N-Q 1 vtff3452061-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: May 31, 2018


Item 1. Schedule of Investments.

Schedule of investments
Delaware Tax-Free Minnesota Fund May 31, 2018 (Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds – 98.33%
Corporate Revenue Bonds – 1.80%
Laurentian Energy Authority I Cogeneration Revenue
     Series A 5.00% 12/1/21 6,555,000 $ 6,462,116
St. Paul Port Authority Solid Waste Disposal Revenue
     (Gerdau St. Paul Steel Mill Project)
     Series 7 144A 4.50% 10/1/37 (AMT)# 3,565,000 3,396,518
9,858,634
Education Revenue Bonds – 16.09%
Bethel Charter School Lease Revenue
     (Spectrum High School Project)
     Series A 4.00% 7/1/32 840,000 847,627
     Series A 4.25% 7/1/47 1,250,000 1,254,487
     Series A 4.375% 7/1/52 400,000 402,224
Brooklyn Park Charter School Lease Revenue
     (Prairie Seeds Academy Project)
     Series A 5.00% 3/1/34 2,260,000 2,328,907
     Series A 5.00% 3/1/39 385,000 391,583
Cologne Charter School Lease Revenue
     (Cologne Academy Project)
     Series A 5.00% 7/1/34 250,000 259,147
     Series A 5.00% 7/1/45 1,390,000 1,401,537
Deephaven Charter School Lease Revenue
     (Eagle Ridge Academy Project) Series A 5.50% 7/1/50 2,000,000 2,131,180
Duluth Housing & Redevelopment Authority Revenue
     (Public Schools Academy) Series A 5.875% 11/1/40 3,500,000 3,588,270
Forest Lake Charter School Lease Revenue Fund
     (Lakes International Language Academy Project)
     Series A 5.50% 8/1/36 580,000 617,288
     Series A 5.75% 8/1/44 1,190,000 1,270,694
Ham Lake Charter School Lease Revenue
     (Davinci Academy Project)
     Series A 5.00% 7/1/36 765,000 782,825
     Series A 5.00% 7/1/47 2,290,000 2,318,739
Hugo Charter School Lease Revenue
     (Noble Academy Project)
     Series A 5.00% 7/1/34 580,000 607,167
     Series A 5.00% 7/1/44 1,770,000 1,827,914
Minneapolis Charter School Lease Revenue
     (Hiawatha Academies Project)
     Series A 5.00% 7/1/31 885,000 929,569
     Series A 5.00% 7/1/47 2,300,000 2,304,462

NQ-301 [5/18] 7/18 (541900)     1



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minneapolis Student Housing Revenue
     (Riverton Community Housing Project)
     5.25% 8/1/39 470,000 $ 494,163
     5.50% 8/1/49 2,260,000 2,391,442
Minnesota Colleges & Universities Revenue Fund
     Series A 5.00% 10/1/26 4,990,000 5,897,531
Minnesota Higher Education Facilities Authority Revenue
     (Bethel University)
     5.00% 5/1/32 1,375,000 1,537,223
     5.00% 5/1/37 1,250,000 1,379,313
     5.00% 5/1/47 250,000 273,275
     (Carleton College)
     4.00% 3/1/35 1,000,000 1,059,760
     4.00% 3/1/36 415,000 438,501
     5.00% 3/1/34 225,000 263,329
     5.00% 3/1/44 2,085,000 2,410,406
     (College of St. Benedict) Series 8-K 4.00% 3/1/43 1,000,000 1,013,930
     (Gustavus Adolphus College) 5.00% 10/1/47 4,850,000 5,482,003
     (St. Catherine University)
     Series 7-Q 5.00% 10/1/23 350,000 388,682
     Series 7-Q 5.00% 10/1/24 475,000 527,701
     Series 7-Q 5.00% 10/1/27 200,000 218,994
     (St. John’s University)
     Series 8-I 5.00% 10/1/32 500,000 566,710
     Series 8-I 5.00% 10/1/33 250,000 282,125
     (St. Olaf College)
     Series 8-G 5.00% 12/1/31 670,000 772,905
     Series 8-G 5.00% 12/1/32 670,000 771,431
     Series 8-N 4.00% 10/1/35 500,000 532,025
     (St. Scholastica College) Series 7-J 6.30% 12/1/40 1,800,000 1,890,594
     (Trustees of The Hamline University)
     Series B 5.00% 10/1/37 955,000 1,046,078
     Series B 5.00% 10/1/38 580,000 634,004
     Series B 5.00% 10/1/39 170,000 185,701
     Series B 5.00% 10/1/40 625,000 682,263
     Series B 5.00% 10/1/47 1,060,000 1,150,789
     (University of St. Thomas)
     Series 8-L 5.00% 4/1/35 750,000 849,983
     Series A 4.00% 10/1/34 400,000 422,964
     Series A 4.00% 10/1/36 500,000 525,415

2     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Otsego Charter School Lease Revenue
     (Kaleidoscope Charter School)
     Series A 5.00% 9/1/34 520,000 $ 531,133
     Series A 5.00% 9/1/44 1,165,000 1,176,732
Rice County Educational Facilities Revenue
     (Shattuck-St. Mary’s School) Series A 144A
     5.00% 8/1/22 # 2,855,000 3,019,990
St. Cloud Charter School Lease Revenue
     (Stride Academy Project) Series A 5.00% 4/1/46 875,000 531,011
St. Paul Housing & Redevelopment Authority Charter
     School Lease Revenue
     (Academia Cesar Chavez School Project) Series A
     5.25% 7/1/50 1,945,000 1,816,669
     (Great River School Project)
     Series A 144A 4.75% 7/1/29 # 150,000 152,652
     Series A 144A 5.50% 7/1/52 # 735,000 759,351
     (Nova Classical Academy Project) Series A
     4.125% 9/1/47 1,750,000 1,733,743
     (Twin Cities Academy Project) Series A 5.30% 7/1/45 1,440,000 1,487,059
University of Minnesota
     Series A 5.00% 4/1/34 925,000 1,074,129
     Series A 5.00% 9/1/34 2,500,000 2,962,925
     Series A 5.00% 4/1/35 3,175,000 3,677,158
     Series A 5.00% 4/1/36 2,650,000 3,061,068
     Series A 5.00% 4/1/37 1,125,000 1,298,655
     Series A 5.00% 9/1/40 1,560,000 1,830,754
     Series A 5.00% 9/1/41 1,000,000 1,172,670
     (State Supported Stadium Debt) Series A 5.00% 8/1/26 3,760,000 4,434,544
88,073,103
Electric Revenue Bonds – 8.66%
Chaska Electric Revenue
     (Generating Facilities) Series A 5.00% 10/1/30 1,150,000 1,305,859
Minnesota Municipal Power Agency Electric Revenue
     4.00% 10/1/41 1,000,000 1,049,070
     5.00% 10/1/29 395,000 453,176
     5.00% 10/1/30 500,000 573,640
     5.00% 10/1/33 1,205,000 1,377,917
     Series A 5.00% 10/1/30 1,060,000 1,216,117
     Series A 5.00% 10/1/34 750,000 855,270
     Series A 5.00% 10/1/35 1,525,000 1,736,182

NQ-301 [5/18] 7/18 (541900)     3



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Northern Municipal Power Agency Electric System
     Revenue
     5.00% 1/1/27 540,000 $ 620,174
     5.00% 1/1/28 560,000 643,780
     5.00% 1/1/29 220,000 254,124
     5.00% 1/1/30 520,000 590,366
     5.00% 1/1/31 200,000 229,716
     5.00% 1/1/32 210,000 239,837
     5.00% 1/1/35 160,000 181,317
     5.00% 1/1/36 180,000 203,405
     5.00% 1/1/41 400,000 450,416
     Series A 5.00% 1/1/25 125,000 138,428
     Series A 5.00% 1/1/26 425,000 469,880
     Series A 5.00% 1/1/31 520,000 566,925
Rochester Electric Utility Revenue
     Series A 5.00% 12/1/42 1,395,000 1,607,291
     Series A 5.00% 12/1/47 2,265,000 2,600,537
     Series B 5.00% 12/1/27 295,000 335,707
     Series B 5.00% 12/1/28 275,000 311,735
     Series B 5.00% 12/1/31 1,365,000 1,542,081
     Series B 5.00% 12/1/33 300,000 336,789
Southern Minnesota Municipal Power Agency Revenue
     Capital Appreciation Series A
     6.70% 1/1/25 (NATL)^ 5,000,000 4,178,100
     Series A 5.00% 1/1/41 1,310,000 1,480,641
     Series A 5.00% 1/1/42 1,175,000 1,355,551
     Series A 5.00% 1/1/46 2,000,000 2,253,320
     Series A 5.00% 1/1/47 1,885,000 2,166,242
St. Paul Housing & Redevelopment Energy Revenue
     Series A 4.00% 10/1/30 1,235,000 1,304,876
     Series A 4.00% 10/1/31 885,000 931,436
     Series A 4.00% 10/1/33 365,000 381,768
Western Minnesota Municipal Power Agency Revenue
     Series A 5.00% 1/1/33 1,000,000 1,132,110
     Series A 5.00% 1/1/34 4,000,000 4,523,960
     Series A 5.00% 1/1/40 3,935,000 4,415,582
     Series A 5.00% 1/1/46 3,000,000 3,363,090
47,376,415
Healthcare Revenue Bonds – 24.50%
Anoka Healthcare & Housing Facilities Revenue
     (The Homestead at Anoka Project)
     5.125% 11/1/49 1,100,000 1,137,862

4     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Anoka Healthcare & Housing Facilities Revenue
     (The Homestead at Anoka Project)
     5.375% 11/1/34 320,000 $ 341,846
Apple Valley Senior Living Revenue
     (Senior Living LLC Project)
     2nd Tier Series B 5.00% 1/1/47 1,725,000 1,777,819
     4th Tier Series D 7.00% 1/1/37 1,665,000 1,674,441
     4th Tier Series D 7.25% 1/1/52 2,500,000 2,539,600
Breckenridge Catholic Health Initiatives
     Series A 5.00% 5/1/30 2,125,000 2,142,361
Center City Health Care Facilities Revenue
     (Hazelden Betty Ford Foundation Project)
     5.00% 11/1/26 500,000 571,355
Dakota County Community Development Agency Senior
     Housing Revenue
     (Walker Highview Hills Project)
     Series A 144A 5.00% 8/1/36 # 280,000 285,452
     Series A 144A 5.00% 8/1/46 # 2,380,000 2,411,011
Deephaven Housing & Healthcare Revenue
     (St. Therese Senior Living Project)
     Series A 5.00% 4/1/38 730,000 737,738
     Series A 5.00% 4/1/40 705,000 711,867
     Series A 5.00% 4/1/48 315,000 317,123
Duluth Economic Development Authority
     (St. Luke’s Hospital Authority Obligation Group)
     5.75% 6/15/32 1,850,000 2,025,583
     6.00% 6/15/39 3,570,000 3,959,380
Fergus Falls Health Care Facilities Revenue
     (Lake Region Health Care)
     5.15% 8/1/35 1,250,000 1,251,037
     5.40% 8/1/40 1,000,000 1,001,380
Glencoe Health Care Facilities Revenue
     (Glencoe Regional Health Services Project)
     4.00% 4/1/24 500,000 519,025
     4.00% 4/1/25 660,000 682,935
     4.00% 4/1/31 60,000 61,366
Hayward Health Care Facilities Revenue
     (American Baptist Homes Midwest Obligated Group)
     5.375% 8/1/34 660,000 672,586
     5.75% 2/1/44 500,000 514,825
     (St. John’s Lutheran Home of Albert Lea)
     5.375% 10/1/44 900,000 947,421

NQ-301 [5/18] 7/18 (541900)     5



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maple Grove Health Care Facilities Revenue
     (Maple Grove Hospital Corporation)
     4.00% 5/1/37 2,000,000 $ 2,040,560
     5.00% 5/1/27 1,400,000 1,636,502
     5.00% 5/1/29 1,000,000 1,155,300
     5.00% 5/1/30 850,000 979,855
     5.00% 5/1/31 500,000 573,440
     5.00% 5/1/32 500,000 570,935
     (North Memorial Health Care)
     5.00% 9/1/31 1,000,000 1,114,800
     5.00% 9/1/32 1,000,000 1,112,060
Minneapolis Health Care System Revenue
     (Fairview Health Services)
     Series A 5.00% 11/15/33 500,000 571,305
     Series A 5.00% 11/15/34 500,000 569,510
     Series A 5.00% 11/15/44 1,000,000 1,120,530
     Series B Unrefunded Balance 6.50% 11/15/38 (AGC) 1,730,000 1,767,991
Minneapolis Senior Housing & Healthcare Revenue
     (Ecumen-Abiitan Mill City Project)
     5.00% 11/1/35 500,000 514,430
     5.25% 11/1/45 1,950,000 2,018,016
     5.375% 11/1/50 455,000 472,340
Minneapolis – St. Paul Housing & Redevelopment Authority
     Health Care Facilities Revenue
     (Allina Health System) Series A 5.00% 11/15/28 1,550,000 1,830,317
     (Children’s Health Care) Series A 5.25% 8/15/35 2,085,000 2,223,840
Minnesota Agricultural & Economic Development Board
     Revenue
     (Essenthia Remarketing)
     Series C-1 5.00% 2/15/30 (AGC) 5,725,000 6,012,968
     Series C-1 5.25% 2/15/23 (AGC) 5,000,000 5,294,700
     Series C-1 5.50% 2/15/25 (AGC) 5,120,000 5,428,019
Red Wing Senior Housing
     (Deer Crest Project)
     Series A 5.00% 11/1/27 430,000 445,076
     Series A 5.00% 11/1/32 330,000 338,656
     Series A 5.00% 11/1/42 1,250,000 1,274,688
Rochester Health Care & Housing Revenue
     (The Homestead at Rochester Project) Series A
     6.875% 12/1/48 2,980,000 3,403,398

6     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Rochester Health Care Facilities Revenue
     (Mayo Clinic)
     4.00% 11/15/41 4,515,000 $ 4,630,990
     Series D Remarketing 5.00% 11/15/38 6,405,000 6,794,104
     (Olmsted Medical Center Project)
     5.00% 7/1/24 295,000 332,489
     5.00% 7/1/33 650,000 713,973
     5.875% 7/1/30 1,850,000 1,984,791
Sartell Health Care Facilities Revenue
     (Country Manor Campus Project)
     Series A 5.25% 9/1/27 1,280,000 1,392,243
     Series A 5.30% 9/1/37 1,200,000 1,295,400
Sauk Rapids Health Care Housing Facilities Revenue
     (Good Shepherd Lutheran Home) 5.125% 1/1/39 1,350,000 1,382,805
Shakopee Health Care Facilities Revenue
     (St. Francis Regional Medical Center)
     4.00% 9/1/31 915,000 953,979
     5.00% 9/1/24 575,000 650,475
     5.00% 9/1/25 750,000 845,693
     5.00% 9/1/26 575,000 643,810
     5.00% 9/1/27 405,000 452,486
     5.00% 9/1/28 425,000 473,548
     5.00% 9/1/29 425,000 471,759
     5.00% 9/1/34 730,000 801,175
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     Series A 4.00% 5/1/37 965,000 1,013,028
     Series A 5.00% 5/1/46 7,715,000 8,638,254
     Unrefunded Balance 5.125% 5/1/30 740,000 783,075
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 2,981,929
     (Fairview Health Services)
     Series A 4.00% 11/15/43 2,080,000 2,159,622
     Series A 5.00% 11/15/47 1,560,000 1,769,648
     (Health Partners Obligation Group Project)
     Series A 5.00% 7/1/29 2,200,000 2,496,560
     Series A 5.00% 7/1/32 3,000,000 3,377,820
     Series A 5.00% 7/1/33 1,260,000 1,415,270

NQ-301 [5/18] 7/18 (541900)     7



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Housing &
     Health Care Facilities Revenue
     (Senior Episcopal Homes Project) 5.125% 5/1/48 3,100,000 $ 3,117,887
St. Paul Housing & Redevelopment Authority Multifamily
     Housing Revenue
     (Marian Center Project)
     Series A 5.30% 11/1/30 500,000 495,940
     Series A 5.375% 5/1/43 500,000 483,655
Wayzata Senior Housing Revenue
     (Folkestone Senior Living Community)
     Series A 5.50% 11/1/32 1,050,000 1,091,139
     Series A 5.75% 11/1/39 2,365,000 2,459,647
     Series A 6.00% 5/1/47 3,685,000 3,837,596
West St. Paul Housing and Health Care Facilities Revenue
     (Walker Westwood Ridge Campus Project)
     4.50% 11/1/40 250,000 253,453
     4.75% 11/1/52 750,000 768,795
Winona Health Care Facilities Revenue
     (Winona Health Obligation Group)
     4.50% 7/1/25 850,000 873,307
     4.65% 7/1/26 540,000 555,557
Woodbury Housing & Redevelopment Authority Revenue
     (St. Therese of Woodbury)
     5.00% 12/1/34 500,000 521,365
     5.125% 12/1/44 1,605,000 1,672,843
     5.25% 12/1/49 750,000 784,793
134,124,152
Housing Revenue Bonds – 0.47%
Minnesota Housing Finance Agency Homeownership
     Finance (Mortgage-Backed Securities Program)
     Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) 1,180,000 1,226,008
Northwest Multi-County Housing & Redevelopment
     Authority
     (Pooled Housing Program) 5.50% 7/1/45 1,330,000 1,358,236
2,584,244
Lease Revenue Bonds – 2.98%
Minnesota General Fund Revenue Appropriations
     Series A 5.00% 6/1/38 1,250,000 1,398,900
     Series A 5.00% 6/1/43 3,835,000 4,280,397
     Series B 5.00% 3/1/28 2,500,000 2,761,400

8     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Minnesota Housing Finance Agency
     (State Appropriation – Housing Infrastructure)
     Series C 5.00% 8/1/34 1,565,000 $ 1,776,463
     Series C 5.00% 8/1/35 1,645,000 1,865,265
University of Minnesota Special Purpose Revenue
     (State Supported Biomed Science Research Facilities
     Funding Project)
     Series A 5.00% 8/1/35 3,960,000 4,209,638
16,292,063
Local General Obligation Bonds – 8.29%
Anoka County Capital Improvement
     Series A 5.00% 2/1/22 500,000 510,545
Brainerd Independent School District No. 181
     (School Building)
     Series A 4.00% 2/1/23 5,990,000 6,076,136
     Series A 4.00% 2/1/43 3,500,000 3,657,955
Burnsville-Eagan-Savage Independent School
     District No. 191
     (Alternative Facilities)
     Series A 4.00% 2/1/28 920,000 997,087
     Series A 4.00% 2/1/29 1,800,000 1,947,384
Chaska Independent School District No. 112
     (School Building) Series A 5.00% 2/1/27 1,905,000 2,245,176
Duluth
     (DECC Improvement)
     Series A 5.00% 2/1/32 1,000,000 1,161,130
     Series A 5.00% 2/1/33 3,585,000 4,149,207
Duluth Independent School District No. 709
     Series A 4.00% 2/1/27 160,000 171,662
     Series A 4.00% 2/1/28 1,250,000 1,334,037
Edina Independent School District No. 273
     Series A 5.00% 2/1/27 1,500,000 1,752,690
Farmington Independent School District No. 192
     Series A 5.00% 2/1/25 3,775,000 4,317,090
Hennepin County
     Series A 5.00% 12/1/26 1,885,000 2,272,330
     Series A 5.00% 12/1/36 940,000 1,105,421
     Series B 5.00% 12/1/30 1,000,000 1,194,430
     Series C 5.00% 12/1/28 1,500,000 1,855,125
     Series C 5.00% 12/1/30 1,245,000 1,487,065

NQ-301 [5/18] 7/18 (541900)     9



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Mounds View Independent School District No. 621
     (Minnesota School District Credit Enhancement
     Program) Series A 4.00% 2/1/43 3,000,000 $ 3,145,410
Mountain Iron-Buhl Independent School District No. 712
     (School Building) Series A 4.00% 2/1/26 1,315,000 1,455,534
St. Michael-Albertville Independent School District No. 885
     (School Building) Series A 5.00% 2/1/27 1,865,000 2,199,469
Wayzata Independent School District No. 284
     Series A 5.00% 2/1/28 1,950,000 2,347,566
45,382,449
Pre-Refunded/Escrowed to Maturity Bonds – 16.78%
Anoka Health Care Facilities Revenue
     (The Homestead at Anoka Project)
     Series A 7.00% 11/1/40-19§ 1,000,000 1,078,350
     Series A 7.00% 11/1/46-19§ 1,220,000 1,315,587
Anoka Housing Facilities Revenue
     (Senior Homestead Anoka Project)
     Series B 6.875% 11/1/34-19§ 2,015,000 2,173,822
Dakota & Washington Counties Housing & Redevelopment
     Authority Single Family Residential Mortgage Revenue
     (City of Anoka) 8.45% 9/1/19 (GNMA) (AMT) 9,000,000 9,709,110
     (City of Bloomington)
     Series B 8.375% 9/1/21 (GNMA) (AMT) 14,115,000 16,637,351
Minneapolis Health Care System Revenue
     (Fairview Health Services)
     Series A 6.625% 11/15/28-18§ 3,000,000 3,066,870
     Series B 6.50% 11/15/38-18 (AGC)§ 175,000 178,803
Minneapolis Revenue
     (National Marrow Donor Program Project)
     4.875% 8/1/25-18§ 6,430,000 6,464,015
Minnesota Colleges & Universities Revenue Fund
     Series A 5.00% 10/1/28-18§ 3,000,000 3,033,540
Minnesota Higher Education Facilities Authority Revenue
     (University of St. Thomas) Series 7-A 5.00% 10/1/39-19§ 2,000,000 2,082,840
Rochester Healthcare & Housing Revenue
     (Samaritan Bethany Project) Series A
     7.375% 12/1/41-19§ 5,220,000 5,634,311
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     5.375% 5/1/31-19 (AGC)§ 1,000,000 1,032,510
     5.50% 5/1/39-19 (AGC)§ 6,000,000 6,201,780
St. Louis Park Health Care Facilities Revenue
     (Park Nicollet Health Services) 5.75% 7/1/39-19§ 12,025,000 12,530,892

10     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
St. Paul Housing & Redevelopment Authority Hospital
     Facility Revenue
     (Healtheast Care System Project)
     Series A 5.00% 11/15/29-25§ 910,000 $ 1,072,499
     Series A 5.00% 11/15/30-25§ 670,000 789,642
St. Paul Housing & Redevelopment Authority Revenue
     (Parking Facilities Project)
     Series A 5.00% 8/1/30-18§ 1,870,000 1,917,573
     Series B 5.00% 8/1/35-18§ 1,500,000 1,538,160
University of Minnesota
     Series A 5.25% 12/1/29-20§ 1,850,000 2,002,015
     Series A 5.50% 7/1/21 12,500,000 13,394,000
91,853,670
Special Tax Revenue Bonds – 1.48%
Minneapolis Development Revenue
     (Limited Tax Supported Common Bond Fund)
     Series 2-A 6.00% 12/1/40 3,000,000 3,281,820
Minneapolis Revenue
     (YMCA Greater Twin Cities Project) 4.00% 6/1/30 250,000 264,727
St. Paul Sales Tax Revenue
     Series G 5.00% 11/1/30 655,000 745,986
     Series G 5.00% 11/1/31 1,500,000 1,707,420
Virgin Islands Public Finance Authority
     (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) 2,000,000 2,109,760
8,109,713
State General Obligation Bonds – 10.00%
Minnesota
     Series A 5.00% 8/1/27 7,590,000 8,896,922
     Series A 5.00% 8/1/29 2,500,000 2,917,950
     Series A 5.00% 10/1/33 1,000,000 1,193,910
     Series A Unrefunded Balance 5.00% 10/1/24 4,555,000 4,992,326
     Series A Unrefunded Balance 5.00% 10/1/27 5,200,000 5,685,212
     Series D 5.00% 8/1/26 6,000,000 7,173,960
     Series D 5.00% 8/1/27 2,500,000 2,978,925
     (State Trunk Highway) Series B 5.00% 10/1/29 5,000,000 5,459,800
     (Various Purposes)
     Series A 5.00% 8/1/25 5,545,000 6,417,173
     Series A 5.00% 8/1/30 4,200,000 4,824,162
     Series A 5.00% 8/1/32 2,755,000 3,157,616
     Series A Unrefunded Balance 4.00% 8/1/27 955,000 1,019,787
54,717,743

NQ-301 [5/18] 7/18 (541900)     11



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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 3.52%
Minneapolis – St. Paul Metropolitan Airports Commission
     Revenue
     Senior
     Series A 5.00% 1/1/28 1,250,000 $ 1,310,025
     Series C 5.00% 1/1/29 350,000 415,072
     Series C 5.00% 1/1/33 850,000 995,197
     Series C 5.00% 1/1/36 600,000 697,512
     Series C 5.00% 1/1/41 600,000 693,558
     Series C 5.00% 1/1/46 1,595,000 1,837,185
     Subordinate
     Series A 5.00% 1/1/35 1,000,000 1,110,080
     Series B 5.00% 1/1/26 575,000 629,015
     Series B 5.00% 1/1/27 1,160,000 1,268,135
     Series B 5.00% 1/1/28 2,750,000 3,004,375
     Series B 5.00% 1/1/29 120,000 131,014
     Series B 5.00% 1/1/30 1,675,000 1,814,929
     Series B 5.00% 1/1/31 1,750,000 1,894,340
St. Paul Housing & Redevelopment Authority Revenue
     (Parking Enterprise) Series A 3.125% 8/1/34 130,000 125,895
St. Paul Port Authority Revenue
     (Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 3,200,000 3,352,544
19,278,876
Water & Sewer Revenue Bonds – 3.76%
Guam Government Waterworks Authority
     5.00% 7/1/40 1,930,000 2,068,014
     5.00% 1/1/46 1,670,000 1,771,202
Metropolitan Council General Obligation Wastewater
     Revenue (Minneapolis-St. Paul Metropolitan Area)
     Series B 4.00% 9/1/27 2,400,000 2,559,912
     Series B 5.00% 9/1/25 2,000,000 2,233,280
     Series C 4.00% 3/1/31 3,120,000 3,405,886
     Series C 4.00% 3/1/32 3,225,000 3,494,481
     Series E 5.00% 9/1/23 2,000,000 2,241,920
Minnesota Public Facilities Authority
     Series B 4.00% 3/1/26 2,500,000 2,795,975
20,570,670
Total Municipal Bonds (cost $524,816,277) 538,221,732

12     NQ-301 [5/18] 7/18 (541900)


(Unaudited)

            Principal amount°       Value (US $)
Short-Term Investments – 1.09%
Variable Rate Demand Notes – 1.09%¤
Minneapolis – St. Paul Housing & Redevelopment Authority
     Health Care Facilities Revenue
     (Allina Health System) Series B-1
     0.93% 11/15/35 (LOC – JPMorgan Chase Bank N.A.) 250,000 $ 250,000
     (Allina Health System) Series B-2
     0.95% 11/15/35 (LOC- JPMorgan Chase Bank N.A.) 3,025,000 3,025,000
     (Children’s Hospitals & Clinics) Series B
     0.87% 8/15/25 (AGM) (SPA – US Bank N.A.) 2,700,000 2,700,000
Total Short-Term Investments (cost $5,975,000) 5,975,000
 
Total Value of Securities – 99.42%
(cost $530,791,277) 544,196,732
Receivables and Other Assets Net of Liabilities – 0.58% 3,177,178
Net Assets Applicable to 44,887,593 Shares Outstanding – 100.00% $ 547,373,910

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2018, the aggregate value of Rule 144A securities was $10,024,974, which represents 1.83% 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, 2018.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded.
° 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 effective yield at the time of purchase.

NQ-301 [5/18] 7/18 (541900)     13



Schedule of investments
Delaware Tax-Free Minnesota Fund (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
SPA – Stand-by Purchase Agreement

See accompanying notes.

14     NQ-301 [5/18] 7/18 (541900)



Notes
Delaware Tax-Free Minnesota Fund May 31, 2018 (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, Aug. 31, 2017.

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 (Board). 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. Restricted securities are valued at the fair value using methods approved by the Board.

2. Investments

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 and on the next page.

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)

NQ-301 [5/18] 7/18 (541900)     15


(Unaudited)

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)

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, 2018:

Securities       Level 2
Assets:
Municipal Bonds $ 538,221,732
Short-Term Investments 5,975,000
Total Value of Securities $ 544,196,732

During the period ended May 31, 2018, 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 based on fair value 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, 2018, there were no Level 3 investments.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2018 that would require recognition or disclosure on the Fund’s “Schedule of investments.”

16     NQ-301 [5/18] 7/18 (541900)


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: