Delaware Group Tax Free Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-03850

Exact name of registrant as specified in charter:		Delaware Group^®Tax Free Fund

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		August 31

Date of reporting period:		February 29, 2012

Item 1. Reports to Stockholders

Semiannual report

Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
Delaware National High-Yield Municipal
Bond Fund

February 29, 2012

Fixed income mutual funds

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectuses and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Investments or obtain a prospectus for Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund at www.delawareinvestments.com.

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Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

Table of contents
Disclosure of Fund expenses		1
Security type/sector allocations		4
Statements of net assets		7
Statements of operations		54
Statements of changes in net assets		56
Financial highlights		62
Notes to financial statements		86
Other Fund information		99
About the organization		100

Unless otherwise noted, views expressed herein are current as of Feb. 29, 2012, and subject to change.

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds’ distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

All third-party trademarks cited are the property of their respective owners.

Disclosure of Fund expenses
For the six-month period from September 1, 2011 to February 29, 2012

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2011 to February 29, 2012.

Actual expenses

The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect. The expenses shown in each table assume reinvestment of all dividends and distributions.

Disclosure of Fund expenses

Delaware Tax-Free USA Fund
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	9/1/11		2/29/12		Expense Ratio		9/1/11 to 2/29/12*
Actual Fund return
Class A	$	1,000.00	$	1,076.60	0.80	%	$	4.13
Class B		1,000.00		1,073.60	1.56	%		8.04
Class C		1,000.00		1,073.50	1.56	%		8.04
Institutional Class		1,000.00		1,078.40	0.56	%		2.89
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.89	0.80	%	$	4.02
Class B		1,000.00		1,017.11	1.56	%		7.82
Class C		1,000.00		1,017.11	1.56	%		7.82
Institutional Class		1,000.00		1,022.08	0.56	%		2.82

Delaware Tax-Free USA Intermediate Fund Expense analysis of an investment of $1,000
	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	9/1/11		2/29/12		Expense Ratio		9/1/11 to 2/29/12*
Actual Fund return
Class A	$	1,000.00	$	1,052.70	0.75	%	$	3.83
Class B		1,000.00		1,048.30	1.60	%		8.15
Class C		1,000.00		1,048.30	1.60	%		8.15
Institutional Class		1,000.00		1,053.10	0.60	%		3.06
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.13	0.75	%	$	3.77
Class B		1,000.00		1,016.91	1.60	%		8.02
Class C		1,000.00		1,016.91	1.60	%		8.02
Institutional Class		1,000.00		1,021.88	0.60	%		3.02

Delaware National High-Yield Municipal Bond Fund
Expense analysis of an investment of $1,000

	Beginning		Ending				Expenses
	Account Value		Account Value		Annualized		Paid During Period
	9/1/11		2/29/12		Expense Ratio		9/1/11 to 2/29/12*
Actual Fund return
Class A	$	1,000.00	$	1,090.50	0.85	%	$	4.42
Class B		1,000.00		1,086.30	1.60	%		8.30
Class C		1,000.00		1,086.20	1.60	%		8.30
Institutional Class		1,000.00		1,092.30	0.60	%		3.12
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.64	0.85	%	$	4.27
Class B		1,000.00		1,016.91	1.60	%		8.02
Class C		1,000.00		1,016.91	1.60	%		8.02
Institutional Class		1,000.00		1,021.88	0.60	%		3.02

*“Expenses Paid During Period” are equal to relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Security type/sector allocations
Delaware Tax-Free USA Fund	As of February 29, 2012

Sector designations may be different than the sector designations presented in other Fund materials.

Security type/sector	Percentage of net assets
Municipal Bonds	98.91	%
Corporate Revenue Bonds	13.63	%
Education Revenue Bonds	12.17	%
Electric Revenue Bonds	3.62	%
Healthcare Revenue Bonds	9.91	%
Housing Revenue Bonds	0.89	%
Lease Revenue Bonds	9.02	%
Local General Obligation Bonds	5.05	%
Pre-Refunded/Escrowed to Maturity Bonds	4.71	%
Special Tax Revenue Bonds	14.49	%
State General Obligation Bonds	9.23	%
Transportation Revenue Bonds	11.54	%
Water & Sewer Revenue Bonds	4.65	%
Short-Term Investments	0.33	%
Total Value of Securities	99.24	%
Receivables and Other Assets Net of Liabilities	0.76	%
Total Net Assets	100.00	%

Delaware Tax-Free USA Intermediate Fund

As of February 29, 2012

Sector designations may be different than the sector designations presented in other Fund materials.

Security type/sector	Percentage of net assets
Municipal Bonds	97.76	%
Corporate Revenue Bonds	10.03	%
Education Revenue Bonds	6.67	%
Electric Revenue Bonds	4.28	%
Healthcare Revenue Bonds	9.11	%
Housing Revenue Bond	0.56	%
Lease Revenue Bonds	3.83	%
Local General Obligation Bonds	8.49	%
Pre-Refunded/Escrowed to Maturity Bonds	3.95	%
Resource Recovery Revenue Bonds	0.09	%
Special Tax Revenue Bonds	12.47	%
State General Obligation Bonds	17.93	%
Transportation Revenue Bonds	14.75	%
Water & Sewer Revenue Bonds	5.60	%
Short-Term Investments	1.35	%
Total Value of Securities	99.11	%
Receivables and Other Assets Net of Liabilities	0.89	%
Total Net Assets	100.00	%

Security type/sector allocations
Delaware National High-Yield Municipal Bond Fund	As of February 29, 2012

Sector designations may be different than the sector designations presented in other Fund materials.

Security type/sector	Percentage of net assets
Municipal Bonds	97.27	%
Corporate Revenue Bonds	24.26	%
Education Revenue Bonds	19.83	%
Healthcare Revenue Bonds	23.86	%
Housing Revenue Bonds	1.04	%
Lease Revenue Bonds	7.09	%
Pre-Refunded Bond	0.34	%
Resource Recovery Revenue Bond	0.35	%
Special Tax Revenue Bonds	9.01	%
State General Obligation Bonds	1.92	%
Transportation Revenue Bonds	8.77	%
Water & Sewer Revenue Bonds	0.80	%
Short-Term Investments	1.40	%
Total Value of Securities	98.67	%
Receivables and Other Assets Net of Liabilities	1.33	%
Total Net Assets	100.00	%

Statements of net assets
Delaware Tax-Free USA Fund	February 29, 2012 (Unaudited)

		Principal amount		Value
Municipal Bonds – 98.91%
Corporate Revenue Bonds – 13.63%
	Alliance Airport Authority, Texas Special Facilities Revenue
	(American Airlines Project) Series B 5.25% 12/1/29 (AMT)	$	1,250,000	$	344,525
	Buckeye, Ohio Tobacco Settlement Financing Authority
	Asset-Backed Series A-2
	5.875% 6/1/47		11,000,000		8,210,290
	6.50% 6/1/47		6,000,000		4,915,260
	Chautauqua County, New York Industrial Development
	Agency (NRG Dunkirk Power Project) 5.875% 4/1/42		2,000,000		2,153,860
	Golden State, California Tobacco Securitization Corporate
	Settlement Revenue Asset-Backed Senior Notes Series A-1
	5.125% 6/1/47		1,000,000		692,320
	5.75% 6/1/47		12,180,000		9,355,822
	Harris County, Texas Industrial Development Corporation
	Solid Waste Disposal Revenue
	(Deer Park Refining Project) 5.00% 2/1/23		2,955,000		3,214,272
	Illinois Railsplitter Tobacco Settlement Authority
	6.00% 6/1/28		6,000,000		6,725,340
	6.25% 6/1/24		6,810,000		7,599,688
	Indiana State Finance Authority Environmental Revenue
	(U.S. Steel Corp. Project) 6.00% 12/1/26		2,500,000		2,556,850
	Indianapolis, Indiana Airport Authority Revenue
	Special Facilities (Federal Express Corp. Project)
	5.10% 1/15/17 (AMT)		2,750,000		3,141,903
	Series 1998 5.50% 5/1/29 (AMT)		2,000,000		2,000,560
	Maryland Economic Development Corporation Revenue
	(CNX Marine Terminals Inc.) 5.75% 9/1/25		3,375,000		3,513,983
	M-S-R Energy Authority, California Gas Revenue Series A
	6.125% 11/1/29		1,915,000		2,230,247
	6.50% 11/1/39		3,915,000		4,829,622
	New Jersey Economic Development Authority Special
	Facility Revenue (Continental Airlines, Inc. Project)
	6.25% 9/15/29 (AMT)		2,000,000		2,002,580
•	New York City, New York Industrial Development Agency
	Special Facilities Revenue (American Airlines -
	JFK International Airport) 7.75% 8/1/31 (AMT)		2,000,000		1,897,340
	Ohio State Air Quality Development Authority Revenue
	Environmental Improvement
	(AK Steel Holding) Series A 6.75% 6/1/24 (AMT)		1,500,000		1,530,075
	(First Energy Generation) Series A 5.70% 8/1/20		4,750,000		5,454,140

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Pennsylvania Economic Development Financing Authority
	Exempt Facilities Revenue (Allegheny Energy Supply Co.)
	7.00% 7/15/39		$6,340,000	$	7,308,118
	Rockport, Indiana Revenue (AK Steel Holding)
	7.00% 6/1/28 (AMT)		1,790,000		1,816,689
	Valdez, Alaska Marine (BP Pipelines Project)
	Series B 5.00% 1/1/21		3,455,000		4,174,124
	Series C 5.00% 1/1/21		1,880,000		2,271,303
					87,938,911
Education Revenue Bonds – 12.17%
	Bowling Green, Ohio Student Housing Revenue CFP I
	(State University Project) 6.00% 6/1/45		5,390,000		5,598,970
	California Statewide Communities Development Authority
	School Facility Revenue (Aspire Public Schools)
	6.125% 7/1/46		5,160,000		5,392,097
	Connecticut State Health & Educational Facilities Authority
	Revenue (Yale University) Series A-1 5.00% 7/1/25		3,000,000		3,653,880
	Delaware County, Pennsylvania Industrial Development
	Authority Charter School Revenue (Chester Community
	Charter School) Series A 6.125% 8/15/40		2,045,000		2,000,501
	Gainesville, Georgia Redevelopment Authority Educational
	Facilities Revenue (Riverside Military Academy Project)
	5.125% 3/1/37		2,850,000		2,276,951
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 7.00% 6/15/39		4,200,000		4,274,046
	Massachusetts Development Finance Agency
	(Harvard University)
	Series B-1 5.00% 10/15/40		9,600,000		10,959,551
	Series B-2 5.25% 2/1/34		5,000,000		5,963,300
	Massachusetts State Health & Educational Facilities
	Authority Revenue (Harvard University) Series A
	5.00% 12/15/29		5,295,000		6,270,233
	5.50% 11/15/36		4,515,000		5,506,810
	Missouri State Health & Educational Facilities
	Authority Revenue (Washington University)
	Series A 5.375% 3/15/39		5,000,000		5,629,850

		Principal amount			Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New Jersey Economic Development Authority Revenue
	(Provident Group - Montclair University) 5.875% 6/1/42		$	4,285,000	$	4,616,745
	New Jersey State Educational Facilities Authority Revenue
	(University of Medicine & Dentistry)
	Series B 7.50% 12/1/32			1,435,000		1,754,029
	New York City Trust For Cultural Resources (Whitney
	Museum of American Art) 5.00% 7/1/31			1,500,000		1,654,725
	Pennsylvania State Higher Educational Facilities Authority
	Student Housing Revenue (University Properties Inc. -
	East Stroudsburg University of Pennsylvania)
	5.00% 7/1/31			6,000,000		5,970,180
	Private Colleges & Universities Authority, Georgia Revenue
	(Mercer University) Series A 5.00% 10/1/32			815,000		834,927
	Provo, Utah Charter School Revenue (Freedom Academy
	Foundation Project) 5.50% 6/15/37			1,665,000		1,367,248
	San Juan, Texas Higher Education Finance Authority
	Education Revenue (Idea Public Schools)
	Series A 6.70% 8/15/40			1,500,000		1,690,680
	St. Louis, Missouri Industrial Development Authority
	Revenue (Confluence Academy Project) Series A
	5.25% 6/15/25			1,150,000		1,050,962
	5.35% 6/15/32			2,300,000		2,006,290
						78,471,975
Electric Revenue Bonds – 3.62%
	California State Department of Water Resources
	Series L 5.00% 5/1/20			5,000,000		6,248,650
	New York State Power Authority Revenue Series A
	5.00% 11/15/38			2,500,000		2,814,025
	Puerto Rico Electric Power Authority Revenue
	Series PP 5.00% 7/1/25 (NATL-RE) (FGIC)			1,000,000		1,039,640
	Series WW 5.50% 7/1/38			2,100,000		2,228,226
	Series XX 5.75% 7/1/36			3,245,000		3,560,868
	Salt River, Arizona Project Agricultural Improvement &
	Power District Series A 5.00% 12/1/28			6,240,000		7,496,050
						23,387,459

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds – 9.91%
	Brevard County, Florida Health Facilities Authority Health
	Care Facilities Revenue (Heath First Inc. Project)
	7.00% 4/1/39		$	1,610,000	$	1,884,376
	Butler County, Pennsylvania Hospital Authority
	Revenue (Butler Health System Project)
	7.125% 7/1/29			2,500,000		2,970,575
	Cape Girardeau County, Missouri Industrial Development
	Authority Health Care Facilities Revenue Unrefunded
	Balance (St. Francis Medical Center) Series A
	5.50% 6/1/32			1,000,000		1,017,450
	Cleveland - Cuyahoga County, Ohio Port Authority
	Revenue Senior Housing (St. Clarence - Geac)
	Series A 6.25% 5/1/38			1,500,000		1,332,975
	Colorado Health Facilities Authority Revenue
	(Evangelical Lutheran) Series A 5.25% 6/1/34			4,275,000		4,322,154
	Fairfax County, Virginia Industrial Development
	Authority Revenue (Inova Health Services)
	Series A 5.50% 5/15/35			2,500,000		2,793,275
	Gainesville & Hall County, Georgia Development Authority
	Revenue Senior Living Facilities (Lanier Village Estates
	Project) Series C 7.25% 11/15/29			1,000,000		1,002,270
	Illinois Finance Authority Revenue (Silver Cross &
	Medical Centers) 7.00% 8/15/44			3,000,000		3,355,890
	Illinois Health Facilities Authority Revenue (Elmhurst
	Memorial Healthcare Project) 5.625% 1/1/28			2,000,000		2,027,500
	Koyukuk, Alaska Revenue (Tanana Chiefs Conference
	Health Care Facility Project) 7.75% 10/1/41			3,000,000		3,164,700
	Louisiana Public Facilities Authority Revenue
	(Ochsner Clinic Foundation Project) 6.50% 5/15/37			2,190,000		2,500,257
	Maricopa County, Arizona Industrial Development Authority
	Health Facilities Revenue (Catholic Healthcare West)
	Series A 6.00% 7/1/39			3,690,000		4,146,379
	Martin County, Florida Health Facilities Authority Revenue
	(Martin Memorial Medical Center) 5.50% 11/15/42			2,500,000		2,584,350
	Michigan State Hospital Finance Authority
	Revenue (Ascension Health Credit Group)
	Series B 5.25% 11/15/26			3,500,000		3,670,905
	(Trinity Health Credit) Series C 5.375% 12/1/30			4,120,000		4,172,407

		Principal amount			Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New York State Dormitory Authority Revenue
	Non State Supported Debt
	(North Shore LI Jewish Health System)
	Series A 5.50% 5/1/37		$	3,000,000	$	3,338,280
	(Orange Regional Medical Center) 6.50% 12/1/21			2,745,000		2,986,533
	(Sloan-Kettering Cancer Center) 5.00% 7/1/41			1,820,000		2,003,292
	North Carolina Medical Care Commission
	Health Care Facilities Revenue
	(First Mortgage - Galloway Ridge Project)
	Series A 5.875% 1/1/31			1,555,000		1,647,911
	(First Mortgage - Presbyterian Homes) 5.40% 10/1/27			3,260,000		3,271,638
	Ohio State Higher Educational Facility Community Revenue
	(Cleveland Clinic Health System Obligation Group)
	Series A 5.25% 1/1/33			2,000,000		2,157,540
^	Oregon Health & Science University Revenue (Capital
	Appreciation Insured) Series A 5.75% 7/1/21 (NATL-RE)			2,000,000		1,452,440
	Philadelphia, Pennsylvania Hospitals & Higher Education
	Facilities Authority Hospital Revenue (Temple University
	Health System) Series A 5.50% 7/1/30			2,700,000		2,760,480
	West Virginia Hospital Finance Authority (Highland Hospital
	Obligation Group) 9.125% 10/1/41			3,000,000		3,372,090
						63,935,667
Housing Revenue Bonds – 0.89%
	California Municipal Finance Authority Mobile Home Park
	Revenue (Caritas Projects) Series A 6.40% 8/15/45			4,750,000		4,908,840
	Orange County, Florida Housing Finance Authority
	Homeowner Revenue Series B
	5.25% 3/1/33 (GNMA) (FNMA) (AMT)			80,000		80,322
	Oregon Health, Housing, Educational, & Cultural Facilities
	Authority Revenue (Pier Park Project) Series A
	6.05% 4/1/18 (GNMA) (AMT)			735,000		736,544
						5,725,706
Lease Revenue Bonds – 9.02%
	Capital Area, Texas Cultural Education Facilities Finance
	Corporation Revenue (Roman Catholic Diocese)
	Series B 6.125% 4/1/45			2,045,000		2,213,385

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount			Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Capital Trust Agency Florida Revenue
	(Fort Lauderdale/Cargo Acquisition Project)
	5.75% 1/1/32 (AMT)		$	4,750,000	$	4,117,918
	(Orlando/Cargo Acquisition Project) 6.75% 1/1/32 (AMT)			2,395,000		2,199,233
	Grapevine, Texas Industrial Development Corporate Revenue
	(Air Cargo) 6.50% 1/1/24 (AMT)			850,000		816,731
	Houston, Texas Industrial Development Corporate Revenue
	(Air Cargo) 6.375% 1/1/23 (AMT)			1,855,000		1,733,034
	Hudson, New York Yards Infrastructure Corporation
	Revenue Series A 5.75% 2/15/47 (AMT)			10,250,000		11,601,872
	Loudoun County, Virginia Industrial Development Authority
	Public Safety Facility Lease Revenue
	Series A 5.25% 12/15/23 (AGM)			700,000		768,950
	Missouri State Development Finance Board Infrastructure
	Facilities Revenue
	(Branson Landing Project) Series A
	5.25% 12/1/19			1,435,000		1,517,627
	5.625% 12/1/28			2,365,000		2,461,729
	(Sewer System Improvement Project) Series C
	5.00% 3/1/25			605,000		613,143
	New Jersey Economic Development Authority
	(School Facilities Construction)
	Series EE 5.00% 9/1/18			6,000,000		7,221,900
	Series GG 5.75% 9/1/23			1,000,000		1,233,830
	New York State Liberty Development Corporation
	(World Trade Center Project) 5.75% 11/15/51			16,490,000		18,770,896
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series F 5.25% 7/1/25			930,000		1,026,395
^	St. Louis, Missouri Industrial Development Authority
	Leasehold Revenue (Convention Center Hotel)
	5.80% 7/15/20 (AMBAC)			3,035,000		1,854,658
						58,151,301
Local General Obligation Bonds – 5.05%
	Boerne, Texas Independent School District Building
	5.25% 2/1/27 (PSF)			4,000,000		4,146,600
	Fairfax County, Virginia Improvement
	Series A 5.00% 4/1/18			6,000,000		7,435,440

		Principal amount			Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Georgetown, Texas Independent School District
	(School Building)
	5.00% 8/15/22 (PSF)		$	500,000	$	613,735
	5.00% 8/15/24 (PSF)			1,430,000		1,730,686
	5.00% 8/15/25 (PSF)			945,000		1,136,930
	5.00% 8/15/26 (PSF)			1,000,000		1,195,390
	New York City, New York
	Series A 5.00% 8/1/19			2,690,000		3,315,156
	Series I-1 5.375% 4/1/36			5,000,000		5,700,000
	Subseries D-1 5.00% 10/1/36			6,500,000		7,291,050
						32,564,987
§Pre-Refunded/Escrowed to Maturity Bonds – 4.71%
	California Statewide Communities Development
	Authority Revenue (East Campus Apartments, LLC)
	Series A 5.625% 8/1/34-12 (ACA)			3,400,000		3,478,948
	Cape Girardeau County, Missouri Industrial Development
	Authority Health Care Facilities Revenue (Southeast
	Missouri Hospital) 5.25% 6/1/16 (NATL-RE)			375,000		412,804
^	Greene County, Missouri Single Family Mortgage Revenue
	Municipal Multiplier (Private Mortgage Insurance)
	11.75% 3/1/16			1,225,000		1,179,504
	Missouri State Development Finance Board Infrastructure
	Facilities Revenue (Triumph Foods Project)
	Series A 5.25% 3/1/25-12			500,000		500,140
	New Jersey State Highway Authority Garden State
	Parkway General Revenue (Senior Parkway)
	5.50% 1/1/16 (FGIC)			1,000,000		1,190,920
	Oklahoma State Turnpike Authority Revenue (First Senior)
	6.00% 1/1/22			13,535,000		18,632,145
	Powell, Ohio 5.50% 12/1/32-12 (NATL-RE) (FGIC)			2,000,000		2,080,480
	Virgin Islands Public Finance Authority Revenue
	Series A 7.30% 10/1/18			1,825,000		2,237,559
	Wisconsin Housing & Economic Developing Authority
	Revenue 6.10% 6/1/21-17 (FHA)			600,000		702,630
						30,415,130
Special Tax Revenue Bonds – 14.49%
	Brooklyn Arena Local Development Corporation, New York
	Pilot Revenue (Barclays Center Project) 6.50% 7/15/30			8,230,000		9,121,144

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	California State Economic Recovery
	Series A 5.25% 7/1/21		$	3,130,000	$	3,849,837
	Florida Enterprise Community Development District
	Special Assessment 6.10% 5/1/16 (NATL-RE)			595,000		597,594
	Henderson, Nevada Local Improvement Districts
	#T-18 5.30% 9/1/35			2,305,000		1,241,012
	Hollywood, Florida Community Redevelopment Agency
	Revenue (Beach CRA) 5.625% 3/1/24			1,200,000		1,251,336
	Jacksonville, Florida Excise Taxes Revenue
	Series B 5.00% 10/1/26 (AMBAC)			1,000,000		1,020,980
	Lammersville, California School District Community Facilities
	District #2002 (Mountain House) 5.125% 9/1/35			4,125,000		3,850,234
	Missouri State Environmental Improvement & Energy Water
	Pollution Control Revenue (State Revolving Fund Project)
	Series A 6.05% 7/1/16 (AGM)			705,000		708,306
	Missouri State Highways & Transportation Commission State
	Road Revenue Series B 5.00% 5/1/24			9,000,000		10,349,911
	Mosaic, Virginia District Community Development Authority
	Revenue Series A 6.875% 3/1/36			3,980,000		4,332,150
	New Jersey Economic Development Authority Revenue
	(Cigarette Tax) 5.75% 6/15/34			1,935,000		2,005,182
	New York City, New York Industrial Development Agency
	(Yankee Stadium) 7.00% 3/1/49 (ASSURED GTY)			1,000,000		1,183,390
	New York City, New York Series B 5.00% 8/1/19			5,105,000		6,291,402
	New York City, New York Transitional Finance Authority
	Future Tax Secured
	Fiscal 2011 Series D 5.00% 2/1/26			3,000,000		3,573,660
	Series C 5.25% 11/1/25			6,000,000		7,316,160
	Series D 5.00% 2/1/31			4,875,000		5,027,880
	New York Sales Tax Asset Receivables
	Series A 5.25% 10/15/27 (AMBAC)			1,000,000		1,105,180
	New York State Dormitory Authority State Personal Income
	Tax Revenue Series B 5.25% 3/15/38			6,000,000		6,680,100
	Puerto Rico Sales Tax Financing Corporation Tax Revenue
	^(Convertible Capital Appreciation) Series A 6.75% 8/1/32			3,890,000		3,808,621
	Series A 5.75% 8/1/37			5,000,000		5,596,100
	Series C 5.00% 8/1/40			6,000,000		6,508,680
	Series C 6.00% 8/1/39			2,250,000		2,588,963

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	San Mateo, California Special Tax Revenue (Community
	Facilities District #2008-1-Bay Meadows) 6.00% 9/1/42		$	1,000,000	$	1,024,260
	Tampa, Florida Sports Authority Revenue Sales Tax
	(Tampa Bay Arena Project) 5.75% 10/1/20 (NATL-RE)			1,000,000		1,116,100
^	Wyandotte County, Kansas City, Kansas Unified
	Government Special Obligation Revenue (Capital
	Appreciation - Sales Tax Subordinate Lien) 6.07% 6/1/21			4,970,000		3,296,303
						93,444,485
State General Obligation Bonds – 9.23%
	California State 5.25% 11/1/40			3,795,000		4,140,990
	California State Various Purposes
	5.00% 9/1/41			6,250,000		6,681,500
	5.00% 10/1/41			4,560,000		4,876,920
	6.00% 4/1/38			4,060,000		4,710,168
	6.50% 4/1/33			2,570,000		3,165,392
	Maryland State & Local Facilities Loan
	Series C 5.00% 11/1/18			6,000,000		7,530,300
	North Carolina State Public Improvement
	Series A 5.00% 5/1/20			10,585,000		13,475,552
	Puerto Rico Commonwealth Public Improvement
	(Unrefunded Balance) Series A 5.125% 7/1/31			4,415,000		4,429,040
	Series A 5.25% 7/1/23			500,000		523,765
	Virginia State
	Series A-2 5.00% 6/1/22			5,105,000		6,464,002
	Series D 5.00% 6/1/19			2,785,000		3,510,493
						59,508,122
Transportation Revenue Bonds – 11.54%
	Central Texas Regional Mobility Authority Revenue
	Senior Lien 6.00% 1/1/41			5,160,000		5,551,334
	Dallas-Fort Worth, Texas International Airport Revenue
	Series A 5.50% 11/1/31 (NATL-RE) (FGIC) (AMT)			1,220,000		1,233,091
	Delaware Transportation Authority 5.00% 7/1/22			4,345,000		4,918,106
	Maryland State Economic Development Corporation Revenue
	(Transportation Facilities Project) Series A 5.75% 6/1/35			5,075,000		5,368,132
	New York Liberty Development Corporation Liberty
	Revenue (1 World Trade Center) 5.00% 12/15/41			8,000,000		8,782,001
	New York State Thruway Authority General Revenue
	Series H 5.00% 1/1/19 (NATL-RE)			6,240,000		7,385,539

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	North Texas Tollway Authority Revenue (First Tier)
	Series A 6.00% 1/1/24		$	3,345,000	$	4,003,764
	•Series E-3 5.75% 1/1/38			2,000,000		2,324,420
	Phoenix, Arizona Civic Improvement Corporation Airport
	Revenue Junior Lien Series A 5.00% 7/1/26			1,800,000		2,017,926
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal)
	6.00% 12/1/42			4,735,000		5,297,707
	6.50% 12/1/28			5,500,000		5,944,730
	St. Louis, Missouri Airport Revenue (Lambert-St Louis
	International) Series A-1 6.625% 7/1/34			5,995,000		6,976,561
	Texas Private Activity Bond Surface Transportation
	Corporation Senior Lien
	(LBJ Infrastructure)
	7.00% 6/30/40			5,715,000		6,515,157
	7.50% 6/30/33			1,560,000		1,866,587
	(Mobility Partners) 6.875% 12/31/39			5,500,000		6,249,155
						74,434,210
Water & Sewer Revenue Bonds – 4.65%
	Atlanta, Georgia Water & Wastewater Revenue
	Series A 6.25% 11/1/39			5,500,000		6,437,035
	New York City, New York Municipal Water Finance
	Authority Water & Sewer System Revenue
	Fiscal 2009 Series A 5.75% 6/15/40			4,000,000		4,650,120
	Fiscal 2012 Series BB 5.25% 6/15/44			5,395,000		6,116,851
	Series A 5.25% 6/15/34			3,705,000		3,746,644
	Puerto Rico Commonwealth Aqueduct & Sewer Authority
	Revenue Senior Lien Series A
	5.25% 7/1/42			1,045,000		1,046,494
	6.00% 7/1/47			1,465,000		1,580,193
	San Francisco, California City & County Public Utilities
	Commission Water Revenue Series F 5.00% 11/1/27			5,000,000		5,916,350
	Virgin Islands Water & Power Authority Water System
	Revenue 5.50% 7/1/17			510,000		511,204
						30,004,891
Total Municipal Bonds (cost $583,319,752)						637,982,844

		Principal amount				Value
Short-Term Investments – 0.33%
¤Variable Rate Demand Notes – 0.33%
	Brooklyn Center, Minnesota Revenue Refunding
	(Brookdale Corp. II Project) 0.15% 12/1/14		$	600,000	$	600,000
	Colorado State Educational & Cultural Facilities Authority
	Revenue (National Jewish Federation Building
	Project) Series D-1 0.12% 7/1/36 (LOC – JPMorgan
	Chase Bank)			100,000		100,000
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue (Newcourtland Elder Services
	Project) 0.12% 3/1/27 (LOC – PNC Bank)			1,000,000		1,000,000
	St. Paul, Minnesota Housing & Redevelopment
	Authority Revenue (Minnesota Public Radio Project)
	0.16% 5/1/22 (LOC – JPMorgan Chase Bank)			400,000		400,000
Total Short-Term Investments (cost $2,100,000)						2,100,000

Total Value of Securities – 99.24%
	(cost $585,419,752)					640,082,844
Receivables and Other Assets
	Net of Liabilities – 0.76%					4,907,362
Net Assets Applicable to 54,089,476
	Shares Outstanding – 100.00%				$	644,990,206

Net Asset Value – Delaware Tax-Free USA Fund
	Class A ($596,130,804 / 49,999,918 Shares)	$11.92
Net Asset Value – Delaware Tax-Free USA Fund
	Class B ($2,252,352 / 189,008 Shares)	$11.92
Net Asset Value – Delaware Tax-Free USA Fund
	Class C ($33,766,726 / 2,831,524 Shares)	$11.93
Net Asset Value – Delaware Tax-Free USA Fund
	Institutional Class ($12,840,324 / 1,069,026 Shares)	$12.01

Statements of net assets
Delaware Tax-Free USA Fund


Components of Net Assets at February 29, 2012:
Shares of beneficial interest (unlimited authorization – no par)	$	591,101,975
Undistributed net investment income		66,895
Accumulated net realized loss on investments		(841,756	)
Net unrealized appreciation of investments		54,663,092
Total net assets	$	644,990,206

§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
•	Variable rate security. The rate shown is the rate as of February 29, 2012. Interest rates reset periodically.
^	Zero coupon security. The rate shown is the yield at the time of purchase.
¤	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. The rate shown is the rate as of February 29, 2012.

Summary of abbreviations:
ACA — Insured by American Capital Access
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by Assured Guaranty Corporation
FGIC — Insured by Financial Guaranty Insurance Company
FHA — Federal Housing Administration
FNMA — Federal National Mortgage Association collateral
GNMA — Government National Mortgage Association collateral
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
PSF — Guaranteed by Permanent School Fund


Net Asset Value and Offering Price Per Share –
Delaware Tax-Free USA Fund
Net asset value Class A (A)	$	11.92
Sales charge (4.50% of offering price) (B)		0.56
Offering price	$	12.48

(A)		Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)		See the current prospectus for purchases of $100,000 or more.

See accompanying notes, which are an integral part of the financial statements.

Statements of net assets
Delaware Tax-Free USA Intermediate Fund	February 29, 2012 (Unaudited)

		Principal amount		Value
Municipal Bonds – 97.76%
Corporate Revenue Bonds – 10.03%
	Allegheny County, Pennsylvania Industrial Development
	Authority Revenue (Environmental Improvement -
	U.S. Steel Corp. Project) 6.50% 5/1/17	$	2,305,000	$	2,507,125
•	Chesapeake, Virginia Economic Development Authority
	Pollution Control Revenue (Electric & Power Co. Project)
	Series A 3.60% 2/1/32		1,150,000		1,176,841
	Chesterfield County, Virginia Economic Development
	Authority Pollution Control Revenue (Virginia Electric &
	Power) Series A 5.00% 5/1/23		1,460,000		1,684,256
	Harris County, Texas Industrial Development Corporation
	Solid Waste Disposal Revenue (Deer Park Refining
	Project) 5.00% 2/1/23		2,750,000		2,991,285
	Illinois Railsplitter Tobacco Settlement Authority
	5.25% 6/1/20		7,160,000		8,158,604
	6.25% 6/1/24		7,500,000		8,369,699
	Indianapolis, Indiana Airport Authority Revenue Special
	Facilities (Federal Express Corp. Project)
	5.10% 1/15/17 (AMT)		750,000		856,883
	Iowa Finance Authority Pollution Control Facilities Revenue
	(Interstate Power) 5.00% 7/1/14 (FGIC)		2,000,000		2,173,520
•	Maricopa County, Arizona Corporation Pollution Control
	Revenue (Public Service - Palo Verde Project)
	Series B 5.20% 6/1/43		6,000,000		6,612,420
	Maryland Economic Development Corporation Pollution
	Control Revenue
	(CNX Marine Terminals Inc.) 5.75% 9/1/25		2,050,000		2,134,419
	(Potomac Electric Project) 6.20% 9/1/22		1,780,000		2,189,525
	Michigan State Strategic Fund Limited Obligation Revenue
	(Dow Chemical Project) Series B-2 6.25% 6/1/14		4,500,000		4,979,610
•	Mobile, Alabama Industrial Development Board Pollution
	Control Revenue (Alabama Power Co.)
	Series B 4.875% 6/1/34		1,625,000		1,697,053
	New Jersey Economic Development Authority Special
	Facilities Revenue (Continental Airlines, Inc. Project)
	6.625% 9/15/12 (AMT)		4,000,000		4,057,200
	Ohio State Air Quality Development Authority Revenue
	Environmental Improvement (First Energy)
	Series A
	5.70% 2/1/14		2,225,000		2,390,251
	5.70% 8/1/20		4,320,000		4,960,397
	Series C 5.625% 6/1/18		2,370,000		2,717,798

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
•	Pennsylvania Economic Development Financing Authority
	Exempt Facilities Revenue (Shipping Port)
	Series A 3.375% 12/1/40	$	5,000,000	$	5,182,300
	Salt Verde, Arizona Financial Corporation Senior Gas
	Revenue 5.25% 12/1/24		3,050,000		3,259,230
	Tobacco Securitization Authority, Minnesota Tobacco
	Settlement Revenue Series B
	5.00% 3/1/21		3,415,000		3,893,783
	5.00% 3/1/22		2,935,000		3,336,860
	5.25% 3/1/31		2,480,000		2,702,580
	Valdez, Alaska Marine (BP Pipelines Project) Series B
	5.00% 1/1/21		6,675,000		8,064,335
					86,095,974
Education Revenue Bonds – 6.67%
	Boise, Idaho State University Revenue (General Project)
	Series A 4.00% 4/1/19		1,000,000		1,154,790
	California Municipal Finance Authority Educational Revenue
	(American Heritage Education Foundation Project)
	Series A 5.25% 6/1/26		1,000,000		933,260
	California Statewide Communities Development Authority
	Student Housing Revenue (Irvine, LLC - UCI East
	Campus) 6.00% 5/15/23		3,150,000		3,524,441
	Chattanooga, Tennessee Health Educational & Housing
	Facilities Board Revenue (CDFI Phase I, LLC Project)
	Series B 5.50% 10/1/20		885,000		919,931
	Clifton, Texas Higher Education Finance Corporation
	Revenue (Uplift Education) Series A 6.00% 12/1/30		1,100,000		1,206,546
	Connecticut State Health & Educational Facilities Authority
	Revenue (Yale University) Series A-1 5.00% 7/1/25		5,000,000		6,089,800
	Delaware County, Pennsylvania Industrial Development
	Authority Revenue (Chester Community Charter School)
	Series A 5.25% 8/15/30		3,165,000		2,928,733
	Grand Traverse, Michigan Public School Academy Revenue
	5.00% 11/1/36		1,000,000		793,060
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 6.25% 6/15/20		1,080,000		1,100,650

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Massachusetts State Development Finance Agency Revenue
	(Harvard University) Series B-1 5.25% 10/15/29	$	1,670,000	$	2,043,980
	Massachusetts State Health & Educational Facilities
	Authority Revenue (Massachusetts Institution
	Technology) Series M 5.25% 7/1/20		3,000,000		3,893,670
	Nassau County, New York Industrial Development Agency
	Civic Facility Revenue (New York Institute of Technology
	Project) Series A 4.75% 3/1/26		1,710,000		1,846,578
	New York City Trust for Cultural Resources (Whitney
	Museum of American Art)
	5.00% 7/1/21		3,025,000		3,618,656
	5.00% 7/1/31		1,000,000		1,103,150
	New York State Dormitory Authority
	(Brooklyn Law School) Series A 5.50% 7/1/18 (RADIAN)		1,000,000		1,049,930
	(Non State Supported Debt - Rockefeller University)
	Series A 5.00% 7/1/27		1,055,000		1,229,275
	(Non State Supported Debt - St. Joseph’s College)
	5.25% 7/1/25		1,000,000		1,086,780
	Ohio State Higher Educational Facility Revenue (John
	Carroll University) 5.50% 11/15/18		335,000		354,447
	Ohio State University General Receipts Revenue Series B
	5.25% 6/1/21		180,000		189,756
	Pennsylvania State Higher Educational Facilities Authority
	Revenue (Drexel University) Series A 5.25% 5/1/25		5,290,000		6,163,273
	Private Colleges & Universities Authority, Georgia Revenue
	(Mercer University) Series A 5.25% 10/1/27		1,145,000		1,227,829
	Troy, New York Capital Resource Corporation Revenue
	(Rensselaer Polytechnic) Series B 5.00% 9/1/18		2,500,000		2,884,125
	University of California Series A 5.125% 5/15/20 (AMBAC)		210,000		221,831
	University of Minnesota Series A 5.00% 12/1/17		5,040,000		6,232,162
	University of North Carolina at Chapel Hill 5.00% 12/1/31		3,490,000		3,927,960
	University of Oklahoma Research Facilities Revenue
	5.00% 3/1/23 (AMBAC)		1,065,000		1,088,728
	University of Virginia General Revenue Series B
	5.00% 6/1/20		205,000		215,182
	5.00% 6/1/21		205,000		214,971
					57,243,494

		Principal amount		Value
Municipal Bonds (continued)
Electric Revenue Bonds – 4.28%
	California State Department Water Resources Power
	Supply Revenue
	Series L 5.00% 5/1/19	$	6,000,000	$	7,448,160
	Series N 5.00% 5/1/21		3,580,000		4,506,253
	Metropolitan Government Nashville & Davidson County,
	Tennessee Electric Revenue Series B 5.50% 5/15/14		1,000,000		1,114,620
	Rochester, Minnesota Electric Utilities Revenue
	Series C 5.00% 12/1/18 (NATL-RE)		2,000,000		2,346,800
	Salt River, Arizona Project Agricultural Improvement &
	Power District Series A 5.00% 12/1/28		17,735,000		21,304,879
					36,720,712
Healthcare Revenue Bonds – 9.11%
	Allegheny County, Pennsylvania Municipal Development
	Authority Revenue (University of Pittsburgh Medical
	Center) Series A 5.00% 9/1/14		4,000,000		4,413,920
	Berks County, Pennsylvania Hospital Authority Revenue
	(Reading Hospital & Medical Center Project)
	Series A-3 5.25% 11/1/24		4,405,000		5,081,212
	Butler County, Pennsylvania Hospital Authority Revenue
	(Butler Health System Project) 7.125% 7/1/29		2,250,000		2,673,518
	California Health Facilities Financing Authority (Scripps
	Health) Series A 5.00% 11/15/32		4,250,000		4,739,303
	California Statewide Communities Development Authority
	Revenue (Kaiser Permanente) Series A 5.00% 4/1/19		5,325,000		6,375,835
	Cleveland-Cuyahoga County, Ohio Port Authority Revenue
	(Saint Clarence - Geac) Series A 6.125% 5/1/26		715,000		662,269
	Dauphin County, Pennsylvania General Authority Health
	System Revenue (Pinnacle Health System Project)
	Series A 6.00% 6/1/29		3,400,000		3,773,490
	Laramie County, Wyoming Hospital Revenue
	(Cheyenne Regional Medical Center Project)
	5.00% 5/1/23		1,000,000		1,146,770
	5.00% 5/1/25		1,175,000		1,333,813
•	Maryland State Health & Higher Education Facilities
	Authority Revenue (John Hopkins Health Systems)
	5.00% 5/15/46		790,000		834,232
	Michigan State Hospital Finance Authority Revenue
	(Oakwood Obligation Group) 5.50% 11/1/14		2,230,000		2,368,104

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis, Minnesota Health Care System Revenue
	(Fairview Health) Series A 6.375% 11/15/23	$	3,710,000	$	4,416,347
	Minneapolis, Minnesota Revenue (National Marrow Donor
	Program Project)
	5.00% 8/1/16		4,720,000		5,198,937
	5.00% 8/1/18		2,500,000		2,782,025
	New York State Dormitory Authority Revenue Non State
	Supported Debt
	(Memorial Sloan-Kettering Cancer Center) Series 1
	4.00% 7/1/21		1,600,000		1,827,376
	5.00% 7/1/21		570,000		698,660
	5.00% 7/1/24		2,595,000		3,102,634
	(North Shore LI Jewish) Series A 5.00% 5/1/23		4,000,000		4,643,800
	(Orange Regional Medical Center) 6.50% 12/1/21		2,000,000		2,175,980
	North Carolina Medical Care Commission Health Care
	Facilities Revenue (First Mortgage - Presbyterian Homes)
	5.40% 10/1/27		780,000		782,785
	Ohio State Higher Educational Facilities Commission
	Revenue (Cleveland Clinic Health System Obligation
	Group) Series A
	5.00% 1/1/17		2,000,000		2,346,440
	5.00% 1/1/18		1,000,000		1,192,170
	Pennsylvania Economic Development Financing Authority
	Health System Revenue (Albert Einstein Healthcare)
	Series A 6.25% 10/15/23		670,000		760,966
•	Rochester, Minnesota Health Care Facilities Revenue
	(Mayo Clinic)
	Series A 4.00% 11/15/30		3,800,000		4,409,824
	Series C 4.50% 11/15/38		2,540,000		3,052,902
	St. Louis Park, Minnesota Health Care Facilities Revenue
	(Nicollet Health Services) Series C 5.50% 7/1/18		4,240,000		5,031,778
	St. Mary Hospital Authority, Pennsylvania Health
	System Revenue (Catholic Health East) Series A
	5.25% 11/15/16		1,200,000		1,311,468
	St. Paul, Minnesota Housing & Redevelopment Authority
	Hospital Revenue (Health East Project) 6.00% 11/15/25		1,000,000		1,020,850
					78,157,408

		Principal amount		Value
Municipal Bonds (continued)
Housing Revenue Bond – 0.56%
	Puerto Rico Housing Finance Authority Subordinate
	(Capital Fund Modernization) 5.50% 12/1/16	$	4,120,000	$	4,764,615
					4,764,615
Lease Revenue Bonds – 3.83%
	Capital Trust Agency Florida Revenue (Fort Lauderdale/
	Cargo Acquisition Project) 5.75% 1/1/32 (AMT)		1,750,000		1,517,128
	Commonwealth of Pennsylvania (Department of
	Corrections) Series A 4.00% 10/1/24		3,910,000		4,133,261
	Golden State, California Tobacco Securitization Corporation
	Settlement Revenue Refunding Asset-Backed Series A
	5.00% 6/1/18		1,170,000		1,170,105
	5.00% 6/1/21 (AMBAC)		1,000,000		1,000,660
	New Jersey Economic Development Authority (School
	Facilities Construction) Series EE 5.00% 9/1/18		6,875,000		8,275,093
	New York State Dormitory Authority Revenue
	(Third General Resolution - State University
	Educational Facilities) Series A
	5.00% 5/15/23		2,170,000		2,687,719
	5.00% 5/15/24		3,130,000		3,798,818
	New York State Municipal Bond Bank Agency Special
	School Purpose Revenue Series C 5.25% 6/1/22		1,000,000		1,054,460
	Tobacco Settlement Financing New York Revenue (Asset-
	Backed) Series B 5.00% 6/1/18		1,000,000		1,204,970
	Virginia Commonwealth Transportation Board
	Transportation Revenue (U.S. Route 58 Corridor
	Development) Series B 4.75% 5/15/21		7,460,000		8,004,282
					32,846,496
Local General Obligation Bonds – 8.49%
	Baltimore, Maryland Public Improvement 5.00% 2/1/29		6,280,000		7,642,697
	Chicago, Illinois Board of Education Refunding Dedicated
	Revenue Series B 5.00% 12/1/23 (AMBAC)		3,500,000		3,894,345
	Chicago, Illinois Modern Schools Across Chicago Series J
	5.00% 12/1/23 (AMBAC)		2,865,000		3,187,685
	Conroe, Texas Independent School District
	5.00% 2/15/25 (PSF)		3,865,000		4,613,960
	Dallas, Texas 5.125% 2/15/15		3,000,000		3,412,350

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Fairfax County, Virginia Refunding &
	Public Improvement Series A
	5.00% 4/1/17	$	4,000,000	$	4,870,680
	5.00% 4/1/20		10,000,000		12,068,101
	5.25% 4/1/14		3,500,000		3,865,155
	Henrico County, Virginia Refunding Public Improvement
	5.00% 7/15/19		4,000,000		5,054,280
	Houston, Texas Refunding & Public Improvement Series A
	5.00% 3/1/15		3,480,000		3,950,948
	5.25% 3/1/28		5,000,000		5,754,800
	Lansing, Michigan Community College
	(College Building & Site) 5.00% 5/1/21 (NATL-RE)		1,325,000		1,392,164
	Los Angeles, California Unified School District
	(Election 2004) Series G 5.00% 7/1/13 (AMBAC)		2,000,000		2,126,200
	New York City, New York
	Series A-1 5.00% 8/1/19		3,500,000		4,137,805
	Series G 5.25% 8/1/15		1,000,000		1,093,540
	Series I 5.00% 8/1/21		1,000,000		1,099,530
	Series J 5.50% 6/1/23		15,000		15,883
	Subseries D-1 5.00% 10/1/30		4,000,000		4,635,160
					72,815,283
§Pre-Refunded/Escrowed to Maturity Bonds – 3.95%
	Benton & Linn Counties, Oregon School District #509J
	5.00% 6/1/21-13 (AGM)		1,000,000		1,059,310
	California State Economic Recovery Series A 5.25% 7/1/14		225,000		251,246
	Casa Grande, Arizona Tax Revenue
	5.00% 4/1/22-14 (AMBAC)		1,600,000		1,754,880
	Cuyahoga County, Ohio Revenue
	Pre-Refunded (Cleveland Clinic Health)
	Series A 6.00% 1/1/21-13		510,000		548,990
	Unrefunded (Cleveland Clinic Health)
	Series A 6.00% 1/1/21-13		490,000		527,461
	Duluth, Minnesota Economic Development
	Authority Health Care Facilities Revenue
	(Benedictine Health System - St. Mary’s Hospital)
	5.25% 2/15/28-14		1,000,000		1,096,820
	5.25% 2/15/33-14		3,000,000		3,290,459
	5.50% 2/15/23-14		1,000,000		1,101,700

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Hampton, Virginia Convention Center Revenue
	5.25% 1/15/23-13 (AMBAC)	$	1,000,000	$	1,043,600
	Lancaster County, Pennsylvania Hospital Authority Revenue
	(Lancaster General Hospital Project) 5.75% 3/15/21-13		1,000,000		1,079,860
	Los Angeles, California Unified School District (Election
	1997) Series F 5.00% 7/1/21-13 (FGIC)		2,880,000		3,063,743
	Lunenburg County, Virginia
	Series B 5.25% 2/1/29-13 (NATL-RE)		715,000		755,512
	Miami-Dade County, Florida Educational Facilities
	Authority Revenue (University of Miami) Series A
	5.00% 4/1/34-14 (AMBAC)		3,500,000		3,831,869
	Michigan State Higher Education Facilities Authority
	Revenue Limited Obligation (Kalamazoo College
	Project) 5.50% 12/1/19-12		500,000		520,160
	Middlesex County, New Jersey Improvement Authority
	Revenue (County-Guaranteed Open Space Trust
	Foundation) 5.25% 9/15/20-13		1,000,000		1,077,020
	Minneapolis, Minnesota Health Care System Revenue
	(Allina Health Systems) Series A 5.75% 11/15/32		750,000		779,813
	Minnesota State 5.00% 6/1/14		755,000		834,381
	New Jersey State Educational Facilities Authority
	Revenue (Georgian Court College Project)
	Series C 6.50% 7/1/33-13		500,000		541,210
	New York City, New York Series J 5.50% 6/1/23-13		985,000		1,050,197
	North Texas Health Facilities Development Corporation
	Hospital Revenue (United Regional Health Care
	System, Inc. Project) 6.00% 9/1/23-13		1,000,000		1,084,050
•	Ohio State Higher Educational Facility Revenue Adjustable
	Medium Term (Kenyon College Project) 4.70% 7/1/37-13		1,000,000		1,057,010
	Ohio State University General Receipts (Ohio State
	University) Series B 5.25% 6/1/21-13		820,000		871,201
	Puerto Rico Commonwealth Highway & Transportation
	Authority Revenue Series J 5.50% 7/1/21-14		1,000,000		1,117,230
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities) Series I
	5.50% 7/1/23-14		2,000,000		2,231,480
	Puerto Rico Sales Tax Financing Corporation Sales
	Revenue Series A 6.125% 8/1/29-14		70,000		77,850

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds (continued)
	South Carolina State Public Service Authority Revenue
	Series A 5.125% 1/1/21-12 (AGM)	$	1,000,000	$	1,026,860
	University of California Revenue
	Series A 5.125% 5/15/20-13 (AMBAC)		40,000		42,352
	University of Virginia Revenue Series B
	5.00% 6/1/20-13		1,045,000		1,107,481
	5.00% 6/1/21-13		1,045,000		1,107,481
					33,931,226
Resource Recovery Revenue Bonds – 0.09%
	Pennsylvania Economic Development Financing Authority
	Resource Recovery Revenue (Subordinate Colver
	Project) Series G 5.125% 12/1/15 (AMT)		800,000		801,096
					801,096
Special Tax Revenue Bonds – 12.47%
	Baltimore, Maryland Convention Center Hotel Revenue
	Subordinated Series B 5.00% 9/1/16		1,200,000		1,174,932
	Brooklyn Arena Local Development Corporation New York
	Pilot Revenue (Barclays Center Project) 6.50% 7/15/30		5,500,000		6,095,540
	California State Economic Recovery Series A
	5.25% 7/1/14		775,000		861,738
	5.25% 7/1/21		2,740,000		3,370,145
	Columbia County, Georgia Sales Tax 5.00% 4/1/16		1,265,000		1,490,322
	Dallas, Texas Convention Center Hotel Development
	Revenue Series A
	5.00% 1/1/24		3,420,000		3,811,966
	5.25% 1/1/23		5,375,000		6,115,729
	Guam Government Limited Obligation Revenue
	(Section 30) Series A
	5.375% 12/1/24		1,750,000		1,873,078
	5.625% 12/1/29		1,125,000		1,203,581
	Louisiana State Citizens Property Insurance Corporation
	Assessment Revenue Series C-2
	6.75% 6/1/26 (ASSURED GTY)		6,350,000		7,625,969
	Massachusetts State School Building Authority Senior
	Series B 5.00% 10/15/27		4,705,000		5,659,833
@	Modesto, California Special Tax Community Facilities
	District #04-1 (Village 2) 5.15% 9/1/36		1,500,000		1,382,490

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New Jersey Economic Development Authority Revenue
	(Cigarette Tax) 5.625% 6/15/18	$	355,000	$	355,728
	New Jersey State Transportation Trust Fund Authority
	Series B 5.50% 6/15/31		10,910,000		12,821,977
	New York City, New York Transitional Finance Authority
	Future Tax Secured Subseries A-1 5.00% 11/1/20		2,860,000		3,595,649
	New York State Local Government Assistance Corporation
	Refunding Subordinate Lien Series A
	5.00% 4/1/17		8,615,000		10,446,893
	5.00% 4/1/20		3,360,000		4,243,277
	New York State Urban Development Corporation
	(Service Contract) Series A-1 5.00% 1/1/18		5,785,000		6,928,868
	Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue
	Series A 6.125% 8/1/29		2,430,000		2,638,445
	Series C
	5.00% 8/1/22		2,090,000		2,495,962
	6.50% 8/1/35		6,500,000		7,861,425
	Richmond Heights, Missouri Tax Increment & Transaction
	Sales Tax Revenue Refunding & Improvement
	(Francis Place Redevelopment Project) 5.625% 11/1/25		1,000,000		986,330
@	St. Joseph, Missouri Industrial Development Authority Tax
	Increment Revenue (Shoppes at North Village Project)
	Series A 5.10% 11/1/19		250,000		251,308
	Series B 5.375% 11/1/23		1,000,000		985,030
	Virgin Islands Public Finance Authority Revenue (Senior
	Lien Matching Fund Loan) Series A 5.25% 10/1/22		1,785,000		1,857,703
	Washington State Motor Vehicle Fuel Tax Series B
	5.00% 7/1/16		4,250,000		5,048,660
	Wyandotte County, Kansas City, Kansas Unified
	Government Special Obligation Revenue
	^(Capital Appreciation - Sales Tax Subordinate Lien)
	6.07% 6/1/21		4,970,000		3,296,303
	(Sales Tax-2nd Lien-Area B) 5.00% 12/1/20		870,000		925,915
	Wyoming State Loan & Investment Board Facilities
	Revenue 5.00% 10/1/24		1,550,000		1,641,605
					107,046,401

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
State General Obligation Bonds – 17.93%
	California State 5.25% 11/1/17	$	1,000,000	$	1,079,660
	California State Various Purpose
	5.00% 10/1/18		5,000,000		6,110,800
	5.25% 9/1/28		7,750,000		8,977,910
	Connecticut State Economic Recovery Series A 5.00% 1/1/16		7,700,000		8,982,204
	Connecticut State Series C 5.00% 11/1/24		2,000,000		2,399,100
	Georgia State Series B 5.00% 7/1/17		4,810,000		5,899,032
	Hawaii State Series DR 5.00% 6/1/15		7,000,000		8,021,510
	Illinois State Refunding Series B 5.00% 1/1/13		3,475,000		3,603,158
	Maryland State & Local Facilities Loan Capital Improvement
	First Series 5.00% 3/15/19		3,675,000		4,352,780
	Second Series 5.00% 8/1/17		1,500,000		1,783,830
	Series B 5.00% 3/1/18		1,930,000		2,385,750
	Massachusetts State Consolidated Loan
	Series A 5.25% 8/1/13		3,000,000		3,216,390
	Series C 5.50% 11/1/15		4,090,000		4,835,648
	Minnesota State 5.00% 6/1/14		145,000		160,353
	Minnesota State Various Purpose Series A 5.00% 8/1/19		7,020,000		8,849,201
	Mississippi State Series A 5.00% 10/1/17		4,860,000		5,952,577
	New York State Series A 5.00% 2/15/28		5,000,000		5,960,300
	North Carolina State Public Improvement Series A
	5.00% 3/1/15		1,200,000		1,364,328
	North Carolina State Refunding Series A
	5.00% 3/1/16		3,000,000		3,532,350
	5.00% 3/1/17		3,000,000		3,642,030
	Series B 5.00% 4/1/15		4,000,000		4,561,640
	Ohio State Series D 5.00% 9/15/14		3,500,000		3,913,420
	Oregon State Series L 5.00% 5/1/26		8,000,000		9,748,640
	Pennsylvania State
	5.50% 2/1/13		3,200,000		3,358,016
	Second Series 5.00% 7/1/20		2,300,000		2,888,754
	Series A 5.00% 8/1/13		4,000,000		4,274,320
	Puerto Rico Commonwealth Government Development
	Bank 4.75% 12/1/15 (NATL-RE)		4,765,000		4,915,383
	Puerto Rico Commonwealth Public Improvement Series A
	5.00% 7/1/16 (ASSURED GTY)		2,110,000		2,374,109
	5.25% 7/1/22		3,470,000		3,577,362
	5.25% 7/1/23		1,125,000		1,178,471

		Principal amount		Value
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Virginia State
	Series B 5.00% 6/1/23	$	2,000,000	$	2,372,040
	Series D 5.00% 6/1/19		5,715,000		7,203,758
	Washington State Various Purpose Series A
	5.00% 7/1/16		1,000,000		1,187,920
	5.00% 8/1/29		9,395,000		11,160,413
					153,823,157
Transportation Revenue Bonds – 14.75%
	Broward County, Florida Airport System Revenue
	Series O 5.375% 10/1/29		2,000,000		2,268,640
	Charlotte, North Carolina Airport Revenue
	(Charlotte Douglas) Series A 5.00% 7/1/15		750,000		847,598
	Chicago, Illinois O'Hare International Airport
	Revenue General-Airport-Third Lien
	Series A 5.00% 1/1/25 (AGM)		3,725,000		4,101,262
	Series A-2 5.75% 1/1/20 (AGM) (AMT)		1,000,000		1,062,760
	Series C 5.25% 1/1/28		2,150,000		2,416,084
	Cleveland, Ohio Airport System Revenue Series A
	5.00% 1/1/28		1,750,000		1,887,410
	Dallas-Fort Worth, Texas International Airport
	Revenue Series A
	5.00% 11/1/22		680,000		752,508
	5.00% 11/1/23		750,000		825,045
	5.00% 11/1/24		400,000		436,680
	Delaware Transportation Authority
	5.00% 7/1/18 (NATL-RE) (FGIC)		3,800,000		4,313,304
	Series A 5.00% 7/1/17		5,475,000		6,666,415
	Harris County, Texas Metropolitan Transit Authority Sales &
	Use Tax Revenue Series A 5.00% 11/1/31		3,250,000		3,796,520
	Houston, Texas Airports Commission Revenue Series B
	5.00% 7/1/25		1,000,000		1,151,690
	5.00% 7/1/26		3,000,000		3,418,530
	Idaho Housing & Finance Association Grant Revenue
	(Antic Federal Highway Transportation)
	Series A 5.25% 7/15/21 (ASSURED GTY)		2,760,000		3,256,138
	Maryland State Economic Development Revenue
	(Transportation Facilities Project)
	Series A 5.375% 6/1/25		2,535,000		2,633,890

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Memphis-Shelby County, Virginia Airport Authority Revenue
	Series D 5.00% 7/1/24	$	4,110,000	$	4,738,830
	Metropolitan, New York Transportation Authority Revenue
	Series A 5.00% 11/15/18		2,500,000		3,005,450
	Series C 6.50% 11/15/28		2,860,000		3,562,445
	Metropolitan, Washington D.C. Airport Authority Systems
	Revenue Series A 5.50% 10/1/19 (NATL-RE) (FGIC) (AMT)		1,000,000		1,051,150
	Minneapolis - St. Paul, Minnesota Metropolitan Airports
	Commission Series A 5.00% 1/1/22 (AMBAC)		5,000,000		5,608,650
	Missouri State Highways & Transportation Commission
	State Road Revenue Second Lien 5.25% 5/1/23		1,940,000		2,325,633
	North Texas Tollway Authority Revenue (First Tier)
	Series A 6.00% 1/1/20		3,925,000		4,722,442
	•Series E-3 5.75% 1/1/38		3,750,000		4,358,288
	(Special Projects System) Series A 5.00% 9/1/17		1,000,000		1,199,210
	Pennsylvania State Turnpike Commission Revenue Series A
	5.25% 12/1/20 (AMBAC)		1,230,000		1,362,828
	Phoenix, Arizona Civic Improvement Airport Revenue
	Series A 5.00% 7/1/26		7,500,000		8,408,025
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal) 6.50% 12/1/28		8,300,000		8,971,137
	Sacramento County, California Airport System Revenue
	5.00% 7/1/24		1,425,000		1,636,100
	(PFC/Grant) Series D 5.50% 7/1/28		2,020,000		2,231,474
	San Francisco, California City & County Airports Commission
	Series B 5.00% 5/1/15		4,000,000		4,526,360
	Series D 5.00% 5/1/25		2,000,000		2,349,780
	St. Louis, Missouri Airport Revenue (Lambert-St. Louis
	International) Series A-1 6.125% 7/1/24		3,780,000		4,399,277
	Texas Private Activity Bond Surface Transportation
	Corporate Senior Lien Revenue
	(LBJ Infrastructure) 7.50% 6/30/33		3,625,000		4,337,421
	(Mobility Partners) 7.50% 12/31/31		3,765,000		4,457,195
	Texas State Transportation Commission Highway Fund
	Revenue (First Tier) 5.00% 4/1/18		1,700,000		2,028,627

		Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Triborough, New York Bridge & Tunnel Authority Revenue
	Series A
	5.00% 11/15/17	$	1,720,000	$	2,107,396
	5.00% 1/1/23		4,000,000		4,963,880
	•Series B-3 5.00% 11/15/38		1,800,000		2,051,604
	Virginia Commonwealth Transportation Board
	(Capital Projects) Series A-1 5.00% 5/15/16		2,000,000		2,366,760
					126,604,436
Water & Sewer Revenue Bonds – 5.60%
	Arizona Water Infrastructure Finance Authority Revenue
	(Water Quality) Series A
	4.00% 10/1/20		180,000		213,347
	5.00% 10/1/20		1,500,000		1,897,410
	5.00% 10/1/21		2,430,000		2,897,751
	Atlanta, Georgia Water & Wastewater Revenue
	Series A 6.00% 11/1/25		2,925,000		3,541,883
	Series B 5.50% 11/1/23 (AGM)		3,000,000		3,520,560
	King County, Washington Sewer Revenue Refunding
	Series B 5.00% 1/1/14 (NATL-RE)		3,500,000		3,805,165
	Massachusetts State Water Pollution Abatement Trust
	5.00% 8/1/16		2,170,000		2,589,201
	New York City, New York Municipal Water Finance
	Authority Water & Sewer System Series B
	5.00% 6/15/21 (AMBAC)		2,085,000		2,322,690
	New York State Environmental Facilities Corporation Revenue
	(State Clean Water & Drinking Water Revolving Foundation)
	Series A 5.00% 6/15/22		1,405,000		1,701,258
	Series D 5.00% 9/15/23		3,360,000		4,002,298
	Series K 5.50% 6/15/15		3,500,000		4,106,130
	Portland, Oregon Sewer System Revenue (First Lien)
	Series A 5.00% 6/15/18		4,000,000		4,922,079
	San Francisco, California City & County Public
	Utilities Commission
	Series A 5.00% 11/1/27		7,430,000		8,929,819
	Series D 5.00% 11/1/16		3,000,000		3,595,740
					48,045,331
Total Municipal Bonds (cost $775,851,651)					838,895,629

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount			Value
Short-Term Investments – 1.35%
¤Variable Rate Demand Notes – 1.35%
	Brooklyn Center, Minnesota Revenue (Brookdale Corp. II
	Project) 0.15% 12/1/14		$1,350,000	$	1,350,000
	California State Infrastructure & Economic Development
	Bank Revenue (Los Angeles Museum)
	Series A 0.08% 9/1/37 (LOC �� Wells Fargo Bank)		595,000		595,000
	Series B 0.08% 9/1/37 (LOC – Wells Fargo Bank)		3,000,000		3,000,000
	Colorado State Health Facilities Authority Revenue
	(NCMC Inc. Project) Series A
	0.15% 5/15/24 (LOC – Wells Fargo Bank)		435,000		435,000
	Erie County, Pennsylvania Hospital Authority Revenue
	(Hamot Health Foundation)
	0.12% 5/15/20 (LOC – PNC Bank)		2,900,000		2,900,000
	New York City, New York Subseries A-8 0.08% 8/1/18
	(LOC – JPMorgan Chase Bank)		400,000		400,000
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue (Newcourtland Elder Services
	Project) 0.12% 3/1/27 (LOC – PNC Bank)		1,915,000		1,915,000
	St. Paul, Minnesota Port Authority Revenue
	(Minnesota Public Radio Project) Series 7
	0.16% 5/1/25 (LOC – JPMorgan Chase Bank)		1,000,000		1,000,000
Total Short-Term Investments (cost $11,595,000)					11,595,000

Total Value of Securities – 99.11%
	(cost $787,446,651)				850,490,629
Receivables and Other Assets
	Net of Liabilities – 0.89%				7,676,813
Net Assets Applicable to 69,554,744
	Shares Outstanding – 100.00%			$	858,167,442

Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class A ($467,234,355 / 38,004,988 Shares)	$12.29
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class B ($130,826 / 10,652 Shares)	$12.28
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class C ($69,376,756 / 5,646,118 Shares)	$12.29
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Institutional Class ($321,425,505 / 25,892,986 Shares)	$12.41


Components of Net Assets at February 29, 2012:
Shares of beneficial interest (unlimited authorization – no par)	$	804,436,471
Undistributed net investment income		16,208
Accumulated net realized loss on investments		(9,329,215	)
Net unrealized appreciation of investments		63,043,978
Total net assets	$	858,167,442

§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
^	Zero coupon security. The rate shown is the yield at the time of purchase.
•	Variable rate security. The rate shown is the rate as of February 29, 2012. Interest rates reset periodically.
@	Illiquid security. At February 29, 2012, the aggregate amount of illiquid securities was $2,618,828, which represented 0.31% of the Fund’s net assets. 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. The rate shown is the rate as of February 29, 2011.

Summary of abbreviations:
AGM — Insured by Assured Guaranty Municipal Corporation
AMBAC — Insured by AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by Assured Guaranty Corporation
CDFI — Community Development Financial Institutions
FGIC — Insured by Financial Guaranty Insurance Company
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
PSF — Guaranteed by Permanent School Fund
RADIAN — Insured by Radian Asset Assurance

Statements of net assets
Delaware Tax-Free USA Intermediate Fund


Net Asset Value and Offering Price Per Share –
Delaware Tax-Free USA Intermediate Fund
Net asset value Class A (A)	$	12.29
Sales charge (2.75% of offering price) (B)		0.35
Offering price	$	12.64

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $100,000 or more.

See accompanying notes, which are an integral part of the financial statements.

Delaware National High-Yield Municipal Bond Fund

February 29, 2012 (Unaudited)

		Principal amount			Value
Municipal Bonds – 97.27%
Corporate Revenue Bonds – 24.26%
	Allegheny County, Pennsylvania Industrial Development
	Authority Revenue (Environmental Improvement -
	U.S. Steel Corp. Project) 6.875% 5/1/30		$ 300,000	$	324,531
	Buckeye, Ohio Tobacco Settlement Financing Authority
	Asset-Backed Series A-2
	5.875% 6/1/47		3,500,000		2,612,365
	6.50% 6/1/47		8,405,000		6,885,459
	Butler County, Pennsylvania Industrial Development
	Authority Revenue (AK Steel Holding)
	Series A 6.25% 6/1/20 (AMT)		1,275,000		1,298,690
	California State Enterprise Development Authority Revenue
	(Sunpower Corp. - Recovery Zone Facility) 8.50% 4/1/31		1,000,000		1,069,760
	Capital Trust Agency, Florida Revenue (Million Air One)
	7.75% 1/1/41 (AMT)		1,700,000		1,788,468
	Cass County, Texas Industrial Development Corporation
	Environmental Improvement Revenue (International
	Paper Co. Project) Series A 6.00% 9/1/25 (AMT)		1,000,000		1,010,460
	Chicago, Illinois O’Hare International Airport Special
	Facilities Revenue (American Airlines Inc. Project)
	5.50% 12/1/30		1,130,000		311,383
	Cloquet, Minnesota Pollution Control Revenue
	(Potlatch Corp. Project) 5.90% 10/1/26		1,605,000		1,609,253
	Columbus County, North Carolina Industrial Facilities &
	Pollution Control Financing (International Paper Co.
	Project) Series A 5.70% 5/1/34		1,000,000		1,054,990
	Cook County, Illinois Revenue (NaviStar International -
	Recovery Zone Facility) 6.50% 10/15/40		1,000,000		1,074,990
	Dallas - Fort Worth, Texas International Airport Facility
	Improvement Corporation Revenue Subseries 3
	9.125% 5/1/29 (AMT)		970,000		262,269
	De Soto Parish, Louisiana Environmental Improvement
	Revenue (International Paper Co. Project) Series A
	6.35% 2/1/25 (AMT)		1,650,000		1,660,808
	Delaware State Economic Development Authority Revenue
	Exempt Facilities (Indian River Power) 5.375% 10/1/45		1,600,000		1,633,568
	Golden State, California Tobacco Securitization Corporate
	Settlement Revenue Refunding
	5.00% 6/1/45 (AMBAC)		1,000,000		1,003,350
	Asset-Backed Senior Notes Series A-1 5.75% 6/1/47		10,510,000		8,073,045

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount			Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Gulf Coast, Texas Waste Disposal Authority Revenue
	(Valero Energy Corp. Project) 6.65% 4/1/32 (AMT)		$1,000,000	$	1,001,260
	Houston, Texas Airport System Revenue (Continental
	Airlines) Series A 6.625% 7/15/38 (AMT)		2,000,000		2,069,640
	Illinois Finance Authority Revenue (NaviStar International -
	Recovery Zone Facility) 6.50% 10/15/40		1,000,000		1,074,990
	Illinois Railsplitter Tobacco Settlement Authority
	5.25% 6/1/21		1,000,000		1,147,080
	6.00% 6/1/28		1,455,000		1,630,895
	Indiana State Finance Authority Environmental Revenue
	(U.S. Steel Corp. Project) 6.00% 12/1/26		935,000		956,262
	Louisiana Local Government Environmental Facilities &
	Community Development Authority Revenue
	(Westlake Chemical Corp.) Series A-1 6.50% 11/1/35		3,000,000		3,360,330
	Love Field Airport Modernization Corporation,
	Texas Special Facilities Revenue
	(Southwest Airlines Co. Project) 5.25% 11/1/40		2,000,000		2,076,020
	Maryland Economic Development Corporation Facilities
	Revenue (CNX Marine Terminals Inc.) 5.75% 9/1/25		1,530,000		1,593,005
	Michigan Tobacco Settlement Financing Authority
	Revenue Asset-Backed Series A 6.00% 6/1/48		555,000		421,151
	Mississippi Business Finance Corporation Pollution
	Control Revenue (System Energy Resources, Inc. Project)
	5.90% 5/1/22		1,900,000		1,906,612
	M-S-R Energy Authority, California Gas Revenue
	Series C 6.50% 11/1/39		1,000,000		1,233,620
	New Jersey Economic Development Authority Special
	Facility Revenue (Continental Airlines Inc. Project)
	6.40% 9/15/23 (AMT)		1,000,000		1,001,290
	New York City, New York Industrial Development Agency
	Special Facilities Revenue
	•(American Airlines - JFK International Airport)
	7.75% 8/1/31 (AMT)		1,000,000		948,670
	(JetBlue Airways Corp. Project) 5.125% 5/15/30 (AMT)		1,000,000		869,080
	New York Liberty Development Corporation Revenue
	(Goldman Sachs Headquarters) 5.25% 10/1/35		2,000,000		2,218,120
	(Second Priority - Bank of America Tower)
	Class 2 5.625% 7/15/47		1,000,000		1,056,550
	Class 3 6.375% 7/15/49		2,500,000		2,719,700

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Ohio County, Kentucky Pollution Control Revenue
	(Big Rivers Electric Corp. Project) Series A 6.00% 7/15/31		$1,250,000	$	1,333,475
	Ohio State Air Quality Development Authority Revenue
	(AK Steel Holding) 6.75% 6/1/24 (AMT)		1,000,000		1,020,050
	Pennsylvania Economic Development Financing Authority
	Exempt Facilities Revenue (Allegheny Energy Supply Co.)
	7.00% 7/15/39		1,175,000		1,354,423
	Phenix City, Alabama Industrial Development Board
	Environmental Improvement Revenue
	(Mead Westvaco Corp. Project)
	Series A 6.35% 5/15/35 (AMT)		500,000		500,295
	Rockport, Indiana Revenue
	(AK Steel Holding) 7.00% 6/1/28 (AMT)		1,210,000		1,228,041
	St. John Baptist Parish, Louisiana Revenue
	(Marathon Oil Corp.) Series A 5.125% 6/1/37		1,900,000		1,970,110
	Sweetwater County, Wyoming Solid Waste Disposal
	Revenue (FMC Corp. Project)
	5.60% 12/1/35 (AMT)		1,000,000		1,012,990
	Tobacco Securitization Authority, Minnesota Tobacco
	Settlement Revenue Series B 5.25% 3/1/31		4,000,000		4,359,000
	Toledo, Lucas County, Ohio Port Authority Development
	Revenue (Toledo Express Airport Project)
	Series C 6.375% 11/15/32 (AMT)		1,000,000		1,008,450
					72,744,498
Education Revenue Bonds – 19.83%
	Allegheny County, Pennsylvania Higher Education Building
	Authority Revenue (Carnegie Mellon University)
	Series A 5.00% 3/1/24		1,000,000		1,228,750
	Arlington, Virginia Higher Education Finance
	(Arlington Classic Academy) 7.65% 8/15/40		1,000,000		1,035,450
	Bowling Green, Ohio Student Housing Revenue CFP I
	(State University Project) 6.00% 6/1/45		1,250,000		1,298,463
	California Municipal Finance Authority Revenue
	(Azusa Pacific University Project) Series B 7.75% 4/1/31		1,000,000		1,114,110
	(Southwestern Law School) 6.50% 11/1/41		1,500,000		1,615,875
	California Statewide Communities Development Authority
	Charter School Revenue (Green Dot Public Schools)
	Series A 7.25% 8/1/41		915,000		972,993

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Statewide Communities Development Authority
	Revenue (California Baptist University Project)
	7.50% 11/1/41		$1,000,000	$	1,118,100
	Series A 5.50% 11/1/38		1,000,000		950,350
	California Statewide Communities Development Authority
	School Facility Revenue (Aspire Public Schools Project)
	6.00% 7/1/40		1,000,000		1,039,050
	Chattanooga, Tennessee Health Educational & Housing
	Facilities Board Revenue (CDFI Phase I, LLC Project)
	Series A 5.125% 10/1/35		1,000,000		980,500
	Subordinate Series B 6.00% 10/1/35		1,500,000		1,509,015
	Clifton, Texas Higher Education Finance
	Corporation Revenue
	(Idea Public Schools) 5.75% 8/15/41		1,000,000		1,034,620
	(Uplift Education) Series A 6.25% 12/1/45		1,000,000		1,097,330
	Delaware County, Pennsylvania Industrial Development
	Authority Charter School Revenue
	(Chester Community Charter School)
	Series A 6.125% 8/15/40		855,000		836,395
	Florida State Development Finance Corporation
	Educational Facilities Revenue
	(Bay Area Charter Foundation) Series A 7.75% 6/15/42		1,500,000		1,545,345
	Gainesville, Georgia Redevelopment Authority Educational
	Facilities Revenue (Riverside Military Academy Project)
	5.125% 3/1/37		1,850,000		1,478,021
	Idaho Housing & Financing Association Nonprofit
	Facilities Revenue (North Star Charter School Project)
	Series A 9.50% 7/1/39		1,000,000		1,088,220
	Illinois Finance Authority Charter School Revenue
	(Uno Charter School) Series A 7.125% 10/1/41		1,000,000		1,043,490
	Illinois Finance Authority Student Housing Revenue
	(Dekalb II - Northern Illinois University Project)
	6.875% 10/1/43		1,000,000		1,108,180
	Indiana State Finance Authority Revenue Educational
	Facilities (Drexel Foundation - Thea Bowman Academy
	Charter School) Series A 7.00% 10/1/39		1,000,000		1,076,570
	Iowa Higher Education Loan Authority Revenue
	(Private College Facilities) 6.00% 9/1/39		2,145,000		2,256,174

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Louisiana Public Facilities Authority Revenue
	(Lake Charles Charter Academy Foundation)
	8.00% 12/15/41		$1,500,000	$	1,538,580
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 7.00% 6/15/39		1,345,000		1,368,712
	Maryland State Economic Development Corporation
	Student Housing Revenue (University of Maryland
	College Park Projects) 5.75% 6/1/33		1,130,000		1,220,558
	Maryland State Health & Higher Educational Facilities
	Authority Revenue
	(Patterson Park Public Charter School)
	Series A 6.125% 7/1/45		1,000,000		1,015,530
	@(Washington Christian Academy Project)
	Series A 5.50% 7/1/38		1,170,000		511,758
	Massachusetts Health & Educational Facilities
	Authority Revenue (Springfield College)
	5.625% 10/15/40		1,000,000		1,042,060
	Massachusetts State Development Finance Agency Revenue
	(Harvard University) Series B-1 5.00% 10/15/20		1,510,000		1,932,664
	Michigan Finance Authority Limited Obligation
	Revenue (Public School Academy)
	(Old Redford) Series A 6.50% 12/1/40		900,000		899,883
	(University Learning) 7.50% 11/1/40		1,000,000		1,054,530
	(Voyageur) 8.00% 7/15/41		1,250,000		1,269,550
	Michigan Public Educational Facilities Authority
	Revenue (Limited-Obligation-Landmark Academy)
	7.00% 12/1/39		950,000		968,915
	Minnesota Higher Education Facilities Authority
	Revenue (Bethel University) Series 6-R 5.50% 5/1/37		1,000,000		1,013,830
	New Castle County, Delaware Revenue
	(Newark Charter School Inc. Project) 5.00% 9/1/36		500,000		474,295
	New Jersey Economic Development Authority Revenue
	(Provident Group - Montclair) 5.875% 6/1/42		1,500,000		1,616,130
	New Jersey State Educational Facilities Authority Revenue
	(University of Medicine & Dentistry)
	Series B 7.50% 12/1/32		1,000,000		1,222,320
	Oregon State Facilities Authority Revenue (College
	Housing Northwest Project) Series A 5.45% 10/1/32		1,000,000		954,730

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
#	Oregon State Facilities Authority Revenue
	(Concordia University Project) Series A 144A
	6.125% 9/1/30		$1,000,000	$	1,053,800
	6.375% 9/1/40		500,000		531,145
	Pennsylvania State Higher Educational Facilities
	Authority Revenue
	(Edinboro University Foundation) 5.80% 7/1/30		1,300,000		1,381,042
	(Edinboro University Student Housing) 6.00% 7/1/42		1,000,000		1,048,150
	•(Foundation Indiana University)
	Series A 1.039% 7/1/39 (SGI)		2,400,000		1,349,424
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue
	(Discovery Charter School Project)
	5.875% 4/1/32		450,000		453,204
	6.25% 4/1/37		500,000		508,945
	(First Philadelphia Charter Project)
	Series A 5.75% 8/15/32		745,000		720,639
	(Global Leadership Academy Project) 6.375% 11/15/40		1,000,000		1,013,200
	Philadelphia, Pennsylvania Redevelopment Authority
	Revenue (Beech Student Housing Complex Project)
	Series A 5.50% 7/1/35 (ACA)		1,500,000		1,273,305
	Private Colleges & Universities Authority, Georgia
	Revenue (Mercer University) Series A 5.00% 10/1/32		605,000		619,792
	Provo, Utah Charter School Revenue (Freedom Academy
	Foundation Project) 5.50% 6/15/37		910,000		747,265
	San Juan, Texas Higher Education Finance Authority
	Education Revenue (Idea Public Schools)
	Series A 6.70% 8/15/40		2,000,000		2,254,240
	Utah State Charter School Finance Authority Revenue
	(North Davis Preparatory) 6.375% 7/15/40		1,290,000		1,294,025
	Wyoming Community Development Authority Student
	Housing Revenue (CHF-Wyoming, LLC) 6.50% 7/1/43		1,000,000		1,068,410
	Yonkers, New York Economic Development Corporation
	Education Revenue (Charter School Educational Excellence)
	6.25% 10/15/40		595,000		599,278
					59,446,910

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds – 23.86%
	Abag, California Finance Authority for Nonprofit
	Corporations Refunding (Episcopal Senior Communities)
	6.125% 7/1/41		$1,650,000	$	1,768,586
	Apple Valley, Minnesota Economic Development Authority
	Health Care Revenue (Augustana Home St. Paul Project)
	Series A 6.00% 1/1/40		1,000,000		1,005,340
	Bexar County, Texas Health Facilities Development
	Corporation Revenue (Army Retirement Residence Project)
	5.875% 7/1/30		1,000,000		1,079,860
	Brevard County, Florida Health Facilities Authority
	Health Care Facilities Revenue
	(Health First Inc. Project) 7.00% 4/1/39		1,000,000		1,170,420
	Butler County, Pennsylvania Hospital Authority Revenue
	(Butler Health System Project) 7.125% 7/1/29		900,000		1,069,407
	California Municipal Finance Authority Revenue
	(Eisenhower Medical Center) Series A 5.75% 7/1/40		1,000,000		1,045,350
	California Statewide Communities Development
	Authority Revenue (Senior Living - Southern California)
	7.25% 11/15/41		500,000		556,490
	Cleveland - Cuyahoga County, Ohio Port Authority
	Revenue Senior Housing (St. Clarence - Geac)
	Series A 6.25% 5/1/38		1,000,000		888,650
	Colorado Health Facilities Authority Revenue
	(Christian Living Community Project)
	Series A 5.75% 1/1/37		1,990,000		1,992,308
	Cumberland County, Pennsylvania Municipal Authority
	Revenue (Diakon Lutheran Ministries Project)
	5.00% 1/1/36		1,000,000		1,004,620
	6.375% 1/1/39		1,000,000		1,077,530
	East Rochester, New York Housing Authority Revenue
	Refunding (Senior Living - Woodland Village Project)
	5.50% 8/1/33		1,200,000		1,085,292
	Gainesville & Hall County, Georgia Development
	Authority Revenue Senior Living Facilities
	(Lanier Village Estates Project)
	Series C 7.25% 11/15/29		1,000,000		1,002,270
	Hawaii Pacific Health Special Purpose Revenue
	Series A 5.50% 7/1/40		1,250,000		1,312,525

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Hawaii State Department Budget & Finance Special
	Purpose Senior Living Revenue (Craigside Project)
	Series A 9.00% 11/15/44		$1,000,000	$	1,178,830
	Illinois Finance Authority Revenue
	(Admiral at Lake Project) 8.00% 5/15/46		1,500,000		1,532,220
	(Provena Health) Series A 7.75% 8/15/34		1,000,000		1,243,840
	(Silver Cross & Medical Centers) 7.00% 8/15/44		1,000,000		1,118,630
	Illinois Health Facilities Authority Revenue
	(Elmhurst Memorial Healthcare Project) 5.625% 1/1/28		1,000,000		1,013,750
	Indiana Finance Authority Hospital Revenue
	(King’s Daughters Hospital & Health) 5.50% 8/15/45		1,000,000		995,420
	Kentucky Economic Development Finance Authority
	Hospital Revenue (Owensboro Medical Health System)
	Series A 6.50% 3/1/45		1,000,000		1,132,500
	Koyukuk, Alaska Revenue (Tanana Chiefs Conference
	Health Care Facility Project) 7.75% 10/1/41		1,750,000		1,846,075
	Lancaster County, Pennsylvania Hospital Authority Revenue
	(Brethren Village Project) Series A 6.375% 7/1/30		725,000		748,766
	Lebanon County, Pennsylvania Health Facilities Authority
	Center Revenue (Pleasant View Retirement)
	Series A 5.30% 12/15/26		1,000,000		986,010
	Louisiana Public Facilities Authority Revenue
	(Ochsner Clinic Foundation Project) 6.50% 5/15/37		1,705,000		1,946,547
	Lucas County, Ohio Health Care Facilities Revenue
	(Sunset Retirement Communities) 5.50% 8/15/30		1,000,000		1,066,420
	Lucas County, Ohio Refunding & Improvement
	(Luthern Homes) Series A 7.00% 11/1/45		2,000,000		2,146,040
	Maine Health & Higher Educational Facilities Authority
	Revenue (Maine General Medical Center)
	6.75% 7/1/41		1,700,000		1,849,532
	Martin County, Florida Health Facilities Authority Revenue
	(Martin Memorial Medical Center) 5.50% 11/15/42		1,000,000		1,033,740
	Maryland State Health & Higher Educational Facilities
	Authority Revenue (Doctors Community Hospital)
	5.75% 7/1/38		1,500,000		1,546,935
	Missouri State Health & Educational Facilities Authority
	(Lutheran Senior Services) 6.00% 2/1/41		1,000,000		1,071,600

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Montgomery County, Pennsylvania Industrial Development
	Authority Revenue (Meeting - Whitemarsh Continuing
	Care) 6.25% 2/1/35		$1,500,000	$	1,385,205
	New Hampshire Health & Education Facilities Authority
	(Rivermeade) Series A 6.875% 7/1/41		1,380,000		1,453,126
	New Jersey Health Care Facilities Financing
	Authority Revenue
	(St. Josephs Healthcare System) 6.625% 7/1/38		860,000		918,686
	(St. Peters University Hospital) 6.25% 7/1/35		2,700,000		3,022,946
	(Trinitas Hospital Obligation Group)
	Series A 5.25% 7/1/30		1,240,000		1,244,489
	New York State Dormitory Authority Revenue
	Non State Supported Debt
	(New York University Hospitals Center)
	Series A 5.75% 7/1/31		910,000		1,016,115
	(Orange Regional Medical Center) 6.25% 12/1/37		1,500,000		1,546,830
	North Carolina Medical Care Commission Health Care
	Facilities Revenue
	(First Mortgage - Galloway Ridge Project) 6.00% 1/1/39		1,520,000		1,586,910
	(First Mortgage - Presbyterian Homes) 5.60% 10/1/36		1,000,000		999,940
	Pennsylvania Economic Development Financing Authority
	Health System Revenue (Albert Einstein Healthcare)
	Series A 6.25% 10/15/23		1,100,000		1,249,347
	Philadelphia, Pennsylvania Hospitals & Higher Education
	Facilities Authority Hospital Revenue (Temple University
	Health System) Series A 5.50% 7/1/30		2,000,000		2,044,800
	Richland County, Ohio Hospital Facilities Revenue
	(Medcentral Health System Project)
	Series B 6.375% 11/15/30		500,000		505,090
•	Rochester, Minnesota Health Care Facilities Revenue
	(Mayo Clinic) Series C 4.50% 11/15/38		1,000,000		1,201,930
	San Buenaventura, California Revenue (Community
	Memorial Health Systems) 7.50% 12/1/41		2,475,000		2,790,711
	South Carolina Jobs - Economic Development Authority
	Hospital Revenue (Palmetto Health) 5.75% 8/1/39		915,000		996,389
	St. Johns County, Florida Industrial Development
	Authority Revenue (Presbyterian Retirement)
	Series A 5.875% 8/1/40		1,000,000		1,066,220

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Louis Park, Minnesota Health Care Facilities Revenue
	(Park Nicollet Health Services) 5.75% 7/1/39	$	500,000	$	551,300
	St. Paul, Minnesota Housing & Redevelopment Authority
	Hospital Revenue (Health East Project) 6.00% 11/15/30		2,000,000		2,031,620
	Suffolk County, New York Economic Development
	Corporation Revenue (Peconic Landing Southland)
	6.00% 12/1/40		575,000		618,482
	Travis County, Texas Health Facilities Development
	Corporation Revenue (Westminister Manor Project)
	7.125% 11/1/40		1,000,000		1,094,180
	Washington State Health Care Facilities Authority
	Revenue (Multicare Health System)
	Series B 6.00% 8/15/39 (ASSURED GTY)		1,250,000		1,420,138
	West Virginia Hospital Finance Authority (Highland
	Hospital Obligation Group) 9.125% 10/1/41		2,000,000		2,248,060
	Winchester, Virginia Industrial Development Authority
	Residential Care Facility Revenue (Westminster-
	Canterbury Project) Series A 5.30% 1/1/35		1,000,000		1,010,020
	Yavapai County, Arizona Industrial Development Authority
	Hospital Revenue (Yavapai Medical Center)
	Series A 6.00% 8/1/33		1,000,000		1,016,880
					71,534,917
Housing Revenue Bonds – 1.04%
	California Municipal Finance Authority Mobile Home Park
	Revenue (Senior - Caritas Projects) Series A
	5.50% 8/15/47		1,500,000		1,485,000
	6.40% 8/15/45		1,580,000		1,632,835
					3,117,835
Lease Revenue Bonds – 7.09%
	Capital Area Cultural Education Facilities Finance
	Corporation Texas Revenue (Roman Catholic Diocese)
	Series B 6.125% 4/1/45		1,000,000		1,082,340
	Capital Trust Agency Florida Revenue
	(Air Cargo - Aero Miami) Series A 5.35% 7/1/29		1,000,000		996,010
	(Fort Lauderdale/Cargo Acquisition Project)
	5.75% 1/1/32 (AMT)		550,000		476,812
	District of Columbia Revenue (Center of Strategic &
	International Studies) 6.625% 3/1/41		1,000,000		1,064,450

		Principal amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Hudson, New York Yards Infrastructure Corporation
	Revenue Series A 5.75% 2/15/47		$2,500,000	$	2,829,725
	Missouri State Development Finance Board Infrastructure
	Facilities Revenue (Branson Landing Project)
	Series A 5.50% 12/1/24		720,000		754,042
	New York City, New York Industrial Development Agency
	Special Airport Facilities Revenue (Airis JFK I, LLC
	Project) Series A 5.50% 7/1/28 (AMT)		905,000		841,469
	New York State Liberty Development Corporation Liberty
	Revenue (World Trade Center Project) 5.75% 11/15/51		7,485,000		8,520,325
	Oklahoma City, Oklahoma Industrial & Cultural Facilities
	Subordinated (Air Cargo - Obligated Group)
	6.75% 1/1/23 (AMT)		1,160,000		1,082,477
	Onondaga County, New York Industrial Development
	Authority Revenue Subordinated (Air Cargo Project)
	7.25% 1/1/32 (AMT)		500,000		476,260
	Puerto Rico Public Finance Corporation Revenue
	(Commonwealth Appropriation) Series B 5.50% 8/1/31		1,880,000		2,044,838
	Wise County, Texas (Parker County Junior College District)
	8.00% 8/15/34		1,000,000		1,087,050
					21,255,798
§Pre-Refunded Bond – 0.34%
	California Statewide Communities Development
	Authority Revenue (East Campus Apartments, LLC)
	Series A 5.625% 8/1/34-12 (ACA)		1,000,000		1,023,220
					1,023,220
Resource Recovery Revenue Bond – 0.35%
	Mission Economic Development, Dallas Texas Clean
	Energy Revenue (McCommas) 6.875% 12/1/24 (AMT)		1,000,000		1,050,480
					1,050,480
Special Tax Revenue Bonds – 9.01%
	Anne Arundel County, Maryland Special Obligation Revenue
	(National Business Park - North Project) 6.10% 7/1/40		1,725,000		1,786,910
	Baltimore, Maryland Convention Center Hotel Revenue
	Subordinated Series B 5.875% 9/1/39		1,000,000		986,570
	Bonita Canyon, California Public Facilities Financing
	Authority (Community Facilities District #98-1)
	5.00% 9/1/28		700,000		722,050

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Brooklyn Arena Local Development Corporation, New York
	Pilot Revenue (Barclays Center Project)
	6.25% 7/15/40	$	2,000,000	$	2,161,001
	6.50% 7/15/30		1,175,000		1,302,229
	Dutchess County, New York Local Development
	Corporation Revenue (Anderson Center
	Services Inc. Project) 6.00% 10/1/30		2,000,000		2,079,400
@	Farms New Kent, Virginia Community Development
	Authority Special Assessment Series C 5.80% 3/1/36		1,000,000		615,450
	Henderson, Nevada Local Improvement Districts #T-18
	5.30% 9/1/35		655,000		352,652
	Lancaster, California Redevelopment Agency Tax
	Allocation Revenue (Combined Redevelopment
	Project Areas) 6.875% 8/1/39		500,000		535,250
	Mosaic, Virginia District Community Development
	Authority Revenue Series A 6.875% 3/1/36		1,500,000		1,632,720
	Nampa Development Corporation, Idaho Revenue
	5.90% 3/1/30		2,000,000		2,127,720
	New Jersey Economic Development Authority Revenue
	(Cigarette Tax) 5.75% 6/15/34		965,000		1,000,001
	New York City, New York Industrial Development Agency
	(Pilot - Queens Baseball Stadium) 5.00% 1/1/22 (AMBAC)		1,000,000		1,006,760
	(Yankee Stadium) 7.00% 3/1/49 (ASSURED GTY)		1,000,000		1,183,390
	Norco, California Redevelopment Agency Tax Allocation
	(Area #1 Project) 6.00% 3/1/36		1,000,000		1,072,460
	Puerto Rico Sales Tax Financing Corporation Tax Revenue
	^(Capital Appreciation) Series A 6.75% 8/1/32		730,000		714,728
	Series A 5.75% 8/1/37		800,000		895,376
	Richmond Heights, Missouri Tax Increment & Transaction
	Sales Tax Revenue Refunding & Improvement (Francis
	Place Redevelopment Project) 5.625% 11/1/25		1,200,000		1,183,596
	Roseville Westpark, California Community Facilities
	District #1 (Special Tax Public Facilities) 5.25% 9/1/37		600,000		559,356
	San Mateo, California Special Tax Revenue
	(Community Facilities District #2008-1-Bay Meadows)
	6.00% 9/1/42		705,000		722,103

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
@	St. Joseph, Missouri Industrial Development
	Authority Tax Increment Revenue
	(Shoppes at North Village Project) Series A
	5.375% 11/1/24		$	1,000,000	$	977,030
	5.50% 11/1/27			500,000		485,150
	St. Louis, Missouri Industrial Development Authority
	Tax Increment Revenue Improvement (Grand Center
	Redevelopment Project) 6.375% 12/1/25			1,200,000		1,253,892
	Winter Garden Village at Fowler Groves Community
	Development District, Florida Special Assessment
	Revenue 5.65% 5/1/37			945,000		956,453
^	Wyandotte County, Kansas City, Kansas Unified
	Government Special Obligation Revenue
	(Capital Appreciation - Sales Tax Subordinate Lien)
	6.07% 6/1/21			1,040,000		689,770
						27,002,017
State General Obligation Bonds – 1.92%
	Puerto Rico Commonwealth Public Improvement
	Series A 5.75% 7/1/41			2,000,000		2,192,780
	State of California Various Purposes 5.00% 9/1/41			1,000,000		1,069,040
	State of New York Series A 5.25% 2/15/24			2,000,000		2,506,400
						5,768,220
Transportation Revenue Bonds – 8.77%
	Central Texas Regional Mobility Authority Revenue
	Senior Lien 6.00% 1/1/41			1,890,000		2,033,338
	Subordinate Lien 6.75% 1/1/41			1,000,000		1,069,870
	Houston, Texas Airport System Revenue Refunding
	Subordinate Lien Series A 5.00% 7/1/25 (AMT)			1,000,000		1,104,730
	Maryland Economic Development Corporation Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35			1,000,000		1,057,760
	New York Liberty Development Corporation Liberty
	Revenue (1 World Trade Center) 5.00% 12/15/41			1,000,000		1,097,750
	Pennsylvania State Turnpike Commission (Motor License
	Fund) Subordinated Series B 5.00% 12/1/41			1,000,000		1,101,710
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal) 6.00% 12/1/42			1,970,000		2,204,115

Statements of net assets
Delaware National High-Yield Municipal Bond Fund

		Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Regional Transportation District, Colorado Private Activity
	Revenue (Denver Transit Partners) 6.00% 1/15/41		$	1,000,000	$	1,078,340
	Sacramento County, California Airport System Revenue
	(PFC/Grant) Series C 6.00% 7/1/41			1,000,000		1,109,170
	St. Louis, Missouri Airport Revenue (Lambert-St Louis
	International) Series A-1 6.625% 7/1/34			1,090,000		1,268,466
	Texas Private Activity Bond Surface Transportation
	Corporate Senior Lien
	(LBJ Infrastructure)
	7.00% 6/30/40			7,000,000		7,980,069
	7.50% 6/30/33			500,000		598,265
	(Mobility Partners) 6.875% 12/31/39			4,055,000		4,607,332
						26,310,915
Water & Sewer Revenue Bonds – 0.80%
	Puerto Rico Commonwealth Aqueduct & Sewer
	Authority Senior Lien Series A
	5.25% 7/1/42			520,000		520,744
	6.00% 7/1/47			1,730,000		1,866,030
						2,386,774
Total Municipal Bonds (cost $277,352,415)						291,641,584

Short-Term Investments – 1.40%
¤Variable Rate Demand Notes – 1.40%
	California State Infrastructure & Economic Development
	Bank Revenue (Los Angeles Museum)
	Series A 0.08% 9/1/37 (LOC – Wells Fargo Bank)			400,000		400,000
	Colorado State Educational & Cultural Facilities Authority
	Revenue (Oaks Christian School Project)
	0.11% 5/1/33 (LOC – U.S. Bank)			250,000		250,000
	Lancaster County, Pennsylvania Hospital Authority
	Revenue (Masonic Homes Project)
	Series D 0.15% 7/1/34 (LOC – JPMorgan Chase Bank)			550,000		550,000
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue (Newcourtland Elder Services
	Project) 0.12% 3/1/27 (LOC – PNC Bank)			3,000,000		3,000,000
	Total Short-Term Investments (cost $4,200,000)					4,200,000

			Value

Total Value of Securities – 98.67%
	(cost $281,552,415)	$	295,841,584
Receivables and Other Assets
	Net of Liabilities – 1.33%		3,981,415
Net Assets Applicable to 29,208,472
	Shares Outstanding – 100.00%	$	299,822,999

Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class A ($161,823,807 / 15,817,464 Shares)			$10.23
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class B ($761,255 / 74,272 Shares)			$10.25
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class C ($51,805,375 / 5,042,799 Shares)			$10.27
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Institutional Class ($85,432,562 / 8,273,937 Shares)			$10.33

Components of Net Assets at February 29, 2012:
Shares of beneficial interest (unlimited authorization – no par)		$	289,558,484
Distribution in excess of net investment income			(4,102		)
Accumulated net realized loss on investments			(4,020,552		)
Net unrealized appreciation of investments			14,289,169
Total net assets		$	299,822,999

•	Variable rate security. The rate shown is the rate as of February 29, 2012. Interest rates reset periodically.
@	Illiquid security. At February 29, 2012, the aggregate value of illiquid securities was $2,589,388, which represented 0.86% of the Fund’s net assets. See Note 8 in “Notes to Financial Statements.”
§	Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 29, 2012, the aggregate value of Rule 144A securities was $1,584,945, which represented 0.53% of the Fund’s net assets. See Note 8 in “Notes to Financial Statements.”

Statements of net assets
Delaware National High-Yield Municipal Bond Fund


^	Zero coupon security. The rate shown is the yield at the time of purchase.
¤	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. The rate shown is the rate as of February 29, 2012.

Summary of abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum Tax
ASSURED GTY — Insured by the Assured Guaranty Corporation
CDFI — Community Development Financial Institutions
LOC — Letter of Credit
SGI — Insured by Syncora Guarantee Inc.

Net Asset Value and Offering Price Per Share –
Delaware National High-Yield Municipal Bond Fund
Net asset value Class A (A)	$	10.23
Sales charge (4.50% of offering price) (B)		0.48
Offering price	$	10.71

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $100,000 or more.

See accompanying notes, which are an integral part of the financial statements.

Statements of operations

Six Months Ended February 29, 2012 (Unaudited)

		Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund				Delaware National High-Yield Municipal Bond Fund
Investment Income:
	Interest	$	15,577,241			$	15,119,379			$	7,329,267

Expenses:
	Management fees		1,703,208				1,976,348				677,553
	Distribution expenses – Class A		718,183				667,682				182,284
	Distribution expenses – Class B		11,431				993				3,797
	Distribution expenses – Class C		158,220				317,422				227,902
	Dividend disbursing and transfer
	agent fees and expenses		223,015				335,581				93,271
	Accounting and administration expenses		124,162				158,441				48,427
	Registration fees		52,386				49,873				33,830
	Legal fees		27,555				32,235				11,195
	Reports and statements to shareholders		20,587				32,739				8,245
	Trustees’ fees		16,709				21,241				6,415
	Audit and tax		11,606				17,181				11,133
	Pricing fees		7,969				11,818				8,863
	Custodian fees		6,114				7,771				2,543
	Dues and services		5,007				5,109				3,376
	Insurance fees		4,843				6,205				2,051
	Consulting fees		2,456				2,997				894
	Trustees’ expenses		1,447				1,833				558
			3,094,898				3,645,469				1,322,337
	Less expenses absorbed or waived		(438,466	)			(242,279	)			(170,539	)
	Less waived distribution expenses – Class A		—				(333,841	)			—
	Less expense paid indirectly		(100	)			(120	)			(27	)
	Total operating expenses		2,656,332				3,069,229				1,151,771
Net Investment Income			12,920,909				12,050,150				6,177,496

		Delaware Tax-Free USA Fund		Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Net Realized and Unrealized Gain:
	Net realized gain on investments	$	8,724,630		$	6,836,557		$	571,096
	Net change in unrealized appreciation
	(depreciation) of investments		25,521,869			23,058,703			15,056,712
Net Realized and Unrealized Gain			34,246,499			29,895,260			15,627,808

Net Increase in Net Assets
	Resulting from Operations	$	47,167,408		$	41,945,410		$	21,805,304

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets
Delaware Tax-Free USA Fund

			Six Months Ended 2/29/12			Year Ended 8/31/11
			(Unaudited)
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	12,920,909		$	27,971,525
	Net realized gain (loss)			8,724,630			(2,115,254	)
	Net change in unrealized appreciation (depreciation)			25,521,869			(14,131,063	)
	Net increase in net assets resulting from operations			47,167,408			11,725,208

Dividends and Distributions to Shareholders from:
	Net investment income:
		Class A		(12,135,007	)		(26,383,867	)
		Class B		(38,626	)		(137,957	)
		Class C		(532,967	)		(1,092,256	)
		Institutional Class		(214,309	)		(357,445	)
				(12,920,909	)		(27,971,525	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		10,202,103			136,032,754
		Class B		232			120,830
		Class C		3,233,656			6,817,145
		Institutional Class		5,569,160			9,076,630

	Net asset value of shares issued upon reinvestment
		of dividends and distributions:
		Class A		6,790,476			13,699,555
		Class B		26,679			77,774
		Class C		402,563			798,168
		Institutional Class		129,871			213,566
				26,354,740			166,836,422

	Six Months Ended 2/29/12			Year Ended 8/31/11
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(41,889,048	)	$	(127,465,062	)
Class B		(580,107	)		(2,707,795	)
Class C		(2,155,413	)		(6,487,428	)
Institutional Class		(2,637,585	)		(7,518,826	)
		(47,262,153	)		(144,179,111	)
Increase (decrease) in net assets derived from
capital share transactions		(20,907,413	)		22,657,311
Net Increase in Net Assets		13,339,086			6,410,994

Net Assets:
Beginning of period		631,651,120			625,240,126
End of period	$	644,990,206		$	631,651,120

Undistributed net investment income	$	66,895		$	66,895

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets
Delaware Tax-Free USA Intermediate Fund

	Six Months Ended 2/29/12			Year Ended 8/31/11
		(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	12,050,150		$	24,117,514
Net realized gain (loss)		6,836,557			(10,466,464	)
Net change in unrealized appreciation (depreciation)		23,058,703			(6,086,618	)
Net increase in net assets resulting from operations		41,945,410			7,564,432

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(6,689,621	)		(14,784,211	)
Class B		(2,163	)		(8,235	)
Class C		(683,740	)		(1,515,940	)
Institutional Class		(4,674,626	)		(7,809,145	)
		(12,050,150	)		(24,117,531	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		59,728,333			140,084,853
Class B		2,352			20,903
Class C		11,227,465			14,263,200
Institutional Class		66,711,590			174,138,184

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		4,980,850			10,808,489
Class B		1,285			4,659
Class C		560,639			1,166,302
Institutional Class		2,512,187			3,678,088
		145,724,701			344,164,678

	Six Months Ended 2/29/12			Year Ended 8/31/11
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(58,651,437	)	$	(175,715,728	)
Class B		(128,171	)		(273,313	)
Class C		(5,169,916	)		(18,651,985	)
Institutional Class		(40,186,449	)		(85,170,855	)
		(104,135,973	)		(279,811,881	)
Increase in net assets derived from
capital share transactions		41,588,728			64,352,797
Net Increase in Net Assets		71,483,988			47,799,698

Net Assets:
Beginning of period		786,683,454			738,883,756
End of period	$	858,167,442		$	786,683,454

Undistributed net investment income	$	16,208		$	16,208

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets
Delaware National High-Yield Municipal Bond Fund

	Six Months			Year
	Ended			Ended
	2/29/12			8/31/11
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,177,496		$	10,417,217
Net realized gain (loss)		571,096			(2,617,378	)
Net change in unrealized appreciation (depreciation)		15,056,712			(7,570,920	)
Net increase in net assets resulting from operations		21,805,304			228,919

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,709,569	)		(6,771,903	)
Class B		(16,482	)		(38,072	)
Class C		(988,341	)		(1,767,391	)
Institutional Class		(1,427,252	)		(1,748,678	)
		(6,141,644	)		(10,326,044	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		28,855,682			69,006,067
Class B		—			721
Class C		9,640,362			20,108,287
Institutional Class		49,981,931			52,126,539

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		2,832,814			4,714,720
Class B		9,556			21,607
Class C		810,688			1,323,516
Institutional Class		637,310			873,530
		92,768,343			148,174,987

	Six Months			Year
	Ended			Ended
	2/29/12			8/31/11
	(Unaudited)
Capital Share Transactions (continued):
�� Cost of shares repurchased:
Class A	$	(19,701,614	)	$	(65,639,157	)
Class B		(63,484	)		(317,507	)
Class C		(6,028,541	)		(11,190,907	)
Institutional Class		(13,073,419	)		(24,642,477	)
		(38,867,058	)		(101,790,048	)
Increase in net assets derived from
capital share transactions		53,901,285			46,384,939
Net Increase in Net Assets		69,564,945			36,287,814

Net Assets:
Beginning of period		230,258,054			193,970,240
End of period	$	299,822,999		$	230,258,054

Distributions in excess of net investment income	$	(4,102	)	$	(4,103	)

See accompanying notes, which are an integral part of the financial statements.

Financial highlights
Delaware Tax-Free USA Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.300		$11.630		$10.890		$10.970		$11.230		$11.570


	0.237		0.503		0.522		0.479		0.462		0.466
	0.620		(0.330	)	0.740		(0.081	)	(0.260	)	(0.337	)
	0.857		0.173		1.262		0.398		0.202		0.129


	(0.237	)	(0.503	)	(0.522	)	(0.478	)	(0.462	)	(0.469	)
	(0.237	)	(0.503	)	(0.522	)	(0.478	)	(0.462	)	(0.469	)

	$11.920		$11.300		$11.630		$10.890		$10.970		$11.230

	7.66%		1.65%		11.85%		3.91%		1.82%		1.08%


	$596,131		$589,175		$581,931		$536,420		$510,822		$735,584
	0.80%		0.80%		0.80%		0.84%		0.85%		0.87%

	0.94%		0.94%		0.95%		0.97%		0.94%		0.95%
	4.13%		4.52%		4.64%		4.60%		4.13%		4.03%

	3.99%		4.38%		4.49%		4.47%		4.04%		3.95%
	36%		49%		32%		66%		28%		36%

Financial highlights
Delaware Tax-Free USA Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.290		$11.620		$10.880		$10.960		$11.230		$11.570


	0.193		0.418		0.437		0.399		0.378		0.378
	0.630		(0.330	)	0.740		(0.080	)	(0.270	)	(0.337	)
	0.823		0.088		1.177		0.319		0.108		0.041


	(0.193	)	(0.418	)	(0.437	)	(0.399	)	(0.378	)	(0.381	)
	(0.193	)	(0.418	)	(0.437	)	(0.399	)	(0.378	)	(0.381	)

	$11.920		$11.290		$11.620		$10.880		$10.960		$11.230

	7.36%		0.89%		11.01%		3.13%		0.96%		0.32%


	$2,252		$2,682		$5,373		$8,168		$11,812		$17,286
	1.56%		1.56%		1.56%		1.60%		1.61%		1.63%

	1.70%		1.70%		1.71%		1.73%		1.70%		1.71%
	3.37%		3.76%		3.88%		3.84%		3.37%		3.27%

	3.23%		3.62%		3.73%		3.71%		3.28%		3.19%
	36%		49%		32%		66%		28%		36%

Financial highlights
Delaware Tax-Free USA Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.300		$11.630		$10.890		$10.970		$11.230		$11.570


	0.193		0.419		0.437		0.399		0.377		0.378
	0.630		(0.330	)	0.740		(0.080	)	(0.260	)	(0.337	)
	0.823		0.089		1.177		0.319		0.117		0.041


	(0.193	)	(0.419	)	(0.437	)	(0.399	)	(0.377	)	(0.381	)
	(0.193	)	(0.419	)	(0.437	)	(0.399	)	(0.377	)	(0.381	)

	$11.930		$11.300		$11.630		$10.890		$10.970		$11.230

	7.35%		0.88%		11.00%		3.13%		0.96%		0.41%


	$33,767		$30,552		$30,302		$20,542		$16,641		$16,871
	1.56%		1.56%		1.56%		1.60%		1.61%		1.63%

	1.70%		1.70%		1.71%		1.73%		1.70%		1.71%
	3.37%		3.76%		3.88%		3.84%		3.37%		3.27%

	3.23%		3.62%		3.73%		3.71%		3.28%		3.19%
	36%		49%		32%		66%		28%		36%

Financial highlights
Delaware Tax-Free USA Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Date of commencement of operations; ratios have been annualized and total return has not been annualized.

3 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

4 Portfolio turnover is representative of the Fund for the entire annual period.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended				12/31/08²to
2/29/12¹			8/31/11		8/31/10		8/31/09
(Unaudited)
	$11.380		$11.720		$10.890		$10.020


	0.253		0.534		0.549		0.322
	0.630		(0.340	)	0.830		0.870
	0.883		0.194		1.379		1.192


	(0.253	)	(0.534	)	(0.549	)	(0.322	)
	(0.253	)	(0.534	)	(0.549	)	(0.322	)

	$12.010		$11.380		$11.720		$10.890

	7.84%		1.83%		12.84%		12.15%


	$12,840		$9,242		$7,634		$1
	0.56%		0.56%		0.56%		0.60%
��
	0.70%		0.70%		0.71%		0.73%
	4.37%		4.76%		4.88%		4.84%

	4.23%		4.62%		4.73%		4.71%
	36%		49%		32%		66%	⁴

Financial highlights
Delaware Tax-Free USA Intermediate Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹				8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.850			$12.110		$11.460		$11.250		$11.210		$11.470


	0.179			0.381		0.423		0.388		0.383		0.414
	0.440			(0.260	)	0.650		0.210		0.041		(0.260	)
	0.619			0.121		1.073		0.598		0.424		0.154


	(0.179	)		(0.381	)	(0.423	)	(0.388	)	(0.384	)	(0.414	)
	(0.179	)		(0.381	)	(0.423	)	(0.388	)	(0.384	)	(0.414	)

	$12.290			$11.850		$12.110		$11.460		$11.250		$11.210

	5.27%			1.10%		9.53%		5.49%		3.83%		1.34%


	$467,234			$444,780		$481,004		$459,782		$407,729		$306,215
	0.75%			0.75%		0.75%		0.75%		0.75%		0.76%

	0.96%			0.98%		1.00%		1.03%		1.03%		1.03%
	3.00%			3.27%		3.59%		3.51%		3.38%		3.60%

	2.79%			3.04%		3.34%		3.23%		3.10%		3.33%
	31%			43%		27%		47%		28%		40%

Financial highlights
Delaware Tax-Free USA Intermediate Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹				8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.840			$12.100		$11.450		$11.240		$11.200		$11.460


	0.129			0.282		0.324		0.294		0.287		0.317
	0.440			(0.260	)	0.650		0.210		0.041		(0.260	)
	0.569			0.022		0.974		0.504		0.328		0.057


	(0.129	)		(0.282	)	(0.324	)	(0.294	)	(0.288	)	(0.317	)
	(0.129	)		(0.282	)	(0.324	)	(0.294	)	(0.288	)	(0.317	)

	$12.280			$11.840		$12.100		$11.450		$11.240		$11.200

	4.83%			0.25%		8.62%		4.61%		2.95%		0.48%


	$131			$249		$511		$861		$1,272		$1,786
	1.60%			1.60%		1.60%		1.60%		1.60%		1.61%

	1.66%			1.68%		1.70%		1.73%		1.73%		1.73%
	2.15%			2.42%		2.74%		2.66%		2.53%		2.75%

	2.09%			2.34%		2.64%		2.53%		2.40%		2.63%
	31%			43%		27%		47%		28%		40%

Financial highlights
Delaware Tax-Free USA Intermediate Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended							Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$11.850		$12.110		$11.450		$11.240		$11.200		$11.470


	0.129		0.282		0.323		0.294		0.287		0.317
	0.440		(0.260	)	0.660		0.210		0.041		(0.270	)
	0.569		0.022		0.983		0.504		0.328		0.047


	(0.129	)	(0.282	)	(0.323	)	(0.294	)	(0.288	)	(0.317	)
	(0.129	)	(0.282	)	(0.323	)	(0.294	)	(0.288	)	(0.317	)

	$12.290		$11.850		$12.110		$11.450		$11.240		$11.200

	4.83%		0.25%		8.70%		4.60%		2.95%		0.39%


	$69,377		$60,398		$65,343		$40,232		$24,880		$28,237
	1.60%		1.60%		1.60%		1.60%		1.60%		1.61%

	1.66%		1.68%		1.70%		1.73%		1.73%		1.73%
	2.15%		2.42%		2.74%		2.66%		2.53%		2.75%

	2.09%		2.34%		2.64%		2.53%		2.40%		2.63%
	31%		43%		27%		47%		28%		40%

Financial highlights
Delaware Tax-Free USA Intermediate Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴Portfolio turnover is representative of the Fund for the entire annual period.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended				12/31/08²to
2/29/12¹			8/31/11		8/31/10		8/31/09
(Unaudited)
	$11.970		$12.230		$11.460		$10.800


	0.190		0.402		0.424		0.269
	0.440		(0.260	)	0.770		0.660
	0.630		0.142		1.194		0.929


	(0.190	)	(0.402	)	(0.424	)	(0.269	)
	(0.190	)	(0.402	)	(0.424	)	(0.269	)

	$12.410		$11.970		$12.230		$11.460

	5.31%		1.28%		10.62%		8.68%


	$321,425		$281,256		$192,026		$1
	0.60%		0.60%		0.60%		0.60%

	0.66%		0.68%		0.70%		0.73%
	3.15%		3.42%		3.74%		3.65%

	3.09%		3.34%		3.64%		3.52%
	31%		43%		27%		47%	⁴

Financial highlights
Delaware National High-Yield Municipal Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹				8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$9.620			$10.090		$8.920		$9.510		$10.030		$10.320


	0.250			0.479		0.513		0.505		0.484		0.482
	0.609			(0.474	)	1.169		(0.595	)	(0.520	)	(0.290	)
	0.859			0.005		1.682		(0.090	)	(0.036	)	0.192


	(0.249	)		(0.475	)	(0.512	)	(0.500	)	(0.484	)	(0.482	)
	(0.249	)		(0.475	)	(0.512	)	(0.500	)	(0.484	)	(0.482	)

	$10.230			$9.620		$10.090		$8.920		$9.510		$10.030

	9.05%			0.23%		19.29%		(0.38%	)	(0.37%	)	1.82%


	$161,824			$140,629		$139,628		$68,812		$67,762		$65,143
	0.85%			0.85%		0.85%		0.90%		0.90%		0.91%

	0.99%			1.01%		1.04%		1.08%		1.04%		1.03%
	5.10%			5.03%		5.24%		6.06%		4.94%		4.66%

	4.96%			4.87%		5.05%		5.88%		4.80%		4.54%
	29%			57%		37%		67%		24%		37%

Financial highlights
Delaware National High-Yield Municipal Bond Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$9.640		$10.110		$8.940		$9.530		$10.050		$10.350


	0.214		0.408		0.442		0.440		0.410		0.404
	0.609		(0.474	)	1.169		(0.592	)	(0.520	)	(0.300	)
	0.823		(0.066	)	1.611		(0.152	)	(0.110	)	0.104


	(0.213	)	(0.404	)	(0.441	)	(0.438	)	(0.410	)	(0.404	)
	(0.213	)	(0.404	)	(0.441	)	(0.438	)	(0.410	)	(0.404	)

	$10.250		$9.640		$10.110		$8.940		$9.530		$10.050

	8.63%		(0.51%	)	18.37%		(1.11%	)	(1.12%	)	0.96%


	$761		$768		$1,118		$1,448		$3,135		$5,972
	1.60%		1.60%		1.60%		1.65%		1.65%		1.66%

	1.74%		1.76%		1.79%		1.83%		1.79%		1.78%
	4.35%		4.28%		4.49%		5.31%		4.19%		3.91%

	4.21%		4.12%		4.30%		5.13%		4.05%		3.79%
	29%		57%		37%		67%		24%		37%

Financial highlights
Delaware National High-Yield Municipal Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
2/29/12¹			8/31/11		8/31/10		8/31/09		8/31/08		8/31/07
(Unaudited)
	$9.660		$10.130		$8.960		$9.550		$10.070		$10.360


	0.214		0.409		0.442		0.441		0.410		0.404
	0.609		(0.474	)	1.169		(0.592	)	(0.520	)	(0.290	)
	0.823		(0.065	)	1.611		(0.151	)	(0.110	)	0.114


	(0.213	)	(0.405	)	(0.441	)	(0.439	)	(0.410	)	(0.404	)
	(0.213	)	(0.405	)	(0.441	)	(0.439	)	(0.410	)	(0.404	)

	$10.270		$9.660		$10.130		$8.960		$9.550		$10.070

	8.62%		(0.51%	)	18.33%		(1.11%	)	(1.12%	)	1.06%


	$51,805		$44,497		$36,384		$7,770		$6,998		$4,848
	1.60%		1.60%		1.60%		1.65%		1.65%		1.66%

	1.74%		1.76%		1.79%		1.83%		1.79%		1.78%
	4.35%		4.28%		4.49%		5.31%		4.19%		3.91%

	4.21%		4.12%		4.30%		5.13%		4.05%		3.79%
	29%		57%		37%		67%		24%		37%

Financial highlights
Delaware National High-Yield Municipal Bond Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 Date of commencement of operations; ratios have been annualized and total return has not been annualized.

4 Portfolio turnover is representative of the Fund for the entire annual period.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended				12/31/08² to
2/29/12¹			8/31/11		8/31/10		8/31/09
	(Unaudited)
	$9.710		$10.190		$8.930			$7.590


	0.265		0.506		0.534			0.342
	0.619		(0.484	)	1.259			1.338
	0.884		0.022		1.793			1.680


	(0.264	)	(0.502	)	(0.533	)		(0.340	)
	(0.264	)	(0.502	)	(0.533	)		(0.340	)

	$10.330		$9.710		$10.190			$8.930

	9.23%		0.41%		20.55%			22.55%


	$85,433		$44,364		$16,840			$1
	0.60%		0.60%		0.60%			0.65%

	0.74%		0.76%		0.79%			0.85%
	5.35%		5.28%		5.49%			6.41%

	5.21%		5.12%		5.30%			6.21%
	29%		57%		37%			67%	⁴

Notes to financial statements
Delaware National Tax-Free Funds		February 29, 2012 (Unaudited)

Delaware Group^® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are individually referred to as a Trust and collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund (each referred to as a Fund or, collectively, as the Funds). The above Trusts are open-end investment companies. The Funds are considered diversified under the Investment Company Act of 1940, as amended. The Funds offer Class A, Class B, Class C and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of up to 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and up to 2.75% for Delaware Tax-Free USA Intermediate Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund; and of 0.75% for Delaware Tax-Free USA Intermediate Fund if redeemed within the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares of the Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund were sold with a CDSC that declined from 4% to zero depending upon the period of time the shares were held. Class B shares of the Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class B shares of Delaware Tax-Free USA Intermediate Fund were sold with a CDSC that declines from 2% to zero depending upon the period of time the shares were held. Class B shares of the Tax-Free USA Intermediate Fund will automatically convert to Class A shares on a quarterly basis approximately five years after purchase. Class C shares are sold with a CDSC of 1%, if redeemed during the first twelve months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund is to seek as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.

The investment objective of Delaware National Municipal Bond Fund is to seek a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Funds.

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Short-term debt securities are valued at market value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken on federal income tax returns for all open tax years (August 31, 2008–August 31, 2011), and has concluded that no provision for federal income tax is required in each Fund’s financial statements.

Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments is allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Notes to financial statements
Delaware National Tax-Free Funds

1. Significant Accounting Policies (continued)

Other — Expenses directly attributable to the Funds are charged directly to the Funds. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. The Funds may distribute income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the period ended February 29, 2012.

The Funds receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended February 29, 2012, the Funds earned the following under this agreement:

Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$100	$120	$27

2. Investment Management, Administration Agreements and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee, which is calculated based on each Fund’s average daily net assets as follows:

	Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
	USA Fund	USA Intermediate Fund	Municipal Bond Fund
On the first $500 million	0.550%	0.500%	0.550%
On the next $500 million	0.500%	0.475%	0.500%
On the next $1.5 billion	0.450%	0.450%	0.450%
In excess of $2.5 billion	0.425%	0.425%	0.425%

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.56%, 0.60%, and 0.60% of average daily net assets of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High Yield Municipal Bond Fund, respectively, through December 28, 2012. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Funds’ Boards and DMC. These expense waivers and reimbursement apply only to expenses paid directly by the Funds.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, each Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended February 29, 2012, each Fund was charged for these services as follows:

Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$15,612	$19,922	$6,089

DSC also provides dividend disbursing and transfer agency services. Each Fund pays DSC a monthly asset-based fee for these services.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.30% of the average daily net assets of the Class A shares for Delaware Tax-Free USA Intermediate Fund, 0.25% of the average daily net assets of the Class A shares for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund and 1.00% of the average daily net assets of the Class B and C for all the Funds. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares that went into effect on June 1, 1992. The total 12b-1 fees to be paid by Class A shareholders of the Fund will be the sum of 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992 and 0.30% of the average daily net assets representing shares that were acquired on or after June 1, 1992. Effective April 21, 2006, the maximum amount of the Class A 12b-1 fees was reduced to 0.25% and the total 12b-1 fees to be paid by Class A shareholders of the Fund will be the sum of 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992 and 0.25% of the average daily net assets representing shares that were acquired on or after June 1, 1992.

Notes to financial statements
Delaware National Tax-Free Funds

2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)

All Class A shareholders will bear 12b-1 fees at the same rate, the blended rate based upon the allocation of the rates described above. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to waive distribution and service fees through December 28, 2012 in order to prevent distribution and service fees of Class A shares from exceeding 0.15% of average daily net assets for the Delaware Tax-Free USA Intermediate Fund.

At February 29, 2012, each Fund had liabilities payable to affiliates as follows:

	Delaware Tax-Free		Delaware Tax-Free		Delaware National High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Investment management fees
payable to DMC		$204,956		$289,499		$94,589
Dividend disbursing, transfer
agent and fund accounting
oversight fees and other
expenses payable to DSC		14,387		18,963		6,363
Distribution fees payable
to DDLP		144,436		109,150		70,899
Other expenses payable to
DMC and affiliates*		13,611		22,874		10,339

*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates’ employees. For the six months ended February 29, 2012, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$9,122	$11,609	$3,511

For the six months ended February 29, 2012, DDLP earned commissions on sales of each Fund’s Class A shares as follows:

Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$20,592	$10,916	$30,609

For the six months ended February 29, 2012, DDLP received gross CDSC commissions on redemption of each Fund’s Class A, Class B and Class C shares, respectively. These commissions were entirely used to offset up-front commissions previously paid by DDLP to broker-dealer on sales of those shares. The amounts received were as follows:

	Delaware Tax-Free		Delaware Tax-Free		Delaware National High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Class A		$1,502		$ 42		$3,886
Class B		7		—		—
Class C		501		539		69

Trustees’ fees include expenses accrued by the Funds for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

3. Investments

For the six months ended February 29, 2012, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	Delaware Tax-Free		Delaware Tax-Free		Delaware National High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Purchases		$227,915,657		$285,390,629		$121,855,509
Sales		248,036,772		244,943,723		72,419,037

At February 29, 2012, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At February 29, 2012, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	Delaware Tax-Free				Delaware Tax-Free				Delaware National High-Yield
	USA Fund				USA Intermediate Fund				Municipal Bond Fund
Cost of investments		$	585,608,407			$	787,446,651			$	281,382,406
Aggregate unrealized
appreciation		$	59,114,483			$	63,919,573			$	17,898,009
Aggregate unrealized
depreciation			(4,640,046	)			(875,595	)			(3,438,831	)
Net unrealized appreciation		$	54,474,437			$	63,043,978			$	14,459,178

U.S. GAAP defines fair value as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own

Notes to financial statements
Delaware National Tax-Free Funds

3. Investments (continued)

assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3 –	inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of February 29, 2012:

	Delaware Tax-Free
	USA Fund
	Level 2
Municipal Bonds		$637,982,844
Short-Term Investments		2,100,000
Total		$640,082,844

	Delaware Tax-Free
	USA Intermediate Fund
	Level 2
Municipal Bonds		$838,895,629
Short-Term Investments		11,595,000
Total		$850,490,629

	Delaware National High-Yield
	Municipal Bond Fund
	Level 2
Municipal Bonds		$291,641,584
Short-Term Investments		4,200,000
Total		$295,841,584

There were no unobservable inputs used to value investments at the beginning or end of the period.

During the six months ended February 29, 2012, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Funds. Each Fund’s policy is to recognize transfers between levels at the end of the reporting period.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended February 29, 2012 and the year ended August 31, 2011 was as follows:

	Delaware Tax-Free		Delaware Tax-Free		Delaware National High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Six months ended 2/29/12*
Tax-exempt income		$12,899,163		$12,042,740		$ 6,120,406
Ordinary income		21,746		7,410		21,238
Total		$12,920,909		$12,050,150		$ 6,141,644

Year ended 8/31/11
Tax-exempt income		$27,613,447		$24,114,589		$10,263,369
Ordinary income		358,078		2,942		62,675
Total		$27,971,525		$24,117,531		$10,326,044

*Tax information for the period ended February 29, 2012 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of February 29, 2012, the estimated components of net assets on a tax basis were as follows:

	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Shares of beneficial interest		$591,101,975			$804,436,471			$289,558,484
Distributions payable		(490,878	)		(469,523	)		(264,242	)
Undistributed tax-exempt
income		557,773			485,731			260,140
Realized gains (losses)
9/1/11 – 2/29/12		3,103,722			(3,900,261	)		(2,479,383	)
Capital loss carryforward
as of 8/31/11		(3,756,823	)		(5,428,954	)		(1,711,178	)
Unrealized appreciation
of investments		54,474,437			63,043,978			14,459,178
Net assets		$644,990,206			$858,167,442			$299,822,999

Notes to financial statements
Delaware National Tax-Free Funds

5. Components of Net Assets on a Tax Basis (continued)

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax treatment of distribution payables and tax treatment of market discount and premium on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount and premium on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended February 29, 2012, Delaware National High-Yield Municipal Bond Fund recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

Undistributed net investment income	$(35,851	)
Accumulated net realized loss	35,851

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at August 31, 2011 will expire as follows:

	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
Year of Expiration	USA Fund			USA Intermediate Fund			Municipal Bond Fund
2012		$	—		$	—		$	980,742
2015			—			—			355,701
2017			3,756,823			5,428,954			374,735
Total		$	3,756,823		$	5,428,954		$	1,711,178

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

For the six months ended February 29, 2012, the Funds has capital gains (losses) which may reduce (increase) the capital loss carryforwards as follows:

Delaware Tax-Free USA Fund	$ 3,103,722
Delaware Tax-Free USA Intermediate Fund	(3,900,261	)
Delaware National High-Yield Municipal Bond Fund	(2,479,383	)

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free				Delaware Tax-Free				Delaware National High-Yield
	USA Fund				USA Intermediate Fund				Municipal Bond Fund
	Six Months		Year		Six Months		Year		Six Months		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	2/29/12		8/31/11		2/29/12		8/31/11		2/29/12		8/31/11
Shares sold:
Class A	884,886		12,484,657		4,967,592		12,048,279		2,909,975		7,142,758
Class B	20		10,773		191		1,840		—		78
Class C	279,242		611,323		932,018		1,214,750		965,164		2,060,169
Institutional Class	471,693		812,097		5,503,425		14,735,456		4,957,221		5,438,319

Shares issued upon reinvestment of dividends and distributions:
Class A	586,985		1,230,916		414,285		927,646		286,529		496,359
Class B	2,309		6,978		107		399		966		2,268
Class C	34,782		71,693		46,659		100,157		81,645		139,022
Institutional Class	11,129		19,047		206,891		312,696		63,786		91,520
	2,271,046		15,247,484		12,071,168		29,341,223		9,265,286		15,370,493

Shares repurchased:
Class A	(3,623,865	)	(11,598,972	)	(4,898,764	)	(15,161,183	)	(1,999,086	)	(6,856,305	)
Class B	(50,860	)	(242,438	)	(10,679	)	(23,446	)	(6,422	)	(33,245	)
Class C	(186,297	)	(584,014	)	(430,440	)	(1,613,958	)	(610,672	)	(1,183,041	)
Institutional Class	(225,825	)	(670,596	)	(3,315,458	)	(7,248,874	)	(1,316,791	)	(2,613,360	)
	(4,086,847	)	(13,096,020	)	(8,655,341	)	(24,047,461	)	(3,932,971	)	(10,685,951	)
Net increase
(decrease)	(1,815,801	)	2,151,464		3,415,827		5,293,762		5,332,315		4,684,542

For the six months ended February 29, 2012 and the year ended August 31, 2011, the following shares and values were converted from Class B to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions in the tables above and the statements of changes in net assets.

	Six Months Ended			Year Ended
	2/29/12			8/31/11
	Class B	Class A		Class B	Class A
	Shares	Shares	Value	Shares	Shares	Value
Delaware Tax-Free
USA Fund	25,358	25,423	$289,414	118,554	118,448	$1,326,828
Delaware Tax-Free
USA Intermediate Fund	3,938	3,931	47,277	6,359	6,353	73,094
Delaware National High-Yield
Municipal Bond Fund	1,713	1,721	16,863	12,827	12,848	121,021

Notes to financial statements
Delaware National Tax-Free Funds

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $100,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit under the agreement expired on November 15, 2011.

On November 15, 2011, the Funds, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expires on November 13, 2012. The Funds had no amounts outstanding as of February 29, 2012 or at any time during the period then ended.

8. Credit and Market Risk

The Funds concentrate their investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the states, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds. At February 29, 2012, 2.83% of Delaware Tax-Free USA Fund’s net assets, 7.43% of Delaware Tax-Free USA Intermediate Fund’s net assets, and 2.41% of Delaware National High-Yield Municipal Bond Fund’s net assets were insured by bond insurers. These securities have been identified in the statements of net assets.

As of February 29, 2012, Delaware Tax-Free USA Fund invested in municipal bonds issued by the state of California and New York which constituted approximately 11.68% and 22.60%, respectively, of the Fund’s portfolio. As of February 29, 2012, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the state of New York which constituted approximately 14.04% of the Fund’s portfolio. As of February 29, 2012, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California, New York, and Texas which constituted approximately 11.57%, 12.97%, and 11.55%, respectively, of the Fund’s portfolio. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

Each Fund may invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s (S&P) and Baa3 by Moody’s Investor Services (Moody’s), or similarly rated by another nationally recognized statistical rating

organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Funds may invest in advanced refunded bonds, escrow secured bonds or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding”. “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the statements of net assets.

Notes to financial statements
Delaware National Tax-Free Funds

9. Contractual Obligations

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 29, 2012 that would require recognition or disclosure in the Funds’ financial statements.

Other Fund information
(Unaudited)
Delaware National Tax-Free Funds

Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Delaware Group^® Tax-Free Fund and Voyageur Mutual Funds (the Trusts) effective May 20, 2010. At a meeting held on May 20, 2010, the Boards of Trustees of the Trusts, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Trusts for the fiscal year ending August 31, 2010. During the fiscal years ended August 31, 2009 and 2008, E&Y’s audit reports on the financial statements of the Trusts did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trusts and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trusts nor anyone on their behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trusts’ financial statements.

About the organization

Board of trustees
Patrick P. Coyne Chairman, President, and Chief Executive Officer Delaware Investments^® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA John A. Fry President Drexel University Philadelphia, PA	Anthony D. Knerr Founder and Managing Director Anthony Knerr & Associates New York, NY Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. Philadelphia, PA	Ann R. Leven Consultant ARL Associates New York, NY Frances A. Sevilla-Sacasa Executive Advisor to Dean, University of Miami School of Business Administration Coral Gables, FL	Janet L. Yeomans Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ

Affiliated officers
David F. Connor Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Senior Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

This semiannual report is for the information of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on the Funds’ website at www.delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at www.delawareinvestments.com; and (ii) on the SEC’s website at www.sec.gov.

100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

Name of Registrant: DELAWARE GROUP^® TAX FREE FUND

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 2, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	May 2, 2012

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 2, 2012

Delaware Group Tax Free Fund N-CSRCertified annual shareholder report (management investment company)