Schedule of investments
Delaware Tax-Free Minnesota Fund | November 30, 2019 (Unaudited) | ||
Principal amount° | Value (US $) | ||
Municipal Bonds – 97.78% | |||
Corporate Revenue Bond - 0.77% | |||
St. Paul Port Authority Solid Waste Disposal Revenue | |||
(Gerdau St. Paul Steel Mill Project) | |||
Series 7 144A 4.50% 10/1/37 (AMT)# | 4,355,000$ | 4,504,333 | |
4,504,333 | |||
Education Revenue Bonds - 18.22% | |||
Bethel Charter School Lease Revenue | |||
(Spectrum High School Project) | |||
Series A 4.00% 7/1/32 | 840,000 | 893,474 | |
Series A 4.25% 7/1/47 | 1,550,000 | 1,625,919 | |
Series A 4.375% 7/1/52 | 400,000 | 421,876 | |
Brooklyn Park Charter School Lease Revenue | |||
(Prairie Seeds Academy Project) | |||
Series A 5.00% 3/1/34 | 2,260,000 | 2,332,342 | |
Series A 5.00% 3/1/39 | 385,000 | 393,516 | |
Cologne Charter School Lease Revenue | |||
(Cologne Academy Project) | |||
Series A 5.00% 7/1/34 | 250,000 | 266,273 | |
Series A 5.00% 7/1/45 | 1,390,000 | 1,460,626 | |
Deephaven Charter School Lease Revenue | |||
(Eagle Ridge Academy Project) Series A 5.50% 7/1/50 | 2,000,000 | 2,180,720 | |
Duluth Housing & Redevelopment Authority Revenue | |||
(Duluth Public Schools Academy Project) | |||
Series A 5.00% 11/1/38 | 700,000 | 777,700 | |
Series A 5.00% 11/1/48 | 2,800,000 | 3,074,400 | |
Duluth Independent School District No. 709 Certificates of | |||
Participation | |||
Series B 5.00% 2/1/28 | 350,000 | 432,779 | |
Forest Lake Charter School Lease Revenue Fund | |||
(Lakes International Language Academy Project) | |||
Series A 5.25% 8/1/43 | 400,000 | 441,676 | |
Series A 5.375% 8/1/50 | 1,690,000 | 1,871,624 | |
Series A 5.50% 8/1/36 | 580,000 | 621,162 | |
Series A 5.75% 8/1/44 | 1,190,000 | 1,274,062 | |
Ham Lake Charter School Lease Revenue | |||
(Davinci Academy Project) | |||
Series A 5.00% 7/1/36 | 765,000 | 814,098 | |
Series A 5.00% 7/1/47 | 2,290,000 | 2,407,706 | |
Hugo Charter School Lease Revenue | |||
(Noble Academy Project) | |||
Series A 5.00% 7/1/34 | 580,000 | 614,724 | |
Series A 5.00% 7/1/44 | 1,770,000 | 1,856,907 |
NQ- 301 [11/19] 1/20 (1050674) 1
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Education Revenue Bonds(continued) | |||
Minneapolis Charter School Lease Revenue | |||
(Hiawatha Academies Project) | |||
Series A 5.00% 7/1/31 | 885,000 | $ | 962,862 |
Series A 5.00% 7/1/47 | 2,300,000 | 2,452,605 | |
Minneapolis Student Housing Revenue | |||
(Riverton Community Housing Project) | |||
5.25% 8/1/39 | 470,000 | 502,355 | |
5.50% 8/1/49 | 2,260,000 | 2,429,568 | |
Minnesota Colleges And Universities Revenue Fund | |||
Series A 5.00% 10/1/26 | 4,990,000 | 6,157,411 | |
Minnesota Higher Education Facilities Authority Revenue | |||
(Bethel University) | |||
5.00% 5/1/32 | 1,375,000 | 1,609,740 | |
5.00% 5/1/37 | 1,250,000 | 1,445,000 | |
5.00% 5/1/47 | 250,000 | 283,937 | |
(Carleton College) | |||
4.00% 3/1/35 | 1,000,000 | 1,128,480 | |
4.00% 3/1/36 | 415,000 | 467,207 | |
5.00% 3/1/44 | 2,085,000 | 2,487,634 | |
(College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 1,052,020 | |
(College of St. Scholastica) | |||
4.00% 12/1/29 | 280,000 | 323,403 | |
4.00% 12/1/30 | 290,000 | 331,835 | |
4.00% 12/1/33 | 500,000 | 560,415 | |
4.00% 12/1/34 | 500,000 | 558,440 | |
4.00% 12/1/40 | 1,200,000 | 1,321,068 | |
(Gustavus Adolphus College) 5.00% 10/1/47 | 5,600,000 | 6,546,568 | |
(St. Catherine University) | |||
Series A 4.00% 10/1/36 | 925,000 | 1,000,138 | |
Series A 5.00% 10/1/35 | 875,000 | 1,038,739 | |
Series A 5.00% 10/1/45 | 2,120,000 | 2,462,698 | |
(St. John’s University) | |||
Series 8-I 5.00% 10/1/32 | 500,000 | 583,215 | |
Series 8-I 5.00% 10/1/33 | 250,000 | 291,005 | |
(St. Olaf College) | |||
Series 8-G 5.00% 12/1/31 | 670,000 | 791,437 | |
Series 8-G 5.00% 12/1/32 | 670,000 | 790,044 | |
Series 8-N 4.00% 10/1/35 | 500,000 | 559,715 | |
(St. Scholastica College) Series 7-J 6.30% 12/1/40 | 1,800,000 | 1,800,000 | |
(Trustees of The Hamline University) | |||
Series B 5.00% 10/1/37 | 955,000 | 1,084,192 |
2 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Education Revenue Bonds(continued) | |||
Minnesota Higher Education Facilities Authority Revenue | |||
(Trustees of The Hamline University) | |||
Series B 5.00% 10/1/38 | 1,000,000 | $ | 1,132,240 |
Series B 5.00% 10/1/39 | 170,000 | 192,233 | |
Series B 5.00% 10/1/40 | 625,000 | 705,400 | |
Series B 5.00% 10/1/47 | 1,060,000 | 1,187,253 | |
(University of St. Thomas) | |||
4.00% 10/1/36 | 700,000 | 807,597 | |
4.00% 10/1/37 | 750,000 | 861,690 | |
4.00% 10/1/44 | 1,255,000 | 1,411,009 | |
5.00% 10/1/40 | 500,000 | 617,715 | |
Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,468,313 | |
Series A 4.00% 10/1/34 | 400,000 | 448,600 | |
Series A 4.00% 10/1/36 | 500,000 | 558,745 | |
Otsego Charter School Lease Revenue | |||
(Kaleidoscope Charter School) | |||
Series A 5.00% 9/1/34 | 520,000 | 546,827 | |
Series A 5.00% 9/1/44 | 1,165,000 | 1,208,699 | |
Rice County Educational Facilities Revenue | |||
(Shattuck-St. Mary’s School) Series A 144A | |||
5.00% 8/1/22 # | 2,855,000 | 2,995,923 | |
St. Cloud Charter School Lease Revenue | |||
(Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 585,375 | |
St. Paul Housing & Redevelopment Authority Charter | |||
School Lease Revenue | |||
(Academia Cesar Chavez School Project) Series A | |||
5.25% 7/1/50 | 1,945,000 | 2,051,489 | |
(Great River School Project) | |||
Series A 144A 4.75% 7/1/29 # | 300,000 | 320,232 | |
Series A 144A 5.50% 7/1/52 # | 735,000 | 788,552 | |
(Nova Classical Academy Project) | |||
Series A 4.00% 9/1/36 | 500,000 | 524,540 | |
Series A 4.125% 9/1/47 | 1,750,000 | 1,817,393 | |
(Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | 1,550,606 | |
University of Minnesota | |||
Series A 5.00% 4/1/34 | 925,000 | 1,108,057 | |
Series A 5.00% 9/1/34 | 2,625,000 | 3,246,233 | |
Series A 5.00% 4/1/35 | 3,175,000 | 3,796,125 | |
Series A 5.00% 4/1/36 | 2,650,000 | 3,161,901 | |
Series A 5.00% 4/1/37 | 1,125,000 | 1,339,256 | |
Series A 5.00% 9/1/40 | 1,560,000 | 1,900,969 | |
Series A 5.00% 9/1/41 | 1,750,000 | 2,127,877 |
NQ- 301 [11/19] 1/20 (1050674) 3
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Education Revenue Bonds(continued) | |||
University of Minnesota | |||
Series A 5.00% 4/1/44 | 3,000,000 | $ | 3,727,020 |
106,971,184 | |||
Electric Revenue Bonds - 7.24% | |||
Chaska Electric Revenue | |||
(Generating Facilities) Series A 5.00% 10/1/30 | 1,150,000 | 1,353,504 | |
Minnesota Municipal Power Agency Electric Revenue | |||
4.00% 10/1/41 | 1,000,000 | 1,096,790 | |
5.00% 10/1/29 | 395,000 | 457,607 | |
5.00% 10/1/30 | 500,000 | 578,200 | |
5.00% 10/1/33 | 1,205,000 | 1,390,136 | |
5.00% 10/1/47 | 2,000,000 | 2,346,360 | |
Series A 5.00% 10/1/30 | 1,060,000 | 1,225,784 | |
Series A 5.00% 10/1/34 | 750,000 | 865,170 | |
Series A 5.00% 10/1/35 | 1,525,000 | 1,758,630 | |
Northern Municipal Power Agency Electric System | |||
Revenue | |||
5.00% 1/1/27 | 540,000 | 646,888 | |
5.00% 1/1/28 | 350,000 | 416,937 | |
5.00% 1/1/28 | 210,000 | 256,234 | |
5.00% 1/1/29 | 585,000 | 693,617 | |
5.00% 1/1/29 | 220,000 | 266,996 | |
5.00% 1/1/30 | 520,000 | 612,934 | |
5.00% 1/1/31 | 200,000 | 239,946 | |
5.00% 1/1/32 | 210,000 | 250,761 | |
5.00% 1/1/35 | 160,000 | 189,402 | |
5.00% 1/1/36 | 180,000 | 212,587 | |
5.00% 1/1/41 | 400,000 | 467,984 | |
Series A 5.00% 1/1/25 | 125,000 | 138,603 | |
Series A 5.00% 1/1/26 | 425,000 | 470,437 | |
Series A 5.00% 1/1/31 | 520,000 | 569,052 | |
Puerto Rico Electric Power Authority Revenue | |||
Series CCC 5.25% 7/1/27 ‡ | 1,255,000 | 963,213 | |
Series WW 5.00% 7/1/28 ‡ | 1,775,000 | 1,362,313 | |
Rochester Electric Utility Revenue | |||
Series A 5.00% 12/1/42 | 1,395,000 | 1,649,825 | |
Series A 5.00% 12/1/47 | 2,265,000 | 2,670,865 | |
Series B 5.00% 12/1/27 | 295,000 | 335,908 | |
Series B 5.00% 12/1/28 | 275,000 | 312,216 | |
Series B 5.00% 12/1/31 | 1,365,000 | 1,545,753 | |
Series B 5.00% 12/1/33 | 300,000 | 339,714 |
4 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Electric Revenue Bonds(continued) | |||
Southern Minnesota Municipal Power Agency Revenue | |||
Series A 5.00% 1/1/41 | 1,310,000 | $ | 1,520,294 |
Series A 5.00% 1/1/42 | 1,500,000 | 1,805,700 | |
Series A 5.00% 1/1/46 | 2,000,000 | 2,313,840 | |
Series A 5.00% 1/1/47 | 3,130,000 | 3,758,473 | |
Southern Minnesota Municipal Power Agency Revenue | |||
Capital Appreciation | |||
Series A | |||
6.70% 1/1/25 (NATL)^ | 5,000,000 | 4,617,600 | |
St. Paul Housing & Redevelopment Energy Revenue | |||
Series A 4.00% 10/1/30 | 1,235,000 | 1,384,719 | |
Series A 4.00% 10/1/31 | 885,000 | 986,093 | |
Series A 4.00% 10/1/33 | 365,000 | 404,146 | |
42,475,231 | |||
Healthcare Revenue Bonds - 27.38% | |||
Anoka Healthcare & Housing Facilities Revenue | |||
(The Homestead at Anoka Project) | |||
5.125% 11/1/49 | 1,100,000 | 1,158,157 | |
5.375% 11/1/34 | 320,000 | 346,096 | |
Apple Valley Senior Housing Revenue | |||
(PHS Apple Valley Senior Housing, Inc. - Orchard Path | |||
Project) | |||
5.00% 9/1/43 | 465,000 | 501,349 | |
5.00% 9/1/58 | 3,220,000 | 3,453,933 | |
Apple Valley Senior Living Revenue | |||
(Senior Living LLC Project) | |||
2nd Tier Series B 5.00% 1/1/47 | 1,725,000 | 1,750,565 | |
2nd Tier Series B 5.25% 1/1/37 | 510,000 | 528,671 | |
4th Tier Series D 7.00% 1/1/37 | 1,665,000 | 1,708,673 | |
4th Tier Series D 7.25% 1/1/52 | 2,500,000 | 2,586,250 | |
Bethel Housing & Health Care Facilities Revenue | |||
(Benedictine Health System – St. Peter Communities | |||
Project) Series A 5.50% 12/1/48 | 2,350,000 | 2,469,286 | |
Bethel Senior Housing Revenue | |||
(The Lodge at The Lakes at Stillwater Project) | |||
5.00% 6/1/38 | 450,000 | 476,928 | |
5.00% 6/1/48 | 1,000,000 | 1,053,420 | |
5.00% 6/1/53 | 600,000 | 629,634 | |
Center City Health Care Facilities Revenue | |||
(Hazelden Betty Ford Foundation Project) | |||
4.00% 11/1/34 | 500,000 | 563,370 |
NQ- 301 [11/19] 1/20 (1050674) 5
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Healthcare Revenue Bonds(continued) | |||
Center City Health Care Facilities Revenue | |||
(Hazelden Betty Ford Foundation Project) | |||
4.00% 11/1/41 | 800,000 | $ | 882,688 |
5.00% 11/1/26 | 500,000 | 572,820 | |
Chatfield Healthcare and Housing Facilities Revenue | |||
(Chosen Valley Care Center Project) 5.00% 9/1/44 | 500,000 | 535,415 | |
Crookston Health Care Facilities Revenue | |||
(Riverview Health Project) | |||
5.00% 5/1/38 | 100,000 | 109,496 | |
5.00% 5/1/44 | 1,500,000 | 1,628,430 | |
5.00% 5/1/51 | 1,585,000 | 1,716,824 | |
Dakota County Community Development Agency Senior | |||
Housing Revenue | |||
(Walker Highview Hills Project) | |||
Series A 144A 5.00% 8/1/36 # | 280,000 | 293,770 | |
Series A 144A 5.00% 8/1/46 # | 2,380,000 | 2,477,842 | |
Deephaven Housing & Healthcare Revenue | |||
(St. Therese Senior Living Project) | |||
Series A 5.00% 4/1/38 | 730,000 | 745,418 | |
Series A 5.00% 4/1/40 | 705,000 | 719,453 | |
Series A 5.00% 4/1/48 | 315,000 | 320,774 | |
Duluth Economic Development Authority | |||
(Essentia Health Obligated Group) | |||
Series A 4.25% 2/15/43 | 2,000,000 | 2,210,100 | |
Series A 5.00% 2/15/48 | 1,850,000 | 2,196,468 | |
(St. Luke’s Hospital of Duluth Obligated Group) | |||
5.75% 6/15/32 | 1,850,000 | 2,009,489 | |
6.00% 6/15/39 | 3,570,000 | 3,909,257 | |
Glencoe Health Care Facilities Revenue | |||
(Glencoe Regional Health Services Project) | |||
4.00% 4/1/24 | 500,000 | 523,150 | |
4.00% 4/1/25 | 660,000 | 690,129 | |
4.00% 4/1/31 | 60,000 | 62,238 | |
Hayward Health Care Facilities Revenue | |||
(American Baptist Homes Midwest Obligated Group) | |||
5.375% 8/1/34 | 660,000 | 689,924 | |
5.75% 2/1/44 | 500,000 | 524,270 | |
(St. John’s Lutheran Home of Albert Lea Project) | |||
5.375% 10/1/44 | 575,000 | 597,839 | |
Maple Grove Health Care Facilities Revenue | |||
(Maple Grove Hospital Corporation) | |||
4.00% 5/1/37 | 2,000,000 | 2,183,940 |
6 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Healthcare Revenue Bonds(continued) | |||
Maple Grove Health Care Facilities Revenue | |||
(Maple Grove Hospital Corporation) | |||
5.00% 5/1/27 | 1,400,000 | $ | 1,714,552 |
5.00% 5/1/29 | 1,000,000 | 1,208,120 | |
5.00% 5/1/30 | 850,000 | 1,022,312 | |
5.00% 5/1/31 | 500,000 | 598,435 | |
5.00% 5/1/32 | 500,000 | 596,185 | |
(North Memorial Health Care) | |||
5.00% 9/1/31 | 1,000,000 | 1,160,370 | |
5.00% 9/1/32 | 1,000,000 | 1,156,740 | |
Maple Plain Senior Housing & Health Care Revenue | |||
(Haven Homes Project) 5.00% 7/1/54 | 3,500,000 | 3,731,455 | |
Minneapolis Health Care System Revenue | |||
(Fairview Health Services) | |||
Series A 4.00% 11/15/48 | 5,600,000 | 6,126,512 | |
Series A 5.00% 11/15/33 | 500,000 | 588,440 | |
Series A 5.00% 11/15/34 | 500,000 | 586,225 | |
Series A 5.00% 11/15/44 | 1,000,000 | 1,150,940 | |
Series A 5.00% 11/15/49 | 3,475,000 | 4,143,555 | |
Minneapolis Senior Housing & Healthcare Revenue | |||
(Ecumen-Abiitan Mill City Project) | |||
5.00% 11/1/35 | 500,000 | 525,055 | |
5.25% 11/1/45 | 1,950,000 | 2,042,137 | |
5.375% 11/1/50 | 455,000 | 477,559 | |
Minneapolis – St. Paul Housing & Redevelopment Authority | |||
Health Care Facilities Revenue | |||
(Allina Health System) Series A 5.00% 11/15/28 | 1,550,000 | 1,906,981 | |
(Children’s Health Care) Series A 5.25% 8/15/35 | 2,085,000 | 2,139,940 | |
Minnesota Agricultural & Economic Development Board | |||
Revenue | |||
(Essenthia Health Obligated Group) | |||
Series C-1 5.00% 2/15/30 (AGC) | 5,725,000 | 5,761,411 | |
Series C-1 5.25% 2/15/23 (AGC) | 5,000,000 | 5,042,350 | |
Series C-1 5.50% 2/15/25 (AGC) | 5,120,000 | 5,163,315 | |
Red Wing Senior Housing | |||
(Deer Crest Project) | |||
Series A 5.00% 11/1/27 | 430,000 | 442,595 | |
Series A 5.00% 11/1/32 | 330,000 | 339,303 | |
Series A 5.00% 11/1/42 | 1,250,000 | 1,283,750 | |
Rochester Health Care & Housing Revenue | |||
(The Homestead at Rochester Project) Series A | |||
6.875% 12/1/48 | 2,980,000 | 3,244,058 |
NQ- 301 [11/19] 1/20 (1050674) 7
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Healthcare Revenue Bonds(continued) | |||
Rochester Health Care Facilities Revenue | |||
(Mayo Clinic) | |||
4.00% 11/15/41 | 4,515,000 | $ | 4,742,511 |
Series D Remarketing 5.00% 11/15/38 | 6,405,000 | 6,496,655 | |
(Olmsted Medical Center Project) | |||
5.00% 7/1/24 | 295,000 | 331,238 | |
5.00% 7/1/33 | 650,000 | 711,971 | |
5.875% 7/1/30 | 1,850,000 | 1,895,491 | |
Sartell Health Care Facilities Revenue | |||
(Country Manor Campus Project) | |||
Series A 5.25% 9/1/27 | 1,280,000 | 1,382,669 | |
Series A 5.30% 9/1/37 | 1,200,000 | 1,305,888 | |
Sauk Rapids Health Care Housing Facilities Revenue | |||
(Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,350,000 | 1,391,553 | |
Shakopee Health Care Facilities Revenue | |||
(St. Francis Regional Medical Center) | |||
4.00% 9/1/31 | 915,000 | 979,498 | |
5.00% 9/1/24 | 575,000 | 661,578 | |
5.00% 9/1/25 | 750,000 | 862,747 | |
5.00% 9/1/26 | 575,000 | 658,869 | |
5.00% 9/1/27 | 405,000 | 462,781 | |
5.00% 9/1/28 | 425,000 | 484,657 | |
5.00% 9/1/29 | 425,000 | 483,429 | |
5.00% 9/1/34 | 730,000 | 815,220 | |
St. Cloud Health Care Revenue | |||
(Centracare Health System Project) | |||
4.00% 5/1/49 | 4,315,000 | 4,751,505 | |
5.00% 5/1/48 | 5,090,000 | 6,162,361 | |
Series A 4.00% 5/1/37 | 965,000 | 1,057,669 | |
Series A 5.00% 5/1/46 | 3,715,000 | 4,309,103 | |
Unrefunded Balance 5.125% 5/1/30 | 740,000 | 751,307 | |
St. Paul Housing & Redevelopment Authority Health Care | |||
Facilities Revenue | |||
(Fairview Health Services) | |||
Series A 4.00% 11/15/43 | 2,450,000 | 2,679,149 | |
Series A 5.00% 11/15/47 | 1,560,000 | 1,844,560 | |
(HealthPartners Obligated Group Project) | |||
Series A 5.00% 7/1/29 | 2,200,000 | 2,564,408 | |
Series A 5.00% 7/1/32 | 3,000,000 | 3,439,920 | |
Series A 5.00% 7/1/33 | 1,260,000 | 1,438,769 |
8 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Healthcare Revenue Bonds(continued) | |||
St. Paul Housing & Redevelopment Authority Housing & | |||
Health Care Facilities Revenue | |||
(Episcopal Homes Project) 5.125% 5/1/48 | 3,100,000 | $ | 3,178,244 |
St. Paul Housing & Redevelopment Authority Multifamily | |||
Housing Revenue | |||
(Marian Center Project) | |||
Series A 5.30% 11/1/30 | 500,000 | 500,255 | |
Series A 5.375% 5/1/43 | 500,000 | 500,110 | |
Wayzata Senior Housing Revenue | |||
(Folkestone Senior Living Community) | |||
3.75% 8/1/36 | 500,000 | 516,060 | |
4.00% 8/1/44 | 800,000 | 829,336 | |
5.00% 8/1/49 | 1,000,000 | 1,099,620 | |
5.00% 8/1/54 | 875,000 | 960,155 | |
West St. Paul Housing and Health Care Facilities Revenue | |||
(Walker Westwood Ridge Campus Project) | |||
4.50% 11/1/40 | 250,000 | 258,645 | |
4.75% 11/1/52 | 750,000 | 780,525 | |
Winona Health Care Facilities Revenue | |||
(Winona Health Obligation Group) | |||
4.50% 7/1/25 | 850,000 | 876,223 | |
4.65% 7/1/26 | 540,000 | 557,431 | |
Woodbury Housing & Redevelopment Authority Revenue | |||
(St. Therese of Woodbury) | |||
5.00% 12/1/34 | 500,000 | 531,500 | |
5.125% 12/1/44 | 1,605,000 | 1,689,728 | |
5.25% 12/1/49 | 750,000 | 793,800 | |
160,715,499 | |||
Housing Revenue Bonds - 0.41% | |||
Minnesota Housing Finance Agency Homeownership | |||
Finance (Mortgage-Backed Securities Program) | |||
Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) | 965,000 | 969,256 | |
Northwest Multi-County Housing & Redevelopment | |||
Authority | |||
(Pooled Housing Program) 5.50% 7/1/45 | 1,330,000 | 1,415,599 | |
2,384,855 | |||
Lease Revenue Bonds - 2.74% | |||
Minnesota General Fund Revenue Appropriations | |||
Series A 5.00% 6/1/38 | 1,250,000 | 1,391,925 | |
Series A 5.00% 6/1/43 | 3,835,000 | 4,252,440 | |
Series B 5.00% 3/1/28 | 2,500,000 | 2,704,950 |
NQ- 301 [11/19] 1/20 (1050674) 9
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Lease Revenue Bonds(continued) | |||
Minnesota Housing Finance Agency | |||
(State Appropriation – Housing Infrastructure) | |||
Series C 5.00% 8/1/34 | 1,565,000 | $ | 1,800,611 |
Series C 5.00% 8/1/35 | 1,645,000 | 1,889,463 | |
University of Minnesota Special Purpose Revenue | |||
(State Supported Biomed Science Research Facilities | |||
Funding Project) | |||
Series A 5.00% 8/1/35 | 3,960,000 | 4,055,278 | |
16,094,667 | |||
Local General Obligation Bonds - 8.52% | |||
Brainerd Independent School District No. 181 | |||
(School Building) | |||
Series A 4.00% 2/1/38 | 1,500,000 | 1,666,140 | |
Series A 4.00% 2/1/43 | 3,500,000 | 3,848,145 | |
Burnsville-Eagan-Savage Independent School | |||
District No. 191 | |||
(Alternative Facilities) | |||
Series A 4.00% 2/1/28 | 920,000 | 1,025,450 | |
Series A 4.00% 2/1/29 | 1,800,000 | 2,001,780 | |
Chaska Independent School District No. 112 | |||
(School Building) Series A 5.00% 2/1/27 | 1,905,000 | 2,310,003 | |
Duluth | |||
(DECC Improvement) | |||
Series A 5.00% 2/1/32 | 1,000,000 | 1,193,900 | |
Series A 5.00% 2/1/33 | 3,585,000 | 4,270,703 | |
Duluth Independent School District No. 709 | |||
Series A 4.00% 2/1/27 | 160,000 | 178,582 | |
Series A 4.00% 2/1/28 | 1,250,000 | 1,391,725 | |
Hennepin County | |||
Series A 5.00% 12/1/26 | 1,885,000 | 2,348,899 | |
Series A 5.00% 12/1/36 | 940,000 | 1,143,491 | |
Series A 5.00% 12/1/37 | 2,850,000 | 3,524,567 | |
Series A 5.00% 12/1/37 | 2,645,000 | 3,207,248 | |
Series A 5.00% 12/1/38 | 3,310,000 | 4,084,474 | |
Series B 5.00% 12/1/30 | 1,000,000 | 1,227,830 | |
Series C 5.00% 12/1/28 | 1,500,000 | 1,949,160 | |
Series C 5.00% 12/1/30 | 1,245,000 | 1,528,648 | |
Series C 5.00% 12/1/37 | 3,000,000 | 3,637,710 | |
Mounds View Independent School District No. 621 | |||
(Minnesota School District Credit Enhancement | |||
Program) Series A 4.00% 2/1/43 | 3,000,000 | 3,294,270 |
10 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Local General Obligation Bonds(continued) | |||
Mountain Iron-Buhl Independent School District No. 712 | |||
(School Building) Series A 4.00% 2/1/26 | 1,315,000 | $ | 1,517,799 |
St. Michael-Albertville Independent School District No. 885 | |||
(School Building) Series A 5.00% 2/1/27 | 1,865,000 | 2,259,056 | |
Wayzata Independent School District No. 284 | |||
Series A 5.00% 2/1/28 | 1,950,000 | 2,432,371 | |
50,041,951 | |||
Pre-Refunded/Escrowed to Maturity Bonds - 7.09% | |||
Dakota & Washington Counties Housing & Redevelopment | |||
Authority Single Family Residential Mortgage Revenue | |||
(City of Bloomington) | |||
Series B 8.375% 9/1/21 (GNMA) (AMT) | 14,115,000 | 15,724,533 | |
Minnesota Higher Education Facilities Authority Revenue | |||
(St. Catherine University) | |||
Series 7-Q 5.00% 10/1/23-22§ | 350,000 | 386,039 | |
Series 7-Q 5.00% 10/1/24-22§ | 475,000 | 523,911 | |
Series 7-Q 5.00% 10/1/27-22§ | 200,000 | 220,594 | |
St. Paul Housing & Redevelopment Authority Hospital | |||
Facility Revenue | |||
(Healtheast Care System Project) | |||
Series A 5.00% 11/15/29-25§ | 910,000 | 1,101,601 | |
Series A 5.00% 11/15/30-25§ | 670,000 | 811,069 | |
University of Minnesota | |||
Series A 5.25% 12/1/29-20§ | 1,000,000 | 1,040,730 | |
Series A 5.50% 7/1/21 | 8,795,000 | 9,183,123 | |
Western Minnesota Municipal Power Agency Revenue | |||
Series A 5.00% 1/1/34-24§ | 4,000,000 | 4,616,920 | |
Series A 5.00% 1/1/40-24§ | 3,935,000 | 4,541,895 | |
Series A 5.00% 1/1/46-24§ | 3,000,000 | 3,462,690 | |
41,613,105 | |||
Special Tax Revenue Bonds - 2.97% | |||
Minneapolis Development Revenue | |||
(Limited Tax Supported Common Bond Fund) | |||
Series 2-A 6.00% 12/1/40 | 3,000,000 | 3,137,640 | |
Minneapolis Revenue | |||
(YMCA Greater Twin Cities Project) 4.00% 6/1/30 | 250,000 | 274,637 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 3,143,000 | 3,252,533 | |
Series A-1 5.00% 7/1/58 | 5,835,000 | 6,131,126 | |
St. Paul Sales Tax Revenue | |||
Series G 5.00% 11/1/30 | 655,000 | 758,949 |
NQ- 301 [11/19] 1/20 (1050674) 11
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds(continued) | |||
Special Tax Revenue Bonds(continued) | |||
St. Paul Sales Tax Revenue | |||
Series G 5.00% 11/1/31 | 1,500,000 | $ | 1,733,490 |
Virgin Islands Public Finance Authority | |||
(Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) | 2,000,000 | 2,131,000 | |
17,419,375 | |||
State General Obligation Bonds - 12.80% | |||
Minnesota | |||
Series A Unrefunded Balance 5.00% 10/1/24 | 4,555,000 | 4,870,661 | |
Series A Unrefunded Balance 5.00% 10/1/27 | 5,200,000 | 5,555,420 | |
(State Trunk Highway) | |||
Series B 5.00% 10/1/29 | 5,000,000 | 5,335,200 | |
Series E 5.00% 10/1/26 | 3,395,000 | 4,216,760 | |
(Various Purposes) | |||
Series A 5.00% 8/1/27 | 7,590,000 | 9,113,389 | |
Series A 5.00% 8/1/29 | 2,500,000 | 2,984,325 | |
Series A 5.00% 8/1/30 | 4,200,000 | 4,885,650 | |
Series A 5.00% 8/1/32 | 3,875,000 | 4,498,061 | |
Series A 5.00% 8/1/33 | 2,075,000 | 2,626,390 | |
Series A 5.00% 10/1/33 | 1,000,000 | 1,246,410 | |
Series A 5.00% 8/1/35 | 7,925,000 | 10,184,021 | |
Series A 5.00% 8/1/35 | 2,975,000 | 3,747,251 | |
Series A 5.00% 8/1/38 | 3,450,000 | 4,306,980 | |
Series A Unrefunded Balance 4.00% 8/1/27 | 955,000 | 1,019,147 | |
Series D 5.00% 8/1/26 | 6,000,000 | 7,423,260 | |
Series D 5.00% 8/1/27 | 2,525,000 | 3,112,063 | |
75,124,988 | |||
Transportation Revenue Bonds - 6.62% | |||
Minneapolis – St. Paul Metropolitan Airports Commission | |||
Revenue | |||
(Senior) | |||
Series A 5.00% 1/1/28 | 1,250,000 | 1,253,775 | |
Series C 5.00% 1/1/29 | 350,000 | 428,943 | |
Series C 5.00% 1/1/33 | 850,000 | 1,029,817 | |
Series C 5.00% 1/1/36 | 600,000 | 722,562 | |
Series C 5.00% 1/1/41 | 600,000 | 714,462 | |
Series C 5.00% 1/1/46 | 1,595,000 | 1,885,641 | |
(Subordinate) | |||
Series A 5.00% 1/1/35 | 1,000,000 | 1,127,830 | |
Series A 5.00% 1/1/44 | 3,000,000 | 3,707,820 | |
Series A 5.00% 1/1/49 | 5,000,000 | 6,141,650 | |
Series B 5.00% 1/1/26 | 575,000 | 619,833 | |
Series B 5.00% 1/1/27 | 1,160,000 | 1,248,949 |
12 NQ- 301 [11/19] 1/20 (1050674)
(Unaudited) | ||||
Principal amount° | Value (US $) | |||
Municipal Bonds(continued) | ||||
Transportation Revenue Bonds(continued) | ||||
Minneapolis – St. Paul Metropolitan Airports Commission | ||||
Revenue | ||||
(Subordinate) | ||||
Series B 5.00% 1/1/28 | 2,750,000 | $ | 2,957,927 | |
Series B 5.00% 1/1/29 | 120,000 | 128,920 | ||
Series B 5.00% 1/1/30 | 1,675,000 | 1,796,639 | ||
Series B 5.00% 1/1/31 | 1,750,000 | 1,874,110 | ||
Series B 5.00% 1/1/44 (AMT) | 2,095,000 | 2,548,965 | ||
Series B 5.00% 1/1/49 (AMT) | 6,150,000 | 7,436,765 | ||
St. Paul Port Authority Revenue | ||||
(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 | 3,200,000 | 3,238,240 | ||
38,862,848 | ||||
Water & Sewer Revenue Bonds - 3.02% | ||||
Guam Government Waterworks Authority | ||||
5.00% 7/1/40 | 1,930,000 | 2,227,992 | ||
Metropolitan Council General Obligation Wastewater | ||||
Revenue | ||||
(Minneapolis-St. Paul Metropolitan Area) | ||||
Series B 4.00% 9/1/27 | 2,400,000 | 2,579,160 | ||
Series B 5.00% 9/1/25 | 2,000,000 | 2,206,860 | ||
Series C 4.00% 3/1/31 | 3,120,000 | 3,618,763 | ||
Series C 4.00% 3/1/32 | 3,225,000 | 3,726,649 | ||
Series E 5.00% 9/1/23 | 2,000,000 | 2,209,720 | ||
Minnesota Public Facilities Authority | ||||
Series B 4.00% 3/1/26 | 1,000,000 | 1,164,960 | ||
17,734,104 | ||||
Total Municipal Bonds(cost $546,240,613) | 573,942,140 | |||
Short-Term Investments – 0.99% | ||||
Variable Rate Demand Notes - 0.99%¤ | ||||
Minneapolis – St. Paul Housing & Redevelopment Authority | ||||
Health Care Facilities Revenue | ||||
(Allina Health System) | ||||
Series B-1 1.14% 11/15/35 (LOC – JPMorgan Chase | ||||
Bank N. A. ) | 400,000 | 400,000 | ||
Series B-2 1.15% 11/15/35 (LOC – JPMorgan Chase | ||||
Bank N. A. ) | 3,400,000 | 3,400,000 | ||
(Children’s Hospitals and Clinics) Series B 1.10% | ||||
8/15/25 (AGM)(SPA – US Bank N. A. ) | 2,000,000 | 2,000,000 | ||
Total Short-Term Investments(cost $5,800,000) | 5,800,000 |
NQ- 301 [11/19] 1/20 (1050674) 13
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Total Value of Securities – 98.77% | ||
(cost $552,040,613) | $ | 579,742,140 |
Receivables and Other Assets Net of Liabilities – 1.23% | 7,206,703 | |
Net Assets Applicable to 46,906,428 Shares Outstanding – 100.00% | $ | 586,948,843 |
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Nov. 30, 2019, the aggregate value of Rule 144A securities was $11,380,652, which represents
1.94% of the Fund’s net assets.
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an
unconditional right of demand to receive payment of the unpaid principal balance plus accrued
interest upon a short notice period (generally up to 30 days) prior to specified dates either from the
issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such
instrument. Each rate shown is as of Nov. 30, 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.
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
‡ Non-income producing security. Security is currently in default.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
FHLMC – Federal Home Loan Mortgage Corporation collateral
FNMA – Federal National Mortgage Association collateral
GNMA – Government National Mortgage Association collateral
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar
14 NQ- 301 [11/19] 1/20 (1050674)