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 | |
Registrants telephone number, including area code: | (800) 523-1918 |
Date of fiscal year end: | August 31 |
Date of reporting period: | May 31, 2016 |
Item 1. Schedule of Investments.
Schedule of investments | |
Delaware Tax-Free Minnesota Fund | May 31, 2016 (Unaudited) |
Principal amount° | Value (U.S. $) | ||||
Municipal Bonds 98.76% | |||||
Corporate-Backed Revenue Bonds 3.15% | |||||
Cloquet Pollution Control Revenue | |||||
(Potlatch Project) 5.90% 10/1/26 | 7,000,000 | $ | 7,005,250 | ||
Laurentian Energy Authority I Cogeneration Revenue | |||||
Series A 5.00% 12/1/21 | 8,000,000 | 8,001,440 | |||
St. Paul Port Authority Solid Waste Disposal Revenue | |||||
(Gerdau St. Paul Steel Mill Project) | |||||
Series 7 4.50% 10/1/37 (AMT) | 3,790,000 | 3,295,746 | |||
18,302,436 | |||||
Education Revenue Bonds 12.71% | |||||
Brooklyn Park Charter School Lease | |||||
(Prairie Seeds Academy Project) | |||||
Series A 5.00% 3/1/34 | 2,260,000 | 2,342,490 | |||
Series A 5.00% 3/1/39 | 385,000 | 394,013 | |||
Cologne Charter School Lease Revenue | |||||
(Cologne Academy Project) | |||||
Series A 5.00% 7/1/34 | 250,000 | 264,207 | |||
Series A 5.00% 7/1/45 | 1,390,000 | 1,447,101 | |||
Deephaven Charter School Lease Revenue | |||||
(Eagle Ridge Academy Project) Series A 5.50% 7/1/50 | 2,000,000 | 2,152,320 | |||
Duluth Housing & Redevelopment Authority Revenue | |||||
(Public School Academy) Series A 5.875% 11/1/40 | 3,500,000 | 3,744,720 | |||
Forest Lake Charter School Revenue Fund | |||||
(Forest Lake International Language Academy) | |||||
Series A 5.50% 8/1/36 | 580,000 | 631,237 | |||
Series A 5.75% 8/1/44 | 1,190,000 | 1,308,215 | |||
Ham Lake Charter School Lease Revenue | |||||
(Davinci Academy Project) | |||||
Series A 5.00% 7/1/36 | 765,000 | 798,859 | |||
Series A 5.00% 7/1/47 | 2,290,000 | 2,352,219 | |||
Hugo Charter School Lease Revenue | |||||
(Noble Academy Project) | |||||
Series A 5.00% 7/1/34 | 580,000 | 602,864 | |||
Series A 5.00% 7/1/44 | 1,770,000 | 1,808,374 | |||
Minneapolis Student Housing Revenue | |||||
(Riverton Community Housing Project) | |||||
5.25% 8/1/39 | 470,000 | 490,248 | |||
5.50% 8/1/49 | 2,260,000 | 2,371,169 | |||
Minnesota Colleges & Universities Revenue Fund | |||||
Series A 5.00% 10/1/28 | 8,900,000 | 9,679,551 | |||
Minnesota Higher Education Facilities Authority Revenue | |||||
(Bethel University) Series 6-R 5.50% 5/1/37 | 2,500,000 | 2,543,500 |
NQ- 301 [5/16] 7/16 (17027) 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 | ||||||
(Carleton College) | ||||||
Series 6-T 5.00% 1/1/28 | 1,000,000 | $ | 1,057,950 | |||
Series 7-D 5.00% 3/1/30 | 1,500,000 | 1,652,790 | ||||
(College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 1,060,480 | ||||
(St. Catherine University) | ||||||
Series 7-Q 5.00% 10/1/21 | 1,300,000 | 1,488,877 | ||||
Series 7-Q 5.00% 10/1/23 | 350,000 | 407,743 | ||||
Series 7-Q 5.00% 10/1/24 | 475,000 | 554,054 | ||||
Series 7-Q 5.00% 10/1/27 | 200,000 | 229,492 | ||||
(St. Johns University) | ||||||
Series 8-I 5.00% 10/1/32 | 500,000 | 602,540 | ||||
Series 8-I 5.00% 10/1/33 | 250,000 | 300,580 | ||||
(St. Olaf College) | ||||||
Series 8-G 5.00% 12/1/31 | 670,000 | 815,926 | ||||
Series 8-G 5.00% 12/1/32 | 670,000 | 813,387 | ||||
(St. Scholastica College) Series 7-J 6.30% 12/1/40 | 1,800,000 | 2,022,714 | ||||
(University of St. Thomas) | ||||||
Series 7-A 5.00% 10/1/39 | 2,000,000 | 2,226,560 | ||||
Series 7-U 5.00% 4/1/23 | 550,000 | 667,711 | ||||
Series 8-L 5.00% 4/1/35 | 750,000 | 893,790 | ||||
Otsego Charter School Lease Revenue | ||||||
(Kaleidoscope Charter School) | ||||||
Series A 5.00% 9/1/34 | 765,000 | 810,533 | ||||
Series A 5.00% 9/1/44 | 1,500,000 | 1,563,705 | ||||
Rice County Educational Facilities Revenue | ||||||
(Shattuck-St. Marys School) Series A 144A | ||||||
5.00% 8/1/22 # | 2,855,000 | 3,079,060 | ||||
St. Cloud Charter School Lease Revenue | ||||||
(Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 878,780 | ||||
St. Paul Housing & Redevelopment Authority Charter | ||||||
School Lease Revenue | ||||||
(Academia Cesar Chavez School Project) Series A | ||||||
5.25% 7/1/50 | 2,000,000 | 1,971,780 | ||||
(Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | 1,489,435 | ||||
University of Minnesota | ||||||
Series A 5.00% 4/1/34 | 925,000 | 1,151,939 | ||||
Series A 5.00% 4/1/35 | 3,175,000 | 3,938,111 | ||||
Series A 5.00% 4/1/36 | 1,650,000 | 2,035,110 | ||||
Series A 5.25% 12/1/28 | 1,000,000 | 1,181,270 | ||||
Series A 5.25% 12/1/29 | 1,850,000 | 2,181,039 | ||||
Series D 5.00% 12/1/27 | 1,000,000 | 1,186,530 |
2 NQ- 301 [5/16] 7/16 (17027)
(Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Education Revenue Bonds (continued) | ||||||
University of Minnesota | ||||||
State Supported Stadium Debt Series A 5.00% 8/1/26 | 3,760,000 | $ | 4,743,202 | |||
73,936,175 | ||||||
Electric Revenue Bonds 5.67% | ||||||
Chaska Electric Revenue | ||||||
(Generating Facilities) Series A 5.00% 10/1/30 | 1,150,000 | 1,404,299 | ||||
Hutchinson Utilities Commission Revenue | ||||||
Series A 4.00% 12/1/21 | 700,000 | 785,036 | ||||
Minnesota Municipal Power Agency Electric Revenue | ||||||
5.00% 10/1/29 | 395,000 | 476,777 | ||||
5.00% 10/1/30 | 500,000 | 601,095 | ||||
5.00% 10/1/33 | 1,205,000 | 1,435,300 | ||||
Series A 5.00% 10/1/30 | 1,060,000 | 1,274,321 | ||||
Series A 5.00% 10/1/34 | 750,000 | 890,235 | ||||
Series A 5.00% 10/1/35 | 1,525,000 | 1,802,596 | ||||
Northern Municipal Power Agency Electric System | ||||||
Revenue | ||||||
5.00% 1/1/27 | 540,000 | 674,222 | ||||
5.00% 1/1/30 | 520,000 | 637,120 | ||||
Series A 5.00% 1/1/25 | 125,000 | 149,897 | ||||
Series A 5.00% 1/1/26 | 425,000 | 505,584 | ||||
Series A 5.00% 1/1/31 | 520,000 | 602,898 | ||||
Rochester Electric Utility Revenue | ||||||
Series B 5.00% 12/1/27 | 295,000 | 363,316 | ||||
Series B 5.00% 12/1/28 | 275,000 | 337,815 | ||||
Series B 5.00% 12/1/31 | 1,365,000 | 1,670,173 | ||||
Series B 5.00% 12/1/33 | 300,000 | 364,722 | ||||
Southern Minnesota Municipal Power Agency Revenue | ||||||
Series A 5.00% 1/1/41 | 1,310,000 | 1,561,664 | ||||
Series A 5.00% 1/1/46 | 2,000,000 | 2,367,540 | ||||
Capital Appreciation Series A | ||||||
6.70% 1/1/25 (NATL-RE)^ | 5,000,000 | 4,152,700 | ||||
Western Minnesota Municipal Power Agency Revenue | ||||||
Series A 5.00% 1/1/33 | 1,000,000 | 1,195,340 | ||||
Series A 5.00% 1/1/34 | 4,000,000 | 4,765,960 | ||||
Series A 5.00% 1/1/40 | 1,250,000 | 1,471,237 | ||||
Series A 5.00% 1/1/46 | 3,000,000 | 3,515,100 | ||||
33,004,947 | ||||||
Healthcare Revenue Bonds 28.14% | ||||||
Alexandria Senior Housing Revenue | ||||||
(Knute Nelson Senior Living) | ||||||
6.00% 7/1/35 | 1,500,000 | 1,551,960 |
NQ- 301 [5/16] 7/16 (17027) 3
Schedule of
investments
Delaware Tax-Free
Minnesota Fund (Unaudited)
Principal amount° | Value (U.S. $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Alexandria Senior Housing Revenue | |||||
(Knute Nelson Senior Living) | |||||
6.20% 7/1/45 | 2,000,000 | $ | 2,075,240 | ||
Anoka Health Care Facilities Revenue | |||||
(Homestead Anoka Project) | |||||
Series A 7.00% 11/1/40 | 1,000,000 | 1,076,200 | |||
Series A 7.00% 11/1/46 | 1,220,000 | 1,310,975 | |||
Anoka Healthcare & Housing Facilities Revenue | |||||
(Homestead Anoka Project) | |||||
5.125% 11/1/49 | 1,100,000 | 1,142,053 | |||
5.375% 11/1/34 | 320,000 | 342,259 | |||
Anoka Housing Facilities Revenue | |||||
(Senior Homestead Anoka Project) | |||||
Series B 6.875% 11/1/34 | 2,015,000 | 2,172,251 | |||
Breckenridge Catholic Health Initiatives | |||||
Series A 5.00% 5/1/30 | 2,385,000 | 2,393,491 | |||
Center City Health Care Facilities Revenue | |||||
(Hazelden Betty Ford Foundation Project) | |||||
5.00% 11/1/26 | 500,000 | 609,090 | |||
5.00% 11/1/44 | 500,000 | 574,485 | |||
Deephaven Housing & Healthcare Revenue | |||||
(St. Therese Senior Living Project) | |||||
Series A 5.00% 4/1/38 | 730,000 | 755,565 | |||
Series A 5.00% 4/1/40 | 705,000 | 728,850 | |||
Series A 5.00% 4/1/48 | 315,000 | 322,749 | |||
Duluth Economic Development Authority | |||||
(St. Lukes Hospital Authority Obligation Group) | |||||
5.75% 6/15/32 | 1,850,000 | 2,065,729 | |||
6.00% 6/15/39 | 3,570,000 | 4,000,399 | |||
Fergus Falls Health Care Facilities Revenue | |||||
(Lake Region Health Care) | |||||
5.15% 8/1/35 | 1,250,000 | 1,271,587 | |||
5.40% 8/1/40 | 1,000,000 | 1,020,790 | |||
Glencoe Health Care Facilities Revenue | |||||
(Glencoe Regional Health Services Project) | |||||
4.00% 4/1/24 | 500,000 | 542,300 | |||
4.00% 4/1/25 | 660,000 | 713,698 | |||
4.00% 4/1/31 | 60,000 | 63,500 | |||
Hayward Health Care Facilities Revenue | |||||
(American Baptist Homes Midwest Obligated Group) | |||||
5.375% 8/1/34 | 660,000 | 690,426 | |||
5.75% 2/1/44 | 500,000 | 526,395 |
4 NQ- 301 [5/16] 7/16 (17027)
(Unaudited)
Principal amount° | Value (U.S. $) | ||||
Municipal Bonds (continued) | |||||
Healthcare Revenue Bonds (continued) | |||||
Hayward Health Care Facilities Revenue | |||||
(American Baptist Homes Midwest Obligated Group) | |||||
(St. Johns Lutheran Home of Albert Lea) | |||||
5.375% 10/1/44 | 1,570,000 | $ | 1,621,763 | ||
Maple Grove Health Care Facilities Revenue | |||||
(North Memorial Health Care) | |||||
5.00% 9/1/31 | 1,000,000 | 1,180,380 | |||
5.00% 9/1/32 | 1,000,000 | 1,173,250 | |||
Maple Grove Health Care System Revenue | |||||
(Maple Grove Hospital) | |||||
5.25% 5/1/28 | 4,500,000 | 4,649,940 | |||
5.25% 5/1/37 | 2,950,000 | 3,039,061 | |||
Minneapolis Health Care System Revenue | |||||
(Fairview Health Services) | |||||
Series A 5.00% 11/15/33 | 500,000 | 595,165 | |||
Series A 5.00% 11/15/34 | 500,000 | 591,505 | |||
Series A 5.00% 11/15/44 | 1,000,000 | 1,162,240 | |||
Series B 6.50% 11/15/38 (AGC) | 965,000 | 1,083,068 | |||
Minneapolis Senior Housing & Healthcare Revenue | |||||
(Ecumen Mill City Quarter) | |||||
5.00% 11/1/35 | 500,000 | 513,505 | |||
5.25% 11/1/45 | 1,950,000 | 2,012,049 | |||
5.375% 11/1/50 | 455,000 | 467,126 | |||
Minneapolis St. Paul Housing & Redevelopment Authority | |||||
Health Care Revenue | |||||
(Childrens Hospital) Series A 5.25% 8/15/35 | 2,085,000 | 2,390,077 | |||
Minnesota Agricultural & Economic Development Board | |||||
Revenue | |||||
(Benedictine Health Systems) 5.75% 2/1/29 | 1,895,000 | 1,897,672 | |||
(Essentia Remarketing) | |||||
Series C-1 5.00% 2/15/30 (AGC) | 5,725,000 | 6,374,101 | |||
Series C-1 5.25% 2/15/23 (AGC) | 5,000,000 | 5,727,300 | |||
Series C-1 5.50% 2/15/25 (AGC) | 5,120,000 | 5,874,637 | |||
Northfield Hospital & Skilled Nursing Revenue | |||||
5.375% 11/1/26 | 3,785,000 | 3,851,540 | |||
Red Wing Senior Housing | |||||
(Deer Crest Project) | |||||
Series A 5.00% 11/1/27 | 430,000 | 461,141 | |||
Series A 5.00% 11/1/32 | 330,000 | 350,407 | |||
Series A 5.00% 11/1/42 | 1,250,000 | 1,316,313 | |||
Rochester Health Care & Housing Revenue | |||||
(Samaritan Bethany) Series A 7.375% 12/1/41 | 5,220,000 | 5,828,913 |
NQ- 301 [5/16] 7/16 (17027) 5
Schedule of
investments
Delaware Tax-Free
Minnesota Fund (Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds (continued) | ||||||
Rochester Health Care & Housing Revenue | ||||||
(The Homestead at Rochester Project) Series A | ||||||
6.875% 12/1/48 | 2,980,000 | $ | 3,403,965 | |||
Rochester Health Care Facilities Revenue | ||||||
(Mayo Clinic) | ||||||
4.00% 11/15/41 | 4,515,000 | 4,812,809 | ||||
Series D Remarketing 5.00% 11/15/38 | 6,405,000 | 7,236,433 | ||||
(Olmsted Medical Center Project) | ||||||
5.00% 7/1/24 | 295,000 | 356,097 | ||||
5.00% 7/1/33 | 650,000 | 750,542 | ||||
5.875% 7/1/30 | 1,850,000 | 2,143,503 | ||||
Sartell Health Care Facilities Revenue | ||||||
(Country Manor Campus Project) | ||||||
Series A 5.25% 9/1/27 | 1,280,000 | 1,381,581 | ||||
Series A 5.30% 9/1/37 | 1,200,000 | 1,279,992 | ||||
Series A 6.375% 9/1/42 | 2,435,000 | 2,488,424 | ||||
Sauk Rapids Health Care Housing Facilities Revenue | ||||||
(Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,350,000 | 1,394,145 | ||||
Shakopee Health Care Facilities Revenue | ||||||
(St. Francis Regional Medical Center) | ||||||
4.00% 9/1/31 | 915,000 | 994,998 | ||||
5.00% 9/1/24 | 575,000 | 711,563 | ||||
5.00% 9/1/25 | 750,000 | 918,923 | ||||
5.00% 9/1/26 | 575,000 | 698,826 | ||||
5.00% 9/1/27 | 405,000 | 488,474 | ||||
5.00% 9/1/28 | 425,000 | 508,589 | ||||
5.00% 9/1/29 | 425,000 | 506,719 | ||||
5.00% 9/1/34 | 730,000 | 850,757 | ||||
St. Cloud Health Care Revenue | ||||||
(Centracare Health System Project) | ||||||
Series A 4.00% 5/1/37 | 1,100,000 | 1,194,215 | ||||
Series A 5.00% 5/1/46 | 5,500,000 | 6,517,720 | ||||
Series A 5.125% 5/1/30 | 9,350,000 | 10,575,411 | ||||
St. Paul Housing & Redevelopment Authority Health Care | ||||||
Facilities Revenue | ||||||
(Allina Health System) Series A-1 5.25% 11/15/29 | 5,605,000 | 6,370,083 | ||||
(Health Partners Obligation Group Project) | ||||||
5.00% 7/1/29 | 2,000,000 | 2,419,360 | ||||
5.00% 7/1/32 | 2,500,000 | 2,990,425 | ||||
5.00% 7/1/33 | 1,260,000 | 1,503,785 |
6 NQ- 301 [5/16] 7/16 (17027)
(Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds (continued) | ||||||
St. Paul Housing & Redevelopment Authority Hospital | ||||||
Facility | ||||||
(Healtheast Care System Project) | ||||||
Series A 5.00% 11/15/29 | 910,000 | $ | 1,087,395 | |||
Series A 5.00% 11/15/30 | 670,000 | 797,521 | ||||
St. Paul Housing & Redevelopment Authority Housing & | ||||||
Health Care Facilities Revenue | ||||||
(Senior Carondelet Village Project) | ||||||
Series A 6.00% 8/1/42 | 3,075,000 | 3,167,650 | ||||
(Senior Episcopal Homes Project) 5.125% 5/1/48 | 3,100,000 | 3,257,511 | ||||
St. Paul Housing & Redevelopment Authority Multifamily | ||||||
Housing Revenue | ||||||
(Marian Center Project) | ||||||
Series A 5.30% 11/1/30 | 500,000 | 500,490 | ||||
Series A 5.375% 5/1/43 | 500,000 | 500,390 | ||||
Washington County Housing & Redevelopment Authority | ||||||
Healthcare & Housing Revenue | ||||||
(Birchwood & Woodbury Projects) | ||||||
Series A 5.625% 6/1/37 | 1,500,000 | 1,547,970 | ||||
Wayzata Senior Housing Revenue | ||||||
(Folkestone Senior Living Community) | ||||||
Series A 5.50% 11/1/32 | 1,050,000 | 1,137,696 | ||||
Series A 5.75% 11/1/39 | 2,365,000 | 2,550,913 | ||||
Series A 6.00% 5/1/47 | 3,685,000 | 3,994,798 | ||||
Winona Health Care Facilities Revenue | ||||||
(Winona Health Obligation) | ||||||
4.50% 7/1/25 | 850,000 | 924,315 | ||||
4.65% 7/1/26 | 540,000 | 588,092 | ||||
Woodbury Housing & Redevelopment Authority Revenue | ||||||
(St. Therese of Woodbury) | ||||||
5.00% 12/1/34 | 500,000 | 524,700 | ||||
5.125% 12/1/44 | 1,605,000 | 1,680,692 | ||||
5.25% 12/1/49 | 750,000 | 793,995 | ||||
163,662,612 | ||||||
Housing Revenue Bonds 2.35% | ||||||
Minnesota Housing Finance Agency | ||||||
(Residential Housing) | ||||||
Series D 4.80% 7/1/38 (AMT)● | 1,745,000 | 1,746,710 | ||||
Series I 4.85% 7/1/38 (AMT) | 1,280,000 | 1,281,574 | ||||
Series L 5.10% 7/1/38 (AMT) | 7,100,000 | 7,178,810 |
NQ- 301 [5/16] 7/16 (17027) 7
Schedule of
investments
Delaware Tax-Free
Minnesota Fund (Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Housing Revenue Bonds (continued) | ||||||
Minnesota Housing Finance Agency Homeownership | ||||||
Finance (Non-Agency Mortgage-Backed Securities | ||||||
Program) | ||||||
Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) | 1,940,000 | $ | 2,122,147 | |||
Northwest Multi-County Housing & Redevelopment | ||||||
Authority | ||||||
(Pooled Housing Program) 5.50% 7/1/45 | 1,330,000 | 1,358,861 | ||||
13,688,102 | ||||||
Lease Revenue Bonds 2.98% | ||||||
Minnesota General Fund Revenue Appropriations | ||||||
Series A 5.00% 6/1/38 | 1,250,000 | 1,484,837 | ||||
Series A 5.00% 6/1/43 | 3,835,000 | 4,530,861 | ||||
Series B 5.00% 3/1/28 | 2,500,000 | 2,981,275 | ||||
Minnesota Housing Finance Agency | ||||||
5.00% 8/1/34 | 1,565,000 | 1,852,350 | ||||
5.00% 8/1/35 | 1,645,000 | 1,941,709 | ||||
University of Minnesota Special Purpose Revenue | ||||||
(State Supported Biomed Science Research) | ||||||
5.00% 8/1/35 | 3,960,000 | 4,512,262 | ||||
17,303,294 | ||||||
Local General Obligation Bonds 7.74% | ||||||
Anoka County Capital Improvement | ||||||
Series A 5.00% 2/1/22 | 500,000 | 551,840 | ||||
Brainerd Independent School District No. 181 | ||||||
(School Building) Series A 4.00% 2/1/23 | 5,990,000 | 6,465,486 | ||||
Burnsville-Eagan-Savage Independent School | ||||||
District No. 191 | ||||||
(Alternative Facilities) | ||||||
Series A 4.00% 2/1/28 | 920,000 | 1,059,270 | ||||
Series A 4.00% 2/1/29 | 1,800,000 | 2,063,250 | ||||
Chaska Independent School District No. 112 | ||||||
(School Building) Series A 5.00% 2/1/27 | 1,905,000 | 2,425,656 | ||||
Duluth | ||||||
(DECC Improvement) | ||||||
Series A 5.00% 2/1/32 | 1,000,000 | 1,240,630 | ||||
Series A 5.00% 2/1/33 | 3,585,000 | 4,430,092 | ||||
Edina Independent School District No. 273 | ||||||
Series A 5.00% 2/1/27 | 5,660,000 | 7,130,468 | ||||
Farmington Independent School District No. 192 | ||||||
Series A 5.00% 2/1/25 | 3,775,000 | 4,671,109 | ||||
New Brighton Tax Increment | ||||||
Series A 5.00% 2/1/27 (NATL-RE) | 1,000,000 | 1,027,870 |
8 NQ- 301 [5/16] 7/16 (17027)
(Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Local General Obligation Bonds (continued) | ||||||
South Washington County Independent School | ||||||
District No. 833 | ||||||
(School Building) | ||||||
Series A 4.75% 2/1/25 | 2,500,000 | $ | 2,653,150 | |||
Series A 4.75% 2/1/26 | 3,600,000 | 3,816,828 | ||||
Series A 4.75% 2/1/27 | 2,300,000 | 2,432,618 | ||||
St. Paul Independent School District No. 625 | ||||||
(School Building) Series B 5.00% 2/1/23 | 1,660,000 | 2,040,140 | ||||
Staples United Hospital District Health Care Facilities | ||||||
(Todd Morrison ETC Hospital-Lakewood) | ||||||
5.00% 12/1/21 | 2,000,000 | 2,007,360 | ||||
5.125% 12/1/24 | 1,000,000 | 1,003,520 | ||||
45,019,287 | ||||||
Pre-Refunded / Escrowed to Maturity Bonds 17.56% | ||||||
Dakota-Washington Counties Housing & Redevelopment | ||||||
Authority Single Family Residential Mortgage Revenue | ||||||
(City of Anoka) 8.45% 9/1/19 (GNMA) (AMT) | 9,000,000 | 10,899,180 | ||||
(City of Bloomington) | ||||||
8.15% 9/1/16 (NATL-RE) (IBC) (GNMA) (AMT) | 405,000 | 412,610 | ||||
Series B 8.375% 9/1/21 (GNMA) (AMT) | 14,115,000 | 18,786,359 | ||||
Minneapolis Health Care System Revenue | ||||||
(Fairview Health Services) | ||||||
Series A 6.375% 11/15/23-18§ | 180,000 | 204,070 | ||||
Series A 6.625% 11/15/28-18§ | 3,000,000 | 3,419,340 | ||||
Series B 6.50% 11/15/38-18 (AGC)§ | 175,000 | 198,931 | ||||
Minneapolis National Marrow Donor Program Revenue | ||||||
4.875% 8/1/25-18§ | 6,430,000 | 6,987,995 | ||||
Minnesota | ||||||
Series A 5.00% 10/1/24-21§ | 70,000 | 83,143 | ||||
Series A 5.00% 10/1/27-21§ | 80,000 | 95,021 | ||||
(Various Purposes) Series A 4.00% 8/1/27-22§ | 45,000 | 52,201 | ||||
Minnesota Higher Education Facilities Authority Revenue | ||||||
(University of St. Thomas) Series 6-X 5.25% 4/1/39-17§ | 5,000,000 | 5,191,850 | ||||
Southern Minnesota Municipal Power Agency Revenue | ||||||
Series A 5.75% 1/1/18-17§ | 1,490,000 | 1,516,805 | ||||
Series A 5.75% 1/1/18-17 (AMBAC) (TCRS)§ | 245,000 | 249,408 | ||||
Series A 5.75% 1/1/18-17 (NATL-RE) (IBC)§ | 395,000 | 402,106 | ||||
St. Cloud Health Care Revenue | ||||||
(Centracare Health System Project) | ||||||
5.375% 5/1/31-19 (AGC)§ | 1,000,000 | 1,127,350 | ||||
5.50% 5/1/39-19 (AGC)§ | 6,000,000 | 6,785,640 |
NQ- 301 [5/16] 7/16 (17027) 9
Schedule of
investments
Delaware Tax-Free
Minnesota Fund (Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Pre-Refunded / Escrowed to Maturity Bonds (continued) | ||||||
St. Louis Park Health Care Facilities Revenue | ||||||
(Park Nicollet Health Services) | ||||||
5.75% 7/1/39-19§ | 17,550,000 | $ | 20,135,466 | |||
Series C 5.50% 7/1/23-18§ | 3,000,000 | 3,292,350 | ||||
Series C 5.625% 7/1/26-18§ | 1,925,000 | 2,117,558 | ||||
Series C 5.75% 7/1/30-18§ | 5,035,000 | 5,551,641 | ||||
University of Minnesota | ||||||
Series A 5.50% 7/1/21 | 12,500,000 | 14,625,750 | ||||
102,134,774 | ||||||
Special Tax Revenue Bonds 3.18% | ||||||
Hennepin County Sales Tax Revenue | ||||||
(Second Lien-Ballpark Project) | ||||||
Series B 5.00% 12/15/19 | 2,100,000 | 2,239,818 | ||||
Series B 5.00% 12/15/20 | 1,000,000 | 1,066,260 | ||||
Series B 5.00% 12/15/24 | 1,150,000 | 1,224,555 | ||||
Minneapolis Development Revenue | ||||||
(Limited Tax Supported Common Bond Fund) | ||||||
Series 2-A 6.00% 12/1/40 | 3,000,000 | 3,553,920 | ||||
Minnesota 911 Revenue | ||||||
(Public Safety Radio Communication System Project) | ||||||
5.00% 6/1/24 | 2,925,000 | 3,279,803 | ||||
5.00% 6/1/25 | 2,000,000 | 2,240,700 | ||||
St. Paul Sales Tax Revenue | ||||||
Series G 5.00% 11/1/30 | 655,000 | 789,707 | ||||
Series G 5.00% 11/1/31 | 1,500,000 | 1,801,920 | ||||
Virgin Islands Public Finance Authority | ||||||
(Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) | 2,000,000 | 2,270,960 | ||||
18,467,643 | ||||||
State General Obligation Bonds 8.62% | ||||||
Minnesota | ||||||
Series A 5.00% 8/1/27 | 7,590,000 | 9,666,928 | ||||
Series A 5.00% 8/1/29 | 1,500,000 | 1,900,530 | ||||
Series A Unrefunded 5.00% 10/1/24 | 4,555,000 | 5,451,105 | ||||
Series A Unrefunded 5.00% 10/1/27 | 5,200,000 | 6,222,996 | ||||
(State Trunk Highway) Series B 5.00% 10/1/29 | 5,000,000 | 5,953,700 | ||||
(Various Purposes) | ||||||
Series A 5.00% 8/1/25 | 5,545,000 | 6,998,178 | ||||
Series A 5.00% 8/1/30 | 4,200,000 | 5,180,490 | ||||
Series A 5.00% 8/1/32 | 2,755,000 | 3,374,820 | ||||
Series A Unrefunded 4.00% 8/1/27 | 955,000 | 1,085,157 | ||||
Series F 5.00% 10/1/22 | 3,500,000 | 4,291,980 | ||||
50,125,884 |
10 NQ- 301 [5/16] 7/16 (17027)
(Unaudited)
Principal amount° | Value (U.S. $) | |||||
Municipal Bonds (continued) | ||||||
Transportation Revenue Bonds 3.48% | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission | ||||||
Revenue | ||||||
Senior Series A 5.00% 1/1/28 | 1,250,000 | $ | 1,406,725 | |||
Subordinate | ||||||
Series A 5.00% 1/1/35 | 1,000,000 | 1,179,270 | ||||
Series B 5.00% 1/1/26 | 575,000 | 673,647 | ||||
Series B 5.00% 1/1/27 | 1,160,000 | 1,350,286 | ||||
Series B 5.00% 1/1/28 | 2,750,000 | 3,185,325 | ||||
Series B 5.00% 1/1/29 | 120,000 | 138,584 | ||||
Series B 5.00% 1/1/30 | 1,675,000 | 1,936,317 | ||||
Series B 5.00% 1/1/31 | 1,750,000 | 2,018,013 | ||||
St. Paul Housing & Redevelopment Authority Parking | ||||||
Revenue | ||||||
(Parking Facilities Project) | ||||||
Series A 5.00% 8/1/30 | 1,870,000 | 2,048,548 | ||||
Series A 5.00% 8/1/35 | 1,145,000 | 1,171,793 | ||||
(Smith Avenue Project) Series B 5.00% 8/1/35 | 1,500,000 | 1,648,185 | ||||
St. Paul Port Authority Revenue | ||||||
(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 | 3,200,000 | 3,456,352 | ||||
20,213,045 | ||||||
Water & Sewer Revenue Bonds 3.18% | ||||||
Guam Government Waterworks Authority | ||||||
5.00% 1/1/46 | 1,670,000 | 1,935,079 | ||||
Metropolitan Council Waste Water Treatment Revenue | ||||||
Series B 4.00% 9/1/27 | 2,400,000 | 2,730,504 | ||||
Series B 5.00% 9/1/22 | 2,125,000 | 2,604,039 | ||||
Series B 5.00% 9/1/25 | 2,000,000 | 2,448,160 | ||||
Series E 5.00% 9/1/22 | 2,745,000 | 3,363,805 | ||||
Series E 5.00% 9/1/23 | 2,000,000 | 2,436,520 | ||||
Minnesota Public Facilities Authority | ||||||
Series B 4.00% 3/1/26 | 2,500,000 | 3,000,200 | ||||
18,518,307 | ||||||
Total Municipal Bonds (cost $533,351,747) | 574,376,506 | |||||
Short-Term Investment 0.04% | ||||||
Variable Rate Demand Note 0.04%¤ | ||||||
Minneapolis-St. Paul, Minnesota Housing & | ||||||
Redevelopment Authority Health Care Revenue (Allina | ||||||
Health System) Series B-2 | ||||||
0.29% 11/15/35 (LOC JPMorgan Chase Bank N.A.) | 250,000 | 250,000 | ||||
Total Short-Term Investment (cost $250,000) | 250,000 |
NQ- 301 [5/16] 7/16 (17027) 11
Schedule of
investments
Delaware Tax-Free
Minnesota Fund (Unaudited)
Total Value of Securities 98.80% | ||
(cost $533,601,747) | $ | 574,626,506 |
Receivables and Other Assets Net of Liabilities 1.20% | 6,990,445 | |
Net Assets Applicable to 45,550,585 Shares Outstanding 100.00% | $ | 581,616,951 |
# |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2016, the aggregate value of Rule 144A securities was $3,079,060, which represents 0.53% of the Funds 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. The rate shown is the rate as of May 31, 2016. |
° |
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 May 31, 2016. 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:
AGC Insured by Assured
Guaranty Corporation
AGM Insured by Assured Guaranty Municipal
Corporation
AMBAC Insured by AMBAC Assurance 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
IBC Insured Bond
Certificate
LOC Letter of Credit
N.A. North America
NATL-RE
Insured by National Public Finance Guarantee Corporation
TCRS Temporary
Custodial Receipts
12 NQ- 301 [5/16] 7/16 (17027)
Notes | |
Delaware Tax-Free Minnesota Fund | May 31, 2016 (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 (Trust) Delaware Tax-Free Minnesota Fund (Fund). This report covers the period of time since the Funds 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 net asset value as reported by the underlying investment company. 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 Trusts 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
At May 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:
Cost of investments | $ | 533,601,747 | |
Aggregate unrealized appreciation | $ | 41,519,014 | |
Aggregate unrealized depreciation | (494,255 | ) | |
Net unrealized appreciation | $ | 41,024,759 |
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 entitys 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 Funds 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) |
NQ- 301 [5/16] 7/16 (17027) 13
(Unaudited)
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 Funds own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities) |
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 Funds investments by fair value hierarchy levels as of May 31, 2016:
Securities | Level 2 | ||
Municipal Bonds | $ | 574,376,506 | |
Short-Term Investments | 250,000 | ||
Total Value of Securities | $ | 574,626,506 |
During the period ended May 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Funds 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 May 31, 2016, there were no Level 3 investments.
3. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to May 31, 2016 that would require recognition or disclosure on the Funds Schedule of investments.
14 NQ- 301 [5/16] 7/16 (17027)
Item 2. Controls and Procedures.
The registrants principal executive officer and principal financial officer have evaluated the registrants 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 registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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:
CERTIFICATION
I, Shawn Lytle, certify that:
1. | I have reviewed this report on Form N-Q of Voyageur Tax Free Funds; | |||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |||
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | |||
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): | |||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | |||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ SHAWN LYTLE | ||
By: | Shawn Lytle | |
Title: | President and Chief Executive Officer | |
Date: | July 27, 2016 |
CERTIFICATION
I, Richard Salus, certify that:
1. | I have reviewed this report on Form N-Q of Voyageur Tax Free Funds; | |||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |||
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | |||
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): | |||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | |||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ RICHARD SALUS | ||
By: | Richard Salus | |
Title: | Chief Financial Officer | |
Date: | July 27, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VOYAGEUR TAX FREE FUNDS
/s/ SHAWN LYTLE | |
By: | Shawn Lytle |
Title: | President and Chief Executive Officer |
Date: | July 27, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ SHAWN LYTLE | |
By: | Shawn Lytle |
Title: | President and Chief Executive Officer |
Date: | July 27, 2016 |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: Chief Financial Officer | |
Date: | July 27, 2016 |