Delaware Tax-Free Colorado Fund | May 31, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 97.78% | |||
Education Revenue Bonds — 13.28% | |||
Board of Governors of the Colorado State University System Enterprise Revenue | |||
Series A 5.00% 3/1/43 | 4,990,000 | $ 5,701,125 | |
Board of Trustees For Colorado Mesa University Enterprise Revenue | |||
Series B 5.00% 5/15/44 | 1,000,000 | 1,065,280 | |
Colorado Educational & Cultural Facilities Authority Revenue | |||
(Loveland Classical Schools Project) 144A 5.00% 7/1/36 # | 1,250,000 | 1,224,100 | |
(Science Technology Engineering and Math School Project) 5.00% 11/1/54 | 1,500,000 | 1,409,895 | |
(Alexander Dawson School-Nevada Project) 5.00% 5/15/29 | 1,230,000 | 1,284,612 | |
(Aspen View Academy Project) | |||
4.00% 5/1/51 | 500,000 | 401,955 | |
4.00% 5/1/61 | 750,000 | 575,550 | |
(Charter School - Aspen Ridge School Project) | |||
Series A 144A 5.00% 7/1/36 # | 500,000 | 485,950 | |
Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,284,106 | |
(Charter School - Skyview Academy Project) 144A 5.50% 7/1/49 # | 870,000 | 863,997 | |
(Charter School Project) 5.00% 7/15/37 | 1,150,000 | 1,151,299 | |
(Community Leadership Academy, Inc. Second Campus Project) 7.45% 8/1/48 | 1,000,000 | 1,004,230 | |
(Global Village Academy - Northglenn Project) 144A 144A 5.00% 12/1/55 # | 1,000,000 | 840,610 | |
(Liberty Common Charter School Project) Series A 5.00% 1/15/39 | 1,000,000 | 1,004,570 | |
(Littleton Preparatory Charter School Project) | |||
5.00% 12/1/33 | 450,000 | 446,013 | |
5.00% 12/1/42 | 540,000 | 509,182 | |
(Loveland Classical Schools Project) 144A 5.00% 7/1/46 # | 500,000 | 455,950 | |
(Pinnacle Charter School Project) 5.00% 6/1/26 | 700,000 | 700,672 | |
(Science Technology Engineering and Math School Project) 5.00% 11/1/44 | 890,000 | 858,761 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Colorado Educational & Cultural Facilities Authority Revenue | |||
(Skyview Academy Project) 144A 5.375% 7/1/44 # | 860,000 | $ 846,636 | |
(University of Denver Project) | |||
Series A 4.00% 3/1/35 | 400,000 | 403,348 | |
Series A 4.00% 3/1/36 | 550,000 | 552,569 | |
(University of Lab Charter School) 144A 5.00% 12/15/45 # | 500,000 | 504,505 | |
(Vail Mountain School Project) | |||
4.00% 5/1/46 | 80,000 | 68,142 | |
5.00% 5/1/31 | 1,000,000 | 1,022,030 | |
University of Colorado | |||
(University Enterprise Refunding Revenue) Series C-4 4.00% 6/1/51 | 4,250,000 | 4,062,065 | |
28,727,152 | |||
Electric Revenue Bonds — 6.29% | |||
City of Colorado Springs, Colorado Utilities System Refunding Revenue | |||
Series A 4.00% 11/15/50 | 2,035,000 | 1,956,225 | |
Guam Power Authority Revenue | |||
(Tax-Exempt Forward Delivery) Series A 5.00% 10/1/35 | 1,640,000 | 1,740,516 | |
Loveland, Colorado Electric & Communications Enterprise Revenue | |||
Series A 5.00% 12/1/44 | 2,185,000 | 2,274,891 | |
Platte River, Colorado Power Authority Revenue | |||
Series JJ 5.00% 6/1/27 | 3,300,000 | 3,483,678 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.05% 7/1/42 ‡ | 170,000 | 121,975 | |
Series AAA 5.25% 7/1/25 ‡ | 95,000 | 67,925 | |
Series CCC 5.25% 7/1/27 ‡ | 705,000 | 505,837 | |
Series WW 5.00% 7/1/28 ‡ | 660,000 | 473,550 | |
Series WW 5.25% 7/1/33 ‡ | 210,000 | 150,675 | |
Series WW 5.50% 7/1/17 ‡ | 460,000 | 323,150 | |
Series WW 5.50% 7/1/19 ‡ | 360,000 | 252,900 | |
Series XX 4.75% 7/1/26 ‡ | 105,000 | 74,550 | |
Series XX 5.25% 7/1/40 ‡ | 1,840,000 | 1,320,200 | |
Series XX 5.75% 7/1/36 ‡ | 365,000 | 262,800 | |
Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 60,350 | |
Series ZZ 5.00% 7/1/19 ‡ | 620,000 | 435,550 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Puerto Rico Electric Power Authority Revenue | |||
Series ZZ 5.25% 7/1/24 ‡ | 140,000 | $ 100,100 | |
13,604,872 | |||
Healthcare Revenue Bonds — 20.68% | |||
Colorado Health Facilities Authority Revenue | |||
(Aberdeen Ridge) Series A 5.00% 5/15/58 | 1,500,000 | 1,084,665 | |
(AdventHealth Obligated Group) | |||
Series A 3.00% 11/15/51 | 6,325,000 | 4,588,408 | |
Series A 4.00% 11/15/43 | 2,290,000 | 2,230,483 | |
Series A 4.00% 11/15/50 | 6,015,000 | 5,673,649 | |
(American Baptist) | |||
7.625% 8/1/33 | 150,000 | 151,262 | |
8.00% 8/1/43 | 1,000,000 | 1,008,220 | |
(Bethesda Project) Series A-1 5.00% 9/15/48 | 2,250,000 | 2,029,072 | |
(Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 2,220,000 | 1,466,465 | |
(CommonSpirit Health) | |||
Series A-1 4.00% 8/1/37 | 1,885,000 | 1,828,375 | |
Series A-1 4.00% 8/1/38 | 120,000 | 115,505 | |
Series A-1 4.00% 8/1/44 | 300,000 | 277,902 | |
Series A-2 4.00% 8/1/49 | 2,950,000 | 2,657,360 | |
Series A-2 5.00% 8/1/37 | 1,500,000 | 1,565,760 | |
Series A-2 5.00% 8/1/39 | 5,000 | 5,189 | |
(Covenant Living Communities and Services) Series A 4.00% 12/1/40 | 1,250,000 | 1,066,887 | |
(Covenant Retirement Communities, Inc.) Series A 5.00% 12/1/35 | 1,000,000 | 1,005,850 | |
(Craig Hospital Project) Series A 5.00% 12/1/47 | 1,830,000 | 1,897,435 | |
(Frasier Project) Series A 4.00% 5/15/48 | 1,000,000 | 733,590 | |
(Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 2,000,000 | 2,009,260 | |
(National Jewish Health Project) 5.00% 1/1/27 | 300,000 | 300,243 | |
(Parkview Medical Center, Inc. Project) Series A 4.00% 9/1/50 | 1,750,000 | 1,527,202 | |
(Sanford) Series A 5.00% 11/1/44 | 3,410,000 | 3,495,318 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Colorado Health Facilities Authority Revenue | |||
(SCL Health System) Series A 4.00% 1/1/37 | 4,470,000 | $ 4,489,623 | |
(Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 # | 935,000 | 631,845 | |
(Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,000,000 | 1,033,920 | |
(Valley View Hospital Association Project) Series A 4.00% 5/15/35 | 685,000 | 689,192 | |
Denver, Colorado Health & Hospital Authority HealthCare Revenue | |||
Series A 4.00% 12/1/39 | 1,000,000 | 881,760 | |
Series A 4.00% 12/1/40 | 250,000 | 218,690 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | |||
(Hospital Auxilio Mutuo Obligated Group Project) 4.00% 7/1/39 | 75,000 | 66,244 | |
44,729,374 | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.40% | |||
Denver City & County, Colorado Special Facilities Airport Revenue | |||
(United Airlines, Inc. Project) 5.00% 10/1/32 (AMT) | 215,000 | 215,097 | |
Public Authority for Colorado Energy Natural Gas Revenue | |||
6.50% 11/15/38 | 4,250,000 | 4,976,112 | |
5,191,209 | |||
Lease Revenue Bonds — 2.28% | |||
Colorado Department of Transportation | |||
5.00% 6/15/34 | 660,000 | 687,337 | |
5.00% 6/15/36 | 1,055,000 | 1,091,630 | |
Colorado Higher Education Lease Purchase Financing Program | |||
4.00% 9/1/41 | 1,000,000 | 972,700 | |
Denver, Colorado Health & Hospital Authority | |||
(550 Acoma, Inc.) 4.00% 12/1/38 | 750,000 | 668,220 | |
State of Colorado | |||
4.00% 3/15/37 | 1,500,000 | 1,516,620 | |
4,936,507 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds — 9.86% | |||
Adams & Weld Counties, Colorado School District No. 27J Brighton | |||
4.00% 12/1/30 | 300,000 | $ 307,281 | |
4.00% 12/1/31 | 1,000,000 | 1,023,620 | |
4.00% 12/1/46 | 1,370,000 | 1,338,284 | |
Arapahoe County, Colorado School District No. 6 | |||
(Littleton Public Schools) Series A 5.50% 12/1/38 | 350,000 | 387,695 | |
Arapahoe County, Colorado School District No. 6 Littleton | |||
(Littleton Public Schools) Series A 5.50% 12/1/33 | 1,000,000 | 1,132,470 | |
Beacon Point, Colorado Metropolitan District | |||
5.00% 12/1/30 (AGM) | 1,130,000 | 1,168,330 | |
Commerce City, Colorado Northern Infrastructure General Improvement District | |||
5.00% 12/1/32 (AGM) | 2,125,000 | 2,127,083 | |
Denver City & County School District No 1 | |||
Series A 5.00% 12/1/45 | 5,000,000 | 5,522,400 | |
El Paso County, Colorado School District No. 2 Harrison | |||
5.00% 12/1/38 | 1,000,000 | 1,080,170 | |
Grand River, Colorado Hospital District | |||
5.25% 12/1/35 (AGM) | 1,000,000 | 1,059,140 | |
Jefferson County, Colorado School District No. R-1 | |||
5.25% 12/15/24 | 1,250,000 | 1,286,100 | |
Verve Metropolitan District No. 1, Colorado | |||
5.00% 12/1/51 | 2,000,000 | 1,740,800 | |
Weld County, Colorado School District No. Re-1 | |||
5.00% 12/15/31 (AGM) | 1,000,000 | 1,057,210 | |
Weld County, Colorado School District No. Re-3J | |||
5.00% 12/15/34 (BAM) | 2,000,000 | 2,097,360 | |
21,327,943 | |||
Pre-Refunded Bonds — 4.85% | |||
Central Colorado Water Conservancy District | |||
(Limited Tax) 5.00% 12/1/33-23 § | 1,000,000 | 1,007,870 | |
Central Platte Valley Metropolitan District Denver, Colorado | |||
5.00% 12/1/43-23 § | 725,000 | 729,452 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Pre-Refunded Bonds (continued) | |||
Colorado Educational & Cultural Facilities Authority Revenue | |||
(Atlas Preparatory Charter School) 144A 5.25% 4/1/45-25 #, § | 1,300,000 | $ 1,342,523 | |
Colorado Health Facilities Authority Revenue | |||
(NCMC Project) 4.00% 5/15/32-26 § | 2,000,000 | 2,046,120 | |
(SCL Health System) Series A 5.00% 1/1/44-24 § | 3,050,000 | 3,079,981 | |
Commerce City, Colorado Sales and Use Tax Revenue | |||
5.00% 8/1/44-24 (AGM) § | 1,500,000 | 1,528,065 | |
Tallyn's Reach Metropolitan District No. 3, Colorado | |||
144A 5.125% 11/1/38-23 #, § | 740,000 | 745,180 | |
10,479,191 | |||
Special Tax Revenue Bonds — 19.22% | |||
Broomfield Colorado Sales & Use Tax Revenue | |||
5.00% 12/1/33 | 1,000,000 | 1,070,410 | |
Colorado Regional Transportation District Sales Tax Revenue | |||
(FasTracks Project) | |||
Series A 5.00% 11/1/30 | 670,000 | 711,882 | |
Series A 5.00% 11/1/31 | 1,495,000 | 1,587,959 | |
Series A 5.00% 11/1/36 | 930,000 | 975,198 | |
Commonwealth of Puerto Rico | |||
3.122% 11/1/43 • | 4,557,792 | 2,227,621 | |
3.817% 11/1/51 • | 1,614,244 | 645,697 | |
Denver City & County, Colorado Dedicated Excise Tax Revenue | |||
Series A 4.00% 8/1/51 | 1,000,000 | 965,410 | |
Denver, Colorado Convention Center Hotel Authority Revenue | |||
5.00% 12/1/40 | 2,660,000 | 2,598,075 | |
Fountain, Colorado Urban Renewal Authority Tax Increment Revenue | |||
(South Academy Highlands Project) Series A 5.50% 11/1/44 | 1,375,000 | 1,302,139 | |
GDB Debt Recovery Authority | |||
(Taxable) 7.50% 8/20/40 | 9,446,621 | 7,817,079 | |
Lincoln Park Metropolitan District Douglas County, Colorado | |||
5.00% 12/1/46 (AGM) | 1,000,000 | 1,045,710 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Matching Fund Special Purpose Securitization | |||
Series A 5.00% 10/1/32 | 450,000 | $ 447,647 | |
Plaza Metropolitan District No. 1, Colorado | |||
144A 5.00% 12/1/40 # | 1,265,000 | 1,197,082 | |
Prairie Center Metropolitan District No. 3, Colorado | |||
Series A 144A 5.00% 12/15/41 # | 1,000,000 | 978,340 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Capital Appreciation - Restructured) | |||
Series A-1 5.692% 7/1/46 ^ | 9,750,000 | 2,634,840 | |
Series A-1 6.018% 7/1/51 ^ | 20,624,000 | 4,107,270 | |
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 3,986,000 | 3,696,018 | |
Series A-1 5.00% 7/1/58 | 2,910,000 | 2,787,605 | |
Series A-2 4.536% 7/1/53 | 3,000,000 | 2,685,180 | |
Southlands Metropolitan District No. 1, Colorado | |||
Series A-1 5.00% 12/1/37 | 500,000 | 490,000 | |
Series A-1 5.00% 12/1/47 | 300,000 | 279,228 | |
Thornton, Colorado Development Authority | |||
(East 144th Avenue & I-25 Project) | |||
Series B 5.00% 12/1/35 | 485,000 | 492,251 | |
Series B 5.00% 12/1/36 | 810,000 | 821,996 | |
41,564,637 | |||
State General Obligation Bonds — 0.98% | |||
Commonwealth of Puerto Rico | |||
(Restructured) | |||
Series A-1 4.00% 7/1/37 | 295,740 | 257,383 | |
Series A-1 4.00% 7/1/41 | 1,834,787 | 1,536,799 | |
Series A-1 4.00% 7/1/46 | 400,000 | 323,424 | |
2,117,606 | |||
Transportation Revenue Bonds — 13.27% | |||
City & County of Denver, Colorado Airport System Revenue | |||
Series A 4.00% 11/15/41 (AMT) | 710,000 | 684,923 | |
Series A 5.00% 11/15/47 (AMT) | 1,000,000 | 1,044,520 | |
Series A 5.25% 12/1/43 (AMT) | 2,000,000 | 2,082,180 | |
Colorado High Performance Transportation Enterprise Revenue | |||
(C-470 Express Lanes) 5.00% 12/31/56 | 3,250,000 | 3,207,555 | |
(Senior U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 2,140,000 | 2,141,691 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Colorado Regional Transportation District | |||
(Denver Transit Partners Eagle P3 Project) | |||
Series A 4.00% 7/15/34 | 1,100,000 | $ 1,120,559 | |
Series A 4.00% 7/15/38 | 700,000 | 687,554 | |
Series A 4.00% 7/15/39 | 1,500,000 | 1,462,290 | |
Series A 4.00% 7/15/40 | 2,815,000 | 2,718,502 | |
Series A 5.00% 7/15/31 | 1,050,000 | 1,150,138 | |
Colorado, E-470 Public Highway Authority | |||
Series A 5.00% 9/1/36 | 1,300,000 | 1,438,463 | |
Denver City & County, Colorado Airport System Revenue | |||
Series A 4.00% 12/1/43 (AMT) | 4,445,000 | 4,166,298 | |
Series A 4.00% 12/1/48 (AMT) | 400,000 | 363,584 | |
Series A 5.00% 11/15/30 (AMT) | 1,500,000 | 1,581,870 | |
Puerto Rico Highway & Transportation Authority | |||
(Restructured) | |||
Series A 5.00% 7/1/62 | 2,720,000 | 2,614,600 | |
Series C 6.752% 7/1/53 | 3,670,000 | 2,238,663 | |
28,703,390 | |||
Water & Sewer Revenue Bonds — 4.67% | |||
Arapahoe County, Colorado Water & Wastewater Authority | |||
4.00% 12/1/36 | 3,000,000 | 3,033,540 | |
Central Weld County, Colorado Water District | |||
4.00% 12/1/39 (AGM) | 1,150,000 | 1,153,715 | |
Douglas County, Colorado Centennial Water & Sanitation District | |||
4.00% 12/1/38 | 500,000 | 506,175 | |
Guam Government Waterworks Authority Water & Wastewater System Revenue | |||
5.00% 7/1/37 | 1,250,000 | 1,273,512 | |
Johnstown, Colorado Wastewater Revenue | |||
4.00% 12/1/51 (AGM) | 2,875,000 | 2,700,114 | |
Metro Wastewater Reclamation District, Colorado | |||
Series A 3.00% 4/1/38 | 1,620,000 | 1,439,759 | |
10,106,815 | |||
Total Municipal Bonds (cost $221,627,351) | 211,488,696 |
Number of shares | Value (US $) | ||
Short-Term Investments — 0.72% | |||
Money Market Mutual Funds — 0.10% | |||
Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 3.26%) | 218,587 | $ 218,565 | |
218,565 |
Principal amount° | |||
Variable Rate Demand Note — 0.62%¤ | |||
Colorado Educational & Cultural Facilities Authority Revenue | |||
(National Jewish Federation Bond Program) Series F-2 3.90% 7/1/41 (LOC - TD Bank, N.A.) | 1,350,000 | 1,350,000 | |
1,350,000 | |||
Total Short-Term Investments (cost $1,568,565) | 1,568,565 | ||
Total Value of Securities—98.50% (cost $223,195,916) | 213,057,261 | ||
Receivables and Other Assets Net of Liabilities—1.50% | 3,238,040 | ||
Net Assets Applicable to 21,388,353 Shares Outstanding—100.00% | $216,295,301 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2023, the aggregate value of Rule 144A securities was $12,867,289, which represents 5.95% of the Fund's net assets. |
‡ | Non-income producing security. Security is currently in default. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
¤ | 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 May 31, 2023. |
Summary of abbreviations: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LOC – Letter of Credit |
N.A. – National Association |
USD – US Dollar |