Schedule of investments
Delaware Tax-Free Minnesota Fund May 31, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds – 98.09% | | | |
| Corporate Revenue Bond - 0.71% | | | |
| 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 | $ | 3,995,277 |
| | | | 3,995,277 |
| Education Revenue Bonds - 18.34% | | | |
| Bethel Charter School Lease Revenue | | | |
| (Spectrum High School Project) | | | |
| Series A 4.00% 7/1/32 | 840,000 | | 836,791 |
| Series A 4.25% 7/1/47 | 1,550,000 | | 1,459,573 |
| Series A 4.375% 7/1/52 | 400,000 | | 379,828 |
| Brooklyn Park Charter School Lease Revenue | | | |
| (Prairie Seeds Academy Project) | | | |
| Series A 5.00% 3/1/34 | 2,260,000 | | 2,172,877 |
| Series A 5.00% 3/1/39 | 385,000 | | 357,099 |
| Cologne Charter School Lease Revenue | | | |
| (Cologne Academy Project) | | | |
| Series A 5.00% 7/1/34 | 250,000 | | 256,947 |
| Series A 5.00% 7/1/45 | 1,390,000 | | 1,408,876 |
| Deephaven Charter School Lease Revenue | | | |
| (Eagle Ridge Academy Project) Series A 5.50% 7/1/50 | 2,000,000 | | 2,101,900 |
| Duluth Housing & Redevelopment Authority Revenue | | | |
| (Duluth Public Schools Academy Project) | | | |
| Series A 5.00% 11/1/38 | 700,000 | | 712,481 |
| Series A 5.00% 11/1/48 | 2,800,000 | | 2,811,340 |
| Duluth Independent School District No. 709 Certificates of | | | |
| Participation | | | |
| Series B 5.00% 2/1/28 | 350,000 | | 446,600 |
| Forest Lake Charter School Lease Revenue Fund | | | |
| (Lakes International Language Academy Project) | | | |
| Series A 5.25% 8/1/43 | 400,000 | | 410,504 |
| Series A 5.375% 8/1/50 | 1,690,000 | | 1,741,021 |
| Series A 5.50% 8/1/36 | 580,000 | | 604,041 |
| Series A 5.75% 8/1/44 | 1,190,000 | | 1,244,145 |
| Ham Lake Charter School Lease Revenue | | | |
| (Davinci Academy Project) | | | |
| Series A 5.00% 7/1/36 | 765,000 | | 775,771 |
| Series A 5.00% 7/1/47 | 2,290,000 | | 2,269,756 |
| Hugo Charter School Lease Revenue | | | |
| (Noble Academy Project) | | | |
| Series A 5.00% 7/1/34 | 580,000 | | 588,735 |
| Series A 5.00% 7/1/44 | 1,770,000 | | 1,771,859 |
NQ- 301 [5/20] 7/20 (1236753) 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 | $ | 914,940 |
| Series A 5.00% 7/1/47 | 2,300,000 | | 2,279,668 |
| Minneapolis Student Housing Revenue | | | |
| (Riverton Community Housing Project) | | | |
| 5.25% 8/1/39 | 470,000 | | 467,157 |
| 5.50% 8/1/49 | 2,260,000 | | 2,268,136 |
| Minnesota Colleges & Universities Revenue Fund | | | |
| Series A 5.00% 10/1/26 | 4,990,000 | | 6,247,680 |
| Minnesota Higher Education Facilities Authority Revenue | | | |
| (Bethel University) | | | |
| 5.00% 5/1/32 | 1,375,000 | | 1,465,530 |
| 5.00% 5/1/37 | 1,250,000 | | 1,304,887 |
| 5.00% 5/1/47 | 250,000 | | 256,820 |
| (Carleton College) | | | |
| 4.00% 3/1/35 | 1,000,000 | | 1,153,590 |
| 4.00% 3/1/36 | 415,000 | | 476,980 |
| 5.00% 3/1/44 | 2,085,000 | | 2,500,457 |
| (College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | | 931,650 |
| (College of St. Scholastica) | | | |
| 4.00% 12/1/29 | 280,000 | | 292,975 |
| 4.00% 12/1/30 | 290,000 | | 299,660 |
| 4.00% 12/1/33 | 500,000 | | 500,340 |
| 4.00% 12/1/34 | 500,000 | | 497,050 |
| 4.00% 12/1/40 | 1,200,000 | | 1,151,112 |
| (Gustavus Adolphus College) 5.00% 10/1/47 | 5,600,000 | | 6,036,744 |
| (St. Catherine University) | | | |
| Series A 4.00% 10/1/36 | 925,000 | | 903,022 |
| Series A 5.00% 10/1/35 | 875,000 | | 945,044 |
| Series A 5.00% 10/1/45 | 2,120,000 | | 2,233,314 |
| (St. John’s University) | | | |
| Series 8-I 5.00% 10/1/32 | 500,000 | | 555,365 |
| Series 8-I 5.00% 10/1/33 | 250,000 | | 276,083 |
| (St. Olaf College) | | | |
| Series 8-G 5.00% 12/1/31 | 670,000 | | 775,652 |
| Series 8-G 5.00% 12/1/32 | 670,000 | | 772,021 |
| Series 8-N 4.00% 10/1/35 | 500,000 | | 552,090 |
| (Trustees of The Hamline University) | | | |
| Series B 5.00% 10/1/37 | 955,000 | | 993,391 |
| Series B 5.00% 10/1/38 | 1,000,000 | | 1,037,880 |
| Series B 5.00% 10/1/39 | 170,000 | | 176,018 |
2 NQ- 301 [5/20] 7/20 (1236753)
(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% 10/1/40 | 625,000 | $ | 646,394 |
| Series B 5.00% 10/1/47 | 1,060,000 | | 1,086,415 |
| (University of St. Thomas) | | | |
| 4.00% 10/1/36 | 1,450,000 | | 1,609,297 |
| 4.00% 10/1/37 | 750,000 | | 829,433 |
| 4.00% 10/1/44 | 1,255,000 | | 1,357,333 |
| 5.00% 10/1/40 | 500,000 | | 591,375 |
| Series 8-L 5.00% 4/1/35 | 1,250,000 | | 1,404,425 |
| Series A 4.00% 10/1/34 | 400,000 | | 430,948 |
| Series A 4.00% 10/1/36 | 500,000 | | 534,635 |
| Minnesota Office of Higher Education Revenue | | | |
| (Senior Supplemental Student Loan Program) 2.65% | | | |
| 11/1/38 (AMT) | 1,000,000 | | 981,060 |
| Otsego Charter School Lease Revenue | | | |
| (Kaleidoscope Charter School) | | | |
| Series A 5.00% 9/1/34 | 520,000 | | 519,958 |
| Series A 5.00% 9/1/44 | 1,165,000 | | 1,102,311 |
| Rice County Educational Facilities Revenue | | | |
| (Shattuck-St. Mary’s School) Series A 144A | | | |
| 5.00% 8/1/22 # | 2,855,000 | | 2,897,454 |
| St. Cloud Charter School Lease Revenue | | | |
| (Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | | 595,000 |
| St. Paul Housing & Redevelopment Authority Charter | | | |
| School Lease Revenue | | | |
| (Academia Cesar Chavez School Project) Series A | | | |
| 5.25% 7/1/50 | 1,945,000 | | 1,723,192 |
| (Great River School Project) | | | |
| Series A 144A 4.75% 7/1/29 # | 300,000 | | 302,739 |
| Series A 144A 5.50% 7/1/52 # | 735,000 | | 725,254 |
| (Hmong College Preparatory Academy Project) Series A | | | |
| 5.75% 9/1/46 | 1,000,000 | | 1,065,660 |
| (Nova Classical Academy Project) | | | |
| Series A 4.00% 9/1/36 | 500,000 | | 510,845 |
| Series A 4.125% 9/1/47 | 1,750,000 | | 1,765,750 |
| (Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | | 1,471,406 |
| University of Minnesota | | | |
| Series A 5.00% 4/1/34 | 925,000 | | 1,149,581 |
| Series A 5.00% 9/1/34 | 2,625,000 | | 3,274,373 |
| Series A 5.00% 4/1/35 | 3,175,000 | | 3,937,667 |
| Series A 5.00% 4/1/36 | 2,650,000 | | 3,278,024 |
| Series A 5.00% 4/1/37 | 1,125,000 | | 1,388,734 |
NQ- 301 [5/20] 7/20 (1236753) 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% 9/1/40 | 1,560,000 | $ | 1,913,106 |
| Series A 5.00% 9/1/41 | 1,750,000 | | 2,140,898 |
| Series A 5.00% 4/1/44 | 3,000,000 | | 3,789,420 |
| | | | 103,638,087 |
| Electric Revenue Bonds - 8.21% | | | |
| Chaska Electric Revenue | | | |
| (Generating Facilities) | | | |
| Series A 5.00% 10/1/28 | 350,000 | | 423,626 |
| Series A 5.00% 10/1/30 | 1,150,000 | | 1,382,622 |
| Minnesota Municipal Power Agency Electric Revenue | | | |
| 4.00% 10/1/41 | 1,000,000 | | 1,110,060 |
| 5.00% 10/1/29 | 395,000 | | 465,669 |
| 5.00% 10/1/30 | 500,000 | | 588,755 |
| 5.00% 10/1/33 | 1,205,000 | | 1,416,092 |
| 5.00% 10/1/47 | 2,000,000 | | 2,408,380 |
| Series A 5.00% 10/1/30 | 1,060,000 | | 1,248,161 |
| Series A 5.00% 10/1/34 | 750,000 | | 881,385 |
| Series A 5.00% 10/1/35 | 1,525,000 | | 1,792,149 |
| Northern Municipal Power Agency Electric System | | | |
| Revenue | | | |
| 5.00% 1/1/27 | 540,000 | | 661,689 |
| 5.00% 1/1/28 | 350,000 | | 426,737 |
| 5.00% 1/1/28 | 210,000 | | 262,876 |
| 5.00% 1/1/29 | 585,000 | | 709,359 |
| 5.00% 1/1/29 | 220,000 | | 273,546 |
| 5.00% 1/1/30 | 520,000 | | 626,787 |
| 5.00% 1/1/31 | 200,000 | | 245,386 |
| 5.00% 1/1/32 | 210,000 | | 255,908 |
| 5.00% 1/1/35 | 160,000 | | 192,634 |
| 5.00% 1/1/36 | 180,000 | | 215,946 |
| 5.00% 1/1/41 | 400,000 | | 474,328 |
| Series A 5.00% 1/1/25 | 125,000 | | 139,031 |
| Series A 5.00% 1/1/26 | 425,000 | | 472,243 |
| Series A 5.00% 1/1/31 | 520,000 | | 573,430 |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series A 5.05% 7/1/42 ‡ | 430,000 | | 265,525 |
| Series AAA 5.25% 7/1/25 ‡ | 250,000 | | 155,000 |
| Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | | 1,162,500 |
| Series WW 5.00% 7/1/28 ‡ | 1,775,000 | | 1,096,063 |
| Series WW 5.25% 7/1/33 ‡ | 1,250,000 | | 775,000 |
4 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Electric Revenue Bonds (continued) | | | |
| Puerto Rico Electric Power Authority Revenue | | | |
| Series XX 4.75% 7/1/26 ‡ | 260,000 | $ | 159,250 |
| Series XX 5.25% 7/1/40 ‡ | 750,000 | | 465,000 |
| Series XX 5.75% 7/1/36 ‡ | 925,000 | | 578,125 |
| Series ZZ 4.75% 7/1/27 ‡ | 210,000 | | 128,625 |
| Series ZZ 5.25% 7/1/24 ‡ | 350,000 | | 217,000 |
| Rochester Electric Utility Revenue | | | |
| Series A 5.00% 12/1/42 | 1,395,000 | | 1,680,933 |
| Series A 5.00% 12/1/47 | 2,265,000 | | 2,712,292 |
| Series B 5.00% 12/1/27 | 295,000 | | 339,837 |
| Series B 5.00% 12/1/28 | 275,000 | | 316,489 |
| Series B 5.00% 12/1/31 | 1,365,000 | | 1,564,290 |
| Series B 5.00% 12/1/33 | 300,000 | | 342,237 |
| Southern Minnesota Municipal Power Agency Revenue | | | |
| Series A 5.00% 1/1/41 | 1,310,000 | | 1,555,638 |
| Series A 5.00% 1/1/42 | 1,500,000 | | 1,829,280 |
| Series A 5.00% 1/1/46 | 2,000,000 | | 2,362,100 |
| Series A 5.00% 1/1/47 | 3,130,000 | | 3,789,115 |
| Southern Minnesota Municipal Power Agency Revenue | | | |
| Capital Appreciation | | | |
| Series A | | | |
| 1.275% 1/1/25 (NATL)^ | 5,000,000 | | 4,787,050 |
| St. Paul Housing & Redevelopment Energy Revenue | | | |
| Series A 4.00% 10/1/30 | 1,235,000 | | 1,437,528 |
| Series A 4.00% 10/1/31 | 885,000 | | 1,020,591 |
| Series A 4.00% 10/1/33 | 365,000 | | 415,761 |
| | | | 46,402,028 |
| Healthcare Revenue Bonds - 23.33% | | | |
| Anoka Healthcare & Housing Facilities Revenue | | | |
| (The Homestead at Anoka Project) | | | |
| 5.125% 11/1/49 | 1,100,000 | | 1,008,766 |
| 5.375% 11/1/34 | 320,000 | | 322,166 |
| Apple Valley Senior Housing Revenue | | | |
| (PHS Apple Valley Senior Housing, Inc. - Orchard Path | | | |
| Project) | | | |
| 5.00% 9/1/43 | 465,000 | | 466,028 |
| 5.00% 9/1/58 | 3,220,000 | | 3,149,901 |
| Apple Valley Senior Living Revenue | | | |
| (Senior Living LLC Project) | | | |
| 2nd Tier Series B 5.00% 1/1/47 | 1,725,000 | | 1,036,673 |
| 2nd Tier Series B 5.25% 1/1/37 | 505,000 | | 357,641 |
| 4th Tier Series D 7.00% 1/1/37 | 1,665,000 | | 1,301,131 |
NQ- 301 [5/20] 7/20 (1236753) 5
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Apple Valley Senior Living Revenue | | | |
| (Senior Living LLC Project) | | | |
| 4th Tier Series D 7.25% 1/1/52 | 2,500,000 | $ | 1,858,450 |
| Bethel Housing & Health Care Facilities Revenue | | | |
| (Benedictine Health System – St. Peter Communities | | | |
| Project) Series A 5.50% 12/1/48 | 2,350,000 | | 1,942,181 |
| Bethel Senior Housing Revenue | | | |
| (The Lodge at The Lakes at Stillwater Project) | | | |
| 5.00% 6/1/38 | 450,000 | | 436,495 |
| 5.00% 6/1/48 | 1,000,000 | | 926,310 |
| 5.00% 6/1/53 | 2,450,000 | | 2,240,182 |
| Center City Health Care Facilities Revenue | | | |
| (Hazelden Betty Ford Foundation Project) | | | |
| 4.00% 11/1/34 | 500,000 | | 533,030 |
| 4.00% 11/1/41 | 800,000 | | 835,344 |
| 5.00% 11/1/26 | 500,000 | | 554,165 |
| Chatfield Healthcare and Housing Facilities Revenue | | | |
| (Chosen Valley Care Center Project) 5.00% 9/1/44 | 500,000 | | 425,195 |
| Crookston Health Care Facilities Revenue | | | |
| (Riverview Health Project) | | | |
| 5.00% 5/1/38 | 100,000 | | 98,487 |
| 5.00% 5/1/44 | 1,500,000 | | 1,473,300 |
| 5.00% 5/1/51 | 1,585,000 | | 1,553,205 |
| Dakota County Community Development Agency Senior | | | |
| Housing Revenue | | | |
| (Walker Highview Hills Project) | | | |
| Series A 144A 5.00% 8/1/36 # | 280,000 | | 280,778 |
| Series A 144A 5.00% 8/1/46 # | 2,380,000 | | 2,318,834 |
| Deephaven Housing & Healthcare Revenue | | | |
| (St. Therese Senior Living Project) | | | |
| Series A 5.00% 4/1/38 | 730,000 | | 616,003 |
| Series A 5.00% 4/1/40 | 705,000 | | 588,005 |
| Series A 5.00% 4/1/48 | 315,000 | | 252,151 |
| Duluth Economic Development Authority | | | |
| (Essentia Health Obligated Group) | | | |
| Series A 4.25% 2/15/43 | 2,000,000 | | 2,094,920 |
| Series A 5.00% 2/15/48 | 1,850,000 | | 2,066,283 |
| (St. Luke’s Hospital of Duluth Obligated Group) | | | |
| 5.75% 6/15/32 | 3,750,000 | | 3,976,913 |
| 6.00% 6/15/39 | 3,570,000 | | 3,781,737 |
6 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Glencoe Health Care Facilities Revenue | | | |
| (Glencoe Regional Health Services Project) | | | |
| 4.00% 4/1/24 | 500,000 | $ | 524,655 |
| 4.00% 4/1/25 | 660,000 | | 690,215 |
| 4.00% 4/1/31 | 60,000 | | 61,738 |
| Hayward Health Care Facilities Revenue | | | |
| (American Baptist Homes Midwest Obligated Group) | | | |
| 5.375% 8/1/34 | 660,000 | | 593,564 |
| 5.75% 2/1/44 | 500,000 | | 441,270 |
| (St. John’s Lutheran Home of Albert Lea Project) | | | |
| 5.375% 10/1/44 | 575,000 | | 488,974 |
| Maple Grove Health Care Facilities Revenue | | | |
| (Maple Grove Hospital Corporation) | | | |
| 4.00% 5/1/37 | 2,000,000 | | 2,099,840 |
| 5.00% 5/1/27 | 1,400,000 | | 1,642,998 |
| 5.00% 5/1/29 | 1,000,000 | | 1,164,450 |
| 5.00% 5/1/30 | 850,000 | | 984,649 |
| 5.00% 5/1/31 | 500,000 | | 576,160 |
| 5.00% 5/1/32 | 500,000 | | 572,630 |
| (North Memorial Health Care) | | | |
| 5.00% 9/1/31 | 1,000,000 | | 1,121,470 |
| 5.00% 9/1/32 | 1,000,000 | | 1,116,220 |
| Maple Plain Senior Housing & Health Care Revenue | | | |
| (Haven Homes Project) 5.00% 7/1/54 | 3,500,000 | | 3,109,435 |
| Minneapolis Health Care System Revenue | | | |
| (Fairview Health Services) | | | |
| Series A 4.00% 11/15/48 | 5,600,000 | | 5,761,840 |
| Series A 5.00% 11/15/33 | 500,000 | | 561,730 |
| Series A 5.00% 11/15/34 | 500,000 | | 559,780 |
| Series A 5.00% 11/15/44 | 1,000,000 | | 1,099,130 |
| Series A 5.00% 11/15/49 | 3,475,000 | | 3,908,506 |
| Minneapolis Senior Housing & Healthcare Revenue | | | |
| (Ecumen-Abiitan Mill City Project) | | | |
| 5.00% 11/1/35 | 500,000 | | 469,270 |
| 5.25% 11/1/45 | 1,950,000 | | 1,776,918 |
| 5.375% 11/1/50 | 455,000 | | 416,612 |
| Minneapolis – St. Paul Housing & Redevelopment Authority | | | |
| Health Care Facilities Revenue | | | |
| (Allina Health System) Series A 5.00% 11/15/28 | 1,550,000 | | 1,921,938 |
| (Children’s Health Care) Series A 5.25% 8/15/35 | 2,085,000 | | 2,105,767 |
NQ- 301 [5/20] 7/20 (1236753) 7
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| Red Wing Senior Housing | | | |
| (Deer Crest Project) | | | |
| Series A 5.00% 11/1/27 | 430,000 | $ | 428,929 |
| Series A 5.00% 11/1/32 | 330,000 | | 326,680 |
| Series A 5.00% 11/1/42 | 1,250,000 | | 1,212,250 |
| Rochester Health Care & Housing Revenue | | | |
| (The Homestead at Rochester Project) Series A | | | |
| 6.875% 12/1/48 | 2,980,000 | | 3,036,769 |
| Rochester Health Care Facilities Revenue | | | |
| (Mayo Clinic) 4.00% 11/15/41 | 4,515,000 | | 4,668,961 |
| (Olmsted Medical Center Project) | | | |
| 5.00% 7/1/24 | 295,000 | | 327,987 |
| 5.00% 7/1/33 | 650,000 | | 701,213 |
| 5.875% 7/1/30 | 1,850,000 | | 1,855,679 |
| Sartell Health Care Facilities Revenue | | | |
| (Country Manor Campus Project) | | | |
| Series A 5.25% 9/1/27 | 1,280,000 | | 1,283,110 |
| Series A 5.30% 9/1/37 | 1,200,000 | | 1,161,696 |
| Sauk Rapids Health Care Housing Facilities Revenue | | | |
| (Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,350,000 | | 1,224,315 |
| Shakopee Health Care Facilities Revenue | | | |
| (St. Francis Regional Medical Center) | | | |
| 4.00% 9/1/31 | 915,000 | | 973,231 |
| 5.00% 9/1/24 | 575,000 | | 662,584 |
| 5.00% 9/1/25 | 750,000 | | 857,490 |
| 5.00% 9/1/26 | 575,000 | | 654,471 |
| 5.00% 9/1/27 | 405,000 | | 459,647 |
| 5.00% 9/1/28 | 425,000 | | 479,349 |
| 5.00% 9/1/29 | 425,000 | | 477,908 |
| 5.00% 9/1/34 | 730,000 | | 799,116 |
| St. Cloud Health Care Revenue | | | |
| (Centracare Health System Project) | | | |
| 4.00% 5/1/49 | 5,315,000 | | 5,724,521 |
| 5.00% 5/1/48 | 5,090,000 | | 5,928,018 |
| Series A 4.00% 5/1/37 | 965,000 | | 1,039,180 |
| Series A 5.00% 5/1/46 | 3,715,000 | | 4,142,931 |
| Unrefunded Balance 5.125% 5/1/30 | 740,000 | | 741,709 |
| St. Paul Housing & Redevelopment Authority Health Care | | | |
| Facilities Revenue | | | |
| (Fairview Health Services) | | | |
| Series A 4.00% 11/15/43 | 2,450,000 | | 2,527,298 |
| Series A 5.00% 11/15/47 | 1,560,000 | | 1,749,961 |
8 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | |
| St. Paul Housing & Redevelopment Authority Health Care | | | |
| Facilities Revenue | | | |
| (HealthPartners Obligated Group Project) | | | |
| Series A 5.00% 7/1/29 | 2,200,000 | $ | 2,521,046 |
| Series A 5.00% 7/1/32 | 3,000,000 | | 3,386,280 |
| Series A 5.00% 7/1/33 | 1,260,000 | | 1,416,845 |
| St. Paul Housing & Redevelopment Authority Housing & | | | |
| Health Care Facilities Revenue | | | |
| (Episcopal Homes Project) 5.125% 5/1/48 | 3,100,000 | | 2,613,331 |
| St. Paul Housing & Redevelopment Authority Multifamily | | | |
| Housing Revenue | | | |
| (Marian Center Project) | | | |
| Series A 5.30% 11/1/30 | 500,000 | | 449,825 |
| Series A 5.375% 5/1/43 | 500,000 | | 404,010 |
| Wayzata Senior Housing Revenue | | | |
| (Folkestone Senior Living Community) | | | |
| 3.75% 8/1/36 | 500,000 | | 450,290 |
| 4.00% 8/1/44 | 800,000 | | 706,912 |
| 5.00% 8/1/49 | 1,000,000 | | 1,006,780 |
| 5.00% 8/1/54 | 875,000 | | 879,550 |
| West St. Paul Housing and Health Care Facilities Revenue | | | |
| (Walker Westwood Ridge Campus Project) | | | |
| 4.50% 11/1/40 | 250,000 | | 218,993 |
| 4.75% 11/1/52 | 750,000 | | 642,248 |
| Winona Health Care Facilities Revenue | | | |
| (Winona Health Obligation Group) | | | |
| 4.50% 7/1/25 | 850,000 | | 874,973 |
| 4.65% 7/1/26 | 540,000 | | 556,006 |
| Woodbury Housing & Redevelopment Authority Revenue | | | |
| (St. Therese of Woodbury) | | | |
| 5.00% 12/1/34 | 500,000 | | 487,915 |
| 5.125% 12/1/44 | 1,605,000 | | 1,516,292 |
| | | | 131,840,332 |
| 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) | 920,000 | | 950,719 |
| Northwest Multi-County Housing & Redevelopment | | | |
| Authority | | | |
| (Pooled Housing Program) 5.50% 7/1/45 | 1,330,000 | | 1,357,571 |
| | | | 2,308,290 |
NQ- 301 [5/20] 7/20 (1236753) 9
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Lease Revenue Bonds - 3.02% | | | |
| Minnesota General Fund Revenue Appropriations | | | |
| Series A 5.00% 6/1/38 | 1,250,000 | $ | 1,370,237 |
| Series A 5.00% 6/1/43 | 3,835,000 | | 4,185,059 |
| Series B 5.00% 3/1/28 | 2,500,000 | | 2,693,425 |
| Series B 5.00% 3/1/29 | 1,000,000 | | 1,076,640 |
| Minnesota Housing Finance Agency | | | |
| (State Appropriation – Housing Infrastructure) | | | |
| Series C 5.00% 8/1/34 | 1,565,000 | | 1,829,876 |
| Series C 5.00% 8/1/35 | 1,645,000 | | 1,918,267 |
| University of Minnesota Special Purpose Revenue | | | |
| (State Supported Biomed Science Research Facilities | | | |
| Funding Project) | | | |
| Series A 5.00% 8/1/35 | 3,960,000 | | 3,989,383 |
| | | | 17,062,887 |
| Local General Obligation Bonds - 12.53% | | | |
| Brainerd Independent School District No. 181 | | | |
| (School Building) | | | |
| Series A 4.00% 2/1/38 | 1,500,000 | | 1,709,190 |
| Series A 4.00% 2/1/43 | 3,500,000 | | 3,948,665 |
| Burnsville-Eagan-Savage Independent School | | | |
| District No. 191 | | | |
| (Alternative Facilities) | | | |
| Series A 4.00% 2/1/28 | 920,000 | | 1,043,786 |
| Series A 4.00% 2/1/29 | 1,800,000 | | 2,037,960 |
| Chaska Independent School District No. 112 | | | |
| (School Building) Series A 5.00% 2/1/27 | 1,905,000 | | 2,352,332 |
| Duluth | | | |
| (DECC Improvement) | | | |
| Series A 5.00% 2/1/32 | 1,000,000 | | 1,217,460 |
| Series A 5.00% 2/1/33 | 3,585,000 | | 4,353,588 |
| Duluth Independent School District No. 709 | | | |
| Series A 4.00% 2/1/27 | 160,000 | | 184,624 |
| Series A 4.00% 2/1/28 | 1,250,000 | | 1,439,087 |
| Hennepin County | | | |
| Series A 5.00% 12/1/26 | 2,635,000 | | 3,372,879 |
| Series A 5.00% 12/1/36 | 940,000 | | 1,171,334 |
| Series A 5.00% 12/1/37 | 2,850,000 | | 3,604,537 |
| Series A 5.00% 12/1/37 | 2,645,000 | | 3,292,152 |
| Series A 5.00% 12/1/38 | 3,310,000 | | 4,175,333 |
| Series B 5.00% 12/1/30 | 1,000,000 | | 1,264,010 |
| Series C 5.00% 12/1/28 | 1,500,000 | | 2,024,895 |
10 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Local General Obligation Bonds (continued) | | | |
| Hennepin County | | | |
| Series C 5.00% 12/1/30 | 1,245,000 | $ | 1,573,692 |
| Series C 5.00% 12/1/37 | 3,000,000 | | 3,734,010 |
| Mahtomedi Independent School District No. 832 | | | |
| (School Building) Series A 5.00% 2/1/30 | 445,000 | | 535,139 |
| Minneapolis Special School District No. 1 | | | |
| Series A 4.00% 2/1/36 | 450,000 | | 533,988 |
| Series A 4.00% 2/1/37 | 600,000 | | 709,254 |
| Series A 4.00% 2/1/38 | 625,000 | | 736,387 |
| Series B 4.00% 2/1/36 | 945,000 | | 1,121,375 |
| Series B 4.00% 2/1/37 | 1,255,000 | | 1,483,523 |
| Series B 4.00% 2/1/38 | 1,305,000 | | 1,537,577 |
| Mounds View Independent School District No. 621 | | | |
| (Minnesota School District Credit Enhancement | | | |
| Program) Series A 4.00% 2/1/43 | 3,000,000 | | 3,380,580 |
| Mountain Iron-Buhl Independent School District No. 712 | | | |
| (School Building) Series A 4.00% 2/1/26 | 1,315,000 | | 1,559,853 |
| St. Michael-Albertville Independent School District No. 885 | | | |
| (School Building) Series A 5.00% 2/1/27 | 1,865,000 | | 2,300,608 |
| Virginia, Minnesota Sales Tax Revenue | | | |
| (General Obligation Sales Tax) Series A 4.00% 2/1/35 | | | |
| (AGM) | 500,000 | | 578,220 |
| Wayzata Independent School District No. 284 | | | |
| Series A 5.00% 2/1/28 | 1,950,000 | | 2,501,285 |
| White Bear Lake Independent School District No. 624 | | | |
| Series A 3.00% 2/1/43 | 10,645,000 | | 11,312,229 |
| | | | 70,789,552 |
| Pre-Refunded/Escrowed to Maturity Bonds - 5.55% | | | |
| 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 | | 15,459,595 |
| Minnesota Higher Education Facilities Authority Revenue | | | |
| (St. Catherine University) | | | |
| Series 7-Q 5.00% 10/1/23-22§ | 350,000 | | 388,867 |
| Series 7-Q 5.00% 10/1/24-22§ | 475,000 | | 527,749 |
| Series 7-Q 5.00% 10/1/27-22§ | 200,000 | | 222,210 |
| St. Paul Housing & Redevelopment Authority Hospital | | | |
| Facility Revenue | | | |
| (Healtheast Care System Project) | | | |
| Series A 5.00% 11/15/29-25§ | 910,000 | | 1,134,442 |
| Series A 5.00% 11/15/30-25§ | 670,000 | | 835,249 |
NQ- 301 [5/20] 7/20 (1236753) 11
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | | | |
| University of Minnesota | | | |
| Series A 5.50% 7/1/21 | 4,500,000 | $ | 4,620,015 |
| Western Minnesota Municipal Power Agency Revenue | | | |
| Series A 5.00% 1/1/34-24§ | 4,000,000 | | 4,665,920 |
| Series A 5.00% 1/1/46-24§ | 3,000,000 | | 3,499,440 |
| | | | 31,353,487 |
| Special Tax Revenue Bonds - 4.49% | | | |
| Minneapolis Development Revenue | | | |
| (Limited Tax Supported Common Bond Fund) | | | |
| Series 2-A 6.00% 12/1/40 | 3,000,000 | | 3,083,970 |
| Minneapolis Revenue | | | |
| (YMCA Greater Twin Cities Project) 4.00% 6/1/30 | 250,000 | | 286,510 |
| Puerto Rico Sales Tax Financing Revenue | | | |
| (Restructured) Series A-1 4.75% 7/1/53 | 17,908,000 | | 17,469,612 |
| St. Paul Sales Tax Revenue | | | |
| Series G 5.00% 11/1/30 | 655,000 | | 772,913 |
| Series G 5.00% 11/1/31 | 1,500,000 | | 1,766,460 |
| Virgin Islands Public Finance Authority | | | |
| (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) | 2,000,000 | | 2,028,460 |
| | | | 25,407,925 |
| State General Obligation Bonds - 11.57% | | | |
| Commonwealth of Puerto Rico | | | |
| (Public Improvement) Series B 5.75% 7/1/38 ‡ | 2,530,000 | | 1,546,463 |
| Minnesota | | | |
| Series A Unrefunded Balance 5.00% 10/1/24 | 2,555,000 | | 2,719,976 |
| Series A Unrefunded Balance 5.00% 10/1/27 | 5,200,000 | | 5,527,808 |
| (State Trunk Highway) | | | |
| Series B 5.00% 10/1/29 | 5,000,000 | | 5,309,650 |
| Series E 5.00% 10/1/26 | 3,395,000 | | 4,329,847 |
| (Various Purposes) | | | |
| Series A 5.00% 8/1/27 | 7,590,000 | | 9,327,731 |
| Series A 5.00% 8/1/29 | 2,500,000 | | 3,055,225 |
| Series A 5.00% 8/1/30 | 4,200,000 | | 4,958,100 |
| Series A 5.00% 8/1/32 | 3,875,000 | | 4,555,217 |
| Series A 5.00% 8/1/33 | 2,075,000 | | 2,698,185 |
| Series A 5.00% 10/1/33 | 1,000,000 | | 1,270,360 |
| Series A 5.00% 8/1/35 | 2,975,000 | | 3,839,297 |
| Series A 5.00% 8/1/38 | 3,450,000 | | 4,407,271 |
| Series A Unrefunded Balance 4.00% 8/1/27 | 955,000 | | 1,020,026 |
| Series D 5.00% 8/1/26 | 6,000,000 | | 7,615,020 |
| Series D 5.00% 8/1/27 | 2,525,000 | | 3,195,893 |
| | | | 65,376,069 |
12 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Municipal Bonds (continued) | | | |
| Transportation Revenue Bonds - 6.78% | | | |
| Minneapolis – St. Paul Metropolitan Airports Commission | | | |
| Revenue | | | |
| (Senior) | | | |
| Series C 5.00% 1/1/29 | 350,000 | $ | 422,607 |
| Series C 5.00% 1/1/33 | 850,000 | | 1,001,683 |
| Series C 5.00% 1/1/36 | 600,000 | | 699,936 |
| Series C 5.00% 1/1/41 | 600,000 | | 691,878 |
| Series C 5.00% 1/1/46 | 1,595,000 | | 1,824,712 |
| (Subordinate) | | | |
| Series A 5.00% 1/1/35 | 1,000,000 | | 1,110,560 |
| Series A 5.00% 1/1/44 | 3,000,000 | | 3,571,140 |
| Series A 5.00% 1/1/49 | 5,000,000 | | 5,915,100 |
| Series B 5.00% 1/1/26 | 575,000 | | 610,610 |
| Series B 5.00% 1/1/27 | 1,160,000 | | 1,231,270 |
| Series B 5.00% 1/1/28 | 2,750,000 | | 2,916,733 |
| Series B 5.00% 1/1/29 | 120,000 | | 127,177 |
| Series B 5.00% 1/1/30 | 1,675,000 | | 1,773,557 |
| Series B 5.00% 1/1/31 | 1,750,000 | | 1,850,975 |
| Series B 5.00% 1/1/44 (AMT) | 3,595,000 | | 4,206,581 |
| Series B 5.00% 1/1/49 (AMT) | 6,150,000 | | 7,151,835 |
| St. Paul Port Authority Revenue | | | |
| (Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 | 3,200,000 | | 3,214,496 |
| | | | 38,320,850 |
| Water & Sewer Revenue Bonds - 3.15% | | | |
| Guam Government Waterworks Authority | | | |
| 5.00% 7/1/40 | 1,930,000 | | 2,083,300 |
| Metropolitan Council General Obligation Wastewater | | | |
| Revenue | | | |
| (Minneapolis-St. Paul Metropolitan Area) | | | |
| Series B 4.00% 9/1/27 | 2,400,000 | | 2,582,784 |
| Series B 5.00% 9/1/25 | 2,000,000 | | 2,207,120 |
| Series C 4.00% 3/1/31 | 3,120,000 | | 3,716,794 |
| Series C 4.00% 3/1/32 | 3,225,000 | | 3,811,692 |
| Series E 5.00% 9/1/23 | 2,000,000 | | 2,212,840 |
| Minnesota Public Facilities Authority | | | |
| Series B 4.00% 3/1/26 | 1,000,000 | | 1,195,080 |
| | | | 17,809,610 |
| Total Municipal Bonds (cost $540,653,290) | | | 554,304,394 |
NQ- 301 [5/20] 7/20 (1236753) 13
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| | | |
| | Principal amount° | | Value (U. S. $) |
| Short-Term Investments – 0.77% | | | |
| Variable Rate Demand Notes - 0.77%¤ | | | |
| Minneapolis Health Care System Revenue | | | |
| (Fairview Health Services) Series C 0.06% 11/15/48 | | | |
| (LOC – Wells Fargo Bank N. A. ) | 900,000 | $ | 900,000 |
| Minneapolis – St. Paul Housing & Redevelopment Authority | | | |
| Health Care Revenue | | | |
| (Allina Health System) | | | |
| Series B-1 | | | |
| 0.05% 11/15/35 (LOC – JPMorgan Chase Bank N. A. ) | 3,200,000 | | 3,200,000 |
| Series B-2 | | | |
| 0.05% 11/15/35 (LOC – JPMorgan Chase Bank N. A. ) | 240,000 | | 240,000 |
| Total Short-Term Investments (cost $4,340,000) | | | 4,340,000 |
| |
| Total Value of Securities – 98.86% | | | |
| (cost $544,993,290) | | | 558,644,394 |
| Receivables and Other Assets Net of Liabilities – 1.14% | | | 6,460,422 |
| Net Assets Applicable to 46,264,038 Shares Outstanding – 100.00% | | $ | 565,104,816 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At May 31, 2020, the aggregate value of Rule 144A securities was $10,520,336, which represents |
| | 1.86% 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 May 31, 2020. |
| § | 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: |
| 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 |
14 NQ- 301 [5/20] 7/20 (1236753)
(Unaudited)
|
| Summary of abbreviations (continued): |
| N. A. – National Association |
| NATL – Insured by National Public Finance Guarantee Corporation |
| USD – US Dollar |
NQ- 301 [5/20] 7/20 (1236753) 15
