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: | 811-04989 |
Exact name of registrant as specified in charter: | Voyageur Mutual Funds II |
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, 2019 |
Item 1. Reports to Stockholders
Fixed income mutual funds
Delaware Tax-Free Arizona Fund
Delaware Tax-Free California Fund
Delaware Tax-Free Colorado Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund
Delaware Tax-Free Pennsylvania Fund
February 28, 2019
Carefully consider the Funds investment objectives, risk factors, charges, and expenses before
investing. This and other information can be found in the Funds prospectus and their summary
prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling
800 523-1918. Investors should read the prospectus and the summary prospectus carefully
before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.
Experience Delaware Funds® by Macquarie
Macquarie Investment Management (MIM) is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. We are active managers who prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for our clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 75 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund at delawarefunds.com/literature.
For the six-month period from September 1, 2018 to February 28, 2019 (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 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, 2018 to Feb. 28, 2019.
Actual expenses
The first section of the tables shown, Actual Fund return, provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, Hypothetical 5% return, provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
1
Disclosure of Fund expenses
For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)
Delaware Tax-Free Arizona Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||
Actual Fund return |
||||||||||||||
Class A |
$1,000.00 | $1,013.10 | 0.84% | $4.19 | ||||||||||
Class C |
1,000.00 | 1,009.30 | 1.59% | 7.92 | ||||||||||
Institutional Class |
1,000.00 | 1,014.30 | 0.59% | 2.95 | ||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||
Class A |
$1,000.00 | $1,020.63 | 0.84% | $4.21 | ||||||||||
Class C |
1,000.00 | 1,016.91 | 1.59% | 7.95 | ||||||||||
Institutional Class |
1,000.00 | 1,021.87 | 0.59% | 2.96 |
Delaware Tax-Free California Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||||
Actual Fund return |
||||||||||||||||
Class A |
$1,000.00 | $1,009.30 | 0.82% | $4.09 | ||||||||||||
Class C |
1,000.00 | 1,005.60 | 1.57% | 7.81 | ||||||||||||
Institutional Class |
1,000.00 | 1,010.50 | 0.57% | 2.84 | ||||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||||
Class A |
$1,000.00 | $1,020.73 | 0.82% | $4.11 | ||||||||||||
Class C |
1,000.00 | 1,017.01 | 1.57% | 7.85 | ||||||||||||
Institutional Class |
1,000.00 | 1,021.97 | 0.57% | 2.86 |
2
Delaware Tax-Free Colorado Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||
Actual Fund return |
||||||||||||||
Class A |
$1,000.00 | $1,015.10 | 0.84% | $4.20 | ||||||||||
Class C |
1,000.00 | 1,011.40 | 1.59% | 7.93 | ||||||||||
Institutional Class |
1,000.00 | 1,016.40 | 0.59% | 2.95 | ||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||
Class A |
$1,000.00 | $1,020.63 | 0.84% | $4.21 | ||||||||||
Class C |
1,000.00 | 1,016.91 | 1.59% | 7.95 | ||||||||||
Institutional Class |
1,000.00 | 1,021.87 | 0.59% | 2.96 |
Delaware Tax-Free Idaho Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||
Actual Fund return |
||||||||||||||
Class A |
$1,000.00 | $1,015.80 | 0.86% | $4.30 | ||||||||||
Class C |
1,000.00 | 1,012.10 | 1.61% | 8.03 | ||||||||||
Institutional Class |
1,000.00 | 1,017.10 | 0.61% | 3.05 | ||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||
Class A |
$1,000.00 | $1,020.53 | 0.86% | $4.31 | ||||||||||
Class C |
1,000.00 | 1,016.81 | 1.61% | 8.05 | ||||||||||
Institutional Class |
1,000.00 | 1,021.77 | 0.61% | 3.06 |
3
Disclosure of Fund expenses
For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)
Delaware Tax-Free New York Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||
Actual Fund return |
||||||||||||||
Class A |
$1,000.00 | $1,015.00 | 0.80% | $4.00 | ||||||||||
Class C |
1,000.00 | 1,011.30 | 1.55% | 7.73 | ||||||||||
Institutional Class |
1,000.00 | 1,015.40 | 0.55% | 2.75 | ||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||
Class A |
$1,000.00 | $1,020.83 | 0.80% | $4.01 | ||||||||||
Class C |
1,000.00 | 1,017.11 | 1.55% | 7.75 | ||||||||||
Institutional Class |
1,000.00 | 1,022.07 | 0.55% | 2.76 |
Delaware Tax-Free Pennsylvania Fund
Expense analysis of an investment of $1,000
Beginning | Ending | Expenses | ||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||
9/1/18 | 2/28/19 | Expense Ratio | 9/1/18 to 2/28/19* | |||||||||||
Actual Fund return |
||||||||||||||
Class A |
$1,000.00 | $1,013.20 | 0.86% | $4.29 | ||||||||||
Class C |
1,000.00 | 1,009.30 | 1.62% | 8.07 | ||||||||||
Institutional Class |
1,000.00 | 1,014.30 | 0.62% | 3.10 | ||||||||||
Hypothetical 5% return (5% return before expenses) |
|
|||||||||||||
Class A |
$1,000.00 | $1,020.53 | 0.86% | $4.31 | ||||||||||
Class C |
1,000.00 | 1,016.76 | 1.62% | 8.10 | ||||||||||
Institutional Class |
1,000.00 | 1,021.72 | 0.62% | 3.11 |
* | 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.
4
Security type / sector / state / territory allocations | ||
Delaware Tax-Free Arizona Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||
Municipal Bonds* |
99.40 | % | ||||
Corporate Revenue Bonds |
11.90 | % | ||||
Education Revenue Bonds |
30.11 | % | ||||
Electric Revenue Bonds |
4.60 | % | ||||
Healthcare Revenue Bonds |
18.06 | % | ||||
Lease Revenue Bonds |
3.25 | % | ||||
Local General Obligation Bonds |
3.19 | % | ||||
Pre-Refunded Bonds |
7.90 | % | ||||
Special Tax Revenue Bonds |
6.51 | % | ||||
Transportation Revenue Bonds |
7.25 | % | ||||
Water & Sewer Revenue Bonds |
6.63 | % | ||||
Short-Term Investment |
1.23 | % | ||||
Total Value of Securities |
100.63 | % | ||||
Liabilities Net of Receivables and Other Assets |
(0.63 | %) | ||||
Total Net Assets |
100.00 | % |
*As of the date of this report, Delaware Tax-Free Arizona Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||||
Arizona |
97.37 | % | ||||
Guam |
2.14 | % | ||||
Puerto Rico |
1.12 | % | ||||
Total Value of Securities |
100.63 | % |
5
Security type / sector allocations | ||
Delaware Tax-Free California Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||||
Municipal Bonds |
98.96 | % | ||||||
Corporate Revenue Bonds |
4.08 | % | ||||||
Education Revenue Bonds |
20.77 | % | ||||||
Electric Revenue Bond |
0.63 | % | ||||||
Healthcare Revenue Bonds |
22.30 | % | ||||||
Housing Revenue Bonds |
4.59 | % | ||||||
Lease Revenue Bonds |
11.80 | % | ||||||
Local General Obligation Bonds |
3.23 | % | ||||||
Pre-Refunded Bonds |
8.47 | % | ||||||
Resource Recovery Revenue Bond |
1.13 | % | ||||||
Special Tax Revenue Bonds |
1.85 | % | ||||||
State General Obligation Bonds |
6.29 | % | ||||||
Transportation Revenue Bonds |
12.59 | % | ||||||
Water & Sewer Revenue Bond |
1.23 | % | ||||||
Short-Term Investment |
0.77 | % | ||||||
Total Value of Securities |
99.73 | % | ||||||
Receivables and Other Assets Net of Liabilities |
0.27 | % | ||||||
Total Net Assets |
100.00 | % |
6
Security type / sector / state / territory allocations | ||
Delaware Tax-Free Colorado Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||||
Municipal Bonds* |
97.35 | % | ||||||
Corporate Revenue Bonds |
1.44 | % | ||||||
Education Revenue Bonds |
11.10 | % | ||||||
Electric Revenue Bonds |
1.96 | % | ||||||
Healthcare Revenue Bonds |
25.26 | % | ||||||
Housing Revenue Bonds |
0.09 | % | ||||||
Lease Revenue Bonds |
3.36 | % | ||||||
Local General Obligation Bonds |
15.33 | % | ||||||
Pre-Refunded Bonds |
5.91 | % | ||||||
Special Tax Revenue Bonds |
19.29 | % | ||||||
Transportation Revenue Bonds |
12.59 | % | ||||||
Water & Sewer Revenue Bonds |
1.02 | % | ||||||
Short-Term Investments |
1.65 | % | ||||||
Total Value of Securities |
99.00 | % | ||||||
Receivables and Other Assets Net of Liabilities |
1.00 | % | ||||||
Total Net Assets |
100.00 | % |
*As of the date of this report, Delaware Tax-Free Colorado Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||||||
Colorado |
95.61 | % | ||||||
Guam |
1.87 | % | ||||||
Puerto Rico |
1.00 | % | ||||||
US Virgin Islands |
0.52 | % | ||||||
Total |
99.00 | % |
7
Security type / sector / state / territory allocations | ||
Delaware Tax-Free Idaho Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||
Municipal Bonds* |
96.85 | % | ||||
Corporate Revenue Bonds |
3.31 | % | ||||
Education Revenue Bonds |
16.08 | % | ||||
Electric Revenue Bonds |
3.41 | % | ||||
Healthcare Revenue Bonds |
13.17 | % | ||||
Housing Revenue Bonds |
1.84 | % | ||||
Lease Revenue Bonds |
9.89 | % | ||||
Local General Obligation Bonds |
23.54 | % | ||||
Pre-Refunded Bonds |
5.72 | % | ||||
Special Tax Revenue Bonds |
14.16 | % | ||||
Transportation Revenue Bonds |
4.41 | % | ||||
Water & Sewer Revenue Bonds |
1.32 | % | ||||
Short-Term Investments |
1.79 | % | ||||
Total Value of Securities |
98.64 | % | ||||
Receivables and Other Assets Net of Liabilities |
1.36 | % | ||||
Total Net Assets |
100.00 | % |
*As of the date of this report, Delaware Tax-Free Idaho Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||||
Guam |
5.24 | % | ||||
Idaho |
90.69 | % | ||||
Puerto Rico |
1.10 | % | ||||
US Virgin Islands |
1.61 | % | ||||
Total |
98.64 | % |
8
Security type / sector / state / territory allocations | ||
Delaware Tax-Free New York Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||
Municipal Bonds* |
98.82 | % | ||||
Corporate Revenue Bonds |
6.60 | % | ||||
Education Revenue Bonds |
23.43 | % | ||||
Electric Revenue Bonds |
4.41 | % | ||||
Healthcare Revenue Bonds |
15.08 | % | ||||
Lease Revenue Bonds |
8.72 | % | ||||
Local General Obligation Bonds |
3.01 | % | ||||
Pre-Refunded Bonds |
8.24 | % | ||||
Resource Recovery Revenue Bond |
1.83 | % | ||||
Special Tax Revenue Bonds |
17.17 | % | ||||
State General Obligation Bond |
0.61 | % | ||||
Transportation Revenue Bonds |
6.70 | % | ||||
Water & Sewer Revenue Bonds |
3.02 | % | ||||
Short-Term Investment |
0.37 | % | ||||
Total Value of Securities |
99.19 | % | ||||
Receivables and Other Assets Net of Liabilities |
0.81 | % | ||||
Total Net Assets |
100.00 | % |
*As of the date of this report, Delaware Tax-Free New York Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||||
Guam |
0.31 | % | ||||
New York |
98.88 | % | ||||
Total Value of Securities |
99.19 | % |
9
Security type / sector / state / territory allocations | ||
Delaware Tax-Free Pennsylvania Fund | As of February 28, 2019 (Unaudited) |
Sector designations may be different than the sector designations presented in other Fund materials.
Security type / sector | Percentage of net assets | |||||
Municipal Bonds* |
100.36 | % | ||||
Corporate Revenue Bonds |
5.98 | % | ||||
Education Revenue Bonds |
13.81 | % | ||||
Healthcare Revenue Bonds |
29.32 | % | ||||
Housing Revenue Bond |
0.49 | % | ||||
Lease Revenue Bonds |
3.72 | % | ||||
Local General Obligation Bonds |
7.93 | % | ||||
Pre-Refunded/Escrowed to Maturity Bonds |
21.41 | % | ||||
Resource Recovery Revenue Bond |
0.51 | % | ||||
Special Tax Revenue Bonds |
4.24 | % | ||||
State General Obligation Bond |
0.93 | % | ||||
Transportation Revenue Bonds |
8.56 | % | ||||
Water & Sewer Revenue Bonds |
3.46 | % | ||||
Short-Term Investment |
0.08 | % | ||||
Total Value of Securities |
100.44 | % | ||||
Liabilities Net of Receivables and Other Assets |
(0.44 | %) | ||||
Total Net Assets |
100.00 | % |
*As of the date of this report, Delaware Tax-Free Pennsylvania Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory | Percentage of net assets | |||||
Guam |
0.02 | % | ||||
Pennsylvania |
100.42 | % | ||||
Total Value of Securities |
100.44 | % |
10
Schedules of investments | ||
Delaware Tax-Free Arizona Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 99.40% |
||||||||
|
||||||||
Corporate Revenue Bonds 11.90% |
||||||||
Chandler Industrial Development Authority Revenue |
||||||||
(Intel Corporation Project) 2.70% 12/1/37 (AMT) |
1,000,000 | $ | 1,014,310 | |||||
Maricopa County Pollution Control |
||||||||
(Public Service - Palo Verde Project) Series B 5.20% 6/1/43 |
1,500,000 | 1,545,240 | ||||||
(Southern California Education Co.) Series A 5.00% 6/1/35 |
2,400,000 | 2,446,176 | ||||||
Pima County Industrial Development Authority Pollution |
||||||||
(Tucson Electric Power) Series A 5.25% 10/1/40 |
2,000,000 | 2,083,760 | ||||||
Salt Verde Financial Senior Gas Revenue |
||||||||
5.00% 12/1/37 |
1,370,000 | 1,622,546 | ||||||
|
|
|||||||
8,712,032 | ||||||||
|
|
|||||||
Education Revenue Bonds 30.11% |
||||||||
Arizona Health Facilities Authority Healthcare Education Revenue |
||||||||
(Kirksville College) 5.125% 1/1/30 |
1,500,000 | 1,537,995 | ||||||
Arizona Industrial Development Authority Revenue |
||||||||
(Academies of Math & Science Projects) Series A 5.00% 7/1/51 |
1,000,000 | 1,086,260 | ||||||
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # |
350,000 | 346,360 | ||||||
(American Charter Schools Foundation Project) 144A 6.00% 7/1/47 # |
400,000 | 419,164 | ||||||
(Pincrest Academy of Nevada-Horizon, Inspirada and St. |
||||||||
Rose Campus Projects) Series A 144A 5.75% 7/15/48 # |
250,000 | 262,200 | ||||||
Arizona State University Energy Management Revenue |
||||||||
(Arizona State University Tempe Campus II Project) 4.50% 7/1/24 |
1,000,000 | 1,008,840 | ||||||
Glendale Industrial Development Authority Revenue |
||||||||
(Midwestern University) |
||||||||
5.00% 5/15/31 |
645,000 | 699,057 | ||||||
5.125% 5/15/40 |
1,305,000 | 1,348,665 | ||||||
Maricopa County Industrial Development Authority Revenue |
||||||||
(Greathearts Arizona Projects) |
||||||||
Series A 5.00% 7/1/52 |
725,000 | 799,755 | ||||||
(Paradise Schools Projects) 144A 5.00% 7/1/36 # |
500,000 | 517,315 | ||||||
(Reid Traditional Schools Projects) 5.00% 7/1/47 |
785,000 | 830,797 | ||||||
McAllister Academic Village Revenue |
||||||||
(Arizona State University Hassayampa Academic Village Project) 5.00% 7/1/31 |
1,000,000 | 1,167,550 | ||||||
Northern Arizona University |
||||||||
5.00% 6/1/36 |
475,000 | 503,533 | ||||||
5.00% 6/1/41 |
1,240,000 | 1,312,255 |
11
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Phoenix Industrial Development Authority |
||||||||
(Basis School Projects) 144A 5.00% 7/1/35 # |
1,000,000 | $ | 1,028,860 | |||||
(Choice Academies Project) 5.625% 9/1/42 |
1,250,000 | 1,280,763 | ||||||
(Eagle College Preparatory Project) Series A 5.00% 7/1/43 |
500,000 | 493,725 | ||||||
(Great Hearts Academic Project) 5.00% 7/1/46 |
1,000,000 | 1,036,100 | ||||||
(Rowan University Project) 5.00% 6/1/42 |
2,000,000 | 2,135,520 | ||||||
Pima County Industrial Development Authority Education Revenue |
||||||||
(American Leadership Academy Project) |
||||||||
144A 5.00% 6/15/47 # |
100,000 | 97,917 | ||||||
144A 5.00% 6/15/52 # |
90,000 | 86,608 | ||||||
(Edkey Charter School Project) 6.00% 7/1/48 |
1,000,000 | 911,440 | ||||||
(Tucson Country Day School Project) 5.00% 6/1/37 |
750,000 | 674,363 | ||||||
Tucson Industrial Development Authority Lease Revenue |
||||||||
(University of Arizona-Marshall Foundation) Series A 5.00% 7/15/27 (AMBAC) |
980,000 | 981,431 | ||||||
University of Arizona Board of Regents |
||||||||
Series A 5.00% 6/1/38 |
1,000,000 | 1,106,920 | ||||||
Unrefunded Balance Series A 5.00% 6/1/25 |
335,000 | 367,961 | ||||||
|
|
|||||||
22,041,354 | ||||||||
|
|
|||||||
Electric Revenue Bonds 4.60% |
||||||||
Salt River Project Agricultural Improvement & Power |
||||||||
District Electric System Revenue |
||||||||
Series A 5.00% 12/1/30 |
1,000,000 | 1,085,470 | ||||||
Series A 5.00% 1/1/39 |
1,000,000 | 1,165,310 | ||||||
Series A 5.00% 12/1/45 |
1,000,000 | 1,117,090 | ||||||
|
|
|||||||
3,367,870 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 18.06% |
||||||||
Arizona Health Facilities Authority Hospital System Revenue |
||||||||
(Banner Health) Series A 5.00% 1/1/43 |
1,500,000 | 1,607,505 | ||||||
(Phoenix Childrens Hospital) Series A 5.00% 2/1/34 |
995,000 | 1,060,431 | ||||||
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42 |
1,000,000 | 1,084,880 | ||||||
Glendale Industrial Development Authority Revenue |
||||||||
(Glencroft Retirement Community Project) 5.00% 11/15/36 |
270,000 | 273,075 | ||||||
Maricopa County Industrial Development Authority Health |
||||||||
Facilities Revenue |
||||||||
(Banner Health) Series A 4.00% 1/1/41 |
1,000,000 | 1,029,640 | ||||||
(Catholic Healthcare West) Series A 6.00% 7/1/39 |
2,500,000 | 2,532,200 |
12
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Maricopa County Industrial Development Authority Senior |
||||||||
(Christian Care Surprise Project) 144A 6.00% 1/1/48 # |
405,000 | $ | 408,985 | |||||
Puerto Rico Industrial Tourist Educational Medical & |
||||||||
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33 |
790,000 | 820,604 | ||||||
Tempe Industrial Development Authority Revenue |
||||||||
(Friendship Village) Series A 6.25% 12/1/42 |
1,200,000 | 1,263,936 | ||||||
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # |
250,000 | 270,313 | ||||||
Yavapai County Industrial Development Authority Hospital Facility |
||||||||
(Yavapai Regional Medical Center) Series A 5.25% 8/1/33 |
2,000,000 | 2,193,600 | ||||||
Yuma Industrial Development Authority Hospital Revenue |
||||||||
(Yuma Regional Medical Center) |
||||||||
Series A 5.00% 8/1/32 |
295,000 | 330,907 | ||||||
Series A 5.25% 8/1/32 |
300,000 | 340,605 | ||||||
|
|
|||||||
13,216,681 | ||||||||
|
|
|||||||
Lease Revenue Bonds 3.25% |
||||||||
Arizona Game & Fish Department & Community Beneficial |
||||||||
(Administration Building Project) 5.00% 7/1/32 |
1,000,000 | 1,002,310 | ||||||
Arizona Sports & Tourism Authority Senior Revenue |
||||||||
(Multipurpose Stadium Facility) Series A 5.00% 7/1/36 |
350,000 | 370,059 | ||||||
Maricopa County Industrial Development Authority |
||||||||
(Phoenix West Prison) Series B 5.375% 7/1/22 (ACA) |
1,000,000 | 1,002,620 | ||||||
|
|
|||||||
2,374,989 | ||||||||
|
|
|||||||
Local General Obligation Bonds 3.19% |
||||||||
Maricopa County High School District No. 214 Tolleson |
||||||||
(School Improvement Project) Series B 4.00% 7/1/37 |
1,300,000 | 1,382,810 | ||||||
Maricopa County School District No. 3 Tempe Elementary |
||||||||
(School Improvement Project) Series B 5.00% 7/1/30 |
560,000 | 681,089 | ||||||
Pinal County Community College District 4.00% 7/1/31 |
250,000 | 270,190 | ||||||
|
|
|||||||
2,334,089 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 7.90% |
||||||||
Arizona Certificates of Participation Department |
||||||||
Series A 5.25% 10/1/25 (AGM) |
1,500,000 | 1,531,365 |
13
Schedules of investments
Delaware Tax-Free Arizona Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded Bonds (continued) |
||||||||
Phoenix Civic Improvement Airport Revenue |
||||||||
(Junior Lien) Series A 5.25% 7/1/33-20 § |
1,250,000 | $ | 1,310,063 | |||||
Phoenix Industrial Development Authority |
||||||||
(Great Hearts Academic Project) |
||||||||
6.30% 7/1/42-21 § |
500,000 | 552,200 | ||||||
6.40% 7/1/47-21 § |
500,000 | 553,335 | ||||||
Pinal County Electric District No. 3 |
||||||||
Series A 5.25% 7/1/41-21 § |
750,000 | 811,320 | ||||||
University Medical Center Hospital Revenue |
||||||||
6.50% 7/1/39-19 § |
1,000,000 | 1,015,920 | ||||||
University of Arizona Board of Regents |
||||||||
Series A 5.00% 6/1/25-22 § |
10,000 | 11,059 | ||||||
|
|
|||||||
5,785,262 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 6.51% |
||||||||
Glendale Municipal Property Excise Tax Revenue |
||||||||
(Senior Lien) Series B 5.00% 7/1/33 |
570,000 | 628,698 | ||||||
Glendale Transportation Excise Tax Revenue |
||||||||
5.00% 7/1/30 (AGM) |
1,000,000 | 1,162,060 | ||||||
Guam Government Business Privilege Tax Revenue |
||||||||
Series A 5.125% 1/1/42 |
545,000 | 559,802 | ||||||
Series A 5.25% 1/1/36 |
705,000 | 736,260 | ||||||
Mesa Excise Tax Revenue |
||||||||
5.00% 7/1/32 |
1,000,000 | 1,093,680 | ||||||
Regional Public Transportation Authority |
||||||||
(Maricopa County Public Transportation) 5.25% 7/1/24 |
500,000 | 587,105 | ||||||
|
|
|||||||
4,767,605 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 7.25% |
||||||||
Arizona Department of Transportation State Highway Fund Revenue |
||||||||
5.00% 7/1/35 |
500,000 | 577,585 | ||||||
Phoenix Civic Improvement Airport Revenue |
||||||||
Series B 5.00% 7/1/37 |
1,000,000 | 1,150,790 | ||||||
(Senior Lien) |
||||||||
4.00% 7/1/48 |
500,000 | 509,885 | ||||||
5.00% 7/1/32 (AMT) |
1,750,000 | 1,935,675 | ||||||
Series A 5.00% 7/1/36 (AMT) |
1,000,000 | 1,135,700 | ||||||
|
|
|||||||
5,309,635 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 6.63% |
||||||||
Arizona Water Infrastructure Finance Authority |
||||||||
(Water Quality Revenue) Series A 5.00% 10/1/26 |
1,000,000 | 1,168,980 | ||||||
Central Arizona Water Conservation District |
||||||||
(Central Arizona Project) 5.00% 1/1/31 |
600,000 | 698,256 |
14
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Water & Sewer Revenue Bonds (continued) |
||||||||
Guam Government Waterworks Authority Revenue |
||||||||
5.00% 7/1/37 |
250,000 | $ | 272,270 | |||||
Mesa Utility System Revenue |
||||||||
4.00% 7/1/31 |
850,000 | 925,123 | ||||||
Phoenix Civic Improvement Corporation |
||||||||
(Junior Lien) |
||||||||
5.00% 7/1/27 |
1,000,000 | 1,200,500 | ||||||
5.00% 7/1/31 |
500,000 | 587,805 | ||||||
|
|
|||||||
4,852,934 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $70,593,356) |
72,762,451 | |||||||
|
|
|||||||
|
||||||||
|
||||||||
Short-Term Investment 1.23% |
||||||||
|
||||||||
Variable Rate Demand Note 1.23%¤ |
||||||||
Arizona Health Facilities Authority Revenue (Banner Health) |
900,000 | 900,000 | ||||||
|
|
|||||||
Total Short-Term Investment (cost $900,000) |
900,000 | |||||||
|
|
|||||||
Total Value of Securities 100.63% |
$ | 73,662,451 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $3,437,722, which represents 4.70% 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. Each rate shown is as of Feb. 28, 2019. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on |
15
Schedules of investments
Delaware Tax-Free Arizona Fund
current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
Summary of abbreviations:
ACA Insured by American Capital Access
AGM Insured by Assured Guaranty Municipal Corporation
AMBAC Insured by AMBAC Assurance Corporation
AMT Subject to Alternative Minimum Tax
LOC Letter of Credit
N.A. National Association
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
16
Schedules of investments | ||
Delaware Tax-Free California Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 98.96% |
||||||||
|
||||||||
Corporate Revenue Bonds 4.08% |
||||||||
Chula Vista Industrial Development Revenue |
||||||||
(San Diego Gas & Electric) Series D 5.875% 1/1/34 |
1,000,000 | $ | 1,007,770 | |||||
Golden State Tobacco Securitization Settlement Revenue |
||||||||
(Asset-Backed) |
||||||||
Series A-1 5.25% 6/1/47 |
750,000 | 751,710 | ||||||
Series A-2 5.00% 6/1/47 |
1,000,000 | 965,320 | ||||||
(Capital Appreciation Asset-Backed) Subordinate Series B 1.548% 6/1/47 ^ |
1,615,000 | 259,531 | ||||||
M-S-R Energy Authority Revenue Series B 6.50% 11/1/39 |
500,000 | 697,945 | ||||||
|
|
|||||||
3,682,276 | ||||||||
|
|
|||||||
Education Revenue Bonds 20.77% |
||||||||
California Educational Facilities Authority |
||||||||
(Loma Linda University) Series A 5.00% 4/1/47 |
1,000,000 | 1,118,020 | ||||||
California Municipal Finance Authority |
||||||||
(Bella Mente Montessori Academy Project) Series A 144A 5.00% 6/1/48 # |
500,000 | 519,465 | ||||||
(Biola University) 5.00% 10/1/39 |
1,000,000 | 1,118,160 | ||||||
(California Baptist University) Series A 144A 5.375% 11/1/40 # |
1,000,000 | 1,095,530 | ||||||
(CHF-Davis I, LLC - West Village Student Housing Project) 5.00% 5/15/48 |
1,000,000 | 1,093,560 | ||||||
(Creative Center of Los Altos Project - Pinewood School & Oakwood School) Series B 144A 4.50% 11/1/46 # |
500,000 | 499,975 | ||||||
(Julian Charter School Project) Series A 144A 5.625% 3/1/45 # |
500,000 | 493,470 | ||||||
(Palmdale Aerospace Academy Project) Series A 144A 5.00% 7/1/46 # |
500,000 | 517,000 | ||||||
(Southwestern Law School) 6.50% 11/1/41 |
1,140,000 | 1,263,998 | ||||||
California School Finance Authority |
||||||||
(Aspire Public Schools - Obligated Group) Series A 144A 5.00% 8/1/45 # |
715,000 | 760,509 | ||||||
(Encore Education Obligated Group) Series A 144A 5.00% 6/1/42 # |
500,000 | 437,710 | ||||||
(Escuela Popular Project) 144A 6.50% 7/1/50 # |
250,000 | 247,330 | ||||||
(Green Dot Public Schools Project) Series A 144A 5.00% 8/1/35 # |
1,000,000 | 1,087,210 | ||||||
(Grimmway Schools - Obligated Group) Series A 144A 5.00% 7/1/36 # |
500,000 | 509,795 | ||||||
(ICEF - View Park Elementary & Middle Schools) Series A 5.625% 10/1/34 |
575,000 | 608,591 | ||||||
(KIPP LA Projects) Series A 5.125% 7/1/44 |
1,000,000 | 1,064,720 |
17
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
California School Finance Authority |
||||||||
(Partnerships to Uplift Communities Valley Project) |
||||||||
Series A 144A 6.75% 8/1/44 # |
1,000,000 | $ | 1,061,440 | |||||
California State University Systemwide Revenue |
||||||||
Series A 5.00% 11/1/47 |
1,000,000 | 1,132,260 | ||||||
California Statewide Communities Development Authority |
||||||||
(Green Dot Public Schools - Animo Inglewood Charter High School Project) Series A 7.25% 8/1/41 |
800,000 | 881,536 | ||||||
California Statewide Communities Development Authority Revenue |
||||||||
(California Baptist University) Series A 6.125% 11/1/33 |
750,000 | 849,405 | ||||||
(NCCD-Hooper Street LLC-California College of the Arts Project) 144A 5.25% 7/1/49 # |
250,000 | 264,063 | ||||||
California Statewide Communities Development Authority |
||||||||
(University of California Irvine East Campus Apartments) |
||||||||
5.00% 5/15/24 |
40,000 | 45,376 | ||||||
5.375% 5/15/38 |
1,000,000 | 1,060,460 | ||||||
Mt. San Antonio Community College District Convertible |
||||||||
Series A 0.00% 8/1/28 ~ |
1,000,000 | 1,015,410 | ||||||
|
|
|||||||
18,744,993 | ||||||||
|
|
|||||||
Electric Revenue Bond 0.63% |
||||||||
Imperial Irrigation District Electric System Revenue |
||||||||
Series C 5.00% 11/1/36 |
500,000 | 571,025 | ||||||
|
|
|||||||
571,025 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 22.30% |
||||||||
Abag Finance Authority for Nonprofit Corporations |
||||||||
(Episcopal Senior Communities) 6.125% 7/1/41 |
850,000 | 911,761 | ||||||
(Sharp HealthCare) Series A 5.00% 8/1/28 |
250,000 | 271,735 | ||||||
California Health Facilities Financing Authority Revenue |
||||||||
(Cedars-Sinai Medical Center) Series B 4.00% 8/15/36 |
1,000,000 | 1,050,410 | ||||||
(Childrens Hospital Los Angeles) |
||||||||
Series A 5.00% 11/15/34 |
500,000 | 537,285 | ||||||
Series A 5.00% 8/15/47 |
500,000 | 549,215 | ||||||
(Dignity Health) Series E 5.625% 7/1/25 |
1,000,000 | 1,012,040 | ||||||
(Kaiser Permanente) Subordinate Series A-2 4.00% 11/1/44 |
1,005,000 | 1,028,135 | ||||||
(Lucile Salter Packard Childrens Hospital at Stanford) |
||||||||
Series A 5.00% 8/15/33 |
1,000,000 | 1,154,420 | ||||||
Series A 5.00% 11/15/56 |
1,000,000 | 1,101,510 | ||||||
(St. Joseph Health System) Series A 5.75% 7/1/39 |
1,000,000 | 1,012,940 |
18
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
California Health Facilities Financing Authority Revenue |
||||||||
(Sutter Health) Series D 5.25% 8/15/31 |
1,000,000 | $ | 1,083,530 | |||||
California Municipal Finance Authority Revenue |
||||||||
(Community Medical Centers) |
||||||||
Series A 5.00% 2/1/42 |
750,000 | 821,295 | ||||||
Series A 5.00% 2/1/47 |
250,000 | 271,575 | ||||||
(Northbay Healthcare Group) Series A 5.25% 11/1/47 |
500,000 | 534,100 | ||||||
California Statewide Communities Development Authority Revenue |
||||||||
(Adventist Health System/West) Series A 4.00% 3/1/48 |
1,000,000 | 1,008,080 | ||||||
(be.group) 144A 7.25% 11/15/41 # |
500,000 | 516,215 | ||||||
(Covenant Retirement Communities) Series C 5.625% 12/1/36 |
1,000,000 | 1,124,980 | ||||||
(Episcopal Communities & Services) 5.00% 5/15/32 |
600,000 | 641,568 | ||||||
(Huntington Memorial Hospital) 4.00% 7/1/48 |
500,000 | 501,280 | ||||||
(Loma Linda University Medical Center) |
||||||||
Series A 144A 5.25% 12/1/56 # |
725,000 | 771,197 | ||||||
Series A 144A 5.50% 12/1/58 # |
400,000 | 437,496 | ||||||
(Marin General Hospital - Green Bonds) Series A 4.00% 8/1/45 |
500,000 | 503,635 | ||||||
(Redlands Community Hospital) 5.00% 10/1/46 |
1,000,000 | 1,089,650 | ||||||
La Verne |
||||||||
(Brethren Hillcrest Homes) 5.00% 5/15/36 |
750,000 | 777,487 | ||||||
Palomar Health |
||||||||
5.00% 11/1/47 (AGM) |
500,000 | 566,015 | ||||||
San Buenaventura |
||||||||
(Community Memorial Health System) 7.50% 12/1/41 |
785,000 | 855,987 | ||||||
|
|
|||||||
20,133,541 | ||||||||
|
|
|||||||
Housing Revenue Bonds 4.59% |
||||||||
California Municipal Finance Authority Mobile Home Park Revenue |
||||||||
(Caritas Projects) |
||||||||
Series A 4.00% 8/15/42 |
1,270,000 | 1,276,312 | ||||||
Series A 5.50% 8/15/47 |
750,000 | 796,560 | ||||||
Independent Cities Finance Authority Mobile Home Park Revenue |
||||||||
(Pillar Ridge) Series A 5.25% 5/15/44 |
1,000,000 | 1,071,150 | ||||||
Santa Clara County Multifamily Housing Authority Revenue |
||||||||
(RiverTown Apartments Project) Series A 5.85% 8/1/31 (AMT) |
1,000,000 | 1,001,100 | ||||||
|
|
|||||||
4,145,122 | ||||||||
|
|
19
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Lease Revenue Bonds 11.80% |
||||||||
Abag Finance Authority for Nonprofit Corporations |
||||||||
(Jackson Laboratory) 5.00% 7/1/37 |
1,000,000 | $ | 1,084,950 | |||||
California Infrastructure & Economic Development Bank |
||||||||
(Academy of Motion Picture Arts & Sciences Obligated Group) Series A 5.00% 11/1/41 |
1,000,000 | 1,108,730 | ||||||
(Infrastructure State Revolving Fund) Series A 5.00% 10/1/29 |
1,000,000 | 1,196,770 | ||||||
California Municipal Finance Authority |
||||||||
(Goodwill Industry of Sacramento Valley & Northern Nevada Project) 5.00% 1/1/35 |
635,000 | 604,539 | ||||||
California Pollution Control Financing Authority Revenue |
||||||||
(San Diego County Water Authority Desalination Project Pipeline) 144A 5.00% 11/21/45 # |
1,000,000 | 1,108,830 | ||||||
California State Public Works Board Lease Revenue |
||||||||
(Department of Corrections and Rehabilitation) Series C 5.00% 10/1/26 |
1,000,000 | 1,081,760 | ||||||
California Statewide Communities Development Authority Revenue |
||||||||
(Lancer Plaza Project) 5.625% 11/1/33 |
1,000,000 | 1,101,850 | ||||||
Golden State Tobacco Securitization Settlement Revenue |
||||||||
(Enhanced Asset-Backed) Series A 5.00% 6/1/29 |
1,000,000 | 1,113,380 | ||||||
San Diego County |
||||||||
(Sanford Burnham Prebys Medical Discovery Institute) |
||||||||
Series A 5.00% 11/1/28 |
500,000 | 584,350 | ||||||
Series A 5.00% 11/1/30 |
475,000 | 550,991 | ||||||
San Jose Financing Authority Lease Revenue |
||||||||
(Civic Center Project) Series A 5.00% 6/1/33 |
1,000,000 | 1,115,050 | ||||||
|
|
|||||||
10,651,200 | ||||||||
|
|
|||||||
Local General Obligation Bonds 3.23% |
||||||||
Anaheim School District Capital Appreciation Election 2002 4.58% 8/1/25 (NATL) ^ |
1,000,000 | 858,110 | ||||||
Marin Healthcare District Election 2013 |
||||||||
Series A 4.00% 8/1/47 |
1,000,000 | 1,030,570 | ||||||
West Contra Costa Unified School District 2012 Election |
||||||||
Series C 4.00% 8/1/41 |
1,000,000 | 1,026,590 | ||||||
|
|
|||||||
2,915,270 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 8.47% |
||||||||
Anaheim Public Financing Authority Revenue |
||||||||
(Anaheim Electric System Distribution Facilities) Series A 5.00% 10/1/25-21 § |
800,000 | 859,368 |
20
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded Bonds (continued) |
||||||||
California Department of Water Resources |
||||||||
(Central Valley Project) Unrefunded Series AG 5.00% 12/1/28-19 § |
75,000 | $ | 76,995 | |||||
California Municipal Finance Authority Mobile Home Park Revenue |
||||||||
(Caritas Projects) Series A 6.40% 8/15/45-20 § |
950,000 | 1,008,757 | ||||||
Imperial Irrigation District Electric System Revenue |
||||||||
Series B 5.00% 11/1/36-20 § |
250,000 | 264,613 | ||||||
Lancaster Redevelopment Agency |
||||||||
(Combined Redevelopment Project Areas) 6.875% 8/1/39-19 § |
285,000 | 291,253 | ||||||
Unrefunded 6.875% 8/1/39-19 § |
215,000 | 219,717 | ||||||
Pittsburg Unified School District Financing Authority Revenue |
||||||||
(Pittsburg Unified School District Bond Program) 5.50% 9/1/46-21 (AGM) § |
800,000 | 877,560 | ||||||
Rancho Santa Fe Community Services District Financing Authority Revenue |
||||||||
(Superior Lien Bonds) Series A 5.75% 9/1/30-21 § |
800,000 | 883,472 | ||||||
Riverside County Redevelopment Agency Tax Allocation Housing |
||||||||
Series A 6.00% 10/1/39-20 § |
1,000,000 | 1,071,070 | ||||||
San Diego Public Facilities Financing Authority Lease Revenue |
||||||||
(Master Refunding Project) Series A 5.25% 3/1/40-20 § |
1,000,000 | 1,057,090 | ||||||
San Mateo Joint Powers Financing Authority Lease Revenue |
||||||||
(Capital Projects) Series A 5.25% 7/15/26-20 § |
1,000,000 | 1,032,050 | ||||||
|
|
|||||||
7,641,945 | ||||||||
|
|
|||||||
Resource Recovery Revenue Bond 1.13% |
||||||||
South Bayside Waste Management Authority Revenue |
||||||||
(Shoreway Environmental Center) Series A 6.00% 9/1/36 |
1,000,000 | 1,020,610 | ||||||
|
|
|||||||
1,020,610 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 1.85% |
||||||||
Sacramento Transient Occupancy Tax Revenue |
||||||||
(Convention Center Complex) Senior Series A 5.00% 6/1/48 |
1,000,000 | 1,138,230 | ||||||
Yucaipa Special Tax Community Facilities District No. 98-1 |
||||||||
(Chapman Heights) 5.375% 9/1/30 |
500,000 | 534,090 | ||||||
|
|
|||||||
1,672,320 | ||||||||
|
|
21
Schedules of investments
Delaware Tax-Free California Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
State General Obligation Bonds 6.29% |
||||||||
California |
||||||||
(Various Purpose) |
||||||||
5.00% 8/1/46 |
1,000,000 | $ | 1,128,200 | |||||
5.25% 3/1/30 |
1,000,000 | 1,032,350 | ||||||
5.25% 4/1/35 |
1,000,000 | 1,092,550 | ||||||
5.25% 11/1/40 |
1,000,000 | 1,050,220 | ||||||
6.00% 3/1/33 |
1,000,000 | 1,043,320 | ||||||
Unrefunded 6.00% 4/1/38 |
330,000 | 331,073 | ||||||
|
|
|||||||
5,677,713 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 12.59% |
||||||||
Alameda Corridor Transportation Authority |
||||||||
(2nd Subordinate Lien) Series B 5.00% 10/1/37 |
500,000 | 551,390 | ||||||
California Municipal Finance Authority Senior Lien |
||||||||
(LINXS APM Project) Series A 5.00% 12/31/47 (AMT) |
645,000 | 712,145 | ||||||
Long Beach Marina Revenue |
||||||||
(Alamitos Bay Marina Project) 5.00% 5/15/45 |
500,000 | 540,275 | ||||||
Los Angeles Department of Airports |
||||||||
(Los Angeles International Airport) |
||||||||
Senior Series D 5.00% 5/15/36 (AMT) |
1,000,000 | 1,117,680 | ||||||
Subordinate Series B 5.00% 5/15/33 |
1,000,000 | 1,040,100 | ||||||
Riverside County Transportation Commission Senior Lien |
||||||||
(Current Interest Obligations) Series A 5.75% 6/1/44 |
500,000 | 545,195 | ||||||
Sacramento County Airport System Revenue |
||||||||
Series C 5.00% 7/1/39 (AMT) |
1,000,000 | 1,139,030 | ||||||
Subordinate Series B 5.00% 7/1/41 |
500,000 | 560,425 | ||||||
San Diego County Regional Airport Authority Revenue |
||||||||
Subordinate Series A 5.00% 7/1/47 |
375,000 | 423,551 | ||||||
San Diego Redevelopment Agency |
||||||||
(Centre City Redevelopment Project) Series A 6.40% 9/1/25 |
870,000 | 873,358 | ||||||
San Francisco City & County Airports Commission |
||||||||
(San Francisco International Airport) |
||||||||
Second Series A 5.00% 5/1/49 (AMT) |
1,000,000 | 1,129,410 | ||||||
Second Series B 5.00% 5/1/46 (AMT) |
1,000,000 | 1,101,550 | ||||||
San Francisco Municipal Transportation Agency Revenue |
||||||||
Series B 5.00% 3/1/37 |
1,500,000 | 1,631,280 | ||||||
|
|
|||||||
11,365,389 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bond 1.23% |
||||||||
San Diego Public Facilities Financing Authority |
||||||||
Subordinate Series A 5.00% 8/1/29 |
1,000,000 | 1,109,840 | ||||||
|
|
|||||||
1,109,840 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $86,005,587) |
89,331,244 | |||||||
|
|
22
Principal amount° | Value (US $) | |||||||
|
||||||||
Short-Term Investment 0.77% |
||||||||
|
||||||||
Variable Rate Demand Note 0.77%¤ |
||||||||
California Public Finance Authority Revenue (Sharp HealthCare) Series B |
||||||||
1.47% 8/1/52 (LOC - Barclays Bank PLC) |
700,000 | $ | 700,000 | |||||
|
|
|||||||
Total Short-Term Investment (cost $700,000) |
700,000 | |||||||
|
|
|||||||
Total Value of Securities 99.73% |
$ | 90,031,244 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $10,327,235, which represents 11.44% 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. Each rate shown is as of Feb. 28, 2019. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
^ | Zero coupon security. The rate shown is the effective yield at the time of purchase. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at Feb. 28, 2019. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMT Subject to Alternative Minimum Tax
ICEF Inner City Education Foundation
LOC Letter of Credit
NATL Insured by National Public Finance Guarantee Corporation
PLC Public Limited Company
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
23
Schedules of investments | ||
Delaware Tax-Free Colorado Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 97.35% |
||||||||
|
||||||||
Corporate Revenue Bonds 1.44% |
||||||||
Denver City & County |
||||||||
(United Airlines Project) 5.00% 10/1/32 (AMT) |
415,000 | $ | 441,203 | |||||
Public Authority for Colorado Energy Natural Gas Revenue 6.50% 11/15/38 |
1,750,000 | 2,455,285 | ||||||
|
|
|||||||
2,896,488 | ||||||||
|
|
|||||||
Education Revenue Bonds 11.10% |
||||||||
Colorado Educational & Cultural Facilities Authority Revenue |
||||||||
144A 5.00% 7/1/36 # |
500,000 | 501,310 | ||||||
5.00% 11/1/44 |
890,000 | 868,569 | ||||||
144A 5.25% 7/1/46 # |
1,350,000 | 1,347,948 | ||||||
(Academy Charter School Project) |
||||||||
5.50% 5/1/36 (SGI) |
2,280,000 | 2,284,902 | ||||||
7.45% 8/1/48 |
1,000,000 | 1,122,660 | ||||||
(Alexander Dawson School-Nevada Project) 5.00% 5/15/29 |
1,490,000 | 1,730,605 | ||||||
(Atlas Preparatory Charter School) 144A 5.25% 4/1/45 # |
1,300,000 | 1,299,948 | ||||||
(Charter School Project) 5.00% 7/15/37 |
1,150,000 | 1,221,668 | ||||||
(Johnson & Wales University) Series A 5.25% 4/1/37 |
1,790,000 | 1,905,365 | ||||||
(Liberty Common Charter School Project) Series A 5.00% 1/15/39 |
1,000,000 | 1,060,170 | ||||||
(Littleton Preparatory Charter School Project) |
||||||||
5.00% 12/1/33 |
450,000 | 455,629 | ||||||
5.00% 12/1/42 |
540,000 | 531,112 | ||||||
(Loveland Classical Schools Project) |
||||||||
144A 5.00% 7/1/36 # |
625,000 | 634,144 | ||||||
144A 5.00% 7/1/46 # |
500,000 | 501,790 | ||||||
(Pinnacle Charter School Project) 5.00% 6/1/26 |
700,000 | 765,100 | ||||||
(Skyview Charter School) |
||||||||
144A 5.375% 7/1/44 # |
860,000 | 871,644 | ||||||
144A 5.50% 7/1/49 # |
870,000 | 884,764 | ||||||
(University of Denver Project) |
||||||||
Series A 4.00% 3/1/35 |
400,000 | 423,712 | ||||||
Series A 4.00% 3/1/36 |
550,000 | 581,069 | ||||||
(University of Lab Charter School) 5.00% 12/15/45 |
500,000 | 517,095 | ||||||
(Vail Mountain School Project) 4.00% 5/1/46 |
80,000 | 76,035 | ||||||
(Windsor Charter Academy Project) 144A 5.00% 9/1/46 # |
890,000 | 864,110 | ||||||
(Woodrow Wilson Charter School Project) 5.25% 12/1/34 (SGI) |
1,960,000 | 1,963,038 | ||||||
|
|
|||||||
22,412,387 | ||||||||
|
|
24
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Electric Revenue Bonds 1.96% |
||||||||
Platte River Power Authority Revenue |
||||||||
Series JJ 5.00% 6/1/27 |
3,300,000 | $ | 3,953,763 | |||||
|
|
|||||||
3,953,763 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 25.26% |
||||||||
Colorado Health Facilities Authority Revenue |
||||||||
(American Baptist) |
||||||||
7.625% 8/1/33 |
150,000 | 166,049 | ||||||
8.00% 8/1/43 |
1,000,000 | 1,119,400 | ||||||
(Bethesda Project) Series A-1 5.00% 9/15/48 |
2,250,000 | 2,363,333 | ||||||
(Catholic Health Initiatives) |
||||||||
Series A 5.00% 7/1/39 |
1,540,000 | 1,546,222 | ||||||
Series A 5.00% 2/1/41 |
2,250,000 | 2,316,443 | ||||||
Series A 5.25% 2/1/33 |
1,000,000 | 1,046,260 | ||||||
Series A 5.25% 1/1/45 |
3,000,000 | 3,181,950 | ||||||
Series D 6.25% 10/1/33 |
2,000,000 | 2,007,600 | ||||||
(Christian Living Community Project) |
||||||||
5.25% 1/1/37 |
1,500,000 | 1,545,885 | ||||||
6.375% 1/1/41 |
1,000,000 | 1,068,850 | ||||||
(Covenant Retirement Communities) |
||||||||
Series A 5.00% 12/1/33 |
4,000,000 | 4,261,240 | ||||||
Series A 5.00% 12/1/35 |
1,000,000 | 1,084,050 | ||||||
(Craig Hospital Project) 5.00% 12/1/32 |
3,500,000 | 3,808,350 | ||||||
(Evangelical Lutheran) |
||||||||
5.00% 12/1/42 |
2,500,000 | 2,591,225 | ||||||
5.625% 6/1/43 |
1,150,000 | 1,248,670 | ||||||
(Frasier Meadows Retirement Community Project) |
||||||||
Series A 5.25% 5/15/37 |
485,000 | 522,068 | ||||||
Series B 5.00% 5/15/48 |
660,000 | 683,681 | ||||||
(Mental Health Center Denver Project) |
||||||||
Series A 5.75% 2/1/44 |
2,000,000 | 2,167,080 | ||||||
(National Jewish Health Project) 5.00% 1/1/27 |
300,000 | 313,521 | ||||||
(NCMC Project) 4.00% 5/15/32 |
2,000,000 | 2,123,000 | ||||||
(SCL Health Systems) Series A 5.00% 1/1/44 |
3,050,000 | 3,297,385 | ||||||
(Sisters of Charity of Leavenworth Health System) |
||||||||
Series B 5.25% 1/1/25 |
2,500,000 | 2,569,825 | ||||||
(Sunny Vista Living Center) |
||||||||
Series A 144A 6.25% 12/1/50 # |
935,000 | 975,027 | ||||||
(Vail Valley Medical Center Project) 5.00% 1/15/35 |
1,000,000 | 1,124,650 | ||||||
(Valley View Hospital Association Project) Series A 4.00% 5/15/35 |
685,000 | 710,331 | ||||||
Denver Health & Hospital Authority Health Care Revenue |
||||||||
(Recovery Zone Facilities) 5.625% 12/1/40 |
2,500,000 | 2,594,800 |
25
Schedules of investments | ||
Delaware Tax-Free Colorado Fund |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority |
||||||||
(Auxilio Mutuo) Series A 6.00% 7/1/33 |
1,945,000 | $ | 2,020,349 | |||||
University of Colorado Hospital Authority Revenue |
||||||||
Series A 6.00% 11/15/29 |
2,460,000 | 2,528,929 | ||||||
|
|
|||||||
50,986,173 | ||||||||
|
|
|||||||
Housing Revenue Bonds 0.09% |
||||||||
Colorado Housing & Finance Authority |
||||||||
(Single Family Program Class 1) |
||||||||
Series AA 4.50% 5/1/23 (GNMA) |
95,000 | 95,230 | ||||||
Series AA 4.50% 11/1/23 (GNMA) |
95,000 | 95,287 | ||||||
|
|
|||||||
190,517 | ||||||||
|
|
|||||||
Lease Revenue Bonds 3.36% |
||||||||
Aurora Certificates of Participation |
||||||||
Series A 5.00% 12/1/30 |
2,370,000 | 2,424,842 | ||||||
Colorado Department of Transportation Certificates of Participation |
||||||||
5.00% 6/15/34 |
660,000 | 754,248 | ||||||
5.00% 6/15/36 |
1,055,000 | 1,194,830 | ||||||
Denver Health & Hospital Authority |
||||||||
4.00% 12/1/38 |
750,000 | 756,473 | ||||||
Regional Transportation District Certificates of Participation |
||||||||
Series A 5.00% 6/1/33 |
1,500,000 | 1,657,185 | ||||||
|
|
|||||||
6,787,578 | ||||||||
|
|
|||||||
Local General Obligation Bonds 15.33% |
||||||||
Adams & Weld Counties School District No. 27J Brighton |
||||||||
4.00% 12/1/30 |
300,000 | 327,219 | ||||||
4.00% 12/1/31 |
1,000,000 | 1,085,900 | ||||||
5.00% 12/1/32 |
500,000 | 592,240 | ||||||
Arapahoe County School District No. 1 Englewood |
||||||||
4.00% 12/1/30 |
1,500,000 | 1,629,300 | ||||||
Arapahoe County School District No. 6 Littleton |
||||||||
(Littleton Public Schools) |
||||||||
Series A 5.50% 12/1/33 |
1,000,000 | 1,258,400 | ||||||
Series A 5.50% 12/1/38 |
350,000 | 430,668 | ||||||
Beacon Point Metropolitan District |
||||||||
5.00% 12/1/30 (AGM) |
1,130,000 | 1,308,676 | ||||||
Central Colorado Water Conservancy District |
||||||||
(Limited Tax) 5.00% 12/1/33 |
1,000,000 | 1,117,440 |
26
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Local General Obligation Bonds (continued) |
||||||||
Commerce City Northern Infrastructure General Improvement District |
||||||||
5.00% 12/1/32 (AGM) |
2,125,000 | $ | 2,345,001 | |||||
Denver City & County |
||||||||
(Better Denver & Zoo) Series A 5.00% 8/1/25 |
3,215,000 | 3,259,110 | ||||||
Denver International Business Center Metropolitan District No. 1 |
||||||||
5.00% 12/1/30 |
350,000 | 358,613 | ||||||
Douglas County School District No. 1 |
||||||||
(Douglas & Elbert Counties) 5.00% 12/15/22 |
1,175,000 | 1,281,831 | ||||||
Eaton Area Park & Recreation District |
||||||||
5.25% 12/1/34 |
360,000 | 375,091 | ||||||
5.50% 12/1/38 |
455,000 | 477,823 | ||||||
El Paso County School District No 2. Harrison |
||||||||
5.00% 12/1/38 |
1,000,000 | 1,178,720 | ||||||
Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork |
||||||||
4.00% 12/15/31 |
1,300,000 | 1,404,468 | ||||||
Grand River Hospital District |
||||||||
5.25% 12/1/35 (AGM) |
1,000,000 | 1,159,570 | ||||||
Jefferson County School District No. R-1 |
||||||||
5.25% 12/15/24 |
1,250,000 | 1,487,663 | ||||||
Leyden Rock Metropolitan District No. 10 |
||||||||
Series A 5.00% 12/1/45 |
1,000,000 | 1,006,870 | ||||||
Rangely Hospital District |
||||||||
6.00% 11/1/26 |
2,250,000 | 2,442,173 | ||||||
Sierra Ridge Metropolitan District No. 2 |
||||||||
Series A 5.50% 12/1/46 |
1,000,000 | 1,016,620 | ||||||
Weld County Reorganized School District No. Re-8 |
||||||||
5.00% 12/1/31 |
990,000 | 1,163,785 | ||||||
5.00% 12/1/32 |
660,000 | 771,712 | ||||||
Weld County School District No. Re-1 |
||||||||
5.00% 12/15/31 (AGM) |
1,000,000 | 1,164,600 | ||||||
Weld County School District No. Re-3J |
||||||||
5.00% 12/15/34 (BAM) |
2,000,000 | 2,303,600 | ||||||
|
|
|||||||
30,947,093 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 5.91% |
||||||||
Colorado Building Excellent Schools Today Certificates of Participation |
||||||||
Series G 5.00% 3/15/32-21 § |
2,000,000 | 2,134,080 |
27
Schedules of investments | ||
Delaware Tax-Free Colorado Fund |
|
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
| |||||||
|
||||||||
Pre-Refunded Bonds (continued) |
||||||||
Colorado Health Facilities Authority Revenue (Total Long-Term Care) |
||||||||
Series A 6.00% 11/15/30-20 § |
2,365,000 | $ | 2,533,530 | |||||
Series A 6.25% 11/15/40-20 § |
750,000 | 806,565 | ||||||
Platte River Power Authority Revenue |
||||||||
Series HH 5.00% 6/1/27-19 § |
1,795,000 | 1,809,863 | ||||||
Series HH 5.00% 6/1/29-19 § |
2,355,000 | 2,374,499 | ||||||
University of Colorado |
||||||||
Series A 5.00% 6/1/33-23 § |
2,000,000 | 2,267,180 | ||||||
|
|
|||||||
11,925,717 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 19.29% |
||||||||
Broomfield Colorado Sales & Use Tax Revenue |
||||||||
5.00% 12/1/33 |
1,000,000 | 1,176,700 | ||||||
Canyons Metropolitan District No. 5 |
||||||||
Series A 6.125% 12/1/47 |
500,000 | 503,645 | ||||||
Central Platte Valley Metropolitan District |
||||||||
5.00% 12/1/43 |
725,000 | 759,495 | ||||||
Commerce City |
||||||||
5.00% 8/1/44 (AGM) |
1,500,000 | 1,664,580 | ||||||
Denver City & County |
||||||||
Series A 5.00% 8/1/26 |
500,000 | 600,700 | ||||||
Denver Convention Center Hotel Authority Revenue |
||||||||
5.00% 12/1/40 |
2,660,000 | 2,865,086 | ||||||
Denver International Business Center Metropolitan District No. 1 |
||||||||
5.375% 12/1/35 |
1,750,000 | 1,793,277 | ||||||
Denver Urban Renewal Authority |
||||||||
(Stapleton) Senior Subordinated Series B 5.00% 12/1/25 |
1,250,000 | 1,483,525 | ||||||
Fountain Urban Renewal Authority Tax Increment Revenue |
||||||||
(Academy Highlands Project) Series A 5.50% 11/1/44 |
2,235,000 | 2,273,420 | ||||||
Guam Government Business Privilege Tax Revenue |
||||||||
Series A 5.125% 1/1/42 |
1,250,000 | 1,283,950 | ||||||
Series A 5.25% 1/1/36 |
1,675,000 | 1,749,269 | ||||||
Lincoln Park Metropolitan District |
||||||||
5.00% 12/1/46 (AGM) |
1,000,000 | 1,118,690 | ||||||
Plaza Metropolitan District No. 1 |
||||||||
144A 5.00% 12/1/40 # |
1,265,000 | 1,302,267 | ||||||
Prairie Center Metropolitan District No. 3 |
||||||||
Series A 144A 5.00% 12/15/41 # |
1,000,000 | 1,013,430 |
28
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds (continued) |
||||||||
Regional Transportation District |
||||||||
(Fastracks Project) |
||||||||
Series A 5.00% 11/1/30 |
670,000 | $ | 794,814 | |||||
Series A 5.00% 11/1/31 |
1,495,000 | 1,758,957 | ||||||
Series A 5.00% 11/1/36 |
2,750,000 | 3,177,433 | ||||||
Series B 5.00% 11/1/33 |
1,865,000 | 2,209,950 | ||||||
Certificates of Participation |
||||||||
Series A 5.375% 6/1/31 |
1,540,000 | 1,603,494 | ||||||
Regional Transportation District Sales Revenue |
||||||||
(Denver Transit Partners) |
||||||||
6.00% 1/15/34 |
1,450,000 | 1,490,963 | ||||||
6.00% 1/15/41 |
2,400,000 | 2,462,952 | ||||||
Solaris Metropolitan District No. 3 |
||||||||
(Limited Tax Convertible) Series A 5.00% 12/1/46 |
500,000 | 505,930 | ||||||
Southlands Metropolitan District No. 1 |
||||||||
Series A-1 5.00% 12/1/37 |
300,000 | 318,516 | ||||||
Series A-1 5.00% 12/1/47 |
700,000 | 731,710 | ||||||
Sterling Ranch Community Authority Board |
||||||||
Series A 5.75% 12/1/45 |
975,000 | 996,372 | ||||||
Tallyns Reach Metropolitan District No. 3 |
||||||||
(Limited Tax Convertible) 5.125% 11/1/38 |
740,000 | 772,664 | ||||||
Thornton Development Authority |
||||||||
(East 144th Avenue & I-25 Project) |
||||||||
Series B 5.00% 12/1/35 |
485,000 | 551,081 | ||||||
Series B 5.00% 12/1/36 |
810,000 | 918,508 | ||||||
Virgin Islands Public Finance Authority |
||||||||
(Matching Fund Loan Senior Lien) |
||||||||
5.00% 10/1/29 (AGM) |
1,000,000 | 1,048,150 | ||||||
|
|
|||||||
38,929,528 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 12.59% |
||||||||
Colorado High Performance Transportation Enterprise Revenue |
||||||||
(C-470 Express Lanes) 5.00% 12/31/56 |
2,000,000 | 2,136,100 | ||||||
(Senior U.S. 36 & I-25 Managed Lanes) |
||||||||
5.75% 1/1/44 (AMT) |
2,140,000 | 2,321,237 | ||||||
Denver City & County Airport System Revenue |
||||||||
Series A 4.00% 12/1/48 (AMT) |
400,000 | 402,200 | ||||||
Series A 5.00% 11/15/30 (AMT) |
1,750,000 | 2,047,727 | ||||||
Series A 5.00% 12/1/48 (AMT) |
2,000,000 | 2,240,320 | ||||||
Series A 5.25% 11/15/36 |
2,500,000 | 2,557,825 | ||||||
Series B 5.00% 11/15/30 |
1,000,000 | 1,099,390 | ||||||
Series B 5.00% 11/15/32 |
1,000,000 | 1,095,280 |
29
Schedules of investments | ||
Delaware Tax-Free Colorado Fund |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
Denver City & County Airport System Revenue |
||||||||
Series B 5.00% 11/15/37 |
8,000,000 | $ | 8,708,880 | |||||
E-470 Public Highway Authority |
||||||||
Series C 5.25% 9/1/25 |
690,000 | 719,470 | ||||||
Series C 5.375% 9/1/26 |
2,000,000 | 2,087,560 | ||||||
|
|
|||||||
25,415,989 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 1.02% |
||||||||
Dominion Water & Sanitation District |
||||||||
6.00% 12/1/46 |
750,000 | 791,587 | ||||||
Douglas County Centennial Water & Sanitation District |
||||||||
4.00% 12/1/38 |
500,000 | 532,275 | ||||||
Guam Government Waterworks Authority Water & Wastewater System Revenue |
||||||||
5.00% 7/1/37 |
675,000 | 735,129 | ||||||
|
|
|||||||
2,058,991 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $189,259,005) |
196,504,224 | |||||||
|
|
|||||||
Number of shares | ||||||||
|
||||||||
Short-Term Investments 1.65% |
||||||||
|
||||||||
Money Market Mutual Fund 0.09% |
||||||||
Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares (seven-day effective yield 1.58%) |
169,380 | 169,380 | ||||||
|
|
|||||||
169,380 | ||||||||
|
|
|||||||
Principal amount° | ||||||||
Variable Rate Demand Notes 1.56%¤ |
||||||||
Denver City & County |
||||||||
Series A1 1.71% 12/1/29 |
||||||||
(SPA-JPMorgan Chase Bank N.A.) |
1,500,000 | 1,500,000 | ||||||
Series A2 1.71% 12/1/29 |
||||||||
(SPA-JPMorgan Chase Bank N.A.) |
1,655,000 | 1,655,000 | ||||||
|
|
|||||||
3,155,000 | ||||||||
|
|
|||||||
Total Short-Term Investments (cost $3,324,380) |
3,324,380 | |||||||
|
|
|||||||
Total Value of Securities 99.00% |
$ | 199,828,604 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $10,196,382, which represents 5.05% 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 |
30
issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of Feb. 28, 2019.
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMT Subject to Alternative Minimum Tax
BAM Insured by Build America Mutual Assurance
GNMA Government National Mortgage Association collateral
N.A. National Association
SGI Insured by Syncora Guarantee Inc.
SPA Stand-by Purchase Agreement
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
31
Schedules of investments | ||
Delaware Tax-Free Idaho Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 96.85% |
||||||||
|
||||||||
Corporate Revenue Bonds 3.31% |
||||||||
Nez Perce County Pollution Control Revenue |
||||||||
(Potlatch Project) 2.75% 10/1/24 |
1,250,000 | $ | 1,224,975 | |||||
Power County Industrial Development Revenue |
||||||||
(FMC Project) 6.45% 8/1/32 (AMT) |
2,000,000 | 2,007,260 | ||||||
|
|
|||||||
3,232,235 | ||||||||
|
|
|||||||
Education Revenue Bonds 16.08% |
||||||||
Boise State University Revenue |
||||||||
(General Project) |
||||||||
Series A 4.00% 4/1/37 |
1,250,000 | 1,273,475 | ||||||
Series A 5.00% 4/1/42 |
1,350,000 | 1,455,745 | ||||||
Series A 5.00% 4/1/47 |
500,000 | 564,295 | ||||||
Series A 5.00% 4/1/48 |
750,000 | 850,935 | ||||||
Idaho Housing & Finance Association |
||||||||
(Compass Public Charter School Project) |
||||||||
Series A 144A 6.00% 7/1/39 # |
370,000 | 393,025 | ||||||
Series A 144A 6.00% 7/1/49 # |
595,000 | 626,178 | ||||||
Series A 144A 6.00% 7/1/54 # |
570,000 | 595,599 | ||||||
(Idaho Arts Charter School Project) |
||||||||
Series A 5.00% 12/1/38 |
1,000,000 | 1,048,300 | ||||||
Series A 144A 5.00% 12/1/46 # |
1,000,000 | 1,031,660 | ||||||
(North Star Charter School Project) |
||||||||
Capital Appreciation Subordinate Series B 144A 4.88% 7/1/49 #^ |
2,888,155 | 375,720 | ||||||
Series A 6.75% 7/1/48 |
529,151 | 542,956 | ||||||
(Victory Charter School Project) Series B 5.00% 7/1/39 |
1,000,000 | 1,045,420 | ||||||
(Xavier Charter School Project) Series A 5.00% 6/1/50 |
1,275,000 | 1,340,854 | ||||||
University of Idaho |
||||||||
Series 2011 5.25% 4/1/41 |
1,755,000 | 1,867,952 | ||||||
Series A 5.00% 4/1/41 |
1,000,000 | 1,152,500 | ||||||
Series B 5.00% 4/1/28 |
1,000,000 | 1,033,130 | ||||||
Series B 5.00% 4/1/32 |
500,000 | 515,915 | ||||||
|
|
|||||||
15,713,659 | ||||||||
|
|
|||||||
Electric Revenue Bonds 3.41% |
||||||||
Boise-Kuna Irrigation District Revenue |
||||||||
(Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34 |
2,000,000 | 2,253,080 | ||||||
Guam Power Authority Revenue |
||||||||
Series A 5.00% 10/1/40 |
1,000,000 | 1,074,480 | ||||||
|
|
|||||||
3,327,560 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 13.17% |
||||||||
Idaho Health Facilities Authority Revenue |
||||||||
(Madison Memorial Hospital Project) 5.00% 9/1/37 |
2,350,000 | 2,497,345 |
32
|
|
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Idaho Health Facilities Authority Revenue |
||||||||
(St. Lukes Health System Project) |
||||||||
Series A 5.00% 3/1/27 |
1,000,000 | $ | 1,186,190 | |||||
Series A 5.00% 3/1/47 |
1,500,000 | 1,578,510 | ||||||
(Trinity Health Credit Group) |
||||||||
Series D 4.50% 12/1/37 |
1,385,000 | 1,441,993 | ||||||
Series ID 4.00% 12/1/43 |
1,000,000 | 1,011,940 | ||||||
Series ID 5.00% 12/1/32 |
1,000,000 | 1,079,690 | ||||||
Series ID 5.00% 12/1/46 |
750,000 | 832,897 | ||||||
(Valley Vista Care Corporation) |
||||||||
Series A 5.25% 11/15/37 |
1,005,000 | 1,033,894 | ||||||
Series A 5.25% 11/15/47 |
1,130,000 | 1,144,871 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority |
||||||||
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33 |
1,020,000 | 1,059,515 | ||||||
|
|
|||||||
12,866,845 | ||||||||
|
|
|||||||
Housing Revenue Bonds 1.84% |
||||||||
Idaho Housing & Finance Association |
||||||||
Series A 4.50% 1/21/49 (GNMA) |
998,570 | 1,047,350 | ||||||
Idaho Housing & Finance Association Single Family Mortgage Revenue |
||||||||
Series A Class II 4.375% 7/1/32 |
515,000 | 523,379 | ||||||
Series C Class II 4.95% 7/1/31 |
230,000 | 231,339 | ||||||
|
|
|||||||
1,802,068 | ||||||||
|
|
|||||||
Lease Revenue Bonds 9.89% |
||||||||
Boise Urban Renewal Agency |
||||||||
5.00% 12/15/31 |
750,000 | 853,657 | ||||||
5.00% 12/15/32 |
750,000 | 849,113 | ||||||
Idaho Fish & Wildlife Foundation |
||||||||
5.00% 12/1/41 |
200,000 | 230,112 | ||||||
Idaho Housing & Finance Association Revenue |
||||||||
(Grant & Revenue Anticipation Bonds) Series A 5.00% 7/15/27 |
750,000 | 903,120 | ||||||
(TDF Facilities Project-Recovery Zone) |
||||||||
Series A 6.50% 2/1/26 |
1,370,000 | 1,478,134 | ||||||
Series A 7.00% 2/1/36 |
1,500,000 | 1,608,690 | ||||||
Idaho State Building Authority Revenue |
||||||||
Series B 5.00% 9/1/40 |
1,250,000 | 1,365,150 | ||||||
(Capitol Mall Parking Project) |
||||||||
Series A 4.50% 9/1/25 |
455,000 | 507,330 | ||||||
Series A 4.50% 9/1/26 |
485,000 | 539,233 |
33
Schedules of investments | ||
Delaware Tax-Free Idaho Fund |
|
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Lease Revenue Bonds (continued) |
||||||||
Idaho State Building Authority Revenue |
||||||||
(Capitol Mall Parking Project) |
||||||||
Series A 4.50% 9/1/27 |
505,000 | $ | 559,631 | |||||
(Department of Health & Welfare Project) Series B 4.00% 9/1/48 |
750,000 | 763,830 | ||||||
|
|
|||||||
9,658,000 | ||||||||
|
|
|||||||
Local General Obligation Bonds 23.54% |
||||||||
Ada & Boise Counties Independent School District Boise City |
||||||||
5.00% 8/1/33 |
1,010,000 | 1,185,033 | ||||||
5.00% 8/1/34 |
1,500,000 | 1,753,110 | ||||||
5.00% 8/1/35 |
1,160,000 | 1,351,574 | ||||||
5.00% 8/1/36 |
500,000 | 580,225 | ||||||
Ada & Canyon Counties Joint School District No. |
||||||||
4.50% 7/30/22 |
1,500,000 | 1,556,235 | ||||||
Ada & Canyon Counties Joint School District No. 3 Kuna |
||||||||
(Sales Tax & Credit Enhancement Guaranty) Series B 5.00% 9/15/35 |
1,100,000 | 1,280,114 | ||||||
Canyon County School District No. 131 Nampa |
||||||||
(School Board Guaranteed) |
||||||||
Series B 5.00% 8/15/23 |
1,295,000 | 1,477,349 | ||||||
Canyon County School District No. 132 Caldwell |
||||||||
Series A 5.00% 9/15/22 (AGM) |
1,725,000 | 1,729,433 | ||||||
Series A 5.00% 9/15/23 (AGM) |
1,810,000 | 1,814,652 | ||||||
Canyon County School District No. 139 Vallivue |
||||||||
(School Board Guaranteed) |
||||||||
5.00% 9/15/33 |
1,000,000 | 1,126,820 | ||||||
Series B 5.00% 9/15/24 |
1,480,000 | 1,643,806 | ||||||
Idaho Bond Bank Authority Revenue |
||||||||
Series A 4.00% 9/15/33 |
530,000 | 572,983 | ||||||
Series A 4.00% 9/15/37 |
1,000,000 | 1,059,580 | ||||||
Series C 5.00% 9/15/42 |
500,000 | 573,340 | ||||||
Madison County School District No. 321 Rexburg |
||||||||
Series B 5.00% 8/15/25 |
1,080,000 | 1,281,917 | ||||||
Series B 5.00% 8/15/26 |
500,000 | 603,310 | ||||||
Nez Perce County Independent School District No. 1 |
||||||||
(Sales Tax & Credit Enhancement Guaranty) |
||||||||
Series B 5.00% 9/15/36 |
1,000,000 | 1,158,930 | ||||||
Series B 5.00% 9/15/37 |
1,000,000 | 1,153,010 |
34
|
|
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Local General Obligation Bonds (continued) |
||||||||
Twin Falls County School District No. 411 |
||||||||
(School Board Guaranteed) |
||||||||
Series A 4.75% 9/15/37 |
1,000,000 | $ | 1,096,340 | |||||
|
|
|||||||
22,997,761 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 5.72% |
||||||||
Boise State University Revenue |
||||||||
Series A 5.00% 4/1/39-19 § |
1,000,000 | 1,002,630 | ||||||
Idaho Bond Bank Authority Revenue |
||||||||
(State Intercept) |
||||||||
Series A 5.25% 9/15/26-19 § |
570,000 | 570,644 | ||||||
Unrefunded Series A 5.00% 9/15/28-19 § |
890,000 | 890,952 | ||||||
Unrefunded Series A 5.25% 9/15/26-19 § |
500,000 | 500,575 | ||||||
Idaho Health Facilities Authority Revenue |
||||||||
(St. Lukes Regional Medical Center Project) 5.00% 7/1/35-20 (AGM) § |
2,500,000 | 2,610,275 | ||||||
Puerto Rico Sales Tax Financing Revenue |
||||||||
First Subordinate Series A 5.50% 8/1/28-19 § |
15,000 | 15,236 | ||||||
|
|
|||||||
5,590,312 | ||||||||
|
|
|||||||
Special Tax Revenue Bonds 14.16% |
||||||||
Guam Government Business Privilege Tax Revenue |
||||||||
Series A 5.125% 1/1/42 |
545,000 | 559,802 | ||||||
Series A 5.25% 1/1/36 |
705,000 | 736,260 | ||||||
Series B-1 5.00% 1/1/42 |
1,425,000 | 1,457,091 | ||||||
Idaho Water Resource Board Loan Program Revenue |
||||||||
(Ground Water Rights Mitigation) Series A 5.00% 9/1/32 |
3,565,000 | 3,894,656 | ||||||
Ketchum Urban Renewal Agency Tax Increment Revenue |
||||||||
5.50% 10/15/34 |
1,500,000 | 1,526,760 | ||||||
Nampa Development Corporation Revenue |
||||||||
5.90% 3/1/30 |
3,000,000 | 3,041,430 | ||||||
(Library Square Project) 144A 5.00% 9/1/31 # |
1,000,000 | 1,042,670 | ||||||
Virgin Islands Public Finance Authority Revenue |
||||||||
(Senior Lien-Matching Fund Loan Note) |
||||||||
5.00% 10/1/29 (AGM) |
1,500,000 | 1,572,225 | ||||||
|
|
|||||||
13,830,894 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 4.41% |
||||||||
Boise City Airport Revenue |
||||||||
(Air Terminal Facilities Project) |
||||||||
5.75% 9/1/19 (AGM) (AMT) |
1,000,000 | 1,019,200 | ||||||
5.75% 9/1/20 (AGM) (AMT) |
1,000,000 | 1,056,510 | ||||||
(Parking Facilities Project) 4.00% 9/1/32 |
2,180,000 | 2,235,699 | ||||||
|
|
|||||||
4,311,409 | ||||||||
|
|
35
Schedules of investments | ||
Delaware Tax-Free Idaho Fund |
|
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Water & Sewer Revenue Bonds 1.32% |
||||||||
Guam Government Waterworks Authority |
||||||||
5.00% 7/1/40 |
370,000 | $ | 399,263 | |||||
5.00% 1/1/46 |
835,000 | 888,882 | ||||||
|
|
|||||||
1,288,145 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $92,323,744) |
94,618,888 | |||||||
|
|
|||||||
Number of shares | ||||||||
|
||||||||
Short-Term Investments 1.79% |
||||||||
|
||||||||
Money Market Mutual Fund 1.35% |
||||||||
Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares (seven-day effective yield 1.58%) |
1,321,339 | 1,321,339 | ||||||
|
|
|||||||
1,321,339 | ||||||||
|
|
|||||||
Principal amount° | ||||||||
Variable Rate Demand Note 0.44%¤ |
||||||||
Idaho Health Facilities Authority Revenue (St. Lukes Health System Project) |
||||||||
Series C 1.71% 3/1/48 (LOC - US Bank N.A.) |
425,000 | 425,000 | ||||||
|
|
|||||||
425,000 | ||||||||
|
|
|||||||
Total Short-Term Investments (cost $1,746,339) |
1,746,339 | |||||||
|
|
|||||||
Total Value of Securities 98.64% |
||||||||
(cost $94,070,083) |
$ | 96,365,227 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $4,064,852, which represents 4.16% 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. Each rate shown is as of Feb. 28, 2019. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on |
36
| ||
|
|
a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
^ | Zero coupon security. The rate shown is the effective yield at the time of purchase. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMT Subject to Alternative Minimum Tax
GNMA Government National Mortgage Association collateral
LOC Letter of Credit
N.A. National Association
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
37
Schedules of investments | ||
Delaware Tax-Free New York Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 98.82% |
||||||||
|
||||||||
Corporate Revenue Bonds 6.60% |
||||||||
Nassau County Tobacco Settlement |
||||||||
(Asset-Backed) Series A-3 5.125% 6/1/46 |
680,000 | $ | 647,095 | |||||
New York Counties Tobacco Trust VI |
||||||||
(Tobacco Settlement Pass Through) Series C 5.00% 6/1/51 |
500,000 | 507,240 | ||||||
New York Liberty Development Revenue |
||||||||
(Second Priority - Bank of America Tower at One Bryant Park Project) |
||||||||
Class 2 5.625% 7/15/47 |
500,000 | 516,310 | ||||||
Class 3 6.375% 7/15/49 |
865,000 | 896,538 | ||||||
New York Transportation Development Corporation Special Facilities Revenue |
||||||||
(Delta Air Lines - LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/36 (AMT) |
1,000,000 | 1,120,760 | ||||||
Suffolk Tobacco Asset Securitization |
||||||||
Series B 5.25% 6/1/37 |
700,000 | 738,290 | ||||||
TSASC Revenue |
||||||||
(Senior) Fiscal 2017 Series A 5.00% 6/1/41 |
900,000 | 954,819 | ||||||
|
|
|||||||
5,381,052 | ||||||||
|
|
|||||||
Education Revenue Bonds 23.43% |
||||||||
Albany Industrial Development Agency Civic Facilities Revenue |
||||||||
(Brighter Choice Charter School) Series A 5.00% 4/1/37 |
250,000 | 234,425 | ||||||
Buffalo & Erie County Industrial Land Development |
||||||||
(Buffalo State College Foundation Housing Project) |
||||||||
Series A 6.00% 10/1/31 |
525,000 | 569,095 | ||||||
(Tapestry Charter School Project) Series A 5.00% 8/1/52 |
500,000 | 515,200 | ||||||
Build NYC Resource |
||||||||
(Bronx Charter School for Excellence Project) |
||||||||
Series A 5.00% 4/1/33 |
500,000 | 520,140 | ||||||
Series A 5.50% 4/1/43 |
500,000 | 523,525 | ||||||
(Inwood Academy for Leadership Charter School Project) Series A 144A 5.50% 5/1/48 # |
500,000 | 514,450 | ||||||
(Manhattan College Project) 5.00% 8/1/47 |
500,000 | 557,855 | ||||||
(Metropolitan College of New York Project) 5.50% 11/1/44 |
600,000 | 611,334 | ||||||
(Metropolitan Lighthouse Charter School Project) |
||||||||
Series A 144A 5.00% 6/1/52 # |
250,000 | 255,157 | ||||||
(New Dawn Charter Schools Project) 144A 5.75% 2/1/49 # |
500,000 | 503,365 | ||||||
(The Packer Collegiate Institute Project) 5.00% 6/1/40 |
750,000 | 839,633 |
38
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Dutchess County Local Development |
||||||||
(The Culinary Institute of America Project) |
||||||||
Series A-1 5.00% 7/1/41 |
200,000 | $ | 218,286 | |||||
Series A-1 5.00% 7/1/46 |
300,000 | 326,178 | ||||||
Hempstead Town Local Development |
||||||||
(Hofstra University Project) 5.00% 7/1/42 |
500,000 | 561,440 | ||||||
Madison County Capital Resource Revenue |
||||||||
(Colgate University Project) Series A 5.00% 7/1/28 |
400,000 | 418,104 | ||||||
Monroe County Industrial Development Revenue |
||||||||
(Nazareth College of Rochester Project) |
||||||||
Series A 5.00% 10/1/22 |
340,000 | 372,874 | ||||||
Series A 5.00% 10/1/23 |
470,000 | 524,229 | ||||||
(St. John Fisher College Project) Series A 5.50% 6/1/39 |
300,000 | 343,662 | ||||||
(University of Rochester Project) Series C 4.00% 7/1/43 |
500,000 | 518,850 | ||||||
New York City Trust for Cultural Resources |
||||||||
(Alvin Ailey Dance Foundation) Series A 4.00% 7/1/46 |
1,000,000 | 1,015,730 | ||||||
(Whitney Museum of American Art) 5.00% 7/1/31 |
500,000 | 528,570 | ||||||
New York State Dormitory Authority |
||||||||
(Barnard College) Series A 5.00% 7/1/35 |
400,000 | 458,472 | ||||||
(Brooklyn Law School) 5.75% 7/1/33 |
340,000 | 343,604 | ||||||
(Cornell University) Series A 5.00% 7/1/34 |
170,000 | 171,805 | ||||||
(Fordham University) 5.00% 7/1/44 |
650,000 | 716,085 | ||||||
(Marymount Manhattan College) 5.00% 7/1/24 |
350,000 | 353,503 | ||||||
(Pratt Institute) Series A 5.00% 7/1/34 |
1,000,000 | 1,119,460 | ||||||
(Rockefeller University) Series A 5.00% 7/1/27 |
250,000 | 252,670 | ||||||
(Touro College & University) Series A 5.50% 1/1/44 |
1,000,000 | 1,078,200 | ||||||
(University of Rochester Project) Unrefunded Series A 5.125% 7/1/39 |
20,000 | 20,213 | ||||||
Onondaga Civic Development Revenue |
||||||||
(Le Moyne College Project) 5.20% 7/1/29 |
500,000 | 519,635 | ||||||
St. Lawrence County Industrial Development Agency Civic |
||||||||
Development Revenue |
||||||||
(St. Lawrence University Project) Series A 4.00% 7/1/43 |
1,000,000 | 1,013,660 | ||||||
Tompkins County Development |
||||||||
(Ithaca College Project) |
||||||||
5.00% 7/1/34 |
750,000 | 855,390 | ||||||
5.00% 7/1/41 |
500,000 | 567,475 | ||||||
Troy Industrial Development Authority |
||||||||
(Rensselaer Polytechnic Institute Project) Series E 5.20% 4/1/37 |
500,000 | 534,815 |
39
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
Yonkers Economic Development Educational Revenue |
||||||||
(Charter School of Educational Excellence Project) |
||||||||
Series A 6.25% 10/15/40 |
600,000 | $ | 615,102 | |||||
|
|
|||||||
19,092,191 | ||||||||
|
|
|||||||
Electric Revenue Bonds 4.41% |
||||||||
Long Island Power Authority Electric System Revenue |
||||||||
5.00% 9/1/37 |
450,000 | 519,750 | ||||||
5.00% 9/1/47 |
500,000 | 560,280 | ||||||
Series A 5.00% 9/1/44 |
750,000 | 826,837 | ||||||
New York State Power Authority Revenue |
||||||||
Series A 5.00% 11/15/38 |
500,000 | 540,140 | ||||||
Utility Debt Securitization Authority |
||||||||
(Restructuring Bonds) 5.00% 12/15/37 |
1,000,000 | 1,146,690 | ||||||
|
|
|||||||
3,593,697 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 15.08% |
||||||||
Buffalo & Erie County Industrial Land Development |
||||||||
(Catholic Health System Project) 5.25% 7/1/35 |
250,000 | 278,300 | ||||||
Dutchess County Local Development |
||||||||
(Health Quest Systems Project) |
||||||||
Series A 5.00% 7/1/34 |
350,000 | 386,582 | ||||||
Series A 5.00% 7/1/44 |
1,000,000 | 1,083,310 | ||||||
Guilderland Industrial Development Agency |
||||||||
(Albany Place Development Project) Series A 144A 5.875% 1/1/52 # |
500,000 | 488,925 | ||||||
Monroe County Industrial Development |
||||||||
(The Rochester General Hospital Project) |
||||||||
5.00% 12/1/36 |
405,000 | 455,763 | ||||||
5.00% 12/1/46 |
540,000 | 592,294 | ||||||
Series A 5.00% 12/1/27 |
330,000 | 361,795 | ||||||
(The Unity Hospital of Rochester Project) 5.50% 8/15/40 (FHA) |
585,000 | 624,797 | ||||||
Nassau County Local Economic Assistance |
||||||||
(Catholic Health Services of Long Island Obligated Group Project) |
||||||||
5.00% 7/1/29 |
375,000 | 416,617 | ||||||
5.00% 7/1/33 |
725,000 | 786,197 | ||||||
New York City Health & Hospital Revenue |
||||||||
(Health System) Series A 5.00% 2/15/30 |
500,000 | 514,000 | ||||||
New York State Dormitory Authority Revenue |
||||||||
(Montefiore Obligated Group) Series A 4.00% 8/1/38 |
1,000,000 | 1,005,700 |
40
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
New York State Dormitory Authority Revenue Non-State |
||||||||
Supported Debt |
||||||||
(Mt. Sinai Hospital) Series A 5.00% 7/1/26 |
600,000 | $ | 624,252 | |||||
(New York University Hospitals Center) Series A 4.00% 7/1/40 |
465,000 | 478,118 | ||||||
(Orange Regional Medical Center Obligated Group) |
||||||||
144A 5.00% 12/1/34 # |
500,000 | 557,770 | ||||||
144A 5.00% 12/1/45 # |
700,000 | 750,120 | ||||||
Orange County Funding Assisted Living Residence Revenue |
||||||||
(The Hamlet at Wallkill Assisted Living Project) 6.50% 1/1/46 |
400,000 | 410,956 | ||||||
Saratoga County Capital Resource Revenue |
||||||||
(The Saratoga Hospital Project) Series A 5.00% 12/1/26 |
500,000 | 562,835 | ||||||
Southold Local Development Revenue |
||||||||
(Peconic Landing at Southold Project) 5.00% 12/1/45 |
750,000 | 769,500 | ||||||
Suffolk County Economic Development Revenue |
||||||||
(Catholic Health Services) Unrefunded 5.00% 7/1/28 |
430,000 | 458,273 | ||||||
(Peconic Landing at Southhold Project) 6.00% 12/1/40 |
650,000 | 681,909 | ||||||
|
|
|||||||
12,288,013 | ||||||||
|
|
|||||||
Lease Revenue Bonds 8.72% |
||||||||
Hudson Yards Infrastructure |
||||||||
Unrefunded Fiscal 2012 Series A 5.75% 2/15/47 |
385,000 | 412,866 | ||||||
MTA Hudson Rail Yards Trust Obligations |
||||||||
(The Metropolitan Transportation Authority) Series A |
||||||||
5.00% 11/15/56 |
710,000 | 770,982 | ||||||
New York City Industrial Development Agency |
||||||||
(Senior Trips) |
||||||||
Series A 5.00% 7/1/22 (AMT) |
1,085,000 | 1,185,905 | ||||||
Series A 5.00% 7/1/28 (AMT) |
1,500,000 | 1,604,670 | ||||||
New York Liberty Development |
||||||||
(4 World Trade Center Project) 5.00% 11/15/31 |
500,000 | 537,675 | ||||||
(Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 # |
1,500,000 | 1,564,005 | ||||||
(Class 2 - 3 World Trade Center Project) 144A 5.375% 11/15/40 # |
500,000 | 530,240 | ||||||
United Nations Development Revenue |
||||||||
(Senior Lien) Series A 5.00% 7/1/26 |
500,000 | 505,145 | ||||||
|
|
|||||||
7,111,488 | ||||||||
|
|
|||||||
Local General Obligation Bonds 3.01% |
||||||||
New York City |
||||||||
Fiscal 2011 Series E 5.00% 8/1/28 |
125,000 | 130,686 | ||||||
Fiscal 2014 Subordinate Series D-1 5.00% 8/1/31 |
1,000,000 | 1,120,730 |
41
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Local General Obligation Bonds (continued) |
||||||||
New York City |
||||||||
Fiscal 2018 Series B-1 4.00% 10/1/41 |
500,000 | $ | 519,980 | |||||
Subordinate Series E-1 5.25% 3/1/35 |
500,000 | 597,440 | ||||||
Unrefunded Subordinate Series I-1 5.375% 4/1/36 |
25,000 | 25,067 | ||||||
New York State Dormitory Authority |
||||||||
(School District Financing Program) |
||||||||
Unrefunded Series A 5.00% 10/1/23 |
25,000 | 27,057 | ||||||
Unrefunded Series A 5.00% 10/1/25 (AGM) |
30,000 | 31,461 | ||||||
|
|
|||||||
2,452,421 | ||||||||
|
|
|||||||
Pre-Refunded Bonds 8.24% |
||||||||
Brooklyn Arena Local Development |
||||||||
(Barclays Center Project) |
||||||||
6.25% 7/15/40-20 § |
500,000 | 520,430 | ||||||
6.375% 7/15/43-20 § |
500,000 | 520,965 | ||||||
6.50% 7/15/30-20 § |
500,000 | 521,455 | ||||||
Hudson Yards Infrastructure |
||||||||
Fiscal 2012 Series A 5.75% 2/15/47-21 § |
615,000 | 664,477 | ||||||
Long Island Power Authority Electric System Revenue |
||||||||
Series B 5.75% 4/1/33-19 § |
250,000 | 250,797 | ||||||
Metropolitan Transportation Authority Revenue |
||||||||
Series D 5.25% 11/15/27-20 § |
500,000 | 531,380 | ||||||
Monroe County Industrial Development Revenue |
||||||||
(Nazareth College of Rochester Project) |
||||||||
5.25% 10/1/31-21 § |
500,000 | 545,720 | ||||||
5.50% 10/1/41-21 § |
500,000 | 548,860 | ||||||
New York City Transitional Finance Authority Revenue |
||||||||
(Future Tax Secured) Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29-21 § |
305,000 | 325,600 | ||||||
New York State Dormitory Authority Revenue Non-State Supported Debt |
||||||||
(The Northwell Health Obligated Group) |
||||||||
Series A 5.00% 5/1/41-21 § |
500,000 | 536,355 | ||||||
Series A 5.50% 5/1/37-19 § |
500,000 | 503,170 | ||||||
Onondaga Civic Development Revenue |
||||||||
(St. Josephs Hospital Health Center Project) |
||||||||
4.50% 7/1/32-22 § |
380,000 | 415,150 | ||||||
5.00% 7/1/42-22 § |
750,000 | 831,465 | ||||||
|
|
|||||||
6,715,824 | ||||||||
|
|
|||||||
Resource Recovery Revenue Bond 1.83% |
||||||||
Niagara Area Development Revenue |
||||||||
(Covanta Project) Series A 144A 4.75% 11/1/42 (AMT) # |
1,500,000 | 1,489,365 | ||||||
|
|
|||||||
1,489,365 | ||||||||
|
|
42
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds 17.17% |
||||||||
Build NYC Resource |
||||||||
(YMCA of Greater New York Project) 5.00% 8/1/40 |
450,000 | $ | 499,824 | |||||
Glen Cove Local Economic Assistance |
||||||||
(Garvies Point Public Improvement Project) Series A 5.00% 1/1/56 |
250,000 | 256,163 | ||||||
Guam Government Business Privilege Tax Revenue |
||||||||
Series A 5.25% 1/1/36 |
240,000 | 250,642 | ||||||
New York City Transitional Finance Authority Revenue |
||||||||
(Building Aid) |
||||||||
Fiscal 2012 Subordinate Series S-1A 5.25% 7/15/37 |
1,000,000 | 1,074,240 | ||||||
Fiscal 2015 Series S-1 5.00% 7/15/43 |
1,000,000 | 1,109,620 | ||||||
(Future Tax Secured) |
||||||||
Fiscal 2014 Subordinate Series A-1 5.00% 11/1/42 |
750,000 | 833,640 | ||||||
Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40 |
750,000 | 837,405 | ||||||
Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41 |
1,000,000 | 1,120,010 | ||||||
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/33 |
670,000 | 765,944 | ||||||
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/34 |
1,500,000 | 1,709,100 | ||||||
Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42 |
500,000 | 519,080 | ||||||
Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43 |
1,000,000 | 1,125,160 | ||||||
Unrefunded Fiscal 2011 Subordinate Series C 5.25% 11/1/25 |
310,000 | 327,865 | ||||||
Unrefunded Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29 |
195,000 | 207,589 | ||||||
New York Convention Center Development Revenue |
||||||||
(Hotel Unit Fee Secured) 5.00% 11/15/35 |
1,000,000 | 1,142,710 | ||||||
New York State Dormitory Authority Revenue |
||||||||
(General Purpose) |
||||||||
Series C 5.00% 3/15/34 |
500,000 | 530,070 | ||||||
Series E 5.00% 3/15/32 |
1,000,000 | 1,155,020 | ||||||
New York State Urban Development Revenue |
||||||||
(General Purpose) Series A 4.00% 3/15/36 |
500,000 | 528,355 | ||||||
|
|
|||||||
13,992,437 | ||||||||
|
|
|||||||
State General Obligation Bond 0.61% |
||||||||
New York State |
||||||||
Series A 5.00% 3/1/38 |
500,000 | 501,250 | ||||||
|
|
|||||||
501,250 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 6.70% |
||||||||
Buffalo & Fort Erie Public Bridge Authority 5.00% 1/1/47 |
435,000 | 485,034 | ||||||
Metropolitan Transportation Authority Revenue |
||||||||
Series D 5.00% 11/15/32 |
500,000 | 545,230 |
43
Schedules of investments
Delaware Tax-Free New York Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
New York State Thruway Authority General Revenue |
||||||||
Series I 5.00% 1/1/32 (AGM) |
700,000 | $ | 750,169 | |||||
Series L 5.00% 1/1/35 |
100,000 | 117,642 | ||||||
(Junior Indebtedness Obligation) Series A 5.25% 1/1/56 |
1,000,000 | 1,116,710 | ||||||
Port Authority of New York & New Jersey |
||||||||
(JFK International Air Terminal Project) |
||||||||
Series 8 6.00% 12/1/42 |
700,000 | 739,858 | ||||||
Series 8 6.50% 12/1/28 |
550,000 | 573,903 | ||||||
Triborough Bridge & Tunnel Authority |
||||||||
(MTA Bridges and Tunnels) Series A 5.00% 11/15/47 |
1,000,000 | 1,132,770 | ||||||
|
|
|||||||
5,461,316 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 3.02% |
||||||||
New York City Municipal Water Finance Authority Water & Sewer System Revenue |
||||||||
(Second General Resolution) |
||||||||
Fiscal 2009 Series FF-2 5.50% 6/15/40 |
250,000 | 252,625 | ||||||
Fiscal 2012 Series BB 5.25% 6/15/44 |
500,000 | 542,860 | ||||||
Fiscal 2017 Series DD 5.00% 6/15/47 |
1,000,000 | 1,127,180 | ||||||
New York State Environmental Facilities Revenue |
||||||||
(New York City Municipal Water Finance Authority Projects - Second Resolution) Series B 5.00% 6/15/30 |
500,000 | 535,740 | ||||||
|
|
|||||||
2,458,405 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $78,472,101) |
80,537,459 | |||||||
|
|
|||||||
|
||||||||
Short-Term Investment 0.37% |
||||||||
|
||||||||
Variable Rate Demand Note 0.37%¤ |
||||||||
New York City Fiscal 2014 Subordinate Series D-3 |
||||||||
1.72% 8/1/38 (SPA - JPMorgan Chase Bank, N.A.) |
300,000 | 300,000 | ||||||
|
|
|||||||
Total Short-Term Investment (cost $300,000) |
300,000 | |||||||
|
|
|||||||
Total Value of Securities 99.19% |
$ | 80,837,459 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $6,653,397, which represents 8.16% 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. Each rate shown is as of Feb. 28, 2019. |
44
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
Summary of abbreviations:
AGM Insured by Assured Guaranty Municipal Corporation
AMT Subject to Alternative Minimum Tax
FHA Federal Housing Administration
N.A. National Association
SPA Stand-by Purchase Agreement
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
45
Schedules of investments | ||
Delaware Tax-Free Pennsylvania Fund | February 28, 2019 (Unaudited) |
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds 100.36% |
||||||||
|
||||||||
Corporate Revenue Bonds 5.98% |
||||||||
Pennsylvania Commonwealth Financing Authority Revenue |
||||||||
(Tobacco Master Settlement Payment Revenue) 4.00% 6/1/39 (AGM) |
5,045,000 | $ | 5,172,336 | |||||
Pennsylvania Economic Development Financing Authority |
||||||||
(National Gypsum) 5.50% 11/1/44 (AMT) |
4,000,000 | 4,157,120 | ||||||
Pennsylvania Economic Development Financing Authority |
||||||||
Solid Waste Disposal Revenue |
||||||||
(Proctor & Gamble Paper Project) 5.375% 3/1/31 (AMT) |
11,000,000 | 13,452,340 | ||||||
Pennsylvania Economic Development Financing Authority |
||||||||
Water Facility Revenue |
||||||||
(Pennsylvania-American Water Project) 6.20% 4/1/39 |
2,850,000 | 2,858,863 | ||||||
|
|
|||||||
25,640,659 | ||||||||
|
|
|||||||
Education Revenue Bonds 13.81% |
||||||||
Allegheny County Higher Education Building Authority Revenue |
||||||||
(Carnegie Mellon University) |
||||||||
5.00% 3/1/28 |
2,000,000 | 2,238,720 | ||||||
Series A 5.00% 3/1/24 |
1,000,000 | 1,096,690 | ||||||
(Chatham University) Series A 5.00% 9/1/30 |
1,500,000 | 1,558,830 | ||||||
(Robert Morris University) |
||||||||
5.00% 10/15/47 |
1,500,000 | 1,572,645 | ||||||
Series A 5.50% 10/15/30 |
1,275,000 | 1,323,169 | ||||||
Series A 5.75% 10/15/40 |
2,200,000 | 2,276,230 | ||||||
Bucks County Industrial Development Authority Revenue |
||||||||
(George School Project) 5.00% 9/15/36 |
4,455,000 | 4,761,682 | ||||||
(School Lane Charter School Project) Series A 5.125% 3/15/46 |
2,500,000 | 2,621,475 | ||||||
Chester County Industrial Development Authority Revenue |
||||||||
(Avon Grove Charter School Project) |
||||||||
Series A 5.00% 12/15/47 |
1,160,000 | 1,191,436 | ||||||
Series A 5.00% 12/15/51 |
770,000 | 785,300 | ||||||
(Renaissance Academy Charter School Project) |
||||||||
5.00% 10/1/34 |
1,000,000 | 1,056,660 | ||||||
5.00% 10/1/39 |
1,250,000 | 1,309,325 | ||||||
5.00% 10/1/44 |
1,000,000 | 1,044,420 | ||||||
Chester County Industrial Development Authority Student Housing Revenue |
||||||||
(University Student Housing Project at West Chester University) |
||||||||
Series A 5.00% 8/1/30 |
1,100,000 | 1,159,466 | ||||||
Series A 5.00% 8/1/45 |
1,250,000 | 1,291,337 | ||||||
Delaware County Authority Revenue |
||||||||
(Cabrini University) 5.00% 7/1/47 |
2,000,000 | 2,086,400 |
46
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Education Revenue Bonds (continued) |
||||||||
East Hempfield Township Industrial Development Authority |
||||||||
(Student Services - Student Housing Project at |
||||||||
5.00% 7/1/39 |
875,000 | $ | 911,435 | |||||
5.00% 7/1/45 |
2,500,000 | 2,575,200 | ||||||
5.00% 7/1/46 |
1,425,000 | 1,476,058 | ||||||
5.00% 7/1/47 |
1,000,000 | 1,041,160 | ||||||
Montgomery County Higher Education & Health Authority Revenue |
||||||||
(Arcadia University) |
||||||||
5.625% 4/1/40 |
2,375,000 | 2,429,221 | ||||||
5.75% 4/1/40 |
2,000,000 | 2,157,900 | ||||||
Pennsylvania Higher Educational Facilities Authority College & University Revenue |
||||||||
(Drexel University) 5.00% 5/1/41 |
1,000,000 | 1,110,800 | ||||||
(University Properties Student Housing - East Stroudsburg University of Pennsylvania) 5.00% 7/1/42 |
500,000 | 506,945 | ||||||
Philadelphia Authority for Industrial Development Revenue |
||||||||
(First Philadelphia Preparatory Charter School Project) |
||||||||
Series A 7.25% 6/15/43 |
2,500,000 | 2,784,925 | ||||||
(Green Woods Charter School Project) |
||||||||
Series A 5.50% 6/15/22 |
735,000 | 758,277 | ||||||
Series A 5.75% 6/15/42 |
2,500,000 | 2,559,000 | ||||||
(International Apartments of Temple University) |
||||||||
Series A 5.375% 6/15/30 |
1,500,000 | 1,539,015 | ||||||
Series A 5.625% 6/15/42 |
3,000,000 | 3,057,420 | ||||||
(Philadelphia Performing Arts Charter School Project) 144A 6.75% 6/15/43 # |
2,550,000 | 2,626,500 | ||||||
(Tacony Academy Charter School Project) |
||||||||
Series A-1 6.75% 6/15/33 |
1,020,000 | 1,096,449 | ||||||
Series A-1 7.00% 6/15/43 |
1,535,000 | 1,653,671 | ||||||
(Temple University Second Series) 5.00% 4/1/36 |
1,145,000 | 1,287,999 | ||||||
State Public School Building Authority |
||||||||
(Montgomery County Community College) 5.00% 5/1/28 |
2,000,000 | 2,295,020 | ||||||
|
|
|||||||
59,240,780 | ||||||||
|
|
|||||||
Healthcare Revenue Bonds 29.32% |
||||||||
Allegheny County Hospital Development Authority |
||||||||
Revenue |
||||||||
(Allegheny Health Network Obligated Group Issue) |
||||||||
Series A 4.00% 4/1/44 |
1,350,000 | 1,337,931 | ||||||
(University of Pittsburgh Medical Center) Series A 5.50% 8/15/34 |
3,980,000 | 4,042,008 |
47
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Berks County Industrial Development Authority Revenue |
||||||||
(The Highlands at Wyomissing) |
||||||||
5.00% 5/15/38 |
415,000 | $ | 442,639 | |||||
5.00% 5/15/43 |
500,000 | 529,540 | ||||||
5.00% 5/15/48 |
1,000,000 | 1,052,460 | ||||||
Series A 5.00% 5/15/37 |
1,365,000 | 1,455,827 | ||||||
Series A 5.00% 5/15/42 |
500,000 | 526,205 | ||||||
Series A 5.00% 5/15/47 |
600,000 | 628,596 | ||||||
Series C 5.00% 5/15/42 |
1,000,000 | 1,063,090 | ||||||
Series C 5.00% 5/15/47 |
1,000,000 | 1,058,290 | ||||||
(Tower Health Project) |
||||||||
4.00% 11/1/47 |
2,500,000 | 2,475,250 | ||||||
5.00% 11/1/50 |
2,000,000 | 2,176,960 | ||||||
Berks County Municipal Authority Revenue |
||||||||
(Reading Hospital & Medical Center Project) Unrefunded Series A-3 5.50% 11/1/31 |
5,005,000 | 5,123,518 | ||||||
Butler County Hospital Authority Revenue |
||||||||
(Butler Health System Project) Series A 5.00% 7/1/39 |
1,625,000 | 1,762,296 | ||||||
Central Bradford Progress Authority |
||||||||
(Guthrie Health Issue) 5.375% 12/1/41 |
1,000,000 | 1,071,550 | ||||||
Centre County Hospital Authority Revenue |
||||||||
(Mount Nittany Medical Center Project) Series A 4.00% 11/15/47 |
1,400,000 | 1,410,276 | ||||||
Chester County Health & Education Facilities Authority Revenue |
||||||||
(Simpson Senior Services Project) |
||||||||
Series A 5.00% 12/1/35 |
775,000 | 782,889 | ||||||
Series A 5.25% 12/1/45 |
1,360,000 | 1,388,506 | ||||||
Cumberland County Municipal Authority Revenue |
||||||||
(Diakon Lutheran Social Ministries Project) 5.00% 1/1/38 |
2,000,000 | 2,115,800 | ||||||
Dauphin County General Authority Health System Revenue |
||||||||
(Pinnacle Health System Project) Unrefunded 6.00% 6/1/36 |
795,000 | 801,924 | ||||||
DuBois Hospital Authority |
||||||||
(Penn Highlands Healthcare) 4.00% 7/15/48 |
2,000,000 | 2,000,400 | ||||||
Franklin County Industrial Development Authority Revenue |
||||||||
(Chambersburg Hospital Project) 5.375% 7/1/42 |
4,980,000 | 5,183,533 | ||||||
(Menno-Haven Project) 5.00% 12/1/53 |
1,900,000 | 1,933,592 | ||||||
Geisinger Authority Health System Revenue |
||||||||
(Geisinger Health System) |
||||||||
Series A-1 5.00% 2/15/45 |
5,000,000 | 5,541,450 | ||||||
Series A-1 5.125% 6/1/41 |
4,000,000 | 4,252,960 |
48
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Indiana County Hospital Authority Revenue |
||||||||
(Indiana Regional Medical Center) Series A 6.00% 6/1/39 |
1,625,000 | $ | 1,747,574 | |||||
Lancaster County Hospital Authority Revenue |
||||||||
(Brethren Village Project) |
||||||||
5.25% 7/1/35 |
250,000 | 263,297 | ||||||
5.25% 7/1/41 |
1,000,000 | 1,046,580 | ||||||
5.50% 7/1/45 |
1,000,000 | 1,059,530 | ||||||
(Landis Homes Retirement Community Project) Series A 5.00% 7/1/45 |
2,000,000 | 2,083,440 | ||||||
(Masonic Villages Project) |
||||||||
5.00% 11/1/35 |
1,000,000 | 1,108,490 | ||||||
5.00% 11/1/36 |
510,000 | 562,841 | ||||||
5.00% 11/1/37 |
250,000 | 274,450 | ||||||
(St. Annes Retirement Community Project) |
||||||||
5.00% 4/1/27 |
1,425,000 | 1,461,651 | ||||||
5.00% 4/1/33 |
1,830,000 | 1,855,931 | ||||||
Lehigh County General Purpose Authority Revenue |
||||||||
(Bible Fellowship Church Homes Project) |
||||||||
5.125% 7/1/32 |
1,000,000 | 1,006,450 | ||||||
5.25% 7/1/42 |
1,500,000 | 1,509,420 | ||||||
Monroe County Hospital Authority Revenue |
||||||||
(Pocono Medical Center) |
||||||||
5.00% 7/1/36 |
1,710,000 | 1,906,565 | ||||||
5.00% 7/1/41 |
1,000,000 | 1,098,190 | ||||||
Monroeville Finance Authority |
||||||||
(University of Pittsburgh Medical Center) 5.00% 2/15/25 |
1,000,000 | 1,163,410 | ||||||
Montgomery County Higher Education & Health Authority Revenue |
||||||||
(Thomas Jefferson University) Series A 4.00% 9/1/49 |
2,500,000 | 2,513,400 | ||||||
Montgomery County Industrial Development Authority Retirement Community Revenue |
||||||||
(ACTS Retirement Life Communities Obligated Group) |
||||||||
5.00% 11/15/27 |
1,250,000 | 1,334,763 | ||||||
5.00% 11/15/28 |
1,600,000 | 1,702,976 | ||||||
5.00% 11/15/29 |
680,000 | 721,242 | ||||||
Montgomery County Industrial Development Authority Revenue |
||||||||
(Albert Einstein Healthcare Network) Series A 5.25% 1/15/45 |
2,500,000 | 2,687,475 | ||||||
(Whitemarsh Continuing Care Retirement Community Project) 5.375% 1/1/50 |
4,000,000 | 4,004,640 |
49
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Healthcare Revenue Bonds (continued) |
||||||||
Montgomery County Industrial Development Authority Revenue |
||||||||
(Whitemarsh Continuing Care Retirement Community Project) |
||||||||
Series A 5.375% 1/1/51 |
1,500,000 | $ | 1,503,195 | |||||
Moon Industrial Development Authority Revenue |
||||||||
(Baptist Homes Society) 6.125% 7/1/50 |
4,000,000 | 4,221,160 | ||||||
Northampton County Industrial Development Authority |
||||||||
(Morningstar Senior Living Project) |
||||||||
5.00% 7/1/27 |
1,400,000 | 1,438,710 | ||||||
5.00% 7/1/32 |
1,275,000 | 1,295,196 | ||||||
Pennsylvania Economic Development Financing Authority First Mortgage Revenue |
||||||||
(Tapestry Moon Senior Housing Project) Series A 144A 6.75% 12/1/53 # |
2,450,000 | 2,391,984 | ||||||
Pennsylvania Economic Development Financing Authority Revenue |
||||||||
(University of Pittsburgh Medical Center) Series A 5.00% 7/1/43 |
1,265,000 | 1,363,974 | ||||||
Pennsylvania Higher Educational Facilities Authority College & University Revenue |
||||||||
(Thomas Jefferson University) |
||||||||
Series A 5.00% 9/1/45 |
7,000,000 | 7,799,750 | ||||||
Series A 5.25% 9/1/50 |
2,500,000 | 2,811,000 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue |
||||||||
(University of Pennsylvania Health System) |
||||||||
5.00% 8/15/40 |
2,000,000 | 2,225,140 | ||||||
Series A 4.00% 8/15/42 |
4,000,000 | 4,068,040 | ||||||
Philadelphia Authority for Industrial Development Revenue |
||||||||
(Childrens Hospital of Philadelphia Project) 5.00% 7/1/34 |
5,000,000 | 5,780,050 | ||||||
(Thomas Jefferson University) Series A 5.00% 9/1/47 |
2,500,000 | 2,743,650 | ||||||
(Wesley Enhanced Living Obligated Group) Series A 5.00% 7/1/49 |
2,500,000 | 2,526,975 | ||||||
Pocono Mountains Industrial Park Authority Revenue |
||||||||
(St. Lukes Hospital - Monroe Project) Series A 5.00% 8/15/40 |
4,000,000 | 4,330,200 | ||||||
|
|
|||||||
125,768,829 | ||||||||
|
|
50
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Housing Revenue Bond 0.49% |
||||||||
Philadelphia Authority for Industrial Development Revenue |
||||||||
(The PresbyHomes Germantown Project) Series A 5.625% 7/1/35 (HUD) |
2,100,000 | $ | 2,101,701 | |||||
|
|
|||||||
2,101,701 | ||||||||
|
|
|||||||
Lease Revenue Bonds 3.72% |
||||||||
Allegheny County Industrial Development Authority Revenue |
||||||||
(Residential Resource Project) |
||||||||
5.10% 9/1/26 |
1,335,000 | 1,337,003 | ||||||
5.125% 9/1/31 |
435,000 | 435,331 | ||||||
Pennsylvania Commonwealth Financing Authority Revenue |
||||||||
Series B 5.00% 6/1/31 (AGC) |
10,000,000 | 10,069,600 | ||||||
Philadelphia Municipal Authority Revenue |
||||||||
(Juvenile Justice Services Center) |
||||||||
5.00% 4/1/37 |
1,250,000 | 1,381,663 | ||||||
5.00% 4/1/38 |
1,000,000 | 1,101,660 | ||||||
5.00% 4/1/39 |
1,500,000 | 1,648,455 | ||||||
|
|
|||||||
15,973,712 | ||||||||
|
|
|||||||
Local General Obligation Bonds 7.93% |
||||||||
Allegheny County |
||||||||
Series C-69 5.00% 12/1/28 |
1,000,000 | 1,106,580 | ||||||
Series C-70 5.00% 12/1/33 |
2,205,000 | 2,423,273 | ||||||
Series C-77 5.00% 11/1/43 |
4,535,000 | 5,168,041 | ||||||
Chester County |
||||||||
4.00% 7/15/32 |
2,000,000 | 2,222,940 | ||||||
5.00% 7/15/30 |
3,000,000 | 3,696,930 | ||||||
City of Philadelphia 5.00% 8/1/41 |
1,260,000 | 1,377,193 | ||||||
Series A 5.00% 8/1/37 |
1,750,000 | 1,935,955 | ||||||
Series A 5.25% 7/15/29 |
2,500,000 | 2,816,175 | ||||||
City of Pittsburgh |
||||||||
4.00% 9/1/35 |
750,000 | 797,078 | ||||||
4.00% 9/1/36 |
500,000 | 529,165 | ||||||
Series B 5.00% 9/1/26 |
3,000,000 | 3,302,880 | ||||||
Philadelphia School District |
||||||||
Series F 5.00% 9/1/36 |
2,000,000 | 2,220,480 | ||||||
Series F 5.00% 9/1/37 |
1,500,000 | 1,657,320 | ||||||
Series F 5.00% 9/1/38 |
2,000,000 | 2,203,040 | ||||||
Tredyffrin Easttown School District 5.00% 2/15/38 |
2,250,000 | 2,573,708 | ||||||
|
|
|||||||
34,030,758 | ||||||||
|
|
51
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded/Escrowed to Maturity Bonds 21.41% |
||||||||
Allegheny County Higher Education Building Authority Revenue |
||||||||
(Carlow University Project) |
||||||||
6.75% 11/1/31-21§ |
750,000 | $ | 846,757 | |||||
7.00% 11/1/40-21§ |
1,000,000 | 1,134,350 | ||||||
Butler County Hospital Authority Revenue |
||||||||
(Butler Health System Project) Series B 7.25% 7/1/39-19§ |
8,000,000 | 8,142,960 | ||||||
Chester County |
||||||||
5.00% 11/15/32-21§ |
3,000,000 | 3,268,140 | ||||||
5.00% 11/15/33-21§ |
2,625,000 | 2,859,623 | ||||||
Dauphin County General Authority Health System Revenue |
||||||||
(Pinnacle Health System Project) 6.00% 6/1/36-19§ |
4,205,000 | 4,249,909 | ||||||
Delaware County Regional Water Quality Control Authority 5.00% 5/1/32-23§ |
2,000,000 | 2,262,980 | ||||||
Guam Government Limited Obligation Revenue |
||||||||
(Section 30) Series A 5.625% 12/1/29-19§ |
90,000 | 92,726 | ||||||
Huntingdon County General Authority Revenue |
||||||||
(Juniata College) Series A 5.00% 5/1/30-20§ |
2,650,000 | 2,793,683 | ||||||
Monroe County Hospital Authority |
||||||||
(Pocono Medical Center) |
||||||||
Series A 5.00% 1/1/32-22§ |
1,150,000 | 1,250,889 | ||||||
Series A 5.00% 1/1/41-22§ |
1,500,000 | 1,633,770 | ||||||
Montgomery County Higher Education & Health Authority Revenue |
||||||||
(Abington Memorial Hospital Obligated Group) Series A 5.00% 6/1/31-22§ |
4,000,000 | 4,403,840 | ||||||
Montgomery County Industrial Development Authority Retirement Community Revenue |
||||||||
(ACTS Retirement Life Communities) |
||||||||
Series A-1 6.25% 11/15/29-19§ |
700,000 | 722,211 | ||||||
Montgomery County Industrial Development Authority Revenue |
||||||||
(New Regional Medical Center Project) 5.375% 8/1/38-20 (FHA)§ |
995,000 | 1,046,083 | ||||||
Pennsylvania Economic Development Financing Authority Health System Revenue |
||||||||
(Albert Einstein Healthcare) Series A 6.25% 10/15/23-19§ |
3,355,000 | 3,446,088 | ||||||
Pennsylvania Higher Educational Facilities Authority College & University Revenue |
||||||||
(AICUP Financing Program - St. Francis University Project) Series JJ2 6.25% 11/1/41-21§ |
2,355,000 | 2,632,278 |
52
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) |
||||||||
Pennsylvania Higher Educational Facilities Authority |
||||||||
College & University Revenue |
||||||||
(Edinboro University Foundation Student Housing Project) 6.00% 7/1/43-20§ |
1,000,000 | $ | 1,055,800 | |||||
(Indiana University - Student Housing Project) |
||||||||
Series A 5.00% 7/1/27-22§ |
1,740,000 | 1,920,073 | ||||||
Series A 5.00% 7/1/41-22§ |
1,500,000 | 1,655,235 | ||||||
(Philadelphia University) 5.00% 6/1/32-23§ |
2,000,000 | 2,267,180 | ||||||
(Shippensburg University - Student Housing Project) |
||||||||
5.00% 10/1/44-22§ |
1,500,000 | 1,666,560 | ||||||
6.25% 10/1/43-21§ |
2,000,000 | 2,228,280 | ||||||
(University of the Arts) 5.20% 3/15/25 (AGC) |
4,490,000 | 5,038,184 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue |
||||||||
(Trustees of the University of Pennsylvania) Series A 5.00% 9/1/29-21§ |
1,000,000 | 1,066,790 | ||||||
(University of Pennsylvania Health System) |
||||||||
Series A 5.00% 8/15/24-21§ |
4,850,000 | 5,238,097 | ||||||
Series A 5.25% 8/15/26-21§ |
3,910,000 | 4,246,221 | ||||||
Series A 5.75% 8/15/23-21§ |
2,500,000 | 2,744,825 | ||||||
Pennsylvania Turnpike Commission Revenue |
||||||||
Series E 5.00% 12/1/29-21§ |
5,000,000 | 5,426,000 | ||||||
Series E 5.00% 12/1/30-21§ |
2,000,000 | 2,170,400 | ||||||
Philadelphia Authority for Industrial Development Revenue |
||||||||
(MaST Charter School Project) 6.00% 8/1/35-20§ |
1,610,000 | 1,704,282 | ||||||
(New Foundations Charter School Project) 6.625% 12/15/41-22§ |
1,000,000 | 1,173,140 | ||||||
Philadelphia Hospitals & Higher Education Facilities Authority Revenue |
||||||||
(Presbyterian Medical Center) 6.65% 12/1/19 |
2,020,000 | 2,094,700 | ||||||
Philadelphia Municipal Authority Revenue 6.50% 4/1/39-19§ |
1,000,000 | 1,003,740 | ||||||
South Fork Municipal Hospital Authority Revenue |
||||||||
(Conemaugh Health System Project) 5.50% 7/1/29-20§ |
3,500,000 | 3,672,480 | ||||||
St. Mary Hospital Authority Health System Revenue |
||||||||
(Catholic Health East) 6.25% 11/15/34-19§ |
4,630,000 | 4,672,781 | ||||||
|
|
|||||||
91,831,055 | ||||||||
|
|
|||||||
Resource Recovery Revenue Bond 0.51% |
||||||||
Delaware County Industrial Development Authority |
||||||||
(Covanta Project) Series A 5.00% 7/1/43 |
2,155,000 | 2,171,055 | ||||||
|
|
|||||||
2,171,055 | ||||||||
|
|
53
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Special Tax Revenue Bonds 4.24% |
||||||||
Allentown Neighborhood Improvement Zone Development Authority Revenue |
||||||||
Series A 5.00% 5/1/42 |
2,500,000 | $ | 2,559,600 | |||||
(City Center Project) |
||||||||
144A 5.00% 5/1/42 # |
2,500,000 | 2,684,050 | ||||||
144A 5.375% 5/1/42 # |
1,800,000 | 1,833,084 | ||||||
(City Center Refunding Project) 144A 5.00% 5/1/42 # |
2,500,000 | 2,667,050 | ||||||
Chester County Industrial Development Authority Special Obligation Revenue |
||||||||
(Woodlands at Greystone Project) |
||||||||
144A 5.00% 3/1/38 # |
560,000 | 564,844 | ||||||
144A 5.125% 3/1/48 # |
1,000,000 | 1,009,680 | ||||||
Northampton County Industrial Development Authority |
||||||||
(Route 33 Project) 7.00% 7/1/32 |
2,000,000 | 2,235,140 | ||||||
Sports & Exhibition Authority of Pittsburgh & Allegheny County |
||||||||
(Hotel Room Excise Tax) 5.00% 2/1/35 (AGM) |
3,000,000 | 3,110,460 | ||||||
Washington County Redevelopment Authority Revenue |
||||||||
(Victory Centre Tax Increment Financing Project) |
||||||||
5.00% 7/1/35 |
1,500,000 | 1,521,270 | ||||||
|
|
|||||||
18,185,178 | ||||||||
|
|
|||||||
State General Obligation Bond 0.93% |
||||||||
Commonwealth of Pennsylvania |
||||||||
5.00% 9/15/26 |
3,340,000 | 3,973,030 | ||||||
|
|
|||||||
3,973,030 | ||||||||
|
|
|||||||
Transportation Revenue Bonds 8.56% |
||||||||
Delaware River Joint Toll Bridge Commission |
||||||||
(Pennsylvania - New Jersey) 5.00% 7/1/47 |
5,000,000 | 5,643,450 | ||||||
Pennsylvania Economic Development Financing Authority |
||||||||
Exempt Facilities Revenue |
||||||||
(Amtrak Project) |
||||||||
Series A 5.00% 11/1/32 (AMT) |
3,500,000 | 3,766,420 | ||||||
Series A 5.00% 11/1/41 (AMT) |
5,000,000 | 5,350,050 | ||||||
Pennsylvania Turnpike Commission Revenue |
||||||||
Series A 5.00% 12/1/22 |
2,550,000 | 2,844,219 | ||||||
Series A 5.00% 12/1/23 |
2,450,000 | 2,797,998 | ||||||
Series C 5.00% 12/1/44 |
5,000,000 | 5,451,550 | ||||||
Philadelphia Airport Revenue |
||||||||
Series B 5.00% 7/1/47 (AMT) |
3,000,000 | 3,300,930 | ||||||
Port Authority of Allegheny County |
||||||||
5.75% 3/1/29 |
5,200,000 | 5,595,408 |
54
Principal amount° | Value (US $) | |||||||
|
||||||||
Municipal Bonds (continued) |
||||||||
|
||||||||
Transportation Revenue Bonds (continued) |
||||||||
Susquehanna Area Regional Airport Authority Revenue |
||||||||
5.00% 1/1/35 (AMT) |
800,000 | $ | 875,400 | |||||
5.00% 1/1/38 (AMT) |
1,000,000 | 1,085,390 | ||||||
|
|
|||||||
36,710,815 | ||||||||
|
|
|||||||
Water & Sewer Revenue Bonds 3.46% |
||||||||
Allegheny County Sanitary Authority |
||||||||
5.00% 12/1/28 (BAM) |
2,345,000 | 2,738,022 | ||||||
Bucks County Water & Sewer Authority |
||||||||
5.00% 12/1/28 (AGM) |
1,000,000 | 1,208,990 | ||||||
Series A 5.00% 12/1/37 (AGM) |
780,000 | 887,624 | ||||||
Series A 5.00% 12/1/40 (AGM) |
1,000,000 | 1,134,530 | ||||||
Philadelphia Water & Wastewater Revenue |
||||||||
5.00% 11/1/28 |
4,500,000 | 4,959,540 | ||||||
Series A 5.00% 7/1/45 |
2,500,000 | 2,758,075 | ||||||
Series A 5.25% 10/1/52 |
1,000,000 | 1,140,460 | ||||||
|
|
|||||||
14,827,241 | ||||||||
|
|
|||||||
Total Municipal Bonds (cost $413,772,593) |
430,454,813 | |||||||
|
|
|||||||
|
||||||||
Short-Term Investment 0.08% |
||||||||
|
||||||||
Variable Rate Demand Note 0.08%¤ |
||||||||
Philadelphia Hospitals & Higher Education Facilities |
||||||||
Authority Revenue (Childrens Hospital of Philadelphia |
||||||||
Project) Series B 1.71% 7/1/41 |
||||||||
(SPA - Wells Fargo Bank N.A.) |
350,000 | 350,000 | ||||||
|
|
|||||||
Total Short-Term Investment (cost $350,000) |
350,000 | |||||||
|
|
|||||||
Total Value of Securities 100.44% |
$ | 430,804,813 | ||||||
|
|
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $13,777,192, which represents 3.21% 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. Each rate shown is as of Feb. 28, 2019. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in Notes to financial statements. |
55
Schedules of investments
Delaware Tax-Free Pennsylvania Fund
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
Summary of abbreviations:
AGC Insured by Assured Guaranty Corporation
AGM Insured by Assured Guaranty Municipal Corporation
AMT Subject to Alternative Minimum Tax
BAM Insured by Build America Mutual Assurance
FHA Federal Housing Administration
HUD Housing and Urban Development Section 8
N.A. National Association
SPA Stand-by Purchase Agreement
USD US Dollar
See accompanying notes, which are an integral part of the financial statements.
56
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Statements of assets and liabilities | ||
February 28, 2019 (Unaudited) |
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund | |||||||||||||
Assets: |
|||||||||||||||
Investments, at value1 |
$ | 73,662,451 | $ | 90,031,244 | $ | 199,828,604 | |||||||||
Cash |
66,277 | 47,500 | | ||||||||||||
Interest receivable |
700,716 | 1,107,912 | 2,284,141 | ||||||||||||
Receivable for fund shares sold |
9,985 | 80,352 | 265,000 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total assets |
74,439,429 | 91,267,008 | 202,377,745 | ||||||||||||
|
|
|
|
|
|
||||||||||
Liabilities: |
|||||||||||||||
Cash due to custodian |
| | 156,779 | ||||||||||||
Payable for securities purchased |
681,926 | | | ||||||||||||
Payable for fund shares redeemed |
456,850 | 864,994 | 115,513 | ||||||||||||
Distribution payable |
27,134 | 34,717 | 72,652 | ||||||||||||
Audit and tax fees payable |
22,555 | 22,555 | 22,555 | ||||||||||||
Investment management fees payable to affiliates |
18,974 | 23,879 | 65,030 | ||||||||||||
Other accrued expenses |
18,627 | 30,355 | 17,561 | ||||||||||||
Distribution fees payable to affiliates |
13,683 | 17,354 | 38,180 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable to affiliates |
560 | 691 | 1,528 | ||||||||||||
Accounting and administration expenses payable to affiliates |
521 | 571 | 890 | ||||||||||||
Trustees fees and expenses payable |
250 | 306 | 674 | ||||||||||||
Legal fees payable to affiliates |
119 | 145 | 324 | ||||||||||||
Reports and statements to shareholders expenses payable to affiliates |
71 | 88 | 196 | ||||||||||||
Reports and statements to shareholders expenses payable to non-affiliates |
| | 10,246 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates |
| | 19,953 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total liabilities |
1,241,270 | 995,655 | 522,081 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total Net Assets |
$ | 73,198,159 | $ | 90,271,353 | $ | 201,855,664 | |||||||||
|
|
|
|
|
|
||||||||||
Net Assets Consist of: |
|||||||||||||||
Paid-in capital |
$ | 71,428,492 | $ | 86,989,731 | $ | 198,217,675 | |||||||||
Total distributable earnings (loss) |
1,769,667 | 3,281,622 | 3,637,989 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total Net Assets |
$ | 73,198,159 | $ | 90,271,353 | $ | 201,855,664 | |||||||||
|
|
|
|
|
|
58
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund | |||||||||||||
Net Asset Value |
|||||||||||||||
Class A: |
|||||||||||||||
Net assets |
$ | 59,601,337 | $ | 44,542,700 | $ | 161,088,168 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
5,320,392 | 3,752,440 | 14,614,206 | ||||||||||||
Net asset value per share |
$ | 11.20 | $ | 11.87 | $ | 11.02 | |||||||||
Sales charge |
4.50 | % | 4.50 | % | 4.50 | % | |||||||||
Offering price per share, equal to net asset value per share / (1 sales charge) |
$ | 11.73 | $ | 12.43 | $ | 11.54 | |||||||||
Class C: |
|||||||||||||||
Net assets |
$ | 2,886,123 | $ | 11,144,165 | $ | 9,788,822 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
256,976 | 937,178 | 885,691 | ||||||||||||
Net asset value per share |
$ | 11.23 | $ | 11.89 | $ | 11.05 | |||||||||
Institutional Class: |
|||||||||||||||
Net assets |
$ | 10,710,699 | $ | 34,584,488 | $ | 30,978,674 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
956,018 | 2,913,538 | 2,810,550 | ||||||||||||
Net asset value per share |
$ | 11.20 | $ | 11.87 | $ | 11.02 | |||||||||
|
|||||||||||||||
1Investments, at cost |
$ | 71,493,356 | $ | 86,705,587 | $ | 192,583,385 |
See accompanying notes, which are an integral part of the financial statements.
59
Statements of assets and liabilities
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||||||||
Assets: |
|||||||||||||||
Investments, at value1 |
$ | 96,365,227 | $ | 80,837,459 | $ | 430,804,813 | |||||||||
Cash |
34,793 | 22,169 | 30,522 | ||||||||||||
Interest receivable |
1,400,494 | 836,578 | 5,636,949 | ||||||||||||
Receivable for fund shares sold |
79,562 | 164,662 | 211,787 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total assets |
97,880,076 | 81,860,868 | 436,684,071 | ||||||||||||
|
|
|
|
|
|
||||||||||
Liabilities: |
|||||||||||||||
Payable for fund shares redeemed |
42,929 | 247,990 | 38,109 | ||||||||||||
Distribution payable |
33,236 | 28,058 | 171,311 | ||||||||||||
Payable for securities purchased |
| | 7,220,033 | ||||||||||||
Investment management fees payable to affiliates |
28,614 | 20,432 | 140,642 | ||||||||||||
Audit and tax fees payable |
22,555 | 22,555 | 22,555 | ||||||||||||
Distribution fees payable to affiliates |
21,923 | 17,299 | 85,974 | ||||||||||||
Accounting and administration expenses payable to affiliates |
13,775 | 545 | 1,549 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates |
10,312 | 8,512 | | ||||||||||||
Other accrued expenses |
8,380 | 16,334 | 91,623 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable to affiliates |
739 | 624 | 3,250 | ||||||||||||
Accounting and administration expenses payable to non-affiliates |
589 | | | ||||||||||||
Trustees fees and expenses payable |
324 | 276 | 1,429 | ||||||||||||
Legal fees payable to affiliates |
154 | 129 | 683 | ||||||||||||
Reports and statements to shareholders expenses payable to affiliates |
95 | 79 | 416 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total liabilities |
183,625 | 362,833 | 7,777,574 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total Net Assets |
$ | 97,696,451 | $ | 81,498,035 | $ | 428,906,497 | |||||||||
|
|
|
|
|
|
||||||||||
Net Assets Consist of: |
|||||||||||||||
Paid-in capital |
$ | 100,024,831 | $ | 79,845,583 | $ | 412,507,406 | |||||||||
Total distributable earnings (loss) |
(2,328,380 | ) | 1,652,452 | 16,399,091 | |||||||||||
|
|
|
|
|
|
||||||||||
Total Net Assets |
$ | 97,696,451 | $ | 81,498,035 | $ | 428,906,497 | |||||||||
|
|
|
|
|
|
60
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||||||||
Net Asset Value |
|||||||||||||||
Class A: |
|||||||||||||||
Net assets |
$ | 55,695,175 | $ | 34,258,186 | $ | 361,829,370 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
4,970,152 | 3,027,450 | 45,874,267 | ||||||||||||
Net asset value per share |
$ | 11.21 | $ | 11.32 | $ | 7.89 | |||||||||
Sales charge |
4.50 | % | 4.50 | % | 4.50 | % | |||||||||
Offering price per share, equal to net asset value per share / (1 sales charge) |
$ | 11.74 | $ | 11.85 | $ | 8.26 | |||||||||
Class C: |
|||||||||||||||
Net assets |
$ | 14,202,539 | $ | 13,779,505 | $ | 24,467,760 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
1,268,449 | 1,220,789 | 3,101,019 | ||||||||||||
Net asset value per share |
$ | 11.20 | $ | 11.29 | $ | 7.89 | |||||||||
Institutional Class: |
|||||||||||||||
Net assets |
$ | 27,798,737 | $ | 33,460,344 | $ | 42,609,367 | |||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par |
2,480,219 | 2,958,230 | 5,405,928 | ||||||||||||
Net asset value per share |
$ | 11.21 | $ | 11.31 | $ | 7.88 | |||||||||
|
|||||||||||||||
1Investments, at cost |
$ | 94,070,083 | $ | 78,772,101 | $ | 414,122,593 |
See accompanying notes, which are an integral part of the financial statements.
61
Statements of operations | ||
Six months ended February 28, 2019 (Unaudited) |
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund | |||||||||||||
Investment Income: |
|||||||||||||||
Interest |
$ | 1,570,742 | $ | 1,986,508 | $ | 4,177,734 | |||||||||
|
|
|
|
|
|
||||||||||
Expenses: |
|||||||||||||||
Management fees |
184,822 | 258,702 | 542,102 | ||||||||||||
Distribution expenses Class A |
75,321 | 60,477 | 198,964 | ||||||||||||
Distribution expenses Class C |
15,126 | 58,816 | 50,569 | ||||||||||||
Accounting and administration expenses |
28,539 | 30,351 | 39,637 | ||||||||||||
Audit and tax fees |
23,328 | 23,328 | 23,328 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses |
20,324 | 25,820 | 57,032 | ||||||||||||
Reports and statements to shareholders expenses |
8,467 | 8,930 | 14,047 | ||||||||||||
Registration fees |
7,725 | 6,483 | 6,475 | ||||||||||||
Legal fees |
1,981 | 2,277 | 4,959 | ||||||||||||
Trustees fees and expenses |
1,761 | 2,252 | 4,648 | ||||||||||||
Custodian fees |
1,204 | 1,705 | 3,051 | ||||||||||||
Other |
6,875 | 8,287 | 10,922 | ||||||||||||
|
|
|
|
|
|
||||||||||
375,473 | 487,428 | 955,734 | |||||||||||||
Less expenses waived |
(66,112 | ) | (98,853 | ) | (123,661 | ) | |||||||||
Less expenses paid indirectly |
(685 | ) | (803 | ) | (879 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Total operating expenses |
308,676 | 387,772 | 831,194 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Investment Income |
1,262,066 | 1,598,736 | 3,346,540 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Gain (Loss): |
|||||||||||||||
Net realized gain (loss) |
34,522 | (46,877 | ) | (80,597 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(322,518 | ) | (739,212 | ) | (229,515 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Loss |
(287,996 | ) | (786,089 | ) | (310,112 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net Increase in Net Assets Resulting from Operations |
$ | 974,070 | $ | 812,647 | $ | 3,036,428 | |||||||||
|
|
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
62
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||||||||
Investment Income: |
|||||||||||||||
Interest |
$ | 1,926,141 | $ | 1,654,287 | $ | 9,623,633 | |||||||||
|
|
|
|
|
|
||||||||||
Expenses: |
|||||||||||||||
Management fees |
262,118 | 228,533 | 1,170,306 | ||||||||||||
Distribution expenses Class A |
71,277 | 44,018 | 438,179 | ||||||||||||
Distribution expenses Class C |
77,954 | 70,085 | 125,279 | ||||||||||||
Accounting and administration expenses |
30,465 | 29,365 | 60,206 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses |
28,827 | 25,316 | 124,906 | ||||||||||||
Audit and tax fees |
23,328 | 23,328 | 23,328 | ||||||||||||
Reports and statements to shareholders expenses |
8,069 | 12,253 | 28,694 | ||||||||||||
Registration fees |
6,045 | 6,045 | 8,725 | ||||||||||||
Legal fees |
2,526 | 3,613 | 15,260 | ||||||||||||
Trustees fees and expenses |
2,259 | 1,970 | 10,115 | ||||||||||||
Custodian fees |
1,869 | 1,479 | 7,261 | ||||||||||||
Other |
6,782 | 8,705 | 16,062 | ||||||||||||
|
|
|
|
|
|
||||||||||
521,519 | 454,710 | 2,028,321 | |||||||||||||
Less expenses waived |
(80,954 | ) | (111,406 | ) | (137,014 | ) | |||||||||
Less expenses paid indirectly |
(559 | ) | (468 | ) | (1,813 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Total operating expenses |
440,006 | 342,836 | 1,889,494 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Investment Income |
1,486,135 | 1,311,451 | 7,734,139 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Gain (Loss): |
|||||||||||||||
Net realized gain (loss) |
(17,514 | ) | 138,504 | (150,666 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(88,613 | ) | (318,494 | ) | (2,319,634 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net Realized and Unrealized Loss |
(106,127 | ) | (179,990 | ) | (2,470,300 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net Increase in Net Assets Resulting from Operations |
$ | 1,380,008 | $ | 1,131,461 | $ | 5,263,839 | |||||||||
|
|
|
|
|
|
See accompanying notes, which are an integral part of the financial statements.
63
Statements of changes in net assets
Delaware Tax-Free Arizona Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 1,262,066 | $ | 2,490,400 | ||||
Net realized gain |
34,522 | 379,155 | ||||||
Net change in unrealized appreciation (depreciation) |
(322,518 | ) | (2,032,054 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
974,070 | 837,501 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(1,007,258 | ) | (2,075,708 | ) | ||||
Class C |
(39,182 | ) | (115,956 | ) | ||||
Institutional Class |
(191,735 | ) | (287,750 | ) | ||||
|
|
|
|
|||||
(1,238,175 | ) | (2,479,414 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
1,535,708 | 4,543,493 | ||||||
Class C |
119,962 | 428,738 | ||||||
Institutional Class |
3,646,495 | 5,486,278 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
828,081 | 1,649,081 | ||||||
Class C |
36,982 | 106,674 | ||||||
Institutional Class |
186,031 | 266,147 | ||||||
|
|
|
|
|||||
6,353,259 | 12,480,411 | |||||||
|
|
|
|
64
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (5,866,488 | ) | $ | (8,330,769 | ) | ||
Class C |
(383,053 | ) | (2,522,165 | ) | ||||
Institutional Class |
(3,187,757 | ) | (2,573,565 | ) | ||||
|
|
|
|
|||||
(9,437,298 | ) | (13,426,499 | ) | |||||
|
|
|
|
|||||
Decrease in net assets derived from capital share transactions |
(3,084,039 | ) | (946,088 | ) | ||||
|
|
|
|
|||||
Net Decrease in Net Assets |
(3,348,144 | ) | (2,588,001 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
76,546,303 | 79,134,304 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 73,198,159 | $ | 76,546,303 | ||||
|
|
|
|
1 | Net Assets End of period includes undistributed net investment income of $19,881 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Class A | Class C | Institutional Class |
||||||||||
Dividends from net investment income |
$ | (2,075,708 | ) | $ | (115,956 | ) | $ | (287,750 | ) |
See accompanying notes, which are an integral part of the financial statements.
65
Statements of changes in net assets
Delaware Tax-Free California Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 1,598,736 | $ | 3,236,364 | ||||
Net realized gain (loss) |
(46,877 | ) | 507,199 | |||||
Net change in unrealized appreciation (depreciation) |
(739,212 | ) | (2,807,521 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
812,647 | 936,042 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(904,826 | ) | (1,745,468 | ) | ||||
Class C |
(175,221 | ) | (400,194 | ) | ||||
Institutional Class |
(676,284 | ) | (1,100,024 | ) | ||||
|
|
|
|
|||||
(1,756,331 | ) | (3,245,686 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
1,128,836 | 5,808,059 | ||||||
Class C |
1,106,972 | 1,122,941 | ||||||
Institutional Class |
13,596,339 | 11,785,738 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
833,019 | 1,550,043 | ||||||
Class C |
146,343 | 344,098 | ||||||
Institutional Class |
451,824 | 680,219 | ||||||
|
|
|
|
|||||
17,263,333 | 21,291,098 | |||||||
|
|
|
|
66
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (10,052,116 | ) | $ | (7,031,840 | ) | ||
Class C |
(2,999,452 | ) | (4,542,970 | ) | ||||
Institutional Class |
(12,135,886 | ) | (7,025,452 | ) | ||||
|
|
|
|
|||||
(25,187,454 | ) | (18,600,262 | ) | |||||
|
|
|
|
|||||
Increase (decrease) in net assets derived from capital share transactions |
(7,924,121 | ) | 2,690,836 | |||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets |
(8,867,805 | ) | 381,192 | |||||
Net Assets: |
||||||||
Beginning of period |
99,139,158 | 98,757,966 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 90,271,353 | $ | 99,139,158 | ||||
|
|
|
|
1 | Net Assets End of period includes undistributed net investment income of $18,763 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Institutional | ||||||||||||
Class A | Class C | Class | ||||||||||
Dividends from net investment income |
$ | (1,745,468 | ) | $ | (400,194 | ) | $ | (1,100,024 | ) |
See accompanying notes, which are an integral part of the financial statements.
67
Statements of changes in net assets
Delaware Tax-Free Colorado Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 3,346,540 | $ | 6,720,675 | ||||
Net realized gain (loss) |
(80,597 | ) | 124,725 | |||||
Net change in unrealized appreciation (depreciation) |
(229,515 | ) | (4,554,837 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
3,036,428 | 2,290,563 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(2,704,837 | ) | (5,512,421 | ) | ||||
Class C |
(133,939 | ) | (376,689 | ) | ||||
Institutional Class |
(507,764 | ) | (831,565 | ) | ||||
|
|
|
|
|||||
(3,346,540 | ) | (6,720,675 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
5,713,480 | 16,867,445 | ||||||
Class C |
438,972 | 1,730,260 | ||||||
Institutional Class |
8,623,524 | 12,748,594 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
2,474,799 | 4,746,976 | ||||||
Class C |
129,832 | 353,393 | ||||||
Institutional Class |
468,694 | 731,288 | ||||||
|
|
|
|
|||||
17,849,301 | 37,177,956 | |||||||
|
|
|
|
68
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (10,910,519 | ) | $ | (19,482,166 | ) | ||
Class C |
(1,678,475 | ) | (6,807,914 | ) | ||||
Institutional Class |
(5,537,928 | ) | (5,330,875 | ) | ||||
|
|
|
|
|||||
(18,126,922 | ) | (31,620,955 | ) | |||||
|
|
|
|
|||||
Increase (decrease) in net assets derived from capital share transactions |
(277,621 | ) | 5,557,001 | |||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets |
(587,733 | ) | 1,126,889 | |||||
Net Assets: |
||||||||
Beginning of period |
202,443,397 | 201,316,508 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 201,855,664 | $ | 202,443,397 | ||||
|
|
|
|
1 | Net Assets End of period includes undistributed net investment income of $352,558 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Institutional | ||||||||||||
Class A | Class C | Class | ||||||||||
Dividends from net investment income |
$ | (5,512,421 | ) | $ | (376,689 | ) | $ | (831,565 | ) |
See accompanying notes, which are an integral part of the financial statements.
69
Statements of changes in net assets
Delaware Tax-Free Idaho Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 1,486,135 | $ | 3,014,702 | ||||
Net realized gain (loss) |
(17,514 | ) | 294,775 | |||||
Net change in unrealized appreciation (depreciation) |
(88,613 | ) | (2,885,211 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
1,380,008 | 424,266 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(905,286 | ) | (1,888,287 | ) | ||||
Class C |
(188,866 | ) | (543,768 | ) | ||||
Institutional Class |
(388,749 | ) | (576,813 | ) | ||||
|
|
|
|
|||||
(1,482,901 | ) | (3,008,868 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
2,422,465 | 5,531,468 | ||||||
Class C |
411,946 | 1,325,139 | ||||||
Institutional Class |
12,720,930 | 14,737,822 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
859,887 | 1,651,109 | ||||||
Class C |
187,425 | 512,413 | ||||||
Institutional Class |
334,079 | 496,728 | ||||||
|
|
|
|
|||||
16,936,732 | 24,254,679 | |||||||
|
|
|
|
70
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (6,944,116 | ) | $ | (14,113,035 | ) | ||
Class C |
(3,966,975 | ) | (12,991,897 | ) | ||||
Institutional Class |
(6,558,138 | ) | (5,605,597 | ) | ||||
|
|
|
|
|||||
(17,469,229 | ) | (32,710,529 | ) | |||||
|
|
|
|
|||||
Decrease in net assets derived from capital share transactions |
(532,497 | ) | (8,455,850 | ) | ||||
|
|
|
|
|||||
Net Decrease in Net Assets |
(635,390 | ) | (11,040,452 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
98,331,841 | 109,372,293 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 97,696,451 | $ | 98,331,841 | ||||
|
|
|
|
1 | Net Assets End of period includes distributions in excess of net investment income of $16,709 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Institutional | ||||||||||||
Class A | Class C | Class | ||||||||||
Dividends from net investment income |
$ | (1,888,287 | ) | $ | (543,768 | ) | $ | (576,813 | ) |
See accompanying notes, which are an integral part of the financial statements.
71
Statements of changes in net assets
Delaware Tax-Free New York Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 1,311,451 | $ | 2,699,074 | ||||
Net realized gain |
138,504 | 176,041 | ||||||
Net change in unrealized appreciation (depreciation) |
(318,494 | ) | (2,366,192 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
1,131,461 | 508,923 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(561,453 | ) | (1,233,582 | ) | ||||
Class C |
(170,811 | ) | (388,892 | ) | ||||
Institutional Class |
(584,490 | ) | (1,091,556 | ) | ||||
|
|
|
|
|||||
(1,316,754 | ) | (2,714,030 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
5,221,445 | 5,120,312 | ||||||
Class C |
950,239 | 2,254,999 | ||||||
Institutional Class |
9,299,433 | 8,726,165 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
534,154 | 1,130,238 | ||||||
Class C |
121,351 | 299,712 | ||||||
Institutional Class |
534,333 | 968,692 | ||||||
|
|
|
|
|||||
16,660,955 | 18,500,118 | |||||||
|
|
|
|
72
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (9,521,118 | ) | $ | (7,776,362 | ) | ||
Class C |
(2,193,824 | ) | (4,270,778 | ) | ||||
Institutional Class |
(9,323,478 | ) | (8,099,299 | ) | ||||
|
|
|
|
|||||
(21,038,420 | ) | (20,146,439 | ) | |||||
|
|
|
|
|||||
Decrease in net assets derived from capital share transactions |
(4,377,465 | ) | (1,646,321 | ) | ||||
|
|
|
|
|||||
Net Decrease in Net Assets |
(4,562,758 | ) | (3,851,428 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
86,060,793 | 89,912,221 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 81,498,035 | $ | 86,060,793 | ||||
|
|
|
|
1 | Net Assets End of period includes distributions in excess of net investment income of $650 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Institutional | ||||||||||||
Class A | Class C | Class | ||||||||||
Dividends from net investment income |
$ | (1,233,582 | ) | $ | (388,892 | ) | $ | (1,091,556 | ) |
See accompanying notes, which are an integral part of the financial statements.
73
Statements of changes in net assets
Delaware Tax-Free Pennsylvania Fund
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Increase (Decrease) in Net Assets from Operations: |
||||||||
Net investment income |
$ | 7,734,139 | $ | 15,788,290 | ||||
Net realized gain (loss) |
(150,666 | ) | 469,560 | |||||
Net change in unrealized appreciation (depreciation) |
(2,319,634 | ) | (12,352,389 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
5,263,839 | 3,905,461 | ||||||
|
|
|
|
|||||
Dividends and Distributions to Shareholders from: |
||||||||
Distributable earnings*: |
||||||||
Class A |
(6,605,147 | ) | (13,755,590 | ) | ||||
Class C |
(362,982 | ) | (877,582 | ) | ||||
Institutional Class |
(766,011 | ) | (1,441,931 | ) | ||||
|
|
|
|
|||||
(7,734,140 | ) | (16,075,103 | ) | |||||
|
|
|
|
|||||
Capital Share Transactions: |
||||||||
Proceeds from shares sold: |
||||||||
Class A |
17,552,885 | 28,325,061 | ||||||
Class C |
1,378,992 | 2,076,171 | ||||||
Institutional Class |
15,248,838 | 16,590,343 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: |
||||||||
Class A |
5,853,335 | 11,749,727 | ||||||
Class C |
347,859 | 840,401 | ||||||
Institutional Class |
671,356 | 1,235,791 | ||||||
|
|
|
|
|||||
41,053,265 | 60,817,494 | |||||||
|
|
|
|
74
Six months | ||||||||
ended | ||||||||
2/28/19 | Year ended | |||||||
(Unaudited) | 8/31/18 | |||||||
Capital Share Transactions (continued): |
||||||||
Cost of shares redeemed: |
||||||||
Class A |
$ | (37,517,812 | ) | $ | (50,721,030 | ) | ||
Class C |
(3,487,788 | ) | (8,984,224 | ) | ||||
Institutional Class |
(14,511,421 | ) | (8,774,119 | ) | ||||
|
|
|
|
|||||
(55,517,021 | ) | (68,479,373 | ) | |||||
|
|
|
|
|||||
Decrease in net assets derived from capital share transactions |
(14,463,756 | ) | (7,661,879 | ) | ||||
|
|
|
|
|||||
Net Decrease in Net Assets |
(16,934,057 | ) | (19,831,521 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
445,840,554 | 465,672,075 | ||||||
|
|
|
|
|||||
End of period1 |
$ | 428,906,497 | $ | 445,840,554 | ||||
|
|
|
|
1 | Net Assets End of period includes distributions in excess of net investment income of $108,965 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
* | For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in Notes to financial statements). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows: |
Institutional | ||||||||||||
Class A | Class C | Class | ||||||||||
Dividends from net investment income |
$ | (13,512,474 | ) | $ | (857,030 | ) | $ | (1,418,785 | ) | |||
Distributions from net realized gain |
$ | (243,116 | ) | $ | (20,552 | ) | $ | (23,146 | ) |
See accompanying notes, which are an integral part of the financial statements.
75
Delaware Tax-Free Arizona Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
76
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.24 | $ | 11.48 | $ | 11.83 | $ | 11.44 | $ | 11.45 | $ | 10.69 | |||||||||||||||||||||||||||||||
0.18 | 0.36 | 0.37 | 0.38 | 0.38 | 0.43 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.24 | ) | (0.35 | ) | 0.39 | (0.01 | ) | 0.79 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.14 | 0.12 | 0.02 | 0.77 | 0.37 | 1.22 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | (0.38 | ) | (0.43 | ) | |||||||||||||||||||||||||||||||
| | | | | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | (0.38 | ) | (0.46 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.20 | $ | 11.24 | $ | 11.48 | $ | 11.83 | $ | 11.44 | $ | 11.45 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.31% | 1.11% | 0.24% | 6.79% | 3.24% | 11.56% | |||||||||||||||||||||||||||||||||||||
$ | 59,601 | $ | 63,327 | $ | 66,839 | $ | 74,556 | $ | 77,085 | $ | 81,592 | |||||||||||||||||||||||||||||||
0.84% | 0.84% | 0.84% | 0.84% | 0.85% | 0.84% | |||||||||||||||||||||||||||||||||||||
1.02% | 1.00% | 0.97% | 0.96% | 0.97% | 0.96% | |||||||||||||||||||||||||||||||||||||
3.41% | 3.23% | 3.25% | 3.23% | 3.28% | 3.86% | |||||||||||||||||||||||||||||||||||||
3.23% | 3.07% | 3.12% | 3.11% | 3.16% | 3.74% | |||||||||||||||||||||||||||||||||||||
8% | 6% | 9% | 14% | 12% | 11% | |||||||||||||||||||||||||||||||||||||
|
77
Financial highlights
Delaware Tax-Free Arizona Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
78
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.27 | $ | 11.51 | $ | 11.87 | $ | 11.47 | $ | 11.48 | $ | 10.72 | |||||||||||||||||||||||||||||||
0.14 | 0.28 | 0.29 | 0.29 | 0.29 | 0.35 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.24 | ) | (0.37 | ) | 0.40 | (0.01 | ) | 0.78 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.10 | 0.04 | (0.08 | ) | 0.69 | 0.28 | 1.13 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.34 | ) | |||||||||||||||||||||||||||||||
| | | | | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.37 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.23 | $ | 11.27 | $ | 11.51 | $ | 11.87 | $ | 11.47 | $ | 11.48 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.93% | 0.36% | (0.59% | ) | 6.07% | 2.47% | 10.72% | ||||||||||||||||||||||||||||||||||||
$ | 2,886 | $ | 3,122 | $ | 5,215 | $ | 6,816 | $ | 6,747 | $ | 6,238 | |||||||||||||||||||||||||||||||
1.59% | 1.59% | 1.59% | 1.59% | 1.60% | 1.59% | |||||||||||||||||||||||||||||||||||||
1.77% | 1.75% | 1.72% | 1.71% | 1.72% | 1.71% | |||||||||||||||||||||||||||||||||||||
2.66% | 2.48% | 2.50% | 2.48% | 2.54% | 3.11% | |||||||||||||||||||||||||||||||||||||
2.48% | 2.32% | 2.37% | 2.36% | 2.42% | 2.99% | |||||||||||||||||||||||||||||||||||||
8% | 6% | 9% | 14% | 12% | 11% | |||||||||||||||||||||||||||||||||||||
|
79
Financial highlights
Delaware Tax-Free Arizona Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
80
Six months ended | 12/31/132 |
|||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.24 | $ | 11.48 | $ | 11.84 | $ | 11.44 | $ | 11.45 | $ | 10.77 | |||||||||||||||||||||||||||||||
0.20 | 0.39 | 0.40 | 0.41 | 0.41 | 0.33 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.24 | ) | (0.36 | ) | 0.39 | (0.01 | ) | 0.67 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.16 | 0.15 | 0.04 | 0.80 | 0.40 | 1.00 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.20 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | (0.41 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.20 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | (0.41 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.20 | $ | 11.24 | $ | 11.48 | $ | 11.84 | $ | 11.44 | $ | 11.45 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.43% | 1.36% | 0.40% | 7.14% | 3.49% | 9.39% | |||||||||||||||||||||||||||||||||||||
$ | 10,711 | $ | 10,097 | $ | 7,080 | $ | 3,645 | $ | 744 | $ | 219 | |||||||||||||||||||||||||||||||
0.59% | 0.59% | 0.59% | 0.59% | 0.60% | 0.59% | |||||||||||||||||||||||||||||||||||||
0.77% | 0.75% | 0.72% | 0.71% | 0.72% | 0.71% | |||||||||||||||||||||||||||||||||||||
3.66% | 3.48% | 3.50% | 3.48% | 3.54% | 4.06% | |||||||||||||||||||||||||||||||||||||
3.48% | 3.32% | 3.37% | 3.36% | 3.42% | 3.94% | |||||||||||||||||||||||||||||||||||||
8% | 6% | 9% | 14% | 12% | 11% | 5 | ||||||||||||||||||||||||||||||||||||
|
81
Financial highlights
Delaware Tax-Free California Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
82
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | $ | 12.08 | $ | 11.11 | |||||||||||||||||||||||||||||||
0.20 | 0.40 | 0.41 | 0.43 | 0.42 | 0.43 | |||||||||||||||||||||||||||||||||||||
(0.09 | ) | (0.28 | ) | (0.34 | ) | 0.48 | 0.03 | 0.97 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.11 | 0.12 | 0.07 | 0.91 | 0.45 | 1.40 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.20 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.43 | ) | |||||||||||||||||||||||||||||||
(0.02 | ) | | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.22 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.43 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.87 | $ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | $ | 12.08 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.93% | 1.00% | 0.63% | 7.67% | 3.73% | 12.79% | |||||||||||||||||||||||||||||||||||||
$ | 44,543 | $ | 53,171 | $ | 54,076 | $ | 63,284 | $ | 60,550 | $ | 73,955 | |||||||||||||||||||||||||||||||
0.82% | 0.82% | 0.82% | 0.82% | 0.83% | 0.82% | |||||||||||||||||||||||||||||||||||||
1.03% | 1.02% | 1.01% | 1.01% | 1.01% | 1.00% | |||||||||||||||||||||||||||||||||||||
3.40% | 3.30% | 3.36% | 3.43% | 3.42% | 3.69% | |||||||||||||||||||||||||||||||||||||
3.19% | 3.10% | 3.17% | 3.24% | 3.24% | 3.51% | |||||||||||||||||||||||||||||||||||||
6% | 16% | 27% | 18% | 24% | 13% | |||||||||||||||||||||||||||||||||||||
|
83
Financial highlights
Delaware Tax-Free California Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
84
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 12.00 | $ | 12.28 | $ | 12.62 | $ | 12.13 | $ | 12.10 | $ | 11.12 | |||||||||||||||||||||||||||||||
0.16 | 0.31 | 0.32 | 0.33 | 0.33 | 0.34 | |||||||||||||||||||||||||||||||||||||
(0.09 | ) | (0.28 | ) | (0.34 | ) | 0.49 | 0.02 | 0.98 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.07 | 0.03 | (0.02 | ) | 0.82 | 0.35 | 1.32 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.16 | ) | (0.31 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | |||||||||||||||||||||||||||||||
(0.02 | ) | | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.31 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.89 | $ | 12.00 | $ | 12.28 | $ | 12.62 | $ | 12.13 | $ | 12.10 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.56% | 0.25% | (0.12% | ) | 6.86% | 2.95% | 12.04% | ||||||||||||||||||||||||||||||||||||
$ | 11,144 | $ | 13,015 | $ | 16,473 | $ | 18,827 | $ | 15,853 | $ | 15,473 | |||||||||||||||||||||||||||||||
1.57% | 1.57% | 1.57% | 1.57% | 1.58% | 1.57% | |||||||||||||||||||||||||||||||||||||
1.78% | 1.77% | 1.76% | 1.76% | 1.76% | 1.75% | |||||||||||||||||||||||||||||||||||||
2.65% | 2.55% | 2.61% | 2.68% | 2.67% | 2.94% | |||||||||||||||||||||||||||||||||||||
2.44% | 2.35% | 2.42% | 2.49% | 2.49% | 2.76% | |||||||||||||||||||||||||||||||||||||
6% | 16% | 27% | 18% | 24% | 13% | |||||||||||||||||||||||||||||||||||||
|
85
Financial highlights
Delaware Tax-Free California Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
86
Six months ended | 12/31/132 | |||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | $ | 12.08 | $ | 11.27 | |||||||||||||||||||||||||||||||
0.22 | 0.43 | 0.44 | 0.46 | 0.45 | 0.32 | |||||||||||||||||||||||||||||||||||||
(0.09 | ) | (0.28 | ) | (0.34 | ) | 0.49 | 0.03 | 0.81 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.13 | 0.15 | 0.10 | 0.95 | 0.48 | 1.13 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.22 | ) | (0.43 | ) | (0.44 | ) | (0.46 | ) | (0.45 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
(0.02 | ) | | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.24 | ) | (0.43 | ) | (0.44 | ) | (0.46 | ) | (0.45 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.87 | $ | 11.98 | $ | 12.26 | $ | 12.60 | $ | 12.11 | $ | 12.08 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.05% | 1.26% | 0.89% | 7.94% | 3.98% | 10.10% | |||||||||||||||||||||||||||||||||||||
$ | 34,584 | $ | 32,953 | $ | 28,209 | $ | 17,410 | $ | 10,308 | $ | 5,983 | |||||||||||||||||||||||||||||||
0.57% | 0.57% | 0.57% | 0.57% | 0.58% | 0.57% | |||||||||||||||||||||||||||||||||||||
0.78% | 0.77% | 0.76% | 0.76% | 0.76% | 0.75% | |||||||||||||||||||||||||||||||||||||
3.65% | 3.55% | 3.61% | 3.68% | 3.67% | 3.89% | |||||||||||||||||||||||||||||||||||||
3.44% | 3.35% | 3.42% | 3.49% | 3.49% | 3.71% | |||||||||||||||||||||||||||||||||||||
6% | 16% | 27% | 18% | 24% | 13% | 5 | ||||||||||||||||||||||||||||||||||||
|
87
Financial highlights
Delaware Tax-Free Colorado Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
88
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | $ | 11.32 | $ | 10.49 | |||||||||||||||||||||||||||||||
0.18 | 0.37 | 0.39 | 0.40 | 0.40 | 0.41 | |||||||||||||||||||||||||||||||||||||
(0.02 | ) | (0.24 | ) | (0.37 | ) | 0.41 | (0.08 | ) | 0.82 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.16 | 0.13 | 0.02 | 0.81 | 0.32 | 1.23 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | (0.40 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | (0.40 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.02 | $ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | $ | 11.32 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.51% | 1.22% | 0.26% | 7.33% | 2.87% | 11.94% | |||||||||||||||||||||||||||||||||||||
$ | 161,088 | $ | 164,087 | $ | 165,554 | $ | 182,764 | $ | 174,078 | $ | 183,560 | |||||||||||||||||||||||||||||||
0.84% | 0.84% | 0.84% | 0.84% | 0.85% | 0.84% | |||||||||||||||||||||||||||||||||||||
0.97% | 0.97% | 0.96% | 0.96% | 0.97% | 0.97% | |||||||||||||||||||||||||||||||||||||
3.40% | 3.36% | 3.48% | 3.50% | 3.54% | 3.69% | |||||||||||||||||||||||||||||||||||||
3.27% | 3.23% | 3.36% | 3.38% | 3.42% | 3.56% | |||||||||||||||||||||||||||||||||||||
3% | 6% | 17% | 6% | 10% | 22% | |||||||||||||||||||||||||||||||||||||
|
89
Financial highlights
Delaware Tax-Free Colorado Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
90
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.07 | $ | 11.31 | $ | 11.68 | $ | 11.27 | $ | 11.35 | $ | 10.52 | |||||||||||||||||||||||||||||||
0.14 | 0.29 | 0.31 | 0.32 | 0.32 | 0.32 | |||||||||||||||||||||||||||||||||||||
(0.02 | ) | (0.24 | ) | (0.37 | ) | 0.41 | (0.08 | ) | 0.83 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.12 | 0.05 | (0.06 | ) | 0.73 | 0.24 | 1.15 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.05 | $ | 11.07 | $ | 11.31 | $ | 11.68 | $ | 11.27 | $ | 11.35 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.14% | 0.47% | (0.48% | ) | 6.52% | 2.10% | 11.09% | ||||||||||||||||||||||||||||||||||||
$ | 9,789 | $ | 10,923 | $ | 15,975 | $ | 16,461 | $ | 12,192 | $ | 12,029 | |||||||||||||||||||||||||||||||
1.59% | 1.59% | 1.59% | 1.59% | 1.60% | 1.59% | |||||||||||||||||||||||||||||||||||||
1.72% | 1.72% | 1.71% | 1.71% | 1.72% | 1.72% | |||||||||||||||||||||||||||||||||||||
2.65% | 2.61% | 2.73% | 2.75% | 2.79% | 2.94% | |||||||||||||||||||||||||||||||||||||
2.52% | 2.48% | 2.61% | 2.63% | 2.67% | 2.81% | |||||||||||||||||||||||||||||||||||||
3% | 6% | 17% | 6% | 10% | 22% | |||||||||||||||||||||||||||||||||||||
|
91
Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
92
Six months ended | 12/31/132 | |||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | $ | 11.32 | $ | 10.59 | |||||||||||||||||||||||||||||||
0.20 | 0.40 | 0.42 | 0.43 | 0.43 | 0.33 | |||||||||||||||||||||||||||||||||||||
(0.02 | ) | (0.24 | ) | (0.37 | ) | 0.41 | (0.08 | ) | 0.71 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.18 | 0.16 | 0.05 | 0.84 | 0.35 | 1.04 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.20 | ) | (0.40 | ) | (0.42 | ) | (0.43 | ) | (0.43 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.20 | ) | (0.40 | ) | (0.42 | ) | (0.43 | ) | (0.43 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.02 | $ | 11.04 | $ | 11.28 | $ | 11.65 | $ | 11.24 | $ | 11.32 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.64% | 1.47% | 0.51% | 7.60% | 3.13% | 9.89% | |||||||||||||||||||||||||||||||||||||
$ | 30,979 | $ | 27,433 | $ | 19,788 | $ | 12,211 | $ | 5,102 | $ | 3,077 | |||||||||||||||||||||||||||||||
0.59% | 0.59% | 0.59% | 0.59% | 0.60% | 0.59% | |||||||||||||||||||||||||||||||||||||
0.72% | 0.72% | 0.71% | 0.71% | 0.72% | 0.72% | |||||||||||||||||||||||||||||||||||||
3.65% | 3.61% | 3.73% | 3.75% | 3.79% | 3.91% | |||||||||||||||||||||||||||||||||||||
3.52% | 3.48% | 3.61% | 3.63% | 3.67% | 3.78% | |||||||||||||||||||||||||||||||||||||
3% | 6% | 17% | 6% | 10% | 22% | 5 | ||||||||||||||||||||||||||||||||||||
|
93
Financial highlights
Delaware Tax-Free Idaho Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
94
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | $ | 11.56 | $ | 10.99 | |||||||||||||||||||||||||||||||
0.18 | 0.34 | 0.35 | 0.36 | 0.37 | 0.37 | |||||||||||||||||||||||||||||||||||||
| (0.28 | ) | (0.30 | ) | 0.28 | (0.06 | ) | 0.57 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.18 | 0.06 | 0.05 | 0.64 | 0.31 | 0.94 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.34 | ) | (0.35 | ) | (0.36 | ) | (0.36 | ) | (0.37 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.34 | ) | (0.35 | ) | (0.36 | ) | (0.36 | ) | (0.37 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.21 | $ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | $ | 11.56 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.58% | 0.56% | 0.47% | 5.66% | 2.76% | 8.71% | |||||||||||||||||||||||||||||||||||||
$ | 55,695 | $ | 59,425 | $ | 67,907 | $ | 70,306 | $ | 75,163 | $ | 80,600 | |||||||||||||||||||||||||||||||
0.86% | 0.86% | 0.86% | 0.86% | 0.88% | 0.88% | |||||||||||||||||||||||||||||||||||||
1.03% | 1.01% | 1.00% | 0.99% | 1.00% | 0.99% | |||||||||||||||||||||||||||||||||||||
3.18% | 3.04% | 3.03% | 3.11% | 3.17% | 3.32% | |||||||||||||||||||||||||||||||||||||
3.01% | 2.89% | 2.89% | 2.98% | 3.05% | 3.21% | |||||||||||||||||||||||||||||||||||||
5% | 11% | 10% | 11% | 7% | 16% | |||||||||||||||||||||||||||||||||||||
|
95
Financial highlights
Delaware Tax-Free Idaho Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
96
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.20 | $ | 11.48 | $ | 11.78 | $ | 11.50 | $ | 11.55 | $ | 10.98 | |||||||||||||||||||||||||||||||
0.13 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | |||||||||||||||||||||||||||||||||||||
| (0.28 | ) | (0.30 | ) | 0.28 | (0.05 | ) | 0.57 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.13 | (0.02 | ) | (0.04 | ) | 0.55 | 0.23 | 0.86 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.13 | ) | (0.26 | ) | (0.26 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.13 | ) | (0.26 | ) | (0.26 | ) | (0.27 | ) | (0.28 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.20 | $ | 11.20 | $ | 11.48 | $ | 11.78 | $ | 11.50 | $ | 11.55 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.21% | (0.19% | ) | (0.29% | ) | 4.88% | 1.99% | 7.91% | |||||||||||||||||||||||||||||||||||
$ | 14,202 | $ | 17,597 | $ | 29,375 | $ | 30,834 | $ | 28,557 | $ | 31,178 | |||||||||||||||||||||||||||||||
1.61% | 1.61% | 1.61% | 1.61% | 1.63% | 1.63% | |||||||||||||||||||||||||||||||||||||
1.78% | 1.76% | 1.75% | 1.74% | 1.75% | 1.74% | |||||||||||||||||||||||||||||||||||||
2.43% | 2.29% | 2.28% | 2.36% | 2.42% | 2.57% | |||||||||||||||||||||||||||||||||||||
2.26% | 2.14% | 2.14% | 2.23% | 2.30% | 2.46% | |||||||||||||||||||||||||||||||||||||
5% | 11% | 10% | 11% | 7% | 16% | |||||||||||||||||||||||||||||||||||||
|
97
Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
98
Six months ended | 12/31/132 | |||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | $ | 11.57 | $ | 11.06 | |||||||||||||||||||||||||||||||
0.19 | 0.37 | 0.37 | 0.39 | 0.40 | 0.29 | |||||||||||||||||||||||||||||||||||||
| (0.28 | ) | (0.29 | ) | 0.28 | (0.07 | ) | 0.51 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.19 | 0.09 | 0.08 | 0.67 | 0.33 | 0.80 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.19 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(0.19 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | (0.39 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.21 | $ | 11.21 | $ | 11.49 | $ | 11.79 | $ | 11.51 | $ | 11.57 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.71% | 0.82% | 0.71% | 5.92% | 2.92% | 7.31% | |||||||||||||||||||||||||||||||||||||
$ | 27,799 | $ | 21,310 | $ | 12,090 | $ | 10,248 | $ | 2,588 | $ | 1,080 | |||||||||||||||||||||||||||||||
0.61% | 0.61% | 0.61% | 0.61% | 0.63% | 0.63% | |||||||||||||||||||||||||||||||||||||
0.78% | 0.76% | 0.75% | 0.74% | 0.75% | 0.74% | |||||||||||||||||||||||||||||||||||||
3.43% | 3.29% | 3.28% | 3.36% | 3.42% | 3.46% | |||||||||||||||||||||||||||||||||||||
3.26% | 3.14% | 3.14% | 3.23% | 3.30% | 3.35% | |||||||||||||||||||||||||||||||||||||
5% | 11% | 10% | 11% | 7% | 16% | 5 | ||||||||||||||||||||||||||||||||||||
|
99
Financial highlights
Delaware Tax-Free New York Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
100
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.33 | $ | 11.62 | $ | 11.98 | $ | 11.48 | $ | 11.46 | $ | 10.57 | |||||||||||||||||||||||||||||||
0.18 | 0.36 | 0.35 | 0.36 | 0.37 | 0.37 | |||||||||||||||||||||||||||||||||||||
(0.01 | ) | (0.29 | ) | (0.35 | ) | 0.50 | 0.02 | 0.89 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.17 | 0.07 | | 0.86 | 0.39 | 1.26 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.37 | ) | (0.37 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.18 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.37 | ) | (0.37 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.32 | $ | 11.33 | $ | 11.62 | $ | 11.98 | $ | 11.48 | $ | 11.46 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.50% | 0.60% | 0.05% | 7.57% | 3.41% | 12.06% | |||||||||||||||||||||||||||||||||||||
$ | 34,258 | $ | 38,139 | $ | 40,647 | $ | 55,418 | $ | 51,708 | $ | 52,589 | |||||||||||||||||||||||||||||||
0.80% | 0.80% | 0.80% | 0.80% | 0.83% | 0.80% | |||||||||||||||||||||||||||||||||||||
1.07% | 1.08% | 1.03% | 1.02% | 1.07% | 1.06% | |||||||||||||||||||||||||||||||||||||
3.18% | 3.10% | 3.04% | 3.06% | 3.18% | 3.32% | |||||||||||||||||||||||||||||||||||||
2.91% | 2.82% | 2.81% | 2.84% | 2.94% | 3.06% | |||||||||||||||||||||||||||||||||||||
2% | 10% | 14% | 8% | 6% | 20% | |||||||||||||||||||||||||||||||||||||
|
101
Financial highlights
Delaware Tax-Free New York Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
102
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.30 | $ | 11.59 | $ | 11.95 | $ | 11.45 | $ | 11.44 | $ | 10.54 | |||||||||||||||||||||||||||||||
0.14 | 0.27 | 0.26 | 0.27 | 0.28 | 0.28 | |||||||||||||||||||||||||||||||||||||
(0.01 | ) | (0.29 | ) | (0.35 | ) | 0.50 | 0.01 | 0.90 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.13 | (0.02 | ) | (0.09 | ) | 0.77 | 0.29 | 1.18 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.29 | $ | 11.30 | $ | 11.59 | $ | 11.95 | $ | 11.45 | $ | 11.44 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.13% | (0.16% | ) | (0.71% | ) | 6.78% | 2.55% | 11.35% | |||||||||||||||||||||||||||||||||||
$ | 13,780 | $ | 14,941 | $ | 17,073 | $ | 20,899 | $ | 17,825 | $ | 18,491 | |||||||||||||||||||||||||||||||
1.55% | 1.55% | 1.55% | 1.55% | 1.58% | 1.55% | |||||||||||||||||||||||||||||||||||||
1.82% | 1.83% | 1.78% | 1.77% | 1.82% | 1.81% | |||||||||||||||||||||||||||||||||||||
2.43% | 2.35% | 2.29% | 2.31% | 2.43% | 2.57% | |||||||||||||||||||||||||||||||||||||
2.16% | 2.07% | 2.06% | 2.09% | 2.19% | 2.31% | |||||||||||||||||||||||||||||||||||||
2% | 10% | 14% | 8% | 6% | 20% | |||||||||||||||||||||||||||||||||||||
|
103
Financial highlights
Delaware Tax-Free New York Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
104
Six months ended | 12/31/132 | |||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 11.33 | $ | 11.61 | $ | 11.97 | $ | 11.47 | $ | 11.46 | $ | 10.71 | |||||||||||||||||||||||||||||||
0.19 | 0.39 | 0.38 | 0.39 | 0.40 | 0.28 | |||||||||||||||||||||||||||||||||||||
(0.02 | ) | (0.28 | ) | (0.35 | ) | 0.50 | 0.01 | 0.75 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.17 | 0.11 | 0.03 | 0.89 | 0.41 | 1.03 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.19 | ) | (0.39 | ) | (0.39 | ) | (0.39 | ) | (0.40 | ) | (0.28 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.19 | ) | (0.39 | ) | (0.39 | ) | (0.39 | ) | (0.40 | ) | (0.28 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11.31 | $ | 11.33 | $ | 11.61 | $ | 11.97 | $ | 11.47 | $ | 11.46 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.54% | 0.93% | 0.29% | 7.84% | 3.58% | 9.69% | |||||||||||||||||||||||||||||||||||||
$ | 33,460 | $ | 32,981 | $ | 32,192 | $ | 19,929 | $ | 12,667 | $ | 1,769 | |||||||||||||||||||||||||||||||
0.55% | 0.55% | 0.55% | 0.55% | 0.58% | 0.55% | |||||||||||||||||||||||||||||||||||||
0.82% | 0.83% | 0.78% | 0.77% | 0.82% | 0.80% | |||||||||||||||||||||||||||||||||||||
3.43% | 3.35% | 3.29% | 3.31% | 3.43% | 3.55% | |||||||||||||||||||||||||||||||||||||
3.16% | 3.07% | 3.06% | 3.09% | 3.19% | 3.30% | |||||||||||||||||||||||||||||||||||||
2% | 10% | 14% | 8% | 6% | 20% | 5 | ||||||||||||||||||||||||||||||||||||
|
105
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects 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.
106
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | $ | 8.16 | $ | 7.59 | |||||||||||||||||||||||||||||||
0.14 | 0.28 | 0.28 | 0.29 | 0.29 | 0.29 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.20 | ) | (0.25 | ) | 0.24 | (0.01 | ) | 0.57 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.10 | 0.08 | 0.03 | 0.53 | 0.28 | 0.86 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.28 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.14 | ) | (0.29 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.29 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 7.89 | $ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | $ | 8.16 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.32% | 0.93% | 0.48% | 6.60% | 3.45% | 11.58% | |||||||||||||||||||||||||||||||||||||
$ | 361,829 | $ | 378,038 | $ | 399,001 | $ | 439,379 | $ | 441,904 | $ | 451,301 | |||||||||||||||||||||||||||||||
0.86% | 0.88% | 0.88% | 0.88% | 0.89% | 0.88% | |||||||||||||||||||||||||||||||||||||
0.92% | 0.93% | 0.94% | 0.94% | 0.95% | 0.95% | |||||||||||||||||||||||||||||||||||||
3.66% | 3.48% | 3.51% | 3.50% | 3.51% | 3.73% | |||||||||||||||||||||||||||||||||||||
3.60% | 3.43% | 3.45% | 3.44% | 3.45% | 3.66% | |||||||||||||||||||||||||||||||||||||
5% | 19% | 15% | 14% | 13% | 7% | |||||||||||||||||||||||||||||||||||||
|
107
Financial highlights
Delaware Tax-Free Pennsylvania Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding have been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
See accompanying notes, which are an integral part of the financial statements.
108
Six months ended | ||||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | |||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | $ | 8.16 | $ | 7.59 | |||||||||||||||||||||||||||||||
0.11 | 0.22 | 0.22 | 0.23 | 0.23 | 0.23 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.20 | ) | (0.25 | ) | 0.24 | (0.01 | ) | 0.57 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.07 | 0.02 | (0.03 | ) | 0.47 | 0.22 | 0.80 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.11 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | (0.23 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.11 | ) | (0.23 | ) | (0.22 | ) | (0.23 | ) | (0.23 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 7.89 | $ | 7.93 | $ | 8.14 | $ | 8.39 | $ | 8.15 | $ | 8.16 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.93% | 0.16% | (0.27% | ) | 5.79% | 2.67% | 10.74% | ||||||||||||||||||||||||||||||||||||
$ | 24,468 | $ | 26,376 | $ | 33,298 | $ | 36,215 | $ | 32,799 | $ | 32,096 | |||||||||||||||||||||||||||||||
1.62% | 1.64% | 1.64% | 1.64% | 1.65% | 1.64% | |||||||||||||||||||||||||||||||||||||
1.68% | 1.69% | 1.70% | 1.70% | 1.71% | 1.71% | |||||||||||||||||||||||||||||||||||||
2.90% | 2.72% | 2.75% | 2.74% | 2.75% | 2.97% | |||||||||||||||||||||||||||||||||||||
2.84% | 2.67% | 2.69% | 2.68% | 2.69% | 2.90% | |||||||||||||||||||||||||||||||||||||
5% | 19% | 15% | 14% | 13% | 7% | |||||||||||||||||||||||||||||||||||||
|
109
Financial highlights
Delaware Tax-Free Pennsylvania Fund Institutional Class
Selected data for each share of the Fund outstanding throughout each period were as follows:
|
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
|
|
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
3 | The average shares outstanding have been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014. |
See accompanying notes, which are an integral part of the financial statements.
110
Six months ended | 12/31/132 | |||||||||||||||||||||||||||||||||||||||||
2/28/191 | Year ended | to | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 8/31/18 | 8/31/17 | 8/31/16 | 8/31/15 | 8/31/14 | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
$ | 7.92 | $ | 8.13 | $ | 8.38 | $ | 8.14 | $ | 8.16 | $ | 7.67 | |||||||||||||||||||||||||||||||
0.15 | 0.30 | 0.30 | 0.31 | 0.31 | 0.23 | |||||||||||||||||||||||||||||||||||||
(0.04 | ) | (0.20 | ) | (0.25 | ) | 0.24 | (0.02 | ) | 0.49 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
0.11 | 0.10 | 0.05 | 0.55 | 0.29 | 0.72 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.15 | ) | (0.30 | ) | (0.30 | ) | (0.31 | ) | (0.31 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(0.15 | ) | (0.31 | ) | (0.30 | ) | (0.31 | ) | (0.31 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 7.88 | $ | 7.92 | $ | 8.13 | $ | 8.38 | $ | 8.14 | $ | 8.16 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
1.43% | 1.16% | 0.73% | 6.86% | 3.57% | 9.44% | |||||||||||||||||||||||||||||||||||||
$ | 42,609 | $ | 41,427 | $ | 33,373 | $ | 26,372 | $ | 16,740 | $ | 3,733 | |||||||||||||||||||||||||||||||
0.62% | 0.64% | 0.64% | 0.64% | 0.65% | 0.64% | |||||||||||||||||||||||||||||||||||||
0.68% | 0.69% | 0.70% | 0.70% | 0.71% | 0.71% | |||||||||||||||||||||||||||||||||||||
3.90% | 3.72% | 3.75% | 3.74% | 3.75% | 3.89% | |||||||||||||||||||||||||||||||||||||
3.84% | 3.67% | 3.69% | 3.68% | 3.69% | 3.82% | |||||||||||||||||||||||||||||||||||||
5% | 19% | 15% | 14% | 13% | 7% | 5 | ||||||||||||||||||||||||||||||||||||
|
111
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds | February 28, 2019 (Unaudited) |
Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). Each Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
The investment objective of each Fund is to seek as high a level of current income exempt from federal income tax and from personal income taxes in the respective applicable state, as is consistent with preservation of capital.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV) per share. 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 Trusts Board of Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.
112
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 or expected to be taken on each Funds federal income tax returns through the six months ended Feb. 28, 2019 and for all open tax years (years ended Aug. 31, 2016Aug. 31, 2018), and has concluded that no provision for federal income tax is required in each Funds financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of operations. During the six months ended Feb. 28, 2019, the Funds did not incur any interest or tax penalties.
Class Accounting Investment income and common expenses are allocated to the various classes of each Fund on the basis of settled shares of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other Expenses directly attributable to each Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the Statements of operations under Custodian fees with the corresponding expenses offset included under Less expenses paid indirectly.
113
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
1. Significant Accounting Policies (continued)
For the six months ended Feb. 28, 2019, each Fund earned the following amounts under this arrangement:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$662 | $784 | $822 | $533 | $450 | $1,654 |
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the Statements of operations under Dividend disbursing and transfer agent fees and expenses with the corresponding expenses offset included under Less expenses paid indirectly. For the six months ended Feb. 28, 2019, each Fund earned the following amounts under this arrangement:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$23 | $19 | $57 | $26 | $18 | $159 |
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Funds average daily net assets as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund |
|||||||||||||||||||
On the first $500 million |
0.500 | % | 0.550 | % | 0.550 | % | 0.550 | % | 0.550 | % | 0.550 | % | ||||||||||||
On the next $500 million |
0.475 | % | 0.500 | % | 0.500 | % | 0.500 | % | 0.500 | % | 0.500 | % | ||||||||||||
On the next $1.5 billion |
0.450 | % | 0.450 | % | 0.450 | % | 0.450 | % | 0.450 | % | 0.450 | % | ||||||||||||
In excess of $2.5 billion |
0.425 | % | 0.425 | % | 0.425 | % | 0.425 | % | 0.425 | % | 0.425 | % |
DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed specified percentages of each Funds average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.* 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
114
reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund |
|||||||||||||||||||
Operating expense limitation |
||||||||||||||||||||||||
as a percentage of average daily net assets Sept. 1, 2018 through Dec. 27, 2018 |
0.59 | % | 0.57 | % | 0.59 | % | 0.61 | % | 0.55 | % | 0.64 | % | ||||||||||||
Operating expense limitation |
||||||||||||||||||||||||
as a percentage of average daily net assets Dec. 28, 2018 through Feb. 28, 2019 |
0.59 | % | 0.57 | % | 0.59 | % | 0.61 | % | 0.55 | % | 0.59 | % |
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, DIFSCs fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the Statements of operations under Accounting and administration expenses. For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$3,390 | $3,773 | $5,734 | $3,797 | $3,564 | $10,079 |
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSCs fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the Statements of operations under Dividend disbursing and transfer agent fees and expenses.
115
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$2,457 | $3,114 | $6,616 | $3,177 | $2,773 | $14,101 |
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the Statements of operations under Dividend disbursing and transfer agent fees and expenses. The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the 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: (i) 0.10% of average daily net assets representing shares that were acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Funds Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Prior to Dec. 28, 2018, the blended rate was 0.25% of average daily net assets. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the Statements of operations under Legal fees. For the six months ended Feb. 28, 2019, each Fund was charged for internal legal, tax, and regulatory services provided by DMC and/or its affiliates employees as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$1,068 | $1,362 | $2,867 | $1,369 | $1,199 | $6,174 |
116
For the six months ended Feb. 28, 2019, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||
$2,614 | $607 | $8,236 | $4,517 | $1,243 | $13,695 |
For the six months ended Feb. 28, 2019, DDLP received gross CDSC commissions on redemptions of each Funds Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. For the six months ended Feb. 28, 2019, Delaware Tax-Free Arizona Fund did not receive gross CDSC commissions on redemptions for Class A and Class C shares. The amounts received were as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund |
|||||||||||||||||||
Class A |
$ | $ | $ | $ | $4,874 | $ | ||||||||||||||||||
Class C |
10 | 15 | 247 | 1,370 | | 9 |
Trustees fees include expenses accrued by each Fund 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.
Cross trades for the six months ended Feb. 28, 2019, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Feb. 28, 2019, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows, and did not result in any net realized gains (losses):
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund |
|||||||||||||||||||
Purchases |
$ | | $ | | $705,424 | $ | 527,736 | $ | | $ | | |||||||||||||
Sales |
750,413 | 1,100,103 | 450,308 | | 450,018 | 605,395 |
* | The aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019. |
117
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
3. Investments
For the six months ended Feb. 28, 2019, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||||||||||||||||||||
Purchases |
$5,658,730 | $ 5,886,675 | $5,698,155 | $4,489,098 | $1,516,420 | $22,809,820 | ||||||||||||||||||||||||
Sales |
7,502,968 | 14,379,831 | 8,442,066 | 6,351,632 | 6,973,893 | 29,448,951 |
At Feb. 28, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2019, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||||||||||||||||||||
Cost of investments |
$ | 71,324,626 | $ | 86,716,265 | $ | 192,583,385 | $ | 94,043,351 | $ | 78,766,911 | $ | 414,122,593 | ||||||||||||||||||
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|
|
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|
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Aggregate unrealized appreciation of investments |
$ | 2,519,878 | $ | 3,613,840 | $ | 7,497,999 | $ | 2,587,563 | $ | 2,482,841 | $ | 17,125,512 | ||||||||||||||||||
Aggregate unrealized depreciation of investments |
(182,053 | ) | (298,861 | ) | (252,780 | ) | (265,687 | ) | (412,293 | ) | (443,292 | ) | ||||||||||||||||||
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Net unrealized appreciation of investments |
$ | 2,337,825 | $ | 3,314,979 | $ | 7,245,219 | $ | 2,321,876 | $ | 2,070,548 | $ | 16,682,220 | ||||||||||||||||||
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Qualified late year losses of $23,497, represent losses realized on investment transactions from Nov. 1, 2017 through Aug. 31, 2018 that, in accordance with federal income tax regulations, Delaware Tax-Free Pennsylvania Fund has elected to defer and treat as having arisen in the following fiscal year.
118
Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Aug. 31, 2018, capital loss carryforwards available to offset future realized capital gains, were as follows:
No expiration | ||||||||||||
Post-enactment capital loss character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Tax-Free Arizona Fund |
$ | 122,999 | $ | 499,361 | $ | 622,360 | ||||||
Delaware Tax-Free Colorado Fund |
2,984,098 | 895,093 | 3,879,191 | |||||||||
Delaware Tax-Free Idaho Fund |
1,843,008 | 2,773,159 | 4,616,167 | |||||||||
Delaware Tax-Free New York Fund |
549,357 | | 549,357 |
At Aug. 31, 2018, there were no capital loss carryforwards for Delaware Tax-Free California Fund and Delaware Tax-Free Pennsylvania Fund.
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting 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 and on the next page.
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) |
119
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
3. Investments (continued)
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 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, 2019:
Delaware Tax-Free Arizona Fund | |||||
Level 2 | |||||
Securities |
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Assets: |
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Municipal Bonds |
$ | 72,762,451 | |||
Short-Term Investments |
900,000 | ||||
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Total Value of Securities |
$ | 73,662,451 | |||
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Delaware Tax-Free California Fund | |||||
Level 2 | |||||
Securities |
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Assets: |
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Municipal Bonds |
$ | 89,331,244 | |||
Short-Term Investments |
700,000 | ||||
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Total Value of Securities |
$ | 90,031,244 | |||
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Delaware Tax-Free Colorado Fund |
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Level 1 |
Level 2 |
Total |
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Securities |
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Assets: |
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Municipal Bonds |
$ | | $ | 196,504,224 | $ | 196,504,224 | ||||||
Short-Term Investments1 |
169,380 | 3,155,000 | 3,324,380 | |||||||||
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Total Value of Securities |
$ | 169,380 | $ | 199,659,224 | $ | 199,828,604 | ||||||
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120
Delaware Tax-Free Idaho Fund |
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Level 1 |
Level 2 |
Total |
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Securities |
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Assets: |
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Municipal Bonds |
$ | | $ | 94,618,888 | $ | 94,618,888 | ||||||
Short-Term Investments1 |
1,321,339 | 425,000 | 1,746,339 | |||||||||
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Total Value of Securities |
$ | 1,321,339 | $ | 95,043,888 | $ | 96,365,227 | ||||||
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Delaware Tax-Free New York Fund | |||||
Level 2 | |||||
Securities |
|||||
Assets: |
|||||
Municipal Bonds |
$ | 80,537,459 | |||
Short-Term Investments |
300,000 | ||||
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Total Value of Securities |
$ | 80,837,459 | |||
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Delaware Tax-Free Pennsylvania Fund | |||||
Level 2 | |||||
Securities |
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Assets: |
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Municipal Bonds |
$ | 430,454,813 | |||
Short-Term Investments |
350,000 | ||||
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Total Value of Securities |
$ | 430,804,813 | |||
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1Security type is valued across multiple levels. Level 1 investments represent open-end investment company investments while Level 2 investments represent matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of this security type for the Funds:
Short-Term Investments | Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund | ||||||||
Level 1 |
5.10 | % | 75.66 | % | ||||||
Level 2 |
94.90 | % | 24.34 | % | ||||||
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Total |
100.00 | % | 100.00 | % | ||||||
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During the six months ended Feb. 28, 2019, 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 based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Funds net assets. During the six months ended Feb. 28, 2019, there were no Level 3 investments.
121
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
4. Capital Shares
Transactions in capital shares were as follows:
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
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Six months ended 2/28/19 |
Year ended 8/31/18 |
Six months ended 2/28/19 |
Year ended 8/31/18 |
Six months ended |
Year ended 8/31/18 |
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Shares sold: |
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Class A |
137,615 | 401,414 | 95,463 | 481,529 | 522,064 | 1,516,496 | ||||||||||||||||||
Class C |
10,769 | 37,968 | 93,542 | 92,304 | 39,929 | 154,631 | ||||||||||||||||||
Institutional Class |
327,340 | 484,339 | 1,152,798 | 976,452 | 789,361 | 1,145,931 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: |
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Class A |
74,344 | 145,750 | 70,607 | 128,458 | 226,047 | 426,365 | ||||||||||||||||||
Class C |
3,311 | 9,402 | 12,382 | 28,460 | 11,835 | 31,641 | ||||||||||||||||||
Institutional Class |
16,702 | 23,553 | 38,284 | 56,412 | 42,826 | 65,726 | ||||||||||||||||||
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570,081 | 1,102,426 | 1,463,076 | 1,763,615 | 1,632,062 | 3,340,790 | |||||||||||||||||||
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Shares redeemed: |
||||||||||||||||||||||||
Class A |
(527,182 | ) | (735,408 | ) | (852,941 | ) | (581,599 | ) | (999,204 | ) | (1,750,927 | ) | ||||||||||||
Class C |
(34,245 | ) | (223,437 | ) | (253,446 | ) | (377,386 | ) | (152,961 | ) | (611,405 | ) | ||||||||||||
Institutional Class |
(286,526 | ) | (226,311 | ) | (1,028,730 | ) | (582,597 | ) | (506,982 | ) | (480,166 | ) | ||||||||||||
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(847,953 | ) | (1,185,156 | ) | (2,135,117 | ) | (1,541,582 | ) | (1,659,147 | ) | (2,842,498 | ) | |||||||||||||
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|
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|
|
|
|
|
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Net increase (decrease) |
(277,872 | ) | (82,730 | ) | (672,041 | ) | 222,033 | (27,085 | ) | 498,292 | ||||||||||||||
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Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund |
||||||||||||||||||||||
Six months ended 2/28/19 |
Year ended |
Six months ended 2/28/19 |
Year ended |
Six months ended 2/28/19 |
Year ended |
|||||||||||||||||||
Shares sold: |
||||||||||||||||||||||||
Class A |
217,402 | 491,709 | 464,367 | 446,716 | 2,239,711 | 3,540,085 | ||||||||||||||||||
Class C |
36,996 | 116,633 | 85,054 | 196,498 | 175,697 | 257,821 | ||||||||||||||||||
Institutional Class |
1,141,945 | 1,301,911 | 831,129 | 762,592 | 1,948,093 | 2,068,244 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||
Class A |
77,256 | 146,253 | 47,619 | 98,908 | 746,677 | 1,467,605 | ||||||||||||||||||
Class C |
16,856 | 45,404 | 10,842 | 26,286 | 44,326 | 104,907 | ||||||||||||||||||
Institutional Class |
30,005 | 44,060 | 47,649 | 84,790 | 85,641 | 154,540 | ||||||||||||||||||
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|
|||||||||||||
1,520,460 | 2,145,970 | 1,486,660 | 1,615,790 | 5,240,145 | 7,593,202 | |||||||||||||||||||
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Shares redeemed: |
||||||||||||||||||||||||
Class A |
(624,996 | ) | (1,248,164 | ) | (849,726 | ) | (679,446 | ) | (4,792,338 | ) | (6,343,711 | ) | ||||||||||||
Class C |
(356,257 | ) | (1,149,919 | ) | (196,698 | ) | (374,553 | ) | (444,477 | ) | (1,126,446 | ) | ||||||||||||
Institutional Class |
(592,124 | ) | (497,691 | ) | (832,093 | ) | (708,326 | ) | (1,856,434 | ) | (1,096,801 | ) | ||||||||||||
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|
|
|
|
|||||||||||||
(1,573,377 | ) | (2,895,774 | ) | (1,878,517 | ) | (1,762,325 | ) | (7,093,249 | ) | (8,566,958 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net decrease |
(52,917 | ) | (749,804 | ) | (391,857 | ) | (146,535 | ) | (1,853,104 | ) | (973,756 | ) | ||||||||||||
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|
|
122
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and the Statements of changes in net assets. For the six months ended Feb. 28, 2019 and the year ended Aug. 31, 2018, the Funds had the following exchange transactions:
Six months ended | ||||||||||||||||||||
2/28/19 | ||||||||||||||||||||
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||
Class A Shares |
Class C Shares |
Class A Shares |
Institutional Class Shares |
Value | ||||||||||||||||
Delaware Tax-Free Colorado Fund |
7,756 | 1,836 | 1,841 | 7,761 | $ | 105,495 | ||||||||||||||
Delaware Tax-Free Idaho Fund |
9,228 | | | 9,234 | 103,328 | |||||||||||||||
Delaware Tax-Free New York Fund |
6,590 | | | 6,591 | 73,949 | |||||||||||||||
Delaware Tax-Free Pennsylvania Fund |
35,415 | 986 | 988 | 35,428 | 285,415 | |||||||||||||||
Year ended | ||||||||||||||||||||
8/31/18 | ||||||||||||||||||||
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||
Class A Shares |
Class C Shares |
Class A Shares |
Institutional Class Shares |
Value | ||||||||||||||||
Delaware Tax-Free Arizona Fund |
| 35,940 | 36,057 | | $ | 405,639 | ||||||||||||||
Delaware Tax-Free California Fund |
| 31,170 | 31,265 | | 374,556 | |||||||||||||||
Delaware Tax-Free Colorado Fund |
25,842 | 65,040 | 65,280 | 25,862 | 1,012,424 | |||||||||||||||
Delaware Tax-Free Idaho Fund |
70,345 | 75,131 | 75,134 | 70,345 | 1,632,222 | |||||||||||||||
Delaware Tax-Free New York Fund |
| 2,096 | 2,095 | | 23,755 | |||||||||||||||
Delaware Tax-Free Pennsylvania Fund |
234,332 | 340,876 | 331,960 | 243,871 | 4,583,905 |
Delaware Tax-Free Arizona Fund and Delaware Tax-Free California Fund did not have any exchange shares for the six months ended Feb. 28, 2019.
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a revolving line of credit intended to be used for temporary or emergency purposes as an additional source
123
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
5. Line of Credit (continued)
of liquidity to fund redemptions of investor shares. The revolving line of credit available was reduced from $155,000,000 to $130,000,000 on Sept. 6, 2018. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 5, 2018.
On Nov. 5, 2018, the Participants entered into an amendment to the agreement for a $190,000,000 revolving line of credit. The revolving line of credit available was increased to $220,000,000 on Nov. 29, 2018. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 4, 2019.
The Funds had no amounts outstanding as of Feb. 28, 2019, or at any time during the period then ended.
6. Geographic, Credit, and Market Risks
The Funds concentrate their investments in securities issued by each corresponding states municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds investments may be adversely affected by new legislation within the states or US territories, regional or local economic 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.
124
At Feb. 28, 2019, the percentages of each Funds net assets insured by bond insurers are listed below and these securities have been identified on the Schedules of investments.
Delaware Tax-Free Arizona Fund |
Delaware Tax-Free California Fund |
Delaware Tax-Free Colorado Fund |
Delaware Tax-Free Idaho Fund |
Delaware Tax-Free New York Fund |
Delaware Tax-Free Pennsylvania Fund | |||||||
American Capital Access | 1.37% | | | | | | ||||||
Assured Guaranty Corporation | | | | | | 3.52% | ||||||
Assured Guaranty Municipal Corporation | 3.68% | 1.60% | 4.86% | 10.03% | 0.96% | 2.69% | ||||||
AMBAC Assurance Corporation | 1.34% | | | | | | ||||||
Build America Mutual Assurance | | | 1.14% | | | 0.64% | ||||||
National Public Finance Guarantee Corporation | | 0.95% | | | | | ||||||
Syncora Guarantee Inc. | | | 2.10% | | | | ||||||
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| |||||||
6.39% | 2.55% | 8.10% | 10.03% | 0.96% | 6.85% | |||||||
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|
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), 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.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Each Fund may invest in advanced refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the
125
Notes to financial statements | ||
Delaware Funds® by Macquarie state tax-free funds |
6. Geographic, Credit, and Market Risks (continued)
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 promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each 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 each Funds 15% limit on investments in illiquid securities. Rule 144A securities held by the Funds have been identified on the Schedules of investments. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.
7. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However, each Fund has 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 March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU
126
2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.
In August 2018, the FASB issued ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.
In August 2018, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statements of assets and liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of changes in net assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of changes in net assets and certain tax adjustments that were reflected in the Notes to financial statements. All of these have been reflected in the Funds financial statements.
9. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2019, that would require recognition or disclosure in the Funds financial statements.
127
Board of trustees | ||||||
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA
Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA
Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC New York, NY |
Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY
Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA
John A. Fry President Drexel University Philadelphia, PA |
Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. New York, NY
Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL |
Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA
Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO
Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN | |||
Affiliated officers
|
||||||
David F. Connor | Daniel V. Geatens | Richard Salus | ||||
Senior Vice President, | Vice President and | Senior Vice President and | ||||
General Counsel, | Treasurer | Chief Financial Officer | ||||
and Secretary | Delaware Funds | Delaware Funds | ||||
Delaware Funds | by Macquarie | by Macquarie | ||||
by Macquarie | Philadelphia, PA | Philadelphia, PA | ||||
Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Funds Forms N-Q, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the 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 delawarefunds.com/literature. 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 delawarefunds.com/proxy; and (ii) on the SECs website at sec.gov.
128
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. 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.
VOYAGEUR MUTUAL FUNDS II
SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | May 6, 2019 |
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.
SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | May 6, 2019 |
RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | May 6, 2019 |
EXHIBIT 99.CERT
CERTIFICATION
I, Shawn K. Lytle, certify that:
1. | I have reviewed this report on Form N-CSR of Voyageur Mutual Funds II; | ||||
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 6, 2019 |
SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
CERTIFICATION
I, Richard Salus, certify that:
1. | I have reviewed this report on Form N-CSR of Voyageur Mutual Funds II; | ||||
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 6, 2019 |
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 6, 2019 |
SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
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.