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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-03850

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

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

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

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

Date of fiscal year end:		August 31

Date of reporting period:		February 28, 2018

Item 1. Reports to Stockholders

LOGO

Fixed income mutual funds

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware National High-Yield Municipal Bond Fund

February 28, 2018

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

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawarefunds.com/edelivery.

LOGO

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. We are active managers who prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for our clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 75 years in existence.

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

You can learn more about Delaware Funds 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 delawarefunds.com/literature.

Manage your account online

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Check your account balance and transactions

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View statements and tax forms

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Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following registered investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Limited, Macquarie Investment Management Europe Limited, and Macquarie Capital Investment Management LLC.

The Funds are distributed by Delaware Distributors, L.P., an affiliate of MIMBT and Macquarie Group Limited. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.


Table of contents

Disclosure of Fund expenses			1

Security type / sector / state / territory allocations			4

Schedules of investments			10

Statements of assets and liabilities			63

Statements of operations			65

Statements of changes in net assets			66

Financial highlights			72

Notes to financial statements			90

About the organization			103

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2018, and subject to change for events occurring after such date.

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

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

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

Disclosure of Fund expenses

For the six-month period from September 1, 2017 to February 28, 2018 (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 Sept. 1, 2017 to Feb. 28, 2018.

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 the Funds 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

For the six-month period from September 1, 2017 to February 28, 2018 (Unaudited)

Delaware Tax-Free USA Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$994.40		0.81%		$4.01
Class C		1,000.00		990.70		1.56%		7.70
Institutional Class		1,000.00		995.70		0.56%		2.77
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.78		0.81%		$4.06
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 Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$988.60		0.75%		$3.70
Class C		1,000.00		985.30		1.60%		7.88
Institutional Class		1,000.00		990.40		0.60%		2.96
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,021.08		0.75%		$3.76
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 Account Value 9/1/17		Ending Account Value 2/28/18		Annualized Expense Ratio		Expenses Paid During Period 9/1/17 to 2/28/18*
Actual Fund return^†
Class A		$1,000.00		$1,007.90		0.85%		$4.23
Class C		1,000.00		1,004.20		1.60%		7.95
Institutional Class		1,000.00		1,009.30		0.60%		2.99
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.58		0.85%		$4.26
Class C		1,000.00		1,016.86		1.60%		8.00
Institutional Class		1,000.00		1,021.82		0.60%		3.01

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

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

Security type / sector / state / territory allocations


Delaware Tax-Free USA Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		94.67	%
Corporate Revenue Bonds		14.61	%
Education Revenue Bonds		3.00	%
Electric Revenue Bonds		2.97	%
Healthcare Revenue Bonds		11.05	%
Lease Revenue Bonds		3.47	%
Local General Obligation Bonds		11.18	%
Pre-Refunded/Escrowed to Maturity Bonds		16.60	%
Special Tax Revenue Bonds		9.36	%
State General Obligation Bonds		5.60	%
Transportation Revenue Bonds		14.76	%
Water & Sewer Revenue Bonds		2.07	%
Short-Term Investments		4.82	%
Total Value of Securities		99.49	%
Receivables and Other Assets Net of Liabilities		0.51	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware Tax-Free USA Fund held bonds issued by or on behalf of territories and the states of the United States as follows:


State / territory	Percentage of net assets
Alabama		2.80	%
Alaska		0.87	%
Arizona		4.46	%
California		10.10	%
Colorado		3.38	%
Connecticut		0.95	%
Florida		0.74	%
Georgia		1.02	%
Illinois		8.78	%
Indiana		0.74	%
Kansas		1.31	%
Kentucky		0.63	%
Louisiana		0.43	%
Maryland		6.41	%
Massachusetts		2.62	%
Michigan		0.91	%
Minnesota		2.09	%
Mississippi		1.58	%
Missouri		2.26	%
New Jersey		6.99	%


State / territory	Percentage of net assets
New York		15.31	%
North Carolina		1.93	%
Ohio		4.51	%
Oklahoma		2.70	%
Oregon		0.24	%
Pennsylvania		2.55	%
Tennessee		0.95	%
Texas		9.32	%
US Virgin Islands		0.06	%
Utah		0.66	%
Virginia		1.27	%
Wisconsin		0.92	%
Total Value of Securities		99.49	%

Security type / sector / state / territory allocations


Delaware Tax-Free USA Intermediate Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		99.71	%
Corporate Revenue Bonds		15.77	%
Education Revenue Bonds		6.46	%
Electric Revenue Bonds		4.05	%
Healthcare Revenue Bonds		8.55	%
Lease Revenue Bonds		3.29	%
Local General Obligation Bonds		6.27	%
Pre-Refunded/Escrowed to Maturity Bonds		11.25	%
Special Tax Revenue Bonds		10.89	%
State General Obligation Bonds		13.30	%
Transportation Revenue Bonds		16.34	%
Water & Sewer Revenue Bonds		3.54	%
Total Value of Securities		99.71	%
Receivables and Other Assets Net of Liabilities		0.29	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware Tax-Free USA Intermediate Fund held bonds issued by or on behalf of territories and the states of the United States as follows:


State / territory	Percentage of net assets
Alabama		1.03	%
Alaska		0.31	%
Arizona		9.67	%
California		14.44	%
Colorado		0.50	%
Connecticut		0.91	%
Florida		1.62	%
Georgia		0.88	%
Guam		0.55	%
Idaho		0.56	%
Illinois		7.85	%
Kansas		0.60	%
Kentucky		0.46	%
Louisiana		2.70	%
Maryland		1.63	%
Massachusetts		1.81	%
Michigan		0.76	%
Minnesota		3.41	%
Missouri		1.30	%
Montana		0.08	%
Nebraska		1.23	%


State / territory	Percentage of net assets
New Jersey		7.22	%
New York		16.11	%
Ohio		0.75	%
Oklahoma		0.19	%
Oregon		1.19	%
Pennsylvania		6.46	%
Tennessee		1.11	%
Texas		9.42	%
Utah		0.44	%
Virginia		1.77	%
Washington		1.24	%
Wisconsin		1.51	%
Total Value of Securities		99.71	%

Security type / sector / state / territory allocations


Delaware National High-Yield Municipal Bond Fund		As of February 28, 2018 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		99.01	%
Corporate Revenue Bonds		20.01	%
Education Revenue Bonds		13.00	%
Electric Revenue Bonds		0.53	%
Healthcare Revenue Bonds		26.54	%
Housing Revenue Bonds		0.56	%
Lease Revenue Bonds		4.62	%
Local General Obligation Bonds		4.14	%
Pre-Refunded/Escrowed to Maturity Bonds		7.24	%
Resource Recovery Revenue Bonds		1.10	%
Special Tax Revenue Bonds		7.66	%
State General Obligation Bonds		2.94	%
Transportation Revenue Bonds		7.59	%
Water & Sewer Revenue Bonds		3.08	%
Short-Term Investments		0.49	%
Total Value of Securities		99.50	%
Receivables and Other Assets Net of Liabilities		0.50	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware National High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the United States as follows:


State / territory	Percentage of net assets
Alabama		3.54	%
Alaska		0.46	%
Arizona		5.09	%
California		13.99	%
Colorado		3.50	%
Connecticut		0.20	%
Delaware		0.56	%
District of Columbia		0.72	%
Florida		3.37	%
Georgia		0.72	%
Hawaii		1.14	%
Idaho		0.65	%
Illinois		9.24	%
Indiana		0.99	%
Iowa		0.20	%
Kansas		0.59	%
Kentucky		1.36	%
Louisiana		1.40	%


State / territory	Percentage of net assets
Maine		0.15	%
Maryland		2.04	%
Massachusetts		0.40	%
Michigan		0.66	%
Minnesota		2.32	%
Mississippi		0.22	%
Missouri		2.16	%
Montana		0.11	%
Nebraska		0.66	%
Nevada		0.94	%
New Hampshire		0.12	%
New Jersey		5.94	%
New York		8.00	%
North Carolina		0.67	%
Ohio		6.81	%
Oklahoma		0.52	%
Oregon		0.45	%
Pennsylvania		5.02	%
Puerto Rico		0.46	%
South Carolina		0.43	%
Tennessee		0.45	%
Texas		7.18	%
Utah		0.11	%
Vermont		0.09	%
Virginia		1.50	%
Washington		1.50	%
West Virginia		0.21	%
Wisconsin		2.57	%
Wyoming		0.09	%
Total Value of Securities		99.50	%

Schedules of investments


Delaware Tax-Free USA Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 94.67%
Corporate Revenue Bonds – 14.61%
Buckeye, Ohio Tobacco Settlement Financing Authority
(Asset-Backed Senior Turbo)
Series A-2 5.875% 6/1/47		12,000,000	$ 11,475,120
Series A-2 6.50% 6/1/47		3,160,000	3,140,250
Commonwealth Financing Authority, Pennsylvania
(Tobacco Master Settlement Payment)
4.00% 6/1/39 (AGM)		5,300,000	5,333,178
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#●		1,570,000	1,619,031
Golden State, California Tobacco Securitization Corporate Settlement Revenue
(Asset-Backed Senior Notes) Series A-1 5.125% 6/1/47		165,000	164,587
(Capital Appreciation-Asset-Backed) Series B 1.548% 6/1/47 ^		9,410,000	1,285,688
(Unrefunded-Asset-Backed-Senior) 5.75% 6/1/47		7,640,000	7,697,300
Lower Alabama Gas District
Series A 5.00% 9/1/34		4,400,000	5,167,316
Series A 5.00% 9/1/46		9,140,000	11,002,915
M-S-R Energy Authority, California Gas Revenue
Series A 6.125% 11/1/29		1,915,000	2,359,778
Series B 6.50% 11/1/39		3,375,000	4,699,451
Series C 6.50% 11/1/39		1,500,000	2,088,645
New Jersey Economic Development Authority Revenue
(Continental Airlines Project) Series B 5.625% 11/15/30 (AMT)		1,365,000	1,546,299
New York City, New York Industrial Development Agency
(Brooklyn Navy Yard Cogeneration Partners) 5.75% 10/1/36 (AMT)		2,475,000	2,458,121
New York Liberty Development Corporation Revenue
(Goldman Sachs Headquarters) 5.25% 10/1/35		685,000	843,420
(Second Priority – Bank of America Tower) Class 3 6.375% 7/15/49		1,000,000	1,069,550
New York Transportation Development Corporation Special Facility Revenue
(American Airlines Inc. John F. Kennedy International Airport Project) 5.00% 8/1/31 (AMT)		2,000,000	2,119,480
Northern Tobacco Securitization Corporation Revenue, Alaska
(Tobacco Settlement Asset-Backed Bonds) Series A 5.00% 6/1/46		1,785,000	1,740,375
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		5,000,000	6,878,450


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Public Energy Authority of Kentucky Gas Supply Revenue
Series A 4.00% 4/1/48 ●		3,380,000	$ 3,622,853
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		1,600,000	1,877,168
Shoals, Indiana
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT)		1,940,000	2,190,532
Tobacco Settlement Financing Corporation, New Jersey Revenue
Series 1A 5.00% 6/1/41		1,920,000	1,918,272
Valparaiso, Indiana
(Pratt Paper, LLC Project) 7.00% 1/1/44 (AMT)		1,780,000	2,103,835

			84,401,614

Education Revenue Bonds – 3.00%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project) 144A
6.00% 7/1/47 #		1,385,000	1,454,485
California Educational Facilities Authority Revenue
(Loma Linda University) Series A 5.00% 4/1/47		1,000,000	1,115,800
California State University
(Systemwide) Series A 5.00% 11/1/42		700,000	801,759
Colorado Educational & Cultural Facilities Authority Revenue
(University of Denver Project) Series A 5.00% 3/1/47		2,500,000	2,807,825
Illinois Finance Authority Revenue
(Chicago International Charter School Project) 5.00% 12/1/47		2,805,000	2,901,043
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47		1,860,000	1,951,382
Series A 5.00% 2/15/50		540,000	564,397
New Jersey Economic Development Authority
(Provident Group – Montclair State University)
5.00% 6/1/42 (AGM)		1,250,000	1,385,500
Pennsylvania State Higher Educational Facilities Authority Student Housing Revenue
(University Properties Inc. – East Stroudsburg University of Pennsylvania) 5.00% 7/1/31		3,000,000	3,133,860
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		655,000	646,380
144A 5.00% 6/15/52 #		560,000	543,340

			17,305,771

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 2.97%
Electric and Gas Systems Revenue San Antonio, Texas
5.25% 2/1/24		2,500,000	$ 2,923,650
Long Island, New York Power Authority Electric System Revenue
5.00% 9/1/47		1,605,000	1,810,552
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,610,000	5,257,889
(Salt River Project Electric System) 5.00% 1/1/30		6,000,000	7,190,040

			17,182,131

Healthcare Revenue Bonds – 11.05%
Alachua County, Florida Health Facilities Authority
(Oak Hammock University) Series A 8.00% 10/1/42		1,000,000	1,161,490
Apple Valley, Minnesota
(Senior Living, LLC Project Fourth Tier) Series D 7.25% 1/1/52		2,500,000	2,522,300
(Senior Living, LLC Project Second Tier) Series B 5.00% 1/1/47		2,500,000	2,579,775
California Health Facilities Financing Authority Revenue
(Kaiser Permanente) Series A-2 5.00% 11/1/47		2,105,000	2,680,149
California Municipal Finance Authority Revenue
(Community Medical Centers) Series A 5.00% 2/1/42		2,550,000	2,787,533
Colorado Health Facilities Authority Revenue
(American Baptist) 8.00% 8/1/43		2,040,000	2,346,490
(Mental Health Center Denver Project) Series A 5.75% 2/1/44		1,875,000	2,081,625
Cuyahoga County, Ohio
(The Metro Health System)
5.25% 2/15/47		2,235,000	2,393,059
5.50% 2/15/57		3,000,000	3,253,500
Health & Educational Facilities Authority of The State of Missouri
(The Children’s Mercy Hospital) Series A 4.00% 5/15/48		1,100,000	1,111,781
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue
(Catholic Healthcare West) Series A 6.00% 7/1/39		3,690,000	3,867,305
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue Bonds
(Christian Care Surprise, Inc. Project) 144A 6.00% 1/1/48 #		1,195,000	1,214,526
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated) Series A 5.50% 1/1/46		2,000,000	2,227,520


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maryland Health & Higher Educational Facilities Authority Revenue
(University of Maryland Medical System) Series D 4.00% 7/1/48		1,340,000	$ 1,330,620
Massachusetts Development Finance Agency
(Dana-Farber Cancer Institute) Series N 5.00% 12/1/46		1,000,000	1,120,940
Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facilities Building
(Vanderbilt University Medical Center) 5.00% 7/1/46		5,000,000	5,492,150
Michigan Finance Authority
(Trinity Health) Series 2016 5.00% 12/1/33		4,655,000	5,279,608
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 6.125% 7/1/50		2,250,000	2,387,993
New Hope, Texas Cultural Education Facilities
(Cardinal Bay – Village on the Park)
Series A1 4.00% 7/1/36		310,000	312,613
Series A1 5.00% 7/1/46		770,000	846,376
Series B 4.25% 7/1/36		465,000	465,949
Series B 5.00% 7/1/46		770,000	810,664
New York State Dormitory Authority
(Orange Regional Medical Center)
144A 5.00% 12/1/34 #		400,000	433,860
144A 5.00% 12/1/35 #		1,200,000	1,297,704
144A 5.00% 12/1/37 #		800,000	861,280
North Carolina Medical Care Commission Health Care Facilities Revenue
(First Mortgage – Galloway Ridge Project)
Series A 5.875% 1/1/31		1,555,000	1,635,114
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		3,000,000	3,008,250
Oregon Health & Science University Revenue
(Capital Appreciation Insured) Series A 5.757% 7/1/21 (NATL)^		1,565,000	1,385,463
Palm Beach County, Florida Health Facilities Authority
(Sinai Residences Boca Raton Project)
7.25% 6/1/34		120,000	138,955
Series A 7.50% 6/1/49		610,000	710,199
Public Finance Authority, Wisconsin
(Bancroft Neurohealth Project) Series A 144A 5.00% 6/1/36 #		540,000	544,315
Rochester, Minnesota
(The Homestead at Rochester) Series A 6.875% 12/1/48		2,350,000	2,657,592

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue
(Buckner Senior Living - Ventana Project)
6.625% 11/15/37		1,000,000	$ 1,109,250
Tempe, Arizona Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/46		1,000,000	1,060,710
(Mirabella At ASU Project) Series A 144A
6.125% 10/1/52 #		690,000	705,249

			63,821,907

Lease Revenue Bonds – 3.47%
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project) Series A 5.00% 6/15/57		1,620,000	1,724,360
New Jersey Economic Development Authority
(School Facilities Construction) Series GG 5.75% 9/1/23		100,000	108,095
(State Government Buildings Project) Series A 5.00% 6/15/47		2,250,000	2,370,915
New Jersey Transportation Trust Fund Authority
Series B 5.50% 6/15/31		5,000,000	5,350,900
(Transportation Program) Series AA 5.00% 6/15/24		5,000,000	5,388,750
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A
5.75% 10/1/31 (AMT)#		2,245,000	2,266,440
St. Louis, Missouri Industrial Development Authority Leasehold Revenue
(Convention Center Hotel) 5.80% 7/15/20 (AMBAC)^		3,035,000	2,819,029

			20,028,489

Local General Obligation Bonds – 11.18%
Aldine, Texas Independent School District
(School Building) Series A 5.00% 2/15/45 (PSF)		3,000,000	3,414,930
Chicago, Illinois
Series A 5.25% 1/1/29		2,020,000	2,151,118
Series A 6.00% 1/1/38		595,000	675,652
Chicago, Illinois Board of Education
5.00% 4/1/42		1,060,000	1,136,341
5.00% 4/1/46		1,085,000	1,158,889
Series G 5.00% 12/1/44		1,000,000	1,000,690
Series H 5.00% 12/1/36		1,395,000	1,412,075
Series H 5.00% 12/1/46		1,775,000	1,776,225
Los Angeles, California Community College District
Series C 5.00% 8/1/25		2,500,000	2,989,625


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Mecklenburg, North Carolina
Series A 5.00% 9/1/25		8,000,000	$ 9,516,080
Montgomery, Maryland
Series A 5.00% 11/1/28		5,755,000	6,682,764
New York City, New York
Series E-1 5.00% 3/1/44		5,000,000	5,716,900
Subseries D-1 5.00% 10/1/36		6,500,000	7,125,625
Subseries I-1 5.375% 4/1/36		225,000	234,061
Prince George’s County, Maryland
(Consolidated Public Improvement) Series A 5.00% 9/15/24		10,000,000	11,722,400
Washington, Maryland Suburban Sanitary Commission
5.00% 6/1/27		6,480,000	7,839,634

			64,553,009

Pre-Refunded/Escrowed to Maturity Bonds – 16.60%
Atlanta, Georgia Water & Wastewater Revenue
Series A 6.25% 11/1/39-19§		5,500,000	5,921,905
Bowling Green, Ohio Student Housing Revenue CFP I
(State University Project) 6.00% 6/1/45-20§		5,295,000	5,802,155
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project) 6.50% 7/15/30-20§		8,230,000	8,961,647
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project) 7.125% 7/1/29-19§		2,500,000	2,677,250
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Series A 6.40% 8/15/45-20§		4,505,000	4,969,240
Central Texas Regional Mobility Authority Revenue
Senior Lien 6.00% 1/1/41-21§		5,160,000	5,752,265
Fairfax County, Virginia Industrial Development Authority
(Inova Health) 5.50% 5/15/35-19§		1,635,000	1,714,232
Illinois Finance Authority Revenue
(Silver Cross & Medical Centers) 7.00% 8/15/44-19§		3,000,000	3,230,790
Illinois Railsplitter Tobacco Settlement Authority
6.00% 6/1/28-21§		6,000,000	6,791,160
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference Health Care Facility Project)
7.75% 10/1/41-19§		3,000,000	3,279,330
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§		2,190,000	2,497,848

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Maryland Economic Development Corporation Revenue
(Transportation Facilities Project) Series A 5.75% 6/1/35-20§		5,075,000	$ 5,539,109
Massachusetts Development Finance Agency
(Harvard University) Series B-2 5.25% 2/1/34-21§		5,000,000	5,503,950
New Jersey Economic Development Authority Revenue
(Provident Group - Montclair State University)
5.875% 6/1/42-20§		4,225,000	4,622,995
(School Facilities Construction) Series G 5.75% 9/1/23-21§		900,000	1,003,275
New Jersey Educational Facilities Authority Revenue
(University of Medicine & Dentistry) Series B 7.50% 12/1/32-19§		1,435,000	1,538,521
New York State Dormitory Authority Revenue Non State Supported Debt
(Orange Regional Medical Center) 6.50% 12/1/21-18§		2,260,000	2,343,055
New York, New York
Subordinate Series I-1 5.375% 4/1/36-19§		1,610,000	1,676,606
Oklahoma State Turnpike Authority Revenue
(First Senior) 6.00% 1/1/22		13,535,000	15,586,229
Phoenix, Arizona Civic Improvement Corporation Airport Revenue Junior Lien
Series A 5.00% 7/1/26-20§		1,800,000	1,939,410
San Juan, Texas Higher Education Finance Authority Education Revenue
(Idea Public Schools) Series A 6.70% 8/15/40-20§		1,500,000	1,677,495
Southwestern Illinois Development Authority Revenue
(Memorial Group Inc.) 7.125% 11/1/43-23§		2,000,000	2,522,980
Virgin Islands Public Finance Authority Revenue
Series A 7.30% 10/1/18		330,000	341,273

			95,892,720

Special Tax Revenue Bonds – 9.36%
Baltimore, Maryland
(Convention Center Hotel) 5.00% 9/1/46		1,500,000	1,656,225
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		2,000,000	2,033,720
Connecticut State, Special Tax Revenue
(Transportation Infrastructure) Series A 5.00% 1/1/36		2,500,000	2,780,925
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Centre Hotel Project - TIF Financing) Series B 144A 5.00% 2/1/50 #		725,000	735,636


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Kansas State Department of Transportation
5.00% 9/1/27		5,300,000	$ 6,192,838
Massachusetts School Building Authority
Series C 5.00% 8/15/31		2,500,000	2,887,625
Mosaic, Virginia District Community Development Authority Revenue
Series A 6.875% 3/1/36		3,980,000	4,308,350
New Jersey Economic Development Authority Revenue
(Cigarette Tax) 5.00% 6/15/28		2,695,000	2,895,562
New York City, New York Industrial Development Agency
(Yankee Stadium) 7.00% 3/1/49 (AGC)		1,000,000	1,052,800
New York City, New York Transitional Finance Authority
(Future Tax Secured Fiscal 2011)
Series D 5.00% 2/1/26		3,000,000	3,265,920
(Future Tax Secured)
Series A-1 5.00% 11/1/42		10,000,000	11,272,900
Series C 5.25% 11/1/25		4,430,000	4,846,287
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project) 144A
7.00% 12/1/50 #		2,155,000	2,493,119
Sales Tax Securitization Corporation, Illinois Sales Tax Revenue
Series A 5.00% 1/1/40		5,000,000	5,588,150
Tampa, Florida Sports Authority Revenue Sales Tax
(Tampa Bay Arena Project) 5.75% 10/1/20 (NATL)		635,000	668,922
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A)
Series 2015A 5.75% 9/1/32		1,365,000	1,370,760

			54,049,739

State General Obligation Bonds – 5.60%
California State
5.25% 11/1/40		3,795,000	4,120,535
Various Purposes
5.00% 8/1/27		2,500,000	2,975,725
5.00% 11/1/47		5,190,000	5,965,749
6.00% 4/1/38		4,060,000	4,253,703
6.50% 4/1/33		2,570,000	2,710,322
Connecticut State
Series B 5.00% 6/15/35		2,475,000	2,686,934
Illinois State
5.00% 2/1/26		3,405,000	3,567,997
5.00% 5/1/36		480,000	487,853

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Illinois State
5.00% 2/1/39		830,000	$ 840,126
Series A 5.00% 12/1/34		1,780,000	1,826,850
Series A 5.00% 4/1/38		785,000	795,857
Series D 5.00% 11/1/28		2,000,000	2,082,320

			32,313,971

Transportation Revenue Bonds – 14.76%
Chicago, Illinois O’Hare International Airport
Series B 5.00% 1/1/33		2,345,000	2,631,090
Series D 5.25% 1/1/42		2,000,000	2,299,860
Colorado High Performance Transportation Enterprise Revenue
(C-470 Express Lanes) 5.00% 12/31/51		1,500,000	1,625,145
Dallas, Texas Love Field
5.00% 11/1/35 (AMT)		1,000,000	1,119,950
5.00% 11/1/36 (AMT)		1,000,000	1,117,560
Harris County, Texas Toll Road Authority
Senior Lien Series A 5.00% 8/15/27		3,750,000	4,496,437
New Jersey Turnpike Authority
Series A 5.00% 1/1/28		5,000,000	5,699,250
Series G 4.00% 1/1/43		1,605,000	1,642,990
Series G 5.00% 1/1/37		2,500,000	2,851,975
North Texas Tollway Authority Revenue
(First Tier) Series A 5.00% 1/1/43		4,550,000	5,141,637
(Second Tier) Series A 5.00% 1/1/34		5,000,000	5,554,550
Pennsylvania State Turnpike Commission Revenue
Series A-1 5.00% 12/1/47		1,090,000	1,210,663
Port Authority of New York & New Jersey Special Project
(193rd Series) 5.00% 10/15/28 (AMT)		4,000,000	4,549,920
(Consolidated 205th Series) 5.00% 11/15/47		1,500,000	1,716,885
(JFK International Air Terminal)
Series 8 6.00% 12/1/42		4,735,000	5,197,278
Series 8 6.50% 12/1/28		5,500,000	5,779,400
Salt Lake City, Utah Airport Revenue
Series B 5.00% 7/1/42		3,350,000	3,798,264
South Jersey Port, New Jersey
(Subordinated Marine Terminal)
Series A 5.00% 1/1/49		450,000	484,362
Series B 5.00% 1/1/42 (AMT)		450,000	476,865
Series B 5.00% 1/1/48 (AMT)		1,035,000	1,093,374


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International)
Series A-1 6.625% 7/1/34		5,995,000	$ 6,370,946
Texas Private Activity Bond Surface Transportation Corporate Senior Lien
(LBJ Infrastructure)
7.00% 6/30/40		5,715,000	6,320,161
7.50% 6/30/33		1,560,000	1,746,919
(NTE Mobility Partners)
6.75% 6/30/43 (AMT)		2,490,000	2,888,798
6.875% 12/31/39		5,500,000	5,958,645
7.00% 12/31/38 (AMT)		1,830,000	2,152,775
Virginia Small Business Financing Authority Revenue
(Transform 66 P3 Project) 5.00% 12/31/56 (AMT)		1,220,000	1,310,207

			85,235,906

Water & Sewer Revenue Bonds – 2.07%
Chicago, Illinois Waterworks Revenue
(2nd Lien) 5.00% 11/1/28		1,400,000	1,579,144
Dominion, Colorado Water & Sanitation District
5.75% 12/1/36		2,500,000	2,617,850
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(Fiscal 2009) Series A 5.75% 6/15/40		3,090,000	3,126,987
Southern California Water Replenishment District
5.00% 8/1/33		2,000,000	2,326,120
5.00% 8/1/34		2,000,000	2,318,800

			11,968,901

Total Municipal Bonds (cost $521,277,652)			546,754,158


Short-Term Investments – 4.82%
Variable Rate Demand Notes – 4.82%¤
City & County of Denver, Colorado Series A3 1.09% 12/1/31 (SPA - JPMorgan Chase Bank N.A.)		1,150,000	1,150,000
Commonwealth of Massachusetts Series A 0.96% 3/1/26
(SPA - Barclays Bank PLC)		5,600,000	5,600,000
Minneapolis – St. Paul, Minnesota Housing & Redevelopment Authority Health Care Revenue
(Allina Health System) Series B-1 1.09% 11/15/35 (LOC - JPMorgan Chase Bank N.A.)		1,350,000	1,350,000
(Children’s Hospitals & Clinics) Series A
1.09% 8/15/34 (AGM) (SPA - U.S. Bank N.A.)		1,375,000	1,375,000
(Children’s Hospitals & Clinics) Series A-II
1.09% 8/15/37 (AGM) (SPA - US Bank N.A.)		1,575,000	1,575,000

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes¤ (continued)
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue
(Chevron USA) Series A 1.12%12/1/30		1,105,000	$ 1,105,000
(Chevron USA) Series G 1.12%12/1/30		2,400,000	2,400,000
(Chevron USA) Series G 1.12%11/1/35 ●		2,100,000	2,100,000
(Chevron USA) Series I 1.12%11/1/35		3,500,000	3,500,000
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue (Second General Resolution) Series B4
1.08% 6/15/50 (SPA - Wells Fargo Bank N.A.)		1,700,000	1,700,000
New York, New York (Fiscal 2015) Series F6 1.10% 6/1/44 (LOC - JPMorgan Chase Bank N.A.)		3,450,000	3,450,000
Triborough Bridge & Tunnel Authority, New York 1.14% 11/1/32 (LOC - Landesbank Hessen)		2,500,000	2,500,000


Total Short-Term Investments (cost $27,805,000)			27,805,000

Total Value of Securities – 99.49% (cost $549,082,652)			$ 574,559,158

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $14,815,365, which represents 2.57% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of Feb. 28, 2018.

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on

current market conditions. These securities do not indicate a reference rate and spread in their description above.

^	Zero coupon security. The rate shown is the yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

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

Schedules of investments


Delaware Tax-Free USA Intermediate Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 99.71%
Corporate Revenue Bonds – 15.77%
Buckeye, Ohio Tobacco Settlement Financing Authority
(Asset-Backed Senior Turbo) Series A-2 6.50% 6/1/47		3,100,000	$	3,080,625
California Infrastructure & Economic Development Bank
(Pacific Gas and Electric Company) Series E 1.75% 11/1/26 ●		800,000		775,912
Central Plains Energy Project, Nebraska (Project No. 3)
Series A 5.00% 9/1/31		2,810,000		3,280,141
Series A 5.00% 9/1/35		2,160,000		2,540,786
Series A 5.00% 9/1/36		860,000		1,013,888
Chesterfield County, Virginia Economic Development Authority Pollution Control Revenue
(Virginia Electric & Power) Series A 5.00% 5/1/23		1,460,000		1,516,473
Commonwealth of Pennsylvania Financing Authority
(Tobacco Master Settlement Payment) 5.00% 6/1/27		2,000,000		2,268,960
Denver City & County, Colorado Special Facilities Airport Revenue
(United Airlines Project) 5.00% 10/1/32 (AMT)		1,190,000		1,286,640
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#●		1,785,000		1,840,746
Golden State, California Tobacco Securitization Corporate Settlement Revenue
(Asset-Backed Senior Notes)
Series A-1 5.00% 6/1/26		850,000		977,373
Series A-1 5.00% 6/1/33		665,000		665,825
Series A-1 5.125% 6/1/47		1,410,000		1,406,475
(Capital Appreciation Asset-Backed)
Series A 1.548% 6/1/47 ^		5,885,000		804,068
Houston, Texas Airport System Revenue
(United Airlines) 5.00% 7/1/29 (AMT)		3,010,000		3,296,462
Illinois Railsplitter Tobacco Settlement Authority
5.25% 6/1/20		7,160,000		7,675,162
Kentucky Public Energy Authority Revenue
Series A 4.00% 4/1/48 ●		2,350,000		2,518,847
Lower Alabama Gas District
Series A 5.00% 9/1/34		4,850,000		5,695,791
Maricopa County, Arizona Corporation Pollution Control Revenue
(Public Service - Palo Verde Project) Series B 5.20% 6/1/43 ●		6,000,000		6,373,320


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Maryland Economic Development Corporation Pollution Control Revenue
(Potomac Electric Project) 6.20% 9/1/22		1,780,000	$	1,859,780
Michigan Tobacco Settlement Finance Authority
Series A 6.00% 6/1/34		810,000		807,975
New Jersey Economic Development Authority Special Facilities Revenue
(Continental Airlines Project) Series B 5.625% 11/15/30 (AMT)		1,890,000		2,141,030
New York City, New York Industrial Development Agency
(Brooklyn Navy Yard Cogeneration Partners)
5.75% 10/1/36 (AMT)		1,835,000		1,822,485
New York Transportation Development Special Facilities Revenue
(American Airlines John F. Kennedy International Airport Project)
5.00% 8/1/21 (AMT)		610,000		663,351
Northern Alaska Tobacco Securitization Corporation Revenue
(Tobacco Settlement Asset-Backed Bonds) Series A 5.00% 6/1/46		1,745,000		1,701,375
Salt Verde, Arizona Financial Corporation Senior Gas Revenue
5.00% 12/1/32		3,750,000		4,369,875
5.25% 12/1/24		3,050,000		3,516,528
Tennessee Energy Acquisition Gas Revenue Series C 5.00% 2/1/27		1,440,000		1,651,622
Tobacco Settlement Financing Corporation, New Jersey Revenue
Series 1A 4.75% 6/1/34		3,265,000		3,232,383
Series 1A 5.00% 6/1/29		4,050,000		4,056,116
Series 1A 5.00% 6/1/41		9,275,000		9,266,653
TSASC, New York
Series A 5.00% 6/1/30		475,000		544,179
Series A 5.00% 6/1/31		475,000		540,911
Tulsa, Oklahoma Airports Improvement Trust
(American Airlines) 5.00% 6/1/35 (AMT)●		975,000		1,055,516
Wisconsin Public Finance Authority Exempt Facilities Revenue
(National Gypsum) 5.25% 4/1/30 (AMT)		2,905,000		3,117,181

				87,364,454

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds – 6.46%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project) 144A
6.00% 7/1/37 #		1,420,000	$	1,501,948
Bucks County, Pennsylvania Industrial Development Authority Revenue
(School Lane Charter School) 5.125% 3/15/36		2,000,000		2,144,100
California State University
(Systemwide) Series A 5.00% 11/1/31		2,000,000		2,383,680
California Statewide Communities Development Authority Revenue
(California Baptist University) Series A 6.125% 11/1/33		2,215,000		2,549,310
Connecticut State Health & Educational Facilities Authority Revenue
(Yale University) Series A-1 5.00% 7/1/25		5,000,000		5,060,900
Illinois Finance Authority Revenue
(Chicago International Charter School Project)
5.00% 12/1/30		250,000		267,707
5.00% 12/1/31		320,000		341,075
5.00% 12/1/32		250,000		265,435
(University of Illinois at Chicago)
Series A 5.00% 2/15/29		400,000		431,872
Series A 5.00% 2/15/31		365,000		390,816
Series A 5.00% 2/15/37		430,000		454,880
Massachusetts Development Finance Agency Revenue
(UMass Boston Student Housing Project)
5.00% 10/1/25		2,690,000		3,056,217
Massachusetts State Health & Educational Facilities Authority Revenue
(Massachusetts Institute of Technology) Series M 5.25% 7/1/20		3,000,000		3,253,050
Miami-Dade County, Florida Educational Facilities Authority
(University of Miami)
Series A 5.00% 4/1/30		520,000		588,364
Series A 5.00% 4/1/31		1,090,000		1,229,596
New York City, New York Trust for Cultural Resources
(Whitney Museum of American Art) 5.00% 7/1/21		3,025,000		3,297,038
New York State Dormitory Authority Revenue
(Non State Supported Debt - Rockefeller University)
Series A 5.00% 7/1/27		1,055,000		1,103,868
(Touro College & University System) Series A 5.25% 1/1/34		1,335,000		1,470,543


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Pennsylvania Higher Educational Facilities Authority Revenue
(Unrefunded Drexel University) Series A 5.25% 5/1/25		310,000	$ 338,535
Pima County, Arizona Industrial Development Authority Education Revenue
(Facility American Leadership Academy Project)
144A 5.00% 6/15/47 #		745,000	735,196
144A 5.00% 6/15/52 #		640,000	620,960
University of Texas Permanent University Fund
Series B 5.00% 7/1/27		3,715,000	4,319,319

			35,804,409

Electric Revenue Bonds – 4.05%
California State Department Water Resources Power Supply Revenue
Series N 5.00% 5/1/21		3,580,000	3,957,511
Long Island, New York Power Authority
5.00% 9/1/33		250,000	287,487
5.00% 9/1/35		1,000,000	1,142,020
5.00% 9/1/37		1,000,000	1,138,510
Series B 5.00% 9/1/31		3,165,000	3,621,361
New York State Utility Debt Securitization Authority
(Restructuring Bonds) 5.00% 12/15/33		1,500,000	1,741,890
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,000,000	4,562,160
(Salt River Project Electric System) 5.00% 1/1/30		5,000,000	5,991,700

			22,442,639

Healthcare Revenue Bonds – 8.55%
Arizona Health Facilities Authority
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/30		5,000,000	5,603,250
Berks County, Pennsylvania Municipal Authority Revenue
(Reading Hospital & Medical Center Project) Series A-3 5.25% 11/1/24		2,205,000	2,326,099
California Health Facilities Financing Authority
(Kaiser Permanente) Series A1 5.00% 11/1/27		4,100,000	5,014,423
California Statewide Communities Development Authority
(Loma Linda University Medical Center) Series A 144A
5.00% 12/1/41 #		1,685,000	1,785,274
Capital Trust Agency, Florida
(Tuscan Gardens Senior Living Center) 7.00% 4/1/35		1,630,000	1,658,003
Cuyahoga County, Ohio
(The Metrohealth System) 5.00% 2/15/37		1,000,000	1,067,630

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Dauphin County, Pennsylvania General Authority
(Pinnacle Health System Project) Series A 6.00% 6/1/29		1,780,000	$ 1,860,438
Illinois Finance Authority Revenue
(Rush University Medical Center) Series A 5.00% 11/15/32		2,000,000	2,233,940
Kalispell, Montana
(Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/32		435,000	462,366
Lancaster County, Pennsylvania Hospital Authority
(Brethren Village Project)
5.00% 7/1/31		440,000	482,579
5.00% 7/1/32		440,000	480,770
(University of Pennsylvania Health System Obligation)
Series A 5.00% 8/15/33		2,430,000	2,790,442
Maricopa County, Arizona Industrial Development Authority Revenue
(Banner Health Obligation Group) Series A
5.00% 1/1/32		3,000,000	3,454,770
(Christian Care Surprise, Inc. Project) 144A
5.75% 1/1/36 #		1,500,000	1,516,410
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated) Series A 5.50% 1/1/36		2,000,000	2,280,300
Missouri Health & Educational Facilities Authority
(Saint Luke’s Health System) 4.00% 11/15/33		935,000	964,742
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 5.625% 7/1/30		2,440,000	2,619,072
New York State Dormitory Authority Revenue
(Orange Regional Medical Center)
144A 5.00% 12/1/31 #		1,000,000	1,096,040
144A 5.00% 12/1/32 #		1,100,000	1,202,047
144A 5.00% 12/1/33 #		1,000,000	1,088,700
Pennsylvania Economic Development Financing Authority Revenue
Series A 4.00% 11/15/36		500,000	512,935
Prince George’s County, Maryland
(Collington Episcopal Life Care Community)
5.00% 4/1/31		2,000,000	2,125,900
Public Finance Authority, Wisconsin
(Bancroft Neurohealth Project) Series A 144A
4.625% 6/1/36 #		1,460,000	1,413,543


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Public Finance Authority, Wisconsin Senior Living Revenue
(Mary’s Woods at Marylhurst Project) 144A
5.00% 5/15/29 #		500,000	$ 547,090
Rochester, Minnesota Health Care Facilities Revenue
(Mayo Clinic) Series C 4.50% 11/15/38 ●		2,540,000	2,783,561

			47,370,324

Lease Revenue Bonds – 3.29%
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.125% 11/1/23		465,000	496,499
Golden State, California Tobacco Securitization Corporate Settlement Revenue
(Asset-Backed Enhanced) Series A 5.00% 6/1/35		3,000,000	3,390,150
Idaho Building Authority Revenue
(Health & Welfare Project) Series A 5.00% 9/1/24		2,800,000	3,100,468
Los Angeles County, California
(Disney Concert Hall Parking) 5.00% 3/1/23		2,395,000	2,716,768
New Jersey State Transportation Trust Fund Authority
Series B 5.50% 6/15/31		5,000,000	5,350,900
New York Liberty Development Revenue
(World Trade Center Project) Class 2-3 144A
5.15% 11/15/34 #		1,000,000	1,093,400
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A
5.00% 10/1/23 (AMT)#		2,085,000	2,099,637

			18,247,822

Local General Obligation Bonds – 6.27%
Chesterfield County, Virginia
Series B 5.00% 1/1/22		4,070,000	4,546,678
Chicago, Illinois
Series A 5.25% 1/1/29		640,000	681,542
Series C 5.00% 1/1/26		1,280,000	1,390,349
Chicago, Illinois Board of Education
5.00% 4/1/35		825,000	889,878
5.00% 4/1/36		320,000	344,406
(Dedicated Revenues)
Series C 5.00% 12/1/30		2,160,000	2,237,414
Series C 5.00% 12/1/34		2,160,000	2,206,656
Conroe, Texas Independent School District
5.00% 2/15/25 (PSF)		3,070,000	3,267,432

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Fort Worth, Texas Independent School District
(School Building) 5.00% 2/15/27 (PSF)		2,000,000	$ 2,297,600
New York City, New York
Series A-1 5.00% 8/1/19		5,000	5,031
Series E 5.00% 8/1/23		3,685,000	4,220,983
Subseries D-1 5.00% 10/1/30		4,000,000	4,392,240
San Francisco, California Bay Area Rapid Transit District
(Election 2004) Series D 5.00% 8/1/31		4,000,000	4,684,640
School District of Philadelphia, Pennsylvania
Series F 5.00% 9/1/28		3,215,000	3,549,424

			34,714,273

Pre-Refunded/Escrowed to Maturity Bonds – 11.25%
Atlanta, Georgia Water & Wastewater Revenue
Series A 6.00% 11/1/25-19§		2,925,000	3,137,413
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project) 6.50% 7/15/30-20§		5,500,000	5,988,950
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project) 7.125% 7/1/29-19§		2,250,000	2,409,525
California State Department of Water Resources
(Water System) Series AS 5.00% 12/1/29-24§		15,000	17,671
Clifton, Texas Higher Education Finance Corporation Revenue
(Uplift Education) Series A 6.00% 12/1/30-20§		1,100,000	1,224,201
Conroe, Texas Independent School District
5.00% 2/15/25-20 (PSF)§		795,000	846,913
Dauphin County, Pennsylvania General Authority
(Pinnacle Health System Project) Series A
6.00% 6/1/29-19§		1,620,000	1,710,121
Guam Government Limited Obligation Revenue
(Section 30)
Series A 5.375% 12/1/24-19§		1,750,000	1,866,777
Series A 5.625% 12/1/29-19§		1,125,000	1,204,909
Marietta, Georgia Development Authority Revenue
(Life University Income Project) 6.25% 6/15/20-18§		485,000	491,848
Maryland State Economic Development Corporation Revenue
(Transportation Facilities Project) Series A
5.375% 6/1/25-20§		2,535,000	2,745,912
Massachusetts Development Finance Agency Revenue
(Harvard University) Series B-1 5.25% 10/15/29-20§		1,670,000	1,827,080


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Minneapolis, Minnesota Health Care System Revenue
(Fairview Health Services) Series A 6.375% 11/15/23-18§		3,000,000	$ 3,105,000
New York State Dormitory Authority Revenue
(North Shore Long Island Jewish Health System)
Series A 5.00% 5/1/23-21§		4,000,000	4,395,760
New York State Dormitory Authority Revenue Non State Supported Debt
(Orange Regional Medical Center) 6.50% 12/1/21-18§		1,650,000	1,710,637
Pennsylvania Economic Development Financing Authority Health System Revenue
(Albert Einstein Healthcare) Series A 6.25% 10/15/23-19§		560,000	596,803
Pennsylvania Higher Educational Facilities Authority Revenue
(Drexel University) Series A 5.25% 5/1/25-21§		4,980,000	5,514,105
Phoenix, Arizona Civic Improvement Corporation Airport Revenue
(Junior Lien) Series A 5.00% 7/1/26-20§		7,500,000	8,080,875
San Francisco, California City & County Airports Commission
Series D 5.00% 5/1/25-21§		570,000	628,716
San Francisco, California City & County Public Utilities Commission Water Revenue
Subseries A 5.00% 11/1/27-21§		7,430,000	8,314,096
Southwestern Illinois Development Authority
(Memorial Group) 7.125% 11/1/30-23§		2,190,000	2,762,663
Virginia Commonwealth Transportation Board
(Gans-Garvee) 5.00% 3/15/24-23§		3,250,000	3,716,538

			62,296,513

Special Tax Revenue Bonds – 10.89%
Celebration Pointe, Florida Community Development District
4.75% 5/1/24		650,000	657,579
5.00% 5/1/34		880,000	886,899
Dallas, Texas Convention Center Hotel Development Revenue
Series A 5.00% 1/1/24		3,420,000	3,506,013
Series A 5.25% 1/1/23		5,375,000	5,523,887
Ernest N Morail-New Orleans, Louisiana Exhibition Hall Authority Special Tax Revenue
5.00% 7/15/26		2,330,000	2,577,772

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Harris County-Houston, Texas Sports Authority
(Senior Lien) Series A 5.00% 11/15/30		1,805,000	$ 2,019,163
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Center Hotel Project - TIF Financing)
Series B 144A 4.375% 2/1/31 #		400,000	402,068
Series B 144A 5.00% 2/1/40 #		200,000	204,544
Kansas State Department of Transportation
Series B 5.00% 9/1/33		1,500,000	1,723,965
Louisiana State Highway Improvement Revenue
Series A 5.00% 6/15/29		5,195,000	5,936,223
Massachusetts School Building Authority
Series C 5.00% 8/15/29		1,630,000	1,892,283
New Jersey Economic Development Authority Revenue
(Cigarette Tax)
5.00% 6/15/22		1,750,000	1,923,723
5.00% 6/15/23		1,250,000	1,367,163
(School Facilities Construction) Series AA 5.50% 12/15/29		1,480,000	1,535,796
New York City, New York Transitional Finance Authority
Future Tax Secured
5.00% 11/1/23		2,865,000	3,303,116
Subseries A-1 5.00% 11/1/20		2,860,000	3,110,965
Subseries C 5.00% 11/1/27		4,150,000	4,782,667
Subseries E-1 5.00% 2/1/26		4,020,000	4,455,768
New York State Local Government Assistance Corporation Subordinate Lien
Series A 5.00% 4/1/20		3,360,000	3,602,122
New York State Urban Development
(Personal Income Tax) Series A 5.00% 3/15/22		3,000,000	3,358,410
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project) 144A
7.00% 12/1/50 #		1,010,000	1,168,469
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement
(Francis Place Redevelopment Project) 5.625% 11/1/25		1,000,000	999,940
Sales Tax Securitization Corporation Sales Tax Revenue,
Illinois
Series A 5.00% 1/1/34		2,740,000	3,101,159
St. Joseph, Missouri Industrial Development Authority Tax Increment Revenue
(Shoppes at North Village Project) Series B 5.375% 11/1/23		655,000	655,183


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A)
Series 2015A 5.00% 9/1/27		1,610,000	$ 1,619,000

			60,313,877

State General Obligation Bonds – 13.30%
California State
5.00% 8/1/26		3,120,000	3,737,261
5.00% 9/1/30		1,715,000	2,008,454
Series C 5.00% 9/1/30		5,985,000	6,993,233
(Various Purposes)
5.00% 9/1/32		4,100,000	4,761,084
5.25% 9/1/28		7,750,000	8,660,703
Series A 5.00% 11/1/28		1,500,000	1,797,330
Illinois State
4.00% 2/1/24		1,220,000	1,219,963
5.00% 2/1/26		3,870,000	4,055,257
5.00% 3/1/36		960,000	973,872
Series A 5.00% 12/1/34		1,965,000	2,016,719
Series D 5.00% 11/1/28		2,000,000	2,082,320
Minnesota State
Series A 5.00% 10/1/23		3,415,000	3,937,768
(Various Purpose) Series F 5.00% 10/1/22		8,000,000	9,064,080
New York State
Series A 5.00% 2/15/28		5,000,000	5,453,550
Oregon State
Series L 5.00% 5/1/26		6,000,000	6,607,260
Texas State
(Transportation Commission Highway) 5.00% 4/1/29		3,000,000	3,415,140
Washington State
Series R-2015E 5.00% 7/1/31		3,000,000	3,417,630
(Various Purposes) Series 2015-A-1 5.00% 8/1/30		3,000,000	3,441,840

			73,643,464

Transportation Revenue Bonds – 16.34%
Bay Area, California Toll Authority
(San Francisco Bay Area) 4.00% 4/1/34		1,000,000	1,068,280
Broward County, Florida Airport System Revenue
Series O 5.375% 10/1/29		2,000,000	2,115,080
Chicago, Illinois O’Hare International Airport Revenue
Series B 5.00% 1/1/32		1,000,000	1,125,280
Series B 5.00% 1/1/33		1,520,000	1,705,440
(General-Airport-Third Lien) Series C 5.25% 1/1/28		2,150,000	2,273,733

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Houston, Texas Airports Commission Revenue Series B
5.00% 7/1/25		1,000,000	$ 1,096,850
5.00% 7/1/26		3,000,000	3,289,530
Memphis-Shelby County, Tennessee Airport Authority Revenue
Series D 5.00% 7/1/24		4,110,000	4,471,968
Metropolitan New York Transportation Authority Revenue
Series C 6.50% 11/15/28		545,000	564,669
New Jersey State Turnpike Authority Turnpike Revenue
Series A 5.00% 1/1/33		1,770,000	2,026,508
Series E 5.00% 1/1/31		5,000,000	5,841,050
Series E 5.00% 1/1/33		750,000	867,173
New Orleans, Louisiana Aviation Board
Series B 5.00% 1/1/32 (AGM) (AMT)		2,900,000	3,219,754
Series B 5.00% 1/1/33 (AGM) (AMT)		2,900,000	3,208,502
New York State Thruway Authority
Series J 5.00% 1/1/27		5,705,000	6,431,247
North Texas Tollway Authority Revenue
(First Tier) Series A 5.00% 1/1/35		1,000,000	1,134,180
Pennsylvania State Turnpike Commission Revenue
Series A-1 5.00% 12/1/34		250,000	284,050
Series A-1 5.00% 12/1/35		310,000	350,843
Series A-1 5.00% 12/1/36		350,000	394,873
Subordinate Series A-1 5.00% 12/1/29		3,590,000	3,999,942
(Motor License) 5.00% 12/1/37		1,000,000	1,118,540
Phoenix, Arizona Civic Improvement Corporation Airport Revenue
(Junior Lien Airport)
Series A 5.00% 7/1/33		3,355,000	3,807,657
Series D 5.00% 7/1/33		2,970,000	3,426,667
Port Authority of New York & New Jersey
(194th Series) 5.00% 10/15/32		2,500,000	2,887,950
(JFK International Air Terminal) Series 8 6.50% 12/1/28		8,300,000	8,721,640
Sacramento County, California Airport System Revenue
(PFC/Grant) Series D 5.50% 7/1/28		2,020,000	2,047,230
Salt Lake City, Utah Airport Revenue
Series B 5.00% 7/1/31		500,000	581,725
Series B 5.00% 7/1/32		600,000	695,418
Series B 5.00% 7/1/33		1,000,000	1,154,640
San Francisco, California City & County Airport Commission - San Francisco International Airport
Series D 5.00% 5/1/25		1,430,000	1,572,871


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
South Jersey Port, New Jersey
(Subordinated Marine Terminal)
Series B 5.00% 1/1/32 (AMT)		215,000	$ 232,323
Series B 5.00% 1/1/33 (AMT)		315,000	339,053
Series B 5.00% 1/1/34 (AMT)		430,000	461,029
Series B 5.00% 1/1/35 (AMT)		430,000	459,593
Series B 5.00% 1/1/36 (AMT)		430,000	458,518
Series B 5.00% 1/1/37 (AMT)		430,000	457,804
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International) Series A-1 6.125% 7/1/24		3,780,000	3,999,542
Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue
(LBJ Infrastructure) 7.50% 6/30/33		3,625,000	4,059,347
(NTE Mobility Partners)
7.00% 12/31/38 (AMT)		3,750,000	4,411,425
7.50% 12/31/31		3,765,000	4,130,920

			90,492,844

Water & Sewer Revenue Bonds – 3.54%
Atlanta, Georgia Water & Wastewater Revenue
Series B 5.50% 11/1/23 (AGM)		1,175,000	1,250,717
California State Department of Water Resources
(Water System) Series AS 5.00% 12/1/29		2,680,000	3,148,062
Chicago, Illinois Waterworks Revenue
(2nd Lien) 5.00% 11/1/27		2,100,000	2,375,478
Dominion, Colorado Water & Sanitation District
5.25% 12/1/27		1,390,000	1,455,789
Great Lakes, Michigan Water Authority Water Supply System Revenue
(Senior Lien Bond) Series C 5.00% 7/1/31		3,000,000	3,396,720
Sacramento, California Water Revenue
5.00% 9/1/26		3,160,000	3,624,583
San Antonio, Texas Water System Revenue
Series A 5.00% 5/15/32		1,500,000	1,743,555
Series A 5.00% 5/15/33		2,250,000	2,605,523

			19,600,427

Total Municipal Bonds (cost $533,917,881)			552,291,046


Total Value of Securities – 99.71% (cost $533,917,881)			$ 552,291,046

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $18,316,072, which represents 3.31% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

●

^	Zero coupon security. The rate shown is the yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

PSF – Guaranteed by Permanent School Fund

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

Schedules of investments


Delaware National High-Yield Municipal Bond Fund		February 28, 2018 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 99.01%
Corporate Revenue Bonds – 20.01%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(Environmental Improvement - US Steel Corp. Project)
5.75% 8/1/42 (AMT)		2,000,000	$ 2,013,020
Buckeye, Ohio Tobacco Settlement Financing Authority
(Asset-Backed Senior Turbo)
Series A-2 5.875% 6/1/47		36,040,000	34,463,610
Series A-2 6.00% 6/1/42		3,100,000	2,996,026
Series A-2 6.50% 6/1/47		20,115,000	19,989,281
California County Tobacco Securitization Agency Settlement Revenue
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) 0.83% 6/1/55 ^		100,000,000	4,470,000
California Pollution Control Financing Authority Revenue
(Poseidon Resources) 144A 5.00% 7/1/37 (AMT)#		5,000,000	5,342,250
California State Enterprise Development Authority Revenue
(Sunpower Corp. - Recovery Zone Facility)
8.50% 4/1/31		1,000,000	1,076,550
Central Plains Energy Project, Nebraska
Series A 5.00% 9/1/42		3,745,000	4,437,376
(Project No. 3) Series A 5.00% 9/1/37		3,210,000	3,790,946
Columbus County, North Carolina Industrial Facilities & Pollution Control Financing
(International Paper Co. Project) Series A 5.70% 5/1/34		1,000,000	1,082,380
Commonwealth Financing Authority, Pennsylvania
(Tobacco Master Settlement Payment)
4.00% 6/1/39 (AGM)		3,550,000	3,572,223
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#●		3,890,000	4,011,485
Golden State, California Tobacco Securitization Corporate Settlement Revenue
(Asset-Backed Senior Notes)
5.75% 6/1/47		10,145,000	10,221,087
Series A-1 5.125% 6/1/47		5,360,000	5,346,600
(Capital Appreciation - Asset-Backed-1st Subordinate)
Series B 1.548% 6/1/47 ^		30,145,000	4,118,711
Houston, Texas Airport System Revenue
Series B-1 5.00% 7/15/35 (AMT)		5,000,000	5,378,950
(Special Facilities Continental Airlines) Series A 6.625% 7/15/38 (AMT)		2,000,000	2,210,320
(United Airlines Inc.) 5.00% 7/1/29 (AMT)		1,150,000	1,259,445

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Westlake Chemical Corp.) Series A-1 6.50% 11/1/35		3,000,000	$ 3,326,940
Lower Alabama Gas District
Series A 5.00% 9/1/46		3,565,000	4,291,618
Main Street Natural Gas Project Revenue, Georgia
Series A 5.50% 9/15/23		40,000	45,945
Michigan Tobacco Settlement Financing Authority Revenue Asset-Backed
Series A 6.00% 6/1/48		1,255,000	1,251,863
Mission, Texas Economic Development Corporation Revenue
(Senior Lien - Natgasoline Project) Series B 144A 5.75% 10/1/31 (AMT)#		4,500,000	4,687,965
M-S-R Energy Authority, California Gas Revenue
Series A 6.50% 11/1/39		2,500,000	3,481,075
Series B 6.50% 11/1/39		2,500,000	3,481,075
Nevada State Department of Business & Industry
(Green Fulcrum Sierra Biofuels Project) 144A 6.25% 12/15/37 (AMT)#		5,000,000	5,442,250
New Jersey Economic Development Authority Special Facility Revenue
(Continental Airlines Project)
5.25% 9/15/29 (AMT)		4,000,000	4,366,440
Series B 5.625% 11/15/30 (AMT)		1,270,000	1,438,681
New York City, New York Industrial Development Agency
(Brooklyn Navy Yard Cogeneration Partners Project)
5.65% 10/1/28 (AMT)		4,750,000	4,740,690
5.75% 10/1/36 (AMT)		5,020,000	4,985,764
New York Liberty Development Corporation Revenue
(Goldman Sachs Headquarters) 5.25% 10/1/35		7,000,000	8,618,890
(Second Priority - Bank of America Tower) Class 3
6.375% 7/15/49		2,000,000	2,139,100
Northern Tobacco Securitization Corporation Revenue, Alaska
(Tobacco Settlement Asset-Backed Bonds) Series A 5.00% 6/1/46		3,945,000	3,846,375
Pennsylvania Economic Development Financing Authority
(National Gypsum) 5.50% 11/1/44 (AMT)		4,500,000	4,748,355
Pima County, Arizona Industrial Development Authority Pollution Control Revenue
(Tucson Electric Power) Series A 5.25% 10/1/40		500,000	537,130


	Principal amount°		Value (US $)
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	$ 2,189,100
Public Authority for Colorado Energy Natural Gas Revenue
Series 28 6.50% 11/15/38		2,000,000	2,751,380
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		11,765,000	13,803,051
5.25% 12/1/27		2,235,000	2,605,764
5.25% 12/1/28		1,050,000	1,230,831
5.50% 12/1/29		765,000	917,832
Shoals, Indiana
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT)		1,625,000	1,834,853
Tennessee State Energy Acquisition Gas Revenue
Series A 4.00% 5/1/48 ●		720,000	768,038
Series C 5.00% 2/1/27		2,940,000	3,372,062
Tobacco Settlement Financing Corporation, Louisiana
Asset-Backed Note Series A 5.25% 5/15/35		2,540,000	2,755,900
Tobacco Settlement Financing Corporation, New Jersey
Series 1A 5.00% 6/1/41		21,930,000	21,910,263
Tobacco Settlement Financing Corporation, Virginia
Series B-1 5.00% 6/1/47		2,000,000	1,950,000
TSASC, New York
Series A 5.00% 6/1/41		705,000	777,347
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue
Series A 5.50% 6/1/35 (AMT)		2,000,000	2,159,260
(American Airlines) 5.00% 6/1/35 (AMT)●		3,000,000	3,247,740
Valparaiso, Indiana
(Pratt Paper LLC Project) 7.00% 1/1/44 (AMT)		2,865,000	3,386,229
Washington Economic Development Finance Authority Revenue
(Columbia Pulp I, LLC Project) Series 2017A 144A 7.50% 1/1/32 (AMT)#		5,000,000	5,905,500
Wisconsin Public Finance Authority
(National Gypsum) 4.00% 8/1/35 (AMT)		2,000,000	1,946,060

			250,721,626

Education Revenue Bonds – 13.00%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		775,000	819,725
144A 6.00% 7/1/47 #		4,735,000	4,972,555

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Arizona Industrial Development Authority Revenue
(Basis Schools Projects)
Series A 144A 5.125% 7/1/37 #		750,000	$ 778,523
Series A 144A 5.375% 7/1/50 #		1,000,000	1,042,520
(Kaizen Education Foundation Project) 144A
5.80% 7/1/52 #		4,000,000	4,152,040
Arlington, Texas Higher Education Finance
(Arlington Classic Academy) 7.65% 8/15/40		1,000,000	1,084,930
(Leadership Preparatory School)
Series A 5.00% 6/15/36		700,000	700,994
Series A 5.00% 6/15/46		1,325,000	1,311,048
Build NYC Resource, New York
5.00% 11/1/39		1,000,000	1,014,070
5.50% 11/1/44		2,500,000	2,598,625
Burbank, Illinois
(Intercultural Montessori Language) 144A
6.25% 9/1/45 #		4,000,000	4,154,920
California Educational Facilities Authority Revenue
(Loma Linda University) Series A
5.00% 4/1/47		1,500,000	1,673,700
California Municipal Finance Authority Revenue
(California Baptist University) Series A 144A
5.50%11/1/45 #		4,000,000	4,398,000
(Julian Charter School Project) Series A 144A
5.625% 3/1/45 #		7,500,000	7,515,000
(Partnership Uplift Community Project) Series A 5.25% 8/1/42		1,700,000	1,736,805
(Santa Rosa Academy Project) Series A 6.00% 7/1/42		1,250,000	1,335,613
(Southwestern Law School) 6.50% 11/1/41		1,500,000	1,674,165
(The Creative Center of Los Altos Project) Series B 144A 4.50% 11/1/46 #		1,000,000	954,990
California School Finance Authority
(Aspire Public Schools)
Series A 144A 5.00% 8/1/35 #		585,000	636,269
Series A 144A 5.00% 8/1/40 #		605,000	654,755
(Encore Education Obligated Group) Series A 144A
5.00% 6/1/52 #		1,000,000	892,280
(Escuela Popular Project) 144A 6.50% 7/1/50 #		2,750,000	2,749,670
(New Designs Charter School) Series A 5.50% 6/1/42		1,750,000	1,803,883
(View Park Elementary & Middle Schools)
5.875% 10/1/44		1,000,000	1,074,580
6.00% 10/1/49		720,000	770,321


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California State University
(Systemwide)
Series A 5.00% 11/1/26		2,000,000	$ 2,428,940
Series A 5.00% 11/1/27		2,300,000	2,799,790
California Statewide Communities Development Authority Charter School Revenue
(Green Dot Public Schools) Series A 7.25% 8/1/41		1,915,000	2,173,008
California Statewide Communities Development Authority Revenue
(California Baptist University) Series A 144A
5.00% 11/1/41 #		1,875,000	2,025,525
(Lancer Educational Student Housing Project) Series A
144A 5.00% 6/1/46 #		1,500,000	1,578,540
Capital Trust Agency, Florida
(River City Education Services Project)
5.375% 2/1/35		870,000	851,521
5.625% 2/1/45		1,500,000	1,450,500
Colorado Educational & Cultural Facilities Authority Revenue
(Charter School - Community Leadership Academy)
7.45% 8/1/48		2,000,000	2,268,280
(Charter School - Loveland Classical School) 144A
5.00% 7/1/46 #		1,500,000	1,503,945
(Skyview Charter School) 144A 5.375% 7/1/44 #		500,000	505,705
(Windsor Charter Academy Project) Series 2016 144A
5.00% 9/1/36 #		1,000,000	1,004,770
Delaware State Economic Development Authority Revenue
(Charter School - Aspira Charter)
5.00% 6/1/36		700,000	706,069
5.00% 6/1/46		820,000	819,934
5.00% 6/1/51		1,035,000	1,018,430
District of Columbia Revenue
(Provident Group - Howard Properties) 5.00% 10/1/35		2,500,000	2,533,575
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services Income - Student Housing Project)
5.00% 7/1/30		1,000,000	1,070,810
Hawaii State Department of Budget & Finance
(Chaminade University) Series A 144A 5.00% 1/1/45 #		1,500,000	1,473,795
(Hawaii Pacific University) Series A 6.875% 7/1/43		2,000,000	2,105,500
Henderson, Nevada Public Improvement Trust
(Touro College & University System) 5.50% 1/1/44		2,000,000	2,201,380

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Idaho Housing & Finance Association
(Idaho Arts Charter School Incorporate) 144A
5.00% 12/1/36 #		615,000	$ 654,323
(North Star Charter School)
Series A 6.75% 7/1/48		529,150	536,754
Series B 144A 4.87% 7/1/49 #^		2,888,155	306,433
(Xavier Charter School Project) Series A 5.00% 6/1/50		1,000,000	1,065,550
Illinois Finance Authority Charter School Revenue
(Uno Charter School) Series A 7.125% 10/1/41		1,000,000	1,045,040
Illinois Finance Authority Revenue
(Lake Forest College) Series A 6.00% 10/1/48		1,000,000	1,066,960
(Rogers Park Montessori)
6.00% 2/1/34		675,000	708,453
6.125% 2/1/45		1,800,000	1,886,544
Illinois Finance Authority Student Housing Revenue
(Dekalb II - Northern Illinois University Project)
6.875% 10/1/43		1,000,000	1,093,240
Indiana State Finance Authority Revenue Educational Facilities
(Drexel Foundation - Thea Bowman Academy Charter School) Series A 7.00% 10/1/39		1,000,000	1,013,300
Kanawha, West Virginia
(West Virginia University Foundation Project)
6.75% 7/1/45		2,500,000	2,638,900
Louisiana Public Facilities Authority Revenue
(Lake Charles Charter Academy Foundation Project)
8.00% 12/15/41		1,500,000	1,628,550
Macon-Bibb County, Georgia Urban Development Authority Revenue
(Academy for Classical Education)
Series A 144A 5.875% 6/15/47 #		1,680,000	1,728,636
Series A 144A 6.00% 6/15/52 #		1,530,000	1,577,047
Maricopa County, Arizona Industrial Development Authority
(Paradise Schools Projects) Series 2016 144A
5.00% 7/1/47 #		1,500,000	1,529,595
Maryland State Health & Higher Educational Facilities Authority Revenue
(Patterson Park Public Charter School) Series A 6.125% 7/1/45		1,000,000	1,012,940


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Massachusetts State Development Finance Agency Revenue
(UMass Boston Student Housing Project) Series 2016
5.00% 10/1/48		3,605,000	$ 3,910,884
Miami-Dade County, Florida Industrial Development Authority
(Youth Co-Op Charter School)
Series A 144A 5.75% 9/15/35 #		1,000,000	1,007,260
Series A 144A 6.00% 9/15/45 #		1,000,000	1,013,870
Michigan Finance Authority Limited Obligation Revenue
(Public School Academy Old Redford) Series A 6.50% 12/1/40		900,000	882,099
(Public School Academy University Learning)
7.50% 11/1/40		1,000,000	1,036,720
Michigan Public Educational Facilities Authority Revenue
(Limited-Obligation-Landmark Academy) 7.00% 12/1/39		950,000	958,863
Nevada State Department of Business & Industry
(Somerset Academy)
Series A 144A 5.00% 12/15/35 #		1,595,000	1,626,836
Series A 144A 5.125% 12/15/45 #		2,515,000	2,534,869
New Jersey State Higher Education Student Assistance Authority Student Loan Revenue
Series 1B 5.75% 12/1/39 (AMT)		1,250,000	1,357,713
New York State Dormitory Authority
(Touro College & University System) Series A 5.50% 1/1/44		2,875,000	3,181,676
North Texas Education Finance Revenue
(Uplift Education) Series A 5.25% 12/1/47		2,100,000	2,203,971
Pennsylvania State Higher Educational Facilities Authority Revenue
(Foundation Indiana University) Series A 1.785%
(LIBOR03M + 0.67%) 7/1/39 (SGI)●		2,400,000	2,031,360
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(1st Philadelphia Preparatory) 7.25% 6/15/43		1,230,000	1,401,745
(Discovery Charter School Project)
5.875% 4/1/32		450,000	462,308
6.25% 4/1/37		200,000	207,352
(Global Leadership Academy Project) 6.375% 11/15/40		1,000,000	1,032,990
(Green Woods Charter School Project) Series A 5.75% 6/15/42		1,600,000	1,612,512
(New Foundation Charter School Project)
6.625% 12/15/41		1,000,000	1,107,370

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(Tacony Academy Charter School Project)
7.00% 6/15/43		1,540,000	$ 1,692,614
Phoenix, Arizona Industrial Development Authority Revenue
(Basic Schools Project)
Series 2015A 144A 5.00% 7/1/46 #		4,000,000	4,085,880
Series 2016A 144A 5.00% 7/1/45 #		2,000,000	2,044,180
(Choice Academies Project)
5.375% 9/1/32		1,000,000	1,029,930
5.625% 9/1/42		600,000	613,968
(Eagle College Preparatory Project) Series A 5.00% 7/1/43		450,000	449,325
(Rowan University Project) 5.00% 6/1/42		2,000,000	2,169,120
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		1,630,000	1,608,549
144A 5.00% 6/15/52 #		1,400,000	1,358,350
(Edkey Charter Schools Project) 6.00% 7/1/43		2,000,000	1,804,700
Pottsboro, Texas Higher Education Finance Authority Revenue
Series A 5.00% 8/15/36		655,000	664,687
Series A 5.00% 8/15/46		1,000,000	993,960
Private Colleges & Universities Authority, Georgia Revenue
(Mercer University) Series A 5.00% 10/1/32		1,005,000	1,056,325
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		2,560,000	2,348,288
(Hmong College Preparatory Academy Project)
Series A 5.75% 9/1/46		1,000,000	1,026,110
Series A 6.00% 9/1/51		3,000,000	3,111,030
Utah State Charter School Finance Authority Revenue
(North Davis Preparatory) 6.375% 7/15/40		1,290,000	1,372,960
Wisconsin Public Finance Authority Revenue
(Pine Lake Preparatory) 144A 5.50% 3/1/45 #		3,460,000	3,552,866
(Roseman University Health Sciences Project)
5.75% 4/1/42		2,000,000	2,143,060
Wyoming Community Development Authority Student Housing Revenue
(CHF-Wyoming LLC) 6.50% 7/1/43		1,000,000	1,067,520


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Yonkers, New York Economic Development Corporation Education Revenue
(Charter School Educational Excellence)
6.25% 10/15/40		595,000	$ 614,189

			162,890,272

Electric Revenue Bonds – 0.53%
Long Island, New York Power Authority
Series A 5.00% 9/1/44		1,960,000	2,181,284
South Carolina State Public Service Authority
Series E 5.25% 12/1/55		4,000,000	4,399,920

			6,581,204

Healthcare Revenue Bonds – 26.54%
Abag, California Finance Authority for Nonprofit Corporations
(Episcopal Senior Communities) 6.125% 7/1/41		1,650,000	1,823,778
Alachua County, Florida Health Facilities Authority
(Oak Hammock University)
Series A 8.00% 10/1/42		1,000,000	1,161,490
Series A 8.00% 10/1/46		1,500,000	1,735,455
Allen County, Indiana Economic Development Revenue
(StoryPoint Fort Wayne Project) Series A-1 144A
6.875% 1/15/52 #		1,650,000	1,743,373
Antelope Valley, California Healthcare District
Series A 5.00% 3/1/41		1,000,000	1,035,990
Apple Valley, Minnesota
(Minnesota Senior Living LLC, Project)
Series B 5.00% 1/1/47		2,500,000	2,579,775
Series D 7.25% 1/1/52		7,290,000	7,355,027
Berks County, Pennsylvania Industrial Development Authority
(Tower Health Project) 5.00% 11/1/50		1,500,000	1,638,030
Bexar County, Texas Health Facilities Development
(Army Retirement Residence Foundation Project) Series 2010 5.875% 7/1/30		155,000	164,915
Birmingham, Alabama Special Care Facilities Financing Authority
(Methodist Home for the Aging)
5.50% 6/1/30		1,850,000	2,035,000
5.75% 6/1/35		1,500,000	1,660,545
5.75% 6/1/45		2,500,000	2,742,000
6.00% 6/1/50		2,650,000	2,942,348

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Board of Managers Joint Guadalupe County-City of Seguin, Texas Hospital
5.00% 12/1/45		1,100,000	$ 1,111,880
Butler County, Ohio Port Authority
(StoryPoint Fairfield Project) Series A-1 144A
6.50% 1/15/52 #		650,000	674,759
California Health Facilities Financing Authority Revenue
(Kaiser Permanente) Series A-2 5.00% 11/1/47		4,870,000	6,200,630
California Municipal Finance Authority Revenue
(Northbay Healthcare Group) Series A 5.25% 11/1/47		500,000	546,120
California Statewide Communities Development Authority Revenue
(BE Group) 144A 7.25% 11/15/41 #		500,000	540,635
(Loma Linda University Medical Center)
5.50% 12/1/54		13,000,000	14,070,420
Series A 5.25% 12/1/29		1,500,000	1,657,380
Series A 144A 5.25% 12/1/56 #		3,000,000	3,206,670
Camden County, New Jersey Improvement Authority Revenue
(Cooper Health System Obligation Group)
5.75% 2/15/42		2,500,000	2,732,300
Capital Trust Agency, Florida
(Elim Senior Housing Inc. Project) 144A 5.875% 8/1/52 #		2,500,000	2,555,125
(Tuscan Gardens Senior Living Center) Series A 7.00% 4/1/49		5,000,000	4,858,000
Centre County, Pennsylvania Hospital Authority
(Mount Nittany Medical Center) Series A 5.00% 11/15/46		1,250,000	1,361,650
Chesterfield County, Virginia Economic Development Authority Revenue
(1st Mortgage - Brandermill Woods Project)
5.125% 1/1/43		1,030,000	1,063,331
Chesterton, Indiana
(StoryPoint Chesterton Project) Series A 144A
6.375% 1/15/51 #		1,000,000	1,030,260
Cobb County, Georgia Development Authority
(Provident Village at Creekside Project) Series A 144A
6.00% 7/1/51 #		3,750,000	3,285,225
Colorado Health Facilities Authority Revenue
(American Baptist) 8.00% 8/1/43		2,500,000	2,875,600
(Mental Health Center Denver Project) Series A 5.75% 2/1/44		500,000	555,100
(School Health Systems) Series A 5.00% 1/1/44		1,000,000	1,090,770


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue
(Sunny Vista Living Center)
Series A 144A 5.50% 12/1/30 #		750,000	$ 777,187
Series A 144A 5.75% 12/1/35 #		1,150,000	1,186,846
Series A 144A 6.125% 12/1/45 #		1,200,000	1,259,784
Series A 144A 6.25% 12/1/50 #		560,000	588,666
Connecticut State Health & Educational Facilities Authority Revenue
(Church Home of Hartford Project)
Series A 144A 5.00% 9/1/46 #		1,000,000	1,025,750
Series A 144A 5.00% 9/1/53 #		1,500,000	1,531,230
Cumberland County, Pennsylvania Municipal Authority Revenue
(Asbury Pennsylvania Obligation Group) 5.25% 1/1/41		1,600,000	1,647,360
(Diakon Lutheran Ministries Series) 6.375% 1/1/39		100,000	102,910
Cuyahoga County, Ohio Hospital Revenue
(The Metrohealth System)
5.25% 2/15/47		5,200,000	5,567,744
5.50% 2/15/52		4,405,000	4,801,098
5.50% 2/15/57		7,250,000	7,862,625
Decatur, Texas Hospital Authority
(Wise Regional Health Systems)
Series A 5.00% 9/1/34		1,000,000	1,054,960
Series A 5.25% 9/1/29		500,000	540,200
Series A 5.25% 9/1/44		2,000,000	2,131,200
Duluth, Minnesota Economic Development Authority Revenue
(St. Luke’s Hospital Authority Obligation Group)
5.75% 6/15/32		3,750,000	4,101,637
East Rochester, New York Housing Authority Revenue
(Senior Living - Woodland Village Project) 5.50% 8/1/33		1,155,000	1,157,252
Florida Development Finance
(Tuscan Isle Champions Gate Project) Series A 144A
6.375% 6/1/46 #		3,200,000	3,140,032
(Tuscan Isle Obligated Group) Series A 144A
7.00% 6/1/45 #		700,000	554,869
(UF Health - Jacksonville Project) Series A 6.00% 2/1/33		2,375,000	2,598,036
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.00% 11/15/36		830,000	819,027
5.25% 11/15/51		1,350,000	1,326,847

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Guilderland, New York Industrial Development Agency
Series A 144A 5.875% 1/1/52 #		6,000,000	$ 5,899,860
Hawaii Pacific Health Special Purpose Revenue
Series A 5.50% 7/1/40		1,250,000	1,328,637
Hawaii State Department of Budget & Finance Special Purpose Senior Living Revenue
(Hawaii Pacific Health Obligation) Series A 5.50% 7/1/43		2,990,000	3,312,860
(Kahala Nui) 5.25% 11/15/37		1,000,000	1,106,280
Hospital Facilities Authority of Multnomah County, Oregon
(Mirabella at South Waterfront) 5.50% 10/1/49		2,400,000	2,571,984
Idaho Health Facilities Authority Revenue
(Valley Vista Care Corporation) Series A 5.00% 11/15/32		455,000	475,975
Illinois Finance Authority Revenue
(Admiral at Lake Project) 5.25% 5/15/54		5,000,000	4,811,750
(Lutheran Home & Services) 5.75% 5/15/46		1,685,000	1,773,934
Illinois Housing Development Authority
(Stonebridge of Gurnee Project)
Series A 144A 5.45% 1/1/46 #		2,500,000	2,245,600
Series A 144A 5.60% 1/1/56 #		2,700,000	2,420,631
Indiana Finance Authority Revenue
(King’s Daughters Hospital & Health)
5.50% 8/15/40		1,000,000	1,044,680
5.50% 8/15/45		1,000,000	1,043,490
(Marquette Project) 5.00% 3/1/39		1,250,000	1,302,787
Iowa Finance Authority
(Sunrise Retirement Community) 5.75% 9/1/43		2,500,000	2,557,325
Kalispell, Montana
(Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/47		1,300,000	1,356,771
Kentucky Economic Development Finance Authority Healthcare Revenue
(Owensboro Health) Series A 5.00% 6/1/45		1,250,000	1,322,950
(Rosedale Green Project)
5.50% 11/15/35		1,310,000	1,314,781
5.75% 11/15/45		2,500,000	2,532,325
5.75% 11/15/50		1,600,000	1,615,696
Kentwood, Michigan Economic Development Corporation Revenue
(Limited Obligation - Holland Home) 5.625% 11/15/41		1,250,000	1,342,787
Kirkwood, Missouri Industrial Development Authority
(Aberdeen Heights) Series A 5.25% 5/15/50		6,000,000	6,326,340


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 5.00% 5/15/46		1,770,000	$ 1,922,096
Lucas County, Ohio Health Care Facilities Revenue
(Sunset Retirement Communities) 5.50% 8/15/30		1,000,000	1,072,570
Maine Health & Higher Educational Facilities Authority Revenue
(Maine General Medical Center) 6.75% 7/1/41		1,700,000	1,846,744
Maricopa County, Arizona Industrial Development Authority
(Christian Care Surprise, Inc. Project) Series 2016 144A 6.00% 1/1/48 #		5,400,000	5,488,236
Martin County, Florida Health Facilities Authority Revenue
(Martin Memorial Medical Center) 5.50% 11/15/42		1,000,000	1,086,210
Maryland Health & Higher Educational Facilities Authority
(Adventist Healthcare) Series A 5.50% 1/1/46		5,000,000	5,568,800
(Medstar Health Issue) Series A 5.00% 5/15/45		1,000,000	1,106,320
(University Of Maryland Medical System Issue) Series D 4.00% 7/1/48		3,330,000	3,306,690
Miami-Dade County, Florida Health Facilities Authority Revenue
(Nicklaus Children’s Hospital Project) 5.00% 8/1/47		2,350,000	2,599,171
Michigan State Strategic Fund Limited Revenue
(Evangelical Homes) 5.50% 6/1/47		2,750,000	2,858,267
Missouri State Health & Educational Facilities Authority Revenue
(Lutheran Senior Services) 6.00% 2/1/41		1,000,000	1,079,590
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Whitemarsh Continuing Care)
5.25% 1/1/40		1,550,000	1,567,608
5.375% 1/1/50		6,250,000	6,329,625
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 6.125% 7/1/50		8,500,000	9,021,305
New Hampshire Health & Education Facilities Authority
(Rivermeade) Series A 6.875% 7/1/41		1,380,000	1,502,917
New Hope, Texas Cultural Education Facilities Finance
(Cardinal Bay - Village on the Park)
Series A1 4.00% 7/1/36		635,000	640,353
Series A1 5.00% 7/1/46		1,395,000	1,533,370
Series A1 5.00% 7/1/51		1,595,000	1,747,195
Series B 4.00% 7/1/31		635,000	635,864
Series B 4.25% 7/1/36		955,000	956,948
Series B 4.75% 7/1/51		1,915,000	1,961,209

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Hope, Texas Cultural Education Facilities Finance
(Cardinal Bay - Village on the Park)
Series B 5.00% 7/1/46		1,595,000	$ 1,679,232
Series C 5.00% 7/1/31		250,000	262,308
Series C 5.25% 7/1/36		350,000	368,543
Series C 5.50% 7/1/46		1,250,000	1,326,150
Series C 5.75% 7/1/51		1,000,000	1,074,470
Series D 6.00% 7/1/26		150,000	151,611
Series D 7.00% 7/1/51		1,350,000	1,398,830
New Jersey Economic Development Authority
(Lions Gate Project) 5.25% 1/1/44		2,000,000	2,054,380
New Jersey Health Care Facilities Financing Authority Revenue
(Barnabas Health Services) Series A 4.00% 7/1/26		980,000	1,034,586
(Princeton Healthcare System) 5.00% 7/1/39		2,500,000	2,738,550
(St. Peters University Hospital) 6.25% 7/1/35		2,700,000	2,902,284
(University Hospital) Series A 5.00% 7/1/46 (AGM)		5,000,000	5,484,400
New York State Dormitory Authority
(Orange Regional Medical Center)
144A 5.00% 12/1/40 #		1,100,000	1,174,151
144A 5.00% 12/1/45 #		800,000	850,888
North Carolina Medical Care Commission Health Care Facilities Revenue
(First Mortgage - Galloway Ridge Project) 6.00% 1/1/39		1,520,000	1,595,833
Northampton County, Pennsylvania Industrial
Development Authority Revenue
(Morningstar Senior Living) 5.00% 7/1/36		2,000,000	2,044,360
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		3,900,000	3,910,725
Palm Beach County, Florida Health Facilities Authority
(Sinai Residences Boca Raton Project)
7.25% 6/1/34		285,000	330,019
Series A 7.50% 6/1/49		2,920,000	3,399,639
Palomar, California Health
Series 2016 5.00% 11/1/39		1,670,000	1,811,549
Payne County, Oklahoma Economic Development Authority
(Epworth Living at the Ranch) Series A 7.00% 11/1/51		1,445,000	1,070,384
Prince George’s County, Maryland
(Collington Episcopal Life Care Community)
5.00% 4/1/31		1,030,000	1,094,839
5.25% 4/1/47		2,000,000	2,110,720


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Public Finance Authority, Wisconsin
(Bancroft Neurohealth Project)
Series A 144A 4.625% 6/1/36 #		235,000	$ 227,522
Series A 144A 5.00% 6/1/36 #		960,000	967,670
Series A 144A 5.125% 6/1/48 #		1,375,000	1,387,320
(Mary’s Woods at Marylhurst Project) 144A
5.25% 5/15/52 #		2,300,000	2,473,512
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Auxilio Mutuo) Series A 6.00% 7/1/33		5,630,000	5,701,220
Rochester, Minnesota
(The Homestead at Rochester) Series A 6.875% 12/1/48		2,500,000	2,827,225
Salem, Oregon Hospital Facility Authority Revenue
(Capital Manor Inc.) 6.00% 5/15/47		1,500,000	1,623,945
San Buenaventura, California Revenue
(Community Memorial Health System) 7.50% 12/1/41		4,475,000	5,011,284
South Carolina Jobs - Economic Development Authority Hospital Revenue
(Palmetto Health) 5.75% 8/1/39		915,000	946,330
Southeastern Ohio Port Authority
(Memorial Health Systems)
5.00% 12/1/43		805,000	829,078
5.50% 12/1/43		1,250,000	1,336,200
St. Louis County, Missouri Industrial Development Authority
(Nazareth Living Center Project)
Series A 5.00% 8/15/35		600,000	614,604
Series A 5.125% 8/15/45		1,800,000	1,845,306
Suffolk County, New York Economic Development Corporation Revenue
(Peconic Landing Southland) 6.00% 12/1/40		575,000	621,874
Tarrant County, Texas Cultural Education Facilities Finance
(Buckingham Senior Living Community) 5.50% 11/15/45		3,000,000	3,046,770
(Buckner Retirement Services)
Series B 5.00% 11/15/40		2,080,000	2,299,086
Series B 5.00% 11/15/46		3,000,000	3,301,830
(Buckner Senior Living - Ventana Project)
6.75% 11/15/47		1,850,000	2,053,149
6.75% 11/15/52		3,300,000	3,649,668
Tempe, Arizona Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/46		500,000	530,355
(Mirabella At ASU Project) Series A 144A
6.125% 10/1/52 #		1,720,000	1,758,012

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
University of Colorado Hospital Authority Revenue
(UCHA Obligation Group) 5.00% 11/15/38 ●		3,000,000	$ 3,300,390
Vermont Economic Development Authority Revenue
(Wake Robin Corp. Project) 5.40% 5/1/33		1,100,000	1,167,562
Washington State Housing Finance Commission
(Bayview Manor Homes)
Series A 144A 5.00% 7/1/36 #		700,000	722,575
Series A 144A 5.00% 7/1/46 #		1,450,000	1,478,609
Series A 144A 5.00% 7/1/51 #		2,000,000	2,032,560
(Heron’s Key) Series A 144A 7.00% 7/1/50 #		2,000,000	2,126,740
(Wesley Homes at Lea Hill Project)
Series 2016 144A 5.00% 7/1/46 #		1,000,000	1,017,660
Series 2016 144A 5.00% 7/1/51 #		2,000,000	2,028,440
Wayzata, Minnesota Senior Housing Revenue
(Folkestone Senior Living Community)
Series A 5.50% 11/1/32		270,000	281,818
Series A 5.75% 11/1/39		600,000	626,616
Series A 6.00% 5/1/47		920,000	962,329
Westminster, Maryland
(Lutheran Village Millers Grant)
6.00% 7/1/34		800,000	850,472
Series A 5.00% 7/1/24		1,700,000	1,787,363
Series A 6.125% 7/1/39		750,000	797,333
Series A 6.25% 7/1/44		2,500,000	2,684,400
Wichita, Kansas
(Kansas Masonic Home)
Series II-A 5.00% 12/1/31		500,000	524,515
Series II-A 5.25% 12/1/36		500,000	526,465
Series II-A 5.375% 12/1/46		1,200,000	1,267,152
Wisconsin Public Finance Authority
(Rose Villa Project) Series A 5.75% 11/15/44		2,000,000	2,150,320

			332,601,102

Housing Revenue Bonds – 0.56%
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Affordable Housing) Senior Series A
5.25% 8/15/39		1,200,000	1,305,012
(Caritas Projects) Senior Series A 5.50% 8/15/47		1,500,000	1,624,005
Independent Cities Finance Authority, California
Series A 5.25% 5/15/44		750,000	811,613
Series A 5.25% 5/15/49		3,000,000	3,237,810

			6,978,440


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 4.62%
California Municipal Finance Authority Revenue
(Goodwill Industry Sacramento Valley) 5.25% 1/1/45		1,295,000	$ 1,282,024
(Goodwill Industry Sacramento Valley and Northern Nevada Project)
Series A 144A 6.625% 1/1/32 #		500,000	537,145
Series A 144A 6.875% 1/1/42 #		1,500,000	1,616,295
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.875% 11/1/43		1,875,000	2,088,656
Capital Trust Agency, Florida Revenue
(Air Cargo – Aero Miami) Series A 5.35% 7/1/29		810,000	843,583
Industrial Development Authority of Phoenix, Arizona
5.125% 2/1/34		1,000,000	921,010
5.375% 2/1/41		4,000,000	3,704,200
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project) Series A 5.00% 6/15/57		3,975,000	4,231,069
New Jersey Economic Development Authority Special Facility Revenue
Series WW 5.25% 6/15/30		5,000,000	5,444,100
New Jersey Transportation Trust Fund Authority
(Transportation Program) Series AA 5.00% 6/15/25		1,000,000	1,101,760
New York Liberty Development Revenue
(Class 1-3 World Trade Center Project) 144A
5.00% 11/15/44 #		5,000,000	5,291,150
(Class 2-3 World Trade Center Project) 144A
5.375% 11/15/40 #		2,410,000	2,637,070
(Class 3-3 World Trade Center Project) 144A
7.25% 11/15/44 #		9,600,000	11,467,584
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A
5.75% 10/1/31 (AMT)#		3,775,000	3,811,051
(Senior Obligation Group) Series B 5.00% 7/1/42 (AMT)		4,000,000	4,238,960
Virginia Public Building Authority
Series B 5.00% 8/1/20		6,970,000	7,521,954
Wise County, Texas
(Parker County Junior College District) 8.00% 8/15/34		1,000,000	1,116,160

			57,853,771

Local General Obligation Bonds – 4.14%
Chicago, Illinois
Series 2005D 5.50% 1/1/37		2,280,000	2,414,018
Series 2005D 5.50% 1/1/40		3,000,000	3,167,310

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chicago, Illinois
Series 2007E 5.50% 1/1/42		2,150,000	$ 2,267,325
Series 2007F 5.50% 1/1/42		1,250,000	1,318,213
Series A 5.25% 1/1/29		4,415,000	4,701,578
Series A 5.50% 1/1/33		2,000,000	2,136,960
Series A 6.00% 1/1/38		6,285,000	7,136,932
Series C 5.00% 1/1/26		2,105,000	2,286,472
Series C 5.00% 1/1/38		1,000,000	1,035,300
Chicago, Illinois Board of Education
Series A 144A 7.00% 12/1/46 #		2,500,000	2,990,750
Series G 5.00% 12/1/44		2,445,000	2,446,687
Series H 5.00% 12/1/36		3,405,000	3,446,677
Series H 5.00% 12/1/46		4,225,000	4,227,915
New York City, New York
Series E 5.00% 8/1/20		3,615,000	3,905,754
Raleigh, North Carolina
Series A 5.00% 9/1/22		5,000,000	5,672,000
Ramsey County, Minnesota Capital Improvement Plan
Series A 5.00% 2/1/20		2,530,000	2,694,931

			51,848,822

Pre-Refunded/Escrowed to Maturity Bonds – 7.24%
Bexar County, Texas Health Facilities Development
(Army Retirement Residence Foundation Project) Series 2010 5.875% 7/1/30-20§		845,000	924,236
Bowling Green, Ohio Student Housing Revenue CFP I
(State University Project) 6.00% 6/1/45-20§		1,215,000	1,331,373
Brevard County, Florida Health Facilities Authority Revenue
(Health First Inc. Project) 7.00% 4/1/39-19§		1,000,000	1,058,050
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project)
6.25% 7/15/40-20§		5,500,000	5,969,040
6.50% 7/15/30-20§		1,175,000	1,279,457
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project) 7.125% 7/1/29-19§		900,000	963,810
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Senior Series A 6.40% 8/15/45-20§		1,715,000	1,891,731
California Municipal Finance Authority Revenue
(Azusa Pacific University Project) Series B 7.75% 4/1/31-21§		750,000	859,583


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
California Municipal Finance Authority Revenue
(Eisenhower Medical Center) Series A 5.75% 7/1/40-20§		1,000,000	$ 1,094,540
California Statewide Communities Development Authority Revenue
(California Baptist University Project) 7.50% 11/1/41-21§		1,000,000	1,201,590
Central Texas Regional Mobility Authority Revenue
Senior Lien 6.00% 1/1/41-21§		1,890,000	2,106,934
Subordinate Lien 6.75% 1/1/41-21§		1,000,000	1,133,900
Clifton, Texas Higher Education Finance Corporation Revenue
(Idea Public Schools) 5.75% 8/15/41-21§		1,000,000	1,129,140
(Uplift Education) Series A 6.25% 12/1/45-20§		1,000,000	1,119,580
Cumberland County, Pennsylvania Municipal Authority Revenue
(Diakon Lutheran Ministries Project) 6.375% 1/1/39-19§		900,000	936,513
District of Columbia Revenue
(Center of Strategic & International Studies)
6.625% 3/1/41-21§		2,235,000	2,541,262
(KIPP Charter School) 6.00% 7/1/48-23§		1,450,000	1,732,924
Hawaii State Department of Budget & Finance Special Purpose Senior Living Revenue
(15 Craigside Project) Series A 9.00% 11/15/44-19§		1,000,000	1,121,780
Illinois Finance Authority Revenue
(Admiral at Lake Project)
Series A 7.625% 5/15/25-20§		1,750,000	1,973,580
Series A 7.75% 5/15/30-20§		500,000	565,225
Series A 8.00% 5/15/40-20§		2,205,000	2,502,984
Series A 8.00% 5/15/46-20§		1,500,000	1,702,710
(Provena Health)
Series A 7.75% 8/15/34-19§		20,000	21,753
Series A (Refunded) 7.75% 8/15/34-19§		980,000	1,065,897
(Silver Cross & Medical Centers) 7.00% 8/15/44-19§		3,570,000	3,844,640
Illinois Railsplitter Tobacco Settlement Authority
5.50% 6/1/23-21§		2,010,000	2,243,502
6.00% 6/1/28-21§		1,455,000	1,646,856
Kentucky Economic Development Finance Authority Hospital Revenue
(Owensboro Medical Health System) Series A 6.50% 3/1/45-20§		4,965,000	5,477,686
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference Health Care Facility Project)
7.75% 10/1/41-19§		1,750,000	1,912,943

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Lancaster Redevelopment Agency, California
(Redevelopment Project) 6.875% 8/1/39-19§		285,000	$ 306,264
Unrefunded (Redevelopment Project)
6.875% 8/1/39-19§		215,000	231,041
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§		1,705,000	1,944,672
Lucas County, Ohio Improvement
(Lutheran Homes) Series A 7.00% 11/1/45-20§		3,865,000	4,376,687
Marietta, Georgia Development Authority Revenue
(Life University Income Project) 7.00% 6/15/39-18§		1,345,000	1,366,655
Maryland Health & Higher Educational Facilities Authority
(Doctors Community Hospital) 5.75% 7/1/38-20§		1,730,000	1,891,478
Maryland State Economic Development Revenue
(Transportation Facilities Project) Series A 5.75% 6/1/35-20§		1,400,000	1,528,030
Massachusetts State Health & Educational Facilities Authority Revenue
(Springfield College) 5.625% 10/15/40-19§		1,000,000	1,065,730
New Jersey Economic Development Authority Revenue
(Provident Group - Montclair University Student Housing Project) 5.875% 6/1/42-20§		1,500,000	1,641,300
New Jersey Health Care Facilities Financing Authority Revenue
(St. Joseph’s Healthcare System) 6.625% 7/1/38-18§		860,000	874,887
New Jersey State Educational Facilities Authority Revenue
(University of Medicine & Dentistry) Series B
7.50% 12/1/32-19§		1,000,000	1,072,140
New York State Dormitory Authority Revenue Non State Supported Debt
(Orange Regional Medical Center) 6.25% 12/1/37-18§		3,500,000	3,623,515
Norco, California Redevelopment Agency Tax Allocation
(Area #1 Project) 6.00% 3/1/36-20§		1,000,000	1,088,420
Onondaga, New York Civic Development Revenue
(St. Joseph’s Hospital Health Center Project)
4.50% 7/1/32-22§		1,000,000	1,108,450
5.125% 7/1/31-19§		1,000,000	1,047,560
Oregon State Facilities Authority Revenue
(Concordia University Project)
Series A 144A 6.125% 9/1/30-20#§		800,000	872,128
Series A 144A 6.375% 9/1/40-20#§		500,000	556,915


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Pennsylvania Economic Development Financing Authority Health System Revenue
(Albert Einstein Healthcare) Series A 6.25% 10/15/23-19§		850,000	$ 905,862
Pennsylvania State Higher Educational Facilities Authority Revenue
(Edinboro University Foundation) 5.80% 7/1/30-20§		1,300,000	1,421,251
San Juan, Texas Higher Education Finance Authority Education Revenue
(Idea Public Schools) Series A 6.70% 8/15/40-20§		2,000,000	2,236,660
Southwestern Illinois Development Authority Revenue
(Memorial Group)
7.125% 11/1/30-23§		1,420,000	1,791,316
7.125% 11/1/43-23§		2,500,000	3,153,725
St. Johns County, Florida Industrial Development Authority Revenue
(Presbyterian Retirement) Series A 5.875% 8/1/40-20§		1,000,000	1,099,560
Travis County, Texas Health Facilities Development Corporation Revenue
(Westminster Manor Project) 7.125% 11/1/40-20§		1,000,000	1,137,020
University of Arizona Medical Center Hospital Revenue
6.00% 7/1/39-21§		1,500,000	1,699,605
Washington State Health Care Facilities Authority Revenue
(Multicare Health System) Series B
6.00% 8/15/39-19 (AGC)§		1,250,000	1,329,213

			90,723,303

Resource Recovery Revenue Bonds – 1.10%
Blythe Township, Pennsylvania Solid Waste Authority Revenue
7.75% 12/1/37 (AMT)		3,000,000	3,152,220
California Pollution Control Financing Authority Revenue
(Calplant I Project) 144A 8.00% 7/1/39 (AMT)#		5,250,000	5,255,880
Essex County, New Jersey Improvement Authority
144A 5.25% 7/1/45 (AMT)#		2,500,000	2,509,050
Mission, Texas Economic Development Corporation Revenue
(Dallas Clean Energy McCommas)
6.875% 12/1/24 (AMT)		1,000,000	1,003,100
Orange County, Florida Industrial Development Authority
(Vitag Florida LLC Project) 144A 8.00% 7/1/36 (AMT)#		3,250,000	1,887,178

			13,807,428

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds – 7.66%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue
(City Center Refunding Project)
144A 5.00% 5/1/32 #		2,500,000	$ 2,738,300
144A 5.00% 5/1/42 #		2,000,000	2,126,820
Anne Arundel County, Maryland Special Obligation Revenue
(National Business Park - North Project) 6.10% 7/1/40		1,725,000	1,767,263
Babcock Ranch, Florida Community Independent Special District
5.00% 11/1/31		615,000	626,722
5.25% 11/1/46		500,000	504,990
Canyons, Colorado Metropolitan District No. 5
Series A 6.125% 12/1/47		1,000,000	1,006,930
Celebration Pointe, Florida Community Development District
5.125% 5/1/45		2,000,000	2,014,040
Cherry Hill, Virginia Community Development Authority
(Potomac Shores Project)
144A 5.15% 3/1/35 #		1,000,000	1,025,370
144A 5.40% 3/1/45 #		2,000,000	2,049,120
Colliers Hill, Colorado Metropolitan District No. 2
Series A 6.50% 12/1/47		2,000,000	2,019,100
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		5,250,000	5,338,515
Dutchess County, New York Local Development Corporation Revenue
(Anderson Center Services Inc. Project) 6.00% 10/1/30		1,700,000	1,735,241
Farms New Kent, Virginia Community Development
Authority Special Assessment
Series C 5.80% 3/1/36 ‡		1,000,000	350,000
Fountain Urban Renewal Authority, Colorado
(Improvement - South Academy Highland) Series A 5.50% 11/1/44		5,000,000	5,122,000
Glen Cove, New York Local Economic Assistance
(Garvies Point Public Improvement Project) Series A 5.00% 1/1/56		2,000,000	2,072,080
Juban Crossing Economic Development District, Louisiana
(General Infrastructure Projects) 144A 7.00% 9/15/44 #		3,575,000	3,713,281
(Road Projects) Series A 144A 7.00% 9/15/44 #		2,205,000	2,290,289


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Centre Hotel Project - TIF Financing)
Series B 144A 5.00% 2/1/40 #		935,000	$ 956,243
Series B 144A 5.00% 2/1/50 #		1,825,000	1,851,773
Memphis-Shelby County Industrial Development Board, Tennessee
(Graceland Project)
Series A 5.50% 7/1/37		650,000	677,891
Series A 5.625% 1/1/46		750,000	777,757
Midtown Miami, Florida Community Development District
(Parking Garage Project) Series A 5.00% 5/1/37		1,235,000	1,297,330
Mobile, Alabama Improvement District
(McGowin Park Project)
Series A 5.25% 8/1/30		1,000,000	1,026,630
Series A 5.50% 8/1/35		1,300,000	1,329,445
Mosaic District, Virginia Community Development Authority Revenue
Series A 6.875% 3/1/36		1,500,000	1,623,750
Nampa Development Corporation, Idaho Revenue
144A 5.00% 9/1/31 #		2,940,000	3,066,861
5.90% 3/1/30		2,000,000	2,059,460
New Jersey Transportation Trust Fund Authority
(Transportation Program)
Series AA 5.00% 6/15/44		4,975,000	5,139,822
Series AA 5.25% 6/15/41		1,000,000	1,062,680
New York City, New York Industrial Development Agency
(Pilot - Queens Baseball Stadium)
5.00% 1/1/22 (AMBAC)		1,000,000	1,002,720
(Yankee Stadium) 7.00% 3/1/49 (AGC)		1,000,000	1,052,800
Northampton County, Pennsylvania Industrial Development Authority
(Route 33 Project) 7.00% 7/1/32		2,635,000	3,025,902
Prairie Center Metropolitan District No 3, Colorado
Series A 144A 5.00% 12/15/41 #		2,000,000	2,039,700
Public Finance Authority Revenue, Wisconsin
(Goodwill Industries of Southern Nevada Project)
Series A 5.50% 12/1/35 ‡		2,500,000	1,750,000
Series A 5.75% 12/1/45 ‡		2,500,000	1,750,000
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project) 144A
7.00% 12/1/50 #		5,065,000	5,859,699

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Regional Transportation, Colorado District Revenue
(Denver Transit Partners) 6.00% 1/15/41		1,000,000	$	1,083,850
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement
(Francis Place Redevelopment Project) 5.625% 11/1/25		1,200,000		1,199,928
Southglenn, Colorado Metropolitan District
Series 2016 5.00% 12/1/30		1,535,000		1,596,323
Series 2016 5.00% 12/1/36		810,000		828,079
Series 2016 5.00% 12/1/46		2,100,000		2,129,820
St. Joseph, Missouri Industrial Development Authority Tax Increment Revenue
(Shoppes at North Village Project)
Series A 5.375% 11/1/24		1,000,000		999,990
Series A 5.50% 11/1/27		500,000		499,950
St. Louis County, Missouri Industrial Development Authority
(Manchester Ballas Community)
Series A 144A 5.00% 9/1/38 #		1,050,000		1,051,334
Series A 144A 5.25% 9/1/45 #		3,000,000		2,989,260
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement
(Grand Center Redevelopment Project) 6.375% 12/1/25		1,200,000		1,215,540
Sterling Ranch Community Authority Board, Colorado
Series A 5.00% 12/1/38		1,500,000		1,518,735
Series A 5.00% 12/1/47		2,000,000		2,014,620
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax Vacation Village Project)
Series A 6.00% 9/1/35		5,000,000		5,020,950

				95,998,903

State General Obligation Bonds – 2.94%
California State
5.00% 8/1/46		2,000,000		2,266,820
(Bid Group C)
5.00% 8/1/29		500,000		587,260
Series B 5.00% 8/1/27		5,000,000		5,951,450
(Various Purposes) 5.00% 11/1/47		2,000,000		2,298,940
Illinois State
5.00% 5/1/36		1,710,000		1,737,976
5.00% 2/1/39		2,980,000		3,016,356
Series A 5.00% 12/1/34		4,345,000		4,459,360
Series A 5.00% 4/1/38		2,805,000		2,843,793
Series D 5.00% 11/1/28		11,000,000		11,452,760


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
New York State
Series A 5.25% 2/15/24		2,000,000	$ 2,204,220

			36,818,935

Transportation Revenue Bonds – 7.59%
Chicago, Illinois O’Hare International Airport Revenue
Series B 5.00% 1/1/33		4,135,000	4,639,470
Delaware Transportation Authority
5.00% 6/1/55		4,105,000	4,526,296
Foothill-Eastern Transportation Corridor Agency, California
Series A 5.75% 1/15/46		5,000,000	5,720,300
Series A 6.00% 1/15/49		7,690,000	8,999,453
Hawaii Airports System Revenue
Series A 5.00% 7/1/45 (AMT)		3,490,000	3,854,216
Houston, Texas Airport System Revenue Subordinate Lien
Series A 5.00% 7/1/25 (AMT)		1,000,000	1,086,730
Kentucky Public Transportation Infrastructure Authority
(1st Tier - Downtown Crossing)
Series A 5.75% 7/1/49		3,000,000	3,322,410
Series A 6.00% 7/1/53		1,290,000	1,442,852
Long Beach, California Harbor Revenue
Series A 5.00% 5/15/40 (AMT)		2,660,000	3,023,037
Long Beach, California Marina Revenue
5.00% 5/15/40		1,000,000	1,100,070
Los Angeles, California Department of Airports
Series D 5.00% 5/15/41 (AMT)		5,000,000	5,554,250
Metropolitan New York Transportation Authority
(Green Bond) Series A1 5.25% 11/15/56		5,000,000	5,653,200
Metropolitan Washington Airports Authority
Series A 5.00% 10/1/34 (AMT)		2,000,000	2,247,460
New Jersey Turnpike Authority
Series G 4.00% 1/1/43		4,415,000	4,519,503
Pennsylvania Turnpike Commission Revenue
Series A1 5.00% 12/1/47		2,635,000	2,926,695
Port Authority of New York & New Jersey Special Project
(JFK International Air Terminal) Series 8 6.00% 12/1/42		1,970,000	2,162,331
Riverside County, California Transportation Senior Lien
Series A 5.75% 6/1/48		1,000,000	1,111,500
San Francisco, California City & County Airports Commission
Series A 5.50% 5/1/27 (AMT)		1,915,000	1,927,888

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
South Jersey Port, New Jersey
(Subordinated Marine Terminal Revenue )
Series A 5.00% 1/1/49		1,110,000	$ 1,194,760
Series B 5.00% 1/1/42 (AMT)		1,110,000	1,176,267
Series B 5.00% 1/1/48 (AMT)		2,535,000	2,677,974
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International) Series A-1 6.625% 7/1/34		1,090,000	1,158,354
Texas Private Activity Bond Surface Transportation Corporate Senior Lien
(Blueridge Transportation)
5.00% 12/31/45 (AMT)		1,270,000	1,385,799
5.00% 12/31/50 (AMT)		1,910,000	2,077,373
5.00% 12/31/55 (AMT)		1,840,000	1,994,726
(LBJ Infrastructure)
7.00% 6/30/40		7,000,000	7,741,230
7.50% 6/30/33		500,000	559,910
(NTE Mobility)
6.75% 6/30/43 (AMT)		1,905,000	2,210,105
6.875% 12/31/39		4,055,000	4,393,146
7.00% 12/31/38 (AMT)		1,335,000	1,570,467
Virginia Small Business Financing Authority
(Transform 66 P3 Project) 5.00% 12/31/56 (AMT)		2,975,000	3,194,972

			95,152,744

Water & Sewer Revenue Bonds – 3.08%
Charlotte County, Florida Industrial Development Authority
(Town & Country Utilities Project) 144A
5.50%10/1/36 (AMT)#		500,000	484,710
Chicago, Illinois Waterworks Revenue
(2nd Lien)
5.00% 11/1/26		180,000	206,539
5.00% 11/1/27		150,000	169,677
5.00% 11/1/28		30,000	33,839
5.00% 11/1/29		1,470,000	1,651,031
Dominion, Colorado Water & Sanitation District Revenue
6.00% 12/1/46		4,000,000	4,177,000
Jefferson County, Alabama Sewer Revenue
(Senior Lien-Warrants) Series A 5.50% 10/1/53 (AGM)		2,500,000	2,788,550
(Sub Lien-Warrants)
Series D 6.50% 10/1/53		16,500,000	19,500,525
Series D 7.00% 10/1/51		5,000,000	6,077,350


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
New York City, New York Water & Sewer System
(Second Generation Resolution) 5.00% 6/15/46		3,150,000	$ 3,533,135

			38,622,356

Total Municipal Bonds (cost $1,180,659,112)			1,240,598,906


Short-Term Investments – 0.49%
Variable Rate Demand Notes – 0.49%¤
City & County of Denver, Colorado Series A3 1.09% 12/1/31
(SPA - JPMorgan Chase Bank N.A.)		700,000	700,000
Gulf Coast Industrial Development Authority Revenue,
Texas (Exxon Mobil project)
1.10% 11/1/41		1,500,000	1,500,000
Minneapolis – St. Paul, Minnesota Housing & Redevelopment Authority Health Care Revenue (Allina Health System) Series B-2
1.09% 11/15/35 (LOC - JPMorgan Chase Bank N.A.)		1,200,000	1,200,000
Mississippi Business Finance Corporation (Chevron USA) Series C
1.12% 12/1/30		2,730,000	2,730,000

Total Short-Term Investments (cost $6,130,000)			6,130,000


Total Value of Securities – 99.50%
(cost $1,186,789,112)			$1,246,728,906

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $220,907,024, which represents 17.63% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 6 in “Notes to financial statements.”

°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

‡	Non-income producing security. Security is currently in default.

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2018. For securities based on a published reference rate and spread, the reference rate and

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^	Zero coupon security. The rate shown is the yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by the AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LOC – Letter of Credit

N.A. – National Association

SGI – Insured by Syncora Guarantee Inc.

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Statements of assets and liabilities

February 28, 2018 (Unaudited)


	Delaware				Delaware				Delaware
	Tax-Free				Tax-Free USA				National High-Yield
	USA Fund				Intermediate Fund				Municipal Bond Fund
Assets:
Investments, at value¹		$	546,754,158			$	552,291,046			$	1,240,598,906
Short-term investments, at value²			27,805,000				—				6,130,000
Cash			—				259,784				—
Interest receivable			6,449,340				6,717,539				16,239,415
Receivable for fund shares sold			6,362,072				1,104,492				3,122,574
Receivable for securities sold			508,434				—				2,198,489

Total assets			587,879,004				560,372,861				1,268,289,384

Liabilities:
Cash due to custodian			269,657				—				83,462
Payable for securities purchased			8,795,778				4,846,014				9,519,180
Payable for fund shares redeemed			495,170				933,891				3,726,370
Distribution payable			328,863				245,080				869,918
Investment management fees payable to affiliates			180,279				185,862				432,379
Other accrued expenses			145,703				194,277				456,990
Distribution fees payable to affiliates			106,173				44,854				109,946
Audit and tax fees payable			21,864				21,864				21,864
Dividend disbursing and transfer agent fees and expense payable to affiliates			8,295				8,301				18,796
Accounting and administration expenses payable to affiliates			1,917				1,919				3,957
Trustees’ fees and expenses payable			1,324				1,372				3,099
Legal fees payable to affiliates			909				1,639				2,192
Reports and statements to shareholders expenses payable to affiliates			421				407				921

Total liabilities			10,356,353				6,485,480				15,249,074

Total Net Assets		$	577,522,651			$	553,887,381			$	1,253,040,310


Net Assets Consist of:
Paid-in capital		$	552,546,333			$	537,911,799			$	1,215,156,210
Undistributed (distributions in excess of) net investment income			(12,899	)			(33,111	)			48,751
Accumulated net realized loss on investments			(487,289	)			(2,364,472	)			(22,104,445	)
Net unrealized appreciation of investments			25,476,506				18,373,165				59,939,794

Total Net Assets		$	577,522,651			$	553,887,381			$	1,253,040,310

Statements of assets and liabilities


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

Net Asset Value
Class A:
Net assets		$	479,421,590			$	140,952,727			$	188,778,362
Shares of beneficial interest outstanding, unlimited authorization, no par			41,972,063				11,992,846				17,303,322
Net asset value per share		$	11.42			$	11.75			$	10.91
Sales charge			4.50	%			2.75	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.96			$	12.08			$	11.42

Class C:
Net assets		$	25,711,524			$	36,560,571			$	94,891,213
Shares of beneficial interest outstanding, unlimited authorization, no par			2,250,555				3,112,331				8,662,234
Net asset value per share		$	11.42			$	11.75			$	10.95

Institutional Class:
Net assets		$	72,389,537			$	376,374,083			$	969,370,735
Shares of beneficial interest outstanding, unlimited authorization, no par			6,290,498				31,716,358				88,035,577
Net asset value per share		$	11.51			$	11.87			$	11.01


¹Investments, at cost		$	521,277,652			$	533,917,881			$	1,180,659,112
²Short-term investments, at cost			27,805,000				—				6,130,000

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

Statements of operations

Six months ended February 28, 2018 (Unaudited)


	Delaware				Delaware				Delaware
	Tax-Free				Tax-Free USA				National High-Yield
	USA Fund				Intermediate Fund				Municipal Bond Fund
Investment Income:
Interest		$	11,595,236			$	10,384,097			$	30,900,438

Expenses:
Management fees			1,402,013				1,397,226				3,143,217
Distribution expenses — Class A			512,637				191,246				238,546
Distribution expenses — Class C			133,513				193,733				484,264
Dividend disbursing and transfer agent fees and expenses			200,173				272,223				566,508
Accounting and administration expenses			60,404				65,050				125,276
Registration fees			40,490				47,738				95,242
Legal fees			26,878				29,592				58,950
Audit and tax fees			22,007				22,007				22,007
Reports and statements to shareholders expenses			15,254				14,984				28,703
Trustees’ fees and expenses			10,201				11,265				24,771
Custodian fees			7,013				9,498				14,974
Other			18,929				23,468				48,000

			2,449,512				2,278,030				4,850,458
Less expenses waived			(370,052	)			(203,404	)			(428,229	)
Less waived distribution expenses — Class A			—				(76,499	)			—
Less expenses paid indirectly			(2,763	)			(1,978	)			(3,777	)

Total operating expenses			2,076,697				1,996,149				4,418,452

Net Investment Income			9,518,539				8,387,948				26,481,986

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments			1,174,911				932,037				539,889
Net change in unrealized appreciation (depreciation) of investments			(14,001,301	)			(15,325,542	)			(16,610,943	)

Net Realized and Unrealized Loss			(12,826,390	)			(14,393,505	)			(16,071,054	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$	(3,307,851	)		$	(6,005,557	)		$	10,410,932

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

Statements of changes in net assets

Delaware Tax-Free USA Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,518,539		$	19,077,033
Net realized gain (loss)		1,174,911			(780,531	)
Net change in unrealized appreciation (depreciation)		(14,001,301	)		(18,435,138	)

Net decrease in net assets resulting from operations		(3,307,851	)		(138,636	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(7,799,442	)		(16,243,857	)
Class C		(398,601	)		(864,022	)
Institutional Class		(1,318,672	)		(1,969,154	)

Net realized gain:
Class A		—			(4,669,336	)
Class C		—			(314,280	)
Institutional Class		—			(455,368	)

		(9,516,715	)		(24,516,017	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		92,659,450			20,491,013
Class C		1,899,868			3,820,845
Institutional Class		19,686,448			36,733,206

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,881,812			18,129,628
Class C		361,244			1,017,859
Institutional Class		1,108,224			1,881,457

		122,597,046			82,074,008


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(24,879,476	)	$	(95,346,418	)
Class C		(3,301,494	)		(7,582,637	)
Institutional Class		(9,651,595	)		(19,556,143	)

		(37,832,565	)		(122,485,198	)

Increase (Decrease) in net assets derived from capital share transactions		84,764,481			(40,411,190	)

Net Increase (Decrease) in Net Assets		71,939,915			(65,065,843	)

Net Assets:
Beginning of period		505,582,736			570,648,579

End of period	$	577,522,651		$	505,582,736


Distributions in excess of net investment income	$	(12,899	)	$	(14,723	)

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

Statements of changes in net assets

Delaware Tax-Free USA Intermediate Fund


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,387,948		$	18,059,227
Net realized gain (loss)		932,037			(2,085,453	)
Net change in unrealized appreciation (depreciation)		(15,325,542	)		(19,485,190	)

Net decrease in net assets resulting from operations		(6,005,557	)		(3,511,416	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,251,292	)		(4,915,126	)
Class C		(405,574	)		(921,125	)
Institutional Class		(5,731,082	)		(12,182,549	)

Net realized gain:
Class A		—			(58,508	)
Class C		—			(15,746	)
Institutional Class		—			(152,523	)

		(8,387,948	)		(18,245,577	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		6,639,616			35,944,973
Class C		654,867			3,230,487
Institutional Class		61,947,723			135,948,379

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,115,657			4,591,718
Class C		376,241			846,092
Institutional Class		4,418,690			8,398,061

		76,152,794			188,959,710


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(28,136,626	)	$	(59,113,240	)
Class C		(3,893,946	)		(11,801,182	)
Institutional Class		(49,839,928	)		(239,010,931	)

		(81,870,500	)		(309,925,353	)

Decrease in net assets derived from capital share transactions		(5,717,706	)		(120,965,643	)

Net Decrease in Net Assets		(20,111,211	)		(142,722,636	)

Net Assets:
Beginning of period		573,998,592			716,721,228

End of period	$	553,887,381		$	573,998,592


Distributions in excess of net investment income	$	(33,111	)	$	(33,111	)

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
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	26,481,986		$	48,622,821
Net realized gain (loss)		539,889			(7,642,108	)
Net change in unrealized appreciation (depreciation)		(16,610,943	)		(36,101,039	)

Net increase in net assets resulting from operations		10,410,932			4,879,674


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,968,748	)		(8,244,874	)
Class C		(1,650,646	)		(3,328,634	)
Institutional Class		(20,809,739	)		(36,908,033	)

		(26,429,133	)		(48,481,541	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		23,274,635			47,160,123
Class C		7,562,429			14,018,914
Institutional Class		149,908,779			369,553,187

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,693,349			7,108,543
Class C		1,507,698			2,904,991
Institutional Class		17,995,920			30,936,256

		203,942,810			471,682,014


	Six months
	ended
	2/28/18			Year ended
	(Unaudited)			8/31/17

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(25,992,464	)	$	(105,174,981	)
Class C		(10,932,217	)		(28,853,971	)
Institutional Class		(118,860,373	)		(343,301,589	)

		(155,785,054	)		(477,330,541	)

Increase (Decrease) in net assets derived from capital share transactions		48,157,756			(5,648,527	)

Net Increase (Decrease) in Net Assets		32,139,555			(49,250,394	)

Net Assets:
Beginning of period		1,220,900,755			1,270,151,149

End of period	$	1,253,040,310		$	1,220,900,755

Undistributed (distributions in excess of) net investment income	$	48,751		$	(4,102	)

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 income²

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

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹									Year ended

(Unaudited)			8/31/17			8/31/16			8/31/15			8/31/14			8/31/13

$	11.70		$	12.22		$	11.83		$	11.90		$	11.14		$	12.26

	0.22			0.43			0.42			0.43			0.45			0.46
	(0.28	)		(0.40	)		0.39			(0.07	)		0.76			(1.04	)

	(0.06	)		0.03			0.81			0.36			1.21			(0.58	)


	(0.22	)		(0.43	)		(0.42	)		(0.43	)		(0.45	)		(0.46	)
	—			(0.12	)		—			—			—			(0.08	)

	(0.22	)		(0.55	)		(0.42	)		(0.43	)		(0.45	)		(0.54	)


$	11.42		$	11.70		$	12.22		$	11.83		$	11.90		$	11.14


	(0.56%	)		0.41%			7.00%			3.09%			11.02%			(5.02%	)

$	479,422		$	415,314		$	493,408		$	504,204		$	500,590		$	519,986
	0.81%			0.81%			0.81%			0.81%			0.80%			0.80%

	0.95%			0.96%			0.95%			0.96%			0.97%			0.99%
	3.73%			3.71%			3.52%			3.63%			3.88%			3.76%

	3.59%			3.56%			3.38%			3.48%			3.71%			3.57%
	16%			33%			33%			16%			34%			40%

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 income²

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

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹									Year ended

(Unaudited)			8/31/17			8/31/16			8/31/15			8/31/14			8/31/13

$	11.70		$	12.22		$	11.83		$	11.91		$	11.14		$	12.27

	0.17			0.34			0.33			0.34			0.36			0.36
	(0.28	)		(0.40	)		0.39			(0.08	)		0.77			(1.04	)

	(0.11	)		(0.06	)		0.72			0.26			1.13			(0.68	)


	(0.17	)		(0.34	)		(0.33	)		(0.34	)		(0.36	)		(0.37	)
	—			(0.12	)		—			—			—			(0.08	)

	(0.17	)		(0.46	)		(0.33	)		(0.34	)		(0.36	)		(0.45	)


$	11.42		$	11.70		$	12.22		$	11.83		$	11.91		$	11.14


	(0.93%	)		(0.35%	)		6.19%			2.23%			10.28%			(5.82%	)

$	25,711		$	27,397		$	31,545		$	30,851		$	29,524		$	33,509
	1.56%			1.56%			1.56%			1.57%			1.56%			1.56%

	1.70%			1.71%			1.70%			1.72%			1.72%			1.70%
	2.98%			2.96%			2.77%			2.88%			3.12%			3.00%

	2.84%			2.81%			2.63%			2.73%			2.96%			2.86%
	16%			33%			33%			16%			34%			40%

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 income²

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

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.79			$	12.31			$	11.91			$	11.99			$	11.22			$	12.36

		0.23				0.46				0.46				0.47				0.48				0.49
		(0.28	)			(0.40	)			0.40				(0.08	)			0.77				(1.06	)

		(0.05	)			0.06				0.86				0.39				1.25				(0.57	)


		(0.23	)			(0.46	)			(0.46	)			(0.47	)			(0.48	)			(0.49	)
		—				(0.12	)			—				—				—				(0.08	)

		(0.23	)			(0.58	)			(0.46	)			(0.47	)			(0.48	)			(0.57	)


	$	11.51			$	11.79			$	12.31			$	11.91			$	11.99			$	11.22


		(0.43%	)			0.68%				7.32%				3.26%				11.33%				(4.89%	)

	$	72,390			$	62,872			$	45,696			$	33,323			$	24,588			$	17,008
		0.56%				0.56%				0.56%				0.57%				0.56%				0.56%

		0.70%				0.71%				0.70%				0.72%				0.72%				0.70%
		3.98%				3.96%				3.77%				3.88%				4.12%				4.00%

		3.84%				3.81%				3.63%				3.73%				3.96%				3.86%
		16%				33%				33%				16%				34%				40%

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 income²

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 return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $58,508 were made by the Fund’s Class A shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

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.

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹ (Unaudited)			Year ended
Six months ended 2/28/18¹ (Unaudited)			8/31/17			8/31/16			8/31/15			8/31/14			8/31/13

$	12.06		$	12.38		$	12.04		$	12.21		$	11.69		$	12.41

	0.17			0.35			0.35			0.35			0.34			0.34
	(0.31	)		(0.32	)		0.34			(0.17	)		0.52			(0.72	)

	(0.14	)		0.03			0.69			0.18			0.86			(0.38	)


	(0.17	)		(0.35	)		(0.35	)		(0.35	)		(0.34	)		(0.34	)
	—			—	³		—			—			—			—

	(0.17	)		(0.35	)		(0.35	)		(0.35	)		(0.34	)		(0.34	)


$	11.75		$	12.06		$	12.38		$	12.04		$	12.21		$	11.69


	(1.14%	)		0.35%			5.79%			1.46%			7.47%			(3.13%	)

$	140,953		$	164,154		$	188,034		$	184,514		$	249,848		$	391,923
	0.75%			0.75%			0.75%			0.76%			0.75%			0.75%

	0.92%			0.93%			0.92%			0.93%			0.93%			0.97%
	2.94%			2.92%			2.84%			2.85%			2.86%			2.79%

	2.77%			2.74%			2.67%			2.68%			2.68%			2.57%
	15%			26%			35%			19%			34%			23%

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 income²

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 return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $15,746 were made by the Fund’s Class C shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

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.

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹ (Unaudited)			Year ended
Six months ended 2/28/18¹ (Unaudited)			8/31/17			8/31/16			8/31/15			8/31/14			8/31/13

$	12.05		$	12.37		$	12.03		$	12.20		$	11.69		$	12.40

	0.12			0.25			0.24			0.24			0.24			0.24
	(0.30	)		(0.32	)		0.35			(0.17	)		0.51			(0.71	)

	(0.18	)		(0.07	)		0.59			0.07			0.75			(0.47	)


	(0.12	)		(0.25	)		(0.25	)		(0.24	)		(0.24	)		(0.24	)
	—			—	³		—			—			—			—

	(0.12	)		(0.25	)		(0.25	)		(0.24	)		(0.24	)		(0.24	)

$	11.75		$	12.05		$	12.37		$	12.03		$	12.20		$	11.69


	(1.47%	)		(0.50%	)		4.90%			0.60%			6.48%			(3.87%	)

$	36,560		$	40,402		$	49,515		$	48,328		$	54,231		$	64,904
	1.60%			1.60%			1.60%			1.61%			1.60%			1.60%

	1.67%			1.68%			1.67%			1.68%			1.68%			1.67%
	2.09%			2.07%			1.99%			2.00%			2.01%			1.94%

	2.02%			1.99%			1.92%			1.93%			1.93%			1.87%
	15%			26%			35%			19%			34%			23%

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 income²

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 return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived⁵

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁵

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $152,523 were made by the Fund’s Institutional Class shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹			Year ended

(Unaudited)			8/31/17			8/31/16			8/31/15			8/31/14			8/31/13

$	12.17		$	12.50		$	12.16		$	12.33		$	11.81		$	12.53

	0.19			0.37			0.37			0.37			0.36			0.37
	(0.30	)		(0.33	)		0.34			(0.17	)		0.52			(0.72	)

	(0.11	)		0.04			0.71			0.20			0.88			(0.35	)


	(0.19	)		(0.37	)		(0.37	)		(0.37	)		(0.36	)		(0.37	)
	—			—	³		—			—			—			—

	(0.19	)		(0.37	)		(0.37	)		(0.37	)		(0.36	)		(0.37	)


$	11.87		$	12.17		$	12.50		$	12.16		$	12.33		$	11.81


	(0.96%	)		0.44%			5.92%			1.62%			7.58%			(2.92%	)

$	376,374		$	369,443		$	479,172		$	474,262		$	434,455		$	359,213
	0.60%			0.60%			0.60%			0.61%			0.60%			0.60%

	0.67%			0.68%			0.67%			0.68%			0.68%			0.67%
	3.09%			3.07%			2.99%			3.00%			3.01%			2.94%

	3.02%			2.99%			2.92%			2.93%			2.93%			2.87%
	15%			26%			35%			19%			34%			23%

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 income²

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

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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 reflect a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.05			$	11.42			$	10.75			$	10.65			$	9.64			$	10.75

		0.23				0.44				0.41				0.41				0.45				0.45
		(0.14	)			(0.37	)			0.67				0.10				1.01				(1.11	)

		0.09				0.07				1.08				0.51				1.46				(0.66	)


		(0.23	)			(0.44	)			(0.41	)			(0.41	)			(0.45	)			(0.45	)

		(0.23	)			(0.44	)			(0.41	)			(0.41	)			(0.45	)			(0.45	)


	$	10.91			$	11.05			$	11.42			$	10.75			$	10.65			$	9.64


		0.79%				0.72%				10.25%				4.83%				15.42%				(6.47%	)

	$	188,778			$	190,211			$	250,810			$	227,090			$	204,936			$	200,988
		0.85%				0.85%				0.85%				0.85%				0.85%				0.85%

		0.92%				0.94%				0.94%				0.97%				0.99%				0.99%
		4.17%				4.02%				3.73%				3.80%				4.38%				4.18%

		4.10%				3.93%				3.64%				3.68%				4.24%				4.04%
		9%				27%				13%				10%				31%				46%

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 income²

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 waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

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.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.09			$	11.47			$	10.80			$	10.70			$	9.68			$	10.80

		0.19				0.36				0.33				0.33				0.37				0.37
		(0.14	)			(0.38	)			0.67				0.10				1.02				(1.12	)

		0.05				(0.02	)			1.00				0.43				1.39				(0.75	)


		(0.19	)			(0.36	)			(0.33	)			(0.33	)			(0.37	)			(0.37	)

		(0.19	)			(0.36	)			(0.33	)			(0.33	)			(0.37	)			(0.37	)


	$	10.95			$	11.09			$	11.47			$	10.80			$	10.70			$	9.68


		0.42%				(0.11%	)			9.41%				4.04%				14.63%				(7.21%	)

	$	94,891			$	97,974			$	113,905			$	91,196			$	71,424			$	69,889
		1.60%				1.60%				1.60%				1.60%				1.60%				1.60%

		1.67%				1.69%				1.69%				1.72%				1.74%				1.74%
		3.42%				3.27%				2.98%				3.05%				3.63%				3.43%

		3.35%				3.18%				2.89%				2.93%				3.49%				3.29%
		9%				27%				13%				10%				31%				46%

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 income²

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

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived⁴

Portfolio turnover

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

²	The average shares outstanding have been applied for per share information.

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Feb. 28, 2018 are reflected on the “Statements of operations.”

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


Six months ended 2/28/18¹				Year ended
(Unaudited)				8/31/17				8/31/16				8/31/15				8/31/14				8/31/13
	$	11.15			$	11.53			$	10.85			$	10.75			$	9.73			$	10.85

		0.24				0.47				0.45				0.44				0.48				0.48
		(0.14	)			(0.38	)			0.67				0.10				1.01				(1.12	)

		0.10				0.09				1.12				0.54				1.49				(0.64	)


		(0.24	)			(0.47	)			(0.44	)			(0.44	)			(0.47	)			(0.48	)

		(0.24	)			(0.47	)			(0.44	)			(0.44	)			(0.47	)			(0.48	)


	$	11.01			$	11.15			$	11.53			$	10.85			$	10.75			$	9.73


		0.93%				0.92%				10.57%				5.08%				15.71%				(6.23%	)

	$	969,371			$	932,716			$	905,436			$	649,455			$	384,525			$	165,162
		0.60%				0.60%				0.60%				0.60%				0.60%				0.60%

		0.67%				0.69%				0.69%				0.72%				0.74%				0.74%
		4.42%				4.27%				3.98%				4.05%				4.63%				4.43%

		4.35%				4.18%				3.89%				3.93%				4.49%				4.29%
		9%				27%				13%				10%				31%				46%

Notes to financial statements


Delaware National Tax-Free Funds		February 28, 2018 (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 each referred to as a Trust, or 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 a Fund, or collectively, the Funds). The Trusts are open-end investment companies. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 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) instead of a front-end sales charge of 1.00% 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 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 C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 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 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 taxes 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 US generally accepted accounting principles (US 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 Trust’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. The foregoing valuation policies apply to restricted and unrestricted securities.

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. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s 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 or to be taken on each Fund’s federal income tax returns through the six months ended Feb. 28, 2018 and for all open tax years (years ended Aug. 31, 2015–Aug 31, 2017), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended Feb. 28, 2018, none of the Funds incurred any interest or tax penalties.

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 – Each Fund is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US 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.

Other – Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain 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 on debt securities are accreted or amortized to interest income, respectively, 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. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Notes to financial statements

Delaware National Tax-Free Funds

1. Significant Accounting Policies (continued)

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statements of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended Feb. 28, 2018, each Fund earned the following amounts under this agreement:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$2,576	$1,896	$3,511

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended Feb. 28, 2018, each Fund earned the following amounts under this agreement:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$187	$82	$266

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 Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund’s average daily net assets as follows:


			Delaware National
	Delaware Tax-Free	Delaware Tax-Free	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 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed 0.56%, 0.60%, and 0.60% of average daily net assets of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund, respectively, from Sept. 1, 2017 through Feb. 28, 2018.* 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 Boards and DMC. These expense waivers

and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund in the Delaware Funds then pays its relative portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended Feb. 28, 2018, each Fund was charged for these services as follows:

Delaware Tax-Free

USA Fund

Delaware Tax-Free
USA Intermediate Fund

Delaware National High-Yield
Municipal Bond Fund

$11,676

$12,644

$25,337

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. The fees payable to DIFSC under the service agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Feb. 28, 2018, each Fund was charged for these services as follows:

Delaware Tax-Free

USA Fund

Delaware Tax-Free
USA Intermediate Fund

Delaware National High-Yield
Municipal Bond Fund

$50,066

$55,073

$120,636

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of average daily net assets, 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. The Class A shares of Delaware Tax-Free USA Intermediate Fund were subject to a 12b-1 fee of 0.25% of average daily net assets, which was

Notes to financial statements

Delaware National Tax-Free Funds

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

contractually waived to 0.15% of average daily net assets from Sept. 1, 2017 through Feb. 28, 2018.* Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares pay no 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Feb. 28, 2018, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Delaware Tax-Free

USA Fund

Delaware Tax-Free
USA Intermediate Fund

Delaware National High-Yield
Municipal Bond Fund

$4,765

$5,983

$11,619

For the six months ended Feb. 28, 2018, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Delaware Tax-Free

USA Fund

Delaware Tax-Free
USA Intermediate Fund

Delaware National High-Yield
Municipal Bond Fund

$13,738

$1,360

$22,346

For the six months ended Feb. 28, 2018, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares. These commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:


	Delaware Tax-Free USA Fund	Delaware Tax-Free USA Intermediate Fund	Delaware National High-Yield Municipal Bond Fund
Class A	$2,881	$ 14	$21,765
Class C	626	455	1,947

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

Cross trades for the six months ended Feb. 28, 2018, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Feb. 28, 2018, the Funds engaged in the following securities

purchases and securities sales, which did not result in a realized gain or loss:


	Delaware Tax-Free		Delaware Tax-Free		Delaware National High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Purchases		$24,109,325		$10,754,581		$29,550,199
Sales		14,756,058		6,352,209		29,334,601

*The aggregate contractual waiver period covering this report is from Dec. 29, 2016 through Dec. 29, 2018.

3. Investments

For the six months ended Feb. 28, 2018, each Fund made purchases and sales of investment securities other than short-term investments as follows:


					Delaware National
	Delaware Tax-Free		Delaware Tax-Free		High-Yield
	USA Fund		USA Intermediate Fund		Municipal Bond Fund
Purchases		$134,577,419		$82,630,075		$155,177,384
Sales		82,043,960		83,183,513		111,416,441

At Feb. 28, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2018, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:


							Delaware National
	Delaware Tax-Free			Delaware Tax-Free			High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Cost of investments		$549,082,652			$533,917,881			$1,185,862,084

Aggregate unrealized appreciation of investments		$ 28,214,546			$ 20,120,942			$ 70,516,901
Aggregate unrealized depreciation of investments		(2,738,040	)		(1,747,777	)		(9,650,079	)

Net unrealized appreciation of investments		$ 25,476,506			$ 18,373,165			$ 60,866,822

Qualified late year capital losses of $1,473,545 and $3,296,509 represent losses realized on investment transactions from Nov. 1, 2016 through Aug. 31, 2017 that, in accordance with federal income tax regulations, Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund, respectively have elected to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At Aug. 31, 2017, capital

Notes to financial statements

Delaware National Tax-Free Funds

3. Investments (continued)

loss carryforwards available to offset future realized capital gains were as follows:


	Loss carryforward character

	Short-term		Long-term

Delaware National High-Yield Municipal Bond Fund	$	13,245,280	$	10,120,311

US 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 assumptions about the assumptions that market participants would use in pricing the asset or liability 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. (Examples: 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. (Examples: 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	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: 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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2018:


		Delaware Tax-Free USA Fund
Securities		Level 2
Assets:
Municipal Bonds		$546,754,158
Short-Term Investments		27,805,000
Total Value of Securities		$574,559,158
		Delaware Tax-Free USA
		Intermediate Fund
Securities		Level 2
Assets:
Municipal Bonds		$552,291,046
		Delaware National High-Yield
		Municipal Bond Fund
Securities		Level 2
Assets:
Municipal Bonds		$1,240,598,906
Short-Term Investments		6,130,000
Total Value of Securities		$1,246,728,906

During the six months ended Feb. 28, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period on Sept. 1, 2017.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the six months ended Feb. 28, 2018, there were no Level 3 investments.

Notes to financial statements

Delaware National Tax-Free Funds

4. Capital Shares

Transactions in capital shares were as follows:


													Delaware National
	Delaware Tax-Free						Delaware Tax-Free						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
	2/28/18			8/31/17			2/28/18			8/31/17			2/28/18			8/31/17
Shares sold:
Class A		8,026,730			1,771,333			555,976			3,022,406			2,105,731			4,328,365
Class C		163,209			325,639			54,773			271,770			681,663			1,288,593
Institutional Class		1,686,813			3,141,457			5,139,862			11,329,643			13,454,605			33,863,188

Shares issued upon reinvestment of dividends and distributions:
Class A		593,538			1,565,318			177,296			384,829			334,939			652,446
Class C		31,146			87,959			31,560			70,969			136,132			265,684
Institutional Class		94,881			161,330			367,006			697,103			1,617,005			2,813,255

		10,596,317			7,053,036			6,326,473			15,776,720			18,330,075			43,211,531


Shares redeemed:
Class A		(2,143,686	)		(8,219,120	)		(2,356,181	)		(4,984,764	)		(2,353,425	)		(9,726,923	)
Class C		(284,949	)		(653,426	)		(326,892	)		(992,677	)		(987,258	)		(2,656,102	)
Institutional Class		(824,731	)		(1,681,232	)		(4,140,489	)		(20,021,304	)		(10,682,026	)		(31,588,716	)

		(3,253,366	)		(10,553,778	)		(6,823,562	)		(25,998,745	)		(14,022,709	)		(43,971,741	)


Net increase (decrease)		7,342,951			(3,500,742	)		(497,089	)		(10,222,025	)		4,307,366			(760,210	)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and on the “Statements of changes in net assets.” For the six months ended Feb. 28, 2018 and the year ended Aug. 31, 2017, each Fund had the following exchange transactions:


	Six months ended
	2/28/18
	Exchange				Exchange
	Redemptions				Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund		38,825		—		—		38,569		$	448,194
Delaware Tax-Free USA Intermediate Fund		17,952		—		—		17,774			211,625
Delaware National High-Yield Municipal Bond Fund		116		50,442		24,495		26,065			561,548


	Year ended
	8/31/17
	Exchange				Exchange
	Redemptions				Subscriptions
					Institutional
	Class A		Class C		Class
	Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund		856,362		6,306		858,276		$	9,985,602
Delaware Tax-Free USA Intermediate Fund		234,870		—		232,990			2,786,921
Delaware National High-Yield Municipal Bond Fund		2,134,297		15,391		2,134,779			23,025,554

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $155,000,000 revolving line of credit intended 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 of 0.15%, which was generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. 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 available under the agreement expired on Nov. 6, 2017.

On Nov. 6, 2017, each Fund, along with the other Participants, entered into an amendment to the agreement for a $155,000,000 revolving line of credit. The line of credit is to be used as described above

Notes to financial statements

Delaware National Tax-Free Funds

5. Line of Credit (continued)

and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 5, 2018.

The Funds had no amounts outstanding as of Feb. 28, 2018, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

The Funds concentrate their investments in securities issued by municipalities, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes.

The value of the Funds’ investments may be adversely affected by new legislation within the US states or territories, 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 certainty 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 each Fund. At Feb. 28, 2018, the percentage of each Fund’s net assets insured by bond issuers are listed below and these securities have been identified on the “Schedules of investments.”


							Delaware
	Delaware Tax-Free			Delaware Tax-Free			National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Assured Guaranty Corporation		0.18	%		—			0.19	%
Assured Guaranty Municipal Corporation		1.67	%		1.39	%		0.95	%
AMBAC Assurance Corporation		0.49	%		—			0.08	%
National Public Finance Guarantee Corporation		0.36	%		—			—
Syncora Guarantee		—			—			0.16	%
Total		2.70	%		1.39	%		1.38	%

As of Feb. 28, 2018, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California and New York which constituted approximately 10.10% and 15.31%, respectively, of the Fund’s net assets. As of Feb. 28, 2018, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York, which constituted approximately 14.44% and 16.11%, respectively, of the Fund’s net assets. As of Feb. 28, 2018, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the State of California which constituted approximately 13.99%, of the Fund’s net assets. These investments could make each Fund more

100

sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

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 Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (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.

Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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 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, promulgated under 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, the Boards have delegated to DMC, the day-to-day functions of determining whether individual securities

101

Notes to financial statements

Delaware National Tax-Free Funds

6. Geographic, Credit, and Market Risks (continued)

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 securities held by each Fund have been identified on the “Schedules of investments.”

7. 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 the Funds’ existing contracts and expects the risk of loss to be remote.

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (Rule). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (ASU) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2018, that would require recognition or disclosure in the Funds’ financial statements.

102

About the organization

Board of trustees


Shawn K. Lytle	Ann D. Borowiec	John A. Fry	Frances A.
President and	Former Chief Executive	President	Sevilla-Sacasa
Chief Executive Officer	Officer	Drexel University	Former Chief Executive
Delaware Funds^®	Private Wealth Management	Philadelphia, PA	Officer
by Macquarie Philadelphia, PA	J.P. Morgan Chase & Co. New York, NY	Lucinda S. Landreth	Banco Itaú International Miami, FL
by Macquarie Philadelphia, PA	J.P. Morgan Chase & Co. New York, NY	Former Chief Investment Officer Assurant, Inc. New York, NY	Banco Itaú International Miami, FL
Thomas L. Bennett	Joseph W. Chow		Thomas K. Whitford
Chairman of the Board	Former Executive Vice		Former Vice Chairman
Delaware Funds	President		PNC Financial Services Group
by Macquarie	State Street Corporation		Pittsburgh, PA
Private Investor	Boston, MA
Rosemont, PA			Janet L. Yeomans
			Former Vice President and
			Treasurer
			3M Company
			St. Paul, MN

Affiliated officers

David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
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 Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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 the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in each Fund’s most recent Form N-Q are available without charge on the Funds’ website at delawarefunds.com/literature. 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 the Funds 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 delawarefunds.com/proxy; 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.

DELAWARE GROUP^® TAX-FREE FUND

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 3, 2018

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.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 3, 2018

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 3, 2018

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