| Delaware Tax-Free Minnesota Fund | May 31, 2023 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 99.34% | |||
| Education Revenue Bonds — 21.60% | |||
| Bethel Charter School Lease Revenue | |||
| (Spectrum High School Project) | |||
| Series A 4.25% 7/1/47 | 1,550,000 | $ 1,182,417 | |
| Series A 4.375% 7/1/52 | 1,250,000 | 937,563 | |
| Brooklyn Park, Minnesota Charter School Lease Revenue | |||
| (Prairie Seeds Academy Project) | |||
| Series A 5.00% 3/1/34 | 2,120,000 | 1,995,259 | |
| Series A 5.00% 3/1/39 | 385,000 | 349,007 | |
| City of Woodbury | |||
| (Woodbury Leadership Academy Project) Series A 4.00% 7/1/51 | 1,500,000 | 1,083,795 | |
| Cologne Charter School Lease Revenue | |||
| (Cologne Academy Project) Series A 5.00% 7/1/45 | 1,705,000 | 1,560,058 | |
| Deephaven, Minnesota Charter School Revenue | |||
| (Eagle Ridge Academy Project) | |||
| Series A 5.25% 7/1/37 | 590,000 | 590,431 | |
| Series A 5.25% 7/1/40 | 500,000 | 496,335 | |
| Series A 5.50% 7/1/50 | 2,000,000 | 1,997,100 | |
| Duluth Independent School District No. 709 | |||
| Series B 5.00% 2/1/28 | 350,000 | 376,519 | |
| Duluth, Minnesota Housing & Redevelopment Authority Revenue | |||
| (Duluth Public Schools Academy Project) Series A 5.00% 11/1/48 | 3,355,000 | 2,959,747 | |
| Forest Lake, Minnesota Charter School Revenue | |||
| (Lakes International Language Academy Project) | |||
| Series A 5.25% 8/1/43 | 400,000 | 389,296 | |
| Series A 5.375% 8/1/50 | 2,290,000 | 2,193,683 | |
| Series A 5.50% 8/1/36 | 580,000 | 584,304 | |
| Series A 5.75% 8/1/44 | 1,895,000 | 1,903,906 | |
| Ham Lake Charter School Lease Revenue | |||
| (Davinci Academy Project) | |||
| Series A 5.00% 7/1/36 | 765,000 | 741,400 | |
| Series A 5.00% 7/1/47 | 2,290,000 | 2,045,565 | |
| Hugo Charter School Lease Revenue | |||
| (Noble Academy Project) Series A 5.00% 7/1/44 | 2,545,000 | 2,324,985 | |
| Minneapolis Charter School Lease Revenue | |||
| (Cyber Village Academy Project) | |||
| Series A 5.25% 6/1/42 | 750,000 | 711,142 | |
| Series A 5.50% 6/1/57 | 500,000 | 473,590 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Minneapolis Charter School Lease Revenue | |||
| (Hiawatha Academies Project) | |||
| Series A 144A 5.00% 7/1/32 # | 300,000 | $ 295,899 | |
| Series A 144A 5.375% 7/1/42 # | 880,000 | 825,546 | |
| Series A 144A 5.50% 7/1/52 # | 1,440,000 | 1,317,485 | |
| Series A 144A 5.50% 7/1/57 # | 1,120,000 | 1,013,645 | |
| Minneapolis, Minnesota Student Housing Revenue | |||
| (Riverton Community Housing Project) | |||
| 5.25% 8/1/39 | 675,000 | 675,250 | |
| 5.50% 8/1/49 | 3,250,000 | 3,227,412 | |
| Minnesota Higher Education Facilities Authority Revenue | |||
| Series A 5.00% 10/1/32 | 715,000 | 755,769 | |
| (Bethel University) 5.00% 5/1/37 | 1,500,000 | 1,446,000 | |
| (Carleton College) | |||
| 4.00% 3/1/35 | 1,000,000 | 1,018,980 | |
| 4.00% 3/1/36 | 415,000 | 420,619 | |
| 5.00% 3/1/44 | 1,275,000 | 1,339,936 | |
| (College of St. Benedict) Series 8-K 4.00% 3/1/43 | 1,000,000 | 903,300 | |
| (College of St. Scholastica) | |||
| 4.00% 12/1/29 | 280,000 | 272,919 | |
| 4.00% 12/1/30 | 290,000 | 281,404 | |
| 4.00% 12/1/33 | 500,000 | 474,950 | |
| 4.00% 12/1/34 | 500,000 | 470,740 | |
| 4.00% 12/1/40 | 1,200,000 | 1,042,824 | |
| (Gustavus Adolphus College) 5.00% 10/1/47 | 6,850,000 | 6,999,604 | |
| (St. Catherine University) | |||
| Series A 4.00% 10/1/36 | 925,000 | 891,302 | |
| Series A 5.00% 10/1/35 | 875,000 | 914,935 | |
| Series A 5.00% 10/1/45 | 2,905,000 | 2,959,411 | |
| (St. John's University) | |||
| Series 8-I 5.00% 10/1/32 | 500,000 | 517,905 | |
| Series 8-I 5.00% 10/1/33 | 250,000 | 258,823 | |
| (St. Olaf College) | |||
| 3.00% 10/1/38 | 1,000,000 | 837,820 | |
| 4.00% 10/1/50 | 565,000 | 524,648 | |
| Series 8-G 5.00% 12/1/31 | 670,000 | 692,244 | |
| Series 8-G 5.00% 12/1/32 | 670,000 | 692,076 | |
| Series 8-N 4.00% 10/1/35 | 500,000 | 502,325 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Minnesota Higher Education Facilities Authority Revenue | |||
| (Trustees of the Hamline University) | |||
| Series B 5.00% 10/1/37 | 955,000 | $ 967,033 | |
| Series B 5.00% 10/1/38 | 1,000,000 | 1,011,250 | |
| Series B 5.00% 10/1/39 | 940,000 | 948,939 | |
| Series B 5.00% 10/1/40 | 625,000 | 629,825 | |
| Series B 5.00% 10/1/47 | 1,060,000 | 1,063,848 | |
| (University of St. Thomas) | |||
| 4.00% 10/1/36 | 1,450,000 | 1,456,148 | |
| 4.00% 10/1/37 | 750,000 | 743,055 | |
| 4.00% 10/1/44 | 1,800,000 | 1,706,886 | |
| 5.00% 10/1/40 | 2,395,000 | 2,506,583 | |
| Series 8-L 5.00% 4/1/35 | 1,250,000 | 1,307,075 | |
| Series A 4.00% 10/1/34 | 400,000 | 406,956 | |
| Series A 4.00% 10/1/36 | 500,000 | 501,500 | |
| Series A 5.00% 10/1/35 | 1,720,000 | 1,870,552 | |
| Minnesota Office of Higher Education Revenue | |||
| (Senior Supplemental Student Loan Program) | |||
| 2.65% 11/1/38 (AMT) | 645,000 | 527,920 | |
| 4.00% 11/1/42 (AMT) | 800,000 | 753,552 | |
| Minnesota State Colleges & Universities Revenue | |||
| Series A 5.00% 10/1/26 | 4,990,000 | 5,281,765 | |
| Otsego, Montana Charter School Lease Revenue | |||
| (Kaleidoscope Charter School) | |||
| Series A 5.00% 9/1/34 | 520,000 | 494,593 | |
| Series A 5.00% 9/1/44 | 1,565,000 | 1,366,401 | |
| St. Cloud, Minnesota Charter School Lease Revenue | |||
| (Stride Academy Project) Series A 5.00% 4/1/46 | 875,000 | 642,845 | |
| St. Paul Housing & Redevelopment Authority Charter School Lease Revenue | |||
| (Academia Cesar Chavez School Project) Series A 5.25% 7/1/50 | 2,770,000 | 2,312,977 | |
| (Great River School Project) Series A 144A 5.50% 7/1/52 # | 735,000 | 719,308 | |
| (Hmong College Preparatory Academy Project) | |||
| Series A 5.00% 9/1/55 | 1,000,000 | 871,060 | |
| Series A 5.75% 9/1/46 | 1,000,000 | 1,001,060 | |
| (Nova Classical Academy Project) Series A 4.125% 9/1/47 | 1,750,000 | 1,388,135 | |
| (Twin Cities Academy Project) Series A 5.30% 7/1/45 | 1,440,000 | 1,347,509 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| University of Minnesota | |||
| Series A 5.00% 4/1/34 | 3,040,000 | $ 3,179,445 | |
| Series A 5.00% 9/1/34 | 1,125,000 | 1,217,711 | |
| Series A 5.00% 4/1/35 | 3,175,000 | 3,311,906 | |
| Series A 5.00% 4/1/36 | 1,650,000 | 1,714,812 | |
| Series A 5.00% 4/1/37 | 1,125,000 | 1,165,196 | |
| Series A 5.00% 11/1/39 | 5,880,000 | 6,448,890 | |
| Series A 5.00% 9/1/40 | 1,560,000 | 1,655,035 | |
| Series A 5.00% 9/1/41 | 750,000 | 794,955 | |
| Series A 5.00% 9/1/42 | 1,000,000 | 1,057,880 | |
| 108,842,478 | |||
| Electric Revenue Bonds — 8.27% | |||
| Chaska Electric Revenue | |||
| (Generating Facilities) Series A 5.00% 10/1/30 | 1,150,000 | 1,193,895 | |
| Minnesota Municipal Gas Agency Revenue | |||
| (Subordinate) Sub-Series A 4.00% 12/1/27 | 1,300,000 | 1,302,535 | |
| Minnesota Municipal Power Agency Electric Revenue | |||
| 4.00% 10/1/41 | 1,000,000 | 980,350 | |
| 5.00% 10/1/29 | 395,000 | 403,200 | |
| 5.00% 10/1/30 | 500,000 | 510,250 | |
| 5.00% 10/1/33 | 1,205,000 | 1,226,859 | |
| 5.00% 10/1/47 | 2,000,000 | 2,060,040 | |
| Series A 5.00% 10/1/30 | 1,060,000 | 1,081,730 | |
| Series A 5.00% 10/1/34 | 750,000 | 763,605 | |
| Series A 5.00% 10/1/35 | 1,525,000 | 1,552,069 | |
| Northern Municipal Power Agency Electric System Revenue | |||
| 5.00% 1/1/27 | 540,000 | 561,897 | |
| 5.00% 1/1/28 | 210,000 | 223,316 | |
| 5.00% 1/1/29 | 585,000 | 609,898 | |
| 5.00% 1/1/29 | 220,000 | 234,197 | |
| 5.00% 1/1/41 | 400,000 | 412,284 | |
| Series A 5.00% 1/1/26 | 425,000 | 425,484 | |
| Series A 5.00% 1/1/31 | 520,000 | 520,525 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 430,000 | 308,525 | |
| Series AAA 5.25% 7/1/25 ‡ | 250,000 | 178,750 | |
| Series CCC 5.25% 7/1/27 ‡ | 1,875,000 | 1,345,312 | |
| Series WW 5.00% 7/1/28 ‡ | 1,775,000 | 1,273,563 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series WW 5.25% 7/1/33 ‡ | 1,250,000 | $ 896,875 | |
| Series XX 4.75% 7/1/26 ‡ | 260,000 | 184,600 | |
| Series XX 5.25% 7/1/40 ‡ | 750,000 | 538,125 | |
| Series XX 5.75% 7/1/36 ‡ | 925,000 | 666,000 | |
| Series ZZ 4.75% 7/1/27 ‡ | 210,000 | 149,100 | |
| Series ZZ 5.25% 7/1/24 ‡ | 350,000 | 250,250 | |
| Rochester, Minnesota Electric Utility Revenue | |||
| Series A 5.00% 12/1/42 | 1,395,000 | 1,438,385 | |
| Series A 5.00% 12/1/47 | 2,265,000 | 2,326,517 | |
| Southern Minnesota Municipal Power Agency Revenue | |||
| Series A 5.00% 1/1/41 | 1,310,000 | 1,347,754 | |
| Series A 5.00% 1/1/42 | 1,500,000 | 1,604,940 | |
| Series A 5.00% 1/1/46 | 2,000,000 | 2,044,300 | |
| Series A 5.00% 1/1/47 | 3,130,000 | 3,309,568 | |
| (Capital Appreciation) Series A 4.965% 1/1/25 (NATL) ^ | 5,000,000 | 4,711,300 | |
| St. Paul Housing & Redevelopment Authority | |||
| Series A 4.00% 10/1/30 | 1,235,000 | 1,273,273 | |
| Series A 4.00% 10/1/31 | 885,000 | 908,072 | |
| St. Paul, Minnesota Housing & Redevelopment Authority District Energy Revenue | |||
| Series A 4.00% 10/1/33 | 365,000 | 372,347 | |
| Western Minnesota Municipal Power Agency Supply Revenue | |||
| Series A 5.00% 1/1/30 | 1,000,000 | 1,128,110 | |
| (Red Rock Hydroelectric Project) Series A 5.00% 1/1/49 | 1,300,000 | 1,364,077 | |
| 41,681,877 | |||
| Healthcare Revenue Bonds — 32.01% | |||
| Anoka Healthcare & Housing Facilities Revenue | |||
| (The Homestead at Anoka Project) | |||
| 5.375% 11/1/34 | 320,000 | 302,611 | |
| 5.125% 11/1/49 | 1,100,000 | 899,503 | |
| Apple Valley, Minnesota Senior Housing Revenue | |||
| (PHS Apple Valley Senior Housing Orchard Path Phase II Project) | |||
| 4.00% 9/1/51 | 500,000 | 379,040 | |
| 4.00% 9/1/61 | 500,000 | 359,270 | |
| (PHS Senior Housing, Inc. Orchard Path Project) | |||
| 4.50% 9/1/53 | 500,000 | 423,425 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Apple Valley, Minnesota Senior Housing Revenue | |||
| (PHS Senior Housing, Inc. Orchard Path Project) | |||
| 5.00% 9/1/58 | 4,825,000 | $ 4,381,389 | |
| Apple Valley, Minnesota Senior Living Revenue | |||
| (Senior Living LLC Project) | |||
| 2nd Tier Series B 5.00% 1/1/47 | 1,640,000 | 1,013,422 | |
| 2nd Tier Series B 5.25% 1/1/37 | 480,000 | 357,893 | |
| 4th Tier Series D 7.00% 1/1/37 | 1,585,000 | 1,130,010 | |
| 4th Tier Series D 7.25% 1/1/52 | 2,580,000 | 1,679,915 | |
| Bethel Housing & Health Care Facilities Revenue | |||
| (Benedictine Health System – St. Peter Communities Project) Series A 5.50% 12/1/48 | 2,350,000 | 1,881,904 | |
| Bethel Senior Housing Revenue | |||
| (The Lodge at the Lakes at Stillwater Project) | |||
| 5.00% 6/1/38 | 450,000 | 409,635 | |
| 5.00% 6/1/48 | 1,000,000 | 834,130 | |
| 5.00% 6/1/53 | 2,450,000 | 1,992,266 | |
| Center City Health Care Facilities Revenue | |||
| (Hazelden Betty Ford Foundation Project) | |||
| 4.00% 11/1/34 | 500,000 | 474,855 | |
| 4.00% 11/1/41 | 2,000,000 | 1,772,080 | |
| 4.50% 11/1/34 | 1,700,000 | 1,696,923 | |
| 5.00% 11/1/24 | 600,000 | 608,310 | |
| 5.00% 11/1/26 | 500,000 | 506,240 | |
| Chatfield Healthcare & Housing Facilities Revenue | |||
| (Chosen Valley Care Center Project) 5.00% 9/1/44 | 500,000 | 410,720 | |
| Crookston, Minnesota Health Care Facilities Revenue | |||
| (Riverview Health Project) | |||
| 5.00% 5/1/38 | 100,000 | 83,535 | |
| 5.00% 5/1/44 | 1,500,000 | 1,191,030 | |
| 5.00% 5/1/51 | 1,585,000 | 1,203,078 | |
| Dakota County Community Development Agency Senior Housing Revenue | |||
| (Walker Highview Hills Project) | |||
| Series A 144A 5.00% 8/1/36 # | 280,000 | 277,054 | |
| Series A 144A 5.00% 8/1/46 # | 1,500,000 | 1,369,365 | |
| Series A 144A 5.00% 8/1/51 # | 880,000 | 785,031 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Deephaven, Minnesota Housing & Healthcare Facility Revenue | |||
| (St. Therese Senior Living Project) | |||
| Series A 5.00% 4/1/38 | 730,000 | $ 631,092 | |
| Series A 5.00% 4/1/40 | 705,000 | 598,319 | |
| Series A 5.00% 4/1/48 | 315,000 | 250,605 | |
| Duluth Economic Development Authority Revenue | |||
| (Benedictine Health System) Series A 4.00% 7/1/31 | 1,125,000 | 1,023,604 | |
| (Essentia Health Obligated Group) | |||
| Series A 4.25% 2/15/43 | 2,000,000 | 1,929,860 | |
| Series A 5.00% 2/15/53 | 2,850,000 | 2,884,428 | |
| Series A 5.00% 2/15/58 | 14,350,000 | 14,487,186 | |
| Series A 5.25% 2/15/58 | 7,250,000 | 7,468,660 | |
| (St. Luke’s Hospital of Duluth Obligated Group) | |||
| Series A 3.00% 6/15/44 | 850,000 | 589,262 | |
| Series A 4.00% 6/15/34 | 215,000 | 207,264 | |
| Series A 4.00% 6/15/36 | 590,000 | 550,765 | |
| Series A 4.00% 6/15/36 | 400,000 | 373,400 | |
| Series A 4.00% 6/15/37 | 380,000 | 347,153 | |
| Series A 4.00% 6/15/38 | 150,000 | 134,726 | |
| Series A 4.00% 6/15/39 | 150,000 | 133,188 | |
| Series B 5.25% 6/15/52 | 500,000 | 503,345 | |
| Glencoe Health Care Facilities Revenue | |||
| (Glencoe Regional Health Services Project) | |||
| 4.00% 4/1/24 | 500,000 | 498,980 | |
| 4.00% 4/1/25 | 660,000 | 650,826 | |
| 4.00% 4/1/31 | 60,000 | 58,741 | |
| Hayward, Minnesota Health Care Facilities Revenue | |||
| (American Baptist Homes Midwest Obligated Group) | |||
| 5.375% 8/1/34 | 660,000 | 582,932 | |
| 5.75% 2/1/44 | 500,000 | 412,380 | |
| (St. John's Lutheran Home of Albert Lea Project) Series A 5.375% 10/1/44 ‡ | 400,000 | 240,000 | |
| Maple Grove, Minnesota Health Care Facilities Revenue | |||
| (Maple Grove Hospital Corporation) | |||
| 4.00% 5/1/37 | 2,000,000 | 1,847,400 | |
| 5.00% 5/1/27 | 1,400,000 | 1,456,308 | |
| 5.00% 5/1/29 | 1,000,000 | 1,041,800 | |
| 5.00% 5/1/30 | 850,000 | 886,312 | |
| 5.00% 5/1/31 | 500,000 | 520,550 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Maple Grove, Minnesota Health Care Facilities Revenue | |||
| (Maple Grove Hospital Corporation) | |||
| 5.00% 5/1/32 | 825,000 | $ 855,442 | |
| (North Memorial Health Care) | |||
| 4.00% 9/1/35 | 350,000 | 333,176 | |
| 5.00% 9/1/31 | 1,000,000 | 1,024,220 | |
| 5.00% 9/1/32 | 1,000,000 | 1,021,740 | |
| Maple Plain, Minnesota Senior Housing & Health Care Revenue | |||
| (Haven Homes Project) 5.00% 7/1/54 | 3,500,000 | 2,787,155 | |
| Minneapolis Health Care System Revenue | |||
| (Allina Health System) 4.00% 11/15/40 | 4,500,000 | 4,322,385 | |
| (Fairview Health Services) | |||
| Series A 4.00% 11/15/48 | 6,790,000 | 5,917,960 | |
| Series A 5.00% 11/15/33 | 500,000 | 513,260 | |
| Series A 5.00% 11/15/34 | 500,000 | 512,640 | |
| Series A 5.00% 11/15/35 | 1,500,000 | 1,579,245 | |
| Series A 5.00% 11/15/44 | 1,000,000 | 1,010,190 | |
| Series A 5.00% 11/15/49 | 6,615,000 | 6,706,221 | |
| Minneapolis Senior Housing & Healthcare Revenue | |||
| (Ecumen-Abiitan Mill City Project) | |||
| 5.00% 11/1/35 | 500,000 | 453,380 | |
| 5.25% 11/1/45 | 1,950,000 | 1,705,801 | |
| 5.375% 11/1/50 | 655,000 | 574,042 | |
| Minneapolis–St. Paul Housing & Redevelopment Authority Health Care Revenue | |||
| (Allina Health System) Series A 5.00% 11/15/28 | 1,550,000 | 1,655,137 | |
| Rochester Health Care & Housing Revenue | |||
| (The Homestead at Rochester Project) Series A 6.875% 12/1/48 | 3,230,000 | 3,182,261 | |
| Rochester Health Care Facilities Revenue | |||
| (Mayo Clinic) | |||
| 4.00% 11/15/39 | 9,350,000 | 9,567,294 | |
| 5.00% 11/15/57 | 7,250,000 | 7,804,697 | |
| Series B 5.00% 11/15/36 | 1,950,000 | 2,296,593 | |
| Sartell, Minnesota Health Care & Housing Facilities Revenue | |||
| (Country Manor Campus LLC Project) | |||
| 5.30% 9/1/37 | 1,200,000 | 1,089,156 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Sartell, Minnesota Health Care & Housing Facilities Revenue | |||
| (Country Manor Campus LLC Project) | |||
| Series A 5.00% 9/1/35 | 250,000 | $ 226,090 | |
| Sauk Rapids Health Care Housing Facilities Revenue | |||
| (Good Shepherd Lutheran Home) 5.125% 1/1/39 | 1,350,000 | 1,131,273 | |
| Shakopee, Minnesota Health Care Facilities Revenue | |||
| (St. Francis Regional Medical Center) | |||
| 4.00% 9/1/31 | 915,000 | 914,241 | |
| 5.00% 9/1/24 | 575,000 | 582,803 | |
| 5.00% 9/1/25 | 750,000 | 760,125 | |
| 5.00% 9/1/26 | 575,000 | 583,044 | |
| 5.00% 9/1/27 | 405,000 | 410,706 | |
| 5.00% 9/1/28 | 425,000 | 430,946 | |
| 5.00% 9/1/29 | 425,000 | 430,984 | |
| 5.00% 9/1/34 | 730,000 | 736,869 | |
| St. Cloud, Minnesota Health Care Revenue | |||
| (Centracare Health System Project) | |||
| 4.00% 5/1/49 | 5,315,000 | 4,827,030 | |
| Series A 4.00% 5/1/37 | 1,765,000 | 1,718,281 | |
| Series A 5.00% 5/1/46 | 5,275,000 | 5,345,421 | |
| St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue | |||
| (Marian Center Project) Series A 5.30% 11/1/30 | 475,000 | 456,128 | |
| St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue | |||
| (Amherst H. Wilder Foundation Project) | |||
| Series A 5.00% 12/1/30 | 300,000 | 303,363 | |
| Series A 5.00% 12/1/36 | 750,000 | 738,435 | |
| (Fairview Health Services) | |||
| Series A 4.00% 11/15/43 | 2,450,000 | 2,208,087 | |
| Series A 5.00% 11/15/47 | 2,240,000 | 2,267,687 | |
| (HealthPartners Obligated Group Project) | |||
| Series A 5.00% 7/1/30 | 2,200,000 | 2,266,418 | |
| Series A 5.00% 7/1/33 | 4,760,000 | 4,893,375 | |
| (Marian Center Project) Series A 5.375% 5/1/43 | 500,000 | 428,190 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue | |||
| (Episcopal Homes Project) 5.125% 5/1/48 | 4,000,000 | $ 3,245,640 | |
| Wayzata Senior Housing Revenue | |||
| (Folkestone Senior Living Community) | |||
| 3.75% 8/1/36 | 500,000 | 437,140 | |
| 4.00% 8/1/44 | 800,000 | 650,968 | |
| 5.00% 8/1/49 | 1,000,000 | 932,300 | |
| West St. Paul Housing & Health Care Facilities Revenue | |||
| (Walker Westwood Ridge Campus Project) | |||
| 4.50% 11/1/40 | 250,000 | 222,460 | |
| 4.75% 11/1/52 | 750,000 | 645,090 | |
| Woodbury Housing & Redevelopment Authority Revenue | |||
| (St. Therese of Woodbury) 5.125% 12/1/44 | 2,105,000 | 1,829,245 | |
| 161,266,054 | |||
| Housing Revenue Bonds — 0.62% | |||
| Minnesota Housing Finance Agency | |||
| Series I 2.00% 7/1/40 | 630,000 | 463,157 | |
| Series I 2.20% 1/1/51 | 1,195,000 | 844,076 | |
| Northwest Multi-County Housing & Redevelopment Authority | |||
| (Pooled Housing Program) 5.50% 7/1/45 | 1,890,000 | 1,817,519 | |
| 3,124,752 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.17% | |||
| Cottonwood Revenue | |||
| (Extreme Holdings LLC Project) Series A 144A 5.00% 12/1/50 (AMT) # | 1,000,000 | 740,020 | |
| Minnesota Municipal Gas Agency Revenue | |||
| (Subordinate) Series A 4.00% 12/1/52 • | 2,000,000 | 2,015,060 | |
| St. Paul Port Authority Solid Waste Disposal Revenue | |||
| (Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 # | 8,665,000 | 8,171,962 | |
| 10,927,042 | |||
| Lease Revenue Bonds — 1.75% | |||
| Hibbing Independent School District No. 701 | |||
| Series A 3.00% 3/1/41 | 1,250,000 | 1,033,100 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| Minnesota General Fund Revenue | |||
| (Appropriations) Series A 5.00% 6/1/43 | 3,835,000 | $ 3,839,142 | |
| Minnesota Housing Finance Agency | |||
| (State Appropriation Housing Infrastructure) | |||
| Series A 4.00% 8/1/33 | 655,000 | 679,903 | |
| Series C 5.00% 8/1/34 | 1,565,000 | 1,588,898 | |
| Series C 5.00% 8/1/35 | 1,645,000 | 1,667,306 | |
| 8,808,349 | |||
| Local General Obligation Bonds — 11.91% | |||
| Anoka-Hennepin Independent School District No. 11 | |||
| (Minnesota School District Credit Enhancement Program) | |||
| Series A 3.00% 2/1/43 | 750,000 | 640,897 | |
| Series A 3.00% 2/1/45 | 2,600,000 | 2,176,226 | |
| Brainerd, Minnesota Independent School District No. 181 | |||
| (School Building) | |||
| Series A 4.00% 2/1/38 | 1,500,000 | 1,510,140 | |
| Series A 4.00% 2/1/42 | 3,500,000 | 3,507,000 | |
| Burnsville-Eagan-Savage Independent School District No. 191 | |||
| (Alternative Facilities) | |||
| Series A 4.00% 2/1/28 | 920,000 | 933,956 | |
| Series A 4.00% 2/1/29 | 1,800,000 | 1,829,646 | |
| Cass Lake-Bena Independent School District No. 115 | |||
| (Minnesota School District Credit Enhancement Program) | |||
| Series A 4.00% 2/1/41 | 915,000 | 907,104 | |
| Series A 4.00% 2/1/42 | 2,260,000 | 2,230,778 | |
| Series A 4.00% 2/1/43 | 1,925,000 | 1,901,592 | |
| City of Corcoran, Minnesota | |||
| Series A 4.00% 2/1/53 (BAM) | 2,000,000 | 1,915,360 | |
| City of Maple Grove Minnesota | |||
| Series A 4.00% 2/1/35 | 1,000,000 | 1,059,930 | |
| City of Minneapolis | |||
| (Green Bonds) | |||
| 3.00% 12/1/40 | 1,875,000 | 1,623,019 | |
| 3.00% 12/1/42 | 3,400,000 | 2,869,158 | |
| Duluth | |||
| (DECC Improvement) | |||
| Series A 5.00% 2/1/32 | 1,000,000 | 1,040,040 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Duluth | |||
| (DECC Improvement) | |||
| Series A 5.00% 2/1/33 | 3,585,000 | $ 3,720,190 | |
| Duluth Independent School District No. 709 | |||
| Series A 4.00% 2/1/28 | 1,250,000 | 1,270,938 | |
| Elk River Independent School District No. 728 | |||
| Series A 3.00% 2/1/40 | 1,555,000 | 1,349,522 | |
| Hennepin County | |||
| Series A 5.00% 12/1/36 | 700,000 | 736,456 | |
| Series A 5.00% 12/1/37 | 2,850,000 | 3,056,283 | |
| Series A 5.00% 12/1/38 | 3,310,000 | 3,544,911 | |
| Series B 5.00% 12/1/30 | 1,000,000 | 1,058,170 | |
| Series C 5.00% 12/1/28 | 1,500,000 | 1,676,160 | |
| Series C 5.00% 12/1/37 | 3,000,000 | 3,155,220 | |
| Hennepin County Regional Railroad Authority | |||
| Series D 5.00% 12/1/30 | 1,865,000 | 2,166,776 | |
| Metropolitan Council General Obligation Wastewater Revenue | |||
| (Minneapolis-St. Paul Metropolitan Area) Series C 4.00% 3/1/43 | 1,250,000 | 1,255,913 | |
| Minneapolis Special School District No. 1 | |||
| Series A 4.00% 2/1/37 | 600,000 | 612,882 | |
| Series B 4.00% 2/1/36 | 945,000 | 971,318 | |
| Series B 4.00% 2/1/37 | 1,255,000 | 1,281,945 | |
| Series B 4.00% 2/1/38 | 1,305,000 | 1,322,565 | |
| Series B 4.00% 2/1/39 | 600,000 | 602,898 | |
| Mountain Iron-Buhl Independent School District No. 712 | |||
| (School Building) Series A 4.00% 2/1/26 | 1,315,000 | 1,332,108 | |
| St. Michael-Albertville Independent School District No. 885 | |||
| (School Building) Series A 5.00% 2/1/27 | 1,865,000 | 1,946,929 | |
| Wayzata Independent School District No. 284 | |||
| (School Building) Series A 5.00% 2/1/28 | 1,000,000 | 1,071,170 | |
| White Bear Lake Independent School District No. 624 | |||
| Series A 3.00% 2/1/42 | 4,400,000 | 3,710,080 | |
| 59,987,280 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds — 1.08% | |||
| Mounds View, Minnesota Independent School District No. 621 | |||
| (Minnesota School District Credit Enhancement Program) Series A 4.00% 2/1/43 | 3,000,000 | $ 3,024,270 | |
| North St Paul-Maplewood-Oakdale Independent School District No. 622 | |||
| Series A 4.00% 2/1/32 | 1,325,000 | 1,417,856 | |
| Ramsey County, Minnesota | |||
| Series B 4.00% 2/1/42 | 1,000,000 | 1,000,720 | |
| 5,442,846 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 2.16% | |||
| Rochester Health Care Facilities Revenue | |||
| (Olmsted Medical Center Project) 5.00% 7/1/33-23 § | 500,000 | 500,550 | |
| Rochester, Minnesota Electric Utility Revenue | |||
| Series B 5.00% 12/1/31-23 § | 1,365,000 | 1,376,070 | |
| Series B 5.00% 12/1/33-23 § | 300,000 | 302,433 | |
| St. Paul Housing & Redevelopment Authority Hospital Facility Revenue | |||
| (Healtheast Care System Project) | |||
| Series A 5.00% 11/15/29-25 § | 910,000 | 948,320 | |
| Series A 5.00% 11/15/30-25 § | 670,000 | 698,214 | |
| Western Minnesota Municipal Power Agency Supply Revenue | |||
| Series A 5.00% 1/1/34-24 § | 4,000,000 | 4,037,920 | |
| Series A 5.00% 1/1/46-24 § | 3,000,000 | 3,028,440 | |
| 10,891,947 | |||
| Special Tax Revenue Bonds — 3.95% | |||
| Commonwealth of Puerto Rico | |||
| (Restructured) 3.129% 11/1/43 • | 1,169,897 | 571,787 | |
| Minneapolis Charter School Lease Revenue | |||
| (YMCA Greater Twin Cities Project) 4.00% 6/1/30 | 250,000 | 254,733 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 0.098% 7/1/46 ^ | 2,750,000 | 743,160 | |
| Series A-1 0.528% 7/1/51 ^ | 31,552,000 | 6,283,581 | |
| Series A-1 4.75% 7/1/53 | 10,100,000 | 9,365,225 | |
| Series A-1 5.00% 7/1/58 | 500,000 | 478,970 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| St. Paul, Minnesota Sales Tax Revenue | |||
| Series G 5.00% 11/1/30 | 655,000 | $ 667,831 | |
| Series G 5.00% 11/1/31 | 1,500,000 | 1,528,560 | |
| 19,893,847 | |||
| State General Obligation Bonds — 6.72% | |||
| Commonwealth of Puerto Rico | |||
| (Restructured) Series A-1 4.00% 7/1/41 | 988,988 | 828,367 | |
| Minnesota Housing Finance Agency | |||
| Series D 5.50% 7/1/53 | 2,000,000 | 2,115,380 | |
| Minnesota State | |||
| Series A 4.00% 9/1/38 | 625,000 | 642,706 | |
| Series A 5.00% 8/1/30 | 1,250,000 | 1,391,413 | |
| Series A 5.00% 8/1/35 | 2,975,000 | 3,278,866 | |
| Series A 5.00% 8/1/39 | 1,000,000 | 1,141,420 | |
| Series A 5.00% 8/1/41 | 1,500,000 | 1,697,820 | |
| (State Trunk Highway) Series E 5.00% 10/1/26 | 4,875,000 | 5,195,044 | |
| (Various Purposes) | |||
| Series A 5.00% 8/1/27 | 2,875,000 | 2,989,080 | |
| Series A 5.00% 8/1/29 | 1,000,000 | 1,041,170 | |
| Series A 5.00% 8/1/32 | 2,755,000 | 2,807,180 | |
| Series A 5.00% 8/1/33 | 2,075,000 | 2,306,445 | |
| Series A 5.00% 10/1/33 | 1,000,000 | 1,094,660 | |
| Series A 5.00% 8/1/35 | 500,000 | 560,125 | |
| Series A 5.00% 8/1/38 | 2,000,000 | 2,175,040 | |
| Series D 5.00% 8/1/26 | 2,350,000 | 2,495,559 | |
| Series D 5.00% 8/1/27 | 2,000,000 | 2,120,760 | |
| 33,881,035 | |||
| Transportation Revenue Bonds — 5.59% | |||
| Minneapolis–St. Paul Metropolitan Airports Commission Revenue | |||
| (Private Activity) | |||
| Series B 5.00% 1/1/39 (AMT) | 1,000,000 | 1,041,080 | |
| Series B 5.25% 1/1/47 (AMT) | 2,000,000 | 2,103,040 | |
| (Senior) | |||
| Series C 5.00% 1/1/33 | 850,000 | 902,836 | |
| Series C 5.00% 1/1/36 | 600,000 | 633,126 | |
| Series C 5.00% 1/1/41 | 600,000 | 621,864 | |
| Series C 5.00% 1/1/46 | 1,595,000 | 1,644,206 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Minneapolis–St. Paul Metropolitan Airports Commission Revenue | |||
| (Subordinate) | |||
| Series A 5.00% 1/1/35 | 1,000,000 | $ 1,006,310 | |
| Series A 5.00% 1/1/44 | 1,700,000 | 1,791,358 | |
| Series B 5.00% 1/1/31 (AMT) | 960,000 | 1,029,571 | |
| Series B 5.00% 1/1/35 (AMT) | 1,205,000 | 1,311,486 | |
| Series B 5.00% 1/1/44 (AMT) | 12,600,000 | 12,975,228 | |
| Series B 5.00% 1/1/47 (AMT) | 1,000,000 | 1,033,900 | |
| Series B 5.00% 1/1/49 (AMT) | 2,000,000 | 2,046,220 | |
| 28,140,225 | |||
| 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 | 3,244,457 | |
| Series C 4.00% 3/1/32 | 3,225,000 | 3,341,938 | |
| Minnesota Public Facilities Authority | |||
| Series B 4.00% 3/1/26 | 1,000,000 | 1,027,730 | |
| 7,614,125 | |||
| Total Municipal Bonds (cost $521,075,618) | 500,501,857 | ||
| Short-Term Investments — 0.02% | |||
| Variable Rate Demand Note — 0.02%¤ | |||
| Minneapolis Health Care System Revenue | |||
| (Fairview Health Services) Series C 2.65% 11/15/48 (LOC – Wells Fargo Bank N.A.)• | 100,000 | 100,000 | |
| Total Short-Term Investments (cost $100,000) | 100,000 | ||
| Total Value of Securities—99.36% (cost $521,175,618) | 500,601,857 | ||
| Receivables and Other Assets Net of Liabilities—0.64% | 3,226,131 | ||
| Net Assets Applicable to 45,303,624 Shares Outstanding—100.00% | $503,827,988 | ||
| ° | 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 May 31, 2023, the aggregate value of Rule 144A securities was $15,515,315, which represents 3.08% 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. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2023. 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. |
| § | 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. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2023. |
| Summary of abbreviations: |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| 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 |