NPORT-EX 2 AVO1DEL113021.htm
Schedule of investments
Delaware Tax-Free Minnesota Fund November 30, 2021 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 99.03%
Corporate Revenue Bonds — 1.39%
Cottonwood Revenue      
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) # 		   1,000,000 $  1,017,800
St. Paul Port Authority Solid Waste Disposal Revenue      
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 (AMT) # 		   7,250,000   7,357,373
    8,375,173
Education Revenue Bonds — 19.04%
Bethel Charter School Lease Revenue      
(Spectrum High School Project)      
Series A 4.00% 7/1/32        840,000      909,132
Series A 4.25% 7/1/47      1,550,000   1,664,018
Series A 4.375% 7/1/52        400,000      430,408
Brooklyn Park Charter School Lease Revenue      
(Prairie Seeds Academy Project)      
Series A 5.00% 3/1/34      2,260,000   2,390,854
Series A 5.00% 3/1/39        385,000      404,612
Cologne Charter School Lease Revenue      
(Cologne Academy Project)      
Series A 5.00% 7/1/34        250,000      266,422
Series A 5.00% 7/1/45      1,390,000   1,466,645
Deephaven Charter School Lease Revenue      
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/50   		   2,000,000   2,220,900
Duluth Housing & Redevelopment Authority Revenue      
(Duluth Public Schools Academy Project)      
Series A 5.00% 11/1/38        700,000      777,644
Series A 5.00% 11/1/48      2,800,000   3,073,980
Duluth Independent School District No. 709 Certificates of
Participation 		     
Series B 5.00% 2/1/28        350,000      428,036
Forest Lake Charter School Lease Revenue Fund      
(Lakes International Language Academy Project)      
Series A 5.25% 8/1/43        400,000      456,908
Series A 5.375% 8/1/50      1,690,000   1,934,712
Series A 5.50% 8/1/36        580,000      603,560
Series A 5.75% 8/1/44      1,190,000   1,239,801
Ham Lake Charter School Lease Revenue      
(Davinci Academy Project)      
Series A 5.00% 7/1/36        765,000      829,252
Series A 5.00% 7/1/47      2,290,000   2,459,529
NQ-301 [11/21] 1/22 (1984255)    1
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Hugo Charter School Lease Revenue      
(Noble Academy Project)      
Series A 5.00% 7/1/34        580,000 $    613,466
Series A 5.00% 7/1/44      1,770,000   1,853,190
Minneapolis Charter School Lease Revenue      
(Hiawatha Academies Project)      
Series A 5.00% 7/1/31        885,000      959,800
Series A 5.00% 7/1/47      2,300,000   2,454,146
Minneapolis Student Housing Revenue      
(Riverton Community Housing Project)      
 5.25% 8/1/39        470,000      502,214
 5.50% 8/1/49      2,260,000   2,415,488
Minnesota Colleges & Universities Revenue Fund      
Series A 5.00% 10/1/26      4,990,000   6,018,339
Minnesota Higher Education Facilities Authority Revenue      
(Bethel University)      
 5.00% 5/1/37      1,250,000   1,403,387
 5.00% 5/1/47        250,000      277,310
(Carleton College)      
 4.00% 3/1/35      1,000,000   1,126,800
 4.00% 3/1/36        415,000      467,776
 5.00% 3/1/44      2,110,000   2,513,537
(College of St. Benedict)
Series 8-K 4.00% 3/1/43   		   1,000,000   1,087,550
(College of St. Scholastica)      
 4.00% 12/1/29        280,000      331,223
 4.00% 12/1/30        290,000      341,034
 4.00% 12/1/33        500,000      582,570
 4.00% 12/1/34        500,000      580,985
 4.00% 12/1/40      1,200,000   1,377,804
(Gustavus Adolphus College)
 5.00% 10/1/47   		   5,600,000   6,638,072
(St. Catherine University)      
Series A 4.00% 10/1/36        925,000   1,051,891
Series A 5.00% 10/1/35        875,000   1,064,271
Series A 5.00% 10/1/45      2,120,000   2,536,241
(St. John's University)      
Series 8-I 5.00% 10/1/32        500,000      573,565
Series 8-I 5.00% 10/1/33        250,000      286,853
(St. Olaf College)      
 3.00% 10/1/41      1,585,000   1,739,934
2    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue      
(St. Olaf College)
 4.00% 10/1/46        750,000 $    887,063
 4.00% 10/1/50        565,000      665,547
Series 8-G 5.00% 12/1/31        745,000      861,272
Series 8-G 5.00% 12/1/32        670,000      774,366
Series 8-N 4.00% 10/1/35        500,000      564,270
(Trustees of The Hamline University)      
Series B 5.00% 10/1/37        955,000   1,056,889
Series B 5.00% 10/1/38      1,000,000   1,106,000
Series B 5.00% 10/1/39        170,000      187,639
Series B 5.00% 10/1/40        625,000      689,163
Series B 5.00% 10/1/47      1,060,000   1,159,036
(University of St. Thomas)      
 4.00% 10/1/36      1,450,000   1,697,892
 4.00% 10/1/37        750,000      876,398
 4.00% 10/1/44      1,255,000   1,447,341
 5.00% 10/1/40        500,000      623,935
Series 8-L 5.00% 4/1/35      1,250,000   1,441,225
Series A 4.00% 10/1/34        400,000      457,544
Series A 4.00% 10/1/36        500,000      570,660
Minnesota Office of Higher Education Revenue      
(Senior Supplemental Student Loan Program)
 2.65% 11/1/38 (AMT)  		     885,000      904,753
Otsego Charter School Lease Revenue      
(Kaleidoscope Charter School)      
Series A 5.00% 9/1/34        520,000      547,768
Series A 5.00% 9/1/44      1,165,000   1,214,361
St. Cloud Charter School Lease Revenue      
(Stride Academy Project)
Series A 5.00% 4/1/46   		     875,000      789,530
St. Paul Housing & Redevelopment Authority Charter School Lease
Revenue 		     
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50   		   1,945,000   2,045,829
(Great River School Project)      
Series A 144A 4.75% 7/1/29  #      300,000      328,305
Series A 144A 5.50% 7/1/52  #      735,000      824,339
(Hmong College Preparatory Academy Project)      
Series A 5.00% 9/1/43        750,000      883,560
Series A 5.75% 9/1/46      1,000,000   1,144,580
NQ-301 [11/21] 1/22 (1984255)    3
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Charter School Lease
Revenue 		     
(Nova Classical Academy Project)      
Series A 4.00% 9/1/36        500,000 $    528,430
Series A 4.125% 9/1/47      1,750,000   1,840,388
(Twin Cities Academy Project)
Series A 5.30% 7/1/45   		   1,440,000   1,580,342
University of Minnesota      
Series A 5.00% 11/1/32        985,000   1,305,263
Series A 5.00% 4/1/34        925,000   1,080,909
Series A 5.00% 9/1/34      2,625,000   3,225,206
Series A 5.00% 4/1/35      3,175,000   3,710,146
Series A 5.00% 4/1/36      2,650,000   3,096,658
Series A 5.00% 4/1/37      1,125,000   1,314,619
Series A 5.00% 9/1/40      1,560,000   1,903,075
Series A 5.00% 9/1/41      1,750,000   2,133,670
Series A 5.00% 4/1/44      3,000,000   3,741,510
(State Supported Biomedical Science Research Facilities Funding Program)      
Series A 5.00% 8/1/31      1,000,000   1,348,780
Series A 5.00% 8/1/35      2,200,000   3,179,638
Series A 5.00% 8/1/36        500,000     735,175
  114,826,933
Electric Revenue Bonds — 7.68%
Central Minnesota Municipal Power Agency      
(Southeast Twin Cities Transmission Project)
 4.00% 1/1/42 (AGM)  		     340,000      397,093
Chaska Electric Revenue      
(Generating Facilities)      
Series A 5.00% 10/1/28        350,000      407,026
Series A 5.00% 10/1/30      1,150,000   1,337,369
Minnesota Municipal Power Agency Electric Revenue      
 4.00% 10/1/41      1,000,000   1,121,130
 5.00% 10/1/29        395,000      443,652
 5.00% 10/1/30        500,000      561,585
 5.00% 10/1/33      1,205,000   1,351,613
 5.00% 10/1/47      2,000,000   2,337,340
Series A 5.00% 10/1/30      1,060,000   1,190,560
Series A 5.00% 10/1/34        750,000      840,578
Series A 5.00% 10/1/35      1,525,000   1,707,344
4    NQ-301 [11/21] 1/22 (1984255)
(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 $    629,840
 5.00% 1/1/28        560,000      657,973
 5.00% 1/1/29        805,000      940,960
 5.00% 1/1/30        520,000      602,654
 5.00% 1/1/31        200,000      237,822
 5.00% 1/1/32        210,000      249,572
 5.00% 1/1/35        160,000      189,822
 5.00% 1/1/36        180,000      213,005
 5.00% 1/1/41        400,000      471,932
Series A 5.00% 1/1/25        125,000      131,075
Series A 5.00% 1/1/26        425,000      445,370
Series A 5.00% 1/1/31        520,000      544,809
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡      430,000      423,550
Series AAA 5.25% 7/1/25  ‡      250,000      246,875
Series CCC 5.25% 7/1/27  ‡    1,875,000   1,851,562
Series WW 5.00% 7/1/28  ‡    1,775,000   1,748,375
Series WW 5.25% 7/1/33  ‡    1,250,000   1,234,375
Series XX 4.75% 7/1/26  ‡      260,000      255,125
Series XX 5.25% 7/1/40  ‡      750,000      740,625
Series XX 5.75% 7/1/36  ‡      925,000      919,219
Series ZZ 4.75% 7/1/27  ‡      210,000      206,063
Series ZZ 5.25% 7/1/24  ‡      350,000      345,625
Rochester Electric Utility Revenue      
Series A 5.00% 12/1/42      1,395,000   1,644,886
Series A 5.00% 12/1/47      2,265,000   2,650,390
Southern Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/41      1,310,000   1,508,583
Series A 5.00% 1/1/42      1,500,000   1,805,805
Series A 5.00% 1/1/46      2,000,000   2,289,420
Series A 5.00% 1/1/47      3,130,000   3,743,918
Southern Minnesota Municipal Power Agency Revenue Capital
Appreciation 		     
Series A 4.965% 1/1/25 (NATL) ^    5,000,000   4,874,200
St. Paul Housing & Redevelopment Energy Revenue      
Series A 4.00% 10/1/30      1,235,000   1,402,268
Series A 4.00% 10/1/31        885,000   1,001,236
Series A 4.00% 10/1/33        365,000     410,928
   46,313,152
NQ-301 [11/21] 1/22 (1984255)    5
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds — 23.23%
Anoka Healthcare & Housing Facilities Revenue      
(The Homestead at Anoka Project)      
 5.125% 11/1/49      1,100,000 $  1,160,632
 5.375% 11/1/34        320,000      343,450
Apple Valley Senior Housing Revenue      
(PHS Apple Valley Senior Housing, Inc. - Orchard Path Project)      
 5.00% 9/1/43        465,000      487,804
 5.00% 9/1/58      3,220,000   3,361,036
(PHS Apple Valley Senior Housing, Inc.- Orchard Path Phase II Project)      
 4.00% 9/1/51        500,000      530,680
 4.00% 9/1/61        500,000      525,005
Apple Valley Senior Living Revenue      
(Senior Living LLC Project)      
2nd Tier Series B 5.00% 1/1/47      1,640,000   1,270,688
2nd Tier Series B 5.25% 1/1/37        480,000      418,666
4th Tier Series D 7.00% 1/1/37      1,585,000   1,290,158
4th Tier Series D 7.25% 1/1/52      2,580,000   1,991,812
Bethel Housing & Health Care Facilities Revenue      
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48   		   2,350,000   2,478,615
Bethel Senior Housing Revenue      
(The Lodge at The Lakes at Stillwater Project)      
 5.00% 6/1/38        450,000      467,366
 5.00% 6/1/48      1,000,000   1,033,980
 5.00% 6/1/53      2,450,000   2,529,208
Center City Health Care Facilities Revenue      
(Hazelden Betty Ford Foundation Project)      
 4.00% 11/1/34        500,000      574,030
 4.00% 11/1/41        800,000      905,616
 5.00% 11/1/26        500,000      558,080
Chatfield Healthcare and Housing Facilities Revenue      
(Chosen Valley Care Center Project)
 5.00% 9/1/44   		     500,000      529,885
Crookston Health Care Facilities Revenue      
(Riverview Health Project)      
 5.00% 5/1/38        100,000      106,423
 5.00% 5/1/44      1,500,000   1,581,570
 5.00% 5/1/51      1,585,000   1,676,375
6    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Dakota County Community Development Agency Senior Housing
Revenue 		     
(Walker Highview Hills Project)      
Series A 144A 5.00% 8/1/36  #      280,000 $    284,589
Series A 144A 5.00% 8/1/46  #    2,380,000   2,415,058
Deephaven Housing & Healthcare Revenue      
(St. Therese Senior Living Project)      
Series A 5.00% 4/1/38        730,000      739,417
Series A 5.00% 4/1/40        705,000      713,369
Series A 5.00% 4/1/48        315,000      317,923
Duluth Economic Development Authority      
(Essentia Health Obligated Group)      
Series A 4.25% 2/15/43      2,000,000   2,290,540
Series A 5.00% 2/15/48      1,850,000   2,194,377
(St. Luke’s Hospital of Duluth Obligated Group)      
 5.75% 6/15/32      3,750,000   3,839,625
 6.00% 6/15/39      3,570,000   3,654,752
Series A 3.00% 6/15/44        850,000      880,345
Series A 4.00% 6/15/34        215,000      253,152
Series A 4.00% 6/15/36        990,000   1,152,543
Series A 4.00% 6/15/37        380,000      438,178
Series A 4.00% 6/15/38        150,000      175,262
Series A 4.00% 6/15/39        150,000      174,738
Glencoe Health Care Facilities Revenue      
(Glencoe Regional Health Services Project)      
 4.00% 4/1/24        500,000      505,195
 4.00% 4/1/25        660,000      666,415
 4.00% 4/1/31         60,000       60,384
Hayward Health Care Facilities Revenue      
(American Baptist Homes Midwest Obligated Group)      
 5.375% 8/1/34        660,000      666,541
 5.75% 2/1/44        500,000      506,715
(St. John's Lutheran Home of Albert Lea Project)
 5.375% 10/1/44   		     575,000      584,217
Maple Grove Health Care Facilities Revenue      
(Maple Grove Hospital Corporation)      
 4.00% 5/1/37      2,000,000   2,244,340
 5.00% 5/1/27      1,400,000   1,695,988
 5.00% 5/1/29      1,000,000   1,201,280
 5.00% 5/1/30        850,000   1,016,387
 5.00% 5/1/31        500,000      596,090
NQ-301 [11/21] 1/22 (1984255)    7
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)
 5.00% 5/1/32        500,000 $    595,025
(North Memorial Health Care)      
 5.00% 9/1/31      1,000,000   1,133,090
 5.00% 9/1/32      1,000,000   1,131,860
Maple Plain Senior Housing & Health Care Revenue      
(Haven Homes Project)
 5.00% 7/1/54   		   3,500,000   3,707,690
Minneapolis Health Care System Revenue      
(Allina Health System)
 4.00% 11/15/40   		   3,000,000   3,636,360
(Fairview Health Services)      
Series A 4.00% 11/15/48      5,600,000   6,334,048
Series A 5.00% 11/15/33        825,000      981,670
Series A 5.00% 11/15/34        500,000      575,875
Series A 5.00% 11/15/35      1,000,000   1,245,090
Series A 5.00% 11/15/44      1,000,000   1,145,480
Series A 5.00% 11/15/49      3,475,000   4,252,844
Minneapolis Senior Housing & Healthcare Revenue      
(Ecumen-Abiitan Mill City Project)      
 5.00% 11/1/35        500,000      508,925
 5.25% 11/1/45      1,950,000   1,985,802
 5.375% 11/1/50        455,000      463,686
Minneapolis–St. Paul Housing & Redevelopment Authority Health
Care Facilities Revenue 		     
(Allina Health System)
Series A 5.00% 11/15/28   		   1,550,000   1,886,164
Rochester Health Care & Housing Revenue      
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48   		   2,980,000   3,168,813
Rochester Health Care Facilities Revenue      
(Mayo Clinic)
 4.00% 11/15/41   		   4,515,000   4,584,531
Sartell Health Care Facilities Revenue      
(Country Manor Campus Project)      
Series A 5.25% 9/1/27      1,280,000   1,298,291
Series A 5.30% 9/1/37      1,200,000   1,228,236
Sauk Rapids Health Care Housing Facilities Revenue      
(Good Shepherd Lutheran Home)
 5.125% 1/1/39   		   1,350,000   1,358,316
8    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Shakopee Health Care Facilities Revenue      
(St. Francis Regional Medical Center)      
 4.00% 9/1/31        915,000 $    985,675
 5.00% 9/1/24        575,000      643,534
 5.00% 9/1/25        750,000      836,880
 5.00% 9/1/26        575,000      639,670
 5.00% 9/1/27        405,000      448,862
 5.00% 9/1/28        425,000      470,432
 5.00% 9/1/29        425,000      469,961
 5.00% 9/1/34        730,000      806,453
St. Cloud Health Care Revenue      
(Centracare Health System Project)      
 4.00% 5/1/49      5,315,000   6,068,827
 5.00% 5/1/48      5,090,000   6,238,202
Series A 4.00% 5/1/37        965,000   1,078,050
Series A 5.00% 5/1/46      3,715,000   4,321,622
St. Paul Housing & Redevelopment Authority Health Care Facilities
Revenue 		     
(Fairview Health Services)      
Series A 4.00% 11/15/43      2,450,000   2,790,574
Series A 5.00% 11/15/47      1,560,000   1,880,502
(HealthPartners Obligated Group Project)      
Series A 5.00% 7/1/29      2,200,000   2,527,866
Series A 5.00% 7/1/32      3,000,000   3,436,800
Series A 5.00% 7/1/33      1,260,000   1,442,007
St. Paul Housing & Redevelopment Authority Housing & Health
Care Facilities Revenue 		     
(Episcopal Homes Project)
 5.125% 5/1/48   		   3,100,000   3,177,407
St. Paul Housing & Redevelopment Authority Multifamily Housing
Revenue 		     
(Marian Center Project)      
Series A 5.30% 11/1/30        500,000      500,580
Series A 5.375% 5/1/43        500,000      500,345
Wayzata Senior Housing Revenue      
(Folkestone Senior Living Community)      
 3.75% 8/1/36        500,000      522,965
 4.00% 8/1/44        800,000      836,352
 5.00% 8/1/49      1,000,000   1,071,140
 5.00% 8/1/54        875,000      934,911
NQ-301 [11/21] 1/22 (1984255)    9
Schedule of investments
Delaware Tax-Free Minnesota Fund (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
West St. Paul Housing and Health Care Facilities Revenue      
(Walker Westwood Ridge Campus Project)      
 4.50% 11/1/40        250,000 $    253,122
 4.75% 11/1/52        750,000      759,045
Woodbury Housing & Redevelopment Authority Revenue      
(St. Therese of Woodbury)      
 5.00% 12/1/34        500,000      524,210
 5.125% 12/1/44      1,605,000   1,673,485
  140,149,774
Housing Revenue Bonds — 0.54%
Minnesota Housing Finance Agency      
Series I 2.00% 7/1/40        665,000      666,629
Series I 2.20% 1/1/51      1,255,000   1,240,856
Northwest Multi-County Housing & Redevelopment Authority      
(Pooled Housing Program)
 5.50% 7/1/45   		   1,330,000   1,365,817
    3,273,302
Lease Revenue Bonds — 2.08%
Minnesota General Fund Revenue Appropriations      
Series A 5.00% 6/1/38      1,250,000   1,330,587
Series A 5.00% 6/1/43      3,835,000   4,071,543
Series B 5.00% 3/1/28      2,500,000   2,529,800
Series B 5.00% 3/1/29      1,000,000   1,011,920
Minnesota Housing Finance Agency      
(State Appropriation–Housing Infrastructure)      
Series C 5.00% 8/1/34      1,565,000   1,745,351
Series C 5.00% 8/1/35      1,645,000   1,832,250
   12,521,451
Local General Obligation Bonds — 13.20%
Anoka-Hennepin Independent School District No. 11      
(Minnesota School District Credit Enhancement Program)
Series A 3.00% 2/1/43   		     750,000      805,155
Brainerd Independent School District No. 181      
(School Building)      
Series A 4.00% 2/1/38      1,500,000   1,705,875
Series A 4.00% 2/1/43      3,500,000   3,954,265
Burnsville-Eagan-Savage Independent School District No. 191      
(Alternative Facilities)      
Series A 4.00% 2/1/28        920,000   1,013,840
Series A 4.00% 2/1/29      1,800,000   1,980,396
10    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chaska Independent School District No. 112      
(School Building)
Series A 5.00% 2/1/27   		   1,905,000 $  2,247,195
Duluth      
(DECC Improvement)      
Series A 5.00% 2/1/30        630,000      738,341
Series A 5.00% 2/1/32      1,000,000   1,170,630
Series A 5.00% 2/1/33      3,585,000   4,191,869
Duluth Independent School District No. 709      
Series A 4.00% 2/1/27        160,000      181,216
Series A 4.00% 2/1/28      1,250,000   1,411,713
Hennepin County      
Series A 5.00% 12/1/26      2,635,000   3,203,870
Series A 5.00% 12/1/33      2,000,000   2,663,240
Series A 5.00% 12/1/36        940,000   1,132,136
Series A 5.00% 12/1/37      5,495,000   6,691,383
Series A 5.00% 12/1/38      3,310,000   4,072,988
Series B 5.00% 12/1/30      1,000,000   1,210,950
Series C 5.00% 12/1/28      1,500,000   1,921,095
Series C 5.00% 12/1/30      1,245,000   1,507,633
Series C 5.00% 12/1/37      3,000,000   3,606,690
Lakeville Independent School District No. 194      
Series B 4.00% 2/1/28      1,975,000   2,343,594
Mahtomedi Independent School District No. 832      
(School Building)
Series A 5.00% 2/1/30   		     445,000      507,336
Marshall      
Series B 4.00% 4/1/28        275,000      327,355
Series B 4.00% 4/1/29        285,000      345,183
Minneapolis Special School District No. 1      
Series A 4.00% 2/1/36        450,000      532,431
Series A 4.00% 2/1/37        600,000      708,546
Series A 4.00% 2/1/38        625,000      736,931
Series A 5.00% 2/1/33      1,420,000   1,980,872
Series B 4.00% 2/1/36        945,000   1,118,105
Series B 4.00% 2/1/37      1,255,000   1,482,042
Series B 4.00% 2/1/38      1,305,000   1,538,713
(School Building)
Series B 4.00% 2/1/37   		   1,000,000   1,202,240
NQ-301 [11/21] 1/22 (1984255)    11
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 $  3,378,180
Mountain Iron-Buhl Independent School District No. 712      
(School Building)
Series A 4.00% 2/1/26   		   1,315,000   1,494,918
St. Michael-Albertville Independent School District No. 885      
(School Building)
Series A 5.00% 2/1/27   		   1,865,000   2,208,458
Virginia, Minnesota Sales Tax Revenue      
(General Obligation Sales Tax)
Series A 4.00% 2/1/35 (AGM)  		     500,000      570,860
Wayzata Independent School District No. 284      
Series A 5.00% 2/1/28      1,950,000   2,365,428
White Bear Lake Independent School District No. 624      
Series A 3.00% 2/1/43     10,645,000  11,401,966
   79,653,638
Pre-Refunded/Escrowed to Maturity Bonds — 2.73%
Minnesota Higher Education Facilities Authority Revenue      
(St. Catherine University)      
Series 7-Q 5.00% 10/1/23-22  §      350,000      363,965
Series 7-Q 5.00% 10/1/24-22  §      475,000      493,952
Series 7-Q 5.00% 10/1/27-22  §      200,000      207,980
Rice County Educational Facilities Revenue      
(Shattuck-St. Mary's School)
Series A 144A 5.00% 8/1/22  # 		   2,355,000   2,429,512
Rochester Electric Utility Revenue      
Series B 5.00% 12/1/27-23  §      295,000      322,745
Series B 5.00% 12/1/28-23  §      275,000      300,864
Series B 5.00% 12/1/31-23  §    1,365,000   1,493,378
Series B 5.00% 12/1/33-23  §      300,000      328,215
Rochester Health Care Facilities Revenue      
(Olmsted Medical Center Project)      
 5.00% 7/1/24-23  §      295,000      316,438
 5.00% 7/1/33-23  §      650,000      697,235
St. Paul Housing & Redevelopment Authority Hospital Facility
Revenue 		     
(Healtheast Care System Project)      
Series A 5.00% 11/15/29-25  §      910,000   1,066,811
Series A 5.00% 11/15/30-25  §      670,000      785,455
12    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Western Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/34-24  §    4,000,000 $  4,391,240
Series A 5.00% 1/1/46-24  §    3,000,000   3,293,430
   16,491,220
Special Tax Revenue Bonds — 4.77%
Minneapolis Development Revenue      
(Limited Tax Supported Common Bond Fund)
Series 2-A 6.00% 12/1/40   		   3,000,000   3,000,000
Minneapolis Revenue      
(YMCA Greater Twin Cities Project)
 4.00% 6/1/30   		     250,000      269,553
Puerto Rico Infrastructure Financing Authority Revenue      
Series B 5.00% 7/1/41  ‡    5,000,000   2,400,000
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 4.554% 7/1/46  ^   21,110,000   7,059,184
Series A-1 4.75% 7/1/53     10,200,000  11,559,762
St. Paul Sales Tax Revenue      
Series G 5.00% 11/1/30        655,000      738,093
Series G 5.00% 11/1/31      1,500,000   1,689,825
Virgin Islands Public Finance Authority      
(Matching Fund Senior Lien)
 5.00% 10/1/29 (AGM)  		   2,000,000   2,076,640
   28,793,057
State General Obligation Bonds — 15.33%
Commonwealth of Puerto Rico      
(Public Improvement)
Series B 5.75% 7/1/38  ‡ 		   2,530,000   2,460,425
Minnesota      
(State Trunk Highway)
Series E 5.00% 10/1/26   		   3,395,000   4,103,638
(Various Purposes)      
Series A 4.00% 9/1/39      4,480,000   5,545,165
Series A 4.00% 9/1/40      1,410,000   1,741,914
Series A 5.00% 8/1/27      7,590,000   8,833,773
Series A 5.00% 8/1/29      3,200,000   3,723,136
Series A 5.00% 8/1/30     14,480,000  17,911,689
Series A 5.00% 9/1/31      5,400,000   7,349,994
Series A 5.00% 8/1/32      3,875,000   4,335,815
Series A 5.00% 8/1/33      3,750,000   4,837,758
Series A 5.00% 10/1/33      3,000,000   3,700,530
NQ-301 [11/21] 1/22 (1984255)    13
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 5.00% 8/1/35      5,975,000 $  7,621,150
Series A 5.00% 8/1/38      5,335,000   6,808,259
Series A 5.00% 8/1/40      1,750,000   2,277,748
Series A Unrefunded Balance 4.00% 8/1/27        955,000      977,939
Series D 5.00% 8/1/26      6,000,000   7,215,600
Series D 5.00% 8/1/27      2,525,000   3,032,676
   92,477,209
Transportation Revenue Bonds — 6.17%
Minneapolis–St. Paul Metropolitan Airports Commission Revenue      
(Senior)      
Series A 5.00% 1/1/32      1,245,000   1,494,585
Series C 5.00% 1/1/29        410,000      492,685
Series C 5.00% 1/1/33        850,000   1,019,150
Series C 5.00% 1/1/36        600,000      716,544
Series C 5.00% 1/1/41        600,000      715,056
Series C 5.00% 1/1/46      1,595,000   1,894,015
(Subordinate)      
Series A 5.00% 1/1/35      1,000,000   1,090,370
Series A 5.00% 1/1/44      3,000,000   3,707,220
Series A 5.00% 1/1/49      5,000,000   6,142,150
Series B 5.00% 1/1/26        575,000      577,197
Series B 5.00% 1/1/27      1,160,000   1,164,431
Series B 5.00% 1/1/28      2,750,000   2,760,395
Series B 5.00% 1/1/29        120,000      120,449
Series B 5.00% 1/1/30      1,675,000   1,681,231
Series B 5.00% 1/1/31      1,750,000   1,756,510
Series B 5.00% 1/1/44 (AMT)     3,595,000   4,410,921
Series B 5.00% 1/1/49 (AMT)     6,150,000   7,501,216
   37,244,125
Water & Sewer Revenue Bonds — 2.87%
Guam Government Waterworks Authority      
 5.00% 7/1/40      1,930,000   2,234,612
Metropolitan Council General Obligation Wastewater Revenue      
(Minneapolis-St. Paul Metropolitan Area)      
Series B 4.00% 9/1/27      2,400,000   2,466,168
Series B 5.00% 9/1/25      2,000,000   2,070,060
Series C 4.00% 3/1/31      3,120,000   3,600,105
Series C 4.00% 3/1/32      3,225,000   3,714,168
14    NQ-301 [11/21] 1/22 (1984255)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Metropolitan Council General Obligation Wastewater Revenue      
(Minneapolis-St. Paul Metropolitan Area)
Series E 5.00% 9/1/23      2,000,000 $  2,070,060
Minnesota Public Facilities Authority      
Series B 4.00% 3/1/26      1,000,000   1,144,070
   17,299,243
Total Municipal Bonds (cost $564,745,921) 597,418,277
Total Value of Securities—99.03%
(cost $564,745,921) 		    597,418,277
Receivables and Other Assets Net of Liabilities—0.97%       5,867,519
Net Assets Applicable to 47,750,416 Shares Outstanding—100.00%     $603,285,796
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2021, the aggregate value of Rule 144A securities was $14,656,976, which represents 2.43% of the Fund's net assets.
‡ Non-income producing security. Security is currently in default.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§ 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.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
NQ-301 [11/21] 1/22 (1984255)    15