Schedule of investments
Delaware Investments®Minnesota Municipal Income Fund II, Inc.
December 31, 2019 (Unaudited)
| | | | | | | |
| | Principal | | Value | | Principal | | Value |
| | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds - 141.98% | | | | Municipal Bonds (continued) | | | |
| Corporate Revenue Bonds - 1.88% | | | | Education Revenue Bonds (continued) | | | |
| Minneapolis Community | | | | Hugo Charter School Lease | | | |
| Planning & Economic | | | | Revenue | | | |
| Development Department | | | | (Noble Academy Project) | | | |
| (Limited Tax Supported | | | | Series A 5.00% 7/1/44 | 775,000 | $ | 822,298 |
| Common Bond Fund) | | | | Minneapolis Charter School | | | |
| 6.25% 12/1/30 | 1,000,000 | $ | 1,044,580 | Lease Revenue | | | |
| St. Paul Port Authority Solid | | | | (Hiawatha Academies | | | |
| Waste Disposal Revenue | | | | Project) | | | |
| (Gerdau St. Paul Steel Mill | | | | Series A 5.00% 7/1/36 | 750,000 | | 807,293 |
| Project) Series 7 144A | | | | Series A 5.00% 7/1/47 | 900,000 | | 959,436 |
| 4.50% 10/1/37 (AMT) # | 2,100,000 | | 2,170,539 | Minneapolis Student Housing | | | |
| | | | 3,215,119 | Revenue | | | |
| | | | | (Riverton Community | | | |
| Education Revenue Bonds - 22.48% | | | | Housing Project) | | | |
| Bethel Charter School Lease | | | | 5.25% 8/1/39 | 205,000 | | 218,975 |
| Revenue | | | | 5.50% 8/1/49 | 990,000 | | 1,063,517 |
| (Spectrum High School | | | | | | | |
| Project) Series A 4.375% | | | | Minnesota Higher Education | | | |
| 7/1/52 | 1,100,000 | | 1,158,740 | Facilities Authority Revenue | | | |
| Brooklyn Park Charter School | | | | (Bethel University) 5.00% | | | |
| Lease Revenue | | | | 5/1/47 | 1,250,000 | | 1,416,600 |
| (Prairie Seeds Academy | | | | (Carleton College) | | | |
| Project) | | | | 4.00% 3/1/36 | 485,000 | | 547,929 |
| Series A 5.00% 3/1/34 | 990,000 | | 1,021,710 | 5.00% 3/1/44 | 905,000 | | 1,077,430 |
| Series A 5.00% 3/1/39 | 170,000 | | 173,788 | (College of St. Benedict) | | | |
| Cologne Charter School Lease | | | | 4.00% 3/1/36 | 410,000 | | 445,572 |
| Revenue | | | | (Gustavus Adolphus | | | |
| (Cologne Academy Project) | | | | College) 5.00% 10/1/47 | 2,600,000 | | 3,032,172 |
| Series A 5.00% 7/1/29 | 270,000 | | 293,376 | (Macalester College) | | | |
| Series A 5.00% 7/1/45 | 445,000 | | 471,206 | 4.00% 3/1/42 | 900,000 | | 987,102 |
| Deephaven Charter School | | | | 4.00% 3/1/48 | 600,000 | | 654,216 |
| (Eagle Ridge Academy | | | | (St. Catherine University) | | | |
| Project) | | | | Series A 4.00% 10/1/38 | 920,000 | | 988,356 |
| Series A 5.25% 7/1/37 | 590,000 | | 642,127 | Series A 5.00% 10/1/45 | 785,000 | | 910,105 |
| Series A 5.25% 7/1/40 | 500,000 | | 542,090 | (St. Johns University) | | | |
| Duluth Housing & | | | | Series 8-I 5.00% 10/1/31 | 235,000 | | 274,104 |
| Redevelopment Authority | | | | Series 8-I 5.00% 10/1/34 | 35,000 | | 40,634 |
| (Duluth Public Schools | | | | (St. Olaf College) Series | | | |
| Academy Project) Series A | | | | 8-N 4.00% 10/1/35 | 590,000 | | 660,275 |
| 5.00% 11/1/48 | 1,200,000 | | 1,317,348 | (Trustees Of The Hamline | | | |
| Forest Lake Minnesota | | | | University Of Minnesota) | | | |
| Charter School Revenue | | | | Series B 5.00% 10/1/47 | 1,055,000 | | 1,179,195 |
| (Lake International | | | | (University of St. Thomas) | | | |
| Language Academy) | | | | 4.00% 10/1/44 | 645,000 | | 724,064 |
| Series A 5.375% 8/1/50 | 915,000 | | 1,022,851 | 5.00% 10/1/40 | 750,000 | | 925,440 |
| Series A 5.75% 8/1/44 | 705,000 | | 756,648 | Series 7-U 5.00% 4/1/22 | 750,000 | | 813,233 |
| Hugo Charter School Lease | | | | Minnesota Higher Education | | | |
| Revenue | | | | Facilities Authority Revenue | | | |
| (Noble Academy Project) | | | | (University of St. Thomas) | | | |
| Series A 5.00% 7/1/34 | 255,000 | | 273,962 | Series A 4.00% 10/1/37 | 500,000 | | 556,735 |
(continues)NQ-OVJ [12/19] 2/20 (1080114) 1
Schedule of investments
Delaware Investments®Minnesota Municipal Income Fund II, Inc. (Unaudited)
| | | | | | | | | |
| | | Principal | | Value | | | Principal | | Value |
| | | Amount° | | (US $) | | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | | Municipal Bonds (continued) | | | | |
| Education Revenue Bonds (continued) | | | | | Electric Revenue Bonds (continued) | | | | |
| Otsego Charter School | | | | | Minnesota Municipal Power | | | | |
| (Kaleidoscope Charter | | | | | Agency Electric Revenue | | | | |
| School) | | | | | 5.00% 10/1/25 | | 500,000 | $ | 584,125 |
| Series A 5.00% 9/1/34 | | 230,000 | $ | 241,776 | 5.00% 10/1/26 | | 500,000 | | 582,685 |
| Series A 5.00% 9/1/44 | | 400,000 | | 414,940 | 5.00% 10/1/27 | | 320,000 | | 371,680 |
| Rice County Educational | | | | | 5.00% 10/1/47 | | 1,755,000 | | 2,053,648 |
| Facilities Revenue | | | | | Northern Municipal Power | | | | |
| (Shattuck-St. Mary’s | | | | | Agency | | | | |
| School) Series A 144A | | | | | Series A 5.00% 1/1/26 | | 100,000 | | 110,578 |
| 5.00% 8/1/22 # | | 1,250,000 | | 1,310,150 | Series A 5.00% 1/1/30 | | 340,000 | | 372,388 |
| St. Cloud Charter School | | | | | Puerto Rico Electric Power | | | | |
| Lease Revenue | | | | | Authority Revenue | | | | |
| (Stride Academy Project) | | | | | Series CCC 5.25% | | | | |
| Series A 5.00% 4/1/46 | | 375,000 | | 250,687 | 7/1/27‡ | 545,000 | | 415,563 |
| St. Paul Housing & | | | | | Series WW 5.00% | | | | |
| Redevelopment Authority | | | | | 7/1/28‡ | 770,000 | | 585,200 |
| Charter School Lease | | | | | | | | | |
| Revenue | | | | | Rochester Electric Utility | | | | |
| (Academia Cesar Chavez | | | | | Revenue | | | | |
| School Project) Series A | | | | | Series A 5.00% 12/1/42 | | 605,000 | | 714,136 |
| 5.25% 7/1/50 | | 825,000 | | 870,004 | Series A 5.00% 12/1/47 | | 985,000 | | 1,158,468 |
| (Great River School Project) | | | | | Series B 5.00% 12/1/30 | | 1,300,000 | | 1,472,341 |
| Series A 144A 4.75% | | | | | Series B 5.00% 12/1/43 | | 1,000,000 | | 1,122,630 |
| 7/1/29# | 200,000 | | 213,500 | Southern Minnesota | | | | |
| Series A 144A 5.50% | | | | | Municipal Power Agency | | | | |
| 7/1/38# | 240,000 | | 260,846 | Supply Revenue | | | | |
| (Nova Classical Academy | | | | | Series A 5.00% 1/1/41 | | 240,000 | | 278,069 |
| Project) | | | | | Series A 5.00% 1/1/47 | | 1,650,000 | | 1,976,155 |
| Series A 4.125% 9/1/47 | | 750,000 | | 777,870 | St. Paul Housing & | | | | |
| Series A 6.375% 9/1/31 | | 750,000 | | 799,980 | Redevelopment Authority | | | | |
| (Twin Cities Academy | | | | | Charter School Lease | | | | |
| Project) Series A 5.30% | | | | | Revenue | | | | |
| 7/1/45 | | 630,000 | | 678,082 | Series A 4.00% 10/1/33 | | 285,000 | | 315,686 |
| University of Minnesota | | | | | Series B 4.00% 10/1/37 | | 800,000 | | 874,200 |
| Series A 5.00% 9/1/40 | | 1,240,000 | | 1,508,621 | Western Minnesota Municipal | | | | |
| Series A 5.00% 9/1/42 | | 2,000,000 | | 2,422,960 | Power Agency Supply | | | | |
| Series A 5.00% 4/1/44 | | 1,500,000 | | 1,859,505 | Revenue | | | | |
| | | | | | Series A 5.00% 1/1/25 | | 3,000,000 | | 3,339,780 |
| | | | | 38,387,448 | Series A 5.00% 1/1/26 | | 1,000,000 | | 1,112,320 |
| Electric Revenue Bonds - 14.59% | | | | | Western Minnesota Municipal | | | | |
| Central Minnesota Municipal | | | | | Power Agency Supply | | | | |
| Power Agency Revenue | | | | | Revenue | | | | |
| (Brookings Southeast Twin | | | | | Series A 5.00% 1/1/49 | | 3,860,000 | | 4,683,338 |
| Cities Transportation) | | | | | | | | | |
| 5.00% 1/1/32 | | 1,130,000 | | 1,210,072 | | | | | 24,925,620 |
| (Brookings Twin Cities | | | | | Healthcare Revenue Bonds - 37.67% | | | | |
| Transmission Project) | | | | | Anoka Health Care Facilities | | | | |
| 5.00% 1/1/42 | | 1,000,000 | | 1,064,650 | Revenue | | | | |
| Chaska Electric Revenue | | | | | 5.375% 11/1/34 | | 610,000 | | 659,245 |
| Series A 5.00% 10/1/28 | | 445,000 | | 527,908 | | | | | |
2 NQ-OVJ [12/19] 2/20 (1080114)
(Unaudited)
| | | | | | | | |
| | | Principal | | Value | | Principal | | Value |
| | | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | | Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | Healthcare Revenue Bonds (continued) | | |
| Apple Valley Senior Housing | | | | | Deephaven Housing & | | | |
| Revenue | | | | | Healthcare Revenue | | | |
| (PHS Senior Housing, Inc. | | | | | (St. Therese Senior Living | | | |
| Orchard Path Project) | | | | | Project) | | | |
| 4.50% 9/1/53 | | 1,160,000 | $ | 1,206,354 | Series A 5.00% 4/1/38 | 280,000 | $ | 285,858 |
| 5.00% 9/1/58 | | 1,605,000 | | 1,720,432 | Series A 5.00% 4/1/40 | 270,000 | | 275,484 |
| Apple Valley Senior Living | | | | | Duluth Economic | | | |
| Revenue | | | | | Development Authority | | | |
| (Senior Living LLC Project) | | | | | (Essentia Health Obligated | | | |
| Series B 5.00% 1/1/47 | | 750,000 | | 612,593 | Group) Series A 5.00% | | | |
| Series D 7.00% 1/1/37 | | 720,000 | | 709,466 | 2/15/48 | 810,000 | | 959,372 |
| Series D 7.25% 1/1/52 | | 1,000,000 | | 991,390 | (St. Luke’s Hospital | | | |
| Bethel Housing & Health Care | | | | | Authority Obligation | | | |
| Facilities Revenue | | | | | Group) | | | |
| (Benedictine Health | | | | | 5.75% 6/15/32 | 1,400,000 | | 1,517,670 |
| System- St. Peter | | | | | 6.00% 6/15/39 | 1,000,000 | | 1,092,130 |
| Communities Project) | | | | | Hayward | | | |
| Series A 5.50% 12/1/48 | | 500,000 | | 525,475 | (American Baptist Homes | | | |
| Center City Health Care | | | | | Midwest) 5.75% 2/1/44 | 500,000 | | 524,105 |
| Facilities Revenue | | | | | Hayward Health Care | | | |
| (Hazelden Betty Ford | | | | | Facilities Revenue | | | |
| Foundation Project) 5.00% | | | | | (St. John’s Lutheran Home | | | |
| 11/1/27 | | 500,000 | | 573,675 | of Albert Lea) | | | |
| City of Bethel | | | | | 5.375% 10/1/44 | 260,000 | | 270,278 |
| (The Lodge at Lakes at | | | | | Maple Grove Health Care | | | |
| Stillwater Project) 5.25% | | | | | Facilities Revenue | | | |
| 6/1/58 | | 900,000 | | 951,822 | (Maple Grove Hospital | | | |
| City of Center City, Minnesota | | | | | Corporation) 4.00% | | | |
| Healthcare Facilities | | | | | 5/1/37 | 1,000,000 | | 1,091,940 |
| Revenue Refunding | | | | | (North Memorial Health | | | |
| (Hazelden Betty Ford | | | | | Care) 5.00% 9/1/30 | 865,000 | | 1,006,652 |
| Foundation Project) 4.00% | | | | | Maple Plain Senior Housing & | | | |
| 11/1/41 | | 200,000 | | 222,768 | Health Care Revenue | | | |
| City of Crookston, Minnesota | | | | | (Haven Homes Project) | | | |
| Health Care Facilities | | | | | 5.00% 7/1/54 | 1,500,000 | | 1,599,300 |
| Revenue | | | | | Minneapolis Health Care | | | |
| (Riverview Health Project) | | | | | System Revenue | | | |
| 5.00% 5/1/51 | | 1,390,000 | | 1,503,396 | (Fairview Health Services) | | | |
| Cloquet Housing Facilities | | | | | Series A 4.00% 11/15/48 | 2,855,000 | | 3,148,722 |
| Revenue | | | | | Series A 5.00% 11/15/33 | 500,000 | | 587,850 |
| (HADC Cloquet Project) | | | | | Series A 5.00% 11/15/34 | 500,000 | | 585,600 |
| Series A 5.00% 8/1/48 | | 500,000 | | 507,860 | Series A 5.00% 11/15/49 | 2,000,000 | | 2,379,520 |
| Dakota County Community | | | | | Minneapolis Senior Housing & | | | |
| Development Agency | | | | | Healthcare Revenue | | | |
| Senior Housing Revenue | | | | | (Ecumen Mill City Quarter) | | | |
| (Walker Highview Hills | | | | | 5.25% 11/1/45 | 850,000 | | 889,491 |
| Project) | | | | | 5.375% 11/1/50 | 200,000 | | 209,748 |
| Series A 144A 5.00% | | | | | (Ecumen-Abiitan Mill City | | | |
| 8/1/46# | | 370,000 | | 384,855 | Project) 5.00% 11/1/35 | 220,000 | | 230,835 |
| Series A 144A 5.00% | | | | | | | | |
| 8/1/51# | | 755,000 | | 783,418 | | | | |
(continues)NQ-OVJ [12/19] 2/20 (1080114) 3
Schedule of investments
Delaware Investments®Minnesota Municipal Income Fund II, Inc. (Unaudited)
| | | | | | | |
| | Principal | | Value | | Principal | | Value |
| | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | Municipal Bonds (continued) | | | |
| Healthcare Revenue Bonds (continued) | | | Healthcare Revenue Bonds (continued) | | |
| Minneapolis - St. Paul | | | | St. Paul Housing & | | | |
| Housing & Redevelopment | | | | Redevelopment Authority | | | |
| Authority Health Care | | | | Health Care Facilities | | | |
| Revenue | | | | Revenue | | | |
| (Allina Health System) | | | | (Fairview Health Services) | | | |
| Series A 5.00% 11/15/29 | 585,000 | $ | 716,613 | Series A 4.00% 11/15/43 | 905,000 | $ | 995,862 |
| (Children’s Health Care | | | | Series A 5.00% 11/15/47 | 680,000 | | 802,026 |
| Facilities) Series A1 5.00% | | | | (Health Partners Obligation | | | |
| 8/15/34 (AGM) | 500,000 | | 510,290 | Group Project) | | | |
| Rochester Health Care & | | | | 5.00% 7/1/29 | 2,000,000 | | 2,330,380 |
| Housing Revenue | | | | Series A 5.00% 7/1/32 | 1,100,000 | | 1,260,523 |
| (The Homestead at | | | | St. Paul Housing & | | | |
| Rochester Project) Series A | | | | Redevelopment Authority | | | |
| 6.875% 12/1/48 | 1,220,000 | | 1,326,433 | Housing & Health Care | | | |
| Rochester Health Care | | | | Facilities Revenue | | | |
| Facilities Revenue | | | | (Senior Episcopal Homes | | | |
| (Mayo Clinic) 4.00% | | | | Project) | | | |
| 11/15/41 | 4,860,000 | | 5,096,682 | 5.125% 5/1/48 | 1,200,000 | | 1,230,696 |
| Sartell Health Care Facilities | | | | Series A 4.75% 11/1/31 | 740,000 | | 743,715 |
| Revenue | | | | Wayzata Senior Housing | | | |
| (Country Manor Campus | | | | Revenue | | | |
| Project) | | | | (Folkestone Senior Living | | | |
| 5.25% 9/1/30 | 1,000,000 | | 1,069,010 | Community) | | | |
| Series A 5.30% 9/1/37 | 600,000 | | 652,044 | 3.75% 8/1/37 | 500,000 | | 514,990 |
| Shakopee Health Care | | | | 4.00% 8/1/38 | 250,000 | | 260,567 |
| Facilities Revenue | | | | 4.00% 8/1/44 | 350,000 | | 362,905 |
| (St. Francis Regional | | | | 5.00% 8/1/54 | 400,000 | | 438,600 |
| Medical Center) | | | | Winona Health Care Facilities | | | |
| 4.00% 9/1/31 | 205,000 | | 219,448 | Revenue | | | |
| 5.00% 9/1/34 | 165,000 | | 184,081 | (Winona Health Obligation) | | | |
| St. Cloud Health Care | | | | 4.65% 7/1/26 | 465,000 | | 479,517 |
| Revenue | | | | 4.75% 7/1/27 | 785,000 | | 810,552 |
| (Centracare Health System | | | | | | | |
| Project) | | | | 5.00% 7/1/34 | 750,000 | | 774,113 |
| 4.00% 5/1/49 | 1,585,000 | | 1,742,359 | Woodbury Housing & | | | |
| | | | | Redevelopment Authority | | | |
| 5.00% 5/1/48 | 3,150,000 | | 3,804,287 | Revenue | | | |
| St. Cloud Health Care | | | | (St. Therese of Woodbury) | | | |
| Revenue | | | | 5.125% 12/1/44 | 1,250,000 | | 1,315,513 |
| (Centracare Health System | | | | | | | |
| Project) | | | | | | | 64,332,310 |
| Series A 4.00% 5/1/37 | 1,295,000 | | 1,418,893 | Housing Revenue Bonds - 1.69% | | | |
| Series A 5.00% 5/1/46 | 4,800,000 | | 5,554,512 | Minnesota Housing Finance | | | |
| Series B 5.00% 5/1/24 | 1,400,000 | | 1,614,228 | Agency | | | |
| (Unrefunded - Centracare | | | | (Non Ace - State | | | |
| Health System Project) | | | | Appropriated Housing) | | | |
| 5.125% 5/1/30 | 95,000 | | 96,167 | 5.00% 8/1/33 | 1,390,000 | | 1,601,530 |
4 NQ-OVJ [12/19] 2/20 (1080114)
(Unaudited)
| | | | | | | | |
| | | Principal | | Value | | Principal | | Value |
| | | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | | Municipal Bonds (continued) | | | |
| Housing Revenue Bonds (continued) | | | | | Local General Obligation Bonds (continued) | | |
| Minnesota State Housing | | | | | Duluth, Minnesota | | | |
| Finance Agency | | | | | (Improvement DECC) | | | |
| Homeownership | | | | | Series A 5.00% 2/1/34 | 545,000 | $ | 647,585 |
| (Mortgage-Backed | | | | | Edina Independent School | | | |
| Securities Program) 4.40% | | | | | District No. 273 | | | |
| 7/1/32 (GNMA)(FNMA) | | 690,000 | $ | 694,043 | Series A 5.00% 2/1/27 | 1,500,000 | | 1,780,860 |
| Northwest Multi-County | | | | | Hennepin County | | | |
| Housing & Redevelopment | | | | | Series A 5.00% 12/1/36 | 1,190,000 | | 1,445,802 |
| Authority | | | | | Series A 5.00% 12/1/37 | 1,240,000 | | 1,529,763 |
| (Pooled Housing Program) | | | | | Series A 5.00% 12/1/41 | 1,060,000 | | 1,272,858 |
| 5.50% 7/1/45 | | 560,000 | | 595,459 | | | | |
| | | | | | Hopkins Independent School | | | |
| | | | | 2,891,032 | District No. 270 | | | |
| Lease Revenue Bonds - 9.62% | | | | | Series A 5.00% 2/1/28 | 1,000,000 | | 1,040,010 |
| Minnesota State General | | | | | Mahtomedi Independent | | | |
| Fund Revenue | | | | | School District No. 832 | | | |
| Appropriations | | | | | (School Building) Series A | | | |
| Series A 5.00% 6/1/32 | | 780,000 | | 872,524 | 5.00% 2/1/28 | 515,000 | | 609,472 |
| Series A 5.00% 6/1/38 | | 5,500,000 | | 6,111,600 | Minneapolis Special School | | | |
| Series A 5.00% 6/1/43 | | 1,750,000 | | 1,935,780 | District No. 1 | | | |
| Series B 5.00% 3/1/29 | | 1,000,000 | | 1,078,540 | Series A 4.00% 2/1/36 | 190,000 | | 218,342 |
| Minnesota State Housing | | | | | Series A 4.00% 2/1/37 | 250,000 | | 285,983 |
| Finance Agency | | | | | Series A 4.00% 2/1/38 | 260,000 | | 296,184 |
| (Non Ace - State | | | | | Series B 4.00% 2/1/36 | 400,000 | | 459,668 |
| Appropriated Housing) | | | | | Series B 4.00% 2/1/37 | 530,000 | | 605,817 |
| Series C 5.00% 8/1/36 | | 1,000,000 | | 1,146,930 | Series B 4.00% 2/1/38 | 550,000 | | 626,543 |
| University of Minnesota | | | | | Mounds View Independent | | | |
| Special Purpose Revenue | | | | | School District No. 621 | | | |
| (State Supported Biomed | | | | | (School Building) Series A | | | |
| Science Research) | | | | | 4.00% 2/1/43 | 2,000,000 | | 2,193,620 |
| 5.00% 8/1/35 | | 1,040,000 | | 1,062,069 | St. Michael-Albertville | | | |
| 5.00% 8/1/36 | | 4,000,000 | | 4,219,960 | Independent School District | | | |
| | | | | | No. 885 | | | |
| | | | | 16,427,403 | (School Building) Series A | | | |
| Local General Obligation Bonds - 13.76% | | | 5.00% 2/1/27 | 1,300,000 | | 1,574,352 |
| Brainerd Independent School | | | | | St. Paul Independent School | | | |
| District No. 181 | | | | | District No. 625 | | | |
| (General Obligation School | | | | | (School Building) Series B | | | |
| Building Bonds) | | | | | 5.00% 2/1/26 | 1,000,000 | | 1,115,950 |
| Series A 4.00% 2/1/38 | | 1,500,000 | | 1,665,360 | Willmar | | | |
| Series A 4.00% 2/1/43 | | 1,500,000 | | 1,647,255 | (Rice Memorial Hospital | | | |
| Burnsville-Eagan-Savage | | | | | Project) Series A 4.00% | | | |
| Independent School District | | | | | 2/1/32 | 2,440,000 | | 2,495,705 |
| No 191 | | | | | | | | 23,502,266 |
| (Alternative Facilities) | | | | | | | | |
| Series A 4.00% 2/1/28 | | 1,185,000 | | 1,320,943 | | | | |
| Duluth Independent School | | | | | | | | |
| District No 709 | | | | | | | | |
| Series A 4.00% 2/1/27 | | 600,000 | | 670,194 | | | | |
(continues)NQ-OVJ [12/19] 2/20 (1080114) 5
Schedule of investments
Delaware Investments®Minnesota Municipal Income Fund II, Inc. (Unaudited)
| | | | | | | | |
| | | Principal | | Value | | Principal | | Value |
| | | Amount° | | (US $) | | Amount° | | (US $) |
| Municipal Bonds (continued) | | | | | Municipal Bonds (continued) | | | |
| Pre-Refunded/Escrowed to Maturity Bonds - 14.27% | | | Special Tax Revenue Bonds - 2.33% | | | |
| Dakota-Washington Counties | | | | | Guam Government Business | | | |
| Housing & Redevelopment | | | | | Privilege Tax Revenue | | | |
| Authority Single Family | | | | | Series A 5.25% 1/1/36 | 150,000 | $ | 157,837 |
| Residential Mortgage | | | | | Minneapolis Revenue | | | |
| Revenue | | | | | (YMCA Greater Twin Cities | | | |
| (City of Bloomington) | | | | | Project) 4.00% 6/1/29 | 165,000 | | 182,143 |
| Series B 8.375% 9/1/21 | | | | | Puerto Rico Sales Tax | | | |
| (GNMA) (AMT) | | 7,055,000 | $ | 7,825,265 | Financing Revenue | | | |
| Deephaven Charter School | | | | | (Restructured) | | | |
| (Eagle Ridge Academy | | | | | Series A-1 4.55% 7/1/40 | 1,250,000 | | 1,297,275 |
| Project) Series A 5.50% | | | | | Series A-1 4.75% 7/1/53 | 1,000,000 | | 1,046,520 |
| 7/1/43-23§ | | 500,000 | | 574,290 | Series A-1 5.00% 7/1/58 | 200,000 | | 212,706 |
| Minnesota Higher Education | | | | | St. Paul Sales Tax Revenue | | | |
| Facilities Authority Revenue | | | | | | | | |
| (College of St. Benedict) | | | | | Series G 5.00% 11/1/30 | 935,000 | | 1,082,384 |
| Series 7-M 5.125% | | | | | | | | 3,978,865 |
| 3/1/36-20§ | | 275,000 | | 276,768 | State General Obligation Bonds - 12.38% | | |
| (St. Catherine University) | | | | | Minnesota State | | | |
| Series 7-Q 5.00% | | | | | | | | |
| 10/1/32-22§ | | 700,000 | | 770,791 | Series A 5.00% 8/1/29 | 700,000 | | 835,065 |
| St. Cloud Health Care | | | | | Series A 5.00% 8/1/39 | 1,050,000 | | 1,329,059 |
| Revenue | | | | | Series E 5.00% 10/1/26 | 1,480,000 | | 1,839,374 |
| (Centracare Health System | | | | | (State Trunk Highway) | | | |
| Project) Series A 5.125% | | | | | Series B 5.00% 10/1/22 | 5,500,000 | | 5,874,330 |
| 5/1/30-20§ | | 1,830,000 | | 1,854,247 | Series B 5.00% 10/1/29 | 3,315,000 | | 3,529,315 |
| St. Paul Housing & | | | | | Minnesota State | | | |
| Redevelopment Authority | | | | | (Various Purposes) | | | |
| Hospital Facility | | | | | Series A 5.00% 8/1/38 | 500,000 | | 623,475 |
| (Healtheast Care System | | | | | Series D 5.00% 8/1/24 | 2,635,000 | | 2,694,156 |
| Project) | | | | | Series F 5.00% 10/1/22 | 4,000,000 | | 4,424,920 |
| Series A 5.00% | | | | | | | | |
| 11/15/29-25§ | | 395,000 | | 478,286 | | | | 21,149,694 |
| Series A 5.00% | | | | | Transportation Revenue Bonds - 8.15% | | |
| 11/15/30-25§ | | 290,000 | | 351,147 | Minneapolis - St. Paul | | | |
| University of Minnesota | | | | | Metropolitan Airports | | | |
| Series A 5.50% 7/1/21 | | 2,815,000 | | 2,931,147 | Commission Revenue | | | |
| Series D 5.00% | | | | | (Subordinate) | | | |
| 12/1/27-21§ | | 1,110,000 | | 1,191,851 | 5.00% 1/1/22 | 670,000 | | 696,592 |
| Series D 5.00% | | | | | Series A 5.00% 1/1/31 | 410,000 | | 500,487 |
| 12/1/36-21§ | | 3,000,000 | | 3,221,220 | Series A 5.00% 1/1/32 | 1,255,000 | | 1,528,364 |
| Western Minnesota Municipal | | | | | Series A 5.00% 1/1/49 | 2,000,000 | | 2,460,200 |
| Power Agency Supply | | | | | Series B 5.00% 1/1/26 | 540,000 | | 581,305 |
| Revenue | | | | | Series B 5.00% 1/1/26 | | | |
| Series A 5.00% | | | | | (AMT) | 500,000 | | 569,905 |
| 1/1/33-24§ | | 1,000,000 | | 1,153,700 | Series B 5.00% 1/1/27 | 1,190,000 | | 1,279,547 |
| Series A 5.00% | | | | | Series B 5.00% 1/1/30 | 500,000 | | 535,775 |
| 1/1/40-24§ | | 750,000 | | 865,275 | Series B 5.00% 1/1/31 | 250,000 | | 267,580 |
| Series A 5.00% | | | | | Series C 5.00% 1/1/33 | 2,000,000 | | 2,428,920 |
| 1/1/46-24§ | | 2,500,000 | | 2,884,250 | Series C 5.00% 1/1/36 | 1,000,000 | | 1,206,750 |
| | | | | 24,378,237 | Series C 5.00% 1/1/46 | 1,245,000 | | 1,472,822 |
6 NQ-OVJ [12/19] 2/20 (1080114)
(Unaudited)
| | | | | | |
| | Principal | | Value | | | |
| | Amount° | | (US $) | | # | Security exempt from registration under Rule 144A of the Securities |
| | | | | | | Act of 1933, as amended. At Dec. 31, 2019, the aggregate value |
| Municipal Bonds (continued) | | | | | | of Rule 144A securities was $5,123,308, which represents 3.00% |
| Transportation Revenue Bonds (continued) | | | | | of the Fund’s net assets. |
| St. Paul Port Authority | | | | | ¤ | Tax-exempt obligations that contain a floating or variable interest |
| Revenue | | | | | | rate adjustment formula and an unconditional right of demand to |
| (Amherst H. Wilder | | | | | | receive payment of the unpaid principal balance plus accrued interest |
| Foundation) Series 3 | | | | | | upon a short notice period (generally up to 30 days) prior to specified |
| 5.00% 12/1/36 | 380,000 | $ | 384,199 | | | dates either from the issuer or by drawing on a bank letter of credit, |
| | | | 13,912,446 | | | a guarantee, or insurance issued with respect to such instrument. |
| Water & Sewer Revenue Bonds - 3.16% | | | | | Each rate shown is as of Dec. 31, 2019. |
| Guam Government | | | | | § | Pre-refunded bonds. Municipal bonds that are generally backed or |
| Waterworks Authority | | | | | | secured by US Treasury bonds. For pre-refunded bonds, the stated |
| 5.00% 7/1/40 | 840,000 | | 968,638 | | | maturity is followed by the year in which the bond will be pre- |
| Metropolitan Council Waste | | | | | | refunded. |
| Water Revenue | | | | | ° | Principal amount shown is stated in USD unless noted that the security |
| Series B 4.00% 9/1/27 | 1,145,000 | | 1,229,077 | | | is denominated in another currency. |
| Series C 4.00% 3/1/31 | 1,355,000 | | 1,571,895 | | ‡ | Non-income producing security. Security is currently in default. |
| Series C 4.00% 3/1/32 | 1,405,000 | | 1,623,716 | | | |
| | | | | | Summary of abbreviations: |
| | | | 5,393,326 | | AGM - Insured by Assured Guaranty Municipal |
| Total Municipal Bonds | | | | | Corporation |
| (cost $230,511,263) | | | 242,493,766 | | AMT - Subject to Alternative Minimum Tax |
| | | | | | FNMA - Federal National Mortgage Association Collateral |
| Short-Term Investment - 0.06% | | | | | GNMA - Government National Mortgage Association |
| Variable Rate Demand Note - 0.06%¤ | | | | Collateral |
| Minneapolis - St. Paul | | | | | LOC - Letter of Credit |
| Housing & Redevelopment | | | | | N.A. - National Association |
| Authority Health Care | | | | | USD - United States Dollar |
| Facilities Revenue | | | | | | |
| Series B-2 (Allina Health | | | | | | |
| System) | | | | | | |
| 1.70% 11/15/35 | | | | | | |
| (LOC – JPMorgan Chase | | | | | | |
| Bank N.A. ) | 100,000 | | 100,000 | | | |
| Total Short-Term Investment | | | | | | |
| (cost $100,000) | | | 100,000 | | | |
| |
| Total Value of | | | | | | |
| Securities - 142.04% | | | | | | |
| (cost $230,611,263) | | | 242,593,766 | | | |
| Liquidation Value of | | | | | | |
| Preferred | | | | | | |
| Stock - (43.91%) | | | (75,000,000) | | | |
| Receivables and Other | | | | | | |
| Assets Net of | | | | | | |
| Liabilities - 1.87% | | | 3,194,587 | | | |
| Net Assets Applicable to | | | | | | |
| 11,504,975 Shares | | | | | | |
| Outstanding - 100.00% | | $ | 170,788,353 | | | |
NQ-OVJ [12/19] 2/20 (1080114) 7
