Delaware Group Tax Free Fund N-CSRS 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:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	August 31
Date of reporting period:	February 28, 2021

Item 1. Reports to Stockholders

Semiannual report

Fixed income mutual funds

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

February 28, 2021

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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.

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 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

● Check your account balance and transactions

● View statements and tax forms

● 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. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following 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 Europe Limited, and Macquarie Investment Management Europe S.A.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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	81
Statements of operations	83
Statements of changes in net assets	84
Financial highlights	90
Notes to financial statements	108
About the organization	126

Unless otherwise noted, views expressed herein are current as of February 28, 2021, 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.

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)

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 tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.

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

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 service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2020 to February 28, 2021.

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 each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

1

Disclosure of Fund expenses
For the six-month period from September 1, 2020 to February 28, 2021 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,038.00		0.82	%		$	4.14
Class C			1,000.00			1,035.00		1.57	%			7.92
Institutional Class			1,000.00			1,040.00		0.57	%			2.88
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.73		0.82	%		$	4.11
Class C			1,000.00			1,017.01		1.57	%			7.85
Institutional Class			1,000.00			1,021.97		0.57	%			2.86

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,022.10		0.66	%		$	3.31
Class C			1,000.00			1,017.80		1.51	%			7.55
Institutional Class			1,000.00			1,022.80		0.51	%			2.56
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.52		0.66	%		$	3.31
Class C			1,000.00			1,017.31		1.51	%			7.55
Institutional Class			1,000.00			1,022.27		0.51	%			2.56

2

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	9/1/20			2/28/21			Expense Ratio		9/1/20 to 2/28/21*
Actual Fund return†
Class A		$	1,000.00		$	1,054.80	0.85	%		$	4.33
Class C			1,000.00			1,050.80	1.60	%			8.14
Institutional Class			1,000.00			1,055.80	0.60	%			3.06
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.

3

Security type / sector / state / territory allocations
Delaware Tax-Free USA Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.15	%
Corporate Revenue Bonds		13.59	%
Education Revenue Bonds		6.39	%
Electric Revenue Bonds		3.77	%
Healthcare Revenue Bonds		12.08	%
Housing Revenue Bonds		0.13	%
Lease Revenue Bonds		4.22	%
Local General Obligation Bonds		4.87	%
Pre-Refunded/Escrowed to Maturity Bonds		5.21	%
Resource Recovery Revenue Bond		0.20	%
Special Tax Revenue Bonds		16.95	%
State General Obligation Bonds		12.25	%
Transportation Revenue Bonds		18.98	%
Water & Sewer Revenue Bonds		0.51	%
Total Value of Securities		99.15	%
Receivables and Other Assets Net of Liabilities		0.85	%
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 US as follows:

State / territory	Percentage of net assets
Alabama		1.73	%
Arizona		3.57	%
California		11.44	%
Colorado		4.28	%
Connecticut		1.07	%
District of Columbia		1.08	%
Florida		4.13	%
Georgia		0.25	%
Guam		0.24	%
Idaho		0.34	%
Illinois		7.75	%
Indiana		0.68	%
Kansas		0.33	%
Louisiana		0.74	%
Maryland		1.21	%
Massachusetts		1.97	%
Michigan		1.33	%
Minnesota		0.69	%

4

State / territory	Percentage of net assets
Mississippi		0.11%
Missouri		0.77%
Nebraska		0.65%
New Hampshire		0.38%
New Jersey		4.90%
New York		12.91%
North Carolina		1.77%
Ohio		1.78%
Oklahoma		1.40%
Oregon		0.31%
Pennsylvania		3.00%
Puerto Rico		17.64%
Rhode Island		0.14%
South Carolina		0.06%
Tennessee		0.57%
Texas		6.81%
Utah		0.87%
Virginia		1.47%
Washington		0.54%
Wisconsin		0.24%
Total Value of Securities		99.15%

5

Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*	��	99.02%
Corporate Revenue Bonds		11.32%
Education Revenue Bonds		6.71%
Electric Revenue Bonds		5.24%
Healthcare Revenue Bonds		7.19%
Lease Revenue Bonds		3.96%
Local General Obligation Bonds		5.32%
Pre-Refunded/Escrowed to Maturity Bonds		6.04%
Special Tax Revenue Bonds		16.51%
State General Obligation Bonds		16.84%
Transportation Revenue Bonds		18.56%
Water & Sewer Revenue Bonds		1.33%
Short-Term Investments		0.05%
Total Value of Securities		99.07%
Receivables and Other Assets Net of Liabilities		0.93%
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 US as follows:

State / territory	Percentage of net assets
Alabama		0.76%
Alaska		0.13%
Arizona		7.38%
California		11.87%
Colorado		1.88%
Connecticut		0.71%
District of Columbia		1.33%
Florida		3.16%
Georgia		1.56%
Guam		0.10%
Hawaii		0.32%
Idaho		0.38%
Illinois		6.84%
Iowa		0.05%
Kansas		0.12%
Kentucky		0.51%
Louisiana		1.57%
Maryland		0.41%
Massachusetts		2.61%

6

State / territory	Percentage of net assets
Michigan		1.64%
Minnesota		0.24%
Mississippi		0.03%
Missouri		0.48%
Montana		0.04%
Nebraska		0.03%
New Hampshire		0.27%
New Jersey		5.91%
New York		20.39%
North Carolina		0.36%
Ohio		0.35%
Oklahoma		0.72%
Oregon		1.16%
Pennsylvania		5.84%
Puerto Rico		7.96%
South Carolina		0.76%
Tennessee		0.38%
Texas		4.58%
Utah		1.86%
Virginia		2.02%
Washington		0.90%
Wisconsin		1.46%
Total Value of Securities		99.07%

7

Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund	As of February 28, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.56%
Corporate Revenue Bonds		22.31%
Education Revenue Bonds		16.48%
Electric Revenue Bonds		4.08%
Healthcare Revenue Bonds		21.60%
Housing Revenue Bond		0.05%
Lease Revenue Bonds		3.27%
Local General Obligation Bonds		1.41%
Pre-Refunded/Escrowed to Maturity Bonds		2.89%
Resource Recovery Revenue Bonds		0.76%
Special Tax Revenue Bonds		8.82%
State General Obligation Bonds		11.84%
Transportation Revenue Bonds		2.67%
Water & Sewer Revenue Bonds		2.38%
Short-Term Investments		0.58%
Total Value of Securities		99.14%
Receivables and Other Assets Net of Liabilities		0.86%
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 US as follows:

State / territory	Percentage of net assets
Alabama		3.15%
Arizona		6.76%
California		11.63%
Colorado		2.01%
Delaware		0.09%
District of Columbia		1.58%
Florida		5.05%
Georgia		0.45%
Hawaii		0.21%
Idaho		0.58%
Illinois		6.39%
Indiana		0.83%
Iowa		0.59%
Kansas		0.31%
Kentucky		0.58%
Louisiana		1.34%
Maine		0.11%

8

State / territory	Percentage of net assets
Maryland		0.50%
Massachusetts		0.81%
Michigan		0.66%
Minnesota		1.28%
Mississippi		0.48%
Missouri		1.39%
Montana		0.09%
Nevada		0.62%
New Hampshire		0.39%
New Jersey		3.72%
New York		5.70%
North Carolina		2.12%
Ohio		4.55%
Oklahoma		0.14%
Oregon		0.41%
Pennsylvania		4.68%
Puerto Rico		15.19%
South Carolina		0.36%
Tennessee		0.52%
Texas		5.96%
Utah		0.23%
Virginia		3.78%
Washington		1.12%
West Virginia		0.17%
Wisconsin		2.54%
Wyoming		0.07%
Total Value of Securities		99.14%

9

Schedules of investments
Delaware Tax-Free USA Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 99.15%
Corporate Revenue Bonds – 13.59%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	8,380,000	$	9,042,188
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		(Senior)
		Series A-2 4.00% 6/1/48	5,550,000		6,204,179
	California Pollution Control Financing Authority
		Revenue
		(Calplant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	375,000		243,750
	Central Plains, Nebraska Energy Project
		(Project No. 3)
		Series A 5.00% 9/1/31	2,810,000		3,652,775
		Series A 5.00% 9/1/35	2,160,000		2,917,685
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.495% 6/1/60 #, ^	82,695,000		3,534,384
	Florida Development Finance Surface
		Transportation Facilities Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	9,130,000		8,862,491
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	3,245,000		3,113,577
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	5,000,000		5,688,450
	Indiana Finance Authority Exempt Facility Revenue
		(Polyflow Indiana Project - Green Bond)
		144A 7.00% 3/1/39 (AMT) #	3,030,000		2,789,418
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 0.944% 6/1/57 #, ^	151,190,000		10,034,480
		Series F 144A 1.335% 6/1/57 #, ^	257,430,000		12,019,407
	Jefferson County, Texas Industrial Development
		Revenue
		(TRP Crude Marketing LLC Project)
		144A 7.75% 4/1/39 #	450,000		459,135
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	4,400,000		5,890,016
		Series A 5.00% 9/1/46	2,750,000		3,871,450

10

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Michigan Finance Authority Revenue
		Series B-1 5.00% 6/1/49	1,500,000	$	1,793,610
	Minneapolis, Minnesota
		Series A 6.25% 12/1/30	300,000		304,359
	Monroe County, Michigan Economic Development
		Revenue
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	500,000		549,635
	M-S-R Energy Authority, California Gas Revenue
		Series A 6.125% 11/1/29	1,870,000		2,336,284
		Series B 6.50% 11/1/39	5,000,000		7,906,200
		Series C 6.50% 11/1/39	2,500,000		3,953,100
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals
		C&D Redevelopment Project)
		5.00% 1/1/34 (AMT)	3,000,000		3,541,650
		Series 2018 4.00% 1/1/36 (AMT)	910,000		1,002,083
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	6,000,000		8,994,120
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	1,600,000		2,210,272
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	1,940,000		2,053,374
	South Carolina Jobs - Economic Development
		Authority Educational Facilities Revenue
		(AC East LLC Project - Green Bonds)
		Series A 144A 7.00% 5/1/39 (AMT) #	600,000		561,270
	Southern Ohio Port Authority
		(Purecycle Project)
		Series A 144A 7.00% 12/1/42 (AMT) #	1,000,000		1,065,270
	St. John Baptist Parish, Louisiana
		(Marathon Oil Corporation Project)
		Series B-2 2.375% 6/1/37 ●	5,000,000		5,181,600
	Tobacco Securitization Authority of Southern
		California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.546% 6/1/46 ^	16,970,000		3,459,334
		(Capital Appreciation-3rd Subordinate Lien)
		Series D 0.30% 6/1/46 ^	2,795,000		480,265

11

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Valparaiso, Indiana
		(Pratt Paper, LLC Project)
		7.00% 1/1/44 (AMT)	1,780,000	$	2,000,613
	Virginia Tobacco Settlement Financing
		(Capital Appreciation)
		Series C 2.401% 6/1/47 ^	25,240,000		5,641,140
		Series D 2.493% 6/1/47 ^	29,060,000		6,252,550
					137,610,114
Education Revenue Bonds – 6.39%
	Auburn University, Alabama General Fee Revenue
		Series A 5.00% 6/1/33	1,720,000		2,143,344
	Bibb County, Georgia Development Authority
		Revenue
		(Macon State College Student Housing Project)
		Series A 5.75% 7/1/40 (AGM)	2,500,000		2,531,750
	California Educational Facilities Authority Revenue
		(Loma Linda University)
		Series A 5.00% 4/1/47	1,000,000		1,148,690
		(Stanford University)
		Series T-1 5.00% 3/15/39	8,000,000		11,329,040
		Series V-1 5.00% 5/1/49	8,275,000		12,416,389
	California School Finance Authority
		(Aspire Public Schools)
		Series A 144A 5.00% 8/1/50 #	1,770,000		2,078,883
	District of Columbia Revenue
		5.00% 6/1/40	1,500,000		1,745,640
		5.00% 6/1/50	1,000,000		1,145,300
		(KIPP DC Issue)
		4.00% 7/1/44	500,000		549,020
		4.00% 7/1/49	1,375,000		1,502,902
	Idaho Housing & Finance Association
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	1,500,000		1,649,190
		Series A 4.00% 5/1/55	1,640,000		1,798,162
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago Project)
		Series A 5.00% 2/15/47	1,860,000		2,034,486
		Series A 5.00% 2/15/50	540,000		589,675

12

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Massachusetts Development Finance Agency
		Revenue
		(Emerson College)
		5.00% 1/1/38	500,000	$	590,885
	Massachusetts Educational Financing Authority
		Revenue
		Series I 6.00% 1/1/28	60,000		60,860
	New Jersey Economic Development Authority
		(Provident Group - Montclair State University)
		5.00% 6/1/42 (AGM)	1,250,000		1,461,237
	Rhode Island Health and Educational Building
		Revenue
		(University of Rhode Island)
		Series B 5.25% 9/15/29 (AGC)	1,415,000		1,420,009
	Town of Davie, Florida
		(Nova Southeastern University Project)
		5.00% 4/1/38	3,000,000		3,516,510
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	10,000,000		15,055,300
					64,767,272
Electric Revenue Bonds – 3.77%
	Electric and Gas Systems Revenue San Antonio,
		Texas
		5.25% 2/1/24	2,500,000		2,852,025
	Long Island, New York Power Authority Electric
		System Revenue
		5.00% 9/1/47	1,605,000		1,920,575
		Series B 5.00% 9/1/41	3,000,000		3,537,150
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	4,705,000		4,246,262
		Series A 5.05% 7/1/42 ‡	130,000		117,325
		Series A 6.75% 7/1/36 ‡	2,270,000		2,094,075
		Series AAA 5.25% 7/1/25 ‡	75,000		67,875
		Series CCC 5.25% 7/1/27 ‡	2,570,000		2,325,850
		Series TT 5.00% 7/1/32 ‡	3,165,000		2,856,413
		Series WW 5.00% 7/1/28 ‡	1,125,000		1,015,313
		Series WW 5.25% 7/1/33 ‡	3,250,000		2,941,250
		Series WW 5.50% 7/1/38 ‡	2,170,000		1,969,275
		Series XX 4.75% 7/1/26 ‡	265,000		238,500
		Series XX 5.25% 7/1/40 ‡	3,690,000		3,339,450
		Series XX 5.75% 7/1/36 ‡	940,000		855,400
		Series ZZ 4.75% 7/1/27 ‡	210,000		189,000

13

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	105,000	$	95,025
	Salt River, Arizona Project Agricultural Improvement
		& Power District Electric Systems Revenue
		(Salt River Project Electric System)
		Series A 5.00% 1/1/30	6,000,000		7,566,780
					38,227,543
Healthcare Revenue Bonds – 12.08%
	Alachua County, Florida Health Facilities Authority
		(Oak Hammock University)
		Series A 8.00% 10/1/42	1,000,000		1,088,960
	Allegheny County, Pennsylvania Hospital
		Development Authority Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 5.00% 4/1/47	1,800,000		2,099,196
	Apple Valley Senior Living Revenue
		(Minnesota Senior Living LLC Project)
		Series B 5.00% 1/1/47	2,500,000		1,697,900
		Series D 7.25% 1/1/52	2,620,000		1,963,585
	Arizona Industrial Development Authority Revenue
		(2nd Tier - Great Lakes Senior Living
		Communities LLC Project)
		Series B 5.00% 1/1/49	400,000		301,732
		Series B 5.125% 1/1/54	470,000		353,863
		(Great Lakes Senior Living Communities LLC
		Project)
		Series A 5.00% 1/1/54	1,070,000		962,187
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50	2,500,000		2,791,225
	California Health Facilities Financing Authority
		Revenue
		(Kaiser Permanente)
		Series A-2 5.00% 11/1/47	7,855,000		11,306,173
		(Sutter Health)
		Series A 5.00% 11/15/38	1,000,000		1,215,890
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	2,550,000		2,922,938

14

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 4.00% 11/15/43	3,000,000	$	3,426,840
		(American Baptist)
		8.00% 8/1/43	2,040,000		2,180,536
		(CommonSpirit Health)
		Series A-2 4.00% 8/1/49	5,250,000		5,800,357
		Series A-2 5.00% 8/1/44	3,000,000		3,633,630
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	1,875,000		2,012,906
	Cuyahoga County, Ohio
		(The Metro Health System)
		5.25% 2/15/47	2,235,000		2,567,724
		5.50% 2/15/57	3,000,000		3,473,790
	Glendale, Arizona Industrial Development Authority
		Revenue
		(Royal Oaks Inspirata Pointe Project)
		Series A 5.00% 5/15/56	2,500,000		2,785,500
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.50% 5/15/54	375,000		348,101
	Lake County, Florida Retirement Facility Revenue
		(Lakeside At Waterman Village Project)
		Series A 5.75% 8/15/50	500,000		533,005
	Lake County, Ohio Port & Economic Development
		Authority
		(Tapestry Wicklife, LLC Project)
		Series A 144A 6.75% 12/1/52 #, ‡	1,300,000		455,000
	Louisiana Local Government Environmental
		Facilities & Community Development Authority
		Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,500,000		2,306,050
	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		1,217,801
	Maryland Health & Higher Educational Facilities
		Authority Revenue
		(Adventist Healthcare Obligated)
		Series A 5.50% 1/1/46	2,000,000		2,341,320

15

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Miami-Dade County, Florida Health Facilities
		Authority Revenue
		(Nicklaus Children’s Hospital Project)
		5.00% 8/1/42	1,500,000	$	1,768,200
	Monroe County, New York Industrial Development
		(Rochester Regional Health Project)
		Series A 3.00% 12/1/40	2,100,000		2,156,952
		Series A 4.00% 12/1/46	6,455,000		7,242,833
	Montgomery County, Ohio
		(Kettering Health Network Obligated Group
		Project)
		4.00% 8/1/41	500,000		574,365
		4.00% 8/1/51	2,000,000		2,257,900
	Montgomery County, Pennsylvania Industrial
		Development Authority Revenue
		(Foulkeways At Gwynedd Project)
		5.00% 12/1/46	1,500,000		1,634,700
	Moon, Pennsylvania Industrial Development
		Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	2,250,000		2,386,800
	Nash Health Care Systems Revenue, North Carolina
		5.50% 11/1/26 (AGM)	1,000,000		1,003,880
	New Hampshire Business Finance Authority
		Revenue
		(Springpoint Senior Living Project)
		4.00% 1/1/41	1,000,000		1,101,700
		4.00% 1/1/51	2,500,000		2,725,250
	New Hope, Texas Cultural Education Facilities
		Finance
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	2,250,000		2,354,940
	New York State Dormitory Authority
		(Orange Regional Medical Center)
		144A 5.00% 12/1/34 #	400,000		459,900
		144A 5.00% 12/1/35 #	1,200,000		1,373,988
		144A 5.00% 12/1/37 #	800,000		908,392
	Norfolk Economic Development Authority Revenue,
		Virginia
		(Sentara Healthcare)
		Series B 5.00% 11/1/43	1,000,000		1,060,290

16

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Orange County, New York Funding Corporation
Assisted Living Residence Revenue
6.50% 1/1/46	2,900,000	$	2,919,981
Oregon Health & Science University Revenue
(Capital Appreciation Insured)
Series A 10.285% 7/1/21 (NATL) ^	400,000		399,736
Palm Beach County, Florida Health Facilities
Authority
(Sinai Residences Boca Raton Project)
Series A 7.50% 6/1/49	610,000		658,623
Pennsylvania Economic Development Financing
Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #	3,285,000		2,463,750
Series A 144A 6.75% 12/1/53 #	3,615,000		2,711,250
Pennsylvania Higher Educational Facilities Authority
Revenue
(Thomas Jefferson University)
Series A 5.00% 9/1/45	2,000,000		2,233,060
(University Of Pennsylvania Health System)
4.00% 8/15/49	5,000,000		5,627,100
Rochester, Minnesota
(The Homestead at Rochester)
Series A 6.875% 12/1/48	2,350,000		2,527,731
Seminole County, Florida Industrial Development
Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49	4,000,000		3,876,280
Tarrant County, Texas Cultural Education Facilities
Finance Corporation Retirement Facility Revenue
(Buckner Senior Living - Ventana Project)
6.625% 11/15/37	1,000,000		1,122,440
Tempe, Arizona Industrial Development Authority
Revenue
(Friendship Village)
Series A 6.25% 12/1/46	1,000,000		1,016,840
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52 #	1,790,000		1,901,660
University of North Carolina at Chapel Hill
5.00% 2/1/46	500,000		580,455

17

Schedules of investments
Delaware Tax-Free USA Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Washington State Housing Finance Commission
(Heron’s Key Senior Living)
Series A 144A 7.00% 7/1/45 #	5,095,000	$	5,488,945
			122,324,150
Housing Revenue Bonds – 0.13%
Massachusetts Housing Finance Agency
Series A 5.25% 12/1/35 (FHA)	1,000,000		1,007,370
Minnesota Housing Finance Agency
(Rental Housing)
Series A 5.05% 8/1/31	300,000		304,035
			1,311,405
Lease Revenue Bonds – 4.22%
California Pollution Control Financing Authority
Revenue
(San Diego County Water Authority Desalination
Project Pipeline)
144A 5.00% 7/1/39 #	1,000,000		1,190,070
Connecticut State Health & Educational Facilities
Authority Revenue
(Supported Child Care)
Series A 5.00% 7/1/28	1,000,000		1,014,300
Kansas City, Missouri
(Downtown Streetcar Project)
Series A 5.00% 9/1/34	4,000,000		4,012,880
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 4.00% 6/15/50	2,000,000		2,207,040
Series A 5.00% 6/15/50	2,850,000		3,386,598
Series A 5.00% 6/15/57	1,620,000		1,892,209
Minnesota Housing Finance Agency
(State Appropriation)
5.00% 8/1/31	250,000		254,887
New Jersey Economic Development Authority
(State Government Buildings Project)
Series A 5.00% 6/15/47	2,250,000		2,584,935
New Jersey Transportation Trust Fund Authority
(Transportation Program)
Series AA 4.00% 6/15/50	11,655,000		12,632,738
Series AA 5.00% 6/15/24	5,000,000		5,273,500
Series AA 5.00% 6/15/29	1,000,000		1,233,080

18

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
New York City, New York Transitional Finance
Authority Building Aid Revenue
Series S-1 5.00% 7/15/37	5,000,000	$	5,298,300
Poplar Bluff, Missouri
2.50% 10/1/41	1,000,000		929,360
2.625% 10/1/46	900,000		821,448
			42,731,345
Local General Obligation Bonds – 4.87%
Chicago, Illinois
Series A 5.25% 1/1/29	2,020,000		2,201,921
Series A 5.50% 1/1/49	1,000,000		1,162,330
Series A 6.00% 1/1/38	525,000		622,424
Chicago, Illinois Board of Education
5.00% 4/1/42	1,060,000		1,208,750
5.00% 4/1/46	1,085,000		1,228,600
Los Angeles, California Community College District
Series C 5.00% 8/1/25	2,500,000		2,990,925
Mecklenburg County, North Carolina
Series A 5.00% 4/1/25	2,500,000		2,960,175
Series A 5.00% 9/1/25	8,000,000		9,604,880
New York City, New York
Fiscal 2021 Series C 5.00% 8/1/43	1,500,000		1,860,315
Series E-1 5.00% 3/1/44	5,000,000		5,912,500
Series F-1 5.00% 4/1/45	5,355,000		6,325,861
Subseries B-1 5.00% 12/1/37	4,500,000		5,386,995
Subseries B-1 5.00% 12/1/41	5,000,000		5,924,850
Subseries D-1 4.00% 12/1/42	1,700,000		1,940,958
Subseries D-1 5.00% 10/1/36	20,000		20,515
			49,351,999
Pre-Refunded/Escrowed to Maturity Bonds – 5.21%
Allegheny County, Pennsylvania Port Auhtority
Revenue
5.25% 3/1/24-21 §	6,000,000		6,000,000
Broward County, Florida Airport System Revenue
Series C 5.25% 10/1/30-23 §	5,000,000		5,637,100
Commonwealth of Massachusetts
Series E 5.00% 8/1/35-21 §	2,000,000		2,040,380
Illinois Railsplitter Tobacco Settlement Authority
6.00% 6/1/28-21 §	6,000,000		6,086,880

19

Schedules of investments
Delaware Tax-Free USA Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Kent Hospital Finance Authority Revenue, Michigan
(Spectrum Health System)
Series A 5.00% 11/15/29-21 §	1,000,000	$	1,034,270
Lansing, Michigan Board of Water & Light
Series A 5.50% 7/1/41-21 §	5,000,000		5,088,850
Michigan State Building Authority Revenue
(Facilities Program)
Series I-A 5.00% 10/15/29-21 §	1,000,000		1,030,210
New York City, New York
Subseries D-1 5.00% 10/1/36-21 §	2,500,000		2,570,175
Oklahoma State Turnpike Authority Revenue
(First Senior)
6.00% 1/1/22	13,535,000		14,191,989
Pennsylvania State Public School Building Authority
5.50% 3/1/31-21 §	500,000		500,000
Philadelphia, Pennsylvania Water & Wastewater
Revenue
5.00% 11/1/28-22 §	1,000,000		1,079,690
Richmond, Virginia Public Utility Revenue
Series A 5.00% 1/15/38-23 §	500,000		544,760
Rockwall Independent School District, Texas
5.00% 2/15/46-25 (PSF) §	2,000,000		2,352,680
Southwestern Illinois Development Authority
Revenue
(Memorial Group)
7.125% 11/1/43-23 §	2,000,000		2,353,100
University of Massachusetts Building Authority
Revenue
Senior Series 2013-1 5.00% 11/1/39-22 §	1,000,000		1,080,570
Waterbury, Connecticut
Lot A 5.00% 12/1/32-23 §	1,000,000		1,129,960
			52,720,614
Resource Recovery Revenue Bond – 0.20%
Union County, New Jersey Improvement Authority
Revenue
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) #	1,950,000		1,987,577
			1,987,577

20

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds – 16.95%
Conley Road Transportation Development District,
Missouri
5.375% 5/1/47	2,000,000	$	2,051,140
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40	11,193,682		9,570,599
Illinois State
First Series 6.00% 6/15/26 (NATL)	1,000,000		1,243,030
Massachusetts School Building Authority
Series C 5.00% 8/15/31	2,500,000		2,953,450
Metropolitan Transportation Authority Revenue,
New York
(Climate Bond Certified)
Series B-2 5.00% 11/15/36	2,000,000		2,370,360
New Jersey Economic Development Authority
Revenue
(Cigarette Tax)
5.00% 6/15/28	2,695,000		2,804,794
New York City, New York Transitional Finance
Authority
(Future Tax Secured Fiscal 2011)
Series D-1 5.00% 2/1/26	3,000,000		3,010,740
(Future Tax Secured Fiscal 2014)
Series A-1 5.00% 11/1/42	10,000,000		11,127,800
New York City, New York Transitional Finance
Authority Building Aid Revenue
Subordinate Subseries S-3A 5.00% 7/15/37	2,500,000		3,054,050
New York State Dormitory Authority Revenue
Series A 5.00% 3/15/39	4,000,000		4,773,480
Series A 5.00% 3/15/42	2,000,000		2,372,980
Series B 5.00% 3/15/34	5,000,000		5,234,700
New York State Urban Development Revenue
(General Purpose)
Series A 5.00% 3/15/37	3,000,000		3,708,360
Series E 4.00% 3/15/38	2,755,000		3,163,098
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #	2,155,000		2,380,866
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A 4.922% 7/1/51 ^	45,600,000		10,039,752
Series A-1 4.55% 7/1/40	1,456,000		1,587,113
Series A-1 4.75% 7/1/53	26,318,000		28,724,255

21

Schedules of investments
Delaware Tax-Free USA Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 5.00% 7/1/58	27,687,000	$	30,664,460
Series A-1 5.234% 7/1/46 ^	50,995,000		15,677,903
Series A-2 4.329% 7/1/40	8,194,000		8,813,876
Series A-2 4.329% 7/1/40	4,039,000		4,344,550
Series A-2 4.784% 7/1/58	7,930,000		8,672,010
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	3,310,000		3,307,782
			171,651,148
State General Obligation Bonds – 12.25%
California State
(Various Purpose)
5.00% 8/1/27	2,500,000		3,066,250
5.00% 3/1/30	5,000,000		5,864,450
5.00% 4/1/32	1,400,000		1,906,240
5.00% 4/1/37	5,000,000		5,460,400
5.00% 10/1/47	2,145,000		2,535,626
Commonwealth of Massachusetts
Series A 5.50% 8/1/30 (AMBAC)	1,000,000		1,366,210
Commonwealth of Puerto Rico
Series A 5.25% 7/1/30 ‡	6,000,000		5,197,500
Series A 8.00% 7/1/35 ‡	8,485,000		6,607,694
Series B 5.00% 7/1/35 ‡	1,295,000		1,118,556
(Public Improvement)
Series A 5.00% 7/1/24 ‡	1,905,000		1,645,444
Series A 5.00% 7/1/41 ‡	4,360,000		3,406,250
Series A 5.125% 7/1/37 ‡	13,750,000		11,137,500
Series A 5.25% 7/1/22 ‡	1,820,000		1,576,575
Series A 5.25% 7/1/31 ‡	1,270,000		1,100,137
Series A 5.25% 7/1/34 ‡	1,565,000		1,355,681
Series A 5.375% 7/1/33 ‡	880,000		760,100
Series A 5.50% 7/1/39 ‡	2,835,000		2,324,700
Series A 5.75% 7/1/28 ‡	1,945,000		1,594,900
Series A 6.00% 7/1/38 ‡	545,000		475,513
Connecticut State
Series B 5.00% 6/15/35	2,475,000		2,871,569
Series E 5.00% 9/15/35	2,500,000		3,093,300

22

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Connecticut State
		Series E 5.00% 9/15/37	2,250,000	$	2,766,915
	Florida State
		(Department Of Transportation Right-of-Way
		Acquisition and Bridge Construction)
		Series A 4.00% 7/1/33	2,500,000		2,984,125
		Series A 4.00% 7/1/34	3,660,000		4,354,741
	Illinois State
		5.00% 5/1/36	480,000		515,496
		5.00% 11/1/36	1,780,000		1,984,202
		5.00% 2/1/39	2,030,000		2,162,112
		5.25% 2/1/30	3,490,000		3,791,327
		5.25% 2/1/32	1,180,000		1,276,548
		5.25% 2/1/33	740,000		799,096
		5.50% 5/1/39	5,000,000		6,075,300
		Series A 4.00% 12/1/33	1,010,000		1,085,225
		Series A 5.00% 4/1/38	885,000		928,984
		Series D 5.00% 11/1/27	3,500,000		4,077,955
		(Rebuild Illinois Program)
		Series B 4.00% 11/1/39	13,700,000		14,711,608
	Maryland State
		Series A 5.00% 3/15/26	5,000,000		6,098,000
		Series A 5.00% 3/15/28	3,000,000		3,850,950
	Texas State
		(Transportation Commission Mobility)
		Series A 5.00% 10/1/33	1,755,000		2,179,061
					124,106,240
Transportation Revenue Bonds – 18.98%
	Broward County, Florida Airport System Revenue
		Series A 4.00% 10/1/49 (AMT)	5,000,000		5,516,250
	Chicago, Illinois Midway International Airport
		Series A 5.00% 1/1/28 (AMT)	2,025,000		2,254,898
	Chicago, Illinois O’Hare International Airport
		Series A 5.00% 1/1/37 (AMT)	1,690,000		2,033,425
		Series A 5.00% 1/1/38 (AMT)	600,000		719,922
		Series B 5.00% 1/1/33	2,345,000		2,703,926
		Series D 5.25% 1/1/42	2,000,000		2,358,000
	Chicago, Illinois Transit Authority Revenue
		Series A 4.00% 12/1/50	2,000,000		2,208,480
		Series A 5.00% 12/1/45	2,000,000		2,431,100

23

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Dallas, Texas Fort Worth International Airport
		Revenue
		Series F 5.25% 11/1/30	5,000,000	$	5,612,350
	Denver City & County, Colorado Airport System
		Revenue
		Series A 5.00% 12/1/43 (AMT)	6,000,000		7,131,180
	Harris County, Texas Toll Road Authority
		Senior Lien Series A 5.00% 8/15/27	3,750,000		4,730,475
	Los Angeles, California International Airport
		Revenue
		Series A 5.00% 5/15/46 (AMT)	3,100,000		3,858,384
	Love Field Airport Modernization, Texas General
		Airport Revenue Bonds
		5.00% 11/1/35 (AMT)	1,000,000		1,164,200
		5.00% 11/1/36 (AMT)	1,000,000		1,161,260
	Massachusetts Port Authority Revenue
		Series A 5.00% 7/1/37 (AMT)	4,000,000		4,955,920
		Series A 5.00% 7/1/39 (AMT)	2,945,000		3,629,330
		Series A 5.00% 7/1/40 (AMT)	1,825,000		2,240,771
	Metropolitan Nashville, Tennessee Airport Authority
		Series A 5.00% 7/1/45	5,020,000		5,742,980
	Metropolitan Transportation Authority Revenue,
		New York
		Series D 5.00% 11/15/33	1,485,000		1,778,020
		(Green Bonds)
		Series C-1 5.25% 11/15/55	750,000		900,825
	Metropolitan Washington, D.C. Airports Authority
		Dulles Toll Road Revenue
		(Dulles Metrorail and Capital Improvement
		Projects)
		Series B 4.00% 10/1/49	4,280,000		4,711,552
	Montgomery County, Texas Toll Road Authority
		Revenue
		(Senior Lien)
		5.00% 9/15/37	1,750,000		1,963,273
	New Jersey Turnpike Authority
		Series A 5.00% 1/1/28	5,000,000		5,708,550
		Series E 5.00% 1/1/45	6,000,000		6,901,260

24

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals
		C&D Redevelopment Project)
		4.375% 10/1/45 (AMT)	12,800,000	$	14,668,800
		5.00% 10/1/40 (AMT)	1,600,000		1,944,944
		(LaGuardia Airport Terminal B Redevelopment
		Project)
		Series A 5.00% 7/1/46 (AMT)	3,000,000		3,339,960
		(Terminal 4 John F. Kennedy International Airport
		Project)
		Series A 4.00% 12/1/40 (AMT)	1,545,000		1,718,643
		Series A 5.00% 12/1/36 (AMT)	1,000,000		1,234,500
		Series C 4.00% 12/1/39	680,000		758,717
		Series C 4.00% 12/1/41	660,000		735,530
		Series C 5.00% 12/1/29	205,000		257,490
	North Carolina Turnpike Authority Revenue
		5.00% 1/1/36 (AGM)	3,000,000		3,707,070
	North Texas Tollway Authority Revenue
		(1st Tier) Series B 5.00% 1/1/40	2,000,000		2,146,580
		(2nd Tier) Series A 5.00% 1/1/34	5,000,000		5,738,850
		Series A 5.00% 1/1/43	7,000,000		8,415,050
	Ohio Turnpike & Infrastructure Commission
		(Infrastructure Projects)
		Series A-1 5.00% 2/15/28	300,000		326,013
	Pennsylvania Turnpike Commission Revenue
		Series A-2 5.00% 12/1/43	2,000,000		2,418,020
		Series C 5.00% 12/1/44	1,000,000		1,132,250
	Phoenix City, Arizona Civic Improvement Airport
		Revenue
		Series B 5.00% 7/1/49 (AMT)	5,000,000		5,954,100
	Port Beaumont Navigation District, Texas
		(Allegiant Industrial Island Park Project)
		144A 8.00% 2/1/39 (AMT) #	750,000		823,380
	Port of Portland, Oregon Airport Revenue
		Series Twenty-Seven A 4.00% 7/1/50 (AMT)	2,500,000		2,743,825
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/36	5,925,000		6,934,502
		Series A 4.00% 7/15/40	2,670,000		3,269,468
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	4,000,000		4,805,560

25

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Salt Lake City, Utah Airport Revenue
		Series B 5.00% 7/1/42	3,350,000	$	3,972,832
	San Francisco, California City International Airport
		Commission
		Series A 5.00% 5/1/44 (AMT)	5,000,000		6,031,900
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series A 5.00% 1/1/49	450,000		513,689
		Series B 5.00% 1/1/42 (AMT)	1,450,000		1,645,126
		Series B 5.00% 1/1/48 (AMT)	6,035,000		6,797,281
	Texas Private Activity Bond Surface Transportation
		Corporate Senior Lien
		(NTE Mobility Partners Segments 3 LLC Segment
		3A and 3B Facility)
		6.75% 6/30/43 (AMT)	2,490,000		2,829,636
		7.00% 12/31/38 (AMT)	1,830,000		2,093,282
		(NTE Mobility Partners Segments 3 LLC Segment
		3C Project)
		5.00% 6/30/58 (AMT)	5,000,000		5,942,450
	Virginia Small Business Financing Authority Revenue
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	1,220,000		1,404,379
	Washington, Metropolitan Area Transit Authority
		Revenue, Columbia
		5.00% 7/1/43	1,000,000		1,193,090
	Wayne County, Michigan Airport Authority
		(Detroit Metropolitan Wayne County Airport)
		Series A 5.00% 12/1/42	2,500,000		2,676,125
		Series D 5.00% 12/1/45 (AGM)	750,000		872,070
	Westchester County, New York Industrial
		Development Agency
		(Million Air Two LLC General Aviation Facilities
		Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	775,000		811,045
					192,272,488
Water & Sewer Revenue Bonds – 0.51%
	Guam Government Waterworks Authority
		Series A 5.00% 1/1/50	2,000,000		2,409,980
	Mississippi Development Bank
		(Jackson Water and Sewer System Revenue
		Bond Project)
		6.75% 12/1/30 (AGM)	1,000,000		1,151,370

26

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Saginaw, Michigan Water Supply System Revenue
		Series A 5.00% 7/1/31 (AGM)	500,000	$	509,690
	Toledo, Ohio Water System Revenue
		5.00% 11/15/38	1,000,000		1,092,050
					5,163,090
Total Municipal Bonds (cost $923,673,673)					1,004,224,985
Total Value of Securities–99.15%
	(cost $923,673,673)			$	1,004,224,985

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $77,977,877, which represents 7.70% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”

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
FHA – Federal Housing Administration
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate

27

Schedules of investments
Delaware Tax-Free USA Fund

Summary of abbreviations: (continued)
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
USD – US Dollar

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

28

Schedules of investments
Delaware Tax-Free USA Intermediate Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 99.02%
Corporate Revenue Bonds – 11.32%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	5,520,000	$	5,956,190
	Black Belt Energy Gas District, Alabama
		(Project No. 4)
		Series A 4.00% 6/1/25	1,655,000		1,879,435
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		Series A-2 5.00% 6/1/32	1,270,000		1,623,454
		Series A-2 5.00% 6/1/33	850,000		1,078,242
	California Pollution Control Financing Authority
		Revenue
		(Calplant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	875,000		568,750
	Central Plains Energy Project Nebraska
		(Project No. 3)
		Series A 5.00% 9/1/42	250,000		352,075
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	3,000,000		3,152,670
	Commonwealth of Pennsylvania Financing Authority
		(Tobacco Master Settlement Payment)
		5.00% 6/1/27	2,000,000		2,476,260
	Denver City & County, Colorado Special Facilities
		Airport Revenue
		(United Airlines Project)
		5.00% 10/1/32 (AMT)	1,190,000		1,263,875
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.495% 6/1/60 #, ^	36,000,000		1,538,640
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	5,435,000		5,275,754
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	1,710,000		1,640,745
	Golden State, California Tobacco Securitization
		Corporate Settlement Revenue
		(Asset-Backed Bonds)
		Series A-1 5.00% 6/1/26	850,000		1,028,355
		Series A-1 5.00% 6/1/34	100,000		121,487
		Series A-1 5.25% 6/1/47	750,000		778,155

29

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Golden State, California Tobacco Securitization
		Corporate Settlement Revenue
		(Capital Appreciation-Asset-Backed)
		Series B 1.05% 6/1/47 ^	11,840,000	$	2,599,354
	Houston, Texas Airport System Revenue
		(United Airlines)
		5.00% 7/1/29 (AMT)	3,010,000		3,263,743
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 0.448% 6/1/57 #, ^	50,000,000		3,318,500
		Series F 144A 1.33% 6/1/57 #, ^	74,090,000		3,459,262
	Jefferson County, Texas Industrial Development
		(TRP Crude Marketing LLC Project)
		144A 7.75% 4/1/39 #	925,000		943,778
	Kentucky Public Energy Authority
		(Gas Supply Revenue Bonds)
		Series C-1 4.00% 12/1/49 ●	5,000,000		5,603,750
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	4,850,000		6,492,404
	Michigan Finance Authority
		Series A Class 1 4.00% 6/1/49	2,000,000		2,239,660
	Monroe County, Michigan Economic Development
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	4,500,000		4,946,715
	M-S-R Energy Authority, California Gas Revenue
		Series B 6.50% 11/1/39	3,485,000		5,510,621
	New Jersey Economic Development Authority
		Special Facilities Revenue
		(Continental Airlines Project)
		Series B 5.625% 11/15/30 (AMT)	1,890,000		2,112,623
	New Jersey Tobacco Settlement Financing
		Subordinate Series B 5.00% 6/1/46	3,105,000		3,587,579
	New York Liberty Development Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	3,405,000		4,771,392
	New York Transportation Development Special
		Facilities Revenue
		(Delta Airlines, Inc.-LaGuardia Airport Terminals
		C&D Redevelopment Project)
		5.00% 1/1/34 (AMT)	7,210,000		8,511,765
	Northern Tobacco Securitization, Alaska
		Series A 5.00% 6/1/46	1,400,000		1,417,514

30

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Salt Verde, Arizona Financial Corporation Senior
		Gas Revenue
		5.00% 12/1/32	3,850,000	$	5,051,354
		5.00% 12/1/37	4,000,000		5,525,680
		5.25% 12/1/24	3,050,000		3,516,680
	South Carolina Jobs - Economic Development
		Authority Educational Facilities Revenue
		(AAC East LLC Project - Green Bonds)
		Series A 144A 7.00% 5/1/39 (AMT) #	900,000		841,905
		(Jasper Pellets, LLC Project - Green Bonds)
		Series A 144A 7.00% 11/1/38 (AMT) #	1,250,000		1,081,788
	St. John Baptist Parish, Louisiana
		(Marathon Oil Corporation Project)
		Series B-2 2.125% 6/1/37 ●	2,250,000		2,299,928
	Tobacco Securitization Authority of Southern
		California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.511% 6/1/46 ^	9,040,000		1,842,804
		(Capital Appreciation-3rd Subordinate Lien)
		Series D 0.288% 6/1/46 ^	1,490,000		256,027
	TSASC, New York
		Series A 5.00% 6/1/30	475,000		583,319
		Series A 5.00% 6/1/31	475,000		580,450
		Series A 5.00% 6/1/41	1,000,000		1,154,360
	Virginia Tobacco Settlement Financing Corporation
		(Capital Appreciation Asset-Backed)
		Series B 5.20% 6/1/46 ●	1,250,000		1,254,750
		Series C 2.161% 6/1/47 ^	52,780,000		11,796,330
		Series D 2.388% 6/1/47 ^	6,955,000		1,496,438
					124,794,560
Education Revenue Bonds – 6.71%
	Arizona Industrial Development Authority Revenue
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,420,000		1,725,967
		144A 6.00% 7/1/47 #	1,385,000		1,654,604
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	875,000		948,509
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	875,000		945,044

31

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Bucks County, Pennsylvania Industrial Development
		Authority Revenue
		(School Lane Charter School Project)
		5.125% 3/15/36	2,000,000	$	2,262,000
	Build NYC Resource, New York
		(Albert Einstein College of Medicine)
		144A 5.50% 9/1/45 #	1,000,000		1,106,660
	California Municipal Finance Authority
		Series A 144A 5.50% 6/1/53 #	1,000,000		1,082,590
		(Creative Center of Los Altos Project - Pinewood
		School & Oakwood School)
		Series B 144A 4.50% 11/1/46 #	500,000		509,485
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 4.75% 10/1/24	270,000		285,930
		Series A 5.875% 10/1/44	300,000		327,150
	California State University
		(Systemwide)
		Series A 5.00% 11/1/31	2,000,000		2,466,800
	California Statewide Communities Development
		Authority Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	2,215,000		2,455,062
		(Green Dot Public Schools - Animo Inglewood
		Charter High School Project)
		Series A 7.25% 8/1/41	500,000		510,415
	Capital Trust Agency, Florida Revenue
		(Liza Jackson Preparatory School Project)
		Series A 5.00% 8/1/40	300,000		353,775
		Series A 5.00% 8/1/55	800,000		925,264
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/43 #	2,000,000		2,288,100
	District of Columbia Revenue
		(KIPP DC Issue)
		4.00% 7/1/39	1,275,000		1,413,694
		4.00% 7/1/44	740,000		812,550
	East Hempfield Township, Pennsylvania Industrial
		Development Authority
		(Student Services - Student Housing Project at
		Millersville University)
		5.00% 7/1/39	875,000		892,132
		5.00% 7/1/46	1,425,000		1,450,693

32

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Fulton County, Georgia Development Authority
		Revenue
		(Georgia Institute of Technology)
		5.00% 6/15/44	3,100,000	$	3,757,510
	Idaho Housing & Finance Association
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/29	205,000		237,835
		Series A 4.00% 5/1/30	210,000		244,570
		Series A 4.00% 5/1/35	500,000		567,615
		Series A 4.00% 5/1/40	1,330,000		1,485,677
		Series A 4.00% 5/1/50	1,500,000		1,649,190
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago)
		Series A 5.00% 2/15/26	400,000		439,652
		Series A 5.00% 2/15/27	200,000		222,578
		Series A 5.00% 2/15/29	400,000		445,864
		Series A 5.00% 2/15/31	365,000		404,373
	Maricopa County, Arizona Industrial Development
		Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		279,565
		Series A 144A 5.00% 7/1/50 #	175,000		192,623
	Massachusetts Development Finance Agency
		Revenue
		(Harvard University)
		Series A 5.00% 7/15/40	5,000,000		7,142,400
	Massachusetts Educational Financing Authority
		Revenue
		Series A 5.25% 1/1/28	310,000		312,322
	Massachusetts School Building Authority
		Series C 5.00% 8/15/37	2,500,000		2,927,150
	Miami-Dade County, Florida Educational Facilities
		Authority
		(University of Miami)
		Series A 5.00% 4/1/30	520,000		589,409
		Series A 5.00% 4/1/31	1,090,000		1,232,376
	New York State Dormitory Authority Revenue
		(New York University)
		Series A 5.75% 7/1/27 (NATL)	10,000,000		11,767,100
		(Touro College & University System)
		Series A 5.25% 1/1/34	1,335,000		1,430,679

33

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Trust for Cultural Resources
		(Wnitney Museum of American Art)
		5.00% 7/1/31	1,985,000	$	2,680,842
	Newark, Texas Higher Education Finance
		(Village Tech Schools)
		Series A 5.125% 8/15/47	1,250,000		1,258,388
		Oregon State Facilities Authority Revenue
		(Metro East Web Academy Project)
		Series A 144A 5.00% 6/15/39 #	500,000		536,035
		Series A 144A 5.00% 6/15/49 #	500,000		529,150
	Phoenix, Arizona Industrial Development Authority
		Housing Revenue
		(Downtown Phoenix Student Housing,
		LLC-Arizona State University Project)
		Series A 5.00% 7/1/30	350,000		406,738
		Series A 5.00% 7/1/32	235,000		270,551
	Pima County, Arizona Industrial Development
		Authority Education Revenue
		(Facility American Leadership Academy Project)
		144A 5.00% 6/15/47 #	745,000		757,672
	South Carolina Jobs - Economic Development
		Authority Educational Facilities Revenue
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/39 #	1,245,000		1,405,107
	University of Texas Permanent University Fund
		Series B 5.00% 7/1/27	3,715,000		4,261,328
	University of Washington
		Series A 4.00% 4/1/35	1,000,000		1,221,800
		Series A 4.00% 4/1/38	750,000		905,527
					73,978,050
Electric Revenue Bonds – 5.24%
	Guam Power Authority Revenue
		Series A 5.00% 10/1/40	1,000,000		1,145,900
	Long Island, New York Power Authority
		5.00% 9/1/33	250,000		307,123
		5.00% 9/1/35	1,000,000		1,223,710
		Series A 5.00% 9/1/34	500,000		653,610
	Municipal Electric Authority of Georgia
		(Plant Vogtle Units 3&4 Project)
		Series A 5.00% 1/1/39	6,250,000		7,514,812

34

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
New York State Utility Debt Securitization Authority
(Restructuring Bonds)
5.00% 12/15/33	1,500,000	$	1,794,135
Piedmont Municipal Power Agency, South Carolina
Series D 5.75% 1/1/34 (AGC)	5,000,000		5,066,500
Puerto Rico Electric Power Authority Revenue
Series WW 5.25% 7/1/33 ‡	1,015,000		918,575
Series WW 5.50% 7/1/17 ‡	2,200,000		1,936,000
Series WW 5.50% 7/1/19 ‡	1,710,000		1,513,350
Series XX 5.25% 7/1/40 ‡	4,630,000		4,190,150
Series ZZ 5.00% 7/1/19 ‡	2,990,000		2,631,200
Salt River, Arizona Project Agricultural Improvement
& Power District Electric Systems Revenue
Series A 5.00% 12/1/35	4,000,000		4,678,240
Series A 5.00% 1/1/38	5,000,000		6,011,700
(Salt River Project Electric System)
5.00% 1/1/30	5,000,000		6,305,650
Utility Debt Securitization Authority, New York
(Restructuring Bonds)
5.00% 12/15/37	10,000,000		11,888,300
			57,778,955
Healthcare Revenue Bonds – 7.19%
Apple Valley, Minnesota
(Minnesota Senior Living LLC Project)
Series B 5.25% 1/1/37	965,000		756,628
Arizona Health Facilities Authority
(Scottsdale Lincoln Hospital Project)
5.00% 12/1/30	5,000,000		5,733,300
California Health Facilities Financing Authority
(Kaiser Permanente)
Series A-1 5.00% 11/1/27	4,100,000		5,221,637
California Statewide Communities Development
Authority
(Loma Linda University Medical Center)
Series A 144A 5.00% 12/1/33 #	260,000		307,310
Series A 144A 5.00% 12/1/41 #	1,685,000		1,888,329
Series A 5.25% 12/1/34	2,790,000		3,112,105
Capital Trust Agency, Florida
(Tuscan Gardens Senior Living Center)
Series A 7.00% 4/1/35	1,630,000		969,100

35

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities Authority Revenue
(CommonSpirit Health)
Series A 4.00% 8/1/37	500,000	$	570,445
Series A 4.00% 8/1/38	1,500,000		1,703,925
Series A-2 5.00% 8/1/37	1,105,000		1,364,421
Cuyahoga County, Ohio
(The Metrohealth System)
5.00% 2/15/37	1,000,000		1,140,380
Glendale, Arizona Industrial Development Authority
Revenue
(Glencroft Retirement Community Project)
5.25% 11/15/46	875,000		880,066
(Royal Oaks Life Care Community)
4.00% 5/15/28	1,000,000		1,073,990
4.00% 5/15/30	1,385,000		1,477,213
4.00% 5/15/31	500,000		532,485
(The Terraces of Phoenix Project)
Series A 5.00% 7/1/48	875,000		909,563
Illinois Finance Authority Revenue
(The Admiral at the Lake Project)
5.50% 5/15/54	875,000		812,236
Iowa Finance Authority Senior Housing Revenue
Bonds
(PHS Council Bluffs, Inc. Project)
5.00% 8/1/33	500,000		522,710
Kalispell, Montana
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/32	435,000		455,332
Lancaster County, Pennsylvania Hospital Authority
(Brethren Village Project)
5.00% 7/1/31	440,000		481,347
5.00% 7/1/32	440,000		480,823
(St. Anne’s Retirement Community, Incorporated
Project)
5.00% 4/1/27	1,425,000		1,457,647
(University of Pennsylvania Health System
Obligation)
Series A 5.00% 8/15/33	2,430,000		2,919,329

36

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development
Authority Revenue
(Banner Health Obligation Group)
Series A 5.00% 1/1/32	3,000,000	$	3,634,800
(Christian Care Surprise, Inc. Project)
144A 5.75% 1/1/36 #	1,540,000		1,582,011
Maryland Health & Higher Educational Facilities
Authority Revenue
(Adventist Healthcare Obligated)
Series A 5.50% 1/1/36	2,000,000		2,364,780
Massachusetts Development Finance Agency
Revenue
Series A-2 4.00% 7/1/41	875,000		1,015,359
Minneapolis, Minnesota Health Care System
Revenue
(Fairview Health Services)
Series A 5.00% 11/15/35	1,500,000		1,833,180
Monroe County, New York Industrial Development
Revenue
(Rochester Regional Health Project)
Series D 3.00% 12/1/40	1,000,000		1,027,120
Series D 4.00% 12/1/38	1,450,000		1,662,352
Montgomery County, Pennsylvania Industrial
Development Authority Revenue
(Albert Einstein Healthcare)
Series A 5.25% 1/15/45	2,500,000		2,740,150
Moon, Pennsylvania Industrial Development
Authority
(Baptist Homes Society Obligation)
5.625% 7/1/30	2,440,000		2,617,144
National Finance Authority Revenue, New
Hampshire
(Sprongpoint Senior Living Project)
4.00% 1/1/51	1,830,000		1,994,883
(The Vista Project)
Series A 144A 5.25% 7/1/39 #	1,000,000		1,002,940
New York State Dormitory Authority Revenue
(Orange Regional Medical Center)
144A 5.00% 12/1/31 #	1,000,000		1,165,610
144A 5.00% 12/1/32 #	1,100,000		1,275,681
144A 5.00% 12/1/33 #	1,000,000		1,154,160

37

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Northampton County, Philadelphia, Pennsylvania
Industrial Development Authority Revenue
(MorningStar Senior Living Project)
5.00% 7/1/32	1,275,000	$	1,297,924
Oklahoma Development Finance Authority Health
System Revenue
(OU Medicine Project)
Series B 5.25% 8/15/43	1,790,000		2,088,787
Pennsylvania Economic Development Financing
Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #	1,000,000		750,000
Series A 144A 6.75% 12/1/53 #	875,000		656,250
Prince George’s County, Maryland
(Collington Episcopal Life Care Community)
5.00% 4/1/31	2,000,000		2,090,460
Public Finance Authority, Wisconsin Senior Living
Revenue
(Mary’s Woods at Marylhurst Project)
144A 5.00% 5/15/29 #	500,000		539,740
Seminole County, Florida Industrial Development
Authority
(Legacy Pointe at UCF Project)
Series A 5.25% 11/15/39	5,340,000		5,215,258
Series B-1 4.25% 11/15/26	3,000,000		2,953,590
Tempe, Arizona Industrial Development Authority
(Mirabella at ASU Project)
Series A 144A 6.00% 10/1/37 #	1,200,000		1,292,292
Washington State Housing Finance Commission
(Heron’s Key Senior Living)
Series A 144A 7.00% 7/1/45 #	800,000		861,856
Wisconsin Health & Educational Facilities Authority
Revenue
(St. Camillus Health System)
Series A 5.00% 11/1/39	815,000		870,444
Woodloch Health Facilities Development, Missouri
(Inspired Living At Missouri City Project)
Series A-1 144A 7.125% 12/1/51 #, ‡	1,145,000		764,288
			79,221,380

38

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 3.96%
California Statewide Communities Development
Authority Revenue
(Lancer Plaza Project)
5.125% 11/1/23	220,000	$	232,300
5.625% 11/1/33	1,000,000		1,080,550
Golden State, California Tobacco Securitization
Corporate Settlement Revenue
(Asset-Backed Enhanced)
Series A 5.00% 6/1/35	3,000,000		3,436,410
Hudson Yards New York Infrastructure Revenue
Series A 4.00% 2/15/44	2,875,000		3,155,025
Los Angeles County, California
(Disney Concert Hall Parking)
5.00% 3/1/23	2,395,000		2,611,245
New Jersey State Economic Development Authority
(NJ Transit Transportation Project)
Series A 4.00% 11/1/38	1,000,000		1,105,230
Series A 4.00% 11/1/39	1,000,000		1,102,590
New Jersey State Transportation Trust Fund
Authority
Series AA 4.00% 6/15/45	5,000,000		5,447,200
Series B 5.50% 6/15/31	5,000,000		5,063,400
(Highway Reimbursement)
Series A 5.00% 6/15/30	2,415,000		2,814,755
(Transportation System Bonds)
Series A 5.00% 12/15/25	5,000,000		5,906,350
New York City, New York Transitional Finance
Authority Building Aid Revenue
Series S-1 5.00% 7/15/31	5,000,000		5,776,000
New York State Dormitory Authority Revenue
(Health Facilities Improvement Program)
Series 1 5.00% 1/15/28	750,000		927,465
Series 1 5.00% 1/15/29	3,100,000		3,822,021
Public Finance Authority, Wisconsin Airport
Facilities Revenue
(AFCO Investors II Portfolio)
144A 5.00% 10/1/23 (AMT) #	1,135,000		1,169,254
			43,649,795
Local General Obligation Bonds – 5.32%
Chesterfield County, Virginia
Series B 5.00% 1/1/22	4,070,000		4,234,143

39

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Chicago, Illinois
Series A 5.25% 1/1/29	640,000	$	697,639
Series A 5.50% 1/1/35	1,980,000		2,371,723
Series C 5.00% 1/1/26	1,280,000		1,475,059
Chicago, Illinois Board of Education
5.00% 4/1/35	825,000		955,523
5.00% 4/1/36	320,000		369,734
(Dedicated Revenues)
Series A 5.00% 12/1/40	2,000,000		2,358,980
Series A 5.00% 12/1/41	1,225,000		1,250,860
Series C 5.00% 12/1/34	2,160,000		2,522,772
Series D 5.00% 12/1/31	2,160,000		2,555,518
City & County of San Francisco, California
Series D-1 4.00% 6/15/39	1,330,000		1,540,632
Series D-1 4.00% 6/15/40	1,385,000		1,595,880
Series D-1 4.00% 6/15/41	1,440,000		1,654,733
Fort Worth, Texas Independent School District
(School Building)
5.00% 2/15/27 (PSF)	2,000,000		2,274,820
New York City, New York
Fiscal 2021 Series C 5.00% 8/1/33	2,000,000		2,569,060
Fiscal 2021 Series C 5.00% 8/1/43	3,500,000		4,340,735
Series D-1 5.00% 10/1/30	2,260,000		2,320,094
Series E 5.00% 8/1/23	3,685,000		4,098,383
Series F-1 5.00% 6/1/34	5,000,000		5,811,450
Subseries D-1 4.00% 12/1/42	4,300,000		4,909,482
San Francisco, California Bay Area Rapid Transit
District
(Election 2004)
Series D 5.00% 8/1/31	4,000,000		4,748,840
Wake County, North Carolina
Series A 5.00% 3/1/27	3,200,000		4,013,856
			58,669,916
Pre-Refunded/Escrowed to Maturity Bonds – 6.04%
Atlanta, Georgia Water & Wastewater Revenue
5.00% 11/1/35-25 §	5,000,000		5,921,450
California State Department of Water Resources
(Water System)
Series AS 5.00% 12/1/29-24 §	15,000		17,539
Unrefunded Series AS 5.00% 12/1/29-24 §	2,680,000		3,144,605

40

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Denton Independent School District, Texas
		(School Building)
		Series A 5.00% 8/15/40-25 (PSF) §	4,000,000	$	4,785,800
	Houston, Texas Airports Commission Revenue
		Series B 5.00% 7/1/25-21 §	1,000,000		1,015,950
		Series B 5.00% 7/1/26-21 §	3,000,000		3,047,850
	Louisiana State Highway Improvement Revenue
		Series A 5.00% 6/15/29-24 §	5,195,000		5,972,484
	New Jersey State Turnpike Authority Turnpike
		Revenue
		Series A 5.00% 1/1/30-22 §	5,000,000		5,323,600
		Series A 5.00% 1/1/43-22 §	1,860,000		1,980,379
	New York City, New York
		Series D-1 5.00% 10/1/30-21 §	1,740,000		1,788,842
	New York State Dormitory Authority Revenue
		(North Shore Long Island Jewish Health System)
		Series A
		5.00% 5/1/23-21 §	4,000,000		4,031,720
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(Drexel University)
		Series A 5.25% 5/1/25-21 §	4,980,000		5,021,434
		(Unrefunded Drexel University)
		Series A 5.25% 5/1/25-21 §	310,000		312,579
	Pennsylvania State Turnpike Commission Revenue
		Series C 5.00% 12/1/43-23 §	4,555,000		5,146,968
	Philadelphia, Pennsylvania Water & Waste Water
		Revenue
		5.00% 11/1/28-22 §	5,000,000		5,398,450
	Sacramento, California Water Revenue
		5.00% 9/1/26-23 §	3,160,000		3,537,652
	San Francisco, California City & County Airports
		Commission
		Series D 5.00% 5/1/25-21 §	570,000		574,680
	Southwestern Illinois Development Authority
		(Memorial Group)
		7.125% 11/1/30-23 §	2,190,000		2,576,644
	Texas State
		(Transportation Commission Highway
		Improvement)
		5.00% 4/1/29-24 §	3,000,000		3,426,060

41

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Virginia Commonwealth Transportation Board
		(Gans-Garvee)
		5.00% 3/15/24-23 §	3,250,000	$	3,566,842
					66,591,528
Special Tax Revenue Bonds – 16.51%
	Allentown, Pennsylvania Neighborhood
		Improvement Zone Development Authority
		Revenue
		(City Center Project)
		144A 5.375% 5/1/42 #	400,000		460,260
	Camden County, New Jersey Improvement
		Authority Revenue
		(County Capital Program)
		Series A 5.00% 1/15/40	5,000,000		5,753,350
	Celebration Pointe, Florida Community
		Development District
		4.75% 5/1/24	375,000		399,469
		5.00% 5/1/34	830,000		870,653
	Connecticut State Transportation Infrastructure
		Series B 5.00% 10/1/30	3,375,000		4,265,123
	Dallas, Texas Convention Center Hotel Development
		Revenue
		Series A 5.00% 1/1/24	3,420,000		3,424,651
		Series A 5.25% 1/1/23	5,375,000		5,383,439
	Denver, Colorado Convention Center Hotel Authority
		5.00% 12/1/26	2,500,000		2,970,000
		5.00% 12/1/29	600,000		698,310
		5.00% 12/1/31	900,000		1,039,419
		5.00% 12/1/32	1,800,000		2,072,214
		5.00% 12/1/34	1,500,000		1,715,640
		5.00% 12/1/35	1,200,000		1,369,308
		5.00% 12/1/36	900,000		1,024,362
	Ernest N Morail-New Orleans, Louisiana Exhibition
		Hall Authority Special Tax Revenue
		5.00% 7/15/26	2,330,000		2,477,279
	GDB Debt Recovery Authority, Guam
		(Taxable)
		7.50% 8/20/40	5,000,647		4,275,553
	Harris County-Houston, Texas Sports Authority
		(Senior Lien)
		Series A 5.00% 11/15/30	1,805,000		1,993,947

42

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Kansas City, Missouri Land Clearance
		Redevelopment Authority Revenue
		(Convention Center Hotel Project - TIF Financing)
		Series B 144A 4.375% 2/1/31 #	400,000	$	424,852
		Series B 144A 5.00% 2/1/40 #	200,000		212,342
	Massachusetts School Building Authority
		Series C 5.00% 8/15/29	1,630,000		1,935,788
	Metropolitan Transportation Authority Revenue,
		New York
		(Climate Bond Certified)
		Series B-2 5.00% 11/15/36	5,000,000		5,925,900
	New Jersey Economic Development Authority
		Revenue
		(Cigarette Tax)
		5.00% 6/15/22	1,750,000		1,842,400
		5.00% 6/15/23	1,250,000		1,314,113
	New York City, New York Transitional Finance
		Authority Building Aid Revenue
		Subordinate Subseries S-3A 5.00% 7/15/28	4,400,000		5,634,948
	New York City, New York Transitional Finance
		Authority Future Tax Secured
		Subseries A-1 5.00% 11/1/23	2,865,000		3,218,913
		Subseries B-1 5.00% 8/1/42	5,000,000		5,657,050
		Subseries C 5.00% 11/1/27	4,150,000		4,735,897
		Subseries D-1 5.00% 11/1/38	7,500,000		7,725,375
		Subseries E-1 5.00% 2/1/26	4,020,000		4,196,076
		Subseries E-1 5.00% 2/1/35	5,000,000		6,056,300
	New York State Dormitory Authority Revenue
		Series A 5.00% 3/15/31	1,000,000		1,172,620
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,233,100
		Series D 5.00% 2/15/37	5,000,000		5,211,100
	New York State Urban Development Revenue
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,909,350
		Series C 5.00% 3/15/33	3,000,000		3,885,720
		Series E 4.00% 3/15/38	8,000,000		9,185,040
		Series E 5.00% 3/15/33	2,000,000		2,561,740
	Orange County, California Local Transportation
		Authority
		5.00% 2/15/39	4,000,000		5,018,160

43

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Port Authority of Allegheny County, Pennsylvania
		5.00% 3/1/25	5,000,000	$	5,000,000
	Public Finance Authority, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	1,010,000		1,115,858
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 2.592% 7/1/33 ^	3,110,000		2,211,303
		Series A-1 4.55% 7/1/40	6,015,000		6,556,651
		Series A-1 4.75% 7/1/53	6,890,000		7,519,953
		Series A-1 5.00% 7/1/58	3,680,000		4,075,747
		Series A-2 4.329% 7/1/40	24,261,000		26,096,345
	Richmond Heights, Missouri Tax Increment &
		Transaction Sales Tax Revenue Refunding &
		Improvement
		(Francis Place Redevelopment Project)
		5.625% 11/1/25	795,000		795,000
	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	1,305,000		1,302,847
					181,923,465
State General Obligation Bonds – 16.84%
	California State
		(School Facilities)
		5.00% 11/1/30	5,000,000		5,596,350
		(Various Purpose)
		5.00% 8/1/26	3,120,000		3,832,265
		5.00% 10/1/26	2,500,000		3,084,850
		5.00% 8/1/28	3,000,000		3,866,730
		5.00% 9/1/30	1,715,000		2,089,659
		5.00% 4/1/32	1,410,000		1,919,856
		5.00% 9/1/32	4,100,000		4,980,967
		5.00% 8/1/33	5,000,000		5,817,150
		5.00% 9/1/35	8,000,000		9,685,600
		5.25% 9/1/28	7,750,000		7,945,997
		5.25% 9/1/30	5,000,000		5,592,750
		Series C 5.00% 9/1/30	5,985,000		7,132,684
	Commonwealth of Massachusetts
		Series A 5.00% 1/1/35	7,500,000		9,441,000

44

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Massachusetts
		Series A 5.00% 7/1/37	5,000,000	$	5,855,650
	Commonwealth of Pennsylvania
		5.00% 9/15/26	2,500,000		3,073,425
		5.00% 7/15/28	3,870,000		4,967,338
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	4,495,000		3,500,481
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	1,070,000		924,212
		Series A 5.00% 7/1/31 ‡	1,100,000		947,375
		Series A 5.00% 7/1/34 ‡	2,900,000		2,504,875
		Series A 5.125% 7/1/37 ‡	9,840,000		7,970,400
		Series A 5.25% 7/1/27 ‡	3,410,000		2,953,912
		Series A 5.25% 7/1/34 ‡	970,000		840,263
		Series A 5.50% 7/1/39 ‡	5,550,000		4,551,000
		Series B 5.00% 7/1/35 ‡	730,000		630,538
		Series C 5.75% 7/1/36 ‡	1,215,000		979,594
	Connecticut State
		Series F 5.00% 9/15/27	2,790,000		3,498,046
	District of Columbia Revenue
		Series B 6.00% 6/1/21 (NATL)	5,000,000		5,072,750
		Series C 5.00% 6/1/34	5,000,000		5,684,250
	Hawaii State
		Series FW 4.00% 1/1/34	3,010,000		3,552,282
	Illinois State
		5.00% 1/1/28	1,630,000		1,845,454
		5.00% 3/1/36	960,000		984,518
		5.00% 11/1/36	1,965,000		2,190,425
		5.25% 2/1/30	2,410,000		2,618,080
		5.25% 2/1/32	1,015,000		1,098,047
		5.25% 2/1/33	480,000		518,333
		5.50% 5/1/39	2,500,000		3,037,650
		Series A 5.125% 12/1/29	4,440,000		5,203,147
		Series B 4.00% 11/1/34	5,000,000		5,492,750
		Series B 4.00% 10/1/35	8,830,000		9,665,406
		Series B 4.00% 11/1/35	2,200,000		2,389,860
		Series C 4.00% 10/1/37	1,710,000		1,858,428
		Series D 5.00% 11/1/25	1,220,000		1,387,262
	New Jersey State
		Series A 4.00% 6/1/31	2,600,000		3,120,494

45

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Oregon State
		(Article XI-Q State Projects)
		Series A 5.00% 5/1/28	2,000,000	$	2,574,900
		Series A 5.00% 5/1/44	5,000,000		6,226,150
	Washington State
		Series R-2015E 5.00% 7/1/31	3,000,000		3,493,710
		(Various Purpose)
		Series 2015-A-1 5.00% 8/1/30	3,000,000		3,448,740
					185,645,603
Transportation Revenue Bonds – 18.56%
	Bay Area, California Toll Authority
		(San Francisco Bay Area)
		Series S-7 4.00% 4/1/34	1,000,000		1,158,620
	Chicago, Illinois Midway International Airport
		Series A 5.00% 1/1/28 (AMT)	1,905,000		2,121,275
	Chicago, Illinois O’Hare International Airport
		Revenue
		Series A 5.00% 1/1/37 (AMT)	5,000,000		6,016,050
		Series B 5.00% 1/1/32	1,000,000		1,155,110
		Series B 5.00% 1/1/33	1,520,000		1,752,651
		(General-Airport-Senior Lien)
		Series B 5.00% 1/1/36	2,500,000		3,058,500
		Series B 5.00% 1/1/37	3,000,000		3,657,900
	Dallas Fort Worth International Airport, Texas
		Series A 4.00% 11/1/34	2,500,000		2,997,925
		Series A 4.00% 11/1/35	1,000,000		1,194,750
	Delaware River Port Authority Revenue
		5.00% 1/1/30	350,000		392,564
	Hillsborough County, Florida Port District
		(Tampa Port Authority Project)
		Series B 5.00% 6/1/28 (AMT)	375,000		449,010
	Kansas City, Missouri Industrial Development
		Authority Revenue
		(Kansas City International Airport Terminal
		Modernization Project)
		Series D 5.00% 3/1/33 (AMT)	3,100,000		3,862,259
	Lee County, Florida Airport Revenue
		5.00% 10/1/33	4,305,000		5,018,683
	Memphis-Shelby County, Tennessee Airport
		Authority Revenue
		Series D 5.00% 7/1/24	4,110,000		4,172,636

46

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan Washington D.C. Airports Authority
		Dulles Toll Road Revenue
		(Dulles Metrorail and Capital Improvement
		Project)
		Series B 4.00% 10/1/37	1,500,000	$	1,694,250
	Miami-Dade County, Florida Aviation Revenue
		Series B 5.00% 10/1/37	5,700,000		6,523,536
	New Jersey State Turnpike Authority Turnpike
		Revenue
		Series A 4.00% 1/1/42	4,575,000		5,311,072
		Series A 5.00% 1/1/33	1,770,000		2,137,646
		Series E 5.00% 1/1/32	5,050,000		6,205,137
	New Orleans, Louisiana Aviation Board
		(North Terminal Project)
		Series B 5.00% 1/1/32 (AGM) (AMT)	2,900,000		3,305,072
		Series B 5.00% 1/1/33 (AGM) (AMT)	2,900,000		3,298,054
	New York State Thruway Authority
		Series J 5.00% 1/1/27	5,705,000		6,415,900
		Series J 5.00% 1/1/32	5,000,000		5,614,050
		Series K 5.00% 1/1/31	5,000,000		5,785,800
	New York Transportation Development Special
		Facilities Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals
		C&D Redevelopment Project)
		4.00% 10/1/30 (AMT)	1,950,000		2,269,975
		5.00% 1/1/33 (AMT)	790,000		935,795
		5.00% 10/1/35 (AMT)	1,125,000		1,388,711
		(JFK International Air Terminal Project)
		Series A 5.00% 12/1/33 (AMT)	1,000,000		1,241,120
		Series A 5.00% 12/1/35 (AMT)	1,000,000		1,236,510
		Series C 4.00% 12/1/39	755,000		842,399
		Series C 4.00% 12/1/41	730,000		813,541
		Series C 5.00% 12/1/29	225,000		282,611
	Oklahoma State Turnpike Authority Revenue
		Series A 5.00% 1/1/42	5,000,000		5,793,900
	Pennsylvania State Turnpike Commission Revenue
		Series B 5.00% 12/1/45	5,000,000		5,791,700
		Series C 5.00% 12/1/43	1,445,000		1,573,403
		Subordinate Series A-1 5.00% 12/1/29	3,590,000		4,116,796
	Philadelphia, Pennsylvania Airport Revenue
		Series B 5.00% 7/1/32	200,000		254,350
		Series C 5.00% 7/1/29 (AMT)	365,000		457,017

47

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Philadelphia, Pennsylvania Airport Revenue
		Series C 5.00% 7/1/31 (AMT)	800,000	$	1,004,696
		Series C 5.00% 7/1/32 (AMT)	845,000		1,053,267
	Phoenix, Arizona Civic Improvement Corporation
		Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/33	3,355,000		3,885,493
		Series B 5.00% 7/1/49 (AMT)	10,900,000		12,979,938
	Port Authority of New York & New Jersey
		5.00% 9/15/25 (AMT)	7,000,000		8,328,110
		5.00% 10/15/29 (AMT)	3,105,000		3,647,785
		(194th Series)
		5.00% 10/15/32	2,500,000		2,968,050
	Port Beaumont Navigation District, Texas
		(Allegiant Industrial Island Park Project)
		144A 8.00% 2/1/39 (AMT) #	1,250,000		1,372,300
	Port of Portland Oregon Airport Revenue
		Series A 4.00% 7/1/50 (AMT)	2,440,000		2,677,973
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series B 4.00% 7/15/34	1,250,000		1,476,525
		Series B 5.00% 1/15/29	600,000		752,880
		Series B 5.00% 7/15/30	700,000		898,128
		Series B 5.00% 7/15/31	1,050,000		1,354,174
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	10,000,000		12,013,900
		Series A 5.00% 7/1/38 (AMT)	5,000,000		5,974,150
		Series B 5.00% 7/1/31	500,000		609,945
		Series B 5.00% 7/1/32	600,000		729,198
		Series B 5.00% 7/1/33	1,000,000		1,211,320
	San Francisco, California City & County Airport
		Commission - San Francisco International Airport
		Series D 5.00% 5/1/25	1,430,000		1,441,211
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series B 5.00% 1/1/24 (AMT)	180,000		199,233
		Series B 5.00% 1/1/25 (AMT)	390,000		443,328
		Series B 5.00% 1/1/30 (AMT)	230,000		270,508
		Series B 5.00% 1/1/32 (AMT)	215,000		250,215
		Series B 5.00% 1/1/33 (AMT)	705,000		816,355
		Series B 5.00% 1/1/34 (AMT)	880,000		1,015,810

48

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series B 5.00% 1/1/35 (AMT)	675,000	$	778,194
		Series B 5.00% 1/1/36 (AMT)	660,000		758,888
		Series B 5.00% 1/1/37 (AMT)	430,000		493,077
	Superior City, Wisconsin
		(Midwest Energy Resources Company Project)
		Series E 6.90% 8/1/21 (NATL)	12,000,000		12,328,320
	Texas Private Activity Bond Surface Transportation
		Corporate Senior Lien Revenue
		(NTE Mobility Partners Segments 3 LLC Segment
		3A and 3B Facility)
		7.00% 12/31/38 (AMT)	3,750,000		4,289,513
	Wayne County, Michigan Airport Authority
		Series D 5.00% 12/1/45 (AGM)	6,300,000		7,325,388
	Westchester County, New York Industrial
		Development Agency
		(Million Air Two LLC General Aviation Facilities
		Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	875,000		915,696
					204,559,846
Water & Sewer Revenue Bonds – 1.33%
	Dominion, Colorado Water & Sanitation District
		5.25% 12/1/27	450,000		471,740
	Great Lakes, Michigan Water Authority Water
		Supply System Revenue
		(Senior Lien Bond)
		Series C 5.00% 7/1/31	3,000,000		3,636,000
	New York City, New York Municipal Water Finance
		Authority Water & Sewer System Revenue
		(General Resolution Revenue Bonds)
		Series EE 5.00% 6/15/39	5,000,000		5,944,150
	San Antonio, Texas Water System Revenue
		Series A 5.00% 5/15/32	1,500,000		1,847,565
		Series A 5.00% 5/15/33	2,250,000		2,765,317
					14,664,772
Total Municipal Bonds (cost $1,014,414,761)					1,091,477,870

49

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal amount°	Value (US $)
Short-Term Investments – 0.05%
Variable Rate Demand Notes – 0.05%¤
	Mississippi Business Finance Corporation Gulf
		Opportunity Zone Industrial Development
		Revenue
		(Chevron USA Project) Series G 0.01% 11/1/35	300,000	$	300,000
	Oregon State Facilities Authority Revenue
		(PeaceHealth) Series B 0.03% 8/1/34
		(LOC - TD Bank N.A.)	250,000		250,000
Total Short-Term Investments (cost $550,000)					550,000
Total Value of Securities–99.07%
	(cost $1,014,964,761)			$	1,092,027,870

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $57,497,452, which represents 5.22% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2021.

50

Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
PSF – Guaranteed by Permanent School Fund
USD – US Dollar

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

51

Schedules of investments
Delaware National High-Yield Municipal Bond Fund	February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 98.56%
Corporate Revenue Bonds – 22.31%
	Allegheny County, Pennsylvania Industrial
		Development Authority Revenue
		(Environmental Improvement - US Steel Corp.
		Project)
		5.75% 8/1/42 (AMT)	2,000,000	$	2,075,520
	Anuvia, Florida
		144A 5.00% 1/1/29 #	121,226		90,920
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Inc. Project)
		Series A 144A 7.75% 7/1/50 #	15,330,000		16,541,377
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		(Asset-Backed Senior)
		Series B-2 5.00% 6/1/55	34,190,000		38,497,598
	California County Tobacco Securitization Agency
		Settlement Revenue
		(Capital Appreciation Bond - Fresno County
		Tobacco Funding Corporation)
		0.83% 6/1/55 ^	100,000,000		7,400,000
	California Pollution Control Financing Authority
		Revenue
		(Calplant I Project)
		144A 7.50% 7/1/32 (AMT) #	1,600,000		1,458,928
		144A 8.00% 7/1/39 (AMT) #, ‡	5,250,000		3,412,500
	California State Enterprise Development Authority
		Revenue
		(Sunpower Corp. - Recovery Zone Facility)
		8.50% 4/1/31	1,000,000		1,001,740
	Children’s Trust Fund, Puerto Rico
		(Asset-Backed)
		Series B 0.485% 5/15/57 ^	3,420,000		184,441
	District of Columbia Tobacco Settlement Financing
		(Capital Appreciation-Asset-Backed)
		Series D 0.122% 6/15/55 ^	250,000,000		20,250,000
	Erie, New York Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.536% 6/1/60 #, ^	192,305,000		8,219,116
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	14,040,000		13,628,628
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.25% 1/1/49 (AMT) #, ●	4,000,000		3,939,680

52

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	8,905,000	$	8,544,347
	Golden State, California Tobacco Securitization
		Corporate Settlement Revenue
		(Asset-Backed)
		Series A-2 5.00% 6/1/47	4,000,000		4,137,920
		(Capital Appreciation - Asset-Backed-1st
		Subordinate)
		Series B 1.548% 6/1/47 ^	30,145,000		6,618,033
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	10,250,000		11,661,322
	Houston, Texas Airport System Revenue
		Series B-1 5.00% 7/15/35 (AMT)	3,000,000		3,284,460
		(Special Facilities Continental Airlines, Inc.
		Terminal Improvements Projects)
		Series 2011 6.625% 7/15/38 (AMT)	2,000,000		2,055,300
		(United Airlines Inc.)
		5.00% 7/1/29 (AMT)	1,150,000		1,246,945
	Indiana Finance Authority Exempt Facility Revenue
		(Polyflow Indiana Project - Green Bond)
		144A 7.00% 3/1/39 (AMT) #	7,035,000		6,476,421
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Asset-Backed)
		Series E 144A 0.967% 6/1/57 #, ^	351,610,000		23,336,356
		Series F 144A 1.403% 6/1/57 #, ^	188,290,000		8,791,260
	Main Street Natural Gas Project Revenue, Georgia
		Series A 5.50% 9/15/23	40,000		45,019
	Michigan Finance Authority Limited Obligation
		Revenue
		Series B-2 4.97% 6/1/65 ^	10,000,000		1,235,400
	Monroe, New York Tobacco Asset Securitization
		(4th Subordinate - Capital Appreciation -
		Asset-Backed)
		Series A 0.186% 6/1/61 ^	487,500,000		20,221,500
	Nevada State Department of Business & Industry
		(Green Fulcrum Sierra Biofuels Project)
		144A 6.25% 12/15/37 (AMT) #	2,500,000		2,438,900

53

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	New Jersey Economic Development Authority
		Special Facility Revenue
		(Continental Airlines Project)
		5.25% 9/15/29 (AMT)	4,000,000	$	4,251,400
		Series B 5.625% 11/15/30 (AMT)	1,270,000		1,419,593
	New Jersey Tobacco Settlement Financing
		Corporation
		Series B 5.00% 6/1/46	4,440,000		5,130,065
	New York City, New York Industrial Development
		Agency
		(Queens Baseball Stadium Project)
		Series A 2.00% 1/1/38 (AGM)	1,000,000		933,440
	New York Liberty Development Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	360,000		504,464
	New York Transportation Development
		(American Airlines Inc. John F. Kennedy
		International Airport Project)
		5.375% 8/1/36 (AMT)	1,000,000		1,188,080
	Pennsylvania Economic Development Financing
		Authority
		(CarbonLite P, LLC Project)
		144A 5.75% 6/1/36 (AMT) #	7,625,000		6,725,326
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,500,000		4,671,675
	Port of Seattle, Washington Industrial Development
		Corporation Special Facilities Revenue
		(Delta Airlines)
		5.00% 4/1/30 (AMT)	2,000,000		2,140,500
	Public Authority for Colorado Energy Natural Gas
		Revenue
		Series 28 6.50% 11/15/38	2,000,000		2,998,040
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	9,250,000		12,778,135
		5.25% 12/1/27	2,235,000		2,772,361
		5.25% 12/1/28	1,050,000		1,325,247
		5.50% 12/1/29	765,000		994,554
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	1,625,000		1,719,965
	Southern Ohio Port Authority
		(PureCycle Project)
		Series A 144A 7.00% 12/1/42 (AMT) #	2,500,000		2,663,175

54

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	St. James Parish, Louisiana
		(NuStar Logistics, LP Project)
		144A 6.10% 6/1/38 #, ●	1,000,000	$	1,246,830
		144A 6.35% 7/1/40 #	3,600,000		4,560,732
		Series B 144A 6.10% 12/1/40 #, ●	1,630,000		2,032,333
	Tennessee State Energy Acquisition Gas Revenue
		Series A 4.00% 5/1/48 ●	720,000		768,794
		Series C 5.00% 2/1/27	2,940,000		3,519,033
	TSASC, New York
		Series A 5.00% 6/1/41	705,000		813,824
	Tulsa, Oklahoma Municipal Airports Improvement
		Trust Revenue
		Series A 5.50% 6/1/35 (AMT)	2,000,000		2,135,880
	Valparaiso, Indiana
		(Pratt Paper LLC Project)
		7.00% 1/1/44 (AMT)	2,865,000		3,220,088
	Virginia Tobacco Settlement Financing Corporation
		Series B-1 5.00% 6/1/47	2,000,000		2,010,980
		Series C 2.419% 6/1/47 ^	69,475,000		15,527,662
		Series D 2.567% 6/1/47 ^	151,255,000		32,544,026
	Washington Economic Development Finance
		Authority Revenue
		(Columbia Pulp I, LLC Project)
		Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡	4,800,000		3,600,000
					340,989,833
Education Revenue Bonds – 16.48%
	Arizona Industrial Development Authority Revenue
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	3,200,000		3,482,144
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,205,000		1,464,641
		144A 6.00% 7/1/47 #	4,735,000		5,656,715
		(Basis Schools Projects)
		Series A 144A 5.125% 7/1/37 #	750,000		838,523
		(Kaizen Education Foundation Project)
		144A 5.80% 7/1/52 #	4,000,000		4,464,240
		(Pinecrest Academy Nevada-Horizon, Inspirada)
		Series A 144A 5.75% 7/15/48 #	2,250,000		2,548,687
	Arlington, Texas Higher Education Finance
		(Leadership Preparatory School)
		Series A 5.00% 6/15/36	700,000		703,507

55

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Arlington, Texas Higher Education Finance
		(Leadership Preparatory School)
		Series A 5.00% 6/15/46	1,425,000	$	1,430,828
	Build NYC Resource, New York
		5.00% 11/1/39	1,000,000		1,073,180
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.125% 5/1/38 #	575,000		643,776
		Series A 144A 5.50% 5/1/48 #	1,500,000		1,685,535
		(New Dawn Charter Schools Project)
		144A 5.625% 2/1/39 #	1,290,000		1,398,785
		144A 5.75% 2/1/49 #	2,700,000		2,910,033
	Burbank, Illinois
		(Intercultural Montessori Language)
		144A 6.25% 9/1/45 #	4,000,000		4,324,360
	California Educational Facilities Authority Revenue
		(Stanford University)
		Series V-1 5.00% 5/1/49	13,980,000		20,976,571
	California Municipal Finance Authority Revenue
		(California Baptist University)
		Series A 144A 5.50% 11/1/45 #	4,000,000		4,467,120
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	5,250,000		5,377,837
		(Partnership Uplift Community Project)
		Series A 5.25% 8/1/42	1,700,000		1,738,267
		(Santa Rosa Academy Project)
		Series A 6.00% 7/1/42	1,250,000		1,307,363
		(Southwestern Law School)
		6.50% 11/1/41	1,500,000		1,547,040
	California Public Finance Authority
		(Crossroads Christian School Project)
		144A 5.00% 1/1/56 #	2,000,000		2,048,100
	California School Finance Authority
		(Aspire Public Schools)
		Series A 144A 5.00% 8/1/35 #	585,000		663,992
		Series A 144A 5.00% 8/1/40 #	605,000		681,073
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/52 #	1,000,000		914,590
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	2,500,000		2,775,500
		(New Designs Charter School)
		Series A 5.50% 6/1/42	1,750,000		1,798,300

56

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 5.875% 10/1/44	1,000,000	$	1,090,500
		Series A 6.00% 10/1/49	720,000		788,177
	California State University
		(Systemwide)
		Series A 5.00% 11/1/26	2,000,000		2,483,500
	California Statewide Communities Development
		Authority Charter School Revenue
		(Green Dot Public Schools)
		Series A 7.25% 8/1/41	1,915,000		1,954,889
	California Statewide Communities Development
		Authority Revenue
		(Lancer Educational Student Housing Project)
		Series A 144A 5.00% 6/1/46 #	1,500,000		1,616,610
	Capital Trust Agency, Florida
		(Pineapple Cove Classical Academy Inc. Project)
		Series A 144A 5.375% 7/1/54 #	6,000,000		6,600,420
		(River City Education Services Project)
		Series A 5.375% 2/1/35	870,000		921,208
		Series A 5.625% 2/1/45	1,500,000		1,584,240
		(The Pepin Academies Inc. Project)
		Series A 5.75% 7/1/55	2,625,000		2,804,498
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/58 #	8,000,000		9,036,800
	Chester County, Pennsylvania Industrial
		Development Authority Student Housing Revenue
		(University Student Housing, LLC Project at West
		Chester University of Pennsylvania)
		Series A 5.00% 8/1/30	2,200,000		2,219,294
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Charter School - Community Leadership
		Academy)
		7.45% 8/1/48	2,000,000		2,217,020
		(Charter School - Loveland Classical School)
		144A 5.00% 7/1/46 #	1,500,000		1,610,745
		(Global Village Academy - Northglenn Project)
		144A 5.00% 12/1/40 #	1,110,000		1,189,542
		144A 5.00% 12/1/55 #	1,720,000		1,803,747

57

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	500,000	$	533,425
		(Windsor Charter Academy Project)
		Series 2016 5.00% 9/1/36	1,000,000		1,010,740
	East Hempfield Township, Pennsylvania Industrial
		Development Authority
		(Student Services Income - Student Housing
		Project)
		5.00% 7/1/30	1,000,000		1,017,970
	Hawaii State Department of Budget & Finance
		(Hawaii Pacific University)
		Series A 6.875% 7/1/43	2,000,000		2,126,600
	Henderson, Nevada Public Improvement Trust
		(Touro College & University System)
		Series A 5.50% 1/1/39	560,000		598,629
		Series A 5.50% 1/1/44	2,000,000		2,124,940
	Idaho Housing & Finance Association
		(Compass Public Charter School)
		Series A 144A 5.00% 7/1/54 #	860,000		931,165
		(Idaho Arts Charter School)
		144A 5.00% 12/1/36 #	715,000		778,456
		(North Star Charter School)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		565,414
		Series A 6.75% 7/1/48	529,150		576,821
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,000,000		1,077,750
	Illinois Finance Authority Charter School Revenue
		(Chicago International Charter School Project)
		5.00% 12/1/47	2,805,000		3,094,252
		(Uno Charter School)
		Series A 7.125% 10/1/41	1,000,000		1,022,540
	Illinois Finance Authority Revenue
		(Lake Forest College)
		Series A 6.00% 10/1/48	1,000,000		1,036,170
		(Rogers Park Montessori)
		6.00% 2/1/34	675,000		718,639
		6.125% 2/1/45	1,800,000		1,902,618

58

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Illinois Finance Authority Student Housing &
Academic Facility Revenue
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47	3,500,000	$	3,828,335
Illinois Finance Authority Student Housing Revenue
(Dekalb II - Northern Illinois University Project)
6.875% 10/1/43	1,000,000		1,015,130
Kanawha, West Virginia
(West Virginia University Foundation Project)
6.75% 7/1/45	2,500,000		2,561,200
Kent County, Delaware Student Housing and Dining
Facilities Revenue
(Delaware State University Project)
Series A 5.00% 7/1/58	1,250,000		1,348,013
Louisiana Public Facilities Authority Revenue
(Lake Charles Charter Academy Foundation
Project)
8.00% 12/15/41	1,500,000		1,548,675
Macomb County, Michigan State Public School
Academy Revenue
(Academy Of Warren)
Series A 144A 5.50% 5/1/50 #	1,810,000		1,866,074
Macon-Bibb County, Georgia Urban Development
Authority Revenue
(Academy for Classical Education)
Series A 144A 5.875% 6/15/47 #	1,680,000		1,746,377
Series A 144A 6.00% 6/15/52 #	1,530,000		1,588,140
Miami-Dade County, Florida Industrial Development
Authority
(Youth Co-Op Charter School)
Series A 144A 5.75% 9/15/35 #	1,000,000		1,090,970
Series A 144A 6.00% 9/15/45 #	1,000,000		1,085,650
Michigan Finance Authority Limited Obligation
Revenue
(Landmark Academy Project)
5.00% 6/1/45	2,000,000		2,123,020
(Public School Academy Old Redford)
Series A 6.50% 12/1/40	900,000		900,882
Nevada State Department of Business & Industry
(Somerset Academy)
Series A 144A 5.00% 12/15/35 #	1,595,000		1,698,053
Series A 144A 5.125% 12/15/45 #	2,515,000		2,650,433

59

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
New Jersey State Higher Education Student
Assistance Authority Student Loan Revenue
Series 1B 5.75% 12/1/39 (AMT)	1,250,000	$	1,326,613
New York State Dormitory Authority
(Touro College & University System)
Series A 5.50% 1/1/44	2,875,000		3,063,916
Pennsylvania State Higher Educational Facilities
Authority Revenue
(Foundation Indiana University)
Series A 0.809% 7/1/39 (AGC) ●	2,400,000		2,126,592
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue
(1st Philadelphia Preparatory)
Series A 7.25% 6/15/43	1,230,000		1,408,128
(Green Woods Charter School Project)
Series A 5.75% 6/15/42	1,600,000		1,653,584
(Tacony Academy Charter School Project)
7.00% 6/15/43	1,540,000		1,699,498
Phoenix, Arizona Industrial Development Authority
Education Revenue
(Basic Schools Project)
Series 2015A 144A 5.00% 7/1/46 #	4,000,000		4,317,400
Series 2016A 144A 5.00% 7/1/45 #	2,000,000		2,159,540
(Choice Academies Project)
5.375% 9/1/32	1,000,000		1,030,660
5.625% 9/1/42	600,000		618,168
(Eagle College Preparatory Project)
Series A 5.00% 7/1/43	450,000		460,093
Pima County, Arizona Industrial Development
Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #	1,630,000		1,657,726
144A 5.00% 6/15/52 #	1,400,000		1,422,932
(Career Success Schools Project)
144A 5.50% 5/1/40 #	500,000		524,425
144A 5.75% 5/1/50 #	2,530,000		2,655,362
(Edkey Charter Schools Project)
144A 5.00% 7/1/49 #	2,500,000		2,640,375
144A 5.00% 7/1/55 #	2,500,000		2,617,875
Pottsboro, Texas Higher Education Finance
Authority Revenue
Series A 5.00% 8/15/36	755,000		820,134

60

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Pottsboro, Texas Higher Education Finance
Authority Revenue
Series A 5.00% 8/15/46	1,000,000	$	1,068,740
Private Colleges & Universities Authority, Georgia
Revenue
(Mercer University)
Series A 5.00% 10/1/32	1,005,000		1,023,150
Public Finance Authority Revenue, Wisconsin
(Goodwill Industries of Southern Nevada Project)
Series A 5.50% 12/1/38	2,572,956		2,490,930
Series A 5.75% 12/1/48	2,576,272		2,456,166
(Minnesota College of Osteopathic Medicine)
Series A-1 144A 5.50% 12/1/48 #, ‡	125,529		62,764
Subordinate Series B 144A 7.75% 12/1/48 #, ●	2,500,000		250,000
(Wilson Preparatory Academy)
Series A 144A 4.125% 6/15/29 #	505,000		534,336
Series A 144A 5.00% 6/15/39 #	500,000		536,130
Series A 144A 5.00% 6/15/49 #	1,100,000		1,165,857
South Carolina Jobs-Economic Development
Authority Educational Facilities Revenue
(High Point Academy Project)
Series A 144A 5.75% 6/15/49 #	5,000,000		5,573,250
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		2,600,397
University of Texas System Board of Regents
Series B 5.00% 8/15/49	21,400,000		32,218,342
Utah State Charter School Finance Authority
Revenue
(Leadership Learning Academy Project)
Series A 144A 5.00% 6/15/39 #	1,000,000		1,091,100
Series A 144A 5.00% 6/15/50 #	2,200,000		2,369,422
Wisconsin Public Finance Authority Revenue
(Pine Lake Preparatory)
144A 5.50% 3/1/45 #	3,460,000		3,709,362
(Roseman University Health Sciences Project)
5.75% 4/1/42	2,000,000		2,075,800
Wyoming Community Development Authority
Student Housing Revenue
(CHF-Wyoming LLC)
6.50% 7/1/43	1,000,000		1,010,620

61

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Yonkers, New York Economic Development
Corporation Education Revenue
(Lamartine/Warburton LLC - Charter School of
Educational Excellence Project)
Series A 5.00% 10/15/54	465,000	$	515,764
			251,964,129
Electric Revenue Bonds – 4.08%
Build NYC Resource, New York
(Brooklyn Navy Yard Cogeneration Partners, L.P.
Project)
144A 5.25% 12/31/33 (AMT) #	4,520,000		4,890,052
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡	8,615,000		7,775,038
Series A 5.05% 7/1/42 ‡	4,590,000		4,142,475
Series A 6.75% 7/1/36 ‡	1,500,000		1,383,750
Series AAA 5.25% 7/1/25 ‡	925,000		837,125
Series AAA 5.25% 7/1/26 ‡	1,030,000		932,150
Series AAA 5.25% 7/1/27 ‡	5,330,000		4,823,650
Series AAA 5.25% 7/1/28 ‡	1,205,000		1,090,525
Series CCC 5.25% 7/1/27 ‡	3,025,000		2,737,625
Series WW 5.00% 7/1/28 ‡	1,390,000		1,254,475
Series WW 5.25% 7/1/25 ‡	1,530,000		1,384,650
Series WW 5.25% 7/1/33 ‡	830,000		751,150
Series WW 5.50% 7/1/38 ‡	9,325,000		8,462,437
Series XX 4.75% 7/1/26 ‡	920,000		828,000
Series XX 5.25% 7/1/40 ‡	9,795,000		8,864,475
Series XX 5.75% 7/1/36 ‡	5,840,000		5,314,400
Series ZZ 4.75% 7/1/27 ‡	760,000		684,000
Series ZZ 5.25% 7/1/24 ‡	1,275,000		1,153,875
Series ZZ 5.25% 7/1/26 ‡	2,005,000		1,814,525
Salt River Project Agricultural Improvement & Power
District, Arizona
(Salt River Project)
Series A 5.00% 1/1/31	2,520,000		3,163,558
			62,287,935
Healthcare Revenue Bonds – 21.60%
Alachua County, Florida Health Facilities Authority
(Oak Hammock University)
Series A 8.00% 10/1/42	1,000,000		1,088,960
Series A 8.00% 10/1/46	1,500,000		1,630,995

62

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Apple Valley, Minnesota
(Senior Living, LLC Project 2nd Tier)
Series B 5.00% 1/1/47	2,500,000	$	1,697,900
Series B 5.25% 1/1/37	440,000		344,991
(Senior Living, LLC Project 4th Tier)
Series D 7.25% 1/1/52	7,790,000		5,838,293
Arizona Industrial Development Authority Revenue
(Great Lakes Senior Living Communities LLC
Project 1st Tier)
Series A 5.00% 1/1/54	2,595,000		2,333,528
(Great Lakes Senior Living Communities LLC
Project 2nd Tier)
Series B 5.00% 1/1/49	975,000		735,472
Series B 5.125% 1/1/54	1,130,000		850,777
(Great Lakes Senior Living Communities LLC
Project 3rd Tier)
Series C 144A 5.00% 1/1/49 #	1,000,000		721,230
Series C 144A 5.50% 1/1/54 #	4,000,000		3,059,160
(Great Lakes Senior Living Communities LLC
Project 4th Tier)
Series D 144A 7.25% 1/1/54 #	2,500,000		2,092,150
Berks County, Pennsylvania Industrial Development
Authority Revenue
(Tower Health Project)
5.00% 11/1/50	5,105,000		5,554,546
Bexar County, Texas Health Facilities Development
(Army Retirement Residence Foundation Project)
Series 2010 5.875% 7/1/30	155,000		155,403
Birmingham, Alabama Special Care Facilities
Financing Authority
(Methodist Home for the Aging)
5.50% 6/1/30	1,850,000		1,954,932
5.75% 6/1/35	1,500,000		1,572,375
5.75% 6/1/45	2,500,000		2,577,250
6.00% 6/1/50	2,650,000		2,754,648
California Health Facilities Financing Authority
Revenue
(Kaiser Permanente)
Series A-2 5.00% 11/1/47	4,870,000		7,009,683
California Municipal Finance Authority Revenue
(Goodwill Industry Sacramento Valley) 5.25%
1/1/45	1,295,000		1,242,915

63

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

	Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Municipal Finance Authority Revenue
(Goodwill Industry Sacramento Valley and
Northern Nevada Project)
Series A 144A 6.625% 1/1/32 #	500,000	$	506,785
Series A 144A 6.875% 1/1/42 #	1,500,000		1,516,875
(Northbay Healthcare Group)
Series A 5.25% 11/1/47	500,000		564,780
California Statewide Communities Development
Authority Revenue
(Loma Linda University Medical Center)
Series A 144A 5.25% 12/1/56 #	4,500,000		5,037,300
Series A 144A 5.50% 12/1/58 #	5,000,000		5,866,350
Camden County, New Jersey Improvement
Authority Revenue
(Cooper Health System Obligation Group)
5.75% 2/15/42	2,050,000		2,181,057
Capital Trust Agency, Florida
(Elim Senior Housing Inc. Project)
144A 5.875% 8/1/52 #	2,500,000		2,024,400
(Tuscan Gardens Senior Living Center)
Series A 7.00% 4/1/49	5,000,000		2,963,300
Chesterfield County, Virginia Economic
Development Authority Revenue
(1st Mortgage - Brandermill Woods Project)
5.125% 1/1/43	1,030,000		1,036,633
Clackamas County, Oregon Hospital Facility
Authority
(Rose Villa Project)
Series A 5.25% 11/15/50	1,000,000		1,069,310
Series A 5.375% 11/15/55	1,000,000		1,072,390
Cobb County, Georgia Development Authority
(Provident Village at Creekside Project)
Series A 144A 6.00% 7/1/51 #, ‡	3,500,000		2,461,865
Colorado Health Facilities Authority Revenue
(American Baptist)
8.00% 8/1/43	2,500,000		2,672,225
(Capella of Grand Junction Project)
144A 5.00% 12/1/54 #	1,985,000		2,004,453
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44	500,000		536,775
(Sunny Vista Living Center)
Series A 144A 5.50% 12/1/30 #	750,000		770,070

64

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(Sunny Vista Living Center)
		Series A 144A 5.75% 12/1/35 #	1,150,000	$	1,176,691
		Series A 144A 6.125% 12/1/45 #	1,200,000		1,233,360
		Series A 144A 6.25% 12/1/50 #	560,000		577,282
	Cumberland County, Pennsylvania Municipal
		Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.25% 1/1/27	1,275,000		1,303,177
		5.25% 1/1/32	1,265,000		1,288,542
		5.25% 1/1/41	1,005,000		1,019,804
	Cuyahoga County, Ohio Hospital Revenue
		(The Metrohealth System)
		5.25% 2/15/47	4,000,000		4,595,480
		5.50% 2/15/52	4,655,000		5,401,383
		5.50% 2/15/57	6,365,000		7,370,224
	Decatur, Texas Hospital Authority
		(Wise Regional Health Systems)
		Series A 5.00% 9/1/34	1,000,000		1,076,100
		Series A 5.25% 9/1/29	500,000		549,510
		Series A 5.25% 9/1/44	2,000,000		2,127,420
	Florida Development Finance
		(UF Health - Jacksonville Project)
		Series A 6.00% 2/1/33	490,000		529,617
	Glendale, Arizona Industrial Development Authority
		Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	830,000		838,549
		5.25% 11/15/51	1,350,000		1,354,509
	Guilderland, New York Industrial Development
		Agency
		Series A 144A 5.875% 1/1/52 #, ‡	6,000,000		4,500,000
	Hawaii State Department of Budget & Finance
		Special Purpose Senior Living Revenue
		(Kahala Nui)
		5.25% 11/15/37	1,000,000		1,058,590
	Hospital Facilities Authority of Multnomah County,
		Oregon
		(Mirabella at South Waterfront)
		5.50% 10/1/49	2,400,000		2,545,296

65

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/33	485,000	$	591,487
		(Valley Vista Care Corporation)
		Series A 5.00% 11/15/32	455,000		471,739
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.25% 5/15/42	900,000		828,639
		5.25% 5/15/54	5,600,000		4,961,320
	Illinois Housing Development Authority
		(Stonebridge of Gurnee Project)
		Series A 144A 5.45% 1/1/46 #	2,500,000		2,313,125
		Series A 144A 5.60% 1/1/56 #	2,630,000		2,379,650
	Iowa Finance Authority
		(PHS Council Bluffs Project)
		5.125% 8/1/48	1,650,000		1,722,633
		5.25% 8/1/55	2,500,000		2,610,100
	Kalispell, Montana
		(Immanuel Lutheran Corporation Project)
		Series A 5.25% 5/15/47	1,300,000		1,322,594
	Kentucky Economic Development Finance Authority
		Healthcare Revenue
		(Rosedale Green Project)
		5.50% 11/15/35	1,310,000		1,331,563
		5.75% 11/15/45	2,500,000		2,534,650
		5.75% 11/15/50	1,600,000		1,618,208
	Kentwood, Michigan Economic Development
		Corporation Revenue
		(Limited Obligation - Holland Home)
		5.625% 11/15/41	1,250,000		1,293,075
	Kirkwood, Missouri Industrial Development Authority
		(Aberdeen Heights)
		Series A 5.25% 5/15/50	6,000,000		6,466,080
	Lake County, Florida Retirement Facility Revenue
		(Lakeside At Waterman Village Project)
		Series A 5.75% 8/15/50	2,500,000		2,665,025
		Series A 5.75% 8/15/55	1,500,000		1,587,360
	Louisiana Local Government Environmental
		Facilities & Community Development Authority
		Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,500,000		2,306,050

66

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Louisiana Local Government Environmental
		Facilities & Community Development Authority
		Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/55	2,635,000	$	2,374,030
	Lucas County, Ohio Health Care Facilities Revenue
		(Sunset Retirement Communities)
		5.50% 8/15/30	1,000,000		1,016,080
	Maricopa County, Arizona Industrial Development
		Authority
		(Christian Care Surprise Project)
		Series 2016 144A 6.00% 1/1/48 #	5,645,000		5,752,707
	Michigan State Strategic Fund Limited Revenue
		(Evangelical Homes)
		5.50% 6/1/47	2,750,000		2,812,673
	Montgomery County, Pennsylvania Industrial
		Development Authority Revenue
		(Whitemarsh Continuing Care)
		5.25% 1/1/40	1,550,000		1,624,834
		5.375% 1/1/50	6,250,000		6,529,437
		Series A 5.375% 1/1/51	2,000,000		2,122,940
	Moon, Pennsylvania Industrial Development
		Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	8,500,000		9,016,800
	National Finance Authority Revenue, New
		Hampshire
		(The Vista Project)
		Series A 144A 5.25% 7/1/39 #	1,515,000		1,519,454
		Series A 144A 5.625% 7/1/46 #	1,000,000		1,015,200
		Series A 144A 5.75% 7/1/54 #	2,000,000		2,041,740
	New Hope, Texas Cultural Education Facilities
		Finance
		(Cardinal Bay - Village on the Park)
		Series A1 5.00% 7/1/46	660,000		663,940
		Series A1 5.00% 7/1/51	1,575,000		1,580,733
		Series B 4.00% 7/1/31	635,000		505,739
		Series B 4.75% 7/1/51	1,915,000		1,281,288
		Series C 5.00% 7/1/31	250,000		209,245
		Series C 5.25% 7/1/36	350,000		277,571
		Series C 5.50% 7/1/46	1,250,000		929,950
		Series C 5.75% 7/1/51	1,000,000		754,590

67

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 D 6.00% 7/1/26	105,000	$	100,024
		Series D 7.00% 7/1/51	1,350,000		1,184,315
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	5,000,000		5,233,200
	New Jersey Economic Development Authority
		(Black Horse EHT Urban Renewal LLC Project)
		Series A 144A 5.00% 10/1/39 #	3,125,000		3,113,625
		(Lions Gate Project)
		5.25% 1/1/44	2,000,000		2,026,580
	New Jersey Health Care Facilities Financing
		Authority Revenue
		(Barnabas Health Services)
		Series A 4.00% 7/1/26	980,000		1,021,336
		(St. Peters University Hospital)
		6.25% 7/1/35	2,700,000		2,734,236
	New York State Dormitory Authority
		(Orange Regional Medical Center)
		144A 5.00% 12/1/40 #	1,100,000		1,221,286
	Northampton County, Pennsylvania Industrial
		Development Authority Revenue
		(Morningstar Senior Living)
		5.00% 7/1/36	2,000,000		2,029,960
		5.00% 11/1/49	1,830,000		1,940,770
	Orange County, New York Funding Corporation
		Assisted Living Residence Revenue
		6.50% 1/1/46	3,600,000		3,624,804
	Palm Beach County, Florida Health Facilities
		Authority
		(Sinai Residences Boca Raton Project)
		Series A 7.25% 6/1/34	425,000		458,958
		Series A 7.50% 6/1/49	2,920,000		3,152,753
	Payne County, Oklahoma Economic Development
		Authority
		(Epworth Living at the Ranch)
		Series A 7.00% 11/1/51 ‡	961,600		4,808
	Pennsylvania Economic Development Financing
		Authority
		(Tapestry Moon Senior Housing Project)
		Series 2018A 144A 6.75% 12/1/53 #	9,495,000		7,121,250

68

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Prince George’s County, Maryland
		(Collington Episcopal Life Care Community)
		5.25% 4/1/47	2,000,000	$	2,053,260
	Public Finance Authority, Wisconsin
		(Bancroft Neurohealth Project)
		Series A 144A 5.00% 6/1/36 #	960,000		1,046,688
		Series A 144A 5.125% 6/1/48 #	1,375,000		1,487,351
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing
		Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	5,630,000		5,698,123
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,500,000		2,689,075
	Salem, Oregon Hospital Facility Authority Revenue
		(Capital Manor)
		6.00% 5/15/47	1,500,000		1,556,670
	San Buenaventura, California Revenue
		(Community Memorial Health System)
		7.50% 12/1/41	4,475,000		4,662,995
	Seminole County, Florida Industrial Development
		Authority Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	2,000,000		1,938,140
		Series A 5.75% 11/15/54	6,000,000		5,981,640
	Shelby County, Tennessee Health Educational &
		Housing Facilities Board Revenue
		(The Farms at Bailey Station Project)
		5.75% 10/1/59	3,670,000		3,669,743
	Southeastern Ohio Port Authority
		(Memorial Health Systems)
		5.00% 12/1/43	805,000		851,481
		5.50% 12/1/43	1,250,000		1,355,475
	St. Louis County, Missouri Industrial Development
		Authority
		(Nazareth Living Center Project)
		Series A 5.00% 8/15/35	600,000		616,110
		Series A 5.125% 8/15/45	1,800,000		1,836,882

69

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Tarrant County, Texas Cultural Education Facilities
		Finance
		(Buckingham Senior Living Community)
		5.50% 11/15/45 ‡	3,000,000	$	1,357,500
		(Buckner Senior Living - Ventana Project)
		6.75% 11/15/47	2,250,000		2,499,322
		6.75% 11/15/52	3,300,000		3,656,301
	Tempe, Arizona Industrial Development Authority
		Revenue
		(Friendship Village)
		Series A 6.25% 12/1/46	500,000		508,420
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/47 #	2,150,000		2,290,309
		Series A 144A 6.125% 10/1/52 #	2,570,000		2,730,317
	University of North Carolina Board of Governors
		5.00% 2/1/49	21,855,000		32,349,552
	Washington State Housing Finance Commission
		(Heron’s Key)
		Series A 144A 7.00% 7/1/45 #	1,000,000		1,077,320
		Series A 144A 7.00% 7/1/50 #	3,625,000		3,897,999
	Westminster, Maryland
		(Lutheran Village Millers Grant)
		6.00% 7/1/34	800,000		868,872
		Series A 5.00% 7/1/24	1,185,000		1,242,295
		Series A 6.125% 7/1/39	750,000		813,307
		Series A 6.25% 7/1/44	2,500,000		2,712,575
	Wisconsin Health & Educational Facilities Authority
		(Covenant Communities Project)
		Series B 5.00% 7/1/48	1,000,000		1,026,740
		Series B 5.00% 7/1/53	945,000		968,011
		Series C 7.00% 7/1/43	900,000		839,520
		Series C 7.50% 7/1/53	1,000,000		962,350
		(St. Camillus Health System)
		Series A 5.00% 11/1/46	2,000,000		2,103,220
		Series A 5.00% 11/1/54	2,500,000		2,605,125
	Wisconsin Public Finance Authority
		(Rose Villa Project)
		Series A 144A 5.75% 11/15/44 #	2,000,000		2,141,960
					330,140,112

70

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bond – 0.05%
	Independent Cities Finance Authority, California
		Series A 5.25% 5/15/44	750,000	$	812,835
					812,835
Lease Revenue Bonds – 3.27%
	California Statewide Communities Development
		Authority Revenue
		(Lancer Plaza Project)
		5.875% 11/1/43	1,875,000		2,017,425
	Industrial Development Authority of Phoenix,
		Arizona
		5.125% 2/1/34	1,000,000		1,032,770
		5.375% 2/1/41	1,300,000		1,348,360
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 5.00% 6/15/50	4,135,000		4,913,538
		Series A 5.00% 6/15/57	3,975,000		4,642,919
	New Jersey Economic Development Authority
		Special Facility Revenue
		Series WW 5.25% 6/15/30	5,000,000		5,714,700
	New Jersey Transportation Trust Fund Authority
		Series AA 4.00% 6/15/50	2,945,000		3,192,056
		(Federal Highway Reimbursement Revenue)
		Series A 5.00% 6/15/31	5,450,000		6,331,647
		(Transportation Program)
		Series AA 5.00% 6/15/25	1,000,000		1,164,510
		Series AA 5.00% 6/15/44	2,900,000		3,161,058
	New York Liberty Development Revenue
		(Class 3-3 World Trade Center Project)
		144A 7.25% 11/15/44 #	8,000,000		8,828,000
	Public Finance Authority, Wisconsin Airport
		Facilities Revenue
		(AFCO Investors II Portfolio)
		144A 5.75% 10/1/31 (AMT) #	3,775,000		3,880,322
		(Senior Obligation Group)
		Series B 5.00% 7/1/42 (AMT)	2,625,000		2,724,593
	Wise County, Texas
		(Parker County Junior College District)
		8.00% 8/15/34	1,000,000		1,018,270
					49,970,168

71

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 1.41%
	Chicago, Illinois
		Series 2005D 5.50% 1/1/37	2,280,000	$	2,525,305
		Series 2005D 5.50% 1/1/40	3,000,000		3,319,770
		Series 2007E 5.50% 1/1/42	1,900,000		2,100,089
		Series 2007F 5.50% 1/1/42	1,250,000		1,381,638
		Series A 5.50% 1/1/49	770,000		894,994
		Series C 5.00% 1/1/26	500,000		576,195
	Chicago, Illinois Board of Education
		Series A 144A 7.00% 12/1/46 #	2,500,000		3,180,125
		Series G 5.00% 12/1/44	2,445,000		2,792,459
		Series H 5.00% 12/1/46	4,225,000		4,812,233
					21,582,808
Pre-Refunded/Escrowed to Maturity Bonds – 2.89%
	California Municipal Finance Authority Revenue
		(Azusa Pacific University Project)
		Series B 144A 7.75% 4/1/31-21 #, §	750,000		754,598
	California Statewide Communities Development
		Authority Revenue
		(California Baptist University Project)
		7.50% 11/1/41-21 §	1,000,000		1,048,200
	Clifton, Texas Higher Education Finance
		Corporation Revenue
		(Idea Public Schools)
		5.75% 8/15/41-21 §	1,000,000		1,025,010
	District of Columbia Revenue
		(Center of Strategic & International Studies)
		6.625% 3/1/41-21 §	2,235,000		2,235,000
		(KIPP Charter School)
		6.00% 7/1/48-23 §	1,450,000		1,641,066
	Foothill-Eastern Transportation Corridor Agency,
		California
		Series A 6.00% 1/15/49-24 §	7,690,000		8,934,165
	Houston, Texas Airport System Revenue
		Subordinate Lien
		Series A 5.00% 7/1/25-21 (AMT) §	1,000,000		1,015,280
	Illinois Railsplitter Tobacco Settlement Authority
		6.00% 6/1/28-21 §	1,455,000		1,476,068
	Indiana Finance Authority Revenue
		(Marquette Project)
		5.00% 3/1/39-22 §	1,250,000		1,309,363

72

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Iowa Finance Authority
		(Sunrise Retirement Community)
		5.75% 9/1/43-21 §	4,700,000	$	4,754,191
	Louisiana Public Facilities Authority Revenue
		(Ochsner Clinic Foundation Project)
		6.50% 5/15/37-21 §	1,705,000		1,726,977
	Maine Health & Higher Educational Facilities
		Authority Revenue
		(Maine General Medical Center)
		6.75% 7/1/41-21 §	1,700,000		1,736,771
	Martin County, Florida Health Facilities Authority
		Revenue
		(Martin Memorial Medical Center)
		5.50% 11/15/42-21 §	1,000,000		1,037,420
	Nampa Development Corporation, Idaho Revenue
		144A 5.00% 9/1/31-24 #, §	2,940,000		3,468,053
	New Hampshire Health & Education Facilities
		Authority
		(Rivermeade)
		Series A 6.875% 7/1/41-21 §	1,380,000		1,410,181
	North Texas Education Finance Revenue
		(Uplift Education)
		Series A 5.25% 12/1/47-22 §	2,100,000		2,231,208
	Onondaga, New York Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	1,000,000		1,056,830
	Philadelphia, Pennsylvania Authority for Industrial
		Development Revenue
		(New Foundation Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,112,770
	Southwestern Illinois Development Authority
		Revenue
		(Memorial Group)
		7.125% 11/1/30-23 §	1,420,000		1,670,701
		7.125% 11/1/43-23 §	2,500,000		2,941,375
	University of Arizona Medical Center Hospital
		Revenue
		6.00% 7/1/39-21 §	1,500,000		1,528,785
					44,114,012

73

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bonds – 0.76%
	Blythe Township, Pennsylvania Solid Waste
		Authority Revenue
		7.75% 12/1/37 (AMT)	3,000,000	$	3,430,320
	Orange County, Florida Industrial Development
		Authority Revenue
		(Anuvia Florida LLC Project)
		Series A 144A 4.00% 7/1/48 (AMT) #, ‡	2,665,000		199,875
	Union County, New Jersey Improvement Authority
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	7,800,000		7,950,306
					11,580,501
Special Tax Revenue Bonds – 8.82%
	Celebration Pointe, Florida Community
		Development District
		5.125% 5/1/45	1,915,000		1,995,085
	Cherry Hill, Virginia Community Development
		Authority
		(Potomac Shores Project)
		144A 5.15% 3/1/35 #	1,000,000		1,038,720
		144A 5.40% 3/1/45 #	2,000,000		2,073,320
	Conley Road Transportation Development District,
		Missouri
		5.375% 5/1/47	5,200,000		5,332,964
	Dutchess County, New York Local Development
		Corporation Revenue
		(Anderson Center Services Inc. Project)
		6.00% 10/1/30	1,505,000		1,507,604
	Fountain Urban Renewal Authority, Colorado
		(Improvement - South Academy Highland)
		Series A 5.50% 11/1/44	3,750,000		3,923,587
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	25,121,387		21,478,786
	Glen Cove, New York Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	2,000,000		2,240,820
	Hickory Chase Community Authority Revenue, Ohio
		(Hickory Chase Project)
		Senior Series A 144A 5.00% 12/1/40 #	1,410,000		1,493,345

74

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Juban Crossing Economic Development District,
		Louisiana
		(General Infrastructure Projects)
		Series C 144A 7.00% 9/15/44 #	3,120,000	$	2,929,275
		(Road Projects)
		Series A 144A 7.00% 9/15/44 #	2,005,000		1,882,434
	Kansas City, Missouri Land Clearance
		Redevelopment Authority Revenue
		(Convention Centre Hotel Project - TIF Financing)
		Series B 144A 5.00% 2/1/40 #	935,000		992,699
	Midtown Miami, Florida Community Development
		District
		(Parking Garage Project)
		Series A 5.00% 5/1/37	500,000		517,905
	Mobile, Alabama Improvement District
		(McGowin Park Project)
		Series A 5.25% 8/1/30	1,000,000		1,041,750
		Series A 5.50% 8/1/35	1,300,000		1,348,893
	Northampton County, Pennsylvania Industrial
		Development Authority
		(Route 33 Project)
		7.00% 7/1/32	2,260,000		2,435,399
	Prairie Center Metropolitan District No 3, Colorado
		Series A 144A 5.00% 12/15/41 #	2,000,000		2,128,420
	Public Finance Authority Revenue, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	5,065,000		5,595,863
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	33,470,000		36,530,162
		Series A-1 5.00% 7/1/58	21,445,000		23,751,195
		Series A-2 4.784% 7/1/58	3,301,000		3,609,875
	Richmond Heights, Missouri Tax Increment &
		Transaction Sales Tax Revenue Improvement
		(Francis Place Redevelopment Project)
		5.625% 11/1/25	955,000		955,000
	St. Louis County, Missouri Industrial Development
		Authority
		(Manchester Ballas Community)
		Series A 144A 5.00% 9/1/38 #	1,050,000		1,062,180
		Series A 144A 5.25% 9/1/45 #	3,540,000		3,577,099

75

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Louis, Missouri Industrial Development Authority
		Tax Increment Revenue Improvement
		(Grand Center Redevelopment Project)
		6.375% 12/1/25	670,000	$	670,817
	Wyandotte County, Kansas City, Kansas Unified
		Government Special Obligation Revenue
		(Sales Tax Vacation Village Project)
		Series A 6.00% 9/1/35	4,690,000		4,686,389
					134,799,586
State General Obligation Bonds – 11.84%
	California State
		(Various Purpose)
		5.00% 8/1/27	5,000,000		6,132,500
		5.00% 10/1/28	5,000,000		6,467,550
		5.00% 11/1/30	7,000,000		9,332,610
		5.00% 11/1/34	4,390,000		5,739,486
	Commonwealth of Massachusetts
		Series B 5.00% 1/1/32	5,000,000		6,258,050
		Series D 4.00% 11/1/35	5,000,000		6,082,600
	Commonwealth of Puerto Rico
		Series A 5.25% 7/1/29 ‡	4,460,000		3,863,475
		Series A 5.25% 7/1/31 ‡	6,980,000		6,046,425
		Series A 5.375% 7/1/33 ‡	900,000		777,375
		Series A 6.00% 7/1/38 ‡	4,520,000		3,943,700
		Series A 8.00% 7/1/35 ‡	28,245,000		21,995,794
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	4,525,000		3,535,156
		Series A 5.125% 7/1/37 ‡	15,070,000		12,206,700
		Series A 5.25% 7/1/22 ‡	1,810,000		1,567,913
		Series A 5.25% 7/1/30 ‡	1,955,000		1,693,519
		Series A 5.50% 7/1/26 ‡	5,000,000		4,100,000
		Series A 5.50% 7/1/39 ‡	5,165,000		4,235,300
		Series A 5.75% 7/1/28 ‡	5,580,000		4,575,600
		Series C 6.00% 7/1/39 ‡	9,486,000		8,217,247
		Series D 5.75% 7/1/41 ‡	11,750,000		9,914,062
	Illinois State
		5.00% 1/1/28	1,190,000		1,347,294
		5.00% 5/1/36	1,710,000		1,836,455
		5.00% 11/1/36	2,245,000		2,502,546
		5.00% 2/1/39	2,180,000		2,321,874
		5.125% 12/1/29	1,310,000		1,535,163

76

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Illinois State
		5.50% 5/1/39	6,000,000	$	7,290,360
		Series A 5.00% 10/1/30	2,000,000		2,355,220
		Series A 5.00% 12/1/34	2,625,000		2,995,388
		Series A 5.00% 4/1/38	2,805,000		2,944,409
		Series B 4.00% 11/1/35	2,000,000		2,172,600
		Series D 5.00% 11/1/28	4,700,000		5,421,168
	Minnesota State
		Series A 5.00% 8/1/30	5,000,000		6,401,250
	New Jersey State
		Series A 4.00% 6/1/31	2,080,000		2,496,395
	Ohio State
		(Infrastructure Improvement)
		Series A 5.00% 9/1/32	5,000,000		6,350,200
	Washington State
		(Various Purpose)
		Series C 5.00% 2/1/28	5,000,000		6,373,500
					181,028,884
Transportation Revenue Bonds – 2.67%
	Dallas, Texas Fort Worth International Airport
		(Dallas Fort Worth International Airport)
		Series B 5.00% 11/1/33	5,000,000		6,501,700
	Denver, Colorado Airport System Revenue
		Series A 5.00% 11/15/21 (AMT)	55,000		56,801
	Kentucky Public Transportation Infrastructure
		Authority
		(1st Tier - Downtown Crossing)
		Series A 5.75% 7/1/49	1,800,000		1,974,078
		Series A 6.00% 7/1/53	1,290,000		1,420,871
	Long Beach, California Marina Revenue
		5.00% 5/15/40	1,000,000		1,106,680
	New York Transportation Development
		(Delta Airlines Inc. LaGuardia Airport Terminals C
		& D Redevelopment Project)
		4.375% 10/1/45 (AMT)	10,200,000		11,689,200
		5.00% 10/1/40 (AMT)	3,400,000		4,133,006
		(Terminal 4 John F. Kennedy International Airport
		Project)
		Series C 5.00% 12/1/29	305,000		383,095

77

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/40	30,000	$	34,470
	Riverside County, California Transportation Senior
		Lien
		Series A 5.75% 6/1/48	1,000,000		1,090,110
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal Revenue)
		Series A 5.00% 1/1/49	1,110,000		1,267,098
		Series B 5.00% 1/1/48 (AMT)	2,000,000		2,252,620
	Texas Private Activity Bond Surface Transportation
		Corporate Senior Lien
		(NTE Mobility Partners Segments 3 LLC Segment
		3C Project)
		5.00% 6/30/58 (AMT)	1,500,000		1,782,735
		(NTE Mobility)
		6.75% 6/30/43 (AMT)	1,905,000		2,164,842
		7.00% 12/31/38 (AMT)	1,335,000		1,527,066
	Virginia Small Business Financing Authority
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	2,975,000		3,424,612
					40,808,984
Water & Sewer Revenue Bonds – 2.38%
	Chicago, Illinois Waterworks Revenue
		(2nd Lien)
		5.00% 11/1/26	180,000		215,422
		5.00% 11/1/28	30,000		36,640
	Dominion, Colorado Water & Sanitation District
		Revenue
		6.00% 12/1/46	3,865,000		4,051,216
	Jefferson County, Alabama Sewer Revenue
		(Senior Lien-Warrants)
		Series A 5.50% 10/1/53 (AGM)	2,500,000		2,797,325
		(Sub Lien-Warrants)
		Series D 6.50% 10/1/53	14,000,000		16,493,120
		Series D 7.00% 10/1/51	5,000,000		5,953,550
	Texas Water Development Board
		(Master Trust)
		Series B 5.00% 4/15/31	5,240,000		6,761,696
					36,308,969
Total Municipal Bonds (cost $1,406,167,881)					1,506,388,756

78

			Principal amount	Value (US $)
Short-Term Investments – 0.58%
Variable Rate Demand Notes – 0.58%¤
	Hospitals & Higher Education Facilities Authority of
		Philadelphia
		(The Children’s Hospital of Philadelphia Project)
		Series A 0.01% 7/1/41 (SPA - Bank of America
		N.A.)	1,200,000	$	1,200,000
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project) Series C
		0.01% 3/1/48 (LOC – US Bank N.A.)	425,000		425,000
	Mississippi Business Finance Corporation Gulf
		Opportunity Zone Industrial Development
		Revenue
		(Chevron U.S.A. Inc. Project)
		Series 2009 B 0.01% 12/1/30	1,100,000		1,100,000
		Series H 0.01% 11/1/35	2,480,000		2,480,000
		Series I 0.01% 11/1/35	1,600,000		1,600,000
		Series K 0.01% 11/1/35	2,150,000		2,150,000
Total Short-Term Investments (cost $8,955,000)					8,955,000
Total Value of Securities–99.14%
	(cost $1,415,122,881)			$	1,515,343,756

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $364,354,995, which represents 23.84% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”

79

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

¤ 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 February 28, 2021.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

80

Statements of assets and liabilities February 28, 2021 (Unaudited)

			Delaware		Delaware		Delaware
			Tax-Free		Tax-Free USA		National High-Yield
			USA Fund		Intermediate Fund		Municipal Bond Fund
Assets:
	Investments, at value*		$	1,004,224,985	$	1,092,027,870	$	1,515,343,756
	Cash			—		661,299		—
	Receivable for securities sold			12,722,412		1,118,303		14,382,100
	Interest receivable			9,529,789		10,715,511		14,213,588
	Receivable for fund shares sold			1,517,445		3,385,120		4,768,682
	Other assets			18,696		23,750		—
	Total Assets			1,028,013,327		1,107,931,853		1,548,708,126
Liabilities:
	Due to custodian			5,767,193		—		10,387,851
	Payable for securities purchased			5,076,853		2,677,411		3,581,042
	Payable for fund shares redeemed			3,337,106		2,025,484		4,400,604
	Investment management fees payable
		to affiliates		333,391		294,305		539,544
	Distribution payable			244,541		412,080		882,301
	Other accrued expenses			184,959		201,525		360,472
	Distribution fees payable to affiliates			171,235		74,684		88,181
	Dividend disbursing and transfer agent
		fees and expenses payable to
		affiliates		6,592		7,092		9,822
	Trustees’ fees and expenses payable
		to affiliates		3,766		4,051		5,583
	Accounting and administration
		expenses payable to affiliates		2,958		3,159		4,257
	Legal fees payable to affiliates			1,607		1,728		2,381
	Reports and statements to
		shareholders expenses payable to
		affiliates		1,187		1,291		1,792
	Total Liabilities			15,131,388		5,702,810		20,263,830
Total Net Assets			$	1,012,881,939	$	1,102,229,043	$	1,528,444,296
Net Assets Consist of:
	Paid-in capital		$	929,471,108	$	1,023,758,953	$	1,426,026,980
	Total distributable earnings (loss)			83,410,831		78,470,090		102,417,316
Total Net Assets			$	1,012,881,939	$	1,102,229,043	$	1,528,444,296

81

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		$	846,343,405		$	572,232,263		$	217,047,157
Shares of beneficial interest outstanding,
	unlimited authorization, no par		69,813,332			46,302,043			18,818,942
Net asset value per share		$	12.12		$	12.36		$	11.53
Sales charge			4.50	%		2.75	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.69		$	12.71		$	12.07
Class C:
Net assets		$	8,724,244		$	9,223,846		$	57,928,600
Shares of beneficial interest outstanding,
	unlimited authorization, no par		719,499			747,000			5,002,763
Net asset value per share		$	12.13		$	12.35		$	11.58
Institutional Class:
Net assets		$	157,814,290		$	520,772,934		$	1,253,468,539
Shares of beneficial interest outstanding,
	unlimited authorization, no par		12,914,906			41,742,369			107,688,243
Net asset value per share		$	12.22		$	12.48		$	11.64
____________________
*  Investments, at cost		$	923,673,673		$	1,014,964,761		$	1,415,122,881

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

82

Statements of operations

Six months ended February 28, 2021 (Unaudited)

								Delaware
		Delaware			Delaware			National High-Yield
		Tax-Free			Tax-Free USA			Municipal Bond
		USA Fund			Intermediate Fund			Fund
Investment Income:
	Interest	$	15,588,711		$	13,979,604		$	32,523,511
Expenses:
	Management fees		2,120,035			1,991,039			3,570,892
	Distribution expenses — Class A		800,394			404,251			240,435
	Distribution expenses — Class C		50,971			56,000			327,506
	Dividend disbursing and transfer agent
	fees and expenses		301,583			318,031			547,095
	Accounting and administration expenses		84,422			85,430			132,225
	Legal fees		47,770			47,032			53,423
	Registration fees		46,734			53,278			69,527
	Audit and tax fees		30,682			29,497			25,501
	Reports and statements to shareholders
	expenses		25,943			25,990			36,577
	Trustees’ fees and expenses		19,743			20,072			35,753
	Custodian fees		12,203			13,050			4,077
	Other		24,417			26,598			45,690
			3,564,897			3,070,268			5,088,701
	Less expenses waived		(454,099	)		(552,541	)		(258,946	)
	Less waived distribution
	expenses — Class A		—			(161,700	)		—
	Less expenses paid indirectly		(347	)		(264	)		(106	)
	Total operating expenses		3,110,451			2,355,763			4,829,649
Net Investment Income			12,478,260			11,623,841			27,693,862
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments		4,229,868			3,162,981			1,928,477
	Net change in unrealized appreciation
	(depreciation) of investments		8,653,302			(508,048	)		47,244,972
Net Realized and Unrealized Gain			12,883,170			2,654,933			49,173,449
Net Increase in Net Assets Resulting
	from Operations	$	25,361,430		$	14,278,774		$	76,867,311

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

83

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

		Six months
		ended			Year ended
		2/28/21
		(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	12,478,260		$	19,835,808
	Net realized gain		4,229,868			3,980,350
	Net change in unrealized appreciation (depreciation)		8,653,302			(6,778,517	)
	Net increase in net assets resulting from operations		25,361,430			17,037,641
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(13,429,432	)		(16,057,427	)
	Class C		(193,119	)		(377,485	)
	Institutional Class		(3,242,849	)		(5,191,254	)
			(16,865,400	)		(21,626,166	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		96,937,138			94,406,974
	Class C		1,100,889			2,492,529
	Institutional Class		37,783,086			65,805,952
	Net assets from merger:1
	Class A		328,299,539			—
	Institutional Class		5,996,641			—
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		12,682,161			14,383,519
	Class C		189,079			329,893
	Institutional Class		3,004,336			4,750,966
			485,992,869			182,169,833

84

		Six months
		ended			Year ended
		2/28/21
		(Unaudited)			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(76,970,344	)	$	(99,923,072	)
	Class C		(3,535,927	)		(7,874,648	)
	Institutional Class		(26,350,937	)		(66,849,145	)
			(106,857,208	)		(174,646,865	)
	Increase in net assets derived from capital share transactions		379,135,661			7,522,968
Net Increase in Net Assets			387,631,691			2,934,443
Net Assets:
	Beginning of period		625,250,248			622,315,805
	End of period	$	1,012,881,939		$	625,250,248

¹ See Note 5 in the “Notes to financial statements.”

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

85

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

		Six months
		ended			Year ended
		2/28/21
		(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	11,623,841		$	16,218,407
	Net realized gain		3,162,981			126,778
	Net change in unrealized appreciation (depreciation)		(508,048	)		(1,616,337	)
	Net increase in net assets resulting from operations		14,278,774			14,728,848
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(4,522,212	)		(3,184,081	)
	Class C		(107,360	)		(370,025	)
	Institutional Class		(7,005,929	)		(12,664,301	)
			(11,635,501	)		(16,218,407	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		18,120,013			30,135,038
	Class C		837,449			1,791,499
	Institutional Class		87,438,921			145,582,678
	Net assets from merger:1
	Class A		470,834,974			—
	Institutional Class		18,475,967			—
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		4,109,885			2,926,566
	Class C		104,681			333,101
	Institutional Class		5,890,951			10,253,302
			605,812,841			191,022,184

86

		Six months
		ended			Year ended
		2/28/21
		(Unaudited)			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(26,298,696	)	$	(50,173,924	)
	Class C		(3,699,000	)		(13,003,690	)
	Institutional Class		(47,955,518	)		(101,023,651	)
			(77,953,214	)		(164,201,265	)
	Increase in net assets derived from capital share transactions		527,859,627			26,820,919
Net Increase in Net Assets			530,502,900			25,331,360
Net Assets:
	Beginning of period		571,726,143			546,394,783
	End of period	$	1,102,229,043		$	571,726,143

¹ See Note 5 in the “Notes to financial statements.”

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

87

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

		Six months
		ended			Year ended
		2/28/21
		(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	27,693,862		$	57,603,224
	Net realized gain		1,928,477			13,180,732
	Net change in unrealized appreciation (depreciation)		47,244,972			(65,116,746	)
	Net increase in net assets resulting from operations		76,867,311			5,667,210
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(3,841,800	)		(7,762,606	)
	Class C		(1,070,321	)		(2,642,753	)
	Institutional Class		(24,706,885	)		(46,586,746	)
			(29,619,006	)		(56,992,105	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		41,168,292			64,182,912
	Class C		4,765,773			10,269,059
	Institutional Class		196,838,311			340,902,541
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		3,369,682			7,046,701
	Class C		1,042,290			2,408,413
	Institutional Class		20,316,999			37,810,611
			267,501,347			462,620,237

88

	Six months
	ended			Year ended
	2/28/21
	(Unaudited)			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(15,828,686	)	$	(88,787,279	)
Class C		(19,231,854	)		(31,832,862	)
Institutional Class		(97,999,865	)		(385,626,313	)
		(133,060,405	)		(506,246,454	)
Increase (decrease) in net assets derived from capital share
transactions		134,440,942			(43,626,217	)
Net Increase (Decrease) in Net Assets		181,689,247			(94,951,112	)
Net Assets:
Beginning of period		1,346,755,049			1,441,706,161
End of period	$	1,528,444,296		$	1,346,755,049

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

89

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 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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

90

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.94		$	11.96		$	11.44		$	11.70		$	12.22		$	11.83
		0.19			0.38			0.41			0.42			0.43			0.42
		0.26			0.01			0.52			(0.26	)		(0.40	)		0.39
		0.45			0.39			0.93			0.16			0.03			0.81
		(0.19	)		(0.38	)		(0.41	)		(0.42	)		(0.43	)		(0.42	)
		(0.08	)		(0.03	)		—	3		—			(0.12	)		—
		(0.27	)		(0.41	)		(0.41	)		(0.42	)		(0.55	)		(0.42	)
	$	12.12		$	11.94		$	11.96		$	11.44		$	11.70		$	12.22
		3.80%			3.44%			8.35%			1.44%			0.41%			7.00%
	$	846,344		$	478,671		$	472,153		$	481,117		$	415,314		$	493,408
		0.82%			0.81%			0.81%			0.81%			0.81%			0.81%
		0.93%			0.95%			0.95%			0.96%			0.96%			0.95%
		3.08%			3.24%			3.55%			3.66%			3.71%			3.52%
		2.97%			3.10%			3.41%			3.51%			3.56%			3.38%
		19%			77%			43%			42%			33%			33%

91

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 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 waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

     prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

92

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.94		$	11.96		$	11.44		$	11.70		$	12.22		$	11.83
		0.14			0.29			0.32			0.34			0.34			0.33
		0.27			0.01			0.52			(0.26	)		(0.40	)		0.39
		0.41			0.30			0.84			0.08			(0.06	)		0.72
		(0.14	)		(0.29	)		(0.32	)		(0.34	)		(0.34	)		(0.33	)
		(0.08	)		(0.03	)		—	3		—			(0.12	)		—
		(0.22	)		(0.32	)		(0.32	)		(0.34	)		(0.46	)		(0.33	)
	$	12.13		$	11.94		$	11.96		$	11.44		$	11.70		$	12.22
		3.50%			2.66%			7.55%			0.68%			(0.35%	)		6.19%
	$	8,724		$	10,778		$	16,051		$	18,808		$	27,397		$	31,545
		1.57%			1.56%			1.56%			1.56%			1.56%			1.56%
		1.68%			1.70%			1.70%			1.71%			1.71%			1.70%
		2.33%			2.49%			2.80%			2.91%			2.96%			2.77%
		2.22%			2.35%			2.66%			2.76%			2.81%			2.63%
		19%			77%			43%			42%			33%			33%

93

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 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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

94

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.03		$	12.05		$	11.52		$	11.79		$	12.31		$	11.91
		0.20			0.41			0.44			0.45			0.46			0.46
		0.27			0.01			0.53			(0.27	)		(0.40	)		0.40
		0.47			0.42			0.97			0.18			0.06			0.86
		(0.20	)		(0.41	)		(0.44	)		(0.45	)		(0.46	)		(0.46	)
		(0.08	)		(0.03	)		—	3		—			(0.12	)		—
		(0.28	)		(0.44	)		(0.44	)		(0.45	)		(0.58	)		(0.46	)
	$	12.22		$	12.03		$	12.05		$	11.52		$	11.79		$	12.31
		4.00%			3.70%			8.68%			1.61%			0.68%			7.32%
	$	157,814		$	135,801		$	134,112		$	77,396		$	62,872		$	45,696
		0.57%			0.56%			0.56%			0.56%			0.56%			0.56%
		0.68%			0.70%			0.70%			0.71%			0.71%			0.70%
		3.33%			3.49%			3.80%			3.91%			3.96%			3.77%
		3.22%			3.35%			3.66%			3.76%			3.81%			3.63%
		19%			77%			43%			42%			33%			33%

95

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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

96

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.26		$	12.28		$	11.76		$	12.06		$	12.38		$	12.04
		0.17			0.35			0.37			0.37			0.35			0.35
		0.10			(0.02	)		0.52			(0.30	)		(0.32	)		0.34
		0.27			0.33			0.89			0.07			0.03			0.69
		(0.17	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)		(0.35	)
		—			—			—			—			—	3		—
		(0.17	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)		(0.35	)
	$	12.36		$	12.26		$	12.28		$	11.76		$	12.06		$	12.38
		2.21%			2.76%			7.71%			0.57%			0.35%			5.79%
	$	572,232		$	106,135		$	123,691		$	136,653		$	164,154		$	188,034
		0.66%			0.65%			0.65%			0.71%			0.75%			0.75%
		0.90%			0.91%			0.91%			0.92%			0.93%			0.92%
		2.78%			2.87%			3.11%			3.10%			2.92%			2.84%
		2.54%			2.61%			2.85%			2.89%			2.74%			2.67%
		14%			27%			25%			32%			26%			35%

97

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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

98

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.25		$	12.27		$	11.75		$	12.05		$	12.37		$	12.03
		0.12			0.24			0.27			0.27			0.25			0.24
		0.10			(0.02	)		0.52			(0.30	)		(0.32	)		0.35
		0.22			0.22			0.79			(0.03	)		(0.07	)		0.59
		(0.12	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)		(0.25	)
		—			—			—			—			—	3		—
		(0.12	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)		(0.25	)
	$	12.35		$	12.25		$	12.27		$	11.75		$	12.05		$	12.37
		1.78%			1.89%			6.81%			(0.28%	)		(0.50%	)		4.90%
	$	9,224		$	11,864		$	22,874		$	28,002		$	40,402		$	49,515
		1.51%			1.50%			1.50%			1.56%			1.60%			1.60%
		1.65%			1.66%			1.66%			1.67%			1.68%			1.67%
		1.93%			2.02%			2.26%			2.25%			2.07%			1.99%
		1.79%			1.86%			2.10%			2.14%			1.99%			1.92%
		14%			27%			25%			32%			26%			35%

99

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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

100

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.38		$	12.40		$	11.87		$	12.17		$	12.50		$	12.16
		0.18			0.37			0.39			0.39			0.37			0.37
		0.10			(0.02	)		0.53			(0.30	)		(0.33	)		0.34
		0.28			0.35			0.92			0.09			0.04			0.71
		(0.18	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)		(0.37	)
		—			—			—			—			—	3		—
		(0.18	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)		(0.37	)
	$	12.48		$	12.38		$	12.40		$	11.87		$	12.17		$	12.50
		2.28%			2.92%			7.92%			0.75%			0.44%			5.92%
	$	520,773		$	453,727		$	399,830		$	377,445		$	369,443		$	479,172
		0.51%			0.50%			0.50%			0.56%			0.60%			0.60%
		0.65%			0.66%			0.66%			0.67%			0.68%			0.67%
		2.93%			3.02%			3.26%			3.25%			3.07%			2.99%
		2.79%			2.86%			3.10%			3.14%			2.99%			2.92%
		14%			27%			25%			32%			26%			35%

101

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

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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

102

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.15		$	11.48		$	11.00		$	11.05		$	11.42		$	10.75
		0.21			0.44			0.46			0.46			0.44			0.41
		0.40			(0.33	)		0.48			(0.05	)		(0.37	)		0.67
		0.61			0.11			0.94			0.41			0.07			1.08
		(0.21	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)		(0.41	)
		(0.02	)		—			—			—			—			—
		(0.23	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)		(0.41	)
	$	11.53		$	11.15		$	11.48		$	11.00		$	11.05		$	11.42
		5.48%			1.06%			8.81%			3.80%			0.72%			10.25%
	$	217,047		$	182,214		$	208,549		$	200,493		$	190,211		$	250,810
		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
		0.89%			0.91%			0.90%			0.91%			0.94%			0.94%
		3.73%			3.99%			4.22%			4.19%			4.02%			3.73%
		3.69%			3.93%			4.17%			4.13%			3.93%			3.64%
		10%			44%			33%			19%			27%			13%

103

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

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 waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

104

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.20		$	11.52		$	11.04		$	11.09		$	11.47		$	10.80
		0.16			0.36			0.38			0.38			0.36			0.33
		0.41			(0.32	)		0.48			(0.05	)		(0.38	)		0.67
		0.57			0.04			0.86			0.33			(0.02	)		1.00
		(0.17	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)		(0.33	)
		(0.02	)		—			—			—			—			—
		(0.19	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)		(0.33	)
	$	11.58		$	11.20		$	11.52		$	11.04		$	11.09		$	11.47
		5.08%			0.41%			7.98%			3.03%			(0.11%	)		9.41%
	$	57,929		$	68,993		$	91,184		$	92,155		$	97,974		$	113,905
		1.60%			1.60%			1.60%			1.60%			1.60%			1.60%
		1.64%			1.66%			1.65%			1.66%			1.69%			1.69%
		2.98%			3.24%			3.47%			3.44%			3.27%			2.98%
		2.94%			3.18%			3.42%			3.38%			3.18%			2.89%
		10%			44%			33%			19%			27%			13%

105

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

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 waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

106

Six months ended
2/28/211				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.26		$	11.58		$	11.10		$	11.15		$	11.53		$	10.85
		0.22			0.47			0.49			0.49			0.47			0.45
		0.40			(0.32	)		0.48			(0.05	)		(0.38	)		0.67
		0.62			0.15			0.97			0.44			0.09			1.12
		(0.22	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)		(0.44	)
		(0.02	)		—			—			—			—			—
		(0.24	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)		(0.44	)
	$	11.64		$	11.26		$	11.58		$	11.10		$	11.15		$	11.53
		5.58%			1.44%			9.03%			4.07%			0.92%			10.57%
	$	1,253,468		$	1,095,548		$	1,141,973		$	1,017,167		$	932,716		$	905,436
		0.60%			0.60%			0.60%			0.60%			0.60%			0.60%
		0.64%			0.66%			0.65%			0.66%			0.69%			0.69%
		3.98%			4.24%			4.47%			4.44%			4.27%			3.98%
		3.94%			4.18%			4.42%			4.38%			4.18%			3.89%
		10%			44%			33%			19%			27%			13%

107

Notes to financial statements
Delaware Funds® by Macquarie national tax-free funds	February 28, 2021 (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 together, the Funds). Each Trust is an open-end investment company. 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. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of the Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred 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.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. 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,

108

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. Restricted securities are valued at fair value using methods approved by the Boards.

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 expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), 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” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur 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 — 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the

109

Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

1. Significant Accounting Policies (continued)

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.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended February 28, 2021.

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 expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free USA Fund		$347
Delaware Tax-Free USA Intermediate Fund		264
Delaware National High-Yield Municipal Bond Fund		106

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 USA		High-Yield
	USA Fund		Intermediate Fund		Municipal Bond Fund
On the first $500 million		0.5500%		0.5000%		0.5500%
On the next $500 million		0.5000%		0.4750%		0.5000%
On the next $1.5 billion		0.4500%		0.4500%		0.4500%
In excess of $2.5 billion		0.4250%		0.4250%		0.4250%

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (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) in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These expense waivers and

110

reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense
	limitation as
	a percentage
	of average
Fund	daily net assets
Delaware Tax-Free USA Fund		0.56%
Delaware Tax-Free USA Intermediate Fund		0.50%
Delaware National High-Yield Municipal Bond Fund		0.60%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 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 then pays its 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 February 28, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$15,667
Delaware Tax-Free USA Intermediate Fund	15,891
Delaware National High-Yield Municipal Bond Fund	25,935

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 rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services 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 February 28, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$34,804
Delaware Tax-Free USA Intermediate Fund	35,422
Delaware National High-Yield Municipal Bond Fund	62,562

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

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Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

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

“Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 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 contractually waived to 0.15% of average daily net assets from September 1, 2020 through February 28, 2021.* 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 do not pay 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 February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$15,463
Delaware Tax-Free USA Intermediate Fund	15,705
Delaware National High-Yield Municipal Bond Fund	20,893

For the six months ended February 28, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free USA Fund	$	10,771
Delaware Tax-Free USA Intermediate Fund		5,385
Delaware National High-Yield Municipal Bond Fund		10,575

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For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and 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:

Fund	Class A			Class C
Delaware Tax-Free USA Fund		$	97	$	17
Delaware Tax-Free USA Intermediate Fund			509		245
Delaware National High-Yield Municipal Bond Fund			—		3,055

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

Cross trades for the six months ended February 28, 2021, 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 a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2021, the Funds engaged in the following Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains (losses) as follows:

		Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free USA Fund		$	24,471,272	$	31,636,576		$	(724,301	)
Delaware Tax-Free USA Intermediate
	Fund		23,455,249		21,599,985			4,146
Delaware National High-Yield
	Municipal Bond Fund		44,397,551		18,035,372			—

____________________

*The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.

3. Investments

For the six months ended February 28, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free USA Fund	$	197,170,811	$	150,785,117
Delaware Tax-Free USA Intermediate Fund		160,455,441		108,435,879
Delaware National High-Yield Municipal Bond Fund		278,783,449		136,532,645

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Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

3. Investments (continued)

At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At February 28, 2021, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

Fund		Cost of investments		Aggregate unrealized appreciation of investments		Aggregate unrealized depreciation of investments			Net unrealized appreciation of investments
Delaware Tax-Free
	USA Fund	$	923,673,673	$	85,289,691	$	(4,738,379	)	$	80,551,312
Delaware Tax-Free
	USA Intermediate
	Fund		1,014,964,761		81,256,098		(4,192,989	)		77,063,109
Delaware National
	High-Yield
	Municipal Bond
	Fund		1,412,549,090		132,469,901		(29,675,235	)		102,794,666

At August 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

		Loss carryforward character
		Short-term		Long-term	Total
Delaware Tax-Free USA
	Intermediate Fund	$	1,711,229	$—	$	1,711,229

At August 31, 2020, there were no capital loss carryforwards for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund.

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

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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 as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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, and 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 and 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 February 28, 2021:

	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,004,224,985
Total Value of Securities		$	1,004,224,985

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Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

3. Investments (continued)

	Delaware Tax-Free USA Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,091,477,870
Short-Term Investments			550,000
Total Value of Securities		$	1,092,027,870

	Delaware National High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,506,388,756
Short-Term Investments			8,955,000
Total Value of Securities		$	1,515,343,756

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.

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4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free USA Fund				Delaware Tax-Free USA Intermediate Fund				Delaware National High-Yield Municipal Bond Fund
		Six months ended 2/28/21		Year ended 8/31/20		Six months ended 2/28/21		Year ended 8/31/20		Six months ended 2/28/21		Year ended 8/31/20
Shares sold:
	Class A	8,008,006		8,128,109		1,456,362		2,507,418		3,576,302		5,760,481
	Class C	91,338		209,130		67,632		148,655		414,885		909,664
	Institutional Class	3,072,457		5,517,306		6,973,160		11,945,089		17,122,634		30,588,566
Shares from merger:
	Class A	27,065,090		—		37,970,562		—		—		—
	Institutional Class	490,723		—		1,475,716		—		—		—
Shares issued upon reinvestment of dividends and distributions:
	Class A	1,047,628		1,237,423		330,577		243,247		296,521		640,413
	Class C	15,670		28,406		8,485		27,722		91,431		218,235
	Institutional Class	246,941		406,363		472,256		844,472		1,770,147		3,406,052
		40,037,853		15,526,737		48,754,750		15,716,603		23,271,920		41,523,411
Shares redeemed:
	Class A	(6,388,854	)	(8,760,862	)	(2,111,584	)	(4,166,754	)	(1,391,250	)	(8,235,396	)
	Class C	(289,849	)	(677,015	)	(297,339	)	(1,072,043	)	(1,665,124	)	(2,879,671	)
	Institutional Class	(2,181,316	)	(5,767,214	)	(3,829,826	)	(8,385,796	)	(8,534,882	)	(35,257,417	)
		(8,860,019	)	(15,205,091	)	(6,238,749	)	(13,624,593	)	(11,591,256	)	(46,372,484	)
Net increase
	(decrease)	31,177,834		321,646		42,516,001		2,092,010		11,680,664		(4,849,073	)

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Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

4. Capital Shares (continued)

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 February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:

	Exchange Redemptions Exchange Subscriptions
	Class A Shares	Class C Shares	Class A Shares	Institutional Class Shares	Value
Delaware Tax-Free USA Fund
Six months ended
2/28/21	12,035	22,181	22,217	11,970	$	273,274
Year ended
8/31/20	118,464	60,517	60,554	117,593		2,113,033
Delaware Tax-Free USA Intermediate Fund
Six months ended
2/28/21	53,946	10,590	10,586	53,475		669,351
Year ended
8/31/20	119,341	17,213	17,222	118,367		1,660,124
Delaware National High-Yield Municipal Bond Fund
Six months ended
2/28/21	33,295	40,108	32,306	40,980		839,000
Year ended
8/31/20	320,408	19,256	15,368	321,944		3,710,189

5. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize Delaware Tax-Exempt Opportunities Fund and Delaware Tax-Exempt Income Fund, each a series of Delaware Group Limited-Term Government Funds (the “Acquired Funds”) with and into Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund (the “Acquiring Funds”) (the “Reorganization”) respectively. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and

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losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Funds’ as of the close of business on December 4, 2020 were as follows:

	Cost		Market value
Delaware Tax-Exempt Opportunities Fund	$	302,182,969	$	330,998,600
Delaware Tax-Exempt Income Fund	$	441,468,894	$	480,076,427

The share transactions associated with the merger are as follows:

		Acquired Fund net assets		Acquired Fund shares outstanding	Shares converted to Acquiring Fund	Acquiring Fund net assets		Conversion ratio
		Delaware Tax-Exempt Opportunities Fund				Delaware Tax-Free USA Fund
Class A		$	328,299,539	19,434,282	27,065,090	$	496,595,841		1.393
Class C			—	—	—		10,599,349		—
Institutional
	Class		5,996,641	354,397	490,723		131,648,773		1.385
		Delaware Tax-Exempt Income				Delaware Tax-Free USA Intermediate
		Fund				Fund
Class A		$	470,834,974	49,412,013	37,970,562	$	108,082,382		0.768
Class C			—	—	—		11,623,405		—
Institutional
	Class		18,475,967	1,938,317	1,475,716		474,092,009		0.761

The net assets of the Acquiring Funds before the Reorganization were $638,843,963 and $593,797,796. The net assets of the Acquiring Funds immediately following the Reorganization were $973,140,143 and $1,083,108,737.

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the six months ended February 28, 2021, would have been as follows:

		Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund
Net investment income			$	23,015,614		$	26,235,990
Net realized gain on
	investments			6,530,146			7,043,884
Net change in unrealized
	appreciation			13,577,556			3,555,801
Net increase in net assets
	resulting from
	operations		$	43,123,316		$	36,835,675

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.

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Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) 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 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 November 2, 2020.

On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Funds had no amounts outstanding as of February 28, 2021, or at any time during the period then ended.

7. Securities Lending

Delaware Tax-Free USA Intermediate Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by

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government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended February 28, 2021, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 28, 2021, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

8. Geographic, Credit, and Market Risks

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and

121

Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

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

liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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.

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At February 28, 2021, the percentage of each Fund’s net assets insured by bond issuers are listed on the next page and these securities have been identified on the “Schedules of investments.”

		Delaware Tax-Free			Delaware Tax-Free USA			Delaware National High-Yield
		USA Fund			Intermediate Fund			Municipal Bond Fund
Assured Guaranty
	Corporation		0.14	%		0.46	%		0.14	%
Assured Guaranty
	Municipal
	Corporation		1.11	%		1.26	%		0.24	%
AMBAC Assurance
	Corporation		0.13	%		—			—
National Public
	Finance
	Guarantee
	Corporation		0.22	%		3.10	%		—
Total			1.60	%		4.82	%		0.38	%

As of February 28, 2021, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 11.44%, 12.91%, and 17.64%, respectively, of the Fund’s net assets. As of February 28, 2021, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York, which constituted approximately 11.87% and 20.39%, respectively, of the Fund’s net assets. As of February 28, 2021, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico which constituted approximately 11.63% and 15.19%, respectively, the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

Each Fund 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.

Each Fund 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

123

Notes to financial statements
Delaware Funds^® by Macquarie national tax-free funds

8. Geographic, Credit, and Market Risks (continued) 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 are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by each Fund have been identified on the “Schedules of investments.”

9. Contractual Obligations

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

10. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications

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and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie 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-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use 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 the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT 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.

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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 period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 5, 2021

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 5, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 5, 2021