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: | 811-03850 |
Exact name of registrant as specified in charter: | Delaware Group® Tax Free Fund |
Address of principal executive offices: | 2005 Market Street |
Philadelphia, PA 19103 | |
Name and address of agent for service: | David F. Connor, Esq. |
2005 Market Street | |
Philadelphia, PA 19103 | |
Registrants telephone number, including area code: | (800) 523-1918 |
Date of fiscal year end: | August 31 |
Date of reporting period: | February 28, 2015 |
Item 1. Reports to Stockholders
|
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, 2015
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 delawareinvestments.com 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 delawareinvestments.com/edelivery.
Experience Delaware Investments
Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Investments 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 delawareinvestments.com.
For the six-month period from September 1, 2014 to February 28, 2015 (Unaudited)
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/or service (12b-1) fees; and other Fund expenses. These 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 Sept. 1, 2014 to Feb. 28, 2015.
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 the Funds 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. The expenses shown in each table assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2014 to February 28, 2015 (Unaudited)
Delaware Tax-Free USA Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/14 |
Ending Account Value 2/28/15 |
Annualized Expense Ratio |
Expenses Paid During Period 9/1/14 to 2/28/15* | ||||||||
| |||||||||||
Actual Fund return |
|||||||||||
Class A |
$1,000.00 | $1,030.20 | 0.81% | $4.08 | |||||||
Class C |
1,000.00 | 1,025.50 | 1.57% | 7.88 | |||||||
Institutional Class |
1,000.00 | 1,031.40 | 0.57% | 2.87 | |||||||
| |||||||||||
Hypothetical 5% return (5% return before expenses) |
|||||||||||
Class A |
$1,000.00 | $1,020.78 | 0.81% | $4.06 | |||||||
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 Account Value 9/1/14 |
Ending Account Value 2/28/15 |
Annualized Expense Ratio |
Expenses Paid During Period 9/1/14 to 2/28/15* | ||||||||
| |||||||||||
Actual Fund return |
|||||||||||
Class A |
$1,000.00 | $1,016.20 | 0.76% | $3.80 | |||||||
Class C |
1,000.00 | 1,012.00 | 1.61% | 8.03 | |||||||
Institutional Class |
1,000.00 | 1,017.00 | 0.61% | 3.05 | |||||||
| |||||||||||
Hypothetical 5% return (5% return before expenses) |
|||||||||||
Class A |
$1,000.00 | $1,021.03 | 0.76% | $3.81 | |||||||
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 National High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000
Beginning Account Value 9/1/14 |
Ending Account Value 2/28/15 |
Annualized Expense Ratio |
Expenses Paid During Period 9/1/14 to 2/28/15* | |||||
| ||||||||
Actual Fund return |
||||||||
Class A |
$1,000.00 | $1,043.70 | 0.86% | $4.36 | ||||
Class C |
1,000.00 | 1,038.70 | 1.61% | 8.14 | ||||
Institutional Class |
1,000.00 | 1,044.70 | 0.61% | 3.09 | ||||
| ||||||||
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 | ||||
|
* | Expenses Paid During Period are equal to the relevant Funds 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, 2015 (Unaudited) |
Sector designations may be different than the sector designations presented in other fund materials.
Security type / sector | Percentage of net assets | |
| ||
Municipal Bonds* |
97.11% | |
Corporate Revenue Bonds |
12.27% | |
Education Revenue Bonds |
11.39% | |
Electric Revenue Bonds |
4.18% | |
Healthcare Revenue Bonds |
11.01% | |
Housing Revenue Bonds |
1.19% | |
Lease Revenue Bonds |
3.09% | |
Local General Obligation Bonds |
6.89% | |
Pre-Refunded/Escrowed to Maturity Bonds |
7.93% | |
Special Tax Revenue Bonds |
13.53% | |
State General Obligation Bonds |
6.32% | |
Transportation Revenue Bonds |
13.22% | |
Water & Sewer Revenue Bonds |
6.09% | |
| ||
Short-Term Investments |
2.56% | |
| ||
Total Value of Securities |
99.67% | |
| ||
Receivables and Other Assets Net of Liabilities |
0.33% | |
| ||
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 U.S. as follows:
State / territory | Percentage of net assets | |
| ||
Alabama |
0.90% | |
Alaska |
0.58% | |
Arizona |
1.88% | |
California |
11.79% | |
Colorado |
1.76% | |
Connecticut |
0.86% | |
Florida |
1.61% | |
Georgia |
2.63% | |
Illinois |
3.94% | |
Indiana |
1.27% | |
Kansas |
0.24% | |
Louisiana |
1.17% | |
Maryland |
2.09% | |
Massachusetts |
2.92% | |
Michigan |
0.06% | |
Minnesota |
1.45% | |
Mississippi |
0.29% | |
Missouri |
4.15% | |
Nevada |
0.72% |
4
State / territory | Percentage of net assets | |
| ||
New Jersey |
7.91% | |
New Mexico |
0.08% | |
New York |
20.21% | |
North Carolina |
3.35% | |
North Dakota |
0.29% | |
Ohio |
3.06% | |
Oklahoma |
3.00% | |
Oregon |
0.30% | |
Pennsylvania |
3.54% | |
Texas |
12.01% | |
U.S. Virgin Islands |
0.23% | |
Utah |
0.27% | |
Virginia |
3.49% | |
Washington |
0.55% | |
West Virginia |
0.59% | |
Wisconsin |
0.48% | |
| ||
Total |
99.67% | |
|
5
Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund | As of February 28, 2015 (Unaudited) |
Sector designations may be different than the sector designations presented in other fund materials.
Security type / sector | Percentage of net assets | |
| ||
Municipal Bonds* |
99.03% | |
Corporate Revenue Bonds |
10.66% | |
Education Revenue Bonds |
7.51% | |
Electric Revenue Bonds |
2.31% | |
Healthcare Revenue Bonds |
10.19% | |
Housing Revenue Bonds |
0.26% | |
Lease Revenue Bonds |
4.03% | |
Local General Obligation Bonds |
4.81% | |
Pre-Refunded/Escrowed to Maturity Bonds |
5.36% | |
Resource Recovery Revenue Bonds |
0.20% | |
Special Tax Revenue Bonds |
15.68% | |
State General Obligation Bonds |
17.45% | |
Transportation Revenue Bonds |
16.06% | |
Water & Sewer Revenue Bonds |
4.51% | |
| ||
Short-Term Investments |
0.84% | |
| ||
Total Value of Securities |
99.87% | |
| ||
Receivables and Other Assets Net of Liabilities |
0.13% | |
| ||
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 U.S. as follows:
State / territory | Percentage of net assets | |
| ||
Arizona |
4.35% | |
California |
14.16% | |
Colorado |
0.12% | |
Connecticut |
1.44% | |
Delaware |
0.79% | |
Florida |
0.75% | |
Georgia |
3.15% | |
Guam |
0.42% | |
Hawaii |
0.76% | |
Idaho |
0.95% | |
Illinois |
13.45% | |
Indiana |
0.10% | |
Kansas |
0.18% | |
Louisiana |
4.58% | |
Maryland |
2.84% | |
Massachusetts |
1.10% | |
Minnesota |
6.56% | |
Mississippi |
0.70% |
6
State / territory | Percentage of net assets | |
| ||
Missouri |
1.10% | |
Nevada |
0.49% | |
New Jersey |
4.64% | |
New York |
17.62% | |
North Carolina |
1.02% | |
North Dakota |
0.26% | |
Ohio |
1.42% | |
Oregon |
2.09% | |
Pennsylvania |
4.65% | |
Tennessee |
0.95% | |
Texas |
11.37% | |
Virginia |
5.12% | |
Washington |
1.46% | |
Wisconsin |
1.28% | |
| ||
Total |
99.87% | |
|
7
Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund | As of February 28, 2015 (Unaudited) |
Sector designations may be different than the sector designations presented in other fund materials.
Security type / sector | Percentage of net assets | |
| ||
Municipal Bonds* |
98.04% | |
Corporate Revenue Bonds |
21.78% | |
Education Revenue Bonds |
14.09% | |
Electric Revenue Bonds |
0.46% | |
Healthcare Revenue Bonds |
23.60% | |
Housing Revenue Bonds |
1.29% | |
Lease Revenue Bonds |
5.89% | |
Local General Obligation Bonds |
2.76% | |
Pre-Refunded Bonds |
1.79% | |
Resource Recovery Revenue Bonds |
0.63% | |
Special Tax Revenue Bonds |
8.32% | |
State General Obligation Bonds |
3.26% | |
Transportation Revenue Bonds |
10.57% | |
Water & Sewer Revenue Bonds |
3.60% | |
| ||
Short-Term Investments |
2.23% | |
| ||
Total Value of Securities |
100.27% | |
| ||
Liabilities Net of Receivables and Other Assets |
(0.27%) | |
| ||
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 U.S. as follows:
State / territory | Percentage of net assets | |
| ||
Alabama |
3.09% | |
Alaska |
0.22% | |
Arizona |
4.97% | |
California |
13.92% | |
Colorado |
1.34% | |
Connecticut |
0.12% | |
District of Columbia |
0.85% | |
Florida |
4.58% | |
Georgia |
0.97% | |
Hawaii |
1.71% | |
Idaho |
0.93% | |
Illinois |
3.64% | |
Indiana |
1.10% | |
Iowa |
0.29% | |
Kansas |
0.72% | |
Kentucky |
1.49% | |
Louisiana |
2.90% | |
Maine |
0.22% |
8
State / territory | Percentage of net assets | |
| ||
Maryland |
4.15% | |
Massachusetts |
1.20% | |
Michigan |
1.40% | |
Minnesota |
3.31% | |
Mississippi |
0.33% | |
Missouri |
0.70% | |
Nevada |
0.53% | |
New Hampshire |
0.17% | |
New Jersey |
4.98% | |
New Mexico |
0.06% | |
New York |
13.14% | |
North Carolina |
0.59% | |
North Dakota |
0.29% | |
Ohio |
4.83% | |
Oklahoma |
0.24% | |
Oregon |
0.64% | |
Pennsylvania |
8.13% | |
South Carolina |
0.11% | |
Tennessee |
0.28% | |
Texas |
7.30% | |
Utah |
0.25% | |
Vermont |
0.13% | |
Virginia |
1.62% | |
Washington |
0.53% | |
West Virginia |
0.70% | |
Wisconsin |
1.36% | |
Wyoming |
0.24% | |
| ||
Total |
100.27% | |
|
9
Delaware Tax-Free USA Fund | February 28, 2015 (Unaudited) |
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds 97.11% |
||||||||
|
||||||||
Corporate Revenue Bonds 12.27% |
||||||||
Buckeye, Ohio Tobacco Settlement Financing Authority |
5,225,000 | $ | 4,344,117 | |||||
Gaston County, North Carolina Industrial Facilities & |
1,810,000 | 1,813,819 | ||||||
Gloucester County, New Jersey Pollution Control |
735,000 | 834,504 | ||||||
Golden State, California Tobacco Securitization Corporate |
9,285,000 | 7,983,893 | ||||||
Harris County, Texas Industrial Development Corporation |
2,955,000 | 3,297,218 | ||||||
Houston, Texas Airport System Revenue |
1,600,000 | 1,727,536 | ||||||
Illinois Railsplitter Tobacco Settlement Authority |
6,000,000 | 7,047,660 | ||||||
6.25% 6/1/24 |
6,810,000 | 7,316,528 | ||||||
Indianapolis, Indiana Airport Authority Revenue Special |
2,750,000 | 2,964,775 | ||||||
Maryland Economic Development Corporation Revenue |
3,375,000 | 3,771,799 | ||||||
M-S-R Energy Authority, California Gas Revenue |
1,915,000 | 2,457,366 | ||||||
New Jersey Economic Development Authority Special |
1,515,000 | 1,597,325 | ||||||
Series B 5.625% 11/15/30 (AMT) |
1,365,000 | 1,547,801 | ||||||
New York City, New York Industrial Development Agency |
2,000,000 | 2,174,640 | ||||||
New York State Liberty Development Corporation Revenue |
1,000,000 | 1,149,760 | ||||||
Ohio State Air Quality Development Authority Revenue |
4,750,000 | 5,516,935 |
10
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Corporate Revenue Bonds (continued) |
||||||||
Parish of St. John the Baptist, Louisiana |
1,875,000 | $ | 1,979,794 | |||||
Port of Seattle, Washington Industrial Development |
2,000,000 | 2,103,140 | ||||||
Salt Verde, Arizona Financial Senior Gas Revenue |
3,000,000 | 3,469,890 | ||||||
Shoals, Indiana |
1,940,000 | 2,186,555 | ||||||
Tobacco Settlement Financing Corporation, New Jersey |
4,765,000 | 3,725,849 | ||||||
Valparaiso, Indiana |
1,780,000 | 2,198,318 | ||||||
|
|
|||||||
71,209,222 | ||||||||
|
|
|||||||
Education Revenue Bonds 11.39% |
||||||||
Bowling Green, Ohio Student Housing Revenue CFP I |
5,295,000 | 5,736,444 | ||||||
California Statewide Communities Development Authority |
5,145,000 | 5,540,805 | ||||||
Connecticut State Health & Educational Facilities Authority |
3,000,000 | 3,399,660 | ||||||
Gainesville, Georgia Redevelopment Authority Educational |
2,850,000 | 2,704,080 | ||||||
Henderson, Nevada Public Improvement Trust |
805,000 | 894,484 | ||||||
Louisiana Public Facilities Authority Revenue |
1,875,000 | 2,227,163 | ||||||
Marietta, Georgia Development Authority Revenue |
4,200,000 | 4,470,354 | ||||||
Massachusetts State Development Finance Agency |
5,000,000 | 5,851,900 | ||||||
Massachusetts State Health & Educational Facilities |
5,000,000 | 5,838,850 | ||||||
Series A 5.50% 11/15/36 |
4,515,000 | 5,239,387 |
11
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Missouri State Health & Educational Facilities Authority |
5,000,000 | $ | 5,576,100 | |||||
New Jersey Economic Development Authority Revenue |
4,225,000 | 4,777,841 | ||||||
New York State Dormitory Authority |
2,290,000 | 2,585,983 | ||||||
Pennsylvania State Higher Educational Facilities Authority |
6,000,000 | 6,390,960 | ||||||
Private Colleges & Universities Authority, Georgia Revenue |
1,360,000 | 1,484,182 | ||||||
Provo, Utah Charter School Revenue |
1,565,000 | 1,583,373 | ||||||
San Juan, Texas Higher Education Finance Authority |
1,500,000 | 1,784,025 | ||||||
|
|
|||||||
66,085,591 | ||||||||
|
|
|||||||
Electric Revenue Bonds 4.18% |
||||||||
California State Department of Water Resources |
910,000 | 1,000,390 | ||||||
Series L 5.00% 5/1/20 |
5,000,000 | 5,953,800 | ||||||
City Public Service Board of San Antonio, Texas |
5,040,000 | 6,107,825 | ||||||
5.25% 2/1/24 |
7,000,000 | 8,810,200 | ||||||
Long Island, New York Power Authority |
1,430,000 | 1,603,488 | ||||||
Southern Minnesota Municipal Power Agency |
750,000 | 815,467 | ||||||
|
|
|||||||
24,291,170 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 11.01% |
||||||||
Alachua County, Florida Health Facilities Authority |
1,000,000 | 1,259,440 | ||||||
Colorado Health Facilities Authority Revenue |
2,040,000 | 2,453,426 | ||||||
(Evangelical Lutheran) Series A 5.25% 6/1/34 |
4,275,000 | 4,291,288 | ||||||
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 |
1,875,000 | 2,154,919 | ||||||
Fairfax County, Virginia Industrial Development Authority |
2,500,000 | 2,856,425 |
12
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Illinois Finance Authority Revenue |
3,000,000 | $ | 3,510,420 | |||||
Koyukuk, Alaska Revenue |
3,000,000 | 3,341,220 | ||||||
Louisiana Public Facilities Authority Revenue |
2,190,000 | 2,581,506 | ||||||
Maricopa County, Arizona Industrial Development |
3,690,000 | 4,266,157 | ||||||
Montgomery County, Pennsylvania Industrial Development |
3,000,000 | 3,049,380 | ||||||
6.00% 2/1/21 |
2,710,000 | 2,716,450 | ||||||
New York State Dormitory Authority Revenue Non State |
3,000,000 | 3,378,930 | ||||||
(Orange Regional Medical Center) 6.25% 12/1/37 |
2,250,000 | 2,479,050 | ||||||
6.50% 12/1/21 |
2,745,000 | 3,130,837 | ||||||
North Carolina Medical Care Commission Health Care |
1,555,000 | 1,688,746 | ||||||
(First Mortgage - Presbyterian Homes) 5.40% 10/1/27 |
3,260,000 | 3,384,956 | ||||||
Ohio State Higher Educational Facility Community |
2,000,000 | 2,193,360 | ||||||
Orange County, New York Funding Corporation Assisted |
3,000,000 | 3,012,450 | ||||||
Oregon Health & Science University Revenue |
2,000,000 | 1,717,480 | ||||||
Palm Beach County, Florida Health Facilities Authority |
120,000 | 137,318 | ||||||
Series A 7.50% 6/1/49 |
610,000 | 699,487 | ||||||
Rochester, Minnesota |
2,350,000 | 2,670,023 |
13
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Southwestern Illinois Development Authority Revenue |
2,000,000 | $ | 2,441,140 | |||||
Tempe, Arizona Industrial Development Authority Revenue |
1,000,000 | 1,092,900 | ||||||
West Virginia Hospital Finance Authority Revenue |
2,900,000 | 3,397,495 | ||||||
|
|
|||||||
63,904,803 | ||||||||
|
|
|||||||
Housing Revenue Bonds 1.19% |
||||||||
California Municipal Finance Authority Mobile Home Park |
4,655,000 | 5,203,499 | ||||||
Williston, North Dakota |
1,620,000 | 1,707,512 | ||||||
|
|
|||||||
6,911,011 | ||||||||
|
|
|||||||
Lease Revenue Bonds 3.09% |
||||||||
New Jersey Economic Development Authority |
2,890,000 | 3,223,766 | ||||||
Series GG 5.75% 9/1/23 |
1,000,000 | 1,165,770 | ||||||
New York City, New York Industrial Development Agency |
1,685,000 | 1,862,885 | ||||||
New York Liberty Development |
2,000,000 | 2,110,100 | ||||||
(Class 2-3 World Trade Center Project) 144A 5.375% 11/15/40 # |
4,155,000 | 4,660,747 | ||||||
Public Finance Authority, Wisconsin Airport Facilities |
2,245,000 | 2,278,630 | ||||||
St. Louis, Missouri Industrial Development Authority |
3,035,000 | 2,620,024 | ||||||
|
|
|||||||
17,921,922 | ||||||||
|
|
|||||||
Local General Obligation Bonds 6.89% |
||||||||
Arlington County, Virginia |
2,000,000 | 2,214,240 | ||||||
Fairfax County, Virginia |
9,000,000 | 10,561,590 | ||||||
Georgetown, Texas Independent School District |
1,430,000 | 1,674,058 |
14
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Local General Obligation Bonds (continued) |
||||||||
Georgetown, Texas Independent School District |
1,000,000 | $ | 1,167,260 | |||||
Katy, Texas Independent School District |
2,500,000 | 2,942,100 | ||||||
New York City, New York |
2,690,000 | 3,119,351 | ||||||
Series I-1 5.375% 4/1/36 |
5,000,000 | 5,752,100 | ||||||
Series J 5.00% 8/1/17 |
3,000,000 | 3,321,210 | ||||||
Subseries D-1 5.00% 10/1/36 |
6,500,000 | 7,360,860 | ||||||
Prince Georges County, Maryland |
1,700,000 | 1,882,104 | ||||||
|
|
|||||||
39,994,873 | ||||||||
|
|
|||||||
Pre-Refunded/Escrowed to Maturity Bonds 7.93% |
||||||||
Brevard County, Florida Health Facilities Authority Health |
4,065,000 | 5,025,356 | ||||||
Butler County, Pennsylvania Hospital Authority Revenue |
2,500,000 | 3,135,425 | ||||||
California State Economic Recovery |
3,130,000 | 3,708,048 | ||||||
Cape Girardeau County, Missouri Industrial Development |
165,000 | 170,968 | ||||||
Greene County, Missouri Single Family Mortgage Revenue |
1,225,000 | 1,220,431 | ||||||
Maryland State & Local Facilities Loan Capital |
935,000 | 997,187 | ||||||
Missouri State Highways & Transportation Commission |
7,000,000 | 7,385,210 | ||||||
New Jersey Educational Facilities Authority Revenue |
1,435,000 | 1,817,155 | ||||||
North Texas Tollway Authority Revenue |
2,930,000 | 3,355,377 | ||||||
Oklahoma State Turnpike Authority Revenue |
13,535,000 | 17,396,129 | ||||||
Virgin Islands Public Finance Authority Revenue |
1,155,000 | 1,308,615 |
15
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) |
||||||||
Wisconsin Housing & Economic Developing Authority |
450,000 | $ | 495,473 | |||||
|
|
|||||||
46,015,374 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 13.53% |
||||||||
Brooklyn Arena Local Development, New York Pilot |
8,230,000 | 9,859,869 | ||||||
Denver, Colorado Convention Center Hotel Authority |
1,305,000 | 1,343,876 | ||||||
Henderson, Nevada Local Improvement Districts No. T-18 |
1,655,000 | 1,413,072 | ||||||
Hollywood, Florida Community Redevelopment Agency |
1,105,000 | 1,108,050 | ||||||
Missouri State Environmental Improvement & Energy |
50,000 | 50,245 | ||||||
Mosaic, Virginia District Community Development |
3,980,000 | 4,610,631 | ||||||
Nevada State |
1,700,000 | 1,868,793 | ||||||
New Jersey Economic Development Authority Revenue |
3,000,000 | 3,374,640 | ||||||
5.00% 6/15/28 |
2,695,000 | 2,973,879 | ||||||
New Jersey Transportation Trust Fund Authority |
3,235,000 | 3,676,092 | ||||||
Series B 5.50% 6/15/31 |
10,000,000 | 11,530,300 | ||||||
New Mexico Finance Authority |
440,000 | 461,278 | ||||||
New York City, New York Industrial Development Agency |
1,000,000 | 1,196,440 | ||||||
New York City, New York Transitional Finance Authority |
10,000,000 | 11,480,600 | ||||||
Series C 5.25% 11/1/25 |
6,000,000 | 7,267,920 | ||||||
Series D 5.00% 2/1/26 |
3,000,000 | 3,516,960 | ||||||
New York State Dormitory Authority |
1,000,000 | 1,089,350 |
16
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
New York State Dormitory Authority State Personal Income |
6,000,000 | $ | 6,844,320 | |||||
Tampa, Florida Sports Authority Revenue Sales Tax |
1,000,000 | 1,123,750 | ||||||
Texas Public Finance Authority |
2,180,000 | 2,361,136 | ||||||
Wyandotte County, Kansas City, Kansas Unified |
1,935,000 | 1,394,148 | ||||||
|
|
|||||||
78,545,349 | ||||||||
|
|
|||||||
State General Obligation Bonds 6.32% |
||||||||
California State |
630,000 | 684,508 | ||||||
5.25% 11/1/40 |
3,795,000 | 4,447,095 | ||||||
Various Purposes 5.00% 9/1/22 |
2,180,000 | 2,668,603 | ||||||
5.00% 11/1/43 |
3,000,000 | 3,440,490 | ||||||
5.00% 10/1/44 |
2,420,000 | 2,792,486 | ||||||
6.00% 4/1/38 |
4,060,000 | 4,875,979 | ||||||
6.50% 4/1/33 |
2,570,000 | 3,139,127 | ||||||
Connecticut State |
900,000 | 975,618 | ||||||
North Carolina State Public Improvement |
10,585,000 | 12,582,813 | ||||||
Washington State |
990,000 | 1,071,497 | ||||||
|
|
|||||||
36,678,216 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 13.22% |
||||||||
Bay Area, California Toll Authority |
3,000,000 | 3,370,650 | ||||||
Central Texas Regional Mobility Authority Revenue |
5,160,000 | 6,014,032 | ||||||
Central Texas Turnpike System |
2,225,000 | 2,450,481 | ||||||
Maryland Economic Development Corporation Revenue |
5,075,000 | 5,504,802 | ||||||
New Jersey Transportation Trust Fund Authority |
5,000,000 | 5,647,500 |
17
Schedules of investments
Delaware Tax-Free USA Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
North Texas Tollway Authority Revenue |
415,000 | $ | 464,580 | |||||
(Second Tier) Series F 5.75% 1/1/38 |
6,130,000 | 6,789,281 | ||||||
Pennsylvania Economic Development Financing Authority |
1,875,000 | 1,846,350 | ||||||
5.00% 12/31/38 (AMT) |
3,085,000 | 3,405,408 | ||||||
Phoenix, Arizona Civic Improvement Corporation Airport |
1,800,000 | 2,091,222 | ||||||
Port Authority of New York & New Jersey Special Project |
4,735,000 | 5,588,200 | ||||||
6.50% 12/1/28 |
5,500,000 | 5,737,765 | ||||||
St. Louis, Missouri Airport Revenue |
5,995,000 | 7,056,894 | ||||||
Texas Private Activity Bond Surface Transportation |
5,715,000 | 6,922,237 | ||||||
7.50% 6/30/33 |
1,560,000 | 1,939,298 | ||||||
(NTE Mobility Partners) 6.75% 6/30/43 (AMT) |
2,490,000 | 3,052,391 | ||||||
6.875% 12/31/39 |
5,500,000 | 6,551,875 | ||||||
7.00% 12/31/38 (AMT) |
1,830,000 | 2,287,976 | ||||||
|
|
|||||||
76,720,942 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 6.09% |
||||||||
Atlanta, Georgia Water & Wastewater Revenue |
5,500,000 | 6,609,955 | ||||||
Jefferson County, Alabama Sewer Revenue |
4,500,000 | 5,239,125 | ||||||
Metropolitan Water Reclamation District of Greater |
440,000 | 474,857 | ||||||
New York City, New York Municipal Water Finance |
4,000,000 | 4,602,640 | ||||||
(Second Generation Fiscal 2013) Series CC 5.00% 6/15/47 |
1,975,000 | 2,239,176 | ||||||
(Second Generation Resolution Fiscal 2014) Series BB 5.00% 6/15/46 |
5,000,000 | 5,672,700 | ||||||
(Second Generation) Series BB 5.00% 6/15/47 |
4,000,000 | 4,506,560 |
18
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Water & Sewer Revenue Bonds (continued) |
||||||||
San Francisco, California City & County Public Utilities |
5,000,000 | $ | 5,979,950 | |||||
|
|
|||||||
35,324,963 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $506,399,603) |
563,603,436 | |||||||
|
|
|||||||
|
||||||||
Short-Term Investments 2.56% |
||||||||
|
||||||||
Variable Rate Demand Notes 2.56%¤ |
||||||||
California Pollution Control Financing Authority |
4,200,000 | 4,200,000 | ||||||
(Pacific Gas & Electric) Series C 0.01% 11/1/26 (LOC - JPMorgan Chase Bank N.A.) |
1,000,000 | 1,000,000 | ||||||
Connecticut State Health & Educational Facility Authority |
600,000 | 600,000 | ||||||
Jackson County, Mississippi (Chevron USA Inc. Project) |
710,000 | 710,000 | ||||||
Minneapolis-St. Paul, Minnesota Housing & |
1,500,000 | 1,500,000 | ||||||
(Childrens) Series B 0.01% 8/15/25 (AGM) (SPA U.S. Bank N.A.) |
3,425,000 | 3,425,000 | ||||||
Mississippi Business Finance (Chevron USA Inc. Project) |
1,000,000 | 1,000,000 | ||||||
University of Michigan Series D-1 0.01% 12/1/24 |
345,000 | 345,000 | ||||||
Village of Romeoville, Illinois (Lewis University) |
2,100,000 | 2,100,000 | ||||||
|
|
|||||||
Total Short-Term Investments (cost $14,880,000) |
14,880,000 | |||||||
|
|
|||||||
Total Value of Securities 99.67% |
$578,483,436 | |||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2015, the aggregate value of Rule 144A securities was $6,770,847, which represents 1.17% of the Funds net assets. 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. The rate shown is the rate as of Feb. 28, 2015. |
19
Schedules of investments
Delaware Tax-Free USA Fund
° | Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| Variable rate security. The rate shown is the rate as of Feb. 28, 2015. Interest rates reset periodically. |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in Notes to financial statements. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMBAC Insured by AMBAC Assurance Corporation
AMT Subject to Alternative Minimum Tax
ASSURED GTY Insured by Assured Guaranty Corporation
FHA Federal Housing Administration
LOC Letter of Credit
N.A. North America
NATL-RE Insured by National Public Finance Guarantee Corporation
PSF Guaranteed by Permanent School Fund
SGI Insured by Syncora Guarantee Inc.
See accompanying notes, which are an integral part of the financial statements.
20
Schedules of investments
Delaware Tax-Free USA Intermediate Fund | February 28, 2015 (Unaudited) |
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds 99.03% |
||||||||
|
||||||||
Corporate Revenue Bonds 10.66% |
||||||||
Allegheny County, Pennsylvania Industrial Development |
2,305,000 | $ | 2,482,185 | |||||
Build NYC Resource, New York |
1,200,000 | 1,302,276 | ||||||
Chesterfield County, Virginia Economic Development |
1,460,000 | 1,681,599 | ||||||
Gloucester County, New Jersey Pollution Control |
1,015,000 | 1,152,411 | ||||||
Golden State, California Tobacco Securitization Corporate |
11,385,000 | 11,090,015 | ||||||
Harris County, Texas Industrial Development Corporation |
2,750,000 | 3,068,477 | ||||||
Houston, Texas Airport System Revenue |
1,500,000 | 1,634,550 | ||||||
Illinois Railsplitter Tobacco Settlement Authority |
7,160,000 | 8,384,646 | ||||||
6.25% 6/1/24 |
7,500,000 | 8,057,850 | ||||||
Indianapolis, Indiana Airport Authority Revenue Special |
750,000 | 808,575 | ||||||
Maricopa County, Arizona Corporation Pollution Control |
6,000,000 | 6,768,480 | ||||||
Maryland Economic Development Corporation Pollution |
3,825,000 | 4,274,705 | ||||||
(Potomac Electric Project) 6.20% 9/1/22 |
1,780,000 | 2,114,978 | ||||||
New Jersey Economic Development Authority Special |
3,025,000 | 3,189,379 | ||||||
Series B 5.625% 11/15/30 (AMT) |
1,890,000 | 2,143,109 | ||||||
Nez Perce County, Idaho |
850,000 | 850,927 |
21
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Corporate Revenue Bonds (continued) |
||||||||
Ohio State Air Quality Development Authority Revenue |
4,320,000 | $ | 5,017,507 | |||||
(Pollution Control-First Energy) Series C 5.625% 6/1/18 |
2,370,000 | 2,641,839 | ||||||
Salt Verde, Arizona Financial Corporation Senior Gas |
3,050,000 | 3,632,794 | ||||||
Texas Municipal Gas Acquisition & Supply Corp I |
5,800,000 | 7,234,978 | ||||||
Tobacco Settlement Financing Corporation, New Jersey |
1,500,000 | 1,504,740 | ||||||
Wisconsin Public Finance Authority Exempt Facilities |
2,905,000 | 2,985,556 | ||||||
|
|
|||||||
82,021,576 | ||||||||
|
|
|||||||
Education Revenue Bonds 7.51% |
||||||||
Build NYC Resource, New York |
1,800,000 | 2,008,206 | ||||||
5.25% 11/1/34 |
4,680,000 | 5,106,488 | ||||||
California Municipal Finance Authority |
370,000 | 419,695 | ||||||
California Municipal Finance Authority Educational |
1,000,000 | 1,001,490 | ||||||
California Statewide Communities Development Authority |
2,215,000 | 2,522,243 | ||||||
California Statewide Communities Development Authority |
3,150,000 | 3,553,735 | ||||||
Clifton, Texas Higher Education Finance Corporation |
1,100,000 | 1,275,406 | ||||||
Connecticut State Health & Educational Facilities Authority |
5,000,000 | 5,666,100 | ||||||
Henderson, Nevada Public Improvement Trust |
1,190,000 | 1,337,048 | ||||||
Marietta, Georgia Development Authority Revenue |
865,000 | 926,268 |
22
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Massachusetts State Development Finance Agency |
1,670,000 | $ | 1,988,319 | |||||
Massachusetts State Health & Educational Facilities |
3,000,000 | 3,617,640 | ||||||
New York City Trust for Cultural Resources |
3,025,000 | 3,550,563 | ||||||
New York State Dormitory Authority |
1,055,000 | 1,222,091 | ||||||
(Touro College & University System) Series A 5.25% 1/1/34 |
1,360,000 | 1,532,054 | ||||||
Pennsylvania State Higher Educational Facilities Authority |
5,290,000 | 6,124,445 | ||||||
Private Colleges & Universities Authority, Georgia Revenue |
2,020,000 | 2,285,852 | ||||||
Series C 5.25% 10/1/27 |
2,100,000 | 2,375,667 | ||||||
Troy, New York Capital Resource Corporation Revenue |
2,500,000 | 2,819,500 | ||||||
University of North Carolina at Chapel Hill |
3,490,000 | 3,886,394 | ||||||
University of Texas, Texas Permanent University Fund |
3,715,000 | 4,547,048 | ||||||
|
|
|||||||
57,766,252 | ||||||||
|
|
|||||||
Electric Revenue Bonds 2.31% |
||||||||
California State Department of Water Resources |
1,200,000 | 1,319,196 | ||||||
California State Department Water Resources Power |
6,000,000 | 6,989,400 | ||||||
Series N 5.00% 5/1/21 |
3,580,000 | 4,356,752 | ||||||
Long Island, New York Power Authority |
2,325,000 | 2,633,225 | ||||||
Rochester, Minnesota Electric Utilities Revenue |
2,000,000 | 2,163,120 | ||||||
Southern Minnesota Municipal Power Agency |
300,000 | 326,187 | ||||||
|
|
|||||||
17,787,880 | ||||||||
|
|
23
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds 10.19% |
||||||||
Arizona Health Facilities Authority |
8,400,000 | $ | 9,761,892 | |||||
Berks County, Pennsylvania Hospital Authority Revenue |
4,405,000 | 5,107,333 | ||||||
California Statewide Communities Development Authority |
5,325,000 | 6,148,458 | ||||||
Dauphin County, Pennsylvania General Authority Health |
3,400,000 | 3,991,124 | ||||||
Illinois Finance Authority Revenue |
2,900,000 | 3,293,472 | ||||||
Series A 5.00% 11/15/33 |
1,450,000 | 1,642,734 | ||||||
Minneapolis, Minnesota Health Care System Revenue |
3,710,000 | 4,353,982 | ||||||
Minneapolis, Minnesota Revenue |
4,720,000 | 4,941,793 | ||||||
5.00% 8/1/18 |
2,500,000 | 2,705,750 | ||||||
Montgomery County, Pennsylvania Industrial Development |
870,000 | 884,833 | ||||||
New York State Dormitory Authority Revenue Non State |
1,600,000 | 1,817,872 | ||||||
(North Shore Long Island Jewish Health System) Series A 5.00% 5/1/23 |
4,000,000 | 4,619,840 | ||||||
(Orange Regional Medical Center) 6.50% 12/1/21 |
2,000,000 | 2,281,120 | ||||||
North Carolina Medical Care Commission Health Care |
780,000 | 809,897 | ||||||
Ohio State Higher Educational Facilities Commission |
2,000,000 | 2,160,380 | ||||||
Series A 5.00% 1/1/18 |
1,000,000 | 1,115,170 | ||||||
Onondaga, New York Civic Development Corporation |
1,000,000 | 1,088,510 |
24
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Palm Beach County, Florida Health Facilities Authority |
950,000 | $ | 1,052,515 | |||||
Series C 6.00% 6/1/21 |
1,000,000 | 1,095,820 | ||||||
Pennsylvania Economic Development Financing Authority |
670,000 | 783,538 | ||||||
Rochester, Minnesota Health Care Facilities Revenue |
3,800,000 | 4,204,586 | ||||||
Series C 4.50% 11/15/38 |
2,540,000 | 2,975,077 | ||||||
Southwestern Illinois Development Authority |
2,190,000 | 2,709,205 | ||||||
St. Louis Park, Minnesota Health Care Facilities Revenue |
4,240,000 | 4,746,129 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority |
1,000,000 | 1,030,190 | ||||||
Westminster, Maryland |
1,160,000 | 1,199,301 | ||||||
Series C 4.375% 7/1/21 |
1,175,000 | 1,198,594 | ||||||
Series D 3.875% 7/1/19 |
660,000 | 667,412 | ||||||
|
|
|||||||
78,386,527 | ||||||||
|
|
|||||||
Housing Revenue Bonds 0.26% |
||||||||
Williston, North Dakota |
1,880,000 | 1,985,261 | ||||||
|
|
|||||||
1,985,261 | ||||||||
|
|
|||||||
Lease Revenue Bonds 4.03% |
||||||||
California Statewide Communities Development Authority |
3,605,000 | 3,848,446 | ||||||
(Lancer Plaza Project) 5.125% 11/1/23 |
785,000 | 851,262 | ||||||
Idaho Building Authority Revenue |
2,800,000 | 3,377,444 | ||||||
Los Angeles County, California |
1,100,000 | 1,331,352 | ||||||
5.00% 3/1/23 |
2,395,000 | 2,899,507 |
25
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Lease Revenue Bonds (continued) |
||||||||
Minnesota State General Fund Revenue |
3,265,000 | $ | 3,881,693 | |||||
New Jersey Economic Development Authority |
2,485,000 | 2,771,993 | ||||||
New York Liberty Development Revenue |
4,665,000 | 5,148,481 | ||||||
Public Finance Authority, Wisconsin Airport Facilities |
2,870,000 | 2,886,990 | ||||||
(Senior Obligation Group) Series B 5.00% 7/1/22 (AMT) |
3,610,000 | 3,994,826 | ||||||
|
|
|||||||
30,991,994 | ||||||||
|
|
|||||||
Local General Obligation Bonds 4.81% |
||||||||
Chesterfield County, Virginia |
4,070,000 | 4,963,650 | ||||||
Conroe, Texas Independent School District |
3,865,000 | 4,544,351 | ||||||
Fort Worth, Texas Independent School District |
2,000,000 | 2,415,480 | ||||||
Henrico County, Virginia Refunding Public Improvement |
4,000,000 | 4,670,080 | ||||||
Houston, Texas Refunding & Public Improvement |
5,000,000 | 5,624,900 | ||||||
New York City, New York |
3,500,000 | 3,878,280 | ||||||
Series E 5.00% 8/1/23 |
3,685,000 | 4,494,816 | ||||||
Series G 5.25% 8/1/15 |
5,000 | 5,022 | ||||||
Subseries D-1 5.00% 10/1/30 |
4,000,000 | 4,674,280 | ||||||
Town of Greenwich, Connecticut |
1,670,000 | 1,782,475 | ||||||
|
|
|||||||
37,053,334 | ||||||||
|
|
|||||||
Pre-Refunded/Escrowed to Maturity Bonds 5.36% |
||||||||
Arizona Water Infrastructure Finance Authority Revenue |
2,430,000 | 2,780,163 | ||||||
Bay Area, California Toll Bridge Authority Revenue |
1,665,000 | 1,878,320 | ||||||
Butler County, Pennsylvania Hospital Authority Revenue |
2,250,000 | 2,821,883 | ||||||
California State Economic Recovery |
2,740,000 | 3,246,023 | ||||||
Fairfax County, Virginia Public Improvement Revenue |
10,000,000 | 11,281,200 |
26
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) |
||||||||
Maryland State & Local Facilities Loan Capital |
3,675,000 | $ | 4,011,446 | |||||
Second Series 5.00% 8/1/17-16§ |
2,740,000 | 2,922,237 | ||||||
Massachusetts State Water Pollution Abatement Trust |
2,170,000 | 2,314,978 | ||||||
Missouri State Highways & Transportation Commission |
1,940,000 | 2,137,492 | ||||||
North Texas Tollway Authority Revenue |
3,440,000 | 3,929,994 | ||||||
Series E-3 5.75% 1/1/38-16§ |
3,750,000 | 3,921,075 | ||||||
|
|
|||||||
41,244,811 | ||||||||
|
|
|||||||
Resource Recovery Revenue Bonds 0.20% |
||||||||
Jefferson County, New York Industrial Development |
555,000 | 561,937 | ||||||
5.25% 1/1/24 (AMT) |
510,000 | 520,123 | ||||||
Pennsylvania Economic Development Financing Authority |
450,000 | 457,205 | ||||||
|
|
|||||||
1,539,265 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 15.68% |
||||||||
Baltimore, Maryland Convention Center Hotel Revenue |
500,000 | 508,360 | ||||||
Brooklyn Arena Local Development, New York Pilot |
5,500,000 | 6,589,220 | ||||||
Celebration Pointe, Florida Community Development |
725,000 | 739,689 | ||||||
5.00% 5/1/34 |
580,000 | 593,920 | ||||||
Dallas, Texas Convention Center Hotel Development |
3,420,000 | 3,820,619 | ||||||
Series A 5.25% 1/1/23 |
5,375,000 | 6,054,293 | ||||||
Delaware Transportation Authority |
5,475,000 | 6,049,875 |
27
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
Ernest N Morail-New Orleans, Louisiana Exhibition Hall |
6,160,000 | $ | 7,132,479 | |||||
Guam Government Limited Obligation Revenue |
1,750,000 | 1,952,563 | ||||||
Series A 5.625% 12/1/29 |
1,125,000 | 1,248,199 | ||||||
Harris County-Houston, Texas Sports Authority |
1,805,000 | 2,072,790 | ||||||
Louisiana State Citizens Property Insurance Corporation |
6,350,000 | 7,419,149 | ||||||
Nevada State |
2,245,000 | 2,467,906 | ||||||
New Jersey State Economic Development Authority |
1,750,000 | 2,001,073 | ||||||
5.00% 6/15/23 |
1,250,000 | 1,429,100 | ||||||
(School Facilities Construction) Series AA 5.50% 12/15/29 |
4,580,000 | 5,069,648 | ||||||
New Jersey State Transportation Trust Fund Authority |
7,310,000 | 8,428,649 | ||||||
New York City, New York Transitional Finance Authority |
2,865,000 | 3,521,285 | ||||||
Subseries A-1 5.00% 11/1/20 |
2,860,000 | 3,402,170 | ||||||
Subseries C 5.00% 11/1/27 |
4,150,000 | 4,969,003 | ||||||
Subseries E-1 5.00% 2/1/26 |
4,020,000 | 4,807,478 | ||||||
New York State Local Government Assistance Corporation |
8,615,000 | 9,418,004 | ||||||
Series A 5.00% 4/1/20 |
3,360,000 | 3,978,610 | ||||||
New York State Urban Development Corporation |
5,785,000 | 6,459,936 | ||||||
Oregon State Lottery |
3,550,000 | 4,421,489 | ||||||
Richmond Heights, Missouri Tax Increment & Transaction |
1,000,000 | 1,002,820 | ||||||
St. Joseph, Missouri Industrial Development Authority Tax |
880,000 | 881,294 |
28
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
Texas Public Finance Authority |
2,900,000 | $ | 3,140,961 | |||||
Texas State Transportation Commission Highway Fund |
1,700,000 | 1,857,539 | ||||||
Virginia Commonwealth Transportation Board |
6,500,000 | 7,858,240 | ||||||
Wyandotte County, Kansas City, Kansas Unified |
1,945,000 | 1,401,353 | ||||||
|
|
|||||||
120,697,714 | ||||||||
|
|
|||||||
State General Obligation Bonds 17.45% |
||||||||
California State |
840,000 | 912,677 | ||||||
5.00% 2/1/20 |
4,250,000 | 5,012,620 | ||||||
(Various Purposes) 5.00% 10/1/18 |
5,000,000 | 5,717,650 | ||||||
5.00% 11/1/19 |
5,245,000 | 6,154,011 | ||||||
5.00% 10/1/24 |
2,935,000 | 3,663,819 | ||||||
5.25% 9/1/28 |
7,750,000 | 9,202,427 | ||||||
Connecticut State |
2,000,000 | 2,277,160 | ||||||
Series E 5.00% 12/15/17 |
1,230,000 | 1,333,344 | ||||||
Georgia State |
5,000,000 | 6,273,000 | ||||||
Series B 5.00% 7/1/17 |
4,810,000 | 5,310,240 | ||||||
Hawaii State |
5,000,000 | 5,840,750 | ||||||
Louisiana State |
6,655,000 | 8,032,252 | ||||||
Maryland State & Local Facilities Loan Capital |
1,930,000 | 2,169,494 | ||||||
Minnesota State |
2,020,000 | 2,359,037 | ||||||
Series F 5.00% 10/1/22 |
8,000,000 | 9,865,280 | ||||||
Mississippi State |
4,860,000 | 5,406,944 |
29
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
State General Obligation Bonds (continued) |
||||||||
New Jersey State |
7,000,000 | $ | 8,057,210 | |||||
New York State |
5,000,000 | 5,888,200 | ||||||
North Carolina State Public Improvement |
2,625,000 | 3,135,956 | ||||||
Oregon State |
6,000,000 | 7,102,440 | ||||||
Pennsylvania State |
2,300,000 | 2,704,823 | ||||||
Tennessee State |
2,355,000 | 2,550,536 | ||||||
Texas State |
4,300,000 | 5,154,066 | ||||||
Virginia State |
2,000,000 | 2,258,740 | ||||||
Series D 5.00% 6/1/19 |
5,715,000 | 6,651,460 | ||||||
Washington State |
4,250,000 | 4,521,363 | ||||||
(Various Purposes) Series A 5.00% 7/1/16 |
1,000,000 | 1,063,850 | ||||||
Series R - 2010A 5.00% 1/1/17 |
1,310,000 | 1,417,839 | ||||||
Series 2015-A-1 5.00% 8/1/30 |
3,595,000 | 4,269,242 | ||||||
|
|
|||||||
134,306,430 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 16.06% |
||||||||
Broward County, Florida Airport System Revenue |
2,000,000 | 2,296,280 | ||||||
Central Texas Turnpike System |
3,500,000 | 3,910,935 | ||||||
Chicago, Illinois OHare International Airport Revenue |
2,150,000 | 2,453,945 | ||||||
Dallas-Fort Worth, Texas International Airport Revenue |
680,000 | 733,550 | ||||||
Houston, Texas Airports Commission Revenue Series B |
1,000,000 | 1,163,990 | ||||||
5.00% 7/1/26 |
3,000,000 | 3,480,420 | ||||||
Idaho Housing & Finance Association Grant Revenue |
2,760,000 | 3,106,711 |
30
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
Los Angeles, California Department of Airports |
1,160,000 | $ | 1,356,121 | |||||
Series A 5.00% 5/15/32 (AMT) |
1,160,000 | 1,349,474 | ||||||
Louisiana State Highway Improvement Revenue |
5,195,000 | 6,157,581 | ||||||
Maryland State Economic Development Corporation |
2,535,000 | 2,792,150 | ||||||
Memphis-Shelby County, Tennessee Airport Authority |
4,110,000 | 4,749,721 | ||||||
Metropolitan, New York Transportation Authority Revenue |
2,860,000 | 3,426,709 | ||||||
Series A 5.00% 11/15/18 |
2,500,000 | 2,854,825 | ||||||
Minneapolis - St. Paul, Minnesota Metropolitan Airports |
5,000,000 | 5,400,950 | ||||||
New Orleans, Louisiana Aviation Board |
2,900,000 | 3,267,198 | ||||||
Series B 5.00% 1/1/33 (AMT) |
2,900,000 | 3,254,351 | ||||||
New York State Thruway Authority Revenue |
7,265,000 | 8,341,237 | ||||||
Series J 5.00% 1/1/27 |
5,705,000 | 6,797,793 | ||||||
North Texas Tollway Authority Revenue |
485,000 | 548,588 | ||||||
(First Tier) (Special Projects System) Series A 5.00% 9/1/17 |
1,000,000 | 1,108,150 | ||||||
Pennsylvania Economic Development Financing Authority |
5,690,000 | 6,325,232 | ||||||
Pennsylvania State Turnpike Commission Revenue |
3,590,000 | 4,124,659 | ||||||
Phoenix, Arizona Civic Improvement Corporation Airport |
7,500,000 | 8,713,425 | ||||||
Port Authority of New York & New Jersey Special Project |
8,300,000 | 8,658,809 | ||||||
Sacramento County, California Airport System Revenue |
1,425,000 | 1,663,859 | ||||||
(PFC/Grant) Series D 5.50% 7/1/28 |
2,020,000 | 2,287,185 |
31
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
San Francisco, California City & County Airports |
2,000,000 | $ | 2,355,960 | |||||
San Jose, California Airport Revenue |
645,000 | 754,527 | ||||||
St. Louis, Missouri Airport Revenue |
3,780,000 | 4,446,225 | ||||||
Texas Private Activity Bond Surface Transportation |
3,625,000 | 4,506,383 | ||||||
(NTE Mobility Partners) 7.00% 12/31/38 (AMT) |
3,750,000 | 4,688,475 | ||||||
7.50% 12/31/31 |
3,765,000 | 4,597,103 | ||||||
Triborough, New York Bridge & Tunnel Authority Revenue |
1,720,000 | 1,917,439 | ||||||
|
|
|||||||
123,589,960 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 4.51% |
||||||||
Arizona State Water Infrastructure Finance Authority |
1,500,000 | 1,798,275 | ||||||
Atlanta, Georgia Water & Wastewater Revenue |
2,925,000 | 3,542,292 | ||||||
Series B 5.50% 11/1/23 (AGM) |
3,000,000 | 3,501,870 | ||||||
California State Department of Water Resources Center |
2,695,000 | 3,290,918 | ||||||
New York State Environmental Facilities Corporation |
1,405,000 | 1,589,477 | ||||||
Series D 5.00% 9/15/23 |
3,360,000 | 3,725,971 | ||||||
Portland, Oregon Sewer System Revenue (First Lien) |
4,000,000 | 4,541,760 | ||||||
Sacramento, California Water Revenue |
3,160,000 | 3,793,548 | ||||||
San Francisco, California City & County Public Utilities |
7,430,000 | 8,961,769 | ||||||
|
|
|||||||
34,745,880 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $708,309,191) |
762,116,884 | |||||||
|
|
32
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Short-Term Investments 0.84% |
||||||||
|
||||||||
Variable Rate Demand Notes 0.84%¤ |
||||||||
California Pollution Control Financing Authority (Pacific |
1,000,000 | $ | 1,000,000 | |||||
Colorado Educational & Cultural Facilities Authority |
900,000 | 900,000 | ||||||
Lower Neches Valley, Texas Authority Industrial |
2,500,000 | 2,500,000 | ||||||
Massachusetts Health & Educational Facilities Authority |
545,000 | 545,000 | ||||||
Minneapolis-St. Paul Housing & Redevelopment Authority |
1,500,000 | 1,500,000 | ||||||
|
|
|||||||
Total Short-Term Investments (cost $6,445,000) |
6,445,000 | |||||||
|
|
|||||||
Total Value of Securities 99.87% |
$768,561,884 | |||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2015, the aggregate value of Rule 144A securities was $6,450,757, which represents 0.84% of the Funds net assets. See Note 6 in Notes to financial statements. |
@ | Illiquid security. At Feb. 28, 2015, the aggregate value of illiquid securities was $881,294, which represents 0.11% of the Funds net assets. 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. The rate shown is the rate as of Feb. 28, 2015. |
° | Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| Variable rate security. The rate shown is the rate as of Feb. 28, 2015. Interest rates reset periodically. |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in Notes to financial statements. |
33
Schedules of investments
Delaware Tax-Free USA Intermediate Fund
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMBAC Insured by AMBAC Assurance Corporation
AMT Subject to Alternative Minimum Tax
ASSURED GTY Insured by Assured Guaranty Corporation
LOC Letter of Credit
N.A. North America
NATL-RE Insured by National Public Finance Guarantee Corporation
PSF Guaranteed by Permanent School Fund
See accompanying notes, which are an integral part of the financial statements.
34
Schedules of investments
Delaware National High-Yield Municipal Bond Fund | February 28, 2015 (Unaudited) |
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds 98.04% |
||||||||
|
||||||||
Corporate Revenue Bonds 21.78% |
||||||||
Allegheny County, Pennsylvania Industrial Development |
6,520,000 | $ | 6,716,448 | |||||
6.875% 5/1/30 |
300,000 | 345,318 | ||||||
Buckeye, Ohio Tobacco Settlement Financing Authority |
28,990,000 | 24,102,577 | ||||||
Series A-2 6.50% 6/1/47 |
8,405,000 | 7,545,337 | ||||||
Build NYC Resource, New York |
2,950,000 | 3,160,659 | ||||||
California Pollution Control Financing Authority Revenue |
5,000,000 | 5,468,250 | ||||||
California State Enterprise Development Authority Revenue |
1,000,000 | 1,163,830 | ||||||
Cloquet, Minnesota Pollution Control Revenue |
3,605,000 | 3,608,893 | ||||||
Columbus County, North Carolina Industrial Facilities & |
1,000,000 | 1,132,130 | ||||||
Gaston County, North Carolina Industrial Facilities & |
1,510,000 | 1,513,186 | ||||||
Gloucester County, New Jersey Pollution Control |
1,430,000 | 1,623,593 | ||||||
Golden State, California Tobacco Securitization Corporate |
5,000,000 | 3,926,350 | ||||||
Series A-1 5.75% 6/1/47 |
19,410,000 | 16,690,077 | ||||||
Houston, Texas Airport System Revenue |
2,000,000 | 2,353,420 | ||||||
(United Airlines Inc.) 5.00% 7/1/29 (AMT) |
1,150,000 | 1,241,667 | ||||||
Illinois Railsplitter Tobacco Settlement Authority |
2,010,000 | 2,366,875 | ||||||
6.00% 6/1/28 |
1,455,000 | 1,709,058 | ||||||
6.25% 6/1/24 |
2,635,000 | 2,830,991 |
35
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Corporate Revenue Bonds (continued) |
||||||||
Louisiana Local Government Environmental Facilities & |
3,000,000 | $ | 3,610,230 | |||||
Louisiana Public Facilities Authority |
3,500,000 | 3,654,525 | ||||||
Maryland Economic Development Corporation Facilities |
5,875,000 | 6,565,724 | ||||||
Michigan Tobacco Settlement Financing Authority |
555,000 | 475,213 | ||||||
M-S-R Energy Authority, California Gas Revenue |
2,500,000 | 3,454,775 | ||||||
New Jersey Economic Development Authority Special |
4,000,000 | 4,382,840 | ||||||
Series B 5.625% 11/15/30 (AMT) |
1,270,000 | 1,440,078 | ||||||
New York City, New York Industrial Development Agency |
100,000 | 105,468 | ||||||
7.75% 8/1/31 (AMT) |
1,000,000 | 1,087,320 | ||||||
(JetBlue Airways Corp. Project) 5.125% 5/15/30 (AMT) |
1,000,000 | 1,000,330 | ||||||
New York Liberty Development Corporation Revenue |
10,000,000 | 11,962,000 | ||||||
(Second Priority - Bank of America Tower) Class 3 6.375% 7/15/49 |
2,000,000 | 2,299,520 | ||||||
Nez Perce County, Idaho |
1,285,000 | 1,286,401 | ||||||
Ohio State Water Development Authority |
5,000,000 | 5,358,150 | ||||||
Parish of St. John the Baptist, Louisiana |
3,700,000 | 3,906,793 | ||||||
Pennsylvania Economic Development Financing Authority |
4,500,000 | 4,658,760 | ||||||
Pima County, Arizona Industrial Development Authority |
500,000 | 552,080 | ||||||
Port of Seattle, Washington Industrial Development |
2,000,000 | 2,103,140 |
36
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Corporate Revenue Bonds (continued) |
||||||||
Salt Verde, Arizona Financial Senior Gas Revenue |
13,015,000 | $ | 15,053,539 | |||||
5.25% 12/1/27 |
2,235,000 | 2,680,637 | ||||||
5.25% 12/1/28 |
1,050,000 | 1,260,735 | ||||||
5.50% 12/1/29 |
765,000 | 924,380 | ||||||
Shoals, Indiana |
1,625,000 | 1,831,521 | ||||||
Sweetwater County, Wyoming Solid Waste Disposal |
1,000,000 | 1,032,130 | ||||||
Texas Municipal Gas Acquisition & Supply Corp I |
4,460,000 | 5,563,449 | ||||||
Tobacco Settlement Financing Corporation, Louisiana |
2,540,000 | 2,838,552 | ||||||
Tobacco Settlement Financing Corporation, New Jersey |
18,430,000 | 14,410,786 | ||||||
TSASC, New York Revenue (Asset-Backed) |
485,000 | 415,141 | ||||||
Tulsa, Oklahoma Municipal Airport Trust Revenue |
2,000,000 | 2,176,860 | ||||||
Valparaiso, Indiana |
2,865,000 | 3,538,304 | ||||||
|
|
|||||||
197,128,040 | ||||||||
|
|
|||||||
Education Revenue Bonds 14.09% |
||||||||
Arlington, Texas Higher Education Finance |
1,000,000 | 1,142,970 | ||||||
Bowling Green, Ohio Student Housing Revenue CFP I |
1,215,000 | 1,316,295 | ||||||
Buffalo & Erie County, New York Industrial Land |
1,810,000 | 1,885,423 | ||||||
Build NYC Resource, New York |
1,000,000 | 1,054,960 | ||||||
5.50% 11/1/44 |
2,500,000 | 2,714,875 | ||||||
California Municipal Finance Authority Revenue |
1,000,000 | 1,218,010 | ||||||
(Partnership Uplift Community Project) Series A 5.25% 8/1/42 |
1,700,000 | 1,792,616 | ||||||
(Santa Rosa Academy Project) Series A 6.00% 7/1/42 |
1,250,000 | 1,322,650 | ||||||
(Southwestern Law School) 6.50% 11/1/41 |
1,500,000 | 1,850,370 |
37
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
California School Finance Authority |
2,750,000 | $ | 2,772,660 | |||||
(View Park Elementary & Middle Schools) 5.875% 10/1/44 |
1,000,000 | 1,022,740 | ||||||
6.00% 10/1/49 |
720,000 | 735,847 | ||||||
California State University |
4,570,000 | 5,109,717 | ||||||
California Statewide Communities Development Authority |
1,915,000 | 2,242,139 | ||||||
California Statewide Communities Development Authority |
995,000 | 1,068,978 | ||||||
(California Baptist University Project) 7.50% 11/1/41 |
1,000,000 | 1,189,060 | ||||||
Series A 5.50% 11/1/38 |
2,000,000 | 2,076,540 | ||||||
Capital Trust Agency, Florida |
870,000 | 873,950 | ||||||
5.625% 2/1/45 |
1,500,000 | 1,505,025 | ||||||
Chattanooga, Tennessee Health Educational & Housing |
1,000,000 | 1,006,740 | ||||||
(CDFI Phase I, LLC Project) Subordinate Series B 6.00% 10/1/35 |
1,500,000 | 1,514,205 | ||||||
Clifton, Texas Higher Education Finance Corporation |
1,000,000 | 1,134,800 | ||||||
(Uplift Education) Series A 6.25% 12/1/45 |
1,000,000 | 1,169,150 | ||||||
Colorado Educational & Cultural Facilities Authority |
2,000,000 | 2,364,740 | ||||||
(Skyview Charter School) 144A 5.375% 7/1/44 # |
500,000 | 530,495 | ||||||
District of Columbia |
1,450,000 | 1,688,032 | ||||||
(Provident Group - Howard Properties) 5.00% 10/1/35 |
2,500,000 | 2,593,750 | ||||||
East Hempfield Township, Pennsylvania Industrial |
1,000,000 | 1,083,960 |
38
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Gainesville, Georgia Redevelopment Authority Educational |
2,800,000 | $ | 2,778,916 | |||||
5.125% 3/1/37 |
2,000,000 | 1,897,600 | ||||||
Hawaii State Department of Budget & Finance |
2,000,000 | 2,280,580 | ||||||
Henderson, Nevada Public Improvement Trust |
2,000,000 | 2,212,480 | ||||||
Idaho Housing & Finance Association |
529,150 | 522,864 | ||||||
Series B 144A 10.002% 7/1/49 #^ |
2,888,155 | 239,544 | ||||||
Illinois Finance Authority Charter School Revenue |
1,000,000 | 1,152,620 | ||||||
Illinois Finance Authority Revenue |
1,000,000 | 1,121,990 | ||||||
(Rogers Park Montessori) 6.00% 2/1/34 |
675,000 | 705,787 | ||||||
6.125% 2/1/45 |
1,800,000 | 1,860,480 | ||||||
Illinois Finance Authority Student Housing Revenue |
1,000,000 | 1,177,850 | ||||||
Indiana State Finance Authority Revenue Educational |
1,000,000 | 1,021,660 | ||||||
Kanawha, West Virginia |
2,500,000 | 2,821,675 | ||||||
Louisiana Public Facilities Authority Revenue |
1,500,000 | 1,734,090 | ||||||
(Southwest Louisiana Charter Academy Foundation Project) Series A 8.375% 12/15/43 |
2,500,000 | 2,969,550 | ||||||
Marietta, Georgia Development Authority Revenue |
2,845,000 | 3,028,133 | ||||||
Maryland State Economic Development Corporation |
1,130,000 | 1,243,757 |
39
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Maryland State Health & Higher Educational Facilities |
1,000,000 | $ | 1,054,930 | |||||
Massachusetts State Development Finance Agency |
1,510,000 | 1,810,324 | ||||||
Massachusetts State Health & Educational Facilities |
1,000,000 | 1,083,890 | ||||||
Michigan Finance Authority Limited Obligation Revenue |
3,500,000 | 3,761,730 | ||||||
(Public School Academy) (Old Redford) Series A 6.50% 12/1/40 |
900,000 | 926,829 | ||||||
(Public School Academy) (University Learning) 7.50% 11/1/40 |
1,000,000 | 1,099,360 | ||||||
(Public School Academy) (Voyageur) 8.00% 7/15/41 |
1,250,000 | 1,169,600 | ||||||
Michigan Public Educational Facilities Authority Revenue |
950,000 | 1,005,784 | ||||||
Minnesota Higher Education Facilities Authority Revenue |
1,000,000 | 1,034,100 | ||||||
New Jersey Economic Development Authority Revenue |
1,500,000 | 1,696,275 | ||||||
New Jersey State Higher Education Student Assistance |
1,250,000 | 1,374,937 | ||||||
New York State Dormitory Authority |
2,875,000 | 3,239,377 | ||||||
North Texas Education Finance Revenue |
2,100,000 | 2,310,861 | ||||||
Oregon State Facilities Authority Revenue |
900,000 | 967,653 | ||||||
Series A 144A 6.375% 9/1/40 # |
500,000 | 544,630 | ||||||
Pennsylvania State Higher Educational Facilities Authority |
1,300,000 | 1,416,350 | ||||||
(Edinboro University) 6.00% 7/1/42 |
1,000,000 | 1,063,650 | ||||||
(Foundation Indiana University) Series A 0.821% 7/1/39 (SGI) |
2,400,000 | 1,914,984 |
40
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Philadelphia, Pennsylvania Authority for Industrial |
1,230,000 | $ | 1,375,423 | |||||
(Discovery Charter School Project) 5.875% 4/1/32 |
450,000 | 477,801 | ||||||
6.25% 4/1/37 |
200,000 | 216,130 | ||||||
(Global Leadership Academy Project) 6.375% 11/15/40 |
1,000,000 | 1,077,580 | ||||||
(Green Woods Charter School) Series A 5.75% 6/15/42 |
1,600,000 | 1,662,592 | ||||||
(New Foundation Charter School Project) 6.625% 12/15/41 |
1,000,000 | 1,110,790 | ||||||
(Tacony Academy Charter School Project) 7.00% 6/15/43 |
1,540,000 | 1,717,085 | ||||||
Phoenix, Arizona Industrial Development Authority |
1,000,000 | 1,049,070 | ||||||
5.625% 9/1/42 |
600,000 | 634,782 | ||||||
(Eagle College Preparatory Project) Series A 5.00% 7/1/43 |
450,000 | 438,003 | ||||||
(Legacy Traditional Schools Project) Series A 144A 6.75% 7/1/44 # |
1,500,000 | 1,722,315 | ||||||
(Rowan University Project) 5.00% 6/1/42 |
2,000,000 | 2,176,080 | ||||||
Pima County, Arizona Industrial Development Authority |
2,000,000 | 2,023,640 | ||||||
Private Colleges & Universities Authority, Georgia Revenue |
1,005,000 | 1,096,767 | ||||||
Provo, Utah Charter School Revenue |
810,000 | 819,509 | ||||||
San Juan, Texas Higher Education Finance Authority |
2,000,000 | 2,378,700 | ||||||
Utah State Charter School Finance Authority Revenue |
1,290,000 | 1,410,538 | ||||||
Wisconsin Public Finance Authority Revenue |
2,000,000 | 2,130,160 | ||||||
Wyoming Community Development Authority Student |
1,000,000 | 1,150,950 |
41
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Yonkers, New York Economic Development Corporation |
595,000 | $ | 638,013 | |||||
|
|
|||||||
127,531,465 | ||||||||
|
|
|||||||
Electric Revenue Bonds 0.46% |
||||||||
California State Department of Water Resources |
1,045,000 | 1,148,800 | ||||||
Long Island, New York Power Authority |
1,960,000 | 2,197,787 | ||||||
Southern Minnesota Municipal Power Agency |
750,000 | 815,468 | ||||||
|
|
|||||||
4,162,055 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 23.60% |
||||||||
Abag, California Finance Authority for Nonprofit |
1,650,000 | 1,903,044 | ||||||
Alachua County, Florida Health Facilities Authority |
1,000,000 | 1,259,440 | ||||||
Series A 8.00% 10/1/46 |
1,500,000 | 1,885,590 | ||||||
Apple Valley, Minnesota Economic Development Authority |
1,000,000 | 1,009,330 | ||||||
Arizona Health Facilities Authority |
|
2,545,000 940,000 |
|
|
2,896,159 1,055,272 |
| ||
Bexar County, Texas Health Facilities Development |
1,000,000 | 1,126,480 | ||||||
California Municipal Finance Authority Revenue |
1,000,000 | 1,112,100 | ||||||
California Statewide Communities Development Authority |
500,000 | 597,765 | ||||||
(Cottage Health System Obligation) 5.00% 11/1/43 |
1,800,000 | 2,058,876 | ||||||
(Loma Linda University Medical Center) 5.50% 12/1/54 |
8,000,000 | 8,855,680 | ||||||
Camden County, New Jersey Improvement Authority |
2,500,000 | 2,883,400 |
42
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Capital Trust Agency, Florida |
455,000 | $ | 458,290 | |||||
6.50% 12/1/34 |
500,000 | 503,525 | ||||||
6.75% 12/1/44 |
1,000,000 | 1,015,710 | ||||||
6.75% 12/1/49 |
1,500,000 | 1,507,455 | ||||||
Chesterfield County, Virginia Economic Development |
1,030,000 | 1,073,507 | ||||||
Colorado Health Facilities Authority Revenue |
2,500,000 | 3,006,650 | ||||||
(Christian Living Community Project) Series A 5.75% 1/1/37 |
1,990,000 | 2,033,243 | ||||||
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 |
500,000 | 574,645 | ||||||
(School Health Systems) Series A 5.00% 1/1/44 |
1,000,000 | 1,126,990 | ||||||
Cumberland County, Pennsylvania Municipal Authority |
1,600,000 | 1,667,520 | ||||||
(Diakon Lutheran Ministries Project) 5.00% 1/1/36 |
1,000,000 | 1,023,550 | ||||||
6.375% 1/1/39 |
1,000,000 | 1,117,590 | ||||||
Decatur, Texas Hospital Authority |
1,000,000 | 1,070,290 | ||||||
Series A 5.25% 9/1/29 |
500,000 | 551,535 | ||||||
Series A 5.25% 9/1/44 |
2,000,000 | 2,150,260 | ||||||
Duluth, Minnesota Economic Development Authority |
3,750,000 | 4,177,987 | ||||||
East Rochester, New York Housing Authority Revenue |
1,200,000 | 1,221,216 | ||||||
Florida Development Finance |
2,000,000 | 2,057,180 | ||||||
(UF Health - Jacksonville Project) Series A 6.00% 2/1/33 |
2,375,000 | 2,664,964 | ||||||
Hanover County, Virginia Economic Development Authority |
1,735,000 | 1,793,036 |
43
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Hawaii Pacific Health Special Purpose Revenue |
1,250,000 | $ | 1,415,075 | |||||
Hawaii State Department of Budget & Finance Special |
1,000,000 | 1,256,960 | ||||||
(Hawaii Pacific Health Obligation) Series A 5.50% 7/1/43 |
2,990,000 | 3,460,357 | ||||||
(Kahala Nui) 5.25% 11/15/37 |
1,000,000 | 1,097,890 | ||||||
Hospital Facilities Authority of Multnomah County, Oregon |
2,400,000 | 2,620,536 | ||||||
Illinois Finance Authority Revenue |
1,750,000 | 1,974,717 | ||||||
Series A 8.00% 5/15/46 |
1,500,000 | 1,662,150 | ||||||
(Lutheran Home & Services) 5.75% 5/15/46 |
1,685,000 | 1,796,766 | ||||||
(Provena Health) Series A 7.75% 8/15/34 |
1,000,000 | 1,246,460 | ||||||
(Rush University Medical Center) Series A 5.00% 11/15/38 |
3,400,000 | 3,823,844 | ||||||
(Silver Cross & Medical Centers) 7.00% 8/15/44 |
3,570,000 | 4,177,400 | ||||||
Indiana Finance Authority Revenue |
1,000,000 | 1,103,160 | ||||||
5.50% 8/15/45 |
1,000,000 | 1,101,590 | ||||||
(Marquette Project) 5.00% 3/1/39 |
1,250,000 | 1,315,225 | ||||||
Iowa Finance Authority |
2,500,000 | 2,579,100 | ||||||
Kentucky Economic Development Finance Authority |
2,525,000 | 2,751,795 | ||||||
Series A 6.50% 3/1/45 |
4,965,000 | 5,764,017 | ||||||
Kentwood, Michigan Economic Development Corporation |
1,250,000 | 1,328,425 | ||||||
Koyukuk, Alaska Revenue |
1,750,000 | 1,949,045 | ||||||
Lake County, Florida Individual Development Revenue |
3,000,000 | 3,040,500 | ||||||
Lakeland, Florida |
5,000,000 | 5,506,900 |
44
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Lancaster County, Pennsylvania Hospital Authority |
725,000 | $ | 762,040 | |||||
Louisiana Public Facilities Authority Revenue |
1,705,000 | 2,009,803 | ||||||
Lucas County, Ohio Health Care Facilities Revenue |
1,000,000 | 1,099,950 | ||||||
Lucas County, Ohio Improvement |
3,865,000 | 4,299,078 | ||||||
Maine Health & Higher Educational Facilities Authority |
1,700,000 | 1,948,285 | ||||||
Martin County, Florida Health Facilities Authority Revenue |
1,000,000 | 1,108,950 | ||||||
Maryland State Health & Higher Educational Facilities |
1,730,000 | 1,836,239 | ||||||
Michigan State Strategic Fund Limited Revenue |
2,750,000 | 2,911,535 | ||||||
Missouri State Health & Educational Facilities Authority |
1,000,000 | 1,113,790 | ||||||
Montgomery County, Pennsylvania Industrial Development |
2,500,000 | 2,506,200 | ||||||
(Whitemarsh Continuing Care) 5.25% 1/1/40 |
1,550,000 | 1,575,513 | ||||||
5.375% 1/1/50 |
6,250,000 | 6,363,125 | ||||||
New Hampshire Health & Education Facilities Authority |
1,380,000 | 1,580,114 | ||||||
New Jersey Economic Development Authority |
2,000,000 | 2,100,140 | ||||||
New Jersey Health Care Facilities Financing Authority |
980,000 | 1,040,162 | ||||||
Series A 5.00% 7/1/25 |
15,000 | 17,134 | ||||||
(St. Josephs Healthcare System) 6.625% 7/1/38 |
860,000 | 959,906 | ||||||
(St. Peters University Hospital) 6.25% 7/1/35 |
2,700,000 | 3,003,696 | ||||||
(Trinitas Hospital Obligation Group) Series A 5.25% 7/1/30 |
1,240,000 | 1,322,398 |
45
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
New York State Dormitory Authority Revenue Non State |
5,000,000 | $ | 5,509,000 | |||||
North Carolina Medical Care Commission Health Care |
1,520,000 | 1,644,929 | ||||||
(First Mortgage - Presbyterian Homes) 5.60% 10/1/36 |
1,000,000 | 1,034,300 | ||||||
Northampton County, Pennsylvania Industrial |
2,000,000 | 2,087,260 | ||||||
Onondaga, New York Civic Development Revenue |
1,000,000 | 1,006,790 | ||||||
5.00% 7/1/16 |
1,000,000 | 1,039,850 | ||||||
5.00% 7/1/17 |
1,945,000 | 2,062,303 | ||||||
5.125% 7/1/31 |
1,000,000 | 1,084,640 | ||||||
Orange County, New York Funding Corporation Assisted |
4,000,000 | 4,016,600 | ||||||
Palm Beach County, Florida Health Facilities Authority |
285,000 | 326,131 | ||||||
Series A 7.50% 6/1/49 |
2,920,000 | 3,348,364 | ||||||
Pennsylvania Economic Development Financing Authority |
1,100,000 | 1,286,406 | ||||||
Public Finance Authority, Wisconsin |
2,000,000 | 2,114,960 | ||||||
Rochester, Minnesota |
2,500,000 | 2,840,450 | ||||||
Salem, Oregon Hospital Facility Authority Revenue |
1,500,000 | 1,665,495 | ||||||
San Buenaventura, California Revenue |
4,475,000 | 5,503,176 | ||||||
South Carolina Jobs - Economic Development Authority |
915,000 | 1,006,427 | ||||||
Southwestern Illinois Development Authority Revenue |
1,420,000 | 1,756,654 | ||||||
7.125% 11/1/43 |
2,500,000 | 3,051,425 |
46
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
St. Johns County, Florida Industrial Development Authority |
1,000,000 | $ | 1,126,710 | |||||
St. Louis Park, Minnesota Health Care Facilities Revenue |
500,000 | 577,410 | ||||||
St. Paul, Minnesota Housing & Redevelopment Authority |
2,000,000 | 2,060,940 | ||||||
Suffolk County, New York Economic Development |
575,000 | 638,135 | ||||||
Tempe, Arizona Industrial Development Authority Revenue |
500,000 | 546,450 | ||||||
Travis County, Texas Health Facilities Development |
1,000,000 | 1,169,190 | ||||||
University of Arizona Medical Center Hospital Revenue |
1,500,000 | 1,775,265 | ||||||
Vermont Economic Development Authority Revenue |
1,100,000 | 1,159,664 | ||||||
Washington State Health Care Facilities Authority Revenue |
1,250,000 | 1,465,538 | ||||||
Wayzata, Minnesota Senior Housing Revenue |
270,000 | 292,942 | ||||||
Series A 5.75% 11/1/39 |
600,000 | 653,196 | ||||||
Series A 6.00% 5/1/47 |
920,000 | 1,008,541 | ||||||
West Virginia Hospital Finance Authority Revenue |
3,000,000 | 3,514,650 | ||||||
Westminster, Maryland |
800,000 | 847,440 | ||||||
Series A 5.00% 7/1/24 |
1,700,000 | 1,744,574 | ||||||
Series A 6.125% 7/1/39 |
750,000 | 796,493 | ||||||
Series A 6.25% 7/1/44 |
2,500,000 | 2,669,250 | ||||||
Wichita, Kansas |
1,645,000 | 1,689,645 | ||||||
Series IV-A 5.625% 5/15/49 |
1,450,000 | 1,485,554 | ||||||
|
|
|||||||
213,574,996 | ||||||||
|
|
47
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Housing Revenue Bonds 1.29% |
||||||||
California Municipal Finance Authority Mobile Home Park |
1,200,000 | $ | 1,324,200 | |||||
(Caritas Projects) Senior Series A 5.50% 8/15/47 |
1,500,000 | 1,643,955 | ||||||
Senior Series A 6.40% 8/15/45 |
1,800,000 | 2,012,094 | ||||||
Independent Cities Finance Authority, California |
750,000 | 812,003 | ||||||
Series A 5.25% 5/15/49 |
3,000,000 | 3,235,620 | ||||||
Williston, North Dakota |
2,515,000 | 2,650,860 | ||||||
|
|
|||||||
11,678,732 | ||||||||
|
|
|||||||
Lease Revenue Bonds 5.89% |
||||||||
California Municipal Finance Authority Revenue |
500,000 | 546,565 | ||||||
Series A 6.875% 1/1/42 |
1,500,000 | 1,652,070 | ||||||
(Goodwill Industry Sacramento Valley) 5.25% 1/1/45 |
1,295,000 | 1,277,608 | ||||||
California Statewide Communities Development Authority |
1,875,000 | 2,015,850 | ||||||
Capital Trust Agency, Florida Revenue |
920,000 | 1,021,908 | ||||||
District of Columbia Revenue |
2,235,000 | 2,482,705 | ||||||
Industrial Development Authority of Phoenix, Arizona |
1,000,000 | 990,400 | ||||||
5.375% 2/1/41 |
4,000,000 | 4,005,440 | ||||||
New York Liberty Development |
5,000,000 | 5,275,250 | ||||||
(Class 2-3 World Trade Center) 144A 5.375% 11/15/40 # |
2,410,000 | 2,703,345 | ||||||
(Class 3-3 World Trade Center) 144A 7.25% 11/15/44 # |
8,000,000 | 9,672,640 | ||||||
Public Finance Authority, Wisconsin Airport Facilities |
3,775,000 | 3,831,549 | ||||||
(Senior Obligation Group) 5.00% 7/1/42 (AMT) |
4,000,000 | 4,238,080 | ||||||
Tobacco Settlement Financing Authority Revenue, New |
3,860,000 | 4,089,400 |
48
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Lease Revenue Bonds (continued) |
||||||||
Virginia Public Building Authority |
6,970,000 | $ | 8,267,326 | |||||
Wise County, Texas |
1,000,000 | 1,225,960 | ||||||
|
|
|||||||
53,296,096 | ||||||||
|
|
|||||||
Local General Obligation Bonds 2.76% |
||||||||
Arlington County, Virginia |
1,375,000 | 1,522,290 | ||||||
Hennepin County, Minnesota |
5,700,000 | 6,379,269 | ||||||
New York City, New York |
3,615,000 | 4,263,169 | ||||||
Series J 5.00% 8/1/17 |
3,625,000 | 4,013,129 | ||||||
Prince Georges County, Maryland |
3,190,000 | 3,819,961 | ||||||
Series C 5.00% 8/1/17 |
1,775,000 | 1,965,138 | ||||||
Ramsey County, Minnesota Capital Improvement Plan |
2,530,000 | 2,990,738 | ||||||
|
|
|||||||
24,953,694 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 1.79% |
||||||||
Brevard County, Florida Health Facilities Authority |
3,500,000 | 4,326,875 | ||||||
Butler County, Pennsylvania Hospital Authority Revenue |
900,000 | 1,128,753 | ||||||
Commonwealth of Massachusetts |
7,390,000 | 7,952,305 | ||||||
Lancaster Redevelopment Agency, California |
285,000 | 356,914 | ||||||
Maryland State & Local Facilities Loan Capital |
1,070,000 | 1,141,166 | ||||||
New Jersey State Educational Facilities Authority Revenue |
1,000,000 | 1,266,310 | ||||||
|
|
|||||||
16,172,323 | ||||||||
|
|
|||||||
Resource Recovery Revenue Bonds 0.63% |
||||||||
Jefferson County Industrial Development Agency |
545,000 | 551,813 | ||||||
5.25% 1/1/24 (AMT) |
500,000 | 509,925 |
49
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Resource Recovery Revenue Bonds (continued) |
||||||||
Mission Economic Development Corporation, Texas |
1,000,000 | $ | 1,055,870 | |||||
Orange County, Florida Industrial Development Authority |
3,500,000 | 3,598,980 | ||||||
|
|
|||||||
5,716,588 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 8.32% |
||||||||
Allentown, Pennsylvania Neighborhood Improvement Zone |
1,475,000 | 1,598,693 | ||||||
Anne Arundel County, Maryland Special Obligation |
1,725,000 | 1,847,337 | ||||||
Baltimore, Maryland Convention Center Hotel Revenue |
1,000,000 | 1,038,400 | ||||||
Brooklyn Arena Local Development, New York Pilot |
5,500,000 | 6,534,275 | ||||||
6.50% 7/15/30 |
1,175,000 | 1,407,697 | ||||||
California Statewide Communities Development Authority |
6,220,000 | 6,575,286 | ||||||
Celebration Pointe, Florida Community Development |
2,000,000 | 2,045,640 | ||||||
Dutchess County, New York Local Development |
2,000,000 | 2,097,440 | ||||||
Farms New Kent, Virginia Community Development |
1,000,000 | 250,340 | ||||||
Henderson, Nevada Local Improvement Districts No. T-18 |
465,000 | 397,026 | ||||||
Howard County, Maryland |
725,000 | 778,570 | ||||||
6.10% 2/15/44 |
1,420,000 | 1,534,196 | ||||||
Juban Crossing Economic Development District, Louisiana |
3,250,000 | 3,280,127 | ||||||
(Road Projects) Series A 144A 7.00% 9/15/44 # |
2,205,000 | 2,225,440 |
50
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
Lancaster Redevelopment Agency, California |
215,000 | $ | 251,135 | |||||
Midtown Miami, Florida Community Development District |
1,250,000 | 1,340,487 | ||||||
Mosaic District, Virginia Community Development |
1,500,000 | 1,737,675 | ||||||
Nampa Development Corporation, Idaho Revenue |
2,940,000 | 3,227,385 | ||||||
5.90% 3/1/30 |
2,000,000 | 2,181,420 | ||||||
Nevada State |
1,955,000 | 2,149,112 | ||||||
New Jersey Transportation Trust Fund Authority |
2,000,000 | 2,147,500 | ||||||
(Transportation Systems) Series B 5.50% 12/15/16 (NATL-RE) |
2,500,000 | 2,710,550 | ||||||
New Mexico Finance Authority |
500,000 | 524,180 | ||||||
New York City, New York Industrial Development Agency |
1,000,000 | 1,055,900 | ||||||
(Yankee Stadium) 7.00% 3/1/49 (ASSURED GTY) |
1,000,000 | 1,196,440 | ||||||
New York City, New York Industrial Development Agency |
1,870,000 | 1,948,316 | ||||||
New York City, New York Transitional Finance Authority |
3,000,000 | 3,442,020 | ||||||
New York City, New York Transitional Finance Authority |
1,525,000 | 1,783,365 | ||||||
New York State Dormitory Authority |
1,000,000 | 1,089,350 | ||||||
Norco, California Redevelopment Agency Tax Allocation |
1,000,000 | 1,191,420 | ||||||
Northampton County, Pennsylvania Industrial |
2,770,000 | 3,044,008 | ||||||
Overland Park, Kansas Special Obligation Revenue |
3,000,000 | 3,017,610 |
51
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
Regional Transportation, Colorado District Revenue |
1,000,000 | $ | 1,150,220 | |||||
Richmond Heights, Missouri Tax Increment & Transaction |
1,200,000 | 1,203,384 | ||||||
Roseville Westpark, California Community Facilities District |
600,000 | 610,278 | ||||||
St. Joseph, Missouri Industrial Development Authority Tax |
1,000,000 | 1,000,460 | ||||||
Series A 5.50% 11/1/27 @ |
500,000 | 500,255 | ||||||
St. Louis, Missouri Industrial Development Authority Tax |
1,200,000 | 1,271,352 | ||||||
Texas Public Finance Authority |
2,510,000 | 2,718,556 | ||||||
Winter Garden Village at Fowler Groves Community |
895,000 | 910,117 | ||||||
Wyandotte County, Kansas City, Kansas Unified |
405,000 | 291,798 | ||||||
|
|
|||||||
75,304,760 | ||||||||
|
|
|||||||
State General Obligation Bonds 3.26% |
||||||||
California State |
725,000 | 787,727 | ||||||
Various Purpose 5.00% 10/1/44 |
2,965,000 | 3,421,373 | ||||||
Commonwealth of Pennsylvania |
6,905,000 | 7,443,521 | ||||||
Connecticut State |
1,040,000 | 1,127,381 | ||||||
Hawaii State |
5,000,000 | 5,947,900 | ||||||
Maryland State & Local Facilities Loan |
6,000,000 | 7,166,940 | ||||||
New York State |
2,000,000 | 2,405,500 |
52
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
State General Obligation Bonds (continued) |
||||||||
Washington State |
||||||||
(Various Purposes) Series R-2010A 5.00% 1/1/17 |
1,140,000 | $ | 1,233,845 | |||||
|
|
|||||||
29,534,187 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 10.57% |
||||||||
Bay Area, California Toll Authority |
||||||||
Series S-6 5.00% 10/1/54 |
4,000,000 | 4,494,200 | ||||||
Central Texas Regional Mobility Authority Revenue |
||||||||
Senior Lien 6.00% 1/1/41 |
1,890,000 | 2,202,814 | ||||||
Subordinate Lien 6.75% 1/1/41 |
1,000,000 | 1,227,280 | ||||||
Central Texas Turnpike System |
||||||||
Series C 5.00% 8/15/42 |
4,440,000 | 4,889,950 | ||||||
Foothill-Eastern Transportation Corridor Agency, California |
||||||||
Series A 5.75% 1/15/46 |
5,000,000 | 5,864,900 | ||||||
Series A 6.00% 1/15/49 |
7,690,000 | 9,166,095 | ||||||
Houston, Texas Airport System Revenue Subordinate Lien |
||||||||
Series A 5.00% 7/1/25 (AMT) |
1,000,000 | 1,144,230 | ||||||
Kentucky Public Transportation Infrastructure Authority |
||||||||
(1st Tier - Downtown Crossing) |
||||||||
Series A 5.75% 7/1/49 |
3,000,000 | 3,447,480 | ||||||
Series A 6.00% 7/1/53 |
1,290,000 | 1,495,071 | ||||||
Maryland State Economic Development Revenue |
||||||||
(Transportation Facilities Project) Series A 5.75% 6/1/35 |
1,400,000 | 1,518,566 | ||||||
Metropolitan New York Transportation Authority |
||||||||
Sub Series A-1 5.00% 11/15/45 |
4,545,000 | 5,172,210 | ||||||
Metropolitan Washington D.C. Airports Authority |
||||||||
Series B 5.00% 10/1/16 (AMT) |
900,000 | 963,999 | ||||||
New York State Thruway Authority Revenue |
||||||||
Series A 5.00% 5/1/19 |
2,765,000 | 3,174,607 | ||||||
North Texas Tollway Authority Revenue |
||||||||
(Toll 2nd Tier) Series F 5.75% 1/1/38 |
7,000,000 | 7,752,850 | ||||||
Pennsylvania Economic Development Financing Authority |
||||||||
(PA Bridges Finco LP) 5.00% 12/31/38 |
6,160,000 | 6,799,778 | ||||||
Pennsylvania Turnpike Commission |
||||||||
Series B 5.25% 12/1/39 |
8,925,000 | 10,350,679 | ||||||
Port Authority of New York & New Jersey Special Project |
||||||||
(JFK International Air Terminal) 6.00% 12/1/42 |
1,970,000 | 2,324,974 | ||||||
Riverside County, California Transportation Senior Lien |
||||||||
Series A 5.75% 6/1/48 |
1,000,000 | 1,155,020 | ||||||
Sacramento County, California Airport System Revenue |
||||||||
(PFC/Grant) Series C 6.00% 7/1/41 |
1,000,000 | 1,145,360 |
53
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
San Francisco, California City & County Airports |
||||||||
Commission |
||||||||
Series A 5.50% 5/1/27 (AMT) |
1,915,000 | $ | 2,132,487 | |||||
St. Louis, Missouri Airport Revenue |
||||||||
(Lambert-St. Louis International) Series A-1 |
||||||||
6.625% 7/1/34 |
1,090,000 | 1,283,072 | ||||||
Texas Private Activity Bond Surface Transportation |
||||||||
Corporate Senior Lien |
||||||||
(LBJ Infrastructure) |
||||||||
7.00% 6/30/40 |
7,000,000 | 8,478,680 | ||||||
7.50% 6/30/33 |
500,000 | 621,570 | ||||||
(NTE Mobility) |
||||||||
6.75% 6/30/43 (AMT) |
1,905,000 | 2,335,263 | ||||||
6.875% 12/31/39 |
4,055,000 | 4,830,519 | ||||||
7.00% 12/31/38 (AMT) |
1,335,000 | 1,669,097 | ||||||
|
|
|||||||
95,640,751 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 3.60% |
||||||||
Jefferson County, Alabama Sewer Revenue |
||||||||
(Senior Lien - Warrants) Series A 5.50% 10/1/53 (AGM) |
2,500,000 | 2,802,050 | ||||||
(Sub Lien-Warrants) |
||||||||
Series D 6.50% 10/1/53 |
16,500,000 | 19,210,125 | ||||||
Series D 7.00% 10/1/51 |
5,000,000 | 5,996,800 | ||||||
Metropolitan Water Reclamation District of Greater |
||||||||
Chicago, Illinois |
||||||||
(Capital Improvement) Series C 5.00% 12/1/16 |
500,000 | 539,610 | ||||||
New York City, New York Water & Sewer System |
||||||||
Series EE 5.00% 6/15/45 |
1,000,000 | 1,145,050 | ||||||
(2nd Generation Fiscal 2013) Series CC 5.00% 6/15/47 |
2,530,000 | 2,868,413 | ||||||
|
|
|||||||
32,562,048 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $829,623,962) |
887,255,735 | |||||||
|
|
|||||||
|
||||||||
Short-Term Investments 2.23% |
||||||||
|
||||||||
Variable Rate Demand Notes 2.23%¤ |
||||||||
Arizona Health Facilities Authority (Health Care - |
||||||||
Southwest Health) |
||||||||
0.02% 12/1/24 (LOC - JPMorgan Chase Bank N.A.) |
300,000 | 300,000 | ||||||
Colorado Educational & Cultural Facilities Authority |
||||||||
(National Jewish Federation) Series D3 |
||||||||
0.01% 12/1/37 (LOC - JPMorgan Chase Bank N.A.) |
1,385,000 | 1,385,000 | ||||||
Gulf Coast, Texas Industrial Development Authority (Exxon |
||||||||
Mobil Project) |
||||||||
0.01% 11/1/41 |
500,000 | 500,000 |
54
Principal amount° | Value (U.S. $) | |||||||
|
||||||||
Short-Term Investments (continued) |
||||||||
|
||||||||
Variable Rate Demand Notes¤ (continued) |
||||||||
Harris County, Texas Cultural Education Facilities Finance |
1,275,000 | $ | 1,275,000 | |||||
Idaho State University Foundation Income Revenue (L.E. & |
920,000 | 920,000 | ||||||
Jackson County, Mississippi (Chevron USA Inc. Project) |
3,000,000 | 3,000,000 | ||||||
Maricopa County, Arizona Pollution Control (Arizona Public |
4,900,000 | 4,900,000 | ||||||
Minneapolis-St. Paul, Minnesota Housing & |
2,500,000 | 2,500,000 | ||||||
New Jersey Health Care Facilities Financing Authority |
2,700,000 | 2,700,000 | ||||||
New York City, New York Industrial Development Agency |
700,000 | 700,000 | ||||||
New York City, New York Series C 0.01% 10/1/23 (LOC - |
1,200,000 | 1,200,000 | ||||||
Tarrant County, Texas Cultural Education Facilities Finance |
800,000 | 800,000 | ||||||
|
|
|||||||
Total Short-Term Investments (cost $20,180,000) |
20,180,000 | |||||||
|
|
|||||||
Total Value of Securities 100.27% |
$ | 907,435,735 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2015, the aggregate value of Rule 144A securities was $49,033,388, which represents 5.42% of the Funds net assets. See Note 6 in Notes to financial statements. |
@ | Illiquid security. At Feb. 28, 2015, the aggregate value of illiquid securities was $1,751,055, which represents 0.19% of the Funds net assets. 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. The rate shown is the rate as of Feb. 28, 2015. |
55
Schedules of investments
Delaware National High-Yield Municipal Bond Fund
° | Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| Non-income-producing security. Security is currently in default. |
| Variable rate security. The rate shown is the rate as of Feb. 28, 2015. Interest rates reset periodically. |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in Notes to financial statements. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Corporation
AMBAC Insured by the AMBAC Assurance Corporation
AMT Subject to Alternative Minimum Tax
ASSURED GTY Insured by the Assured Guaranty Corporation
CDFI Community Development Financial Institutions
LOC Letter of Credit
N.A. North America
NATL-RE Insured by National Public Finance Guarantee Corporation
SGI Insured by Syncora Guarantee Inc.
See accompanying notes, which are an integral part of the financial statements.
56
Statements of assets and liabilities
February 28, 2015 (Unaudited)
Delaware Tax-Free USA Fund |
|
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||||||||
Assets: |
||||||||||||||||||||||
Investments, at value1 |
$563,603,436 | $ | 762,116,884 | $ | 887,255,735 | |||||||||||||||||
Short-term investments, at value2 |
14,880,000 | 6,445,000 | 20,180,000 | |||||||||||||||||||
Cash |
2,224,225 | 1,178,192 | 1,555,481 | |||||||||||||||||||
Interest receivable |
6,884,154 | 8,557,779 | 11,109,344 | |||||||||||||||||||
Receivable for fund shares sold |
2,210,567 | 1,584,530 | 10,068,036 | |||||||||||||||||||
Receivable for securities sold |
1,946,875 | 6,129,267 | 5,000 | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Total assets |
591,749,257 | 786,011,652 | 930,173,596 | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Liabilities: |
||||||||||||||||||||||
Payable for securities purchased |
10,034,043 | 13,636,304 | 22,280,246 | |||||||||||||||||||
Payable for fund shares redeemed |
529,419 | 1,838,879 | 1,582,590 | |||||||||||||||||||
Income distribution payable |
305,733 | 355,682 | 558,928 | |||||||||||||||||||
Investment management fees payable |
177,390 | 246,402 | 306,443 | |||||||||||||||||||
Other accrued expenses |
169,280 | 283,543 | 261,728 | |||||||||||||||||||
Distribution fees payable |
120,022 | 68,498 | 110,171 | |||||||||||||||||||
Other affiliates payable |
22,185 | 48,922 | 37,516 | |||||||||||||||||||
Trustees fees and expenses payable |
3,112 | 4,223 | 4,840 | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Total liabilities |
11,361,184 | 16,482,453 | 25,142,462 | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Total Net Assets |
$580,388,073 | $ | 769,529,199 | $ | 905,031,134 | |||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Net Assets Consist of: |
||||||||||||||||||||||
Paid-in capital |
$525,718,118 | $ | 724,416,998 | $ | 862,447,268 | |||||||||||||||||
Undistributed net investment income |
66,895 | 15,519 | 77,478 | |||||||||||||||||||
Accumulated net realized loss on investments |
(2,600,773) | (8,711,011 | ) | (15,125,385 | ) | |||||||||||||||||
Net unrealized appreciation of investments |
57,203,833 | 53,807,693 | 57,631,773 | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
Total Net Assets |
$580,388,073 | $ | 769,529,199 | $ | 905,031,134 | |||||||||||||||||
|
|
|
|
|
57
Statements of assets and liabilities
Delaware Tax-Free USA Fund |
|
Delaware Tax-Free USA Intermediate Fund |
|
Delaware National High-Yield Municipal Bond Fund |
||||||||||||
Net Asset Value |
||||||||||||||||
Class A: |
||||||||||||||||
Net assets |
$ | 521,298,618 | $ | 235,364,041 | $ | 230,473,294 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
43,309,512 | 19,231,645 | 21,126,393 | |||||||||||||
Net asset value per share |
$ | 12.04 | $ | 12.24 | $ | 10.91 | ||||||||||
Sales charge |
4.50% | 2.75% | 4.50% | |||||||||||||
Offering price per share, equal to net asset value per share / (1 sales charge) |
$ | 12.61 | $ | 12.59 | $ | 11.42 | ||||||||||
Class C: |
||||||||||||||||
Net assets |
$ | 30,738,387 | $ | 53,751,519 | $ | 86,590,624 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
2,553,218 | 4,394,263 | 7,904,796 | |||||||||||||
Net asset value per share |
$ | 12.04 | $ | 12.23 | $ | 10.95 | ||||||||||
Institutional Class: |
||||||||||||||||
Net assets |
$ | 28,351,068 | $ | 480,413,639 | $ | 587,967,216 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
2,338,058 | 38,876,620 | 53,400,325 | |||||||||||||
Net asset value per share |
$ | 12.13 | $ | 12.36 | $ | 11.01 | ||||||||||
|
||||||||||||||||
1Investments, at cost |
$ | 506,399,603 | $ | 708,309,191 | $ | 829,623,962 | ||||||||||
2Short-term investments, at cost |
14,880,000 | 6,445,000 | 20,180,000 |
See accompanying notes, which are an integral part of the financial statements.
58
Six months ended February 28, 2015 (Unaudited)
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||
Investment Income: |
|||||||||||||||
Interest |
$ | 12,285,645 | $ | 13,047,132 | $ | 17,631,485 | |||||||||
|
|
|
|
|
|
||||||||||
Expenses: |
|||||||||||||||
Management fees |
1,505,259 | 1,828,034 | 2,039,655 | ||||||||||||
Distribution expenses Class A |
607,343 | 304,035 | 265,896 | ||||||||||||
Distribution expenses Class B |
182 | 4 | 166 | ||||||||||||
Distribution expenses Class C |
148,703 | 263,981 | 393,775 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses |
224,985 | 382,923 | 321,698 | ||||||||||||
Accounting and administration expenses |
89,716 | 120,740 | 124,313 | ||||||||||||
Reports and statements to shareholders |
44,109 | 64,321 | 56,020 | ||||||||||||
Registration fees |
41,488 | 53,445 | 68,336 | ||||||||||||
Legal fees |
33,874 | 48,174 | 37,339 | ||||||||||||
Audit and tax |
19,677 | 19,677 | 19,677 | ||||||||||||
Trustees fees and expenses |
12,802 | 17,247 | 17,625 | ||||||||||||
Custodian fees |
11,740 | 18,001 | 17,078 | ||||||||||||
Other |
18,142 | 23,174 | 24,991 | ||||||||||||
|
|
|
|
|
|
||||||||||
2,758,020 | 3,143,756 | 3,386,569 | |||||||||||||
Less expenses waived |
(430,752 | ) | (312,320 | ) | (397,797 | ) | |||||||||
Less waived distribution expenses Class A |
| (121,614 | ) | | |||||||||||
Less waived distribution expenses Class B |
(140 | ) | (3 | ) | (128 | ) | |||||||||
Less expense paid indirectly |
(75 | ) | (54 | ) | (42 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Total operating expenses |
2,327,053 | 2,709,765 | 2,988,602 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Investment Income |
9,958,592 | 10,337,367 | 14,642,883 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Gain: |
|||||||||||||||
Net realized gain on investments |
135,484 | 577,997 | 131,442 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
5,937,088 | 1,211,726 | 17,674,690 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Gain |
6,072,572 | 1,789,723 | 17,806,132 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Increase in Net Assets Resulting from Operations |
$ | 16,031,164 | $ | 12,127,090 | $ | 32,449,015 | |||||||||
|
|
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
59
Statements of changes in net assets
Delaware Tax-Free USA Fund
Six months ended 2/28/15 (Unaudited) |
Year ended 8/31/14 |
|||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 9,958,592 | $ | 21,368,058 | ||||
Net realized gain (loss) |
135,484 | (2,078,960 | ) | |||||
Net change in unrealized appreciation (depreciation) |
5,937,088 | 39,021,512 | ||||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
16,031,164 | 58,310,610 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Net investment income: |
||||||||
Class A |
(9,031,288 | ) | (19,670,359 | ) | ||||
Class B |
(686 | ) | (24,129 | ) | ||||
Class C |
(428,014 | ) | (946,445 | ) | ||||
Institutional Class |
(498,605 | ) | (727,125 | ) | ||||
|
|
|
|
|||||
(9,958,593 | ) | (21,368,058 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
34,083,405 | 20,390,965 | ||||||
Class B |
| 8,214 | ||||||
Class C |
2,131,074 | 2,172,013 | ||||||
Institutional Class |
7,598,953 | 14,168,723 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
7,690,510 | 16,447,982 | ||||||
Class B |
616 | 16,822 | ||||||
Class C |
351,893 | 770,892 | ||||||
Institutional Class |
402,016 | 517,623 | ||||||
|
|
|
|
|||||
52,258,467 | 54,493,234 | |||||||
|
|
|
|
60
Six months ended 2/28/15 (Unaudited) |
Year ended 8/31/14 |
|||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (26,518,760 | ) | $ | (90,011,611 | ) | ||
Class B |
(244,344 | ) | (837,632 | ) | ||||
Class C |
(1,599,628 | ) | (8,946,607 | ) | ||||
Institutional Class |
(4,526,214 | ) | (8,213,483 | ) | ||||
|
|
|
|
|||||
(32,888,946 | ) | (108,009,333 | ) | |||||
|
|
|
|
|||||
Increase (Decrease) in net assets derived from capital share transactions |
19,369,521 | (53,516,099 | ) | |||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets |
25,442,092 | (16,573,547 | ) | |||||
Net Assets: |
||||||||
Beginning of period |
554,945,981 | 571,519,528 | ||||||
|
|
|
|
|||||
End of period |
$ | 580,388,073 | $ | 554,945,981 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 66,895 | $ | 66,896 | ||||
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
61
Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund
Six months 2/28/15 |
Year ended 8/31/14 |
|||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 10,337,367 | $ | 21,689,186 | ||||
Net realized gain (loss) |
577,997 | (3,776,207 | ) | |||||
Net change in unrealized appreciation (depreciation) |
1,211,726 | 36,532,805 | ||||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
12,127,090 | 54,445,784 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Net investment income: |
||||||||
Class A |
(3,343,059 | ) | (9,932,951 | ) | ||||
Class B |
(11 | ) | (259 | ) | ||||
Class C |
(502,183 | ) | (1,190,747 | ) | ||||
Institutional Class |
(6,492,844 | ) | (10,565,229 | ) | ||||
|
|
|
|
|||||
(10,338,097 | ) | (21,689,186 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
25,596,066 | 70,392,418 | ||||||
Class B |
| 7,726 | ||||||
Class C |
3,519,528 | 6,506,210 | ||||||
Institutional Class |
104,149,049 | 241,643,570 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
2,583,425 | 8,569,342 | ||||||
Class B |
11 | 259 | ||||||
Class C |
462,399 | 1,081,404 | ||||||
Institutional Class |
3,898,195 | 5,135,092 | ||||||
|
|
|
|
|||||
140,208,673 | 333,336,021 | |||||||
|
|
|
|
62
Six months ended 2/28/15 |
Year ended 8/31/14 |
|||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (43,320,551 | ) | $ | (236,109,093 | ) | ||
Class B |
(5,017 | ) | (40,423 | ) | ||||
Class C |
(4,583,391 | ) | (20,809,359 | ) | ||||
Institutional Class |
(63,098,643 | ) | (186,671,884 | ) | ||||
|
|
|
|
|||||
(111,007,602 | ) | (443,630,759 | ) | |||||
|
|
|
|
|||||
Increase (Decrease) in net assets derived from capital share transactions |
29,201,071 | (110,294,738 | ) | |||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets |
30,990,064 | (77,538,140 | ) | |||||
Net Assets: |
||||||||
Beginning of period |
738,539,135 | 816,077,275 | ||||||
|
|
|
|
|||||
End of period |
$ | 769,529,199 | $ | 738,539,135 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 15,519 | $ | 16,249 | ||||
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
63
Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund
Six months ended 2/28/15 (Unaudited) |
Year ended 8/31/14 |
|||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 14,642,883 | $ | 23,727,456 | ||||
Net realized gain (loss) |
131,442 | (5,590,268 | ) | |||||
Net change in unrealized appreciation (depreciation) |
17,674,690 | 59,226,679 | ||||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
32,449,015 | 77,363,867 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Net investment income: |
||||||||
Class A |
(3,987,176 | ) | (8,727,453 | ) | ||||
Class B |
(681 | ) | (14,380 | ) | ||||
Class C |
(1,178,111 | ) | (2,413,354 | ) | ||||
Institutional Class |
(9,395,334 | ) | (12,475,591 | ) | ||||
|
|
|
|
|||||
(14,561,302 | ) | (23,630,778 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
50,898,113 | 81,125,605 | ||||||
Class B |
| 29 | ||||||
Class C |
18,649,512 | 19,149,673 | ||||||
Institutional Class |
224,992,212 | 287,934,787 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
3,218,241 | 7,380,542 | ||||||
Class B |
678 | 12,400 | ||||||
Class C |
1,016,420 | 2,089,705 | ||||||
Institutional Class |
8,149,378 | 9,808,355 | ||||||
|
|
|
|
|||||
306,924,554 | 407,501,096 | |||||||
|
|
|
|
64
Six months ended 2/28/15 (Unaudited) |
Year ended 8/31/14 |
|||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (33,567,522 | ) | $ | (104,346,592 | ) | ||
Class B |
(223,935 | ) | (370,127 | ) | ||||
Class C |
(6,358,285 | ) | (26,210,505 | ) | ||||
Institutional Class |
(40,739,289 | ) | (105,787,600 | ) | ||||
|
|
|
|
|||||
(80,889,031 | ) | (236,714,824 | ) | |||||
|
|
|
|
|||||
Increase in net assets derived from capital share transactions |
226,035,523 | 170,786,272 | ||||||
|
|
|
|
|||||
Net Increase in Net Assets |
243,923,236 | 224,519,361 | ||||||
Net Assets: |
||||||||
Beginning of period |
661,107,898 | 436,588,537 | ||||||
|
|
|
|
|||||
End of period |
$ | 905,031,134 | $ | 661,107,898 | ||||
|
|
|
|
|||||
Undistributed (distributions in excess of) net investment income |
$ | 77,478 | $ | (4,103 | ) | |||
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
65
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 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 investment 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 investment 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.
66
Six months | ||||||||||||||||||||||||
ended | ||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 11.900 | $ | 11.140 | $ | 12.260 | $ | 11.300 | $ | 11.630 | $ | 10.890 | |||||||||||||
0.216 | 0.445 | 0.456 | 0.484 | 0.503 | 0.522 | |||||||||||||||||||
0.140 | 0.760 | (1.039 | ) | 0.959 | (0.330 | ) | 0.740 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.356 | 1.205 | (0.583 | ) | 1.443 | 0.173 | 1.262 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.216 | ) | (0.445 | ) | (0.457 | ) | (0.483 | ) | (0.503 | ) | (0.522 | ) | |||||||||||||
| | (0.080 | ) | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.216 | ) | (0.445 | ) | (0.537 | ) | (0.483 | ) | (0.503 | ) | (0.522 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.040 | $ | 11.900 | $ | 11.140 | $ | 12.260 | $ | 11.300 | $ | 11.630 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3.02% | 11.02% | (5.02% | ) | 13.01% | 1.65% | 11.85% | ||||||||||||||||||
$ | 521,299 | $ | 500,590 | $ | 519,986 | $ | 604,415 | $ | 589,175 | $ | 581,931 | |||||||||||||
0.81% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | |||||||||||||||||||
0.97% | 0.97% | 0.99% | 0.93% | 0.94% | 0.95% | |||||||||||||||||||
3.64% | 3.88% | 3.76% | 4.11% | 4.52% | 4.64% | |||||||||||||||||||
3.48% | 3.71% | 3.57% | 3.98% | 4.38% | 4.49% | |||||||||||||||||||
|
8%
|
|
|
34%
|
|
|
40%
|
|
|
52%
|
|
|
49%
|
|
|
32%
|
| |||||||
|
67
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 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 investment 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 investment 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 | ||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 11.910 | $ | 11.140 | $ | 12.270 | $ | 11.300 | $ | 11.630 | $ | 10.890 | |||||||||||||
0.172 | 0.359 | 0.364 | 0.395 | 0.419 | 0.437 | |||||||||||||||||||
0.130 | 0.770 | (1.048 | ) | 0.969 | (0.330 | ) | 0.740 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.302 | 1.129 | (0.684 | ) | 1.364 | 0.089 | 1.177 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.172 | ) | (0.359 | ) | (0.366 | ) | (0.394 | ) | (0.419 | ) | (0.437 | ) | |||||||||||||
| | (0.080 | ) | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.172 | ) | (0.359 | ) | (0.446 | ) | (0.394 | ) | (0.419 | ) | (0.437 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.040 | $ | 11.910 | $ | 11.140 | $ | 12.270 | $ | 11.300 | $ | 11.630 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2.55% | 10.28% | (5.82% | ) | 12.26% | 0.88% | 11.00% | ||||||||||||||||||
$ | 30,738 | $ | 29,524 | $ | 33,509 | $ | 36,840 | $ | 30,552 | $ | 30,302 | |||||||||||||
1.57% | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% | |||||||||||||||||||
1.73% | 1.72% | 1.70% | 1.69% | 1.70% | 1.71% | |||||||||||||||||||
2.88% | 3.12% | 3.00% | 3.35% | 3.76% | 3.88% | |||||||||||||||||||
2.72% | 2.96% | 2.86% | 3.22% | 3.62% | 3.73% | |||||||||||||||||||
|
8%
|
|
|
34%
|
|
|
40%
|
|
|
52%
|
|
|
49%
|
|
|
32%
|
| |||||||
|
69
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 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 investment 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 investment 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 | ||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 11.990 | $ | 11.220 | $ | 12.360 | $ | 11.380 | $ | 11.720 | $ | 10.890 | |||||||||||||
0.233 | 0.477 | 0.490 | 0.517 | 0.534 | 0.549 | |||||||||||||||||||
0.140 | 0.770 | (1.060 | ) | 0.979 | (0.340 | ) | 0.830 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.373 | 1.247 | (0.570 | ) | 1.496 | 0.194 | 1.379 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.233 | ) | (0.477 | ) | (0.490 | ) | (0.516 | ) | (0.534 | ) | (0.549 | ) | |||||||||||||
| | (0.080 | ) | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.233 | ) | (0.477 | ) | (0.570 | ) | (0.516 | ) | (0.534 | ) | (0.549 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.130 | $ | 11.990 | $ | 11.220 | $ | 12.360 | $ | 11.380 | $ | 11.720 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3.14% | 11.33% | (4.89% | ) | 13.41% | 1.83% | 12.84% | ||||||||||||||||||
$ | 28,351 | $ | 24,588 | $ | 17,008 | $ | 18,187 | $ | 9,242 | $ | 7,634 | |||||||||||||
0.57% | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% | |||||||||||||||||||
0.73% | 0.72% | 0.70% | 0.69% | 0.70% | 0.71% | |||||||||||||||||||
3.88% | 4.12% | 4.00% | 4.35% | 4.76% | 4.88% | |||||||||||||||||||
3.72% | 3.96% | 3.86% | 4.22% | 4.62% | 4.73% | |||||||||||||||||||
|
8%
|
|
|
34%
|
|
|
40%
|
|
|
52%
|
|
|
49%
|
|
|
32%
|
| |||||||
|
71
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 |
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 investment 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 investment return during all of the periods shown reflects waivers by the manager and 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.
72
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 12.210 | $ | 11.690 | $ | 12.410 | $ | 11.850 | $ | 12.110 | $ | 11.460 | |||||||||||||
0.167 | 0.342 | 0.344 | 0.362 | 0.381 | 0.423 | |||||||||||||||||||
0.030 | 0.520 | (0.720 | ) | 0.560 | (0.260 | ) | 0.650 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.197 | 0.862 | (0.376 | ) | 0.922 | 0.121 | 1.073 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.167 | ) | (0.342 | ) | (0.344 | ) | (0.362 | ) | (0.381 | ) | (0.423 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.167 | ) | (0.342 | ) | (0.344 | ) | (0.362 | ) | (0.381 | ) | (0.423 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.240 | $ | 12.210 | $ | 11.690 | $ | 12.410 | $ | 11.850 | $ | 12.110 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
1.62% | 7.47% | (3.13% | ) | 7.89% | 1.10% | 9.53% | ||||||||||||||||||
$ | 235,364 | $ | 249,848 | $ | 391,923 | $ | 464,540 | $ | 444,780 | $ | 481,004 | |||||||||||||
0.76% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | |||||||||||||||||||
0.94% | 0.93% | 0.97% | 0.97% | 0.98% | 1.00% | |||||||||||||||||||
2.75% | 2.86% | 2.79% | 2.98% | 3.27% | 3.59% | |||||||||||||||||||
2.57% | 2.68% | 2.57% | 2.76% | 3.04% | 3.34% | |||||||||||||||||||
|
6%
|
|
|
34%
|
|
|
23%
|
|
|
39%
|
|
|
43%
|
|
|
27%
|
|
73
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 |
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 investment 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 investment 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.
74
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 12.200 | $ | 11.690 | $ | 12.400 | $ | 11.850 | $ | 12.110 | $ | 11.450 | |||||||||||||
0.115 | 0.240 | 0.239 | 0.258 | 0.282 | 0.323 | |||||||||||||||||||
0.030 | 0.510 | (0.710 | ) | 0.550 | (0.260 | ) | 0.660 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.145 | 0.750 | (0.471 | ) | 0.808 | 0.022 | 0.983 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.115 | ) | (0.240 | ) | (0.239 | ) | (0.258 | ) | (0.282 | ) | (0.323 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.115 | ) | (0.240 | ) | (0.239 | ) | (0.258 | ) | (0.282 | ) | (0.323 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.230 | $ | 12.200 | $ | 11.690 | $ | 12.400 | $ | 11.850 | $ | 12.110 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
1.20% | 6.48% | (3.87% | ) | 6.89% | 0.25% | 8.70% | ||||||||||||||||||
$ | 53,751 | $ | 54,231 | $ | 64,904 | $ | 75,887 | $ | 60,398 | $ | 65,343 | |||||||||||||
1.61% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||||||||
1.69% | 1.68% | 1.67% | 1.67% | 1.68% | 1.70% | |||||||||||||||||||
1.90% | 2.01% | 1.94% | 2.13% | 2.42% | 2.74% | |||||||||||||||||||
1.82% | 1.93% | 1.87% | 2.06% | 2.34% | 2.64% | |||||||||||||||||||
|
6%
|
|
|
34%
|
|
|
23%
|
|
|
39%
|
|
|
43%
|
|
|
27%
|
|
75
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 |
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 investment 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 investment 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.
76
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 12.330 | $ | 11.810 | $ | 12.530 | $ | 11.970 | $ | 12.230 | $ | 11.460 | |||||||||||||
0.178 | 0.363 | 0.366 | 0.384 | 0.402 | 0.424 | |||||||||||||||||||
0.030 | 0.520 | (0.720 | ) | 0.560 | (0.260 | ) | 0.770 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.208 | 0.883 | (0.354 | ) | 0.944 | 0.142 | 1.194 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.178 | ) | (0.363 | ) | (0.366 | ) | (0.384 | ) | (0.402 | ) | (0.424 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.178 | ) | (0.363 | ) | (0.366 | ) | (0.384 | ) | (0.402 | ) | (0.424 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 12.360 | $ | 12.330 | $ | 11.810 | $ | 12.530 | $ | 11.970 | $ | 12.230 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
1.70% | 7.58% | (2.92% | ) | 8.00% | 1.28% | 10.62% | ||||||||||||||||||
$ | 480,414 | $ | 434,455 | $ | 359,213 | $ | 333,033 | $ | 281,256 | $ | 192,026 | |||||||||||||
0.61% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | |||||||||||||||||||
0.69% | 0.68% | 0.67% | 0.67% | 0.68% | 0.70% | |||||||||||||||||||
2.90% | 3.01% | 2.94% | 3.13% | 3.42% | 3.74% | |||||||||||||||||||
2.82% | 2.93% | 2.87% | 3.06% | 3.34% | 3.64% | |||||||||||||||||||
|
6%
|
|
|
34%
|
|
|
23%
|
|
|
39%
|
|
|
43%
|
|
|
27%
|
| |||||||
|
77
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 |
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 investment 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 investment return during all of the periods shown reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
78
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 10.650 | $ | 9.640 | $ | 10.750 | $ | 9.620 | $ | 10.090 | $ | 8.920 | |||||||||||||
0.202 | 0.447 | 0.449 | 0.496 | 0.479 | 0.513 | |||||||||||||||||||
0.259 | 1.008 | (1.110 | ) | 1.127 | (0.474 | ) | 1.169 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.461 | 1.455 | (0.661 | ) | 1.623 | 0.005 | 1.682 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.201 | ) | (0.445 | ) | (0.449 | ) | (0.493 | ) | (0.475 | ) | (0.512 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.201 | ) | (0.445 | ) | (0.449 | ) | (0.493 | ) | (0.475 | ) | (0.512 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 10.910 | $ | 10.650 | $ | 9.640 | $ | 10.750 | $ | 9.620 | $ | 10.090 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
4.37% | 15.42% | (6.47% | ) | 17.28% | 0.23% | 19.29% | ||||||||||||||||||
$ | 230,473 | $ | 204,936 | $ | 200,988 | $ | 228,829 | $ | 140,629 | $ | 139,628 | |||||||||||||
0.86% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | |||||||||||||||||||
0.96% | 0.99% | 0.99% | 0.99% | 1.01% | 1.04% | |||||||||||||||||||
3.75% | 4.38% | 4.18% | 4.83% | 5.03% | 5.24% | |||||||||||||||||||
3.65% | 4.24% | 4.04% | 4.69% | 4.87% | 5.05% | |||||||||||||||||||
3% | 31% | 46% | 34% | 57% | 37% | |||||||||||||||||||
|
79
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 |
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 investment 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 investment 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.
80
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 10.700 | $ | 9.680 | $ | 10.800 | $ | 9.660 | $ | 10.130 | $ | 8.960 | |||||||||||||
0.163 | 0.373 | 0.370 | 0.422 | 0.409 | 0.442 | |||||||||||||||||||
0.249 | 1.018 | (1.120 | ) | 1.137 | (0.474 | ) | 1.169 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.412 | 1.391 | (0.750 | ) | 1.559 | (0.065 | ) | 1.611 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.162 | ) | (0.371 | ) | (0.370 | ) | (0.419 | ) | (0.405 | ) | (0.441 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.162 | ) | (0.371 | ) | (0.370 | ) | (0.419 | ) | (0.405 | ) | (0.441 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 10.950 | $ | 10.700 | $ | 9.680 | $ | 10.800 | $ | 9.660 | $ | 10.130 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3.87% | 14.63% | (7.21% | ) | 16.47% | (0.51% | ) | 18.33% | |||||||||||||||||
$ | 86,591 | $ | 71,424 | $ | 69,889 | $ | 69,634 | $ | 44,497 | $ | 36,384 | |||||||||||||
1.61% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||||||||
1.71% | 1.74% | 1.74% | 1.74% | 1.76% | 1.79% | |||||||||||||||||||
3.00% | 3.63% | 3.43% | 4.08% | 4.28% | 4.49% | |||||||||||||||||||
2.90% | 3.49% | 3.29% | 3.94% | 4.12% | 4.30% | |||||||||||||||||||
|
3%
|
|
|
31%
|
|
|
46%
|
|
|
34%
|
|
|
57%
|
|
|
37%
|
| |||||||
|
81
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 |
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 investment 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 investment 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.
82
Six months ended |
||||||||||||||||||||||||
2/28/151 | Year ended | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(Unaudited) | 8/31/14 | 8/31/13 | 8/31/12 | 8/31/11 | 8/31/10 | |||||||||||||||||||
|
||||||||||||||||||||||||
$ | 10.750 | $ | 9.730 | $ | 10.850 | $ | 9.710 | $ | 10.190 | $ | 8.930 | |||||||||||||
0.218 | 0.476 | 0.480 | 0.527 | 0.506 | 0.534 | |||||||||||||||||||
0.259 | 1.018 | (1.120 | ) | 1.137 | (0.484 | ) | 1.259 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
0.477 | 1.494 | (0.640 | ) | 1.664 | 0.022 | 1.793 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.217 | ) | (0.474 | ) | (0.480 | ) | (0.524 | ) | (0.502 | ) | (0.533 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(0.217 | ) | (0.474 | ) | (0.480 | ) | (0.524 | ) | (0.502 | ) | (0.533 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | 11.010 | $ | 10.750 | $ | 9.730 | $ | 10.850 | $ | 9.710 | $ | 10.190 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
4.47% | 15.71% | (6.23% | ) | 17.57% | 0.41% | 20.55% | ||||||||||||||||||
$ | 587,967 | $ | 384,525 | $ | 165,162 | $ | 125,661 | $ | 44,364 | $ | 16,840 | |||||||||||||
0.61% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | |||||||||||||||||||
0.71% | 0.74% | 0.74% | 0.74% | 0.76% | 0.79% | |||||||||||||||||||
4.00% | 4.63% | 4.43% | 5.08% | 5.28% | 5.49% | |||||||||||||||||||
3.90% | 4.49% | 4.29% | 4.94% | 5.12% | 5.30% | |||||||||||||||||||
|
3%
|
|
|
31%
|
|
|
46%
|
|
|
34%
|
|
|
57%
|
|
|
37%
|
| |||||||
|
83
Delaware Investments® National Tax-Free Funds | February 28, 2015 (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 individually referred to as a Trust and 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 referred to as a Fund, or collectively, as the Funds). The above Trusts are open-end investment companies. The Funds are considered diversified under the Investment Company Act of 1940, as amended 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. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 0.75% for Delaware Tax-Free USA Intermediate Fund if redeemed within the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Effective Sept. 25, 2014, all remaining shares of Class B were converted to Class A shares. Between June 1, 2007 and Sept. 25, 2014, Class B shares could be purchased only through dividend reinvestment and certain permitted exchanges. Class B shares of Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund automatically converted to Class A shares on a quarterly basis approximately eight years after purchase. Class B shares of Delaware Tax-Free USA Intermediate Fund automatically converted to Class A shares on a quarterly basis approximately five years after purchase. Class C shares are sold with a CDSC of 1.00%, 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.
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 taxes 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.
1. Significant Accounting Policies
The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. 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
84
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 Funds 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.
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 Funds 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 Funds tax positions taken for all open federal income tax years (Aug. 31, 2011Aug. 31, 2014), and has concluded that no provision for federal income tax is required in each Funds financial statements.
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 Each Fund is an investment company in conformity with U.S. GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with U.S. 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 Investments® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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 amortized to interest income over the lives of the respective securities 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 may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Feb. 28, 2015.
85
Notes to financial statements
Delaware Investments® National Tax-Free Funds
1. Significant Accounting Policies (continued)
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 one dollar, the expense paid under this arrangement is included on the Statements of operations under Dividend disbursing and transfer agent fees and expenses with the corresponding expense offset shown under Less expense paid indirectly. For the six months ended Feb. 28, 2015, each Fund earned the following amounts under this agreement:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
$75 | $54 | $42 |
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 Delaware Management Business Trust and the investment manager, an annual fee, which is calculated based on each Funds average daily net assets as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
On the first $500 million |
0.550% | 0.500% | 0.550% | |||
On the next $500 million |
0.500% | 0.475% | 0.500% | |||
On the next $1.5 billion |
0.450% | 0.450% | 0.450% | |||
In excess of $2.5 billion |
0.425% | 0.425% | 0.425% |
DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to limit total annual operating expenses (excluding any 12b-1 fees, taxes, interest, inverse floater program expenses, acquired fund fees and 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) to 0.56%, 0.60%, and 0.60% of average daily net assets of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund, respectively, from Sept. 1, 2014 through Feb. 28, 2015.1 For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Boards and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Funds and may only be terminated by agreement of DMC and the Funds.
Effective Nov. 1, 2014, Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. Prior to this time, Delaware Service Company, Inc. (DSC), an affiliate of DMC, provided fund accounting and financial administration oversight services to each Fund under a substantially identical agreement with an identical fee schedule. For these services, DIFSCs fees are calculated based on the aggregate daily net assets of the Delaware Investments Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average
86
daily net assets in excess of $50 billion. The fees payable to DIFSC under the service agreement described above are allocated among all funds in the Delaware Investments® Family of Funds on a relative net asset value basis. These amounts are included on the Statements of operations under Accounting and Administration expenses. For the six months ended Feb. 28, 2015, each Fund was charged for these services as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
$13,128 | $17,667 | $18,202 |
Effective Nov. 1, 2014, DIFSC is the transfer agent and dividend disbursing agent of each Fund. Prior to this time, DSC was the transfer agent and dividend disbursing agent of each Fund under a substantially identical agreement with an identical fee schedule. For these services, DIFSCs fees are calculated based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail Funds in the Delaware Investments Family of Funds on a relative net asset value basis. These amounts are included on the Statements of operations under Dividend and disbursing and transfer agent fees and expenses. For the six months ended Feb. 28, 2015, the amounts charged for each Fund was as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
$58,152 | $78,262 | $80,591 |
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 passed on to and paid by each Fund.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund and 1.00% of the average daily net assets of the Class C shares for all the Funds. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 plan fees for the Funds Class A shares that went into effect on June 1, 1992. The Funds 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 acquired on or after June 1, 1992. All of the Funds Class A shareholders bear 12b-1 fees at the same rate, the 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. The Class A shares and Class B shares of Delaware Tax-Free USA Intermediate Fund were subject to a 12b-1 fee of 0.25% and 1.00%, respectively of average daily net assets, which were contractually waived to 0.15% of average daily net assets from Sept. 1, 2014 through Feb. 28, 2015.2 The Class B shares of Delaware Tax-Free USA Fund3 and National High-Yield Municipal Bond Fund4 were subject to a 12b-1 fee of 1.00% of average daily net assets which were contractually waived to 0.25% of average daily net assets from Sept. 1, 2015 through Sept. 25, 2015. Institutional Class shares pay no distribution and service expenses.
87
Notes to financial statements
Delaware Investments® National Tax-Free Funds
2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)
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 Feb. 28, 2015, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates employees as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
$7,697 | $10,338 | $10,506 |
For the six months ended Feb. 28, 2015, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | ||||
$11,763 | $4,584 | $33,530 |
For the six months ended Feb. 28, 2015, DDLP received gross CDSC commissions on redemptions of each Funds Class A and Class C shares. 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:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||
Class A |
$ | | $ | | $ | 493 | |||||||||
Class C |
20 | | 3,017 |
Trustees fees include expenses accrued by the Funds for each Trustees retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Funds.
1The contractual waiver period is Dec. 27, 2013, through Dec. 29, 2015.
2The contractual waiver period is Dec. 27, 2013, through Dec. 29, 2015 for the Class A shares and March 1, 2013, through Sept. 25, 2015 for the Class B shares.
3The contractual waiver period was May 1, 2013, through Sept. 25, 2014.
4The contractual waiver period was Aug. 1, 2013, through Sept. 25, 2014.
88
3. Investments
For the six months ended Feb. 28, 2015, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||
Purchases |
$ | 57,940,442 | $ | 85,969,747 | $ | 255,350,909 | |||||||||
Sales |
42,192,671 | 46,055,503 | 21,548,184 |
At Feb. 28, 2015, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2015, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||
Cost of Investments |
$ | 521,279,603 | $ | 714,754,191 | $ | 849,416,282 | |||||||||
|
|
|
|
|
|
||||||||||
Aggregate unrealized appreciation |
$ | 57,588,275 | $ | 54,065,821 | $ | 59,647,942 | |||||||||
Aggregate unrealized depreciation |
(384,442 | ) | (258,128 | ) | (1,628,489 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net unrealized appreciation |
$ | 57,203,833 | $ | 53,807,693 | $ | 58,019,453 | |||||||||
|
|
|
|
|
|
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. In addition to those described below, capital loss carryforwards remaining at Aug. 31, 2014 will expire as follows:
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||
2015 |
$ | | $ | 355,701 | ||||||
2017 |
5,428,954 | 374,735 | ||||||||
|
|
|
|
|||||||
Total |
$ | 5,428,954 | $ | 730,436 | ||||||
|
|
|
|
On Dec. 22, 2010, the Regulated Investment Company Modernization Act of 2010 (Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were generally effective for taxable years beginning after the date of enactment. Under the Act, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
89
Notes to financial statements
Delaware Investments® National Tax-Free Funds
3. Investments (continued)
Losses incurred that will be carried forward under the Act are as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund | |||||||||||||
Loss carryforward character: |
|||||||||||||||
Short-term |
$ | 295,671 | $ | 3,525,160 | $ | 9,248,756 | |||||||||
Long-term |
2,251,931 | | 5,581,121 |
U.S. 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 entitys own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Funds 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 below.
Level 1 | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, 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, fair valued securities) | |
Level 3 | Significant unobservable inputs, including each Funds own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, 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
90
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 Funds investments by fair value hierarchy levels as of Feb. 28, 2015:
Delaware Tax-Free USA Fund | |||||
Level 2 | |||||
Municipal Bonds |
$ | 563,603,436 | |||
Short-Term Investments |
14,880,000 | ||||
|
|
||||
Total |
$ | 578,483,436 | |||
|
|
||||
Delaware Tax-Free USA Intermediate Fund | |||||
Level 2 | |||||
Municipal Bonds |
$ | 762,116,884 | |||
Short-Term Investments |
6,445,000 | ||||
|
|
||||
Total |
$ | 768,561,884 | |||
|
|
||||
Delaware National High-Yield Municipal Bond Fund | |||||
Level 2 | |||||
Municipal Bonds |
$ | 887,255,735 | |||
Short-Term Investments |
20,180,000 | ||||
|
|
||||
Total |
$ | 907,435,735 | |||
|
|
During the six months ended Feb. 28, 2015, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Fund. Each Funds policy is to recognize transfers between levels at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. At Feb. 28, 2015, there were no Level 3 investments.
91
Notes to financial statements
Delaware Investments® National Tax-Free Funds
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free USA Fund |
Delaware Tax-Free USA Intermediate Fund |
Delaware National High-Yield Municipal Bond Fund |
||||||||||||||||||||||
Six months ended 2/28/15 |
Year ended |
Six months ended 2/28/15 |
Year ended 8/31/14 |
Six months ended 2/28/15 |
Year ended 8/31/14 |
|||||||||||||||||||
Shares sold: |
||||||||||||||||||||||||
Class A |
2,827,270 | 1,789,524 | 2,094,228 | 5,895,384 | 4,703,700 | 7,971,429 | ||||||||||||||||||
Class B |
| 696 | | 654 | | 3 | ||||||||||||||||||
Class C |
177,758 | 189,460 | 287,433 | 545,377 | 1,717,906 | 1,870,701 | ||||||||||||||||||
Institutional Class |
630,050 | 1,205,280 | 8,423,597 | 19,954,492 | 20,603,586 | 28,345,725 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: |
||||||||||||||||||||||||
Class A |
642,639 | 1,427,570 | 211,423 | 717,349 | 297,949 | 728,826 | ||||||||||||||||||
Class B |
52 | 1,471 | 1 | 22 | 64 | 1,234 | ||||||||||||||||||
Class C |
29,400 | 66,935 | 37,844 | 90,506 | 93,696 | 205,676 | ||||||||||||||||||
Institutional Class |
33,336 | 44,454 | 315,854 | 424,564 | 746,705 | 952,319 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
4,340,505 | 4,725,390 | 11,370,380 | 27,628,348 | 28,163,606 | 40,075,913 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares redeemed: |
||||||||||||||||||||||||
Class A |
(2,216,428 | ) | (7,850,023 | ) | (3,539,063 | ) | (19,666,413 | ) | (3,115,897 | ) | 10,308,379 | ) | ||||||||||||
Class B |
(20,585 | ) | (72,964 | ) | (413 | ) | (3,463 | ) | (20,948 | ) | (37,265 | ) | ||||||||||||
Class C |
(133,754 | ) | (784,663 | ) | (375,472 | ) | (1,745,318 | ) | (584,899 | ) | (2,618,070 | ) | ||||||||||||
Institutional Class |
(375,815 | ) | (715,016 | ) | (5,107,361 | ) | (15,560,640 | ) | (3,718,829 | ) | (10,503,939 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(2,746,582 | ) | (9,422,666 | ) | (9,022,309 | ) | (36,975,834 | ) | (7,440,573 | ) | (23,467,653 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) |
1,593,923 | (4,697,276 | ) | 2,348,071 | (9,347,486 | ) | 20,723,033 | 16,608,260 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
92
For the six months ended Feb. 28, 2015 and the year ended Aug. 31, 2014, the following shares and values were converted from Class B to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables on the previous page and the Statements of changes in net assets.
Six months ended 2/28/15 |
Year ended 8/31/14 |
|||||||||||||||||||||||
Class B Shares |
Class A Shares |
Value | Class B Shares |
Class A Shares |
Value | |||||||||||||||||||
Delaware Tax-Free USA Fund |
2,096 | 2,095 | $ | 24,893 | 20,225 | 20,230 | $ | 230,817 | ||||||||||||||||
Delaware Tax-Free USA Intermediate Fund |
| | | 33 | 33 | 385 | ||||||||||||||||||
Delaware National High-Yield Municipal Bond Fund |
3,664 | 3,672 | 39,175 | 12,965 | 13,002 | 130,078 | ||||||||||||||||||
Certain shareholders of Class A may exchange their shares for Institutional Class shares. The following shares and values were exchanged from Class A to Institutional Class. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and the Statements of changes in net assets.
|
| |||||||||||||||||||||||
Six months ended 2/28/15 |
Year ended 8/31/14 |
|||||||||||||||||||||||
Class C Shares |
Institutional Class Shares |
Value |
Class A Shares |
Institutional Class Shares |
Value | |||||||||||||||||||
Delaware Tax-Free USA Intermediate Fund |
| | $ | | 2,372,246 | 2,349,034 | $ | 28,798,947 | ||||||||||||||||
Delaware National High-Yield Municipal Bond Fund |
5,032 | 5,008 | 54,491 | 783 | 779 | 8,059 |
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $225,000,000 revolving line of credit 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 0.08%, which was allocated across the Participants on the basis of each Participants allocation of the entire facility. 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 under the agreement expired on Nov. 10, 2014.
On Nov. 10, 2014, each Fund, along with the other Participants, entered into an amendment to the agreement for a $275,000,000 revolving line of credit to be used as described above and operates in
93
Notes to financial statements
Delaware Investments® National Tax-Free Funds
5. Line of Credit (continued)
substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 9, 2015.
The Funds had no amounts outstanding as of Feb. 28, 2015 or at any time during the period then ended.
6. Geographic, Credit, and Market Risks
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 U.S. territories such as Puerto Rico, the U.S. 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 U.S. 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. At Feb. 28, 2015, 2.12%, 2.85%, and 1.32% of Delaware Tax-Free USA Funds, Delaware Tax-Free USA Intermediate Funds, and Delaware National High-Yield Municipal Bond Funds net assets, respectively, were insured by bond insurers. These securities have been identified on the Schedules of investments.
As of Feb. 28, 2015, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York, and Texas which constituted approximately 11.79%, 20.21%, and 12.01%, respectively, of the Funds net assets. As of Feb. 28, 2015, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, New York, and Texas, which constituted approximately 14.16%, 17.62%, and 11.37%, respectively, of the Funds net assets. As of Feb. 28, 2015, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California and New York which constituted approximately 13.92% and 13.14%, respectively, of the Funds 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 & Poors Financial Services LLC (S&P) and lower than Baa3 by Moodys Investors Service, Inc. (Moodys), 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.
94
The Funds 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 issues 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 Moodys, 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 of 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 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 and illiquid securities held by each Fund have been identified on the Schedules of investments.
7. Contractual Obligations
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds existing contracts and expects the risk of loss to be remote.
8. Recent Accounting Pronouncements
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and
95
Notes to financial statements
Delaware Investments® National Tax-Free Funds
8. Recent Accounting Pronouncements (continued)
similar transactions accounted for as secured borrowings. The guidance is effective for financial statements with fiscal years beginning on or after Dec. 15, 2014 and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds financial statement disclosures.
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2015 that would require recognition or disclosure in the Funds financial statements.
96
Board of trustees | ||||||
Patrick P. Coyne | Ann D. Borowiec | Lucinda S. Landreth | Thomas K. Whitford | |||
President and | Former Chief Executive | Former Chief Investment | Former Vice Chairman | |||
Chief Executive Officer | Officer | Officer | PNC Financial Services Group | |||
Delaware Investments® | Private Wealth Management | Assurant, Inc. | Pittsburgh, PA | |||
Family of Funds | J.P. Morgan Chase & Co. | Philadelphia, PA | ||||
Philadelphia, PA | Summit, NJ | Janet L. Yeomans | ||||
Frances A. | Former Vice President | |||||
Thomas L. Bennett | Joseph W. Chow | Sevilla-Sacasa | and Treasurer | |||
Chairman of the Board | Former Executive Vice | Chief Executive Officer | 3M Corporation | |||
Delaware Investments | President | Banco Itaú | St. Paul, MN | |||
Family of Funds | State Street Corporation | International | ||||
Private Investor | Brookline, MA | Miami, FL | J. Richard Zecher | |||
Rosemont, PA | Founder | |||||
John A. Fry | Investor Analytics | |||||
President | Scottsdale, AZ | |||||
Drexel University | ||||||
Philadelphia, PA | ||||||
Affiliated officers | ||||||
David F. Connor | Daniel V. Geatens | David P. OConnor | Richard Salus | |||
Senior Vice President, | Vice President and | Executive Vice President, | Senior Vice President and | |||
Deputy General Counsel, | Treasurer | General Counsel, | Chief Financial Officer | |||
and Secretary | Delaware Investments | and Chief Legal Officer | Delaware Investments | |||
Delaware Investments | Family of Funds | Delaware Investments | Family of Funds | |||
Family of Funds | Philadelphia, PA | Family of Funds | Philadelphia, PA | |||
Philadelphia, PA | 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 Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
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-Q. Each Funds Forms N-Q, as well as a description of the policies and procedures that each Fund uses 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 SECs 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 Forms N-Q are available without charge on the Funds website at delawareinvestments.com. Each Funds Forms N-Q may be reviewed and copied at the SECs 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 delawareinvestments.com; and (ii) on the SECs website at sec.gov.
97
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 registrants principal executive officer and principal financial officer have evaluated the registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrants second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits
(a) (1) Code of Ethics
Not applicable.
(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.
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.
Name of Registrant:
DELAWARE GROUP® TAX FREE
FUND
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
Date: | May 4, 2015 |
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/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
Date: | May 4, 2015 |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | May 4, 2015 |
EXHIBIT 99.CERT
CERTIFICATION
I, Patrick P. Coyne, certify that:
1. | I have reviewed this report on Form N-CSR of Delaware Group® Tax Free Fund; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
(c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | |
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
(a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |
(b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 4, 2015
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
CERTIFICATION
I, Richard Salus, certify that:
1. | I have reviewed this report on Form N-CSR of Delaware Group® Tax Free Fund; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
(c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | |
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
(a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |
(b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 4, 2015
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
EXHIBIT 99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the registrant does hereby certify, to the best of such officers knowledge, that:
1. | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report. |
Date: May 4, 2015
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.