Delaware Group Tax Free Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 28, 2013

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 28, 2013

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 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 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 delawareinvestments.com.

Manage your investments online

24-hour access to your account information
Obtain share prices
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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	58
Statements of changes in net assets	60
Financial highlights	66
Notes to financial statements	90
About the organization	103

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2013, 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 marks cited are the property of their respective owners.

Disclosure of Fund expenses
For the six-month period from September 1, 2012 to February 28, 2013 (Unaudited)

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, 2012 to February 28, 2013.

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
	9/1/12			2/28/13			Expense Ratio	9/1/12 to 2/28/13*
Actual Fund return^†
Class A		$	1,000.00		$	1,031.10	0.80%		$	4.03
Class B			1,000.00			1,027.30	1.56%			7.84
Class C			1,000.00			1,027.30	1.56%			7.84
Institutional Class			1,000.00			1,032.30	0.56%			2.82
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.83	0.80%		$	4.01
Class B			1,000.00			1,017.06	1.56%			7.80
Class C			1,000.00			1,017.06	1.56%			7.80
Institutional Class			1,000.00			1,022.02	0.56%			2.81

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
	9/1/12			2/28/13			Expense Ratio	9/1/12 to 2/28/13*
Actual Fund return^†
Class A		$	1,000.00		$	1,018.00	0.75%		$	3.75
Class B			1,000.00			1,014.50	1.60%			7.99
Class C			1,000.00			1,013.70	1.60%			7.99
Institutional Class			1,000.00			1,018.70	0.60%			3.00
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.08	0.75%		$	3.76
Class B			1,000.00			1,016.86	1.60%			8.00
Class C			1,000.00			1,016.86	1.60%			8.00
Institutional Class			1,000.00			1,021.82	0.60%			3.01

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
	9/1/12			2/28/13			Expense Ratio	9/1/12 to 2/28/13*
Actual Fund return^†
Class A		$	1,000.00		$	1,041.60	0.85%		$	4.30
Class B			1,000.00			1,037.70	1.60%			8.08
Class C			1,000.00			1,037.70	1.60%			8.08
Institutional Class			1,000.00			1,042.70	0.60%			3.04
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.58	0.85%		$	4.26
Class B			1,000.00			1,016.86	1.60%			8.00
Class C			1,000.00			1,016.86	1.60%			8.00
Institutional Class			1,000.00			1,021.82	0.60%			3.01

^†Because actual returns reflect only the most recent six-month period, the returns may differ significantly from fiscal year returns.

*“Expenses Paid During Period” are equal to Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Security type/sector allocations
Delaware Tax-Free USA Fund	As of February 28, 2013 (Unaudited)

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

Security type/sector	Percentage of net assets
Municipal Bonds	98.46	%
Corporate Revenue Bonds	12.74	%
Education Revenue Bonds	10.42	%
Electric Revenue Bonds	3.09	%
Healthcare Revenue Bonds	11.41	%
Housing Revenue Bond	0.77	%
Lease Revenue Bonds	9.08	%
Local General Obligation Bonds	3.83	%
Pre-Refunded/Escrowed to Maturity Bonds	6.04	%
Special Tax Revenue Bonds	19.15	%
State General Obligation Bonds	9.13	%
Transportation Revenue Bonds	10.03	%
Water & Sewer Revenue Bonds	2.77	%
Short-Term Investments	1.02	%
Total Value of Securities	99.48	%
Receivables and Other Assets Net of Liabilities	0.52	%
Total Net Assets	100.00	%

Delaware Tax-Free USA Intermediate Fund

As of February 28, 2013 (Unaudited)

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

Security type/sector	Percentage of net assets
Municipal Bonds	97.87	%
Corporate Revenue Bonds	9.96	%
Education Revenue Bonds	6.29	%
Electric Revenue Bonds	1.71	%
Healthcare Revenue Bonds	9.20	%
Housing Revenue Bond	0.51	%
Lease Revenue Bonds	4.21	%
Local General Obligation Bonds	8.37	%
Pre-Refunded/Escrowed to Maturity Bonds	6.31	%
Resource Recovery Revenue Bond	0.07	%
Special Tax Revenue Bonds	14.39	%
State General Obligation Bonds	16.54	%
Transportation Revenue Bonds	15.16	%
Water & Sewer Revenue Bonds	5.15	%
Short-Term Investments	0.77	%
Total Value of Securities	98.64	%
Receivables and Other Assets Net of Liabilities	1.36	%
Total Net Assets	100.00	%

Security type/sector allocations
Delaware National High-Yield Municipal Bond Fund	As of February 28, 2013 (Unaudited)

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

Security type/sector	Percentage of net assets
Municipal Bonds	97.35	%
Corporate Revenue Bonds	21.69	%
Education Revenue Bonds	17.42	%
Electric Revenue Bond	1.23	%
Healthcare Revenue Bonds	25.74	%
Housing Revenue Bonds	0.91	%
Lease Revenue Bonds	6.75	%
Pre-Refunded/Escrowed to Maturity Bonds	0.67	%
Resource Recovery Revenue Bond	0.20	%
Special Tax Revenue Bonds	10.90	%
State General Obligation Bonds	5.52	%
Transportation Revenue Bonds	5.98	%
Water & Sewer Revenue Bond	0.34	%
Short-Term Investments	2.35	%
Total Value of Securities	99.70	%
Receivables and Other Assets Net of Liabilities	0.30	%
Total Net Assets	100.00	%

Statements of net assets
Delaware Tax-Free USA Fund	February 28, 2013 (Unaudited)

		Principal amount		Value
Municipal Bonds – 98.46%
Corporate Revenue Bonds – 12.74%
	Buckeye, Ohio Tobacco Settlement Financing Authority
	Asset-Backed Series A-2 5.875% 6/1/47	$	11,000,000	$	9,653,710
	Golden State, California Tobacco Securitization Corporate
	Settlement Revenue Asset-Backed Senior Notes Series A-1
	5.125% 6/1/47		1,000,000		849,160
	5.75% 6/1/47		9,000,000		8,438,490
	Harris County, Texas Industrial Development Corporation
	Solid Waste Disposal Revenue
	(Deer Park Refining Project) 5.00% 2/1/23		2,955,000		3,313,973
	Illinois Railsplitter Tobacco Settlement Authority
	6.00% 6/1/28		6,000,000		7,193,580
	6.25% 6/1/24		6,810,000		7,618,551
	Indiana State Finance Authority Environmental Revenue
	(U.S. Steel Corp. Project) 6.00% 12/1/26		2,500,000		2,658,200
	Indianapolis, Indiana Airport Authority Revenue Special
	Facilities (Federal Express Corp. Project)
	5.10% 1/15/17 (AMT)		2,750,000		3,126,255
	Series 1998 5.50% 5/1/29 (AMT)		2,000,000		2,004,000
	Maryland Economic Development Corporation Revenue
	(CNX Marine Terminals Inc.) 5.75% 9/1/25		3,375,000		3,771,023
	M-S-R Energy Authority, California Gas Revenue Series A
	6.125% 11/1/29		1,915,000		2,451,851
	6.50% 11/1/39		3,915,000		5,518,388
	New Jersey Economic Development Authority Special
	Facilities Revenue (Continental Airlines, Inc. Project)
	4.875% 9/15/19 (AMT)		2,000,000		2,045,500
•	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		2,277,200
	New York State Liberty Development Corporation
	Revenue (Second Priority - Bank of America Tower)
	Class 3 6.375% 7/15/49		1,000,000		1,191,920
	Ohio State Air Quality Development Authority Revenue
	Environmental Improvement
	(First Energy Generation) Series A 5.70% 8/1/20		4,750,000		5,709,928
	Pennsylvania Economic Development Financing
	Authority Exempt Facilities Revenue
	(Allegheny Energy Supply Co.) 7.00% 7/15/39		6,340,000		7,598,744

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Port of Seattle, Washington Industrial Development
	Corporation Special Facilities Revenue
	(Delta Airlines) 5.00% 4/1/30 (AMT)	$	2,000,000	$	2,017,740
	Salt Verde, Arizona Financial Senior Gas Revenue
	5.00% 12/1/32		1,000,000		1,159,560
	5.00% 12/1/37		1,085,000		1,256,083
	Valdez, Alaska Marine (BP Pipelines Project)
	Series B 5.00% 1/1/21		3,455,000		4,236,037
	Series C 5.00% 1/1/21		1,880,000		2,304,993
					86,394,886
Education Revenue Bonds – 10.42%
	Arizona State University System Revenue
	(Arizona Board of Regents) Series A 5.00% 7/1/26		1,255,000		1,522,478
	Bowling Green, Ohio Student Housing Revenue CFP I
	(State University Project) 6.00% 6/1/45		5,390,000		6,012,599
	California Statewide Communities Development
	Authority School Facility Revenue
	(Aspire Public Schools) 6.125% 7/1/46		5,160,000		5,517,846
	Connecticut State Health & Educational Facilities Authority
	Revenue (Yale University) Series A-1 5.00% 7/1/25		3,000,000		3,610,140
	Gainesville, Georgia Redevelopment Authority Educational
	Facilities Revenue (Riverside Military Academy Project)
	5.125% 3/1/37		2,850,000		2,771,369
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 7.00% 6/15/39		4,200,000		4,531,590
	Massachusetts Development Finance Agency
	(Harvard University) Series B-2 5.25% 2/1/34		5,000,000		6,044,800
	Massachusetts State Health & Educational Facilities
	Authority Revenue (Harvard University) Series A
	5.00% 12/15/29		5,295,000		6,402,608
	5.50% 11/15/36		4,515,000		5,452,179
	Missouri State Health & Educational Facilities
	Authority Revenue (Washington University)
	Series A 5.375% 3/15/39		5,000,000		5,863,700
	New Jersey Economic Development Authority Revenue
	(Provident Group - Montclair) 5.875% 6/1/42		4,285,000		4,870,288
	New Jersey State Educational Facilities Authority Revenue
	(University of Medicine & Dentistry)
	Series B 7.50% 12/1/32		1,435,000		1,796,677

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York City Trust for Cultural Resources (Whitney
	Museum of American Art) 5.00% 7/1/31	$	1,500,000	$	1,691,985
	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		6,382,080
	Private Colleges & Universities Authority, Georgia Revenue
	(Mercer University) Series A 5.00% 10/1/32		1,360,000		1,498,013
	Provo, Utah Charter School Revenue (Freedom Academy
	Foundation Project) 5.50% 6/15/37		1,665,000		1,645,070
	San Juan, Texas Higher Education Finance Authority
	Education Revenue (Idea Public Schools)
	Series A 6.70% 8/15/40		1,500,000		1,780,365
	St. Louis, Missouri Industrial Development Authority
	Revenue (Confluence Academy Project) Series A
	5.25% 6/15/25		1,150,000		1,114,465
	5.35% 6/15/32		2,300,000		2,170,349
					70,678,601
Electric Revenue Bonds – 3.09%
	California State Department of Water Resources
	Series L 5.00% 5/1/20		5,000,000		6,279,700
	Long Island, New York Power Authority
	Series A 5.00% 9/1/37		2,440,000		2,762,324
	Puerto Rico Electric Power Authority Revenue
	Series A 5.00% 7/1/42		5,430,000		5,376,026
	Series PP 5.00% 7/1/25 (NATL-RE) (FGIC)		1,000,000		1,012,820
	Series WW 5.50% 7/1/38		2,100,000		2,145,087
	Series XX 5.75% 7/1/36		3,245,000		3,385,703
					20,961,660
Healthcare Revenue Bonds – 11.41%
	Alachua County, Florida Health Facilities Authority
	Refunding (Oak Hammock University)
	Series A 8.00% 10/1/42		1,000,000		1,217,260
	Brevard County, Florida Health Facilities Authority
	Health Care Revenue (Heath First Inc. Project)
	7.00% 4/1/39		1,610,000		1,985,726
	Butler County, Pennsylvania Hospital Authority Revenue
	(Butler Health System Project) 7.125% 7/1/29		2,500,000		3,151,500

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Statewide Communities Development Authority
	Revenue (Kaiser Permanente) Series A 5.00% 4/1/42	$	3,375,000	$	3,812,501
	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		1,006,080
	Cleveland - Cuyahoga County, Ohio Port Authority
	Revenue Senior Housing (St. Clarence - Geac)
	Series A 6.25% 5/1/38		1,500,000		1,501,005
	Colorado Health Facilities Authority Revenue
	(Evangelical Lutheran) Series A 5.25% 6/1/34		4,275,000		4,468,186
	Fairfax County, Virginia Industrial Development Authority
	Revenue (Inova Health Services)
	Series A 5.50% 5/15/35		2,500,000		2,880,100
	Illinois Finance Authority Revenue (Silver Cross &
	Medical Centers) 7.00% 8/15/44		3,000,000		3,574,920
	Illinois Health Facilities Authority Revenue (Elmhurst
	Memorial Healthcare Project) 5.625% 1/1/28		2,000,000		2,006,960
	Illinois State Finance Authority Revenue (Franciscan
	Communities Inc.) Series A 5.125% 5/15/43		1,100,000		1,132,098
	Koyukuk, Alaska Revenue (Tanana Chiefs Conference
	Health Care Facility Project) 7.75% 10/1/41		3,000,000		3,411,360
	Louisiana Public Facilities Authority Revenue
	(Ochsner Clinic Foundation Project) 6.50% 5/15/37		2,190,000		2,626,796
	Maricopa County, Arizona Industrial Development
	Authority Health Facilities Revenue
	(Catholic Healthcare West) Series A 6.00% 7/1/39		3,690,000		4,231,839
	Michigan State Hospital Finance Authority Revenue
	(Ascension Health Credit Group)
	Series B 5.25% 11/15/26		3,500,000		3,553,375
	Michigan State Strategic Fund Revenue (Evangelical
	Homes of Michigan Project) 5.25% 6/1/32		1,015,000		1,023,059
	Montgomery County, Pennsylvania Industrial
	Development Authority Revenue
	(Whitemarsh Continuing Care) 6.00% 2/1/21		3,075,000		3,143,942

		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	$	3,426,120
	(Orange Regional Medical Center)
	6.25% 12/1/37		2,250,000		2,490,255
	6.50% 12/1/21		2,745,000		3,185,655
	North Carolina Medical Care Commission
	Health Care Facilities Revenue
	(First Mortgage - Galloway Ridge Project)
	Series A 5.875% 1/1/31		1,555,000		1,657,459
	(First Mortgage - Presbyterian Homes) 5.40% 10/1/27		3,260,000		3,355,616
	Ohio State Higher Educational Facility Community Revenue
	(Cleveland Clinic Health System Obligation Group)
	Series A 5.25% 1/1/33		2,000,000		2,229,460
	Orange County, New York Funding Corporation Assisted
	Living Residence Revenue 6.50% 1/1/46		3,000,000		3,003,990
^	Oregon Health & Science University Revenue (Capital
	Appreciation Insured) Series A 5.75% 7/1/21 (NATL-RE)		2,000,000		1,602,380
	Philadelphia, Pennsylvania Hospitals & Higher Education
	Facilities Authority Revenue (Temple University
	Health System) Series A 5.50% 7/1/30		2,700,000		2,888,676
	Rochester, Minnesota Health Care Facilities Revenue
	(Mayo Clinic) 4.00% 11/15/41		1,310,000		1,392,465
	Saline, Michigan Economic Development Revenue
	(Evangelical Homes of Michigan Project) 5.25% 6/1/32		485,000		488,851
	Tempe, Arizona Industrial Development Authority Revenue
	(Friendship Village) Series A 6.25% 12/1/46		1,000,000		1,083,630
	West Virginia Hospital Finance Authority Revenue
	(Highland Hospital Obligation Group) 9.125% 10/1/41		3,000,000		3,848,190
	Wisconsin Health & Educational Facilities Authority
	Revenue (Sauk-Prairie Memorial Hospital Inc.)
	Series A 5.125% 2/1/38		2,000,000		2,004,540
					77,383,994
Housing Revenue Bond – 0.77%
	California Municipal Finance Authority Mobile Home Park
	Revenue (Caritas Projects) Series A 6.40% 8/15/45		4,735,000		5,239,846
					5,239,846

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds – 9.08%
	Hudson, New York Yards Infrastructure Corporation
	Revenue Series A 5.75% 2/15/47	$	10,250,000	$	12,219,128
	Minnesota State General Funding Revenue
	Series B 5.00% 3/1/22		8,030,000		10,154,979
	New Jersey Economic Development Authority
	(School Facilities Construction)
	Series EE 5.00% 9/1/18		3,500,000		4,183,165
	Series GG 5.75% 9/1/23		1,000,000		1,244,570
	Series NN 5.00% 3/1/20		3,500,000		4,252,325
	New York City, New York Industrial Development Agency
	Trips Series A 5.00% 7/1/28 (AMT)		1,685,000		1,794,879
	New York State Liberty Development Corporation
	Revenue (World Trade Center Project) 5.75% 11/15/51		11,490,000		13,639,663
	Pennsylvania Economic Development Financing Authority
	(Unemployment Compensation Revenue)
	Series A 5.00% 1/1/21		9,000,000		10,847,610
	Puerto Rico Public Buildings Authority Revenue
	(Government Facilities) Series F 5.25% 7/1/25		930,000		959,379
^	St. Louis, Missouri Industrial Development Authority
	Leasehold Revenue (Convention Center Hotel)
	5.80% 7/15/20 (AMBAC)		3,035,000		2,294,642
					61,590,340
Local General Obligation Bonds – 3.83%
	Georgetown, Texas Independent School District
	(School Building)
	5.00% 8/15/24 (PSF)		1,430,000		1,719,918
	5.00% 8/15/26 (PSF)		1,000,000		1,191,980
	New York City, New York
	Series A 5.00% 8/1/19		2,690,000		3,300,280
	Series I-1 5.375% 4/1/36		5,000,000		5,945,200
	Subseries D-1 5.00% 10/1/36		6,500,000		7,480,655
	Wake County, North Carolina Refunding Series C
	5.00% 3/1/20		4,400,000		5,520,636
	5.00% 3/1/22		635,000		814,591
					25,973,260

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds – 6.04%
	Cape Girardeau County, Missouri Industrial Development
	Authority Health Care Facilities Revenue (Southeast
	Missouri Hospital) 5.25% 6/1/16 (NATL-RE)	$	310,000	$	336,282
	Capital Trust Agency Florida Revenue
	(Fort Lauderdale/Cargo Acquisition Project)
	5.75% 1/1/32-14 (AMT)		4,750,000		4,987,927
	(Orlando/Cargo Acquisition Project)
	6.75% 1/1/32-14 (AMT)		2,395,000		2,534,581
	Delaware Transportation Authority Revenue
	5.00% 7/1/22-15		4,345,000		4,818,431
^	Greene County, Missouri Single Family Mortgage Revenue
	Municipal Multiplier (Private Mortgage Insurance)
	11.75% 3/1/16		1,225,000		1,196,752
	Missouri State Development Finance Board Infrastructure
	Facilities Revenue
	(Branson Landing Project) Series A
	5.25% 12/1/19-14		1,435,000		1,524,286
	5.625% 12/1/28-14		2,365,000		2,523,289
	New Jersey State Economic Development Authority
	Revenue (Cigarette Tax) 5.75% 6/15/34-14		1,935,000		2,074,243
	Oklahoma State Turnpike Authority Revenue (First Senior)
	6.00% 1/1/22		13,535,000		18,393,252
	Virgin Islands Public Finance Authority Revenue
	Series A 7.30% 10/1/18		1,615,000		1,956,750
	Wisconsin Housing & Economic Developing Authority
	Revenue 6.10% 6/1/21-17 (FHA)		550,000		639,595
					40,985,388
Special Tax Revenue Bonds – 19.15%
	Brooklyn Arena Local Development Corporation,
	New York Pilot Revenue (Barclays Center Project)
	6.50% 7/15/30		8,230,000		10,129,155
	California State Economic Recovery Series A 5.25% 7/1/21		3,130,000		3,847,020
	Denver, Colorado Convention Center Hotel Authority
	Revenue Senior 5.00% 12/1/35 (SGI)		1,305,000		1,362,955
	Florida Enterprise Community Development District
	Special Assessment 6.10% 5/1/16 (NATL-RE)		490,000		492,396
	Guam Government Business Privilege Tax Revenue
	Series B-1 5.00% 1/1/42		2,500,000		2,759,925

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Henderson, Nevada Local Improvement Districts #T-18
	5.30% 9/1/35	$	2,305,000	$	1,800,689
	Hollywood, Florida Community Redevelopment Agency
	Revenue (Beach CRA) 5.625% 3/1/24		1,200,000		1,232,376
	Lammersville School District, California Community Facilities
	District #2002 (Mountain House) 5.125% 9/1/35		4,125,000		4,159,856
	Missouri State Environmental Improvement & Energy
	Water Pollution Control Revenue (State Revolving
	Fund Project) Series A 6.05% 7/1/16 (AGM)		670,000		673,397
	Missouri State Highways & Transportation Commission
	State Road Revenue Series B 5.00% 5/1/24		9,000,000		10,170,180
	Mosaic, Virginia District Community Development
	Authority Revenue Series A 6.875% 3/1/36		3,980,000		4,627,148
	New Jersey Economic Development Authority Revenue
	5.00% 6/15/25		3,000,000		3,456,450
	5.00% 6/15/26		2,000,000		2,290,200
	5.00% 6/15/28		2,695,000		3,048,746
	5.00% 6/15/29		2,050,000		2,293,007
	New Jersey Transportation Trust Fund Authority
	Series AA
	5.00% 6/15/19		2,660,000		3,201,789
	5.00% 6/15/21		2,000,000		2,429,620
	Series B 5.50% 6/15/31		10,000,000		11,884,400
	New York City, New York Industrial Development Agency
	(Yankee Stadium) 7.00% 3/1/49 (ASSURED GTY)		1,000,000		1,239,330
	New York City, New York Transitional Finance Authority
	Future Tax Secured
	Fiscal 2011 Series D 5.00% 2/1/26		3,000,000		3,584,670
	Series C 5.25% 11/1/25		6,000,000		7,271,878
	New York Sales Tax Asset Receivables
	Series A 5.25% 10/15/27 (AMBAC)		1,000,000		1,076,450
	New York State Dormitory Authority State Personal
	Income Tax Revenue Series B 5.25% 3/15/38		6,000,000		7,040,100
	Puerto Rico Sales Tax Financing Corporation Tax Revenue
	(Convertible Capital Appreciation Bonds)
	Series A 5.75% 8/1/37		5,000,000		5,410,350
	ΩSeries A 6.75% 8/1/32		3,890,000		4,123,439
	Series C 5.00% 8/1/40		6,000,000		6,454,260
	Series C 6.00% 8/1/39		2,250,000		2,517,390

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Regional Transportation District, Colorado Tax Revenue
	(Fastracks Project) Series A 5.00% 11/1/26	$	12,000,000	$	14,676,719
	San Mateo, California Special Tax Revenue (Community
	Facilities District #2008-1 Bay Meadows) 6.00% 9/1/42		1,000,000		1,098,760
	Successor Agency to the San Francisco City & County
	Redevelopment Agency, California (CFD#6 Mission
	Bay South Public Project) Series A 5.00% 8/1/33		1,150,000		1,232,064
	Tampa, Florida Sports Authority Revenue Sales Tax
	(Tampa Bay Arena Project) 5.75% 10/1/20 (NATL-RE)		1,000,000		1,105,570
^	Wyandotte County, Kansas City, Kansas Unified
	Government Special Obligation Revenue (Capital
	Appreciation – Sales Tax Subordinate Lien) 6.07% 6/1/21		4,740,000		3,157,314
					129,847,603
State General Obligation Bonds – 9.13%
	California State 5.25% 11/1/40		3,795,000		4,460,188
	California State Various Purposes
	5.00% 9/1/22		2,180,000		2,734,723
	5.00% 9/1/41		6,250,000		7,015,313
	6.00% 4/1/38		4,060,000		4,907,931
	6.50% 4/1/33		2,570,000		3,225,915
	Connecticut State Series C 5.00% 6/1/20		6,500,000		8,070,465
	Delaware State Series C 5.00% 3/1/23		1,480,000		1,917,000
	Hawaii State Series EF 5.00% 11/1/21		7,000,000		8,847,930
	North Carolina State Public Improvement
	Series A 5.00% 5/1/20		10,585,000		13,321,433
	North Carolina State Refunding Series C
	5.00% 5/1/19		2,500,000		3,100,050
	5.00% 5/1/22		2,950,000		3,792,491
	Puerto Rico Commonwealth Public Improvement
	Series A 5.25% 7/1/23		500,000		504,120
					61,897,559
Transportation Revenue Bonds – 10.03%
	Central Texas Regional Mobility Authority Revenue
	Senior Lien 6.00% 1/1/41		5,160,000		6,018,418
	Maryland Economic Development Corporation Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35		5,075,000		5,794,026

Statements of net assets
Delaware Tax-Free USA Fund

		Principal amount		Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	New York State Thruway Authority General Revenue
	Series H 5.00% 1/1/19 (NATL-RE)	$	6,240,000	$	7,360,080
	North Texas Tollway Authority Revenue (First Tier)
	Series A 6.00% 1/1/24		3,345,000		3,931,512
	•Series E-3 5.125% 1/1/38		2,000,000		2,271,820
	Phoenix, Arizona Civic Improvement Corporation Airport
	Revenue Junior Lien Series A 5.00% 7/1/26		1,800,000		2,085,012
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal)
	6.00% 12/1/42		4,735,000		5,624,896
	6.50% 12/1/28		5,500,000		6,091,910
	St. Louis, Missouri Airport Revenue (Lambert-St. Louis
	International) Series A-1 6.625% 7/1/34		5,995,000		7,166,663
	Texas Private Activity Bond Surface Transportation
	Corporate Senior Lien
	(LBJ Infrastructure)
	7.00% 6/30/40		5,715,000		6,949,840
	7.50% 6/30/33		1,560,000		1,969,921
	(Mobility Partners) 6.875% 12/31/39		5,500,000		6,575,635
	Texas Transportation Commission First Tier
	Series A 5.00% 4/1/21		4,845,000		6,149,419
					67,989,152
Water & Sewer Revenue Bonds – 2.77%
	Atlanta, Georgia Water & Wastewater Revenue
	Series A 6.25% 11/1/39		5,500,000		6,644,000
	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		4,778,920
	San Francisco, California City & County Public Utilities
	Commission Water Revenue Series F 5.00% 11/1/27		5,000,000		5,986,300
	Town of Cary, North Carolina Combined Utility Systems
	Revenue 5.00% 12/1/27		1,085,000		1,344,641
					18,753,861
Total Municipal Bonds (cost $596,539,734)					667,696,150

		Principal amount		Value
Short-Term Investments – 1.02%
¤Variable Rate Demand Notes – 1.02%
	Arizona State Health Facilities Authority
	Revenue (Catholic West)
	Series A 0.11% 7/1/35 (LOC – JPMorgan Chase Bank)	$	500,000	$	500,000
	Charlotte-Mecklenburg, North Carolina Hospital
	Authority Health Care System Revenue (Carolinas)
	Series H 0.09% 1/15/45 (LOC – Wells Fargo Bank)		750,000		750,000
	Colorado State Educational & Cultural Facilities Authority
	Revenue (National Jewish Federation Bond Program)
	Series D-1 0.11% 7/1/36 (LOC – JPMorgan Chase Bank)		500,000		500,000
	Series D-5 0.11% 10/1/38 (LOC – JPMorgan Chase Bank)		950,000		950,000
	Lancaster County, Pennsylvania Hospital Authority
	Revenue (Masonic Homes Project)
	Series D 0.10% 7/1/34 (LOC – JPMorgan Chase Bank)		500,000		500,000
	Massachusetts State Development Finance Agency
	Revenue (Boston University)
	Series U-6C 0.09% 10/1/42 (LOC – JPMorgan Chase Bank)		3,500,000		3,500,000
	Tarrant County, Texas Cultural Education Facilities
	Finance Corporation Hospital Revenue
	(Methodist Hospital of Dallas)
	Series A 0.11% 10/1/41 (LOC – JPMorgan Chase Bank)		190,000		190,000
Total Short-Term Investments (cost $6,890,000)					6,890,000

Total Value of Securities – 99.48%
	(cost $603,429,734)				674,586,150
Receivables and Other Assets
	Net of Liabilities – 0.52%				3,505,001
Net Assets Applicable to 54,962,745
	Shares Outstanding – 100.00%			$	678,091,151

Net Asset Value – Delaware Tax-Free USA Fund
	Class A ($611,065,028 / 49,543,790 Shares)					$12.33
Net Asset Value – Delaware Tax-Free USA Fund
	Class B ($1,359,463 / 110,285 Shares)					$12.33
Net Asset Value – Delaware Tax-Free USA Fund
	Class C ($41,307,861 / 3,348,390 Shares)					$12.34
Net Asset Value – Delaware Tax-Free USA Fund
	Institutional Class ($24,358,799 / 1,960,280 Shares)					$12.43

Statements of net assets
Delaware Tax-Free USA Fund


Components of Net Assets at Feb. 28, 2013:
Shares of beneficial interest (unlimited authorization – no par)	$	602,183,944
Undistributed net investment income		66,896
Accumulated net realized gain on investments		4,683,895
Net unrealized appreciation of investments		71,156,416
Total net assets	$	678,091,151

•	Variable rate security. The rate shown is the rate as of Feb. 28, 2013. Interest rates reset periodically.
^	Zero coupon security. The rate shown is the yield at the time of purchase.
§	Pre-refunded bonds. Municipals 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.”
Ω	Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
¤	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 Feb. 28, 2013.

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
FGIC — Insured by Financial Guaranty Insurance Company
FHA — Federal Housing Administration
LOC — Letter of Credit
NATL-RE — Insured by National Public Finance Guarantee Corporation
PSF — Insured by Permanent School Fund
SGI — Insured by Syncora Guarantee Inc.


Net Asset Value and Offering Price Per Share –
Delaware Tax-Free USA Fund
Net asset value Class A (A)	$	12.33
Sales charge (4.50% of offering price) (B)		0.58
Offering price	$	12.91

(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 28, 2013 (Unaudited)

		Principal amount		Value
Municipal Bonds – 97.87%
Corporate Revenue Bonds – 9.96%
	Alabama 21st Century Authority Revenue Series A
	5.00% 6/1/19	$	365,000	$	429,032
	5.00% 6/1/20		1,905,000		2,244,871
	5.00% 6/1/21		2,735,000		3,240,209
	Allegheny County, Pennsylvania Industrial Development
	Authority Revenue (Environmental Improvement -
	U.S. Steel Corp. Project) 6.50% 5/1/17		2,305,000		2,515,124
	Chesterfield County, Virginia Economic Development
	Authority Pollution Control Revenue
	(Virginia Electric & Power) Series A 5.00% 5/1/23		1,460,000		1,698,360
	Harris County, Texas Industrial Development
	Corporation Solid Waste Disposal Revenue
	(Deer Park Refining Project) 5.00% 2/1/23		2,750,000		3,084,070
	Illinois Railsplitter Tobacco Settlement Authority
	5.25% 6/1/20		7,160,000		8,596,581
	6.25% 6/1/24		7,500,000		8,390,474
	Indianapolis, Indiana Airport Authority Revenue
	Special Facilities (Federal Express Corp. Project)
	5.10% 1/15/17 (AMT)		750,000		852,615
	Iowa Finance Authority Pollution Control Facilities
	Revenue (Interstate Power) 5.00% 7/1/14 (FGIC)		2,000,000		2,111,300
•	Maricopa County, Arizona Corporation Pollution Control
	�� Revenue (Public Service - Palo Verde Project)
	Series B 5.20% 6/1/43		6,000,000		6,931,140
	Maryland Economic Development Corporation Pollution
	Control Revenue
	(CNX Marine Terminals Inc.) 5.75% 9/1/25		2,050,000		2,290,547
	(Potomac Electric Project) 6.20% 9/1/22		1,780,000		2,202,056
	Michigan State Strategic Fund Limited Obligation Revenue
	(Dow Chemical Project) Series B-2 6.25% 6/1/14		4,500,000		4,799,025
•	Mobile, Alabama Industrial Development Board Pollution
	Control Revenue (Alabama Power Co.)
	Series B 4.875% 6/1/34		1,625,000		1,629,306
	New Jersey Economic Development Authority Special
	Facilities Revenue (Continental Airlines, Inc. Project)
	4.875% 9/15/19 (AMT)		4,000,000		4,091,000

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Ohio State Air Quality Development Authority Revenue
	Environmental Improvement (First Energy)
	Series A 5.70% 2/1/14	$	2,225,000	$	2,311,130
	Series A 5.70% 8/1/20		4,320,000		5,193,029
	Series C 5.625% 6/1/18		3,370,000		3,952,842
•	Pennsylvania Economic Development Financing Authority
	Exempt Facilities Revenue (Shipping Port)
	Series A 3.375% 12/1/40		5,000,000		5,258,050
	Salt Verde, Arizona Financial Corporation Senior Gas
	Revenue 5.25% 12/1/24		3,050,000		3,646,824
	Tobacco Settlement Financing Corporation, New Jersey
	Series 1A 5.00% 6/1/18		5,175,000		5,873,522
	Valdez, Alaska Marine (BP Pipelines Project)
	Series B 5.00% 1/1/21		6,675,000		8,183,951
					89,525,058
Education Revenue Bonds – 6.29%
	Boise, Idaho State University Revenue (General Project)
	Series A 4.00% 4/1/19		1,000,000		1,155,090
	California Municipal Finance Authority Educational Revenue
	(American Heritage Education Foundation Project)
	Series A 5.25% 6/1/26		1,000,000		974,760
	California Statewide Communities Development Authority
	Student Housing Revenue (Irvine, LLC - UCI East Campus)
	6.00% 5/15/23		3,150,000		3,565,422
	Chattanooga, Tennessee Health Educational & Housing
	Facilities Board Revenue (CDFI Phase I, LLC Project)
	Series B 5.50% 10/1/20		805,000		844,123
	Clifton, Texas Higher Education Finance Corporation
	Revenue (Uplift Education) Series A 6.00% 12/1/30		1,100,000		1,267,596
	Connecticut State Health & Educational Facilities Authority
	Revenue (Yale University) Series A-1 5.00% 7/1/25		5,000,000		6,016,900
	Grand Traverse, Michigan Public School Academy
	Revenue 5.00% 11/1/36		1,000,000		909,570
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 6.25% 6/15/20		990,000		1,044,995

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	$	2,047,654
	Massachusetts State Health & Educational Facilities Authority
	Revenue (Massachusetts Institute of Technology)
	Series M 5.25% 7/1/20		3,000,000		3,846,510
	Nassau County, New York Industrial Development Agency
	Civic Facility Revenue (New York Institute of Technology
	Project) Series A 4.75% 3/1/26		1,760,000		1,937,250
	New York City Trust for Cultural Resources
	(Whitney Museum of American Art)
	5.00% 7/1/21		3,025,000		3,648,846
	5.00% 7/1/31		1,000,000		1,127,990
	New York State Dormitory Authority
	(Non State Supported Debt - Rockefeller University)
	Series A 5.00% 7/1/27		1,055,000		1,260,989
	(Non State Supported Debt - St. Joseph’s College)
	5.25% 7/1/25		1,000,000		1,075,930
	Ohio State Higher Educational Facility Revenue
	(John Carroll University) 5.50% 11/15/18		335,000		343,382
	Pennsylvania State Higher Educational Facilities Authority
	Revenue (Drexel University) Series A 5.25% 5/1/25		5,290,000		6,291,343
	Private Colleges & Universities Authority, Georgia
	Revenue (Mercer University Project)
	Series A 5.25% 10/1/27		2,020,000		2,322,313
	Series C 5.25% 10/1/23		600,000		706,854
	Series C 5.25% 10/1/27		2,100,000		2,426,802
	Troy, New York Capital Resource Corporation Revenue
	(Rensselaer Polytechnic) Series B 5.00% 9/1/18		2,500,000		2,980,625
	University of California Series A 5.125% 5/15/20 (AMBAC)		175,000		176,715
	University of Minnesota Series A 5.00% 12/1/17		5,040,000		6,071,839
	University of North Carolina at Chapel Hill 5.00% 12/1/31		3,490,000		4,090,210
	University of Virginia General Revenue Series B
	5.00% 6/1/20		205,000		207,472
	5.00% 6/1/21		205,000		207,472
					56,548,652

		Principal amount		Value
Municipal Bonds (continued)
Electric Revenue Bonds – 1.71%
	California State Department Water Resources Power
	Supply Revenue
	Series L 5.00% 5/1/19	$	6,000,000	$	7,410,120
	Series N 5.00% 5/1/21		3,580,000		4,559,202
	Metropolitan Government Nashville & Davidson County,
	Tennessee Electric Revenue
	Series B 5.50% 5/15/14		1,000,000		1,063,820
	Rochester, Minnesota Electric Utilities Revenue
	Series C 5.00% 12/1/18 (NALT-RE)		2,000,000		2,292,340
					15,325,482
Healthcare Revenue Bonds – 9.20%
	Allegheny County, Pennsylvania Municipal Development
	Authority Revenue (University of Pittsburgh Medical
	Center) Series A 5.00% 9/1/14		4,000,000		4,284,480
	Berks County, Pennsylvania Hospital Authority Revenue
	(Reading Hospital & Medical Center Project)
	Series A-3 5.25% 11/1/24		4,405,000		5,117,377
	Butler County, Pennsylvania Hospital Authority Revenue
	(Butler Health System Project) 7.125% 7/1/29		2,250,000		2,836,350
	California Health Facilities Financing Authority Revenue
	(Scripps Health) Series A 5.00% 11/15/32		4,250,000		4,857,070
	California Statewide Communities Development Authority
	Revenue (Kaiser Permanente) Series A 5.00% 4/1/19		5,325,000		6,416,412
	Cleveland-Cuyahoga County, Ohio Port Authority Revenue
	(Saint Clarence - Geac) Series A 6.125% 5/1/26		715,000		716,487
	Dauphin County, Pennsylvania General Authority Health
	System Revenue (Pinnacle Health System Project)
	Series A 6.00% 6/1/29		3,400,000		3,897,454
	Laramie County, Wyoming Hospital Revenue
	(Cheyenne Regional Medical Center Project)
	5.00% 5/1/23		1,000,000		1,165,440
•	Maryland State Health & Higher Education Facilities
	Authority Revenue (John Hopkins Health Systems)
	5.00% 5/15/46		790,000		798,358
	Minneapolis, Minnesota Health Care System Revenue
	(Fairview Health Services) Series A 6.375% 11/15/23		3,710,000		4,527,647

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis, Minnesota Revenue
	(National Marrow Donor Program Project)
	5.00% 8/1/16	$	4,720,000	$	5,175,716
	5.00% 8/1/18		2,500,000		2,818,300
	New Jersey Health Care Facilities Financing Authority
	Revenue (Barnabas Health) Series A
	5.00% 7/1/22		650,000		784,011
	5.00% 7/1/23		145,000		172,633
	5.00% 7/1/24		2,000,000		2,374,780
	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		1,876,224
	5.00% 7/1/21		570,000		712,432
	5.00% 7/1/24		2,595,000		3,168,858
	(North Shore LI Jewish) Series A 5.00% 5/1/23		4,000,000		4,627,800
	(Orange Regional Medical Center) 6.50% 12/1/21		2,000,000		2,321,060
	North Carolina Medical Care Commission Health Care
	Facilities Revenue (First Mortgage - Presbyterian Homes)
	5.40% 10/1/27		780,000		802,877
	Ohio State Higher Educational Facilities Commission
	Revenue (Cleveland Clinic Health System Obligation
	Group) Series A
	5.00% 1/1/17		2,000,000		2,304,420
	5.00% 1/1/18		1,000,000		1,180,530
	Onondaga, New York Civic Development Corporation
	Revenue (St. Joseph’s Hospital Center Project)
	5.00% 7/1/16		3,795,000		4,040,688
	Pennsylvania Economic Development Financing Authority
	Health System Revenue (Albert Einstein Healthcare)
	Series A 6.25% 10/15/23		670,000		791,665
•	Rochester, Minnesota Health Care Facilities Revenue
	(Mayo Clinic)
	Series A 4.00% 11/15/30		3,800,000		4,391,052
	Series C 4.50% 11/15/38		2,540,000		3,076,829
	St. Louis Park, Minnesota Health Care Facilities Revenue
	(Nicollet Health Services)
	Series C 5.50% 7/1/18		4,240,000		5,053,317

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Mary Hospital Authority, Pennsylvania Health System
	Revenue (Catholic Health East) Series A 5.25% 11/15/16	$	1,200,000	$	1,282,176
	St. Paul, Minnesota Housing & Redevelopment Authority
	Hospital Revenue (Health East Project) 6.00% 11/15/25		1,000,000		1,087,890
					82,660,333
Housing Revenue Bond – 0.51%
	Puerto Rico Housing Finance Authority Subordinate
	(Capital Fund Modernization) 5.50% 12/1/16		4,120,000		4,575,425
					4,575,425
Lease Revenue Bonds – 4.21%
	Golden State, California Tobacco Securitization
	Corporation Settlement Revenue Refunding
	Asset-Backed Series A
	5.00% 6/1/18		1,170,000		1,177,289
	5.00% 6/1/21 (AMBAC)		1,000,000		1,006,230
	Idaho Building Authority Revenue (Health & Welfare
	Project) Series A 5.00% 9/1/24		2,800,000		3,465,308
	Los Angeles County, California (Disney Concert Hall Parking)
	5.00% 3/1/22		375,000		448,264
	5.00% 9/1/22		1,100,000		1,318,262
	5.00% 3/1/23		2,395,000		2,852,589
	New Jersey Economic Development Authority
	(School Facilities Construction) Series EE 5.00% 9/1/18		6,875,000		8,216,930
	New York City, New York Industrial Development Agency
	Trips Series A 5.00% 7/1/22 (AMT)		735,000		794,763
	New York State Dormitory Authority Revenue
	(Third General Resolution - State University
	Educational Facilities) Series A 5.00% 5/15/23		2,170,000		2,689,693
	Pennsylvania Economic Development Financing Authority
	Revenue (Unemployment Compensation Revenue)
	Series B 5.00% 1/1/22		2,185,000		2,549,939
	Public Finance Authority, Wisconsin Airport Facilities Revenue
	(Senior Obligation Group) 5.00% 7/1/22 (AMT)		3,925,000		4,250,540

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Tobacco Settlement Financing New York Revenue
	(Asset-Backed) Series B 5.00% 6/1/18	$	1,000,000	$	1,195,600
	Virginia Commonwealth Transportation Board
	Transportation Revenue (U.S. Route 58 Corridor
	Development) Series B 4.75% 5/15/21		7,460,000		7,846,055
					37,811,462
Local General Obligation Bonds – 8.37%
	Chicago, Illinois Board of Education Refunding Dedicated
	Revenue Series B 5.00% 12/1/23 (AMBAC)		3,500,000		3,911,775
	Chicago, Illinois Modern Schools Across Chicago
	Series J 5.00% 12/1/23 (AMBAC)		2,865,000		3,190,579
	Conroe, Texas Independent School District
	5.00% 2/15/25 (PSF)		3,865,000		4,688,245
	Dallas, Texas 5.125% 2/15/15		3,000,000		3,279,480
	Fairfax County, Virginia Refunding & Public
	Improvement Series A
	5.00% 4/1/17		4,000,000		4,720,600
	5.25% 4/1/14		3,500,000		3,693,445
	Henrico County, Virginia Refunding Public Improvement
	5.00% 7/15/19		4,000,000		4,985,160
	5.00% 7/15/20		5,615,000		7,096,855
	Houston, Texas Refunding & Public Improvement Series A
	5.00% 3/1/15		3,480,000		3,798,768
	5.25% 3/1/28		5,000,000		5,847,950
	Los Angeles, California Unified School District
	(Election 2004) Series G 5.00% 7/1/13 (AMBAC)		2,000,000		2,033,300
	New York City, New York
	Series A-1 5.00% 8/1/19		3,500,000		4,119,115
	Series G 5.25% 8/1/15		1,000,000		1,046,770
	Series I 5.00% 8/1/21		995,000		1,061,715
	Series J 5.50% 6/1/23		15,000		15,193
	Subseries D-1 5.00% 10/1/30		4,000,000		4,686,080
	South Carolina State Refunding (State Highway)
	Series A 5.00% 6/1/20		7,905,000		9,957,532
	Wake County, North Carolina Refunding
	Series C 5.00% 3/1/22		3,085,000		3,957,500
	Series D 4.00% 2/1/17		2,730,000		3,097,021
					75,187,083

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds – 6.31%
	Benton & Linn Counties, Oregon School District #509J
	5.00% 6/1/21-13 (AGM)	$	1,000,000	$	1,012,600
	California State
	Pre-Refunded 5.25% 11/1/17-13		785,000		811,792
	Unrefunded 5.25% 11/1/17-13		215,000		222,383
	California State Economic Recovery Series A 5.25% 7/1/14		225,000		240,264
	Capital Trust Agency Florida Revenue
	(Fort Lauderdale/Cargo Acquisition Project)
	5.75% 1/1/32-14 (AMT)		1,750,000		1,837,658
	Casa Grande, Arizona Tax Revenue
	5.00% 4/1/22-14 (AMBAC)		1,600,000		1,681,264
	Cuyahoga County, Ohio Revenue
	(Cleveland Clinic Health) Series A
	Pre-Refunded 6.00% 1/1/21-13		510,000		520,139
	Unrefunded 6.00% 1/1/21-13		490,000		499,741
	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		1,047,810
	5.50% 2/15/23-14		1,000,000		1,050,210
	Fairfax County, Virginia Public Improvement Revenue
	(State Aid Withholding) Series A 5.00% 4/1/20-18		10,000,000		12,081,899
	Lancaster County, Pennsylvania Hospital Authority
	Revenue (Lancaster General Hospital Project)
	5.75% 3/15/21-13		1,000,000		1,030,430
	Lansing, Michigan Community College (College Building &
	Site) 5.00% 5/1/21-13 (NATL-RE)		1,325,000		1,336,302
	Los Angeles, California Unified School District
	(Election 1997) Series F 5.00% 7/1/21-13 (FGIC)		2,880,000		2,927,952
	Maryland State & Local Facilities Loan Capital
	Improvement First Series 5.00% 3/15/19-17		3,675,000		4,317,831
	Miami-Dade County, Florida Educational Facilities
	Authority Revenue (University of Miami)
	Series A 5.00% 4/1/34-14 (AMBAC)		2,500,000		2,629,800
	Michigan State Hospital Finance Authority Revenue
	(Oakwood Obligation Group) 5.50% 11/1/14-13		2,230,000		2,309,856
	Middlesex County, New Jersey Improvement Authority
	Revenue (County-Guaranteed Open Space Trust
	Foundation) 5.25% 9/15/20-13		1,000,000		1,027,980

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Minnesota State 5.00% 6/1/14	$	755,000	$	800,398
	New Jersey State Educational Facilities Authority Revenue
	(Georgian Court College Project)
	Series C 6.50% 7/1/33-13		500,000		510,850
	New York City, New York
	Series I 5.00% 8/1/21-14		5,000		5,340
	Series J 5.50% 6/1/23-13		985,000		998,692
	New York City, New York Municipal Water Finance
	Authority Series B 5.00% 6/15/21-14 (AMBAC)		905,000		982,341
	New York State Dormitory Authority (Brooklyn Law School)
	Series A 5.50% 7/1/18-13 (RADIAN)		1,000,000		1,018,320
	New York State Municipal Bond Bank Agency Special
	School Purpose Revenue
	Series C 5.25% 6/1/22-13		1,000,000		1,013,280
	North Texas Health Facilities Development Corporation
	Hospital Revenue (United Regional Health Care System,
	Inc. Project) 6.00% 9/1/23-13		1,000,000		1,029,020
•	Ohio State Higher Educational Facility Revenue
	Adjustable Medium Term (Kenyon College Project)
	4.70% 7/1/37-13		1,000,000		1,014,920
	Ohio State University General Receipts (Ohio State
	University) Series B
	(Pre-Refunded) 5.25% 6/1/21-13		820,000		830,652
	(Refunded) 5.25% 6/1/21-13		180,000		182,338
	Puerto Rico Commonwealth Highway & Transportation
	Authority Revenue Series J 5.50% 7/1/21-14		1,000,000		1,069,640
	Puerto Rico Commonwealth Public Improvement
	Series A 5.25% 7/1/22-13		3,470,000		3,530,482
	Puerto Rico Public Buildings Authority Revenue
	(Guaranteed Government Facilities)
	Series I 5.50% 7/1/23-14		2,000,000		2,139,280
	Puerto Rico Sales Tax Financing Corporation Sales Tax
	Revenue Series A 6.125% 8/1/29-14		70,000		73,846
	University of California Revenue
	General 2012 Series A 5.125% 5/15/20-13 (AMBAC)		35,000		35,374
	Series A 5.125% 5/15/20-13 (AMBAC)		40,000		40,420
	University of Oklahoma Research Facilities Revenue
	5.00% 3/1/23-13 (AMBAC)		1,065,000		1,065,426

		Principal amount		Value
Municipal Bonds (continued)
§Pre-Refunded/Escrowed to Maturity Bonds (continued)
	University of Virginia Revenue Series B
	5.00% 6/1/20-13		$ 1,045,000	$	1,057,979
	5.00% 6/1/21-13		1,045,000		1,057,979
	Wyoming State Loan & Investment Board Facilities
	Revenue 5.00% 10/1/24-14		1,550,000		1,667,258
					56,709,746
Resource Recovery Revenue Bond – 0.07%
	Pennsylvania Economic Development Financing Authority
	Resource Recovery Revenue (Subordinate Colver Project)
	Series G 5.125% 12/1/15 (AMT)		600,000		611,814
					611,814
Special Tax Revenue Bonds – 14.39%
	Allentown, Pennsylvania Neighborhood Improvement
	Zone Development Authority Revenue
	Series A 5.00% 5/1/24		3,795,000		4,298,748
	Baltimore, Maryland Convention Center Hotel Revenue
	Subordinated Series B 5.00% 9/1/16		1,000,000		1,011,370
	Brooklyn Arena Local Development Corporation, New York
	Pilot Revenue (Barclays Center Project) 6.50% 7/15/30		5,500,000		6,769,180
	California State Economic Recovery Series A
	5.25% 7/1/14		775,000		826,708
	5.25% 7/1/21		2,740,000		3,367,679
	Columbia County, Georgia Sales Tax 5.00% 4/1/16		1,265,000		1,438,166
	Dallas, Texas Convention Center Hotel Development
	Revenue Series A
	5.00% 1/1/24		3,420,000		3,839,395
	5.25% 1/1/23		5,375,000		6,153,139
	Ernest N Morail-New Orleans, Louisiana Exhibition Hall
	Authority Special Tax Revenue 5.00% 7/15/26		2,330,000		2,696,928
	Guam Government Limited Obligation Revenue
	(Section 30) Series A
	5.375% 12/1/24		1,750,000		1,940,190
	5.625% 12/1/29		1,125,000		1,256,591
	Louisiana State Citizens Property Insurance Corporation
	Assessment Revenue
	Series C-2 6.75% 6/1/26 (ASSURED GTY)		6,350,000		7,924,419
	Massachusetts State School Building Authority Senior
	Series B 5.00% 10/15/27		4,705,000		5,709,329

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount			Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
@	Modesto, California Special Tax Community Facilities
	District #4-1 (Village 2) 5.15% 9/1/36	$	1,500,000	$	1,512,900
	New Jersey State Economic Development Authority Revenue
	5.00% 6/15/20		210,000		247,296
	5.00% 6/15/21		5,425,000		6,425,099
	5.00% 6/15/22		1,750,000		2,080,663
	5.00% 6/15/23		1,250,000		1,470,100
	5.00% 6/15/26		4,100,000		4,694,910
	5.00% 6/15/29		1,200,000		1,342,248
	New Jersey State Transportation Trust Fund Authority
	Series AA 5.00% 6/15/20		5,000,000		6,073,000
	Series B 5.50% 6/15/31		7,310,000		8,687,496
	New York City, New York Transitional Finance Authority
	Future Tax Secured Subseries A-1
	5.00% 11/1/20		2,860,000		3,572,026
	New York State Local Government Assistance
	Corporation Refunding Subordinate Lien
	Series A
	5.00% 4/1/17		8,615,000		10,139,079
	5.00% 4/1/20		3,360,000		4,191,331
	New York State Urban Development Corporation
	(Service Contract) Series A-1 5.00% 1/1/18		5,785,000		6,829,366
	Puerto Rico Sales Tax Financing Corporation Sales
	Tax Revenue
	Series A 6.125% 8/1/29		2,430,000		2,542,290
	Series C 5.00% 8/1/22		2,090,000		2,504,865
	Series C 6.50% 8/1/35		6,500,000		7,596,160
	Richmond Heights, Missouri Tax Increment & Transaction
	Sales Tax Revenue Refunding & Improvement
	(Francis Place Redevelopment Project) 5.625% 11/1/25		1,000,000		1,000,570
@	St. Joseph, Missouri Industrial Development Authority Tax
	Increment Revenue (Shoppes at North Village Project)
	Series A 5.10% 11/1/19		250,000		251,673
	Series B 5.375% 11/1/23		1,000,000		1,006,840
	Virgin Islands Public Finance Authority Revenue (Senior
	Lien Matching Fund Loan) Series A 5.25% 10/1/22		1,785,000		1,881,890
	Washington State Motor Vehicle Fuel Tax
	Series B 5.00% 7/1/16		4,250,000		4,874,580

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
^	Wyandotte County, Kansas City, Kansas Unified
	Government Special Obligation Revenue
	(Capital Appreciation – Sales Tax Subordinate Lien)
	6.70% 6/1/21	$	4,745,000	$	3,160,645
					129,316,869
State General Obligation Bonds – 16.54%
	California State Economic Recovery Series A 5.00% 7/1/19		3,210,000		3,967,014
	California State Refunding 5.00% 2/1/20		4,250,000		5,220,190
	California State Various Purposes
	5.00% 10/1/18		5,000,000		6,058,300
	5.00% 9/1/22		1,655,000		2,076,131
	5.25% 9/1/28		7,750,000		9,279,153
	Connecticut State Economic Recovery
	Series A 5.00% 1/1/16		7,700,000		8,665,888
	Connecticut State Series C 5.00% 11/1/24		2,000,000		2,367,340
	Georgia State
	Series A 5.00% 7/1/22		7,380,000		9,508,392
	Series B 5.00% 7/1/17		4,810,000		5,720,196
	Hawaii State Series EE 5.00% 11/1/21		8,515,000		10,762,875
	Maryland State & Local Facilities
	Loan Capital Improvement
	Second Series 5.00% 8/1/17		1,500,000		1,727,325
	Series B 5.00% 3/1/18		1,930,000		2,333,717
	Massachusetts State Consolidated Loan
	Series C 5.50% 11/1/15		4,090,000		4,647,385
	Minnesota State
	(Unrefunded) 5.00% 6/1/14		145,000		153,746
	(Various Purpose) Series A 5.00% 8/1/19		7,020,000		8,742,357
	(Various Purpose) Series A 5.00% 8/1/20		3,495,000		4,412,228
	Mississippi State Series A 5.00% 10/1/17		4,860,000		5,793,412
	New York State Series A 5.00% 2/15/28		5,000,000		6,086,850
	North Carolina State Public Improvement Series A
	5.00% 3/1/15		1,200,000		1,312,824
	5.00% 5/1/22		2,625,000		3,279,885
	North Carolina State Refunding
	Series A 5.00% 3/1/16		3,000,000		3,408,870
	Series A 5.00% 3/1/17		3,000,000		3,529,440
	Series B 5.00% 4/1/15		4,000,000		4,390,800

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Ohio State Series D 5.00% 9/15/14	$	3,500,000	$	3,755,220
	Oregon State Series L 5.00% 5/1/26		8,000,000		9,706,080
	Pennsylvania State Second Series 5.00% 7/1/20		2,300,000		2,877,553
	Puerto Rico Commonwealth Government Development
	Bank 4.75% 12/1/15 (NATL-RE)		4,765,000		4,836,475
	Puerto Rico Commonwealth Public Improvement Series A
	5.00% 7/1/16 (ASSURED GTY)		2,110,000		2,290,743
	5.25% 7/1/23		1,125,000		1,134,270
	Virginia State
	Series B 5.00% 6/1/23		2,000,000		2,370,640
	Series D 5.00% 6/1/19		5,715,000		7,103,459
	Washington State Various Purpose Series A 5.00% 7/1/16		1,000,000		1,146,960
					148,665,718
Transportation Revenue Bonds – 15.16%
	Alameda, California Corridor Transportation Authority
	Revenue (Senior Lien)
	Series A 5.00% 10/1/21		2,290,000		2,815,189
	Broward County, Florida Airport System Revenue
	Series O 5.375% 10/1/29		2,000,000		2,302,120
	Charlotte, North Carolina Airport Revenue
	(Charlotte Douglas) Series A 5.00% 7/1/15		750,000		824,123
	Chicago, Illinois O’Hare International Airport Revenue
	General-Airport-Third Lien
	Series A 5.00% 1/1/25 (AGM)		3,725,000		4,279,913
	Series A-2 5.75% 1/1/20 (AGM) (AMT)		1,000,000		1,041,990
	Series C 5.25% 1/1/28		2,150,000		2,442,142
	Dallas-Fort Worth, Texas International Airport Revenue
	Series A
	5.00% 11/1/22		680,000		768,529
	5.00% 11/1/23		750,000		847,643
	5.00% 11/1/24		400,000		452,076
	Delaware Transportation Authority Series A 5.00% 7/1/17		5,475,000		6,482,564
	Harris County, Texas Metropolitan Transit Authority Sales &
	Use Tax Revenue
	Series A 5.00% 11/1/31		3,250,000		3,850,795
	Houston, Texas Airports Commission Revenue Series B
	5.00% 7/1/25		1,000,000		1,185,910
	5.00% 7/1/26		3,000,000		3,535,470

		Principal amount			Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Idaho Housing & Finance Association Grant Revenue
	(Antic Federal Highway Transportation)
	Series A 5.25% 7/15/21 (ASSURED GTY)	$	2,760,000	$	3,281,419
	Maryland State Economic Development Revenue
	(Transportation Facilities Project)
	Series A 5.375% 6/1/25		2,535,000		2,901,840
	Memphis-Shelby County, Tennessee Airport Authority
	Revenue Series D 5.00% 7/1/24		4,110,000		4,862,212
	Metropolitan, New York Transportation Authority Revenue
	Series 2008C 6.50% 11/15/28		2,860,000		3,643,955
	Series A 5.00% 11/15/18		2,500,000		3,003,175
	Series C 5.00% 11/15/32		4,500,000		5,189,760
	Metropolitan, Washington D.C. Airport Authority Systems
	Revenue Series A 5.50% 10/1/19 (NATL-RE) (FGIC) (AMT)		1,000,000		1,028,800
	Minneapolis - St. Paul, Minnesota Metropolitan Airports
	Commission Series A 5.00% 1/1/22 (AMBAC)		5,000,000		5,704,100
	Missouri State Highways & Transportation Commission
	State Road Revenue Second Lien 5.25% 5/1/23		1,940,000		2,273,952
	North Texas Tollway Authority Revenue (First Tier)
	Series A 6.00% 1/1/20		3,925,000		4,691,003
	•Series E-3 5.125% 1/1/38		3,750,000		4,259,663
	(Special Projects System) Series A 5.00% 9/1/17		1,000,000		1,176,480
	Pennsylvania State Turnpike Commission Revenue Series A
	5.25% 12/1/20 (AMBAC)		1,230,000		1,335,116
	Phoenix, Arizona Civic Improvement Revenue (Junior Lien)
	Series A 5.00% 7/1/26		7,500,000		8,687,549
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal)
	6.50% 12/1/28		8,300,000		9,193,245
	Sacramento County, California Airport System Revenue
	5.00% 7/1/24		1,425,000		1,658,401
	(PFC/Grant) Series D 5.50% 7/1/28		2,020,000		2,377,560
	San Francisco, California City & County Airports Commission
	Series B 5.00% 5/1/15		4,000,000		4,397,960
	Series D 5.00% 5/1/25		2,000,000		2,398,960
	St. Louis, Missouri Airport Revenue (Lambert-St. Louis
	International) Series A-1 6.125% 7/1/24		3,780,000		4,447,359

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount		Value
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Texas Private Activity Bond Surface Transportation
	Corporate Senior Lien Revenue
	(LBJ Infrastructure) 7.50% 6/30/33	$	3,625,000	$	4,577,541
	(Mobility Partners) 7.50% 12/31/31		3,765,000		4,681,439
	Texas State Transportation Commission Highway Fund
	Revenue (First Tier) 5.00% 4/1/18		1,700,000		1,988,405
	Texas State Transportation Commission Highway
	Improvement Revenue Series A 5.00% 4/1/20		5,000,000		6,267,850
	Triborough, New York Bridge & Tunnel Authority Revenue
	Series A 5.00% 11/15/17		1,720,000		2,057,481
	Series A 5.00% 1/1/23		4,000,000		4,966,120
	•Series B-3 5.00% 11/15/38		1,800,000		2,017,800
	Virginia Commonwealth Transportation Board
	(Capital Projects) Series A-1 5.00% 5/15/16		2,000,000		2,284,360
					136,181,969
Water & Sewer Revenue Bonds – 5.15%
	Arizona State Water Infrastructure Finance Authority
	Revenue (Water Quality) Series A
	5.00% 10/1/20		1,500,000		1,890,315
	5.00% 10/1/21		2,430,000		2,903,801
	Atlanta, Georgia Water & Wastewater Revenue
	Series A 6.00% 11/1/25		2,925,000		3,622,057
	Series B 5.50% 11/1/23 (AGM)		3,000,000		3,527,430
	King County, Washington Sewer Revenue Refunding
	Series B 5.00% 1/1/14 (NATL-RE)		3,500,000		3,641,960
	Massachusetts State Water Pollution Abatement Trust
	5.00% 8/1/16		2,170,000		2,502,791
	New York City, New York Municipal Water Finance
	Authority Water & Sewer System
	5.00% 6/15/21 (AMBAC)		1,180,000		1,280,394
	New York State Environmental Facilities Corporation
	Revenue (State Clean Water & Drinking Water
	Revolving Foundation)
	Series A 5.00% 6/15/22		1,405,000		1,675,814
	Series D 5.00% 9/15/23		3,360,000		3,952,066
	Series K 5.50% 6/15/15		3,500,000		3,912,300
	Portland, Oregon Sewer System Revenue (First Lien)
	Series A 5.00% 6/15/18		4,000,000		4,835,400

		Principal amount			Value
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	San Francisco, California City & County Public
	Utilities Commission
	Series A 5.00% 11/1/27	$	7,430,000	$	9,069,207
	Series D 5.00% 11/1/16		3,000,000		3,481,200
					46,294,735
Total Municipal Bonds (cost $810,187,448)					879,414,346

Short-Term Investments – 0.77%
¤Variable Rate Demand Notes – 0.77%
	Abag, California Finance Authority for Nonprofit
	Corporations Revenue (Jewish Home of San Francisco)
	0.05% 11/15/35 (LOC – Wells Fargo Bank)		500,000		500,000
	Arizona State Health Facilities Authority Revenue
	(Health Care - Southwest Health)
	0.11% 12/1/24 (LOC – JP Morgan Chase Bank)		300,000		300,000
	Charlotte-Mecklenburg, North Carolina Hospital Authority
	Health Care System Revenue (Carolinas)
	Series H 0.09% 1/15/45 (LOC – Wells Fargo Bank)		500,000		500,000
	Colorado State Educational & Cultural Facilities Authority
	Revenue (National Jewish Federation)
	Series B-3 5.00% 12/1/34 (LOC – TD Bank)		1,000,000		1,000,000
	Series D3 0.11% 12/1/37 (LOC – JP Morgan Chase Bank)		300,000		300,000
	Gulf Coast, Texas Industrial Development Authority
	Revenue (Exxon Mobil Project) 0.09% 11/1/41		500,000		500,000
	Harris County, Texas Cultural Education Facilities Finance
	Corporation Special Facilities Revenue
	(Texas Medical Center) Subseries B-2
	0.11% 9/1/31 (LOC – JP Morgan Chase Bank)		165,000		165,000
	Idaho State University Foundation Income Revenue
	(L.E. & Thelma Stephens Project)
	0.11% 5/1/21 (LOC – Wells Fargo Bank)		920,000		920,000
	Missouri State Health & Educational Facilities Authority
	Revenue (SSM Health Care)
	Series E 0.10% 6/1/45 (LOC – PNC Bank)		1,000,000		1,000,000
	New York City, New York Series C 0.11% 10/1/23
	(LOC – JP Morgan Chase Bank)		500,000		500,000

Statements of net assets
Delaware Tax-Free USA Intermediate Fund

		Principal amount			Value
Short-Term Investments (continued)
¤Variable Rate Demand Notes (continued)
	New York City, New York Trust for Cultural Resources
	Revenue (Lincoln Center) Series A-1 0.12% 12/1/35
	(LOC – JP Morgan Chase Bank)	$	1,000,000	$	1,000,000
	Phoenix, Arizona Industrial Development Authority
	Revenue (Southwest Human Development Project)
	0.21% 4/1/28 (LOC – Wells Fargo Bank)		230,000		230,000
Total Short-Term Investments (cost $6,915,000)					6,915,000

Total Value of Securities – 98.64%
	(cost $817,102,448)				886,329,346
Receivables and Other Assets
	Net of Liabilities – 1.36%				12,207,619
Net Assets Applicable to 71,834,601
	Shares Outstanding – 100.00%			$	898,536,965

Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class A ($447,269,937 / 35,899,061 Shares)					$12.46
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class B ($51,797 / 4,161 Shares)					$12.45
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Class C ($79,319,333 / 6,369,711 Shares)					$12.45
Net Asset Value – Delaware Tax-Free USA Intermediate Fund
	Institutional Class ($371,895,898 / 29,561,668 Shares)					$12.58

Components of Net Assets at Feb. 28, 2013:
Shares of beneficial interest (unlimited authorization – no par)				$	832,834,722
Undistributed net investment income					16,249
Accumulated net realized loss on investments					(3,540,904		)
Net unrealized appreciation of investments					69,226,898
Total net assets				$	898,536,965


•	Variable rate security. The rate shown is the rate as of Feb. 28, 2013. Interest rates reset periodically.
§	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.”
@	Illiquid security. At Feb. 28, 2013, the aggregate value of illiquid securities was $2,771,413, which represented 0.31% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
^	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 Feb. 28, 2013.

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

Net Asset Value and Offering Price Per Share –
Delaware Tax-Free USA Intermediate Fund
Net asset value Class A (A)	$12.46
Sales charge (2.75% of offering price) (B)	0.35
Offering price	$12.81

(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 National High-Yield Municipal Bond Fund	February 28, 2013 (Unaudited)

		Principal amount		Value
Municipal Bonds – 97.35%
Corporate Revenue Bonds – 21.69%
	Allegheny County, Pennsylvania Industrial Development
	Authority Revenue (Environmental Improvement - U.S.
	Steel Corp. Project)
	5.75% 8/1/42 (AMT)	$	6,520,000	$	6,595,306
	6.875% 5/1/30		300,000		332,460
	Buckeye, Ohio Tobacco Settlement Financing Authority
	Asset-Backed Series A-2
	5.875% 6/1/47		7,845,000		6,884,850
	6.50% 6/1/47		8,405,000		8,038,458
	California Pollution Control Financing Authority Revenue
	(Poseidon Resources) 5.00% 7/1/37 (AMT)		5,000,000		5,223,600
	California State Enterprise Development Authority
	Revenue (Sunpower Corp. - Recovery Zone Facility)
	8.50% 4/1/31		1,000,000		1,157,630
	Capital Trust Agency, Florida Revenue (Million Air One)
	7.75% 1/1/41 (AMT)		1,700,000		1,914,285
	Cass County, Texas Industrial Development Corporation
	Environmental Improvement Revenue (International
	Paper Co. Project) Series A 6.00% 9/1/25 (AMT)		1,000,000		1,003,650
	Central Plains Energy Project, Nebraska Gas
	Project Revenue Project #3 5.00% 9/1/42		2,000,000		2,185,880
	Cloquet, Minnesota Pollution Control Revenue
	(Potlatch Corp. Project) 5.90% 10/1/26		1,605,000		1,611,484
	Columbus County, North Carolina Industrial Facilities &
	Pollution Control Financing (International Paper Co.
	Project) Series A 5.70% 5/1/34		1,000,000		1,129,670
	De Soto Parish, Louisiana Environmental Improvement
	Revenue (International Paper Co. Project)
	Series A 6.35% 2/1/25 (AMT)		1,650,000		1,656,716
	Delaware State Economic Development Authority
	Revenue Exempt Facilities (Indian River Power)
	5.375% 10/1/45		1,600,000		1,713,552
	Golden State, California Tobacco Securitization Corporate
	Settlement Revenue Refunding
	5.00% 6/1/45 (AMBAC)		1,000,000		1,044,760
	Asset-Backed Senior Notes Series A-1 5.75% 6/1/47		10,510,000		9,854,280
	Houston, Texas Airport System Revenue
	(Continental Airlines) Series A 6.625% 7/15/38		2,000,000		2,237,580

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Illinois Railsplitter Tobacco Settlement Authority
	5.50% 6/1/23	$	2,010,000	$	2,429,326
	6.00% 6/1/28		1,455,000		1,744,443
	6.25% 6/1/24		2,635,000		2,947,854
	Indiana State Finance Authority Environmental Revenue
	(U.S. Steel Corp. Project) 6.00% 12/1/26		935,000		994,167
	Louisiana Local Government Environmental Facilities &
	Community Development Authority Revenue (Westlake
	Chemical Corp.) Series A-1 6.50% 11/1/35		3,000,000		3,552,210
	Love Field Airport Modernization Corporation, Texas
	Special Facilities Revenue (Southwest Airlines Co.
	Project) 5.25% 11/1/40		2,000,000		2,196,960
	Maryland Economic Development Corporation Facilities
	Revenue (CNX Marine Terminals Inc.) 5.75% 9/1/25		3,825,000		4,273,826
	Michigan Tobacco Settlement Financing Authority
	Revenue Asset-Backed Series A 6.00% 6/1/48		555,000		512,420
	M-S-R Energy Authority, California Gas Revenue
	Series B 6.125% 11/1/29		1,500,000		1,920,510
	Series C 6.50% 11/1/39		2,185,000		3,079,867
	New Jersey Economic Development Authority Special
	Facility Revenue (Continental Airlines Inc. Project)
	5.25% 9/15/29 (AMT)		4,000,000		4,079,480
	5.75% 9/15/27 (AMT)		2,000,000		2,060,640
	New York City, New York Industrial Development Agency
	Special Facilities Revenue
	(American Airlines - JFK International Airport)
	7.50% 8/1/16 (AMT)		200,000		212,730
	•7.75% 8/1/31 (AMT)		1,000,000		1,138,600
	(JetBlue Airways Corp. Project) 5.125% 5/15/30 (AMT)		1,000,000		985,870
	New York Liberty Development Corporation Revenue
	(Goldman Sachs Headquarters) 5.25% 10/1/35		4,875,000		5,828,453
	(Second Priority - Bank of America Tower)
	Class 2 5.625% 7/15/47		1,000,000		1,153,000
	Class 3 6.375% 7/15/49		2,500,000		2,979,800
	Pennsylvania Economic Development Financing Authority
	Exempt Facilities Revenue
	(Allegheny Energy Supply Co.) 7.00% 7/15/39		1,175,000		1,408,285

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

		Principal amount		Value
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Port of Seattle, Washington Industrial Development
	Corporation Special Facilities Revenue
	(Delta Airlines) 5.00% 4/1/30 (AMT)	$	2,000,000	$	2,017,740
	Salt Verde, Arizona Financial Senior Gas Revenue
	5.00% 12/1/32		1,450,000		1,681,362
	5.25% 12/1/27		3,285,000		3,923,435
	5.50% 12/1/29		765,000		936,972
•	St. Charles Parish, Louisiana Revenue
	(Valero Energy Corp. Project) 4.00% 12/1/40		1,635,000		1,805,220
	St. John Baptist Parish, Louisiana Revenue
	(Marathon Oil Corp.) Series A 5.125% 6/1/37		1,900,000		2,031,936
	Sweetwater County, Wyoming Solid Waste Disposal
	Revenue (FMC Corp. Project) 5.60% 12/1/35 (AMT)		1,000,000		1,091,040
	Tobacco Settlement Financing Corporation, New Jersey
	Series 1A 5.00% 6/1/41		5,830,000		5,744,138
	Toledo, Lucas County, Ohio Port Authority Development
	Revenue (Toledo Express Airport Project)
	Series C 6.375% 11/15/32 (AMT)		1,000,000		1,036,600
	TSASC, New York Revenue (Asset-Backed)
	Series 1 5.125% 6/1/42		485,000		423,167
					116,774,212
Education Revenue Bonds – 17.42%
	Allegheny County, Pennsylvania Higher Education
	Building Authority Revenue (Carnegie Mellon
	University Project) Series A 5.00% 3/1/24		1,000,000		1,236,610
	Arlington, Texas Higher Education Finance
	(Arlington Classic Academy) 7.65% 8/15/40		1,000,000		1,129,810
	Bowling Green, Ohio Student Housing Revenue CFP I
	(State University Project) 6.00% 6/1/45		1,250,000		1,394,388
	Buffalo & Erie County, New York Industrial Land
	Development Corporation Revenue
	(Medaille College Project) 5.25% 4/1/35		1,885,000		1,952,295
	California Municipal Finance Authority Revenue
	(Azusa Pacific University Project) Series B 7.75% 4/1/31		1,000,000		1,184,400
	(Partnership Uplift Community Project)
	Series A 5.25% 8/1/42		1,000,000		1,023,090
	(Santa Rosa Academy Project) Series A 6.00% 7/1/42		1,250,000		1,300,625
	(Southwestern Law School) 6.50% 11/1/41		1,500,000		1,815,960

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority (New Designs Charter
	School) Series A 5.50% 6/1/42	$	1,750,000	$	1,795,798
	California Statewide Communities Development Authority
	Charter School Revenue (Green Dot Public Schools)
	Series A 7.25% 8/1/41		1,915,000		2,247,770
	California Statewide Communities Development Authority
	Revenue (California Baptist University Project)
	7.50% 11/1/41		1,000,000		1,255,180
	Series A 5.50% 11/1/38		1,000,000		1,073,280
	California Statewide Communities Development Authority
	School Facility Revenue (Aspire Public Schools Project)
	6.00% 7/1/40		1,000,000		1,065,660
	Chattanooga, Tennessee Health Educational & Housing
	Facilities Board Revenue (CDFI Phase I, LLC Project)
	Series A 5.125% 10/1/35		1,000,000		1,026,410
	Subordinate Series B 6.00% 10/1/35		1,500,000		1,577,250
	Clifton, Texas Higher Education Finance
	Corporation Revenue
	(Idea Public Schools) 5.75% 8/15/41		1,000,000		1,136,120
	(Uplift Education) Series A 6.25% 12/1/45		1,000,000		1,175,710
	District of Columbia Student Dormitory Revenue
	(Provident Group - Howard Properties)
	5.00% 10/1/35		2,500,000		2,674,824
	Gainesville, Georgia Redevelopment Authority Educational
	Facilities Revenue (Riverside Military Academy Project)
	5.125% 3/1/37		4,800,000		4,759,407
	Idaho Housing & Financing Association Nonprofit
	Facilities Revenue (North Star Charter School Project)
	Series A 9.50% 7/1/39		1,000,000		1,105,660
	Illinois Finance Authority Charter School Revenue
	(Uno Charter School) Series A 7.125% 10/1/41		1,000,000		1,169,970
	Illinois Finance Authority Revenue (Lake Forest College)
	Series A 6.00% 10/1/48		1,000,000		1,111,480
	Illinois Finance Authority Student Housing Revenue
	(Dekalb II - Northern Illinois University Project)
	6.875% 10/1/43		1,000,000		1,207,250
	Indiana State Finance Authority Revenue Educational
	Facilities (Drexel Foundation - Thea Bowman Academy
	Charter School) Series A 7.00% 10/1/39		1,000,000		1,083,650

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

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Iowa Higher Education Loan Authority Revenue
	(Private College Facilities)
	5.00% 10/1/38	$	2,000,000	$	2,129,160
	6.00% 9/1/39		2,145,000		2,416,878
	Louisiana Public Facilities Authority Revenue
	(Lake Charles Charter Academy Foundation)
	8.00% 12/15/41		1,500,000		1,691,610
	Marietta, Georgia Development Authority Revenue
	(Life University Income Project) 7.00% 6/15/39		1,345,000		1,451,188
	Maryland State Economic Development Corporation
	Student Housing Revenue (University of Maryland
	College Park Projects) 5.75% 6/1/33		1,130,000		1,237,158
	Maryland State Health & Higher Educational
	Facilities Authority Revenue
	(Patterson Park Public Charter School)
	Series A 6.125% 7/1/45		1,000,000		1,088,140
	@(Washington Christian Academy Project)
	Series A 5.50% 7/1/38		1,170,000		467,883
	Massachusetts Health & Educational Facilities Authority
	Revenue (Springfield College) 5.625% 10/15/40		1,000,000		1,097,130
	Massachusetts State Development Finance Agency Revenue
	(Harvard University) Series B-1 5.00% 10/15/20		1,510,000		1,916,719
	Michigan Finance Authority Limited Obligation Revenue
	(Public School Academy)
	(Old Redford) Series A 6.50% 12/1/40		900,000		931,428
	(University Learning) 7.50% 11/1/40		1,000,000		1,154,580
	(Voyageur) 8.00% 7/15/41		1,250,000		1,331,350
	Michigan Public Educational Facilities Authority Revenue
	(Limited-Obligation-Landmark Academy) 7.00% 12/1/39		950,000		1,031,273
	Minnesota Higher Education Facilities Authority Revenue
	(Bethel University) Series 6-R 5.50% 5/1/37		1,000,000		1,048,080
	New Castle County, Delaware Revenue
	(Newark Charter School Inc. Project) 5.00% 9/1/36		500,000		503,995
	New Jersey Economic Development Authority Revenue
	(Provident Group - Montclair) 5.875% 6/1/42		1,500,000		1,704,885
	New Jersey State Educational Facilities Authority Revenue
	(Rider University) Series A 5.00% 7/1/37		800,000		876,128
	(University of Medicine & Dentistry)
	Series B 7.50% 12/1/32		1,000,000		1,252,040

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New Jersey State Higher Education Student Assistance
	Authority Student Loan Revenue
	Series 1B 5.75% 12/1/39 (AMT)	$	1,250,000	$	1,320,700
	North Texas Education Finance Revenue
	(Uplift Education) Series A 5.25% 12/1/47		2,100,000		2,280,978
	Oregon State Facilities Authority Revenue
	(College Housing Northwest Project)
	Series A 5.45% 10/1/32		1,000,000		1,002,950
	#(Concordia University Project) Series A 144A
	6.125% 9/1/30		1,000,000		1,091,260
	6.375% 9/1/40		500,000		551,805
	Pennsylvania State Higher Educational Facilities
	Authority Revenue
	(Edinboro University Foundation) 5.80% 7/1/30		1,300,000		1,458,938
	(Edinboro University Student Housing) 6.00% 7/1/42		1,000,000		1,101,330
	•(Foundation Indiana University)
	Series A 0.856% 7/1/39 (SGI)		2,400,000		1,800,768
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue
	(Discovery Charter School Project)
	5.875% 4/1/32		450,000		489,776
	6.25% 4/1/37		500,000		555,215
	(First Philadelphia Charter Project)
	Series A 5.75% 8/15/32		745,000		764,698
	(Global Leadership Academy Project)
	6.375% 11/15/40		1,000,000		1,090,030
	(Green Woods Charter School Project)
	Series A 5.75% 6/15/42		1,600,000		1,624,000
	(New Foundation Charter School Project)
	6.625% 12/15/41		1,000,000		1,104,330
	Philadelphia, Pennsylvania Redevelopment Authority
	Revenue (Beech Student Housing Complex Project)
	Series A 5.50% 7/1/35 (ACA)		1,500,000		1,480,890
	Phoenix, Arizona Industrial Development
	Authority Revenue
	(Choice Academies Project)
	5.375% 9/1/32		1,000,000		1,018,250
	5.625% 9/1/42		600,000		612,618
	(Rowan University Project) 5.00% 6/1/42		2,000,000		2,180,020

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

		Principal amount		Value
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Pima County, Arizona Industrial Development Authority
	Revenue (Edkey Charter Schools Project) 6.00% 7/1/43	$	2,000,000	$	2,007,160
	Private Colleges & Universities Authority, Georgia Revenue
	(Mercer University) Series A 5.00% 10/1/32		1,005,000		1,106,987
	Provo, Utah Charter School Revenue (Freedom Academy
	Foundation Project) 5.50% 6/15/37		910,000		899,107
	Puerto Rico Industrial Tourist Educational Medical &
	Environmental Central Facilities Financing Authority
	(Sacred Heart University) 5.00% 10/1/42		750,000		762,540
	San Juan, Texas Higher Education Finance Authority
	Education Revenue (Idea Public Schools)
	Series A 6.70% 8/15/40		2,000,000		2,373,819
	Utah State Charter School Finance Authority Revenue
	(North Davis Preparatory) 6.375% 7/15/40		1,290,000		1,406,152
	Wisconsin Public Finance Authority Revenue
	(Roseman University Health Sciences Project)
	5.75% 4/1/42		2,000,000		2,080,260
	Wyoming Community Development Authority Student
	Housing Revenue (CHF-Wyoming LLC)
	6.50% 7/1/43		1,000,000		1,143,880
	Yonkers, New York Economic Development Corporation
	Education Revenue (Charter School Educational
	Excellence) 6.25% 10/15/40		595,000		629,290
					93,769,973
Electric Revenue Bond – 1.23%
	Puerto Rico Electric Power Authority Revenue
	Series A 5.00% 7/1/42		6,670,000		6,603,700
					6,603,700
Healthcare Revenue Bonds – 25.74%
	Abag, California Finance Authority for Nonprofit Corporations
	Refunding (Episcopal Senior Communities)
	6.125% 7/1/41		1,650,000		1,921,310
	Alachua County, Florida Health Facilities Authority
	(Oak Hammock University) Series A 8.00% 10/1/42		2,500,000		3,036,775
	Apple Valley, Minnesota Economic Development Authority
	Health Care Revenue (Augustana Home St. Paul Project)
	Series A 6.00% 1/1/40		1,000,000		1,028,800

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Bexar County, Texas Health Facilities Development
	Corporation Revenue (Army Retirement
	Residence Project) 5.875% 7/1/30	$	1,000,000	$	1,162,030
	Brevard County, Florida Health Facilities Authority Health
	Care Facilities Revenue (Heath First Inc. Project)
	7.00% 4/1/39		1,000,000		1,233,370
	Butler County, Pennsylvania Hospital Authority Revenue
	(Butler Health System Project)
	7.125% 7/1/29		900,000		1,134,540
	California Municipal Finance Authority Revenue
	(Eisenhower Medical Center) Series A 5.75% 7/1/40		1,000,000		1,107,310
	California Statewide Communities Development
	Authority Revenue
	(BE Group) 7.25% 11/15/41		500,000		575,275
	(Terraces at San Joaquin Garden)
	Series A 6.00% 10/1/47		1,250,000		1,354,163
	Chesterfield County, Virginia Economic Development
	Authority Revenue (1st Mortgage - Brandermill
	Woods Project) 5.125% 1/1/43		2,500,000		2,532,275
	Cleveland - Cuyahoga County, Ohio Port Authority
	Revenue Senior Housing (St. Clarence - Geac)
	Series A 6.25% 5/1/38		1,000,000		1,000,670
	Colorado Health Facilities Authority Revenue
	(Christian Living Community Project)
	Series A 5.75% 1/1/37		1,990,000		2,126,653
	Cumberland County, Pennsylvania Municipal
	Authority Revenue
	(Asbury Pennsylvania Obligation Group) 5.25% 1/1/41		1,600,000		1,642,576
	(Diakon Lutheran Ministries Project)
	5.00% 1/1/36		1,000,000		1,034,510
	6.375% 1/1/39		1,000,000		1,121,460
	Duluth, Minnesota Economic Development Authority Revenue
	(St. Luke’s Hospital Authority Obligation Group)
	5.75% 6/15/32		2,250,000		2,408,625
	East Rochester, New York Housing Authority Revenue
	Refunding (Senior Living - Woodland Village Project)
	5.50% 8/1/33		1,200,000		1,213,956

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

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Hanover County, Virginia Economic Development
	Authority Residential Care Revenue
	(Covenant Woods) Series A 5.00% 7/1/42	$	2,000,000	$	2,007,280
	Hawaii Pacific Health Special Purpose Revenue
	Series A 5.50% 7/1/40		1,250,000		1,380,325
	Hawaii State Department of Budget & Finance Special
	Purpose Senior Living Revenue
	(15 Craigside Project) Series A 9.00% 11/15/44		1,000,000		1,205,980
	(Kahala Nui) 5.25% 11/15/37		1,000,000		1,084,230
	Illinois Finance Authority Revenue
	(Admiral at Lake Project) 8.00% 5/15/46		1,500,000		1,789,605
	(Lutheran Home & Services) 5.75% 5/15/46		1,685,000		1,769,638
	(Provena Health) Series A 7.75% 8/15/34		1,000,000		1,285,620
	(Silver Cross & Medical Centers) 7.00% 8/15/44		1,000,000		1,191,640
	Illinois Health Facilities Authority Revenue (Elmhurst
	Memorial Healthcare Project) 5.625% 1/1/28		1,000,000		1,003,480
	Illinois State Finance Authority Revenue (Franciscan
	Communities Inc.) Series A 5.125% 5/15/43		1,250,000		1,286,475
	Indiana Finance Authority Hospital Revenue (King’s
	Daughters Hospital & Health) 5.50% 8/15/45		1,000,000		1,089,890
	Indiana Finance Authority Revenue (Marquette Project)
	5.00% 3/1/39		1,400,000		1,462,440
	Iowa Finance Authority Revenue (Sunrise Retirement
	Community) 5.75% 9/1/43		2,500,000		2,516,350
	Kentucky Economic Development Finance Authority
	Hospital Revenue (Owensboro Medical Health System)
	Series A 6.50% 3/1/45		1,000,000		1,204,630
	Kentwood, Michigan Economic Development Corporation
	Revenue (Limited Obligation - Holland Home)
	5.625% 11/15/41		1,250,000		1,310,313
	Koyukuk, Alaska Revenue (Tanana Chiefs Conference
	Health Care Facility Project) 7.75% 10/1/41		1,750,000		1,989,960
	Lake County, Florida Individual Development Revenue
	(Cranes View Lodge Project) Series A 7.125% 11/1/42		3,000,000		3,012,180
	Lancaster County, Pennsylvania Hospital Authority Revenue
	(Brethren Village Project) Series A 6.375% 7/1/30		725,000		781,035
	Lebanon County, Pennsylvania Health Facilities Authority
	Center Revenue (Pleasant View Retirement)
	Series A 5.30% 12/15/26		1,000,000		1,014,040

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Louisiana Public Facilities Authority Revenue
	(Ochsner Clinic Foundation Project) 6.50% 5/15/37	$	1,705,000	$	2,045,062
	Lucas County, Ohio Health Care Facilities Revenue
	(Sunset Retirement Communities)
	5.50% 8/15/30		1,000,000		1,110,200
	Lucas County, Ohio Refunding & Improvement
	(Lutheran Homes) Series A 7.00% 11/1/45		3,000,000		3,394,620
	Maine Health & Higher Educational Facilities
	Authority Revenue
	(Eastern Maine Medical Center Obligation Group)
	5.00% 7/1/43		1,000,000		1,095,950
	(Maine General Medical Center) 6.75% 7/1/41		1,700,000		2,062,984
	Martin County, Florida Health Facilities Authority Revenue
	(Martin Memorial Medical Center)
	5.50% 11/15/42		1,000,000		1,110,550
	Maryland State Health & Higher Educational Facilities
	Authority Revenue (Doctors Community Hospital)
	5.75% 7/1/38		1,500,000		1,687,305
	Michigan State Strategic Fund Limited Refunding
	Revenue (Evangelical Homes) 5.50% 6/1/47		2,750,000		2,771,560
	Missouri State Health & Educational Facilities Authority
	Revenue (Lutheran Senior Services) 6.00% 2/1/41		1,000,000		1,126,340
	Montgomery County, Pennsylvania Industrial Development
	Authority Revenue (Meeting - Whitemarsh Continuing
	Care) 6.25% 2/1/35		2,500,000		2,542,100
	New Hampshire Health & Education Facilities Authority
	(Rivermeade) Series A 6.875% 7/1/41		1,380,000		1,566,700
	New Jersey Health Care Facilities Financing
	Authority Revenue
	(Barnabas Health Services) Series A
	4.00% 7/1/26		1,250,000		1,349,550
	5.00% 7/1/25		315,000		370,897
	(St. Josephs Healthcare System) 6.625% 7/1/38		860,000		995,519
	(St. Peters University Hospital) 6.25% 7/1/35		2,700,000		3,182,706
	(Trinitas Hospital Obligation Group)
	Series A 5.25% 7/1/30		1,240,000		1,319,186
	New York State Dormitory Authority Revenue Non State
	Supported Debt (Orange Regional Medical Center)
	6.25% 12/1/37		2,500,000		2,766,950

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

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	North Carolina Medical Care Commission Health Care
	Facilities Revenue
	(First Mortgage - Galloway Ridge Project) 6.00% 1/1/39	$	1,520,000	$	1,617,903
	(First Mortgage - Presbyterian Homes) 5.60% 10/1/36		1,000,000		1,026,220
	Northampton County, Pennsylvania Industrial Development
	Authority Revenue (Morningstar Senior Living)
	5.00% 7/1/36		1,000,000		1,029,270
	Oklahoma County, Oklahoma Finance Authority Revenue
	(Epworth Villa Project) Series A 5.125% 4/1/42		2,850,000		2,925,497
	Onondaga, New York Civic Development Revenue
	(St. Joseph Hospital Health Center)
	4.50% 7/1/32		1,000,000		989,750
	5.00% 7/1/42		5,945,000		6,248,342
	Orange County, New York Funding Corporation Assisted
	Living Residence Revenue 6.50% 1/1/46		4,000,000		4,005,319
	Oregon State Health & Science University
	Series E 4.00% 7/1/29		1,315,000		1,408,654
	Pennsylvania Economic Development Financing Authority
	Health System Revenue (Albert Einstein Healthcare)
	Series A 6.25% 10/15/23		1,100,000		1,299,749
	Philadelphia, Pennsylvania Hospitals & Higher Education
	Facilities Authority Hospital Revenue
	(Temple University Health System) Series A
	5.50% 7/1/30		2,000,000		2,139,760
	5.625% 7/1/42		1,000,000		1,105,040
	Salem, Oregon Hospital Facility Authority Revenue
	(Capital Manor Inc.) 6.00% 5/15/42		2,750,000		2,971,898
	San Buenaventura, California Revenue (Community
	Memorial Health Systems) 7.50% 12/1/41		2,475,000		3,026,430
	South Carolina Jobs - Economic Development Authority
	Hospital Revenue (Palmetto Health)
	5.75% 8/1/39		915,000		1,026,639
	St. Johns County, Florida Industrial Development
	Authority Revenue (Presbyterian Retirement)
	Series A 5.875% 8/1/40		1,000,000		1,119,730
	St. Louis Park, Minnesota Health Care Facilities Revenue
	(Park Nicollet Health Services)
	Refunding 5.75% 7/1/39		500,000		566,345

		Principal amount		Value
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul, Minnesota Housing & Redevelopment Authority
	Hospital Revenue (Health East Project) 6.00% 11/15/30	$	2,000,000	$	2,164,680
	Suffolk County, New York Economic Development
	Corporation Revenue (Peconic Landing Southland)
	6.00% 12/1/40		575,000		640,665
	Tempe, Arizona Industrial Development Authority
	Revenue (Friendship Village)
	Series A 6.25% 12/1/46		500,000		541,815
	Travis County, Texas Health Facilities Development
	Corporation Revenue (Westminister Manor Project)
	7.125% 11/1/40		1,000,000		1,191,220
	Vermont Economic Development Authority Revenue
	(Wake Robin Corp. Project) 5.40% 5/1/33		1,100,000		1,163,833
	Washington State Health Care Facilities
	Authority Revenue
	(Kadlec Regional Medical Center) 5.00% 12/1/42		3,000,000		3,146,130
	(Multicare Health System)
	Series B 6.00% 8/15/39 (ASSURED GTY)		1,250,000		1,459,963
	Wayzata, Minnesota Senior Housing Revenue
	(Folkestone Senior Living Community) Series A
	5.50% 11/1/32		270,000		281,524
	5.75% 11/1/39		600,000		631,902
	6.00% 5/1/47		920,000		977,868
	West Virginia Hospital Finance Authority Revenue
	(Highland Hospital Obligation Group)
	9.125% 10/1/41		3,000,000		3,848,189
	Winchester, Virginia Industrial Development Authority
	Residential Care Facility Revenue
	(Westminster-Canterbury Project)
	Series A 5.30% 1/1/35		1,000,000		1,019,150
	Wisconsin Health & Educational Facilities Authority
	Revenue (Sauk-Prairie Memorial Hospital Inc.)
	Series A 5.125% 2/1/38		3,460,000		3,467,853
	Yavapai County, Arizona Industrial Development
	Authority Hospital Revenue (Yavapai Medical Center)
	Series A 6.00% 8/1/33		1,000,000		1,020,730
					138,579,656

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

		Principal amount		Value
Municipal Bonds (continued)
Housing Revenue Bonds – 0.91%
	California Municipal Finance Authority Mobile Home Park
	Revenue (Senior - Caritas Projects) Series A
	5.50% 8/15/47	$	1,500,000	$	1,601,430
	6.40% 8/15/45		1,830,000		2,025,114
	Independent Cities, California Finance Authority Revenue
	Refunding (Sahar Mobile Home Park)
	Series A 5.00% 6/15/47		1,250,000		1,280,263
					4,906,807
Lease Revenue Bonds – 6.75%
	California Municipal Finance Authority Revenue
	(Goodwill Industry Sacramento Valley and
	Northern Nevada Project) Series A
	6.625% 1/1/32		500,000		530,655
	6.875% 1/1/42		1,500,000		1,596,285
	Capital Trust Agency, Florida Revenue
	(Air Cargo - Aero Miami) Series A 5.35% 7/1/29		980,000		1,045,219
	District of Columbia Revenue (Center of Strategic &
	International Studies) 6.625% 3/1/41		2,235,000		2,442,967
	Hudson, New York Yards Infrastructure Corporation
	Revenue Series A 5.75% 2/15/47		2,500,000		2,980,275
	New Jersey Economic Development Authority Revenue
	(School Facilities Construction)
	Series NN 5.00% 3/1/29		2,500,000		2,933,050
	(UMM Energy Partners) Series A
	5.00% 6/15/37 (AMT)		560,000		602,190
	5.125% 6/15/43 (AMT)		500,000		538,455
	New York City, New York Industrial Development Agency
	Revenue (Pilot - Queens Baseball Stadium)
	5.00% 1/1/46 (AMBAC)		1,000,000		1,022,360
	New York State Liberty Development Corporation Liberty
	Revenue (World Trade Center Project)
	5.75% 11/15/51		7,485,000		8,885,369
	Class 3 5.00% 3/15/44		1,400,000		1,515,878
	Public Finance Authority, Wisconsin Airport Facilities
	Revenue (Senior Obligation Group)
	5.00% 7/1/42 (AMT)		4,000,000		4,156,800
	Puerto Rico Public Buildings Authority Revenue
	(Government Facilities) Series U 5.25% 7/1/42		5,000,000		5,008,800

		Principal amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Puerto Rico Public Finance Corporation Revenue
	(Commonwealth Appropriation)
	Series B 5.50% 8/1/31	$	1,880,000	$	1,914,141
	Wise County, Texas (Parker County Junior College District)
	8.00% 8/15/34		1,000,000		1,201,120
					36,373,564
§Pre-Refunded/Escrowed to Maturity Bonds – 0.67%
	Capital Trust Agency, Florida Revenue
	(Fort Lauderdale/Cargo Acquisition Project)
	5.75% 1/1/32-14 (AMT)		550,000		577,550
	Missouri State Development Finance Board Infrastructure
	Facilities Revenue (Branson Landing Project)
	Series A 5.50% 12/1/24-14		720,000		767,059
	New Jersey State Economic Development Authority
	Revenue (Cigarette Tax) 5.75% 6/15/34-14		965,000		1,034,441
	Oklahoma City, Oklahoma Industrial & Cultural Facilities
	Subordinated (Air Cargo - Obligated Group)
	6.75% 1/1/23-14 (AMT)		1,160,000		1,226,584
					3,605,634
Resource Recovery Revenue Bond – 0.20%
	Mission Economic Development, Dallas, Texas Clean
	Energy Revenue (McCommas) 6.875% 12/1/24 (AMT)		1,000,000		1,075,320
					1,075,320
Special Tax Revenue Bonds – 10.90%
	Allentown, Pennsylvania Neighborhood Improvement
	Zone Development Authority Revenue
	Series A 5.00% 5/1/42		1,500,000		1,608,210
	Anne Arundel County, Maryland Special Obligation
	Revenue (National Business Park - North Project)
	6.10% 7/1/40		1,725,000		1,885,287
	Baltimore, Maryland Convention Center Hotel Revenue
	Subordinated Series B 5.875% 9/1/39		1,000,000		1,030,420
	Bonita Canyon, California Public Facilities Financing Authority
	Revenue (Community Facilities District #98-1)
	5.00% 9/1/28		700,000		724,353

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	$	5,500,000	$	6,607,370
	6.50% 7/15/30		1,175,000		1,446,143
	California Statewide Communities Development Authority
	Revenue (Inland Regional Center Project)
	5.375% 12/1/37		6,220,000		6,631,203
	Dutchess County, New York Local Development Corporation
	Revenue (Anderson Center Services Inc. Project)
	6.00% 10/1/30		2,000,000		2,129,500
@	Farms New Kent, Virginia Community Development
	Authority Special Assessment
	Series C 5.80% 3/1/36		1,000,000		585,870
	Henderson, Nevada Local Improvement Districts #T-18
	5.30% 9/1/35		650,000		507,787
	Lancaster, California Redevelopment Agency Tax Allocation
	Revenue (Combined Redevelopment Project Areas)
	6.875% 8/1/39		500,000		575,645
	Louisiana Stadium & Exposition District Revenue (Senior)
	Series A 5.00% 7/1/36		1,200,000		1,368,984
	Mosaic, Virginia District Community Development
	Authority Revenue Series A 6.875% 3/1/36		1,500,000		1,743,900
	Nampa Development Corporation, Idaho Revenue
	5.90% 3/1/30		2,000,000		2,171,080
	New Jersey Economic Development Authority Revenue
	5.00% 6/15/25		2,500,000		2,880,375
	Series II 5.00% 3/1/26		2,500,000		2,966,300
	New Jersey Transportation Trust Fund Authority Revenue
	(Transportation Program)
	Series AA 5.00% 6/15/21		2,000,000		2,429,620
	New York City, New York Industrial Development Agency
	(Pilot - Queens Baseball Stadium)
	5.00% 1/1/22 (AMBAC)		1,000,000		1,054,540
	(Yankee Stadium) 7.00% 3/1/49 (ASSURED GTY)		1,000,000		1,239,330
	(YMCA of Greater New York Project) 5.00% 8/1/36		3,000,000		3,136,590
	Norco, California Redevelopment Agency Tax Allocation
	(Area #1 Project) 6.00% 3/1/36		1,000,000		1,125,410

		Principal amount		Value
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Overland Park, Kansas Special Obligation Revenue
	(Prairiefire-Lionsgate Project) 6.00% 12/15/32	$	3,000,000	$	2,999,670
	Puerto Rico Sales Tax Financing Corporation Sales
	Tax Revenue
	Ω(Capital Appreciation) Series A 6.75% 8/1/32		730,000		773,807
	First Subordinate Series A 5.75% 8/1/37		800,000		865,656
	First Subordinate Series C 5.50% 8/1/40		3,000,000		3,211,890
	Richmond Heights, Missouri Tax Increment & Transaction
	Sales Tax Revenue Refunding & Improvement
	(Francis Place Redevelopment Project)
	5.625% 11/1/25		1,200,000		1,200,684
	Roseville Westpark, California Community Facilities
	District #1 (Special Tax Public Facilities)
	5.25% 9/1/37		600,000		605,538
	San Mateo, California Special Tax Revenue (Community
	Facilities District #2008-1 Bay Meadows) 6.00% 9/1/42		705,000		774,626
@	St. Joseph, Missouri Industrial Development
	Authority Tax Increment Revenue
	(Shoppes at North Village Project) Series A
	5.375% 11/1/24		1,000,000		1,005,560
	5.50% 11/1/27		500,000		502,175
	St. Louis, Missouri Industrial Development Authority Tax
	Increment Revenue Improvement (Grand Center
	Redevelopment Project) 6.375% 12/1/25		1,200,000		1,289,256
	Winter Garden Village at Fowler Groves Community
	Development District, Florida Special Assessment
	Revenue 5.65% 5/1/37		925,000		961,353
^	Wyandotte County, Kansas City, Kansas Unified Government
	Special Obligation Revenue (Capital Appreciation – Sales
	Tax Subordinate Lien) 6.07% 6/1/21		990,000		659,439
					58,697,571
State General Obligation Bonds – 5.52%
	Pennsylvania Commonwealth First Series 5.00% 6/1/22		3,000,000		3,819,630
	Puerto Rico Commonwealth Public Improvement Series A
	5.25% 7/1/16		1,610,000		1,719,544
	5.50% 7/1/18 (NATL-RE)		1,431,068		1,411,350
	5.50% 7/1/39		3,603,858		3,590,965
	5.75% 7/1/41		2,000,000		2,107,420

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

		Principal amount		Value
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	State of Connecticut Series C 5.00% 6/1/20	$	6,500,000	$	8,127,045
	State of Minnesota (Trunk Highway)
	Series B 5.00% 8/1/21		5,000,000		6,386,001
	State of New York Series A 5.25% 2/15/24		2,000,000		2,535,760
					29,697,715
Transportation Revenue Bonds – 5.98%
	Central Texas Regional Mobility Authority Revenue
	Senior Lien 6.00% 1/1/41		1,890,000		2,204,420
	Subordinate Lien 6.75% 1/1/41		1,000,000		1,170,260
	Delaware Transportation Authority Revenue Senior
	5.00% 7/1/22		2,000,000		2,554,920
	Houston, Texas Airport System Revenue Refunding
	Subordinate Lien Series A 5.00% 7/1/25 (AMT)		1,000,000		1,148,980
	Maryland Economic Development Revenue
	(Transportation Facilities Project)
	Series A 5.75% 6/1/35		1,400,000		1,598,352
	Metropolitan Transportation Authority
	Series F 5.00% 11/15/27		3,000,000		3,551,640
	Port Authority of New York & New Jersey Special Project
	(JFK International Air Terminal)
	6.00% 12/1/42		1,970,000		2,340,242
	Regional Transportation District, Colorado Private Activity
	Revenue (Denver Transit Partners)
	6.00% 1/15/41		1,000,000		1,165,220
	Sacramento County, California Airport System Revenue
	(PFC/Grant) Series C 6.00% 7/1/41		1,000,000		1,185,220
	St. Louis, Missouri Airport Revenue (Lambert-St. Louis
	International) Series A-1 6.625% 7/1/34		1,090,000		1,303,030
	Texas Private Activity Bond Surface Transportation
	Corporate Senior Lien
	(LBJ Infrastructure)
	7.00% 6/30/40		7,000,000		8,512,490
	7.50% 6/30/33		500,000		631,385
	(Mobility Partners) 6.875% 12/31/39		4,055,000		4,848,036
					32,214,195

		Principal amount		Value
Municipal Bonds (continued)
Water & Sewer Revenue Bond – 0.34%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority
	Revenue (Senior Lien) Series A 6.00% 7/1/47	$	1,730,000	$	1,809,736
					1,809,736
Total Municipal Bonds (cost $485,623,967)					524,108,083

Short-Term Investments – 2.35%
¤Variable Rate Demand Notes – 2.35%
	Aurora, Colorado Hospital Revenue
	(Children’s Hospital Association Project)
	Series B 0.10% 12/1/36 (LOC – U.S. Bank)		500,000		500,000
	California Statewide Communities Development Authority
	Revenue (John Muir Health)
	Series C 0.08% 8/15/27 (LOC – Wells Fargo Bank)		500,000		500,000
	Charlotte-Mecklenburg, North Carolina Hospital
	Authority Health Care System Revenue (Carolinas)
	Series H 0.09% 1/15/45 (LOC – Wells Fargo Bank)		2,000,000		2,000,000
	Colorado State Educational & Cultural Facilities Authority
	Revenue (National Jewish Federation Bond Program)
	Series D-1 0.11% 7/1/36 (LOC – JPMorgan Chase Bank)		2,600,000		2,600,000
	Lancaster County, Pennsylvania Hospital Authority
	Revenue (Masonic Homes Project)
	Series D 0.10% 7/1/34 (LOC – JPMorgan Chase Bank)		2,000,000		2,000,000
	New York City, New York
	Subseries A-7 0.11% 8/1/20
	(LOC – JPMorgan Chase Bank)		400,000		400,000
	Subseries E5 0.11% 8/1/15
	(LOC – JPMorgan Chase Bank)		300,000		300,000
	Subseries G-4 0.10% 4/1/42 (LOC – PNC Bank)		750,000		750,000
	New York City, New York Industrial Development Agency
	Civic Facility Revenue (American Civil Project)
	0.11% 6/1/35 (LOC – JPMorgan Chase Bank)		1,250,000		1,250,000
	Valdez, Alaska Marine Terminal Revenue
	(Exxon Pipeline Co. Project) Series B 0.10% 12/1/33		1,000,000		1,000,000

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

		Principal amount		Value
Short-Term Investments (continued)
¤Variable Rate Demand Notes (continued)
	Virginia Small Business Financing Authority Hospital
	Revenue (Carilion Clinic Obligation)
	Series B 0.11% 7/1/42 (LOC – PNC Bank)	$	500,000	$	500,000
	West Virginia State Hospital Finance Authority Revenue
	(West Virginia United Health System)
	Series B 0.11% 6/1/41 (LOC – JPMorgan Chase Bank)		850,000		850,000
Total Short-Term Investments (cost $12,650,000)					12,650,000

Total Value of Securities – 99.70%
	(cost $498,273,967)				536,758,083
Receivables and Other Assets
	Net of Liabilities – 0.30%				1,625,481
Net Assets Applicable to 48,894,028
	Shares Outstanding – 100.00%			$	538,383,564

Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class A ($269,171,651 / 24,537,559 Shares)					$10.97
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class B ($704,792 / 64,132 Shares)					$10.99
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Class C ($87,222,140 / 7,918,298 Shares)					$11.02
Net Asset Value – Delaware National High-Yield Municipal Bond Fund
	Institutional Class ($181,284,981 / 16,374,039 Shares)					$11.07

Components of Net Assets at Feb. 28, 2013:
Shares of beneficial interest (unlimited authorization – no par)				$	500,559,579
Distributions in excess of net investment income					(4,102		)
Accumulated net realized loss on investments					(656,029		)
Net unrealized appreciation of investments					38,484,116
Total net assets				$	538,383,564

•	Variable rate security. The rate shown is the rate as of Feb. 28, 2013. Interest rates reset periodically.
@	Illiquid security. At Feb. 28, 2013, the aggregate value of illiquid securities was $2,561,488, which represented 0.48% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”


#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2013, the aggregate value of Rule 144A securities was $1,643,065, which represented 0.31% 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.”
Ω	Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
^	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 Feb. 28, 2013.

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)	$	10.97
Sales charge (4.50% of offering price) (B)		0.52
Offering price	$	11.49

(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 28, 2013 (Unaudited)

	Delaware			Delaware				Delaware
	Tax-Free			Tax-Free USA				National High-Yield
	USA Fund			Intermediate Fund				Municipal Bond Fund
Investment Income:
Interest	$	15,105,161			$	15,594,035			$	11,908,015

Expenses:
Management fees		1,788,822				2,156,614				1,316,013
Distribution expenses – Class A		884,589				680,877				306,461
Distribution expenses – Class B		7,278				298				3,615
Distribution expenses – Class C		195,010				385,780				390,407
Dividend disbursing and transfer
agent fees and expenses		223,310				412,127				177,436
Accounting and administration expenses		129,297				171,237				93,047
Registration fees		36,502				44,517				46,890
Legal fees		27,561				33,236				15,771
Reports and statements to shareholders		18,567				27,521				13,017
Trustees’ fees		14,991				19,869				10,991
Audit and tax		13,733				19,783				10,392
Pricing fees		8,839				13,789				13,427
Custodian fees		6,264				8,290				5,298
Insurance fees		6,188				7,891				2,752
Due and services		4,904				5,340				3,630
Consulting fees		3,595				4,854				2,541
Trustees’ expenses		1,381				1,824				921
		3,370,831				3,993,847				2,412,609
Less expenses absorbed or waived		(417,504	)			(278,448	)			(276,365	)
Less waived distribution expenses – Class A		(145,625	)			(340,439	)			—
Less expenses paid indirectly		(473	)			(543	)			(187	)
Total operating expenses		2,807,229				3,374,417				2,136,057
Net Investment Income		12,297,932				12,219,618				9,771,958

	Delaware		Delaware				Delaware
	Tax-Free		Tax-Free USA				National High-Yield
	USA Fund		Intermediate Fund				Municipal Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments	$	5,991,293		$	4,075,022			$	2,779,665
Net change in unrealized appreciation
(depreciation) of investments		2,122,851			(261,079	)			6,350,016
Net Realized and Unrealized Gain		8,114,144			3,813,943				9,129,681

Net Increase in Net Assets
Resulting from Operations	$	20,412,076		$	16,033,561			$	18,901,639

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			Year
	Ended			Ended
	2/28/13			8/31/12
	(Unaudited)
Increase in Net Assets from Operations:
Net investment income	$	12,297,932		$	26,112,758
Net realized gain		5,991,293			12,593,089
Net change in unrealized appreciation (depreciation)		2,122,851			39,892,342
Net increase in net assets resulting from operations		20,412,076			78,598,189

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(11,346,518	)		(24,318,829	)
Class B		(21,899	)		(71,571	)
Class C		(582,756	)		(1,113,082	)
Institutional Class		(408,758	)		(547,276	)

Net realized gain:
Class A		(3,943,079	)		—
Class B		(9,579	)		—
Class C		(252,231	)		—
Institutional Class		(129,212	)		—
		(16,694,032	)		(26,050,758	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		29,375,891			24,908,312
Class B		—			29,617
Class C		6,543,593			6,942,209
Institutional Class		8,094,880			13,146,308

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		12,148,350			13,911,049
Class B		21,289			48,104
Class C		655,899			837,082
Institutional Class		403,541			353,695
		57,243,443			60,176,376

	Six Months			Year
	Ended			Ended
	2/28/13			8/31/12
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(38,293,312	)	$	(72,229,853	)
Class B		(495,398	)		(1,107,287	)
Class C		(2,925,878	)		(4,210,929	)
Institutional Class		(2,425,018	)		(5,557,588	)
		(44,139,606	)		(83,105,657	)
Increase (decrease) in net assets derived from
capital share transactions		13,103,837			(22,929,281	)
Net Increase in Net Assets		16,821,881			29,618,150

Net Assets:
Beginning of period		661,269,270			631,651,120
End of period	$	678,091,151		$	661,269,270

Undistributed net investment income	$	66,896		$	128,895

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			Year
	Ended			Ended
	2/28/13			8/31/12
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	12,219,618		$	24,892,898
Net realized gain		4,075,022			8,549,846
Net change in unrealized appreciation (depreciation)		(261,079	)		29,502,702
Net increase in net assets resulting from operations		16,033,561			62,945,446

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(6,325,639	)		(13,653,725	)
Class B		(578	)		(3,093	)
Class C		(746,042	)		(1,448,064	)
Institutional Class		(5,147,345	)		(9,787,989	)
		(12,219,604	)		(24,892,871	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		65,895,994			110,940,228
Class B		—			2,352
Class C		10,438,670			21,316,081
Institutional Class		89,852,627			121,081,688

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		5,638,326			10,732,723
Class B		577			2,048
Class C		605,117			1,183,202
Institutional Class		2,605,089			5,274,687
		175,036,400			270,533,009

	Six Months			Year
	Ended			Ended
	2/28/13			8/31/12
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(91,052,649	)	$	(122,640,858	)
Class B		(14,282	)		(194,373	)
Class C		(7,929,112	)		(10,083,689	)
Institutional Class		(54,842,660	)		(88,824,807	)
		(153,838,703	)		(221,743,727	)
Increase in net assets derived from
capital share transactions		21,197,697			48,789,282
Net Increase in Net Assets		25,011,654			86,841,857

Net Assets:
Beginning of period		873,525,311			786,683,454
End of period	$	898,536,965		$	873,525,311

Undistributed net investment income	$	16,249		$	16,235

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
	2/28/13			8/31/12
	(Unaudited)
Increase in Net Assets from Operations:
Net investment income	$	9,771,958		$	14,231,167
Net realized gain		2,779,665			119,419
Net change in unrealized appreciation (depreciation)		6,350,016			32,901,643
Net increase in net assets resulting from operations		18,901,639			47,252,229

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(5,078,785	)		(8,090,016	)
Class B		(12,312	)		(31,314	)
Class C		(1,324,413	)		(2,143,223	)
Institutional Class		(3,352,095	)		(3,879,322	)
		(9,767,605	)		(14,143,875	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		81,493,968			98,235,878
Class B		246			24,627
Class C		22,679,376			28,063,476
Institutional Class		104,156,749			94,846,876

Net asset value of shares issued upon reinvestment
of dividends and distributions:
Class A		4,323,129			6,404,305
Class B		9,084			19,983
Class C		1,094,426			1,761,167
Institutional Class		1,743,404			1,594,690
		215,500,382			230,951,002

	Six Months			Year
	Ended			Ended
	2/28/13			8/31/12
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(50,317,709	)	$	(35,115,726	)
Class B		(94,277	)		(121,264	)
Class C		(7,713,389	)		(10,532,464	)
Institutional Class		(53,024,373	)		(23,649,060	)
		(111,149,748	)		(69,418,514	)
Increase in net assets derived from
capital share transactions		104,350,634			161,532,488
Net Increase in Net Assets		113,484,668			194,640,842

Net Assets:
Beginning of period		424,898,896			230,258,054
End of period	$	538,383,564		$	424,898,896

Undistributed (distributions in excess of)
net investment income	$	(4,102	)	$	26,897

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

Net realized gain

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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹		8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
$12.260		$11.300		$11.630		$10.890		$10.970		$11.230


0.229		0.484		0.503		0.522		0.479		0.462
0.151		0.959		(0.330	)	0.740		(0.081	)	(0.260	)
0.380		1.443		0.173		1.262		0.398		0.202


(0.230	)	(0.483	)	(0.503	)	(0.522	)	(0.478	)	(0.462	)
(0.080	)	—		—		—		—		—
(0.310	)	(0.483	)	(0.503	)	(0.522	)	(0.478	)	(0.462	)

$12.330		$12.260		$11.300		$11.630		$10.890		$10.970

3.11%		13.01%		1.65%		11.85%		3.91%		1.82%


$611,065		$604,415		$589,175		$581,931		$536,420		$510,822
0.80%		0.80%		0.80%		0.80%		0.84%		0.85%

0.98%		0.93%		0.94%		0.95%		0.97%		0.94%
3.73%		4.11%		4.52%		4.64%		4.60%		4.13%

3.55%		3.98%		4.38%		4.49%		4.47%		4.04%
17%		52%		49%		32%		66%		28%

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

Net realized gain

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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$12.260		$11.290		$11.620		$10.880		$10.960		$11.230


	0.182		0.395		0.418		0.437		0.399		0.378
	0.151		0.969		(0.330	)	0.740		(0.080	)	(0.270	)
	0.333		1.364		0.088		1.177		0.319		0.108


	(0.183	)	(0.394	)	(0.418	)	(0.437	)	(0.399	)	(0.378	)
	(0.080	)	—		—		—		—		—
	(0.263	)	(0.394	)	(0.418	)	(0.437	)	(0.399	)	(0.378	)

	$12.330		$12.260		$11.290		$11.620		$10.880		$10.960

	2.73%		12.27%		0.89%		11.01%		3.13%		0.96%


	$1,359		$1,827		$2,682		$5,373		$8,168		$11,812
	1.56%		1.56%		1.56%		1.56%		1.60%		1.61%

	1.69%		1.69%		1.70%		1.71%		1.73%		1.70%
	2.98%		3.35%		3.76%		3.88%		3.84%		3.37%

	2.85%		3.22%		3.62%		3.73%		3.71%		3.28%
	17%		52%		49%		32%		66%		28%

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

Net realized gain

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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$12.270		$11.300		$11.630		$10.890		$10.970		$11.230


	0.183		0.395		0.419		0.437		0.399		0.377
	0.151		0.969		(0.330	)	0.740		(0.080	)	(0.260	)
	0.334		1.364		0.089		1.177		0.319		0.117


	(0.184	)	(0.394	)	(0.419	)	(0.437	)	(0.399	)	(0.377	)
	(0.080	)	—		—		—		—		—
	(0.264	)	(0.394	)	(0.419	)	(0.437	)	(0.399	)	(0.377	)

	$12.340		$12.270		$11.300		$11.630		$10.890		$10.970

	2.73%		12.26%		0.88%		11.00%		3.13%		0.96%


	$41,308		$36,840		$30,552		$30,302		$20,542		$16,641
	1.56%		1.56%		1.56%		1.56%		1.60%		1.61%

	1.69%		1.69%		1.70%		1.71%		1.73%		1.70%
	2.98%		3.35%		3.76%		3.88%		3.84%		3.37%

	2.85%		3.22%		3.62%		3.73%		3.71%		3.28%
	17%		52%		49%		32%		66%		28%

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

Net realized gain

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

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹Ratios 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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09
(Unaudited)
	$12.360		$11.380		$11.720		$10.890			$10.020


	0.246		0.517		0.534		0.549			0.322
	0.151		0.979		(0.340	)	0.830			0.870
	0.397		1.496		0.194		1.379			1.192


	(0.247	)	(0.516	)	(0.534	)	(0.549	)		(0.322	)
	(0.080	)	—		—		—			—
	(0.327	)	(0.516	)	(0.534	)	(0.549	)		(0.322	)

	$12.430		$12.360		$11.380		$11.720			$10.890

	3.23%		13.41%		1.83%		12.84%			12.15%


	$24,359		$18,187		$9,242		$7,634			$1
	0.56%		0.56%		0.56%		0.56%			0.60%

	0.69%		0.69%		0.70%		0.71%			0.73%
	3.98%		4.35%		4.76%		4.88%			4.84%

	3.85%		4.22%		4.62%		4.73%			4.71%
	17%		52%		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

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹Ratios 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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$12.410		$11.850		$12.110		$11.460		$11.250		$11.210


	0.172		0.362		0.381		0.423		0.388		0.383
	0.050		0.560		(0.260	)	0.650		0.210		0.041
	0.222		0.922		0.121		1.073		0.598		0.424


	(0.172	)	(0.362	)	(0.381	)	(0.423	)	(0.388	)	(0.384	)
	(0.172	)	(0.362	)	(0.381	)	(0.423	)	(0.388	)	(0.384	)

	$12.460		$12.410		$11.850		$12.110		$11.460		$11.250

	1.80%		7.89%		1.10%		9.53%		5.49%		3.83%


	$447,270		$464,540		$444,780		$481,004		$459,782		$407,729
	0.75%		0.75%		0.75%		0.75%		0.75%		0.75%

	0.96%		0.97%		0.98%		1.00%		1.03%		1.03%
	2.78%		2.98%		3.27%		3.59%		3.51%		3.38%

	2.57%		2.76%		3.04%		3.34%		3.23%		3.10%
	8%		39%		43%		27%		47%		28%

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

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹Ratios 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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$12.390		$11.840		$12.100		$11.450		$11.240		$11.200


	0.119		0.259		0.282		0.324		0.294		0.287
	0.060		0.550		(0.260	)	0.650		0.210		0.041
	0.179		0.809		0.022		0.974		0.504		0.328


	(0.119	)	(0.259	)	(0.282	)	(0.324	)	(0.294	)	(0.288	)
	(0.119	)	(0.259	)	(0.282	)	(0.324	)	(0.294	)	(0.288	)

	$12.450		$12.390		$11.840		$12.100		$11.450		$11.240

	1.45%		6.90%		0.25%		8.62%		4.61%		2.95%


	$52		$65		$249		$511		$861		$1,272
	1.60%		1.60%		1.60%		1.60%		1.60%		1.60%

	1.66%		1.67%		1.68%		1.70%		1.73%		1.73%
	1.93%		2.13%		2.42%		2.74%		2.66%		2.53%

	1.87%		2.06%		2.34%		2.64%		2.53%		2.40%
	8%		39%		43%		27%		47%		28%

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

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹Ratios 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
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$12.400		$11.850		$12.110		$11.450		$11.240		$11.200


	0.119		0.258		0.282		0.323		0.294		0.287
	0.050		0.550		(0.260	)	0.660		0.210		0.041
	0.169		0.808		0.022		0.983		0.504		0.328


	(0.119	)	(0.258	)	(0.282	)	(0.323	)	(0.294	)	(0.288	)
	(0.119	)	(0.258	)	(0.282	)	(0.323	)	(0.294	)	(0.288	)

	$12.450		$12.400		$11.850		$12.110		$11.450		$11.240

	1.37%		6.89%		0.25%		8.70%		4.60%		2.95%


	$79,319		$75,887		$60,398		$65,343		$40,232		$24,880
	1.60%		1.60%		1.60%		1.60%		1.60%		1.60%

	1.66%		1.67%		1.68%		1.70%		1.73%		1.73%
	1.93%		2.13%		2.42%		2.74%		2.66%		2.53%

	1.87%		2.06%		2.34%		2.64%		2.53%		2.40%
	8%		39%		43%		27%		47%		28%

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

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹Ratios 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						12/31/08²to
2/28/13¹			8/31/12		8/31/11		8/31/10		8/31/09
(Unaudited)
	$12.530		$11.970		$12.230		$11.460			$10.800


	0.183		0.384		0.402		0.424			0.269
	0.050		0.560		(0.260	)	0.770			0.660
	0.233		0.944		0.142		1.194			0.929


	(0.183	)	(0.384	)	(0.402	)	(0.424	)		(0.269	)
	(0.183	)	(0.384	)	(0.402	)	(0.424	)		(0.269	)

	$12.580		$12.530		$11.970		$12.230			$11.460

	1.87%		8.00%		1.28%		10.62%			8.68%


	$371,896		$333,033		$281,256		$192,026			$1
	0.60%		0.60%		0.60%		0.60%			0.60%

	0.66%		0.67%		0.68%		0.70%			0.73%
	2.93%		3.13%		3.42%		3.74%			3.65%

	2.87%		3.06%		3.34%		3.64%			3.52%
	8%		39%		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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹				8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$10.750			$9.620		$10.090		$8.920		$9.510		$10.030


	0.224			0.496		0.479		0.513		0.505		0.484
	0.220			1.127		(0.474	)	1.169		(0.595	)	(0.520	)
	0.444			1.623		0.005		1.682		(0.090	)	(0.036	)


	(0.224	)		(0.493	)	(0.475	)	(0.512	)	(0.500	)	(0.484	)
	(0.224	)		(0.493	)	(0.475	)	(0.512	)	(0.500	)	(0.484	)

	$10.970			$10.750		$9.620		$10.090		$8.920		$9.510

	4.16%			17.28%		0.23%		19.29%		(0.38%	)	(0.37%	)


	$269,172			$228,829		$140,629		$139,628		$68,812		$67,762
	0.85%			0.85%		0.85%		0.85%		0.90%		0.90%

	0.96%			0.99%		1.01%		1.04%		1.08%		1.04%
	4.12%			4.83%		5.03%		5.24%		6.06%		4.94%

	4.01%			4.69%		4.87%		5.05%		5.88%		4.80%
	17%			34%		57%		37%		67%		24%

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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹				8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$10.770			$9.640		$10.110		$8.940		$9.530		$10.050


	0.184			0.421		0.408		0.442		0.440		0.410
	0.220			1.127		(0.474	)	1.169		(0.592	)	(0.520	)
	0.404			1.548		(0.066	)	1.611		(0.152	)	(0.110	)


	(0.184	)		(0.418	)	(0.404	)	(0.441	)	(0.438	)	(0.410	)
	(0.184	)		(0.418	)	(0.404	)	(0.441	)	(0.438	)	(0.410	)

	$10.990			$10.770		$9.640		$10.110		$8.940		$9.530

	3.77%			16.39%		(0.51%	)	18.37%		(1.11%	)	(1.12%	)


	$705			$775		$768		$1,118		$1,448		$3,135
	1.60%			1.60%		1.60%		1.60%		1.65%		1.65%

	1.71%			1.74%		1.76%		1.79%		1.83%		1.79%
	3.37%			4.08%		4.28%		4.49%		5.31%		4.19%

	3.26%			3.94%		4.12%		4.30%		5.13%		4.05%
	17%			34%		57%		37%		67%		24%

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

Ratio of net investment income to average net assets

prior to fees waived

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
2/28/13¹				8/31/12		8/31/11		8/31/10		8/31/09		8/31/08
(Unaudited)
	$10.800			$9.660		$10.130		$8.960		$9.550		$10.070


	0.185			0.422		0.409		0.442		0.441		0.410
	0.220			1.137		(0.474	)	1.169		(0.592	)	(0.520	)
	0.405			1.559		(0.065	)	1.611		(0.151	)	(0.110	)


	(0.185	)		(0.419	)	(0.405	)	(0.441	)	(0.439	)	(0.410	)
	(0.185	)		(0.419	)	(0.405	)	(0.441	)	(0.439	)	(0.410	)

	$11.020			$10.800		$9.660		$10.130		$8.960		$9.550

	3.77%			16.47%		(0.51%	)	18.33%		(1.11%	)	(1.12%	)


	$87,222			$69,634		$44,497		$36,384		$7,770		$6,998
	1.60%			1.60%		1.60%		1.60%		1.65%		1.65%

	1.71%			1.74%		1.76%		1.79%		1.83%		1.79%
	3.37%			4.08%		4.28%		4.49%		5.31%		4.19%

	3.26%			3.94%		4.12%		4.30%		5.13%		4.05%
	17%			34%		57%		37%		67%		24%

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

Ratio of net investment income to average net assets

prior to fees waived

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							12/31/08²to
2/28/13¹				8/31/12		8/31/11		8/31/10		8/31/09
(Unaudited)
	$10.850			$9.710		$10.190		$8.930			$7.590


	0.240			0.527		0.506		0.534			0.342
	0.220			1.137		(0.484	)	1.259			1.338
	0.460			1.664		0.022		1.793			1.680


	(0.240	)		(0.524	)	(0.502	)	(0.533	)		(0.340	)
	(0.240	)		(0.524	)	(0.502	)	(0.533	)		(0.340	)

	$11.070			$10.850		$9.710		$10.190			$8.930

	4.27%			17.57%		0.41%		20.55%			22.55%


	$181,285			$125,661		$44,364		$16,840			$1
	0.60%			0.60%		0.60%		0.60%			0.65%

	0.71%			0.74%		0.76%		0.79%			0.85%
	4.37%			5.08%		5.28%		5.49%			6.41%

	4.26%			4.94%		5.12%		5.30%			6.21%
	17%			34%		57%		37%			67%	⁴

Notes to financial statements

Delaware National Tax-Free Funds

February 28, 2013 (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 Jun. 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 High-Yield 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. 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 (each, a Board or, collectively, the Boards). 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 for all open federal income tax years (Aug. 31, 2009 – Aug. 31, 2012), 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 are 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 using the effective interest method. 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 six months ended Feb. 28, 2013.

The Funds may 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 Feb. 28, 2013, 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
$473	$543	$187

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, brokerage fees, certain insurance costs and non-routine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)), 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 Dec. 27, 2013. 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 applies only to expenses paid directly by the Funds and may only be terminated by agreement of DMC and 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 Feb. 28, 2013, 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
$	16,183	$	21,432	$	11,645

DSC is also the transfer agency and dividend disbursing agent of the Funds. The Funds pay DSC a monthly asset-based fee for these services. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are passed on to and paid directly by the Funds.

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 the 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 Jun. 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to Jun. 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after Jun. 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board.

Notes to financial statements
Delaware National Tax-Free Funds

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

Institutional Class shares pay no distribution and service expenses. DDLP has contracted to waive distribution and service fees through Dec. 27, 2013 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 Feb. 28, 2013, 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	$	222,281	$	296,719	$	169,572
Dividend disbursing, transfer
agent and fund accounting
oversight fees and other
expenses payable to DSC		13,965		18,481		10,993
Distribution fees payable
to DDLP		146,917		111,438		117,490
Other expenses payable to
DMC and affiliates*		8,189		17,223		12,106

*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, 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 Feb. 28, 2013, 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
$8,586	$11,380	$6,075

For the six months ended Feb. 28, 2013, DDLP earned commissions on sales of the Fund’s Class A shares for each Fund as follows:

Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$45,303	$17,259	$80,261

For the six months ended Feb. 28, 2013, 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	$	988	$	—	$	—
Class B		—		—		128
Class C		170		286		323

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 Feb. 28, 2013, the Funds 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	$	114,183,914	$	88,010,691	$	183,414,075
Sales		109,504,421		73,506,565		80,335,562

At Feb. 28, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2013, 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		$	603,618,389			$	817,102,448			$	498,053,712
Aggregate unrealized
appreciation		$	72,519,767			$	69,556,680			$	40,542,737
Aggregate unrealized
depreciation			(1,552,006	)			(329,782	)			(1,838,366	)
Net unrealized appreciation		$	70,967,761			$	69,226,898			$	38,704,371

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

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, exchange-traded options contracts)

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

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

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2013:

	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
	Level 2			Level 2			Level 2
Municipal Bonds		$	667,696,150		$	879,414,346		$	524,108,083
Short-Term investments			6,890,000			6,915,000			12,650,000
Total		$	674,586,150		$	886,329,346		$	536,758,083

During the period ended Feb. 28, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Funds. Each Fund’s policy is to recognize transfers between levels at the beginning 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 six months ended Feb. 28, 2013 and the year ended Aug. 31, 2012 was as follows:

	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Six Months ended 2/28/13*
Tax-exempt income		$	12,741,444		$	12,213,918		$	9,735,534
Ordinary income			106,073			5,686			32,071
Long-term capital gains			3,846,515			—			—
Total		$	16,694,032		$	12,219,604		$	9,767,605

Year ended 8/31/12
Tax-exempt income		$	25,997,997		$	24,880,939		$	14,095,674
Ordinary income			52,761			11,932			48,201
Total		$	26,050,758		$	24,892,871		$	14,143,875

*Tax information for the six months ended Feb. 28, 2013 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 Feb. 28, 2013, the 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		$	602,183,944			$	832,834,722			$	500,559,579
Undistributed ordinary income			2,381,268				—				—
Undistributed tax-exempt
income			452,333				413,674				343,876
Undistributed long-term
capital gains			2,491,282				—				—
Distributions payable			(385,437	)			(397,425	)			(347,978	)
Realized gains
9/1/12 – 2/28/13			—				4,075,022				2,739,356
Capital loss carryforward as
of 8/31/12			—				(7,615,926	)			(3,615,640	)
Unrealized appreciation			70,967,761				69,226,898				38,704,371
Net assets		$	678,091,151			$	898,536,965			$	538,383,564

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 distributions payable 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 certain debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended Feb. 28, 2013, 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	$	(35,352	)
Accumulated net realized loss		35,352

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at Aug. 31, 2012 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
2015		$	—		$	—		$	355,701
2017			—			5,428,954			374,735
Total		$	—		$	5,428,954		$	730,436

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.

Losses incurred that will be carried forward under the Act are as follows:

	Loss carryforward character
	Short-term		Long-term
Delaware Tax-Free USA Intermediate Fund	$	2,186,972	$	—
Delaware National High-Yield Municipal Bond Fund		1,201,136		1,684,068

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
	2/28/13		8/31/12		2/28/13		8/31/12		2/28/13		8/31/12
Shares sold:
Class A	2,374,946		2,104,528		5,288,116		9,140,856		7,470,764		9,508,392
Class B	—		2,456		—		191		22		2,294
Class C	528,970		585,541		838,521		1,755,047		2,071,189		2,707,511
Institutional Class	650,605		1,099,549		7,131,496		9,890,039		9,429,086		9,184,149

Shares issued upon reinvestment of dividends and distributions:
Class A	981,738		1,178,162		452,793		883,131		396,315		626,870
Class B	1,721		4,091		46		170		832		1,959
Class C	52,996		70,840		48,638		97,422		99,957		171,868
Institutional Class	32,411		29,539		207,411		429,900		158,272		154,112
	4,623,387		5,074,706		13,967,021		22,196,756		19,626,437		22,357,155

Shares redeemed:
Class A	(3,097,706	)	(6,149,790	)	(7,282,443	)	(10,105,267	)	(4,615,020	)	(3,469,808	)
Class B	(40,537	)	(94,985	)	(1,155	)	(16,124	)	(8,734	)	(11,969	)
Class C	(236,904	)	(356,850	)	(636,971	)	(830,827	)	(703,269	)	(1,035,620	)
Institutional Class	(194,739	)	(469,114	)	(4,360,437	)	(7,234,869	)	(4,794,568	)	(2,326,733	)
	(3,569,886	)	(7,070,739	)	(12,281,006	)	(18,187,087	)	(10,121,591	)	(6,844,130	)
Net increase
(decrease)	1,053,501		(1,996,033	)	1,686,015		4,009,669		9,504,846		15,513,025

For the six months ended Feb. 28, 2013 and the year ended Aug. 31, 2012, the following shares and values were converted from Class B to Class A shares. The 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
	2/28/13				8/31/12
	Class B	Class A			Class B	Class A
	Shares	Shares	Value		Shares	Shares	Value
Delaware Tax-Free
USA Fund	9,616	9,626	$	117,742	43,994	44,077	$	511,259
Delaware Tax-Free
USA Intermediate Fund	41	41		503	5,885	5,877		71,118
Delaware National High-Yield
Municipal Bond Fund	4,123	4,133		44,678	3,567	3,578		35,790

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 $125,000,000 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. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 13, 2012.

On Nov. 13, 2012, 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 line of credit available under the agreement expires on Nov. 13, 2013. The Funds had no amounts outstanding as of Feb. 28, 2013 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 Feb. 28, 2013, 2.69% of Delaware Tax-Free USA Fund’s net assets, 6.11% of Delaware Tax-Free USA Intermediate Fund’s net assets, and 1.95% 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 Feb. 28, 2013, Delaware Tax-Free USA Fund invested in municipal bonds issued by the state of California and New York which constituted approximately 11.32% and 17.49%, respectively, of the Fund’s portfolio. As of Feb. 28, 2013, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York which constituted approximately 11.14% and 14.29%, respectively, of the Fund’s portfolio. As of Feb. 28, 2013, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the states of California and New York which constituted approximately 11.55% and 13.43%, 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.

100

Each Fund invests 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 Investors Service (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 advance 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 and 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 the Funds’ 15% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the statements of net assets.

101

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 Feb. 28, 2013 that would require recognition or disclosure in the Funds’ financial statements.

102

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	Joseph W. Chow Former Executive Vice President State Street Corporation Brookline, MA 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 Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú Europa International Miami, FL	Thomas K. Whitford Vice Chairman PNC Financial Services Group Pittsburgh, PA Janet L. Yeomans Former 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 Executive 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 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 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 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 delawareinvestments.com; and (ii) on the SEC’s website at sec.gov.

103

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 6, 2013

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 6, 2013

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 6, 2013

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