
(United Airlines) | |||||||
5.00% 7/1/29 (AMT) | 3,010,000 | 3,263,743 | |||||
Inland, California Empire Tobacco Securitization | |||||||
(Capital Appreciation-Turbo-Asset-Backed) | |||||||
Series E 144A 0.448% 6/1/57 #, ^ | 50,000,000 | 3,318,500 | |||||
Series F 144A 1.33% 6/1/57 #, ^ | 74,090,000 | 3,459,262 | |||||
Jefferson County, Texas Industrial Development | |||||||
(TRP Crude Marketing LLC Project) | |||||||
144A 7.75% 4/1/39 # | 925,000 | 943,778 | |||||
Kentucky Public Energy Authority | |||||||
(Gas Supply Revenue Bonds) | |||||||
Series C-1 4.00% 12/1/49 ● | 5,000,000 | 5,603,750 | |||||
Lower Alabama Gas District | |||||||
Series A 5.00% 9/1/34 | 4,850,000 | 6,492,404 | |||||
Michigan Finance Authority | |||||||
Series A Class 1 4.00% 6/1/49 | 2,000,000 | 2,239,660 | |||||
Monroe County, Michigan Economic Development | |||||||
(The Detroit Edison Company Project) | |||||||
Series AA 6.95% 9/1/22 (NATL) | 4,500,000 | 4,946,715 | |||||
M-S-R Energy Authority, California Gas Revenue | |||||||
Series B 6.50% 11/1/39 | 3,485,000 | 5,510,621 | |||||
New Jersey Economic Development Authority | |||||||
Special Facilities Revenue | |||||||
(Continental Airlines Project) | |||||||
Series B 5.625% 11/15/30 (AMT) | 1,890,000 | 2,112,623 | |||||
New Jersey Tobacco Settlement Financing | |||||||
Subordinate Series B 5.00% 6/1/46 | 3,105,000 | 3,587,579 | |||||
New York Liberty Development Revenue | |||||||
(Goldman Sachs Headquarters) | |||||||
5.25% 10/1/35 | 3,405,000 | 4,771,392 | |||||
New York Transportation Development Special | |||||||
Facilities Revenue | |||||||
(Delta Airlines, Inc.-LaGuardia Airport Terminals | |||||||
C&D Redevelopment Project) | |||||||
5.00% 1/1/34 (AMT) | 7,210,000 | 8,511,765 | |||||
Northern Tobacco Securitization, Alaska | |||||||
Series A 5.00% 6/1/46 | 1,400,000 | 1,417,514 |
30
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Salt Verde, Arizona Financial Corporation Senior | |||||||
Gas Revenue | |||||||
5.00% 12/1/32 | 3,850,000 | $ | 5,051,354 | ||||
5.00% 12/1/37 | 4,000,000 | 5,525,680 | |||||
5.25% 12/1/24 | 3,050,000 | 3,516,680 | |||||
South Carolina Jobs - Economic Development | |||||||
Authority Educational Facilities Revenue | |||||||
(AAC East LLC Project - Green Bonds) | |||||||
Series A 144A 7.00% 5/1/39 (AMT) # | 900,000 | 841,905 | |||||
(Jasper Pellets, LLC Project - Green Bonds) | |||||||
Series A 144A 7.00% 11/1/38 (AMT) # | 1,250,000 | 1,081,788 | |||||
St. John Baptist Parish, Louisiana | |||||||
(Marathon Oil Corporation Project) | |||||||
Series B-2 2.125% 6/1/37 ● | 2,250,000 | 2,299,928 | |||||
Tobacco Securitization Authority of Southern | |||||||
California | |||||||
(Capital Appreciation-2nd Subordinate Lien) | |||||||
Series C 0.511% 6/1/46 ^ | 9,040,000 | 1,842,804 | |||||
(Capital Appreciation-3rd Subordinate Lien) | |||||||
Series D 0.288% 6/1/46 ^ | 1,490,000 | 256,027 | |||||
TSASC, New York | |||||||
Series A 5.00% 6/1/30 | 475,000 | 583,319 | |||||
Series A 5.00% 6/1/31 | 475,000 | 580,450 | |||||
Series A 5.00% 6/1/41 | 1,000,000 | 1,154,360 | |||||
Virginia Tobacco Settlement Financing Corporation | |||||||
(Capital Appreciation Asset-Backed) | |||||||
Series B 5.20% 6/1/46 ● | 1,250,000 | 1,254,750 | |||||
Series C 2.161% 6/1/47 ^ | 52,780,000 | 11,796,330 | |||||
Series D 2.388% 6/1/47 ^ | 6,955,000 | 1,496,438 | |||||
124,794,560 | |||||||
Education Revenue Bonds – 6.71% | |||||||
Arizona Industrial Development Authority Revenue | |||||||
(American Charter Schools Foundation Project) | |||||||
144A 6.00% 7/1/37 # | 1,420,000 | 1,725,967 | |||||
144A 6.00% 7/1/47 # | 1,385,000 | 1,654,604 | |||||
(Empower College Prep Project) | |||||||
144A 6.00% 7/1/49 # | 875,000 | 948,509 | |||||
(Odyssey Preparatory Academy Project) | |||||||
Series A 144A 5.50% 7/1/52 # | 875,000 | 945,044 |
31
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Bucks County, Pennsylvania Industrial Development | |||||||
Authority Revenue | |||||||
(School Lane Charter School Project) | |||||||
5.125% 3/15/36 | 2,000,000 | $ | 2,262,000 | ||||
Build NYC Resource, New York | |||||||
(Albert Einstein College of Medicine) | |||||||
144A 5.50% 9/1/45 # | 1,000,000 | 1,106,660 | |||||
California Municipal Finance Authority | |||||||
Series A 144A 5.50% 6/1/53 # | 1,000,000 | 1,082,590 | |||||
(Creative Center of Los Altos Project - Pinewood | |||||||
School & Oakwood School) | |||||||
Series B 144A 4.50% 11/1/46 # | 500,000 | 509,485 | |||||
California School Finance Authority | |||||||
(View Park Elementary & Middle Schools) | |||||||
Series A 4.75% 10/1/24 | 270,000 | 285,930 | |||||
Series A 5.875% 10/1/44 | 300,000 | 327,150 | |||||
California State University | |||||||
(Systemwide) | |||||||
Series A 5.00% 11/1/31 | 2,000,000 | 2,466,800 | |||||
California Statewide Communities Development | |||||||
Authority Revenue | |||||||
(California Baptist University) | |||||||
Series A 6.125% 11/1/33 | 2,215,000 | 2,455,062 | |||||
(Green Dot Public Schools - Animo Inglewood | |||||||
Charter High School Project) | |||||||
Series A 7.25% 8/1/41 | 500,000 | 510,415 | |||||
Capital Trust Agency, Florida Revenue | |||||||
(Liza Jackson Preparatory School Project) | |||||||
Series A 5.00% 8/1/40 | 300,000 | 353,775 | |||||
Series A 5.00% 8/1/55 | 800,000 | 925,264 | |||||
(University Bridge, LLC Student Housing Project) | |||||||
Series A 144A 5.25% 12/1/43 # | 2,000,000 | 2,288,100 | |||||
District of Columbia Revenue | |||||||
(KIPP DC Issue) | |||||||
4.00% 7/1/39 | 1,275,000 | 1,413,694 | |||||
4.00% 7/1/44 | 740,000 | 812,550 | |||||
East Hempfield Township, Pennsylvania Industrial | |||||||
Development Authority | |||||||
(Student Services - Student Housing Project at | |||||||
Millersville University) | |||||||
5.00% 7/1/39 | 875,000 | 892,132 | |||||
5.00% 7/1/46 | 1,425,000 | 1,450,693 |
32
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Fulton County, Georgia Development Authority | |||||||
Revenue | |||||||
(Georgia Institute of Technology) | |||||||
5.00% 6/15/44 | 3,100,000 | $ | 3,757,510 | ||||
Idaho Housing & Finance Association | |||||||
(Sage International School of Boise Project) | |||||||
Series A 4.00% 5/1/29 | 205,000 | 237,835 | |||||
Series A 4.00% 5/1/30 | 210,000 | 244,570 | |||||
Series A 4.00% 5/1/35 | 500,000 | 567,615 | |||||
Series A 4.00% 5/1/40 | 1,330,000 | 1,485,677 | |||||
Series A 4.00% 5/1/50 | 1,500,000 | 1,649,190 | |||||
Illinois Finance Authority Revenue | |||||||
(University of Illinois at Chicago) | |||||||
Series A 5.00% 2/15/26 | 400,000 | 439,652 | |||||
Series A 5.00% 2/15/27 | 200,000 | 222,578 | |||||
Series A 5.00% 2/15/29 | 400,000 | 445,864 | |||||
Series A 5.00% 2/15/31 | 365,000 | 404,373 | |||||
Maricopa County, Arizona Industrial Development | |||||||
Authority Revenue | |||||||
(Arizona Autism Charter Schools Project) | |||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | 279,565 | |||||
Series A 144A 5.00% 7/1/50 # | 175,000 | 192,623 | |||||
Massachusetts Development Finance Agency | |||||||
Revenue | |||||||
(Harvard University) | |||||||
Series A 5.00% 7/15/40 | 5,000,000 | 7,142,400 | |||||
Massachusetts Educational Financing Authority | |||||||
Revenue | |||||||
Series A 5.25% 1/1/28 | 310,000 | 312,322 | |||||
Massachusetts School Building Authority | |||||||
Series C 5.00% 8/15/37 | 2,500,000 | 2,927,150 | |||||
Miami-Dade County, Florida Educational Facilities | |||||||
Authority | |||||||
(University of Miami) | |||||||
Series A 5.00% 4/1/30 | 520,000 | 589,409 | |||||
Series A 5.00% 4/1/31 | 1,090,000 | 1,232,376 | |||||
New York State Dormitory Authority Revenue | |||||||
(New York University) | |||||||
Series A 5.75% 7/1/27 (NATL) | 10,000,000 | 11,767,100 | |||||
(Touro College & University System) | |||||||
Series A 5.25% 1/1/34 | 1,335,000 | 1,430,679 |
33
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
New York State Trust for Cultural Resources | |||||||
(Wnitney Museum of American Art) | |||||||
5.00% 7/1/31 | 1,985,000 | $ | 2,680,842 | ||||
Newark, Texas Higher Education Finance | |||||||
(Village Tech Schools) | |||||||
Series A 5.125% 8/15/47 | 1,250,000 | 1,258,388 | |||||
Oregon State Facilities Authority Revenue | |||||||
(Metro East Web Academy Project) | |||||||
Series A 144A 5.00% 6/15/39 # | 500,000 | 536,035 | |||||
Series A 144A 5.00% 6/15/49 # | 500,000 | 529,150 | |||||
Phoenix, Arizona Industrial Development Authority | |||||||
Housing Revenue | |||||||
(Downtown Phoenix Student Housing, | |||||||
LLC-Arizona State University Project) | |||||||
Series A 5.00% 7/1/30 | 350,000 | 406,738 | |||||
Series A 5.00% 7/1/32 | 235,000 | 270,551 | |||||
Pima County, Arizona Industrial Development | |||||||
Authority Education Revenue | |||||||
(Facility American Leadership Academy Project) | |||||||
144A 5.00% 6/15/47 # | 745,000 | 757,672 | |||||
South Carolina Jobs - Economic Development | |||||||
Authority Educational Facilities Revenue | |||||||
(High Point Academy Project) | |||||||
Series A 144A 5.75% 6/15/39 # | 1,245,000 | 1,405,107 | |||||
University of Texas Permanent University Fund | |||||||
Series B 5.00% 7/1/27 | 3,715,000 | 4,261,328 | |||||
University of Washington | |||||||
Series A 4.00% 4/1/35 | 1,000,000 | 1,221,800 | |||||
Series A 4.00% 4/1/38 | 750,000 | 905,527 | |||||
73,978,050 | |||||||
Electric Revenue Bonds – 5.24% | |||||||
Guam Power Authority Revenue | |||||||
Series A 5.00% 10/1/40 | 1,000,000 | 1,145,900 | |||||
Long Island, New York Power Authority | |||||||
5.00% 9/1/33 | 250,000 | 307,123 | |||||
5.00% 9/1/35 | 1,000,000 | 1,223,710 | |||||
Series A 5.00% 9/1/34 | 500,000 | 653,610 | |||||
Municipal Electric Authority of Georgia | |||||||
(Plant Vogtle Units 3&4 Project) | |||||||
Series A 5.00% 1/1/39 | 6,250,000 | 7,514,812 |
34
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Electric Revenue Bonds (continued) | |||||
New York State Utility Debt Securitization Authority | |||||
(Restructuring Bonds) | |||||
5.00% 12/15/33 | 1,500,000 | $ | 1,794,135 | ||
Piedmont Municipal Power Agency, South Carolina | |||||
Series D 5.75% 1/1/34 (AGC) | 5,000,000 | 5,066,500 | |||
Puerto Rico Electric Power Authority Revenue | |||||
Series WW 5.25% 7/1/33 ‡ | 1,015,000 | 918,575 | |||
Series WW 5.50% 7/1/17 ‡ | 2,200,000 | 1,936,000 | |||
Series WW 5.50% 7/1/19 ‡ | 1,710,000 | 1,513,350 | |||
Series XX 5.25% 7/1/40 ‡ | 4,630,000 | 4,190,150 | |||
Series ZZ 5.00% 7/1/19 ‡ | 2,990,000 | 2,631,200 | |||
Salt River, Arizona Project Agricultural Improvement | |||||
& Power District Electric Systems Revenue | |||||
Series A 5.00% 12/1/35 | 4,000,000 | 4,678,240 | |||
Series A 5.00% 1/1/38 | 5,000,000 | 6,011,700 | |||
(Salt River Project Electric System) | |||||
5.00% 1/1/30 | 5,000,000 | 6,305,650 | |||
Utility Debt Securitization Authority, New York | |||||
(Restructuring Bonds) | |||||
5.00% 12/15/37 | 10,000,000 | 11,888,300 | |||
57,778,955 | |||||
Healthcare Revenue Bonds – 7.19% | |||||
Apple Valley, Minnesota | |||||
(Minnesota Senior Living LLC Project) | |||||
Series B 5.25% 1/1/37 | 965,000 | 756,628 | |||
Arizona Health Facilities Authority | |||||
(Scottsdale Lincoln Hospital Project) | |||||
5.00% 12/1/30 | 5,000,000 | 5,733,300 | |||
California Health Facilities Financing Authority | |||||
(Kaiser Permanente) | |||||
Series A-1 5.00% 11/1/27 | 4,100,000 | 5,221,637 | |||
California Statewide Communities Development | |||||
Authority | |||||
(Loma Linda University Medical Center) | |||||
Series A 144A 5.00% 12/1/33 # | 260,000 | 307,310 | |||
Series A 144A 5.00% 12/1/41 # | 1,685,000 | 1,888,329 | |||
Series A 5.25% 12/1/34 | 2,790,000 | 3,112,105 | |||
Capital Trust Agency, Florida | |||||
(Tuscan Gardens Senior Living Center) | |||||
Series A 7.00% 4/1/35 | 1,630,000 | 969,100 |
35
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Colorado Health Facilities Authority Revenue | |||||
(CommonSpirit Health) | |||||
Series A 4.00% 8/1/37 | 500,000 | $ | 570,445 | ||
Series A 4.00% 8/1/38 | 1,500,000 | 1,703,925 | |||
Series A-2 5.00% 8/1/37 | 1,105,000 | 1,364,421 | |||
Cuyahoga County, Ohio | |||||
(The Metrohealth System) | |||||
5.00% 2/15/37 | 1,000,000 | 1,140,380 | |||
Glendale, Arizona Industrial Development Authority | |||||
Revenue | |||||
(Glencroft Retirement Community Project) | |||||
5.25% 11/15/46 | 875,000 | 880,066 | |||
(Royal Oaks Life Care Community) | |||||
4.00% 5/15/28 | 1,000,000 | 1,073,990 | |||
4.00% 5/15/30 | 1,385,000 | 1,477,213 | |||
4.00% 5/15/31 | 500,000 | 532,485 | |||
(The Terraces of Phoenix Project) | |||||
Series A 5.00% 7/1/48 | 875,000 | 909,563 | |||
Illinois Finance Authority Revenue | |||||
(The Admiral at the Lake Project) | |||||
5.50% 5/15/54 | 875,000 | 812,236 | |||
Iowa Finance Authority Senior Housing Revenue | |||||
Bonds | |||||
(PHS Council Bluffs, Inc. Project) | |||||
5.00% 8/1/33 | 500,000 | 522,710 | |||
Kalispell, Montana | |||||
(Immanuel Lutheran Corporation Project) | |||||
Series A 5.25% 5/15/32 | 435,000 | 455,332 | |||
Lancaster County, Pennsylvania Hospital Authority | |||||
(Brethren Village Project) | |||||
5.00% 7/1/31 | 440,000 | 481,347 | |||
5.00% 7/1/32 | 440,000 | 480,823 | |||
(St. Anne’s Retirement Community, Incorporated | |||||
Project) | |||||
5.00% 4/1/27 | 1,425,000 | 1,457,647 | |||
(University of Pennsylvania Health System | |||||
Obligation) | |||||
Series A 5.00% 8/15/33 | 2,430,000 | 2,919,329 |
36
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Maricopa County, Arizona Industrial Development | |||||
Authority Revenue | |||||
(Banner Health Obligation Group) | |||||
Series A 5.00% 1/1/32 | 3,000,000 | $ | 3,634,800 | ||
(Christian Care Surprise, Inc. Project) | |||||
144A 5.75% 1/1/36 # | 1,540,000 | 1,582,011 | |||
Maryland Health & Higher Educational Facilities | |||||
Authority Revenue | |||||
(Adventist Healthcare Obligated) | |||||
Series A 5.50% 1/1/36 | 2,000,000 | 2,364,780 | |||
Massachusetts Development Finance Agency | |||||
Revenue | |||||
Series A-2 4.00% 7/1/41 | 875,000 | 1,015,359 | |||
Minneapolis, Minnesota Health Care System | |||||
Revenue | |||||
(Fairview Health Services) | |||||
Series A 5.00% 11/15/35 | 1,500,000 | 1,833,180 | |||
Monroe County, New York Industrial Development | |||||
Revenue | |||||
(Rochester Regional Health Project) | |||||
Series D 3.00% 12/1/40 | 1,000,000 | 1,027,120 | |||
Series D 4.00% 12/1/38 | 1,450,000 | 1,662,352 | |||
Montgomery County, Pennsylvania Industrial | |||||
Development Authority Revenue | |||||
(Albert Einstein Healthcare) | |||||
Series A 5.25% 1/15/45 | 2,500,000 | 2,740,150 | |||
Moon, Pennsylvania Industrial Development | |||||
Authority | |||||
(Baptist Homes Society Obligation) | |||||
5.625% 7/1/30 | 2,440,000 | 2,617,144 | |||
National Finance Authority Revenue, New | |||||
Hampshire | |||||
(Sprongpoint Senior Living Project) | |||||
4.00% 1/1/51 | 1,830,000 | 1,994,883 | |||
(The Vista Project) | |||||
Series A 144A 5.25% 7/1/39 # | 1,000,000 | 1,002,940 | |||
New York State Dormitory Authority Revenue | |||||
(Orange Regional Medical Center) | |||||
144A 5.00% 12/1/31 # | 1,000,000 | 1,165,610 | |||
144A 5.00% 12/1/32 # | 1,100,000 | 1,275,681 | |||
144A 5.00% 12/1/33 # | 1,000,000 | 1,154,160 |
37
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Northampton County, Philadelphia, Pennsylvania | |||||
Industrial Development Authority Revenue | |||||
(MorningStar Senior Living Project) | |||||
5.00% 7/1/32 | 1,275,000 | $ | 1,297,924 | ||
Oklahoma Development Finance Authority Health | |||||
System Revenue | |||||
(OU Medicine Project) | |||||
Series B 5.25% 8/15/43 | 1,790,000 | 2,088,787 | |||
Pennsylvania Economic Development Financing | |||||
Authority First Mortgage Revenue | |||||
(Tapestry Moon Senior Housing Project) | |||||
Series A 144A 6.50% 12/1/38 # | 1,000,000 | 750,000 | |||
Series A 144A 6.75% 12/1/53 # | 875,000 | 656,250 | |||
Prince George’s County, Maryland | |||||
(Collington Episcopal Life Care Community) | |||||
5.00% 4/1/31 | 2,000,000 | 2,090,460 | |||
Public Finance Authority, Wisconsin Senior Living | |||||
Revenue | |||||
(Mary’s Woods at Marylhurst Project) | |||||
144A 5.00% 5/15/29 # | 500,000 | 539,740 | |||
Seminole County, Florida Industrial Development | |||||
Authority | |||||
(Legacy Pointe at UCF Project) | |||||
Series A 5.25% 11/15/39 | 5,340,000 | 5,215,258 | |||
Series B-1 4.25% 11/15/26 | 3,000,000 | 2,953,590 | |||
Tempe, Arizona Industrial Development Authority | |||||
(Mirabella at ASU Project) | |||||
Series A 144A 6.00% 10/1/37 # | 1,200,000 | 1,292,292 | |||
Washington State Housing Finance Commission | |||||
(Heron’s Key Senior Living) | |||||
Series A 144A 7.00% 7/1/45 # | 800,000 | 861,856 | |||
Wisconsin Health & Educational Facilities Authority | |||||
Revenue | |||||
(St. Camillus Health System) | |||||
Series A 5.00% 11/1/39 | 815,000 | 870,444 | |||
Woodloch Health Facilities Development, Missouri | |||||
(Inspired Living At Missouri City Project) | |||||
Series A-1 144A 7.125% 12/1/51 #, ‡ | 1,145,000 | 764,288 | |||
79,221,380 |
38
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Lease Revenue Bonds – 3.96% | |||||
California Statewide Communities Development | |||||
Authority Revenue | |||||
(Lancer Plaza Project) | |||||
5.125% 11/1/23 | 220,000 | $ | 232,300 | ||
5.625% 11/1/33 | 1,000,000 | 1,080,550 | |||
Golden State, California Tobacco Securitization | |||||
Corporate Settlement Revenue | |||||
(Asset-Backed Enhanced) | |||||
Series A 5.00% 6/1/35 | 3,000,000 | 3,436,410 | |||
Hudson Yards New York Infrastructure Revenue | |||||
Series A 4.00% 2/15/44 | 2,875,000 | 3,155,025 | |||
Los Angeles County, California | |||||
(Disney Concert Hall Parking) | |||||
5.00% 3/1/23 | 2,395,000 | 2,611,245 | |||
New Jersey State Economic Development Authority | |||||
(NJ Transit Transportation Project) | |||||
Series A 4.00% 11/1/38 | 1,000,000 | 1,105,230 | |||
Series A 4.00% 11/1/39 | 1,000,000 | 1,102,590 | |||
New Jersey State Transportation Trust Fund | |||||
Authority | |||||
Series AA 4.00% 6/15/45 | 5,000,000 | 5,447,200 | |||
Series B 5.50% 6/15/31 | 5,000,000 | 5,063,400 | |||
(Highway Reimbursement) | |||||
Series A 5.00% 6/15/30 | 2,415,000 | 2,814,755 | |||
(Transportation System Bonds) | |||||
Series A 5.00% 12/15/25 | 5,000,000 | 5,906,350 | |||
New York City, New York Transitional Finance | |||||
Authority Building Aid Revenue | |||||
Series S-1 5.00% 7/15/31 | 5,000,000 | 5,776,000 | |||
New York State Dormitory Authority Revenue | |||||
(Health Facilities Improvement Program) | |||||
�� Series 1 5.00% 1/15/28 | 750,000 | 927,465 | |||
Series 1 5.00% 1/15/29 | 3,100,000 | 3,822,021 | |||
Public Finance Authority, Wisconsin Airport | |||||
Facilities Revenue | |||||
(AFCO Investors II Portfolio) | |||||
144A 5.00% 10/1/23 (AMT) # | 1,135,000 | 1,169,254 | |||
43,649,795 | |||||
Local General Obligation Bonds – 5.32% | |||||
Chesterfield County, Virginia | |||||
Series B 5.00% 1/1/22 | 4,070,000 | 4,234,143 |
39
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Local General Obligation Bonds (continued) | |||||
Chicago, Illinois | |||||
Series A 5.25% 1/1/29 | 640,000 | $ | 697,639 | ||
Series A 5.50% 1/1/35 | 1,980,000 | 2,371,723 | |||
Series C 5.00% 1/1/26 | 1,280,000 | 1,475,059 | |||
Chicago, Illinois Board of Education | |||||
5.00% 4/1/35 | 825,000 | 955,523 | |||
5.00% 4/1/36 | 320,000 | 369,734 | |||
(Dedicated Revenues) | |||||
Series A 5.00% 12/1/40 | 2,000,000 | 2,358,980 | |||
Series A 5.00% 12/1/41 | 1,225,000 | 1,250,860 | |||
Series C 5.00% 12/1/34 | 2,160,000 | 2,522,772 | |||
Series D 5.00% 12/1/31 | 2,160,000 | 2,555,518 | |||
City & County of San Francisco, California | |||||
Series D-1 4.00% 6/15/39 | 1,330,000 | 1,540,632 | |||
Series D-1 4.00% 6/15/40 | 1,385,000 | 1,595,880 | |||
Series D-1 4.00% 6/15/41 | 1,440,000 | 1,654,733 | |||
Fort Worth, Texas Independent School District | |||||
(School Building) | |||||
5.00% 2/15/27 (PSF) | 2,000,000 | 2,274,820 | |||
New York City, New York | |||||
Fiscal 2021 Series C 5.00% 8/1/33 | 2,000,000 | 2,569,060 | |||
Fiscal 2021 Series C 5.00% 8/1/43 | 3,500,000 | 4,340,735 | |||
Series D-1 5.00% 10/1/30 | 2,260,000 | 2,320,094 | |||
Series E 5.00% 8/1/23 | 3,685,000 | 4,098,383 | |||
Series F-1 5.00% 6/1/34 | 5,000,000 | 5,811,450 | |||
Subseries D-1 4.00% 12/1/42 | 4,300,000 | 4,909,482 | |||
San Francisco, California Bay Area Rapid Transit | |||||
District | |||||
(Election 2004) | |||||
Series D 5.00% 8/1/31 | 4,000,000 | 4,748,840 | |||
Wake County, North Carolina | |||||
Series A 5.00% 3/1/27 | 3,200,000 | 4,013,856 | |||
58,669,916 | |||||
Pre-Refunded/Escrowed to Maturity Bonds – 6.04% | |||||
Atlanta, Georgia Water & Wastewater Revenue | |||||
5.00% 11/1/35-25 § | 5,000,000 | 5,921,450 | |||
California State Department of Water Resources | |||||
(Water System) | |||||
Series AS 5.00% 12/1/29-24 § | 15,000 | 17,539 | |||
Unrefunded Series AS 5.00% 12/1/29-24 § | 2,680,000 | 3,144,605 |
40
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Denton Independent School District, Texas | |||||||
(School Building) | |||||||
Series A 5.00% 8/15/40-25 (PSF) § | 4,000,000 | $ | 4,785,800 | ||||
Houston, Texas Airports Commission Revenue | |||||||
Series B 5.00% 7/1/25-21 § | 1,000,000 | 1,015,950 | |||||
Series B 5.00% 7/1/26-21 § | 3,000,000 | 3,047,850 | |||||
Louisiana State Highway Improvement Revenue | |||||||
Series A 5.00% 6/15/29-24 § | 5,195,000 | 5,972,484 | |||||
New Jersey State Turnpike Authority Turnpike | |||||||
Revenue | |||||||
Series A 5.00% 1/1/30-22 § | 5,000,000 | 5,323,600 | |||||
Series A 5.00% 1/1/43-22 § | 1,860,000 | 1,980,379 | |||||
New York City, New York | |||||||
Series D-1 5.00% 10/1/30-21 § | 1,740,000 | 1,788,842 | |||||
New York State Dormitory Authority Revenue | |||||||
(North Shore Long Island Jewish Health System) | |||||||
Series A | |||||||
5.00% 5/1/23-21 § | 4,000,000 | 4,031,720 | |||||
Pennsylvania Higher Educational Facilities Authority | |||||||
Revenue | |||||||
(Drexel University) | |||||||
Series A 5.25% 5/1/25-21 § | 4,980,000 | 5,021,434 | |||||
(Unrefunded Drexel University) | |||||||
Series A 5.25% 5/1/25-21 § | 310,000 | 312,579 | |||||
Pennsylvania State Turnpike Commission Revenue | |||||||
Series C 5.00% 12/1/43-23 § | 4,555,000 | 5,146,968 | |||||
Philadelphia, Pennsylvania Water & Waste Water | |||||||
Revenue | |||||||
5.00% 11/1/28-22 § | 5,000,000 | 5,398,450 | |||||
Sacramento, California Water Revenue | |||||||
5.00% 9/1/26-23 § | 3,160,000 | 3,537,652 | |||||
San Francisco, California City & County Airports | |||||||
Commission | |||||||
Series D 5.00% 5/1/25-21 § | 570,000 | 574,680 | |||||
Southwestern Illinois Development Authority | |||||||
(Memorial Group) | |||||||
7.125% 11/1/30-23 § | 2,190,000 | 2,576,644 | |||||
Texas State | |||||||
(Transportation Commission Highway | |||||||
Improvement) | |||||||
5.00% 4/1/29-24 § | 3,000,000 | 3,426,060 |
41
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Virginia Commonwealth Transportation Board | |||||||
(Gans-Garvee) | |||||||
5.00% 3/15/24-23 § | 3,250,000 | $ | 3,566,842 | ||||
66,591,528 | |||||||
Special Tax Revenue Bonds – 16.51% | |||||||
Allentown, Pennsylvania Neighborhood | |||||||
Improvement Zone Development Authority | |||||||
Revenue | |||||||
(City Center Project) | |||||||
144A 5.375% 5/1/42 # | 400,000 | 460,260 | |||||
Camden County, New Jersey Improvement | |||||||
Authority Revenue | |||||||
(County Capital Program) | |||||||
Series A 5.00% 1/15/40 | 5,000,000 | 5,753,350 | |||||
Celebration Pointe, Florida Community | |||||||
Development District | |||||||
4.75% 5/1/24 | 375,000 | 399,469 | |||||
5.00% 5/1/34 | 830,000 | 870,653 | |||||
Connecticut State Transportation Infrastructure | |||||||
Series B 5.00% 10/1/30 | 3,375,000 | 4,265,123 | |||||
Dallas, Texas Convention Center Hotel Development | |||||||
Revenue | |||||||
Series A 5.00% 1/1/24 | 3,420,000 | 3,424,651 | |||||
Series A 5.25% 1/1/23 | 5,375,000 | 5,383,439 | |||||
Denver, Colorado Convention Center Hotel Authority | |||||||
5.00% 12/1/26 | 2,500,000 | 2,970,000 | |||||
5.00% 12/1/29 | 600,000 | 698,310 | |||||
5.00% 12/1/31 | 900,000 | 1,039,419 | |||||
5.00% 12/1/32 | 1,800,000 | 2,072,214 | |||||
5.00% 12/1/34 | 1,500,000 | 1,715,640 | |||||
5.00% 12/1/35 | 1,200,000 | 1,369,308 | |||||
5.00% 12/1/36 | 900,000 | 1,024,362 | |||||
Ernest N Morail-New Orleans, Louisiana Exhibition | |||||||
Hall Authority Special Tax Revenue | |||||||
5.00% 7/15/26 | 2,330,000 | 2,477,279 | |||||
GDB Debt Recovery Authority, Guam | |||||||
(Taxable) | |||||||
7.50% 8/20/40 | 5,000,647 | 4,275,553 | |||||
Harris County-Houston, Texas Sports Authority | |||||||
(Senior Lien) | |||||||
Series A 5.00% 11/15/30 | 1,805,000 | 1,993,947 |
42
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Kansas City, Missouri Land Clearance | |||||||
Redevelopment Authority Revenue | |||||||
(Convention Center Hotel Project - TIF Financing) | |||||||
Series B 144A 4.375% 2/1/31 # | 400,000 | $ | 424,852 | ||||
Series B 144A 5.00% 2/1/40 # | 200,000 | 212,342 | |||||
Massachusetts School Building Authority | |||||||
Series C 5.00% 8/15/29 | 1,630,000 | 1,935,788 | |||||
Metropolitan Transportation Authority Revenue, | |||||||
New York | |||||||
(Climate Bond Certified) | |||||||
Series B-2 5.00% 11/15/36 | 5,000,000 | 5,925,900 | |||||
New Jersey Economic Development Authority | |||||||
Revenue | |||||||
(Cigarette Tax) | |||||||
5.00% 6/15/22 | 1,750,000 | 1,842,400 | |||||
5.00% 6/15/23 | 1,250,000 | 1,314,113 | |||||
New York City, New York Transitional Finance | |||||||
Authority Building Aid Revenue | |||||||
Subordinate Subseries S-3A 5.00% 7/15/28 | 4,400,000 | 5,634,948 | |||||
New York City, New York Transitional Finance | |||||||
Authority Future Tax Secured | |||||||
Subseries A-1 5.00% 11/1/23 | 2,865,000 | 3,218,913 | |||||
Subseries B-1 5.00% 8/1/42 | 5,000,000 | 5,657,050 | |||||
Subseries C 5.00% 11/1/27 | 4,150,000 | 4,735,897 | |||||
Subseries D-1 5.00% 11/1/38 | 7,500,000 | 7,725,375 | |||||
Subseries E-1 5.00% 2/1/26 | 4,020,000 | 4,196,076 | |||||
Subseries E-1 5.00% 2/1/35 | 5,000,000 | 6,056,300 | |||||
New York State Dormitory Authority Revenue | |||||||
Series A 5.00% 3/15/31 | 1,000,000 | 1,172,620 | |||||
(General Purpose) | |||||||
Series B 5.00% 3/15/35 | 5,000,000 | 5,233,100 | |||||
Series D 5.00% 2/15/37 | 5,000,000 | 5,211,100 | |||||
New York State Urban Development Revenue | |||||||
(General Purpose) | |||||||
Series B 5.00% 3/15/35 | 5,000,000 | 5,909,350 | |||||
Series C 5.00% 3/15/33 | 3,000,000 | 3,885,720 | |||||
Series E 4.00% 3/15/38 | 8,000,000 | 9,185,040 | |||||
Series E 5.00% 3/15/33 | 2,000,000 | 2,561,740 | |||||
Orange County, California Local Transportation | |||||||
Authority | |||||||
5.00% 2/15/39 | 4,000,000 | 5,018,160 |
43
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Port Authority of Allegheny County, Pennsylvania | |||||||
5.00% 3/1/25 | 5,000,000 | $ | 5,000,000 | ||||
Public Finance Authority, Wisconsin | |||||||
(American Dream @ Meadowlands Project) | |||||||
144A 7.00% 12/1/50 # | 1,010,000 | 1,115,858 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 2.592% 7/1/33 ^ | 3,110,000 | 2,211,303 | |||||
Series A-1 4.55% 7/1/40 | 6,015,000 | 6,556,651 | |||||
Series A-1 4.75% 7/1/53 | 6,890,000 | 7,519,953 | |||||
Series A-1 5.00% 7/1/58 | 3,680,000 | 4,075,747 | |||||
Series A-2 4.329% 7/1/40 | 24,261,000 | 26,096,345 | |||||
Richmond Heights, Missouri Tax Increment & | |||||||
Transaction Sales Tax Revenue Refunding & | |||||||
Improvement | |||||||
(Francis Place Redevelopment Project) | |||||||
5.625% 11/1/25 | 795,000 | 795,000 | |||||
Wyandotte County, Kansas City, Kansas Unified | |||||||
Government Special Obligation Revenue | |||||||
(Sales Tax - Vacation Village Project Area 1 and | |||||||
2A) | |||||||
Series 2015A 5.00% 9/1/27 | 1,305,000 | 1,302,847 | |||||
181,923,465 | |||||||
State General Obligation Bonds – 16.84% | |||||||
California State | |||||||
(School Facilities) | |||||||
5.00% 11/1/30 | 5,000,000 | 5,596,350 | |||||
(Various Purpose) | |||||||
5.00% 8/1/26 | 3,120,000 | 3,832,265 | |||||
5.00% 10/1/26 | 2,500,000 | 3,084,850 | |||||
5.00% 8/1/28 | 3,000,000 | 3,866,730 | |||||
5.00% 9/1/30 | 1,715,000 | 2,089,659 | |||||
5.00% 4/1/32 | 1,410,000 | 1,919,856 | |||||
5.00% 9/1/32 | 4,100,000 | 4,980,967 | |||||
5.00% 8/1/33 | 5,000,000 | 5,817,150 | |||||
5.00% 9/1/35 | 8,000,000 | 9,685,600 | |||||
5.25% 9/1/28 | 7,750,000 | 7,945,997 | |||||
5.25% 9/1/30 | 5,000,000 | 5,592,750 | |||||
Series C 5.00% 9/1/30 | 5,985,000 | 7,132,684 | |||||
Commonwealth of Massachusetts | |||||||
Series A 5.00% 1/1/35 | 7,500,000 | 9,441,000 |
44
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Commonwealth of Massachusetts | |||||||
Series A 5.00% 7/1/37 | 5,000,000 | $ | 5,855,650 | ||||
Commonwealth of Pennsylvania | |||||||
5.00% 9/15/26 | 2,500,000 | 3,073,425 | |||||
5.00% 7/15/28 | 3,870,000 | 4,967,338 | |||||
Commonwealth of Puerto Rico | |||||||
Series A 8.00% 7/1/35 ‡ | 4,495,000 | 3,500,481 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/24 ‡ | 1,070,000 | 924,212 | |||||
Series A 5.00% 7/1/31 ‡ | 1,100,000 | 947,375 | |||||
Series A 5.00% 7/1/34 ‡ | 2,900,000 | 2,504,875 | |||||
Series A 5.125% 7/1/37 ‡ | 9,840,000 | 7,970,400 | |||||
Series A 5.25% 7/1/27 ‡ | 3,410,000 | 2,953,912 | |||||
Series A 5.25% 7/1/34 ‡ | 970,000 | 840,263 | |||||
Series A 5.50% 7/1/39 ‡ | 5,550,000 | 4,551,000 | |||||
Series B 5.00% 7/1/35 ‡ | 730,000 | 630,538 | |||||
Series C 5.75% 7/1/36 ‡ | 1,215,000 | 979,594 | |||||
Connecticut State | |||||||
Series F 5.00% 9/15/27 | 2,790,000 | 3,498,046 | |||||
District of Columbia Revenue | |||||||
Series B 6.00% 6/1/21 (NATL) | 5,000,000 | 5,072,750 | |||||
Series C 5.00% 6/1/34 | 5,000,000 | 5,684,250 | |||||
Hawaii State | |||||||
Series FW 4.00% 1/1/34 | 3,010,000 | 3,552,282 | |||||
Illinois State | |||||||
5.00% 1/1/28 | 1,630,000 | 1,845,454 | |||||
5.00% 3/1/36 | 960,000 | 984,518 | |||||
5.00% 11/1/36 | 1,965,000 | 2,190,425 | |||||
5.25% 2/1/30 | 2,410,000 | 2,618,080 | |||||
5.25% 2/1/32 | 1,015,000 | 1,098,047 | |||||
5.25% 2/1/33 | 480,000 | 518,333 | |||||
5.50% 5/1/39 | 2,500,000 | 3,037,650 | |||||
Series A 5.125% 12/1/29 | 4,440,000 | 5,203,147 | |||||
Series B 4.00% 11/1/34 | 5,000,000 | 5,492,750 | |||||
Series B 4.00% 10/1/35 | 8,830,000 | 9,665,406 | |||||
Series B 4.00% 11/1/35 | 2,200,000 | 2,389,860 | |||||
Series C 4.00% 10/1/37 | 1,710,000 | 1,858,428 | |||||
Series D 5.00% 11/1/25 | 1,220,000 | 1,387,262 | |||||
New Jersey State | |||||||
Series A 4.00% 6/1/31 | 2,600,000 | 3,120,494 |
45
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Oregon State | |||||||
(Article XI-Q State Projects) | |||||||
Series A 5.00% 5/1/28 | 2,000,000 | $ | 2,574,900 | ||||
Series A 5.00% 5/1/44 | 5,000,000 | 6,226,150 | |||||
Washington State | |||||||
Series R-2015E 5.00% 7/1/31 | 3,000,000 | 3,493,710 | |||||
(Various Purpose) | |||||||
Series 2015-A-1 5.00% 8/1/30 | 3,000,000 | 3,448,740 | |||||
185,645,603 | |||||||
Transportation Revenue Bonds – 18.56% | |||||||
Bay Area, California Toll Authority | |||||||
(San Francisco Bay Area) | |||||||
Series S-7 4.00% 4/1/34 | 1,000,000 | 1,158,620 | |||||
Chicago, Illinois Midway International Airport | |||||||
Series A 5.00% 1/1/28 (AMT) | 1,905,000 | 2,121,275 | |||||
Chicago, Illinois O’Hare International Airport | |||||||
Revenue | |||||||
Series A 5.00% 1/1/37 (AMT) | 5,000,000 | 6,016,050 | |||||
Series B 5.00% 1/1/32 | 1,000,000 | 1,155,110 | |||||
Series B 5.00% 1/1/33 | 1,520,000 | 1,752,651 | |||||
(General-Airport-Senior Lien) | |||||||
Series B 5.00% 1/1/36 | 2,500,000 | 3,058,500 | |||||
Series B 5.00% 1/1/37 | 3,000,000 | 3,657,900 | |||||
Dallas Fort Worth International Airport, Texas | |||||||
Series A 4.00% 11/1/34 | 2,500,000 | 2,997,925 | |||||
Series A 4.00% 11/1/35 | 1,000,000 | 1,194,750 | |||||
Delaware River Port Authority Revenue | |||||||
5.00% 1/1/30 | 350,000 | 392,564 | |||||
Hillsborough County, Florida Port District | |||||||
(Tampa Port Authority Project) | |||||||
Series B 5.00% 6/1/28 (AMT) | 375,000 | 449,010 | |||||
Kansas City, Missouri Industrial Development | |||||||
Authority Revenue | |||||||
(Kansas City International Airport Terminal | |||||||
Modernization Project) | |||||||
Series D 5.00% 3/1/33 (AMT) | 3,100,000 | 3,862,259 | |||||
Lee County, Florida Airport Revenue | |||||||
5.00% 10/1/33 | 4,305,000 | 5,018,683 | |||||
Memphis-Shelby County, Tennessee Airport | |||||||
Authority Revenue | |||||||
Series D 5.00% 7/1/24 | 4,110,000 | 4,172,636 |
46
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Metropolitan Washington D.C. Airports Authority | |||||||
Dulles Toll Road Revenue | |||||||
(Dulles Metrorail and Capital Improvement | |||||||
Project) | |||||||
Series B 4.00% 10/1/37 | 1,500,000 | $ | 1,694,250 | ||||
Miami-Dade County, Florida Aviation Revenue | |||||||
Series B 5.00% 10/1/37 | 5,700,000 | 6,523,536 | |||||
New Jersey State Turnpike Authority Turnpike | |||||||
Revenue | |||||||
Series A 4.00% 1/1/42 | 4,575,000 | 5,311,072 | |||||
Series A 5.00% 1/1/33 | 1,770,000 | 2,137,646 | |||||
Series E 5.00% 1/1/32 | 5,050,000 | 6,205,137 | |||||
New Orleans, Louisiana Aviation Board | |||||||
(North Terminal Project) | |||||||
Series B 5.00% 1/1/32 (AGM) (AMT) | 2,900,000 | 3,305,072 | |||||
Series B 5.00% 1/1/33 (AGM) (AMT) | 2,900,000 | 3,298,054 | |||||
New York State Thruway Authority | |||||||
Series J 5.00% 1/1/27 | 5,705,000 | 6,415,900 | |||||
Series J 5.00% 1/1/32 | 5,000,000 | 5,614,050 | |||||
Series K 5.00% 1/1/31 | 5,000,000 | 5,785,800 | |||||
New York Transportation Development Special | |||||||
Facilities Revenue | |||||||
(Delta Air Lines, Inc. - LaGuardia Airport Terminals | |||||||
C&D Redevelopment Project) | |||||||
4.00% 10/1/30 (AMT) | 1,950,000 | 2,269,975 | |||||
5.00% 1/1/33 (AMT) | 790,000 | 935,795 | |||||
5.00% 10/1/35 (AMT) | 1,125,000 | 1,388,711 | |||||
(JFK International Air Terminal Project) | |||||||
Series A 5.00% 12/1/33 (AMT) | 1,000,000 | 1,241,120 | |||||
Series A 5.00% 12/1/35 (AMT) | 1,000,000 | 1,236,510 | |||||
Series C 4.00% 12/1/39 | 755,000 | 842,399 | |||||
Series C 4.00% 12/1/41 | 730,000 | 813,541 | |||||
Series C 5.00% 12/1/29 | 225,000 | 282,611 | |||||
Oklahoma State Turnpike Authority Revenue | |||||||
Series A 5.00% 1/1/42 | 5,000,000 | 5,793,900 | |||||
Pennsylvania State Turnpike Commission Revenue | |||||||
Series B 5.00% 12/1/45 | 5,000,000 | 5,791,700 | |||||
Series C 5.00% 12/1/43 | 1,445,000 | 1,573,403 | |||||
Subordinate Series A-1 5.00% 12/1/29 | 3,590,000 | 4,116,796 | |||||
Philadelphia, Pennsylvania Airport Revenue | |||||||
Series B 5.00% 7/1/32 | 200,000 | 254,350 | |||||
Series C 5.00% 7/1/29 (AMT) | 365,000 | 457,017 |
47
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Philadelphia, Pennsylvania Airport Revenue | |||||||
Series C 5.00% 7/1/31 (AMT) | 800,000 | $ | 1,004,696 | ||||
Series C 5.00% 7/1/32 (AMT) | 845,000 | 1,053,267 | |||||
Phoenix, Arizona Civic Improvement Corporation | |||||||
Airport Revenue | |||||||
(Junior Lien) | |||||||
Series A 5.00% 7/1/33 | 3,355,000 | 3,885,493 | |||||
Series B 5.00% 7/1/49 (AMT) | 10,900,000 | 12,979,938 | |||||
Port Authority of New York & New Jersey | |||||||
5.00% 9/15/25 (AMT) | 7,000,000 | 8,328,110 | |||||
5.00% 10/15/29 (AMT) | 3,105,000 | 3,647,785 | |||||
(194th Series) | |||||||
5.00% 10/15/32 | 2,500,000 | 2,968,050 | |||||
Port Beaumont Navigation District, Texas | |||||||
(Allegiant Industrial Island Park Project) | |||||||
144A 8.00% 2/1/39 (AMT) # | 1,250,000 | 1,372,300 | |||||
Port of Portland Oregon Airport Revenue | |||||||
Series A 4.00% 7/1/50 (AMT) | 2,440,000 | 2,677,973 | |||||
Regional Transportation District, Colorado | |||||||
(Denver Transit Partners Eagle P3 Project) | |||||||
Series B 4.00% 7/15/34 | 1,250,000 | 1,476,525 | |||||
Series B 5.00% 1/15/29 | 600,000 | 752,880 | |||||
Series B 5.00% 7/15/30 | 700,000 | 898,128 | |||||
Series B 5.00% 7/15/31 | 1,050,000 | 1,354,174 | |||||
Salt Lake City, Utah Airport Revenue | |||||||
Series A 5.00% 7/1/36 (AMT) | 10,000,000 | 12,013,900 | |||||
Series A 5.00% 7/1/38 (AMT) | 5,000,000 | 5,974,150 | |||||
Series B 5.00% 7/1/31 | 500,000 | 609,945 | |||||
Series B 5.00% 7/1/32 | 600,000 | 729,198 | |||||
Series B 5.00% 7/1/33 | 1,000,000 | 1,211,320 | |||||
San Francisco, California City & County Airport | |||||||
Commission - San Francisco International Airport | |||||||
Series D 5.00% 5/1/25 | 1,430,000 | 1,441,211 | |||||
South Jersey Port, New Jersey | |||||||
(Subordinated Marine Terminal) | |||||||
Series B 5.00% 1/1/24 (AMT) | 180,000 | 199,233 | |||||
Series B 5.00% 1/1/25 (AMT) | 390,000 | 443,328 | |||||
Series B 5.00% 1/1/30 (AMT) | 230,000 | 270,508 | |||||
Series B 5.00% 1/1/32 (AMT) | 215,000 | 250,215 | |||||
Series B 5.00% 1/1/33 (AMT) | 705,000 | 816,355 | |||||
Series B 5.00% 1/1/34 (AMT) | 880,000 | 1,015,810 |
48
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
South Jersey Port, New Jersey | |||||||
(Subordinated Marine Terminal) | |||||||
Series B 5.00% 1/1/35 (AMT) | 675,000 | $ | 778,194 | ||||
Series B 5.00% 1/1/36 (AMT) | 660,000 | 758,888 | |||||
Series B 5.00% 1/1/37 (AMT) | 430,000 | 493,077 | |||||
Superior City, Wisconsin | |||||||
(Midwest Energy Resources Company Project) | |||||||
Series E 6.90% 8/1/21 (NATL) | 12,000,000 | 12,328,320 | |||||
Texas Private Activity Bond Surface Transportation | |||||||
Corporate Senior Lien Revenue | |||||||
(NTE Mobility Partners Segments 3 LLC Segment | |||||||
3A and 3B Facility) | |||||||
7.00% 12/31/38 (AMT) | 3,750,000 | 4,289,513 | |||||
Wayne County, Michigan Airport Authority | |||||||
Series D 5.00% 12/1/45 (AGM) | 6,300,000 | 7,325,388 | |||||
Westchester County, New York Industrial | |||||||
Development Agency | |||||||
(Million Air Two LLC General Aviation Facilities | |||||||
Project) | |||||||
Series A 144A 7.00% 6/1/46 (AMT) # | 875,000 | 915,696 | |||||
204,559,846 | |||||||
Water & Sewer Revenue Bonds – 1.33% | |||||||
Dominion, Colorado Water & Sanitation District | |||||||
5.25% 12/1/27 | 450,000 | 471,740 | |||||
Great Lakes, Michigan Water Authority Water | |||||||
Supply System Revenue | |||||||
(Senior Lien Bond) | |||||||
Series C 5.00% 7/1/31 | 3,000,000 | 3,636,000 | |||||
New York City, New York Municipal Water Finance | |||||||
Authority Water & Sewer System Revenue | |||||||
(General Resolution Revenue Bonds) | |||||||
Series EE 5.00% 6/15/39 | 5,000,000 | 5,944,150 | |||||
San Antonio, Texas Water System Revenue | |||||||
Series A 5.00% 5/15/32 | 1,500,000 | 1,847,565 | |||||
Series A 5.00% 5/15/33 | 2,250,000 | 2,765,317 | |||||
14,664,772 | |||||||
Total Municipal Bonds (cost $1,014,414,761) | 1,091,477,870 |
49
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (US $) | ||||||
Short-Term Investments – 0.05% | |||||||
Variable Rate Demand Notes – 0.05%¤ | |||||||
Mississippi Business Finance Corporation Gulf | |||||||
Opportunity Zone Industrial Development | |||||||
Revenue | |||||||
(Chevron USA Project) Series G 0.01% 11/1/35 | 300,000 | $ | 300,000 | ||||
Oregon State Facilities Authority Revenue | |||||||
(PeaceHealth) Series B 0.03% 8/1/34 | |||||||
(LOC - TD Bank N.A.) | 250,000 | 250,000 | |||||
Total Short-Term Investments (cost $550,000) | 550,000 | ||||||
Total Value of Securities–99.07% | |||||||
(cost $1,014,964,761) | $ | 1,092,027,870 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $57,497,452, which represents 5.22% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
§ | 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. See Note 8 in “Notes to financial statements.” |
¤ | 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 February 28, 2021. |
50
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
51
Schedules of investments | |
Delaware National High-Yield Municipal Bond Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 98.56% | |||||||
Corporate Revenue Bonds – 22.31% | |||||||
Allegheny County, Pennsylvania Industrial | |||||||
Development Authority Revenue | |||||||
(Environmental Improvement - US Steel Corp. | |||||||
Project) | |||||||
5.75% 8/1/42 (AMT) | 2,000,000 | $ | 2,075,520 | ||||
Anuvia, Florida | |||||||
144A 5.00% 1/1/29 # | 121,226 | 90,920 | |||||
Arizona Industrial Development Authority Revenue | |||||||
(Legacy Cares Inc. Project) | |||||||
Series A 144A 7.75% 7/1/50 # | 15,330,000 | 16,541,377 | |||||
Buckeye, Ohio Tobacco Settlement Financing | |||||||
Authority | |||||||
(Asset-Backed Senior) | |||||||
Series B-2 5.00% 6/1/55 | 34,190,000 | 38,497,598 | |||||
California County Tobacco Securitization Agency | |||||||
Settlement Revenue | |||||||
(Capital Appreciation Bond - Fresno County | |||||||
Tobacco Funding Corporation) | |||||||
0.83% 6/1/55 ^ | 100,000,000 | 7,400,000 | |||||
California Pollution Control Financing Authority | |||||||
Revenue | |||||||
(Calplant I Project) | |||||||
144A 7.50% 7/1/32 (AMT) # | 1,600,000 | 1,458,928 | |||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 5,250,000 | 3,412,500 | |||||
California State Enterprise Development Authority | |||||||
Revenue | |||||||
(Sunpower Corp. - Recovery Zone Facility) | |||||||
8.50% 4/1/31 | 1,000,000 | 1,001,740 | |||||
Children’s Trust Fund, Puerto Rico | |||||||
(Asset-Backed) | |||||||
Series B 0.485% 5/15/57 ^ | 3,420,000 | 184,441 | |||||
District of Columbia Tobacco Settlement Financing | |||||||
(Capital Appreciation-Asset-Backed) | |||||||
Series D 0.122% 6/15/55 ^ | 250,000,000 | 20,250,000 | |||||
Erie, New York Tobacco Asset Securitization | |||||||
(Asset-Backed) | |||||||
Series A 144A 1.536% 6/1/60 #, ^ | 192,305,000 | 8,219,116 | |||||
Florida Development Finance Corporation Surface | |||||||
Transportation Facility Revenue | |||||||
(Brightline Passenger Rail Project) | |||||||
Series B 144A 7.375% 1/1/49 (AMT) # | 14,040,000 | 13,628,628 | |||||
(Virgin Trains USA Passenger Rail Project) | |||||||
Series A 144A 6.25% 1/1/49 (AMT) #, ● | 4,000,000 | 3,939,680 |
52
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Florida Development Finance Corporation Surface | |||||||
Transportation Facility Revenue | |||||||
(Virgin Trains USA Passenger Rail Project) | |||||||
Series A 144A 6.50% 1/1/49 (AMT) #, ● | 8,905,000 | $ | 8,544,347 | ||||
Golden State, California Tobacco Securitization | |||||||
Corporate Settlement Revenue | |||||||
(Asset-Backed) | |||||||
Series A-2 5.00% 6/1/47 | 4,000,000 | 4,137,920 | |||||
(Capital Appreciation - Asset-Backed-1st | |||||||
Subordinate) | |||||||
Series B 1.548% 6/1/47 ^ | 30,145,000 | 6,618,033 | |||||
Hoover, Alabama Industrial Development Board | |||||||
(United States Steel Corporation Project) | |||||||
5.75% 10/1/49 (AMT) | 10,250,000 | 11,661,322 | |||||
Houston, Texas Airport System Revenue | |||||||
Series B-1 5.00% 7/15/35 (AMT) | 3,000,000 | 3,284,460 | |||||
(Special Facilities Continental Airlines, Inc. | |||||||
Terminal Improvements Projects) | |||||||
Series 2011 6.625% 7/15/38 (AMT) | 2,000,000 | 2,055,300 | |||||
(United Airlines Inc.) | |||||||
5.00% 7/1/29 (AMT) | 1,150,000 | 1,246,945 | |||||
Indiana Finance Authority Exempt Facility Revenue | |||||||
(Polyflow Indiana Project - Green Bond) | |||||||
144A 7.00% 3/1/39 (AMT) # | 7,035,000 | 6,476,421 | |||||
Inland, California Empire Tobacco Securitization | |||||||
(Capital Appreciation-Asset-Backed) | |||||||
Series E 144A 0.967% 6/1/57 #, ^ | 351,610,000 | 23,336,356 | |||||
Series F 144A 1.403% 6/1/57 #, ^ | 188,290,000 | 8,791,260 | |||||
Main Street Natural Gas Project Revenue, Georgia | |||||||
Series A 5.50% 9/15/23 | 40,000 | 45,019 | |||||
Michigan Finance Authority Limited Obligation | |||||||
Revenue | |||||||
Series B-2 4.97% 6/1/65 ^ | 10,000,000 | 1,235,400 | |||||
Monroe, New York Tobacco Asset Securitization | |||||||
(4th Subordinate - Capital Appreciation - | |||||||
Asset-Backed) | |||||||
Series A 0.186% 6/1/61 ^ | 487,500,000 | 20,221,500 | |||||
Nevada State Department of Business & Industry | |||||||
(Green Fulcrum Sierra Biofuels Project) | |||||||
144A 6.25% 12/15/37 (AMT) # | 2,500,000 | 2,438,900 |
53
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
New Jersey Economic Development Authority | |||||||
Special Facility Revenue | |||||||
(Continental Airlines Project) | |||||||
5.25% 9/15/29 (AMT) | 4,000,000 | $ | 4,251,400 | ||||
Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,419,593 | |||||
New Jersey Tobacco Settlement Financing | |||||||
Corporation | |||||||
Series B 5.00% 6/1/46 | 4,440,000 | 5,130,065 | |||||
New York City, New York Industrial Development | |||||||
Agency | |||||||
(Queens Baseball Stadium Project) | |||||||
Series A 2.00% 1/1/38 (AGM) | 1,000,000 | 933,440 | |||||
New York Liberty Development Revenue | |||||||
(Goldman Sachs Headquarters) | |||||||
5.25% 10/1/35 | 360,000 | 504,464 | |||||
New York Transportation Development | |||||||
(American Airlines Inc. John F. Kennedy | |||||||
International Airport Project) | |||||||
5.375% 8/1/36 (AMT) | 1,000,000 | 1,188,080 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority | |||||||
(CarbonLite P, LLC Project) | |||||||
144A 5.75% 6/1/36 (AMT) # | 7,625,000 | 6,725,326 | |||||
(National Gypsum) | |||||||
5.50% 11/1/44 (AMT) | 4,500,000 | 4,671,675 | |||||
Port of Seattle, Washington Industrial Development | |||||||
Corporation Special Facilities Revenue | |||||||
(Delta Airlines) | |||||||
5.00% 4/1/30 (AMT) | 2,000,000 | 2,140,500 | |||||
Public Authority for Colorado Energy Natural Gas | |||||||
Revenue | |||||||
Series 28 6.50% 11/15/38 | 2,000,000 | 2,998,040 | |||||
Salt Verde, Arizona Financial Senior Gas Revenue | |||||||
5.00% 12/1/37 | 9,250,000 | 12,778,135 | |||||
5.25% 12/1/27 | 2,235,000 | 2,772,361 | |||||
5.25% 12/1/28 | 1,050,000 | 1,325,247 | |||||
5.50% 12/1/29 | 765,000 | 994,554 | |||||
Shoals, Indiana | |||||||
(National Gypsum Co. Project) | |||||||
7.25% 11/1/43 (AMT) | 1,625,000 | 1,719,965 | |||||
Southern Ohio Port Authority | |||||||
(PureCycle Project) | |||||||
Series A 144A 7.00% 12/1/42 (AMT) # | 2,500,000 | 2,663,175 |
54
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Corporate Revenue Bonds (continued) | ||||||
St. James Parish, Louisiana | ||||||
(NuStar Logistics, LP Project) | ||||||
144A 6.10% 6/1/38 #, ● | 1,000,000 | $ | 1,246,830 | |||
144A 6.35% 7/1/40 # | 3,600,000 | 4,560,732 | ||||
Series B 144A 6.10% 12/1/40 #, ● | 1,630,000 | 2,032,333 | ||||
Tennessee State Energy Acquisition Gas Revenue | ||||||
Series A 4.00% 5/1/48 ● | 720,000 | 768,794 | ||||
Series C 5.00% 2/1/27 | 2,940,000 | 3,519,033 | ||||
TSASC, New York | ||||||
Series A 5.00% 6/1/41 | 705,000 | 813,824 | ||||
Tulsa, Oklahoma Municipal Airports Improvement | ||||||
Trust Revenue | ||||||
Series A 5.50% 6/1/35 (AMT) | 2,000,000 | 2,135,880 | ||||
Valparaiso, Indiana | ||||||
(Pratt Paper LLC Project) | ||||||
7.00% 1/1/44 (AMT) | 2,865,000 | 3,220,088 | ||||
Virginia Tobacco Settlement Financing Corporation | ||||||
Series B-1 5.00% 6/1/47 | 2,000,000 | 2,010,980 | ||||
Series C 2.419% 6/1/47 ^ | 69,475,000 | 15,527,662 | ||||
Series D 2.567% 6/1/47 ^ | 151,255,000 | 32,544,026 | ||||
Washington Economic Development Finance | ||||||
Authority Revenue | ||||||
(Columbia Pulp I, LLC Project) | ||||||
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | 4,800,000 | 3,600,000 | ||||
340,989,833 | ||||||
Education Revenue Bonds – 16.48% | ||||||
Arizona Industrial Development Authority Revenue | ||||||
(ACCEL Schools Project) | ||||||
Series A 144A 5.25% 8/1/48 # | 3,200,000 | 3,482,144 | ||||
(American Charter Schools Foundation Project) | ||||||
144A 6.00% 7/1/37 # | 1,205,000 | 1,464,641 | ||||
144A 6.00% 7/1/47 # | 4,735,000 | 5,656,715 | ||||
(Basis Schools Projects) | ||||||
Series A 144A 5.125% 7/1/37 # | 750,000 | 838,523 | ||||
(Kaizen Education Foundation Project) | ||||||
144A 5.80% 7/1/52 # | 4,000,000 | 4,464,240 | ||||
(Pinecrest Academy Nevada-Horizon, Inspirada) | ||||||
Series A 144A 5.75% 7/15/48 # | 2,250,000 | 2,548,687 | ||||
Arlington, Texas Higher Education Finance | ||||||
(Leadership Preparatory School) | ||||||
Series A 5.00% 6/15/36 | 700,000 | 703,507 |
55
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Arlington, Texas Higher Education Finance | |||||||
(Leadership Preparatory School) | |||||||
Series A 5.00% 6/15/46 | 1,425,000 | $ | 1,430,828 | ||||
Build NYC Resource, New York | |||||||
5.00% 11/1/39 | 1,000,000 | 1,073,180 | |||||
(Inwood Academy for Leadership Charter School | |||||||
Project) | |||||||
Series A 144A 5.125% 5/1/38 # | 575,000 | 643,776 | |||||
Series A 144A 5.50% 5/1/48 # | 1,500,000 | 1,685,535 | |||||
(New Dawn Charter Schools Project) | |||||||
144A 5.625% 2/1/39 # | 1,290,000 | 1,398,785 | |||||
144A 5.75% 2/1/49 # | 2,700,000 | 2,910,033 | |||||
Burbank, Illinois | |||||||
(Intercultural Montessori Language) | |||||||
144A 6.25% 9/1/45 # | 4,000,000 | 4,324,360 | |||||
California Educational Facilities Authority Revenue | |||||||
(Stanford University) | |||||||
Series V-1 5.00% 5/1/49 | 13,980,000 | 20,976,571 | |||||
California Municipal Finance Authority Revenue | |||||||
(California Baptist University) | |||||||
Series A 144A 5.50% 11/1/45 # | 4,000,000 | 4,467,120 | |||||
(Julian Charter School Project) | |||||||
Series A 144A 5.625% 3/1/45 # | 5,250,000 | 5,377,837 | |||||
(Partnership Uplift Community Project) | |||||||
Series A 5.25% 8/1/42 | 1,700,000 | 1,738,267 | |||||
(Santa Rosa Academy Project) | |||||||
Series A 6.00% 7/1/42 | 1,250,000 | 1,307,363 | |||||
(Southwestern Law School) | |||||||
6.50% 11/1/41 | 1,500,000 | 1,547,040 | |||||
California Public Finance Authority | |||||||
(Crossroads Christian School Project) | |||||||
144A 5.00% 1/1/56 # | 2,000,000 | 2,048,100 | |||||
California School Finance Authority | |||||||
(Aspire Public Schools) | |||||||
Series A 144A 5.00% 8/1/35 # | 585,000 | 663,992 | |||||
Series A 144A 5.00% 8/1/40 # | 605,000 | 681,073 | |||||
(Encore Education Obligated Group) | |||||||
Series A 144A 5.00% 6/1/52 # | 1,000,000 | 914,590 | |||||
(Escuela Popular Project) | |||||||
144A 6.50% 7/1/50 # | 2,500,000 | 2,775,500 | |||||
(New Designs Charter School) | |||||||
Series A 5.50% 6/1/42 | 1,750,000 | 1,798,300 |
56
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
California School Finance Authority | |||||||
(View Park Elementary & Middle Schools) | |||||||
Series A 5.875% 10/1/44 | 1,000,000 | $ | 1,090,500 | ||||
Series A 6.00% 10/1/49 | 720,000 | 788,177 | |||||
California State University | |||||||
(Systemwide) | |||||||
Series A 5.00% 11/1/26 | 2,000,000 | 2,483,500 | |||||
California Statewide Communities Development | |||||||
Authority Charter School Revenue | |||||||
(Green Dot Public Schools) | |||||||
Series A 7.25% 8/1/41 | 1,915,000 | 1,954,889 | |||||
California Statewide Communities Development | |||||||
Authority Revenue | |||||||
(Lancer Educational Student Housing Project) | |||||||
Series A 144A 5.00% 6/1/46 # | 1,500,000 | 1,616,610 | |||||
Capital Trust Agency, Florida | |||||||
(Pineapple Cove Classical Academy Inc. Project) | |||||||
Series A 144A 5.375% 7/1/54 # | 6,000,000 | 6,600,420 | |||||
(River City Education Services Project) | |||||||
Series A 5.375% 2/1/35 | 870,000 | 921,208 | |||||
Series A 5.625% 2/1/45 | 1,500,000 | 1,584,240 | |||||
(The Pepin Academies Inc. Project) | |||||||
Series A 5.75% 7/1/55 | 2,625,000 | 2,804,498 | |||||
(University Bridge, LLC Student Housing Project) | |||||||
Series A 144A 5.25% 12/1/58 # | 8,000,000 | 9,036,800 | |||||
Chester County, Pennsylvania Industrial | |||||||
Development Authority Student Housing Revenue | |||||||
(University Student Housing, LLC Project at West | |||||||
Chester University of Pennsylvania) | |||||||
Series A 5.00% 8/1/30 | 2,200,000 | 2,219,294 | |||||
Colorado Educational & Cultural Facilities Authority | |||||||
Revenue | |||||||
(Charter School - Community Leadership | |||||||
Academy) | |||||||
7.45% 8/1/48 | 2,000,000 | 2,217,020 | |||||
(Charter School - Loveland Classical School) | |||||||
144A 5.00% 7/1/46 # | 1,500,000 | 1,610,745 | |||||
(Global Village Academy - Northglenn Project) | |||||||
144A 5.00% 12/1/40 # | 1,110,000 | 1,189,542 | |||||
144A 5.00% 12/1/55 # | 1,720,000 | 1,803,747 |
57
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Colorado Educational & Cultural Facilities Authority | |||||||
Revenue | |||||||
(Skyview Charter School) | |||||||
144A 5.375% 7/1/44 # | 500,000 | $ | 533,425 | ||||
(Windsor Charter Academy Project) | |||||||
Series 2016 5.00% 9/1/36 | 1,000,000 | 1,010,740 | |||||
East Hempfield Township, Pennsylvania Industrial | |||||||
Development Authority | |||||||
(Student Services Income - Student Housing | |||||||
Project) | |||||||
5.00% 7/1/30 | 1,000,000 | 1,017,970 | |||||
Hawaii State Department of Budget & Finance | |||||||
(Hawaii Pacific University) | |||||||
Series A 6.875% 7/1/43 | 2,000,000 | 2,126,600 | |||||
Henderson, Nevada Public Improvement Trust | |||||||
(Touro College & University System) | |||||||
Series A 5.50% 1/1/39 | 560,000 | 598,629 | |||||
Series A 5.50% 1/1/44 | 2,000,000 | 2,124,940 | |||||
Idaho Housing & Finance Association | |||||||
(Compass Public Charter School) | |||||||
Series A 144A 5.00% 7/1/54 # | 860,000 | 931,165 | |||||
(Idaho Arts Charter School) | |||||||
144A 5.00% 12/1/36 # | 715,000 | 778,456 | |||||
(North Star Charter School) | |||||||
Capital Appreciation Subordinate Series B | |||||||
144A 4.88% 7/1/49 #, ^ | 2,888,155 | 565,414 | |||||
Series A 6.75% 7/1/48 | 529,150 | 576,821 | |||||
(Xavier Charter School Project) | |||||||
Series A 5.00% 6/1/50 | 1,000,000 | 1,077,750 | |||||
Illinois Finance Authority Charter School Revenue | |||||||
(Chicago International Charter School Project) | |||||||
5.00% 12/1/47 | 2,805,000 | 3,094,252 | |||||
(Uno Charter School) | |||||||
Series A 7.125% 10/1/41 | 1,000,000 | 1,022,540 | |||||
Illinois Finance Authority Revenue | |||||||
(Lake Forest College) | |||||||
Series A 6.00% 10/1/48 | 1,000,000 | 1,036,170 | |||||
(Rogers Park Montessori) | |||||||
6.00% 2/1/34 | 675,000 | 718,639 | |||||
6.125% 2/1/45 | 1,800,000 | 1,902,618 |
58
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Education Revenue Bonds (continued) | |||||
Illinois Finance Authority Student Housing & | |||||
Academic Facility Revenue | |||||
(University of Illinois at Chicago Project) | |||||
Series A 5.00% 2/15/47 | 3,500,000 | $ | 3,828,335 | ||
Illinois Finance Authority Student Housing Revenue | |||||
(Dekalb II - Northern Illinois University Project) | |||||
6.875% 10/1/43 | 1,000,000 | 1,015,130 | |||
Kanawha, West Virginia | |||||
(West Virginia University Foundation Project) | |||||
6.75% 7/1/45 | 2,500,000 | 2,561,200 | |||
Kent County, Delaware Student Housing and Dining | |||||
Facilities Revenue | |||||
(Delaware State University Project) | |||||
Series A 5.00% 7/1/58 | 1,250,000 | 1,348,013 | |||
Louisiana Public Facilities Authority Revenue | |||||
(Lake Charles Charter Academy Foundation | |||||
Project) | |||||
8.00% 12/15/41 | 1,500,000 | 1,548,675 | |||
Macomb County, Michigan State Public School | |||||
Academy Revenue | |||||
(Academy Of Warren) | |||||
Series A 144A 5.50% 5/1/50 # | 1,810,000 | 1,866,074 | |||
Macon-Bibb County, Georgia Urban Development | |||||
Authority Revenue | |||||
(Academy for Classical Education) | |||||
Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,746,377 | |||
Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,588,140 | |||
Miami-Dade County, Florida Industrial Development | |||||
Authority | |||||
(Youth Co-Op Charter School) | |||||
Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,090,970 | |||
Series A 144A 6.00% 9/15/45 # | 1,000,000 | 1,085,650 | |||
Michigan Finance Authority Limited Obligation | |||||
Revenue | |||||
(Landmark Academy Project) | |||||
5.00% 6/1/45 | 2,000,000 | 2,123,020 | |||
(Public School Academy Old Redford) | |||||
Series A 6.50% 12/1/40 | 900,000 | 900,882 | |||
Nevada State Department of Business & Industry | |||||
(Somerset Academy) | |||||
Series A 144A 5.00% 12/15/35 # | 1,595,000 | 1,698,053 | |||
Series A 144A 5.125% 12/15/45 # | 2,515,000 | 2,650,433 |
59
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Education Revenue Bonds (continued) | |||||
New Jersey State Higher Education Student | |||||
Assistance Authority Student Loan Revenue | |||||
Series 1B 5.75% 12/1/39 (AMT) | 1,250,000 | $ | 1,326,613 | ||
New York State Dormitory Authority | |||||
(Touro College & University System) | |||||
Series A 5.50% 1/1/44 | 2,875,000 | 3,063,916 | |||
Pennsylvania State Higher Educational Facilities | |||||
Authority Revenue | |||||
(Foundation Indiana University) | |||||
Series A 0.809% 7/1/39 (AGC) ● | 2,400,000 | 2,126,592 | |||
Philadelphia, Pennsylvania Authority for Industrial | |||||
Development Revenue | |||||
(1st Philadelphia Preparatory) | |||||
Series A 7.25% 6/15/43 | 1,230,000 | 1,408,128 | |||
(Green Woods Charter School Project) | |||||
Series A 5.75% 6/15/42 | 1,600,000 | 1,653,584 | |||
(Tacony Academy Charter School Project) | |||||
7.00% 6/15/43 | 1,540,000 | 1,699,498 | |||
Phoenix, Arizona Industrial Development Authority | |||||
Education Revenue | |||||
(Basic Schools Project) | |||||
Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | 4,317,400 | |||
Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 2,159,540 | |||
(Choice Academies Project) | |||||
5.375% 9/1/32 | 1,000,000 | 1,030,660 | |||
5.625% 9/1/42 | 600,000 | 618,168 | |||
(Eagle College Preparatory Project) | |||||
Series A 5.00% 7/1/43 | 450,000 | 460,093 | |||
Pima County, Arizona Industrial Development | |||||
Authority Education Revenue | |||||
(American Leadership Academy Project) | |||||
144A 5.00% 6/15/47 # | 1,630,000 | 1,657,726 | |||
144A 5.00% 6/15/52 # | 1,400,000 | 1,422,932 | |||
(Career Success Schools Project) | |||||
144A 5.50% 5/1/40 # | 500,000 | 524,425 | |||
144A 5.75% 5/1/50 # | 2,530,000 | 2,655,362 | |||
(Edkey Charter Schools Project) | |||||
144A 5.00% 7/1/49 # | 2,500,000 | 2,640,375 | |||
144A 5.00% 7/1/55 # | 2,500,000 | 2,617,875 | |||
Pottsboro, Texas Higher Education Finance | |||||
Authority Revenue | |||||
Series A 5.00% 8/15/36 | 755,000 | 820,134 |
60
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Education Revenue Bonds (continued) | |||||
Pottsboro, Texas Higher Education Finance | |||||
Authority Revenue | |||||
Series A 5.00% 8/15/46 | 1,000,000 | $ | 1,068,740 | ||
Private Colleges & Universities Authority, Georgia | |||||
Revenue | |||||
(Mercer University) | |||||
Series A 5.00% 10/1/32 | 1,005,000 | 1,023,150 | |||
Public Finance Authority Revenue, Wisconsin | |||||
(Goodwill Industries of Southern Nevada Project) | |||||
Series A 5.50% 12/1/38 | 2,572,956 | 2,490,930 | |||
Series A 5.75% 12/1/48 | 2,576,272 | 2,456,166 | |||
(Minnesota College of Osteopathic Medicine) | |||||
Series A-1 144A 5.50% 12/1/48 #, ‡ | 125,529 | 62,764 | |||
Subordinate Series B 144A 7.75% 12/1/48 #, ● | 2,500,000 | 250,000 | |||
(Wilson Preparatory Academy) | |||||
Series A 144A 4.125% 6/15/29 # | 505,000 | 534,336 | |||
Series A 144A 5.00% 6/15/39 # | 500,000 | 536,130 | |||
Series A 144A 5.00% 6/15/49 # | 1,100,000 | 1,165,857 | |||
South Carolina Jobs-Economic Development | |||||
Authority Educational Facilities Revenue | |||||
(High Point Academy Project) | |||||
Series A 144A 5.75% 6/15/49 # | 5,000,000 | 5,573,250 | |||
St. Paul, Minnesota Housing & Redevelopment | |||||
Authority Charter School Lease Revenue | |||||
(Academia Cesar Chavez School Project) | |||||
Series A 5.25% 7/1/50 | 2,560,000 | 2,600,397 | |||
University of Texas System Board of Regents | |||||
Series B 5.00% 8/15/49 | 21,400,000 | 32,218,342 | |||
Utah State Charter School Finance Authority | |||||
Revenue | |||||
(Leadership Learning Academy Project) | |||||
Series A 144A 5.00% 6/15/39 # | 1,000,000 | 1,091,100 | |||
Series A 144A 5.00% 6/15/50 # | 2,200,000 | 2,369,422 | |||
Wisconsin Public Finance Authority Revenue | |||||
(Pine Lake Preparatory) | |||||
144A 5.50% 3/1/45 # | 3,460,000 | 3,709,362 | |||
(Roseman University Health Sciences Project) | |||||
5.75% 4/1/42 | 2,000,000 | 2,075,800 | |||
Wyoming Community Development Authority | |||||
Student Housing Revenue | |||||
(CHF-Wyoming LLC) | |||||
6.50% 7/1/43 | 1,000,000 | 1,010,620 |
61
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Education Revenue Bonds (continued) | |||||
Yonkers, New York Economic Development | |||||
Corporation Education Revenue | |||||
(Lamartine/Warburton LLC - Charter School of | |||||
Educational Excellence Project) | |||||
Series A 5.00% 10/15/54 | 465,000 | $ | 515,764 | ||
251,964,129 | |||||
Electric Revenue Bonds – 4.08% | |||||
Build NYC Resource, New York | |||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. | |||||
Project) | |||||
144A 5.25% 12/31/33 (AMT) # | 4,520,000 | 4,890,052 | |||
Puerto Rico Electric Power Authority Revenue | |||||
Series A 5.00% 7/1/42 ‡ | 8,615,000 | 7,775,038 | |||
Series A 5.05% 7/1/42 ‡ | 4,590,000 | 4,142,475 | |||
Series A 6.75% 7/1/36 ‡ | 1,500,000 | 1,383,750 | |||
Series AAA 5.25% 7/1/25 ‡ | 925,000 | 837,125 | |||
Series AAA 5.25% 7/1/26 ‡ | 1,030,000 | 932,150 | |||
Series AAA 5.25% 7/1/27 ‡ | 5,330,000 | 4,823,650 | |||
Series AAA 5.25% 7/1/28 ‡ | 1,205,000 | 1,090,525 | |||
Series CCC 5.25% 7/1/27 ‡ | 3,025,000 | 2,737,625 | |||
Series WW 5.00% 7/1/28 ‡ | 1,390,000 | 1,254,475 | |||
Series WW 5.25% 7/1/25 ‡ | 1,530,000 | 1,384,650 | |||
Series WW 5.25% 7/1/33 ‡ | 830,000 | 751,150 | |||
Series WW 5.50% 7/1/38 ‡ | 9,325,000 | 8,462,437 | |||
Series XX 4.75% 7/1/26 ‡ | 920,000 | 828,000 | |||
Series XX 5.25% 7/1/40 ‡ | 9,795,000 | 8,864,475 | |||
Series XX 5.75% 7/1/36 ‡ | 5,840,000 | 5,314,400 | |||
Series ZZ 4.75% 7/1/27 ‡ | 760,000 | 684,000 | |||
Series ZZ 5.25% 7/1/24 ‡ | 1,275,000 | 1,153,875 | |||
Series ZZ 5.25% 7/1/26 ‡ | 2,005,000 | 1,814,525 | |||
Salt River Project Agricultural Improvement & Power | |||||
District, Arizona | |||||
(Salt River Project) | |||||
Series A 5.00% 1/1/31 | 2,520,000 | 3,163,558 | |||
62,287,935 | |||||
Healthcare Revenue Bonds – 21.60% | |||||
Alachua County, Florida Health Facilities Authority | |||||
(Oak Hammock University) | |||||
Series A 8.00% 10/1/42 | 1,000,000 | 1,088,960 | |||
Series A 8.00% 10/1/46 | 1,500,000 | 1,630,995 |
62
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Apple Valley, Minnesota | |||||
(Senior Living, LLC Project 2nd Tier) | |||||
Series B 5.00% 1/1/47 | 2,500,000 | $ | 1,697,900 | ||
Series B 5.25% 1/1/37 | 440,000 | 344,991 | |||
(Senior Living, LLC Project 4th Tier) | |||||
Series D 7.25% 1/1/52 | 7,790,000 | 5,838,293 | |||
Arizona Industrial Development Authority Revenue | |||||
(Great Lakes Senior Living Communities LLC | |||||
Project 1st Tier) | |||||
Series A 5.00% 1/1/54 | 2,595,000 | 2,333,528 | |||
(Great Lakes Senior Living Communities LLC | |||||
Project 2nd Tier) | |||||
Series B 5.00% 1/1/49 | 975,000 | 735,472 | |||
Series B 5.125% 1/1/54 | 1,130,000 | 850,777 | |||
(Great Lakes Senior Living Communities LLC | |||||
Project 3rd Tier) | |||||
Series C 144A 5.00% 1/1/49 # | 1,000,000 | 721,230 | |||
Series C 144A 5.50% 1/1/54 # | 4,000,000 | 3,059,160 | |||
(Great Lakes Senior Living Communities LLC | |||||
Project 4th Tier) | |||||
Series D 144A 7.25% 1/1/54 # | 2,500,000 | 2,092,150 | |||
Berks County, Pennsylvania Industrial Development | |||||
Authority Revenue | |||||
(Tower Health Project) | |||||
5.00% 11/1/50 | 5,105,000 | 5,554,546 | |||
Bexar County, Texas Health Facilities Development | |||||
(Army Retirement Residence Foundation Project) | |||||
Series 2010 5.875% 7/1/30 | 155,000 | 155,403 | |||
Birmingham, Alabama Special Care Facilities | |||||
Financing Authority | |||||
(Methodist Home for the Aging) | |||||
5.50% 6/1/30 | 1,850,000 | 1,954,932 | |||
5.75% 6/1/35 | 1,500,000 | 1,572,375 | |||
5.75% 6/1/45 | 2,500,000 | 2,577,250 | |||
6.00% 6/1/50 | 2,650,000 | 2,754,648 | |||
California Health Facilities Financing Authority | |||||
Revenue | |||||
(Kaiser Permanente) | |||||
Series A-2 5.00% 11/1/47 | 4,870,000 | 7,009,683 | |||
California Municipal Finance Authority Revenue | |||||
(Goodwill Industry Sacramento Valley) 5.25% | |||||
1/1/45 | 1,295,000 | 1,242,915 |
63
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
California Municipal Finance Authority Revenue | |||||
(Goodwill Industry Sacramento Valley and | |||||
Northern Nevada Project) | |||||
Series A 144A 6.625% 1/1/32 # | 500,000 | $ | 506,785 | ||
Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,516,875 | |||
(Northbay Healthcare Group) | |||||
Series A 5.25% 11/1/47 | 500,000 | 564,780 | |||
California Statewide Communities Development | |||||
Authority Revenue | |||||
(Loma Linda University Medical Center) | |||||
Series A 144A 5.25% 12/1/56 # | 4,500,000 | 5,037,300 | |||
Series A 144A 5.50% 12/1/58 # | 5,000,000 | 5,866,350 | |||
Camden County, New Jersey Improvement | |||||
Authority Revenue | |||||
(Cooper Health System Obligation Group) | |||||
5.75% 2/15/42 | 2,050,000 | 2,181,057 | |||
Capital Trust Agency, Florida | |||||
(Elim Senior Housing Inc. Project) | |||||
144A 5.875% 8/1/52 # | 2,500,000 | 2,024,400 | |||
(Tuscan Gardens Senior Living Center) | |||||
Series A 7.00% 4/1/49 | 5,000,000 | 2,963,300 | |||
Chesterfield County, Virginia Economic | |||||
Development Authority Revenue | |||||
(1st Mortgage - Brandermill Woods Project) | |||||
5.125% 1/1/43 | 1,030,000 | 1,036,633 | |||
Clackamas County, Oregon Hospital Facility | |||||
Authority | |||||
(Rose Villa Project) | |||||
Series A 5.25% 11/15/50 | 1,000,000 | 1,069,310 | |||
Series A 5.375% 11/15/55 | 1,000,000 | 1,072,390 | |||
Cobb County, Georgia Development Authority | |||||
(Provident Village at Creekside Project) | |||||
Series A 144A 6.00% 7/1/51 #, ‡ | 3,500,000 | 2,461,865 | |||
Colorado Health Facilities Authority Revenue | |||||
(American Baptist) | |||||
8.00% 8/1/43 | 2,500,000 | 2,672,225 | |||
(Capella of Grand Junction Project) | |||||
144A 5.00% 12/1/54 # | 1,985,000 | 2,004,453 | |||
(Mental Health Center Denver Project) | |||||
Series A 5.75% 2/1/44 | 500,000 | 536,775 | |||
(Sunny Vista Living Center) | |||||
Series A 144A 5.50% 12/1/30 # | 750,000 | 770,070 |
64
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Colorado Health Facilities Authority Revenue | |||||||
(Sunny Vista Living Center) | |||||||
Series A 144A 5.75% 12/1/35 # | 1,150,000 | $ | 1,176,691 | ||||
Series A 144A 6.125% 12/1/45 # | 1,200,000 | 1,233,360 | |||||
Series A 144A 6.25% 12/1/50 # | 560,000 | 577,282 | |||||
Cumberland County, Pennsylvania Municipal | |||||||
Authority Revenue | |||||||
(Asbury Pennsylvania Obligated Group) | |||||||
5.25% 1/1/27 | 1,275,000 | 1,303,177 | |||||
5.25% 1/1/32 | 1,265,000 | 1,288,542 | |||||
5.25% 1/1/41 | 1,005,000 | 1,019,804 | |||||
Cuyahoga County, Ohio Hospital Revenue | |||||||
(The Metrohealth System) | |||||||
5.25% 2/15/47 | 4,000,000 | 4,595,480 | |||||
5.50% 2/15/52 | 4,655,000 | 5,401,383 | |||||
5.50% 2/15/57 | 6,365,000 | 7,370,224 | |||||
Decatur, Texas Hospital Authority | |||||||
(Wise Regional Health Systems) | |||||||
Series A 5.00% 9/1/34 | 1,000,000 | 1,076,100 | |||||
Series A 5.25% 9/1/29 | 500,000 | 549,510 | |||||
Series A 5.25% 9/1/44 | 2,000,000 | 2,127,420 | |||||
Florida Development Finance | |||||||
(UF Health - Jacksonville Project) | |||||||
Series A 6.00% 2/1/33 | 490,000 | 529,617 | |||||
Glendale, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Glencroft Retirement Community Project) | |||||||
5.00% 11/15/36 | 830,000 | 838,549 | |||||
5.25% 11/15/51 | 1,350,000 | 1,354,509 | |||||
Guilderland, New York Industrial Development | |||||||
Agency | |||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 6,000,000 | 4,500,000 | |||||
Hawaii State Department of Budget & Finance | |||||||
Special Purpose Senior Living Revenue | |||||||
(Kahala Nui) | |||||||
5.25% 11/15/37 | 1,000,000 | 1,058,590 | |||||
Hospital Facilities Authority of Multnomah County, | |||||||
Oregon | |||||||
(Mirabella at South Waterfront) | |||||||
5.50% 10/1/49 | 2,400,000 | 2,545,296 |
65
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Idaho Health Facilities Authority Revenue | |||||||
(St. Luke’s Health System Project) | |||||||
Series A 5.00% 3/1/33 | 485,000 | $ | 591,487 | ||||
(Valley Vista Care Corporation) | |||||||
Series A 5.00% 11/15/32 | 455,000 | 471,739 | |||||
Illinois Finance Authority Revenue | |||||||
(The Admiral at the Lake Project) | |||||||
5.25% 5/15/42 | 900,000 | 828,639 | |||||
5.25% 5/15/54 | 5,600,000 | 4,961,320 | |||||
Illinois Housing Development Authority | |||||||
(Stonebridge of Gurnee Project) | |||||||
Series A 144A 5.45% 1/1/46 # | 2,500,000 | 2,313,125 | |||||
Series A 144A 5.60% 1/1/56 # | 2,630,000 | 2,379,650 | |||||
Iowa Finance Authority | |||||||
(PHS Council Bluffs Project) | |||||||
5.125% 8/1/48 | 1,650,000 | 1,722,633 | |||||
5.25% 8/1/55 | 2,500,000 | 2,610,100 | |||||
Kalispell, Montana | |||||||
(Immanuel Lutheran Corporation Project) | |||||||
Series A 5.25% 5/15/47 | 1,300,000 | 1,322,594 | |||||
Kentucky Economic Development Finance Authority | |||||||
Healthcare Revenue | |||||||
(Rosedale Green Project) | |||||||
5.50% 11/15/35 | 1,310,000 | 1,331,563 | |||||
5.75% 11/15/45 | 2,500,000 | 2,534,650 | |||||
5.75% 11/15/50 | 1,600,000 | 1,618,208 | |||||
Kentwood, Michigan Economic Development | |||||||
Corporation Revenue | |||||||
(Limited Obligation - Holland Home) | |||||||
5.625% 11/15/41 | 1,250,000 | 1,293,075 | |||||
Kirkwood, Missouri Industrial Development Authority | |||||||
(Aberdeen Heights) | |||||||
Series A 5.25% 5/15/50 | 6,000,000 | 6,466,080 | |||||
Lake County, Florida Retirement Facility Revenue | |||||||
(Lakeside At Waterman Village Project) | |||||||
Series A 5.75% 8/15/50 | 2,500,000 | 2,665,025 | |||||
Series A 5.75% 8/15/55 | 1,500,000 | 1,587,360 | |||||
Louisiana Local Government Environmental | |||||||
Facilities & Community Development Authority | |||||||
Revenue | |||||||
(The Glen Retirement System Project) | |||||||
Series A 5.00% 1/1/49 | 2,500,000 | 2,306,050 |
66
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Louisiana Local Government Environmental | |||||||
Facilities & Community Development Authority | |||||||
Revenue | |||||||
(The Glen Retirement System Project) | |||||||
Series A 5.00% 1/1/55 | 2,635,000 | $ | 2,374,030 | ||||
Lucas County, Ohio Health Care Facilities Revenue | |||||||
(Sunset Retirement Communities) | |||||||
5.50% 8/15/30 | 1,000,000 | 1,016,080 | |||||
Maricopa County, Arizona Industrial Development | |||||||
Authority | |||||||
(Christian Care Surprise Project) | |||||||
Series 2016 144A 6.00% 1/1/48 # | 5,645,000 | 5,752,707 | |||||
Michigan State Strategic Fund Limited Revenue | |||||||
(Evangelical Homes) | |||||||
5.50% 6/1/47 | 2,750,000 | 2,812,673 | |||||
Montgomery County, Pennsylvania Industrial | |||||||
Development Authority Revenue | |||||||
(Whitemarsh Continuing Care) | |||||||
5.25% 1/1/40 | 1,550,000 | 1,624,834 | |||||
5.375% 1/1/50 | 6,250,000 | 6,529,437 | |||||
Series A 5.375% 1/1/51 | 2,000,000 | 2,122,940 | |||||
Moon, Pennsylvania Industrial Development | |||||||
Authority | |||||||
(Baptist Homes Society Obligation) | |||||||
6.125% 7/1/50 | 8,500,000 | 9,016,800 | |||||
National Finance Authority Revenue, New | |||||||
Hampshire | |||||||
(The Vista Project) | |||||||
Series A 144A 5.25% 7/1/39 # | 1,515,000 | 1,519,454 | |||||
Series A 144A 5.625% 7/1/46 # | 1,000,000 | 1,015,200 | |||||
Series A 144A 5.75% 7/1/54 # | 2,000,000 | 2,041,740 | |||||
New Hope, Texas Cultural Education Facilities | |||||||
Finance | |||||||
(Cardinal Bay - Village on the Park) | |||||||
Series A1 5.00% 7/1/46 | 660,000 | 663,940 | |||||
Series A1 5.00% 7/1/51 | 1,575,000 | 1,580,733 | |||||
Series B 4.00% 7/1/31 | 635,000 | 505,739 | |||||
Series B 4.75% 7/1/51 | 1,915,000 | 1,281,288 | |||||
Series C 5.00% 7/1/31 | 250,000 | 209,245 | |||||
Series C 5.25% 7/1/36 | 350,000 | 277,571 | |||||
Series C 5.50% 7/1/46 | 1,250,000 | 929,950 | |||||
Series C 5.75% 7/1/51 | 1,000,000 | 754,590 |
67
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
New Hope, Texas Cultural Education Facilities | |||||||
Finance | |||||||
(Cardinal Bay - Village on the Park) | |||||||
Series D 6.00% 7/1/26 | 105,000 | $ | 100,024 | ||||
Series D 7.00% 7/1/51 | 1,350,000 | 1,184,315 | |||||
(Legacy Midtown Park Project) | |||||||
Series A 5.50% 7/1/54 | 5,000,000 | 5,233,200 | |||||
New Jersey Economic Development Authority | |||||||
(Black Horse EHT Urban Renewal LLC Project) | |||||||
Series A 144A 5.00% 10/1/39 # | 3,125,000 | 3,113,625 | |||||
(Lions Gate Project) | |||||||
5.25% 1/1/44 | 2,000,000 | 2,026,580 | |||||
New Jersey Health Care Facilities Financing | |||||||
Authority Revenue | |||||||
(Barnabas Health Services) | |||||||
Series A 4.00% 7/1/26 | 980,000 | 1,021,336 | |||||
(St. Peters University Hospital) | |||||||
6.25% 7/1/35 | 2,700,000 | 2,734,236 | |||||
New York State Dormitory Authority | |||||||
(Orange Regional Medical Center) | |||||||
144A 5.00% 12/1/40 # | 1,100,000 | 1,221,286 | |||||
Northampton County, Pennsylvania Industrial | |||||||
Development Authority Revenue | |||||||
(Morningstar Senior Living) | |||||||
5.00% 7/1/36 | 2,000,000 | 2,029,960 | |||||
5.00% 11/1/49 | 1,830,000 | 1,940,770 | |||||
Orange County, New York Funding Corporation | |||||||
Assisted Living Residence Revenue | |||||||
6.50% 1/1/46 | 3,600,000 | 3,624,804 | |||||
Palm Beach County, Florida Health Facilities | |||||||
Authority | |||||||
(Sinai Residences Boca Raton Project) | |||||||
Series A 7.25% 6/1/34 | 425,000 | 458,958 | |||||
Series A 7.50% 6/1/49 | 2,920,000 | 3,152,753 | |||||
Payne County, Oklahoma Economic Development | |||||||
Authority | |||||||
(Epworth Living at the Ranch) | |||||||
Series A 7.00% 11/1/51 ‡ | 961,600 | 4,808 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority | |||||||
(Tapestry Moon Senior Housing Project) | |||||||
Series 2018A 144A 6.75% 12/1/53 # | 9,495,000 | 7,121,250 |
68
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Prince George’s County, Maryland | |||||||
(Collington Episcopal Life Care Community) | |||||||
5.25% 4/1/47 | 2,000,000 | $ | 2,053,260 | ||||
Public Finance Authority, Wisconsin | |||||||
(Bancroft Neurohealth Project) | |||||||
Series A 144A 5.00% 6/1/36 # | 960,000 | 1,046,688 | |||||
Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,487,351 | |||||
Puerto Rico Industrial Tourist Educational Medical & | |||||||
Environmental Control Facilities Financing | |||||||
Authority | |||||||
(Auxilio Mutuo) | |||||||
Series A 6.00% 7/1/33 | 5,630,000 | 5,698,123 | |||||
Rochester, Minnesota | |||||||
(The Homestead at Rochester) | |||||||
Series A 6.875% 12/1/48 | 2,500,000 | 2,689,075 | |||||
Salem, Oregon Hospital Facility Authority Revenue | |||||||
(Capital Manor) | |||||||
6.00% 5/15/47 | 1,500,000 | 1,556,670 | |||||
San Buenaventura, California Revenue | |||||||
(Community Memorial Health System) | |||||||
7.50% 12/1/41 | 4,475,000 | 4,662,995 | |||||
Seminole County, Florida Industrial Development | |||||||
Authority Revenue | |||||||
(Legacy Pointe at UCF Project) | |||||||
Series A 5.50% 11/15/49 | 2,000,000 | 1,938,140 | |||||
Series A 5.75% 11/15/54 | 6,000,000 | 5,981,640 | |||||
Shelby County, Tennessee Health Educational & | |||||||
Housing Facilities Board Revenue | |||||||
(The Farms at Bailey Station Project) | |||||||
5.75% 10/1/59 | 3,670,000 | 3,669,743 | |||||
Southeastern Ohio Port Authority | |||||||
(Memorial Health Systems) | |||||||
5.00% 12/1/43 | 805,000 | 851,481 | |||||
5.50% 12/1/43 | 1,250,000 | 1,355,475 | |||||
St. Louis County, Missouri Industrial Development | |||||||
Authority | |||||||
(Nazareth Living Center Project) | |||||||
Series A 5.00% 8/15/35 | 600,000 | 616,110 | |||||
Series A 5.125% 8/15/45 | 1,800,000 | 1,836,882 |
69
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Tarrant County, Texas Cultural Education Facilities | |||||||
Finance | |||||||
(Buckingham Senior Living Community) | |||||||
5.50% 11/15/45 ‡ | 3,000,000 | $ | 1,357,500 | ||||
(Buckner Senior Living - Ventana Project) | |||||||
6.75% 11/15/47 | 2,250,000 | 2,499,322 | |||||
6.75% 11/15/52 | 3,300,000 | 3,656,301 | |||||
Tempe, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Friendship Village) | |||||||
Series A 6.25% 12/1/46 | 500,000 | 508,420 | |||||
(Mirabella at ASU Project) | |||||||
Series A 144A 6.125% 10/1/47 # | 2,150,000 | 2,290,309 | |||||
Series A 144A 6.125% 10/1/52 # | 2,570,000 | 2,730,317 | |||||
University of North Carolina Board of Governors | |||||||
5.00% 2/1/49 | 21,855,000 | 32,349,552 | |||||
Washington State Housing Finance Commission | |||||||
(Heron’s Key) | |||||||
Series A 144A 7.00% 7/1/45 # | 1,000,000 | 1,077,320 | |||||
Series A 144A 7.00% 7/1/50 # | 3,625,000 | 3,897,999 | |||||
Westminster, Maryland | |||||||
(Lutheran Village Millers Grant) | |||||||
6.00% 7/1/34 | 800,000 | 868,872 | |||||
Series A 5.00% 7/1/24 | 1,185,000 | 1,242,295 | |||||
Series A 6.125% 7/1/39 | 750,000 | 813,307 | |||||
Series A 6.25% 7/1/44 | 2,500,000 | 2,712,575 | |||||
Wisconsin Health & Educational Facilities Authority | |||||||
(Covenant Communities Project) | |||||||
Series B 5.00% 7/1/48 | 1,000,000 | 1,026,740 | |||||
Series B 5.00% 7/1/53 | 945,000 | 968,011 | |||||
Series C 7.00% 7/1/43 | 900,000 | 839,520 | |||||
Series C 7.50% 7/1/53 | 1,000,000 | 962,350 | |||||
(St. Camillus Health System) | |||||||
Series A 5.00% 11/1/46 | 2,000,000 | 2,103,220 | |||||
Series A 5.00% 11/1/54 | 2,500,000 | 2,605,125 | |||||
Wisconsin Public Finance Authority | |||||||
(Rose Villa Project) | |||||||
Series A 144A 5.75% 11/15/44 # | 2,000,000 | 2,141,960 | |||||
330,140,112 |
70
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Housing Revenue Bond – 0.05% | |||||||
Independent Cities Finance Authority, California | |||||||
Series A 5.25% 5/15/44 | 750,000 | $ | 812,835 | ||||
812,835 | |||||||
Lease Revenue Bonds – 3.27% | |||||||
California Statewide Communities Development | |||||||
Authority Revenue | |||||||
(Lancer Plaza Project) | |||||||
5.875% 11/1/43 | 1,875,000 | 2,017,425 | |||||
Industrial Development Authority of Phoenix, | |||||||
Arizona | |||||||
5.125% 2/1/34 | 1,000,000 | 1,032,770 | |||||
5.375% 2/1/41 | 1,300,000 | 1,348,360 | |||||
Metropolitan Pier & Exposition Authority, Illinois | |||||||
(McCormick Place Expansion Project) | |||||||
Series A 5.00% 6/15/50 | 4,135,000 | 4,913,538 | |||||
Series A 5.00% 6/15/57 | 3,975,000 | 4,642,919 | |||||
New Jersey Economic Development Authority | |||||||
Special Facility Revenue | |||||||
Series WW 5.25% 6/15/30 | 5,000,000 | 5,714,700 | |||||
New Jersey Transportation Trust Fund Authority | |||||||
Series AA 4.00% 6/15/50 | 2,945,000 | 3,192,056 | |||||
(Federal Highway Reimbursement Revenue) | |||||||
Series A 5.00% 6/15/31 | 5,450,000 | 6,331,647 | |||||
(Transportation Program) | |||||||
Series AA 5.00% 6/15/25 | 1,000,000 | 1,164,510 | |||||
Series AA 5.00% 6/15/44 | 2,900,000 | 3,161,058 | |||||
New York Liberty Development Revenue | |||||||
(Class 3-3 World Trade Center Project) | |||||||
144A 7.25% 11/15/44 # | 8,000,000 | 8,828,000 | |||||
Public Finance Authority, Wisconsin Airport | |||||||
Facilities Revenue | |||||||
(AFCO Investors II Portfolio) | |||||||
144A 5.75% 10/1/31 (AMT) # | 3,775,000 | 3,880,322 | |||||
(Senior Obligation Group) | |||||||
Series B 5.00% 7/1/42 (AMT) | 2,625,000 | 2,724,593 | |||||
Wise County, Texas | |||||||
(Parker County Junior College District) | |||||||
8.00% 8/15/34 | 1,000,000 | 1,018,270 | |||||
49,970,168 |
71
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds – 1.41% | |||||||
Chicago, Illinois | |||||||
Series 2005D 5.50% 1/1/37 | 2,280,000 | $ | 2,525,305 | ||||
Series 2005D 5.50% 1/1/40 | 3,000,000 | 3,319,770 | |||||
Series 2007E 5.50% 1/1/42 | 1,900,000 | 2,100,089 | |||||
Series 2007F 5.50% 1/1/42 | 1,250,000 | 1,381,638 | |||||
Series A 5.50% 1/1/49 | 770,000 | 894,994 | |||||
Series C 5.00% 1/1/26 | 500,000 | 576,195 | |||||
Chicago, Illinois Board of Education | |||||||
Series A 144A 7.00% 12/1/46 # | 2,500,000 | 3,180,125 | |||||
Series G 5.00% 12/1/44 | 2,445,000 | 2,792,459 | |||||
Series H 5.00% 12/1/46 | 4,225,000 | 4,812,233 | |||||
21,582,808 | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 2.89% | |||||||
California Municipal Finance Authority Revenue | |||||||
(Azusa Pacific University Project) | |||||||
Series B 144A 7.75% 4/1/31-21 #, § | 750,000 | 754,598 | |||||
California Statewide Communities Development | |||||||
Authority Revenue | |||||||
(California Baptist University Project) | |||||||
7.50% 11/1/41-21 § | 1,000,000 | 1,048,200 | |||||
Clifton, Texas Higher Education Finance | |||||||
Corporation Revenue | |||||||
(Idea Public Schools) | |||||||
5.75% 8/15/41-21 § | 1,000,000 | 1,025,010 | |||||
District of Columbia Revenue | |||||||
(Center of Strategic & International Studies) | |||||||
6.625% 3/1/41-21 § | 2,235,000 | 2,235,000 | |||||
(KIPP Charter School) | |||||||
6.00% 7/1/48-23 § | 1,450,000 | 1,641,066 | |||||
Foothill-Eastern Transportation Corridor Agency, | |||||||
California | |||||||
Series A 6.00% 1/15/49-24 § | 7,690,000 | 8,934,165 | |||||
Houston, Texas Airport System Revenue | |||||||
Subordinate Lien | |||||||
Series A 5.00% 7/1/25-21 (AMT) § | 1,000,000 | 1,015,280 | |||||
Illinois Railsplitter Tobacco Settlement Authority | |||||||
6.00% 6/1/28-21 § | 1,455,000 | 1,476,068 | |||||
Indiana Finance Authority Revenue | |||||||
(Marquette Project) | |||||||
5.00% 3/1/39-22 § | 1,250,000 | 1,309,363 |
72
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Iowa Finance Authority | |||||||
(Sunrise Retirement Community) | |||||||
5.75% 9/1/43-21 § | 4,700,000 | $ | 4,754,191 | ||||
Louisiana Public Facilities Authority Revenue | |||||||
(Ochsner Clinic Foundation Project) | |||||||
6.50% 5/15/37-21 § | 1,705,000 | 1,726,977 | |||||
Maine Health & Higher Educational Facilities | |||||||
Authority Revenue | |||||||
(Maine General Medical Center) | |||||||
6.75% 7/1/41-21 § | 1,700,000 | 1,736,771 | |||||
Martin County, Florida Health Facilities Authority | |||||||
Revenue | |||||||
(Martin Memorial Medical Center) | |||||||
5.50% 11/15/42-21 § | 1,000,000 | 1,037,420 | |||||
Nampa Development Corporation, Idaho Revenue | |||||||
144A 5.00% 9/1/31-24 #, § | 2,940,000 | 3,468,053 | |||||
New Hampshire Health & Education Facilities | |||||||
Authority | |||||||
(Rivermeade) | |||||||
Series A 6.875% 7/1/41-21 § | 1,380,000 | 1,410,181 | |||||
North Texas Education Finance Revenue | |||||||
(Uplift Education) | |||||||
Series A 5.25% 12/1/47-22 § | 2,100,000 | 2,231,208 | |||||
Onondaga, New York Civic Development Revenue | |||||||
(St. Joseph’s Hospital Health Center Project) | |||||||
4.50% 7/1/32-22 § | 1,000,000 | 1,056,830 | |||||
Philadelphia, Pennsylvania Authority for Industrial | |||||||
Development Revenue | |||||||
(New Foundation Charter School Project) | |||||||
6.625% 12/15/41-22 § | 1,000,000 | 1,112,770 | |||||
Southwestern Illinois Development Authority | |||||||
Revenue | |||||||
(Memorial Group) | |||||||
7.125% 11/1/30-23 § | 1,420,000 | 1,670,701 | |||||
7.125% 11/1/43-23 § | 2,500,000 | 2,941,375 | |||||
University of Arizona Medical Center Hospital | |||||||
Revenue | |||||||
6.00% 7/1/39-21 § | 1,500,000 | 1,528,785 | |||||
44,114,012 |
73
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Resource Recovery Revenue Bonds – 0.76% | |||||||
Blythe Township, Pennsylvania Solid Waste | |||||||
Authority Revenue | |||||||
7.75% 12/1/37 (AMT) | 3,000,000 | $ | 3,430,320 | ||||
Orange County, Florida Industrial Development | |||||||
Authority Revenue | |||||||
(Anuvia Florida LLC Project) | |||||||
Series A 144A 4.00% 7/1/48 (AMT) #, ‡ | 2,665,000 | 199,875 | |||||
Union County, New Jersey Improvement Authority | |||||||
(Aries Linden, LLC Project) | |||||||
144A 6.75% 12/1/41 (AMT) # | 7,800,000 | 7,950,306 | |||||
11,580,501 | |||||||
Special Tax Revenue Bonds – 8.82% | |||||||
Celebration Pointe, Florida Community | |||||||
Development District | |||||||
5.125% 5/1/45 | 1,915,000 | 1,995,085 | |||||
Cherry Hill, Virginia Community Development | |||||||
Authority | |||||||
(Potomac Shores Project) | |||||||
144A 5.15% 3/1/35 # | 1,000,000 | 1,038,720 | |||||
144A 5.40% 3/1/45 # | 2,000,000 | 2,073,320 | |||||
Conley Road Transportation Development District, | |||||||
Missouri | |||||||
5.375% 5/1/47 | 5,200,000 | 5,332,964 | |||||
Dutchess County, New York Local Development | |||||||
Corporation Revenue | |||||||
(Anderson Center Services Inc. Project) | |||||||
6.00% 10/1/30 | 1,505,000 | 1,507,604 | |||||
Fountain Urban Renewal Authority, Colorado | |||||||
(Improvement - South Academy Highland) | |||||||
Series A 5.50% 11/1/44 | 3,750,000 | 3,923,587 | |||||
GDB Debt Recovery Authority of Puerto Rico | |||||||
(Taxable) | |||||||
7.50% 8/20/40 | 25,121,387 | 21,478,786 | |||||
Glen Cove, New York Local Economic Assistance | |||||||
(Garvies Point Public Improvement Project) | |||||||
Series A 5.00% 1/1/56 | 2,000,000 | 2,240,820 | |||||
Hickory Chase Community Authority Revenue, Ohio | |||||||
(Hickory Chase Project) | |||||||
Senior Series A 144A 5.00% 12/1/40 # | 1,410,000 | 1,493,345 |
74
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Juban Crossing Economic Development District, | |||||||
Louisiana | |||||||
(General Infrastructure Projects) | |||||||
Series C 144A 7.00% 9/15/44 # | 3,120,000 | $ | 2,929,275 | ||||
(Road Projects) | |||||||
Series A 144A 7.00% 9/15/44 # | 2,005,000 | 1,882,434 | |||||
Kansas City, Missouri Land Clearance | |||||||
Redevelopment Authority Revenue | |||||||
(Convention Centre Hotel Project - TIF Financing) | |||||||
Series B 144A 5.00% 2/1/40 # | 935,000 | 992,699 | |||||
Midtown Miami, Florida Community Development | |||||||
District | |||||||
(Parking Garage Project) | |||||||
Series A 5.00% 5/1/37 | 500,000 | 517,905 | |||||
Mobile, Alabama Improvement District | |||||||
(McGowin Park Project) | |||||||
Series A 5.25% 8/1/30 | 1,000,000 | 1,041,750 | |||||
Series A 5.50% 8/1/35 | 1,300,000 | 1,348,893 | |||||
Northampton County, Pennsylvania Industrial | |||||||
Development Authority | |||||||
(Route 33 Project) | |||||||
7.00% 7/1/32 | 2,260,000 | 2,435,399 | |||||
Prairie Center Metropolitan District No 3, Colorado | |||||||
Series A 144A 5.00% 12/15/41 # | 2,000,000 | 2,128,420 | |||||
Public Finance Authority Revenue, Wisconsin | |||||||
(American Dream @ Meadowlands Project) | |||||||
144A 7.00% 12/1/50 # | 5,065,000 | 5,595,863 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.75% 7/1/53 | 33,470,000 | 36,530,162 | |||||
Series A-1 5.00% 7/1/58 | 21,445,000 | 23,751,195 | |||||
Series A-2 4.784% 7/1/58 | 3,301,000 | 3,609,875 | |||||
Richmond Heights, Missouri Tax Increment & | |||||||
Transaction Sales Tax Revenue Improvement | |||||||
(Francis Place Redevelopment Project) | |||||||
5.625% 11/1/25 | 955,000 | 955,000 | |||||
St. Louis County, Missouri Industrial Development | |||||||
Authority | |||||||
(Manchester Ballas Community) | |||||||
Series A 144A 5.00% 9/1/38 # | 1,050,000 | 1,062,180 | |||||
Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,577,099 |
75
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
St. Louis, Missouri Industrial Development Authority | |||||||
Tax Increment Revenue Improvement | |||||||
(Grand Center Redevelopment Project) | |||||||
6.375% 12/1/25 | 670,000 | $ | 670,817 | ||||
Wyandotte County, Kansas City, Kansas Unified | |||||||
Government Special Obligation Revenue | |||||||
(Sales Tax Vacation Village Project) | |||||||
Series A 6.00% 9/1/35 | 4,690,000 | 4,686,389 | |||||
134,799,586 | |||||||
State General Obligation Bonds – 11.84% | |||||||
California State | |||||||
(Various Purpose) | |||||||
5.00% 8/1/27 | 5,000,000 | 6,132,500 | |||||
5.00% 10/1/28 | 5,000,000 | 6,467,550 | |||||
5.00% 11/1/30 | 7,000,000 | 9,332,610 | |||||
5.00% 11/1/34 | 4,390,000 | 5,739,486 | |||||
Commonwealth of Massachusetts | |||||||
Series B 5.00% 1/1/32 | 5,000,000 | 6,258,050 | |||||
Series D 4.00% 11/1/35 | 5,000,000 | 6,082,600 | |||||
Commonwealth of Puerto Rico | |||||||
Series A 5.25% 7/1/29 ‡ | 4,460,000 | 3,863,475 | |||||
Series A 5.25% 7/1/31 ‡ | 6,980,000 | 6,046,425 | |||||
Series A 5.375% 7/1/33 ‡ | 900,000 | 777,375 | |||||
Series A 6.00% 7/1/38 ‡ | 4,520,000 | 3,943,700 | |||||
Series A 8.00% 7/1/35 ‡ | 28,245,000 | 21,995,794 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/41 ‡ | 4,525,000 | 3,535,156 | |||||
Series A 5.125% 7/1/37 ‡ | 15,070,000 | 12,206,700 | |||||
Series A 5.25% 7/1/22 ‡ | 1,810,000 | 1,567,913 | |||||
Series A 5.25% 7/1/30 ‡ | 1,955,000 | 1,693,519 | |||||
Series A 5.50% 7/1/26 ‡ | 5,000,000 | 4,100,000 | |||||
Series A 5.50% 7/1/39 ‡ | 5,165,000 | 4,235,300 | |||||
Series A 5.75% 7/1/28 ‡ | 5,580,000 | 4,575,600 | |||||
Series C 6.00% 7/1/39 ‡ | 9,486,000 | 8,217,247 | |||||
Series D 5.75% 7/1/41 ‡ | 11,750,000 | 9,914,062 | |||||
Illinois State | |||||||
5.00% 1/1/28 | 1,190,000 | 1,347,294 | |||||
5.00% 5/1/36 | 1,710,000 | 1,836,455 | |||||
5.00% 11/1/36 | 2,245,000 | 2,502,546 | |||||
5.00% 2/1/39 | 2,180,000 | 2,321,874 | |||||
5.125% 12/1/29 | 1,310,000 | 1,535,163 |
76
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Illinois State | |||||||
5.50% 5/1/39 | 6,000,000 | $ | 7,290,360 | ||||
Series A 5.00% 10/1/30 | 2,000,000 | 2,355,220 | |||||
Series A 5.00% 12/1/34 | 2,625,000 | 2,995,388 | |||||
Series A 5.00% 4/1/38 | 2,805,000 | 2,944,409 | |||||
Series B 4.00% 11/1/35 | 2,000,000 | 2,172,600 | |||||
Series D 5.00% 11/1/28 | 4,700,000 | 5,421,168 | |||||
Minnesota State | |||||||
Series A 5.00% 8/1/30 | 5,000,000 | 6,401,250 | |||||
New Jersey State | |||||||
Series A 4.00% 6/1/31 | 2,080,000 | 2,496,395 | |||||
Ohio State | |||||||
(Infrastructure Improvement) | |||||||
Series A 5.00% 9/1/32 | 5,000,000 | 6,350,200 | |||||
Washington State | |||||||
(Various Purpose) | |||||||
Series C 5.00% 2/1/28 | 5,000,000 | 6,373,500 | |||||
181,028,884 | |||||||
Transportation Revenue Bonds – 2.67% | |||||||
Dallas, Texas Fort Worth International Airport | |||||||
(Dallas Fort Worth International Airport) | |||||||
Series B 5.00% 11/1/33 | 5,000,000 | 6,501,700 | |||||
Denver, Colorado Airport System Revenue | |||||||
Series A 5.00% 11/15/21 (AMT) | 55,000 | 56,801 | |||||
Kentucky Public Transportation Infrastructure | |||||||
Authority | |||||||
(1st Tier - Downtown Crossing) | |||||||
Series A 5.75% 7/1/49 | 1,800,000 | 1,974,078 | |||||
Series A 6.00% 7/1/53 | 1,290,000 | 1,420,871 | |||||
Long Beach, California Marina Revenue | |||||||
5.00% 5/15/40 | 1,000,000 | 1,106,680 | |||||
New York Transportation Development | |||||||
(Delta Airlines Inc. LaGuardia Airport Terminals C | |||||||
& D Redevelopment Project) | |||||||
4.375% 10/1/45 (AMT) | 10,200,000 | 11,689,200 | |||||
5.00% 10/1/40 (AMT) | 3,400,000 | 4,133,006 | |||||
(Terminal 4 John F. Kennedy International Airport | |||||||
Project) | |||||||
Series C 5.00% 12/1/29 | 305,000 | 383,095 |
77
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Phoenix, Arizona Civic Improvement | |||||||
(Junior Lien) | |||||||
Series A 5.00% 7/1/40 | 30,000 | $ | 34,470 | ||||
Riverside County, California Transportation Senior | |||||||
Lien | |||||||
Series A 5.75% 6/1/48 | 1,000,000 | 1,090,110 | |||||
South Jersey Port, New Jersey | |||||||
(Subordinated Marine Terminal Revenue) | |||||||
Series A 5.00% 1/1/49 | 1,110,000 | 1,267,098 | |||||
Series B 5.00% 1/1/48 (AMT) | 2,000,000 | 2,252,620 | |||||
Texas Private Activity Bond Surface Transportation | |||||||
Corporate Senior Lien | |||||||
(NTE Mobility Partners Segments 3 LLC Segment | |||||||
3C Project) | |||||||
5.00% 6/30/58 (AMT) | 1,500,000 | 1,782,735 | |||||
(NTE Mobility) | |||||||
6.75% 6/30/43 (AMT) | 1,905,000 | 2,164,842 | |||||
7.00% 12/31/38 (AMT) | 1,335,000 | 1,527,066 | |||||
Virginia Small Business Financing Authority | |||||||
(Transform 66 P3 Project) | |||||||
5.00% 12/31/56 (AMT) | 2,975,000 | 3,424,612 | |||||
40,808,984 | |||||||
Water & Sewer Revenue Bonds – 2.38% | |||||||
Chicago, Illinois Waterworks Revenue | |||||||
(2nd Lien) | |||||||
5.00% 11/1/26 | 180,000 | 215,422 | |||||
5.00% 11/1/28 | 30,000 | 36,640 | |||||
Dominion, Colorado Water & Sanitation District | |||||||
Revenue | |||||||
6.00% 12/1/46 | 3,865,000 | 4,051,216 | |||||
Jefferson County, Alabama Sewer Revenue | |||||||
(Senior Lien-Warrants) | |||||||
Series A 5.50% 10/1/53 (AGM) | 2,500,000 | 2,797,325 | |||||
(Sub Lien-Warrants) | |||||||
Series D 6.50% 10/1/53 | 14,000,000 | 16,493,120 | |||||
Series D 7.00% 10/1/51 | 5,000,000 | 5,953,550 | |||||
Texas Water Development Board | |||||||
(Master Trust) | |||||||
Series B 5.00% 4/15/31 | 5,240,000 | 6,761,696 | |||||
36,308,969 | |||||||
Total Municipal Bonds (cost $1,406,167,881) | 1,506,388,756 |
78
Principal amount | Value (US $) | ||||||
Short-Term Investments – 0.58% | |||||||
Variable Rate Demand Notes – 0.58%¤ | |||||||
Hospitals & Higher Education Facilities Authority of | |||||||
Philadelphia | |||||||
(The Children’s Hospital of Philadelphia Project) | |||||||
Series A 0.01% 7/1/41 (SPA - Bank of America | |||||||
N.A.) | 1,200,000 | $ | 1,200,000 | ||||
Idaho Health Facilities Authority Revenue | |||||||
(St. Luke’s Health System Project) Series C | |||||||
0.01% 3/1/48 (LOC – US Bank N.A.) | 425,000 | 425,000 | |||||
Mississippi Business Finance Corporation Gulf | |||||||
Opportunity Zone Industrial Development | |||||||
Revenue | |||||||
(Chevron U.S.A. Inc. Project) | |||||||
Series 2009 B 0.01% 12/1/30 | 1,100,000 | 1,100,000 | |||||
Series H 0.01% 11/1/35 | 2,480,000 | 2,480,000 | |||||
Series I 0.01% 11/1/35 | 1,600,000 | 1,600,000 | |||||
Series K 0.01% 11/1/35 | 2,150,000 | 2,150,000 | |||||
Total Short-Term Investments (cost $8,955,000) | 8,955,000 | ||||||
Total Value of Securities–99.14% | |||||||
(cost $1,415,122,881) | $ | 1,515,343,756 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $364,354,995, which represents 23.84% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
§ | 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. See Note 8 in “Notes to financial statements.” |
79
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
¤ | 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 February 28, 2021. |
Summary of abbreviations: |
AGC – Insured by Assured Guaranty Corporation |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
ICE – Intercontinental Exchange, Inc. |
KIPP – Knowledge is Power Program |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LLC – Limited Liability Corporation |
LOC – Letter of Credit |
N.A. – National Association |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
See accompanying notes, which are an integral part of the financial statements.
80
Statements of assets and liabilities | February 28, 2021 (Unaudited) |
Delaware | Delaware | Delaware | |||||||||
Tax-Free | Tax-Free USA | National High-Yield | |||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | |||||||||
Assets: | |||||||||||
Investments, at value* | $ | 1,004,224,985 | $ | 1,092,027,870 | $ | 1,515,343,756 | |||||
Cash | — | 661,299 | — | ||||||||
Receivable for securities sold | 12,722,412 | 1,118,303 | 14,382,100 | ||||||||
Interest receivable | 9,529,789 | 10,715,511 | 14,213,588 | ||||||||
Receivable for fund shares sold | 1,517,445 | 3,385,120 | 4,768,682 | ||||||||
Other assets | 18,696 | 23,750 | — | ||||||||
Total Assets | 1,028,013,327 | 1,107,931,853 | 1,548,708,126 | ||||||||
Liabilities: | |||||||||||
Due to custodian | 5,767,193 | — | 10,387,851 | ||||||||
Payable for securities purchased | 5,076,853 | 2,677,411 | 3,581,042 | ||||||||
Payable for fund shares redeemed | 3,337,106 | 2,025,484 | 4,400,604 | ||||||||
Investment management fees payable | |||||||||||
to affiliates | 333,391 | 294,305 | 539,544 | ||||||||
Distribution payable | 244,541 | 412,080 | 882,301 | ||||||||
Other accrued expenses | 184,959 | 201,525 | 360,472 | ||||||||
Distribution fees payable to affiliates | 171,235 | 74,684 | 88,181 | ||||||||
Dividend disbursing and transfer agent | |||||||||||
fees and expenses payable to | |||||||||||
affiliates | 6,592 | 7,092 | 9,822 | ||||||||
Trustees’ fees and expenses payable | |||||||||||
to affiliates | 3,766 | 4,051 | 5,583 | ||||||||
Accounting and administration | |||||||||||
expenses payable to affiliates | 2,958 | 3,159 | 4,257 | ||||||||
Legal fees payable to affiliates | 1,607 | 1,728 | 2,381 | ||||||||
Reports and statements to | |||||||||||
shareholders expenses payable to | |||||||||||
affiliates | 1,187 | 1,291 | 1,792 | ||||||||
Total Liabilities | 15,131,388 | 5,702,810 | 20,263,830 | ||||||||
Total Net Assets | $ | 1,012,881,939 | $ | 1,102,229,043 | $ | 1,528,444,296 | |||||
Net Assets Consist of: | |||||||||||
Paid-in capital | $ | 929,471,108 | $ | 1,023,758,953 | $ | 1,426,026,980 | |||||
Total distributable earnings (loss) | 83,410,831 | 78,470,090 | 102,417,316 | ||||||||
Total Net Assets | $ | 1,012,881,939 | $ | 1,102,229,043 | $ | 1,528,444,296 |
81
Statements of assets and liabilities
Delaware | Delaware | Delaware | |||||||||||
Tax-Free | Tax-Free USA | National High-Yield | |||||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | |||||||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 846,343,405 | $ | 572,232,263 | $ | 217,047,157 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 69,813,332 | 46,302,043 | 18,818,942 | ||||||||||
Net asset value per share | $ | 12.12 | $ | 12.36 | $ | 11.53 | |||||||
Sales charge | 4.50 | % | 2.75 | % | 4.50 | % | |||||||
Offering price per share, equal to net | |||||||||||||
asset value per share / (1 - sales | |||||||||||||
charge) | $ | 12.69 | $ | 12.71 | $ | 12.07 | |||||||
Class C: | |||||||||||||
Net assets | $ | 8,724,244 | $ | 9,223,846 | $ | 57,928,600 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 719,499 | 747,000 | 5,002,763 | ||||||||||
Net asset value per share | $ | 12.13 | $ | 12.35 | $ | 11.58 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 157,814,290 | $ | 520,772,934 | $ | 1,253,468,539 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 12,914,906 | 41,742,369 | 107,688,243 | ||||||||||
Net asset value per share | $ | 12.22 | $ | 12.48 | $ | 11.64 | |||||||
____________________ | |||||||||||||
* Investments, at cost | $ | 923,673,673 | $ | 1,014,964,761 | $ | 1,415,122,881 |
See accompanying notes, which are an integral part of the financial statements.
82
Six months ended February 28, 2021 (Unaudited)
Delaware | |||||||||||||
Delaware | Delaware | National High-Yield | |||||||||||
Tax-Free | Tax-Free USA | Municipal Bond | |||||||||||
USA Fund | Intermediate Fund | Fund | |||||||||||
Investment Income: | |||||||||||||
Interest | $ | 15,588,711 | $ | 13,979,604 | $ | 32,523,511 | |||||||
Expenses: | |||||||||||||
Management fees | 2,120,035 | 1,991,039 | 3,570,892 | ||||||||||
Distribution expenses — Class A | 800,394 | 404,251 | 240,435 | ||||||||||
Distribution expenses — Class C | 50,971 | 56,000 | 327,506 | ||||||||||
Dividend disbursing and transfer agent | |||||||||||||
fees and expenses | 301,583 | 318,031 | 547,095 | ||||||||||
Accounting and administration expenses | 84,422 | 85,430 | 132,225 | ||||||||||
Legal fees | 47,770 | 47,032 | 53,423 | ||||||||||
Registration fees | 46,734 | 53,278 | 69,527 | ||||||||||
Audit and tax fees | 30,682 | 29,497 | 25,501 | ||||||||||
Reports and statements to shareholders | |||||||||||||
expenses | 25,943 | 25,990 | 36,577 | ||||||||||
Trustees’ fees and expenses | 19,743 | 20,072 | 35,753 | ||||||||||
Custodian fees | 12,203 | 13,050 | 4,077 | ||||||||||
Other | 24,417 | 26,598 | 45,690 | ||||||||||
3,564,897 | 3,070,268 | 5,088,701 | |||||||||||
Less expenses waived | (454,099 | ) | (552,541 | ) | (258,946 | ) | |||||||
Less waived distribution | |||||||||||||
expenses — Class A | — | (161,700 | ) | — | |||||||||
Less expenses paid indirectly | (347 | ) | (264 | ) | (106 | ) | |||||||
Total operating expenses | 3,110,451 | 2,355,763 | 4,829,649 | ||||||||||
Net Investment Income | 12,478,260 | 11,623,841 | 27,693,862 | ||||||||||
Net Realized and Unrealized Gain | |||||||||||||
(Loss): | |||||||||||||
Net realized gain on investments | 4,229,868 | 3,162,981 | 1,928,477 | ||||||||||
Net change in unrealized appreciation | |||||||||||||
(depreciation) of investments | 8,653,302 | (508,048 | ) | 47,244,972 | |||||||||
Net Realized and Unrealized Gain | 12,883,170 | 2,654,933 | 49,173,449 | ||||||||||
Net Increase in Net Assets Resulting | |||||||||||||
from Operations | $ | 25,361,430 | $ | 14,278,774 | $ | 76,867,311 |
See accompanying notes, which are an integral part of the financial statements.
83
Statements of changes in net assets
Delaware Tax-Free USA Fund
Six months | |||||||||
ended | Year ended | ||||||||
2/28/21 | |||||||||
(Unaudited) | 8/31/20 | ||||||||
Increase (Decrease) in Net Assets from Operations: | |||||||||
Net investment income | $ | 12,478,260 | $ | 19,835,808 | |||||
Net realized gain | 4,229,868 | 3,980,350 | |||||||
Net change in unrealized appreciation (depreciation) | 8,653,302 | (6,778,517 | ) | ||||||
Net increase in net assets resulting from operations | 25,361,430 | 17,037,641 | |||||||
Dividends and Distributions to Shareholders from: | |||||||||
Distributable earnings: | |||||||||
Class A | (13,429,432 | ) | (16,057,427 | ) | |||||
Class C | (193,119 | ) | (377,485 | ) | |||||
Institutional Class | (3,242,849 | ) | (5,191,254 | ) | |||||
(16,865,400 | ) | (21,626,166 | ) | ||||||
Capital Share Transactions: | |||||||||
Proceeds from shares sold: | |||||||||
Class A | 96,937,138 | 94,406,974 | |||||||
Class C | 1,100,889 | 2,492,529 | |||||||
Institutional Class | 37,783,086 | 65,805,952 | |||||||
Net assets from merger:1 | |||||||||
Class A | 328,299,539 | — | |||||||
Institutional Class | 5,996,641 | — | |||||||
Net asset value of shares issued upon reinvestment of | |||||||||
dividends and distributions: | |||||||||
Class A | 12,682,161 | 14,383,519 | |||||||
Class C | 189,079 | 329,893 | |||||||
Institutional Class | 3,004,336 | 4,750,966 | |||||||
485,992,869 | 182,169,833 |
84
Six months | |||||||||
ended | Year ended | ||||||||
2/28/21 | |||||||||
(Unaudited) | 8/31/20 | ||||||||
Capital Share Transactions (continued): | |||||||||
Cost of shares redeemed: | |||||||||
Class A | $ | (76,970,344 | ) | $ | (99,923,072 | ) | |||
Class C | (3,535,927 | ) | (7,874,648 | ) | |||||
Institutional Class | (26,350,937 | ) | (66,849,145 | ) | |||||
(106,857,208 | ) | (174,646,865 | ) | ||||||
Increase in net assets derived from capital share transactions | 379,135,661 | 7,522,968 | |||||||
Net Increase in Net Assets | 387,631,691 | 2,934,443 | |||||||
Net Assets: | |||||||||
Beginning of period | 625,250,248 | 622,315,805 | |||||||
End of period | $ | 1,012,881,939 | $ | 625,250,248 |
1 | See Note 5 in the “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
85
Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund
Six months | |||||||||
ended | Year ended | ||||||||
2/28/21 | |||||||||
(Unaudited) | 8/31/20 | ||||||||
Increase (Decrease) in Net Assets from Operations: | |||||||||
Net investment income | $ | 11,623,841 | $ | 16,218,407 | |||||
Net realized gain | 3,162,981 | 126,778 | |||||||
Net change in unrealized appreciation (depreciation) | (508,048 | ) | (1,616,337 | ) | |||||
Net increase in net assets resulting from operations | 14,278,774 | 14,728,848 | |||||||
Dividends and Distributions to Shareholders from: | |||||||||
Distributable earnings: | |||||||||
Class A | (4,522,212 | ) | (3,184,081 | ) | |||||
Class C | (107,360 | ) | (370,025 | ) | |||||
Institutional Class | (7,005,929 | ) | (12,664,301 | ) | |||||
(11,635,501 | ) | (16,218,407 | ) | ||||||
Capital Share Transactions: | |||||||||
Proceeds from shares sold: | |||||||||
Class A | 18,120,013 | 30,135,038 | |||||||
Class C | 837,449 | 1,791,499 | |||||||
Institutional Class | 87,438,921 | 145,582,678 | |||||||
Net assets from merger:1 | |||||||||
Class A | 470,834,974 | — | |||||||
Institutional Class | 18,475,967 | — | |||||||
Net asset value of shares issued upon reinvestment of | |||||||||
dividends and distributions: | |||||||||
Class A | 4,109,885 | 2,926,566 | |||||||
Class C | 104,681 | 333,101 | |||||||
Institutional Class | 5,890,951 | 10,253,302 | |||||||
605,812,841 | 191,022,184 |
86
Six months | |||||||||
ended | Year ended | ||||||||
2/28/21 | |||||||||
(Unaudited) | 8/31/20 | ||||||||
Capital Share Transactions (continued): | |||||||||
Cost of shares redeemed: | |||||||||
Class A | $ | (26,298,696 | ) | $ | (50,173,924 | ) | |||
Class C | (3,699,000 | ) | (13,003,690 | ) | |||||
Institutional Class | (47,955,518 | ) | (101,023,651 | ) | |||||
(77,953,214 | ) | (164,201,265 | ) | ||||||
Increase in net assets derived from capital share transactions | 527,859,627 | 26,820,919 | |||||||
Net Increase in Net Assets | 530,502,900 | 25,331,360 | |||||||
Net Assets: | |||||||||
Beginning of period | 571,726,143 | 546,394,783 | |||||||
End of period | $ | 1,102,229,043 | $ | 571,726,143 |
1 | See Note 5 in the “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
87
Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund
Six months | |||||||||
ended | Year ended | ||||||||
2/28/21 | |||||||||
(Unaudited) | 8/31/20 | ||||||||
Increase (Decrease) in Net Assets from Operations: | |||||||||
Net investment income | $ | 27,693,862 | $ | 57,603,224 | |||||
Net realized gain | 1,928,477 | 13,180,732 | |||||||
Net change in unrealized appreciation (depreciation) | 47,244,972 | (65,116,746 | ) | ||||||
Net increase in net assets resulting from operations | 76,867,311 | 5,667,210 | |||||||
Dividends and Distributions to Shareholders from: | |||||||||
Distributable earnings: | |||||||||
Class A | (3,841,800 | ) | (7,762,606 | ) | |||||
Class C | (1,070,321 | ) | (2,642,753 | ) | |||||
Institutional Class | (24,706,885 | ) | (46,586,746 | ) | |||||
(29,619,006 | ) | (56,992,105 | ) | ||||||
Capital Share Transactions: | |||||||||
Proceeds from shares sold: | |||||||||
Class A | 41,168,292 | 64,182,912 | |||||||
Class C | 4,765,773 | 10,269,059 | |||||||
Institutional Class | 196,838,311 | 340,902,541 | |||||||
Net asset value of shares issued upon reinvestment of | |||||||||
dividends and distributions: | |||||||||
Class A | 3,369,682 | 7,046,701 | |||||||
Class C | 1,042,290 | 2,408,413 | |||||||
Institutional Class | 20,316,999 | 37,810,611 | |||||||
267,501,347 | 462,620,237 |
88
Six months | ||||||||
ended | Year ended | |||||||
2/28/21 | ||||||||
(Unaudited) | 8/31/20 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (15,828,686 | ) | $ | (88,787,279 | ) | ||
Class C | (19,231,854 | ) | (31,832,862 | ) | ||||
Institutional Class | (97,999,865 | ) | (385,626,313 | ) | ||||
(133,060,405 | ) | (506,246,454 | ) | |||||
Increase (decrease) in net assets derived from capital share | ||||||||
transactions | 134,440,942 | (43,626,217 | ) | |||||
Net Increase (Decrease) in Net Assets | 181,689,247 | (94,951,112 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 1,346,755,049 | 1,441,706,161 | ||||||
End of period | $ | 1,528,444,296 | $ | 1,346,755,049 |
See accompanying notes, which are an integral part of the financial statements.
89
Financial highlights
Delaware Tax-Free USA Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
90
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | $ | 12.22 | $ | 11.83 | ||||||||||||||
0.19 | 0.38 | 0.41 | 0.42 | 0.43 | 0.42 | ||||||||||||||||||||
0.26 | 0.01 | 0.52 | (0.26 | ) | (0.40 | ) | 0.39 | ||||||||||||||||||
0.45 | 0.39 | 0.93 | 0.16 | 0.03 | 0.81 | ||||||||||||||||||||
(0.19 | ) | (0.38 | ) | (0.41 | ) | (0.42 | ) | (0.43 | ) | (0.42 | ) | ||||||||||||||
(0.08 | ) | (0.03 | ) | — | 3 | — | (0.12 | ) | — | ||||||||||||||||
(0.27 | ) | (0.41 | ) | (0.41 | ) | (0.42 | ) | (0.55 | ) | (0.42 | ) | ||||||||||||||
$ | 12.12 | $ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | $ | 12.22 | ||||||||||||||
3.80% | 3.44% | 8.35% | 1.44% | 0.41% | 7.00% | ||||||||||||||||||||
$ | 846,344 | $ | 478,671 | $ | 472,153 | $ | 481,117 | $ | 415,314 | $ | 493,408 | ||||||||||||||
0.82% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% | ||||||||||||||||||||
0.93% | 0.95% | 0.95% | 0.96% | 0.96% | 0.95% | ||||||||||||||||||||
3.08% | 3.24% | 3.55% | 3.66% | 3.71% | 3.52% | ||||||||||||||||||||
2.97% | 3.10% | 3.41% | 3.51% | 3.56% | 3.38% | ||||||||||||||||||||
19% | 77% | 43% | 42% | 33% | 33% |
91
Financial highlights
Delaware Tax-Free USA Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
92
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | $ | 12.22 | $ | 11.83 | ||||||||||||||
0.14 | 0.29 | 0.32 | 0.34 | 0.34 | 0.33 | ||||||||||||||||||||
0.27 | 0.01 | 0.52 | (0.26 | ) | (0.40 | ) | 0.39 | ||||||||||||||||||
0.41 | 0.30 | 0.84 | 0.08 | (0.06 | ) | 0.72 | |||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.32 | ) | (0.34 | ) | (0.34 | ) | (0.33 | ) | ||||||||||||||
(0.08 | ) | (0.03 | ) | — | 3 | — | (0.12 | ) | — | ||||||||||||||||
(0.22 | ) | (0.32 | ) | (0.32 | ) | (0.34 | ) | (0.46 | ) | (0.33 | ) | ||||||||||||||
$ | 12.13 | $ | 11.94 | $ | 11.96 | $ | 11.44 | $ | 11.70 | $ | 12.22 | ||||||||||||||
3.50% | 2.66% | 7.55% | 0.68% | (0.35% | ) | 6.19% | |||||||||||||||||||
$ | 8,724 | $ | 10,778 | $ | 16,051 | $ | 18,808 | $ | 27,397 | $ | 31,545 | ||||||||||||||
1.57% | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% | ||||||||||||||||||||
1.68% | 1.70% | 1.70% | 1.71% | 1.71% | 1.70% | ||||||||||||||||||||
2.33% | 2.49% | 2.80% | 2.91% | 2.96% | 2.77% | ||||||||||||||||||||
2.22% | 2.35% | 2.66% | 2.76% | 2.81% | 2.63% | ||||||||||||||||||||
19% | 77% | 43% | 42% | 33% | 33% |
93
Financial highlights
Delaware Tax-Free USA Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
94
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 12.03 | $ | 12.05 | $ | 11.52 | $ | 11.79 | $ | 12.31 | $ | 11.91 | |||||||||||||||
0.20 | 0.41 | 0.44 | 0.45 | 0.46 | 0.46 | |||||||||||||||||||||
0.27 | 0.01 | 0.53 | (0.27 | ) | (0.40 | ) | 0.40 | |||||||||||||||||||
0.47 | 0.42 | 0.97 | 0.18 | 0.06 | 0.86 | |||||||||||||||||||||
(0.20 | ) | (0.41 | ) | (0.44 | ) | (0.45 | ) | (0.46 | ) | (0.46 | ) | |||||||||||||||
(0.08 | ) | (0.03 | ) | — | 3 | — | (0.12 | ) | — | |||||||||||||||||
(0.28 | ) | (0.44 | ) | (0.44 | ) | (0.45 | ) | (0.58 | ) | (0.46 | ) | |||||||||||||||
$ | 12.22 | $ | 12.03 | $ | 12.05 | $ | 11.52 | $ | 11.79 | $ | 12.31 | |||||||||||||||
4.00% | 3.70% | 8.68% | 1.61% | 0.68% | 7.32% | |||||||||||||||||||||
$ | 157,814 | $ | 135,801 | $ | 134,112 | $ | 77,396 | $ | 62,872 | $ | 45,696 | |||||||||||||||
0.57% | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% | |||||||||||||||||||||
0.68% | 0.70% | 0.70% | 0.71% | 0.71% | 0.70% | |||||||||||||||||||||
3.33% | 3.49% | 3.80% | 3.91% | 3.96% | 3.77% | |||||||||||||||||||||
3.22% | 3.35% | 3.66% | 3.76% | 3.81% | 3.63% | |||||||||||||||||||||
19% | 77% | 43% | 42% | 33% | 33% |
95
Financial highlights
Delaware Tax-Free USA Intermediate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
96
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 12.26 | $ | 12.28 | $ | 11.76 | $ | 12.06 | $ | 12.38 | $ | 12.04 | |||||||||||||||
0.17 | 0.35 | 0.37 | 0.37 | 0.35 | 0.35 | |||||||||||||||||||||
0.10 | (0.02 | ) | 0.52 | (0.30 | ) | (0.32 | ) | 0.34 | ||||||||||||||||||
0.27 | 0.33 | 0.89 | 0.07 | 0.03 | 0.69 | |||||||||||||||||||||
(0.17 | ) | (0.35 | ) | (0.37 | ) | (0.37 | ) | (0.35 | ) | (0.35 | ) | |||||||||||||||
— | — | — | — | — | 3 | — | ||||||||||||||||||||
(0.17 | ) | (0.35 | ) | (0.37 | ) | (0.37 | ) | (0.35 | ) | (0.35 | ) | |||||||||||||||
$ | 12.36 | $ | 12.26 | $ | 12.28 | $ | 11.76 | $ | 12.06 | $ | 12.38 | |||||||||||||||
2.21% | 2.76% | 7.71% | 0.57% | 0.35% | 5.79% | |||||||||||||||||||||
$ | 572,232 | $ | 106,135 | $ | 123,691 | $ | 136,653 | $ | 164,154 | $ | 188,034 | |||||||||||||||
0.66% | 0.65% | 0.65% | 0.71% | 0.75% | 0.75% | |||||||||||||||||||||
0.90% | 0.91% | 0.91% | 0.92% | 0.93% | 0.92% | |||||||||||||||||||||
2.78% | 2.87% | 3.11% | 3.10% | 2.92% | 2.84% | |||||||||||||||||||||
2.54% | 2.61% | 2.85% | 2.89% | 2.74% | 2.67% | |||||||||||||||||||||
14% | 27% | 25% | 32% | 26% | 35% |
97
Financial highlights
Delaware Tax-Free USA Intermediate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
98
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 12.25 | $ | 12.27 | $ | 11.75 | $ | 12.05 | $ | 12.37 | $ | 12.03 | |||||||||||||||
0.12 | 0.24 | 0.27 | 0.27 | 0.25 | 0.24 | |||||||||||||||||||||
0.10 | (0.02 | ) | 0.52 | (0.30 | ) | (0.32 | ) | 0.35 | ||||||||||||||||||
0.22 | 0.22 | 0.79 | (0.03 | ) | (0.07 | ) | 0.59 | |||||||||||||||||||
(0.12 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.25 | ) | (0.25 | ) | |||||||||||||||
— | — | — | — | — | 3 | — | ||||||||||||||||||||
(0.12 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.25 | ) | (0.25 | ) | |||||||||||||||
$ | 12.35 | $ | 12.25 | $ | 12.27 | $ | 11.75 | $ | 12.05 | $ | 12.37 | |||||||||||||||
1.78% | 1.89% | 6.81% | (0.28% | ) | (0.50% | ) | 4.90% | |||||||||||||||||||
$ | 9,224 | $ | 11,864 | $ | 22,874 | $ | 28,002 | $ | 40,402 | $ | 49,515 | |||||||||||||||
1.51% | 1.50% | 1.50% | 1.56% | 1.60% | 1.60% | |||||||||||||||||||||
1.65% | 1.66% | 1.66% | 1.67% | 1.68% | 1.67% | |||||||||||||||||||||
1.93% | 2.02% | 2.26% | 2.25% | 2.07% | 1.99% | |||||||||||||||||||||
1.79% | 1.86% | 2.10% | 2.14% | 1.99% | 1.92% | |||||||||||||||||||||
14% | 27% | 25% | 32% | 26% | 35% |
99
Financial highlights
Delaware Tax-Free USA Intermediate Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
100
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 12.38 | $ | 12.40 | $ | 11.87 | $ | 12.17 | $ | 12.50 | $ | 12.16 | |||||||||||||||
0.18 | 0.37 | 0.39 | 0.39 | 0.37 | 0.37 | |||||||||||||||||||||
0.10 | (0.02 | ) | 0.53 | (0.30 | ) | (0.33 | ) | 0.34 | ||||||||||||||||||
0.28 | 0.35 | 0.92 | 0.09 | 0.04 | 0.71 | |||||||||||||||||||||
(0.18 | ) | (0.37 | ) | (0.39 | ) | (0.39 | ) | (0.37 | ) | (0.37 | ) | |||||||||||||||
— | — | — | — | — | 3 | — | ||||||||||||||||||||
(0.18 | ) | (0.37 | ) | (0.39 | ) | (0.39 | ) | (0.37 | ) | (0.37 | ) | |||||||||||||||
$ | 12.48 | $ | 12.38 | $ | 12.40 | $ | 11.87 | $ | 12.17 | $ | 12.50 | |||||||||||||||
2.28% | 2.92% | 7.92% | 0.75% | 0.44% | 5.92% | |||||||||||||||||||||
$ | 520,773 | $ | 453,727 | $ | 399,830 | $ | 377,445 | $ | 369,443 | $ | 479,172 | |||||||||||||||
0.51% | 0.50% | 0.50% | 0.56% | 0.60% | 0.60% | |||||||||||||||||||||
0.65% | 0.66% | 0.66% | 0.67% | 0.68% | 0.67% | |||||||||||||||||||||
2.93% | 3.02% | 3.26% | 3.25% | 3.07% | 2.99% | |||||||||||||||||||||
2.79% | 2.86% | 3.10% | 3.14% | 2.99% | 2.92% | |||||||||||||||||||||
14% | 27% | 25% | 32% | 26% | 35% |
101
Financial highlights
Delaware National High-Yield Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
102
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.15 | $ | 11.48 | $ | 11.00 | $ | 11.05 | $ | 11.42 | $ | 10.75 | |||||||||||||||
0.21 | 0.44 | 0.46 | 0.46 | 0.44 | 0.41 | |||||||||||||||||||||
0.40 | (0.33 | ) | 0.48 | (0.05 | ) | (0.37 | ) | 0.67 | ||||||||||||||||||
0.61 | 0.11 | 0.94 | 0.41 | 0.07 | 1.08 | |||||||||||||||||||||
(0.21 | ) | (0.44 | ) | (0.46 | ) | (0.46 | ) | (0.44 | ) | (0.41 | ) | |||||||||||||||
(0.02 | ) | — | — | — | — | — | ||||||||||||||||||||
(0.23 | ) | (0.44 | ) | (0.46 | ) | (0.46 | ) | (0.44 | ) | (0.41 | ) | |||||||||||||||
$ | 11.53 | $ | 11.15 | $ | 11.48 | $ | 11.00 | $ | 11.05 | $ | 11.42 | |||||||||||||||
5.48% | 1.06% | 8.81% | 3.80% | 0.72% | 10.25% | |||||||||||||||||||||
$ | 217,047 | $ | 182,214 | $ | 208,549 | $ | 200,493 | $ | 190,211 | $ | 250,810 | |||||||||||||||
0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | |||||||||||||||||||||
0.89% | 0.91% | 0.90% | 0.91% | 0.94% | 0.94% | |||||||||||||||||||||
3.73% | 3.99% | 4.22% | 4.19% | 4.02% | 3.73% | |||||||||||||||||||||
3.69% | 3.93% | 4.17% | 4.13% | 3.93% | 3.64% | |||||||||||||||||||||
10% | 44% | 33% | 19% | 27% | 13% |
103
Financial highlights
Delaware National High-Yield Municipal Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
104
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.20 | $ | 11.52 | $ | 11.04 | $ | 11.09 | $ | 11.47 | $ | 10.80 | |||||||||||||||
0.16 | 0.36 | 0.38 | 0.38 | 0.36 | 0.33 | |||||||||||||||||||||
0.41 | (0.32 | ) | 0.48 | (0.05 | ) | (0.38 | ) | 0.67 | ||||||||||||||||||
0.57 | 0.04 | 0.86 | 0.33 | (0.02 | ) | 1.00 | ||||||||||||||||||||
(0.17 | ) | (0.36 | ) | (0.38 | ) | (0.38 | ) | (0.36 | ) | (0.33 | ) | |||||||||||||||
(0.02 | ) | — | — | — | — | — | ||||||||||||||||||||
(0.19 | ) | (0.36 | ) | (0.38 | ) | (0.38 | ) | (0.36 | ) | (0.33 | ) | |||||||||||||||
$ | 11.58 | $ | 11.20 | $ | 11.52 | $ | 11.04 | $ | 11.09 | $ | 11.47 | |||||||||||||||
5.08% | 0.41% | 7.98% | 3.03% | (0.11% | ) | 9.41% | ||||||||||||||||||||
$ | 57,929 | $ | 68,993 | $ | 91,184 | $ | 92,155 | $ | 97,974 | $ | 113,905 | |||||||||||||||
1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||||||||||
1.64% | 1.66% | 1.65% | 1.66% | 1.69% | 1.69% | |||||||||||||||||||||
2.98% | 3.24% | 3.47% | 3.44% | 3.27% | 2.98% | |||||||||||||||||||||
2.94% | 3.18% | 3.42% | 3.38% | 3.18% | 2.89% | |||||||||||||||||||||
10% | 44% | 33% | 19% | 27% | 13% |
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Financial highlights
Delaware National High-Yield Municipal Bond Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
106
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.26 | $ | 11.58 | $ | 11.10 | $ | 11.15 | $ | 11.53 | $ | 10.85 | |||||||||||||||
0.22 | 0.47 | 0.49 | 0.49 | 0.47 | 0.45 | |||||||||||||||||||||
0.40 | (0.32 | ) | 0.48 | (0.05 | ) | (0.38 | ) | 0.67 | ||||||||||||||||||
0.62 | 0.15 | 0.97 | 0.44 | 0.09 | 1.12 | |||||||||||||||||||||
(0.22 | ) | (0.47 | ) | (0.49 | ) | (0.49 | ) | (0.47 | ) | (0.44 | ) | |||||||||||||||
(0.02 | ) | — | — | — | — | — | ||||||||||||||||||||
(0.24 | ) | (0.47 | ) | (0.49 | ) | (0.49 | ) | (0.47 | ) | (0.44 | ) | |||||||||||||||
$ | 11.64 | $ | 11.26 | $ | 11.58 | $ | 11.10 | $ | 11.15 | $ | 11.53 | |||||||||||||||
5.58% | 1.44% | 9.03% | 4.07% | 0.92% | 10.57% | |||||||||||||||||||||
$ | 1,253,468 | $ | 1,095,548 | $ | 1,141,973 | $ | 1,017,167 | $ | 932,716 | $ | 905,436 | |||||||||||||||
0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | |||||||||||||||||||||
0.64% | 0.66% | 0.65% | 0.66% | 0.69% | 0.69% | |||||||||||||||||||||
3.98% | 4.24% | 4.47% | 4.44% | 4.27% | 3.98% | |||||||||||||||||||||
3.94% | 4.18% | 4.42% | 4.38% | 4.18% | 3.89% | |||||||||||||||||||||
10% | 44% | 33% | 19% | 27% | 13% |
107
Notes to financial statements | |
Delaware Funds® by Macquarie national tax-free funds | February 28, 2021 (Unaudited) |
Delaware Group® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of the Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems,
108
which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.
Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the
109
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
1. Significant Accounting Policies (continued)
effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended February 28, 2021.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:
Fund | Earnings Credits | |||
Delaware Tax-Free USA Fund | $347 | |||
Delaware Tax-Free USA Intermediate Fund | 264 | |||
Delaware National High-Yield Municipal Bond Fund | 106 |
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware National | ||||||||||||
Delaware Tax-Free | Delaware Tax-Free USA | High-Yield | ||||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | ||||||||||
On the first $500 million | 0.5500% | 0.5000% | 0.5500% | |||||||||
On the next $500 million | 0.5000% | 0.4750% | 0.5000% | |||||||||
On the next $1.5 billion | 0.4500% | 0.4500% | 0.4500% | |||||||||
In excess of $2.5 billion | 0.4250% | 0.4250% | 0.4250% |
DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These expense waivers and
110
reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Operating expense | ||||
limitation as | ||||
a percentage | ||||
of average | ||||
Fund | daily net assets | |||
Delaware Tax-Free USA Fund | 0.56% | |||
Delaware Tax-Free USA Intermediate Fund | 0.50% | |||
Delaware National High-Yield Municipal Bond Fund | 0.60% |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | |
Delaware Tax-Free USA Fund | $15,667 | |
Delaware Tax-Free USA Intermediate Fund | 15,891 | |
Delaware National High-Yield Municipal Bond Fund | 25,935 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | |
Delaware Tax-Free USA Fund | $34,804 | |
Delaware Tax-Free USA Intermediate Fund | 35,422 | |
Delaware National High-Yield Municipal Bond Fund | 62,562 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under
111
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
“Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The Class A shares of Delaware Tax-Free USA Intermediate Fund were subject to a 12b-1 fee of 0.25% of average daily net assets, which was contractually waived to 0.15% of average daily net assets from September 1, 2020 through February 28, 2021.* Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |
Delaware Tax-Free USA Fund | $15,463 | |
Delaware Tax-Free USA Intermediate Fund | 15,705 | |
Delaware National High-Yield Municipal Bond Fund | 20,893 |
For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Commissions | |||
Delaware Tax-Free USA Fund | $ | 10,771 | ||
Delaware Tax-Free USA Intermediate Fund | 5,385 | |||
Delaware National High-Yield Municipal Bond Fund | 10,575 |
112
For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||||||
Delaware Tax-Free USA Fund | $ | 97 | $ | 17 | ||||
Delaware Tax-Free USA Intermediate Fund | 509 | 245 | ||||||
Delaware National High-Yield Municipal Bond Fund | — | 3,055 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
Cross trades for the six months ended February 28, 2021, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2021, the Funds engaged in the following Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains (losses) as follows:
Purchases | Sales | Net realized gain (loss) | |||||||||||
Delaware Tax-Free USA Fund | $ | 24,471,272 | $ | 31,636,576 | $ | (724,301 | ) | ||||||
Delaware Tax-Free USA Intermediate | |||||||||||||
Fund | 23,455,249 | 21,599,985 | 4,146 | ||||||||||
Delaware National High-Yield | |||||||||||||
Municipal Bond Fund | 44,397,551 | 18,035,372 | — |
*The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.
3. Investments
For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||||
Delaware Tax-Free USA Fund | $ | 197,170,811 | $ | 150,785,117 | ||
Delaware Tax-Free USA Intermediate Fund | 160,455,441 | 108,435,879 | ||||
Delaware National High-Yield Municipal Bond Fund | 278,783,449 | 136,532,645 |
113
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
3. Investments (continued)
At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Fund | Cost of investments | Aggregate unrealized appreciation of investments | Aggregate unrealized depreciation of investments | Net unrealized appreciation of investments | ||||||||||
Delaware Tax-Free | ||||||||||||||
USA Fund | $ | 923,673,673 | $ | 85,289,691 | $ | (4,738,379 | ) | $ | 80,551,312 | |||||
Delaware Tax-Free | ||||||||||||||
USA Intermediate | ||||||||||||||
Fund | 1,014,964,761 | 81,256,098 | (4,192,989 | ) | 77,063,109 | |||||||||
Delaware National | ||||||||||||||
High-Yield | ||||||||||||||
Municipal Bond | ||||||||||||||
Fund | 1,412,549,090 | 132,469,901 | (29,675,235 | ) | 102,794,666 |
At August 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:
Loss carryforward character | |||||||||
Short-term | Long-term | Total | |||||||
Delaware Tax-Free USA | |||||||||
Intermediate Fund | $ | 1,711,229 | $— | $ | 1,711,229 |
At August 31, 2020, there were no capital loss carryforwards for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund.
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the
114
circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 – | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 – | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 – | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2021:
Delaware Tax-Free USA Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 1,004,224,985 | |||
Total Value of Securities | $ | 1,004,224,985 |
115
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
3. Investments (continued)
Delaware Tax-Free USA Intermediate Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 1,091,477,870 | |||
Short-Term Investments | 550,000 | ||||
Total Value of Securities | $ | 1,092,027,870 |
Delaware National High-Yield Municipal Bond Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 1,506,388,756 | |||
Short-Term Investments | 8,955,000 | ||||
Total Value of Securities | $ | 1,515,343,756 |
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.
116
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free USA Fund | Delaware Tax-Free USA | Delaware National High-Yield Municipal Bond Fund | |||||||||||||||||
Six months ended 2/28/21 | Year ended 8/31/20 | Six months ended 2/28/21 | Year ended 8/31/20 | Six months ended 2/28/21 | Year ended 8/31/20 | ||||||||||||||
Shares sold: | |||||||||||||||||||
Class A | 8,008,006 | 8,128,109 | 1,456,362 | 2,507,418 | 3,576,302 | 5,760,481 | |||||||||||||
Class C | 91,338 | 209,130 | 67,632 | 148,655 | 414,885 | 909,664 | |||||||||||||
Institutional Class | 3,072,457 | 5,517,306 | 6,973,160 | 11,945,089 | 17,122,634 | 30,588,566 | |||||||||||||
Shares from merger: | |||||||||||||||||||
Class A | 27,065,090 | — | 37,970,562 | — | — | — | |||||||||||||
Institutional Class | 490,723 | — | 1,475,716 | — | — | — | |||||||||||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||||||||||
Class A | 1,047,628 | 1,237,423 | 330,577 | 243,247 | 296,521 | 640,413 | |||||||||||||
Class C | 15,670 | 28,406 | 8,485 | 27,722 | 91,431 | 218,235 | |||||||||||||
Institutional Class | 246,941 | 406,363 | 472,256 | 844,472 | 1,770,147 | 3,406,052 | |||||||||||||
40,037,853 | 15,526,737 | 48,754,750 | 15,716,603 | 23,271,920 | 41,523,411 | ||||||||||||||
Shares redeemed: | |||||||||||||||||||
Class A | (6,388,854 | ) | (8,760,862 | ) | (2,111,584 | ) | (4,166,754 | ) | (1,391,250 | ) | (8,235,396 | ) | |||||||
Class C | (289,849 | ) | (677,015 | ) | (297,339 | ) | (1,072,043 | ) | (1,665,124 | ) | (2,879,671 | ) | |||||||
Institutional Class | (2,181,316 | ) | (5,767,214 | ) | (3,829,826 | ) | (8,385,796 | ) | (8,534,882 | ) | (35,257,417 | ) | |||||||
(8,860,019 | ) | (15,205,091 | ) | (6,238,749 | ) | (13,624,593 | ) | (11,591,256 | ) | (46,372,484 | ) | ||||||||
Net increase | |||||||||||||||||||
(decrease) | 31,177,834 | 321,646 | 42,516,001 | 2,092,010 | 11,680,664 | (4,849,073 | ) |
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Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
4. Capital Shares (continued)
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:
Exchange Redemptions Exchange Subscriptions | |||||||||||
Class A Shares | Class C Shares | Class A Shares | Institutional Class Shares | Value | |||||||
Delaware Tax-Free USA Fund | |||||||||||
Six months ended | |||||||||||
2/28/21 | 12,035 | 22,181 | 22,217 | 11,970 | $ | 273,274 | |||||
Year ended | |||||||||||
8/31/20 | 118,464 | 60,517 | 60,554 | 117,593 | 2,113,033 | ||||||
Delaware Tax-Free USA Intermediate Fund | |||||||||||
Six months ended | |||||||||||
2/28/21 | 53,946 | 10,590 | 10,586 | 53,475 | 669,351 | ||||||
Year ended | |||||||||||
8/31/20 | 119,341 | 17,213 | 17,222 | 118,367 | 1,660,124 | ||||||
Delaware National High-Yield Municipal Bond Fund | |||||||||||
Six months ended | |||||||||||
2/28/21 | 33,295 | 40,108 | 32,306 | 40,980 | 839,000 | ||||||
Year ended | |||||||||||
8/31/20 | 320,408 | 19,256 | 15,368 | 321,944 | 3,710,189 |
5. Reorganization
On August 12, 2020, the Board approved a proposal to reorganize Delaware Tax-Exempt Opportunities Fund and Delaware Tax-Exempt Income Fund, each a series of Delaware Group Limited-Term Government Funds (the “Acquired Funds”) with and into Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund (the “Acquiring Funds”) (the “Reorganization”) respectively. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and
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losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Funds’ as of the close of business on December 4, 2020 were as follows:
Cost | Market value | |||||
Delaware Tax-Exempt Opportunities Fund | $ | 302,182,969 | $ | 330,998,600 | ||
Delaware Tax-Exempt Income Fund | $ | 441,468,894 | $ | 480,076,427 |
The share transactions associated with the merger are as follows:
Acquired Fund net assets | Acquired Fund shares outstanding | Shares converted to Acquiring Fund | Acquiring Fund net assets | Conversion ratio | |||||||||||
Delaware Tax-Exempt Opportunities Fund | Delaware Tax-Free USA Fund | ||||||||||||||
Class A | $ | 328,299,539 | 19,434,282 | 27,065,090 | $ | 496,595,841 | 1.393 | ||||||||
Class C | — | — | — | 10,599,349 | — | ||||||||||
Institutional | |||||||||||||||
Class | 5,996,641 | 354,397 | 490,723 | 131,648,773 | 1.385 | ||||||||||
Delaware Tax-Exempt Income | Delaware Tax-Free USA Intermediate | ||||||||||||||
Fund | Fund | ||||||||||||||
Class A | $ | 470,834,974 | 49,412,013 | 37,970,562 | $ | 108,082,382 | 0.768 | ||||||||
Class C | — | — | — | 11,623,405 | — | ||||||||||
Institutional | |||||||||||||||
Class | 18,475,967 | 1,938,317 | 1,475,716 | 474,092,009 | 0.761 |
The net assets of the Acquiring Funds before the Reorganization were $638,843,963 and $593,797,796. The net assets of the Acquiring Funds immediately following the Reorganization were $973,140,143 and $1,083,108,737.
Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the six months ended February 28, 2021, would have been as follows:
Delaware Tax-Free USA Fund | Delaware Tax-Free USA Intermediate Fund | ||||||||||
Net investment income | $ | 23,015,614 | $ | 26,235,990 | |||||||
Net realized gain on | |||||||||||
investments | 6,530,146 | 7,043,884 | |||||||||
Net change in unrealized | |||||||||||
appreciation | 13,577,556 | 3,555,801 | |||||||||
Net increase in net assets | |||||||||||
resulting from | |||||||||||
operations | $ | 43,123,316 | $ | 36,835,675 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.
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Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
6. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.
On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.
The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.
7. Securities Lending
Delaware Tax-Free USA Intermediate Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by
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government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.
The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.
During the six months ended February 28, 2021, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 28, 2021, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.
8. Geographic, Credit, and Market Risks
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and
121
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
8. Geographic, Credit, and Market Risks (continued)
liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by municipalities, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes.
The value of the Funds’ investments may be adversely affected by new legislation within the US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
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At February 28, 2021, the percentage of each Fund’s net assets insured by bond issuers are listed on the next page and these securities have been identified on the “Schedules of investments.”
Delaware Tax-Free | Delaware Tax-Free USA | Delaware National High-Yield | ||||||||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | ||||||||||||||
Assured Guaranty | ||||||||||||||||
Corporation | 0.14 | % | 0.46 | % | 0.14 | % | ||||||||||
Assured Guaranty | ||||||||||||||||
Municipal | ||||||||||||||||
Corporation | 1.11 | % | 1.26 | % | 0.24 | % | ||||||||||
AMBAC Assurance | ||||||||||||||||
Corporation | 0.13 | % | — | — | ||||||||||||
National Public | ||||||||||||||||
Finance | ||||||||||||||||
Guarantee | ||||||||||||||||
Corporation | 0.22 | % | 3.10 | % | — | |||||||||||
Total | 1.60 | % | 4.82 | % | 0.38 | % |
As of February 28, 2021, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 11.44%, 12.91%, and 17.64%, respectively, of the Fund’s net assets. As of February 28, 2021, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York, which constituted approximately 11.87% and 20.39%, respectively, of the Fund’s net assets. As of February 28, 2021, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico which constituted approximately 11.63% and 15.19%, respectively, the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher-yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance
123
Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds
8. Geographic, Credit, and Market Risks (continued) outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Boards have delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by each Fund have been identified on the “Schedules of investments.”
9. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
10. Recent Accounting Pronouncements
In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications
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and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.
11. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in the Funds’ financial statements.
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Board of trustees | ||||||
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA | Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA | Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA | Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN | |||
Affiliated officers | ||||||
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA | Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA | Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature. |
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
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Semiannual report
Fixed income mutual funds
Delaware Tax-Free Arizona Fund
Delaware Tax-Free California Fund
Delaware Tax-Free Colorado Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund
Delaware Tax-Free Pennsylvania Fund
February 28, 2021
Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary. You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds® by Macquarie or your financial intermediary. |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.
Experience Delaware Funds® by Macquarie
Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of February 28, 2021, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2021 Macquarie Management Holdings, Inc.
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
The investment objective of each Fund is to seek as high a level of current income exempt from federal income tax and from personal income taxes in the respective applicable state, as is consistent with preservation of capital.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2020 to February 28, 2021.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
Delaware Tax-Free Arizona Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,032.90 | 0.84 | % | $ | 4.23 | ||||||||||||
Class C | 1,000.00 | 1,029.00 | 1.59 | % | 8.00 | |||||||||||||||
Institutional Class | 1,000.00 | 1,035.00 | 0.59 | % | 2.98 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.63 | 0.84 | % | $ | 4.21 | ||||||||||||
Class C | 1,000.00 | 1,016.91 | 1.59 | % | 7.95 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.87 | 0.59 | % | 2.96 | |||||||||||||||
Delaware Tax-Free California Fund Expense analysis of an investment of $1,000 | ||||||||||||||||||||
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,030.50 | 0.86 | % | $ | 4.33 | ||||||||||||
Class C | 1,000.00 | 1,025.80 | 1.61 | % | 8.09 | |||||||||||||||
Institutional Class | 1,000.00 | 1,031.80 | 0.61 | % | 3.07 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.53 | 0.86 | % | $ | 4.31 | ||||||||||||
Class C | 1,000.00 | 1,016.81 | 1.61 | % | 8.05 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.77 | 0.61 | % | 3.06 |
2
Delaware Tax-Free Colorado Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.20 | 0.83 | % | $ | 4.16 | ||||||||||||
Class C | 1,000.00 | 1,018.40 | 1.58 | % | 7.91 | |||||||||||||||
Institutional Class | 1,000.00 | 1,023.50 | 0.58 | % | 2.91 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.68 | 0.83 | % | $ | 4.16 | ||||||||||||
Class C | 1,000.00 | 1,016.96 | 1.58 | % | 7.90 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.92 | 0.58 | % | 2.91 | |||||||||||||||
Delaware Tax-Free Idaho Fund Expense analysis of an investment of $1,000 | ||||||||||||||||||||
Beginning | Ending | Expenses | ||||||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||||||
9/1/20 | 2/28/21 | Expense Ratio | 9/1/20 to 2/28/21* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,025.80 | 0.86 | % | $ | 4.32 | ||||||||||||
Class C | 1,000.00 | 1,022.00 | 1.61 | % | 8.07 | |||||||||||||||
Institutional Class | 1,000.00 | 1,027.10 | 0.61 | % | 3.07 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.53 | 0.86 | % | $ | 4.31 | ||||||||||||
Class C | 1,000.00 | 1,016.81 | 1.61 | % | 8.05 | |||||||||||||||
Institutional Class | 1,000.00 | 1,021.77 | 0.61 | % | 3.06 |
3
Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)
Delaware Tax-Free New York Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Annualized Expense Ratio | Expenses Paid During Period 9/1/20 to 2/28/21* | ||||||||||||||
Actual Fund return† | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.40 | 0.83% | $ | 4.16 | ||||||||||
Class C | 1,000.00 | 1,019.60 | 1.58% | 7.91 | |||||||||||||
Institutional Class | 1,000.00 | 1,023.80 | 0.58% | 2.91 | |||||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.68 | 0.83% | $ | 4.16 | ||||||||||
Class C | 1,000.00 | 1,016.96 | 1.58% | 7.90 | |||||||||||||
Institutional Class | 1,000.00 | 1,021.92 | 0.58% | 2.91 |
Delaware Tax-Free Pennsylvania Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Annualized Expense Ratio | Expenses Paid During Period 9/1/20 to 2/28/21* | ||||||||||||||
Actual Fund return† | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,029.00 | 0.83% | $ | 4.18 | ||||||||||
Class C | 1,000.00 | 1,026.40 | 1.59% | 7.99 | |||||||||||||
Institutional Class | 1,000.00 | 1,031.60 | 0.59% | 2.97 | |||||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.68 | 0.83% | $ | 4.16 | ||||||||||
Class C | 1,000.00 | 1,016.91 | 1.59% | 7.95 | |||||||||||||
Institutional Class | 1,000.00 | 1,021.87 | 0.59% | 2.96 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
In addition to the Funds’ expenses reflected above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.
4
Security type / sector / state / territory allocations | |
Delaware Tax-Free Arizona Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 98.08 | % | ||
Corporate Revenue Bonds | 4.87 | % | ||
Education Revenue Bonds | 20.84 | % | ||
Electric Revenue Bonds | 7.19 | % | ||
Healthcare Revenue Bonds | 23.64 | % | ||
Lease Revenue Bonds | 5.30 | % | ||
Local General Obligation Bonds | 4.08 | % | ||
Pre-Refunded Bonds | 3.56 | % | ||
Special Tax Revenue Bonds | 14.43 | % | ||
State General Obligation Bonds | 2.92 | % | ||
Transportation Revenue Bonds | 5.39 | % | ||
Water & Sewer Revenue Bonds | 5.86 | % | ||
Short-Term Investments | 1.30 | % | ||
Total Value of Securities | 99.38 | % | ||
Receivables and Other Assets Net of Liabilities | 0.62 | % | ||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Arizona Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | |||
Arizona | 80.74 | % | ||
Guam | 0.34 | % | ||
Puerto Rico | 18.30 | % | ||
Total Value of Securities | 99.38 | % |
5
Security type / sector / state / territory allocations | |
Delaware Tax-Free California Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 100.16 | % | ||
Corporate Revenue Bonds | 9.69 | % | ||
Education Revenue Bonds | 22.75 | % | ||
Electric Revenue Bonds | 3.27 | % | ||
Healthcare Revenue Bonds | 9.50 | % | ||
Housing Revenue Bonds | 3.42 | % | ||
Lease Revenue Bonds | 6.15 | % | ||
Local General Obligation Bonds | 3.74 | % | ||
Pre-Refunded/Escrowed to Maturity Bonds | 10.19 | % | ||
Special Tax Revenue Bonds | 12.61 | % | ||
State General Obligation Bonds | 7.84 | % | ||
Transportation Revenue Bonds | 11.00 | % | ||
Total Value of Securities | 100.16 | % | ||
Liabilities Net of Receivables and Other Assets | (0.16 | %) | ||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free California Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | |||
California | 83.75 | % | ||
Guam | 0.36 | % | ||
Puerto Rico | 15.86 | % | ||
US Virgin Islands | 0.19 | % | ||
Total Value of Securities | 100.16 | % |
6
Security type / sector / state / territory allocations | |
Delaware Tax-Free Colorado Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 98.71 | % | ||
Corporate Revenue Bonds | 2.99 | % | ||
Education Revenue Bonds | 13.48 | % | ||
Electric Revenue Bonds | 5.22 | % | ||
Healthcare Revenue Bonds | 23.78 | % | ||
Housing Revenue Bonds | 0.08 | % | ||
Lease Revenue Bonds | 1.99 | % | ||
Local General Obligation Bonds | 10.50 | % | ||
Pre-Refunded Bonds | 11.07 | % | ||
Special Tax Revenue Bonds | 15.98 | % | ||
State General Obligation Bonds | 2.67 | % | ||
Transportation Revenue Bonds | 6.96 | % | ||
Water & Sewer Revenue Bonds | 3.99 | % | ||
Short-Term Investments | 1.06 | % | ||
Total Value of Securities | 99.77 | % | ||
Receivables and Other Assets Net of Liabilities | 0.23 | % | ||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Colorado Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | |||
Colorado | 85.64 | % | ||
Guam | 1.90 | % | ||
Idaho | 1.06 | % | ||
Puerto Rico | 10.72 | % | ||
US Virgin Islands | 0.45 | % | ||
Total Value of Securities | 99.77 | % |
7
Security type / sector / state / territory allocations | |
Delaware Tax-Free Idaho Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||
Municipal Bonds* | 99.02 | % | ||
Corporate Revenue Bonds | 2.87 | % | ||
Education Revenue Bonds | 17.52 | % | ||
Electric Revenue Bonds | 4.52 | % | ||
Healthcare Revenue Bonds | 10.02 | % | ||
Housing Revenue Bonds | 3.53 | % | ||
Lease Revenue Bonds | 12.96 | % | ||
Local General Obligation Bonds | 18.97 | % | ||
Pre-Refunded Bonds | 7.27 | % | ||
Special Tax Revenue Bonds | 14.68 | % | ||
State General Obligation Bonds | 3.81 | % | ||
Transportation Revenue Bonds | 2.01 | % | ||
Water & Sewer Revenue Bonds | 0.86 | % | ||
Short-Term Investments | 0.04 | % | ||
Total Value of Securities | 99.06 | % | ||
Receivables and Other Assets Net of Liabilities | 0.94 | % | ||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Idaho Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | |||
Guam | 3.25 | % | ||
Idaho | 80.90 | % | ||
Puerto Rico | 14.91 | % | ||
Total Value of Securities | 99.06 | % |
8
Security type / sector / state / territory allocations | |
Delaware Tax-Free New York Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 99.10 | % | |||
Corporate Revenue Bonds | 6.33 | % | |||
Education Revenue Bonds | 21.77 | % | |||
Electric Revenue Bonds | 8.28 | % | |||
Healthcare Revenue Bonds | 5.88 | % | |||
Housing Revenue Bond | 0.89 | % | |||
Lease Revenue Bonds | 6.27 | % | |||
Local General Obligation Bonds | 3.41 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 4.49 | % | |||
Resource Recovery Revenue Bond | 0.75 | % | |||
Special Tax Revenue Bonds | 20.60 | % | |||
State General Obligation Bonds | 2.85 | % | |||
Transportation Revenue Bonds | 12.00 | % | |||
Water & Sewer Revenue Bonds | 5.58 | % | |||
Total Value of Securities | 99.10 | % | |||
Receivables and Other Assets Net of Liabilities | 0.90 | % | |||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free New York Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||||
Guam | 0.88 | % | |||
New York | 85.91 | % | |||
Puerto Rico | 12.23 | % | |||
US Virgin Islands | 0.08 | % | |||
Total Value of Securities | 99.10 | % |
9
Security type / sector / state / territory allocations | |
Delaware Tax-Free Pennsylvania Fund | As of February 28, 2021 (Unaudited) |
Sector designations may be different from the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | ||||
Municipal Bonds* | 100.14 | % | |||
Corporate Revenue Bonds | 7.07 | % | |||
Education Revenue Bonds | 11.16 | % | |||
Electric Revenue Bonds | 2.80 | % | |||
Healthcare Revenue Bonds | 32.44 | % | |||
Housing Revenue Bond | 0.44 | % | |||
Lease Revenue Bonds | 1.13 | % | |||
Local General Obligation Bonds | 7.21 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 8.39 | % | |||
Special Tax Revenue Bonds | 14.53 | % | |||
State General Obligation Bonds | 4.94 | % | |||
Transportation Revenue Bonds | 8.78 | % | |||
Water & Sewer Revenue Bonds | 1.25 | % | |||
Total Value of Securities | 100.14 | % | |||
Liabilities Net of Receivables and Other Assets | (0.14 | %) | |||
Total Net Assets | 100.00 | % |
* | As of the date of this report, Delaware Tax-Free Pennsylvania Fund held bonds issued by or on behalf of territories and the states of the US as follows: |
State / territory | Percentage of net assets | ||||
Pennsylvania | 82.36 | % | |||
Puerto Rico | 17.78 | % | |||
Total Value of Securities | 100.14 | % |
10
Schedules of investments | |
Delaware Tax-Free Arizona Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 98.08% | |||||||
Corporate Revenue Bonds – 4.87% | |||||||
Arizona Industrial Development Authority Revenue | |||||||
(Legacy Cares Project) | |||||||
Series A 144A 7.75% 7/1/50 # | 285,000 | $ | 307,521 | ||||
Chandler, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Intel Corporation Project) | |||||||
2.70% 12/1/37 (AMT) • | 1,000,000 | 1,050,890 | |||||
Salt Verde Financial Senior Gas Revenue | |||||||
5.00% 12/1/37 | 2,000,000 | 2,762,840 | |||||
4,121,251 | |||||||
Education Revenue Bonds – 20.84% | |||||||
Arizona Industrial Development Authority Revenue | |||||||
(Academies of Math & Science Projects) | |||||||
Series A 5.00% 7/1/51 | 1,000,000 | 1,142,930 | |||||
(ACCEL Schools Project) | |||||||
Series A 144A 5.25% 8/1/48 # | 350,000 | 380,859 | |||||
(American Charter Schools Foundation Project) | |||||||
144A 6.00% 7/1/37 # | 250,000 | 303,868 | |||||
144A 6.00% 7/1/47 # | 400,000 | 477,864 | |||||
(Doral Academy of Nevada - Fire Mesa and Red | |||||||
Rock Campus Projects) | |||||||
Series A 144A 5.00% 7/15/49 # | 375,000 | 416,797 | |||||
(Empower College Prep Project) | |||||||
144A 6.00% 7/1/49 # | 500,000 | 542,005 | |||||
(Equitable School Revolving Fund) | |||||||
Series A 4.00% 11/1/49 | 1,600,000 | 1,767,808 | |||||
(Odyssey Preparatory Academy Project) | |||||||
Series A 144A 5.50% 7/1/52 # | 375,000 | 405,019 | |||||
(Pinecrest Academy of Nevada-Horizon, Inspirada | |||||||
and St. Rose Campus Projects) | |||||||
Series A 144A 5.75% 7/15/48 # | 250,000 | 283,188 | |||||
(Somerset Academy of Las Vegas - Lone | |||||||
Mountain Campus Project) | |||||||
Series A 144A 5.00% 12/15/49 # | 500,000 | 538,080 | |||||
Arizona State University Energy Management | |||||||
Revenue | |||||||
(Arizona State University Tempe Campus II | |||||||
Project) | |||||||
4.50% 7/1/24 | 1,000,000 | 1,003,120 | |||||
Glendale Industrial Development Authority Revenue | |||||||
(Midwestern University) | |||||||
5.00% 5/15/31 | 645,000 | 670,348 |
11
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Maricopa County Industrial Development Authority | |||||||
Revenue | |||||||
(Creighton University Project) | |||||||
4.00% 7/1/50 | 1,000,000 | $ | 1,122,020 | ||||
(Great Hearts Arizona Projects) | |||||||
Series A 5.00% 7/1/52 | 725,000 | 839,652 | |||||
(Reid Traditional Schools Projects) | |||||||
5.00% 7/1/47 | 785,000 | 858,091 | |||||
Maricopa County, Arizona Industrial Development | |||||||
Authority Revenue | |||||||
(Arizona Autism Charter Schools Project) | |||||||
Series A 144A 5.00% 7/1/40 # | 250,000 | 279,565 | |||||
McAllister Academic Village Revenue | |||||||
(Arizona State University Hassayampa Academic | |||||||
Village Project) | |||||||
5.00% 7/1/31 | 500,000 | 591,785 | |||||
Phoenix Industrial Development Authority | |||||||
(Choice Academies Project) | |||||||
5.625% 9/1/42 | 1,250,000 | 1,287,850 | |||||
(Eagle College Preparatory Project) | |||||||
Series A 5.00% 7/1/43 | 500,000 | 511,215 | |||||
(Great Hearts Academic Project) | |||||||
5.00% 7/1/46 | 1,000,000 | 1,089,590 | |||||
(Rowan University Project) | |||||||
5.00% 6/1/42 | 2,000,000 | 2,069,740 | |||||
Pima County Industrial Development Authority | |||||||
Education Revenue | |||||||
(Edkey Charter Schools Project) | |||||||
144A 5.00% 7/1/55 # | 500,000 | 523,575 | |||||
University of Arizona Board of Regents | |||||||
Series A 4.00% 6/1/44 | 475,000 | 537,809 | |||||
17,642,778 | |||||||
Electric Revenue Bonds – 7.19% | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.00% 7/1/42 ‡ | 450,000 | 406,125 | |||||
Series A 5.05% 7/1/42 ‡ | 55,000 | 49,638 | |||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 31,675 | |||||
Series WW 5.00% 7/1/28 ‡ | 450,000 | 406,125 | |||||
Series WW 5.25% 7/1/33 ‡ | 430,000 | 389,150 | |||||
Series WW 5.50% 7/1/38 ‡ | 620,000 | 562,650 | |||||
Series XX 4.75% 7/1/26 ‡ | 35,000 | 31,500 | |||||
Series XX 5.25% 7/1/40 ‡ | 355,000 | 321,275 |
12
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series XX 5.75% 7/1/36 ‡ | 125,000 | $ | 113,750 | ||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 27,000 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 45,000 | 40,725 | |||||
Salt River Project Agricultural Improvement & Power | |||||||
District Electric System Revenue | |||||||
Series A 5.00% 1/1/39 | 2,000,000 | 2,450,460 | |||||
Series A 5.00% 1/1/47 | 1,000,000 | 1,257,630 | |||||
6,087,703 | |||||||
Healthcare Revenue Bonds – 23.64% | |||||||
Arizona Health Facilities Authority Hospital System | |||||||
Revenue | |||||||
(Phoenix Children’s Hospital) | |||||||
Series A 5.00% 2/1/34 | 995,000 | 1,028,303 | |||||
(Scottsdale Lincoln Hospital Project) | |||||||
5.00% 12/1/42 | 1,000,000 | 1,124,540 | |||||
Arizona Industrial Development Authority Revenue | |||||||
(Great Lakes Senior Living Communities LLC | |||||||
Project First Tier) | |||||||
Series A 5.00% 1/1/54 | 145,000 | 130,390 | |||||
(Great Lakes Senior Living Communities LLC | |||||||
Project Second Tier) | |||||||
Series B 5.00% 1/1/49 | 55,000 | 41,488 | |||||
Series B 5.125% 1/1/54 | 65,000 | 48,938 | |||||
(Great Lakes Senior Living Communities LLC | |||||||
Project Third Tier) | |||||||
Series C 144A 5.00% 1/1/49 # | 500,000 | 360,615 | |||||
(Phoenix Children’s Hospital) | |||||||
Series A 4.00% 2/1/50 | 2,040,000 | 2,277,640 | |||||
Glendale Industrial Development Authority Revenue | |||||||
(Glencroft Retirement Community Project) | |||||||
5.00% 11/15/36 | 270,000 | 272,781 | |||||
(Royal Oaks Inspirita Pointe Project) | |||||||
Series A 5.00% 5/15/56 | 1,000,000 | 1,114,200 | |||||
(Sun Health Services) | |||||||
Series A 5.00% 11/15/48 | 1,000,000 | 1,151,930 | |||||
(The Beatitudes Campus Project) | |||||||
5.00% 11/15/45 | 200,000 | 213,714 |
13
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Glendale, Arizona Industrial Development Authority | |||||||
Revenue | |||||||
(Glencroft Retirement Community Project) | |||||||
5.25% 11/15/46 | 415,000 | $ | 417,403 | ||||
(The Terraces of Phoenix Project) | |||||||
Series A 5.00% 7/1/48 | 375,000 | 389,812 | |||||
Maricopa County Industrial Development Authority | |||||||
Health Facilities Revenue | |||||||
(Banner Health) | |||||||
Series A 4.00% 1/1/41 | 1,000,000 | 1,128,100 | |||||
Series A 4.00% 1/1/44 | 1,500,000 | 1,714,425 | |||||
Maricopa County Industrial Development Authority | |||||||
Hospital Revenue | |||||||
(HonorHealth) | |||||||
Series A 3.00% 9/1/51 | 500,000 | 513,840 | |||||
Series A 4.00% 9/1/51 | 250,000 | 289,398 | |||||
Maricopa County Industrial Development Authority | |||||||
Senior Living Facility Revenue | |||||||
(Christian Care Surprise Project) | |||||||
144A 6.00% 1/1/48 # | 405,000 | 412,727 | |||||
Puerto Rico Industrial Tourist Educational Medical & | |||||||
Environmental Control Facilities Financing | |||||||
Authority | |||||||
(Hospital Auxilio Mutuo Obligated Group Project) | |||||||
Series A 6.00% 7/1/33 | 790,000 | 799,559 | |||||
Tempe Industrial Development Authority Revenue | |||||||
(Friendship Village) | |||||||
Series A 6.25% 12/1/42 | 1,200,000 | 1,221,108 | |||||
(Mirabella at ASU Project) | |||||||
Series A 144A 6.125% 10/1/52 # | 800,000 | 849,904 | |||||
Yavapai County Industrial Development Authority | |||||||
Hospital Facility | |||||||
(Yavapai Regional Medical Center) | |||||||
4.00% 8/1/43 | 1,500,000 | 1,670,295 | |||||
Series A 5.25% 8/1/33 | 2,000,000 | 2,175,920 | |||||
Yuma Industrial Development Authority Hospital | |||||||
Revenue | |||||||
(Yuma Regional Medical Center) | |||||||
Series A 5.00% 8/1/32 | 295,000 | 329,078 | |||||
Series A 5.25% 8/1/32 | 300,000 | 338,208 | |||||
20,014,316 |
14
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds – 5.30% | |||||||
Arizona Game & Fish Department & Community | |||||||
Beneficial Interest Certificates | |||||||
(Administration Building Project) | |||||||
5.00% 7/1/32 | 1,000,000 | $ | 1,003,430 | ||||
Arizona Sports & Tourism Authority Senior Revenue | |||||||
(Multipurpose Stadium Facility) | |||||||
Series A 5.00% 7/1/36 | 350,000 | 363,405 | |||||
Maricopa County Industrial Development Authority | |||||||
Correctional Contract Revenue | |||||||
(Phoenix West Prison) | |||||||
Series B 5.375% 7/1/22 (ACA) | 685,000 | 686,863 | |||||
Phoenix Civic Improvement Airport Revenue | |||||||
(Junior Lien) | |||||||
Series A 5.00% 7/1/49 | 2,000,000 | 2,428,660 | |||||
4,482,358 | |||||||
Local General Obligation Bonds – 4.08% | |||||||
Maricopa County High School District No. | |||||||
214 Tolleson Union High School | |||||||
(School Improvement Project) | |||||||
Series B 4.00% 7/1/37 | 1,000,000 | 1,157,410 | |||||
Maricopa County School District No. 3 Tempe | |||||||
Elementary | |||||||
(School Improvement Project) | |||||||
Series B 5.00% 7/1/30 | 560,000 | 710,069 | |||||
Maricopa County Unified School District No. | |||||||
69 Paradise Valley | |||||||
4.00% 7/1/39 | 600,000 | 720,564 | |||||
Maricopa County Unified School District No. | |||||||
95 Queen Creek | |||||||
(School Improvement) | |||||||
4.00% 7/1/35 | 500,000 | 582,345 | |||||
Pinal County Community College District | |||||||
4.00% 7/1/31 | 250,000 | 284,755 | |||||
3,455,143 | |||||||
Pre-Refunded Bonds – 3.56% | |||||||
Arizona Health Facilities Authority Hospital System | |||||||
Revenue | |||||||
(Banner Health) | |||||||
Series A 5.00% 1/1/43-22 § | 500,000 | 520,250 | |||||
Phoenix Industrial Development Authority | |||||||
(Great Hearts Academic Project) | |||||||
6.30% 7/1/42-21 § | 500,000 | 509,750 |
15
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded Bonds (continued) | |||||||
Phoenix Industrial Development Authority | |||||||
(Great Hearts Academic Project) | |||||||
6.40% 7/1/47-21 § | 500,000 | $ | 509,915 | ||||
University of Arizona Board of Regents | |||||||
Series A 5.00% 6/1/25-22 § | 10,000 | 10,581 | |||||
Series A 5.00% 6/1/38-23 § | 1,000,000 | 1,106,850 | |||||
Unrefunded Series A 5.00% 6/1/25-22 § | 335,000 | 354,453 | |||||
3,011,799 | |||||||
Special Tax Revenue Bonds – 14.43% | |||||||
GDB Debt Recovery Authority | |||||||
(Taxable) | |||||||
7.50% 8/20/40 | 1,548,850 | 1,324,267 | |||||
Glendale Municipal Property Excise Tax Revenue | |||||||
(Senior Lien) | |||||||
Series B 5.00% 7/1/33 | 570,000 | 613,725 | |||||
Glendale Transportation Excise Tax Revenue | |||||||
5.00% 7/1/30 (AGM) | 1,000,000 | 1,175,690 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 2.592% 7/1/33 ^ | 237,000 | 168,514 | |||||
Series A-1 4.75% 7/1/53 | 2,485,000 | 2,712,204 | |||||
Series A-1 4.922% 7/1/51 ^ | 4,400,000 | 968,748 | |||||
Series A-1 5.00% 7/1/58 | 930,000 | 1,030,012 | |||||
Series A-1 5.083% 7/1/46 ^ | 1,970,000 | 605,657 | |||||
Series A-2 4.329% 7/1/40 | 2,825,000 | 3,038,711 | |||||
Regional Public Transportation Authority | |||||||
(Maricopa County Public Transportation) | |||||||
5.25% 7/1/24 | 500,000 | 580,535 | |||||
12,218,063 | |||||||
State General Obligation Bonds – 2.92% | |||||||
Commonwealth of Puerto Rico | |||||||
Series A 5.00% 7/1/41 ‡ | 235,000 | 183,594 | |||||
Series A 5.125% 7/1/37 ‡ | 1,190,000 | 963,900 | |||||
Series A 5.375% 7/1/33 ‡ | 270,000 | 233,212 | |||||
Series A 8.00% 7/1/35 ‡ | 640,000 | 498,400 | |||||
Series B 5.75% 7/1/38 ‡ | 680,000 | 590,750 | |||||
2,469,856 |
16
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds – 5.39% | |||||||
Arizona Department of Transportation State | |||||||
Highway Fund Revenue | |||||||
5.00% 7/1/35 | 500,000 | $ | 598,795 | ||||
Phoenix Civic Improvement Airport Revenue | |||||||
(Junior Lien) | |||||||
Series B 5.00% 7/1/49 (AMT) | 400,000 | 476,328 | |||||
(Senior Lien) | |||||||
4.00% 7/1/48 (AMT) | 500,000 | 547,180 | |||||
5.00% 7/1/32 (AMT) | 500,000 | 546,305 | |||||
Series A 5.00% 7/1/36 (AMT) | 1,000,000 | 1,186,740 | |||||
Series B 5.00% 7/1/37 | 1,000,000 | 1,203,490 | |||||
4,558,838 | |||||||
Water & Sewer Revenue Bonds – 5.86% | |||||||
Arizona Water Infrastructure Finance Authority | |||||||
(Water Quality Revenue) | |||||||
Series A 5.00% 10/1/26 | 1,000,000 | 1,163,720 | |||||
Central Arizona Water Conservation District | |||||||
(Central Arizona Project) | |||||||
5.00% 1/1/31 | 600,000 | 715,446 | |||||
Guam Government Waterworks Authority Revenue | |||||||
5.00% 7/1/37 | 250,000 | 289,608 | |||||
Mesa Utility System Revenue | |||||||
4.00% 7/1/31 | 850,000 | 965,821 | |||||
Phoenix Civic Improvement Corporation | |||||||
(Junior Lien) | |||||||
5.00% 7/1/27 | 1,000,000 | 1,221,910 | |||||
5.00% 7/1/31 | 500,000 | 605,710 | |||||
4,962,215 | |||||||
Total Municipal Bonds (cost $77,847,223) | 83,024,320 |
17
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | ||||||
Short-Term Investments – 1.30% | |||||||
Variable Rate Demand Note – 1.30%¤ | |||||||
Phoenix Industrial Development Authority | |||||||
(Mayo Clinic) Series B 0.01% 11/15/52 | |||||||
(SPA - Northern Trust Company) | 1,100,000 | $ | 1,100,000 | ||||
Total Short-Term Investments (cost $1,100,000) | 1,100,000 | ||||||
Total Value of Securities–99.38% | |||||||
(cost $78,947,223) | $ | 84,124,320 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $6,081,587, which represents 7.18% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
‡ | 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. See Note 7 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
¤ | 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 February 28, 2021. |
Summary of abbreviations:
ACA – Insured by American Capital Access
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
18
Summary of abbreviations: (continued)
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
19
Schedules of investments | |
Delaware Tax-Free California Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||
Municipal Bonds — 100.16% | |||||
Corporate Revenue Bonds — 9.69% | |||||
California Pollution Control Financing Authority | |||||
Solid Waste Disposal Revenue | |||||
(CalPlant I Project) | |||||
144A 8.00% 7/1/39 (AMT) #, ‡ | 300,000 | $ | 195,000 | ||
Golden State Tobacco Securitization Settlement | |||||
Revenue | |||||
(Asset-Backed) | |||||
Series A-2 5.00% 6/1/47 | 2,400,000 | 2,482,752 | |||
(Capital Appreciation Asset-Backed) | |||||
First Subordinate Series B 1.302% 6/1/47 ^ | 2,335,000 | 512,626 | |||
Inland Empire Tobacco Securitization Authority | |||||
(Capital Appreciation Turbo Asset-Backed) | |||||
Series F 144A 1.386% 6/1/57 #, ^ | 29,440,000 | 1,374,553 | |||
M-S-R Energy Authority Revenue | |||||
Series B 6.50% 11/1/39 | 500,000 | 790,620 | |||
Tobacco Securitization Authority of Northern | |||||
California | |||||
(Sacramento County) | |||||
Series A Class 1 Senior 4.00% 6/1/36 | 300,000 | 361,290 | |||
Series A Class 1 Senior 4.00% 6/1/37 | 300,000 | 359,865 | |||
Series A Class 1 Senior 4.00% 6/1/38 | 400,000 | 478,232 | |||
Series A Class 1 Senior 4.00% 6/1/39 | 250,000 | 297,985 | |||
Series A Class 1 Senior 4.00% 6/1/40 | 300,000 | 351,648 | |||
Series A Class 1 Senior 4.00% 6/1/49 | 1,000,000 | 1,147,660 | |||
Tobacco Securitization Authority of Southern | |||||
California | |||||
(San Diego County) | |||||
Capital Appreciation Second Subordinate | |||||
Series C 0.549% 6/1/46 ^ | 13,190,000 | 2,688,782 | |||
Capital Appreciation Third Subordinate | |||||
Series D 0.301% 6/1/46 ^ | 4,915,000 | 844,544 | |||
11,885,557 | |||||
Education Revenue Bonds — 22.75% | |||||
California Educational Facilities Authority | |||||
(Loma Linda University) | |||||
Series A 5.00% 4/1/47 | 1,000,000 | 1,148,690 | |||
(Stanford University) | |||||
Series U-1 5.25% 4/1/40 | 1,840,000 | 2,694,110 | |||
Series V-1 5.00% 5/1/49 | 1,460,000 | 2,190,686 | |||
California Municipal Finance Authority | |||||
(Bella Mente Montessori Academy Project) | |||||
Series A 144A 5.00% 6/1/48 # | 500,000 | 548,945 |
20
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Education Revenue Bonds (continued) | ||||||
California Municipal Finance Authority | ||||||
(Biola University) | ||||||
5.00% 10/1/39 | 1,000,000 | $ | 1,171,340 | |||
(California Baptist University) | ||||||
Series A 144A 5.375% 11/1/40 # | 1,000,000 | 1,119,710 | ||||
(CHF - Davis I, LLC - West Village Student | ||||||
Housing Project) | ||||||
5.00% 5/15/48 | 1,000,000 | 1,163,480 | ||||
(Emerson College) | ||||||
Series B 5.00% 1/1/32 | 1,000,000 | 1,201,370 | ||||
(Julian Charter School Project) | ||||||
Series A 144A 5.625% 3/1/45 # | 850,000 | 870,697 | ||||
(Literacy First Charter Schools Project) | ||||||
Series A 5.00% 12/1/49 | 750,000 | 864,668 | ||||
(Southwestern Law School) | ||||||
6.50% 11/1/41 | 1,140,000 | 1,175,750 | ||||
California School Finance Authority | ||||||
(Aspire Public Schools - Obligated Group Issue | ||||||
#3) | ||||||
Series A 144A 5.00% 8/1/40 # | 1,000,000 | 1,189,920 | ||||
(Aspire Public Schools - Obligated Group) | ||||||
Series A 144A 5.00% 8/1/45 # | 715,000 | 798,955 | ||||
(Encore Education Obligated Group) | ||||||
Series A 144A 5.00% 6/1/42 # | 500,000 | 473,050 | ||||
(Escuela Popular Project) | ||||||
144A 6.50% 7/1/50 # | 250,000 | 277,550 | ||||
(Granada Hills Charter Obligated Group) | ||||||
144A 5.00% 7/1/49 # | 475,000 | 522,367 | ||||
(Green Dot Public Schools Project) | ||||||
Series A 144A 5.00% 8/1/35 # | 1,000,000 | 1,110,330 | ||||
(Grimmway Schools - Obligated Group) | ||||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 550,715 | ||||
(ICEF - View Park Elementary & Middle Schools) | ||||||
Series A 5.625% 10/1/34 | 575,000 | 626,072 | ||||
(KIPP LA Projects) | ||||||
Series A 5.125% 7/1/44 | 1,000,000 | 1,097,840 | ||||
(KIPP SoCal Projects) | ||||||
Series A 144A 5.00% 7/1/49 # | 1,000,000 | 1,201,670 | ||||
(Partnerships to Uplift Communities Valley | ||||||
Project) | ||||||
Series A 144A 6.75% 8/1/44 # | 1,000,000 | 1,101,210 | ||||
California State University Systemwide Revenue | ||||||
Series A 5.00% 11/1/47 | 1,000,000 | 1,195,390 |
21
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Education Revenue Bonds (continued) | ||||||
California Statewide Communities Development | ||||||
Authority Charter School Revenue | ||||||
(Green Dot Public Schools - Animo Inglewood | ||||||
Charter High School Project) | ||||||
Series A 7.25% 8/1/41 | 300,000 | $ | 306,249 | |||
California Statewide Communities Development | ||||||
Authority Revenue | ||||||
(California Baptist University) | ||||||
Series A 6.125% 11/1/33 | 750,000 | 831,285 | ||||
California Statewide Communities Development | ||||||
Authority Student Housing Revenue | ||||||
(University of California Irvine East Campus | ||||||
Apartments) | ||||||
5.375% 5/15/38 | 1,000,000 | 1,008,050 | ||||
Mt. San Antonio Community College District | ||||||
Convertible Capital Appreciation Election 2008 | ||||||
Series A 0.00% 8/1/28 ~ | 1,000,000 | 1,167,790 | ||||
University of California | ||||||
Series BE 5.00% 5/15/32 | 220,000 | 291,905 | ||||
27,899,794 | ||||||
Electric Revenue Bonds — 3.27% | ||||||
Los Angeles Department of Water & Power Revenue | ||||||
(Power System) | ||||||
Series A 5.00% 7/1/42 | 1,000,000 | 1,192,740 | ||||
Puerto Rico Electric Power Authority Revenue | ||||||
Series A 5.00% 7/1/42 ‡ | 350,000 | 315,875 | ||||
Series A 5.05% 7/1/42 ‡ | 70,000 | 63,175 | ||||
Series A 6.75% 7/1/36 ‡ | 185,000 | 170,663 | ||||
Series AAA 5.25% 7/1/25 ‡ | 40,000 | 36,200 | ||||
Series CCC 5.25% 7/1/27 ‡ | 325,000 | 294,125 | ||||
Series TT 5.00% 7/1/32 ‡ | 340,000 | 306,850 | ||||
Series WW 5.00% 7/1/28 ‡ | 470,000 | 424,175 | ||||
Series WW 5.25% 7/1/33 ‡ | 335,000 | 303,175 | ||||
Series WW 5.50% 7/1/38 ‡ | 480,000 | 435,600 | ||||
Series XX 4.75% 7/1/26 ‡ | 45,000 | 40,500 | ||||
Series XX 5.25% 7/1/40 ‡ | 230,000 | 208,150 | ||||
Series XX 5.75% 7/1/36 ‡ | 150,000 | 136,500 | ||||
Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 31,500 | ||||
Series ZZ 5.25% 7/1/24 ‡ | 55,000 | 49,775 | ||||
4,009,003 |
22
Principal amount° | Value (US $) | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds — 9.50% | ||||||
ABAG Finance Authority for Nonprofit Corporations | ||||||
(Episcopal Senior Communities) | ||||||
6.125% 7/1/41 | 850,000 | $ | 859,809 | |||
California Health Facilities Financing Authority | ||||||
Revenue | ||||||
(Cedars-Sinai Medical Center) | ||||||
Series B 4.00% 8/15/36 | 500,000 | 563,940 | ||||
(Children’s Hospital Los Angeles) | ||||||
Series A 5.00% 11/15/34 | 500,000 | 527,720 | ||||
Series A 5.00% 8/15/47 | 500,000 | 581,120 | ||||
(Kaiser Permanente) | ||||||
Subordinate Series A-2 4.00% 11/1/44 | 1,005,000 | 1,141,670 | ||||
California Municipal Finance Authority Revenue | ||||||
(Community Medical Centers) | ||||||
Series A 5.00% 2/1/42 | 750,000 | 859,687 | ||||
Series A 5.00% 2/1/47 | 250,000 | 284,470 | ||||
(Goodwill Industry of Sacramento Valley & | ||||||
Northern Nevada Project) | ||||||
5.00% 1/1/35 | 635,000 | 627,247 | ||||
(Northbay Healthcare Group) | ||||||
Series A 5.25% 11/1/47 | 500,000 | 564,780 | ||||
California Statewide Communities Development | ||||||
Authority Revenue | ||||||
(Adventist Health System/West) | ||||||
Series A 4.00% 3/1/48 | 1,000,000 | 1,098,170 | ||||
(Emanate Health) | ||||||
Series A 4.00% 4/1/45 | 255,000 | 289,252 | ||||
(Episcopal Communities & Services) | ||||||
5.00% 5/15/32 | 600,000 | 622,494 | ||||
(Huntington Memorial Hospital) | ||||||
4.00% 7/1/48 | 500,000 | 548,930 | ||||
(Marin General Hospital - Green Bonds) | ||||||
Series A 4.00% 8/1/45 | 500,000 | 518,960 | ||||
(Redlands Community Hospital) | ||||||
5.00% 10/1/46 | 1,000,000 | 1,136,540 | ||||
Palomar Health | ||||||
5.00% 11/1/47 (AGM) | 500,000 | 603,440 | ||||
San Buenaventura | ||||||
(Community Memorial Health System) | ||||||
7.50% 12/1/41 | 785,000 | 817,978 | ||||
11,646,207 |
23
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Housing Revenue Bonds – 3.42% | |||||||
California Housing Finance Agency | |||||||
Series 2019-2 Class A 4.00% 3/20/33 | 491,145 | $ | 551,566 | ||||
California Municipal Finance Authority Mobile Home | |||||||
Park Revenue | |||||||
(Caritas Projects) | |||||||
Series A 5.50% 8/15/47 | 250,000 | 261,730 | |||||
Independent Cities Finance Authority Mobile Home | |||||||
Park Revenue | |||||||
(Pillar Ridge) | |||||||
Series A 5.25% 5/15/44 | 1,000,000 | 1,083,780 | |||||
Series A 5.25% 5/15/49 | 1,200,000 | 1,298,220 | |||||
Santa Clara County Multifamily Housing Authority | |||||||
Revenue | |||||||
(RiverTown Apartments Project) | |||||||
Series A 5.85% 8/1/31 (AMT) | 1,000,000 | 1,003,090 | |||||
4,198,386 | |||||||
Lease Revenue Bonds – 6.15% | |||||||
ABAG Finance Authority for Nonprofit Corporations | |||||||
(Jackson Laboratory) | |||||||
5.00% 7/1/37 | 1,000,000 | 1,051,550 | |||||
California Infrastructure & Economic Development | |||||||
Bank | |||||||
(Academy of Motion Picture Arts & | |||||||
Sciences Obligated Group) | |||||||
Series A 5.00% 11/1/41 | 1,000,000 | 1,108,010 | |||||
California Municipal Finance Authority | |||||||
(Orange County Civic Center Infrastructure | |||||||
Improvement Program - Phase II) | |||||||
Series A 5.00% 6/1/43 | 750,000 | 899,947 | |||||
California State Public Works Board | |||||||
(Various Capital Projects) | |||||||
Series I 5.50% 11/1/30 | 1,000,000 | 1,131,340 | |||||
Golden State Tobacco Securitization Settlement | |||||||
Revenue | |||||||
(Enhanced Asset-Backed) | |||||||
Series A 5.00% 6/1/29 | 1,000,000 | 1,084,560 | |||||
Series A 5.00% 6/1/45 | 1,000,000 | 1,143,420 | |||||
Oceanside Public Financing Authority | |||||||
(EL Corazon Aquatics Center Project) | |||||||
4.00% 11/1/49 | 1,000,000 | 1,124,630 | |||||
7,543,457 |
24
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds – 3.74% | |||||||
Anaheim School District Capital Appreciation | |||||||
Election of 2002 | |||||||
4.58% 8/1/25 (NATL) ^ | 1,000,000 | $ | 950,370 | ||||
Fresno Unified School District | |||||||
Election of 2016 | |||||||
Series A 5.00% 8/1/41 | 500,000 | 595,660 | |||||
Los Angeles Unified School District | |||||||
Election of 2008 | |||||||
(Dedicated Unlimited Ad Valorem Property Tax) | |||||||
Series A 5.00% 7/1/40 | 500,000 | 582,970 | |||||
Moreno Valley Unified School District | |||||||
Election of 2014 | |||||||
Series B 5.00% 8/1/43 (AGM) | 500,000 | 605,730 | |||||
Natomas Unified School District | |||||||
(1999 Refunding) | |||||||
5.95% 9/1/21 (NATL) | 100,000 | 100,981 | |||||
New Haven Unified School District | |||||||
Election of 2014 | |||||||
Series A 5.00% 8/1/40 | 1,000,000 | 1,159,300 | |||||
San Francisco Bay Area Rapid Transit District | |||||||
Election of 2016 | |||||||
(Green Bonds) | |||||||
Series B-1 4.00% 8/1/44 | 500,000 | 585,420 | |||||
4,580,431 | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 10.19% | |||||||
ABAG Finance Authority for Nonprofit Corporations | |||||||
(Sharp HealthCare) | |||||||
Series A 5.00% 8/1/28-22 § | 250,000 | 261,115 | |||||
Bay Area Toll Authority | |||||||
Series S-4 5.00% 4/1/32-23 § | 1,000,000 | 1,100,050 | |||||
California Educational Facilities Authority | |||||||
(Harvey Mudd College) | |||||||
5.25% 12/1/31-21 § | 500,000 | 519,230 | |||||
California Health Facilities Financing Authority | |||||||
Revenue | |||||||
(Sutter Health) | |||||||
Series A 5.00% 8/15/43-25 § | 1,000,000 | 1,195,960 | |||||
California State Public Works Board | |||||||
(California State University: Various Buildings) | |||||||
Series E 5.00% 9/1/33-22 § | 1,000,000 | 1,073,290 |
25
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
California State Public Works Board | |||||||
(Department of Corrections and Rehabilitation) | |||||||
Series C 5.00% 10/1/26 | 1,000,000 | $ | 1,027,830 | ||||
(Various Judicial Council Projects) | |||||||
Series D 5.00% 12/1/29 | 500,000 | 517,910 | |||||
California Statewide Communities Development | |||||||
Authority Revenue | |||||||
(Covenant Retirement Communities) | |||||||
Series C 5.625% 12/1/36-23 § | 1,000,000 | 1,143,790 | |||||
Centinela Valley Union High School District | |||||||
Election of 2010 | |||||||
Series A 5.00% 8/1/31-21 § | 500,000 | 510,135 | |||||
La Verne | |||||||
(Brethren Hillcrest Homes) | |||||||
5.00% 5/15/36-22 § | 750,000 | 800,797 | |||||
Pittsburg Unified School District Financing Authority | |||||||
Revenue | |||||||
(Pittsburg Unified School District Bond Program) | |||||||
5.50% 9/1/46-21 (AGM) § | 800,000 | 821,472 | |||||
Rancho Santa Fe Community Services District | |||||||
Financing Authority Revenue | |||||||
(Superior Lien Bonds) | |||||||
Series A 5.75% 9/1/30-21 § | 800,000 | 822,056 | |||||
San Francisco Municipal Transportation Agency | |||||||
Revenue | |||||||
5.00% 3/1/32-23 § | 1,000,000 | 1,095,420 | |||||
Series B 5.00% 3/1/37-22 § | 1,000,000 | 1,048,410 | |||||
San Jose Financing Authority Lease Revenue | |||||||
(Civic Center Project) | |||||||
Series A 5.00% 6/1/33-23 § | 500,000 | 552,710 | |||||
12,490,175 | |||||||
Special Tax Revenue Bonds – 12.61% | |||||||
GDB Debt Recovery Authority | |||||||
7.50% 8/20/40 | 1,360,619 | 1,163,329 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.75% 7/1/53 | 3,105,000 | 3,388,890 | |||||
Series A-1 4.90% 7/1/46 ^ | 10,730,000 | 3,298,831 | |||||
Series A-1 4.91% 7/1/51 ^ | 2,250,000 | 495,382 | |||||
Series A-1 5.00% 7/1/58 | 2,720,000 | 3,012,509 | |||||
Series A-2 4.329% 7/1/40 | 1,235,000 | 1,328,428 | |||||
Series A-2 4.329% 7/1/40 | 250,000 | 268,913 |
26
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Sacramento Transient Occupancy Tax Revenue | |||||||
(Convention Center Complex) | |||||||
Senior Series A 5.00% 6/1/38 | 500,000 | $ | 597,255 | ||||
Senior Series A 5.00% 6/1/48 | 1,000,000 | 1,172,880 | |||||
Virgin Islands Public Finance Authority Revenue | |||||||
(Virgin Islands Matching Fund Loan Note) | |||||||
Series A Senior Lien/ Working | |||||||
Capital 5.00% 10/1/29 | 100,000 | 100,233 | |||||
Series A Working Capital 4.00% 10/1/22 | 130,000 | 128,470 | |||||
Yucaipa Special Tax Community Facilities District | |||||||
No. 98-1 | |||||||
(Chapman Heights) | |||||||
5.375% 9/1/30 | 500,000 | 510,580 | |||||
15,465,700 | |||||||
State General Obligation Bonds – 7.84% | |||||||
California | |||||||
(Various Purpose) | |||||||
5.00% 9/1/31 | 1,000,000 | 1,112,350 | |||||
5.00% 4/1/32 | 300,000 | 408,480 | |||||
5.00% 4/1/37 | 2,000,000 | 2,184,160 | |||||
5.00% 8/1/46 | 1,000,000 | 1,194,200 | |||||
5.25% 4/1/35 | 1,000,000 | 1,052,380 | |||||
Commonwealth of Puerto Rico | |||||||
Series A 8.00% 7/1/35 ‡ | 855,000 | 665,831 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/24 ‡ | 265,000 | 228,894 | |||||
Series A 5.00% 7/1/41 ‡ | 425,000 | 332,031 | |||||
Series A 5.125% 7/1/37 ‡ | 560,000 | 453,600 | |||||
Series A 5.25% 7/1/34 ‡ | 395,000 | 342,169 | |||||
Series A 5.375% 7/1/33 ‡ | 485,000 | 418,919 | |||||
Series B 5.75% 7/1/38 ‡ | 610,000 | 529,937 | |||||
Series C 6.00% 7/1/39 ‡ | 615,000 | 532,744 | |||||
Unrefunded Series B 5.00% 7/1/35 ‡ | 180,000 | 155,475 | |||||
9,611,170 | |||||||
Transportation Revenue Bonds – 11.00% | |||||||
Bay Area Toll Authority | |||||||
Series S-H 5.00% 4/1/44 | 1,000,000 | 1,230,520 | |||||
California Municipal Finance Authority Senior Lien | |||||||
(LINXS APM Project) | |||||||
Series A 5.00% 12/31/47 (AMT) | 745,000 | 874,801 |
27
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Long Beach Marina Revenue | |||||||
(Alamitos Bay Marina Project) | |||||||
5.00% 5/15/45 | 500,000 | $ | 549,125 | ||||
Los Angeles Department of Airports | |||||||
(Los Angeles International Airport) | |||||||
Senior Series D 5.00% 5/15/36 (AMT) | 1,000,000 | 1,153,250 | |||||
Series A Private Activity 5.00% 5/15/51 (AMT) | 1,500,000 | 1,864,920 | |||||
Port Authority of Guam Revenue | |||||||
(Governmental) | |||||||
Series A 5.00% 7/1/48 | 375,000 | 436,373 | |||||
Riverside County Transportation Commission Senior | |||||||
Lien | |||||||
(Current Interest Obligations) | |||||||
Series A 5.75% 6/1/44 | 500,000 | 545,200 | |||||
Sacramento County Airport System Revenue | |||||||
Series C 5.00% 7/1/39 (AMT) | 500,000 | 596,810 | |||||
Subordinate Series B 5.00% 7/1/41 | 500,000 | 582,950 | |||||
San Diego Redevelopment Agency | |||||||
(Centre City Redevelopment Project) | |||||||
Series A 6.40% 9/1/25 | 745,000 | 748,434 | |||||
San Francisco City & County Airports Commission | |||||||
(San Francisco International Airport) | |||||||
Second Series A 5.00% 5/1/34 (AMT) | 1,000,000 | 1,242,520 | |||||
Second Series A 5.00% 5/1/49 (AMT) | 1,000,000 | 1,199,030 | |||||
Second Series E 5.00% 5/1/50 (AMT) | 500,000 | 598,975 | |||||
San Jose Airport Revenue | |||||||
Series B 5.00% 3/1/36 | 575,000 | 688,471 | |||||
Series B 5.00% 3/1/42 | 1,000,000 | 1,183,560 | |||||
13,494,939 | |||||||
Total Municipal Bonds (cost $114,130,066) | 122,824,819 | ||||||
Total Value of Securities–100.16% | |||||||
(cost $114,130,066) | $ | 122,824,819 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $11,334,672, which represents 9.24% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
28
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at February 28, 2021. |
§ | 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. See Note 7 in “Notes to financial statements.” |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
CHF – Collegiate Housing Foundation
ICEF – Inner City Education Foundation
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
29
Schedules of investments | |
Delaware Tax-Free Colorado Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||
Municipal Bonds – 98.71% | |||||
Corporate Revenue Bonds – 2.99% | |||||
Denver City & County | |||||
(United Airlines Project) | |||||
5.00% 10/1/32 (AMT) | 415,000 | $ | 440,763 | ||
Public Authority for Colorado Energy Natural Gas | |||||
Revenue | |||||
6.50% 11/15/38 | 4,250,000 | 6,370,835 | |||
6,811,598 | |||||
Education Revenue Bonds – 13.48% | |||||
Board of Governors of the Colorado State University | |||||
System Enterprise Revenue | |||||
Series A 5.00% 3/1/43 | 2,480,000 | 3,472,794 | |||
Board of Trustees For Colorado Mesa University | |||||
Enterprise Revenue | |||||
Series B 5.00% 5/15/44 | 1,000,000 | 1,211,300 | |||
Series B 5.00% 5/15/49 | 750,000 | 902,985 | |||
Colorado Educational & Cultural Facilities Authority | |||||
Revenue | |||||
(Alexander Dawson School-Nevada Project) | |||||
5.00% 5/15/29 | 1,230,000 | 1,449,395 | |||
(Aspen Ridge School Project) | |||||
Series A 144A 5.00% 7/1/36 # | 500,000 | 539,885 | |||
Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,451,412 | |||
(Atlas Preparatory Charter School) | |||||
144A 5.25% 4/1/45 # | 1,300,000 | 1,340,326 | |||
(Charter School Project) | |||||
5.00% 7/15/37 | 1,150,000 | 1,202,612 | |||
(Community Leadership Academy, Inc. Second | |||||
Campus Project) | |||||
7.45% 8/1/48 | 1,000,000 | 1,108,510 | |||
(Global Village Academy - Northglenn Project) | |||||
144A 5.00% 12/1/50 # | 1,000,000 | 1,052,750 | |||
(Johnson & Wales University) | |||||
Series A 5.25% 4/1/37 | 1,790,000 | 1,921,386 | |||
(Liberty Common Charter School Project) | |||||
Series A 5.00% 1/15/39 | 1,000,000 | 1,075,460 | |||
(Littleton Preparatory Charter School Project) | |||||
5.00% 12/1/33 | 450,000 | 467,528 | |||
5.00% 12/1/42 | 540,000 | 557,291 | |||
(Loveland Classical Schools Project) | |||||
144A 5.00% 7/1/36 # | 625,000 | 682,587 | |||
144A 5.00% 7/1/46 # | 500,000 | 536,915 |
30
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Colorado Educational & Cultural Facilities Authority | |||||||
Revenue | |||||||
(Pinnacle Charter School Project) | |||||||
5.00% 6/1/26 | 700,000 | $ | 764,750 | ||||
(Science Technology Engineering and Math | |||||||
School Project) | |||||||
5.00% 11/1/44 | 890,000 | 948,954 | |||||
5.00% 11/1/54 | 1,500,000 | 1,593,960 | |||||
(Skyview Charter School) | |||||||
144A 5.375% 7/1/44 # | 860,000 | 917,491 | |||||
144A 5.50% 7/1/49 # | 870,000 | 930,143 | |||||
(University of Denver Project) | |||||||
Series A 4.00% 3/1/35 | 400,000 | 447,580 | |||||
Series A 4.00% 3/1/36 | 550,000 | 613,778 | |||||
(University of Lab Charter School) | |||||||
5.00% 12/15/45 | 500,000 | 540,325 | |||||
(Vail Mountain School Project) | |||||||
4.00% 5/1/46 | 80,000 | 78,926 | |||||
5.00% 5/1/31 | 1,000,000 | 1,058,590 | |||||
(Vega Collegiate Academy Project) | |||||||
Series A 144A 5.00% 2/1/34 # | 200,000 | 223,084 | |||||
Series A 144A 5.00% 2/1/61 # | 1,435,000 | 1,545,122 | |||||
(Windsor Charter Academy Project) | |||||||
5.00% 9/1/46 | 890,000 | 897,796 | |||||
State of Colorado Building Excellent | |||||||
Certificates of Participation | |||||||
Series R 4.00% 3/15/45 | 1,000,000 | 1,146,940 | |||||
30,680,575 | |||||||
Electric Revenue Bonds – 5.22% | |||||||
Loveland Colorado Electric & Communications | |||||||
Enterprise Revenue | |||||||
Series A 5.00% 12/1/44 | 2,185,000 | 2,646,778 | |||||
Platte River Power Authority Revenue | |||||||
Series JJ 5.00% 6/1/27 | 3,300,000 | 4,015,374 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.05% 7/1/42 ‡ | 170,000 | 153,425 | |||||
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 85,975 | |||||
Series CCC 5.25% 7/1/27 ‡ | 705,000 | 638,025 | |||||
Series WW 5.00% 7/1/28 ‡ | 660,000 | 595,650 | |||||
Series WW 5.25% 7/1/33 ‡ | 210,000 | 190,050 | |||||
Series WW 5.50% 7/1/17 ‡ | 460,000 | 404,800 |
31
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series WW 5.50% 7/1/19 ‡ | 360,000 | $ | 318,600 | ||||
Series XX 4.75% 7/1/26 ‡ | 105,000 | 94,500 | |||||
Series XX 5.25% 7/1/40 ‡ | 1,840,000 | 1,665,200 | |||||
Series XX 5.75% 7/1/36 ‡ | 365,000 | 332,150 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 76,500 | |||||
Series ZZ 5.00% 7/1/19 ‡ | 620,000 | 545,600 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 140,000 | 126,700 | |||||
11,889,327 | |||||||
Healthcare Revenue Bonds – 23.78% | |||||||
Colorado Health Facilities Authority Revenue | |||||||
(AdventHealth Obligated Group) | |||||||
Series A 4.00% 11/15/43 | 4,000,000 | 4,569,120 | |||||
(American Baptist) | |||||||
7.625% 8/1/33 | 150,000 | 159,792 | |||||
8.00% 8/1/43 | 1,000,000 | 1,068,890 | |||||
(Bethesda Project) | |||||||
Series A-1 5.00% 9/15/48 | 2,250,000 | 2,479,680 | |||||
(Cappella of Grand Junction Project) | |||||||
144A 5.00% 12/1/54 # | 2,070,000 | 2,090,286 | |||||
(Christian Living Community Project) | |||||||
5.25% 1/1/37 | 1,500,000 | 1,524,315 | |||||
6.375% 1/1/41 | 1,000,000 | 1,027,430 | |||||
(CommonSpirit Health) | |||||||
Series A-1 4.00% 8/1/39 | 2,000,000 | 2,262,840 | |||||
Series A-1 4.00% 8/1/44 | 2,000,000 | 2,219,540 | |||||
Series A-2 4.00% 8/1/49 | 3,000,000 | 3,314,490 | |||||
Series A-2 5.00% 8/1/39 | 1,505,000 | 1,847,162 | |||||
(Covenant Living Communities and Services) | |||||||
Series A 4.00% 12/1/40 | 1,250,000 | 1,393,963 | |||||
(Covenant Retirement Communities) | |||||||
5.00% 12/1/35 | 1,000,000 | 1,109,920 | |||||
(Craig Hospital Project) | |||||||
5.00% 12/1/32 | 3,500,000 | 3,692,010 | |||||
(Frasier Meadows Retirement Community Project) | |||||||
Series B 5.00% 5/15/48 | 660,000 | 694,399 | |||||
(Mental Health Center Denver Project) | |||||||
Series A 5.75% 2/1/44 | 2,000,000 | 2,147,100 |
32
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Colorado Health Facilities Authority Revenue | |||||||
(National Jewish Health Project) | |||||||
5.00% 1/1/27 | 300,000 | $ | 308,283 | ||||
(Sanford Health) | |||||||
Series A 5.00% 11/1/44 | 4,500,000 | 5,575,635 | |||||
(SCL Health System) | |||||||
Series A 4.00% 1/1/37 | 2,150,000 | 2,520,295 | |||||
Series A 4.00% 1/1/38 | 3,895,000 | 4,551,346 | |||||
Series A 5.00% 1/1/44 | 3,050,000 | 3,319,071 | |||||
(Sunny Vista Living Center) | |||||||
Series A 144A 6.25% 12/1/50 # | 935,000 | 963,854 | |||||
(Vail Valley Medical Center Project) | |||||||
5.00% 1/15/35 | 1,000,000 | 1,166,930 | |||||
(Valley View Hospital Association Project) | |||||||
Series A 4.00% 5/15/35 | 685,000 | 752,657 | |||||
Denver Health & Hospital Authority Health Care | |||||||
Revenue | |||||||
Series A 4.00% 12/1/39 | 1,000,000 | 1,134,430 | |||||
Series A 4.00% 12/1/40 | 250,000 | 282,825 | |||||
Puerto Rico Industrial Tourist Educational Medical & | |||||||
Environmental Control Facilities Financing | |||||||
Authority | |||||||
(Auxilio Mutuo) | |||||||
Series A 6.00% 7/1/33 | 1,945,000 | 1,968,534 | |||||
54,144,797 | |||||||
Housing Revenue Bonds – 0.08% | |||||||
Colorado Housing and Finance Authority | |||||||
(Single Family Program Class 1) | |||||||
Series AA 4.50% 5/1/23 (GNMA) | 95,000 | 95,447 | |||||
Series AA 4.50% 11/1/23 (GNMA) | 95,000 | 95,427 | |||||
190,874 | |||||||
Lease Revenue Bonds – 1.99% | |||||||
Colorado Department of Transportation | |||||||
Certificates of Participation | |||||||
5.00% 6/15/34 | 660,000 | 786,925 | |||||
5.00% 6/15/36 | 1,055,000 | 1,254,321 | |||||
Denver Health & Hospital Authority | |||||||
4.00% 12/1/38 | 750,000 | 850,642 |
33
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Lease Revenue Bonds (continued) | |||||
Regional Transportation District Certificates of | |||||
Participation | |||||
Series A 5.00% 6/1/33 | 1,500,000 | $ | 1,636,140 | ||
4,528,028 | |||||
Local General Obligation Bonds – 10.50% | |||||
Adams & Weld Counties School District No. 27J | |||||
Brighton | |||||
4.00% 12/1/30 | 300,000 | 338,616 | |||
4.00% 12/1/31 | 1,000,000 | 1,125,270 | |||
Arapahoe County School District No. 6 Littleton | |||||
(Littleton Public Schools) | |||||
Series A 5.50% 12/1/33 | 1,000,000 | 1,304,860 | |||
Series A 5.50% 12/1/38 | 350,000 | 450,170 | |||
Beacon Point Metropolitan District | |||||
5.00% 12/1/30 (AGM) | 1,130,000 | 1,325,840 | |||
Boulder Valley School District No. Re-2 Boulder | |||||
Series A 4.00% 12/1/48 | 1,370,000 | 1,572,335 | |||
Commerce City Northern Infrastructure General | |||||
Improvement District | |||||
5.00% 12/1/32 (AGM) | 2,125,000 | 2,289,751 | |||
Denver City & County | |||||
Series B 5.00% 8/1/30 | 1,000,000 | 1,339,460 | |||
El Paso County School District No 2. Harrison | |||||
5.00% 12/1/38 | 1,000,000 | 1,254,000 | |||
Grand River Hospital District | |||||
5.25% 12/1/35 (AGM) | 1,000,000 | 1,171,060 | |||
Jefferson County School District No. R-1 | |||||
5.25% 12/15/24 | 1,250,000 | 1,475,613 | |||
Leyden Rock Metropolitan District No. 10 | |||||
Series A 5.00% 12/1/45 | 1,000,000 | 1,040,310 | |||
Sierra Ridge Metropolitan District No. 2 | |||||
Series A 5.50% 12/1/46 | 1,000,000 | 1,041,170 | |||
Weld County Reorganized School District No. Re-8 | |||||
5.00% 12/1/31 | 990,000 | 1,211,473 | |||
5.00% 12/1/32 | 660,000 | 806,824 | |||
Weld County School District No. Re-1 | |||||
5.00% 12/15/31 (AGM) | 1,000,000 | 1,218,590 | |||
Weld County School District No. Re-2 Eaton | |||||
Series 2 5.00% 12/1/44 | 2,000,000 | 2,518,200 |
34
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Local General Obligation Bonds (continued) | |||||
Weld County School District No. Re-3J | |||||
5.00% 12/15/34 (BAM) | 2,000,000 | $ | 2,423,420 | ||
23,906,962 | |||||
Pre-Refunded Bonds – 11.07% | |||||
Central Colorado Water Conservancy District | |||||
(Limited Tax) | |||||
5.00% 12/1/33-23 § | 1,000,000 | 1,125,550 | |||
Colorado Health Facilities Authority Revenue | |||||
(Catholic Health Initiatives) | |||||
Series A 5.25% 1/1/45-23 § | 2,000,000 | 2,180,580 | |||
(Covenant Retirement Communities) | |||||
Series A 5.00% 12/1/33-22 § | 4,000,000 | 4,333,960 | |||
(NCMC Project) | |||||
4.00% 5/15/32-26 § | 2,000,000 | 2,335,500 | |||
(The Evangelical Lutheran Good Samaritan | |||||
Society Project) | |||||
5.625% 6/1/43-23 § | 1,150,000 | 1,287,597 | |||
Denver City & County Airport System Revenue | |||||
Series B 5.00% 11/15/30-22 § | 250,000 | 270,388 | |||
Series B 5.00% 11/15/32-22 § | 1,000,000 | 1,081,550 | |||
Series B 5.00% 11/15/37-22 § | 8,000,000 | 8,652,399 | |||
Eaton Area Park & Recreation District | |||||
5.25% 12/1/34-22 § | 360,000 | 390,963 | |||
5.50% 12/1/38-22 § | 455,000 | 496,114 | |||
Tallyn’s Reach Metropolitan District No. 3 | |||||
�� (Limited Tax Convertible) | |||||
5.125% 11/1/38-23 § | 740,000 | 830,014 | |||
University of Colorado | |||||
Series A 5.00% 6/1/33-23 § | 2,000,000 | 2,213,700 | |||
25,198,315 | |||||
Special Tax Revenue Bonds – 15.98% | |||||
Broomfield Colorado Sales & Use Tax Revenue | |||||
5.00% 12/1/33 | 1,000,000 | 1,225,710 | |||
Central Platte Valley Metropolitan District | |||||
5.00% 12/1/43 | 725,000 | 765,991 | |||
Commerce City | |||||
5.00% 8/1/44 (AGM) | 1,500,000 | 1,684,230 | |||
Denver Convention Center Hotel Authority Revenue | |||||
5.00% 12/1/40 | 2,660,000 | 3,001,438 |
35
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Special Tax Revenue Bonds (continued) | |||||
Fountain Urban Renewal Authority Tax Increment | |||||
Revenue | |||||
(Academy Highlands Project) | |||||
Series A 5.50% 11/1/44 | 1,375,000 | $ | 1,438,649 | ||
Guam Government Business Privilege Tax Revenue | |||||
Series A 5.125% 1/1/42 | 1,795,000 | 1,835,926 | |||
Series A 5.25% 1/1/36 | 1,675,000 | 1,719,086 | |||
Lincoln Park Metropolitan District | |||||
5.00% 12/1/46 (AGM) | 1,000,000 | 1,169,470 | |||
Plaza Metropolitan District No. 1 | |||||
144A 5.00% 12/1/40 # | 1,265,000 | 1,301,824 | |||
Prairie Center Metropolitan District No. 3 | |||||
Series A 144A 5.00% 12/15/41 # | 1,000,000 | 1,064,210 | |||
Puerto Rico Sales Tax Financing Revenue | |||||
(Restructured) | |||||
Series A-1 4.75% 7/1/53 | 4,045,000 | 4,414,834 | |||
Series A-1 5.00% 7/1/58 | 3,122,000 | 3,457,740 | |||
Series A-2 4.536% 7/1/53 | 3,000,000 | 3,232,890 | |||
Regional Transportation District Sales Tax Revenue | |||||
(FasTracks Project) | |||||
Series A 5.00% 11/1/30 | 670,000 | 813,246 | |||
Series A 5.00% 11/1/31 | 1,495,000 | 1,809,144 | |||
Series A 5.00% 11/1/36 | 2,750,000 | 3,294,473 | |||
Solaris Metropolitan District No. 3 | |||||
Series A 5.00% 12/1/46 | 500,000 | 524,210 | |||
Southlands Metropolitan District No. 1 | |||||
Series A-1 5.00% 12/1/37 | 300,000 | 338,760 | |||
Series A-1 5.00% 12/1/47 | 700,000 | 777,679 | |||
Thornton Development Authority | |||||
(East 144th Avenue & I-25 Project) | |||||
Series B 5.00% 12/1/35 | 485,000 | 556,892 | |||
Series B 5.00% 12/1/36 | 810,000 | 929,418 | |||
Virgin Islands Public Finance Authority | |||||
(Matching Fund Loan Senior Lien) | |||||
5.00% 10/1/29 (AGM) | 1,000,000 | 1,017,600 | |||
36,373,420 | |||||
State General Obligation Bonds – 2.67% | |||||
Commonwealth of Puerto Rico | |||||
Series A 8.00% 7/1/35 ‡ | 1,215,000 | 946,181 | |||
(Public Improvement) | |||||
Series A 5.00% 7/1/41 ‡ | 680,000 | 531,250 |
36
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
State General Obligation Bonds (continued) | |||||
Commonwealth of Puerto Rico | |||||
(Public Improvement) | |||||
Series A 5.375% 7/1/33 ‡ | 675,000 | $ | 583,031 | ||
Series A 5.50% 7/1/39 ‡ | 2,950,000 | 2,419,000 | |||
Series B 5.75% 7/1/38 ‡ | 960,000 | 834,000 | |||
Series C 6.00% 7/1/39 ‡ | 890,000 | 770,963 | |||
6,084,425 | |||||
Transportation Revenue Bonds – 6.96% | |||||
Colorado High Performance Transportation | |||||
Enterprise Revenue | |||||
(C-470 Express Lanes) | |||||
5.00% 12/31/56 | 2,000,000 | 2,236,600 | |||
(Senior U.S. 36 & I-25 Managed Lanes) | |||||
5.75% 1/1/44 (AMT) | 2,140,000 | 2,306,000 | |||
Denver City & County Airport System Revenue | |||||
Series A 4.00% 12/1/48 (AMT) | 400,000 | 437,744 | |||
Series A 5.00% 11/15/30 (AMT) | 1,750,000 | 2,133,040 | |||
Series A 5.00% 12/1/48 (AMT) | 2,000,000 | 2,361,760 | |||
E-470 Public Highway Authority | |||||
Series A 5.00% 9/1/34 | 900,000 | 1,153,575 | |||
Series A 5.00% 9/1/35 | 400,000 | 511,388 | |||
Series A 5.00% 9/1/36 | 1,300,000 | 1,655,472 | |||
Regional Transportation District | |||||
(Denver Transit Partners Eagle P3 Project) | |||||
Series A 4.00% 7/15/39 | 1,000,000 | 1,222,560 | |||
Series A 4.00% 7/15/40 | 1,500,000 | 1,836,780 | |||
15,854,919 | |||||
Water & Sewer Revenue Bonds – 3.99% | |||||
Arapahoe County Water & Wastewater Authority | |||||
4.00% 12/1/37 | 1,000,000 | 1,197,600 | |||
4.00% 12/1/38 | 1,845,000 | 2,202,948 | |||
Central Weld County Water District | |||||
4.00% 12/1/39 (AGM) | 1,150,000 | 1,350,008 | |||
Dominion Water & Sanitation District | |||||
6.00% 12/1/46 | 725,000 | 759,931 | |||
Douglas County Centennial Water & Sanitation | |||||
District | |||||
4.00% 12/1/38 | 500,000 | 578,700 | |||
Guam Government Waterworks Authority Water & | |||||
Wastewater System Revenue | |||||
5.00% 7/1/37 | 675,000 | 781,940 |
37
Schedules of investments
Delaware Tax-Free Colorado Fund
Principal amount° | Value (US $) | ||||
Municipal Bonds (continued) | |||||
Water & Sewer Revenue Bonds (continued) | |||||
Metro Wastewater Reclamation District | |||||
Series A 5.00% 4/1/33 | 1,000,000 | $ | 1,312,440 | ||
Morgan County Quality Water District | |||||
4.00% 12/1/50 (AGM) | 790,000 | 909,164 | |||
9,092,731 | |||||
Total Municipal Bonds (cost $211,616,943) | 224,755,971 | ||||
Number of shares | |||||
Short-Term Investments – 1.06% | |||||
Money Market Mutual Fund – 1.06% | |||||
Dreyfus AMT-Free Tax Exempt Cash Management | |||||
Fund - Institutional Shares (seven-day effective | |||||
yield 0.00%) | 2,418,982 | 2,418,982 | |||
Total Short-Term Investments (cost $2,418,982) | 2,418,982 | ||||
Total Value of Securities–99.77% | |||||
(cost $214,035,925) | $ | 227,174,953 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $14,639,889, which represents 6.43% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
‡ | 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. See Note 7 in “Notes to financial statements.” |
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
GNMA – Government National Mortgage Association
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
38
Schedules of investments | |
Delaware Tax-Free Idaho Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 99.02% | |||||||
Corporate Revenue Bonds – 2.87% | |||||||
Nez Perce County Pollution Control Revenue | |||||||
(Potlatch Project) | |||||||
2.75% 10/1/24 | 1,250,000 | $ | 1,287,038 | ||||
Power County Industrial Development Revenue | |||||||
(FMC Project) | |||||||
6.45% 8/1/32 (AMT) | 2,000,000 | 2,009,360 | |||||
3,296,398 | |||||||
Education Revenue Bonds – 17.52% | |||||||
Boise State University Revenue | |||||||
(General Project) | |||||||
Series A 5.00% 4/1/47 | 500,000 | 578,330 | |||||
Series A 5.00% 4/1/48 | 1,000,000 | 1,178,690 | |||||
Idaho Housing & Finance Association | |||||||
(Compass Public Charter School Project) | |||||||
Series A 144A 5.00% 7/1/54 # | 1,000,000 | 1,082,750 | |||||
Series A 144A 6.00% 7/1/39 # | 370,000 | 440,126 | |||||
Series A 144A 6.00% 7/1/49 # | 595,000 | 696,703 | |||||
Series A 144A 6.00% 7/1/54 # | 570,000 | 665,412 | |||||
(Idaho Arts Charter School Project) | |||||||
Series A 4.00% 5/1/41 | 330,000 | 373,775 | |||||
Series A 4.00% 5/1/50 | 285,000 | 318,981 | |||||
Series A 4.00% 5/1/55 | 205,000 | 228,809 | |||||
Series A 5.00% 12/1/38 | 2,050,000 | 2,256,599 | |||||
Series A 144A 5.00% 12/1/46 # | 1,000,000 | 1,072,460 | |||||
(North Star Charter School Project) | |||||||
Capital Appreciation Subordinate Series B | |||||||
144A 4.88% 7/1/49 #, ^ | 2,888,155 | 565,414 | |||||
Series A 6.75% 7/1/48 | 529,151 | 576,822 | |||||
(Sage International School of Boise Project) | |||||||
Series A 4.00% 5/1/50 | 1,055,000 | 1,159,930 | |||||
Series A 4.00% 5/1/55 | 1,000,000 | 1,096,440 | |||||
(Victory Charter School Project) | |||||||
Series B 5.00% 7/1/39 | 1,000,000 | 1,094,070 | |||||
(Xavier Charter School Project) | |||||||
Series A 5.00% 6/1/50 | 1,275,000 | 1,374,131 | |||||
Idaho State University Revenue | |||||||
3.00% 4/1/49 | 1,700,000 | 1,722,049 | |||||
5.00% 4/1/40 | 190,000 | 231,139 | |||||
5.00% 4/1/43 | 250,000 | 301,665 | |||||
5.00% 4/1/44 | 250,000 | 300,985 |
39
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
The Regents of the University of Idaho | |||||||
Series A 5.00% 4/1/38 (AGM) | 275,000 | $ | 353,268 | ||||
Series A 5.00% 4/1/39 (AGM) | 250,000 | 320,127 | |||||
Series A 5.00% 4/1/40 (AGM) | 250,000 | 318,805 | |||||
Series A 5.00% 4/1/41 (AGM) | 300,000 | 381,294 | |||||
University of Idaho | |||||||
Unrefunded Series A 5.00% 4/1/41 | 340,000 | 409,119 | |||||
Unrefunded Series A 5.25% 4/1/41 • | 1,000,000 | 1,004,090 | |||||
20,101,983 | |||||||
Electric Revenue Bonds – 4.52% | |||||||
Boise-Kuna Irrigation District Revenue | |||||||
(Idaho Arrowrock Hydroelectric Project) | |||||||
5.00% 6/1/34 | 2,000,000 | 2,286,120 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.05% 7/1/42 ‡ | 75,000 | 67,688 | |||||
Series AAA 5.25% 7/1/25 ‡ | 45,000 | 40,725 | |||||
Series CCC 5.25% 7/1/27 ‡ | 345,000 | 312,225 | |||||
Series WW 5.00% 7/1/28 ‡ | 320,000 | 288,800 | |||||
Series WW 5.50% 7/1/38 ‡ | 1,500,000 | 1,361,250 | |||||
Series XX 4.75% 7/1/26 ‡ | 50,000 | 45,000 | |||||
Series XX 5.25% 7/1/40 ‡ | 595,000 | 538,475 | |||||
Series XX 5.75% 7/1/36 ‡ | 175,000 | 159,250 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 40,000 | 36,000 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 60,000 | 54,300 | |||||
5,189,833 | |||||||
Healthcare Revenue Bonds – 10.02% | |||||||
Idaho Health Facilities Authority Revenue | |||||||
(Madison Memorial Hospital Project) | |||||||
5.00% 9/1/37 | 1,350,000 | 1,493,613 | |||||
(St. Luke’s Health System Project) | |||||||
Series A 5.00% 3/1/27 | 1,000,000 | 1,224,650 | |||||
Series A 5.00% 3/1/37 | 500,000 | 601,915 | |||||
Series A 5.00% 3/1/47 | 1,500,000 | 1,535,370 | |||||
(Trinity Health Credit Group) | |||||||
Series A 5.00% 12/1/47 | 390,000 | 463,960 | |||||
Series ID 4.00% 12/1/43 | 1,000,000 | 1,123,290 | |||||
Series ID 5.00% 12/1/46 | 750,000 | 884,595 | |||||
(Valley Vista Care Corporation) | |||||||
Series A 4.00% 11/15/27 | 950,000 | 968,468 | |||||
Series A 5.25% 11/15/37 | 1,005,000 | 1,034,065 |
40
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Idaho Health Facilities Authority Revenue | |||||||
(Valley Vista Care Corporation) | |||||||
Series A 5.25% 11/15/47 | 1,130,000 | $ | 1,133,073 | ||||
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 | 1,032,342 | |||||
11,495,341 | |||||||
Housing Revenue Bonds – 3.53% | |||||||
Idaho Housing & Finance Association | |||||||
Series A 4.50% 1/21/49 (GNMA) | 610,734 | 657,363 | |||||
Idaho Housing & Finance Association Single Family | |||||||
Mortgage Revenue | |||||||
Series A 3.05% 7/1/39 (GNMA) | 1,665,000 | 1,734,264 | |||||
Series A 3.25% 1/1/43 (GNMA) | 820,000 | 854,743 | |||||
Series C 3.00% 1/1/43 (FHA) | 785,000 | 807,271 | |||||
4,053,641 | |||||||
Lease Revenue Bonds – 12.96% | |||||||
Boise Urban Renewal Agency | |||||||
5.00% 12/15/31 | 750,000 | 865,635 | |||||
5.00% 12/15/32 | 750,000 | 862,552 | |||||
Idaho Falls Certificates of Participation | |||||||
4.00% 9/15/37 | 840,000 | 992,023 | |||||
4.00% 9/15/39 | 1,050,000 | 1,227,671 | |||||
Idaho Fish & Wildlife Foundation | |||||||
(Idaho Department of Fish & Game Headquarters | |||||||
Office Project) | |||||||
4.00% 12/1/36 | 650,000 | 760,643 | |||||
4.00% 12/1/39 | 1,545,000 | 1,785,819 | |||||
4.00% 12/1/42 | 1,300,000 | 1,489,202 | |||||
4.00% 12/1/44 | 250,000 | 284,835 | |||||
(Idaho Department of Fish & Game Nampa | |||||||
Regional Office Project) | |||||||
5.00% 12/1/41 | 200,000 | 241,348 | |||||
Idaho Housing & Finance Association Economic | |||||||
Development Facilities Revenue | |||||||
(TDF Facilities Project) | |||||||
Series A 6.50% 2/1/26 | 885,000 | 887,974 | |||||
Series A 7.00% 2/1/36 | 1,500,000 | 1,504,590 |
41
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds (continued) | |||||||
Idaho State Building Authority Revenue | |||||||
(Capitol Mall Parking Project) | |||||||
Series A 4.50% 9/1/26 | 485,000 | $ | 530,217 | ||||
Series A 4.50% 9/1/27 | 505,000 | 550,500 | |||||
(Department of Health & Welfare Project) | |||||||
Series A 5.00% 9/1/24 | 1,935,000 | 2,088,465 | |||||
Series B 4.00% 9/1/48 | 750,000 | 807,810 | |||||
14,879,284 | |||||||
Local General Obligation Bonds – 18.97% | |||||||
Ada & Boise Counties Independent School District | |||||||
Boise City | |||||||
5.00% 8/1/31 | 1,350,000 | 1,724,665 | |||||
5.00% 8/1/33 | 1,010,000 | 1,217,323 | |||||
5.00% 8/1/34 | 1,500,000 | 1,803,390 | |||||
5.00% 8/1/35 | 1,160,000 | 1,391,606 | |||||
5.00% 8/1/36 | 500,000 | 598,260 | |||||
Ada & Canyon Counties Joint School District No. | |||||||
3 Kuna | |||||||
(Sales Tax & Credit Enhancement Guaranty) | |||||||
Series B 5.00% 9/15/33 | 1,000,000 | 1,208,880 | |||||
Series B 5.00% 9/15/35 | 1,100,000 | 1,323,531 | |||||
Canyon County School District No. 131 Nampa | |||||||
(School Board Guaranteed) | |||||||
Series B 5.00% 8/15/23 | 1,295,000 | 1,431,700 | |||||
Canyon County School District No. 132 Caldwell | |||||||
Series A 5.00% 9/15/22 (AGM) | 1,000,000 | 1,023,160 | |||||
Series A 5.00% 9/15/23 (AGM) | 1,810,000 | 1,816,425 | |||||
Canyon County School District No. 139 Vallivue | |||||||
(School Board Guaranteed) | |||||||
Series B 5.00% 9/15/24 | 1,480,000 | 1,587,241 | |||||
Idaho Bond Bank Authority Revenue | |||||||
Series A 4.00% 9/15/33 | 530,000 | 606,807 | |||||
Series A 4.00% 9/15/37 | 1,000,000 | 1,133,590 | |||||
Series C 5.00% 9/15/42 | 500,000 | 601,385 | |||||
Madison County School District No. 321 Rexburg | |||||||
(Sales Tax & Credit Enhancement Guaranty) | |||||||
Series B 5.00% 8/15/25 | 1,080,000 | 1,290,028 | |||||
Series B 5.00% 8/15/26 | 500,000 | 614,805 |
42
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Nez Perce County Independent School District No. | |||||||
1 | |||||||
(Sales Tax & Credit Enhancement Guaranty) | |||||||
Series B 5.00% 9/15/36 | 1,000,000 | $ | 1,203,200 | ||||
Series B 5.00% 9/15/37 | 1,000,000 | 1,200,320 | |||||
21,776,316 | |||||||
Pre-Refunded Bonds – 7.27% | |||||||
Boise State University Revenue | |||||||
(General Project) | |||||||
Series A 4.00% 4/1/37-22 § | 1,250,000 | 1,302,213 | |||||
Series A 5.00% 4/1/42-22 § | 1,350,000 | 1,420,969 | |||||
Canyon County School District No. 139 Vallivue | |||||||
(School Board Guaranteed) | |||||||
5.00% 9/15/33-23 § | 1,000,000 | 1,120,280 | |||||
Idaho Health Facilities Authority Revenue | |||||||
(Trinity Health Credit Group) | |||||||
Series ID 5.00% 12/1/32-22 § | 1,000,000 | 1,060,020 | |||||
Idaho State Building Authority Revenue | |||||||
Series B 5.00% 9/1/40-22 § | 250,000 | 268,165 | |||||
Nampa Development Corporation Revenue | |||||||
(Library Square Project) | |||||||
144A 5.00% 9/1/31-24 #, § | 1,000,000 | 1,179,610 | |||||
Twin Falls County School District No. 411 | |||||||
(School Board Guaranteed) | |||||||
Series A 4.75% 9/15/37-24 § | 1,000,000 | 1,151,820 | |||||
University of Idaho | |||||||
Series A 5.00% 4/1/41-28 § | 660,000 | 842,615 | |||||
8,345,692 | |||||||
Special Tax Revenue Bonds – 14.68% | |||||||
GDB Debt Recovery Authority of Puerto Rico | |||||||
7.50% 8/20/40 | 2,406,932 | 2,057,926 | |||||
Guam Government Business Privilege Tax Revenue | |||||||
Series A 5.125% 1/1/42 | 545,000 | 557,426 | |||||
Series A 5.25% 1/1/36 | 705,000 | 723,556 | |||||
Series B-1 5.00% 1/1/42 | 1,425,000 | 1,455,438 | |||||
Idaho Water Resource Board Loan Program | |||||||
Revenue | |||||||
(Ground Water Rights Mitigation) | |||||||
Series A 5.00% 9/1/32 | 3,565,000 | 3,795,299 |
43
Schedules of investments
Delaware Tax-Free Idaho Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Ketchum Urban Renewal Agency Tax Increment | |||||||
Revenue | |||||||
5.50% 10/15/34 | 1,500,000 | $ | 1,501,110 | ||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.55% 7/1/40 | 875,000 | 953,794 | |||||
Series A-1 4.75% 7/1/53 | 2,735,000 | 2,985,061 | |||||
Series A-1 5.00% 7/1/58 | 1,831,000 | 2,027,906 | |||||
Series A-2 4.329% 7/1/40 | 730,000 | 785,224 | |||||
16,842,740 | |||||||
State General Obligation Bonds — 3.81% | |||||||
Commonwealth of Puerto Rico | |||||||
Series A 8.00% 7/1/35 ‡ | 775,000 | 603,531 | |||||
Series B 5.00% 7/1/35 ‡ | 145,000 | 125,244 | |||||
Series B 5.75% 7/1/38 ‡ | 460,000 | 399,625 | |||||
Series C 6.00% 7/1/39 ‡ | 465,000 | 402,806 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/24 ‡ | 210,000 | 181,388 | |||||
Series A 5.00% 7/1/41 ‡ | 325,000 | 253,906 | |||||
Series A 5.125% 7/1/37 ‡ | 1,645,000 | 1,332,450 | |||||
Series A 5.25% 7/1/34 ‡ | 880,000 | 762,300 | |||||
Series A 5.375% 7/1/33 ‡ | 365,000 | 315,269 | |||||
4,376,519 | |||||||
Transportation Revenue Bonds — 2.01% | |||||||
Boise City Airport Revenue | |||||||
(Parking Facilities Project) | |||||||
4.00% 9/1/32 | 2,180,000 | 2,206,247 | |||||
Idaho Housing & Finance Association | |||||||
(Federal Highway Trust Fund) | |||||||
Series A 5.00% 7/15/31 | 80,000 | 101,619 | |||||
2,307,866 | |||||||
Water & Sewer Revenue Bonds — 0.86% | |||||||
Guam Government Waterworks Authority | |||||||
5.00% 7/1/40 | 370,000 | 426,051 | |||||
5.00% 1/1/46 | 500,000 | 560,145 | |||||
986,196 | |||||||
Total Municipal Bonds (cost $107,818,221) | 113,651,809 |
44
Number of shares | Value (US $) | ||||||
Short-Term Investments — 0.04% | |||||||
Money Market Mutual Fund — 0.04% | |||||||
Dreyfus AMT-Free Tax Exempt Cash Management | |||||||
Fund - Institutional Shares (seven-day effective | |||||||
yield 0.00%) | 42,687 | $ | 42,687 | ||||
Total Short-Term Investments (cost $42,687) | 42,687 | ||||||
Total Value of Securities—99.06% | |||||||
(cost $107,860,908) | $ | 113,694,496 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $5,702,475, which represents 4.97% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
‡ | 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. See Note 7 in “Notes to financial statements.” |
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 |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
45
Schedules of investments
Delaware Tax-Free Idaho Fund
Summary of abbreviations: (continued) |
USD – US Dollar |
See accompanying notes, which are an integral part of the financial statements.
46
Schedules of investments | |
Delaware Tax-Free New York Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds — 99.10% | |||||||
Corporate Revenue Bonds — 6.33% | |||||||
Erie County Tobacco Asset Securitization | |||||||
(Asset-Backed) | |||||||
Series A 144A 1.449% 6/1/60 #, ^ | 65,000,000 | $ | 2,778,100 | ||||
New York City Industrial Development Agency | |||||||
(Queens Baseball Stadium Project) | |||||||
Series A 3.00% 1/1/37 (AGM) | 1,000,000 | 1,057,240 | |||||
Series A 3.00% 1/1/39 (AGM) | 1,000,000 | 1,049,010 | |||||
Series A 3.00% 1/1/46 (AGM) | 2,000,000 | 2,067,180 | |||||
New York Liberty Development | |||||||
(Goldman Sachs Headquarters Issue) | |||||||
5.25% 10/1/35 | 1,000,000 | 1,401,290 | |||||
New York Transportation Development Corporation | |||||||
Special Facilities Revenue | |||||||
(Delta Air Lines - LaGuardia Airport Terminals | |||||||
C&D Redevelopment Project) | |||||||
5.00% 1/1/34 (AMT) | 1,000,000 | 1,180,550 | |||||
5.00% 1/1/36 (AMT) | 1,000,000 | 1,174,830 | |||||
Suffolk Tobacco Asset Securitization | |||||||
(Asset-Backed) | |||||||
Series B 5.25% 6/1/37 | 700,000 | 723,730 | |||||
TSASC Revenue | |||||||
(Senior) | |||||||
Fiscal 2017 Series A 5.00% 6/1/41 | 900,000 | 1,038,924 | |||||
Westchester Tobacco Asset Securitization | |||||||
Subordinate Series C 5.00% 6/1/45 | 750,000 | 785,827 | |||||
13,256,681 | |||||||
Education Revenue Bonds — 21.77% | |||||||
Albany Industrial Development Agency Civic | |||||||
Facilities Revenue | |||||||
(Brighter Choice Charter School) | |||||||
Series A 5.00% 4/1/37 | 250,000 | 250,440 | |||||
Buffalo & Erie County Industrial Land Development | |||||||
(Tapestry Charter School Project) | |||||||
Series A 5.00% 8/1/52 | 500,000 | 546,040 | |||||
Build NYC Resource | |||||||
(Bronx Charter School for Excellence Project) | |||||||
Series A 5.00% 4/1/33 | 500,000 | 526,690 | |||||
Series A 5.50% 4/1/43 | 500,000 | 527,245 | |||||
(Inwood Academy for Leadership Charter School | |||||||
Project) | |||||||
Series A 144A 5.50% 5/1/48 # | 500,000 | 561,845 |
47
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Build NYC Resource | |||||||
(Manhattan College Project) | |||||||
5.00% 8/1/47 | 500,000 | $ | 573,910 | ||||
(Metropolitan College of New York Project) | |||||||
5.50% 11/1/44 | 600,000 | 650,076 | |||||
(Metropolitan Lighthouse Charter School Project) | |||||||
Series A 144A 5.00% 6/1/52 # | 250,000 | 274,618 | |||||
(New Dawn Charter Schools Project) | |||||||
144A 5.75% 2/1/49 # | 500,000 | 538,895 | |||||
(The Packer Collegiate Institute Project) | |||||||
5.00% 6/1/40 | 750,000 | 823,500 | |||||
Dutchess County Local Development | |||||||
(The Culinary Institute of America Project) | |||||||
Series A-1 5.00% 7/1/46 | 300,000 | 326,895 | |||||
(Vassar College Project) | |||||||
5.00% 7/1/35 | 1,000,000 | 1,195,320 | |||||
5.00% 7/1/36 | 1,000,000 | 1,192,010 | |||||
5.00% 7/1/37 | 1,000,000 | 1,188,900 | |||||
Hempstead Town Local Development | |||||||
(Hofstra University Project) | |||||||
5.00% 7/1/42 | 500,000 | 597,245 | |||||
Madison County Capital Resource Revenue | |||||||
(Colgate University Refunding Project) | |||||||
Series A 5.00% 7/1/35 | 1,000,000 | 1,144,890 | |||||
Series B 5.00% 7/1/39 | 1,000,000 | 1,137,980 | |||||
Monroe County Industrial Development Revenue | |||||||
(St. John Fisher College Project) | |||||||
Series A 5.50% 6/1/39 | 300,000 | 332,544 | |||||
(True North Rochester Preparatory Charter School | |||||||
Project) | |||||||
Series A 144A 5.00% 6/1/40 # | 1,000,000 | 1,163,880 | |||||
(University of Rochester Project) | |||||||
Series A 5.00% 7/1/37 | 1,000,000 | 1,196,830 | |||||
Series C 4.00% 7/1/43 | 500,000 | 555,000 | |||||
New York City Trust for Cultural Resources | |||||||
(Alvin Ailey Dance Foundation) | |||||||
Series A 4.00% 7/1/46 | 1,000,000 | 1,049,470 | |||||
(Whitney Museum of American Art) | |||||||
5.00% 7/1/31 | 325,000 | 438,929 | |||||
New York State Dormitory Authority | |||||||
(Barnard College) | |||||||
Series A 5.00% 7/1/35 | 400,000 | 462,868 |
48
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
New York State Dormitory Authority | |||||||
(Colgate University) | |||||||
6.00% 7/1/21 (NATL) | 525,000 | $ | 535,127 | ||||
(Fordham University) | |||||||
5.00% 7/1/44 | 650,000 | 724,776 | |||||
(New York University) | |||||||
5.50% 7/1/40 (AMBAC) | 740,000 | 1,079,053 | |||||
(Touro College & University) | |||||||
Series A 5.50% 1/1/44 | 1,000,000 | 1,065,710 | |||||
New York State Dormitory Authority Revenue | |||||||
Non-State Supported Debt | |||||||
(Hudson City School District) | |||||||
Unrefunded Series A 5.625% 10/1/29 (AGC) | 375,000 | 376,474 | |||||
(New York State University Dormitory Facilities) | |||||||
Series A 5.00% 7/1/35 | 50,000 | 60,983 | |||||
Series A 5.00% 7/1/37 | 2,200,000 | 2,666,906 | |||||
Series A 5.00% 7/1/42 | 1,645,000 | 1,940,080 | |||||
(New York University) | |||||||
Series A 5.00% 7/1/36 | 2,000,000 | 2,405,500 | |||||
Series A 5.00% 7/1/39 | 2,000,000 | 2,394,040 | |||||
(School Districts Financing Program) | |||||||
Series B 5.00% 10/1/42 (AGM) | 3,565,000 | 4,257,893 | |||||
(Vaughn College of Aeronautics and Technology) | |||||||
Series A 144A 5.50% 12/1/46 # | 300,000 | 315,954 | |||||
Onondaga Civic Development Revenue | |||||||
(Le Moyne College Project) | |||||||
Series B 4.00% 7/1/38 | 255,000 | 281,591 | |||||
Series B 4.00% 7/1/39 | 325,000 | 357,874 | |||||
Series B 4.00% 7/1/40 | 300,000 | 329,496 | |||||
Saratoga County Capital Resource Revenue | |||||||
(Skidmore College Project) | |||||||
5.00% 7/1/43 | 3,570,000 | 4,274,539 | |||||
5.00% 7/1/48 | 1,000,000 | 1,189,420 | |||||
St. Lawrence County Industrial Development | |||||||
Agency Civic Development Revenue | |||||||
(St. Lawrence University Project) | |||||||
Series A 4.00% 7/1/43 | 1,000,000 | 1,092,540 | |||||
Tompkins County Development | |||||||
(Ithaca College Project) | |||||||
5.00% 7/1/34 | 750,000 | 862,073 | |||||
5.00% 7/1/41 | 500,000 | 592,565 |
49
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Troy Industrial Development Authority | |||||||
(Rensselaer Polytechnic Institute Project) | |||||||
Series E 5.20% 4/1/37 | 500,000 | $ | 508,010 | ||||
Yonkers Economic Development Educational | |||||||
Revenue | |||||||
(Lamartine/Warburton LLC - Charter School of | |||||||
Educational Excellence Project) | |||||||
Series A 5.00% 10/15/49 | 640,000 | 712,384 | |||||
Series A 5.00% 10/15/50 | 250,000 | 280,178 | |||||
45,559,186 | |||||||
Electric Revenue Bonds – 8.28% | |||||||
Build NYC Resource | |||||||
(Brooklyn Navy Yard Cogeneration Partners, L.P. | |||||||
Project) | |||||||
144A 5.25% 12/31/33 (AMT) # | 1,000,000 | 1,081,870 | |||||
Long Island Power Authority Electric System | |||||||
Revenue | |||||||
5.00% 9/1/37 | 450,000 | 557,586 | |||||
5.00% 9/1/39 | 2,000,000 | 2,466,340 | |||||
5.00% 9/1/42 | 2,000,000 | 2,410,280 | |||||
5.00% 9/1/47 | 500,000 | 598,310 | |||||
Series A 5.00% 9/1/44 | 1,950,000 | 2,190,181 | |||||
Series B 5.00% 9/1/41 | 1,000,000 | 1,179,050 | |||||
New York State Power Authority Revenue | |||||||
Series A 4.00% 11/15/50 | 1,000,000 | 1,151,350 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series A 5.05% 7/1/42 ‡ | 65,000 | 58,663 | |||||
Series A 6.75% 7/1/36 ‡ | 625,000 | 576,562 | |||||
Series AAA 5.25% 7/1/25 ‡ | 35,000 | 31,675 | |||||
Series TT 5.00% 7/1/32 ‡ | 1,120,000 | 1,010,800 | |||||
Series WW 5.00% 7/1/28 ‡ | 270,000 | 243,675 | |||||
Series WW 5.25% 7/1/33 ‡ | 195,000 | 176,475 | |||||
Series WW 5.50% 7/1/17 ‡ | 420,000 | 369,600 | |||||
Series WW 5.50% 7/1/19 ‡ | 330,000 | 292,050 | |||||
Series XX 4.75% 7/1/26 ‡ | 40,000 | 36,000 | |||||
Series XX 5.25% 7/1/40 ‡ | 1,430,000 | 1,294,150 | |||||
Series XX 5.75% 7/1/36 ‡ | 140,000 | 127,400 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 27,000 | |||||
Series ZZ 5.00% 7/1/19 ‡ | 570,000 | 501,600 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 50,000 | 45,250 |
50
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Utility Debt Securitization Authority | |||||||
(Restructuring Bonds) | |||||||
5.00% 12/15/37 | 750,000 | $ | 891,623 | ||||
17,317,490 | |||||||
Healthcare Revenue Bonds – 5.88% | |||||||
Buffalo & Erie County Industrial Land Development | |||||||
(Catholic Health System Project) | |||||||
Series N 5.25% 7/1/35 | 250,000 | 285,110 | |||||
Build NYC Resource | |||||||
(The Children’s Aid Society Project) | |||||||
4.00% 7/1/49 | 1,000,000 | 1,111,910 | |||||
Dutchess County Local Development | |||||||
(Nuvance Health) | |||||||
Series B 4.00% 7/1/49 | 1,000,000 | 1,119,090 | |||||
Guilderland, Industrial Development Agency | |||||||
(Albany Place Development Project) | |||||||
Series A 144A 5.875% 1/1/52 #, ‡ | 500,000 | 375,000 | |||||
Monroe County Industrial Development | |||||||
(The Rochester General Hospital Project) | |||||||
5.00% 12/1/36 | 405,000 | 474,478 | |||||
5.00% 12/1/46 | 540,000 | 618,813 | |||||
Nassau County Local Economic Assistance | |||||||
(Catholic Health Services of Long Island Obligated | |||||||
Group Project) | |||||||
5.00% 7/1/33 | 725,000 | 802,901 | |||||
New York State Dormitory Authority | |||||||
(Montefiore Obligated Group) | |||||||
Series A 4.00% 8/1/38 | 1,000,000 | 1,112,400 | |||||
Series A 4.00% 9/1/50 | 2,500,000 | 2,775,975 | |||||
(NYU Langone Hospitals Obligated Group) | |||||||
Series A 4.00% 7/1/53 | 500,000 | 565,135 | |||||
New York State Dormitory Authority Revenue | |||||||
Non-State Supported Debt | |||||||
(NYU Hospitals Center) | |||||||
Series A 4.00% 7/1/40 | 465,000 | 512,653 | |||||
(Orange Regional Medical Center Obligated | |||||||
Group) | |||||||
144A 5.00% 12/1/34 # | 500,000 | 574,875 | |||||
144A 5.00% 12/1/45 # | 700,000 | 771,890 |
51
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Orange County Funding Assisted Living Residence | |||||||
Revenue | |||||||
(The Hamlet at Wallkill Assisted Living Project) | |||||||
6.50% 1/1/46 | 400,000 | $ | 402,756 | ||||
Southold Local Development Revenue | |||||||
(Peconic Landing at Southold Project) | |||||||
5.00% 12/1/45 | 750,000 | 796,733 | |||||
12,299,719 | |||||||
Housing Revenue Bond – 0.89% | |||||||
New York City Housing Development Multi-Family | |||||||
Revenue | |||||||
Series L-1 5.00% 11/1/26 | 1,840,000 | 1,852,402 | |||||
1,852,402 | |||||||
Lease Revenue Bonds – 6.27% | |||||||
Hudson Yards Infrastructure | |||||||
Unrefunded Fiscal 2012 Series A 5.75% 2/15/47 | 1,095,000 | 1,099,369 | |||||
MTA Hudson Rail Yards Trust Obligations | |||||||
(The Metropolitan Transportation Authority) | |||||||
Series A 5.00% 11/15/56 | 710,000 | 771,372 | |||||
New York City Industrial Development Agency | |||||||
(Senior Trips) | |||||||
Series A 5.00% 7/1/28 (AMT) | 1,500,000 | 1,568,175 | |||||
New York City Transitional Finance Authority | |||||||
Revenue | |||||||
(Building Aid) | |||||||
Fiscal 2020 Subordinate Series S-1B 4.00% | |||||||
7/15/45 | 445,000 | 500,371 | |||||
New York Liberty Development | |||||||
(4 World Trade Center Project) | |||||||
5.00% 11/15/31 | 500,000 | 514,825 | |||||
(Class 1 - 3 World Trade Center Project) | |||||||
144A 5.00% 11/15/44 # | 2,000,000 | 2,175,700 | |||||
(Class 2 - 3 World Trade Center Project) | |||||||
144A 5.375% 11/15/40 # | 500,000 | 555,195 | |||||
New York State Dormitory Authority | |||||||
(State Sales Tax) | |||||||
Series A 4.00% 3/15/48 | 80,000 | 89,314 | |||||
New York State Dormitory Authority Revenue | |||||||
Non-State Supported Debt | |||||||
(Court Facility) | |||||||
Series A 5.50% 5/15/27 (AMBAC) | 2,500,000 | 3,158,525 |
52
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds (continued) | |||||||
New York State Environmental Facilities Clean | |||||||
Water and Drinking Water Revenue | |||||||
(New York City Municipal Water Finance Authority | |||||||
Projects - Second Resolution) | |||||||
Series B 5.00% 6/15/43 | 2,175,000 | $ | 2,681,384 | ||||
13,114,230 | |||||||
Local General Obligation Bonds – 3.41% | |||||||
New York City | |||||||
Fiscal 2017 Subordinate | |||||||
Series B-1 5.00% 12/1/34 | 2,500,000 | 3,012,700 | |||||
Fiscal 2018 Subordinate | |||||||
Series E-1 5.25% 3/1/35 | 500,000 | 617,655 | |||||
Fiscal 2018 Subordinate | |||||||
Series F-1 5.00% 4/1/35 | 1,895,000 | 2,301,098 | |||||
Fiscal 2018 Subordinate | |||||||
Series F-1 5.00% 4/1/39 | 1,000,000 | 1,198,950 | |||||
7,130,403 | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 4.49% | |||||||
Dutchess County Local Development | |||||||
(Health Quest Systems Project) | |||||||
Series A 5.00% 7/1/44-24 § | 1,000,000 | 1,150,240 | |||||
Monroe County, Industrial Development Revenue | |||||||
(Nazareth College of Rochester Project) | |||||||
5.50% 10/1/41-21 § | 500,000 | 515,335 | |||||
New York City Municipal Water Finance Authority | |||||||
Water & Sewer System Revenue | |||||||
Series A 6.00% 6/15/21 (AGM) | 1,500,000 | 1,525,170 | |||||
New York State Dormitory Authority | |||||||
Series A 5.00% 3/15/38-23 § | 2,000,000 | 2,195,400 | |||||
(Pratt Institute) | |||||||
Series A 5.00% 7/1/34-24 § | 500,000 | 576,015 | |||||
New York State Dormitory Authority Revenue | |||||||
Non-State Supported Debt | |||||||
(New York University) | |||||||
Series A 5.00% 7/1/37-23 § | 1,000,000 | 1,111,050 | |||||
Onondaga Civic Development Revenue | |||||||
(St. Joseph’s Hospital Health Center Project) | |||||||
4.50% 7/1/32-22 § | 380,000 | 401,595 | |||||
5.00% 7/1/42-22 § | 750,000 | 797,603 |
53
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Onondaga County Trust for Cultural Resources | |||||||
(Syracuse University Project) | |||||||
Series A 5.00% 12/1/30-23 § | 1,000,000 | $ | 1,130,260 | ||||
9,402,668 | |||||||
Resource Recovery Revenue Bond – 0.75% | |||||||
Niagara Area Development Revenue | |||||||
(Covanta Project) | |||||||
Series A 144A 4.75% 11/1/42 (AMT) # | 1,500,000 | 1,570,680 | |||||
1,570,680 | |||||||
Special Tax Revenue Bonds – 20.60% | |||||||
Build NYC Resource | |||||||
(YMCA of Greater New York Project) | |||||||
5.00% 8/1/40 | 450,000 | 493,600 | |||||
Glen Cove, Local Economic Assistance | |||||||
(Garvies Point Public Improvement Project) | |||||||
Series A 5.00% 1/1/56 | 250,000 | 280,103 | |||||
Guam Government Business Privilege Tax Revenue | |||||||
Series A 5.25% 1/1/36 | 240,000 | 246,317 | |||||
Metropolitan Transportation Authority | |||||||
(Climate Bond Certified) | |||||||
Subordinate Series B-2 5.00% 11/15/36 | 3,500,000 | 4,148,130 | |||||
New York City Transitional Finance Authority | |||||||
Revenue | |||||||
(Building Aid) | |||||||
Fiscal 2012 Subordinate | |||||||
Series S-1A 5.25% 7/15/37 | 1,000,000 | 1,017,540 | |||||
Fiscal 2015 Subordinate | |||||||
Series S-1 5.00% 7/15/43 | 1,000,000 | 1,142,890 | |||||
Fiscal 2019 Subordinate | |||||||
Series S-3A 5.00% 7/15/37 | 1,000,000 | 1,221,620 | |||||
(Future Tax Secured) | |||||||
Fiscal 2011 Subordinate | |||||||
Series D-1 5.00% 2/1/28 | 2,500,000 | 2,508,825 | |||||
Fiscal 2014 Subordinate | |||||||
Series B-1 5.00% 11/1/40 | 750,000 | 844,267 | |||||
Fiscal 2015 Subordinate | |||||||
Series B-1 5.00% 8/1/42 | 2,000,000 | 2,262,820 | |||||
Fiscal 2015 Subordinate | |||||||
Series E-1 5.00% 2/1/41 | 1,000,000 | 1,138,910 | |||||
Fiscal 2016 Subordinate | |||||||
Series C-1 4.00% 11/1/42 | 500,000 | 562,855 |
54
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
New York City Transitional Finance Authority | |||||||
Revenue | |||||||
(Future Tax Secured) | |||||||
Fiscal 2017 Subordinate | |||||||
Series A-1 4.00% 5/1/42 | 500,000 | $ | 550,980 | ||||
Fiscal 2017 Subordinate | |||||||
Series E-1 5.00% 2/1/43 | 1,000,000 | 1,190,520 | |||||
Series A-1 5.00% 11/1/42 | 750,000 | 834,585 | |||||
Unrefunded Fiscal 2011 Subordinate | |||||||
Series D-1 5.25% 2/1/29 | 195,000 | 195,716 | |||||
New York Convention Center Development Revenue | |||||||
(Hotel Unit Fee Secured) | |||||||
5.00% 11/15/35 | 1,000,000 | 1,137,950 | |||||
5.00% 11/15/40 | 1,000,000 | 1,127,750 | |||||
New York State Dormitory Authority Personal | |||||||
Income Tax Revenue | |||||||
(General Purpose) | |||||||
Series A 5.00% 3/15/40 | 5,000,000 | 6,145,100 | |||||
Series C 5.00% 3/15/34 | 500,000 | 501,715 | |||||
New York State Urban Development Revenue | |||||||
(Personal Income Tax) | |||||||
Series A 4.00% 3/15/36 | 500,000 | 559,015 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-1 4.55% 7/1/40 | 425,000 | 463,271 | |||||
Series A-1 4.75% 7/1/53 | 5,720,000 | 6,242,980 | |||||
Series A-1 5.00% 7/1/58 | 5,685,000 | 6,296,365 | |||||
Series A-2 4.329% 7/1/40 | 370,000 | 397,990 | |||||
Series A-2 4.536% 7/1/53 | 1,330,000 | 1,433,248 | |||||
Virgin Islands Public Finance Authority Revenue | |||||||
Series A 5.00% 10/1/29 | 170,000 | 170,396 | |||||
43,115,458 | |||||||
State General Obligation Bonds – 2.85% | |||||||
Commonwealth of Puerto Rico | |||||||
Series A 8.00% 7/1/35 ‡ | 1,920,000 | 1,495,200 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/24 ‡ | 270,000 | 233,212 | |||||
Series A 5.00% 7/1/41 ‡ | 675,000 | 527,344 | |||||
Series A 5.125% 7/1/37 ‡ | 685,000 | 554,850 | |||||
Series A 5.25% 7/1/34 ‡ | 945,000 | 818,606 | |||||
Series A 5.375% 7/1/33 ‡ | 665,000 | 574,394 |
55
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Commonwealth of Puerto Rico | |||||||
(Public Improvement) | |||||||
Series B 5.75% 7/1/38 ‡ | 625,000 | $ | 542,969 | ||||
Series C 6.00% 7/1/39 ‡ | 1,215,000 | 1,052,494 | |||||
Unrefunded Series B 5.00% 7/1/35 ‡ | 185,000 | 159,794 | |||||
5,958,863 | |||||||
Transportation Revenue Bonds – 12.00% | |||||||
Buffalo & Fort Erie Public Bridge Authority | |||||||
5.00% 1/1/47 | 435,000 | 503,947 | |||||
Metropolitan Transportation Authority Revenue | |||||||
Series D 5.00% 11/15/32 | 500,000 | 530,520 | |||||
(Climate Bond Certified) | |||||||
Series E 4.00% 11/15/45 | 1,500,000 | 1,649,280 | |||||
(Green Bonds) | |||||||
Series B 4.00% 11/15/50 | 1,000,000 | 1,079,760 | |||||
Series C-1 5.25% 11/15/55 | 1,500,000 | 1,801,650 | |||||
New York State Thruway Authority General Revenue | |||||||
Series B 4.00% 1/1/50 | 1,000,000 | 1,121,500 | |||||
Series L 5.00% 1/1/35 | 1,535,000 | 1,882,923 | |||||
(Junior Indebtedness Obligation) | |||||||
Series A 5.25% 1/1/56 | 1,000,000 | 1,174,300 | |||||
New York Transportation Development Corporation | |||||||
Special Facilities Revenue | |||||||
(Terminal 4 John F. Kennedy International Airport | |||||||
Project) | |||||||
Series A 4.00% 12/1/40 (AMT) | 335,000 | 372,651 | |||||
Niagara Frontier Transportation Authority Revenue | |||||||
(Buffalo Niagara International Airport) | |||||||
Series A 5.00% 4/1/33 (AMT) | 715,000 | 856,899 | |||||
Series A 5.00% 4/1/35 (AMT) | 775,000 | 923,033 | |||||
Series A 5.00% 4/1/37 (AMT) | 750,000 | 887,242 | |||||
Series A 5.00% 4/1/39 (AMT) | 350,000 | 411,835 | |||||
Port Authority of Guam | |||||||
(Governmental) | |||||||
Series A 5.00% 7/1/48 | 1,375,000 | 1,600,032 | |||||
Port Authority of New York & New Jersey | |||||||
(Consolidated Bonds - Two Hundred Seventeen | |||||||
Series) | |||||||
4.00% 11/1/49 | 1,000,000 | 1,135,520 |
56
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Port Authority of New York & New Jersey | |||||||
(Consolidated Bonds - Two Hundred Sixteen | |||||||
Series) | |||||||
4.00% 9/1/49 | 1,000,000 | $ | 1,133,380 | ||||
(Consolidated Bonds - Two Hundredth Series) | |||||||
5.00% 10/15/42 | 2,500,000 | 2,969,425 | |||||
Triborough Bridge & Tunnel Authority | |||||||
(MTA Bridges and Tunnels) | |||||||
Series A 5.00% 11/15/41 | 2,000,000 | 2,331,540 | |||||
Series A 5.00% 11/15/47 | 1,000,000 | 1,186,170 | |||||
Series A 5.00% 11/15/49 | 325,000 | 407,706 | |||||
Westchester County Industrial Development Agency | |||||||
(Million Air Two LLC General Aviation Facilities | |||||||
Project) | |||||||
Series A 144A 7.00% 6/1/46 (AMT) # | 1,100,000 | 1,151,161 | |||||
25,110,474 | |||||||
Water & Sewer Revenue Bonds – 5.58% | |||||||
New York City Municipal Water Finance Authority | |||||||
Water & Sewer System Revenue | |||||||
(Second General Resolution) | |||||||
Fiscal 2015 Series HH 5.00% 6/15/39 | 2,000,000 | 2,343,620 | |||||
Fiscal 2017 Series DD 5.00% 6/15/47 | 1,000,000 | 1,198,710 | |||||
Fiscal 2018 Series EE 5.00% 6/15/40 | 2,500,000 | 3,040,250 | |||||
Fiscal 2019 Subordinate | |||||||
Series FF-1 4.00% 6/15/49 | 1,000,000 | 1,133,020 | |||||
Fiscal 2020 Series AA 4.00% 6/15/40 | 1,000,000 | 1,158,330 | |||||
Fiscal 2021 Subordinate | |||||||
Series BB-1 4.00% 6/15/50 | 1,000,000 | 1,153,470 | |||||
New York State Environmental Facilities Clean | |||||||
Water and Drinking Water Revenue | |||||||
(New York City Municipal Water Finance Authority | |||||||
Projects - Second Resolution) | |||||||
Fiscal 2011 Series B 5.00% 6/15/30 | 500,000 | 506,785 | |||||
Series B 4.00% 6/15/49 | 1,000,000 | 1,143,590 | |||||
11,677,775 | |||||||
Total Municipal Bonds (cost $192,543,267) | 207,366,029 | ||||||
Total Value of Securities–99.10% | |||||||
(cost $192,543,267) | $ | 207,366,029 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
57
Schedules of investments
Delaware Tax-Free New York Fund
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $13,889,663, which represents 6.64% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | 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. See Note 7 in “Notes to financial statements.” |
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
L.P. – Limited Partnership
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
58
Schedules of investments | |
Delaware Tax-Free Pennsylvania Fund | February 28, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||||||
Municipal Bonds – 100.14% | |||||||
Corporate Revenue Bonds – 7.07% | |||||||
Allegheny County Industrial Development Authority | |||||||
Revenue | |||||||
(United States Steel Corporation Project) | |||||||
4.875% 11/1/24 | 2,650,000 | $ | 2,839,131 | ||||
5.125% 5/1/30 | 750,000 | 849,840 | |||||
Pennsylvania Commonwealth Financing Authority | |||||||
Revenue | |||||||
(Tobacco Master Settlement Payment Revenue) | |||||||
4.00% 6/1/39 (AGM) | 5,045,000 | 5,707,913 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority | |||||||
(National Gypsum) | |||||||
5.50% 11/1/44 (AMT) | 4,000,000 | 4,152,600 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority Solid Waste Disposal Revenue | |||||||
(CarbonLite P, LLC Project) | |||||||
144A 5.25% 6/1/26 (AMT) # | 1,750,000 | 1,561,472 | |||||
144A 5.75% 6/1/36 (AMT) # | 2,375,000 | 2,094,774 | |||||
(Proctor & Gamble Paper Project) | |||||||
5.375% 3/1/31 (AMT) | 11,000,000 | 14,431,780 | |||||
31,637,510 | |||||||
Education Revenue Bonds – 11.16% | |||||||
Allegheny County Higher Education Building | |||||||
Authority Revenue | |||||||
(Carnegie Mellon University) | |||||||
Series A 5.00% 3/1/24 | 1,000,000 | 1,046,860 | |||||
(Chatham University) | |||||||
Series A 5.00% 9/1/30 | 1,500,000 | 1,555,695 | |||||
(Robert Morris University) | |||||||
5.00% 10/15/47 | 1,500,000 | 1,660,785 | |||||
Bucks County Industrial Development Authority | |||||||
Revenue | |||||||
(George School Project) | |||||||
5.00% 9/15/36 | 4,455,000 | 4,564,148 | |||||
(School Lane Charter School Project) | |||||||
Series A 5.125% 3/15/46 | 2,500,000 | 2,771,850 | |||||
Chester County Industrial Development Authority | |||||||
Revenue | |||||||
(Avon Grove Charter School Project) | |||||||
Series A 5.00% 12/15/47 | 1,160,000 | 1,288,424 | |||||
Series A 5.00% 12/15/51 | 770,000 | 854,138 |
59
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Chester County Industrial Development Authority | |||||||
Revenue | |||||||
(Renaissance Academy Charter School Project) | |||||||
5.00% 10/1/34 | 1,000,000 | $ | 1,076,990 | ||||
5.00% 10/1/39 | 1,250,000 | 1,338,650 | |||||
5.00% 10/1/44 | 1,000,000 | 1,064,260 | |||||
Delaware County Authority Revenue | |||||||
(Cabrini University) | |||||||
5.00% 7/1/47 | 2,000,000 | 2,203,540 | |||||
Montgomery County Higher Education and Health | |||||||
Authority | |||||||
(Arcadia University) | |||||||
5.75% 4/1/40 | 2,000,000 | 2,188,740 | |||||
Northeastern Pennsylvania Hospital and Education | |||||||
Authority Revenue | |||||||
(King’s College Project) | |||||||
5.00% 5/1/44 | 1,000,000 | 1,174,390 | |||||
Pennsylvania Higher Educational Facilities Authority | |||||||
College & University Revenue | |||||||
(Drexel University) | |||||||
5.00% 5/1/41 | 1,000,000 | 1,165,900 | |||||
Pennsylvania State University | |||||||
Series A 5.00% 9/1/45 | 5,640,000 | 7,066,412 | |||||
Series A 5.00% 9/1/47 | 2,730,000 | 3,395,574 | |||||
Philadelphia Authority for Industrial Development | |||||||
Revenue | |||||||
(First Philadelphia Preparatory Charter School | |||||||
Project) | |||||||
Series A 7.25% 6/15/43 | 2,500,000 | 2,862,050 | |||||
(Green Woods Charter School Project) | |||||||
Series A 5.50% 6/15/22 | 390,000 | 401,524 | |||||
Series A 5.75% 6/15/42 | 2,500,000 | 2,583,725 | |||||
(International Apartments of Temple University) | |||||||
Series A 5.375% 6/15/30 | 1,500,000 | 1,503,075 | |||||
Series A 5.625% 6/15/42 | 3,000,000 | 3,005,130 | |||||
(Tacony Academy Charter School Project) | |||||||
Series A-1 6.75% 6/15/33 | 1,020,000 | 1,128,671 | |||||
Series A-1 7.00% 6/15/43 | 1,535,000 | 1,693,980 | |||||
State Public School Building Authority | |||||||
(Montgomery County Community College) | |||||||
5.00% 5/1/28 | 2,000,000 | 2,316,160 | |||||
49,910,671 |
60
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds – 2.80% | |||||||
City of Philadelphia Gas Works Revenue | |||||||
(1998 General Ordinance) | |||||||
Sixteenth Series A 4.00% 8/1/45 (AGM) | 2,000,000 | $ | 2,278,340 | ||||
Puerto Rico Electric Power Authority | |||||||
Series A 5.00% 7/1/42 ‡ | 1,110,000 | 1,001,775 | |||||
Series A 5.05% 7/1/42 ‡ | 400,000 | 361,000 | |||||
Series AAA 5.25% 7/1/25 ‡ | 225,000 | 203,625 | |||||
Series WW 5.00% 7/1/28 ‡ | 1,895,000 | 1,710,237 | |||||
Series WW 5.25% 7/1/33 ‡ | 1,055,000 | 954,775 | |||||
Series WW 5.50% 7/1/38 ‡ | 1,530,000 | 1,388,475 | |||||
Series XX 4.75% 7/1/26 ‡ | 185,000 | 166,500 | |||||
Series XX 5.25% 7/1/40 ‡ | 3,825,000 | 3,461,625 | |||||
Series XX 5.75% 7/1/36 ‡ | 655,000 | 596,050 | |||||
Series ZZ 4.75% 7/1/27 ‡ | 145,000 | 130,500 | |||||
Series ZZ 5.25% 7/1/24 ‡ | 315,000 | 285,075 | |||||
12,537,977 | |||||||
Healthcare Revenue Bonds – 32.44% | |||||||
Allegheny County Hospital Development Authority | |||||||
Revenue | |||||||
(Allegheny Health Network Obligated Group Issue) | |||||||
Series A 4.00% 4/1/44 | 1,350,000 | 1,475,334 | |||||
(University of Pittsburgh Medical Center) | |||||||
Series A 4.00% 7/15/36 | 1,750,000 | 1,999,445 | |||||
Series A 4.00% 7/15/37 | 1,500,000 | 1,708,065 | |||||
Berks County Industrial Development Authority | |||||||
Revenue | |||||||
(The Highlands at Wyomissing) | |||||||
5.00% 5/15/38 | 415,000 | 460,609 | |||||
5.00% 5/15/43 | 500,000 | 550,945 | |||||
5.00% 5/15/48 | 1,000,000 | 1,098,110 | |||||
Series A 5.00% 5/15/37 | 1,365,000 | 1,544,811 | |||||
Series A 5.00% 5/15/42 | 500,000 | 559,795 | |||||
Series A 5.00% 5/15/47 | 600,000 | 667,794 | |||||
Series C 5.00% 5/15/42 | 1,000,000 | 1,093,370 | |||||
Series C 5.00% 5/15/47 | 1,000,000 | 1,089,810 | |||||
Bucks County Industrial Development Authority | |||||||
Revenue | |||||||
(Saint Luke’s University Health Network Project) | |||||||
4.00% 8/15/44 | 2,400,000 | 2,647,824 | |||||
4.00% 8/15/50 | 1,400,000 | 1,535,492 |
61
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Butler County Hospital Authority Revenue | |||||||
(Butler Health System Project) | |||||||
Series A 5.00% 7/1/39 | 1,625,000 | $ | 1,784,234 | ||||
Centre County Hospital Authority Revenue | |||||||
(Mount Nittany Medical Center Project) | |||||||
Series A 4.00% 11/15/47 | 1,400,000 | 1,529,486 | |||||
Chester County Health and Education Facilities | |||||||
Authority | |||||||
(Main Line Health System) | |||||||
Series A 4.00% 9/1/40 | 785,000 | 917,838 | |||||
Series A 4.00% 9/1/50 | 2,750,000 | 3,160,712 | |||||
Cumberland County Municipal Authority Revenue | |||||||
(Asbury Pennsylvania Obligated Group) | |||||||
5.00% 1/1/45 | 4,000,000 | 4,306,440 | |||||
(Diakon Lutheran Social Ministries) | |||||||
5.00% 1/1/38 | 1,805,000 | 1,986,150 | |||||
(Penn State Health) | |||||||
4.00% 11/1/49 | 9,825,000 | 11,115,219 | |||||
DuBois Hospital Authority | |||||||
(Penn Highlands Healthcare) | |||||||
4.00% 7/15/48 | 2,000,000 | 2,124,640 | |||||
Geisinger Authority Health System Revenue | |||||||
(Geisinger Health System) | |||||||
Series A-1 5.00% 2/15/45 | 5,000,000 | 5,888,250 | |||||
Series A-1 5.125% 6/1/41 | 4,000,000 | 4,034,880 | |||||
General Authority of Southcentral Pennsylvania | |||||||
Revenue | |||||||
(WellSpan Health Obligated Group) | |||||||
Series A 5.00% 6/1/39 | 5,000,000 | 6,212,400 | |||||
Hospitals & Higher Education Facilities Authority of | |||||||
Philadelphia | |||||||
(The Children’s Hospital of Philadelphia Project) | |||||||
Series D 5.00% 7/1/32 | 500,000 | 507,300 | |||||
Indiana County Hospital Authority Revenue | |||||||
(Indiana Regional Medical Center) | |||||||
Series A 6.00% 6/1/39 | 1,625,000 | 1,708,005 | |||||
Lancaster County Hospital Authority Revenue | |||||||
(Brethren Village Project) | |||||||
5.25% 7/1/35 | 250,000 | 265,053 | |||||
5.50% 7/1/45 | 1,000,000 | 1,055,380 | |||||
(Landis Homes Retirement Community Project) | |||||||
Series A 5.00% 7/1/45 | 2,000,000 | 2,142,740 |
62
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Lancaster County Hospital Authority Revenue | |||||||
(Masonic Villages Project) | |||||||
5.00% 11/1/35 | 1,000,000 | $ | 1,154,170 | ||||
5.00% 11/1/36 | 510,000 | 586,923 | |||||
5.00% 11/1/37 | 250,000 | 287,152 | |||||
Lehigh County General Purpose Authority Revenue | |||||||
(Bible Fellowship Church Homes Project) | |||||||
5.25% 7/1/42 | 1,500,000 | 1,539,480 | |||||
Lehigh County General Purpose Hospital Authority | |||||||
Revenue | |||||||
(Lehigh Valley Health Network) | |||||||
Series A 4.00% 7/1/49 | 5,000,000 | 5,571,500 | |||||
Monroe County Hospital Authority Revenue | |||||||
(Pocono Medical Center) | |||||||
5.00% 7/1/36 | 1,710,000 | 2,011,730 | |||||
5.00% 7/1/41 | 1,000,000 | 1,158,720 | |||||
Monroeville Finance Authority | |||||||
(University of Pittsburgh Medical Center) | |||||||
5.00% 2/15/25 | 1,000,000 | 1,168,630 | |||||
Montgomery County Higher Education and Health | |||||||
Authority | |||||||
(Thomas Jefferson University) | |||||||
5.00% 9/1/51 | 2,000,000 | 2,393,740 | |||||
Series A 4.00% 9/1/49 | 2,500,000 | 2,744,975 | |||||
Montgomery County Industrial Development | |||||||
Authority Revenue | |||||||
(Waverly Heights Project) | |||||||
5.00% 12/1/44 | 500,000 | 562,255 | |||||
5.00% 12/1/49 | 1,250,000 | 1,401,912 | |||||
(Whitemarsh Continuing Care Retirement | |||||||
Community Project) | |||||||
4.00% 1/1/25 | 430,000 | 439,611 | |||||
5.375% 1/1/50 | 4,000,000 | 4,178,840 | |||||
Series A 5.375% 1/1/51 | 1,500,000 | 1,592,205 | |||||
Moon Industrial Development Authority Revenue | |||||||
(Baptist Homes Society) | |||||||
6.125% 7/1/50 | 4,000,000 | 4,243,200 | |||||
Northampton County Industrial Development | |||||||
Authority | |||||||
(Morningstar Senior Living Project) | |||||||
5.00% 11/1/44 | 1,000,000 | 1,062,020 |
63
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Pennsylvania Economic Development Financing | |||||||
Authority First Mortgage Revenue | |||||||
(Tapestry Moon Senior Housing Project) | |||||||
Series A 144A 6.50% 12/1/38 # | 715,000 | $ | 536,250 | ||||
Series A 144A 6.75% 12/1/53 # | 5,400,000 | 4,050,000 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority Revenue | |||||||
(University of Pittsburgh Medical Center) | |||||||
Series A 5.00% 7/1/43 | 1,265,000 | 1,374,435 | |||||
Pennsylvania Higher Educational Facilities Authority | |||||||
College & University Revenue | |||||||
(Thomas Jefferson University) | |||||||
Series A 5.00% 9/1/45 | 5,000,000 | 5,582,650 | |||||
Series A 5.25% 9/1/50 | 2,500,000 | 2,809,100 | |||||
Pennsylvania Higher Educational Facilities Authority | |||||||
Revenue | |||||||
(University of Pennsylvania Health System) | |||||||
4.00% 8/15/49 | 6,000,000 | 6,752,520 | |||||
5.00% 8/15/49 | 5,000,000 | 6,115,550 | |||||
Series A 4.00% 8/15/42 | 4,200,000 | 4,715,466 | |||||
Philadelphia Authority for Industrial Development | |||||||
Revenue | |||||||
(Children’s Hospital of Philadelphia Project) | |||||||
5.00% 7/1/34 | 5,000,000 | 5,999,900 | |||||
(Thomas Jefferson University) | |||||||
Series A 5.00% 9/1/47 | 2,500,000 | 2,924,675 | |||||
(Wesley Enhanced Living Obligated Group) | |||||||
Series A 5.00% 7/1/49 | 2,500,000 | 2,569,425 | |||||
Pocono Mountains Industrial Park Authority | |||||||
Revenue | |||||||
(St. Luke’s Hospital - Monroe Project) | |||||||
Series A 5.00% 8/15/40 | 4,000,000 | 4,442,560 | |||||
145,139,725 | |||||||
Housing Revenue Bond – 0.44% | |||||||
Philadelphia Authority for Industrial Development | |||||||
Revenue | |||||||
(The PresbyHomes Germantown Project) | |||||||
Series A 5.625% 7/1/35 (HUD) | 1,950,000 | 1,950,936 | |||||
1,950,936 |
64
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds – 1.13% | |||||||
Pennsylvania Economic Development Financing | |||||||
Authority Tax-Exempt Private Activity Revenue | |||||||
(The Pennsylvania Rapid Bridge Replacement | |||||||
Project) | |||||||
5.00% 12/31/29 (AMT) | 500,000 | $ | 592,635 | ||||
Philadelphia Municipal Authority Revenue | |||||||
(Juvenile Justice Services Center) | |||||||
5.00% 4/1/37 | 1,250,000 | 1,487,625 | |||||
5.00% 4/1/38 | 1,000,000 | 1,187,550 | |||||
5.00% 4/1/39 | 1,500,000 | 1,776,690 | |||||
5,044,500 | |||||||
Local General Obligation Bonds – 7.21% | |||||||
Allegheny County | |||||||
Series C-77 5.00% 11/1/43 | 4,535,000 | 5,579,139 | |||||
Chester County | |||||||
4.00% 7/15/31 | 250,000 | 302,092 | |||||
4.00% 7/15/32 | 1,000,000 | 1,203,640 | |||||
4.00% 7/15/33 | 300,000 | 359,370 | |||||
4.00% 7/15/36 | 500,000 | 591,995 | |||||
4.00% 7/15/38 | 455,000 | 534,043 | |||||
4.00% 7/15/39 | 500,000 | 584,620 | |||||
4.00% 7/15/40 | 500,000 | 583,690 | |||||
City of Philadelphia | |||||||
5.00% 8/1/41 | 1,260,000 | 1,510,576 | |||||
Series A 5.00% 8/1/37 | 1,750,000 | 2,118,480 | |||||
Series A 5.25% 7/15/29 | 2,500,000 | 2,821,725 | |||||
Mechanicsburg Area School District | |||||||
Series AA 4.00% 5/15/50 | 2,875,000 | 3,265,109 | |||||
Montgomery County | |||||||
Series A 5.00% 1/1/35 | 3,730,000 | 4,968,658 | |||||
Philadelphia School District | |||||||
Series F 5.00% 9/1/36 | 2,000,000 | 2,390,680 | |||||
Series F 5.00% 9/1/37 | 1,500,000 | 1,789,485 | |||||
Series F 5.00% 9/1/38 | 2,000,000 | 2,381,320 | |||||
Punxsutawney Area School District | |||||||
2.00% 10/15/28 (AGM) | 325,000 | 336,573 | |||||
2.00% 10/15/29 (AGM) | 700,000 | 721,280 | |||||
2.00% 10/15/30 (AGM) | 190,000 | 194,938 | |||||
32,237,413 |
65
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds – 8.39% | |||||||
Allegheny County | |||||||
Series C-69 5.00% 12/1/28-22 § | 1,000,000 | $ | 1,084,410 | ||||
Series C-70 5.00% 12/1/33-22 § | 2,205,000 | 2,391,124 | |||||
Allegheny County Higher Education Building | |||||||
Authority Revenue | |||||||
(Carlow University Project) | |||||||
6.75% 11/1/31-21 § | 750,000 | 782,318 | |||||
7.00% 11/1/40-21 § | 1,000,000 | 1,044,740 | |||||
Central Bradford Progress Authority | |||||||
(Guthrie Health Issue) | |||||||
5.375% 12/1/41-21 § | 1,000,000 | 1,038,850 | |||||
City of Pittsburgh | |||||||
Series B 5.00% 9/1/26-22 § | 3,000,000 | 3,217,980 | |||||
Cumberland County Municipal Authority Revenue | |||||||
(Diakon Lutheran Social Ministries) | |||||||
5.00% 1/1/38-25 § | 195,000 | 227,200 | |||||
Delaware County Regional Water Quality Control | |||||||
Authority | |||||||
5.00% 5/1/32-23 § | 2,000,000 | 2,205,800 | |||||
Monroe County Hospital Authority | |||||||
(Pocono Medical Center) | |||||||
Series A 5.00% 1/1/32-22 § | 1,150,000 | 1,194,597 | |||||
Series A 5.00% 1/1/41-22 § | 1,500,000 | 1,558,170 | |||||
Montgomery County Industrial Development | |||||||
Authority Retirement Community Revenue | |||||||
(ACTS Retirement Life Communities Obligated | |||||||
Group) | |||||||
5.00% 11/15/27-22 § | 1,250,000 | 1,323,137 | |||||
5.00% 11/15/28-22 § | 1,600,000 | 1,693,616 | |||||
5.00% 11/15/29-22 § | 680,000 | 719,787 | |||||
Pennsylvania Higher Educational Facilities Authority | |||||||
College & University Revenue | |||||||
(AICUP Financing Program - St. Francis University | |||||||
Project) | |||||||
Series JJ2 6.25% 11/1/41-21 § | 2,355,000 | 2,449,624 | |||||
(Indiana University - Student Housing Project) | |||||||
Series A 5.00% 7/1/27-22 § | 1,740,000 | 1,846,575 | |||||
Series A 5.00% 7/1/41-22 § | 1,500,000 | 1,591,875 | |||||
(Philadelphia University) | |||||||
5.00% 6/1/32-23 § | 2,000,000 | 2,211,320 |
66
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Pennsylvania Higher Educational Facilities Authority | |||||||
College & University Revenue | |||||||
(Shippensburg University - Student Housing | |||||||
Project) | |||||||
6.25% 10/1/43-21 § | 2,000,000 | $ | 2,070,280 | ||||
(University of the Arts) | |||||||
5.20% 3/15/25 (AGC) | 4,490,000 | 4,910,084 | |||||
Philadelphia Authority for Industrial Development | |||||||
Revenue | |||||||
(New Foundations Charter School Project) | |||||||
6.625% 12/15/41-22 § | 1,000,000 | 1,112,770 | |||||
Port Authority of Allegheny County | |||||||
5.75% 3/1/29 | 2,850,000 | 2,850,000 | |||||
37,524,257 | |||||||
Special Tax Revenue Bonds – 14.53% | |||||||
Allentown Neighborhood Improvement Zone | |||||||
Development Authority Revenue | |||||||
Series A 5.00% 5/1/42 | 2,500,000 | 2,591,475 | |||||
Allentown, Pennsylvania Neighborhood | |||||||
Improvement Zone Development Authority | |||||||
Revenue | |||||||
(City Center Project) | |||||||
144A 5.375% 5/1/42 # | 2,500,000 | 2,876,625 | |||||
Chester County Industrial Development Authority | |||||||
Special Obligation Revenue | |||||||
(Woodlands at Greystone Project) | |||||||
144A 5.00% 3/1/38 # | 560,000 | 578,346 | |||||
144A 5.125% 3/1/48 # | 1,000,000 | 1,026,290 | |||||
GDB Debt Recovery Authority | |||||||
(Taxable) | |||||||
7.50% 8/20/40 | 8,776,308 | 7,503,743 | |||||
Northampton County Industrial Development | |||||||
Authority | |||||||
(Route 33 Project) | |||||||
7.00% 7/1/32 | 1,800,000 | 1,939,698 | |||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Capital Appreciation - Restructured) | |||||||
Series A 4.905% 7/1/51 ^ | 25,000,000 | 5,504,250 | |||||
Series A-1 5.179% 7/1/46 ^ | 19,900,000 | 6,118,056 | |||||
(Restructured) | |||||||
Series A-1 4.75% 7/1/53 | 8,273,000 | 9,029,400 | |||||
Series A-1 5.00% 7/1/58 | 17,281,000 | 19,139,399 |
67
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Puerto Rico Sales Tax Financing Revenue | |||||||
(Restructured) | |||||||
Series A-2 4.329% 7/1/40 | 5,585,000 | $ | 6,007,505 | ||||
Series A-2 4.536% 7/1/53 | 1,000,000 | 1,077,630 | |||||
Washington County Redevelopment Authority | |||||||
Revenue | |||||||
(Victory Centre Tax Increment Financing Project) | |||||||
5.00% 7/1/35 | 1,500,000 | 1,617,615 | |||||
65,010,032 | |||||||
State General Obligation Bonds – 4.94% | |||||||
Commonwealth of Pennsylvania | |||||||
5.00% 9/15/26 | 5,840,000 | 7,179,521 | |||||
Commonwealth of Puerto Rico | |||||||
Series A 8.00% 7/1/35 ‡ | 2,175,000 | 1,693,781 | |||||
Series B 5.00% 7/1/35 ‡ | 605,000 | 522,569 | |||||
(Public Improvement) | |||||||
Series A 5.00% 7/1/24 ‡ | 890,000 | 768,737 | |||||
Series A 5.125% 7/1/37 ‡ | 8,195,000 | 6,637,950 | |||||
Series A 5.25% 7/1/34 ‡ | 725,000 | 628,031 | |||||
Series A 5.375% 7/1/33 ‡ | 600,000 | 518,250 | |||||
Series A 6.00% 7/1/38 ‡ | 880,000 | 767,800 | |||||
Series B 5.75% 7/1/38 ‡ | 2,000,000 | 1,737,500 | |||||
Series C 6.00% 7/1/39 ‡ | 1,880,000 | 1,628,550 | |||||
22,082,689 | |||||||
Transportation Revenue Bonds – 8.78% | |||||||
Delaware River Joint Toll Bridge Commission | |||||||
(Pennsylvania - New Jersey) | |||||||
5.00% 7/1/47 | 5,000,000 | 5,962,650 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority Exempt Facilities Revenue | |||||||
(Amtrak Project) | |||||||
Series A 5.00% 11/1/32 (AMT) | 3,500,000 | 3,737,055 | |||||
Series A 5.00% 11/1/41 (AMT) | 5,000,000 | 5,315,500 | |||||
Pennsylvania Economic Development Financing | |||||||
Authority Tax-Exempt Private Activity Revenue | |||||||
(The Pennsylvania Rapid Bridge Replacement | |||||||
Project) | |||||||
5.00% 12/31/34 (AMT) | 2,115,000 | 2,472,964 | |||||
Pennsylvania Turnpike Commission Revenue | |||||||
Series A 5.00% 12/1/23 | 2,450,000 | 2,763,551 | |||||
Series A 5.00% 12/1/49 | 2,000,000 | 2,438,120 |
68
Principal amount° | Value (US $) | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Pennsylvania Turnpike Commission Revenue | |||||||
Series C 5.00% 12/1/44 | 5,000,000 | $ | 5,661,250 | ||||
Subordinate Series A 4.00% 12/1/50 | 1,000,000 | 1,122,000 | |||||
Philadelphia Airport Revenue | |||||||
Series A 5.00% 7/1/47 | 3,750,000 | 4,381,425 | |||||
Series B 5.00% 7/1/47 (AMT) | 3,000,000 | 3,459,060 | |||||
Susquehanna Area Regional Airport Authority | |||||||
Revenue | |||||||
5.00% 1/1/35 (AMT) | 800,000 | 879,120 | |||||
5.00% 1/1/38 (AMT) | 1,000,000 | 1,093,160 | |||||
39,285,855 | |||||||
Water & Sewer Revenue Bonds – 1.25% | |||||||
Allegheny County Sanitary Authority | |||||||
5.00% 12/1/28 (BAM) | 2,345,000 | 2,805,277 | |||||
Philadelphia Water & Wastewater Revenue | |||||||
Series A 5.00% 7/1/45 | 2,500,000 | 2,812,825 | |||||
5,618,102 | |||||||
Total Municipal Bonds (cost $417,664,359) | 447,979,667 | ||||||
Total Value of Securities–100.14% | |||||||
(cost $417,664,359) | $ | 447,979,667 |
° | 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 February 28, 2021, the aggregate value of Rule 144A securities was $12,723,757, which represents 2.84% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
‡ | 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. See Note 7 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
69
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
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 |
HUD – Housing and Urban Development Section 8 |
LLC – Limited Liability Corporation |
USD – US Dollar |
See accompanying notes, which are an integral part of the financial statements.
70
Statement of assets and liabilities | |
February 28, 2021 (Unaudited) |
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||
Arizona Fund | California Fund | Colorado Fund | ||||||||
Assets: | ||||||||||
Investments, at value* | $ | 84,124,320 | $ | 122,824,819 | $ | 227,174,953 | ||||
Cash | 141,848 | — | — | |||||||
Dividend and interest receivable | 610,853 | 1,232,094 | 2,236,590 | |||||||
Receivable for fund shares sold | 356,434 | 110,461 | 295,857 | |||||||
Prepaid expenses | — | 8,195 | — | |||||||
Other assets | — | 2,021 | — | |||||||
Total Assets | 85,233,455 | 124,177,590 | 229,707,400 | |||||||
Liabilities: | ||||||||||
Due to custodian | — | 1,200,585 | 1,395,553 | |||||||
Payable for fund shares redeemed | 483,088 | 185,870 | 380,728 | |||||||
Audit and tax fees payable | 22,570 | 28,070 | 22,570 | |||||||
Investment management fees payable | ||||||||||
to affiliates | 20,913 | 27,055 | 70,612 | |||||||
Distribution payable | 18,740 | 53,514 | 45,248 | |||||||
Distribution fees payable to affiliates | 14,244 | 19,739 | 36,817 | |||||||
Accounting and administration | ||||||||||
expenses payable to non-affiliates | 9,848 | 12,269 | 12,681 | |||||||
Other accrued expenses | 7,785 | — | 18,032 | |||||||
Reports and statements to | ||||||||||
shareholders expenses payable to | ||||||||||
non-affiliates | 4,748 | 6,135 | 10,046 | |||||||
Dividend disbursing and transfer agent | ||||||||||
fees and expenses payable to | ||||||||||
non-affiliates | 3,939 | 8,053 | 16,867 | |||||||
Dividend disbursing and transfer agent | ||||||||||
fees and expenses payable to | ||||||||||
affiliates | 545 | 789 | 1,471 | |||||||
Accounting and administration | ||||||||||
expenses payable to affiliates | 526 | 624 | 899 | |||||||
Trustees’ fees and expenses payable | 310 | 451 | 840 | |||||||
Legal fees payable to affiliates | 132 | 192 | 358 | |||||||
Reports and statements to | ||||||||||
shareholders expenses payable to | ||||||||||
affiliates | 99 | 144 | 267 | |||||||
Total Liabilities | 587,487 | 1,543,490 | 2,012,989 | |||||||
Total Net Assets | $ | 84,645,968 | $ | 122,634,100 | $ | 227,694,411 |
71
Statements of assets and liabilities
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | |||||||||||
Arizona Fund | California Fund | Colorado Fund | |||||||||||
Net Assets Consist of: | |||||||||||||
Paid-in capital | $ | 79,166,575 | $ | 113,827,237 | $ | 216,290,935 | |||||||
Total distributable earnings (loss) | 5,479,393 | 8,806,863 | 11,403,476 | ||||||||||
Total Net Assets | $ | 84,645,968 | $ | 122,634,100 | $ | 227,694,411 | |||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 65,314,966 | $ | 82,147,729 | $ | 161,360,153 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 5,552,154 | 6,647,388 | 14,083,911 | ||||||||||
Net asset value per share | $ | 11.76 | $ | 12.36 | $ | 11.46 | |||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | |||||||
Offering price per share, equal to net | |||||||||||||
asset value per share / (1 - sales | |||||||||||||
charge) | $ | 12.31 | $ | 12.94 | $ | 12.00 | |||||||
Class C: | |||||||||||||
Net assets | $ | 1,852,576 | $ | 4,612,293 | $ | 6,631,022 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 157,078 | 372,486 | 577,331 | ||||||||||
Net asset value per share | $ | 11.79 | $ | 12.38 | $ | 11.49 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 17,478,426 | $ | 35,874,078 | $ | 59,703,236 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 1,485,588 | 2,902,385 | 5,211,317 | ||||||||||
Net asset value per share | $ | 11.77 | $ | 12.36 | $ | 11.46 | |||||||
____________________ | |||||||||||||
* Investments, at cost | $ | 78,947,223 | $ | 114,129,858 | $ | 214,035,925 |
See accompanying notes, which are an integral part of the financial statements.
72
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||
Idaho Fund | New York Fund | Pennsylvania Fund | ||||||||
Assets: | ||||||||||
Investments, at value* | $ | 113,694,496 | $ | 207,366,029 | $ | 447,979,667 | ||||
Cash | — | 96,028 | — | |||||||
Dividend and interest receivable | 1,272,326 | 2,052,809 | 4,639,143 | |||||||
Receivable for fund shares sold | 64,321 | 116,897 | 529,050 | |||||||
Receivable for securities sold | — | — | 467,486 | |||||||
Prepaid expenses | — | 2,226 | — | |||||||
Other assets | — | 5,720 | — | |||||||
Total Assets | 115,031,143 | 209,639,709 | 453,615,346 | |||||||
Liabilities: | ||||||||||
Due to custodian | 21,061 | — | 3,803,727 | |||||||
Payable for fund shares redeemed | 99,207 | 145,367 | 692,558 | |||||||
Investment management fees payable | ||||||||||
to affiliates | 34,846 | 55,857 | 157,185 | |||||||
Distribution payable | 24,740 | 79,865 | 136,480 | |||||||
Audit and tax fees payable | 22,570 | 28,070 | 22,570 | |||||||
Distribution fees payable to affiliates | 18,252 | 35,549 | 81,121 | |||||||
Other accrued expenses | 12,214 | — | 26,961 | |||||||
Accounting and administration | ||||||||||
expenses payable to non-affiliates | 10,430 | 13,998 | 16,978 | |||||||
Dividend disbursing and transfer agent | ||||||||||
fees and expenses payable to | ||||||||||
non-affiliates | 6,958 | 13,241 | 28,618 | |||||||
Reports and statements to | ||||||||||
shareholders expenses payable to | ||||||||||
non-affiliates | 4,990 | 6,944 | 18,366 | |||||||
Dividend disbursing and transfer agent | ||||||||||
fees and expenses payable to | ||||||||||
affiliates | 735 | 1,353 | 2,882 | |||||||
Accounting and administration | ||||||||||
expenses payable to affiliates | 603 | 851 | 1,466 | |||||||
Trustees’ fees and expenses payable | 419 | 779 | 1,652 | |||||||
Legal fees payable to affiliates | 179 | 332 | 705 | |||||||
Reports and statements to | ||||||||||
shareholders expenses payable to | ||||||||||
affiliates | 134 | 245 | 524 | |||||||
Payable for securities purchased | — | — | 1,254,979 | |||||||
Total Liabilities | 257,338 | 382,451 | 6,246,772 | |||||||
Total Net Assets | $ | 114,773,805 | $ | 209,257,258 | $ | 447,368,574 |
73
Statements of assets and liabilities
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | |||||||||||
Net Assets Consist of: | |||||||||||||
Paid-in capital | $ | 113,521,010 | $ | 194,312,839 | $ | 418,024,419 | |||||||
Total distributable earnings (loss) | 1,252,795 | 14,944,419 | 29,344,155 | ||||||||||
Total Net Assets | $ | 114,773,805 | $ | 209,257,258 | $ | 447,368,574 | |||||||
Net Asset Value | |||||||||||||
Class A: | |||||||||||||
Net assets | $ | 65,838,154 | $ | 160,795,749 | $ | 367,835,820 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 5,648,237 | 13,711,452 | 45,220,098 | ||||||||||
Net asset value per share | $ | 11.66 | $ | 11.73 | $ | 8.13 | |||||||
Sales charge | 4.50 | % | 4.50 | % | 4.50 | % | |||||||
Offering price per share, equal to net | |||||||||||||
asset value per share / (1 - sales | |||||||||||||
charge) | $ | 12.21 | $ | 12.28 | $ | 8.51 | |||||||
Class C: | |||||||||||||
Net assets | $ | 6,728,119 | $ | 5,261,889 | $ | 13,791,031 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 577,652 | 449,754 | 1,694,934 | ||||||||||
Net asset value per share | $ | 11.65 | $ | 11.70 | $ | 8.14 | |||||||
Institutional Class: | |||||||||||||
Net assets | $ | 42,207,532 | $ | 43,199,620 | $ | 65,741,723 | |||||||
Shares of beneficial interest outstanding, | |||||||||||||
unlimited authorization, no par | 3,620,290 | 3,684,801 | 8,087,803 | ||||||||||
Net asset value per share | $ | 11.66 | $ | 11.72 | $ | 8.13 | |||||||
____________________ | |||||||||||||
*Investments, at cost | $ | 107,860,908 | $ | 192,543,267 | $ | 417,664,359 |
See accompanying notes, which are an integral part of the financial statements.
74
Statements of operations |
Six months ended February 28, 2021 (Unaudited) |
Delaware Tax-Free Arizona Fund | Delaware Tax-Free California Fund | Delaware Tax-Free Colorado Fund | ||||||||||||
Investment Income: | ||||||||||||||
Interest | $ | 1,449,063 | $ | 2,018,459 | $ | 3,937,486 | ||||||||
Dividends | — | — | 73 | |||||||||||
1,449,063 | 2,018,459 | 3,937,559 | ||||||||||||
Expenses: | ||||||||||||||
Management fees | 202,619 | 278,485 | 616,904 | |||||||||||
Distribution expenses — Class A | 78,354 | 75,593 | 201,182 | |||||||||||
Distribution expenses — Class C | 11,271 | 30,196 | 37,900 | |||||||||||
Accounting and administration expenses | 25,793 | 29,342 | 37,182 | |||||||||||
Dividend disbursing and transfer agent | ||||||||||||||
fees and expenses | 24,218 | 28,836 | 69,668 | |||||||||||
Audit and tax fees | 22,570 | 29,237 | 22,570 | |||||||||||
Registration fees | 8,635 | 9,909 | 6,135 | |||||||||||
Reports and statements to shareholders | ||||||||||||||
expenses | 8,386 | 8,336 | 14,960 | |||||||||||
Legal fees | 3,260 | 23,344 | 8,769 | |||||||||||
Trustees’ fees and expenses | 2,060 | 2,542 | 5,718 | |||||||||||
Custodian fees | 1,365 | 1,666 | 3,274 | |||||||||||
Other | 9,464 | 10,382 | 14,472 | |||||||||||
397,995 | 527,868 | 1,038,734 | ||||||||||||
Less expenses waived | (69,315 | ) | (110,975 | ) | (145,642 | ) | ||||||||
Less expenses paid indirectly | (16 | ) | (35 | ) | (53 | ) | ||||||||
Total operating expenses | 328,664 | 416,858 | 893,039 | |||||||||||
Net Investment Income | 1,120,399 | 1,601,601 | 3,044,520 | |||||||||||
Net Realized and Unrealized Gain: | ||||||||||||||
Net realized gain on investments | 395,825 | 377,786 | 248,627 | |||||||||||
Net change in unrealized appreciation | ||||||||||||||
(depreciation) of investments | 1,089,109 | 652,272 | 1,531,776 | |||||||||||
Net Realized and Unrealized Gain | 1,484,934 | 1,030,058 | 1,780,403 | |||||||||||
Net Increase in Net Assets Resulting | ||||||||||||||
from Operations | $ | 2,605,333 | $ | 2,631,659 | $ | 4,824,923 |
75
Statements of operations
Delaware Tax-Free Idaho Fund | Delaware Tax-Free New York Fund | Delaware Tax-Free Pennsylvania Fund | ||||||||||||
Investment Income: | ||||||||||||||
Interest | $ | 1,945,149 | $ | 2,499,244 | $ | 8,268,095 | ||||||||
Dividends | 34 | — | — | |||||||||||
1,945,183 | 2,499,244 | 8,268,095 | ||||||||||||
Expenses: | ||||||||||||||
Management fees | 299,144 | 394,107 | 1,209,083 | |||||||||||
Distribution expenses — Class A | 77,434 | 121,806 | 441,362 | |||||||||||
Distribution expenses — Class C | 42,535 | 31,484 | 88,924 | |||||||||||
Accounting and administration expenses | 27,993 | 32,648 | 54,293 | |||||||||||
Dividend disbursing and transfer agent | ||||||||||||||
fees and expenses | 34,516 | 42,005 | 125,958 | |||||||||||
Audit and tax fees | 22,570 | 29,404 | 22,570 | |||||||||||
Registration fees | 5,052 | 14,214 | 10,635 | |||||||||||
Reports and statements to shareholders | ||||||||||||||
expenses | 8,497 | 9,532 | 28,210 | |||||||||||
Legal fees | 4,248 | 24,275 | 19,054 | |||||||||||
Trustees’ fees and expenses | 2,757 | 3,519 | 11,220 | |||||||||||
Custodian fees | 1,576 | 2,445 | 6,031 | |||||||||||
Other | 9,986 | 11,258 | 18,692 | |||||||||||
536,308 | 716,697 | 2,036,032 | ||||||||||||
Less expenses waived | (84,688 | ) | (144,456 | ) | (208,389 | ) | ||||||||
Less expenses paid indirectly | (18 | ) | (85 | ) | (151 | ) | ||||||||
Total operating expenses | 451,602 | 572,156 | 1,827,492 | |||||||||||
Net Investment Income | 1,493,581 | 1,927,088 | 6,440,603 | |||||||||||
Net Realized and Unrealized Gain: | ||||||||||||||
Net realized gain on investments | 313,878 | 146,323 | 1,437,517 | |||||||||||
Net change in unrealized appreciation | ||||||||||||||
(depreciation) of investments | 916,142 | 155,586 | 5,021,398 | |||||||||||
Net Realized and Unrealized Gain | 1,230,020 | 301,909 | 6,458,915 | |||||||||||
Net Increase in Net Assets Resulting | ||||||||||||||
from Operations | $ | 2,723,601 | $ | 2,228,997 | $ | 12,899,518 |
See accompanying notes, which are an integral part of the financial statements.
76
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||
Net investment income | $ | 1,120,399 | $ | 2,279,854 | ||||||
Net realized gain | 395,825 | 142,666 | ||||||||
Net change in unrealized appreciation (depreciation) | 1,089,109 | (1,042,553 | ) | |||||||
Net increase in net assets resulting from operations | 2,605,333 | 1,379,967 | ||||||||
Dividends and Distributions to Shareholders from: | ||||||||||
Distributable earnings: | ||||||||||
Class A | (906,455 | ) | (1,860,733 | ) | ||||||
Class C | (24,133 | ) | (63,009 | ) | ||||||
Institutional Class | (252,480 | ) | (503,085 | ) | ||||||
(1,183,068 | ) | (2,426,827 | ) | |||||||
Capital Share Transactions: | ||||||||||
Proceeds from shares sold: | ||||||||||
Class A | 3,600,355 | 4,040,085 | ||||||||
Class C | 93,709 | 475,896 | ||||||||
Institutional Class | 3,193,864 | 4,314,261 | ||||||||
Net asset value of shares issued upon reinvestment of | ||||||||||
dividends and distributions: | ||||||||||
Class A | 797,921 | 1,492,624 | ||||||||
Class C | 23,707 | 58,762 | ||||||||
Institutional Class | 247,821 | 476,431 | ||||||||
7,957,377 | 10,858,059 |
77
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||||
Capital Share Transactions (continued): | ||||||||||
Cost of shares redeemed: | ||||||||||
Class A | $ | (2,366,450 | ) | $ | (4,618,457 | ) | ||||
Class C | (872,447 | ) | (1,028,355 | ) | ||||||
Institutional Class | (1,314,194 | ) | (3,614,076 | ) | ||||||
(4,553,091 | ) | (9,260,888 | ) | |||||||
Increase in net assets derived from capital share transactions | 3,404,286 | 1,597,171 | ||||||||
Net Increase in Net Assets | 4,826,551 | 550,311 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 79,819,417 | 79,269,106 | ||||||||
End of period | $ | 84,645,968 | $ | 79,819,417 |
See accompanying notes, which are an integral part of the financial statements.
78
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 1,601,601 | $ | 2,951,871 | ||||
Net realized gain (loss) | 377,786 | (75,285 | ) | |||||
Net change in unrealized appreciation (depreciation) | 652,272 | (2,508,025 | ) | |||||
Net increase in net assets resulting from operations | 2,631,659 | 368,561 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (933,332 | ) | (1,696,888 | ) | ||||
Class C | (71,109 | ) | (337,450 | ) | ||||
Institutional Class | (582,578 | ) | (1,813,306 | ) | ||||
(1,587,019 | ) | (3,847,644 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 6,814,229 | 9,654,592 | ||||||
Class C | 421,391 | 600,032 | ||||||
Institutional Class | 4,176,263 | 21,957,497 | ||||||
Net assets from merger:1 | ||||||||
Class A | 34,679,243 | — | ||||||
Institutional Class | 1,655,513 | — | ||||||
Net asset value of shares issued upon reinvestment of | ||||||||
dividends and distributions: | ||||||||
Class A | 844,000 | 1,518,859 | ||||||
Class C | 70,579 | 281,331 | ||||||
Institutional Class | 396,792 | 1,276,762 | ||||||
49,058,010 | 35,289,073 |
79
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (4,712,619 | ) | $ | (8,275,307 | ) | ||
Class C | (2,811,007 | ) | (5,300,634 | ) | ||||
Institutional Class | (4,930,946 | ) | (31,647,616 | ) | ||||
(12,454,572 | ) | (45,223,557 | ) | |||||
Increase (decrease) in net assets derived from capital share | ||||||||
transactions | 36,603,438 | (9,934,484 | ) | |||||
Net Increase (Decrease) in Net Assets | 37,648,078 | (13,413,567 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 84,986,022 | 98,399,589 | ||||||
End of period | $ | 122,634,100 | $ | 84,986,022 |
1 | See Note 5 in the “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
80
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 3,044,520 | $ | 6,482,950 | ||||
Net realized gain | 248,627 | 841,092 | ||||||
Net change in unrealized appreciation (depreciation) | 1,531,776 | (3,462,710 | ) | |||||
Net increase in net assets resulting from operations | 4,824,923 | 3,861,332 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (2,150,595 | ) | (4,770,153 | ) | ||||
Class C | (72,977 | ) | (201,810 | ) | ||||
Institutional Class | (813,372 | ) | (1,499,974 | ) | ||||
(3,036,944 | ) | (6,471,937 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 6,369,092 | 13,355,973 | ||||||
Class C | 411,899 | 755,250 | ||||||
Institutional Class | 10,527,757 | 23,852,027 | ||||||
Net asset value of shares issued upon reinvestment of | ||||||||
dividends and distributions: | ||||||||
Class A | 2,021,114 | 4,244,536 | ||||||
Class C | 74,306 | 195,451 | ||||||
Institutional Class | 750,916 | 1,381,497 | ||||||
20,155,084 | 43,784,734 |
81
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (11,282,601 | ) | $ | (19,822,488 | ) | ||
Class C | (2,054,147 | ) | (3,060,813 | ) | ||||
Institutional Class | (3,928,981 | ) | (15,090,632 | ) | ||||
(17,265,729 | ) | (37,973,933 | ) | |||||
Increase in net assets derived from capital share transactions | 2,889,355 | 5,810,801 | ||||||
Net Increase in Net Assets | 4,677,334 | 3,200,196 | ||||||
Net Assets: | ||||||||
Beginning of period | 223,017,077 | 219,816,881 | ||||||
End of period | $ | 227,694,411 | $ | 223,017,077 |
See accompanying notes, which are an integral part of the financial statements.
82
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months ended 2/28/21 (Unaudited) | Year ended 8/31/20 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 1,493,581 | $ | 3,013,071 | ||||
Net realized gain (loss) | 313,878 | (436,187 | ) | |||||
Net change in unrealized appreciation (depreciation) | 916,142 | (1,157,926 | ) | |||||
Net increase in net assets resulting from operations | 2,723,601 | 1,418,958 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (838,254 | ) | (1,630,043 | ) | ||||
Class C | (83,091 | ) | (231,712 | ) | ||||
Institutional Class | (563,994 | ) | (1,140,918 | ) | ||||
(1,485,339 | ) | (3,002,673 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 5,693,846 | 11,036,343 | ||||||
Class C | 1,157,540 | 1,110,294 | ||||||
Institutional Class | 8,118,358 | 12,301,476 | ||||||
Net asset value of shares issued upon reinvestment of | ||||||||
dividends and distributions: | ||||||||
Class A | 805,627 | 1,518,853 | ||||||
Class C | 83,932 | 222,405 | ||||||
Institutional Class | 497,563 | 1,009,131 | ||||||
16,356,866 | 27,198,502 |
83
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months | |||||||
ended | |||||||
2/28/21 | Year ended | ||||||
(Unaudited) | 8/31/20 | ||||||
Capital Share Transactions (continued): | |||||||
Cost of shares redeemed: | |||||||
Class A | $ | (2,018,294 | ) | $ | (6,770,542 | ) | |
Class C | (3,459,336 | ) | (5,190,934 | ) | |||
Institutional Class | (2,886,413 | ) | (11,622,682 | ) | |||
(8,364,043 | ) | (23,584,158 | ) | ||||
Increase in net assets derived from capital share transactions | 7,992,823 | 3,614,344 | |||||
Net Increase in Net Assets | 9,231,085 | 2,030,629 | |||||
Net Assets: | |||||||
Beginning of period | 105,542,720 | 103,512,091 | |||||
End of period | $ | 114,773,805 | $ | 105,542,720 |
See accompanying notes, which are an integral part of the financial statements.
84
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months | |||||||
ended | |||||||
2/28/21 | Year ended | ||||||
(Unaudited) | 8/31/20 | ||||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income | $ | 1,927,088 | $ | 2,506,580 | |||
Net realized gain | 146,323 | 721,770 | |||||
Net change in unrealized appreciation (depreciation) | 155,586 | (1,943,082 | ) | ||||
Net increase in net assets resulting from operations | 2,228,997 | 1,285,268 | |||||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (1,444,399 | ) | (1,250,944 | ) | |||
Class C | (87,514 | ) | (299,096 | ) | |||
Institutional Class | (745,339 | ) | (1,387,966 | ) | |||
(2,277,252 | ) | (2,938,006 | ) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 3,421,440 | 11,463,562 | |||||
Class C | 62,880 | 553,210 | |||||
Institutional Class | 5,318,582 | 9,818,570 | |||||
Net assets from merger:1 | |||||||
Class A | 119,588,826 | — | |||||
Institutional Class | 2,252,578 | — | |||||
Net asset value of shares issued upon reinvestment of | |||||||
dividends and distributions: | |||||||
Class A | 1,227,388 | 1,098,145 | |||||
Class C | 60,106 | 204,540 | |||||
Institutional Class | 676,819 | 1,267,893 | |||||
132,608,619 | 24,405,920 |
85
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months | |||||||
ended | |||||||
2/28/21 | Year ended | ||||||
(Unaudited) | 8/31/20 | ||||||
Capital Share Transactions (continued): | |||||||
Cost of shares redeemed: | |||||||
Class A | $ | (5,656,313 | ) | $ | (5,523,695 | ) | |
Class C | (1,949,871 | ) | (6,950,159 | ) | |||
Institutional Class | (3,641,716 | ) | (11,214,772 | ) | |||
(11,247,900 | ) | (23,688,626 | ) | ||||
Increase in net assets derived from capital share transactions | 121,360,719 | 717,294 | |||||
Net Increase (Decrease) in Net Assets | 121,312,464 | (935,444 | ) | ||||
Net Assets: | |||||||
Beginning of period | 87,944,794 | 88,880,238 | |||||
End of period | $ | 209,257,258 | $ | 87,944,794 |
1 | See Note 5 in the “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
86
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months | |||||||
ended | |||||||
2/28/21 | Year ended | ||||||
(Unaudited) | 8/31/20 | ||||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income | $ | 6,440,603 | $ | 13,510,292 | |||
Net realized gain | 1,437,517 | 1,773,628 | |||||
Net change in unrealized appreciation (depreciation) | 5,021,398 | (8,662,514 | ) | ||||
Net increase in net assets resulting from operations | 12,899,518 | 6,621,406 | |||||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (7,280,391 | ) | (14,779,475 | ) | |||
Class C | (294,237 | ) | (710,638 | ) | |||
Institutional Class | (1,254,444 | ) | (2,147,319 | ) | |||
(8,829,072 | ) | (17,637,432 | ) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 16,330,580 | 34,845,316 | |||||
Class C | 1,047,896 | 2,876,652 | |||||
Institutional Class | 12,015,354 | 14,679,950 | |||||
Net asset value of shares issued upon reinvestment of | |||||||
dividends and distributions: | |||||||
Class A | 6,594,783 | 13,086,822 | |||||
Class C | 288,476 | 679,779 | |||||
Institutional Class | 1,105,003 | 1,843,684 | |||||
37,382,092 | 68,012,203 |
87
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months | |||||||
ended | |||||||
2/28/21 | Year ended | ||||||
(Unaudited) | 8/31/20 | ||||||
Capital Share Transactions (continued): | |||||||
Cost of shares redeemed: | |||||||
Class A | $ | (22,921,582 | ) | $ | (51,146,281 | ) | |
Class C | (6,773,581 | ) | (8,994,602 | ) | |||
Institutional Class | (3,796,469 | ) | (6,718,565 | ) | |||
(33,491,632 | ) | (66,859,448 | ) | ||||
Increase in net assets derived from capital share transactions | 3,890,460 | 1,152,755 | |||||
Net Increase (Decrease) in Net Assets | 7,960,906 | (9,863,271 | ) | ||||
Net Assets: | |||||||
Beginning of period | 439,407,668 | 449,270,939 | |||||
End of period | $ | 447,368,574 | $ | 439,407,668 |
See accompanying notes, which are an integral part of the financial statements.
88
Financial highlights
Delaware Tax-Free Arizona Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
90
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | $ | 11.83 | $ | 11.44 | ||||||||||||||
0.16 | 0.33 | 0.37 | 0.36 | 0.37 | 0.38 | ||||||||||||||||||||
0.22 | (0.13 | ) | 0.46 | (0.24 | ) | (0.35 | ) | 0.39 | |||||||||||||||||
0.38 | 0.20 | 0.83 | 0.12 | 0.02 | 0.77 | ||||||||||||||||||||
(0.16 | ) | (0.35 | ) | (0.37 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | ||||||||||||||
(0.01 | ) | – | – | – | – | – | |||||||||||||||||||
(0.17 | ) | (0.35 | ) | (0.37 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | ||||||||||||||
$ | 11.76 | $ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | $ | 11.83 | ||||||||||||||
3.29% | 1.79% | 7.51% | 1.11% | 0.24% | 6.79% | ||||||||||||||||||||
$ | 65,315 | $ | 62,186 | $ | 62,033 | $ | 63,327 | $ | 66,839 | $ | 74,556 | ||||||||||||||
0.84% | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% | ||||||||||||||||||||
1.01% | 1.01% | 1.02% | 1.00% | 0.97% | 0.96% | ||||||||||||||||||||
2.74% | 2.87% | 3.29% | 3.23% | 3.25% | 3.23% | ||||||||||||||||||||
2.57% | 2.70% | 3.11% | 3.07% | 3.12% | 3.11% | ||||||||||||||||||||
12% | 36% | 31% | 6% | 9% | 14% |
91
Financial highlights
Delaware Tax-Free Arizona Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
92
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.58 | $ | 11.73 | $ | 11.27 | $ | 11.51 | $ | 11.87 | $ | 11.47 | ||||||||||||||
0.12 | 0.24 | 0.28 | 0.28 | 0.29 | 0.29 | ||||||||||||||||||||
0.22 | (0.12 | ) | 0.46 | (0.24 | ) | (0.37 | ) | 0.40 | |||||||||||||||||
0.34 | 0.12 | 0.74 | 0.04 | (0.08 | ) | 0.69 | |||||||||||||||||||
(0.12 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | ||||||||||||||
(0.01 | ) | – | – | – | – | – | |||||||||||||||||||
(0.13 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | ||||||||||||||
$ | 11.79 | $ | 11.58 | $ | 11.73 | $ | 11.27 | $ | 11.51 | $ | 11.87 | ||||||||||||||
2.90% | 1.03% | 6.70% | 0.36% | (0.59% | ) | 6.07% | |||||||||||||||||||
$ | 1,853 | $ | 2,561 | $ | 3,100 | $ | 3,122 | $ | 5,215 | $ | 6,816 | ||||||||||||||
1.59% | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% | ||||||||||||||||||||
1.76% | 1.76% | 1.77% | 1.75% | 1.72% | 1.71% | ||||||||||||||||||||
1.99% | 2.12% | 2.54% | 2.48% | 2.50% | 2.48% | ||||||||||||||||||||
1.82% | 1.95% | 2.36% | 2.32% | 2.37% | 2.36% | ||||||||||||||||||||
12% | 36% | 31% | 6% | 9% | 14% |
93
Financial highlights
Delaware Tax-Free Arizona Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
94
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | $ | 11.84 | $ | 11.44 | |||||||||||||||
0.17 | 0.36 | 0.39 | 0.39 | 0.40 | 0.41 | |||||||||||||||||||||
0.24 | (0.13 | ) | 0.46 | (0.24 | ) | (0.36 | ) | 0.39 | ||||||||||||||||||
0.41 | 0.23 | 0.85 | 0.15 | 0.04 | 0.80 | |||||||||||||||||||||
(0.18 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | |||||||||||||||
(0.01 | ) | — | — | — | — | — | ||||||||||||||||||||
(0.19 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | |||||||||||||||
$ | 11.77 | $ | 11.55 | $ | 11.70 | $ | 11.24 | $ | 11.48 | $ | 11.84 | |||||||||||||||
3.50% | 2.05% | 7.78% | 1.36% | 0.40% | 7.14% | |||||||||||||||||||||
$ | 17,478 | $ | 15,072 | $ | 14,136 | $ | 10,097 | $ | 7,080 | $ | 3,645 | |||||||||||||||
0.59% | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% | |||||||||||||||||||||
0.76% | 0.76% | 0.77% | 0.75% | 0.72% | 0.71% | |||||||||||||||||||||
2.99% | 3.12% | 3.54% | 3.48% | 3.50% | 3.48% | |||||||||||||||||||||
2.82% | 2.95% | 3.36% | 3.32% | 3.37% | 3.36% | |||||||||||||||||||||
12% | 36% | 31% | 6% | 9% | 14% |
95
Financial highlights
Delaware Tax-Free California Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
96
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | |||||||||||||||
0.19 | 0.38 | 0.40 | 0.40 | 0.41 | 0.43 | |||||||||||||||||||||
0.18 | (0.20 | ) | 0.53 | (0.28 | ) | (0.34 | ) | 0.48 | ||||||||||||||||||
0.37 | 0.18 | 0.93 | 0.12 | 0.07 | 0.91 | |||||||||||||||||||||
(0.19 | ) | (0.38 | ) | (0.40 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | |||||||||||||||
— | (0.11 | ) | (0.02 | ) | — | — | — | |||||||||||||||||||
(0.19 | ) | (0.49 | ) | (0.42 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | |||||||||||||||
$ | 12.36 | $ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | $ | 12.60 | |||||||||||||||
3.05% | 1.59% | 7.99% | 1.00% | 0.63% | 7.67% | |||||||||||||||||||||
$ | 82,148 | $ | 44,059 | $ | 42,203 | $ | 53,171 | $ | 54,076 | $ | 63,284 | |||||||||||||||
0.86% | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% | |||||||||||||||||||||
1.08% | 1.03% | 1.03% | 1.02% | 1.01% | 1.01% | |||||||||||||||||||||
3.13% | 3.17% | 3.36% | 3.30% | 3.36% | 3.43% | |||||||||||||||||||||
2.91% | 2.96% | 3.15% | 3.10% | 3.17% | 3.24% | |||||||||||||||||||||
9% | 36% | 32% | 16% | 27% | 18% |
97
Financial highlights
Delaware Tax-Free California Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
98
Six months ended | ||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||
$ | 12.21 | $ | 12.52 | $ | 12.00 | $ | 12.28 | $ | 12.62 | $ | 12.13 | |||||||||||||
0.14 | 0.29 | 0.32 | 0.31 | 0.32 | 0.33 | |||||||||||||||||||
0.17 | (0.20 | ) | 0.54 | (0.28 | ) | (0.34 | ) | 0.49 | ||||||||||||||||
0.31 | 0.09 | 0.86 | 0.03 | (0.02 | ) | 0.82 | ||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.32 | ) | (0.31 | ) | (0.32 | ) | (0.33 | ) | |||||||||||||
— | (0.11 | ) | (0.02 | ) | — | — | — | |||||||||||||||||
(0.14 | ) | (0.40 | ) | (0.34 | ) | (0.31 | ) | (0.32 | ) | (0.33 | ) | |||||||||||||
$ | 12.38 | $ | 12.21 | $ | 12.52 | $ | 12.00 | $ | 12.28 | $ | 12.62 | |||||||||||||
2.58 | % | 0.83 | % | 7.26 | % | 0.25 | % | (0.12 | %) | 6.86 | % | |||||||||||||
$ | 4,612 | $ | 6,829 | $ | 11,551 | $ | 13,015 | $ | 16,473 | $ | 18,827 | |||||||||||||
1.61 | % | 1.57 | % | 1.57 | % | 1.57 | % | 1.57 | % | 1.57 | % | |||||||||||||
1.83 | % | 1.78 | % | 1.78 | % | 1.77 | % | 1.76 | % | 1.76 | % | |||||||||||||
2.38 | % | 2.42 | % | 2.61 | % | 2.55 | % | 2.61 | % | 2.68 | % | |||||||||||||
2.16 | % | 2.21 | % | 2.40 | % | 2.35 | % | 2.42 | % | 2.49 | % | |||||||||||||
9 | % | 36 | % | 32 | % | 16 | % | 27 | % | 18 | % |
99
Financial highlights
Delaware Tax-Free California Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
100
Six months ended | ||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||
$ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | |||||||||||||
0.21 | 0.41 | 0.43 | 0.43 | 0.44 | 0.46 | |||||||||||||||||||
0.18 | (0.20 | ) | 0.53 | (0.28 | ) | (0.34 | ) | 0.49 | ||||||||||||||||
0.39 | 0.21 | 0.96 | 0.15 | 0.10 | 0.95 | |||||||||||||||||||
(0.21 | ) | (0.41 | ) | (0.43 | ) | (0.43 | ) | (0.44 | ) | (0.46 | ) | |||||||||||||
— | (0.11 | ) | (0.02 | ) | — | — | — | |||||||||||||||||
(0.21 | ) | (0.52 | ) | (0.45 | ) | (0.43 | ) | (0.44 | ) | (0.46 | ) | |||||||||||||
$ | 12.36 | $ | 12.18 | $ | 12.49 | $ | 11.98 | $ | 12.26 | $ | 12.60 | |||||||||||||
3.18 | % | 1.84 | % | 8.25 | % | 1.26 | % | 0.89 | % | 7.94 | % | |||||||||||||
$ | 35,874 | $ | 34,098 | $ | 44,646 | $ | 32,953 | $ | 28,209 | $ | 17,410 | |||||||||||||
0.61 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | |||||||||||||
0.83 | % | 0.78 | % | 0.78 | % | 0.77 | % | 0.76 | % | 0.76 | % | |||||||||||||
3.38 | % | 3.42 | % | 3.61 | % | 3.55 | % | 3.61 | % | 3.68 | % | |||||||||||||
3.16 | % | 3.21 | % | 3.40 | % | 3.35 | % | 3.42 | % | 3.49 | % | |||||||||||||
9 | % | 36 | % | 32 | % | 16 | % | 27 | % | 18 | % |
101
Financial highlights
Delaware Tax-Free Colorado Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
102
Six months ended | ||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||
$ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | |||||||||||||
0.15 | 0.33 | 0.37 | 0.37 | 0.39 | 0.40 | |||||||||||||||||||
0.10 | (0.12 | ) | 0.44 | (0.24 | ) | (0.37 | ) | 0.41 | ||||||||||||||||
0.25 | 0.21 | 0.81 | 0.13 | 0.02 | 0.81 | |||||||||||||||||||
(0.15 | ) | (0.33 | ) | (0.37 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | |||||||||||||
(0.15 | ) | (0.33 | ) | (0.37 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | |||||||||||||
$ | 11.46 | $ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | $ | 11.65 | |||||||||||||
2.22 | % | 1.88 | % | 7.48 | % | 1.22 | % | 0.26 | % | 7.33 | % | |||||||||||||
$ | 161,360 | $ | 162,955 | $ | 167,136 | $ | 164,087 | $ | 165,554 | $ | 182,764 | |||||||||||||
0.83 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | |||||||||||||
0.96 | % | 0.96 | % | 0.97 | % | 0.97 | % | 0.96 | % | 0.96 | % | |||||||||||||
2.68 | % | 2.91 | % | 3.31 | % | 3.36 | % | 3.48 | % | 3.50 | % | |||||||||||||
2.55 | % | 2.79 | % | 3.18 | % | 3.23 | % | 3.36 | % | 3.38 | % | |||||||||||||
8 | % | 18 | % | 16 | % | 6 | % | 17 | % | 6 | % |
103
Financial highlights
Delaware Tax-Free Colorado Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
104
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.39 | $ | 11.51 | $ | 11.07 | $ | 11.31 | $ | 11.68 | $ | 11.27 | ||||||||||||||
0.11 | 0.24 | 0.29 | 0.29 | 0.31 | 0.32 | ||||||||||||||||||||
0.10 | (0.12 | ) | 0.44 | (0.24 | ) | (0.37 | ) | 0.41 | |||||||||||||||||
0.21 | 0.12 | 0.73 | 0.05 | (0.06 | ) | 0.73 | |||||||||||||||||||
(0.11 | ) | (0.24 | ) | (0.29 | ) | (0.29 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||||
(0.11 | ) | (0.24 | ) | (0.29 | ) | (0.29 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||||
$ | 11.49 | $ | 11.39 | $ | 11.51 | $ | 11.07 | $ | 11.31 | $ | 11.68 | ||||||||||||||
1.84% | 1.12% | 6.67% | 0.47% | (0.48% | ) | 6.52% | |||||||||||||||||||
$ | 6,631 | $ | 8,121 | $ | 10,364 | $ | 10,923 | $ | 15,975 | $ | 16,461 | ||||||||||||||
1.58% | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% | ||||||||||||||||||||
1.71% | 1.71% | 1.72% | 1.72% | 1.71% | 1.71% | ||||||||||||||||||||
1.93% | 2.16% | 2.56% | 2.61% | 2.73% | 2.75% | ||||||||||||||||||||
1.80% | 2.04% | 2.43% | 2.48% | 2.61% | 2.63% | ||||||||||||||||||||
8% | 18% | 16% | 6% | 17% | 6% |
105
Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
106
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | ||||||||||||||
0.17 | 0.36 | 0.40 | 0.40 | 0.42 | 0.43 | ||||||||||||||||||||
0.10 | (0.12 | ) | 0.44 | (0.24 | ) | (0.37 | ) | 0.41 | |||||||||||||||||
0.27 | 0.24 | 0.84 | 0.16 | 0.05 | 0.84 | ||||||||||||||||||||
(0.17 | ) | (0.36 | ) | (0.40 | ) | (0.40 | ) | (0.42 | ) | (0.43 | ) | ||||||||||||||
(0.17 | ) | (0.36 | ) | (0.40 | ) | (0.40 | ) | (0.42 | ) | (0.43 | ) | ||||||||||||||
$ | 11.46 | $ | 11.36 | $ | 11.48 | $ | 11.04 | $ | 11.28 | $ | 11.65 | ||||||||||||||
2.35% | 2.14% | 7.74% | 1.47% | 0.51% | 7.60% | ||||||||||||||||||||
$ | 59,703 | $ | 51,941 | $ | 42,317 | $ | 27,433 | $ | 19,788 | $ | 12,211 | ||||||||||||||
0.58% | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% | ||||||||||||||||||||
0.71% | 0.71% | 0.72% | 0.72% | 0.71% | 0.71% | ||||||||||||||||||||
2.93% | 3.16% | 3.56% | 3.61% | 3.73% | 3.75% | ||||||||||||||||||||
2.80% | 3.04% | 3.43% | 3.48% | 3.61% | 3.63% | ||||||||||||||||||||
8% | 18% | 16% | 6% | 17% | 6% |
107
Financial highlights
Delaware Tax-Free Idaho Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
108
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | |||||||||||||||
0.16 | 0.33 | 0.35 | 0.34 | 0.35 | 0.36 | |||||||||||||||||||||
0.14 | (0.13 | ) | 0.44 | (0.28 | ) | (0.30 | ) | 0.28 | ||||||||||||||||||
0.30 | 0.20 | 0.79 | 0.06 | 0.05 | 0.64 | |||||||||||||||||||||
(0.16 | ) | (0.33 | ) | (0.35 | ) | (0.34 | ) | (0.35 | ) | (0.36 | ) | |||||||||||||||
(0.16 | ) | (0.33 | ) | (0.35 | ) | (0.34 | ) | (0.35 | ) | (0.36 | ) | |||||||||||||||
$ | 11.66 | $ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | $ | 11.79 | |||||||||||||||
2.58% | 1.77% | 7.19% | 0.56% | 0.47% | 5.66% | |||||||||||||||||||||
$ | 65,838 | $ | 60,667 | $ | 55,480 | $ | 59,425 | $ | 67,907 | $ | 70,306 | |||||||||||||||
0.86% | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |||||||||||||||||||||
1.02% | 1.02% | 1.03% | 1.01% | 1.00% | 0.99% | |||||||||||||||||||||
2.72% | 2.87% | 3.11% | 3.04% | 3.03% | 3.11% | |||||||||||||||||||||
2.56% | 2.71% | 2.94% | 2.89% | 2.89% | 2.98% | |||||||||||||||||||||
11% | 22% | 14% | 11% | 10% | 11% |
109
Financial highlights
Delaware Tax-Free Idaho Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
110
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.51 | $ | 11.64 | $ | 11.20 | $ | 11.48 | $ | 11.78 | $ | 11.50 | |||||||||||||||
0.11 | 0.24 | 0.27 | 0.26 | 0.26 | 0.27 | |||||||||||||||||||||
0.14 | (0.13 | ) | 0.44 | (0.28 | ) | (0.30 | ) | 0.28 | ||||||||||||||||||
0.25 | 0.11 | 0.71 | (0.02 | ) | (0.04 | ) | 0.55 | |||||||||||||||||||
(0.11 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | (0.26 | ) | (0.27 | ) | |||||||||||||||
(0.11 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | (0.26 | ) | (0.27 | ) | |||||||||||||||
$ | 11.65 | $ | 11.51 | $ | 11.64 | $ | 11.20 | $ | 11.48 | $ | 11.78 | |||||||||||||||
2.20% | 1.00% | 6.40% | (0.19% | ) | (0.29% | ) | 4.88% | |||||||||||||||||||
$ | 6,728 | $ | 8,819 | $ | 12,875 | $ | 17,597 | $ | 29,375 | $ | 30,834 | |||||||||||||||
1.61% | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% | |||||||||||||||||||||
1.77% | 1.77% | 1.78% | 1.76% | 1.75% | 1.74% | |||||||||||||||||||||
1.97% | 2.12% | 2.36% | 2.29% | 2.28% | 2.36% | |||||||||||||||||||||
1.81% | 1.96% | 2.19% | 2.14% | 2.14% | 2.23% | |||||||||||||||||||||
11% | 22% | 14% | 11% | 10% | 11% |
111
Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
112
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | |||||||||||||||
0.17 | 0.36 | 0.38 | 0.37 | 0.37 | 0.39 | |||||||||||||||||||||
0.14 | (0.13 | ) | 0.44 | (0.28 | ) | (0.29 | ) | 0.28 | ||||||||||||||||||
0.31 | 0.23 | 0.82 | 0.09 | 0.08 | 0.67 | |||||||||||||||||||||
(0.17 | ) | (0.36 | ) | (0.38 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | |||||||||||||||
(0.17 | ) | (0.36 | ) | (0.38 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | |||||||||||||||
$ | 11.66 | $ | 11.52 | $ | 11.65 | $ | 11.21 | $ | 11.49 | $ | 11.79 | |||||||||||||||
2.71% | 2.02% | 7.46% | 0.82% | 0.71% | 5.92% | |||||||||||||||||||||
$ | 42,208 | $ | 36,057 | $ | 35,157 | $ | 21,310 | $ | 12,090 | $ | 10,248 | |||||||||||||||
0.61% | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | |||||||||||||||||||||
0.77% | 0.77% | 0.78% | 0.76% | 0.75% | 0.74% | |||||||||||||||||||||
2.97% | 3.12% | 3.36% | 3.29% | 3.28% | 3.36% | |||||||||||||||||||||
2.81% | 2.96% | 3.19% | 3.14% | 3.14% | 3.23% | |||||||||||||||||||||
11% | 22% | 14% | 11% | 10% | 11% |
113
Financial highlights
Delaware Tax-Free New York Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
114
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.66 | $ | 11.86 | $ | 11.33 | $ | 11.62 | $ | 11.98 | $ | 11.48 | ||||||||||||||
0.15 | 0.33 | 0.36 | 0.36 | 0.35 | 0.36 | ||||||||||||||||||||
0.12 | (0.14 | ) | 0.53 | (0.29 | ) | (0.35 | ) | 0.50 | |||||||||||||||||
0.27 | 0.19 | 0.89 | 0.07 | — | 3 | 0.86 | |||||||||||||||||||
(0.15 | ) | (0.33 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | ||||||||||||||
(0.05 | ) | (0.06 | ) | — | — | — | — | ||||||||||||||||||
(0.20 | ) | (0.39 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | ||||||||||||||
$ | 11.73 | $ | 11.66 | $ | 11.86 | $ | 11.33 | $ | 11.62 | $ | 11.98 | ||||||||||||||
2.34% | 1.68% | 8.00% | 0.60% | 0.05% | 7.57% | ||||||||||||||||||||
$ | 160,796 | $ | 42,514 | $ | 36,058 | $ | 38,139 | $ | 40,647 | $ | 55,418 | ||||||||||||||
0.83% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | ||||||||||||||||||||
1.03% | 1.05% | 1.07% | 1.08% | 1.03% | 1.02% | ||||||||||||||||||||
2.64% | 2.86% | 3.12% | 3.10% | 3.04% | 3.06% | ||||||||||||||||||||
2.44% | 2.61% | 2.85% | 2.82% | 2.81% | 2.84% | ||||||||||||||||||||
8% | 31% | 21% | 10% | 14% | 8% |
115
Financial highlights
Delaware Tax-Free New York Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
116
Six months ended | |||||||||||||||||||||||||
2/28/211 | Year ended | ||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | ||||||||||||||||||||
$ | 11.63 | $ | 11.83 | $ | 11.30 | $ | 11.59 | $ | 11.95 | $ | 11.45 | ||||||||||||||
0.11 | 0.24 | 0.27 | 0.27 | 0.26 | 0.27 | ||||||||||||||||||||
0.12 | (0.14 | ) | 0.53 | (0.29 | ) | (0.35 | ) | 0.50 | |||||||||||||||||
0.23 | 0.10 | 0.80 | (0.02 | ) | (0.09 | ) | 0.77 | ||||||||||||||||||
(0.11 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||||
(0.05 | ) | (0.06 | ) | — | — | — | — | ||||||||||||||||||
(0.16 | ) | (0.30 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||||
$ | 11.70 | $ | 11.63 | $ | 11.83 | $ | 11.30 | $ | 11.59 | $ | 11.95 | ||||||||||||||
1.96% | 0.92% | 7.20% | (0.16% | ) | (0.71% | ) | 6.78% | ||||||||||||||||||
$ | 5,262 | $ | 7,037 | $ | 13,459 | $ | 14,941 | $ | 17,073 | $ | 20,899 | ||||||||||||||
1.58% | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% | ||||||||||||||||||||
1.78% | 1.80% | 1.82% | 1.83% | 1.78% | 1.77% | ||||||||||||||||||||
1.89% | 2.11% | 2.37% | 2.35% | 2.29% | 2.31% | ||||||||||||||||||||
1.69% | 1.86% | 2.10% | 2.07% | 2.06% | 2.09% | ||||||||||||||||||||
8% | 31% | 21% | 10% | 14% | 8% |
117
Financial highlights
Delaware Tax-Free New York Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
118
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 11.66 | $ | 11.85 | $ | 11.33 | $ | 11.61 | $ | 11.97 | $ | 11.47 | |||||||||||||||
0.17 | 0.36 | 0.38 | 0.39 | 0.38 | 0.39 | |||||||||||||||||||||
0.11 | (0.13 | ) | 0.52 | (0.28 | ) | (0.35 | ) | 0.50 | ||||||||||||||||||
0.28 | 0.23 | 0.90 | 0.11 | 0.03 | 0.89 | |||||||||||||||||||||
(0.17 | ) | (0.36 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.39 | ) | |||||||||||||||
(0.05 | ) | (0.06 | ) | — | — | — | — | |||||||||||||||||||
(0.22 | ) | (0.42 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.39 | ) | |||||||||||||||
$ | 11.72 | $ | 11.66 | $ | 11.85 | $ | 11.33 | $ | 11.61 | $ | 11.97 | |||||||||||||||
2.38% | 2.03% | 8.17% | 0.93% | 0.29% | 7.84% | |||||||||||||||||||||
$ | 43,199 | $ | 38,394 | $ | 39,363 | $ | 32,981 | $ | 32,192 | $ | 19,929 | |||||||||||||||
0.58% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | |||||||||||||||||||||
0.78% | 0.80% | 0.82% | 0.83% | 0.78% | 0.77% | |||||||||||||||||||||
2.89% | 3.11% | 3.37% | 3.35% | 3.29% | 3.31% | |||||||||||||||||||||
2.69% | 2.86% | 3.10% | 3.07% | 3.06% | 3.09% | |||||||||||||||||||||
8% | 31% | 21% | 10% | 14% | 8% |
119
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
120
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | |||||||||||||||
0.12 | 0.25 | 0.28 | 0.28 | 0.28 | 0.29 | |||||||||||||||||||||
0.11 | (0.11 | ) | 0.32 | (0.20 | ) | (0.25 | ) | 0.24 | ||||||||||||||||||
0.23 | 0.14 | 0.60 | 0.08 | 0.03 | 0.53 | |||||||||||||||||||||
(0.12 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | |||||||||||||||
(0.04 | ) | (0.08 | ) | — | (0.01 | ) | — | — | ||||||||||||||||||
(0.16 | ) | (0.33 | ) | (0.28 | ) | (0.29 | ) | (0.28 | ) | (0.29 | ) | |||||||||||||||
$ | 8.13 | $ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | $ | 8.39 | |||||||||||||||
2.90% | 1.72% | 7.72% | 0.93% | 0.48% | 6.60% | |||||||||||||||||||||
$ | 367,836 | $ | 364,480 | $ | 376,965 | $ | 378,038 | $ | 399,001 | $ | 439,379 | |||||||||||||||
0.84% | 0.83% | 0.85% | 0.88% | 0.88% | 0.88% | |||||||||||||||||||||
0.93% | 0.92% | 0.93% | 0.93% | 0.94% | 0.94% | |||||||||||||||||||||
2.92% | 3.09% | 3.49% | 3.48% | 3.51% | 3.50% | |||||||||||||||||||||
2.83% | 3.00% | 3.41% | 3.43% | 3.45% | 3.44% | |||||||||||||||||||||
17% | 40% | 23% | 19% | 15% | 14% |
121
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
122
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | |||||||||||||||
0.09 | 0.19 | 0.22 | 0.22 | 0.22 | 0.23 | |||||||||||||||||||||
0.12 | (0.11 | ) | 0.32 | (0.20 | ) | (0.25 | ) | 0.24 | ||||||||||||||||||
0.21 | 0.08 | 0.54 | 0.02 | (0.03 | ) | 0.47 | ||||||||||||||||||||
(0.09 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | |||||||||||||||
(0.04 | ) | (0.08 | ) | — | (0.01 | ) | — | — | ||||||||||||||||||
(0.13 | ) | (0.27 | ) | (0.22 | ) | (0.23 | ) | (0.22 | ) | (0.23 | ) | |||||||||||||||
$ | 8.14 | $ | 8.06 | $ | 8.25 | $ | 7.93 | $ | 8.14 | $ | 8.39 | |||||||||||||||
2.64% | 0.95% | 6.91% | 0.16% | (0.27% | ) | 5.79% | ||||||||||||||||||||
$ | 13,791 | $ | 19,009 | $ | 25,065 | $ | 26,376 | $ | 33,298 | $ | 36,215 | |||||||||||||||
1.59% | 1.59% | 1.61% | 1.64% | 1.64% | 1.64% | |||||||||||||||||||||
1.68% | 1.68% | 1.69% | 1.69% | 1.70% | 1.70% | |||||||||||||||||||||
2.17% | 2.33% | 2.73% | 2.72% | 2.75% | 2.74% | |||||||||||||||||||||
2.08% | 2.24% | 2.65% | 2.67% | 2.69% | 2.68% | |||||||||||||||||||||
17% | 40% | 23% | 19% | 15% | 14% |
123
Financial highlights
Delaware Tax-Free Pennsylvania Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
124
Six months ended | ||||||||||||||||||||||||||
2/28/211 | Year ended | |||||||||||||||||||||||||
(Unaudited) | 8/31/20 | 8/31/19 | 8/31/18 | 8/31/17 | 8/31/16 | |||||||||||||||||||||
$ | 8.05 | $ | 8.25 | $ | 7.92 | $ | 8.13 | $ | 8.38 | $ | 8.14 | |||||||||||||||
0.13 | 0.27 | 0.30 | 0.30 | 0.30 | 0.31 | |||||||||||||||||||||
0.12 | (0.12 | ) | 0.33 | (0.20 | ) | (0.25 | ) | 0.24 | ||||||||||||||||||
0.25 | 0.15 | 0.63 | 0.10 | 0.05 | 0.55 | |||||||||||||||||||||
(0.13 | ) | (0.27 | ) | (0.30 | ) | (0.30 | ) | (0.30 | ) | (0.31 | ) | |||||||||||||||
(0.04 | ) | (0.08 | ) | — | (0.01 | ) | — | — | ||||||||||||||||||
(0.17 | ) | (0.35 | ) | (0.30 | ) | (0.31 | ) | (0.30 | ) | (0.31 | ) | |||||||||||||||
$ | 8.13 | $ | 8.05 | $ | 8.25 | $ | 7.92 | $ | 8.13 | $ | 8.38 | |||||||||||||||
3.16% | 1.84% | 8.12% | 1.16% | 0.73% | 6.86% | |||||||||||||||||||||
$ | 65,742 | $ | 55,919 | $ | 47,241 | $ | 41,427 | $ | 33,373 | $ | 26,372 | |||||||||||||||
0.59% | 0.59% | 0.61% | 0.64% | 0.64% | 0.64% | |||||||||||||||||||||
0.68% | 0.68% | 0.69% | 0.69% | 0.70% | 0.70% | |||||||||||||||||||||
3.17% | 3.33% | 3.73% | 3.72% | 3.75% | 3.74% | |||||||||||||||||||||
3.08% | 3.24% | 3.65% | 3.67% | 3.69% | 3.68% | |||||||||||||||||||||
17% | 40% | 23% | 19% | 15% | 14% |
125
Notes to financial statements | |
Delaware Funds® by Macquarie state tax-free funds | February 28, 2021 (Unaudited) |
Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series:
Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation – Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems,
126
which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.
Federal Income Taxes – No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur any interest or tax penalties.
Class Accounting – Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other – Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method.
127
Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
1. Significant Accounting Policies (continued)
Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no earnings credits for the six months ended February 28, 2021 for each Fund.
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:
Fund | Earnings Credits | ||||
Delaware Tax-Free Arizona Fund | $ | 16 | |||
Delaware Tax-Free California Fund | 35 | ||||
Delaware Tax-Free Colorado Fund | 53 | ||||
Delaware Tax-Free Idaho Fund | 18 | ||||
Delaware Tax-Free New York Fund | 85 | ||||
Delaware Tax-Free Pennsylvania Fund | 151 |
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Delaware | Tax-Free | Tax-Free | |||||||||||||
Arizona | California | Colorado | Tax-Free | New York | Pennsylvania | |||||||||||||
Fund | Fund | Fund | Idaho Fund | Fund | Fund | |||||||||||||
On the first $500 million | 0.5000 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | ||||||
On the next $500 million | 0.4750 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | 0.5000 | % | ||||||
On the next $1.5 billion | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | 0.4500 | % | ||||||
In excess of $2.5 billion | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % | 0.4250 | % |
DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and
128
expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Operating expense | Operating expense | |||
limitation as | limitation as | |||
a percentage | a percentage | |||
of average | of average | |||
daily net assets | daily net assets | |||
(per annum) | (per annum) | |||
September 1, 2020- | December 29, 2020- | |||
Fund | December 28, 2020 | February 28, 2021 | ||
Delaware Tax-Free Arizona Fund | 0.59% | 0.59% | ||
Delaware Tax-Free California Fund | 0.57% | 0.57% | ||
Delaware Tax-Free Colorado Fund | 0.59% | 0.57% | ||
Delaware Tax-Free Idaho Fund | 0.61% | 0.61% | ||
Delaware Tax-Free New York Fund | 0.55% | 0.55% | ||
Delaware Tax-Free Pennsylvania Fund | 0.59% | 0.59% |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | ||
Delaware Tax-Free Arizona Fund | $ | 3,346 | |
Delaware Tax-Free California Fund | 3,954 | ||
Delaware Tax-Free Colorado Fund | 5,761 | ||
Delaware Tax-Free Idaho Fund | 3,813 | ||
Delaware Tax-Free New York Fund | 4,662 | ||
Delaware Tax-Free Pennsylvania Fund | 9,390 |
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Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:
Fund | Fees | ||
Delaware Tax-Free Arizona Fund | $ | 3,570 | |
Delaware Tax-Free California Fund | 5,083 | ||
Delaware Tax-Free Colorado Fund | 9,887 | ||
Delaware Tax-Free Idaho Fund | 4,790 | ||
Delaware Tax-Free New York Fund | 6,244 | ||
Delaware Tax-Free Pennsylvania Fund | 19,378 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.
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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | ||
Delaware Tax-Free Arizona Fund | $ | 1,204 | |
Delaware Tax-Free California Fund | 4,886 | ||
Delaware Tax-Free Colorado Fund | 3,294 | ||
Delaware Tax-Free Idaho Fund | 1,602 | ||
Delaware Tax-Free New York Fund | 5,578 | ||
Delaware Tax-Free Pennsylvania Fund | 6,466 |
For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund | Commissions | ||||
Delaware Tax-Free Arizona Fund | $ | 217 | |||
Delaware Tax-Free California Fund | 719 | ||||
Delaware Tax-Free Colorado Fund | 5,307 | ||||
Delaware Tax-Free Idaho Fund | 4,869 | ||||
Delaware Tax-Free New York Fund | 2,576 | ||||
Delaware Tax-Free Pennsylvania Fund | 7,884 |
For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | ||||
Delaware Tax-Free California Fund | $ | 25 | $ | 6 | ||
Delaware Tax-Free Colorado Fund | — | 235 | ||||
Delaware Tax-Free Idaho Fund | — | 14 | ||||
Delaware Tax-Free Pennsylvania Fund | 3,209 | 49 |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
Cross trades for the six months ended February 28, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common
131
Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued) directors/trustees and/or common officers. At its regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:
Purchases | Sales | Net realized gain (loss) | |||||||||
Delaware Tax-Free Arizona Fund | $ | 1,200,011 | $ | 3,534,208 | $ | 166,595 | |||||
Delaware Tax-Free California Fund | 4,020,077 | 4,315,333 | 104,013 | ||||||||
Delaware Tax-Free Colorado Fund | 3,880,484 | 340,008 | — | ||||||||
Delaware Tax-Free Idaho Fund | 3,475,321 | 3,056,210 | 147,049 | ||||||||
Delaware Tax-Free New York Fund | 2,502,293 | 935,343 | (712 | ) | |||||||
Delaware Tax-Free Pennsylvania Fund | 7,735,722 | 14,945,447 | 21,566 |
*The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.
3. Investments
For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Fund | Purchases | Sales | ||||
Delaware Tax-Free Arizona Fund | $ | 13,122,037 | $ | 9,491,762 | ||
Delaware Tax-Free California Fund | 13,187,950 | 8,767,712 | ||||
Delaware Tax-Free Colorado Fund | 20,211,796 | 17,677,757 | ||||
Delaware Tax-Free Idaho Fund | 22,498,718 | 12,283,557 | ||||
Delaware Tax-Free New York Fund | 11,134,928 | 11,567,795 | ||||
Delaware Tax-Free Pennsylvania Fund | 82,156,656 | 72,506,000 |
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At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Aggregate | Aggregate | ||||||||||||
unrealized | unrealized | Net unrealized | |||||||||||
Cost of | appreciation | depreciation | appreciation | ||||||||||
Fund | investments | of investments | of investments | of investments | |||||||||
Delaware Tax-Free | |||||||||||||
Arizona Fund | $ | 78,925,430 | $ | 5,448,667 | $ | (249,777 | ) | $ | 5,198,890 | ||||
Delaware Tax-Free | |||||||||||||
California Fund | 114,086,710 | 9,092,260 | (354,151 | ) | 8,738,109 | ||||||||
Delaware Tax-Free | |||||||||||||
Colorado Fund | 214,013,313 | 13,416,368 | (254,728 | ) | 13,161,640 | ||||||||
Delaware Tax-Free | |||||||||||||
Idaho Fund | 107,808,973 | 6,118,173 | (232,650 | ) | 5,885,523 | ||||||||
Delaware Tax-Free New | |||||||||||||
York Fund | 192,519,244 | 15,250,093 | (403,308 | ) | 14,846,785 | ||||||||
Delaware Tax-Free | |||||||||||||
Pennsylvania Fund | 417,664,359 | 33,201,348 | (2,886,041 | ) | 30,315,307 |
At August 31, 2020, capital loss carryforwards available to offset future realized capital gains, are as follows:
Loss carryforward character | |||||||||
Short-term | Long-term | Total | |||||||
Delaware Tax-Free | |||||||||
Arizona Fund | $ | 86,581 | $ | — | $ | 86,581 | |||
Delaware Tax-Free | |||||||||
Colorado Fund | 2,311,032 | — | 2,311,032 | ||||||
Delaware Tax-Free | |||||||||
Idaho Fund | 2,504,581 | 2,415,214 | 4,919,795 |
At August 31, 2020, there were no capital loss carryforwards for Delaware Tax-Free California Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund.
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the
133
Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
3. Investments (continued)
circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 – | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 – | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 – | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2021:
Delaware Tax-Free Arizona Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 83,024,320 | |||
Short-Term Investments | 1,100,000 | ||||
Total Value of Securities | $ | 84,124,320 |
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Delaware Tax-Free California Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 122,824,819 |
Delaware Tax-Free Colorado Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Securities | |||||||||
Assets: | |||||||||
Municipal Bonds | $ | — | $ | 224,755,971 | $ | 224,755,971 | |||
Short-Term Investments | 2,418,982 | — | 2,418,982 | ||||||
Total Value of Securities | $ | 2,418,982 | $ | 224,755,971 | $ | 227,174,953 |
Delaware Tax-Free Idaho Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Securities | |||||||||
Assets: | |||||||||
Municipal Bonds | $ | — | $ | 113,651,809 | $ | 113,651,809 | |||
Short-Term Investments | 42,687 | — | 42,687 | ||||||
Total Value of Securities | $ | 42,687 | $ | 113,651,809 | $ | 113,694,496 |
Delaware Tax-Free New York Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 207,366,029 |
Delaware Tax-Free Pennsylvania Fund | |||||
Level 2 | |||||
Securities | |||||
Assets: | |||||
Municipal Bonds | $ | 447,979,667 |
During the six months ended February 28, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2021, there were no Level 3 investments.
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Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | ||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||
2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 304,626 | 349,787 | 545,945 | 798,154 | 552,917 | 1,177,515 | ||||||||||||
Class C | 7,855 | 41,794 | 33,752 | 48,347 | 35,633 | 66,422 | ||||||||||||
Institutional Class | 272,782 | 372,503 | 339,317 | 1,795,851 | 917,202 | 2,117,070 | ||||||||||||
Shares from merger: | ||||||||||||||||||
Class A | — | — | 2,796,713 | — | — | — | ||||||||||||
Institutional Class | — | — | 133,509 | — | — | — | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 68,132 | 130,770 | 68,272 | 125,573 | 176,366 | 378,666 | ||||||||||||
Class C | 2,023 | 5,131 | 5,721 | 23,216 | 6,471 | 17,390 | ||||||||||||
Institutional Class | 21,167 | 41,773 | 32,198 | 105,460 | 65,515 | 123,322 | ||||||||||||
676,585 | 941,758 | 3,955,427 | 2,896,601 | 1,754,104 | 3,880,385 | |||||||||||||
Shares redeemed: | ||||||||||||||||||
Class A | (203,023 | ) | (400,570 | ) | (379,738 | ) | (685,580 | ) | (985,493 | ) | (1,773,322 | ) | ||||||
Class C | (73,934 | ) | (90,096 | ) | (226,517 | ) | (434,992 | ) | (177,622 | ) | (271,283 | ) | ||||||
Institutional Class | (112,752 | ) | (318,049 | ) | (401,465 | ) | (2,676,045 | ) | (342,450 | ) | (1,355,362 | ) | ||||||
(389,709 | ) | (808,715 | ) | (1,007,720 | ) | (3,796,617 | ) | (1,505,565 | ) | (3,399,967 | ) | |||||||
Net increase (decrease) | 286,876 | 133,043 | 2,947,707 | (900,016 | ) | 248,539 | 480,418 |
136
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||
Idaho Fund | New York Fund | Pennsylvania Fund | ||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||
2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | 2/28/21 | 8/31/20 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 486,521 | 959,882 | 288,465 | 995,411 | 2,004,488 | 4,314,169 | ||||||||||||
Class C | 100,168 | 95,887 | 5,353 | 47,380 | 129,418 | 354,617 | ||||||||||||
Institutional Class | 696,933 | 1,075,303 | 452,680 | 842,455 | 1,476,070 | 1,831,656 | ||||||||||||
Shares from merger: | ||||||||||||||||||
Class A | — | — | 10,151,853 | — | — | — | ||||||||||||
Institutional Class | — | — | 191,220 | — | — | — | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 69,354 | 133,062 | 104,069 | 95,051 | 814,962 | 1,636,289 | ||||||||||||
Class C | 7,233 | 19,494 | 5,137 | 17,739 | 35,658 | 84,927 | ||||||||||||
Institutional Class | 42,811 | 88,432 | 57,664 | 109,851 | 136,568 | 230,937 | ||||||||||||
1,403,020 | 2,372,060 | 11,256,441 | 2,107,887 | 4,597,164 | 8,452,595 | |||||||||||||
Shares redeemed: | ||||||||||||||||||
Class A | (173,427 | ) | (589,708 | ) | (478,016 | ) | (486,526 | ) | (2,825,196 | ) | (6,405,705 | ) | ||||||
Class C | (295,786 | ) | (455,467 | ) | (165,666 | ) | (598,180 | ) | (828,225 | ) | (1,117,945 | ) | ||||||
Institutional Class | (248,494 | ) | (1,052,192 | ) | (310,253 | ) | (980,134 | ) | (468,274 | ) | (847,916 | ) | ||||||
(717,707 | ) | (2,097,367 | ) | (953,935 | ) | (2,064,840 | ) | (4,121,695 | ) | (8,371,566 | ) | |||||||
Net increase | 685,313 | 274,693 | 10,302,506 | 43,047 | 475,469 | 81,029 |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | ||||||||||||
Institutional | Institutional | ||||||||||||
Class A | Class C | Class | Class A | Class | |||||||||
Shares | Shares | Shares | Shares | Shares | Value | ||||||||
Delaware Tax-Free California Fund | |||||||||||||
Six months ended | |||||||||||||
2/28/21 | 41 | 8,772 | — | 8,791 | 41 | $ | 110,208 | ||||||
Year ended | |||||||||||||
8/31/20 | 41,500 | — | — | — | 41,591 | 497,495 |
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Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
4. Capital Shares (continued)
Exchange Redemptions | Exchange Subscriptions | ||||||||||||
Institutional | Institutional | ||||||||||||
Class A | Class C | Class | Class A | Class | |||||||||
Shares | Shares | Shares | Shares | Shares | Value | ||||||||
Delaware Tax-Free Colorado Fund | |||||||||||||
Six months ended | |||||||||||||
2/28/21 | 363 | 23,555 | — | 23,639 | 363 | $ | 277,845 | ||||||
Year ended | |||||||||||||
8/31/20 | 14,854 | — | — | — | 14,879 | 162,881 | |||||||
Delaware Tax-Free Idaho Fund | |||||||||||||
Six months ended | |||||||||||||
2/28/21 | — | 15,335 | — | 14,096 | 1,236 | 179,793 | |||||||
Year ended | |||||||||||||
8/31/20 | 975 | 47 | — | 47 | 976 | 11,445 | |||||||
Delaware Tax-Free New York Fund | |||||||||||||
Six months ended | |||||||||||||
2/28/21 | — | 3,108 | — | 3,104 | — | 36,804 | |||||||
Year ended | |||||||||||||
8/31/20 | — | 689 | — | 687 | — | 7,995 | |||||||
Delaware Tax-Free Pennsylvania Fund | |||||||||||||
Six months ended | |||||||||||||
2/28/21 | 18,446 | 79,541 | 647 | 64,255 | 34,494 | 808,716 | |||||||
Year ended | |||||||||||||
8/31/20 | 178,615 | 34,561 | — | 27,646 | 185,745 | 1,704,166 |
Delaware Tax-Free Arizona Fund did not have any exchange transactions for the six months ended February 28, 2021 and the year ended August 31, 2020.
5. Reorganization
On August 12, 2020, the Board approved a proposal to reorganize Delaware Tax-Free California II Fund and Delaware Tax-Free New York II Fund, each a series of Delaware Group Limited-Term Government Funds (the “Acquired Funds”) with and into Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund (the “Acquiring Funds”), (the “Reorganization”) respectively. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial
138
reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Funds’ as of the close of business on December 4, 2020 were as follows:
Fund | Cost | Market Value | ||||
Delaware Tax-Free California II Fund | $ | 31,985,714 | $ | 35,005,847 | ||
Delaware Tax-Free New York II Fund | $ | 109,029,216 | $ | 120,027,548 |
The share transactions associated with the merger are as follows:
Shares | ||||||||||||
Acquired | Acquired Fund | Converted | ||||||||||
Fund Net | Shares | to Acquiring | Acquiring Fund | Conversion | ||||||||
Assets | Outstanding | Fund | Net Assets | Ratio | ||||||||
Delaware Tax-Free California II Fund | Delaware Tax-Free California Fund | |||||||||||
Class A | $ | 34,679,243 | 2,710,905 | 2,796,713 | $ | 44,625,207 | 1.032 | |||||
Class C | — | — | — | 6,281,715 | — | |||||||
Institutional Class | 1,655,513 | 129,715 | 133,509 | 34,207,309 | 1.029 | |||||||
Delaware Tax-Free New York II Fund | Delaware Tax-Free New York Fund | |||||||||||
Class A | 119,588,826 | 8,207,503 | 10,151,853 | 42,891,574 | 1.237 | |||||||
Class C | — | — | — | 6,850,309 | — | |||||||
Institutional Class | 2,252,578 | 154,568 | 191,220 | 40,282,693 | 1.237 |
The net assets of the Acquiring Funds before the Reorganization was $85,114,231 and $90,024,576. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980.
Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the six months ended February 28, 2021, would have been as follows:
Delaware Tax-Free | Delaware Tax-Free | |||||||||
California Fund | New York Fund | |||||||||
Net investment income (loss) | $ | 2,592,957 | $ | 5,151,784 | ||||||
Net realized gain (loss) on investments | 944,870 | 1,085,038 | ||||||||
Net change in unrealized appreciation (depreciation) | 222,347 | 1,055,797 | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,760,174 | $ | 7,292,619 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.
139
Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
6. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.
On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.
The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.
7. Geographic, Credit, and Market Risks
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic
140
conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.
At February 28, 2021, the percentages of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified on the “Schedules of investments.”
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | |||||||||||||
Arizona Fund | California Fund | Colorado Fund | |||||||||||||
American Capital Access | 0.81 | % | — | — | |||||||||||
Assured Guaranty Municipal Corporation | 1.39 | % | 1.66 | % | 5.33 | % | |||||||||
Build America Mutual Assurance | — | — | 1.06 | % | |||||||||||
National Public Finance | |||||||||||||||
Guarantee Corporation | — | 0.86 | % | — | |||||||||||
Total | 2.20 | % | 2.52 | % | 6.39 | % | |||||||||
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | |||||||||||||
Idaho Fund | New York Fund | Pennsylvania Fund | |||||||||||||
Assured Guaranty Corporation | — | 0.18 | % | 1.10 | % | ||||||||||
Assured Guaranty Municipal Corporation | 3.67 | % | 4.76 | % | 2.07 | % | |||||||||
AMBAC Assurance Corporation | — | 2.03 | % | — | |||||||||||
Build America Mutual Assurance | — | — | 0.63 | % | |||||||||||
National Public Finance Guarantee Corporation | — | 0.26 | % | — | |||||||||||
Total | 3.67 | % | 7.23 | % | 3.80 | % |
Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
141
Notes to financial statements
Delaware Funds® by Macquarie state tax-free funds
7. Geographic, Credit, and Market Risks (continued)
Each Fund may invest in advanced refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.
Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
8. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
142
9. Recent Accounting Pronouncements
In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.
10. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in the Funds’ financial statements.
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Board of trustees | ||||||
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA | Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA | Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA | Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN | |||
Affiliated officers | ||||||
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA | Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA | Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature. |
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.
144
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits
(a) (1) Code of Ethics
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
VOYAGEUR MUTUAL FUNDS
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | May 5, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | May 5, 2021 |
/s/RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | May 6, 2021 |