NPORT-EX 2 AFIB0DelTaxFreeCaliIIFd.htm
Schedule of investments
Delaware Tax–Free California II Fund September 30, 2020 (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds — 98.18%
Corporate Revenue Bonds — 6.00%
California Pollution Control Financing Authority
Revenue 		     
(CalPlant I Project)
144A 8.00% 7/1/39(AMT) #, ‡ 		  300,000 $195,750
Golden State Tobacco Securitization Settlement
Revenue 		     
(Asset-Backed)
Series A-2 5.00% 6/1/47 		  400,000 412,420
(Capital Appreciation - Asset-Backed-1st Subordinate)
Series B 1.068% 6/1/47^ 		  720,000 152,748
Inland Empire Tobacco Securitization, California      
(Asset-Backed)
Series F 144A 1.696% 6/1/57#, ^ 		  11,285,000 429,056
Tobacco Securitization Authority of Southern
California 		     
(Asset-Backed-2nd Subordinate Lien)
Series C 0.558% 6/1/46^ 		  3,905,000 742,457
(Asset-Backed-3rd Subordinate Lien)
Series D 0.307% 6/1/46^ 		  1,455,000 242,796
  2,175,227
Education Revenue Bonds — 12.25%
California Educational Facilities Authority Revenue      
(Stanford University)
5.25% 4/1/40 		  1,100,000 1,713,877
California Municipal Finance Authority      
(Emerson College Issue)
Series B 5.00% 1/1/32 		  1,000,000 1,172,610
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45# 		  250,000 252,600
California Public Finance Authority Educational
Facilities Revenue 		     
(Trinity Classical Academy Project)
Series A 144A 5.00% 7/1/44# 		  350,000 349,010
California School Finance Authority      
(ICEF - View Park Elementary and Middle Schools)      
Series A 5.625% 10/1/34   300,000 323,355
Series A 5.875% 10/1/44   300,000 323,922
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Schedule of investments
Delaware Tax–Free California II Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California Statewide Communities Development
Authority Student Housing Revenue 		     
(Provident Group - Pomona Properties LLC Project)
Series A 144A 5.75% 1/15/45# 		  300,000 $304,650
  4,440,024
Electric Revenue Bonds — 4.63%
Los Angeles Department of Water & Power Revenue      
(Power System Revenue)
Series A 5.00% 7/1/42 		  1,000,000 1,214,190
Puerto Rico Electric Power Authority Revenue      
Series A 6.75% 7/1/36 ‡   185,000 134,356
Series TT 5.00% 7/1/32 ‡   340,000 242,250
Series XX 5.25% 7/1/40 ‡   120,000 85,500
  1,676,296
Healthcare Revenue Bonds — 5.33%
California Health Facilities Financing Authority
Revenue 		     
(Sutter Health)
Series A 5.00% 8/15/43 		  1,000,000 1,160,820
California Statewide Communities Development
Authority Revenue 		     
(Loma Linda University Medical Center)      
Series A 144A 5.25% 12/1/56 #   300,000 324,822
Series A 144A 5.50% 12/1/58 #   400,000 447,920
  1,933,562
Housing Revenue Bonds — 2.56%
California Housing Finance Agency      
Series 2 4.00% 3/20/33   494,360 547,222
Independent Cities Finance Authority, California      
Series A 5.25% 5/15/49   350,000 379,435
  926,657
Lease Revenue Bonds — 10.32%
California Municipal Finance Authority      
(Orange County Civic Center Infrastructure Improvement Program - Phase II)
5.00% 6/1/43 		  750,000 913,163
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(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
California State Public Works Board Lease Revenue      
(Various Capital Projects)
Series I 5.50% 11/1/30 		  1,000,000 $1,150,290
(Various Judicial Council Projects)
Series D 5.00% 12/1/29 		  500,000 526,605
Golden State Tobacco Securitization Settlement
Revenue 		     
(Asset-Backed)
Series A 5.00% 6/1/45 		  1,000,000 1,150,650
  3,740,708
Local General Obligation Bonds — 8.54%
Fresno Unified School District      
(Election 2016)
Series A 5.00% 8/1/41 		  500,000 606,425
Los Angeles Unified School District      
(Election 2008)
Series A 5.00% 7/1/40 		  500,000 589,200
Moreno Valley Unified School District      
(Election 2014)
Series B 5.00% 8/1/43(AGM) 		  500,000 618,160
Natomas Unified School District      
(1999 Refunding)
5.95% 9/1/21(NATL) 		  100,000 103,285
New Haven Unified School District      
(Election 2014)
Series A 5.00% 8/1/40 		  1,000,000 1,178,050
  3,095,120
Pre-Refunded/Escrowed to Maturity Bonds — 10.43%
Bay Area, California Toll Authority      
(San Francisco Bay Area)
Series S4 5.00% 4/1/32-23§ 		  1,000,000 1,121,380
California Educational Facilities Authority Revenue      
(Harvey Mudd College)
5.25% 12/1/31-21§ 		  500,000 529,885
California State Public Works Board Lease Revenue      
(Trustees of the California State University)
Series E 5.00% 9/1/33-22§ 		  1,000,000 1,092,250
Centinela Valley Union High School District      
(Election 2010)
Series A 5.00% 8/1/31-21§ 		  500,000 520,375
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Schedule of investments
Delaware Tax–Free California II Fund (Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
San Joaquin County Transportation Authority      
(Limited Tax - Measure K)
Series A 5.75% 3/1/28-21§ 		  250,000 $255,843
West Contra Costa Unified School District
(2010 Election) 		     
Series A 5.25% 8/1/32-21(AGM) §   250,000 260,707
  3,780,440
Special Tax Revenue Bonds — 9.86%
GDB Debt Recovery Authority of Puerto Rico
(Taxable) 		     
7.50% 8/20/40   307,120 211,913
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.75% 7/1/53   1,035,000 1,078,998
Series A-1 5.00% 7/1/58   315,000 333,771
Series A-2 4.329% 7/1/40   115,000 117,492
Series A-2 4.329% 7/1/40 (Converted)   250,000 255,417
Sacramento Transient Occupancy Tax Revenue      
(Convention Center Complex)
Series A 5.00% 6/1/38 		  1,200,000 1,349,292
Virgin Islands Public Finance Authority Revenue      
(Matching Fund Loan Senior Lien)      
Series A 4.00% 10/1/22   130,000 128,236
Series A 5.00% 10/1/29   100,000 99,129
  3,574,248
State General Obligation Bonds — 11.25%
California State      
(Various Purposes)      
 5.00% 9/1/31   1,000,000 1,129,570
 5.00% 4/1/37   2,000,000 2,216,020
Commonwealth of Puerto Rico      
(General Obligation)
Series A 8.00% 7/1/35‡ 		  270,000 172,125
(Public Improvement)      
Series A 5.00% 7/1/24 ‡   80,000 57,300
Series A 5.00% 7/1/41 ‡   125,000 79,063
Series A 5.25% 7/1/34 ‡   65,000 46,719
Series A 5.375% 7/1/33 ‡   135,000 95,681
Series B 5.75% 7/1/38 ‡   180,000 126,900
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(Unaudited)
    Principal amount° Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Series C 6.00% 7/1/39 ‡   165,000 $116,737
(Unrefunded Balance - Public Improvement)
Series B 5.00% 7/1/35‡ 		  55,000 39,256
  4,079,371
Transportation Revenue Bonds — 17.01%
Bay Area, California Toll Authority      
(Build America Bonds)
Series S3 6.907% 10/1/50 		  170,000 308,635
(San Francisco Bay Area)
Series S-H 5.00% 4/1/44 		  1,000,000 1,241,490
Port Authority of Guam Revenue      
Series A 5.00% 7/1/48   375,000 426,630
San Francisco City & County Airports Commission      
(San Francisco International Airport)
Series A 5.00% 5/1/34(AMT) 		  1,000,000 1,231,570
San Francisco Municipal Transportation Agency
Revenue 		     
5.00% 3/1/32   1,000,000 1,101,180
San Jose, California Airport Revenue      
Series B 5.00% 3/1/36   575,000 684,382
Series B 5.00% 3/1/42   1,000,000 1,172,880
  6,166,767
Total Municipal Bonds (cost $33,136,710) 35,588,420
Short-Term Investments — 0.83%
Variable Rate Demand Note — 0.83%¤
University of California      
Series AL-2 0.08% 5/15/48   300,000 300,000
Total Short-Term Investments (cost $300,000) 300,000
Total Value of Securities—99.01%
(cost $33,436,710) 		    35,888,420
Receivables and Other Assets Net of Liabilities—0.99%     359,509
Net Assets Applicable to 2,849,030 Shares Outstanding—100.00%     $36,247,929
° 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 September 30, 2020, the aggregate value of Rule 144A securities was $2,303,808, which represents 6.36% of the Fund's net assets.
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Schedule of investments
Delaware Tax–Free California II Fund (Unaudited)
‡ Non-income producing security. Security is currently in default.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded.
¤ 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 September 30, 2020.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICEF – Inner City Education Foundation
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
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