NPORT-EX 2 AVO1DEL113022.htm
Schedule of investments
Delaware Tax-Free Minnesota Fund  November 30, 2022 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 98.56%
Corporate Revenue Bonds — 2.14%
Cottonwood Revenue      
(Extreme Holdings LLC Project)
Series A 144A 5.00% 12/1/50 (AMT) # 		   1,000,000 $    731,910
Minnesota Municipal Gas Agency Revenue      
(Subordinate)
Series A 4.00% 12/1/52  • 		   2,000,000    2,003,980
St. Paul Port Authority Solid Waste Disposal Revenue      
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 (AMT) # 		   8,665,000   8,137,475
   10,873,365
Education Revenue Bonds — 20.85%
Bethel Charter School Lease Revenue      
(Spectrum High School Project)      
Series A 4.00% 7/1/32        840,000      751,153
Series A 4.25% 7/1/47      1,550,000    1,182,325
Series A 4.375% 7/1/52        400,000      302,016
Brooklyn Park Charter School Lease Revenue      
(Prairie Seeds Academy Project)      
Series A 5.00% 3/1/34      2,260,000    2,136,920
Series A 5.00% 3/1/39        385,000      348,695
Cologne Charter School Lease Revenue      
(Cologne Academy Project)      
Series A 5.00% 7/1/34        250,000      242,718
Series A 5.00% 7/1/45      1,705,000    1,556,392
Deephaven Charter School Lease Revenue      
(Eagle Ridge Academy Project)
Series A 5.50% 7/1/50   		   2,000,000    1,994,260
Duluth Housing & Redevelopment Authority Revenue      
(Duluth Public Schools Academy Project)      
Series A 5.00% 11/1/38        700,000      654,710
Series A 5.00% 11/1/48      2,800,000    2,470,748
Duluth Independent School District No. 709 Certificates of
Participation 		     
Series B 5.00% 2/1/28        350,000      380,713
Forest Lake Charter School Lease Revenue      
(Lakes International Language Academy Project)      
Series A 5.25% 8/1/43        400,000      383,896
Series A 5.375% 8/1/50      1,690,000    1,613,848
Series A 5.50% 8/1/36        580,000      582,506
Series A 5.75% 8/1/44      1,190,000    1,193,439
NQ-301 [11/22] 01/23 (2682227)    1
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Ham Lake Charter School Lease Revenue      
(Davinci Academy Project)      
Series A 5.00% 7/1/36        765,000 $    739,349
Series A 5.00% 7/1/47      2,290,000    2,073,687
Hugo Charter School Lease Revenue      
(Noble Academy Project)      
Series A 5.00% 7/1/34        580,000      566,527
Series A 5.00% 7/1/44      2,545,000    2,319,360
Minneapolis Charter School Lease Revenue      
(Cyber Village Academy Project)      
Series A 5.25% 6/1/42        750,000      711,420
Series A 5.50% 6/1/57        500,000      472,765
(Hiawatha Academies Project)      
Series A 144A 5.00% 7/1/32  #      300,000      289,146
Series A 144A 5.375% 7/1/42  #      880,000      818,048
Series A 144A 5.50% 7/1/52  #    1,440,000    1,316,722
Series A 144A 5.50% 7/1/57  #    1,120,000    1,011,718
Minneapolis Student Housing Revenue      
(Riverton Community Housing Project)      
 5.25% 8/1/39        470,000      470,705
 5.50% 8/1/49      2,260,000    2,264,068
Minnesota Higher Education Facilities Authority      
Series A 5.00% 10/1/32        715,000      760,674
Minnesota Higher Education Facilities Authority Revenue      
(Bethel University)      
 5.00% 5/1/37      1,250,000    1,224,800
 5.00% 5/1/47        250,000      229,835
(Carleton College)      
 4.00% 3/1/35      1,000,000    1,020,170
 4.00% 3/1/36        415,000      421,682
 5.00% 3/1/44      1,275,000    1,350,314
(College of St. Benedict)
Series 8-K 4.00% 3/1/43   		   1,000,000      911,230
(College of St. Scholastica)      
 4.00% 12/1/29        280,000      280,650
 4.00% 12/1/30        290,000      289,971
 4.00% 12/1/33        500,000      489,325
 4.00% 12/1/34        500,000      483,575
 4.00% 12/1/40      1,200,000    1,098,696
(Gustavus Adolphus College)
 5.00% 10/1/47   		   6,600,000    6,747,642
2    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue      
(St. Catherine University)      
Series A 4.00% 10/1/36        925,000 $    896,131
Series A 5.00% 10/1/35        875,000      917,971
Series A 5.00% 10/1/45      2,120,000    2,171,558
(St. John's University)      
Series 8-I 5.00% 10/1/32        500,000      520,455
Series 8-I 5.00% 10/1/33        250,000      259,783
(St. Olaf College)      
 3.00% 10/1/38      1,000,000      844,720
 4.00% 10/1/46      1,625,000    1,547,504
 4.00% 10/1/50        565,000      530,535
Series 8-G 5.00% 12/1/31        745,000      783,829
Series 8-G 5.00% 12/1/32        670,000      704,726
Series 8-N 4.00% 10/1/35        500,000      501,920
(Trustees of the Hamline University of Minnesota)
Series B 5.00% 10/1/37   		     955,000      969,793
(Trustees of The Hamline University)      
Series B 5.00% 10/1/38      1,000,000    1,013,820
Series B 5.00% 10/1/39        940,000      951,938
Series B 5.00% 10/1/40        625,000      631,894
Series B 5.00% 10/1/47      1,060,000    1,066,222
(University of St. Thomas)      
 4.00% 10/1/36      1,450,000    1,448,216
 4.00% 10/1/37        750,000      741,472
 4.00% 10/1/44      1,800,000    1,683,846
 5.00% 10/1/40      2,395,000    2,516,283
Series 8-L 5.00% 4/1/35      1,250,000    1,309,262
Series A 4.00% 10/1/34        400,000      404,428
Series A 4.00% 10/1/36        500,000      499,385
(University of St. Thomas) (Green Bonds)
Series A 5.00% 10/1/35   		   1,720,000    1,860,404
Minnesota Office of Higher Education Revenue      
(Senior Supplemental Student Loan Program)
 2.65% 11/1/38 (AMT)  		     715,000      585,077
Minnesota State Colleges & Universities Revenue      
Series A 5.00% 10/1/26      4,990,000    5,393,641
Otsego Charter School Lease Revenue      
(Kaleidoscope Charter School)      
Series A 5.00% 9/1/34        520,000      497,240
Series A 5.00% 9/1/44      1,165,000    1,024,396
NQ-301 [11/22] 01/23 (2682227)    3
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Regents Of The University Of Minnesota General
Obligation Bonds 		     
Series A 5.00% 9/1/42      1,000,000 $  1,067,770
St. Cloud Charter School Lease Revenue      
(Stride Academy Project)
Series A 5.00% 4/1/46   		     875,000      640,911
St. Paul Housing & Redevelopment Authority Charter
School Lease Revenue 		     
(Academia Cesar Chavez School Project)
Series A 5.25% 7/1/50   		   1,945,000    1,617,676
(Great River School Project)      
Series A 144A 4.75% 7/1/29  #      210,000      207,656
Series A 144A 5.50% 7/1/52  #      735,000      719,197
(Hmong College Preparatory Academy Project)      
Series A 5.00% 9/1/43        250,000      229,983
Series A 5.75% 9/1/46      1,000,000    1,000,300
(Nova Classical Academy Project)      
Series A 4.00% 9/1/36        500,000      431,330
Series A 4.125% 9/1/47      1,750,000    1,382,745
(Twin Cities Academy Project)
Series A 5.30% 7/1/45   		   1,440,000    1,344,773
St. Paul Housing & Redevelopment Authority Revenue      
(Amherst H. Wilder Foundation Project)
Series A 5.00% 12/1/30   		     300,000      309,777
University of Minnesota      
Series A 5.00% 4/1/34      3,040,000    3,216,989
Series A 5.00% 9/1/34      1,125,000    1,224,484
Series A 5.00% 4/1/35      3,175,000    3,352,641
Series A 5.00% 4/1/36      2,650,000    2,795,697
Series A 5.00% 4/1/37      1,125,000    1,184,670
Series A 5.00% 11/1/39      5,880,000    6,492,402
Series A 5.00% 9/1/40      1,560,000    1,672,008
Series A 5.00% 9/1/41        750,000     801,727
  106,125,603
Electric Revenue Bonds — 8.77%
Central Minnesota Municipal Power Agency Revenue      
(Brookings - Southeast Twin Cities Transmission Project)
 4.00% 1/1/42 (AGM)  		     340,000      336,359
4    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Chaska Electric Revenue      
(Generating Facilities)      
Series A 5.00% 10/1/28        350,000 $    371,200
Series A 5.00% 10/1/30      1,150,000    1,217,723
Minnesota Municipal Power Agency Electric Revenue      
 4.00% 10/1/41      1,000,000    1,001,010
 5.00% 10/1/29        395,000      410,804
 5.00% 10/1/30        500,000      519,825
 5.00% 10/1/33      1,205,000    1,248,838
 5.00% 10/1/47      2,000,000    2,089,860
Series A 5.00% 10/1/30      1,060,000    1,102,029
Series A 5.00% 10/1/34        750,000      777,285
Series A 5.00% 10/1/35      1,525,000    1,579,641
Northern Municipal Power Agency (Minnesota) Electric
System Revenue Bonds 		     
 5.00% 1/1/28        210,000      226,907
 5.00% 1/1/29        220,000      237,481
Northern Municipal Power Agency Electric System
Revenue 		     
 5.00% 1/1/27        540,000      576,034
 5.00% 1/1/28        350,000      372,715
 5.00% 1/1/29        585,000      621,896
 5.00% 1/1/30        520,000      552,640
 5.00% 1/1/31        200,000      215,688
 5.00% 1/1/32        210,000      226,271
 5.00% 1/1/35        160,000      171,307
 5.00% 1/1/36        180,000      192,289
 5.00% 1/1/41        400,000      424,140
Series A 5.00% 1/1/25        125,000      125,238
Series A 5.00% 1/1/26        425,000      425,808
Series A 5.00% 1/1/31        520,000      520,920
Puerto Rico Electric Power Authority Revenue      
Series A 5.05% 7/1/42  ‡      430,000      317,125
Series AAA 5.25% 7/1/25  ‡      250,000      185,625
Series CCC 5.25% 7/1/27  ‡    1,875,000    1,392,187
Series WW 5.00% 7/1/28  ‡    1,775,000    1,313,500
Series WW 5.25% 7/1/33  ‡    1,250,000      928,125
Series XX 4.75% 7/1/26  ‡      260,000      191,425
Series XX 5.25% 7/1/40  ‡      750,000      556,875
Series XX 5.75% 7/1/36  ‡      925,000      693,750
Series ZZ 4.75% 7/1/27  ‡      210,000      154,613
NQ-301 [11/22] 01/23 (2682227)    5
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue      
Series ZZ 5.25% 7/1/24  ‡      350,000 $    259,875
Rochester Electric Utility Revenue      
Series A 5.00% 12/1/42      1,395,000    1,492,078
Series A 5.00% 12/1/47      2,265,000    2,412,112
Southern Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/41      1,310,000    1,370,928
Series A 5.00% 1/1/42      1,500,000    1,615,485
Series A 5.00% 1/1/46      2,000,000    2,082,900
Series A 5.00% 1/1/47      3,130,000    3,346,940
(Capital Appreciation)
Series A 4.965% 1/1/25 (NATL) ^ 		   5,000,000    4,702,450
St. Paul Housing & Redevelopment Authority      
Series A 4.00% 10/1/30      1,235,000    1,280,522
Series A 4.00% 10/1/31        885,000      916,276
Series A 4.00% 10/1/33        365,000      373,077
Western Minnesota Municipal Power Agency Power
Supply Revenue Refunding Bonds 		     
Series A 5.00% 1/1/30      1,000,000    1,129,940
Western Minnesota Municipal Power Agency Supply
Revenue 		     
Series A 5.00% 1/1/26      1,000,000    1,002,020
(Red Rock Hydroelectric Project)
Series A 5.00% 1/1/49   		   1,300,000   1,375,699
   44,637,435
Healthcare Revenue Bonds — 26.97%
Anoka Healthcare & Housing Facilities Revenue      
(The Homestead at Anoka Project)      
 5.375% 11/1/34        320,000      307,069
 5.125% 11/1/49      1,100,000      921,008
Apple Valley Senior Housing Revenue      
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)      
 4.00% 9/1/51        500,000      397,125
 4.00% 9/1/61        500,000      378,340
(PHS Senior Housing, Inc. Orchard Path Project)      
 5.00% 9/1/43        465,000      460,815
 5.00% 9/1/58      3,220,000    3,075,454
Apple Valley Senior Living Revenue      
(Minnesota Senior Living LLC Project)      
2nd Tier Series B 5.00% 1/1/47      1,640,000      967,567
6    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Apple Valley Senior Living Revenue      
(Minnesota Senior Living LLC Project)
2nd Tier Series B 5.25% 1/1/37        480,000 $    338,160
4th Tier Series D 7.25% 1/1/52      2,580,000    1,624,574
(Senior Living LLC Project)
4th Tier Series D 7.00% 1/1/37   		   1,585,000    1,091,447
Bethel Housing & Health Care Facilities Revenue      
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48   		   2,350,000    1,935,413
Bethel Senior Housing Revenue      
(The Lodge at The Lakes at Stillwater Project)      
 5.00% 6/1/38        450,000      413,951
 5.00% 6/1/48      1,000,000      862,090
 5.00% 6/1/53      2,450,000    2,046,534
Center City Health Care Facilities Revenue      
 5.00% 11/1/24        600,000      616,050
(Hazelden Betty Ford Foundation Project)      
 4.00% 11/1/34        500,000      477,565
 4.00% 11/1/41      2,000,000    1,793,300
 4.50% 11/1/34      1,700,000    1,701,785
 5.00% 11/1/26        500,000      512,070
Chatfield Healthcare & Housing Facilities Revenue      
(Chosen Valley Care Center Project)
 5.00% 9/1/44   		     500,000      419,910
Crookston Health Care Facilities Revenue      
(Riverview Health Project)      
 5.00% 5/1/38        100,000       93,575
 5.00% 5/1/44      1,500,000    1,362,525
 5.00% 5/1/51      1,585,000    1,396,290
Dakota County Community Development Agency Senior
Housing Revenue 		     
(Walker Highview Hills Project)      
Series A 144A 5.00% 8/1/36  #      280,000      272,415
Series A 144A 5.00% 8/1/46  #    2,380,000    2,214,447
Deephaven Housing & Healthcare Revenue      
(St. Therese Senior Living Project)      
Series A 5.00% 4/1/38        730,000      650,693
Series A 5.00% 4/1/40        705,000      618,567
Series A 5.00% 4/1/48        315,000      261,062
NQ-301 [11/22] 01/23 (2682227)    7
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Duluth Economic Development Authority      
(Essentia Health Obligated Group)      
Series A 4.25% 2/15/43      2,000,000 $  1,910,220
Series A 5.00% 2/15/53      2,850,000    2,864,620
Series A 5.25% 2/15/58      7,250,000    7,349,615
(St. Luke’s Hospital of Duluth Obligated Group)      
Series A 3.00% 6/15/44        850,000      584,392
Series A 4.00% 6/15/34        215,000      203,467
Series A 4.00% 6/15/36        590,000      543,638
Series A 4.00% 6/15/37        380,000      345,367
Series A 4.00% 6/15/38        150,000      134,672
Series A 4.00% 6/15/39        150,000      133,217
Series B 5.25% 6/15/52        500,000      503,885
(St. Luke's Hospital Of Duluth Obligated Group)
Series A 4.00% 6/15/36   		     400,000      368,568
Glencoe Health Care Facilities Revenue      
(Glencoe Regional Health Services Project)      
 4.00% 4/1/24        500,000      500,265
 4.00% 4/1/25        660,000      659,967
 4.00% 4/1/31         60,000       58,517
Hayward Health Care Facilities Revenue      
(American Baptist Homes Midwest Obligated Group)      
 5.375% 8/1/34        660,000      575,863
 5.75% 2/1/44        500,000      417,995
(St. John's Lutheran Home of Albert Lea Project)
Series A 5.375% 10/1/44   		     400,000      270,992
Maple Grove Health Care Facilities Revenue      
(Maple Grove Hospital Corporation)      
 4.00% 5/1/37      2,000,000    1,837,360
 5.00% 5/1/27      1,400,000    1,477,098
 5.00% 5/1/29      1,000,000    1,047,730
 5.00% 5/1/30        850,000      890,154
 5.00% 5/1/31        500,000      522,085
 5.00% 5/1/32        500,000      519,165
(North Memorial Health Care)      
 4.00% 9/1/35        350,000      326,277
 5.00% 9/1/31      1,000,000    1,027,940
 5.00% 9/1/32      1,000,000    1,024,270
Maple Plain Senior Housing & Health Care Revenue      
(Haven Homes Project)
 5.00% 7/1/54   		   3,500,000    2,920,890
8    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Minneapolis Health Care System Revenue      
(Allina Health System)
 4.00% 11/15/40   		   4,000,000 $  3,894,720
(Fairview Health Services)      
Series A 4.00% 11/15/48      5,600,000    5,023,088
Series A 5.00% 11/15/33        500,000      516,995
Series A 5.00% 11/15/34        500,000      515,470
Series A 5.00% 11/15/35      1,000,000    1,054,980
Series A 5.00% 11/15/44      1,000,000    1,015,870
Series A 5.00% 11/15/49      6,615,000    6,758,016
Minneapolis Senior Housing & Healthcare Revenue      
(Ecumen-Abiitan Mill City Project)      
 5.00% 11/1/35        500,000      460,545
 5.25% 11/1/45      1,950,000    1,775,807
 5.375% 11/1/50        455,000      416,675
Minneapolis–St. Paul Housing & Redevelopment
Authority Health Care Revenue 		     
(Allina Health System)
Series A 5.00% 11/15/28   		   1,550,000    1,681,130
Rochester Health Care & Housing Revenue      
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48   		   2,980,000    3,011,439
Rochester Health Care Facilities Revenue      
(Mayo Clinic)      
 4.00% 11/15/39      3,000,000    3,071,160
 5.00% 11/15/57      6,250,000    6,739,938
Sartell Health Care & Housing Facilities Revenue      
(Country Manor Campus LLC Project)      
Series A 5.00% 9/1/32      1,000,000      961,110
Series A 5.00% 9/1/35        250,000      231,705
Series A 5.30% 9/1/37      1,200,000    1,133,004
Sauk Rapids Health Care Housing Facilities Revenue      
(Good Shepherd Lutheran Home)
 5.125% 1/1/39   		   1,350,000    1,176,174
Shakopee Health Care Facilities Revenue      
(St. Francis Regional Medical Center)      
 4.00% 9/1/31        915,000      910,626
 5.00% 9/1/24        575,000      592,342
 5.00% 9/1/25        750,000      770,182
 5.00% 9/1/26        575,000      589,203
 5.00% 9/1/27        405,000      414,218
 5.00% 9/1/28        425,000      433,849
NQ-301 [11/22] 01/23 (2682227)    9
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Shakopee Health Care Facilities Revenue      
(St. Francis Regional Medical Center)
 5.00% 9/1/29        425,000 $    433,385
 5.00% 9/1/34        730,000      737,271
St Paul, Minnesota Housing And Redevelopment
Authority Health Care Facilities Revenue 		     
(Healthpartners Obligated Group)
Series A 5.00% 7/1/30   		   2,200,000    2,280,828
St. Cloud Health Care Revenue      
(Centracare Health System Project)      
 4.00% 5/1/49      5,315,000    4,814,433
 5.00% 5/1/48      4,690,000    4,796,650
Series A 4.00% 5/1/37      1,765,000    1,743,485
Series A 5.00% 5/1/46      5,275,000    5,372,746
St. Paul Housing & Redevelopment Authority Health Care
Facilities Revenue 		     
(Fairview Health Services)      
Series A 4.00% 11/15/43      2,450,000    2,253,853
Series A 5.00% 11/15/47      1,560,000    1,590,888
(HealthPartners Obligated Group Project)
Series A 5.00% 7/1/33   		   4,760,000    4,910,130
St. Paul Housing & Redevelopment Authority Housing &
Health Care Facilities Revenue 		     
(Episcopal Homes Project)
 5.125% 5/1/48   		   3,100,000    2,623,902
St. Paul Housing & Redevelopment Authority Multifamily
Housing Revenue 		     
(Marian Center Project)      
Series A 5.30% 11/1/30        500,000      470,370
Series A 5.375% 5/1/43        500,000      424,380
Wayzata Senior Housing Revenue      
(Folkestone Senior Living Community)      
 3.75% 8/1/36        500,000      432,345
 4.00% 8/1/44        800,000      657,928
 5.00% 8/1/49      1,000,000      950,510
 5.00% 8/1/54        875,000      815,850
West St. Paul Housing & Health Care Facilities Revenue      
(Walker Westwood Ridge Campus Project)      
 4.50% 11/1/40        250,000      210,375
 4.75% 11/1/52        750,000      602,790
10    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Woodbury, Minnesota Housing & Redevelopment
Authority Revenue 		     
(St. Therese of Woodbury)
 5.125% 12/1/44   		   2,105,000 $  1,783,945
  137,282,340
Housing Revenue Bonds — 0.50%
Minnesota Housing Finance Agency      
Series I 2.00% 7/1/40        630,000      471,316
Series I 2.20% 1/1/51      1,195,000      824,681
Northwest Multi-County Housing & Redevelopment
Authority 		     
(Pooled Housing Program)
 5.50% 7/1/45   		   1,330,000   1,262,423
    2,558,420
Lease Revenue Bonds — 1.86%
Hibbing Minnesota, Independent School District No. 701      
Series A 3.00% 3/1/41      1,250,000    1,036,925
Minnesota General Fund Revenue      
(Appropriations)      
Series A 5.00% 6/1/38      1,250,000    1,259,313
Series A 5.00% 6/1/43      3,835,000    3,859,812
Minnesota Housing Finance Agency      
(State Appropriation–Housing Infrastructure)      
Series C 5.00% 8/1/34      1,565,000    1,613,186
Series C 5.00% 8/1/35      1,645,000   1,694,827
    9,464,063
Local General Obligation Bonds — 13.33%
Anoka-Hennepin Independent School District No. 11      
 3.00% 2/1/45      2,600,000    2,110,004
Series A 3.00% 2/1/43        750,000      634,808
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/32   		     300,000      315,969
Blooming Prairie Independent School District No. 756      
(School Building)
Series A 3.00% 2/1/33   		     200,000      198,518
Brainerd Independent School District No. 181      
(School Building)
Series A 4.00% 2/1/38   		   1,500,000    1,524,660
NQ-301 [11/22] 01/23 (2682227)    11
Schedule of investments
Delaware Tax-Free Minnesota Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Burnsville-Eagan-Savage Independent School District No.
191 		     
(Alternative Facilities)      
Series A 4.00% 2/1/28        920,000 $    942,706
Series A 4.00% 2/1/29      1,800,000    1,843,812
Chaska Independent School District No. 112      
(School Building)
Series A 5.00% 2/1/27   		   1,905,000    2,044,217
City of Marshall      
Series B 4.00% 4/1/28        275,000      291,684
Duluth      
(DECC Improvement)      
Series A 5.00% 2/1/30        630,000      669,136
Series A 5.00% 2/1/32      1,000,000    1,056,840
Series A 5.00% 2/1/33      3,585,000    3,779,916
Duluth Independent School District No. 709      
Series A 4.00% 2/1/27        160,000      162,766
Series A 4.00% 2/1/28      1,250,000    1,270,425
Elk River Minnesota, Independent School District No. 728      
 3.00% 2/1/40      1,555,000    1,322,807
Hennepin County      
Series A 5.00% 12/1/26      2,635,000    2,870,068
Series A 5.00% 12/1/36        940,000    1,010,171
Series A 5.00% 12/1/37      2,850,000    3,087,548
Series A 5.00% 12/1/37      1,000,000    1,073,480
Series A 5.00% 12/1/38      3,310,000    3,578,309
Series B 5.00% 12/1/30      1,000,000    1,089,210
Series C 5.00% 12/1/28      1,500,000    1,687,335
Series C 5.00% 12/1/30      1,245,000    1,356,066
Series C 5.00% 12/1/37      3,000,000    3,220,440
Independent School District No. 181 (Brainerd Public
Schools), Minnesota General Obligation School Building Bonds 		     
Series A 4.00% 2/1/42      3,500,000    3,530,695
Lakeville Independent School District No. 194      
(Minnesota School District Credit Enhancement Program)
Series B 4.00% 2/1/28   		   1,000,000    1,057,060
Mahtomedi Independent School District No. 832      
(School Building)
Series A 5.00% 2/1/30   		     445,000      464,705
12    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Minneapolis Health Care System Revenue      
(Green Bonds)
 3.00% 12/1/42   		   3,400,000 $  2,852,600
Minneapolis Special School District No. 1      
Series A 4.00% 2/1/37        600,000      611,622
Series A 4.00% 2/1/38        625,000      634,412
Series A 5.00% 2/1/33      1,420,000    1,689,559
Series B 4.00% 2/1/36        945,000      970,506
Series B 4.00% 2/1/37      1,255,000    1,279,309
Series B 4.00% 2/1/38      1,305,000    1,324,653
Series D 5.00% 2/1/33      1,710,000    1,973,802
Series D 5.00% 2/1/34      1,900,000    2,181,694
(Minneapolis)
 4.00% 2/1/39   		     600,000      609,228
Mounds View Independent School District No. 621      
(Minnesota School District Credit Enhancement Program)
Series A 4.00% 2/1/43   		   3,000,000    3,018,990
Mountain Iron-Buhl Independent School District No. 712      
(School Building)
Series A 4.00% 2/1/26   		   1,315,000    1,362,077
St. Michael-Albertville Independent School District No.
885 		     
(School Building)
Series A 5.00% 2/1/27   		   1,865,000    1,987,829
St. Paul Independent School District No. 625      
(School Building)
Series D 4.00% 2/1/32   		     200,000      209,344
Wayzata Independent School District No. 284      
(School Building)
Series A 5.00% 2/1/28   		   1,950,000    2,129,088
White Bear Lake Independent School District No. 624      
Series A 3.00% 2/1/42      3,400,000   2,821,898
   67,849,966
Pre-Refunded/Escrowed to Maturity Bonds — 2.20%
Rochester Electric Utility Revenue      
Series B 5.00% 12/1/31-23  §    1,365,000    1,397,897
Series B 5.00% 12/1/33-23  §      300,000      307,230
Rochester Health Care Facilities Revenue      
(Olmsted Medical Center Project)
 5.00% 7/1/33-23  § 		     650,000      658,866
NQ-301 [11/22] 01/23 (2682227)    13
Schedule of investments
Delaware Tax-Free Minnesota Fund   (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 $    964,718
Series A 5.00% 11/15/30-25  §      670,000      710,287
Western Minnesota Municipal Power Agency Revenue      
Series A 5.00% 1/1/34-24  §    4,000,000    4,101,920
Series A 5.00% 1/1/46-24  §    3,000,000   3,076,440
   11,217,358
Special Tax Revenue Bonds — 4.61%
Commonwealth of Puerto Rico      
(Subordinate)      
 0.01% 11/1/51  •    3,501,999    1,243,210
 3.035% 11/1/43  •    1,169,897      533,765
Minneapolis Revenue      
(YMCA Greater Twin Cities Project)
 4.00% 6/1/30   		     250,000      254,718
Puerto Rico Sales Tax Financing Revenue      
(Restructured)      
Series A-1 0.098% 7/1/46  ^    2,750,000      693,055
Series A-1 0.109% 7/1/51  ^   31,552,000    5,936,824
Series A-1 4.75% 7/1/53     12,200,000   11,147,140
Series A-1 5.00% 7/1/58      1,500,000    1,423,215
St. Paul Sales Tax Revenue      
Series G 5.00% 11/1/30        655,000      680,100
Series G 5.00% 11/1/31      1,500,000   1,556,340
   23,468,367
State General Obligation Bonds — 10.58%
Commonwealth of Puerto Rico      
(Restructured)      
Series A-1 4.00% 7/1/37        191,584      160,120
Series A-1 4.00% 7/1/41        988,988      794,869
Minnesota State      
Series A 4.00% 9/1/38        625,000      651,200
Series A 5.00% 8/1/30      1,250,000    1,400,838
Series A 5.00% 8/1/35      2,975,000    3,278,986
Series A 5.00% 8/1/39      1,000,000    1,141,200
Series A 5.00% 8/1/41      1,500,000    1,695,855
(State Trunk Highway)
Series E 5.00% 10/1/26   		   4,875,000    5,293,421
14    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota State      
(Various Purposes)      
Series A 4.00% 9/1/39        670,000 $    692,854
Series A 4.00% 9/1/40      1,410,000    1,451,905
Series A 5.00% 8/1/27      7,590,000    8,050,561
Series A 5.00% 8/1/29      2,500,000    2,649,700
Series A 5.00% 8/1/30      4,200,000    4,357,038
Series A 5.00% 8/1/32      3,875,000    4,011,555
Series A 5.00% 8/1/33      2,075,000    2,307,711
Series A 5.00% 10/1/33      3,000,000    3,289,980
Series A 5.00% 8/1/35        500,000      558,925
Series A 5.00% 8/1/38      2,450,000    2,675,302
Series D 5.00% 8/1/26      6,000,000    6,492,540
Series D 5.00% 8/1/27      2,525,000    2,732,277
State Of Minnesota General Obligation State Various
Purpose Bonds 		     
Series A 4.00% 9/1/34        130,000     139,238
   53,826,075
Transportation Revenue Bonds — 5.24%
Minneapolis–St. Paul Metropolitan Airports Commission
Revenue 		     
Series B 5.00% 1/1/31 (AMT)       960,000    1,026,192
(Senior)      
Series C 5.00% 1/1/29        410,000      440,783
Series C 5.00% 1/1/33        850,000      908,378
Series C 5.00% 1/1/36        600,000      632,028
Series C 5.00% 1/1/41        600,000      623,220
Series C 5.00% 1/1/46      1,595,000    1,647,284
(Subordinate)      
Series A 5.00% 1/1/35      1,000,000    1,016,800
Series A 5.00% 1/1/44      3,000,000    3,106,980
Series B 5.00% 1/1/35      1,205,000    1,289,278
Series B 5.00% 1/1/44 (AMT)    12,600,000   12,904,416
Series B 5.00% 1/1/47 (AMT)     1,000,000    1,025,770
Series B 5.00% 1/1/49 (AMT)     2,000,000   2,035,760
   26,656,889
Water & Sewer Revenue Bonds — 1.51%
Metropolitan Council General Obligation Wastewater
Revenue 		     
(Minneapolis-St. Paul Metropolitan Area)      
Series C 4.00% 3/1/31      3,120,000    3,269,760
NQ-301 [11/22] 01/23 (2682227)    15
Schedule of investments
Delaware Tax-Free Minnesota Fund   (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 C 4.00% 3/1/32      3,225,000 $  3,374,124
Minnesota Public Facilities Authority      
Series B 4.00% 3/1/26      1,000,000   1,042,940
    7,686,824
Total Municipal Bonds (cost $524,461,351) 501,646,705
Short-Term Investments — 0.55%
Variable Rate Demand Notes — 0.55%¤
Minneapolis–St. Paul Housing & Redevelopment
Authority Health Care Revenue 		     
(Allina Health System)      
Series B-1 0.99% 11/15/35
(LOC – JPMorgan Chase Bank N.A.) 		     500,000      500,000
Series B-2 1.03% 11/15/35
(LOC – JPMorgan Chase Bank N.A.) 		   2,300,000   2,300,000
Total Short-Term Investments (cost $2,800,000)   2,800,000
Total Value of Securities—99.11%
(cost $527,261,351) 		    504,446,705
Receivables and Other Assets Net of Liabilities—0.89%       4,531,901
Net Assets Applicable to 45,644,698 Shares Outstanding—100.00%     $508,978,606
° 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, 2022, the aggregate value of Rule 144A securities was $15,718,734, which represents 3.09% of the Fund's net assets.
16    NQ-301 [11/22] 01/23 (2682227)
(Unaudited)
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡ 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.
§ 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. See Note 8 in “Notes to financial statements.”
¤ 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 November 30, 2022.
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar
NQ-301 [11/22] 01/23 (2682227)    17