NPORT-EX 2 AFIA0DETaxExemptOppFd.htm fia_del-teof.htm - Generated by SEC Publisher for SEC Filing

Schedule of investments

Delaware Tax-Exempt Opportunities Fund March 31, 2020 (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds – 98.52%        
Corporate Revenue Bonds - 8.74%        
Buckeye, Ohio Tobacco Settlement Financing Authority        
(Asset-Backed Senior) Series A-2 4.00% 6/1/48   2,000,000  $  2,146,800 
California Pollution Control Financing Authority Revenue        
(Calplant I Project) 144A 8.00% 7/1/39 (AMT) #   375,000    205,556 
Erie County, New York Tobacco Asset Securitization        
Revenue        
Series A 1.536% 6/1/60 ^   25,000,000    876,250 
Golden State Tobacco Securitization Settlement Revenue,        
California        
(Asset-Backed) Series A-2 5.00% 6/1/47   500,000    481,155 
(Capital Appreciation Asset-Backed) Series B 6.309%        
6/1/47 ^  6,425,000    1,145,449 
Inland Empire Tobacco Securitization, California        
(Capital Appreciation-Turbo-Asset-Backed)        
Series E 144A 0.967% 6/1/57 #^   45,705,000    1,759,185 
Series F 144A 1.459% 6/1/57 #^   190,445,000    5,425,778 
Jefferson County, Texas Industrial Development Revenue        
(TRP Crude Marketing, LLC Project) 144A 7.75%        
4/1/39 #  500,000    449,845 
Michigan Tobacco Settlement Finance Authority Revenue        
Series A 6.00% 6/1/48   525,000    504,577 
Minneapolis, Minnesota Community Planning & Economic        
Development Department        
(Limited Tax Supported Common Bond Fund) Series A        
6.25% 12/1/30   300,000    309,840 
Monroe County, Michigan Economic Development        
Revenue        
(The Detroit Edison Company Project) Series AA 6.95%        
9/1/22 (NATL)  500,000    565,795 
New Jersey Tobacco Settlement Financing Corporation        
(Subordinate Revenue Refunding Bonds) Series B        
5.00% 6/1/46   2,510,000    2,419,364 
New York Liberty Development Revenue        
(Bank of America Tower at One Bryant Park Project)        
2.625% 9/15/69   1,080,000    1,031,206 
2.80% 9/15/69   5,150,000    4,917,169 
New York Transportation Development Special Facilities        
Revenue        
(Delta Airlines, Inc. -LaGuardia Airport Terminals C&D        
Redevelopment Project) 5.00% 1/1/34 (AMT)   3,000,000    2,961,630 
Northern Tobacco Securitization, Alaska        
(Asset-Backed) Series A 5.00% 6/1/46   525,000    525,063 

 

NQ-FIA [3/20] 5/20 (1178101) 1

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Corporate Revenue Bonds (continued)        
South Carolina Jobs - Economic Development Authority        
Educational Facilities Revenue        
(Jasper Pellets, LLC Project) Series A 144A 7.00%        
11/1/38 (AMT) #  375,000  $  339,671 
(South Carolina SAVES Green Community Program -        
AAC East LLC Project) Series A 144A 7.00% 5/1/39        
(AMT) #   600,000    515,598 
Tobacco Securitization Authority of Southern California        
(Capital Appreciation-2nd Subordinate Lien) Series C        
0.558% 6/1/46 ^   6,400,000    943,168 
(Capital Appreciation-3rd Subordinate Lien) Series D        
0.307% 6/1/46 ^   1,055,000    139,091 
Virginia Tobacco Settlement Financing        
Series B-2 5.20% 6/1/46   375,000    375,761 
(Capital Appreciation)        
Series C 2.398% 6/1/47 ^   11,205,000    1,733,301 
Series D 2.521% 6/1/47 ^   6,760,000    1,011,972 
        30,783,224 
Education Revenue Bonds - 12.98%        
BIBB County, Georgia Development Authority Revenue        
(Macon State College Student Housing Project) Series A        
5.75% 7/1/40 (AGM)   2,500,000    2,619,350 
Build NYC Resource, New York        
(New Dawn Charter Schools Project) 144A 5.75%        
2/1/49 #  400,000    388,996 
California Educational Facilities Authority Revenue        
(Stanford University)        
Series T-1 5.00% 3/15/39   13,750,000    19,784,325 
Series V-1 5.00% 5/1/49   1,950,000    3,009,961 
California Municipal Finance Authority Revenue        
Series A 144A 5.50% 6/1/53 #   300,000    301,686 
California School Finance Authority        
(ICEF - View Park Elementary & Middle Schools) Series        
A 4.75% 10/1/24   355,000    363,591 
Capital Trust Agency, Florida        
(University Bridge, LLC Student Housing Project) Series        
A 144A 5.25% 12/1/58 #   1,500,000    1,404,450 
Colorado Educational & Cultural Facilities Authority        
Revenue        
(Rocky Mountain Classical Academy Project) Series B-4        
144A 5.00% 10/1/59 #   2,670,000    2,538,022 

 

2 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)        
Dauphin County, Pennsylvania General Authority Revenue        
(The Harrisburg University of Science and Technology        
Project)        
144A 5.00% 10/15/34 #   375,000  $  377,096 
144A 5.125% 10/15/41 #   150,000    148,851 
Delaware County, Pennsylvania Authority College Revenue        
(Haverford College) Series A 5.00% 10/1/42   1,500,000    1,787,655 
District of Columbia Revenue        
(KIPP DC Issue)        
4.00% 7/1/44   500,000    500,525 
4.00% 7/1/49   1,375,000    1,359,119 
Maricopa County, Arizona Industrial Development        
Authority Revenue        
(Arizona Autism Charter Schools Project) Series A 144A        
5.00% 7/1/40 #   500,000    488,755 
Massachusetts Development Finance Agency Revenue        
(Emerson College) 5.00% 1/1/38   500,000    568,655 
(Williams College) Series S 4.00% 7/1/46   300,000    334,047 
Massachusetts Educational Financing Authority Revenue        
Series I 6.00% 1/1/28   95,000    95,098 
Newark Higher Education Finance Revenue, Texas        
(Village Tech Schools) Series A 5.125% 8/15/47   375,000    329,310 
Ohio Higher Educational Facility Revenue        
(University of Dayton 2011 Project) Series A 5.375%        
12/1/30   500,000    510,645 
Pennsylvania State Public School Building Authority        
(Northampton County Area Community College Project)        
5.50% 3/1/31   500,000    519,245 
Public Finance Authority, Wisconsin Airport Facilities        
Revenue        
(Cornerstone Charter Academy Project) 144A 5.125%        
2/1/46 #  500,000    477,580 
Rhode Island Health & Educational Building Revenue        
(University of Rhode Island Auxiliary Enterprise) Series B        
5.25% 9/15/29 (AGC)   1,415,000    1,419,316 
Summit County, Ohio Development Finance Authority        
Revenue        
(Austen Bioinnovation Institute In Akron Project) 5.375%        
12/1/30   1,000,000    1,027,640 
Town of Davie, Florida        
(Nova Southeastern University Project) 5.00% 4/1/38   3,000,000    3,393,420 

 

NQ-FIA [3/20] 5/20 (1178101) 3

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)        
Utah Charter School Finance Authority Revenue        
(Wallace Stegner Academy Project) 144A 5.00%        
6/15/49 #  1,590,000  $  1,494,727 
Yonkers, New York Economic Development Revenue        
(Lamartine/Warburton LLC - Charter School of        
Educational Excellence Project) Series A 5.00%        
10/15/54   465,000    463,470 
        45,705,535 
Electric Revenue Bonds - 2.58%        
Long Island, New York Power Authority        
Series B 5.00% 9/1/41   3,000,000    3,482,520 
Minnesota Municipal Power Agency Electric Revenue        
5.25% 10/1/35   250,000    254,890 
Puerto Rico Electric Power Authority Revenue        
Series A 6.75% 7/1/36 ‡   1,770,000    1,292,100 
Series TT 5.00% 7/1/32 ‡   3,165,000    2,247,150 
Series WW 5.25% 7/1/33 ‡   1,750,000    1,246,875 
Richmond, Virginia Public Utility Revenue        
Series A 5.00% 1/15/38   500,000    548,970 
        9,072,505 
Healthcare Revenue Bonds - 6.54%        
California Health Facilities Financing Authority Revenue        
(Kaiser Permanente) Series A1 5.00% 11/1/47   750,000    1,178,895 
Capital Trust Agency, Florida        
(Sarasota-Manatee Jewish Housing Council, Inc.        
Project) Series A 144A 5.00% 7/1/46 #   500,000    466,760 
(Tuscan Gardens Palm Coast Project)        
Series A 144A 6.75% 10/1/37 #   150,000    121,209 
Series A 144A 7.00% 10/1/49 #   320,000    251,501 
Collier County, Florida Industrial Development Authority        
Revenue        
(The Arlington of Naples Project) Series A 144A 8.125%        
5/15/44 #‡  335,000    291,869 
Colorado Health Facilities Authority Revenue        
(Cappella of Grand Junction Project) Series A 144A        
5.00% 12/1/54 #   1,635,000    1,382,899 
(Ralston Creek at Arvada Project) Series A 5.25%        
11/1/32   375,000    330,113 
Hospitals & Higher Education Facilities Authority of        
Philadelphia, Pennsylvania        
(The Children’s Hospital of Philadelphia Project) Series D        
5.00% 7/1/32   500,000    521,455 

 

4 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)        
Idaho Health Facilities Authority Revenue        
(The Terraces of Boise Project) Series A 8.00% 10/1/44   330,000  $  340,712 
Illinois Finance Authority Revenue        
(Admiral at Lake Project) 5.50% 5/15/54   375,000    334,523 
King County, Washington Public Hospital District No. 4        
(Snoqualmie Valley Hospital) Series A 6.25% 12/1/45   375,000    397,335 
Lake County Port & Economic Development Authority        
Revenue, Ohio        
(Tapestry Wickliffe, LLC Project) Series A 144A 6.75%        
12/1/52 #  495,000    381,259 
Lee County Industrial Development Authority, Florida        
(The Preserve Project) Series A 144A 5.75% 12/1/52 #   475,000    424,004 
Louisiana Local Government Environmental Facilities &        
Community Development Authority Revenue        
(The Glen Retirement System Project) Series A-1 5.00%        
1/1/49   2,500,000    2,093,700 
Miami-Dade County, Florida Health Facilities Authority        
Revenue        
(Nicklaus Children’s Hospital Project) 5.00% 8/1/42   1,500,000    1,775,985 
Montgomery, Ohio        
(Trousdale Foundation Properties) Senior Series A 144A        
6.25% 4/1/49 #   250,000    149,945 
Nash Health Care Systems Revenue, North Carolina        
5.50% 11/1/26 (AGM)   1,000,000    1,019,140 
Nassau County, New York Industrial Development Agency        
Revenue        
(Amsterdam House Continuing Care Retirement        
Community) Series A 6.70% 1/1/49   375,000    312,150 
New Hope, Texas Cultural Education Facilities Finance        
(Presbyterian Village North Project) Series A1 5.25%        
10/1/49   500,000    446,535 
Norfolk, Virginia Economic Development Authority        
Revenue        
(Sentara Healthcare) Series B 5.00% 11/1/43   1,000,000    1,064,810 
Pennsylvania Economic Development Financing Authority        
First Mortgage Revenue        
(Tapestry Moon Senior Housing Project)        
Series A 144A 6.50% 12/1/38 #   1,500,000    1,394,370 
Series A 144A 6.75% 12/1/53 #   500,000    454,125 
Public Finance Authority, Wisconsin Airport Facilities        
Revenue        
(Vista Grande Villa Project) 144A 6.50% 7/1/50 #   350,000    224,969 

 

NQ-FIA [3/20] 5/20 (1178101) 5

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)        
Seminole County Industrial Development Authority, Florida        
(Legacy Pointe at UCF Project)        
4.25% 11/15/26   2,060,000  $  1,852,167 
5.50% 11/15/49   2,000,000    1,637,780 
Shelby County, Tennessee Health Educational & Housing        
Facilities Board Revenue        
(The Farms at Bailey Station Project) 5.75% 10/1/59   630,000    576,356 
Tarrant County, Texas Cultural Education Facilities Finance        
(Buckner Senior Living - Ventana Project) 6.75%        
11/15/47   500,000    527,640 
(C. C. Young Memorial Home Project) 6.375% 2/15/48   350,000    354,522 
(MRC Stevenson Oaks Project) 144A 10.00% 3/15/23 #   375,000    434,441 
Tempe, Arizona Industrial Development Authority Revenue        
(Mirabella At ASU Project) Series A 144A 6.125%        
10/1/52 #  500,000    505,230 
University of North Carolina Board of Governors        
(University of North Carolina Hospitals at Chapel Hill)        
5.00% 2/1/46   500,000    578,380 
Washington State Housing Finance Commission        
(Heron’s Key) Series A 144A 7.00% 7/1/45 #   350,000    362,019 
Winchester, Virginia Economic Development Authority        
Revenue        
(Valley Health System Obligated Group) 5.00% 1/1/35   500,000    583,590 
Woodloch Health Facilities Development, Texas        
(Inspired Living at Missouri City Project) Series A-1 144A        
7.125% 12/1/51 #‡   345,000    265,029 
        23,035,417 
Housing Revenue Bonds - 0.55%        
California Community Housing Agency        
(Annadel Apartments) Series A 144A 5.00% 4/1/49 #   600,000    606,492 
Massachusetts Housing Finance Agency        
Series A 5.25% 12/1/35 (FHA)   1,000,000    1,006,580 
Minnesota Housing Finance Agency        
(Rental Housing) Series A 5.05% 8/1/31   300,000    311,340 
        1,924,412 
Lease Revenue Bonds - 4.86%        
Connecticut State Health & Educational Facilities Authority        
(State Supported Child Care) 5.00% 7/1/28   1,000,000    1,042,080 
Kansas City, Missouri        
(Downtown Streetcar Project)        
Series A 5.00% 9/1/34   4,000,000    4,010,840 
Series A 5.00% 9/1/37   1,000,000    1,002,600 

 

6 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Lease Revenue Bonds (continued)        
Louisiana Local Government Environmental Facilities &        
Community Development Authority Revenue        
(Cameron Parish, Louisiana Gomesa Project) Series A-1        
144A 5.65% 11/1/37 #   375,000  $  375,739 
Metropolitan Pier & Exposition Authority, Illinois        
(McCormick Place Expansion Project)        
Series A 4.00% 6/15/50   1,000,000    913,190 
Series A 5.00% 6/15/50   1,000,000    985,920 
Michigan State Building Authority        
(Facilities Program) Series I-A 5.00% 10/15/29   1,000,000    1,053,310 
Minnesota Housing Finance Agency        
(Non Profit Housing Bonds State Appropriation) 5.00%        
8/1/31   250,000    262,193 
New Jersey State Transportation Trust Fund Authority        
Series AA 5.00% 6/15/29   1,000,000    1,102,940 
New York City, New York Transitional Finance Authority        
Building Aid Revenue        
Series S-1 5.00% 7/15/37   5,000,000    5,361,050 
New York Liberty Development Revenue        
(World Trade Center Project) Class 1-3 144A 5.00%        
11/15/44 #  1,000,000    1,015,590 
        17,125,452 
Local General Obligation Bonds - 9.84%        
Blue Lake Metropolitan District No. 3, Colorado        
Series A 5.25% 12/1/48   225,000    195,149 
Chicago, Illinois Board of Education        
Series A 5.00% 12/1/41   365,000    359,875 
Crowfoot Valley Ranch Metropolitan District No. 2,        
Colorado        
Series A 5.75% 12/1/48   500,000    465,550 
Goodrich Area School District, Michigan        
5.50% 5/1/32   1,000,000    1,045,430 
New York City, New York        
Subseries B-1 5.00% 12/1/37   4,500,000    5,360,445 
Subseries B-1 5.00% 12/1/41   5,000,000    5,911,450 
Northwest Independent School District, Texas        
5.00% 2/15/42 (PSF)   5,000,000    5,757,950 
Penn Delco School District, Pennsylvania        
Series A 5.00% 6/1/34   1,000,000    1,107,300 
Quincy, Massachusetts        
5.00% 12/1/28   500,000    512,215 
Rockwall Independent School District, Texas        
5.00% 2/15/46 (PSF)   10,000,000    11,371,800 

 

NQ-FIA [3/20] 5/20 (1178101) 7

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Local General Obligation Bonds (continued)        
South Maryland Creek Ranch Metropolitan District,        
Colorado        
Series A 5.625% 12/1/47   500,000  $  454,195 
Wayne, Michigan        
Series A 5.00% 2/1/30 (AGM)   935,000    937,599 
Woodland Hills School District, Pennsylvania        
5.00% 9/1/43 (BAM)   1,000,000    1,158,250 
        34,637,208 
Pre-Refunded Bonds - 4.30%        
Broward, Florida Airport System Revenue        
Series A 5.25% 10/1/30-23 §   5,000,000    5,693,350 
Hartford, Connecticut        
Series A 5.00% 4/1/31-21 §   855,000    887,541 
Kent Hospital Finance Authority, Michigan        
(Spectrum Health System) Series A 5.00%        
11/15/29-21 §  1,000,000    1,063,250 
Lansing, Michigan Board of Water & Light        
Series A 5.50% 7/1/41-21 §   5,000,000    5,274,900 
University of Massachusetts Building Authority Revenue        
Senior Series 2013-1 5.00% 11/1/39-22 §   1,000,000    1,100,830 
Waterbury, Connecticut        
5.00% 12/1/32-23 §   1,000,000    1,134,260 
        15,154,131 
Resource Recovery Revenue Bond - 0.44%        
Union County, New Jersey Improvement Authority        
(Aries Linden, LLC Project) 144A 6.75% 12/1/41        
(AMT) #   1,750,000    1,555,750 
        1,555,750 
Special Tax Revenue Bonds - 16.02%        
Georgia State Environmental Loan Acquisition        
5.125% 3/15/31   720,000    721,980 
Illinois State        
Series B 6.00% 6/15/26 (NATL)   1,000,000    1,081,830 
Juban Crossing Economic Development District, Louisiana        
(General Infrastructure Projects) Series C 144A 7.00%        
9/15/44 #  375,000    336,157 
Metropolitan Transportation Authority Revenue, New York        
(Dedicated Tax Fund Refunding Green Bonds) Series        
B-2 5.00% 11/15/36   2,000,000    2,359,800 
New York City, New York Transitional Finance Authority        
Building Aid Revenue        
Subordinate Subseries S-3A 5.00% 7/15/37   2,500,000    3,064,675 

 

8 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

  Principal amount°    Value (US $) 
Municipal Bonds (continued)       
Special Tax Revenue Bonds (continued)       
New York State Dormitory Authority Revenue       
Series A 5.00% 3/15/39  4,000,000  $  4,788,280 
Series A 5.00% 3/15/42  6,120,000    7,295,346 
Series B 5.00% 3/15/34  5,000,000    5,322,600 
Series D 4.00% 2/15/49  2,500,000    2,807,475 
New York State Urban Development Revenue       
5.00% 3/15/37  4,000,000    4,922,760 
Port Authority of Allegheny County, Pennsylvania       
(Special Revenue Transportation Refunding Bonds)       
5.25% 3/1/24  6,000,000    6,213,420 
Puerto Rico Sales Tax Financing Revenue       
(Restructured)       
Series A-1 4.75% 7/1/53  10,493,000    9,907,071 
Series A-1 5.00% 7/1/58  3,195,000    3,114,965 
Series A-1 5.579% 7/1/46 ^  7,135,000    1,695,775 
Series A-2 4.329% 7/1/40  3,020,000    2,781,692 
      56,413,826 
State General Obligation Bonds - 6.96%       
California State       
Various Purposes 5.00% 4/1/37  5,000,000    5,524,850 
Commonwealth of Massachusetts       
Series A 5.50% 8/1/30 (AMBAC)  1,000,000    1,364,060 
Series E 5.00% 8/1/35  5,000,000    5,229,550 
Commonwealth of Puerto Rico       
(General Obligation) Series A 8.00% 7/1/35 ‡  2,755,000    1,659,887 
(Public Improvement)       
Series A 5.00% 7/1/24 ‡  725,000    494,813 
Series A 5.00% 7/1/41 ‡  1,140,000    695,400 
Series A 5.125% 7/1/37 ‡  1,570,000    977,325 
Series A 5.25% 7/1/30 ‡  2,300,000    1,572,625 
Series A 5.25% 7/1/31 ‡  485,000    331,619 
Series A 5.25% 7/1/34 ‡  595,000    394,187 
Series A 5.50% 7/1/39 ‡  1,050,000    664,125 
Series A 6.00% 7/1/38 ‡  545,000    374,688 
Series B 5.00% 7/1/35 ‡  495,000    337,837 
Illinois State       
Series B 4.00% 11/1/39  5,380,000    4,886,654 
      24,507,620 
Transportation Revenue Bonds - 22.22%       
Atlanta, Georgia Airport General Revenue       
Series C 5.25% 1/1/30  5,000,000    5,130,350 

 

NQ-FIA [3/20] 5/20 (1178101) 9

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds (continued)        
Bay Area, California Toll Authority        
Series S-H 5.00% 4/1/44   1,000,000  $  1,235,760 
Chicago, Illinois O’Hare International Airport Revenue        
Series A 5.00% 1/1/37 (AMT)   1,690,000    1,937,044 
Series A 5.00% 1/1/38 (AMT)   600,000    685,254 
Dallas Fort Worth, Texas International Airport        
Series F 5.25% 11/1/30   5,000,000    5,498,800 
Denver, Colorado City & County Airport System Revenue        
Series A 5.00% 12/1/43 (AMT)   6,000,000    6,955,260 
Erie, Pennsylvania Parking Authority        
5.20% 9/1/35 (AGM)   740,000    750,686 
Massachusetts Port Authority        
Series A 5.00% 7/1/37 (AMT)   4,000,000    4,860,440 
Series A 5.00% 7/1/39 (AMT)   2,945,000    3,557,796 
Series A 5.00% 7/1/40 (AMT)   1,825,000    2,193,705 
Metropolitan Nashville, Tennessee Airport Authority        
Series A 5.00% 7/1/45   5,020,000    5,652,269 
Metropolitan Washington, District of Columbia Airports        
Authority Dulles Toll Road Revenue        
(Dulles Metrorail and Capital Improvement Projects)        
Series B 4.00% 10/1/49   1,000,000    1,015,820 
Montgomery County, Texas Toll Road Authority        
5.00% 9/15/37   1,750,000    1,868,335 
New Jersey State Turnpike Authority Turnpike Revenue        
Series E 5.00% 1/1/45   6,000,000    6,680,460 
North Carolina Turnpike Authority        
5.00% 1/1/36 (AGM)   5,890,000    6,745,523 
North Texas Tollway Authority Revenue        
(First Tier) Series B 5.00% 1/1/40   2,000,000    2,180,840 
Ohio Turnpike & Infrastructure Commission        
(Infrastructure Projects) Series A-1 5.00% 2/15/28   300,000    329,679 
Pennsylvania Turnpike Commission Revenue        
Series A-2 5.00% 12/1/43   2,000,000    2,429,400 
Series B 5.00% 12/1/45   635,000    729,450 
Series C 5.00% 12/1/44   1,000,000    1,132,850 
Port Beaumont Navigation District, Texas        
(Allegiant Industrial Island Park Project) 144A 8.00%        
2/1/39 #  750,000    772,320 
Salt Lake City, Utah Airport Revenue        
Series A 5.00% 7/1/36 (AMT)   4,000,000    4,614,480 

 

10 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

  Principal amount°    Value (US $) 
Municipal Bonds (continued)       
Transportation Revenue Bonds (continued)       
San Francisco, California City & County Airports       
Commission       
Series A 5.00% 5/1/44 (AMT)  5,000,000  $  5,801,900 
Washington, District of Columbia Metropolitan Area Transit       
Authority       
5.00% 7/1/43  1,000,000    1,162,410 
Wayne County, Michigan Airport Authority       
(Detroit Metropolitan Wayne County Airport)       
Series A 5.00% 12/1/42  2,500,000    2,666,200 
Series D 5.00% 12/1/45 (AGM)  750,000    846,203 
Westchester County, New York Industrial Development       
Agency       
(Million Air Two LLC General Aviation Facilities Project)       
144A 7.00% 6/1/46 (AMT) #  775,000    831,195 
      78,264,429 
Water & Sewer Revenue Bonds - 2.49%       
Delaware County, Pennsylvania Regional Water Quality       
Control Authority       
5.00% 5/1/40  500,000    570,750 
Mississippi Development Bank       
(City of Jackson, Mississippi Water and Sewer System       
Revenue Bond Project) 6.75% 12/1/30 (AGM)  1,000,000    1,186,830 
Newtown Township, Pennsylvania Sewer Authority       
5.00% 9/1/43  2,500,000    2,939,600 
North Penn, Pennsylvania Water Authority       
5.00% 11/1/32  500,000    528,295 
Philadelphia, Pennsylvania Water & Wastewater Revenue       
5.00% 11/1/28  1,000,000    1,081,010 
Saginaw, Michigan Water Supply System Revenue       
Series A 5.00% 7/1/31 (AGM)  500,000    524,790 
Stamford, Connecticut Water Pollution Control System &       
Facility Revenue       
Series A 5.50% 8/15/38  750,000    848,295 
Toledo, Ohio Water System Revenue       
5.00% 11/15/38  1,000,000    1,098,150 
      8,777,720 
Total Municipal Bonds (cost $341,316,550)      346,957,229 

 

NQ-FIA [3/20] 5/20 (1178101) 11

 

Schedule of investments

Delaware Tax-Exempt Opportunities Fund (Unaudited)

    Principal amount°    Value (US $) 
  Short-Term Investments – 0.18%       
  Variable Rate Demand Notes - 0.18%¤       
  Idaho Health Facilities Authority Revenue (St. Luke’s       
  Health System Project) Series C 1.10% 3/1/48       
  (LOC – US Bank N. A. )  425,000  $  425,000 
  Industrial Development Authority of the City of Phoenix,       
  Arizona (Mayo Clinic) Series B 0.75% 11/15/52       
  (SPA -Wells Fargo Bank)  200,000    200,000 
  Total Short-Term Investments (cost $625,000)      625,000 
 
  Total Value of Securities – 98.70%       
  (cost $341,941,550)      347,582,229 
  Receivables and Other Assets Net of Liabilities – 1.30%      4,587,548 
  Net Assets Applicable to 21,985,144 Shares Outstanding – 100.00%    $  352,169,777 
 
#  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. 
  At March 31, 2020, the aggregate value of Rule 144A securities was $ 28,918,668, which represents 
  8.21% of the Fund’s net assets.       
¤  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 March 31, 2020.       
§  Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. 
  For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be 
  pre-refunded.       
°  Principal amount shown is stated in USD unless noted that the security is denominated in another 
  currency.       
‡  Non-income producing security. Security is currently in default.       
^  Zero-coupon security. The rate shown is the effective yield at the time of purchase.     
 
Summary of abbreviations:       
AGC – Insured by Assured Guaranty Corporation       
AGM – Insured by Assured Guaranty Municipal Corporation       
AMBAC – Insured by AMBAC Assurance Corporation       
AMT – Subject to Alternative Minimum Tax       
BAM – Insured by Build America Mutual Assurance       
FHA – Federal Housing Administration       
LOC – Letter of Credit       
N. A. – National Association       
NATL – Insured by National Public Finance Guarantee Corporation       
PSF – Guaranteed by Permanent School Fund       

 

12 NQ-FIA [3/20] 5/20 (1178101)

 

(Unaudited)

Summary of abbreviations (continued): 
SPA – Stand-by Purchase Agreement 
USD – US Dollar 

 

NQ-FIA [3/20] 5/20 (1178101) 13