N-Q 1 vtff3536991-nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:       811-03910
     
Exact name of registrant as specified in charter: Voyageur Tax Free Funds
     
Address of principal executive offices: 2005 Market Street
Philadelphia, PA 19103
     
Name and address of agent for service: David F. Connor, Esq.
2005 Market Street
Philadelphia, PA 19103
     
Registrant’s telephone number, including area code: (800) 523-1918
     
Date of fiscal year end: August 31
     
Date of reporting period: November 30, 2018


Item 1. Schedule of Investments.

Schedule of investments
Delaware Tax-Free Minnesota Fund November 30, 2018 (Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds – 99.06%
Corporate Revenue Bond – 0.61%
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 $ 3,219,765
3,219,765
Education Revenue Bonds – 15.99%
Bethel Charter School Lease Revenue
     (Spectrum High School Project)
     Series A 4.00% 7/1/32 840,000 816,791
     Series A 4.25% 7/1/47 1,250,000 1,172,900
     Series A 4.375% 7/1/52 400,000 375,576
Brooklyn Park Charter School Lease Revenue
     (Prairie Seeds Academy Project)
     Series A 5.00% 3/1/34 2,260,000 2,275,481
     Series A 5.00% 3/1/39 385,000 378,725
Cologne Charter School Lease Revenue
     (Cologne Academy Project)
     Series A 5.00% 7/1/34 250,000 253,527
     Series A 5.00% 7/1/45 1,390,000 1,334,678
Deephaven Charter School Lease Revenue
     (Eagle Ridge Academy Project) Series A 5.50% 7/1/50 2,000,000 2,072,360
Duluth Housing & Redevelopment Authority Revenue
     (Duluth Public Schools Academy Project)
     Series A 5.00% 11/1/38 700,000 703,227
     Series A 5.00% 11/1/48 2,800,000 2,772,000
Forest Lake Charter School Lease Revenue Fund
     (Lakes International Language Academy Project)
     Series A 5.50% 8/1/36 580,000 604,522
     Series A 5.75% 8/1/44 1,190,000 1,243,550
Ham Lake Charter School Lease Revenue
     (Davinci Academy Project)
     Series A 5.00% 7/1/36 765,000 760,548
     Series A 5.00% 7/1/47 2,290,000 2,205,659
Hugo Charter School Lease Revenue
     (Noble Academy Project)
     Series A 5.00% 7/1/34 580,000 593,566
     Series A 5.00% 7/1/44 1,770,000 1,785,346
Minneapolis Charter School Lease Revenue
     (Hiawatha Academies Project)
     Series A 5.00% 7/1/31 885,000 888,283
     Series A 5.00% 7/1/47 2,300,000 2,163,518

NQ-301 [11/18] 1/19 (705903)     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 $ 484,565
     5.50% 8/1/49 2,260,000 2,346,490
Minnesota Colleges & Universities Revenue Fund
     Series A 5.00% 10/1/26 4,990,000 5,832,112
Minnesota Higher Education Facilities Authority Revenue
     (Bethel University)
     5.00% 5/1/32 1,375,000 1,480,449
     5.00% 5/1/37 1,250,000 1,322,275
     5.00% 5/1/47 250,000 261,510
     (Carleton College)
     4.00% 3/1/35 1,000,000 1,039,480
     4.00% 3/1/36 415,000 429,944
     5.00% 3/1/44 2,085,000 2,335,638
     (College of St. Benedict) Series 8-K 4.00% 3/1/43 1,000,000 953,600
     (Gustavus Adolphus College) 5.00% 10/1/47 4,850,000 5,241,104
     (St. Catherine University)
     Series A 4.00% 10/1/36 925,000 909,895
     Series A 5.00% 10/1/35 875,000 962,640
     Series A 5.00% 10/1/45 2,120,000 2,285,360
     (St. John’s University)
     Series 8-I 5.00% 10/1/32 500,000 560,295
     Series 8-I 5.00% 10/1/33 250,000 279,333
     (St. Olaf College)
     Series 8-G 5.00% 12/1/31 670,000 758,889
     Series 8-G 5.00% 12/1/32 670,000 757,529
     Series 8-N 4.00% 10/1/35 500,000 522,070
     (St. Scholastica College) Series 7-J 6.30% 12/1/40 1,800,000 1,853,676
     (Trustees of The Hamline University)
     Series B 5.00% 10/1/37 955,000 1,013,952
     Series B 5.00% 10/1/38 1,000,000 1,058,300
     Series B 5.00% 10/1/39 170,000 179,794
     Series B 5.00% 10/1/40 625,000 660,150
     Series B 5.00% 10/1/47 1,060,000 1,113,827
     (University of St. Thomas)
     Series 8-L 5.00% 4/1/35 1,250,000 1,393,325
     Series A 4.00% 10/1/34 400,000 414,912
     Series A 4.00% 10/1/36 500,000 514,630
Otsego Charter School Lease Revenue
     (Kaleidoscope Charter School)
     Series A 5.00% 9/1/34 520,000 514,930

2     NQ-301 [11/18] 1/19 (705903)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Otsego Charter School Lease Revenue
     (Kaleidoscope Charter School)
     Series A 5.00% 9/1/44 1,165,000 $ 1,111,398
Rice County Educational Facilities Revenue
     (Shattuck-St. Mary’s School) Series A 144A
     5.00% 8/1/22 # 2,855,000 2,979,706
St. Cloud Charter School Lease Revenue
     (Stride Academy Project) Series A 5.00% 4/1/46 875,000 477,505
St. Paul Housing & Redevelopment Authority Charter
     School Lease Revenue
     (Academia Cesar Chavez School Project) Series A
     5.25% 7/1/50 1,945,000 1,825,480
     (Great River School Project)
     Series A 144A 4.75% 7/1/29 # 150,000 148,521
     Series A 144A 5.50% 7/1/52 # 735,000 735,963
     (Nova Classical Academy Project) Series A
     4.125% 9/1/47 1,750,000 1,612,853
     (Twin Cities Academy Project) Series A 5.30% 7/1/45 1,440,000 1,448,669
University of Minnesota
     Series A 5.00% 4/1/34 925,000 1,049,061
     Series A 5.00% 9/1/34 2,500,000 2,885,900
     Series A 5.00% 4/1/35 3,175,000 3,587,655
     Series A 5.00% 4/1/36 2,650,000 2,981,886
     Series A 5.00% 4/1/37 1,125,000 1,262,666
     Series A 5.00% 9/1/40 1,560,000 1,768,712
     Series A 5.00% 9/1/41 1,000,000 1,132,390
84,889,296
Electric Revenue Bonds – 9.28%
Chaska Electric Revenue
     (Generating Facilities) Series A 5.00% 10/1/30 1,150,000 1,300,823
Minnesota Municipal Power Agency Electric Revenue
     4.00% 10/1/41 1,000,000 1,022,250
     5.00% 10/1/29 395,000 443,937
     5.00% 10/1/30 500,000 560,445
     5.00% 10/1/33 1,205,000 1,344,888
     5.00% 10/1/47 2,000,000 2,208,020
     Series A 5.00% 10/1/30 1,060,000 1,188,143
     Series A 5.00% 10/1/34 750,000 835,327
     Series A 5.00% 10/1/35 1,525,000 1,695,159
Northern Municipal Power Agency Electric System
     Revenue
     5.00% 1/1/27 540,000 613,888

NQ-301 [11/18] 1/19 (705903)     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% 1/1/28 560,000 $ 635,928
     5.00% 1/1/29 220,000 250,032
     5.00% 1/1/30 520,000 581,916
     5.00% 1/1/31 200,000 224,916
     5.00% 1/1/32 210,000 235,085
     5.00% 1/1/35 160,000 177,501
     5.00% 1/1/36 180,000 199,175
     5.00% 1/1/41 400,000 439,236
     Series A 5.00% 1/1/25 125,000 136,915
     Series A 5.00% 1/1/26 425,000 463,790
     Series A 5.00% 1/1/31 520,000 560,362
Rochester Electric Utility Revenue
     Series A 5.00% 12/1/42 1,395,000 1,552,063
     Series A 5.00% 12/1/47 2,265,000 2,509,847
     Series B 5.00% 12/1/27 295,000 330,427
     Series B 5.00% 12/1/28 275,000 306,927
     Series B 5.00% 12/1/31 1,365,000 1,518,726
     Series B 5.00% 12/1/33 300,000 331,860
Southern Minnesota Municipal Power Agency Revenue
     Capital Appreciation Series A
     6.70% 1/1/25 (NATL)^ 5,000,000 4,235,550
     Series A 5.00% 1/1/41 1,310,000 1,442,559
     Series A 5.00% 1/1/42 1,500,000 1,681,590
     Series A 5.00% 1/1/46 2,000,000 2,194,620
     Series A 5.00% 1/1/47 3,130,000 3,493,643
St. Paul Housing & Redevelopment Energy Revenue
     Series A 4.00% 10/1/30 1,235,000 1,284,363
     Series A 4.00% 10/1/31 885,000 914,940
     Series A 4.00% 10/1/33 365,000 373,888
Western Minnesota Municipal Power Agency Revenue
     Series A 5.00% 1/1/34 4,000,000 4,409,960
     Series A 5.00% 1/1/40 3,935,000 4,295,485
     Series A 5.00% 1/1/46 3,000,000 3,265,980
49,260,164
Healthcare Revenue Bonds – 26.64%
Anoka Healthcare & Housing Facilities Revenue
     (The Homestead at Anoka Project)
     5.125% 11/1/49 1,100,000 1,110,263
     5.375% 11/1/34 320,000 332,858

4     NQ-301 [11/18] 1/19 (705903)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Apple Valley Senior Housing Revenue
     (PHS Apple Valley Senior Housing, Inc. - Orchard Path
          Project)
     5.00% 9/1/43 465,000 $ 483,567
     5.00% 9/1/58 3,220,000 3,282,500
Apple Valley Senior Living Revenue
     (Senior Living LLC Project)
     2nd Tier Series B 5.00% 1/1/47 1,725,000 1,737,144
     4th Tier Series D 7.00% 1/1/37 1,665,000 1,607,091
     4th Tier Series D 7.25% 1/1/52 2,500,000 2,438,650
Bethel Housing & Health Care Facilities Revenue
     (Benedictine Health System – St. Peter Communities
     Project) Series A 5.50% 12/1/48 2,350,000 2,312,659
Bethel Senior Housing Revenue
     (The Lodge at The Lakes at Stillwater Project)
     5.00% 6/1/38 450,000 463,055
     5.00% 6/1/48 1,000,000 1,023,350
     5.00% 6/1/53 600,000 610,638
Breckenridge Catholic Health Initiatives
     Series A 5.00% 5/1/30 2,125,000 2,147,143
Center City Health Care Facilities Revenue
     (Hazelden Betty Ford Foundation Project)
     5.00% 11/1/26 500,000 550,630
Dakota County Community Development Agency Senior
     Housing Revenue
     (Walker Highview Hills Project)
     Series A 144A 5.00% 8/1/36 # 280,000 281,002
     Series A 144A 5.00% 8/1/46 # 2,380,000 2,355,200
Deephaven Housing & Healthcare Revenue
     (St. Therese Senior Living Project)
     Series A 5.00% 4/1/38 730,000 713,152
     Series A 5.00% 4/1/40 705,000 686,021
     Series A 5.00% 4/1/48 315,000 301,896
Duluth Economic Development Authority
     (Essentia Health Obligated Group) Series A
     5.00% 2/15/48 1,850,000 1,974,931
     (St. Luke’s Hospital of Duluth Obligated Group)
     5.75% 6/15/32 1,850,000 1,992,265
     6.00% 6/15/39 3,570,000 3,875,556
Fergus Falls HealthCare Facilities Revenue
     (Lake Region Health Care)
     5.15% 8/1/35 1,250,000 1,250,350
     5.40% 8/1/40 1,000,000 1,000,300

NQ-301 [11/18] 1/19 (705903)     5


Schedule of investments
Delaware Tax-Free Minnesota Fund (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 $ 515,220
     4.00% 4/1/25 660,000 679,061
     4.00% 4/1/31 60,000 60,845
Hayward Health Care Facilities Revenue
     (American Baptist Homes Midwest Obligated Group)
     5.375% 8/1/34 660,000 654,779
     5.75% 2/1/44 500,000 503,070
     (St. John’s Lutheran Home of Albert Lea Project)
     5.375% 10/1/44 900,000 924,120
Maple Grove Health Care Facilities Revenue
     (Maple Grove Hospital Corporation)
     4.00% 5/1/37 2,000,000 1,999,820
     5.00% 5/1/27 1,400,000 1,616,244
     5.00% 5/1/29 1,000,000 1,135,290
     5.00% 5/1/30 850,000 957,780
     5.00% 5/1/31 500,000 560,005
     5.00% 5/1/32 500,000 557,620
     (North Memorial Health Care)
     5.00% 9/1/31 1,000,000 1,095,900
     5.00% 9/1/32 1,000,000 1,092,430
Minneapolis Health Care System Revenue
     (Fairview Health Services)
     Series A 4.00% 11/15/48 2,500,000 2,448,650
     Series A 5.00% 11/15/33 500,000 555,290
     Series A 5.00% 11/15/34 500,000 552,680
     Series A 5.00% 11/15/44 1,000,000 1,076,380
     Series A 5.00% 11/15/49 2,975,000 3,222,669
Minneapolis Senior Housing & Healthcare Revenue
     (Ecumen-Abiitan Mill City Project)
     5.00% 11/1/35 500,000 506,285
     5.25% 11/1/45 1,950,000 1,985,178
     5.375% 11/1/50 455,000 464,537
Minneapolis – St. Paul Housing & Redevelopment Authority
     Health Care Facilities Revenue
     (Allina Health System) Series A 5.00% 11/15/28 1,550,000 1,801,177
     (Children’s Health Care) Series A 5.25% 8/15/35 2,085,000 2,187,123
Minnesota Agricultural & Economic Development Board
     Revenue
     (Essenthia Health Obligated Group)
     Series C-1 5.00% 2/15/30 (AGC) 5,725,000 5,887,304

6     NQ-301 [11/18] 1/19 (705903)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Minnesota Agricultural & Economic Development Board
     Revenue
     (Essenthia Health Obligated Group)
     Series C-1 5.25% 2/15/23 (AGC) 5,000,000 $ 5,185,250
     Series C-1 5.50% 2/15/25 (AGC) 5,120,000 5,319,168
Red Wing Senior Housing
     (Deer Crest Project)
     Series A 5.00% 11/1/27 430,000 444,525
     Series A 5.00% 11/1/32 330,000 340,283
     Series A 5.00% 11/1/42 1,250,000 1,285,687
Rochester Health Care & Housing Revenue
     (The Homestead at Rochester Project) Series A
     6.875% 12/1/48 2,980,000 3,305,893
Rochester Health Care Facilities Revenue
     (Mayo Clinic)
     4.00% 11/15/41 4,515,000 4,544,844
     Series D Remarketing 5.00% 11/15/38 6,405,000 6,621,617
     (Olmsted Medical Center Project)
     5.00% 7/1/24 295,000 326,940
     5.00% 7/1/33 650,000 702,019
     5.875% 7/1/30 1,850,000 1,948,568
Sartell Health Care Facilities Revenue
     (Country Manor Campus Project)
     Series A 5.25% 9/1/27 1,280,000 1,376,461
     Series A 5.30% 9/1/37 1,200,000 1,282,728
Sauk Rapids Health Care Housing Facilities Revenue
     (Good Shepherd Lutheran Home) 5.125% 1/1/39 1,350,000 1,360,057
Shakopee Health Care Facilities Revenue
     (St. Francis Regional Medical Center)
     4.00% 9/1/31 915,000 933,520
     5.00% 9/1/24 575,000 642,419
     5.00% 9/1/25 750,000 836,303
     5.00% 9/1/26 575,000 637,273
     5.00% 9/1/27 405,000 446,966
     5.00% 9/1/28 425,000 467,109
     5.00% 9/1/29 425,000 465,213
     5.00% 9/1/34 730,000 781,355
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     Series A 4.00% 5/1/37 965,000 993,014
     Series A 5.00% 5/1/46 3,715,000 4,029,326
     Unrefunded Balance 5.125% 5/1/30 740,000 770,481

NQ-301 [11/18] 1/19 (705903)     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 Health Care
     Facilities Revenue
     (Allina Health System) Series A-1 Unrefunded Balance
     5.25% 11/15/29 2,825,000 $ 2,923,564
     (Fairview Health Services)
     Series A 4.00% 11/15/43 2,450,000 2,421,139
     Series A 5.00% 11/15/47 1,560,000 1,687,202
     (HealthPartners Obligated Group Project)
     Series A 5.00% 7/1/29 2,200,000 2,479,752
     Series A 5.00% 7/1/32 3,000,000 3,338,310
     Series A 5.00% 7/1/33 1,260,000 1,395,916
St. Paul Housing & Redevelopment Authority Housing &
     Health Care Facilities Revenue
     (Episcopal Homes Project) 5.125% 5/1/48 3,100,000 3,006,008
St. Paul Housing & Redevelopment Authority Multifamily
     Housing Revenue
     (Marian Center Project)
     Series A 5.30% 11/1/30 500,000 478,685
     Series A 5.375% 5/1/43 500,000 457,800
Wayzata Senior Housing Revenue
     (Folkestone Senior Living Community)
     Series A 5.50% 11/1/32 1,050,000 1,078,171
     Series A 5.75% 11/1/39 2,365,000 2,429,352
     Series A 6.00% 5/1/47 3,685,000 3,787,554
West St. Paul Housing and Health Care Facilities Revenue
     (Walker Westwood Ridge Campus Project)
     4.50% 11/1/40 250,000 238,913
     4.75% 11/1/52 750,000 725,438
Winona Health Care Facilities Revenue
     (Winona Health Obligation Group)
     4.50% 7/1/25 850,000 868,539
     4.65% 7/1/26 540,000 552,431
Woodbury Housing & Redevelopment Authority Revenue
     (St. Therese of Woodbury)
     5.00% 12/1/34 500,000 507,750
     5.125% 12/1/44 1,605,000 1,621,066
     5.25% 12/1/49 750,000 762,315
141,376,602
Housing Revenue Bonds – 0.46%
Minnesota Housing Finance Agency Homeownership
     Finance (Mortgage-Backed Securities Program)
     Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC) 1,050,000 1,076,807

8     NQ-301 [11/18] 1/19 (705903)


(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
Northwest Multi-County Housing & Redevelopment
     Authority
     (Pooled Housing Program) 5.50% 7/1/45 1,330,000 $ 1,333,671
2,410,478
Lease Revenue Bonds – 3.01%
Minnesota General Fund Revenue Appropriations
     Series A 5.00% 6/1/38 1,250,000 1,363,100
     Series A 5.00% 6/1/43 3,835,000 4,165,424
     Series B 5.00% 3/1/28 2,500,000 2,716,325
Minnesota Housing Finance Agency
     (State Appropriation – Housing Infrastructure)
     Series C 5.00% 8/1/34 1,565,000 1,753,645
     Series C 5.00% 8/1/35 1,645,000 1,841,446
University of Minnesota Special Purpose Revenue
     (State Supported Biomed Science Research Facilities
     Funding Project)
     Series A 5.00% 8/1/35 3,960,000 4,140,497
15,980,437
Local General Obligation Bonds – 9.53%
Anoka County Capital Improvement
     Series A 5.00% 2/1/22 500,000 502,540
Brainerd Independent School District No. 181
     (School Building)
     Series A 4.00% 2/1/23 5,990,000 6,011,564
     Series A 4.00% 2/1/38 1,500,000 1,529,640
     Series A 4.00% 2/1/43 3,500,000 3,535,560
Burnsville-Eagan-Savage Independent School
     District No. 191
     (Alternative Facilities)
     Series A 4.00% 2/1/28 920,000 981,888
     Series A 4.00% 2/1/29 1,800,000 1,911,726
Chaska Independent School District No. 112
     (School Building) Series A 5.00% 2/1/27 1,905,000 2,209,019
Duluth
     (DECC Improvement)
     Series A 5.00% 2/1/32 1,000,000 1,137,810
     Series A 5.00% 2/1/33 3,585,000 4,064,673
Duluth Independent School District No. 709
     Series A 4.00% 2/1/27 160,000 169,846
     Series A 4.00% 2/1/28 1,250,000 1,315,737
Hennepin County
     Series A 5.00% 12/1/26 1,885,000 2,240,360

NQ-301 [11/18] 1/19 (705903)     9


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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Hennepin County
     Series A 5.00% 12/1/36 940,000 $ 1,069,353
     Series A 5.00% 12/1/37 2,850,000 3,269,777
     Series A 5.00% 12/1/38 3,310,000 3,786,177
     Series B 5.00% 12/1/30 1,000,000 1,163,520
     Series C 5.00% 12/1/28 1,500,000 1,818,945
     Series C 5.00% 12/1/30 1,245,000 1,448,582
     Series C 5.00% 12/1/37 3,000,000 3,405,360
Mounds View Independent School District No. 621
     (Minnesota School District Credit Enhancement
     Program) Series A 4.00% 2/1/43 3,000,000 3,062,100
Mountain Iron-Buhl Independent School District No. 712
     (School Building) Series A 4.00% 2/1/26 1,315,000 1,443,265
St. Michael-Albertville Independent School District No. 885
     (School Building) Series A 5.00% 2/1/27 1,865,000 2,170,599
Wayzata Independent School District No. 284
     Series A 5.00% 2/1/28 1,950,000 2,307,318
50,555,359
Pre-Refunded/Escrowed to Maturity Bonds – 14.15%
Anoka Health Care Facilities Revenue
     (The Homestead at Anoka Project)
     Series A 7.00% 11/1/40-19§ 1,000,000 1,054,300
     Series A 7.00% 11/1/46-19§ 1,220,000 1,286,246
Anoka Housing Facilities Revenue
     (Senior Homestead Anoka Project)
     Series B 6.875% 11/1/34-19§ 2,015,000 2,122,903
Dakota & Washington Counties Housing & Redevelopment
     Authority Single Family Residential Mortgage Revenue
     (City of Anoka) 8.45% 9/1/19 (GNMA) (AMT) 9,000,000 9,406,890
     (City of Bloomington)
     Series B 8.375% 9/1/21 (GNMA) (AMT) 14,115,000 16,233,379
Minnesota Higher Education Facilities Authority Revenue
     (St. Catherine University)
     Series 7-Q 5.00% 10/1/23-22§ 350,000 384,671
     Series 7-Q 5.00% 10/1/24-22§ 475,000 522,053
     Series 7-Q 5.00% 10/1/27-22§ 200,000 219,812
     (University of St. Thomas) Series 7-A 5.00% 10/1/39-19§ 2,000,000 2,050,120
Rochester Healthcare & Housing Revenue
     (Samaritan Bethany Project) Series A
     7.375% 12/1/41-19§ 5,220,000 5,492,014

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(Unaudited)

            Principal amount°       Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
St. Cloud Health Care Revenue
     (Centracare Health System Project)
     5.375% 5/1/31-19 (AGC)§ 1,000,000 $ 1,014,250
     5.50% 5/1/39-19 (AGC)§ 6,000,000 6,088,500
St. Louis Park Health Care Facilities Revenue
     (Park Nicollet Health Services) 5.75% 7/1/39-19§ 12,025,000 12,286,905
St. Paul Housing & Redevelopment Authority Hospital
     Facility Revenue
     (Healtheast Care System Project)
     Series A 5.00% 11/15/29-25§ 910,000 1,057,402
     Series A 5.00% 11/15/30-25§ 670,000 778,527
University of Minnesota
     Series A 5.25% 12/1/29-20§ 1,850,000 1,969,066
     Series A 5.50% 7/1/21 12,500,000 13,158,125
75,125,163
Special Tax Revenue Bonds – 1.50%
Minneapolis Development Revenue
     (Limited Tax Supported Common Bond Fund)
     Series 2-A 6.00% 12/1/40 3,000,000 3,218,550
Minneapolis Revenue
     (YMCA Greater Twin Cities Project) 4.00% 6/1/30 250,000 259,510
St. Paul Sales Tax Revenue
     Series G 5.00% 11/1/30 655,000 732,762
     Series G 5.00% 11/1/31 1,500,000 1,674,750
Virgin Islands Public Finance Authority
     (Matching Fund Senior Lien) 5.00% 10/1/29 (AGM) 2,000,000 2,082,500
7,968,072
State General Obligation Bonds – 11.16%
Minnesota
     5.00% 10/1/26 3,395,000 4,020,699
     Series A 5.00% 8/1/27 7,590,000 8,800,681
     Series A 5.00% 8/1/29 2,500,000 2,883,000
     Series A 5.00% 10/1/33 1,000,000 1,168,040
     Series A Unrefunded Balance 5.00% 10/1/24 4,555,000 4,902,638
     Series A Unrefunded Balance 5.00% 10/1/27 5,200,000 5,593,900
     Series D 5.00% 8/1/26 6,000,000 7,090,020
     Series D 5.00% 8/1/27 2,500,000 2,943,825
     (State Trunk Highway) Series B 5.00% 10/1/29 5,000,000 5,375,900
     (Various Purposes)
     Series A 5.00% 8/1/25 5,545,000 6,325,847
     Series A 5.00% 8/1/30 4,200,000 4,758,096
     Series A 5.00% 8/1/32 3,875,000 4,381,191

NQ-301 [11/18] 1/19 (705903)     11


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

            Principal amount°       Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota
     (Various Purposes)
     Series A Unrefunded Balance 4.00% 8/1/27 955,000 $ 1,008,700
59,252,537
Transportation Revenue Bonds – 3.56%
Minneapolis – St. Paul Metropolitan Airports Commission
     Revenue
     Senior
     Series A 5.00% 1/1/28 1,250,000 1,287,313
     Series C 5.00% 1/1/29 350,000 407,015
     Series C 5.00% 1/1/33 850,000 972,400
     Series C 5.00% 1/1/36 600,000 678,342
     Series C 5.00% 1/1/41 600,000 670,440
     Series C 5.00% 1/1/46 1,595,000 1,776,415
     Subordinate
     Series A 5.00% 1/1/35 1,000,000 1,094,070
     Series B 5.00% 1/1/26 575,000 621,236
     Series B 5.00% 1/1/27 1,160,000 1,251,489
     Series B 5.00% 1/1/28 2,750,000 2,962,630
     Series B 5.00% 1/1/29 120,000 129,094
     Series B 5.00% 1/1/30 1,675,000 1,799,871
     Series B 5.00% 1/1/31 1,750,000 1,878,310
St. Paul Housing & Redevelopment Authority Revenue
     (Parking Enterprise) Series A 3.125% 8/1/34 130,000 121,298
St. Paul Port Authority Revenue
     (Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36 3,200,000 3,254,720
18,904,643
Water & Sewer Revenue Bonds – 3.17%
Guam Government Waterworks Authority
     5.00% 7/1/40 1,930,000 2,026,577
Metropolitan Council General Obligation Wastewater
     Revenue (Minneapolis-St. Paul Metropolitan Area)
     Series B 4.00% 9/1/27 2,400,000 2,533,944
     Series B 5.00% 9/1/25 2,000,000 2,199,960
     Series C 4.00% 3/1/31 3,120,000 3,343,361
     Series C 4.00% 3/1/32 3,225,000 3,431,690
     Series E 5.00% 9/1/23 2,000,000 2,206,780
Minnesota Public Facilities Authority
     Series B 4.00% 3/1/26 1,000,000 1,104,420
16,846,732
Total Municipal Bonds (cost $521,273,784) 525,789,248

12     NQ-301 [11/18] 1/19 (705903)


(Unaudited)

Total Value of Securities – 99.06%      
     (cost $521,273,784) $ 525,789,248
Receivables and Other Assets Net of Liabilities – 0.94% 4,984,019
Net Assets Applicable to 44,270,499 Shares Outstanding – 100.00% $ 530,773,267

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Nov. 30, 2018, the aggregate value of Rule 144A securities was $9,720,157, which represents 1.83% of the Fund’s net assets.

§

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 USD 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.

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
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

See accompanying notes.

NQ-301 [11/18] 1/19 (705903)     13



Notes
Delaware Tax-Free Minnesota Fund November 30, 2018 (Unaudited)

1. Significant Accounting Policies

Voyageur Tax-Free Funds (Trust) – Delaware Tax-Free Minnesota Fund (Fund) is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund. This report covers the period of time since the Fund’s last fiscal year end, Aug. 31, 2018.

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)

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(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 Nov. 30, 2018:

Securities       Level 2
Assets:
Municipal Bonds $ 525,789,248

During the period ended Nov. 30, 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 Nov. 30, 2018, there were no Level 3 investments.

3. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued an Accounting Standards Update, ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

NQ-301 [11/18] 1/19 (705903)     15


(Unaudited)

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Nov. 30, 2018, that would require recognition or disclosure on the Fund’s “Schedule of investments.”

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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: