N-Q 1 devoytaxfreefunds_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:        811-03910
 
Exact name of registrant as specified in charter: Voyageur Tax Free Funds
 
Address of principal executive offices: 2005 Market Street
Philadelphia, PA 19103
 
Name and address of agent for service:   David F. Connor, Esq.
2005 Market Street
    Philadelphia, PA 19103
 
Registrant’s telephone number, including area code: (800) 523-1918
   
Date of fiscal year end: August 31
 
Date of reporting period: November 30, 2014


Item 1. Schedule of Investments.

Schedule of investments
Delaware Tax-Free Minnesota Fund November 30, 2014 (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds – 99.20%
Corporate-Backed Revenue Bonds – 3.83%
Cloquet Pollution Control Revenue
     (Potlatch Project) 5.90% 10/1/26 7,000,000 $ 7,006,580
Laurentian Energy Authority I Cogeneration Revenue
     Series A 5.00% 12/1/21 8,000,000 7,930,080
St. Paul Port Authority Solid Waste Disposal Revenue
     (Gerdau St. Paul Steel Mill Project)
     Series 7 4.50% 10/1/37 (AMT) 6,530,000 6,548,937
  21,485,597
Education Revenue Bonds – 10.17%
Cologne Charter School Lease Revenue
     (Cologne Academy Project)
     Series A 5.00% 7/1/34 250,000 262,047
     Series A 5.00% 7/1/45 1,390,000 1,428,461
Duluth Housing & Redevelopment Authority Revenue
     (Public School Academy) Series A 5.875% 11/1/40 3,500,000 3,729,390
Forest Lake Charter School Revenue Fund
     (Forest Lake International Language Academy)
     Series A 5.50% 8/1/36 580,000 633,696
     Series A 5.75% 8/1/44 1,190,000 1,303,038
Hugo Charter School Lease Revenue
     (Noble Academy Project)
     Series A 5.00% 7/1/34 580,000 610,276
     Series A 5.00% 7/1/44 1,770,000 1,832,853
Minneapolis Student Housing Revenue
     (Riverton Community Housing Project)
     5.25% 8/1/39 470,000 476,373
     5.50% 8/1/49 2,260,000 2,309,675
Minnesota Colleges & Universities Revenue Fund
     Series A 5.00% 10/1/20 1,060,000 1,260,690
     Series A 5.00% 10/1/28 8,900,000 9,973,429
     Series A 5.00% 10/1/29 (NATL-RE) 5,665,000 5,851,832
Minnesota Higher Education Facilities Authority Revenue
     (Augsburg College) Series 6-J1 5.00% 5/1/36 2,225,000 2,233,922
     (Bethel University) Series 6-R 5.50% 5/1/37 2,500,000 2,572,400
     (Carleton College)
     Series 6-T 5.00% 1/1/28 1,000,000 1,100,080
     Series 7-D 5.00% 3/1/30 1,500,000 1,686,180
     (St. Catherine University)
     Series 7-Q 5.00% 10/1/21 1,300,000 1,485,380
     Series 7-Q 5.00% 10/1/23 350,000 399,231
     Series 7-Q 5.00% 10/1/24 475,000 536,057
     Series 7-Q 5.00% 10/1/27 200,000 219,940

NQ-301 [11/14] 1/15 (13767)     1


Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue
     (St. Scholastica College) Series 7-J 6.30% 12/1/40 1,800,000 $ 2,032,776
     (University of St. Thomas)
     Series 6-X 5.25% 4/1/39 5,000,000 5,396,400
     Series 7-A 5.00% 10/1/39 2,000,000 2,224,480
     Series 7-U 5.00% 4/1/23 550,000 661,205
Otsego Charter School Lease Revenue
     (Kaleidoscope Charter School)
     Series A 5.00% 9/1/34 765,000 783,345
     Series A 5.00% 9/1/44 1,500,000 1,506,795
University of Minnesota
     Series A 5.25% 12/1/28 1,000,000 1,191,080
     Series A 5.25% 12/1/29 1,850,000 2,195,395
     Series D 5.00% 12/1/27 1,000,000 1,167,380
57,063,806
Electric Revenue Bonds – 4.00%
Chaska Electric Revenue
     (Generating Facilities) Series A 5.00% 10/1/30 3,000,000 3,094,170
Hutchinson Utilities Commission Revenue
     Series A 4.00% 12/1/21 700,000 778,127
Minnesota Municipal Power Agency Electric Revenue
     5.00% 10/1/29 395,000 458,405
     5.00% 10/1/30 500,000 577,050
     5.00% 10/1/33 1,205,000 1,387,377
     Series A 5.00% 10/1/30 1,060,000 1,223,346
     Series A 5.00% 10/1/34 750,000 862,147
     Series A 5.00% 10/1/35 415,000 475,549
Northern Municipal Power Agency Revenue
     Series A 5.00% 1/1/25 125,000 147,211
     Series A 5.00% 1/1/26 425,000 495,784
     Series A 5.00% 1/1/31 520,000 589,222
Rochester Electric Utility Revenue
     Series B 5.00% 12/1/27 295,000 353,324
     Series B 5.00% 12/1/28 275,000 327,619
     Series B 5.00% 12/1/31 1,365,000 1,600,858
     Series B 5.00% 12/1/33 300,000 350,019
Southern Minnesota Municipal Power Agency
     Power Supply System Revenue
     Capital Appreciation Series A
     6.70% 1/1/25 (NATL-RE) ^ 5,000,000 3,754,150
Western Minnesota Municipal Power Agency Revenue
     Series A 5.00% 1/1/34 1,000,000 1,160,250

2     NQ-301 [11/14] 1/15 (13767)


(Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Western Minnesota Municipal Power Agency Revenue
     Series A 5.00% 1/1/40 1,250,000 $ 1,429,950
     Series A 5.00% 1/1/46 3,000,000 3,409,050
22,473,608
Healthcare Revenue Bonds – 41.74%
Aitkin Health Care Facilities Revenue
     (Riverwood Health Care Center) 5.60% 2/1/32 2,100,000 2,131,311
Alexandria Senior Housing Revenue
     (Knute Nelson Senior Living)
     6.00% 7/1/35 1,500,000 1,583,790
     6.20% 7/1/45 2,000,000 2,125,000
Anoka Health Care Facilities Revenue
     (Homestead Anoka Project)
     Series A 7.00% 11/1/40 1,000,000 1,070,660
     Series A 7.00% 11/1/46 1,220,000 1,303,485
Anoka Housing Facilities Revenue
     (Senior Homestead Anoka Project)
     Series B 6.875% 11/1/34 2,015,000 2,162,377
Apple Valley Economic Development Authority
     Health Care Revenue
     (Augustana Home St. Paul Project)
     Series A 6.00% 1/1/40 2,700,000 2,727,621
Breckenridge Catholic Health Initiatives
     Series A 5.00% 5/1/30 2,500,000 2,509,500
Center City Health Care Facilities Revenue
     (Hazelden Betty Ford Foundation Project)
     5.00% 11/1/26 500,000 589,110
     5.00% 11/1/44 500,000 553,570
Deephaven Housing & Healthcare Revenue
     (St. Therese Senior Living Project)
     Series A 5.00% 4/1/38 730,000 733,409
     Series A 5.00% 4/1/40 705,000 706,382
     Series A 5.00% 4/1/48 315,000 311,667
Duluth Economic Development Authority
     (St. Luke’s Hospital Authority Obligation Group)
     5.75% 6/15/32 1,850,000 2,019,423
     6.00% 6/15/39 3,570,000 3,897,440
Fergus Falls Health Care Facilities Revenue
     (Lake Region Health Care)
     5.15% 8/1/35 1,250,000 1,283,663
     5.40% 8/1/40 1,000,000 1,034,220

NQ-301 [11/14] 1/15 (13767)     3


Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Glencoe Health Care Facilities Revenue
     (Glencoe Regional Health Services Project)
     4.00% 4/1/24 500,000 $ 522,390
     4.00% 4/1/25 660,000 689,456
     4.00% 4/1/31 60,000 61,651
Hayward Health Care Facilities Revenue
     (American Baptist Homes Midwest Obligated Group)
     5.375% 8/1/34 660,000 680,414
     5.75% 2/1/44 500,000 514,720
     (St. John’s Lutheran Home of Albert Lea) 5.375%
     10/1/44 1,570,000 1,557,770
Maple Grove Health Care System Revenue
     (Maple Grove Hospital)
     5.25% 5/1/28 4,500,000 4,689,945
     5.25% 5/1/37 2,950,000 3,058,501
Minneapolis Health Care System Revenue
     (Fairview Health Services)
     Series A 6.375% 11/15/23 180,000 209,952
     Series A 6.625% 11/15/28 3,000,000 3,534,690
     Series B 6.50% 11/15/38 (ASSURED GTY) 1,140,000 1,336,456
     Series D 5.00% 11/15/30 (AMBAC) 2,500,000 2,555,150
     Series D 5.00% 11/15/34 (AMBAC) 4,750,000 4,845,665
     (Jones-Harrison Residence Project) 5.60% 10/1/30 1,050,000 1,050,851
Minneapolis National Marrow Donor Program Revenue
     4.875% 8/1/25 6,430,000 6,678,841
Minneapolis – St. Paul Housing & Redevelopment Authority
     Health Care Revenue
     (Children’s Hospital)
     Series A 5.00% 8/15/30 2,750,000 2,794,990
     Series A 5.25% 8/15/35 2,085,000 2,347,627
Minnesota Agricultural & Economic Development Board
     Revenue
     (Benedictine Health Systems) 5.75% 2/1/29 1,895,000 1,896,876
     (Essentia Remarketing)
     Series C-1 5.00% 2/15/30 (ASSURED GTY) 5,725,000 6,285,191
     Series C-1 5.25% 2/15/23 (ASSURED GTY) 5,000,000 5,770,150
     Series C-1 5.50% 2/15/25 (ASSURED GTY) 5,120,000 5,921,536
     Un-Refunded Balance
     Series A 5.75% 11/15/26 (NATL-RE) 180,000 180,394
     Series A 6.375% 11/15/29 15,000 15,065
Northfield Hospital & Skilled Nursing Revenue
     5.375% 11/1/26 3,785,000 3,938,974

4     NQ-301 [11/14] 1/15 (13767)


(Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Red Wing Senior Housing
     (Deer Crest Project)
     Series A 5.00% 11/1/27 430,000 $ 457,511
     Series A 5.00% 11/1/32 330,000 346,998
     Series A 5.00% 11/1/42 1,250,000 1,296,375
Rochester Health Care & Housing Revenue
     (Samaritan Bethany) Series A 7.375% 12/1/41 5,220,000 5,880,017
     (The Homestead at Rochester Project) Series A
     6.875% 12/1/48 2,980,000 3,344,543
Rochester Health Care Facilities Revenue
     (Mayo Clinic)
     4.00% 11/15/41 4,515,000 4,642,684
     Series D Remarketing 5.00% 11/15/38 6,405,000 7,289,787
     (Olmsted Medical Center Project)
     5.00% 7/1/24 295,000 348,076
     5.00% 7/1/33 650,000 731,543
     5.875% 7/1/30 1,850,000 2,084,821
Sartell Health Care Facilities Revenue
     (Country Manor Campus Project)
     Series A 5.25% 9/1/27 1,280,000 1,358,541
     Series A 5.30% 9/1/37 1,200,000 1,248,324
     Series A 6.375% 9/1/42 2,435,000 2,517,668
Sauk Rapids Health Care Housing Facilities Revenue
     (Good Shepherd Lutheran Home) 5.125% 1/1/39 1,350,000 1,363,743
Shakopee Health Care Facilities Revenue
     (St. Francis Regional Medical Center)
     4.00% 9/1/31 915,000 952,506
     5.00% 9/1/24 575,000 687,395
     5.00% 9/1/25 750,000 889,770
     5.00% 9/1/26 575,000 676,603
     5.00% 9/1/27 405,000 474,563
     5.00% 9/1/28 425,000 492,915
     5.00% 9/1/29 425,000 492,142
     5.00% 9/1/34 730,000 824,973
Sherburne County Health Care Facilities Revenue
     (Guardian Angels Health Services) 5.55% 10/1/36 1,500,000 1,501,245
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     5.375% 5/1/31 (ASSURED GTY) 1,000,000 1,114,600
     5.50% 5/1/39 (ASSURED GTY) 6,000,000 6,660,420
     Series A 5.125% 5/1/30 9,350,000 10,479,387

NQ-301 [11/14] 1/15 (13767)     5


Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Louis Park Health Care Facilities Revenue
     (Park Nicollet Health Services)
     5.75% 7/1/39 16,975,000 $ 19,121,998
     Series C 5.50% 7/1/23 3,000,000 3,341,160
     Series C 5.625% 7/1/26 1,925,000 2,135,614
     Series C 5.75% 7/1/30 5,035,000 5,611,105
St. Paul Housing & Redevelopment Authority Health Care
     Facilities Revenue
     (Allina Health System)
     Series A 5.00% 11/15/18 (NATL-RE) 5,720,000 6,401,881
     Series A-1 5.25% 11/15/29 5,605,000 6,399,789
     (Health Partners Obligation Group Project) 5.25%
     5/15/36 7,900,000 8,261,820
St. Paul Housing & Redevelopment Authority Hospital
     Revenue
     (Health East Project)
     6.00% 11/15/30 4,000,000 4,160,360
     6.00% 11/15/35 10,340,000 10,738,400
St. Paul Housing & Redevelopment Authority Housing &
     Health Care Facilities Revenue
     (Senior Carondelet Village Project)
     Series A 6.00% 8/1/42 3,075,000 3,247,354
     (Senior Episcopal Homes Project) 5.125% 5/1/48 3,100,000 3,167,239
St. Paul Housing & Redevelopment Authority Multifamily
     Housing Revenue
     (Marian Center Project)
     Series A 5.30% 11/1/30 500,000 501,565
     Series A 5.375% 5/1/43 500,000 500,995
Stillwater Health Care Revenue
     (Health System Obligation Group) 5.00% 6/1/35 1,000,000 1,006,990
Washington County Housing & Redevelopment Authority
     Healthcare & Housing Revenue
     (Birchwood & Woodbury Projects)
     Series A 5.625% 6/1/37 1,500,000 1,537,365
Wayzata Senior Housing Revenue
     (Folkestone Senior Living Community)
     Series A 5.50% 11/1/32 1,050,000 1,145,225
     Series A 5.75% 11/1/39 2,365,000 2,579,529
     Series A 6.00% 5/1/47 3,685,000 4,050,294
Winona Health Care Facilities Revenue
     (Winona Health Obligation)
     4.50% 7/1/25 850,000 900,660
     4.65% 7/1/26 540,000 573,977

6     NQ-301 [11/14] 1/15 (13767)


(Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Woodbury Housing & Redevelopment Authority Revenue
     (St. Therese of Woodbury)
     5.125% 12/1/44 1,605,000 $ 1,609,045
     5.25% 12/1/49 750,000 752,618
     5.00% 12/1/34 500,000 506,285
  234,288,301
Housing Revenue Bonds – 5.32%
Minneapolis Multifamily Housing Revenue
     (Grant Street Apartments Project)
     Series A 7.25% 11/1/29 680,000 681,210
     (Seward Towers Project) 5.00% 5/20/36 (GNMA) 7,720,000 7,821,286
     (Trinity Apartments ) Series A 6.75% 5/1/21 (HUD) 1,065,000 1,066,981
Minnesota Housing Finance Agency
     (Residential Housing)
     Series D 4.80% 7/1/38 (AMT) ● 1,935,000 1,954,118
     Series I 4.85% 7/1/38 (AMT) 1,455,000 1,468,022
     Series I 5.15% 7/1/38 (AMT) 4,155,000 4,198,752
     Series L 5.10% 7/1/38 (AMT) 7,430,000 7,691,759
     Series M 4.875% 7/1/37 (AMT) 2,235,000 2,256,322
Minnesota Housing Finance Agency Homeownership
     Finance
     (Non-Agency Mortgage-Backed Securities Program)
     Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) 2,125,000 2,318,970
Willmar Housing & Redevelopment Authority Multifamily
     Housing Revenue
     (Highland Apartments) 5.85% 6/1/19 (HUD) 410,000 410,648
  29,868,068
Lease Revenue Bonds – 2.36%
Minnesota General Fund Revenue Appropriations
     Series A 5.00% 6/1/38 1,250,000 1,434,987
     Series A 5.00% 6/1/43 3,835,000 4,331,901
     Series B 5.00% 3/1/28 2,500,000 2,941,775
University of Minnesota Special Purpose Revenue
     (State Supported Biomed Science Research)
     5.00% 8/1/35 3,960,000 4,510,757
  13,219,420
Local General Obligation Bonds – 7.40%
Anoka County Capital Improvement
     Series A 5.00% 2/1/22 500,000 571,430
Brainerd Independent School District No. 181
     (School Building) Series A 4.00% 2/1/23 5,990,000 6,583,549

NQ-301 [11/14] 1/15 (13767)     7


Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Farmington Independent School District No. 192
     (School Building) Series B 5.00% 2/1/27 (AGM) 10,705,000 $ 10,787,321
Metropolitan Council Waste Water Treatment
     Series B 5.00% 12/1/21 1,200,000 1,200,492
     Series C 5.00% 3/1/28 5,000,000 5,291,650
New Brighton Tax Increment
     Series A 5.00% 2/1/27 (NATL-RE) 1,000,000 1,080,550
Sartell – St. Stephen Independent School District No. 748
     Capital Appreciation
     Series B 6.10% 2/1/16 (NATL-RE) ^ 1,750,000 1,734,810
South Washington County Independent School
     District No. 833 (School Building)
     Series A 4.75% 2/1/25 2,500,000 2,761,775
     Series A 4.75% 2/1/26 3,600,000 3,967,524
     Series A 4.75% 2/1/27 2,300,000 2,522,019
St. Paul Independent School District No. 625
     (School Building) Series B 5.00% 2/1/23 1,660,000 2,035,641
Staples United Hospital District Health Care Facilities
     (Todd Morrison ETC Hospital-Lakewood)
     5.00% 12/1/21 2,000,000 2,007,420
     5.125% 12/1/24 1,000,000 1,003,540
  41,547,721
Pre-Refunded / Escrowed to Maturity Bonds – 10.51%
Dakota-Washington Counties Housing & Redevelopment
     Authority Single Family Residential Mortgage Revenue
     8.15% 9/1/16 (NATL-RE) (IBC) (GNMA) (AMT) 405,000 454,005
     (Anoka County) 8.45% 9/1/19 (GNMA) (AMT) 9,000,000 11,614,590
     (Bloomington Single Family Residential Mortgage)
     Series B 8.375% 9/1/21 (GNMA) (FHA) (VA) (AMT) 14,115,000 19,295,064
Minnesota
     Series A 4.00% 8/1/27-22 § 45,000 51,759
     Series A 5.00% 10/1/24-21 § 70,000 85,098
     Series A 5.00% 10/1/27-21 § 80,000 97,255
Minnesota Municipal Power Agency Electric Revenue
     5.00% 10/1/35-15 § 3,000,000 3,094,170
Prior Lake-Savage Independent School District No. 719
     (School Building) Series B 5.00% 2/1/19-15 (AGM) § 3,145,000 3,171,858
Southern Minnesota Municipal Power Agency Power
     Supply System Revenue
     Series A 5.75% 1/1/18-17 § 2,815,000 2,921,379
     Series A 5.75% 1/1/18-17 (AMBAC) (TCRS) § 490,000 508,517
     Series A 5.75% 1/1/18-17 (NATL-RE) (IBC) § 745,000 773,154

8     NQ-301 [11/14] 1/15 (13767)


(Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Pre-Refunded / Escrowed to Maturity Bonds (continued)
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     Series A 5.00% 5/1/25-15 § 1,035,000 $ 1,056,300
University of Minnesota
     Series A 5.50% 7/1/21 12,500,000 15,133,125
Western Minnesota Municipal Power Agency Revenue
     Series A 9.75% 1/1/16 (NATL-RE) 715,000 761,754
  59,018,028
Special Tax Revenue Bonds – 3.11%
Hennepin County Sales Tax Revenue
     (Second Lien-Ballpark Project)
     Series B 5.00% 12/15/19 2,100,000 2,356,998
     Series B 5.00% 12/15/20 1,000,000 1,121,120
     Series B 5.00% 12/15/24 1,150,000 1,287,310
Minneapolis Development Revenue
     (Limited Tax Supported Common Bond Fund)
     Series 2-A 6.00% 12/1/40 3,000,000 3,565,950
Minneapolis Tax Increment Revenue
     (St. Anthony Falls Project) 5.75% 2/1/27 1,000,000 1,000,850
Minnesota 911 Revenue
     (Public Safety Radio Communication System Project)
     5.00% 6/1/24 2,925,000 3,359,011
     5.00% 6/1/25 2,000,000 2,293,000
St. Paul Sales Tax Revenue
     Series G 5.00% 11/1/30 655,000 760,914
     Series G 5.00% 11/1/31 1,500,000 1,734,225
  17,479,378
State General Obligation Bonds – 4.49%
Minnesota
     Series A 5.00% 10/1/24 4,555,000 5,447,917
     Series A 5.00% 10/1/27 5,200,000 6,205,576
     (State Trunk Highway) Series B 5.00% 10/1/29 5,000,000 5,934,850
     (Various Purposes)
     4.00% 8/1/27 955,000 1,050,366
     Series F 5.00% 10/1/22 3,500,000 4,303,390
Virgin Islands Public Finance Authority
     (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) 2,000,000 2,269,540
25,211,639
Transportation Revenue Bonds – 3.60%
Minneapolis-St. Paul Metropolitan Airports Commission
     Revenue
     Senior Series A 5.00% 1/1/28 1,250,000 1,428,375

NQ-301 [11/14] 1/15 (13767)     9


Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Minneapolis-St. Paul Metropolitan Airports Commission
     Revenue
     Subordinate
     Series A 5.00% 1/1/35 1,000,000 $ 1,132,980
     Series B 5.00% 1/1/26 575,000 665,246
     Series B 5.00% 1/1/27 1,160,000 1,334,754
     Series B 5.00% 1/1/28 2,750,000 3,133,763
     Series B 5.00% 1/1/29 120,000 136,499
     Series B 5.00% 1/1/30 1,675,000 1,901,845
     Series B 5.00% 1/1/31 1,750,000 1,979,810
St. Paul Housing & Redevelopment Authority Parking
     Revenue
     (Parking Facilities Project)
     Series A 5.00% 8/1/30 1,870,000 2,096,494
     Series A 5.00% 8/1/35 1,145,000 1,197,246
     (Smith Avenue Project) Series B 5.00% 8/1/35 1,500,000 1,681,680
St. Paul Port Authority Revenue
     (Amherst H Wilder Foundation) Series 3 5.00% 12/1/36 3,200,000 3,500,672
  20,189,364
Water & Sewer Revenue Bonds – 2.67%
Metropolitan Council Waste Water Treatment Revenue
     Series B 4.00% 9/1/27 2,400,000 2,653,872
     Series B 5.00% 9/1/22 2,125,000 2,618,999
     Series B 5.00% 9/1/25 3,245,000 3,907,207
     Series E 5.00% 9/1/22 2,745,000 3,383,130
     Series E 5.00% 9/1/23 2,000,000 2,439,020
15,002,228
Total Municipal Bonds (cost $517,358,148) 556,847,158
   
Number of
shares
Short-Term Investments – 0.92%
Money Market Mutual Fund – 0.65%
Minnesota Municipal Cash Trust 3,673,486 3,673,486
3,673,486
   
Principal amount°
Variable Rate Demand Note – 0.27%¤
Minneapolis-St. Paul Housing & Redevelopment Authority
     Health Care Revenue (Allina Health System) Series B-2
     0.02% 11/15/35 (LOC-JPMorgan Chase Bank N.A.) 1,500,000 1,500,000
  1,500,000
Total Short-Term Investments (cost $5,173,486) 5,173,486

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(Unaudited)

Total Value of Securities – 100.12%
     (cost $522,531,634) $ 562,020,644
 
Liabilities Net of Receivables and Other Assets – (0.12%) (658,580 )
Net Assets – 100.00% $ 561,362,064

¤ 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. The rate shown is the rate as of Nov. 30, 2014.
° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
● Variable rate security. The rate shown is the rate as of Nov. 30, 2014. Interest rates reset periodically.
^ Zero coupon security. The rate shown is the yield at the time of purchase.
§      Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
ASSURED GTY – Insured by Assured Guaranty Corporation
FHA – Federal Housing Administration
FHLMC – Federal Home Loan Mortgage Corporation Collateral
FNMA – Federal National Mortgage Association Collateral
GNMA – Government National Mortgage Association Collateral
HUD – Housing and Urban Development Section 8
IBC – Insured Bond Certificate
LOC – Letter of Credit
NATL-RE – Insured by National Public Finance Guarantee Corporation
TCRS – Temporary Custodial Receipts
VA – Veterans Administration Collateral

NQ-301 [11/14] 1/15 (13767)     11



Notes
Delaware Tax-Free Minnesota Fund November 30, 2014 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Voyageur Tax-Free Funds – Delaware Tax-Free Minnesota Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

2. Investments

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –  Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
   
Level 2 – Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
   
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Nov. 30, 2014:

Level 1       Level 2       Total
Municipal Bonds $ — $ 556,847,158 $ 556,847,158
Short-Term Investments1 3,673,486 1,500,000 5,173,486
Total $ 3,673,486 $ 558,347,158 $ 562,020,644

1 Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 71.01% and 28.99%, respectively, of the total market value of this security type. Level 1 investments represent exchange-traded investments while Level 2 investments represent matrix-priced investments.

During the period ended Nov. 30, 2014, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. At Nov. 30, 2014, there were no Level 3 investments.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Nov. 30, 2014 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-301 [11/14] 1/15 (13767)     13


Item 2. Controls and Procedures.

     The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

     There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

     File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: