Schedule of investments
Delaware Tax-Free Minnesota Fund | November 30, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 98.70% | |||
Education Revenue Bonds — 22.75% | |||
Bethel, Minnesota Charter School Lease Revenue | |||
(Spectrum High School Project) | |||
Series A 4.25% 7/1/47 | 1,550,000 | $ 1,201,917 | |
Series A 4.375% 7/1/52 | 1,250,000 | 953,075 | |
Brooklyn Park, Minnesota Charter School Lease Revenue | |||
(Prairie Seeds Academy Project) | |||
Series A 5.00% 3/1/34 | 2,120,000 | 1,987,076 | |
Series A 5.00% 3/1/39 | 385,000 | 346,146 | |
Cologne, Minnesota Charter School Lease Revenue | |||
(Cologne Academy Project) Series A 5.00% 7/1/45 | 1,705,000 | 1,542,121 | |
Deephaven, Minnesota Charter School Revenue | |||
(Eagle Ridge Academy Project) | |||
Series A 5.25% 7/1/40 | 500,000 | 496,695 | |
Series A 5.50% 7/1/50 | 2,000,000 | 1,948,140 | |
Duluth Housing & Redevelopment Authority Revenue | |||
(Duluth Public Schools Academy Project) Series A 5.00% 11/1/48 | 3,355,000 | 2,923,849 | |
Duluth Independent School District No. 709 Revenue | |||
Series B 5.00% 2/1/28 | 350,000 | 375,995 | |
Forest Lake, Minnesota Charter School Revenue | |||
(Lakes International Language Academy Project) | |||
Series A 5.25% 8/1/43 | 400,000 | 369,512 | |
Series A 5.375% 8/1/50 | 2,290,000 | 2,103,433 | |
Series A 5.50% 8/1/36 | 580,000 | 578,382 | |
Series A 5.75% 8/1/44 | 1,895,000 | 1,852,287 | |
Ham Lake, Minnesota Charter School Lease Revenue | |||
(DaVinci Academy Project) | |||
Series A 5.00% 7/1/36 | 765,000 | 706,034 | |
Series A 5.00% 7/1/47 | 2,290,000 | 1,907,226 | |
Hugo, Minnesota Charter School Lease Revenue | |||
(Noble Academy Project) Series A 5.00% 7/1/44 | 2,545,000 | 2,279,582 | |
Minneapolis, Minnesota Charter School Lease Revenue | |||
(Cyber Village Academy Project) | |||
Series A 5.25% 6/1/42 | 750,000 | 703,582 | |
Series A 5.50% 6/1/57 | 500,000 | 466,800 | |
(Hiawatha Academies Project) | |||
Series A 144A 5.00% 7/1/32 # | 300,000 | 294,657 | |
Series A 144A 5.375% 7/1/42 # | 880,000 | 816,992 | |
Series A 144A 5.50% 7/1/52 # | 1,440,000 | 1,300,421 |
NQ- 301 [1123] 0124 (3318281) 1
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Minneapolis, Minnesota Charter School Lease Revenue | |||
(Hiawatha Academies Project) | |||
Series A 144A 5.50% 7/1/57 # | 1,120,000 | $ 999,701 | |
Minneapolis, Minnesota Student Housing Revenue | |||
(Riverton Community Housing Project) | |||
5.25% 8/1/39 | 675,000 | 675,857 | |
5.50% 8/1/49 | 3,250,000 | 3,253,055 | |
Minnesota Higher Education Facilities Authority Revenue | |||
(Bethel University) 5.00% 5/1/37 | 1,500,000 | 1,426,680 | |
(Carleton College) | |||
4.00% 3/1/35 | 1,000,000 | 1,014,060 | |
4.00% 3/1/36 | 415,000 | 419,212 | |
4.00% 3/1/47 | 3,500,000 | 3,384,430 | |
5.00% 3/1/44 | 1,275,000 | 1,311,057 | |
5.00% 3/1/53 | 2,900,000 | 3,083,077 | |
(College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 885,760 | |
(College of St. Scholastica) | |||
4.00% 12/1/29 | 280,000 | 277,312 | |
4.00% 12/1/30 | 290,000 | 285,876 | |
4.00% 12/1/33 | 500,000 | 485,010 | |
4.00% 12/1/34 | 500,000 | 481,920 | |
4.00% 12/1/40 | 1,200,000 | 1,061,820 | |
(Gustavus Adolphus College) 5.00% 10/1/47 | 6,850,000 | 6,921,582 | |
(Macalester College) 4.00% 3/1/42 | 500,000 | 495,725 | |
(St. Catherine University) | |||
5.00% 10/1/52 | 2,000,000 | 1,974,060 | |
Series A 4.00% 10/1/36 | 925,000 | 898,499 | |
Series A 5.00% 10/1/32 | 715,000 | 755,583 | |
Series A 5.00% 10/1/35 | 875,000 | 912,196 | |
Series A 5.00% 10/1/45 | 2,905,000 | 2,915,458 | |
(St. John's University) | |||
Series 8-I 5.00% 10/1/32 | 500,000 | 513,135 | |
Series 8-I 5.00% 10/1/33 | 250,000 | 256,580 | |
(St. Olaf College) | |||
3.00% 10/1/38 | 1,000,000 | 856,470 | |
4.00% 10/1/46 | 565,000 | 545,310 | |
4.00% 10/1/50 | 700,000 | 661,864 | |
Series 8-G 5.00% 12/1/31 | 670,000 | 689,745 |
2 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
Minnesota Higher Education Facilities Authority Revenue | |||
(St. Olaf College) | |||
Series 8-G 5.00% 12/1/32 | 670,000 | $ 689,618 | |
Series 8-N 4.00% 10/1/35 | 500,000 | 503,180 | |
(Trustees of the Hamline University) | |||
Series B 5.00% 10/1/37 | 955,000 | 964,703 | |
Series B 5.00% 10/1/38 | 1,000,000 | 1,007,410 | |
Series B 5.00% 10/1/39 | 940,000 | 945,179 | |
Series B 5.00% 10/1/40 | 625,000 | 627,488 | |
Series B 5.00% 10/1/47 | 1,060,000 | 1,052,283 | |
(University of St. Thomas) | |||
4.00% 10/1/36 | 700,000 | 704,949 | |
4.00% 10/1/37 | 750,000 | 746,828 | |
4.00% 10/1/44 | 1,800,000 | 1,681,146 | |
5.00% 10/1/34 | 800,000 | 864,912 | |
5.00% 10/1/40 | 1,595,000 | 1,668,593 | |
Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,296,150 | |
Series A 4.00% 10/1/34 | 400,000 | 405,420 | |
Series A 4.00% 10/1/36 | 500,000 | 502,405 | |
Series A 5.00% 10/1/35 | 1,720,000 | 1,872,547 | |
Minnesota Office of Higher Education Revenue | |||
(Senior Supplemental Student Loan Program) | |||
2.65% 11/1/38 (AMT) | 645,000 | 560,144 | |
4.00% 11/1/42 (AMT) | 1,300,000 | 1,231,776 | |
Minnesota State Colleges & Universities Revenue | |||
Series A 5.00% 10/1/26 | 4,990,000 | 5,260,358 | |
Otsego, Minnesota Charter School Lease Revenue | |||
(Kaleidoscope Charter School) | |||
Series A 5.00% 9/1/34 | 520,000 | 492,211 | |
Series A 5.00% 9/1/44 | 1,565,000 | 1,352,223 | |
St. Cloud, Minnesota Charter School Lease Revenue | |||
(Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 683,646 | |
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | |||
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50 | 2,770,000 | 2,286,219 | |
(Great River School Project) Series A 144A 5.50% 7/1/52 # | 735,000 | 702,388 | |
(Hmong College Preparatory Academy Project) | |||
Series A 5.00% 9/1/55 | 1,000,000 | 859,060 | |
Series A 5.75% 9/1/46 | 1,000,000 | 992,370 |
NQ- 301 [1123] 0124 (3318281) 3
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds (continued) | |||
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | |||
(Nova Classical Academy Project) Series A 4.125% 9/1/47 | 1,750,000 | $ 1,339,188 | |
(Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | 1,331,942 | |
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
(Hmong College Preparatory Academy Project) Series A 5.00% 9/1/40 | 375,000 | 348,416 | |
University of Minnesota Revenue | |||
Series A 5.00% 4/1/34 | 2,115,000 | 2,189,025 | |
Series A 5.00% 9/1/34 | 1,125,000 | 1,203,402 | |
Series A 5.00% 4/1/35 | 3,175,000 | 3,281,807 | |
Series A 5.00% 4/1/37 | 1,125,000 | 1,155,746 | |
Series A 5.00% 9/1/41 | 750,000 | 782,610 | |
Series A 5.00% 9/1/42 | 2,100,000 | 2,185,932 | |
Series A 5.00% 11/1/42 | 2,000,000 | 2,167,880 | |
Woodbury, Minnesota Revenue | |||
(Woodbury Leadership Academy Project) Series A 4.00% 7/1/51 | 1,500,000 | 1,049,820 | |
109,583,930 | |||
Electric Revenue Bonds — 7.17% | |||
Chaska, Minnesota Electric Revenue | |||
(Generating Facilities) Series A 5.00% 10/1/30 | 1,150,000 | 1,188,042 | |
Minnesota Municipal Power Agency Electric Revenue | |||
4.00% 10/1/41 | 1,000,000 | 993,630 | |
5.00% 10/1/29 | 395,000 | 400,649 | |
5.00% 10/1/30 | 500,000 | 507,070 | |
5.00% 10/1/33 | 1,205,000 | 1,220,255 | |
5.00% 10/1/47 | 2,000,000 | 2,050,700 | |
Series A 5.00% 10/1/30 | 1,060,000 | 1,074,988 | |
Series A 5.00% 10/1/34 | 750,000 | 759,495 | |
Series A 5.00% 10/1/35 | 1,525,000 | 1,543,941 | |
Northern Municipal Power Agency Electric System Revenue | |||
5.00% 1/1/29 | 585,000 | 606,850 | |
5.00% 1/1/41 | 400,000 | 408,784 | |
Series A 5.00% 1/1/26 | 425,000 | 425,535 | |
Series A 5.00% 1/1/31 | 520,000 | 520,598 |
4 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Electric Revenue Bonds (continued) | |||
Puerto Rico Electric Power Authority Revenue | |||
Series A 5.05% 7/1/42 ‡ | 430,000 | $ 108,575 | |
Series AAA 5.25% 7/1/25 ‡ | 250,000 | 63,125 | |
Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 473,437 | |
Series WW 5.25% 7/1/33 ‡ | 1,250,000 | 315,625 | |
Series XX 4.75% 7/1/26 ‡ | 260,000 | 65,650 | |
Series XX 5.75% 7/1/36 ‡ | 925,000 | 233,563 | |
Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 53,025 | |
Series ZZ 5.25% 7/1/24 ‡ | 350,000 | 88,375 | |
Rochester, Minnesota Electric Utility Revenue | |||
Series A 5.00% 12/1/47 | 3,660,000 | 3,747,071 | |
Southern Minnesota Municipal Power Agency Revenue | |||
Series A 5.00% 1/1/42 | 4,315,000 | 4,527,255 | |
Series A 5.00% 1/1/46 | 3,310,000 | 3,376,101 | |
(Capital Appreciation) Series A 4.965% 1/1/25 (NATL) ^ | 5,000,000 | 4,802,150 | |
St. Paul Housing & Redevelopment Authority Revenue | |||
Series A 4.00% 10/1/31 | 885,000 | 900,425 | |
Series A 4.00% 10/1/33 | 365,000 | 369,975 | |
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
Series A 4.00% 10/1/30 | 1,235,000 | 1,264,220 | |
Western Minnesota Municipal Power Agency Supply Revenue | |||
Series A 5.00% 1/1/30 | 1,000,000 | 1,120,670 | |
(Red Rock Hydroelectric Project) Series A 5.00% 1/1/49 | 1,300,000 | 1,340,573 | |
34,550,352 | |||
Healthcare Revenue Bonds — 32.60% | |||
Anoka, Minnesota Healthcare & Housing Facilities Revenue | |||
(The Homestead at Anoka Project) | |||
5.375% 11/1/34 | 320,000 | 299,034 | |
5.125% 11/1/49 | 1,100,000 | 881,397 | |
Apple Valley, Minnesota Senior Housing Revenue | |||
(PHS Apple Valley Senior Housing Orchard Path Phase II Project) | |||
4.00% 9/1/51 | 500,000 | 394,465 | |
4.00% 9/1/61 | 500,000 | 366,300 | |
(PHS Senior Housing, Inc. Orchard Path Project) | |||
4.50% 9/1/53 | 500,000 | 426,505 |
NQ- 301 [1123] 0124 (3318281) 5
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Apple Valley, Minnesota Senior Housing Revenue | |||
(PHS Senior Housing, Inc. Orchard Path Project) | |||
5.00% 9/1/58 | 1,605,000 | $ 1,467,259 | |
Apple Valley, Minnesota Senior Living Revenue | |||
(Senior Living LLC Project) | |||
2nd Tier Series B 5.00% 1/1/47 | 1,640,000 | 954,283 | |
2nd Tier Series B 5.25% 1/1/37 | 480,000 | 343,224 | |
4th Tier Series D 7.00% 1/1/37 | 1,585,000 | 1,096,091 | |
4th Tier Series D 7.25% 1/1/52 | 2,580,000 | 1,610,771 | |
Bethel, Minnesota Housing & Health Care Facilities Revenue | |||
(Benedictine Health System – St. Peter Communities Project) Series A 5.50% 12/1/48 | 2,350,000 | 1,862,586 | |
Bethel, Minnesota Senior Housing Revenue | |||
(The Lodge at the Lakes at Stillwater Project) | |||
5.00% 6/1/38 | 450,000 | 372,807 | |
5.00% 6/1/48 | 1,000,000 | 740,250 | |
5.00% 6/1/53 | 2,450,000 | 1,757,581 | |
Center City, Minnesota Health Care Facilities Revenue | |||
(Hazelden Betty Ford Foundation Project) | |||
4.00% 11/1/34 | 500,000 | 471,600 | |
4.00% 11/1/41 | 2,000,000 | 1,743,600 | |
4.50% 11/1/34 | 1,700,000 | 1,675,435 | |
5.00% 11/1/24 | 600,000 | 604,314 | |
5.00% 11/1/26 | 500,000 | 502,930 | |
Chatfield, Minnesota Healthcare & Housing Facilities Revenue | |||
(Chosen Valley Care Center Project) 5.00% 9/1/44 | 500,000 | 403,505 | |
Crookston, Minnesota Health Care Facilities Revenue | |||
(Riverview Health Project) | |||
5.00% 5/1/38 | 100,000 | 78,869 | |
5.00% 5/1/44 | 1,500,000 | 1,109,910 | |
5.00% 5/1/51 | 1,585,000 | 1,111,465 | |
Dakota County Community Development Agency Senior Housing Revenue | |||
(Walker Highview Hills Project) | |||
Series A 144A 5.00% 8/1/36 # | 280,000 | 274,072 | |
Series A 144A 5.00% 8/1/46 # | 1,500,000 | 1,349,625 | |
Series A 144A 5.00% 8/1/51 # | 880,000 | 772,570 |
6 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Deephaven, Minnesota Housing & Healthcare Facility Revenue | |||
(St. Therese Senior Living Project) | |||
Series A 5.00% 4/1/38 | 730,000 | $ 622,770 | |
Series A 5.00% 4/1/40 | 705,000 | 589,514 | |
Series A 5.00% 4/1/48 | 315,000 | 245,807 | |
Duluth Economic Development Authority Revenue | |||
(Benedictine Health System) Series A 4.00% 7/1/31 | 1,125,000 | 996,514 | |
(Essentia Health Obligated Group) | |||
Series A 4.25% 2/15/43 | 3,300,000 | 3,189,912 | |
Series A 5.00% 2/15/53 | 6,100,000 | 6,109,028 | |
Series A 5.00% 2/15/58 | 11,100,000 | 11,012,310 | |
Series A 5.25% 2/15/58 | 7,250,000 | 7,295,965 | |
(St. Luke’s Hospital of Duluth Obligated Group) | |||
4.00% 6/15/36 | 400,000 | 375,956 | |
Series A 3.00% 6/15/44 | 650,000 | 443,462 | |
Series A 4.00% 6/15/34 | 215,000 | 207,318 | |
Series A 4.00% 6/15/36 | 590,000 | 554,535 | |
Series A 4.00% 6/15/37 | 380,000 | 348,677 | |
Series A 4.00% 6/15/38 | 150,000 | 134,148 | |
Series A 4.00% 6/15/39 | 150,000 | 132,351 | |
Series B 5.25% 6/15/52 | 500,000 | 495,190 | |
Glencoe, Minnesota Health Care Facilities Revenue | |||
(Glencoe Regional Health Services Project) | |||
4.00% 4/1/24 | 500,000 | 499,970 | |
4.00% 4/1/25 | 660,000 | 655,011 | |
4.00% 4/1/31 | 60,000 | 58,721 | |
Hayward, Minnesota Health Care Facilities Revenue | |||
(American Baptist Homes Midwest Obligated Group) | |||
5.375% 8/1/34 | 660,000 | 577,599 | |
5.75% 2/1/44 | 500,000 | 405,725 | |
(St. John's Lutheran Home of Albert Lea Project) Series A 5.375% 10/1/44 | 400,000 | 244,000 | |
Maple Grove, Minnesota Health Care Facilities Revenue | |||
(Maple Grove Hospital Corporation) | |||
4.00% 5/1/37 | 2,000,000 | 1,860,180 | |
5.00% 5/1/27 | 1,400,000 | 1,455,622 | |
5.00% 5/1/29 | 1,000,000 | 1,036,740 | |
5.00% 5/1/30 | 850,000 | 880,396 | |
5.00% 5/1/31 | 500,000 | 516,840 |
NQ- 301 [1123] 0124 (3318281) 7
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Maple Grove, Minnesota Health Care Facilities Revenue | |||
(Maple Grove Hospital Corporation) | |||
5.00% 5/1/32 | 825,000 | $ 849,750 | |
(North Memorial Health Care) | |||
4.00% 9/1/35 | 350,000 | 333,809 | |
5.00% 9/1/31 | 1,000,000 | 1,017,640 | |
5.00% 9/1/32 | 1,000,000 | 1,015,720 | |
Maple Plain, Minnesota Senior Housing & Health Care Revenue | |||
(Haven Homes Project) 5.00% 7/1/54 | 3,500,000 | 2,885,995 | |
Minneapolis, Minnesota Health Care System Revenue | |||
(Allina Health System) | |||
4.00% 11/15/38 | 2,000,000 | 1,997,540 | |
4.00% 11/15/40 | 2,500,000 | 2,447,775 | |
(Fairview Health Services) Series A 5.00% 11/15/32 | 500,000 | 506,410 | |
Minneapolis, Minnesota Senior Housing & Healthcare Revenue | |||
(Ecumen-Abiitan Mill City Project) | |||
5.00% 11/1/35 | 500,000 | 448,020 | |
5.25% 11/1/45 | 1,950,000 | 1,673,295 | |
5.375% 11/1/50 | 655,000 | 561,866 | |
Minneapolis. Minnesota Health Care System Revenue | |||
(Fairview Health Services) | |||
Series A 4.00% 11/15/48 | 6,790,000 | 5,794,111 | |
Series A 5.00% 11/15/34 | 500,000 | 505,090 | |
Series A 5.00% 11/15/35 | 1,500,000 | 1,557,720 | |
Series A 5.00% 11/15/44 | 1,000,000 | 1,005,570 | |
Series A 5.00% 11/15/49 | 6,115,000 | 6,175,171 | |
Minneapolis–St. Paul, Minnesota Housing & Redevelopment Authority Health Care Revenue | |||
(Allina Health System) Series A 5.00% 11/15/28 | 1,550,000 | 1,627,376 | |
Rochester, Minnesota Health Care Facilities Revenue | |||
(Mayo Clinic) | |||
4.00% 11/15/39 | 9,350,000 | 9,467,436 | |
5.00% 11/15/57 | 7,250,000 | 7,825,577 | |
Series B 5.00% 11/15/33 | 1,750,000 | 2,042,058 | |
(The Homestead at Rochester Project) Series A 6.875% 12/1/48 | 3,230,000 | 3,119,922 |
8 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Sartell, Minnesota Health Care & Housing Facilities Revenue | |||
(Country Manor Campus LLC Project) | |||
5.30% 9/1/37 | 1,200,000 | $ 1,124,148 | |
Series A 5.00% 9/1/35 | 250,000 | 232,913 | |
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue | |||
(Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,375,000 | 1,137,153 | |
Shakopee, Minnesota Health Care Facilities Revenue | |||
(St. Francis Regional Medical Center) | |||
4.00% 9/1/31 | 915,000 | 886,589 | |
5.00% 9/1/24 | 575,000 | 580,348 | |
5.00% 9/1/25 | 750,000 | 756,952 | |
5.00% 9/1/26 | 575,000 | 578,795 | |
5.00% 9/1/27 | 405,000 | 407,365 | |
5.00% 9/1/28 | 425,000 | 426,951 | |
5.00% 9/1/29 | 425,000 | 426,832 | |
5.00% 9/1/34 | 730,000 | 732,591 | |
St. Cloud, Minnesota Health Care Revenue | |||
(Centracare Health System Project) | |||
4.00% 5/1/49 | 6,315,000 | 5,876,297 | |
Series A 4.00% 5/1/37 | 1,765,000 | 1,758,681 | |
Series A 5.00% 5/1/46 | 5,275,000 | 5,323,425 | |
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue | |||
(Marian Center Project) Series A 5.30% 11/1/30 | 445,000 | 424,664 | |
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
(Amherst H. Wilder Foundation Project) | |||
Series A 5.00% 12/1/30 | 300,000 | 301,401 | |
Series A 5.00% 12/1/36 | 750,000 | 731,805 | |
(Fairview Health Services) | |||
Series A 4.00% 11/15/43 | 2,450,000 | 2,181,308 | |
Series A 5.00% 11/15/47 | 2,240,000 | 2,258,077 | |
(HealthPartners Obligated Group Project) | |||
Series A 5.00% 7/1/30 | 2,200,000 | 2,235,046 | |
Series A 5.00% 7/1/33 | 4,760,000 | 4,824,974 | |
(Marian Center Project) Series A 5.375% 5/1/43 | 500,000 | 421,905 |
NQ- 301 [1123] 0124 (3318281) 9
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue | |||
(Episcopal Homes Project) 5.125% 5/1/48 | 4,000,000 | $ 3,183,080 | |
Wayzata, Minnesota Senior Housing Revenue | |||
(Folkestone Senior Living Community) | |||
3.75% 8/1/36 | 500,000 | 441,870 | |
4.00% 8/1/44 | 800,000 | 662,400 | |
West St. Paul, Minnesota Housing & Health Care Facilities Revenue | |||
(Walker Westwood Ridge Campus Project) | |||
4.50% 11/1/40 | 250,000 | 217,213 | |
4.75% 11/1/52 | 750,000 | 617,572 | |
Woodbury, Minnesota Housing & Redevelopment Authority Revenue | |||
(St. Therese of Woodbury) 5.125% 12/1/44 | 2,105,000 | 1,810,405 | |
157,033,320 | |||
Housing Revenue Bonds — 1.84% | |||
Minnesota Housing Finance Agency Revenue | |||
Series D 5.50% 7/1/53 | 1,990,000 | 2,097,161 | |
Series F 4.50% 1/1/43 | 1,405,000 | 1,415,833 | |
Series I 2.00% 7/1/40 | 630,000 | 448,818 | |
Series I 2.20% 1/1/51 | 1,195,000 | 720,800 | |
Series O 4.45% 7/1/38 | 1,700,000 | 1,737,332 | |
Series O 4.65% 7/1/41 | 650,000 | 662,825 | |
Northwest Multi-County Housing & Redevelopment Authority Revenue | |||
(Pooled Housing Program) 5.50% 7/1/45 | 1,890,000 | 1,778,566 | |
8,861,335 | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.88% | |||
Cottonwood Revenue, Minnesota | |||
(Extreme Holdings LLC Project) Series A 144A 5.00% 12/1/50 (AMT) # | 1,000,000 | 729,490 | |
Minnesota Municipal Gas Agency Revenue | |||
(Subordinate) | |||
Series A 4.00% 12/1/52 • | 3,625,000 | 3,607,020 | |
Sub-Series A 4.00% 12/1/27 | 1,300,000 | 1,303,588 |
10 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue | |||
(Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 # | 8,665,000 | $ 8,210,781 | |
13,850,879 | |||
Lease Revenue Bonds — 1.35% | |||
Hibbing Independent School District No. 701 Revenue | |||
Series A 3.00% 3/1/41 | 1,250,000 | 1,032,887 | |
Minnesota Housing Finance Agency Revenue | |||
(State Appropriation Housing Infrastructure) | |||
Series A 4.00% 8/1/33 | 655,000 | 667,013 | |
Series C 5.00% 8/1/34 | 1,565,000 | 1,578,803 | |
Series C 5.00% 8/1/35 | 1,645,000 | 1,658,127 | |
New London Economic Development Authority Revenue | |||
(SWWC Service Cooperative Lease with Option to Purchase Project) 5.125% 2/1/43 | 1,250,000 | 1,216,450 | |
(SWWC Service Cooperative Lease With Option to Purchase Project) 4.50% 2/1/33 | 345,000 | 339,891 | |
6,493,171 | |||
Local General Obligation Bonds — 16.56% | |||
Anoka-Hennepin Independent School District No. 11 | |||
(Minnesota School District Credit Enhancement Program) | |||
Series A 3.00% 2/1/43 | 750,000 | 632,040 | |
Series A 3.00% 2/1/45 | 2,600,000 | 2,138,162 | |
Brainerd, Minnesota Independent School District No. 181 | |||
(School Building) | |||
Series A 4.00% 2/1/38 | 1,500,000 | 1,513,350 | |
Series A 4.00% 2/1/42 | 3,500,000 | 3,506,720 | |
Cass Lake-Bena Independent School District No. 115 | |||
(Minnesota School District Credit Enhancement Program) | |||
Series A 4.00% 2/1/41 | 915,000 | 920,280 | |
Series A 4.00% 2/1/42 | 2,260,000 | 2,269,492 | |
Series A 4.00% 2/1/43 | 1,925,000 | 1,929,774 | |
Corcoran, Minnesota | |||
Series A 4.00% 2/1/53 (BAM) | 2,000,000 | 1,914,240 |
NQ- 301 [1123] 0124 (3318281) 11
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
Dilworth Glyndon Felton Independent School District No. 2164 | |||
Series A 3.00% 2/1/37 | 1,000,000 | $ 908,160 | |
Series A 3.00% 2/1/41 | 1,000,000 | 827,370 | |
Duluth, Minnesota | |||
(DECC Improvement) Series A 5.00% 2/1/34 | 1,000,000 | 1,031,870 | |
Elk River Independent School District No. 728 | |||
Series A 3.00% 2/1/40 | 1,555,000 | 1,306,573 | |
Gibbon, Minnesota Independent School District No. 2365 | |||
Series A 4.125% 2/1/52 | 1,000,000 | 996,840 | |
Series A 5.00% 2/1/48 | 1,850,000 | 1,971,545 | |
Hennepin County, Minnesota | |||
Series A 5.00% 12/1/36 | 700,000 | 734,937 | |
Series A 5.00% 12/1/36 | 2,855,000 | 3,186,437 | |
Series A 5.00% 12/1/37 | 2,850,000 | 3,030,462 | |
Series A 5.00% 12/1/38 | 3,310,000 | 3,508,103 | |
Series B 5.00% 12/1/30 | 1,000,000 | 1,058,690 | |
Lakeville Independent School District No 194 | |||
(Lakeville area schools) | |||
Series A 4.00% 2/1/34 | 800,000 | 862,512 | |
Series A 4.00% 2/1/35 | 1,060,000 | 1,133,956 | |
Maple Grove, Minnesota | |||
Series A 4.00% 2/1/35 | 1,000,000 | 1,044,600 | |
Metropolitan Council General Obligation Wastewater | |||
(Minneapolis-St. Paul Metropolitan Area) Series C 4.00% 3/1/43 | 1,250,000 | 1,238,300 | |
Minneapolis Special School District No. 1 | |||
(School Building) Series B 4.00% 2/1/39 | 600,000 | 604,008 | |
Minneapolis, Minnesota | |||
(Green Bond) 3.00% 12/1/38 | 2,975,000 | 2,590,481 | |
(Green Bonds) | |||
3.00% 12/1/37 | 3,075,000 | 2,716,455 | |
3.00% 12/1/40 | 1,875,000 | 1,586,850 | |
3.00% 12/1/42 | 3,400,000 | 2,837,436 | |
Mounds View, Minnesota Independent School District No. 621 | |||
Series A 4.00% 2/1/39 | 1,850,000 | 1,880,044 |
12 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
Mounds View, Minnesota Independent School District No. 621 | |||
(Minnesota School District Credit Enhancement Program) Series A 4.00% 2/1/43 | 3,000,000 | $ 2,988,930 | |
Mountain Iron-Buhl Independent School District No. 712 | |||
(School Building) Series A 4.00% 2/1/26 | 1,315,000 | 1,332,950 | |
Ramsey County, Minnesota | |||
Series B 4.00% 2/1/42 | 1,000,000 | 996,790 | |
Redwood Area Schools Independent School District No. 2897 | |||
4.00% 2/1/42 | 2,210,000 | 2,216,542 | |
4.00% 2/1/43 | 1,130,000 | 1,132,802 | |
Rice County, Minnesota | |||
Series A 5.00% 2/1/44 | 3,865,000 | 4,249,567 | |
Rosemount, Minnesota | |||
Series A 4.00% 2/1/53 | 7,255,000 | 7,074,133 | |
Rosemount-Apple Valley-Eagan Independent School District No. 196 | |||
Series A 4.00% 2/1/44 | 2,590,000 | 2,571,456 | |
St. Michael-Albertville Independent School District No. 885 | |||
(School Building) Series A 5.00% 2/1/27 | 1,865,000 | 1,938,649 | |
Virginia Independent School District No. 706 | |||
Series A 3.00% 2/1/40 | 2,000,000 | 1,709,880 | |
White Bear Lake Independent School District No. 624 | |||
Series A 3.00% 2/1/42 | 4,400,000 | 3,682,184 | |
79,773,570 | |||
Pre-Refunded Bonds — 0.34% | |||
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue | |||
(Healtheast Care System Project) | |||
Series A 5.00% 11/15/29-25 § | 910,000 | 935,143 | |
Series A 5.00% 11/15/30-25 § | 670,000 | 688,512 | |
1,623,655 | |||
Special Tax Revenue Bonds — 3.22% | |||
Commonwealth of Puerto Rico Revenue | |||
(Restructured) 2.63% 11/1/43 • | 1,095,233 | 570,890 |
NQ- 301 [1123] 0124 (3318281) 13
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Minneapolis, Minnesota Charter School Lease Revenue | |||
(YMCA Greater Twin Cities Project) 4.00% 6/1/30 | 250,000 | $ 253,523 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 0.098% 7/1/46 ^ | 2,750,000 | 811,498 | |
Series A-1 1.26% 7/1/51 ^ | 31,552,000 | 6,864,453 | |
Series A-1 4.75% 7/1/53 | 5,100,000 | 4,826,487 | |
St. Paul, Minnesota Sales Tax Revenue | |||
Series G 5.00% 11/1/30 | 655,000 | 664,255 | |
Series G 5.00% 11/1/31 | 1,500,000 | 1,520,655 | |
15,511,761 | |||
State General Obligation Bonds — 3.43% | |||
Commonwealth of Puerto Rico | |||
(Restructured) | |||
Series A-1 4.00% 7/1/37 | 2,000,000 | 1,791,740 | |
Series A-1 4.00% 7/1/46 | 2,000,000 | 1,666,900 | |
Minnesota State | |||
Series A 4.00% 9/1/38 | 625,000 | 639,006 | |
Series A 5.00% 8/1/30 | 1,250,000 | 1,372,575 | |
Series A 5.00% 8/1/37 | 2,925,000 | 3,152,536 | |
Series A 5.00% 8/1/39 | 1,000,000 | 1,087,280 | |
(State Trunk Highway) Series E 5.00% 10/1/26 | 2,980,000 | 3,163,091 | |
(Various Purposes) | |||
Series A 5.00% 8/1/27 | 1,000,000 | 1,035,670 | |
Series A 5.00% 8/1/32 | 1,000,000 | 1,009,150 | |
Series A 5.00% 8/1/35 | 500,000 | 554,790 | |
Series A 5.00% 8/1/38 | 1,000,000 | 1,073,360 | |
16,546,098 | |||
Transportation Revenue Bonds — 5.45% | |||
Minneapolis–St. Paul Metropolitan Airports Commission Revenue | |||
(Private Activity) | |||
Series B 5.00% 1/1/32 (AMT) | 755,000 | 809,005 | |
Series B 5.00% 1/1/39 (AMT) | 1,000,000 | 1,039,550 | |
Series B 5.00% 1/1/49 (AMT) | 6,600,000 | 6,707,646 | |
Series B 5.25% 1/1/47 (AMT) | 2,000,000 | 2,102,980 | |
(Senior) | |||
Series C 5.00% 1/1/33 | 850,000 | 902,462 | |
Series C 5.00% 1/1/36 | 600,000 | 633,030 |
14 NQ- 301 [1123] 0124 (3318281)
(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
Minneapolis–St. Paul Metropolitan Airports Commission Revenue | |||
(Senior) | |||
Series C 5.00% 1/1/41 | 600,000 | $ 623,142 | |
Series C 5.00% 1/1/46 | 1,595,000 | 1,643,712 | |
(Subordinate) | |||
Series A 5.00% 1/1/35 | 1,000,000 | 1,001,070 | |
Series A 5.00% 1/1/44 | 200,000 | 208,520 | |
Series B 5.00% 1/1/35 (AMT) | 1,205,000 | 1,317,318 | |
Series B 5.00% 1/1/44 (AMT) | 9,000,000 | 9,239,040 | |
26,227,475 | |||
Water & Sewer Revenue Bonds — 1.11% | |||
Metropolitan Council General Obligation Wastewater Revenue | |||
(Minneapolis-St. Paul Metropolitan Area) | |||
Series C 4.00% 3/1/31 | 2,000,000 | 2,045,040 | |
Series C 4.00% 3/1/32 | 3,225,000 | 3,296,434 | |
5,341,474 | |||
Total Municipal Bonds (cost $495,925,519) | 475,397,020 | ||
Short-Term Investments — 1.74% | |||
Variable Rate Demand Note — 1.74% | |||
Minneapolis, Minnesota Health Care System Revenue | |||
(Fairview Health Services) Series C 3.40% 11/15/48 (LOC – Wells Fargo Bank N.A.)• | 8,365,000 | 8,365,000 | |
Total Short-Term Investments (cost $8,365,000) | 8,365,000 | ||
Total Value of Securities—100.44% (cost $504,290,519) | 483,762,020 | ||
Liabilities Net of Receivables and Other Assets—(0.44)% | (2,115,794) | ||
Net Assets Applicable to 43,807,378 Shares Outstanding—100.00% | $481,646,226 |
° | 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 November 30, 2023, the aggregate value of Rule 144A securities was $15,450,697, which represents 3.21% of the Fund's net assets. |
‡ | Non-income producing security. Security is currently in default. |
NQ- 301 [1123] 0124 (3318281) 15
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 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. SOFR01M, SOFR03M, 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. |
§ | 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. |
Summary of abbreviations: |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
LLC – Limited Liability Corporation |
LOC – Letter of Credit |
N.A. – National Association |
NATL – Insured by National Public Finance Guarantee Corporation |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
USD – US Dollar |
16 NQ- 301 [1123] 0124 (3318281)