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: | May 31, 2017 |
Item 1. Schedule of Investments.
| Schedule of investments | |
| Delaware Tax-Free Minnesota Fund | May 31, 2017 (Unaudited) |
| Principal amount° | Value (US $) | ||||
| Municipal Bonds – 98.64% | |||||
| Corporate-Backed Revenue Bonds – 2.01% | |||||
| Laurentian Energy Authority I Cogeneration Revenue | |||||
| Series A 5.00% 12/1/21 | 8,000,000 | $ | 7,977,680 | ||
| St. Paul Port Authority Solid Waste Disposal Revenue | |||||
| (Gerdau St. Paul Steel Mill Project) | |||||
| Series 7 144A 4.50% 10/1/37 (AMT)# | 3,790,000 | 3,350,474 | |||
| 11,328,154 | |||||
| Education Revenue Bonds – 13.44% | |||||
| Brooklyn Park Charter School Lease | |||||
| (Prairie Seeds Academy Project) | |||||
| Series A 5.00% 3/1/34 | 2,260,000 | 2,348,072 | |||
| Series A 5.00% 3/1/39 | 385,000 | 395,930 | |||
| Cologne Charter School Lease Revenue | |||||
| (Cologne Academy Project) | |||||
| Series A 5.00% 7/1/34 | 250,000 | 258,555 | |||
| Series A 5.00% 7/1/45 | 1,390,000 | 1,420,594 | |||
| Deephaven Charter School Lease Revenue | |||||
| (Eagle Ridge Academy Project) Series A 5.50% 7/1/50 | 2,000,000 | 2,120,280 | |||
| Duluth Housing & Redevelopment Authority Revenue | |||||
| (Public School Academy) Series A 5.875% 11/1/40 | 3,500,000 | 3,621,345 | |||
| Forest Lake Charter School Revenue Fund | |||||
| (Lake International Language Academy Project) | |||||
| Series A 5.50% 8/1/36 | 580,000 | 623,860 | |||
| Series A 5.75% 8/1/44 | 1,190,000 | 1,286,735 | |||
| Ham Lake Charter School Lease Revenue | |||||
| (Davinci Academy Project) | |||||
| Series A 5.00% 7/1/36 | 765,000 | 775,159 | |||
| Series A 5.00% 7/1/47 | 2,290,000 | 2,295,336 | |||
| Hugo Charter School Lease Revenue | |||||
| (Noble Academy Project) | |||||
| Series A 5.00% 7/1/34 | 580,000 | 593,868 | |||
| Series A 5.00% 7/1/44 | 1,770,000 | 1,789,913 | |||
| Minneapolis Charter School Lease Revenue | |||||
| (Hiawatha Academies Project) | |||||
| Series A 5.00% 7/1/31 | 885,000 | 907,045 | |||
| Series A 5.00% 7/1/47 | 2,300,000 | 2,270,813 | |||
| Minneapolis Student Housing Revenue | |||||
| (Riverton Community Housing Project) | |||||
| 5.25% 8/1/39 | 470,000 | 474,155 | |||
| 5.50% 8/1/49 | 2,260,000 | 2,300,951 | |||
| Minnesota Colleges & Universities Revenue Fund | |||||
| Series A 5.00% 10/1/26 | 4,990,000 | 6,227,370 | |||
NQ- 301 [5/17] 7/17 (220486) 1
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Education Revenue Bonds (continued) | |||||
| Minnesota Higher Education Facilities Authority Revenue | |||||
| (Bethel University) Series 6-R 5.50% 5/1/37 | 2,500,000 | $ | 2,501,325 | ||
| (Carleton College) | |||||
| 4.00% 3/1/35 | 1,000,000 | 1,084,840 | |||
| 4.00% 3/1/36 | 415,000 | 448,383 | |||
| 5.00% 3/1/34 | 225,000 | 271,233 | |||
| 5.00% 3/1/44 | 1,275,000 | 1,509,243 | |||
| (College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 1,029,750 | |||
| (St. Catherine University) | |||||
| Series 7-Q 5.00% 10/1/23 | 350,000 | 400,330 | |||
| Series 7-Q 5.00% 10/1/24 | 475,000 | 542,982 | |||
| Series 7-Q 5.00% 10/1/27 | 200,000 | 224,840 | |||
| (St. John’s University) | |||||
| Series 8-I 5.00% 10/1/32 | 500,000 | 582,445 | |||
| Series 8-I 5.00% 10/1/33 | 250,000 | 289,610 | |||
| (St. Olaf College) | |||||
| Series 8-G 5.00% 12/1/31 | 670,000 | 785,233 | |||
| Series 8-G 5.00% 12/1/32 | 670,000 | 782,466 | |||
| Series 8-N 4.00% 10/1/33 | 1,765,000 | 1,907,700 | |||
| Series 8-N 4.00% 10/1/35 | 500,000 | 535,375 | |||
| (St. Scholastica College) Series 7-J 6.30% 12/1/40 | 1,800,000 | 1,948,824 | |||
| (University of St. Thomas) | |||||
| Series 7-A 5.00% 10/1/39 | 2,000,000 | 2,152,100 | |||
| Series 7-U 5.00% 4/1/23 | 550,000 | 649,633 | |||
| Series 8-L 5.00% 4/1/35 | 750,000 | 861,217 | |||
| Otsego Charter School Lease Revenue | |||||
| (Kaleidoscope Charter School) | |||||
| Series A 5.00% 9/1/34 | 520,000 | 539,152 | |||
| Series A 5.00% 9/1/44 | 1,165,000 | 1,192,645 | |||
| Rice County Educational Facilities Revenue | |||||
| (Shattuck-St. Mary’s School) Series A 144A | |||||
| 5.00% 8/1/22 # | 2,855,000 | 3,030,697 | |||
| St. Cloud Charter School Lease Revenue | |||||
| (Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 568,750 | |||
| St. Paul Housing & Redevelopment Authority Charter | |||||
| School Lease Revenue | |||||
| (Academia Cesar Chavez School Project) Series A | |||||
| 5.25% 7/1/50 | 1,945,000 | 1,976,917 | |||
| (Nova Classical Academy Project) Series A | |||||
| 4.125% 9/1/47 | 1,750,000 | 1,718,710 | |||
| (Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | 1,477,224 | |||
2 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Education Revenue Bonds (continued) | |||||
| University of Minnesota | |||||
| Series A 5.00% 4/1/34 | 925,000 | $ | 1,107,243 | ||
| Series A 5.00% 4/1/35 | 3,175,000 | 3,789,426 | |||
| Series A 5.00% 4/1/36 | 2,650,000 | 3,153,579 | |||
| Series A 5.25% 12/1/28 | 1,000,000 | 1,139,390 | |||
| Series A 5.25% 12/1/29 | 1,850,000 | 2,106,503 | |||
| Series D 5.00% 12/1/27 | 1,000,000 | 1,148,920 | |||
| (State Supported Stadium Debt) Series A 5.00% 8/1/26 | 3,760,000 | 4,625,552 | |||
| 75,792,218 | |||||
| Electric Revenue Bonds – 6.51% | |||||
| Chaska Electric Revenue | |||||
| (Generating Facilities) Series A 5.00% 10/1/30 | 1,150,000 | 1,350,376 | |||
| Minnesota Municipal Power Agency Electric Revenue | |||||
| 4.00% 10/1/41 | 1,000,000 | 1,065,740 | |||
| 5.00% 10/1/29 | 395,000 | 459,843 | |||
| 5.00% 10/1/30 | 500,000 | 580,175 | |||
| 5.00% 10/1/33 | 1,205,000 | 1,381,316 | |||
| 5.00% 10/1/36 | 100,000 | 116,793 | |||
| Series A 5.00% 10/1/30 | 1,060,000 | 1,229,971 | |||
| Series A 5.00% 10/1/34 | 750,000 | 856,537 | |||
| Series A 5.00% 10/1/35 | 1,525,000 | 1,737,295 | |||
| Northern Municipal Power Agency Electric System | |||||
| Revenue | |||||
| 5.00% 1/1/27 | 540,000 | 652,504 | |||
| 5.00% 1/1/30 | 520,000 | 613,694 | |||
| Series A 5.00% 1/1/25 | 125,000 | 146,591 | |||
| Series A 5.00% 1/1/26 | 425,000 | 493,986 | |||
| Series A 5.00% 1/1/31 | 520,000 | 587,054 | |||
| Rochester Electric Utility Revenue | |||||
| Series A 5.00% 12/1/42 | 1,395,000 | 1,640,534 | |||
| Series A 5.00% 12/1/47 | 2,265,000 | 2,651,341 | |||
| Series B 5.00% 12/1/27 | 295,000 | 351,596 | |||
| Series B 5.00% 12/1/28 | 275,000 | 327,327 | |||
| Series B 5.00% 12/1/31 | 1,365,000 | 1,605,254 | |||
| Series B 5.00% 12/1/33 | 300,000 | 349,827 | |||
| Southern Minnesota Municipal Power Agency Revenue | |||||
| Series A 5.00% 1/1/41 | 1,310,000 | 1,496,282 | |||
| Series A 5.00% 1/1/46 | 2,000,000 | 2,274,720 | |||
| Capital Appreciation Series A | |||||
| 6.70% 1/1/25 (NATL)^ | 5,000,000 | 4,275,450 | |||
| Western Minnesota Municipal Power Agency Revenue | |||||
| Series A 5.00% 1/1/33 | 1,000,000 | 1,144,340 | |||
NQ- 301 [5/17] 7/17 (220486) 3
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Electric Revenue Bonds (continued) | |||||
| Western Minnesota Municipal Power Agency Revenue | |||||
| Series A 5.00% 1/1/34 | 4,000,000 | $ | 4,561,760 | ||
| Series A 5.00% 1/1/40 | 1,250,000 | 1,410,250 | |||
| Series A 5.00% 1/1/46 | 3,000,000 | 3,371,190 | |||
| 36,731,746 | |||||
| Healthcare Revenue Bonds – 25.39% | |||||
| Alexandria Senior Housing Revenue | |||||
| (Knute Nelson Senior Living) | |||||
| 6.00% 7/1/35 | 1,500,000 | 1,517,475 | |||
| 6.20% 7/1/45 | 2,000,000 | 2,023,700 | |||
| Anoka Healthcare & Housing Facilities Revenue | |||||
| (Homestead Anoka Project) | |||||
| 5.125% 11/1/49 | 1,100,000 | 1,117,017 | |||
| 5.375% 11/1/34 | 320,000 | 334,502 | |||
| Apple Valley Senior Living Revenue | |||||
| (Senior Living LLC Project) | |||||
| 2nd Tier Series B 5.00% 1/1/47 | 1,725,000 | 1,765,313 | |||
| 4th Tier Series D 7.25% 1/1/52 | 2,500,000 | 2,526,400 | |||
| Breckenridge Catholic Health Initiatives | |||||
| Series A 5.00% 5/1/30 | 2,250,000 | 2,257,155 | |||
| Center City Health Care Facilities Revenue | |||||
| (Hazelden Betty Ford Foundation Project) | |||||
| 5.00% 11/1/26 | 500,000 | 582,900 | |||
| Dakota County Community Development Agency Senior | |||||
| Housing Revenue | |||||
| (Walker Highview Hills Project) | |||||
| Series A 144A 5.00% 8/1/36 # | 280,000 | 286,762 | |||
| Series A 144A 5.00% 8/1/46 # | 2,380,000 | 2,423,197 | |||
| Deephaven Housing & Healthcare Revenue | |||||
| (St. Therese Senior Living Project) | |||||
| Series A 5.00% 4/1/38 | 730,000 | 742,505 | |||
| Series A 5.00% 4/1/40 | 705,000 | 715,998 | |||
| Series A 5.00% 4/1/48 | 315,000 | 317,155 | |||
| Duluth Economic Development Authority | |||||
| (St. Luke’s Hospital Authority Obligation Group) | |||||
| 5.75% 6/15/32 | 1,850,000 | 2,017,536 | |||
| 6.00% 6/15/39 | 3,570,000 | 3,915,041 | |||
| Fergus Falls Health Care Facilities Revenue | |||||
| (Lake Region Health Care) | |||||
| 5.15% 8/1/35 | 1,250,000 | 1,252,487 | |||
| 5.40% 8/1/40 | 1,000,000 | 1,002,450 | |||
4 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Healthcare Revenue Bonds (continued) | |||||
| Glencoe Health Care Facilities Revenue | |||||
| (Glencoe Regional Health Services Project) | |||||
| 4.00% 4/1/24 | 500,000 | $ | 535,820 | ||
| 4.00% 4/1/25 | 660,000 | 707,447 | |||
| 4.00% 4/1/31 | 60,000 | 62,872 | |||
| Hayward Health Care Facilities Revenue | |||||
| (American Baptist Homes Midwest Obligated Group) | |||||
| 5.375% 8/1/34 | 660,000 | 665,999 | |||
| 5.75% 2/1/44 | 500,000 | 507,635 | |||
| (St. John’s Lutheran Home of Albert Lea) | |||||
| 5.375% 10/1/44 | 1,570,000 | 1,588,840 | |||
| Maple Grove Health Care Facilities Revenue | |||||
| (Maple Grove Hospital Corporation) | |||||
| 4.00% 5/1/37 | 2,000,000 | 2,066,180 | |||
| 5.00% 5/1/27 | 1,400,000 | 1,691,158 | |||
| 5.00% 5/1/29 | 1,000,000 | 1,186,180 | |||
| 5.00% 5/1/30 | 850,000 | 1,001,529 | |||
| 5.00% 5/1/31 | 500,000 | 585,685 | |||
| 5.00% 5/1/32 | 500,000 | 582,880 | |||
| (North Memorial Health Care) | |||||
| 5.00% 9/1/31 | 1,000,000 | 1,138,890 | |||
| 5.00% 9/1/32 | 1,000,000 | 1,131,110 | |||
| Minneapolis Health Care System Revenue | |||||
| (Fairview Health Services) | |||||
| Series A 5.00% 11/15/33 | 500,000 | 579,040 | |||
| Series A 5.00% 11/15/34 | 500,000 | 577,420 | |||
| Series A 5.00% 11/15/44 | 1,000,000 | 1,132,410 | |||
| Series B Unrefunded Balance 6.50% 11/15/38 (AGC) | 1,730,000 | 1,852,795 | |||
| Minneapolis Senior Housing & Healthcare Revenue | |||||
| (Ecumen-Abiitan Mill City Project) | |||||
| 5.00% 11/1/35 | 500,000 | 517,040 | |||
| 5.25% 11/1/45 | 1,950,000 | 2,015,949 | |||
| 5.375% 11/1/50 | 455,000 | 470,329 | |||
| Minneapolis – St. Paul Housing & Redevelopment Authority | |||||
| Health Care Revenue | |||||
| (Allina Health System) Series A 5.00% 11/15/28 | 1,550,000 | 1,899,990 | |||
| (Children’s Hospital Clinics) Series A 5.25% 8/15/35 | 2,085,000 | 2,294,313 | |||
| Minnesota Agricultural & Economic Development Board | |||||
| Revenue | |||||
| (Essenthia Remarketing) | |||||
| Series C-1 5.00% 2/15/30 (AGC) | 5,725,000 | 6,151,055 | |||
NQ- 301 [5/17] 7/17 (220486) 5
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Healthcare Revenue Bonds (continued) | |||||
| Minnesota Agricultural & Economic Development Board | |||||
| Revenue | |||||
| (Essenthia Remarketing) | |||||
| Series C-1 5.25% 2/15/23 (AGC) | 5,000,000 | $ | 5,525,400 | ||
| Series C-1 5.50% 2/15/25 (AGC) | 5,120,000 | 5,651,200 | |||
| Red Wing Senior Housing | |||||
| (Deer Crest Project) | |||||
| Series A 5.00% 11/1/27 | 430,000 | 452,158 | |||
| Series A 5.00% 11/1/32 | 330,000 | 343,421 | |||
| Series A 5.00% 11/1/42 | 1,250,000 | 1,291,913 | |||
| Rochester Health Care & Housing Revenue | |||||
| (Samaritan Bethany) Series A 7.375% 12/1/41 | 5,220,000 | 5,620,374 | |||
| (The Homestead at Rochester Project) Series A | |||||
| 6.875% 12/1/48 | 2,980,000 | 3,330,299 | |||
| Rochester Health Care Facilities Revenue | |||||
| (Mayo Clinic) | |||||
| 4.00% 11/15/41 | 4,515,000 | 4,689,776 | |||
| Series D Remarketing 5.00% 11/15/38 | 6,405,000 | 6,969,152 | |||
| (Olmsted Medical Center Project) | |||||
| 5.00% 7/1/24 | 295,000 | 348,416 | |||
| 5.00% 7/1/33 | 650,000 | 729,846 | |||
| 5.875% 7/1/30 | 1,850,000 | 2,060,345 | |||
| Sartell Health Care Facilities Revenue | |||||
| (Country Manor Campus Project) | |||||
| Series A 5.25% 9/1/27 | 1,280,000 | 1,354,291 | |||
| Series A 5.30% 9/1/37 | 1,200,000 | 1,254,504 | |||
| Series A 6.375% 9/1/42 | 2,435,000 | 2,447,954 | |||
| Sauk Rapids Health Care Housing Facilities Revenue | |||||
| (Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,350,000 | 1,362,069 | |||
| Shakopee Health Care Facilities Revenue | |||||
| (St. Francis Regional Medical Center) | |||||
| 4.00% 9/1/31 | 915,000 | 978,501 | |||
| 5.00% 9/1/24 | 575,000 | 690,851 | |||
| 5.00% 9/1/25 | 750,000 | 893,123 | |||
| 5.00% 9/1/26 | 575,000 | 678,247 | |||
| 5.00% 9/1/27 | 405,000 | 472,522 | |||
| 5.00% 9/1/28 | 425,000 | 491,984 | |||
| 5.00% 9/1/29 | 425,000 | 487,547 | |||
| 5.00% 9/1/34 | 730,000 | 822,433 | |||
| St. Cloud Health Care Revenue | |||||
| (Centracare Health System Project) | |||||
| Series A 4.00% 5/1/37 | 965,000 | 1,024,454 | |||
6 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Healthcare Revenue Bonds (continued) | |||||
| St. Cloud Health Care Revenue | |||||
| (Centracare Health System Project) | |||||
| Series A 5.00% 5/1/46 | 7,715,000 | $ | 8,797,492 | ||
| Series A Unrefunded Balance 5.125% 5/1/30 | 740,000 | 808,124 | |||
| St. Paul Housing & Redevelopment Authority Health Care | |||||
| Facilities Revenue | |||||
| (Allina Health System) Series A-1 Unrefunded Balance | |||||
| 5.25% 11/15/29 | 2,825,000 | 3,102,471 | |||
| (Health Partners Obligation Group Project) | |||||
| 5.00% 7/1/29 | 2,200,000 | 2,581,810 | |||
| 5.00% 7/1/32 | 2,500,000 | 2,883,625 | |||
| 5.00% 7/1/33 | 1,260,000 | 1,447,463 | |||
| St. Paul Housing & Redevelopment Authority Hospital | |||||
| Facility Revenue | |||||
| (Healtheast Care System Project) | |||||
| Series A 5.00% 11/15/29 | 910,000 | 1,021,093 | |||
| Series A 5.00% 11/15/30 | 670,000 | 748,846 | |||
| St. Paul Housing & Redevelopment Authority Housing & | |||||
| Health Care Facilities Revenue | |||||
| (Senior Episcopal Homes Project) 5.125% 5/1/48 | 3,100,000 | 3,134,007 | |||
| St. Paul Housing & Redevelopment Authority Multifamily | |||||
| Housing Revenue | |||||
| (Marian Center Project) | |||||
| Series A 5.30% 11/1/30 | 500,000 | 500,375 | |||
| Series A 5.375% 5/1/43 | 500,000 | 500,270 | |||
| Wayzata Senior Housing Revenue | |||||
| (Folkestone Senior Living Community) | |||||
| Series A 5.50% 11/1/32 | 1,050,000 | 1,110,029 | |||
| Series A 5.75% 11/1/39 | 2,365,000 | 2,492,497 | |||
| Series A 6.00% 5/1/47 | 3,685,000 | 3,894,898 | |||
| Winona Health Care Facilities Revenue | |||||
| (Winona Health Obligation) | |||||
| 4.50% 7/1/25 | 850,000 | 909,797 | |||
| 4.65% 7/1/26 | 540,000 | 577,751 | |||
| Woodbury Housing & Redevelopment Authority Revenue | |||||
| (St. Therese of Woodbury) | |||||
| 5.00% 12/1/34 | 500,000 | 513,845 | |||
| 5.125% 12/1/44 | 1,605,000 | 1,649,234 | |||
| 5.25% 12/1/49 | 750,000 | 774,907 | |||
| 143,159,473 | |||||
NQ- 301 [5/17] 7/17 (220486) 7
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Housing Revenue Bonds – 0.50% | |||||
| Minnesota Housing Finance Agency Homeownership | |||||
| Finance (Non-Agency Mortgage-Backed Securities | |||||
| Program) | |||||
| Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) | 1,405,000 | $ | 1,494,316 | ||
| Northwest Multi-County Housing & Redevelopment | |||||
| Authority | |||||
| (Pooled Housing Program) 5.50% 7/1/45 | 1,330,000 | 1,339,496 | |||
| 2,833,812 | |||||
| Lease Revenue Bonds – 2.97% | |||||
| Minnesota General Fund Revenue Appropriations | |||||
| Series A 5.00% 6/1/38 | 1,250,000 | 1,426,850 | |||
| Series A 5.00% 6/1/43 | 3,835,000 | 4,361,545 | |||
| Series B 5.00% 3/1/28 | 2,500,000 | 2,909,850 | |||
| Minnesota Housing Finance Agency | |||||
| (State Appropriation – Housing Infrastructure) | |||||
| Series C 5.00% 8/1/34 | 1,565,000 | 1,792,567 | |||
| Series C 5.00% 8/1/35 | 1,645,000 | 1,880,761 | |||
| University of Minnesota Special Purpose Revenue | |||||
| (State Supported Biomed Science Research Facilities | |||||
| Funding Project) | |||||
| Series A 5.00% 8/1/35 | 3,960,000 | 4,359,841 | |||
| 16,731,414 | |||||
| Local General Obligation Bonds – 11.14% | |||||
| Anoka County Capital Improvement | |||||
| Series A 5.00% 2/1/22 | 500,000 | 532,725 | |||
| Brainerd Independent School District No. 181 | |||||
| (School Building) Series A 4.00% 2/1/23 | 5,990,000 | 6,281,294 | |||
| Burnsville-Eagan-Savage Independent School | |||||
| District No. 191 | |||||
| (Alternative Facilities) | |||||
| Series A 4.00% 2/1/28 | 920,000 | 1,035,120 | |||
| Series A 4.00% 2/1/29 | 1,800,000 | 2,009,088 | |||
| Chaska Independent School District No. 112 | |||||
| (School Building) Series A 5.00% 2/1/27 | 1,905,000 | 2,354,751 | |||
| Duluth | |||||
| (DECC Improvement) | |||||
| Series A 5.00% 2/1/32 | 1,000,000 | 1,191,110 | |||
| Series A 5.00% 2/1/33 | 3,585,000 | 4,248,655 | |||
| Duluth Independent School District No. 709 | |||||
| Series A 4.00% 2/1/27 | 160,000 | 181,166 | |||
| Series A 4.00% 2/1/28 | 1,250,000 | 1,399,813 | |||
8 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Local General Obligation Bonds (continued) | |||||
| Edina Independent School District No. 273 | |||||
| Series A 5.00% 2/1/27 | 5,660,000 | $ | 6,921,161 | ||
| Farmington Independent School District No. 192 | |||||
| Series A 5.00% 2/1/25 | 3,775,000 | 4,546,535 | |||
| Hennepin County | |||||
| Series A 5.00% 12/1/26 | 1,885,000 | 2,405,449 | |||
| Series A 5.00% 12/1/36 | 3,065,000 | 3,695,011 | |||
| Series A 5.00% 12/1/41 | 4,000,000 | 4,762,680 | |||
| Series B 5.00% 12/1/30 | 1,000,000 | 1,238,060 | |||
| Series C 5.00% 12/1/28 | 1,500,000 | 1,950,390 | |||
| Metropolitan Council Waste Water Treatment Revenue | |||||
| Series C 4.00% 3/1/31 | 3,120,000 | 3,528,408 | |||
| Series C 4.00% 3/1/32 | 3,225,000 | 3,629,286 | |||
| South Washington County Independent School | |||||
| District No. 833 | |||||
| (School Building) | |||||
| Series A 4.75% 2/1/25 | 2,500,000 | 2,561,675 | |||
| Series A 4.75% 2/1/26 | 3,600,000 | 3,688,812 | |||
| Series A 4.75% 2/1/27 | 2,300,000 | 2,356,741 | |||
| St Michael-Albertville Independent School District No. 885 | |||||
| Series A 5.00% 2/1/27 | 1,865,000 | 2,300,310 | |||
| 62,818,240 | |||||
| Pre-Refunded / Escrowed to Maturity Bonds – 16.96% | |||||
| Anoka Health Care Facilities Revenue | |||||
| (Homestead Anoka Project) | |||||
| Series A 7.00% 11/1/40-19§ | 1,000,000 | 1,148,390 | |||
| Series A 7.00% 11/1/46-19§ | 1,220,000 | 1,401,036 | |||
| Anoka Housing Facilities Revenue | |||||
| (Senior Homestead Anoka Project) | |||||
| Series B 6.875% 11/1/34-19§ | 2,015,000 | 2,316,686 | |||
| Dakota & Washington Counties Housing & Redevelopment | |||||
| Authority Single Family Residential Mortgage Revenue | |||||
| (City of Anoka) 8.45% 9/1/19 (GNMA) (AMT) | 9,000,000 | 10,337,940 | |||
| (City of Bloomington) | |||||
| Series B 8.375% 9/1/21 (GNMA) (AMT) | 14,115,000 | 18,050,403 | |||
| Minneapolis Health Care System Revenue | |||||
| (Fairview Health Services) | |||||
| Series A 6.625% 11/15/28-18§ | 3,000,000 | 3,247,350 | |||
| Series B 6.50% 11/15/38-18 (AGC)§ | 175,000 | 189,126 | |||
| Minneapolis Revenue | |||||
| (National Marrow Donor Program Project) | |||||
| 4.875% 8/1/25-18§ | 6,430,000 | 6,726,680 | |||
NQ- 301 [5/17] 7/17 (220486) 9
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Pre-Refunded / Escrowed to Maturity Bonds (continued) | |||||
| Minnesota Colleges & Universities Revenue Fund | |||||
| Series A 5.00% 10/1/28-18§ | 8,900,000 | $ | 9,387,898 | ||
| Minnesota Higher Education Facilities Authority Revenue | |||||
| (Carleton College) | |||||
| Series 6-T 5.00% 1/1/28-18§ | 1,000,000 | 1,024,390 | |||
| Series 7-D 5.00% 3/1/30-19§ | 1,500,000 | 1,606,260 | |||
| St. Cloud Health Care Revenue | |||||
| (Centracare Health System Project) | |||||
| 5.375% 5/1/31-19 (AGC)§ | 1,000,000 | 1,084,040 | |||
| 5.50% 5/1/39-19 (AGC)§ | 6,000,000 | 6,518,460 | |||
| St. Louis Park Health Care Facilities Revenue | |||||
| (Park Nicollet Health Services) | |||||
| 5.75% 7/1/39-19§ | 12,025,000 | 13,212,829 | |||
| Series C 5.75% 7/1/30-18§ | 2,035,000 | 2,142,061 | |||
| St. Paul Housing & Redevelopment Authority Health Care | |||||
| Facilities Revenue | |||||
| (Allina Health System) Series A-1 5.25% 11/15/29-19§ | 2,780,000 | 3,066,062 | |||
| University of Minnesota | |||||
| Series A 5.50% 7/1/21 | 12,500,000 | 14,171,625 | |||
| 95,631,236 | |||||
| Special Tax Revenue Bonds – 1.68% | |||||
| Hennepin County Sales Tax Revenue | |||||
| (Second Lien-Ballpark Project) Series B 5.00% 12/15/24 | 1,150,000 | 1,175,668 | |||
| Minneapolis Development Revenue | |||||
| (Limited Tax Supported Common Bond Fund) | |||||
| Series 2-A 6.00% 12/1/40 | 3,000,000 | 3,416,760 | |||
| Minneapolis Revenue | |||||
| (YMCA Greater Twin Cities Project) 4.00% 6/1/30 | 250,000 | 268,723 | |||
| St. Paul Sales Tax Revenue | |||||
| Series G 5.00% 11/1/30 | 655,000 | 761,038 | |||
| Series G 5.00% 11/1/31 | 1,500,000 | 1,735,905 | |||
| Virgin Islands Public Finance Authority | |||||
| (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) | 2,000,000 | 2,133,100 | |||
| 9,491,194 | |||||
| State General Obligation Bonds – 10.77% | |||||
| Minnesota | |||||
| Series A 5.00% 8/1/27 | 7,590,000 | 9,377,065 | |||
| Series A 5.00% 8/1/29 | 1,500,000 | 1,829,790 | |||
| Series A Unrefunded Balance 5.00% 10/1/24 | 4,555,000 | 5,296,235 | |||
| Series A Unrefunded Balance 5.00% 10/1/27 | 5,200,000 | 6,027,060 | |||
| Series D 5.00% 8/1/24 | 4,500,000 | 5,566,320 | |||
10 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| State General Obligation Bonds (continued) | |||||
| Minnesota | |||||
| Series D 5.00% 8/1/26 | 6,000,000 | $ | 7,616,640 | ||
| Series D 5.00% 8/1/27 | 2,500,000 | 3,147,525 | |||
| (State Trunk Highway) Series B 5.00% 10/1/29 | 5,000,000 | 5,776,900 | |||
| (Various Purposes) | |||||
| Series A 5.00% 8/1/25 | 5,545,000 | 6,799,113 | |||
| Series A 5.00% 8/1/30 | 4,200,000 | 5,005,854 | |||
| Series A 5.00% 8/1/32 | 2,755,000 | 3,255,776 | |||
| Series A Unrefunded Balance 4.00% 8/1/27 | 955,000 | 1,059,859 | |||
| 60,758,137 | |||||
| Transportation Revenue Bonds – 5.11% | |||||
| Minneapolis – St. Paul Metropolitan Airports Commission | |||||
| Revenue | |||||
| Senior | |||||
| Series A 5.00% 1/1/28 | 1,250,000 | 1,369,113 | |||
| Series A 5.00% 1/1/31 | 3,890,000 | 4,717,792 | |||
| Series C 5.00% 1/1/33 | 850,000 | 1,019,651 | |||
| Series C 5.00% 1/1/36 | 600,000 | 711,930 | |||
| Series C 5.00% 1/1/41 | 600,000 | 703,656 | |||
| Series C 5.00% 1/1/46 | 1,595,000 | 1,861,827 | |||
| Subordinate | |||||
| Series A 5.00% 1/1/35 | 1,000,000 | 1,150,870 | |||
| Series B 5.00% 1/1/26 | 575,000 | 658,317 | |||
| Series B 5.00% 1/1/27 | 1,160,000 | 1,326,982 | |||
| Series B 5.00% 1/1/28 | 2,750,000 | 3,143,250 | |||
| Series B 5.00% 1/1/29 | 120,000 | 136,990 | |||
| Series B 5.00% 1/1/30 | 1,675,000 | 1,881,494 | |||
| Series B 5.00% 1/1/31 | 1,750,000 | 1,960,875 | |||
| St. Paul Housing & Redevelopment Authority Revenue | |||||
| (Parking Facilities Project) | |||||
| Series A 5.00% 8/1/30 | 1,870,000 | 1,982,462 | |||
| Series A 5.00% 8/1/35 | 1,145,000 | 1,152,030 | |||
| (Smith Avenue Project) Series B 5.00% 8/1/35 | 1,500,000 | 1,592,805 | |||
| St. Paul Port Authority Revenue | |||||
| (Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 | 3,200,000 | 3,418,816 | |||
| 28,788,860 | |||||
| Water & Sewer Revenue Bonds – 2.16% | |||||
| Guam Government Waterworks Authority | |||||
| 5.00% 1/1/46 | 1,670,000 | 1,828,049 | |||
| Metropolitan Council Waste Water Treatment Revenue | |||||
| Series B 4.00% 9/1/27 | 2,400,000 | 2,666,712 | |||
NQ- 301 [5/17] 7/17 (220486) 11
Schedule of
investments
Delaware Tax-Free Minnesota Fund (Unaudited)
| Principal amount° | Value (US $) | ||||
| Municipal Bonds (continued) | |||||
| Water & Sewer Revenue Bonds (continued) | |||||
| Metropolitan Council Waste Water Treatment Revenue | |||||
| Series B 5.00% 9/1/25 | 2,000,000 | $ | 2,387,780 | ||
| Series E 5.00% 9/1/23 | 2,000,000 | 2,369,100 | |||
| Minnesota Public Facilities Authority | |||||
| Series B 4.00% 3/1/26 | 2,500,000 | 2,953,075 | |||
| 12,204,716 | |||||
| Total Municipal Bonds (cost $530,464,654) | 556,269,200 | ||||
| Short-Term Investment – 0.13% | |||||
| Variable Rate Demand Note – 0.13%¤ | |||||
| Minneapolis-St. Paul Housing & Redevelopment Authority | |||||
| Health Care Revenue (Allina Health System) Series B-2 | |||||
| 0.70% 11/15/35 (LOC- JPMorgan Chase Bank N.A.) | 700,000 | 700,000 | |||
| Total Short-Term Investment (cost $700,000) | 700,000 | ||||
| Total Value of Securities – 98.77% | |||||
| (cost $531,164,654) | 556,969,200 | ||||
| Receivables and Other Assets Net of Liabilities – 1.23% | 6,954,776 | ||||
| Net Assets Applicable to 45,029,207 Shares Outstanding – 100.00% | $ | 563,923,976 | |||
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2017, the aggregate value of Rule 144A securities was $9,091,130, which represents 1.61% of the Fund’s net assets. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2017. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. |
| ° | Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency. |
| ^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
12 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
Summary of
abbreviations:
AGC – Insured by Assured
Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal
Corporation
AMT – Subject to Alternative Minimum Tax
FHLMC – Federal Home
Loan Mortgage Corporation collateral
FNMA – Federal National Mortgage
Association collateral
GNMA – Government National Mortgage Association
collateral
LOC – Letter of Credit
N.A. – National
Association
NATL – Insured by National Public
Finance Guarantee Corporation
See accompanying notes.
NQ- 301 [5/17] 7/17 (220486) 13
| Notes | |
| Delaware Tax-Free Minnesota Fund | May 31, 2017 (Unaudited) |
1. Significant Accounting Policies
The following accounting policies are in accordance with US generally accepted accounting principles (US 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 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. 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 Trust’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
At May 31, 2017, 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, 2017, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:
| Cost of investments | $ | 531,164,654 | ||
| Aggregate unrealized appreciation of investments | $ | 27,556,194 | ||
| Aggregate unrealized depreciation of investments | (1,751,648 | ) | ||
| Net unrealized appreciation of investments | $ | 25,804,546 |
US 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) |
14 NQ- 301 [5/17] 7/17 (220486)
(Unaudited)
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 May 31, 2017:
| Securities | Level 2 | ||
| Assets: | |||
| Municipal Bonds | $ | 556,269,200 | |
| Short-Term Investments | 700,000 | ||
| Total Value of Securities | $ | 556,969,200 | |
During the period ended May 31, 2017, 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. During the period ended May 31, 2017, there were no Level 3 investments.
3. Recent Accounting Pronouncements
On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the “Schedule of investments” and accompanying notes.
4. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to May 31, 2017 that would require recognition or disclosure on the Fund’s “Schedule of investments.”
NQ- 301 [5/17] 7/17 (220486) 15
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:
CERTIFICATION
I, Shawn K. 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 registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
| 5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. | |
| /s/ SHAWN K. LYTLE | |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | July 26, 2017 |
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 registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
| 5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. | |
| /s/ RICHARD SALUS | |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | July 26, 2017 |
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 K. LYTLE | |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | July 26, 2017 |
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 K. LYTLE | |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | July 26, 2017 |
| /s/ RICHARD SALUS | |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | July 26, 2017 |