Voyageur Mutual Funds 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:	811-07742
Exact name of registrant as specified in charter:	Voyageur Mutual Funds
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, 2022

Item 1. Reports to Stockholders

	Semiannual report

Fixed income mutual funds

Delaware Tax-Free Minnesota Fund

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Minnesota High-Yield Municipal Bond Fund

February 28, 2022

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 Asset Management (MAM) 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 Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota 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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

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	7
Statements of assets and liabilities	46
Statements of operations	48
Statements of changes in net assets	49
Financial highlights	56
Notes to financial statements	74
About the organization	88

Unless otherwise noted, views expressed herein are current as of February 28, 2022, 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.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 2022 (Unaudited)

Delaware Tax-Free Minnesota Fund seeks as high a level of current income exempt from federal income tax and from Minnesota state personal income taxes as is consistent with preservation of capital.

Delaware Tax-Free Minnesota Intermediate Fund seeks to provide investors with preservation of capital and, secondarily, current income exempt from federal income tax and Minnesota state personal income taxes, by maintaining a dollar-weighted average effective portfolio maturity of 10 years or less.

Delaware Minnesota High-Yield Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and from Minnesota state personal income taxes, 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, 2021 to February 28, 2022.

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 Funds' expenses shown in the tables 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, 2021 to February 28, 2022 (Unaudited)

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/21			2/28/22			Expense Ratio	9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$976.10	0.85%		$	4.16
Class C			1,000.00			971.80	1.60%			7.82
Institutional Class			1,000.00			976.50	0.60%			2.94
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
Delaware Tax-Free Minnesota Intermediate Fund Expense analysis of an investment of $1,000
	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/21			2/28/22			Expense Ratio	9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$971.70	0.74%		$	3.62
Class C			1,000.00			968.70	1.56%			7.61
Institutional Class			1,000.00			973.50	0.56%			2.74
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.12	0.74%		$	3.71
Class C			1,000.00			1,017.06	1.56%			7.80
Institutional Class			1,000.00			1,022.02	0.56%			2.81

2

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

	Beginning		Ending			Expenses
	Account Value		Account Value		Annualized	Paid During Period
	9/1/21		2/28/22		Expense Ratio	9/1/21 to 2/28/22*
Actual Fund return†
Class A		$1,000.00		$975.80	0.89%		$4.36
Class C		1,000.00		972.20	1.64%		8.02
Institutional Class		1,000.00		976.90	0.64%		3.14
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.38	0.89%		$4.46
Class C		1,000.00		1,016.66	1.64%		8.20
Institutional Class		1,000.00		1,021.62	0.64%		3.21

*	“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 Minnesota Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		96.61	%
Corporate Revenue Bonds		1.37	%
Education Revenue Bonds		19.51	%
Electric Revenue Bonds		8.14	%
Healthcare Revenue Bonds		22.19	%
Housing Revenue Bonds		0.51	%
Lease Revenue Bonds		2.05	%
Local General Obligation Bonds		13.64	%
Pre-Refunded/Escrowed to Maturity Bonds		3.33	%
Special Tax Revenue Bonds		4.62	%
State General Obligation Bonds		13.81	%
Transportation Revenue Bonds		4.63	%
Water & Sewer Revenue Bonds		2.81	%
Short-Term Investments		2.56	%
Total Value of Securities		99.17	%
Receivables and Other Assets Net of Liabilities		0.83	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.36	%
Minnesota		92.23	%
Puerto Rico		6.23	%
US Virgin Islands		0.35	%
Total Value of Securities		99.17	%

4

Security type / sector / state / territory allocations
Delaware Tax-Free Minnesota Intermediate Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.01	%
Corporate Revenue Bond		1.04	%
Education Revenue Bonds		15.69	%
Electric Revenue Bonds		4.90	%
Healthcare Revenue Bonds		21.43	%
Housing Revenue Bonds		0.64	%
Lease Revenue Bonds		4.27	%
Local General Obligation Bonds		19.77	%
Pre-Refunded/Escrowed to Maturity Bonds		3.73	%
Special Tax Revenue Bonds		3.26	%
State General Obligation Bonds		18.20	%
Transportation Revenue Bonds		3.82	%
Water & Sewer Revenue Bonds		2.26	%
Short-Term Investments		0.29	%
Total Value of Securities		99.30	%
Receivables and Other Assets Net of Liabilities		0.70	%
Total Net Assets		100.00	%

* As of the date of this report, Delaware Tax-Free Minnesota 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
Guam		0.76	%
Minnesota		93.03	%
Puerto Rico		5.51	%
Total Value of Securities		99.30	%

5

Security type / sector / state / territory allocations
Delaware Minnesota High-Yield Municipal Bond Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.20	%
Corporate Revenue Bonds		1.80	%
Education Revenue Bonds		24.28	%
Electric Revenue Bonds		4.59	%
Healthcare Revenue Bonds		30.03	%
Housing Revenue Bonds		1.64	%
Lease Revenue Bonds		2.39	%
Local General Obligation Bonds		7.70	%
Pre-Refunded/Escrowed to Maturity Bonds		4.41	%
Special Tax Revenue Bonds		4.72	%
State General Obligation Bonds		11.82	%
Transportation Revenue Bonds		3.87	%
Water & Sewer Revenue Bonds		0.95	%
Short-Term Investments		0.71	%
Total Value of Securities		98.91	%
Receivables and Other Assets Net of Liabilities		1.09	%
Total Net Assets		100.00	%

* As of the date of this report, Delaware Minnesota 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
Minnesota		90.41	%
Puerto Rico		8.50	%
Total Value of Securities		98.91	%

6

Schedules of investments
Delaware Tax-Free Minnesota Fund	February 28, 2022 (Unaudited)

		Principal
		amount°	Value (US $)
Municipal Bonds – 96.61%
Corporate Revenue Bonds – 1.37%
	Cottonwood Revenue
	(Extreme Holdings LLC Project)
	Series A 144A 5.00% 12/1/50 (AMT) #	1,000,000	$	936,320
	St. Paul Port Authority Solid Waste Disposal Revenue
	(Gerdau St. Paul Steel Mill Project)
	Series 7 144A 4.50% 10/1/37 (AMT) #	7,250,000		7,300,605
				8,236,925
Education Revenue Bonds – 19.51%
	Bethel Charter School Lease Revenue
	(Spectrum High School Project)
	Series A 4.00% 7/1/32	840,000		886,301
	Series A 4.25% 7/1/47	1,550,000		1,623,687
	Series A 4.375% 7/1/52	400,000		420,352
	Brooklyn Park Charter School Lease Revenue
	(Prairie Seeds Academy Project)
	Series A 5.00% 3/1/34	2,260,000		2,338,083
	Series A 5.00% 3/1/39	385,000		395,992
	Cologne Charter School Lease Revenue
	(Cologne Academy Project)
	Series A 5.00% 7/1/34	250,000		261,048
	Series A 5.00% 7/1/45	1,390,000		1,438,719
	Deephaven Charter School Lease Revenue
	(Eagle Ridge Academy Project)
	Series A 5.50% 7/1/50	2,000,000		2,162,540
	Duluth Housing & Redevelopment Authority Revenue
	(Duluth Public Schools Academy Project)
	Series A 5.00% 11/1/38	700,000		753,865
	Series A 5.00% 11/1/48	2,800,000		2,981,748
	Duluth Independent School District No. 709 Certificates of
	Participation
	Series B 5.00% 2/1/28	350,000		412,111
	Forest Lake Charter School Lease Revenue Fund
	(Lakes International Language Academy Project)
	Series A 5.25% 8/1/43	400,000		441,076
	Series A 5.375% 8/1/50	1,690,000		1,867,686
	Series A 5.50% 8/1/36	580,000		597,470
	Series A 5.75% 8/1/44	1,190,000		1,226,759
	Ham Lake Charter School Lease Revenue
	(Davinci Academy Project)
	Series A 5.00% 7/1/36	765,000		812,897
	Series A 5.00% 7/1/47	2,290,000		2,413,133

7

Schedules of investments
Delaware Tax-Free Minnesota Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Hugo Charter School Lease Revenue
	(Noble Academy Project)
	Series A 5.00% 7/1/34	580,000	$	601,518
	Series A 5.00% 7/1/44	1,770,000		1,819,241
	Minneapolis Charter School Lease Revenue
	(Hiawatha Academies Project)
	Series A 5.00% 7/1/31	885,000		940,197
	Series A 5.00% 7/1/47	2,300,000		2,409,342
	Minneapolis Student Housing Revenue
	(Riverton Community Housing Project)
	5.25% 8/1/39	470,000		491,972
	5.50% 8/1/49	2,260,000		2,366,333
	Minnesota Colleges & Universities Revenue Fund
	Series A 5.00% 10/1/26	4,990,000		5,781,214
	Minnesota Higher Education Facilities Authority Revenue
	(Bethel University)
	5.00% 5/1/37	1,250,000		1,355,150
	5.00% 5/1/47	250,000		267,928
	(Carleton College)
	4.00% 3/1/35	1,000,000		1,092,730
	4.00% 3/1/36	415,000		454,052
	5.00% 3/1/44	2,110,000		2,437,219
	(College of St. Benedict)
	Series 8-K 4.00% 3/1/43	1,000,000		1,055,480
	(College of St. Scholastica)
	4.00% 12/1/29	280,000		312,852
	4.00% 12/1/30	290,000		322,599
	4.00% 12/1/33	500,000		552,895
	4.00% 12/1/34	500,000		551,965
	4.00% 12/1/40	1,200,000		1,310,820
	(Gustavus Adolphus College)
	5.00% 10/1/47	5,600,000		6,394,416
	(St. Catherine University)
	Series A 4.00% 10/1/36	925,000		1,005,715
	Series A 5.00% 10/1/35	875,000		1,016,986
	Series A 5.00% 10/1/45	2,120,000		2,426,743
	(St. John's University)
	Series 8-I 5.00% 10/1/32	500,000		556,080
	Series 8-I 5.00% 10/1/33	250,000		278,193
	(St. Olaf College)
	3.00% 10/1/41	1,585,000		1,625,814

8

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		4.00% 10/1/46	1,625,000	$	1,813,337
		4.00% 10/1/50	565,000		628,608
		Series 8-G 5.00% 12/1/31	745,000		830,340
		Series 8-G 5.00% 12/1/32	670,000		746,233
		Series 8-N 4.00% 10/1/35	500,000		543,035
		(Trustees of The Hamline University)
		Series B 5.00% 10/1/37	955,000		1,027,781
		Series B 5.00% 10/1/38	1,000,000		1,075,060
		Series B 5.00% 10/1/39	170,000		182,568
		Series B 5.00% 10/1/40	625,000		670,581
		Series B 5.00% 10/1/47	1,060,000		1,128,656
		(University of St. Thomas)
		4.00% 10/1/36	1,450,000		1,627,973
		4.00% 10/1/37	750,000		841,687
		4.00% 10/1/44	1,255,000		1,391,042
		5.00% 10/1/40	500,000		598,715
		Series 8-L 5.00% 4/1/35	1,250,000		1,395,712
		Series A 4.00% 10/1/34	400,000		440,216
		Series A 4.00% 10/1/36	500,000		549,475
	Minnesota Office of Higher Education Revenue
		(Senior Supplemental Student Loan Program)
		2.65% 11/1/38 (AMT)	885,000		860,070
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/34	520,000		536,983
		Series A 5.00% 9/1/44	1,165,000		1,191,865
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	875,000		764,243
	St. Paul Housing & Redevelopment Authority Charter
		School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,945,000		1,999,207
		(Great River School Project)
		Series A 144A 4.75% 7/1/29 #	300,000		318,288
		Series A 144A 5.50% 7/1/52 #	735,000		796,211
		(Hmong College Preparatory Academy Project)
		Series A 5.00% 9/1/43	750,000		840,848
		Series A 5.75% 9/1/46	1,000,000		1,108,230

9

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority Charter
		School Lease Revenue
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	500,000	$	516,630
		Series A 4.125% 9/1/47	1,750,000		1,794,397
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	1,440,000		1,539,922
	University of Minnesota
		Series A 5.00% 11/1/32	985,000		1,240,824
		Series A 5.00% 4/1/34	925,000		1,047,784
		Series A 5.00% 9/1/34	2,875,000		3,379,045
		Series A 5.00% 4/1/35	3,175,000		3,595,116
		Series A 5.00% 4/1/36	2,650,000		2,999,535
		Series A 5.00% 4/1/37	1,125,000		1,272,904
		Series A 5.00% 11/1/39	3,880,000		4,847,400
		Series A 5.00% 9/1/40	1,560,000		1,826,230
		Series A 5.00% 9/1/41	1,750,000		2,046,625
		Series A 5.00% 4/1/44	3,000,000		3,607,680
		(State Supported Biomedical Science Research
		Facilities Funding Program)
		Series A 5.00% 8/1/31	1,000,000		1,281,210
		Series A 5.00% 8/1/35	2,200,000		2,981,176
		Series A 5.00% 8/1/36	500,000		686,415
					117,030,778
Electric Revenue Bonds — 8.14%
	Central Minnesota Municipal Power Agency
		(Southeast Twin Cities Transmission Project)
		4.00% 1/1/42 (AGM)	340,000		381,460
	Chaska Electric Revenue
		(Generating Facilities)
		Series A 5.00% 10/1/28	350,000		392,658
		Series A 5.00% 10/1/30	1,150,000		1,290,162
	Minnesota Municipal Power Agency Electric Revenue
		4.00% 10/1/41	1,000,000		1,080,610
		5.00% 10/1/29	395,000		431,225
		5.00% 10/1/30	500,000		545,855
		5.00% 10/1/33	1,205,000		1,314,547
		5.00% 10/1/47	2,000,000		2,248,960
		Series A 5.00% 10/1/30	1,060,000		1,157,213
		Series A 5.00% 10/1/34	750,000		817,980
		Series A 5.00% 10/1/35	1,525,000		1,661,594

10

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/27	540,000	$	608,402
		5.00% 1/1/28	560,000		635,642
		5.00% 1/1/29	805,000		909,222
		5.00% 1/1/30	520,000		583,190
		5.00% 1/1/31	200,000		228,810
		5.00% 1/1/32	210,000		240,043
		5.00% 1/1/35	160,000		182,334
		5.00% 1/1/36	180,000		205,036
		5.00% 1/1/41	400,000		453,860
		Series A 5.00% 1/1/25	125,000		129,039
		Series A 5.00% 1/1/26	425,000		438,621
		Series A 5.00% 1/1/31	520,000		536,666
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	430,000		443,437
		Series AAA 5.25% 7/1/25 ‡	250,000		259,063
		Series CCC 5.25% 7/1/27 ‡	1,875,000		1,942,969
		Series WW 5.00% 7/1/28 ‡	1,775,000		1,830,469
		Series WW 5.25% 7/1/33 ‡	1,250,000		1,295,312
		Series XX 4.75% 7/1/26 ‡	260,000		267,150
		Series XX 5.25% 7/1/40 ‡	750,000		777,187
		Series XX 5.75% 7/1/36 ‡	925,000		965,469
		Series ZZ 4.75% 7/1/27 ‡	210,000		215,775
		Series ZZ 5.25% 7/1/24 ‡	350,000		362,688
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/42	1,395,000		1,587,510
		Series A 5.00% 12/1/47	2,265,000		2,557,819
	Southern Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/41	1,310,000		1,455,292
		Series A 5.00% 1/1/42	1,500,000		1,745,565
		Series A 5.00% 1/1/46	2,000,000		2,209,360
		Series A 5.00% 1/1/47	3,130,000		3,622,224
	Southern Minnesota Municipal Power Agency Revenue
		Capital Appreciation
		Series A 4.965% 1/1/25 (NATL) ^	5,000,000		4,774,700
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/30	1,235,000		1,346,792
		Series A 4.00% 10/1/31	885,000		961,721
		Series A 4.00% 10/1/33	365,000		394,656

11

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Western Minnesota Municipal Power Agency Supply
		Revenue
		(Red Rock Hydroelectric Project)
		Series A 5.00% 1/1/49	2,875,000	$	3,379,361
					48,867,648
Healthcare Revenue Bonds — 22.19%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	1,100,000		1,135,409
		5.375% 11/1/34	320,000		335,533
	Apple Valley Senior Housing Revenue
		(PHS Apple Valley Senior Housing, Inc. - Orchard Path
		Project)
		5.00% 9/1/43	465,000		480,033
		5.00% 9/1/58	3,220,000		3,292,450
		(PHS Apple Valley Senior Housing, Inc.- Orchard Path
		Phase II Project)
		4.00% 9/1/51	500,000		500,710
		4.00% 9/1/61	500,000		492,180
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		2nd Tier Series B 5.00% 1/1/47	1,640,000		1,188,213
		2nd Tier Series B 5.25% 1/1/37	480,000		397,397
		4th Tier Series D 7.00% 1/1/37	1,585,000		1,230,150
		4th Tier Series D 7.25% 1/1/52	2,580,000		1,878,936
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System – St. Peter Communities
		Project)
		Series A 5.50% 12/1/48	2,350,000		2,399,632
	Bethel Senior Housing Revenue
		(The Lodge at The Lakes at Stillwater Project)
		5.00% 6/1/38	450,000		458,739
		5.00% 6/1/48	1,000,000		1,010,060
		5.00% 6/1/53	2,450,000		2,470,972
	Center City Health Care Facilities Revenue
		(Hazelden Betty Ford Foundation Project)
		4.00% 11/1/34	500,000		551,975
		4.00% 11/1/41	800,000		871,544
		5.00% 11/1/26	500,000		543,190

12

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		5.00% 9/1/44	500,000	$	508,590
	Crookston Health Care Facilities Revenue
		(Riverview Health Project)
		5.00% 5/1/38	100,000		103,150
		5.00% 5/1/44	1,500,000		1,533,405
		5.00% 5/1/51	1,585,000		1,625,164
	Dakota County Community Development Agency Senior
		Housing Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/36 #	280,000		282,041
		Series A 144A 5.00% 8/1/46 #	2,380,000		2,394,899
	Deephaven Housing & Healthcare Revenue
		(St. Therese Senior Living Project)
		Series A 5.00% 4/1/38	730,000		732,249
		Series A 5.00% 4/1/40	705,000		706,586
		Series A 5.00% 4/1/48	315,000		315,050
	Duluth Economic Development Authority
		(Essentia Health Obligated Group)
		Series A 4.25% 2/15/43	2,000,000		2,216,760
		Series A 5.00% 2/15/48	2,850,000		3,278,868
		(St. Luke’s Hospital of Duluth Obligated Group)
		Series A 3.00% 6/15/44	850,000		824,933
		Series A 4.00% 6/15/34	215,000		240,862
		Series A 4.00% 6/15/36	990,000		1,103,489
		Series A 4.00% 6/15/37	380,000		421,876
		Series A 4.00% 6/15/38	150,000		167,306
		Series A 4.00% 6/15/39	150,000		166,839
		Unrefunded Balance 6.00% 6/15/39	3,490,000		3,535,859
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/24	500,000		500,915
		4.00% 4/1/25	660,000		661,102
		4.00% 4/1/31	60,000		60,063
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated Group)
		5.375% 8/1/34	660,000		645,071
		5.75% 2/1/44	500,000		493,230
		(St. John's Lutheran Home of Albert Lea Project)
		5.375% 10/1/44	575,000		567,933

13

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	2,000,000	$	2,177,060
		5.00% 5/1/27	1,400,000		1,625,932
		5.00% 5/1/29	1,000,000		1,156,050
		5.00% 5/1/30	850,000		979,931
		5.00% 5/1/31	500,000		575,100
		5.00% 5/1/32	500,000		574,345
		(North Memorial Health Care)
		5.00% 9/1/31	1,000,000		1,102,270
		5.00% 9/1/32	1,000,000		1,101,460
	Maple Plain Senior Housing & Health Care Revenue
		(Haven Homes Project)
		5.00% 7/1/54	3,500,000		3,590,230
	Minneapolis Health Care System Revenue
		(Allina Health System)
		4.00% 11/15/40	3,000,000		3,437,820
		(Fairview Health Services)
		Series A 4.00% 11/15/48	5,600,000		6,114,584
		Series A 5.00% 11/15/33	825,000		944,315
		Series A 5.00% 11/15/34	500,000		555,725
		Series A 5.00% 11/15/35	1,000,000		1,193,680
		Series A 5.00% 11/15/44	1,000,000		1,105,770
		Series A 5.00% 11/15/49	3,475,000		4,054,074
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.00% 11/1/35	500,000		503,335
		5.25% 11/1/45	1,950,000		1,963,845
		5.375% 11/1/50	455,000		458,508
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/28	1,550,000		1,808,385
	Rochester Health Care & Housing Revenue
		(The Homestead at Rochester Project)
		Series A 6.875% 12/1/48	2,980,000		3,114,219
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41	4,515,000		4,542,858
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.25% 9/1/27	1,280,000		1,287,795

14

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.30% 9/1/37	1,200,000	$	1,212,012
	Sauk Rapids Health Care Housing Facilities Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	1,350,000		1,332,666
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		4.00% 9/1/31	915,000		965,087
		5.00% 9/1/24	575,000		624,559
		5.00% 9/1/25	750,000		813,030
		5.00% 9/1/26	575,000		622,259
		5.00% 9/1/27	405,000		437,364
		5.00% 9/1/28	425,000		458,783
		5.00% 9/1/29	425,000		458,822
		5.00% 9/1/34	730,000		788,641
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		4.00% 5/1/49	5,315,000		5,819,393
		5.00% 5/1/48	5,090,000		5,981,055
		Series A 4.00% 5/1/37	965,000		1,040,550
		Series A 5.00% 5/1/46	3,715,000		4,162,918
	St. Paul Housing & Redevelopment Authority Health Care
		Facilities Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43	2,450,000		2,680,398
		Series A 5.00% 11/15/47	1,560,000		1,789,788
		(HealthPartners Obligated Group Project)
		Series A 5.00% 7/1/29	2,200,000		2,434,476
		Series A 5.00% 7/1/32	3,000,000		3,313,590
		Series A 5.00% 7/1/33	1,260,000		1,390,838
	St. Paul Housing & Redevelopment Authority Housing &
		Health Care Facilities Revenue
		(Episcopal Homes Project)
		5.125% 5/1/48	3,100,000		3,138,750
	St. Paul Housing & Redevelopment Authority Multifamily
		Housing Revenue
		(Marian Center Project)
		Series A 5.30% 11/1/30	500,000		500,285
		Series A 5.375% 5/1/43	500,000		500,055

15

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		3.75% 8/1/36	500,000	$	507,310
		4.00% 8/1/44	800,000		811,296
		5.00% 8/1/49	1,000,000		1,049,450
		5.00% 8/1/54	875,000		916,195
	West St. Paul Housing and Health Care Facilities
		Revenue
		(Walker Westwood Ridge Campus Project)
		4.50% 11/1/40	250,000		239,023
		4.75% 11/1/52	750,000		707,250
	Woodbury Housing & Redevelopment Authority Revenue
		(St. Therese of Woodbury)
		5.00% 12/1/34	500,000		512,855
		5.125% 12/1/44	1,605,000		1,638,015
					133,137,367
Housing Revenue Bonds — 0.51%
	Minnesota Housing Finance Agency
		Series I 2.00% 7/1/40	650,000		598,631
		Series I 2.20% 1/1/51	1,230,000		1,093,273
	Northwest Multi-County Housing & Redevelopment
		Authority
		(Pooled Housing Program)
		5.50% 7/1/45	1,330,000		1,349,178
					3,041,082
Lease Revenue Bonds — 2.05%
	Minnesota General Fund Revenue
		(Appropriations)
		Series A 5.00% 6/1/38	1,250,000		1,307,688
		Series A 5.00% 6/1/43	3,835,000		4,006,616
		Series B 5.00% 3/1/28	2,500,000		2,508,725
		Series B 5.00% 3/1/29	1,000,000		1,003,470
	Minnesota Housing Finance Agency
		(State Appropriation – Housing Infrastructure)
		Series C 5.00% 8/1/34	1,565,000		1,691,107
		Series C 5.00% 8/1/35	1,645,000		1,777,143
					12,294,749

16

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds — 13.64%
	Anoka-Hennepin Independent School District No. 11
		(Minnesota School District Credit Enhancement
		Program)
		Series A 3.00% 2/1/43	750,000	$	769,582
		Series A 4.00% 2/1/32	300,000		336,096
	Blooming Prairie Independent School District No. 756
		(School Building)
		Series A 3.00% 2/1/33	200,000		212,724
	Brainerd Independent School District No. 181
		(School Building)
		Series A 4.00% 2/1/38	1,500,000		1,642,545
		Series A 4.00% 2/1/43	3,500,000		3,806,915
	Burnsville-Eagan-Savage Independent School District No.
		191
		(Alternative Facilities)
		Series A 4.00% 2/1/28	920,000		987,684
		Series A 4.00% 2/1/29	1,800,000		1,930,824
	Chaska Independent School District No. 112
		(School Building)
		Series A 5.00% 2/1/27	1,905,000		2,164,175
	City of Marshall
		Series B 4.00% 4/1/28	275,000		313,374
		Series B 4.00% 4/1/29	285,000		329,488
	Duluth
		(DECC Improvement)
		Series A 5.00% 2/1/30	630,000		712,883
		Series A 5.00% 2/1/32	1,000,000		1,130,750
		Series A 5.00% 2/1/33	3,585,000		4,050,835
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	160,000		174,739
		Series A 4.00% 2/1/28	1,250,000		1,362,663
	Hennepin County
		Series A 5.00% 12/1/26	2,635,000		3,075,467
		Series A 5.00% 12/1/33	2,000,000		2,526,940
		Series A 5.00% 12/1/36	940,000		1,088,680
		Series A 5.00% 12/1/37	5,495,000		6,424,385
		Series A 5.00% 12/1/38	3,310,000		3,902,126
		Series B 5.00% 12/1/30	1,000,000		1,164,160
		Series C 5.00% 12/1/28	1,500,000		1,835,505
		Series C 5.00% 12/1/30	1,245,000		1,449,379
		Series C 5.00% 12/1/37	3,000,000		3,470,040

17

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Lakeville Independent School District No. 194
		Series B 4.00% 2/1/28	1,975,000	$	2,246,088
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/30	445,000		490,933
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	450,000		512,195
		Series A 4.00% 2/1/37	600,000		681,786
		Series A 4.00% 2/1/38	625,000		709,062
		Series A 5.00% 2/1/33	1,420,000		1,880,194
		Series B 4.00% 2/1/36	945,000		1,075,608
		Series B 4.00% 2/1/37	1,255,000		1,426,069
		Series B 4.00% 2/1/38	1,305,000		1,480,522
		Series D 5.00% 2/1/33	1,710,000		2,163,783
		Series D 5.00% 2/1/34	1,900,000		2,401,885
		(School Building)
		Series B 4.00% 2/1/37	1,000,000		1,149,850
	Mounds View Independent School District No. 621
		(Minnesota School District Credit Enhancement
		Program)
		Series A 4.00% 2/1/43	3,000,000		3,252,840
	Mountain Iron-Buhl Independent School District No. 712
		(School Building)
		Series A 4.00% 2/1/26	1,315,000		1,441,911
	St Paul Independent School District No. 625
		(School Building)
		Series D 4.00% 2/1/32	200,000		220,784
	St. Michael-Albertville Independent School District No.
		885
		(School Building)
		Series A 5.00% 2/1/27	1,865,000		2,126,380
	Virginia, Minnesota Sales Tax Revenue
		(General Obligation Sales Tax)
		Series A 4.00% 2/1/35 (AGM)	500,000		551,470
	Wayzata Independent School District No. 284
		Series A 5.00% 2/1/28	1,950,000		2,269,956
	White Bear Lake Independent School District No. 624
		Series A 3.00% 2/1/43	10,645,000		10,922,941
					81,866,216

18

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 3.33%
	Duluth Economic Development Authority
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32-22 §	3,750,000	$	3,798,263
		6.00% 6/15/39-22 §	80,000		81,199
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/23-22 §	350,000		358,613
		Series 7-Q 5.00% 10/1/24-22 §	475,000		486,690
		Series 7-Q 5.00% 10/1/27-22 §	200,000		204,922
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary's School)
		Series A 144A 5.00% 8/1/22 #	2,355,000		2,397,625
	Rochester Electric Utility Revenue
		Series B 5.00% 12/1/27-23 §	295,000		314,948
		Series B 5.00% 12/1/28-23 §	275,000		293,596
		Series B 5.00% 12/1/31-23 §	1,365,000		1,457,301
		Series B 5.00% 12/1/33-23 §	300,000		320,286
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/24-23 §	295,000		310,104
		5.00% 7/1/33-23 §	650,000		683,280
	St. Paul Housing & Redevelopment Authority Hospital
		Facility Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	910,000		1,027,545
		Series A 5.00% 11/15/30-25 §	670,000		756,544
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/34-24 §	4,000,000		4,277,680
		Series A 5.00% 1/1/46-24 §	3,000,000		3,208,260
					19,976,856
Special Tax Revenue Bonds – 4.62%
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/30	250,000		260,460
	Puerto Rico Infrastructure Financing Authority Revenue
		Series B 5.00% 7/1/41 ‡	5,000,000		2,593,750
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.557% 7/1/46 ^	22,980,000		7,465,282
		Series A-1 4.75% 7/1/53	11,719,000		12,960,511

19

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/30	655,000	$	712,863
		Series G 5.00% 11/1/31	1,500,000		1,632,090
	Virgin Islands Public Finance Authority
		(Matching Fund Senior Lien)
		5.00% 10/1/29 (AGM)	2,000,000		2,075,540
					27,700,496
State General Obligation Bonds – 13.81%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	485,000		494,094
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	2,530,000		2,495,187
		Unrefunded Balance Series A 5.125% 7/1/31 ‡	3,000,000		2,996,250
	Minnesota
		(State Trunk Highway)
		Series E 5.00% 10/1/26	3,395,000		3,938,234
		(Various Purposes)
		Series A 4.00% 9/1/39	1,480,000		1,734,989
		Series A 4.00% 9/1/40	1,410,000		1,649,897
		Series A 5.00% 8/1/27	7,590,000		8,511,122
		Series A 5.00% 8/1/29	3,200,000		3,583,808
		Series A 5.00% 8/1/30	13,480,000		15,965,938
		Series A 5.00% 9/1/31	3,500,000		4,512,585
		Series A 5.00% 8/1/32	3,875,000		4,206,506
		Series A 5.00% 8/1/33	2,075,000		2,501,247
		Series A 5.00% 10/1/33	3,000,000		3,543,510
		Series A 5.00% 8/1/35	5,975,000		7,265,986
		Series A 5.00% 8/1/38	5,335,000		6,498,472
		Series A 5.00% 8/1/40	1,750,000		2,174,288
		Series A Unrefunded Balance 4.00% 8/1/27	955,000		967,463
		Series D 5.00% 8/1/26	6,000,000		6,928,800
		Series D 5.00% 8/1/27	2,525,000		2,913,522
					82,881,898
Transportation Revenue Bonds – 4.63%
	Minneapolis – St. Paul Metropolitan Airports Commission
		Revenue
		(Senior)
		Series A 5.00% 1/1/32	1,245,000		1,429,721
		Series C 5.00% 1/1/29	410,000		472,943
		Series C 5.00% 1/1/33	850,000		976,233

20

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Minneapolis – St. Paul Metropolitan Airports Commission
		Revenue
		(Senior)
		Series C 5.00% 1/1/36	600,000	$	689,358
		Series C 5.00% 1/1/41	600,000		688,068
		Series C 5.00% 1/1/46	1,595,000		1,814,935
		(Subordinate)
		Series A 5.00% 1/1/35	1,000,000		1,060,780
		Series A 5.00% 1/1/44	3,000,000		3,522,300
		Series A 5.00% 1/1/49	5,000,000		5,835,200
		Series B 5.00% 1/1/44 (AMT)	3,595,000		4,171,063
		Series B 5.00% 1/1/49 (AMT)	6,150,000		7,105,956
					27,766,557
Water & Sewer Revenue Bonds – 2.81%
	Guam Government Waterworks Authority
		5.00% 7/1/40	1,930,000		2,180,437
	Metropolitan Council General Obligation Wastewater
		Revenue
		(Minneapolis-St. Paul Metropolitan Area)
		Series B 4.00% 9/1/27	2,400,000		2,438,712
		Series B 5.00% 9/1/25	2,000,000		2,042,160
		Series C 4.00% 3/1/31	3,120,000		3,470,875
		Series C 4.00% 3/1/32	3,225,000		3,584,394
		Series E 5.00% 9/1/23	2,000,000		2,042,160
	Minnesota Public Facilities Authority
		Series B 4.00% 3/1/26	1,000,000		1,104,030
					16,862,768
Total Municipal Bonds (cost $564,235,113)					579,663,340
Short-Term Investments – 2.56%
Variable Rate Demand Notes – 2.56%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.09% 11/15/48
		(LOC – Wells Fargo Bank N.A.)	8,290,000		8,290,000
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Revenue
		(Allina Health System)
		Series B-1 0.06% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	850,000		850,000

21

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Revenue
		(Allina Health System)
		Series B-2 0.06% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	6,205,000	$	6,205,000
Total Short-Term Investments (cost $15,345,000)					15,345,000
Total Value of Securities–99.17%
	(cost $579,580,113)			$	595,008,340

°	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, 2022, the aggregate value of Rule 144A securities was $14,920,083, which represents 2.49% of the Fund's net assets. See Note 6 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.
§	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 6 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

22

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 99.01%
Corporate Revenue Bond – 1.04%
	St. Paul Port Authority Solid Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	885,000	$	891,177
					891,177
Education Revenue Bonds – 15.69%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/32	425,000		448,426
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/34	485,000		501,757
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/29	305,000		320,872
	Duluth Housing & Redevelopment Authority Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/38	400,000		430,780
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy Project)
		Series A 5.50% 8/1/36	420,000		432,650
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/29	530,000		552,933
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/31	500,000		531,185
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		5.25% 8/1/39	525,000		549,544
	Minnesota Higher Education Facilities Authority Revenue
		(Bethel University)
		5.00% 5/1/32	750,000		819,525
		(Gustavus Adolphus College)
		5.00% 10/1/34	435,000		504,021
		5.00% 10/1/35	555,000		642,623
		(St. Catherine University)
		Series A 5.00% 10/1/35	565,000		656,683
		(St. John's University)
		Series 8-I 5.00% 10/1/31	130,000		144,732
		(St. Olaf College)
		3.00% 10/1/41	415,000		425,686
		4.00% 10/1/46	125,000		139,487

23

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		Series 8-G 5.00% 12/1/31	125,000	$	139,319
		Series 8-G 5.00% 12/1/32	125,000		139,223
		(University of St. Thomas)
		4.00% 10/1/36	300,000		336,822
		5.00% 10/1/34	350,000		422,632
		5.00% 10/1/35	750,000		904,245
		Series 7-U 4.00% 4/1/26	1,400,000		1,436,834
		Series A 5.00% 10/1/29	630,000		734,567
	St. Paul Housing & Redevelopment Authority Charter
		School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	340,000		349,476
		(Great River School Project)
		Series A 144A 5.25% 7/1/33 #	140,000		153,453
		(Hmong College Prep Academy Project)
		Series A 5.00% 9/1/40	1,000,000		1,129,020
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	260,000		278,041
	University of Minnesota
		(State Supported Biomedical Science Research
		Facilities Funding Program)
		Series A 5.00% 8/1/36	200,000		274,566
					13,399,102
Electric Revenue Bonds – 4.90%
	Chaska Electric Revenue
		Series A 5.00% 10/1/28	250,000		280,470
	Minnesota Municipal Power Agency Electric Revenue
		Series A 5.00% 10/1/29	500,000		545,855
		Series A 5.00% 10/1/30	240,000		262,010
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/29	150,000		168,288
		5.00% 1/1/30	235,000		269,439
		5.00% 1/1/31	350,000		392,396
		Series A 5.00% 1/1/25	200,000		206,462
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/28	300,000		348,648
		Series A 5.00% 12/1/29	500,000		579,585
		Series A 5.00% 12/1/31	575,000		665,948

24

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/30	425,000	$	463,471
					4,182,572
Healthcare Revenue Bonds – 21.43%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.375% 11/1/34	270,000		283,106
	Apple Valley Senior Living Revenue
		(PHS Apple Valley Senior Housing, Inc.- Orchard Path
		Phase II Project)
		4.00% 9/1/61	370,000		364,213
		(Senior Living LLC Project)
		3rd Tier Series C 4.25% 1/1/27	475,000		394,744
		3rd Tier Series C 5.00% 1/1/32	400,000		298,264
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System - St. Peter Communities
		Project)
		Series A 5.50% 12/1/48	250,000		255,280
	Bethel Senior Housing Revenue
		(The Lodge at the Lakes at Stillwater Project)
		5.00% 6/1/38	250,000		254,855
	Center City Health Care Facilities Revenue
		(Hazelden Betty Ford Foundation Project)
		5.00% 11/1/24	600,000		654,234
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		4.00% 9/1/34	100,000		97,690
		4.00% 9/1/39	100,000		93,528
	Crookston Health Care Facilities Revenue
		(RiverView Health Project)
		5.00% 5/1/38	400,000		412,600
	Dakota County Community Development Agency Senior
		Housing Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/36 #	480,000		483,499
	Duluth Economic Development Authority
		(Essentia Health Obligated Group)
		Series A 5.00% 2/15/37	750,000		875,783
		Series A 5.00% 2/15/48	390,000		448,687
		(St. Luke’s Hospital of Duluth Obligated Group)
		Series A 4.00% 6/15/33	380,000		427,177

25

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/26	270,000	$	270,435
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated Group)
		4.25% 8/1/24	273,334		268,898
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	500,000		544,265
		5.00% 5/1/28	1,000,000		1,159,800
		(North Memorial Health Care)
		5.00% 9/1/31	320,000		352,726
	Minneapolis Health Care System Revenue
		(Allina Health System)
		4.00% 11/15/40	500,000		572,970
		(Fairview Health Services)
		Series A 5.00% 11/15/33	500,000		555,725
		Series A 5.00% 11/15/34	500,000		555,725
		Series A 5.00% 11/15/35	500,000		596,840
		Series A 5.00% 11/15/49	1,000,000		1,166,640
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.00% 11/1/35	530,000		533,535
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/27	1,205,000		1,405,873
	Sauk Rapids Health Care Housing Facilities Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	575,000		567,617
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		5.00% 5/1/48	810,000		951,799
	St. Paul Housing & Redevelopment Authority Health Care
		Facilities Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/47	275,000		315,507
		(HealthPartners Obligated Group Project)
		Series A 5.00% 7/1/32	1,000,000		1,104,530
		Series A 5.00% 7/1/33	200,000		220,768

26

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority Housing &
		Health Care Facilities Revenue
		(Episcopal Homes Project)
		5.00% 5/1/33	500,000	$	508,110
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		5.00% 8/1/34	125,000		132,378
		5.00% 8/1/35	150,000		158,745
	West St. Paul, Housing and Health Care Facilities
		Revenue
		(Walker Westwood Ridge Campus Project)
		5.00% 11/1/37	500,000		504,460
	Woodbury Housing & Redevelopment Authority Revenue
		(St. Therese of Woodbury)
		5.00% 12/1/34	500,000		512,855
					18,303,861
Housing Revenue Bonds – 0.64%
	Minnesota Housing Finance Agency Residential Housing
		Finance
		Series I 2.00% 7/1/40	280,000		257,871
	Northwest Multi-County Housing & Redevelopment
		Authority
		(Pooled Housing Program)
		5.50% 7/1/45	285,000		289,110
					546,981
Lease Revenue Bonds – 4.27%
	Minnesota General Fund Revenue
		(Appropriations)
		Series A 5.00% 6/1/38	1,100,000		1,150,765
		Series A 5.00% 6/1/43	715,000		746,996
		Series B 5.00% 3/1/27	1,000,000		1,003,500
	Minnesota Housing Finance Agency
		(State Appropriation Housing Infrastructure)
		Series A 4.00% 8/1/33	655,000		744,100
					3,645,361
Local General Obligation Bonds – 19.77%
	Bloomington Independent School District No. 271
		(School District Credit Enhancement Program)
		Series A 2.00% 2/1/27	585,000		598,759

27

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Chaska Independent School District No. 112
		(School Building)
		Series A 5.00% 2/1/28	1,000,000	$	1,134,420
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/28	250,000		272,533
	Hennepin County
		Series A 5.00% 12/1/36	1,500,000		1,737,255
		Series A 5.00% 12/1/38	1,055,000		1,243,729
		Series C 5.00% 12/1/30	1,500,000		1,746,240
	Hennepin County Regional Railroad Authority
		Series D 5.00% 12/1/26	500,000		582,580
		Series D 5.00% 12/1/30	2,365,000		3,005,419
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	220,000		250,406
		Series B 4.00% 2/1/36	465,000		529,268
		Series B 4.00% 2/1/37	600,000		689,910
		Series B 5.00% 2/1/40	500,000		625,980
		Series D 5.00% 2/1/34	250,000		316,037
	St. Michael-Albertville Independent School District No.
		885
		(School Building)
		Series A 5.00% 2/1/27	500,000		570,075
	Virginia, Minnesota
		(General Obligation Sales Tax Revenue)
		Series A 4.00% 2/1/38 (AGM)	1,000,000		1,098,490
	White Bear Lake Independent School District No. 624
		Series A 3.00% 2/1/43	2,420,000		2,483,186
					16,884,287
Pre-Refunded/Escrowed to Maturity Bonds – 3.73%
	Duluth Economic Development Authority
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32-22 §	750,000		759,653
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/22	425,000		435,459
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary's School)
		Series A 144A 5.00% 8/1/22 #	325,000		330,883

28

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	St. Paul Housing & Redevelopment Authority Hospital
		Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	165,000	$	186,313
		Series A 5.00% 11/15/30-25 §	120,000		135,500
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/33-24 §	1,250,000		1,336,775
					3,184,583
Special Tax Revenue Bonds – 3.26%
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/27	150,000		158,550
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	830,000		919,482
		Series A-1 4.579% 7/1/46 ^	740,000		240,396
		Series A-1 4.75% 7/1/53	955,000		1,056,173
		Series A-2 4.536% 7/1/53	378,000		413,400
					2,788,001
State General Obligation Bonds – 18.20%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	180,000		183,375
		(Public Improvement)
		Series A Unrefunded Balance 5.125% 7/1/31 ‡	1,550,000		1,548,062
		Series B 5.75% 7/1/38 ‡	345,000		340,253
	Minnesota
		Series A 5.00% 8/1/30	2,000,000		2,469,980
		Series A 5.00% 8/1/33	285,000		343,545
		Series A 5.00% 8/1/34	1,000,000		1,204,470
		Series A 5.00% 8/1/35	2,000,000		2,455,720
		Series A 5.00% 8/1/40	750,000		931,837
		Series D 5.00% 8/1/26	2,500,000		2,887,000
		Series D 5.00% 8/1/27	1,500,000		1,730,805
		Series E 5.00% 10/1/26	500,000		580,005
	Minnesota State
		Series A 5.00% 8/1/30	450,000		543,735
		Series A 5.00% 9/1/31	250,000		322,328
					15,541,115

29

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 3.82%
	Minneapolis – St. Paul Metropolitan Airports Commission
		Revenue
		(Subordinate)
		Series B 5.00% 1/1/44 (AMT)	1,600,000	$	1,856,384
	St. Paul Housing & Redevelopment Authority
		(Parking Enterprise)
		Series A 4.00% 8/1/26	450,000		470,443
		Series A 4.00% 8/1/27	545,000		567,765
		Series A 4.00% 8/1/28	350,000		363,346
					3,257,938
Water & Sewer Revenue Bonds – 2.26%
	Guam Government Waterworks Authority Water &
		Wastewater System Revenue
		5.00% 7/1/37	575,000		651,596
	Metropolitan Council General Obligation Wastewater
		Revenue (Minneapolis – St. Paul Metropolitan Area)
		Series C 4.00% 3/1/31	565,000		628,540
		Series C 4.00% 3/1/32	585,000		650,192
					1,930,328
Total Municipal Bonds (cost $83,275,148)					84,555,306
Short-Term Investments – 0.29%
Variable Rate Demand Note – 0.29%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.09% 11/15/48
		(LOC – Wells Fargo Bank N.A.)	250,000		250,000
Total Short-Term Investments (cost $250,000)					250,000
Total Value of Securities–99.30%
	(cost $83,525,148)			$	84,805,306

°	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, 2022, the aggregate value of Rule 144A securities was $2,042,387, which represents 2.39% of the Fund's net assets. See Note 6 in “Notes to financial statements.”
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

30

‡

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

¤

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, 2022.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar

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

31

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.20%
Corporate Revenue Bonds – 1.80%
	Cottonwood
		(Extreme Holdings LLC Project)
		Series A 144A 5.00% 12/1/50 (AMT) #	1,210,000	$	1,132,947
	St. Paul Port Authority Solid Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	2,975,000		2,995,766
					4,128,713
Education Revenue Bonds – 24.28%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/37	850,000		892,407
		Series A 4.25% 7/1/47	750,000		785,655
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/39	1,270,000		1,306,259
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/34	250,000		261,047
		Series A 5.00% 7/1/45	230,000		238,062
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/50	1,000,000		1,081,270
	Duluth Housing & Redevelopment Authority Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/48	1,000,000		1,064,910
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy)
		Series A 5.375% 8/1/50	660,000		729,392
		Series A 5.75% 8/1/44	585,000		603,071
	Ham Lake Charter School Lease Revenue
		(Davinci Academy Project)
		Series A 5.00% 7/1/36	235,000		249,713
		Series A 5.00% 7/1/47	710,000		748,177
		(Parnassus Preparatory School Project)
		Series A 5.00% 11/1/47	650,000		697,372
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34	165,000		171,121
		Series A 5.00% 7/1/44	495,000		508,771

32

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/36	1,000,000	$	1,053,300
		Series A 5.00% 7/1/47	800,000		838,032
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		144A 4.75% 8/1/43 #	750,000		780,225
		144A 5.00% 8/1/53 #	570,000		596,294
		5.25% 8/1/39	800,000		837,400
	Minnesota Higher Education Facilities Authority Revenue
		(Bethel University)
		5.00% 5/1/32	1,150,000		1,256,605
		5.00% 5/1/47	2,750,000		2,947,202
		(Carleton College)
		4.00% 3/1/37	635,000		693,604
		(Gustavus Adolphus College)
		5.00% 10/1/47	1,000,000		1,141,860
		(Macalester College)
		3.00% 3/1/40	365,000		375,403
		3.00% 3/1/43	325,000		330,873
		4.00% 3/1/31	125,000		146,681
		4.00% 3/1/32	155,000		179,780
		4.00% 3/1/33	150,000		173,522
		4.00% 3/1/34	150,000		173,084
		4.00% 3/1/35	125,000		143,730
		4.00% 3/1/36	125,000		143,591
		4.00% 3/1/37	100,000		114,730
		(Minneapolis College of Art & Design)
		4.00% 5/1/24	250,000		254,503
		4.00% 5/1/25	200,000		203,360
		4.00% 5/1/26	100,000		101,558
		(St. Catherine University)
		Series A 4.00% 10/1/37	580,000		629,636
		Series A 5.00% 10/1/32	715,000		833,969
		Series A 5.00% 10/1/45	670,000		766,942
		(St. John's University)
		Series 8-I 5.00% 10/1/34	215,000		239,129
		(St. Olaf College)
		3.00% 10/1/41	530,000		543,648
		4.00% 10/1/50	935,000		1,040,262
		Series 8-G 5.00% 12/1/31	205,000		228,483

33

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		Series 8-G 5.00% 12/1/32	205,000	$	228,325
		Series 8-N 4.00% 10/1/34	800,000		869,224
		Series 8-N 4.00% 10/1/35	590,000		640,781
		(Trustees of the Hamline University of Minnesota)
		Series B 5.00% 10/1/37	300,000		322,863
		Series B 5.00% 10/1/39	770,000		826,926
		(University of St. Thomas)
		4.00% 10/1/37	500,000		561,125
		4.00% 10/1/41	1,000,000		1,114,520
		4.00% 10/1/44	950,000		1,052,980
		Series A 4.00% 10/1/35	400,000		439,908
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/44	1,435,000		1,468,091
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	750,000		655,065
	St. Paul Housing & Redevelopment Authority Charter
		School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,750,000		1,798,772
		(Great River School Project)
		Series A 144A 4.75% 7/1/29 #	100,000		106,096
		Series A 144A 5.50% 7/1/52 #	265,000		287,069
		(Hmong College Preparatory Academy Project)
		Series A 5.00% 9/1/40	215,000		242,739
		Series A 5.00% 9/1/43	250,000		280,283
		Series A 5.00% 9/1/55	1,000,000		1,109,430
		Series A 5.75% 9/1/46	500,000		554,115
		Series A 6.00% 9/1/51	3,500,000		3,907,435
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	1,270,000		1,312,240
		Series A 4.125% 9/1/47	1,250,000		1,281,713
		(Twin Cities Academy Project)
		Series A 5.375% 7/1/50	1,500,000		1,605,150
	University of Minnesota
		Series A 5.00% 4/1/34	2,115,000		2,395,745
		Series A 5.00% 11/1/39	2,000,000		2,498,660
		Series A 5.00% 9/1/40	900,000		1,053,594

34

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	University of Minnesota
		Series A 5.00% 9/1/41	620,000	$	725,090
		(State Supported Biomedical Science Research
		Facilities Funding Program)
		Series A 5.00% 8/1/36	300,000		411,849
	Woodbury Charter School Lease Revenue
		(MSA Building Company)
		Series A 4.00% 12/1/50	450,000		475,520
		(Woodbury Leadership Academy Project)
		Series A 4.00% 7/1/51	660,000		682,321
		Series A 4.00% 7/1/56	575,000		592,146
					55,604,408
Electric Revenue Bonds – 4.59%
	Hutchinson Utilities Commission Revenue
		Series A 5.00% 12/1/22	490,000		505,205
		Series A 5.00% 12/1/26	360,000		370,868
	Minnesota Municipal Power Agency Electric Revenue
		5.00% 10/1/27	165,000		180,132
		5.00% 10/1/28	500,000		545,855
		5.00% 10/1/47	745,000		837,738
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/26	500,000		564,330
		5.00% 1/1/28	500,000		562,145
		5.00% 1/1/29	470,000		527,302
		5.00% 1/1/33	225,000		256,966
		5.00% 1/1/34	200,000		228,116
		Series A 5.00% 1/1/24	335,000		345,409
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	165,000		170,156
		Series AAA 5.25% 7/1/25 ‡	95,000		98,444
		Series CCC 5.25% 7/1/27 ‡	650,000		673,562
		Series WW 5.00% 7/1/28 ‡	585,000		603,281
		Series XX 4.75% 7/1/26 ‡	105,000		107,888
		Series XX 5.25% 7/1/40 ‡	295,000		305,694
		Series XX 5.75% 7/1/36 ‡	370,000		386,187
		Series ZZ 4.75% 7/1/27 ‡	85,000		87,338
		Series ZZ 5.25% 7/1/24 ‡	130,000		134,712
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/34	450,000		520,060
		Series A 5.00% 12/1/35	500,000		577,100

35

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/36	520,000	$	599,160
	Southern Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/41	400,000		444,364
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/32	800,000		867,168
					10,499,180
Healthcare Revenue Bonds – 30.03%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	400,000		412,876
	Apple Valley Senior Housing Revenue
		(PHS Senior Housing, Inc. Orchard Path Project)
		4.50% 9/1/53	840,000		860,051
		5.00% 9/1/43	535,000		552,297
		5.00% 9/1/58	1,175,000		1,201,437
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		2nd Tier Series B 5.00% 1/1/47	535,000		387,618
		4th Tier Series D 7.00% 1/1/37	490,000		380,299
		4th Tier Series D 7.25% 1/1/52	1,495,000		1,088,764
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System - St. Peter Communities
		Project)
		Series A 5.50% 12/1/48	1,280,000		1,307,034
	Bethel Senior Housing Revenue
		(The Lodge at the Lakes at Stillwater Project)
		5.25% 6/1/58	1,475,000		1,496,387
	Brooklyn Center Multifamily Housing Revenue
		(Sanctuary at Brooklyn Center Project)
		Series A 5.50% 11/1/35	645,000		468,199
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		4.00% 9/1/39	250,000		233,820
		5.00% 9/1/52	1,500,000		1,513,230
	City of West St. Paul Minnesota
		(Walker Westwood Ridge Campus Project)
		5.00% 11/1/49	1,500,000		1,479,975
	Crookston Health Care Facilities Revenue
		(Riverview Health Project)
		5.00% 5/1/51	1,025,000		1,050,974

36

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Dakota County Community Development Agency Senior
		Housing Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/51 #	870,000	$	875,264
	Deephaven Housing & Healthcare Revenue
		(St. Therese Senior Living Project)
		Series A 5.00% 4/1/38	335,000		336,032
		Series A 5.00% 4/1/40	315,000		315,709
		Series A 5.00% 4/1/48	185,000		185,029
	Duluth Economic Development Authority
		(Benedictine Health System)
		Series A 4.00% 7/1/41	930,000		954,952
		(Essentia Health Obligated Group)
		Series A 4.25% 2/15/43	2,500,000		2,770,950
		Series A 5.00% 2/15/48	1,590,000		1,829,263
		(St. Luke’s Hospital of Duluth Obligated Group)
		Series A 4.00% 6/15/38	400,000		443,096
		Series A 4.00% 6/15/39	250,000		276,335
		Unrefunded Balance 6.00% 6/15/39	975,000		987,812
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/31	185,000		185,192
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated Group)
		5.375% 8/1/34	750,000		733,035
		(St. John's Lutheran Home of Albert Lea Project)
		5.375% 10/1/44	165,000		162,972
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	1,155,000		1,257,252
		5.00% 5/1/26	1,300,000		1,475,136
		5.00% 5/1/29	500,000		578,025
		(North Memorial Health Care)
		5.00% 9/1/30	610,000		673,312
	Maple Plain Senior Housing & Health Care Revenue
		(Haven Homes Incorporate Project)
		5.00% 7/1/49	1,000,000		1,030,560
	Minneapolis Health Care System Revenue
		(Allina Health System)
		4.00% 11/15/39	1,000,000		1,148,070
		(Fairview Health Services)
		Series A 4.00% 11/15/48	1,000,000		1,091,890

37

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/33	1,200,000	$	1,333,740
		Series A 5.00% 11/15/34	500,000		555,725
		Series A 5.00% 11/15/44	1,000,000		1,105,770
		Series A 5.00% 11/15/49	1,450,000		1,691,628
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.375% 11/1/50	1,700,000		1,713,107
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/29	415,000		483,732
	Morris Health Care Facilities Revenue
		(Farmington Health Services)
		4.10% 8/1/44	500,000		493,595
		4.20% 8/1/49	1,500,000		1,446,390
	Rochester Health Care & Housing Revenue
		(The Homestead at Rochester Project)
		Series A 5.25% 12/1/23	175,000		180,738
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41	1,790,000		1,801,044
	Rochester, Minnesota
		(The Homestead at Rochester Project)
		Series A 6.875% 12/1/48	950,000		992,788
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.25% 9/1/22	1,080,000		1,089,385
	Sauk Rapids Health Care Housing Facilities Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	825,000		814,407
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		4.00% 9/1/31	130,000		137,116
		5.00% 9/1/34	105,000		113,435
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		4.00% 5/1/49	250,000		273,725
		5.00% 5/1/48	3,900,000		4,582,734
		Series A 4.00% 5/1/37	1,440,000		1,552,738
		Series A 5.00% 5/1/46	2,000,000		2,241,140

38

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Joseph Senior Housing & Healthcare Revenue
		(Woodcrest Country Manor Project)
		5.00% 7/1/55	1,000,000	$	966,880
	St. Paul Housing & Redevelopment Authority Health Care
		Facilities Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43	645,000		705,656
		Series A 5.00% 11/15/47	485,000		556,440
		(HealthPartners Obligated Group Project)
		Series A 4.00% 7/1/33	1,320,000		1,403,556
		Series A 5.00% 7/1/29	1,000,000		1,106,580
		Series A 5.00% 7/1/32	900,000		994,077
		Series A 5.00% 7/1/33	1,540,000		1,699,914
	St. Paul Housing & Redevelopment Authority Housing &
		Health Care Facilities Revenue
		(Episcopal Homes Obligated Group)
		Series A 4.00% 11/1/42	700,000		667,709
		(Episcopal Homes Project)
		5.125% 5/1/48	1,700,000		1,721,250
	St. Paul Housing & Redevelopment Authority Multifamily
		Housing Revenue
		(Marian Center Project)
		Series A 5.375% 5/1/43	1,000,000		1,000,110
	St. Paul Housing & Redevelopment Authority Revenue
		(Amherst H. Wilder Foundation Project)
		Series A 5.00% 12/1/36	1,000,000		1,169,590
	Victoria Health Care Facilities Revenue
		(Augustana Emerald Care Project)
		5.00% 8/1/39	1,500,000		1,499,970
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		3.75% 8/1/37	500,000		506,695
		4.00% 8/1/38	500,000		511,155
		4.00% 8/1/39	400,000		408,268
		4.00% 8/1/44	700,000		709,884
		5.00% 8/1/54	750,000		785,310
					68,758,828
Housing Revenue Bonds – 1.64%
	Bethel Senior Housing Revenue
		(Birchwood Landing at the Lakes at Stillwater Project)
		5.00% 5/1/54	1,000,000		1,026,950

39

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Minnesota Housing Finance Agency
		Series I 2.20% 1/1/51	650,000	$	577,746
		(State Appropriation - Housing Infrastructure)
		Series C 5.00% 8/1/33	100,000		108,108
	Northwest Multi-County Housing & Redevelopment
		Authority
		(Pooled Housing Program)
		5.50% 7/1/45	1,275,000		1,293,386
	Stillwater Multifamily Housing Revenue
		(Orleans Homes Project)
		5.50% 2/1/42 (AMT)	750,000		750,660
					3,756,850
Lease Revenue Bonds – 2.39%
	Minnesota General Fund Revenue Appropriations
		Series A 5.00% 6/1/38	1,750,000		1,830,762
		Series A 5.00% 6/1/43	1,000,000		1,044,750
	Minnesota Housing Finance Agency
		(State Appropriation - Housing Infrastructure)
		Series C 5.00% 8/1/32	1,415,000		1,529,728
		Series D 5.00% 8/1/31	830,000		1,060,093
					5,465,333
Local General Obligation Bonds – 7.70%
	Anoka-Hennepin Independent School District No. 11
		Series A 3.00% 2/1/43	500,000		513,055
	Duluth General Obligation Entertainment Convention
		Center Improvement
		Series A 5.00% 2/1/34	1,000,000		1,128,720
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	440,000		480,533
		Series A 4.20% 3/1/34	750,000		770,062
	Hennepin County
		Series A 5.00% 12/1/33	1,560,000		1,971,013
		Series A 5.00% 12/1/37	910,000		1,074,428
		Series C 5.00% 12/1/37	2,500,000		2,891,700
	Lakeville Independent School District No. 194
		Series B 4.00% 2/1/29	1,625,000		1,871,984
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/28	1,000,000		1,104,430
		Series A 5.00% 2/1/29	1,000,000		1,103,220
		Series A 5.00% 2/1/31	1,000,000		1,102,920

40

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	160,000	$	182,114
		Series A 4.00% 2/1/37	215,000		244,307
		Series A 4.00% 2/1/38	220,000		249,590
		Series B 4.00% 2/1/36	335,000		381,300
		Series B 4.00% 2/1/37	445,000		505,658
		Series B 4.00% 2/1/38	465,000		527,542
		Series B 5.00% 2/1/40	620,000		776,215
	Wayzata Independent School District No. 284
		(School Building)
		Series A 5.00% 2/1/28	650,000		756,652
					17,635,443
Pre-Refunded/Escrowed to Maturity Bonds – 4.41%
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/43-23 §	500,000		528,550
	Duluth Economic Development Authority
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32-22 §	2,000,000		2,025,740
		6.00% 6/15/39-22 §	25,000		25,375
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/25-22 §	325,000		332,998
		Series 7-Q 5.00% 10/1/26-22 §	280,000		286,891
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary's School)
		Series A 144A 5.00% 8/1/22 #	1,520,000		1,547,512
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/22	350,000		354,928
		5.00% 7/1/27-23 §	245,000		257,544
		5.00% 7/1/28-23 §	225,000		236,520
	St. Paul Housing & Redevelopment Authority Hospital
		Facility Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	275,000		310,521
		Series A 5.00% 11/15/30-25 §	205,000		231,480
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/30-24 §	500,000		534,710
		Series A 5.00% 1/1/33-24 §	750,000		802,065
		Series A 5.00% 1/1/34-24 §	450,000		481,239

41

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/40-24 §	2,000,000	$	2,138,840
					10,094,913
Special Tax Revenue Bonds – 4.72%
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/31	250,000		259,853
	Minneapolis Tax Increment Revenue
		(Grant Park Project)
		4.00% 3/1/27	200,000		202,640
		4.00% 3/1/30	260,000		262,691
		(Village of St. Anthony Falls Project)
		4.00% 3/1/24	700,000		710,864
		4.00% 3/1/27	650,000		658,573
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.562% 7/1/46 ^	5,030,000		1,634,046
		Series A-1 4.75% 7/1/53	3,155,000		3,489,240
		Series A-1 5.00% 7/1/58	275,000		308,399
		Series A-2 4.536% 7/1/53	3,000,000		3,280,950
					10,807,256
State General Obligation Bonds – 11.82%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	470,000		478,813
		Series PIB 2006A CPI Linked 144A 0.01% 6/1/22 #, •	2,350,000		2,332,375
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	920,000		907,341
		Unrefunded Balance
		5.125% 7/1/31 ‡	4,450,000		4,444,437
	Minnesota
		Series A 5.00% 8/1/27	750,000		841,020
		Series A 5.00% 8/1/29	1,000,000		1,119,940
		Series A 5.00% 8/1/30	1,250,000		1,510,375
		Series A 5.00% 8/1/33	660,000		795,577
		Series A 5.00% 8/1/34	2,185,000		2,631,767
		Series A 5.00% 8/1/35	1,000,000		1,227,860
		Series D 5.00% 8/1/26	1,000,000		1,154,800
		Series D 5.00% 8/1/27	1,000,000		1,153,870
		Series E 5.00% 10/1/26	1,085,000		1,258,611

42

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Minnesota
		(Various Purposes)
		Series A 4.00% 9/1/39	690,000	$	808,880
		Series A 4.00% 9/1/40	530,000		620,174
		Series A 5.00% 8/1/32	1,915,000		2,078,828
		Series A 5.00% 8/1/38	1,000,000		1,201,480
		Series A 5.00% 8/1/38	2,000,000		2,496,940
					27,063,088
Transportation Revenue Bonds – 3.87%
	Minneapolis – St. Paul Metropolitan Airports Commission
		Revenue
		(Senior)
		Series C 5.00% 1/1/46	185,000		210,510
		(Subordinate)
		Series A 5.00% 1/1/32	500,000		531,700
		Series A 5.00% 1/1/49	1,500,000		1,750,560
		Series B 5.00% 1/1/44 (AMT)	4,000,000		4,640,960
		Series B 5.00% 1/1/49 (AMT)	1,500,000		1,733,160
					8,866,890
Water & Sewer Revenue Bonds – 0.95%
	Metropolitan Council General Obligation Wastewater
		Revenue (Minneapolis – St. Paul Metropolitan Area)
		Series C 4.00% 3/1/31	965,000		1,073,524
		Series C 4.00% 3/1/32	1,000,000		1,111,440
					2,184,964
Total Municipal Bonds (cost $220,266,733)					224,865,866
Short-Term Investments – 0.71%
Variable Rate Demand Notes – 0.71%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.09% 11/15/48
		(LOC – Wells Fargo Bank N.A.)	1,120,000		1,120,000

43

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

		Principal
		amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Minneapolis – St. Paul Housing & Redevelopment
	Authority Health Care Revenue
	(Allina Health System) Series B-1A 0.06% 11/15/35
	(LOC – JPMorgan Chase Bank N.A.)	500,000	$	500,000
Total Short-Term Investments (cost $1,620,000)				1,620,000
Total Value of Securities—98.91%
	(cost $221,886,733)		$	226,485,866

°	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, 2022, the aggregate value of Rule 144A securities was $11,132,361, which represents 4.86% of the Fund's net assets. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	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 6 in “Notes to financial statements.”
^	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, 2022. 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.
¤	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, 2022.

Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
CPI – Consumer Price Index
ICE – Intercontinental Exchange, Inc.

44

Summary of abbreviations: (continued)
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
USD – US Dollar

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

45

Statements of assets and liabilities February 28, 2022 (Unaudited)

						Delaware
						Minnesota
				Delaware Tax-Free		High-Yield
		Delaware Tax-Free		Minnesota		Municipal Bond
		Minnesota Fund		Intermediate Fund		Fund
Assets:
	Investments, at value*	$	595,008,340	$	84,805,306	$	226,485,866
	Cash		316,709		4,262		1,111,102
	Interest receivable		5,942,665		790,056		2,396,338
	Receivable for fund shares sold		1,108,441		115,457		204,283
	Other assets		4,099		605		1,585
	Total Assets		602,380,254		85,715,686		230,199,174
Liabilities:
	Payable for securities purchased		898,473		—		744,865
	Payable for fund shares redeemed		869,542		207,284		268,959
	Investment management fees
	payable to affiliates		204,405		17,943		73,951
	Distribution payable		173,008		11,243		10,360
	Distribution fees payable to affiliates		79,688		13,784		31,340
	Dividend disbursing and transfer
	agent fees and expenses payable
	to non-affiliates		41,652		7,322		17,242
	Accounting and administration
	expenses payable to non-affiliates		40,074		17,975		24,191
	Other accrued expenses		37,565		12,061		26,022
	Audit and tax fees payable		20,313		20,313		20,313
	Dividend disbursing and transfer
	agent fees and expenses payable
	to affiliates		4,135		599		1,594
	Accounting and administration
	expenses payable to affiliates		1,725		512		854
	Trustees’ fees and expenses
	payable to affiliates		1,527		225		596
	Legal fees payable to affiliates		1,057		135		356
	Reports and statements to
	shareholders expenses payable to
	affiliates		434		62		166
	Reports and statements to
	shareholders expenses payable to
	non-affiliates		78		4,736		2,239
	Total Liabilities		2,373,676		314,194		1,223,048
Total Net Assets		$	600,006,578	$	85,401,492	$	228,976,126

46

								Delaware
								Minnesota
					Delaware Tax-Free			High-Yield
		Delaware Tax-Free			Minnesota			Municipal Bond
		Minnesota Fund			Intermediate Fund			Fund
Net Assets Consist of:
	Paid-in capital	$	585,451,670		$	84,289,790		$	225,293,930
	Total distributable earnings (loss)		14,554,908			1,111,702			3,682,196
Total Net Assets		$	600,006,578		$	85,401,492		$	228,976,126
Net Asset Value
Class A:
Net assets		$	351,951,755		$	60,397,087		$	108,934,091
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		28,695,106			5,589,985			9,960,553
Net asset value per share		$	12.27		$	10.80		$	10.94
Sales charge			4.50	%		2.75	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.85		$	11.11		$	11.46
Class C:
Net assets		$	15,538,898		$	2,681,370		$	13,381,630
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		1,262,705			247,664			1,221,190
Net asset value per share		$	12.31		$	10.83		$	10.96
Institutional Class:
Net assets		$	232,515,925		$	22,323,035		$	106,660,405
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		18,961,611			2,065,355			9,755,657
Net asset value per share		$	12.26		$	10.81		$	10.93
____________________
*Investments, at cost		$	579,580,113		$	83,525,148		$	221,886,733

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

47

Statements of operations Six months ended February 28, 2022 (Unaudited)

					Delaware Tax-Free			Delaware Minnesota
		Delaware Tax-Free			Minnesota			High-Yield Municipal
		Minnesota Fund			Intermediate Fund			Bond Fund
Investment Income:
	Interest	$	8,704,176		$	1,165,831		$	3,668,946
Expenses:
	Management fees		1,617,318			220,269			631,859
	Distribution expenses — Class A		452,314			77,425			138,487
	Distribution expenses — Class C		81,239			14,256			68,967
	Dividend disbursing and transfer
	agent fees and expenses		187,498			30,817			86,316
	Accounting and administration
	expenses		70,060			26,967			38,954
	Reports and statements to
	shareholders expenses		27,436			6,502			11,915
	Registration fees		27,097			7,875			7,217
	Legal fees		21,004			3,209			7,897
	Audit and tax fees		20,313			20,313			20,313
	Custodian fees		9,274			1,418			3,452
	Trustees’ fees and expenses		7,751			1,154			3,010
	Other		30,950			12,790			20,083
			2,552,254			422,995			1,038,470
	Less expenses waived		(226,401	)		(84,488	)		(99,671	)
	Less waived distribution
	expenses — Class A		—			(20,509	)		—
	Less expenses paid indirectly		(90	)		(15	)		(41	)
	Total operating expenses		2,325,763			317,983			938,758
Net Investment Income			6,378,413			847,848			2,730,188
Net Realized and Unrealized Loss:
	Net realized loss on investments		(425,259	)		(8,101	)		(242,322	)
	Net change in unrealized
	appreciation (depreciation) of
	investments		(20,676,249	)		(3,321,640	)		(8,070,274	)
Net Realized and Unrealized Loss			(21,101,508	)		(3,329,741	)		(8,312,596	)
Net Decrease in Net Assets
	Resulting from Operations	$	(14,723,095	)	$	(2,481,893	)	$	(5,582,408	)

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

48

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,378,413		$	14,026,404
Net realized gain (loss)		(425,259	)		363,044
Net change in unrealized appreciation (depreciation)		(20,676,249	)		9,593,632
Net increase (decrease) in net assets resulting from
operations		(14,723,095	)		23,983,080
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,725,601	)		(8,602,767	)
Class C		(106,353	)		(317,142	)
Institutional Class		(2,532,431	)		(5,112,180	)
		(6,364,385	)		(14,032,089	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		17,640,968			32,776,523
Class C		1,036,937			2,912,226
Institutional Class		34,188,183			50,547,588
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		3,397,517			7,926,134
Class C		105,192			317,438
Institutional Class		1,798,659			3,667,541
		58,167,456			98,147,450

49

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(32,177,754	)	$	(44,859,294	)
Class C		(2,130,314	)		(11,729,082	)
Institutional Class		(14,545,890	)		(19,881,471	)
		(48,853,958	)		(76,469,847	)
Increase in net assets derived from capital share
transactions		9,313,498			21,677,603
Net Increase (Decrease) in Net Assets		(11,773,982	)		31,628,594
Net Assets:
Beginning of period		611,780,560			580,151,966
End of period	$	600,006,578		$	611,780,560

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

50

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	847,848		$	1,804,783
Net realized gain (loss)		(8,101	)		8,561
Net change in unrealized appreciation (depreciation)		(3,321,640	)		950,052
Net increase (decrease) in net assets resulting from
operations		(2,481,893	)		2,763,396
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(588,942	)		(1,225,791	)
Class C		(15,473	)		(45,202	)
Institutional Class		(243,551	)		(533,028	)
		(847,966	)		(1,804,021	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,618,087			8,198,066
Class C		132,455			203,775
Institutional Class		1,223,000			2,572,951
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		514,698			1,062,594
Class C		15,453			45,232
Institutional Class		237,960			517,558
		3,741,653			12,600,176

51

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(2,892,173	)	$	(4,194,808	)
Class C		(349,718	)		(2,455,208	)
Institutional Class		(2,203,731	)		(4,259,309	)
		(5,445,622	)		(10,909,325	)
Increase (decrease) in net assets derived from capital
share transactions		(1,703,969	)		1,690,851
Net Increase (Decrease) in Net Assets		(5,033,828	)		2,650,226
Net Assets:
Beginning of period		90,435,320			87,785,094
End of period	$	85,401,492		$	90,435,320

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

52

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,730,188		$	5,390,671
Net realized gain (loss)		(242,322	)		131,524
Net change in unrealized appreciation (depreciation)		(8,070,274	)		6,128,862
Net increase (decrease) in net assets resulting from
operations		(5,582,408	)		11,651,057
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,268,715	)		(2,693,124	)
Class C		(105,987	)		(287,866	)
Institutional Class		(1,335,168	)		(2,391,905	)
		(2,709,870	)		(5,372,895	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		5,847,048			14,985,779
Class C		1,072,198			1,946,841
Institutional Class		18,246,226			37,821,169
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,210,368			2,555,804
Class C		104,662			286,098
Institutional Class		1,314,317			2,344,543
		27,794,819			59,940,234

53

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

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(6,749,302	)	$	(12,024,584	)
Class C		(1,619,240	)		(7,801,987	)
Institutional Class		(11,867,635	)		(15,296,157	)
		(20,236,177	)		(35,122,728	)
Increase in net assets derived from capital share
transactions		7,558,642			24,817,506
Net Increase (Decrease) in Net Assets		(733,636	)		31,095,668
Net Assets:
Beginning of period		229,709,762			198,614,094
End of period	$	228,976,126		$	229,709,762

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

54

Financial highlights
Delaware Tax-Free Minnesota 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	Calculated using average shares outstanding.
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.

56

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.70		$	12.49		$	12.68		$	12.14		$	12.54		$	12.87
		0.13			0.29			0.31			0.36			0.37			0.38
		(0.43	)		0.21			(0.16	)		0.54			(0.34	)		(0.32	)
		(0.30	)		0.50			0.15			0.90			0.03			0.06
		(0.13	)		(0.29	)		(0.31	)		(0.36	)		(0.37	)		(0.39	)
		—			—			(0.03	)		—			(0.06	)		—
		(0.13	)		(0.29	)		(0.34	)		(0.36	)		(0.43	)		(0.39	)
	$	12.27		$	12.70		$	12.49		$	12.68		$	12.14		$	12.54
		(2.39%	)		4.05%			1.30%			7.54%			0.26%			0.49%
	$	351,952		$	375,799		$	373,691		$	386,790		$	390,477		$	423,497
		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
		0.93%			0.93%			0.93%			0.93%			0.94%			0.95%
		2.06%			2.30%			2.53%			2.92%			2.99%			3.08%
		1.98%			2.22%			2.45%			2.84%			2.90%			2.98%
		9%			3%			15%			13%			16%			17%

57

Financial highlights
Delaware Tax-Free Minnesota 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	Calculated using average shares outstanding.
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.

58

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.75		$	12.53		$	12.72		$	12.18		$	12.58		$	12.91
		0.08			0.20			0.22			0.27			0.28			0.29
		(0.44	)		0.22			(0.16	)		0.54			(0.34	)		(0.33	)
		(0.36	)		0.42			0.06			0.81			(0.06	)		(0.04	)
		(0.08	)		(0.20	)		(0.22	)		(0.27	)		(0.28	)		(0.29	)
		—			—			(0.03	)		—			(0.06	)		—
		(0.08	)		(0.20	)		(0.25	)		(0.27	)		(0.34	)		(0.29	)
	$	12.31		$	12.75		$	12.53		$	12.72		$	12.18		$	12.58
		(2.82%	)		3.35%			0.54%			6.73%			(0.49%	)		(0.25%	)
	$	15,539		$	17,096		$	25,219		$	29,933		$	35,642		$	51,045
		1.60%			1.60%			1.60%			1.60%			1.60%			1.60%
		1.68%			1.68%			1.68%			1.68%			1.69%			1.70%
		1.31%			1.55%			1.78%			2.17%			2.24%			2.33%
		1.23%			1.47%			1.70%			2.09%			2.15%			2.23%
		9%			3%			15%			13%			16%			17%

59

Financial highlights
Delaware Tax-Free Minnesota 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	Calculated using average shares outstanding.
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.

60

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.70		$	12.49		$	12.68		$	12.14		$	12.54		$	12.87
		0.14			0.32			0.34			0.39			0.40			0.41
		(0.44	)		0.21			(0.16	)		0.54			(0.34	)		(0.32	)
		(0.30	)		0.53			0.18			0.93			0.06			0.09
		(0.14	)		(0.32	)		(0.34	)		(0.39	)		(0.40	)		(0.42	)
		—			—			(0.03	)		—			(0.06	)		—
		(0.14	)		(0.32	)		(0.37	)		(0.39	)		(0.46	)		(0.42	)
	$	12.26		$	12.70		$	12.49		$	12.68		$	12.14		$	12.54
		(2.35%	)		4.31%			1.55%			7.81%			0.51%			0.75%
	$	232,516		$	218,886		$	181,242		$	169,241		$	119,894		$	88,826
		0.60%			0.60%			0.60%			0.60%			0.60%			0.60%
		0.68%			0.68%			0.68%			0.68%			0.69%			0.70%
		2.31%			2.55%			2.78%			3.17%			3.24%			3.33%
		2.23%			2.47%			2.70%			3.09%			3.15%			3.23%
		9%			3%			15%			13%			16%			17%

61

Financial highlights
Delaware Tax-Free Minnesota 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 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	Calculated using average shares outstanding.
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 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.

62

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.22		$	11.10		$	11.25		$	10.82		$	11.17		$	11.44
		0.10			0.23			0.27			0.31			0.30			0.31
		(0.42	)		0.11			(0.15	)		0.43			(0.31	)		(0.25	)
		(0.32	)		0.34			0.12			0.74			(0.01	)		0.06
		(0.10	)		(0.22	)		(0.27	)		(0.31	)		(0.30	)		(0.31	)
		—			—			—			—			(0.04	)		(0.02	)
		(0.10	)		(0.22	)		(0.27	)		(0.31	)		(0.34	)		(0.33	)
	$	10.80		$	11.22		$	11.10		$	11.25		$	10.82		$	11.17
		(2.83%	)		3.13%			1.08%			7.00%			(0.01%	)		0.55%
	$	60,397		$	63,499		$	57,788		$	55,918		$	59,284		$	68,934
		0.74%			0.71%			0.71%			0.71%			0.79%			0.84%
		1.00%			1.00%			1.02%			1.04%			1.00%			0.99%
		1.91%			2.01%			2.39%			2.87%			2.77%			2.79%
		1.65%			1.72%			2.08%			2.54%			2.56%			2.64%
		8%			7%			20%			19%			17%			22%

63

Financial highlights
Delaware Tax-Free Minnesota 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 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	Calculated using average shares outstanding.
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.

64

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.24		$	11.12		$	11.27		$	10.84		$	11.19		$	11.47
		0.06			0.13			0.17			0.22			0.21			0.22
		(0.41	)		0.12			(0.15	)		0.43			(0.31	)		(0.26	)
		(0.35	)		0.25			0.02			0.65			(0.10	)		(0.04	)
		(0.06	)		(0.13	)		(0.17	)		(0.22	)		(0.21	)		(0.22	)
		—			—			—			—			(0.04	)		(0.02	)
		(0.06	)		(0.13	)		(0.17	)		(0.22	)		(0.25	)		(0.24	)
	$	10.83		$	11.24		$	11.12		$	11.27		$	10.84		$	11.19
		(3.13%	)		2.26%			0.22%			6.09%			(0.86%	)		(0.39%	)
	$	2,681		$	2,990		$	5,149		$	7,167		$	8,558		$	11,885
		1.56%			1.56%			1.56%			1.56%			1.64%			1.69%
		1.75%			1.75%			1.77%			1.79%			1.75%			1.74%
		1.09%			1.16%			1.54%			2.02%			1.92%			1.94%
		0.90%			0.97%			1.33%			1.79%			1.81%			1.89%
		8%			7%			20%			19%			17%			22%

65

Financial highlights
Delaware Tax-Free Minnesota 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 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	Calculated using average shares outstanding.
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.

66

Six months ended
2/28/221					Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.22		$	11.10		$	11.25		$	10.83		$	11.17		$	11.45
		0.11			0.24			0.28			0.33			0.32			0.33
		(0.41	)		0.12			(0.15	)		0.42			(0.30	)		(0.26	)
		(0.30	)		0.36			0.13			0.75			0.02			0.07
		(0.11	)		(0.24	)		(0.28	)		(0.33	)		(0.32	)		(0.33	)
		—			—			—			—			(0.04	)		(0.02	)
		(0.11	)		(0.24	)		(0.28	)		(0.33	)		(0.36	)		(0.35	)
	$	10.81		$	11.22		$	11.10		$	11.25		$	10.83		$	11.17
		(2.65%	)		3.29%			1.23%			7.06%			0.23%			0.61%
	$	22,323		$	23,946		$	24,848		$	17,718		$	11,470		$	18,800
		0.56%			0.56%			0.56%			0.56%			0.64%			0.69%
		0.75%			0.75%			0.77%			0.79%			0.75%			0.74%
		2.09%			2.16%			2.54%			3.02%			2.92%			2.94%
		1.90%			1.97%			2.33%			2.79%			2.81%			2.89%
		8%			7%			20%			19%			17%			22%

67

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees 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	Calculated using average shares outstanding.
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.

68

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.34		$	11.00		$	11.21		$	10.66		$	10.88		$	11.13
		0.13			0.28			0.29			0.32			0.32			0.33
		(0.40	)		0.34			(0.21	)		0.55			(0.22	)		(0.25	)
		(0.27	)		0.62			0.08			0.87			0.10			0.08
		(0.13	)		(0.28	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)
		(0.13	)		(0.28	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)
	$	10.94		$	11.34		$	11.00		$	11.21		$	10.66		$	10.88
		(2.42%	)		5.71%			0.81%			8.33%			0.95%			0.84%
	$	108,934		$	112,606		$	103,913		$	103,487		$	98,980		$	98,491
		0.89%			0.89%			0.89%			0.89%			0.89%			0.89%
		0.97%			0.97%			0.97%			0.99%			0.99%			0.99%
		2.30%			2.52%			2.69%			2.97%			2.98%			3.08%
		2.22%			2.44%			2.61%			2.87%			2.88%			2.98%
		6%			3%			18%			12%			14%			19%

69

Financial highlights
Delaware Minnesota 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 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	Calculated using average shares outstanding.
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.

70

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.36		$	11.02		$	11.23		$	10.68		$	10.90		$	11.15
		0.09			0.20			0.21			0.24			0.24			0.25
		(0.40	)		0.34			(0.21	)		0.55			(0.22	)		(0.25	)
		(0.31	)		0.54			—	3		0.79			0.02			—	3
		(0.09	)		(0.20	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)
		—			—			—			—			—			—
		(0.09	)		(0.20	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)
	$	10.96		$	11.36		$	11.02		$	11.23		$	10.68		$	10.90
		(2.78%	)		4.92%			0.05%			7.51%			0.19%			0.09%
	$	13,382		$	14,317		$	19,376		$	21,059		$	21,651		$	32,223
		1.64%			1.64%			1.64%			1.64%			1.64%			1.64%
		1.72%			1.72%			1.72%			1.74%			1.74%			1.74%
		1.55%			1.77%			1.94%			2.22%			2.23%			2.33%
		1.47%			1.69%			1.86%			2.12%			2.13%			2.23%
		6%			3%			18%			12%			14%			19%

71

Financial highlights
Delaware Minnesota 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	Calculated using average shares outstanding.
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.

72

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.33		$	11.00		$	11.20		$	10.66		$	10.87		$	11.12
		0.14			0.31			0.32			0.35			0.35			0.36
		(0.40	)		0.33			(0.20	)		0.54			(0.21	)		(0.25	)
		(0.26	)		0.64			0.12			0.89			0.14			0.11
		(0.14	)		(0.31	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)
		—			—			—			—			—			—
		(0.14	)		(0.31	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)
	$	10.93		$	11.33		$	11.00		$	11.20		$	10.66		$	10.87
		(2.31%	)		5.89%			1.15%			8.50%			1.30%			1.09%
	$	106,660		$	102,787		$	75,325		$	75,155		$	53,501		$	44,805
		0.64%			0.64%			0.64%			0.64%			0.64%			0.64%
		0.72%			0.72%			0.72%			0.74%			0.74%			0.74%
		2.55%			2.77%			2.94%			3.22%			3.23%			3.33%
		2.47%			2.69%			2.86%			3.12%			3.13%			3.23%
		6%			3%			18%			12%			14%			19%

73

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds February 28, 2022 (Unaudited)

Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Fund. Voyageur Intermediate Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Intermediate Fund. Voyageur Mutual Funds, Voyageur Tax-Free Funds, and Voyageur Intermediate Tax-Free 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 Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund (each a Fund, or collectively, 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 Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free Minnesota 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 Tax-Free Minnesota Fund or Delaware Tax-Free Minnesota High-Yield Fund prior to December 2, 2019, 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; and for shares of Delaware Tax-Free Minnesota Intermediate Fund, 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 Delaware Tax-Free Minnesota Fund or Delaware Minnesota High-Yield Municipal Bond Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) 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

74

to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. 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, 2022, and for all open tax years (years ended August 31, 2019–August 31, 2021), 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, 2022, 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

75

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

1. Significant Accounting Policies (continued)

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 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. There were no such earnings credits for the six months ended February 28, 2022.

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, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Minnesota Fund	$90
Delaware Tax-Free Minnesota Intermediate Fund	15
Delaware Minnesota High-Yield Municipal Bond Fund	41

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 Tax-Free	Delaware Minnesota
	Delaware Tax-Free	Minnesota	High-Yield Municipal
	Minnesota Fund	Intermediate Fund	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 dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including,

76

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, 2021 through February 28, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	September 1, 2021-	December 29, 2021-
Fund	December 28, 2021	February 28, 2022
Delaware Tax-Free Minnesota Fund	0.60%	0.60%
Delaware Tax-Free Minnesota Intermediate Fund	0.56%	0.56%
Delaware Minnesota High-Yield Municipal Bond Fund	0.64%	0.63%

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, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Minnesota Fund	$13,454
Delaware Tax-Free Minnesota Intermediate Fund	3,693
Delaware Minnesota High-Yield Municipal Bond Fund	6,410

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.”

77

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

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

For the six months ended February 28, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Minnesota Fund	$25,781
Delaware Tax-Free Minnesota Intermediate Fund	3,816
Delaware Minnesota High-Yield Municipal Bond Fund	9,925

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” 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, each 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 and 1.00% of the average daily net assets of the Class C shares. Prior to December 28, 2021, DDLP had contracted to waive Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fee to 0.15% of average daily net assets. 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 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, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Minnesota Fund	$13,479
Delaware Tax-Free Minnesota Intermediate Fund	1,994
Delaware Minnesota High-Yield Municipal Bond Fund	5,090

For the six months ended February 28, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Minnesota Fund	$5,203
Delaware Tax-Free Minnesota Intermediate Fund	1,327
Delaware Minnesota High-Yield Municipal Bond Fund	2,897

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For the six months ended February 28, 2022, 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 Minnesota Fund	$	1,383	$	291
Delaware Tax-Free Minnesota Intermediate Fund		—		49
Delaware Minnesota High-Yield Municipal Bond Fund		784		17

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, 2022, were executed by the Funds 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, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases			Sales			Net realized gain (loss)
Delaware Tax-Free Minnesota
Fund		$	15,882,353		$	7,850,095		$	—
Delaware Tax-Free Minnesota
Intermediate Fund			4,429,340			3,250,066			—
Delaware Minnesota High-Yield
Municipal Bond Fund			6,643,639			7,655,086			—

____________________

Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund did not have any realized gains (losses) during the six months ended February 28, 2022.

* The aggregate contractual waiver period covering this report is from December 29, 2020 through December 29, 2022.

79

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

3. Investments

For the six months ended February 28, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Minnesota Fund	$	55,922,596	$	55,079,826
Delaware Tax-Free Minnesota Intermediate Fund		6,632,860		7,580,469
Delaware Minnesota High-Yield Municipal Bond Fund		24,314,279		13,368,706

At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

		Aggregate	Aggregate
		unrealized	unrealized		Net unrealized
	Cost of	appreciation	depreciation		appreciation
Fund	investments	of investments	of investments		of investments
Delaware Tax-Free
Minnesota Fund	$579,564,081	$21,026,246	$(5,581,987	)	$15,444,259
Delaware Tax-Free
Minnesota
Intermediate
Fund	83,522,485	2,333,625	(1,050,804	)	1,282,821
Delaware
Minnesota
High-Yield
Municipal Bond
Fund	221,817,891	7,344,456	(2,676,481	)	4,667,975

At August 31, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term			Long-term			Total
Delaware Tax-Free
Minnesota
Intermediate Fund		$	158,828		$	—	$	158,828
Delaware Minnesota
High-Yield Municipal
Bond Fund			658,502			—		658,502

At August 31, 2021, Delaware Tax-Free Minnesota Fund did not have any capital loss carryforwards.

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

80

under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized 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.

81

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2022:

	Delaware Tax-Free Minnesota Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	579,663,340
Short-Term Investments			15,345,000
Total Value of Securities		$	595,008,340

	Delaware Tax-Free Minnesota Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	84,555,306
Short-Term Investments			250,000
Total Value of Securities		$	84,805,306

	Delaware Minnesota High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	224,865,866
Short-Term Investments			1,620,000
Total Value of Securities		$	226,485,866

During the six months ended February 28, 2022, there were no transfers into or out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund's net assets. During the six months ended February 28, 2022, there were no Level 3 investments.

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4. Capital Shares

Transactions in capital shares were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
Class A	1,417,139		2,598,178		146,356		733,303		525,944		1,335,478
Class C	82,328		229,665		11,935		18,231		95,938		173,126
Institutional Class	2,746,119		4,005,429		110,362		230,335		1,630,813		3,378,165
Shares issued upon reinvestment of dividends and distributions:
Class A	271,666		628,677		46,673		95,192		108,517		228,413
Class C	8,382		25,115		1,398		4,046		9,366		25,557
Institutional Class	143,874		290,920		21,572		46,357		117,923		209,471
	4,669,508		7,777,984		338,296		1,127,464		2,488,501		5,350,210
Shares redeemed:
Class A	(2,572,945	)	(3,561,554	)	(262,509	)	(375,043	)	(607,342	)	(1,077,601	)
Class C	(169,181	)	(925,806	)	(31,579	)	(219,279	)	(144,568	)	(696,408	)
Institutional Class	(1,160,611	)	(1,575,505	)	(200,035	)	(380,986	)	(1,063,072	)	(1,367,958	)
	(3,902,737	)	(6,062,865	)	(494,123	)	(975,308	)	(1,814,982	)	(3,141,967	)
Net increase
(decrease)	766,771		1,715,119		(155,827	)	152,156		673,519		2,208,243

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 table above and on the “Statements of changes in net assets.” For the six months ended February 28, 2022 and the year ended August 31, 2021, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Minnesota Fund
Six months ended
2/28/22	80,540	1,908	1,914	80,541	$1,043,572
Year ended
8/31/21	98,743	222,179	218,722	103,060	4,062,123

83

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

4. Capital Shares (continued)

	Exchange		Exchange
	Redemptions		Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Minnesota Intermediate Fund
Six months ended
2/28/22	6,906	320	320	6,906	$	80,020
Year ended
8/31/21	—	37,029	37,119	—		415,214
Delaware Minnesota High-Yield Municipal Bond Fund
Six months ended
2/28/22	629	14,594	14,631	629		171,477
Year ended
8/31/21	629	56,466	56,330	936		636,964

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 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% with the addition of an upfront fee of 0.05%, 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 1, 2021.

On November 1, 2021, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of February 28, 2022, or at any time during the period then ended.

84

6. 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 risk 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 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, mainly in Minnesota, 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.

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), and 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 outstanding bonds by issuing new bonds. The issuer refinances the

85

Notes to financial statements
Delaware Funds by Macquarie^® Minnesota municipal bond funds

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

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, each Board has delegated to DMC, the day-today 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 have been identified on the “Schedules of investments.”

7. 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.

86

8. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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.

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2022, that would require recognition or disclosure in the Funds' financial statements.

87

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 H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP
Detroit, MI John A. Fry
President
Drexel University
Philadelphia, PA Joseph Harroz, Jr.
President
University of Oklahoma
Norman, OK Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children's Mercy Hospitals
and Clinics
Kansas City, MO 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 Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota 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.

88

	Semiannual report

Fixed income mutual funds

Delaware Tax-Free Arizona Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Colorado Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Delaware Tax-Free Pennsylvania Fund

February 28, 2022

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 Asset Management (MAM) 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 Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania 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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Table of contents
Disclosure of Fund expenses	1
Security type / sector / state / territory allocations	5
Schedules of investments	11
Statements of assets and liabilities	72
Statements of operations	76
Statements of changes in net assets	78
Financial highlights	90
Notes to financial statements	126
About the organization	145

Unless otherwise noted, views expressed herein are current as of February 28, 2022, 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.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 2022 (Unaudited)

The investment objective of each Fund is to seek as high a level of current income exempt from federal income tax and from personal income taxes in the respective applicable state, as is consistent with preservation of capital.

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, 2021 to February 28, 2022.

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 Funds' expenses shown in the tables 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, 2021 to February 28, 2022 (Unaudited)

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	9/1/21			2/28/22			Expense Ratio		9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$973.60		0.84%		$	4.11
Class C			1,000.00			970.10		1.59%			7.77
Institutional Class			1,000.00			974.80		0.59%			2.89
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.63		0.84%		$	4.21
Class C			1,000.00			1,016.91		1.59%			7.95
Institutional Class			1,000.00			1,021.87		0.59%			2.96

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

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	9/1/21			2/28/22			Expense Ratio		9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$974.10		0.82%		$	4.01
Class C			1,000.00			970.50		1.57%			7.67
Institutional Class			1,000.00			975.30		0.57%			2.79
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

2

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$976.70		0.82	%		$	4.02
Class C			1,000.00			973.20		1.57	%			7.68
Institutional Class			1,000.00			978.00		0.57	%			2.80
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 Idaho Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$979.90		0.86	%		$	4.22
Class C			1,000.00			977.10		1.61	%			7.89
Institutional Class			1,000.00			982.00		0.61	%			3.00
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.53		0.86	%		$	4.31
Class C			1,000.00			1,016.81		1.61	%			8.05
Institutional Class			1,000.00			1,021.77		0.61	%			3.06

3

Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 2022 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$976.00		0.80	%		$	3.92
Class C			1,000.00			973.20		1.55	%			7.58
Institutional Class			1,000.00			977.30		0.55	%			2.70
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.83		0.80	%		$	4.01
Class C			1,000.00			1,017.11		1.55	%			7.75
Institutional Class			1,000.00			1,022.07		0.55	%			2.76

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$977.30		0.84	%		$	4.12
Class C			1,000.00			974.80		1.59	%			7.79
Institutional Class			1,000.00			979.60		0.59	%			2.90
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.08		0.84	%		$	4.21
Class C			1,000.00			1,017.36		1.59	%			7.95
Institutional Class			1,000.00			1,024.84		0.59	%			2.96

*	“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.

In addition to the Funds' expenses reflected on the previous page, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

4

Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.21	%
Corporate Revenue Bonds		5.33	%
Education Revenue Bonds		25.13	%
Electric Revenue Bonds		6.70	%
Healthcare Revenue Bonds		20.05	%
Lease Revenue Bonds		4.76	%
Local General Obligation Bonds		3.69	%
Pre-Refunded Bonds		1.55	%
Special Tax Revenue Bonds		16.27	%
State General Obligation Bonds		3.95	%
Transportation Revenue Bonds		4.88	%
Water & Sewer Revenue Bonds		4.90	%
Short-Term Investments		2.34	%
Total Value of Securities		99.55	%
Receivables and Other Assets Net of Liabilities		0.45	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Arizona		80.29	%
Puerto Rico		19.26	%
Total Value of Securities		99.55	%

5

Security type / sector / state / territory allocations
Delaware Tax-Free California Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.81	%
Corporate Revenue Bonds		8.46	%
Education Revenue Bonds		19.92	%
Electric Revenue Bonds		3.24	%
Healthcare Revenue Bonds		10.39	%
Housing Revenue Bonds		2.67	%
Lease Revenue Bonds		3.66	%
Local General Obligation Bonds		3.37	%
Pre-Refunded Bonds		11.03	%
Special Tax Revenue Bonds		15.67	%
State General Obligation Bonds		10.06	%
Transportation Revenue Bonds		9.34	%
Short-Term Investments		1.61	%
Total Value of Securities		99.42	%
Receivables and Other Assets Net of Liabilities		0.58	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
California		80.19	%
Guam		0.30	%
Puerto Rico		18.79	%
US Virgin Islands		0.14	%
Total Value of Securities		99.42	%

6

Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.11	%
Corporate Revenue Bonds		2.45	%
Education Revenue Bonds		12.68	%
Electric Revenue Bonds		5.99	%
Healthcare Revenue Bonds		22.33	%
Lease Revenue Bonds		1.72	%
Local General Obligation Bonds		9.12	%
Pre-Refunded Bonds		10.82	%
Special Tax Revenue Bonds		18.14	%
State General Obligation Bonds		3.71	%
Transportation Revenue Bonds		6.02	%
Water & Sewer Revenue Bonds		5.13	%
Short-Term Investments		1.63	%
Total Value of Securities		99.74	%
Receivables and Other Assets Net of Liabilities		0.26	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Colorado		82.02	%
Guam		0.31	%
Puerto Rico		16.99	%
US Virgin Islands		0.42	%
Total Value of Securities		99.74	%

7

Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.69	%
Corporate Revenue Bonds		4.12	%
Education Revenue Bonds		21.20	%
Electric Revenue Bonds		5.06	%
Healthcare Revenue Bonds		9.51	%
Housing Revenue Bonds		3.17	%
Lease Revenue Bonds		12.57	%
Local General Obligation Bonds		14.09	%
Pre-Refunded Bonds		6.65	%
Resource Recovery Revenue Bonds		0.39	%
Special Tax Revenue Bonds		13.25	%
State General Obligation Bonds		5.16	%
Transportation Revenue Bonds		3.10	%
Water & Sewer Revenue Bonds		0.42	%
Short-Term Investments		1.60	%
Total Value of Securities		100.29	%
Liabilities Net of Receivables and Other Assets		(0.29	%)
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Idaho		81.47	%
Puerto Rico		18.82	%
Total Value of Securities		100.29	%

8

Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.00	%
Corporate Revenue Bonds		5.59	%
Education Revenue Bonds		22.13	%
Electric Revenue Bonds		8.35	%
Healthcare Revenue Bonds		6.61	%
Lease Revenue Bonds		6.16	%
Local General Obligation Bonds		3.35	%
Pre-Refunded Bonds		0.77	%
Resource Recovery Revenue Bond		0.74	%
Special Tax Revenue Bonds		22.05	%
State General Obligation Bonds		5.73	%
Transportation Revenue Bonds		12.28	%
Water & Sewer Revenue Bonds		5.24	%
Short-Term Investments		0.44	%
Total Value of Securities		99.44	%
Receivables and Other Assets Net of Liabilities		0.56	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
New York		80.61	%
Puerto Rico		18.83	%
Total Value of Securities		99.44	%

9

Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.20	%
Corporate Revenue Bonds		6.05	%
Education Revenue Bonds		10.84	%
Electric Revenue Bonds		3.25	%
Healthcare Revenue Bonds		33.87	%
Lease Revenue Bonds		1.07	%
Local General Obligation Bonds		6.73	%
Pre-Refunded/Escrowed to Maturity Bonds		5.90	%
Special Tax Revenue Bonds		15.91	%
State General Obligation Bonds		4.65	%
Transportation Revenue Bonds		10.35	%
Water & Sewer Revenue Bond		0.58	%
Total Value of Securities		99.20	%
Receivables and Other Assets Net of Liabilities		0.80	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Pennsylvania		81.91	%
Puerto Rico		17.29	%
Total Value of Securities		99.20	%

10

Schedules of investments
Delaware Tax-Free Arizona Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.21%
Corporate Revenue Bonds – 5.33%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 6.00% 7/1/51 #	550,000	$	595,931
		Series A 144A 7.75% 7/1/50 #	285,000		333,695
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	1,300,000		1,328,197
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	2,000,000		2,549,040
					4,806,863
Education Revenue Bonds – 25.13%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51	1,000,000		1,112,300
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	350,000		380,503
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	250,000		289,615
		144A 6.00% 7/1/47 #	400,000		458,128
		(Doral Academy of Nevada - Fire Mesa and Red Rock
		Campus Projects)
		Series A 144A 5.00% 7/15/49 #	375,000		414,866
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	500,000		535,250
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49	1,600,000		1,715,712
		(Great Hearts Arizona Projects)
		Series A 2.25% 7/1/46	1,000,000		849,190
		Series A 2.375% 7/1/52	1,000,000		836,870
		(KIPP NYC Public Charter Schools - Macombs Facility
		Project)
		Series A 4.00% 7/1/61	1,980,000		2,078,822
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	375,000		399,532
		(Pinecrest Academy of Nevada-Horizon, Inspirada and
		St. Rose Campus Projects)
		Series A 144A 5.75% 7/15/48 #	250,000		277,948
	Arizona State University Energy Management Revenue
		(Arizona State University Tempe Campus II Project)
		4.50% 7/1/24	1,000,000		1,003,260

11

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31	645,000	$	648,664
	Maricopa County Industrial Development Authority
		Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		280,053
		(Creighton University Project)
		4.00% 7/1/50	1,000,000		1,087,360
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52	725,000		808,324
		(Highland Prep Projects)
		Series A 4.00% 7/1/56	2,000,000		2,161,380
		(Reid Traditional Schools Projects)
		5.00% 7/1/47	785,000		855,336
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic
		Village Project)
		5.00% 7/1/31	500,000		569,300
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42	1,250,000		1,263,462
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	500,000		502,565
		(Great Hearts Academic Project)
		5.00% 7/1/46	1,000,000		1,072,380
		(Rowan University Project)
		5.00% 6/1/42	2,000,000		2,018,200
	Pima County Industrial Development Authority Education
		Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #	500,000		526,170
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44	475,000		533,472
					22,678,662
Electric Revenue Bonds – 6.70%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	450,000		464,062
		Series A 5.05% 7/1/42 ‡	55,000		56,719
		Series AAA 5.25% 7/1/25 ‡	35,000		36,269
		Series WW 5.00% 7/1/28 ‡	550,000		567,187
		Series WW 5.50% 7/1/38 ‡	710,000		738,400

12

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 4.75% 7/1/26 ‡	35,000	$	35,963
		Series XX 5.25% 7/1/40 ‡	355,000		367,869
		Series XX 5.75% 7/1/36 ‡	125,000		130,469
		Series ZZ 4.75% 7/1/27 ‡	30,000		30,825
		Series ZZ 5.25% 7/1/24 ‡	45,000		46,631
	Salt River Project Agricultural Improvement & Power
		District Electric System Revenue
		Series A 5.00% 1/1/39	2,000,000		2,362,500
		Series A 5.00% 1/1/47	1,000,000		1,206,910
					6,043,804
Healthcare Revenue Bonds – 20.05%
	Arizona Health Facilities Authority Hospital System
		Revenue
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,088,830
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project
		First Tier)
		Series A 5.00% 1/1/54	145,000		128,611
		(Great Lakes Senior Living Communities LLC Project
		Fourth Tier)
		144A 7.75% 1/1/54 #	150,000		110,725
		(Great Lakes Senior Living Communities LLC Project
		Second Tier)
		Series B 5.00% 1/1/49	55,000		43,744
		Series B 5.125% 1/1/54	65,000		51,817
		(Great Lakes Senior Living Communities LLC Project
		Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		363,770
		(Phoenix Children's Hospital)
		Series A 4.00% 2/1/50	2,190,000		2,392,947
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		248,300
		5.25% 11/15/46	415,000		368,308
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		1,090,220
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,112,490

13

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glendale Industrial Development Authority Revenue
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000	$	206,388
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	275,000		283,143
	Maricopa County Industrial Development Authority Health
		Facilities Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		1,095,540
		Series A 4.00% 1/1/44	1,665,000		1,837,660
		Series D 4.00% 1/1/48	650,000		718,673
	Maricopa County Industrial Development Authority
		Hospital Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000		487,385
		Series A 4.00% 9/1/51	250,000		277,882
	Maricopa County Industrial Development Authority Senior
		Living Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		357,753
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		Revenue
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	75,000		82,753
		4.00% 7/1/39	75,000		82,349
		5.00% 7/1/30	105,000		126,657
		5.00% 7/1/32	170,000		206,902
		5.00% 7/1/35	65,000		78,550
	Tempe Industrial Development Authority Revenue
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		845,704
	Yavapai County Industrial Development Authority Hospital
		Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,649,070
		Series A 5.25% 8/1/33	2,000,000		2,110,140
	Yuma Industrial Development Authority Hospital Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		318,335
		Series A 5.25% 8/1/32	300,000		326,241
					18,090,887

14

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 4.76%
	Arizona Game & Fish Department & Community
		Beneficial Interest Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000	$	1,003,590
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36	350,000		353,836
	Maricopa County Industrial Development Authority
		Correctional Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)	355,000		355,927
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49	2,000,000		2,356,060
	Puerto Rico Public Buildings Authority Revenue
		(Government Facilities)
		Series C 5.75% 7/1/17 ‡	30,000		33,562
		Series D 5.25% 7/1/36 ‡	60,000		65,625
		Series M-1 5.75% 7/1/17 ‡	85,000		95,094
		Series Q 5.50% 7/1/37 ‡	30,000		33,225
					4,296,919
Local General Obligation Bonds – 3.69%
	Maricopa County High School District No. 214 Tolleson
		Union High School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000		1,126,750
	Maricopa County School District No. 3 Tempe Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		673,126
	Maricopa County Unified School District No. 69 Paradise
		Valley
		4.00% 7/1/39	600,000		687,192
	Maricopa County Unified School District No. 95 Queen
		Creek
		(School Improvement)
		4.00% 7/1/35	500,000		565,755
	Pinal County Community College District
		4.00% 7/1/31	250,000		272,607
					3,325,430

15

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds – 1.55%
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §	10,000	$	10,110
		Series A 5.00% 6/1/38-23 §	1,000,000		1,050,240
		Unrefunded Series A 5.00% 6/1/25-22 §	335,000		338,521
					1,398,871
Special Tax Revenue Bonds – 16.27%
	Bullhead City, Arizona Excise Taxes Revenue
		2.30% 7/1/41	1,000,000		895,940
	GDB Debt Recovery Authority
		7.50% 8/20/40	2,231,650		2,097,751
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		588,177
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,110,700
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.539% 7/1/46  ^	2,050,000		665,963
		Series A-1 4.911% 7/1/51  ^	4,640,000		1,092,163
		(Restructured)
		Series A-1 4.75% 7/1/53	2,485,000		2,748,261
		Series A-1 5.00% 7/1/58	750,000		841,087
		Series A-2 4.329% 7/1/40	2,825,000		3,093,460
	Regional Public Transportation Authority
		(Maricopa County Public Transportation)
		5.25% 7/1/24	500,000		546,325
	Sedona city, Arizona Excise Tax Revenue
		4.00% 7/1/42 (BAM)	875,000		1,000,458
					14,680,285
State General Obligation Bonds – 3.95%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 4.018% 6/1/22 #	540,000		535,950
		Series A 144A 5.50% 6/1/22 #	180,000		183,375
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	455,000		415,187
		Series A 5.125% 7/1/37 ‡	1,190,000		1,109,675
		Series A 5.375% 7/1/33 ‡	270,000		269,660
		Series A 8.00% 7/1/35 ‡	240,000		216,300
		Series B 5.00% 7/1/35 ‡	160,000		160,600

16

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	680,000	$	670,643
					3,561,390
Transportation Revenue Bonds – 4.88%
	Arizona Department of Transportation State Highway
		Fund Revenue
		5.00% 7/1/35	500,000		568,400
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series B 5.00% 7/1/49 (AMT)	400,000		461,312
		(Senior Lien)
		4.00% 7/1/48 (AMT)	500,000		535,110
		5.00% 7/1/32 (AMT)	500,000		522,070
		Series A 5.00% 7/1/36 (AMT)	1,000,000		1,148,940
		Series B 5.00% 7/1/37	1,000,000		1,166,500
					4,402,332
Water & Sewer Revenue Bonds – 4.90%
	Arizona Water Infrastructure Finance Authority
		(Water Quality Revenue)
		Series A 5.00% 10/1/26	1,000,000		1,094,640
	Central Arizona Water Conservation District
		(Central Arizona Project)
		5.00% 1/1/31	600,000		675,054
	Mesa Utility System Revenue
		4.00% 7/1/31	850,000		931,328
	Phoenix Civic Improvement Corporation
		(Junior Lien)
		5.00% 7/1/27	1,000,000		1,150,800
		5.00% 7/1/31	500,000		570,200
					4,422,022
Total Municipal Bonds (cost $84,216,879)					87,707,465
Short-Term Investments – 2.34%
Variable Rate Demand Notes – 2.34%¤
	Arizona Health Facilities Authority Revenue
		(Banner Health) Series C 0.06% 1/1/46
		(LOC - Bank Of America, N.A.)	200,000		200,000

17

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.06% 11/15/52
		(SPA - Northern Trust Company)	1,915,000	$	1,915,000
Total Short-Term Investments (cost $2,115,000)					2,115,000
Total Value of Securities–99.55%
	(cost $86,331,879)			$	89,822,465

°	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, 2022, the aggregate value of Rule 144A securities was $6,888,968, which represents 7.64% of the Fund's net assets. See Note 7 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2022. 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.
‡	Non-income producing security. Security is currently in default.
§	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 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

Summary of abbreviations:

ACA – Insured by American Capital Access

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

18

Summary of abbreviations: (continued)

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.

19

Schedules of investments
Delaware Tax-Free California Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.81%
Corporate Revenue Bonds – 8.46%
	California Pollution Control Financing Authority
		Solid Waste Disposal Revenue
		(CalPlant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	300,000	$	180,000
	Golden State Tobacco Securitization Settlement Revenue
		(Capital Appreciation)
		Subordinate Series B-2 0.324% 6/1/66 ^	2,500,000		373,975
	Inland Empire Tobacco Securitization Authority
		(Capital Appreciation Turbo Asset-Backed)
		Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,586,816
	M-S-R Energy Authority Revenue
		Series B 6.50% 11/1/39	500,000		738,645
	Sacramento County Sanitation Districts Financing
		Authority Revenue
		(Sacramento Regional County Sanitation District)
		Series A 5.00% 12/1/45	2,000,000		2,462,320
	Tobacco Securitization Authority of Northern California
		(Sacramento County)
		Series A Class 1 Senior 4.00% 6/1/36	300,000		329,640
		Series A Class 1 Senior 4.00% 6/1/37	300,000		329,352
		Series A Class 1 Senior 4.00% 6/1/38	400,000		438,292
		Series A Class 1 Senior 4.00% 6/1/39	250,000		273,417
		Series A Class 1 Senior 4.00% 6/1/40	300,000		327,555
		Series A Class 1 Senior 4.00% 6/1/49	1,000,000		1,086,500
	Tobacco Securitization Authority of Southern California
		(San Diego County)
		Capital Appreciation Second Subordinate
		Series C 0.599% 6/1/46 ^	16,690,000		3,154,577
		Capital Appreciation Third Subordinate
		Series D 0.301% 6/1/46 ^	4,915,000		828,325
					12,109,414
Education Revenue Bonds – 19.92%
	California Educational Facilities Authority
		(Loma Linda University)
		Series A 5.00% 4/1/47	1,000,000		1,129,350
		(Stanford University - Green Bonds)
		Series V-2 2.25% 4/1/51	300,000		256,014
		(Stanford University)
		Series U-1 5.25% 4/1/40	1,840,000		2,598,209
		Series V-1 5.00% 5/1/49	1,460,000		2,116,985

20

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
		(Bella Mente Montessori Academy Project)
		Series A 144A 5.00% 6/1/48 #	500,000	$	549,075
		(Biola University)
		5.00% 10/1/39	1,000,000		1,136,740
		(California Baptist University)
		Series A 144A 5.375% 11/1/40 #	1,000,000		1,107,420
		(CHF - Davis I, LLC - West Village Student Housing
		Project)
		5.00% 5/15/48	1,000,000		1,131,600
		(Emerson College)
		Series B 5.00% 1/1/32	1,000,000		1,142,380
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	850,000		874,369
		(Literacy First Charter Schools Project)
		Series A 5.00% 12/1/49	750,000		856,193
		(Southwestern Law School)
		4.00% 11/1/41	575,000		629,366
	California School Finance Authority
		(Aspire Public Schools - Obligated Group Issue #3)
		Series A 144A 5.00% 8/1/40 #	1,000,000		1,145,880
		(Aspire Public Schools - Obligated Group)
		Series A 144A 5.00% 8/1/45 #	715,000		779,400
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/42 #	500,000		462,750
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	250,000		271,963
		(Granada Hills Charter Obligated Group)
		144A 5.00% 7/1/49 #	475,000		521,341
		(Green Dot Public Schools Project)
		Series A 144A 5.00% 8/1/35 #	1,000,000		1,085,950
		(Grimmway Schools - Obligated Group)
		Series A 144A 5.00% 7/1/36 #	500,000		544,335
		(ICEF - View Park Elementary & Middle Schools)
		Series A 5.625% 10/1/34	575,000		617,975
		(KIPP LA Projects)
		Series A 5.125% 7/1/44	1,000,000		1,066,160
		(KIPP SoCal Projects)
		Series A 144A 5.00% 7/1/49 #	1,000,000		1,151,840

21

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(Partnerships to Uplift Communities Valley Project)
		Series A 144A 6.75% 8/1/44 #	1,000,000	$	1,071,520
		(Russell Westbrook Why Not? Academy - Obligated
		Group)
		Series A 144A 4.00% 6/1/51 #	1,200,000		1,179,600
	California State University Systemwide Revenue
		Series A 5.00% 11/1/47	1,000,000		1,157,630
	California Statewide Communities Development Authority
		Charter School Revenue
		(Green Dot Public Schools - Animo Inglewood Charter
		High School Project)
		Series A 7.25% 8/1/41	300,000		301,227
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	750,000		802,913
	Mt. San Antonio Community College District Convertible
		Capital Appreciation Election 2008
		Series A 0.00% 8/1/28 ~	1,000,000		1,143,650
	Regents of the University of California General Revenue
		Series BE 4.00% 5/15/50	1,500,000		1,677,480
					28,509,315
Electric Revenue Bonds – 3.24%
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Series A 5.00% 7/1/42	1,000,000		1,147,540
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	350,000		360,937
		Series A 5.05% 7/1/42 ‡	70,000		72,188
		Series A 6.75% 7/1/36 ‡	185,000		196,098
		Series AAA 5.25% 7/1/25 ‡	40,000		41,450
		Series CCC 5.25% 7/1/27 ‡	325,000		336,781
		Series TT 5.00% 7/1/32 ‡	340,000		350,625
		Series WW 5.00% 7/1/28 ‡	470,000		484,687
		Series WW 5.25% 7/1/33 ‡	335,000		347,144
		Series WW 5.50% 7/1/38 ‡	730,000		759,200
		Series XX 4.75% 7/1/26 ‡	45,000		46,238
		Series XX 5.25% 7/1/40 ‡	230,000		238,337
		Series XX 5.75% 7/1/36 ‡	150,000		156,562
		Series ZZ 4.75% 7/1/27 ‡	35,000		35,963

22

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	55,000	$	56,994
					4,630,744
Healthcare Revenue Bonds – 10.39%
	California Educational Facilities Authority
		(Stanford University)
		Series V-2 5.00% 4/1/51	500,000		730,440
	California Health Facilities Financing Authority Revenue
		(Cedars-Sinai Medical Center)
		Series B 4.00% 8/15/36	500,000		544,275
		(Children's Hospital Los Angeles)
		Series A 5.00% 11/15/34	500,000		511,660
		Series A 5.00% 8/15/47	500,000		572,995
		(Children's Hospital of Orange County)
		Series A 2.125% 11/1/41	2,500,000		2,220,800
		(Kaiser Permanente)
		Subordinate Series A-2 4.00% 11/1/44	1,005,000		1,107,540
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	750,000		863,077
		Series A 5.00% 2/1/47	250,000		285,918
		(Goodwill Industry of Sacramento Valley & Northern
		Nevada Project)
		5.00% 1/1/35	635,000		610,318
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		562,550
	California Municipal Finance Authority Senior Living
		Revenue
		(Mt. San Antonio Gardens Project)
		Series A 4.00% 11/15/52	750,000		787,305
		Series A 4.00% 11/15/56	750,000		780,480
	California Public Finance Authority Senior Living Revenue
		(Enso Village Project - Green Bonds)
		Series A 144A 5.00% 11/15/51 #	500,000		548,605
	California Statewide Communities Development Authority
		Revenue
		(Adventist Health System/West)
		Series A 4.00% 3/1/48	1,000,000		1,095,790
		(Emanate Health)
		Series A 4.00% 4/1/45	255,000		284,134
		(Episcopal Communities & Services)
		5.00% 5/15/32	600,000		604,302

23

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Statewide Communities Development Authority
		Revenue
		(Huntington Memorial Hospital)
		4.00% 7/1/48	500,000	$	545,115
		(Marin General Hospital - Green Bonds)
		Series A 4.00% 8/1/45	500,000		509,480
		(Redlands Community Hospital)
		5.00% 10/1/46	1,000,000		1,122,150
	Palomar Health
		5.00% 11/1/47 (AGM)	500,000		587,010
					14,873,944
Housing Revenue Bonds – 2.67%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	483,149		532,721
	Independent Cities Finance Authority Mobile Home Park
		Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,054,670
		Series A 5.25% 5/15/49	1,200,000		1,264,368
	Santa Clara County Multifamily Housing Authority
		Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	965,000		967,808
					3,819,567
Lease Revenue Bonds – 3.66%
	California Infrastructure & Economic Development Bank
		(Academy of Motion Picture Arts & Sciences Obligated
		Group)
		Series A 5.00% 11/1/41	1,000,000		1,062,270
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure
		Improvement Program - Phase II)
		Series A 5.00% 6/1/43	750,000		881,415
	California State Public Works Board
		(Department of General Services - New Natural
		Resources)
		Series C 4.00% 11/1/46	1,000,000		1,126,110
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,072,370

24

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000	$	1,097,980
					5,240,145
Local General Obligation Bonds – 3.37%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^	1,000,000		941,290
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Subordinate Series A-1 0.03% 7/1/50 •	1,070,000		1,070,000
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000		553,635
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		590,140
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40	1,000,000		1,107,230
	San Francisco Bay Area Rapid Transit District Election of
		2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		563,595
					4,825,890
Pre-Refunded Bonds – 11.03%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37-22 §	1,000,000		1,014,420
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,044,210
		Series S-H 5.00% 4/1/44-29 §	1,000,000		1,224,900
	California Health Facilities Financing Authority Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,122,000
	California Municipal Finance Authority Mobile Home Park
		Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47-22 §	250,000		255,458

25

Schedules of investments
Delaware Tax-Free California Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
California State Public Works Board
(California State University: Various Buildings)
Series E 5.00% 9/1/33-22 §	1,000,000	$	1,021,540
California Statewide Communities Development Authority
Revenue
(Covenant Retirement Communities)
Series C 5.625% 12/1/36-23 §	1,000,000		1,075,870
Fresno Unified School District
Election of 2016
Series A 5.00% 8/1/41-26 §	500,000		577,165
Golden State Tobacco Securitization Settlement Revenue
(Asset-Backed)
Series A-2 5.00% 6/1/47-22 §	2,400,000		2,425,848
(Enhanced Asset-Backed)
Series A 5.00% 6/1/29-23 §	1,000,000		1,049,730
Series A 5.00% 6/1/45-25 §	1,000,000		1,115,260
La Verne
(Brethren Hillcrest Homes)
5.00% 5/15/36-22 §	750,000		764,167
Riverside County Transportation Commission Senior Lien
(Current Interest Obligations)
Series A 5.75% 6/1/44-23 §	500,000		529,825
San Francisco Municipal Transportation Agency Revenue
5.00% 3/1/32-23 §	1,000,000		1,041,070
Series B 5.00% 3/1/37-22 §	1,000,000		1,000,000
San Jose Financing Authority Lease Revenue
(Civic Center Project)
Series A 5.00% 6/1/33-23 §	500,000		524,865
			15,786,328
Special Tax Revenue Bonds – 15.67%
City of Irvine Limited Obligation Improvement Bonds
(Reassessment District No. 21-1)
4.00% 9/2/46 (BAM)	1,340,000		1,532,035
GDB Debt Recovery Authority
7.50% 8/20/40	3,558,599		3,345,083
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.667% 7/1/46 ^	16,791,000		5,454,724
Series A-1 4.75% 7/1/53	3,105,000		3,433,944
Series A-1 4.894% 7/1/51 ^	5,445,000		1,281,644
Series A-1 5.00% 7/1/58	2,820,000		3,162,489
Series A-2 4.329% 7/1/40	1,485,000		1,626,120

26

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series B-1 4.75% 7/1/53	135,000	$	149,302
Sacramento Transient Occupancy Tax Revenue
(Convention Center Complex)
Senior Series A 5.00% 6/1/38	500,000		581,485
Senior Series A 5.00% 6/1/48	1,000,000		1,152,350
Virgin Islands Public Finance Authority Revenue
(Virgin Islands Matching Fund Loan Note)
Series A Working Capital 4.00% 10/1/22	200,000		200,220
Yucaipa Special Tax Community Facilities District No.
98-1
(Chapman Heights)
5.375% 9/1/30	500,000		503,065
			22,422,461
State General Obligation Bonds – 10.06%
California
(Various Purpose)
4.00% 3/1/36	500,000		572,325
5.00% 9/1/31	1,000,000		1,057,610
5.00% 4/1/32	300,000		388,563
5.00% 9/1/32	2,500,000		3,204,875
5.00% 4/1/37	2,000,000		2,085,320
5.00% 8/1/46	1,000,000		1,136,850
5.25% 4/1/35	1,000,000		1,003,450
Commonwealth of Puerto Rico
(Custodial Receipts)
Series A 144A 5.50% 6/1/22 #	140,000		142,625
Series PIB 144A 4.018% 6/1/22 #	575,000		570,687
(Public Improvement)
Series A 5.00% 7/1/24 ‡	265,000		265,663
Series A 5.00% 7/1/41 ‡	770,000		702,625
Series A 5.125% 7/1/37 ‡	560,000		522,200
Series A 5.25% 7/1/34 ‡	395,000		397,963
Series A 5.375% 7/1/33 ‡	485,000		484,389
Series A 8.00% 7/1/35 ‡	230,000		207,288
Series B 5.00% 7/1/35 ‡	430,000		431,612
Series B 5.75% 7/1/38 ‡	610,000		601,606
Series C 6.00% 7/1/39 ‡	615,000		611,925
			14,387,576

27

Schedules of investments
Delaware Tax-Free California Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 9.34%
California Municipal Finance Authority Senior Lien
(LINXS APM Project)
Series A 5.00% 12/31/47 (AMT)	1,745,000	$	1,985,862
Long Beach Marina Revenue
(Alamitos Bay Marina Project)
5.00% 5/15/45	500,000		533,710
Los Angeles Department of Airports
(Los Angeles International Airport)
Senior Series D 5.00% 5/15/36 (AMT)	1,000,000		1,094,680
Series A Private Activity 5.00% 5/15/51 (AMT)	1,500,000		1,789,965
Port Authority of Guam Revenue
(Governmental)
Series A 5.00% 7/1/48	375,000		424,121
Sacramento County Airport System Revenue
Series C 5.00% 7/1/39 (AMT)	500,000		575,305
Subordinate Series B 5.00% 7/1/41	500,000		564,970
San Diego County Regional Airport Authority
(Private Activity)
Subordinate Series B 4.00% 7/1/56 (AMT)	1,000,000		1,074,780
San Diego Redevelopment Agency
(Centre City Redevelopment Project)
Series A 6.40% 9/1/25	615,000		617,946
San Francisco City & County Airports Commission
(San Francisco International Airport)
Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,174,800
Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,150,820
Second Series E 5.00% 5/1/50 (AMT)	500,000		572,965
San Jose Airport Revenue
Series B 5.00% 3/1/36	575,000		661,331
Series B 5.00% 3/1/42	1,000,000		1,144,560
			13,365,815
Total Municipal Bonds (cost $134,351,918)			139,971,199

28

	Principal
	amount°	Value (US $)
Short-Term Investments – 1.61%
Variable Rate Demand Note – 1.61%¤
Los Angeles Department of Water & Power Revenue
Subordinate Series B-3 0.03% 7/1/34 (SPA - Barclays
Bank)	2,300,000	$	2,300,000
Total Short-Term Investments (cost $2,300,000)			2,300,000
Total Value of Securities–99.42%
(cost $136,651,918)		$	142,271,199

°	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, 2022, the aggregate value of Rule 144A securities was $13,774,176, which represents 9.63% of the Fund's net assets. See Note 7 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.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at February 28, 2022.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2022. 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 7 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, 2022.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax

29

Schedules of investments
Delaware Tax-Free California Fund

Summary of abbreviations: (continued)
BAM – Insured by Build America Mutual Assurance
CHF – Collegiate Housing Foundation
ICE – Intercontinental Exchange, Inc.
ICEF – Inner City Education Foundation
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
NATL – Insured by National Public Finance Guarantee Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

30

Schedules of investments
Delaware Tax-Free Colorado Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.11%
Corporate Revenue Bonds – 2.45%
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	4,250,000	$	6,127,055
					6,127,055
Education Revenue Bonds – 12.68%
	Board of Governors of the Colorado State University
		System Enterprise Revenue
		Series A 5.00% 3/1/43	2,480,000		3,354,894
	Board of Trustees For Colorado Mesa University
		Enterprise Revenue
		Series B 5.00% 5/15/44	1,000,000		1,198,370
		Series B 5.00% 5/15/49	750,000		893,438
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Alexander Dawson School-Nevada Project)
		5.00% 5/15/29	1,230,000		1,377,366
		(Aspen Ridge School Project)
		Series A 144A 5.00% 7/1/36 #	500,000		529,005
		Series A 144A 5.25% 7/1/46 #	1,350,000		1,423,156
		(Aspen View Academy Project)
		4.00% 5/1/51	500,000		526,185
		4.00% 5/1/61	750,000		779,055
		(Atlas Preparatory Charter School)
		144A 5.25% 4/1/45 #	1,300,000		1,325,831
		(Charter School Project)
		5.00% 7/15/37	1,150,000		1,162,432
		(Community Leadership Academy, Inc. Second
		Campus Project)
		7.45% 8/1/48	1,000,000		1,062,400
		(Global Village Academy)
		144A 5.00% 12/1/50 #	1,000,000		1,037,950
		(Liberty Common Charter School Project)
		Series A 5.00% 1/15/39	1,000,000		1,042,010
		(Littleton Preparatory Charter School Project)
		5.00% 12/1/33	450,000		457,047
		5.00% 12/1/42	540,000		546,934
		(Loveland Classical Schools Project)
		144A 5.00% 7/1/36 #	625,000		669,081
		144A 5.00% 7/1/46 #	500,000		527,605
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000		728,511

31

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Science Technology Engineering and Math School
		Project)
		5.00% 11/1/44	890,000	$	943,756
		5.00% 11/1/54	1,500,000		1,584,810
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		898,098
		144A 5.50% 7/1/49 #	870,000		909,959
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		440,896
		Series A 4.00% 3/1/36	550,000		605,886
		(University of Lab Charter School)
		5.00% 12/15/45	500,000		539,725
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		81,749
		5.00% 5/1/31	1,000,000		1,084,250
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45	1,000,000		1,114,460
	University of Colorado
		(University Enterprise Refunding Revenue)
		Series C-4 4.00% 6/1/51	4,250,000		4,851,800
					31,696,659
Electric Revenue Bonds – 5.99%
	Colorado Springs Utilities System Revenue
		Series B 4.00% 11/15/46	1,250,000		1,433,688
		Series B 4.00% 11/15/51	1,000,000		1,141,300
	Loveland Colorado Electric & Communications Enterprise
		Revenue
		Series A 5.00% 12/1/44	2,185,000		2,591,344
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		3,787,575
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		175,312
		Series AAA 5.25% 7/1/25 ‡	95,000		98,444
		Series CCC 5.25% 7/1/27 ‡	705,000		730,556
		Series WW 5.00% 7/1/28 ‡	660,000		680,625
		Series WW 5.25% 7/1/33 ‡	210,000		217,612
		Series WW 5.50% 7/1/17 ‡	460,000		477,250
		Series WW 5.50% 7/1/19 ‡	360,000		373,500

32

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 4.75% 7/1/26 ‡	105,000	$	107,888
		Series XX 5.25% 7/1/40 ‡	1,840,000		1,906,700
		Series XX 5.75% 7/1/36 ‡	365,000		380,969
		Series ZZ 4.75% 7/1/27 ‡	85,000		87,338
		Series ZZ 5.00% 7/1/19 ‡	620,000		637,825
		Series ZZ 5.25% 7/1/24 ‡	140,000		145,075
					14,973,001
Healthcare Revenue Bonds – 22.33%
	Colorado Health Facilities Authority Revenue
		(Aberdeen Ridge)
		Series A 5.00% 5/15/58	1,500,000		1,518,645
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	4,325,000		4,215,318
		Series A 4.00% 11/15/43	4,000,000		4,447,040
		(American Baptist)
		7.625% 8/1/33	150,000		156,840
		8.00% 8/1/43	1,000,000		1,050,500
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,480,152
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,320,000		2,144,562
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	2,000,000		2,193,440
		Series A-1 4.00% 8/1/44	2,000,000		2,168,600
		Series A-2 4.00% 8/1/49	3,000,000		3,232,740
		Series A-2 5.00% 8/1/39	1,505,000		1,766,027
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,391,438
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,090,270
		(Craig Hospital Project)
		5.00% 12/1/32	3,500,000		3,579,905
		(Frasier Project)
		Series A 4.00% 5/15/48	1,000,000		995,220
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,106,840
		(National Jewish Health Project)
		5.00% 1/1/27	300,000		300,804
		(Sanford Health)
		Series A 5.00% 11/1/44	4,500,000		5,315,940

33

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(SCL Health System)
		Series A 4.00% 1/1/37	2,150,000	$	2,392,972
		Series A 4.00% 1/1/38	3,895,000		4,327,501
		Series A 5.00% 1/1/44	3,050,000		3,230,834
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		881,948
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,110,710
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		740,608
	Denver Health & Hospital Authority Health Care Revenue
		Series A 4.00% 12/1/39	1,000,000		1,094,020
		Series A 4.00% 12/1/40	250,000		273,087
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	210,000		231,710
		4.00% 7/1/39	210,000		230,576
		5.00% 7/1/30	290,000		349,816
		5.00% 7/1/32	475,000		578,108
		5.00% 7/1/35	190,000		229,607
					55,825,778
Lease Revenue Bonds – 1.72%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		745,087
		5.00% 6/15/36	1,055,000		1,187,297
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		815,850
	Regional Transportation District Certificates of
		Participation
		Series A 5.00% 6/1/33	1,500,000		1,564,830
					4,313,064
Local General Obligation Bonds – 9.12%
	Adams & Weld Counties School District No. 27J Brighton
		4.00% 12/1/30	300,000		327,882
		4.00% 12/1/31	1,000,000		1,091,400
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/33	1,000,000		1,247,050

34

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/38	350,000	$	434,595
	Beacon Point Metropolitan District
		5.00% 12/1/30 (AGM)	1,130,000		1,271,239
	Boulder Valley School District No. Re-2 Boulder
		Series A 4.00% 12/1/48	1,370,000		1,545,881
	Commerce City Northern Infrastructure General
		Improvement District
		5.00% 12/1/32 (AGM)	2,125,000		2,188,835
	El Paso County School District No. 2 Harrison
		5.00% 12/1/38	1,000,000		1,209,950
	Grand River Hospital District
		5.25% 12/1/35 (AGM)	1,000,000		1,177,330
	Jefferson County School District No. R-1
		5.25% 12/15/24	1,250,000		1,387,150
	Sierra Ridge Metropolitan District No. 2
		Series A 5.50% 12/1/46	1,000,000		1,031,100
	Verve Metropolitan District No. 1
		5.00% 12/1/51	2,000,000		2,083,860
	Weld County Reorganized School District No. Re-8
		5.00% 12/1/31	990,000		1,144,628
		5.00% 12/1/32	660,000		762,432
	Weld County School District No. Re-1
		5.00% 12/15/31 (AGM)	1,000,000		1,147,850
	Weld County School District No. Re-2 Eaton
		Series 2 5.00% 12/1/44	2,000,000		2,445,320
	Weld County School District No. Re-3J
		5.00% 12/15/34 (BAM)	2,000,000		2,294,700
					22,791,202
Pre-Refunded Bonds – 10.82%
	Central Colorado Water Conservancy District
		(Limited Tax)
		5.00% 12/1/33-23 §	1,000,000		1,066,720
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(Johnson & Wales University)
		Series A 5.25% 4/1/37-23 §	1,790,000		1,870,765
	Colorado Health Facilities Authority Revenue
		(Catholic Health Initiatives)
		Series A 5.25% 1/1/45-23 §	2,000,000		2,071,800

35

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(Covenant Retirement Communities)
		Series A 5.00% 12/1/33-22 §	4,000,000	$	4,125,960
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48-23	660,000		690,142
		(NCMC Project)
		4.00% 5/15/32-26 §	2,000,000		2,203,820
		(The Evangelical Lutheran Good Samaritan Society
		Project)
		5.625% 6/1/43-23 §	1,150,000		1,215,182
	Denver City & County Airport System Revenue
		Series B 5.00% 11/15/30-22 §	250,000		257,375
		Series B 5.00% 11/15/32-22 §	1,000,000		1,029,500
		Series B 5.00% 11/15/37-22 §	8,000,000		8,236,000
	Eaton Area Park & Recreation District
		5.25% 12/1/34-22 §	360,000		371,865
		5.50% 12/1/38-22 §	700,000		724,374
	Pueblo County Certificates of Participation
		(County Judicial Complex Project)
		5.00% 9/15/42-22 (AGM) §	300,000		306,966
	Tallyn's Reach Metropolitan District No. 3
		5.125% 11/1/38-23 §	740,000		786,317
		University of Colorado
		Series A 5.00% 6/1/33-23 §	2,000,000		2,100,480
					27,057,266
Special Tax Revenue Bonds – 18.14%
	Broomfield Colorado Sales & Use Tax Revenue
		5.00% 12/1/33	1,000,000		1,180,090
	Central Platte Valley Metropolitan District
		5.00% 12/1/43	725,000		745,416
	Commerce City
		5.00% 8/1/44 (AGM)	1,500,000		1,611,255
	Denver Convention Center Hotel Authority Revenue
		5.00% 12/1/40	2,660,000		2,949,302
	Fountain Urban Renewal Authority Tax Increment
		Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	1,375,000		1,410,131
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	9,713,744		9,130,919

36

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Lincoln Park Metropolitan District
		5.00% 12/1/46 (AGM)	1,000,000	$	1,141,220
	Plaza Metropolitan District No. 1
		144A 5.00% 12/1/40 #	1,265,000		1,277,878
	Prairie Center Metropolitan District No. 3
		Series A 144A 5.00% 12/15/41 #	1,000,000		1,045,140
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.559% 7/1/46 ^	13,935,000		4,526,924
		Series A-1 4.898% 7/1/51 ^	2,715,000		639,057
		(Restructured)
		Series A-1 4.75% 7/1/53	4,045,000		4,473,527
		Series A-1 5.00% 7/1/58	3,122,000		3,501,167
		Series A-2 4.536% 7/1/53	3,000,000		3,280,950
	Regional Transportation District Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	670,000		774,667
		Series A 5.00% 11/1/31	1,495,000		1,725,619
		Series A 5.00% 11/1/36	2,750,000		3,170,200
	Southlands Metropolitan District No. 1
		Series A-1 5.00% 12/1/37	300,000		323,898
	Thornton Development Authority
		(East 144th Avenue I-25 Project)
		Series B 5.00% 12/1/35	485,000		526,851
		Series B 5.00% 12/1/36	810,000		879,214
	Virgin Islands Public Finance Authority
		(Matching Fund Loan Senior Lien)
		5.00% 10/1/29 (AGM)	1,000,000		1,037,770
					45,351,195
State General Obligation Bonds – 3.71%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	2,185,000		2,225,969
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	1,295,000		1,181,687
		Series A 5.375% 7/1/33 ‡	675,000		674,150
		Series A 5.50% 7/1/39 ‡	2,950,000		2,802,500
		Series B 5.00% 7/1/35 ‡	550,000		552,063
		Series B 5.75% 7/1/38 ‡	960,000		946,790
		Series C 6.00% 7/1/39 ‡	890,000		885,550
					9,268,709

37

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 6.02%
	Colorado High Performance Transportation Enterprise
		Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	2,000,000	$	2,194,220
		(Senior U.S. 36 & I-25 Managed Lanes)
		5.75% 1/1/44 (AMT)	2,140,000		2,220,913
	Denver City & County Airport System Revenue
		Series A 4.00% 12/1/48 (AMT)	400,000		425,968
		Series A 5.00% 11/15/30 (AMT)	1,500,000		1,730,970
		Series A 5.00% 12/1/48 (AMT)	2,000,000		2,304,320
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	900,000		1,111,545
		Series A 5.00% 9/1/35	400,000		493,524
		Series A 5.00% 9/1/36	1,300,000		1,602,289
	Regional Transportation District
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/39	1,000,000		1,188,600
		Series A 4.00% 7/15/40	1,500,000		1,787,655
					15,060,004
Water & Sewer Revenue Bonds – 5.13%
	Arapahoe County Water & Wastewater Authority
		4.00% 12/1/37	1,000,000		1,157,030
		4.00% 12/1/38	1,845,000		2,130,957
	Central Weld County Water District
		4.00% 12/1/39 (AGM)	1,150,000		1,321,833
	Dominion Water & Sanitation District
		6.00% 12/1/46	725,000		741,341
	Douglas County Centennial Water & Sanitation District
		4.00% 12/1/38	500,000		569,800
	Guam Government Waterworks Authority Water &
		Wastewater System Revenue
		5.00% 7/1/37	675,000		764,917
	Johnstown Wastewater Revenue
		4.00% 12/1/46 (AGM)	2,500,000		2,868,875
		4.00% 12/1/51 (AGM)	1,000,000		1,137,200
	Metro Wastewater Reclamation District
		Series A 5.00% 4/1/33	1,000,000		1,244,650

38

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Morgan County Quality Water District
		4.00% 12/1/50 (AGM)	790,000	$	887,067
					12,823,670
Total Municipal Bonds (cost $236,467,095)					245,287,603
			Number of
			shares
Short-Term Investments – 1.63%
Money Market Mutual Funds – 0.36%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.02%)	880,719		880,719
					880,719
			Principal
			amount°
Variable Rate Demand Notes – 1.27%¤
	Colorado Educational & Cultural Facilities Authority
		Revenue
		(National Jewish Federation Bond Program)
		Series F-2 0.06% 7/1/41 (LOC - Northern Trust
		Company)	380,000		380,000
	Colorado Health Facilities Authority Revenue
		(Children's Hospital) Series A 0.06% 12/1/52
		(LOC - TD Bank, N.A.)	1,600,000		1,600,000
	Denver City & County
		Series A1 0.06% 12/1/29 (SPA - JPMorgan Chase
		Bank, N.A.)	505,000		505,000
		Series A2 0.06% 12/1/29 (SPA - JPMorgan Chase
		Bank, N.A.)	100,000		100,000
		Series A3 0.06% 12/1/31 (SPA - JPMorgan Chase
		Bank, N.A.)	595,000		595,000
					3,180,000
Total Short-Term Investments (cost $4,060,719)					4,060,719
Total Value of Securities–99.74%
	(cost $240,527,814)			$	249,348,322

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

39

Schedules of investments
Delaware Tax-Free Colorado Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $14,896,182, which represents 5.96% of the Fund's net assets. See Note 7 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	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 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
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.

40

Schedules of investments
Delaware Tax-Free Idaho Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.69%
Corporate Revenue Bonds – 4.12%
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	2,523,144	$	2,536,163
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000		1,291,000
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,009,240
					5,836,403
Education Revenue Bonds – 21.20%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		578,710
		Series A 5.00% 4/1/48	1,000,000		1,165,840
	Idaho Housing & Finance Association
		(Alturas International Academy Project)
		4.00% 5/1/52	1,500,000		1,584,345
		(Anser of Idaho Project)
		Series A 2.25% 5/1/51	1,165,000		940,481
		Series A 3.00% 5/1/41	1,650,000		1,618,699
		Series A 4.00% 5/1/28	230,000		252,768
		Series A 4.00% 5/1/30	250,000		279,108
		Series A 4.00% 5/1/56	1,585,000		1,679,577
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		1,076,230
		Series A 144A 6.00% 7/1/39 #	370,000		433,081
		Series A 144A 6.00% 7/1/49 #	595,000		686,440
		Series A 144A 6.00% 7/1/54 #	570,000		655,836
		(Gem Prep: Meridian Project)
		Series A 4.00% 5/1/57	1,000,000		1,059,850
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		366,284
		Series A 4.00% 5/1/50	285,000		313,030
		Series A 4.00% 5/1/55	205,000		224,063
		Series A 5.00% 12/1/38	2,050,000		2,265,065
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,079,510
		(Meridian South Charter School Project)
		144A 4.00% 5/1/46 #	1,000,000		932,330

41

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155	$	738,992
		Series A 6.75% 7/1/48	529,151		581,294
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	2,005,000		2,186,813
		Series A 4.00% 5/1/55	2,640,000		2,865,350
		(Victory Charter School Project)
		Series B 5.00% 7/1/39	1,000,000		1,098,550
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,365,041
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,706,205
		5.00% 4/1/43	250,000		293,125
		5.00% 4/1/44	250,000		292,697
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)	275,000		342,837
		Series A 5.00% 4/1/39 (AGM)	250,000		310,838
		Series A 5.00% 4/1/40 (AGM)	250,000		310,305
		Series A 5.00% 4/1/41 (AGM)	300,000		371,796
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		398,072
					30,053,162
Electric Revenue Bonds – 5.06%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,168,660
	Idaho Energy Resources Authority
		(Idaho Falls Power Project)
		5.00% 9/15/33	1,325,000		1,679,477
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		77,344
		Series AAA 5.25% 7/1/25 ‡	45,000		46,631
		Series CCC 5.25% 7/1/27 ‡	345,000		357,506
		Series WW 5.00% 7/1/28 ‡	320,000		330,000
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,560,000
		Series XX 4.75% 7/1/26 ‡	50,000		51,375
		Series XX 5.25% 7/1/40 ‡	595,000		616,569
		Series XX 5.75% 7/1/36 ‡	175,000		182,656
		Series ZZ 4.75% 7/1/27 ‡	40,000		41,100

42

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series ZZ 5.25% 7/1/24 ‡	60,000	$	62,175
					7,173,493
Healthcare Revenue Bonds – 9.51%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,498,324
		(St. Luke's Health System Project)
		Series A 3.00% 3/1/51	2,000,000		1,946,340
		Series A 4.00% 3/1/46	500,000		558,890
		Series A 5.00% 3/1/27	1,000,000		1,160,240
		Series A 5.00% 3/1/33	1,250,000		1,484,125
		Series A 5.00% 3/1/37	500,000		588,715
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47	390,000		448,699
		Series ID 4.00% 12/1/43	1,000,000		1,105,550
		Series ID 5.00% 12/1/46	750,000		854,430
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	830,000		831,295
		Series A 5.25% 11/15/37	1,005,000		1,023,241
		Series A 5.25% 11/15/47	1,130,000		1,114,214
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Hospital Auxilio Mutuo Obligated Group Project)
		4.00% 7/1/36	115,000		126,889
		4.00% 7/1/39	115,000		126,268
		5.00% 7/1/30	155,000		186,970
		5.00% 7/1/32	255,000		310,353
		5.00% 7/1/35	105,000		126,888
					13,491,431
Housing Revenue Bonds – 3.17%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	347,151		351,227
	Idaho Housing & Finance Association Multifamily Housing
		Revenue
		(Sunset Landing Apartments Project)
		Series A 2.75% 7/1/40	1,300,000		1,239,875
		Series A 3.125% 7/1/54	2,000,000		1,888,200
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.05% 7/1/39 (GNMA)	280,000		282,145

43

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Idaho Housing & Finance Association Single Family
		Mortgage Revenue
		Series A 3.25% 1/1/43 (GNMA)	140,000	$	141,436
		Series C 3.00% 1/1/43 (FHA)	585,000		592,798
					4,495,681
Lease Revenue Bonds – 12.57%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		844,350
		5.00% 12/15/32	750,000		843,263
	Fremont County Annual Appropriation Certificates of
		Participation
		4.00% 9/1/36	750,000		854,145
	Idaho Falls Certificates of Participation
		4.00% 9/15/39	1,050,000		1,190,301
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters
		Office Project)
		4.00% 12/1/36	650,000		737,185
		4.00% 12/1/39	1,545,000		1,745,680
		4.00% 12/1/42	1,300,000		1,461,876
		4.00% 12/1/44	250,000		280,075
		(Idaho Department of Fish & Game Nampa Regional
		Office Project)
		5.00% 12/1/41	200,000		234,908
	Idaho Housing & Finance Association Economic
		Development Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	750,000		752,235
		Series A 7.00% 2/1/36	1,500,000		1,504,455
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/39	1,750,000		2,004,327
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26	485,000		508,610
		Series A 4.50% 9/1/27	505,000		529,043
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	1,535,000		1,608,097
		Series B 4.00% 9/1/48	750,000		800,010

44

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
	Lease Revenue Bonds (continued)
		Idaho State Building Authority Revenue
		(State Office Campus Project)
		Series A 4.00% 9/1/48	1,750,000	$	1,927,782
					17,826,342
Local General Obligation Bonds – 14.09%
	Ada & Boise Counties Independent School District Boise
		City
		5.00% 8/1/31	1,350,000		1,646,581
		5.00% 8/1/33	1,010,000		1,167,419
		5.00% 8/1/34	1,500,000		1,731,495
		5.00% 8/1/35	1,160,000		1,337,840
		5.00% 8/1/36	500,000		576,145
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33	1,000,000		1,162,310
		Series B 5.00% 9/15/35	1,100,000		1,276,231
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,370,149
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)	1,000,000		1,003,490
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,513,640
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000		581,076
		Series A 4.00% 9/15/37	1,000,000		1,092,860
		Series C 5.00% 9/15/42	500,000		577,090
	Ketchum City
		2.125% 9/15/41	500,000		445,705
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,213,207
		Series B 5.00% 8/15/26	500,000		577,070
	Nez Perce County Independent School District
		No. 1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000		1,159,160
		Series B 5.00% 9/15/37	1,000,000		1,158,630

45

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Owyhee & Canyon Counties Joint School District No.
		370 Homedale
		4.00% 9/15/25	360,000	$	392,069
					19,982,167
Pre-Refunded Bonds – 6.65%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §	1,250,000		1,253,563
		Series A 5.00% 4/1/42-22 §	1,350,000		1,354,927
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	1,000,000		1,060,670
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project)
		Series A 5.00% 3/1/47-22	1,500,000		1,500,000
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §	1,000,000		1,010,890
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §	250,000		255,385
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,113,450
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,087,040
	University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		789,070
					9,424,995
Resource Recovery Revenue Bonds – 0.39%
	Idawy Solid Waste District
		Series A 3.00% 1/1/50	550,000		551,061
					551,061
Special Tax Revenue Bonds – 13.25%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	6,117,813		5,750,744
	Idaho Water Resource Board Loan Program Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,635,480

46

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 4.545% 7/1/46 ^	6,790,000	$	2,205,799
		Series A-1 4.898% 7/1/51 ^	1,480,000		348,362
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		969,334
		Series A-1 4.75% 7/1/53	2,735,000		3,024,746
		Series A-1 5.00% 7/1/58	1,831,000		2,053,375
		Series A-2 4.329% 7/1/40	730,000		799,372
					18,787,212
State General Obligation Bonds – 5.16%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		144A 5.50% 6/1/22 #	2,270,000		2,312,562
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	210,000		210,525
		Series A 5.00% 7/1/41 ‡	670,000		611,375
		Series A 5.125% 7/1/37 ‡	1,645,000		1,533,963
		Series A 5.25% 7/1/34 ‡	880,000		886,600
		Series A 5.375% 7/1/33 ‡	365,000		364,540
		Series A 8.00% 7/1/35 ‡	150,000		135,188
		Series B 5.00% 7/1/35 ‡	345,000		346,294
		Series B 5.75% 7/1/38 ‡	460,000		453,670
		Series C 6.00% 7/1/39 ‡	465,000		462,675
					7,317,392
Transportation Revenue Bonds – 3.10%
	Boise City, Idaho Airport Revenue
		(Employee Parking Facilities Project)
		Series B 4.00% 9/1/51 (AMT)	1,955,000		2,121,976
		(Public Parking Facilities Project)
		Series A 5.00% 9/1/51	1,790,000		2,177,768
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31	80,000		97,433
					4,397,177

47

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 0.42%
	Coeur d'Alene, Idaho Wastewater Revenue
		Series A 4.00% 9/1/33	500,000	$	592,450
					592,450
Total Municipal Bonds (cost $136,221,358)					139,928,966
			Number of
			shares
Short-Term Investments – 1.60%
Money Market Mutual Funds – 1.30%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.02%)	1,838,687		1,838,687
					1,838,687
			Principal
			amount°
Variable Rate Demand Note – 0.30%¤
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project) Series C 0.10%
		3/1/48
		(LOC – US Bank, N.A.)	425,000		425,000
					425,000
Total Short-Term Investments (cost $2,263,687)					2,263,687
Total Value of Securities–100.29%
	(cost $138,485,045)			$	142,192,653

°	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, 2022, the aggregate value of Rule 144A securities was $9,028,431, which represents 6.37% of the Fund's net assets. See Note 7 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.
§	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 7 in “Notes to financial statements.”

48

¤ 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, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
FHA – Federal Housing Administration
GNMA – Government National Mortgage Association
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar

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

49

Schedules of investments
Delaware Tax-Free New York Fund	February 28, 2022 (Unaudited)

			Principal
			amount°		Value (US $)
Municipal Bonds – 99.00%
Corporate Revenue Bonds – 5.59%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^	65,000,000	$	3,770,650
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/46 (AGM)	2,000,000		1,966,060
	New York Counties Tobacco Trust V Pass-Through
		(Subordinate Turbo CABs)
		Series S4B 144A 0.548% 6/1/60 #, ◆, ^	10,000,000		417,400
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,304,770
		New York Transportation Development Corporation
		Special Facilities Revenue
		(Delta Air Lines - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	1,000,000		1,127,590
		5.00% 1/1/36 (AMT)	1,000,000		1,125,620
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	900,000		1,002,465
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		768,007
					11,482,562
Education Revenue Bonds – 22.13%
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		543,620
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		514,145
		Series A 5.50% 4/1/43	500,000		515,385
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.50% 5/1/48 #	500,000		556,745
		(Manhattan College Project)
		5.00% 8/1/47	500,000		572,500
		(Metropolitan College of New York Project)
		5.50% 11/1/44	600,000		643,038

50

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
		(Metropolitan Lighthouse Charter School Project)
		Series A 144A 5.00% 6/1/52 #	250,000	$	269,888
		(New Dawn Charter Schools Project)
		144A 5.75% 2/1/49 #	500,000		533,630
		(New World Preparatory Charter School Project)
		Series A 4.00% 6/15/51	315,000		326,368
		Series A 4.00% 6/15/56	450,000		463,721
		(The Packer Collegiate Institute Project)
		5.00% 6/1/40	750,000		801,592
	Dutchess County Local Development
		(The Culinary Institute of America Project)
		Series A-1 5.00% 7/1/46	300,000		326,460
		(Vassar College Project)
		5.00% 7/1/35	1,000,000		1,160,120
		5.00% 7/1/36	1,000,000		1,159,350
		5.00% 7/1/37	1,000,000		1,158,760
	Hempstead Town Local Development
		(Hofstra University Project)
		5.00% 7/1/42	500,000		573,840
	Madison County Capital Resource Revenue
		(Colgate University Refunding Project)
		Series A 5.00% 7/1/35	1,000,000		1,107,270
		Series B 5.00% 7/1/39	1,000,000		1,108,300
	Monroe County Industrial Development Revenue
		(St. John Fisher College Project)
		Series A 5.50% 6/1/39	300,000		324,543
		(True North Rochester Preparatory Charter School
		Project)
		Series A 144A 5.00% 6/1/40 #	1,000,000		1,134,320
		(University of Rochester Project)
		Series A 5.00% 7/1/37	1,000,000		1,158,760
		Series C 4.00% 7/1/43	500,000		547,085
	New York City Trust for Cultural Resources
		(Alvin Ailey Dance Foundation)
		Series A 4.00% 7/1/46	1,000,000		1,059,550
	New York State Dormitory Authority
		(Barnard College)
		Series A 5.00% 7/1/35	400,000		441,560
		(Fordham University)
		5.00% 7/1/44	650,000		702,741

51

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
		(New York University)
		5.50% 7/1/40 (AMBAC)	740,000	$	1,048,232
		(Touro College & University)
		Series A 5.50% 1/1/44	1,000,000		1,066,760
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Columbia University)
		Series A 5.00% 10/1/50	1,325,000		1,935,427
		(Hudson City School District)
		Unrefunded Series A 5.625% 10/1/29 (AGC)	375,000		376,567
		(New York State University Dormitory Facilities)
		Series A 5.00% 7/1/35	50,000		59,853
		Series A 5.00% 7/1/37	2,200,000		2,624,094
		Series A 5.00% 7/1/42	1,645,000		1,882,242
		(New York University)
		Series A 5.00% 7/1/36	2,000,000		2,275,400
		Series A 5.00% 7/1/39	2,000,000		2,266,460
		(School Districts Financing Program)
		Series B 5.00% 10/1/42 (AGM)	3,565,000		4,126,238
		(Vaughn College of Aeronautics and Technology)
		Series A 144A 5.50% 12/1/46 #	300,000		321,807
	Onondaga Civic Development Revenue
		(Le Moyne College Project)
		Series B 4.00% 7/1/38	255,000		277,517
		Series B 4.00% 7/1/39	325,000		353,054
		Series B 4.00% 7/1/40	300,000		325,599
	Saratoga County Capital Resource Revenue
		(Skidmore College Project)
		5.00% 7/1/43	3,570,000		4,189,466
		5.00% 7/1/48	1,000,000		1,166,400
	St. Lawrence County Industrial Development Agency
		Civic Development Revenue
		(St. Lawrence University Project)
		Series A 4.00% 7/1/43	1,000,000		1,079,020
	Tompkins County Development
		(Ithaca College Project)
		5.00% 7/1/34	750,000		828,555
		5.00% 7/1/41	500,000		579,100

52

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Yonkers Economic Development Educational Revenue
		(Lamartine/Warburton LLC - Charter School of
		Educational Excellence Project)
		Series A 5.00% 10/15/49	640,000	$	696,992
		Series A 5.00% 10/15/50	250,000		274,563
					45,456,637
Electric Revenue Bonds – 8.35%
	Build NYC Resource
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #	1,000,000		1,046,010
	Long Island Power Authority Electric System Revenue
		5.00% 9/1/37	450,000		536,175
		5.00% 9/1/39	2,000,000		2,372,000
		5.00% 9/1/42	2,000,000		2,324,780
		5.00% 9/1/47	500,000		577,520
		Series A 5.00% 9/1/44	1,950,000		2,114,053
		Series B 5.00% 9/1/41	1,000,000		1,134,500
	New York State Power Authority Revenue
		Series A 4.00% 11/15/50	1,000,000		1,109,670
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	65,000		67,031
		Series A 6.75% 7/1/36 ‡	625,000		662,494
		Series AAA 5.25% 7/1/25 ‡	35,000		36,269
		Series TT 5.00% 7/1/32 ‡	1,120,000		1,155,000
		Series WW 5.25% 7/1/33 ‡	195,000		202,069
		Series WW 5.50% 7/1/17 ‡	420,000		435,750
		Series WW 5.50% 7/1/19 ‡	330,000		342,375
		Series XX 4.75% 7/1/26 ‡	40,000		41,100
		Series XX 5.25% 7/1/40 ‡	1,430,000		1,481,837
		Series ZZ 4.75% 7/1/27 ‡	30,000		30,825
		Series ZZ 5.00% 7/1/19 ‡	570,000		586,387
		Series ZZ 5.25% 7/1/24 ‡	50,000		51,813
	Utility Debt Securitization Authority
		(Restructuring Bonds)
		5.00% 12/15/37	750,000		843,428
					17,151,086
Healthcare Revenue Bonds – 6.61%
	Buffalo & Erie County Industrial Land Development
		(Catholic Health System Project)
		Series N 5.25% 7/1/35	250,000		270,057

53

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Build NYC Resource
		(The Children's Aid Society Project)
		4.00% 7/1/49	1,000,000	$	1,105,360
	Dutchess County Local Development
		(Nuvance Health)
		Series B 4.00% 7/1/49	1,000,000		1,065,860
	Guilderland, Industrial Development Agency
		(Albany Place Development Project)
		Series A 144A 5.875% 1/1/52 #, ‡	500,000		375,000
	Monroe County Industrial Development
		(The Rochester General Hospital Project)
		5.00% 12/1/36	405,000		458,112
		5.00% 12/1/46	540,000		602,332
	Nassau County Local Economic Assistance
		(Catholic Health Services of Long Island Obligated
		Group Project)
		5.00% 7/1/33	725,000		778,469
	New York State Dormitory Authority
		(Montefiore Obligated Group)
		Series A 4.00% 8/1/38	1,000,000		1,079,520
		Series A 4.00% 9/1/50	2,500,000		2,685,450
		(NYU Langone Hospitals Obligated Group)
		Series A 4.00% 7/1/53	500,000		550,080
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(NYU Hospitals Center)
		Series A 4.00% 7/1/40	465,000		499,210
		(Orange Regional Medical Center Obligated Group)
		144A 5.00% 12/1/34 #	500,000		574,760
		144A 5.00% 12/1/45 #	700,000		773,038
	Orange County Funding Assisted Living Residence
		Revenue
		(The Hamlet at Wallkill Assisted Living Project)
		6.50% 1/1/46	300,000		299,961
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000		793,095
	Westchester County Local Development
		(Purchase Senior Learning Community, Inc. Project)
		Series A 144A 5.00% 7/1/46 #	615,000		638,653
		Series A 144A 5.00% 7/1/56 #	1,000,000		1,030,770
					13,579,727

54

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds – 6.16%
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56	710,000	$	743,029
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,516,785
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00% 7/15/45	445,000		489,544
	New York Liberty Development
		(4 World Trade Center Project - Green Bonds)
		Series A 3.00% 11/15/51	1,620,000		1,554,633
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	2,000,000		2,130,880
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		540,455
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48	80,000		88,565
	New York State Dormitory Authority Revenue Non-State
		Supported Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		2,989,875
	New York State Environmental Facilities Clean Water and
		Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Series B 5.00% 6/15/43	2,175,000		2,605,215
					12,658,981
Local General Obligation Bonds – 3.35%
	New York City
		Fiscal 2017 Subordinate Series B-1 5.00% 12/1/34	2,500,000		2,869,475
		Fiscal 2018 Subordinate Series E-1 5.25% 3/1/35	500,000		599,890
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35	1,895,000		2,239,189
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39	1,000,000		1,174,120
					6,882,674
Pre-Refunded Bonds – 0.77%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40-25 §	450,000		503,172

55

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000	$	1,085,000
					1,588,172
Resource Recovery Revenue Bond – 0.74%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,526,250
					1,526,250
Special Tax Revenue Bonds – 22.05%
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	5,840,608		5,490,171
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000		259,533
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		4,008,200
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2015 Subordinate Series S-1 5.00% 7/15/43	1,000,000		1,089,680
		Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37	1,000,000		1,193,890
		(Future Tax Secured)
		Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40	750,000		804,525
		Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42	2,000,000		2,157,700
		Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41	1,000,000		1,092,700
		Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42	500,000		554,095
		Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42	500,000		538,940
		Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43	1,000,000		1,144,180
		Series A-1 5.00% 11/1/42	750,000		794,655
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,116,010
		5.00% 11/15/40	1,000,000		1,112,960
	New York State Dormitory Authority Personal Income Tax
		Revenue
		(General Purpose)
		Series A 5.00% 3/15/40	5,000,000		5,961,350
		Series D 4.00% 2/15/47	1,000,000		1,103,150

56

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36	500,000	$	542,190
	Puerto Rico Infrastructure Financing Authority
		5.00% 7/1/20 ‡	80,000		41,300
		Series B 5.00% 7/1/16 ‡	640,000		330,400
		Series B 5.00% 7/1/17 ‡	530,000		273,613
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	425,000		470,819
		Series A-1 4.59% 7/1/46 ^	2,300,000		747,178
		Series A-1 4.75% 7/1/53	5,720,000		6,325,977
		Series A-1 4.898% 7/1/51 ^	2,370,000		557,851
		Series A-1 5.00% 7/1/58	5,085,000		5,702,573
		Series A-2 4.329% 7/1/40	370,000		405,161
		Series A-2 4.536% 7/1/53	1,330,000		1,454,554
					45,273,355
State General Obligation Bonds – 5.73%
	Commonwealth of Puerto Rico
		(Custodial Receipts)
		Series A 144A 5.50% 6/1/22 #	4,325,000		4,406,094
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	270,000		270,675
		Series A 5.00% 7/1/41 ‡	1,185,000		1,081,313
		Series A 5.125% 7/1/37 ‡	1,185,000		1,099,387
		Series A 5.25% 7/1/34 ‡	945,000		952,088
		Series A 5.375% 7/1/33 ‡	665,000		664,162
		Series A 8.00% 7/1/35 ‡	1,000,000		901,250
		Series B 5.00% 7/1/35 ‡	555,000		557,081
		Series B 5.75% 7/1/38 ‡	625,000		616,400
		Series C 6.00% 7/1/39 ‡	1,215,000		1,208,925
					11,757,375
Transportation Revenue Bonds – 12.28%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47	435,000		496,152
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32	500,000		512,965
		(Climate Bond Certified - Green Bonds)
		Series A-1 4.00% 11/15/46	3,250,000		3,508,375
		Series B 4.00% 11/15/50	1,000,000		1,062,310

57

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Metropolitan Transportation Authority Revenue
		(Climate Bond Certified - Green Bonds)
		Series C-1 5.25% 11/15/55	1,500,000	$	1,752,045
		Series E 4.00% 11/15/45	1,500,000		1,616,625
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50	1,000,000		1,083,690
		Series L 5.00% 1/1/35	1,535,000		1,785,727
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56	1,000,000		1,125,210
	New York Transportation Development Corporation
		Special Facilities Revenue
		(Terminal 4 John F. Kennedy International Airport
		Project)
		Series A 4.00% 12/1/40 (AMT)	335,000		357,087
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)	715,000		834,312
		Series A 5.00% 4/1/35 (AMT)	775,000		902,751
		Series A 5.00% 4/1/37 (AMT)	750,000		872,160
		Series A 5.00% 4/1/39 (AMT)	350,000		405,734
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen
		Series)
		4.00% 11/1/49	1,000,000		1,097,250
		(Consolidated Bonds - Two Hundred Sixteen Series)
		4.00% 9/1/49	1,000,000		1,095,360
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42	2,500,000		2,895,275
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41	2,000,000		2,261,220
		Series A 5.00% 11/15/47	1,000,000		1,155,890
		Series A 5.00% 11/15/49	325,000		393,208
					25,213,346
Water & Sewer Revenue Bonds – 5.24%
	New York City Municipal Water Finance Authority Water &
		Sewer System Revenue
		(Second General Resolution)
		Fiscal 2015 Series HH 5.00% 6/15/39	2,000,000		2,218,040
		Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,134,560
		Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		2,945,075

58

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	New York City Municipal Water Finance Authority Water &
		Sewer System Revenue
		(Second General Resolution)
		Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49	1,000,000	$	1,098,470
		Fiscal 2020 Series AA 4.00% 6/15/40	1,000,000		1,119,620
		Fiscal 2021 Subordinate Series BB-1 4.00% 6/15/50	1,000,000		1,115,810
	New York State Environmental Facilities Clean Water and
		Drinking Water Revenue
		(New York City Municipal Water Finance Authority
		Projects - Second Resolution)
		Series B 4.00% 6/15/49	1,000,000		1,127,560
					10,759,135
Total Municipal Bonds (cost $190,358,714)					203,329,300
Short-Term Investments – 0.44%
Variable Rate Demand Notes – 0.44%¤
	New York City
		Fiscal 2015 Subordinate Series F-5 0.10% 6/1/44
		(SPA - Barclays Bank)	600,000		600,000
	New York City Municipal Water Finance Authority Water &
		Sewer System Revenue
		Subordinate Series A-2 0.07% 6/15/44 (SPA - Mizuho
		Bank)	300,000		300,000
Total Short-Term Investments (cost $900,000)					900,000
Total Value of Securities–99.44%
	(cost $191,258,714)			$	204,229,300

°	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, 2022, the aggregate value of Rule 144A securities was $20,046,350, which represents 9.76% of the Fund's net assets. See Note 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
♦	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
‡	Non-income producing security. Security is currently in default.

59

Schedules of investments
Delaware Tax-Free New York Fund

§

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 7 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, 2022.

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
L.P. – Limited Partnership
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

60

Schedules of investments
Delaware Tax-Free Pennsylvania Fund	February 28, 2022 (Unaudited)

		Principal
		amount°	Value (US $)
Municipal Bonds – 99.20%
Corporate Revenue Bonds – 6.05%
	Allegheny County Industrial Development Authority
	Revenue
	(United States Steel Corporation Project)
	4.875% 11/1/24	2,650,000	$	2,830,173
	5.125% 5/1/30	750,000		879,405
	Pennsylvania Commonwealth Financing Authority
	Revenue
	(Tobacco Master Settlement Payment Revenue)
	4.00% 6/1/39 (AGM)	5,045,000		5,556,967
	Pennsylvania Economic Development Financing Authority
	(National Gypsum)
	5.50% 11/1/44 (AMT)	4,000,000		4,181,840
	Pennsylvania Economic Development Financing Authority
	Solid Waste Disposal Revenue
	(Proctor & Gamble Paper Project)
	5.375% 3/1/31 (AMT)	11,000,000		13,914,560
				27,362,945
Education Revenue Bonds – 10.84%
	Allegheny County Higher Education Building Authority
	Revenue
	(Carnegie Mellon University)
	Series A 5.00% 3/1/24	1,000,000		1,000,000
	(Chatham University)
	Series A 5.00% 9/1/30	1,500,000		1,516,995
	(Robert Morris University)
	5.00% 10/15/47	1,500,000		1,636,965
	Bucks County Industrial Development Authority Revenue
	(School Lane Charter School Project)
	Series A 5.125% 3/15/46	2,500,000		2,758,725
	Chester County Industrial Development Authority
	Revenue
	(Avon Grove Charter School Project)
	Series A 5.00% 12/15/47	1,160,000		1,280,512
	Series A 5.00% 12/15/51	770,000		848,124
	(Renaissance Academy Charter School Project)
	5.00% 10/1/34	1,000,000		1,073,700
	5.00% 10/1/39	1,250,000		1,338,313
	5.00% 10/1/44	1,000,000		1,067,100
	(Westtown School)
	Series A 4.00% 1/1/52	2,250,000		2,488,365

61

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	City of Erie Higher Education Building Authority Revenue
	(Gannon University Project - AICUP Financing
	Program)
	Series TT1 4.00% 5/1/36	300,000	$	331,107
	Series TT1 4.00% 5/1/41	475,000		518,681
	Series TT1 5.00% 5/1/47	475,000		557,750
	Delaware County Authority Revenue
	(Cabrini University)
	5.00% 7/1/47	2,000,000		2,101,100
	Huntingdon County General Authority Revenue
	(AICUP Financing Program - Juniata College Project)
	Series TT3 5.00% 10/1/51	2,500,000		2,866,125
	Montgomery County Higher Education and Health
	Authority
	(Arcadia University)
	5.75% 4/1/40	2,000,000		2,117,620
	Montgomery County Industrial Development Authority
	Revenue
	(Germantown Academy Project)
	Series A 4.00% 10/1/36	1,000,000		1,068,510
	Series A 4.00% 10/1/46	1,550,000		1,695,622
	Northeastern Pennsylvania Hospital and Education
	Authority Revenue
	(King's College Project)
	5.00% 5/1/44	1,000,000		1,126,260
	Pennsylvania Higher Educational Facilities Authority
	College & University Revenue
	(Drexel University)
	5.00% 5/1/41	1,000,000		1,153,940
	Pennsylvania State University
	Series A 5.00% 9/1/45	2,000,000		2,421,040
	Series A 5.00% 9/1/47	2,730,000		3,272,751
	Philadelphia Authority for Industrial Development
	Revenue
	(First Philadelphia Preparatory Charter School Project)
	Series A 7.25% 6/15/43	2,500,000		2,762,725
	(Green Woods Charter School Project)
	Series A 5.50% 6/15/22	200,000		202,158
	Series A 5.75% 6/15/42	2,500,000		2,524,300
	(International Apartments of Temple University)
	Series A 5.375% 6/15/30	1,385,000		1,387,535
	Series A 5.625% 6/15/42	3,000,000		3,004,530

62

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Philadelphia Authority for Industrial Development
	Revenue
	(Tacony Academy Charter School Project)
	Series A-1 6.75% 6/15/33	1,020,000	$	1,081,169
	Series A-1 7.00% 6/15/43	1,535,000		1,625,028
	State Public School Building Authority
	(Montgomery County Community College)
	5.00% 5/1/28	2,000,000		2,201,560
				49,028,310
Electric Revenue Bonds – 3.25%
	City of Philadelphia Gas Works Revenue
	(1998 General Ordinance)
	Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000		2,241,840
	Sixteenth Series B 4.00% 8/1/37 (AGM)	2,000,000		2,272,240
	Sixteenth Series B 4.00% 8/1/38 (AGM)	4,250,000		4,819,373
	��    Sixteenth Series B 4.00% 8/1/39 (AGM)	1,300,000		1,471,444
	Puerto Rico Electric Power Authority
	Series A 5.00% 7/1/42 ‡	1,110,000		1,144,687
	Series A 5.05% 7/1/42 ‡	400,000		412,500
	Series WW 5.25% 7/1/33 ‡	1,055,000		1,093,244
	Series WW 5.50% 7/1/38 ‡	1,190,000		1,237,600
				14,692,928
Healthcare Revenue Bonds – 33.87%
	Allegheny County Hospital Development Authority
	Revenue
	(Allegheny Health Network Obligated Group Issue)
	Series A 4.00% 4/1/44	1,350,000		1,463,886
	(University of Pittsburgh Medical Center)
	Series A 4.00% 7/15/36	1,750,000		1,959,720
	Series A 4.00% 7/15/37	1,500,000		1,676,505
	Berks County Industrial Development Authority Revenue
	(The Highlands at Wyomissing)
	5.00% 5/15/38	415,000		451,429
	5.00% 5/15/43	500,000		541,150
	5.00% 5/15/48	1,000,000		1,078,770
	Series A 5.00% 5/15/37	1,365,000		1,513,580
	Series A 5.00% 5/15/42	500,000		550,090
	Series A 5.00% 5/15/47	600,000		656,472
	Series C 5.00% 5/15/42	1,000,000		1,073,500
	Series C 5.00% 5/15/47	1,000,000		1,070,590

63

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Bucks County Industrial Development Authority Revenue
	(Saint Luke's University Health Network Project)
	4.00% 8/15/44	2,400,000	$	2,642,496
	4.00% 8/15/50	1,400,000		1,532,118
	Butler County Hospital Authority Revenue
	(Butler Health System Project)
	Series A 5.00% 7/1/39	1,625,000		1,779,668
	Centre County Hospital Authority Revenue
	(Mount Nittany Medical Center Project)
	Series A 4.00% 11/15/47	1,400,000		1,520,708
	Chester County Health and Education Facilities Authority
	(Main Line Health System)
	Series A 4.00% 9/1/40	785,000		890,583
	Series A 4.00% 9/1/50	2,750,000		3,072,547
	Cumberland County Municipal Authority Revenue
	(Asbury Pennsylvania Obligated Group)
	5.00% 1/1/45	3,000,000		3,216,990
	(Diakon Lutheran Social Ministries)
	5.00% 1/1/38	995,000		1,067,048
	(Penn State Health)
	4.00% 11/1/49	9,825,000		10,794,826
	DuBois Hospital Authority
	(Penn Highlands Healthcare)
	4.00% 7/15/48	2,000,000		2,163,700
	Geisinger Authority Health System Revenue
	(Geisinger Health System)
	Series A-1 5.00% 2/15/45	5,000,000		5,746,100
	General Authority of Southcentral Pennsylvania Revenue
	(WellSpan Health Obligated Group)
	Series A 5.00% 6/1/39	5,000,000		6,029,900
	Indiana County Hospital Authority Revenue
	(Indiana Regional Medical Center)
	Series A 6.00% 6/1/39	1,625,000		1,682,541
	Lancaster County Hospital Authority Revenue
	(Brethren Village Project)
	5.25% 7/1/35	250,000		263,870
	5.50% 7/1/45	1,000,000		1,051,050
	(Landis Homes Retirement Community Project)
	Series A 5.00% 7/1/45	2,000,000		2,106,960
	(Masonic Villages Project)
	5.00% 11/1/35	1,000,000		1,146,190
	5.00% 11/1/36	510,000		583,822

64

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lancaster County Hospital Authority Revenue
	(Masonic Villages Project)
	5.00% 11/1/37	250,000	$	285,825
	Lehigh County General Purpose Hospital Authority
	Revenue
	(Lehigh Valley Health Network)
	Series A 4.00% 7/1/49	5,000,000		5,425,300
	Monroe County Hospital Authority Revenue
	(Pocono Medical Center)
	5.00% 7/1/36	1,710,000		1,918,073
	5.00% 7/1/41	1,000,000		1,118,160
	Monroeville Finance Authority
	(University of Pittsburgh Medical Center)
	5.00% 2/15/25	1,000,000		1,101,390
	Montgomery County Higher Education and Health
	Authority
	(Thomas Jefferson University)
	5.00% 9/1/51	2,000,000		2,321,840
	Series A 4.00% 9/1/49	2,500,000		2,701,425
	Series B 4.00% 5/1/52	5,000,000		5,484,850
	Series B 4.00% 5/1/56	7,500,000		8,137,800
	Montgomery County Industrial Development Authority
	Revenue
	(Waverly Heights Project)
	5.00% 12/1/44	500,000		558,370
	5.00% 12/1/49	1,250,000		1,392,250
	(Whitemarsh Continuing Care Retirement Community
	Project)
	4.00% 1/1/25	330,000		337,171
	5.375% 1/1/50	4,000,000		4,188,120
	Series A 5.375% 1/1/51	1,500,000		1,597,230
	Moon Industrial Development Authority Revenue
	(Baptist Homes Society)
	6.125% 7/1/50	4,000,000		4,218,880
	Pennsylvania Economic Development Financing Authority
	First Mortgage Revenue
	(Tapestry Moon Senior Housing Project)
	Series A 144A 6.50% 12/1/38 #, ‡	715,000		286,000
	Series A 144A 6.75% 12/1/53 #, ‡	5,400,000		2,160,000

65

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Economic Development Financing Authority
		Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43	1,265,000	$	1,325,973
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,469,150
		Series A 5.25% 9/1/50	2,500,000		2,756,600
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49	6,000,000		6,698,280
		5.00% 8/15/49	5,000,000		5,975,550
		Series A 4.00% 8/15/42	4,000,000		4,369,400
		Series A 4.00% 8/15/43	2,000,000		2,236,560
	Philadelphia Authority for Industrial Development
		Revenue
		(Children's Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		5,844,700
		Series A 5.00% 7/1/32	4,750,000		6,145,645
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,843,950
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,596,900
	Pocono Mountains Industrial Park Authority Revenue
		(St. Luke's Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000		4,358,240
					153,180,441
Lease Revenue Bonds – 1.07%
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/29 (AMT)	500,000		555,285
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,432,675
		5.00% 4/1/38	1,000,000		1,143,540
		5.00% 4/1/39	1,500,000		1,713,750
					4,845,250

66

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 6.73%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000	$	5,410,436
	Chester County
		4.00% 7/15/32	1,000,000		1,151,250
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,454,393
		Series A 5.00% 8/1/37	1,750,000		2,028,757
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50	2,875,000		3,176,559
	Montgomery County
		Series A 5.00% 1/1/35	2,000,000		2,519,200
		Series A 5.00% 1/1/37	4,705,000		5,908,304
	Philadelphia School District
		Series A 5.00% 9/1/34	1,090,000		1,349,158
		Series F 5.00% 9/1/36	2,000,000		2,271,760
		Series F 5.00% 9/1/37	1,500,000		1,701,045
		Series F 5.00% 9/1/38	1,995,000		2,258,719
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		328,439
		2.00% 10/15/29 (AGM)	700,000		704,207
		2.00% 10/15/30 (AGM)	190,000		190,716
					30,452,943
Pre-Refunded/Escrowed to Maturity Bonds – 5.90%
	Allegheny County
		Series C-70 5.00% 12/1/33-22 §	2,205,000		2,274,436
	City of Philadelphia
		Series A 5.25% 7/15/29-24 §	2,500,000		2,688,725
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §	3,000,000		3,064,620
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	1,005,000		1,105,178
	Delaware County Regional Water Quality Control
		Authority
		5.00% 5/1/32-23 §	2,000,000		2,094,380
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42-22 §	1,500,000		1,522,620

67

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority
		College & University Revenue
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §	1,740,000	$	1,765,091
		Series A 5.00% 7/1/41-22 §	1,500,000		1,521,630
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000		2,099,200
		(University of the Arts)
		5.20% 3/15/25 (AGC)	3,680,000		3,898,629
	Philadelphia Authority for Industrial Development
		Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,044,940
	Philadelphia School District
		Series F 5.00% 9/1/38-26 §	5,000		5,777
	Philadelphia Water & Wastewater Revenue
		5.00% 11/1/28-22 §	880,000		904,534
		Series A 5.00% 7/1/45-24 §	2,500,000		2,715,500
					26,705,260
Special Tax Revenue Bonds – 15.91%
	Allentown Neighborhood Improvement Zone
		Development Authority Revenue
		(Forward Delivery)
		5.00% 5/1/35	850,000		1,031,084
		5.00% 5/1/36	850,000		1,025,755
		5.00% 5/1/42	4,000,000		4,761,960
	Chester County Industrial Development Authority Special
		Obligation Revenue
		(Woodlands at Greystone Project)
		144A 5.125% 3/1/48 #	1,000,000		1,094,040
	CPR Custodial Receipt
		(Taxable)
		Series 1 144A 0.649% 1/1/45 #	7,000,000		6,833,680
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	9,419,666		8,854,486
	Northampton County Industrial Development Authority
		(Route 33 Project)
		7.00% 7/1/32	1,700,000		1,784,983
	Pennsylvania Turnpike Commission Oil Franchise Tax
		Revenue
		Series A 5.00% 12/1/48	3,000,000		3,535,890

68

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Infrastructure Financing Authority Revenue
		Series B 5.00% 7/1/16 ‡	10,000	$	5,163
		Series B 5.00% 7/1/20 ‡	500,000		258,125
		Series B 5.00% 7/1/21 ‡	910,000		469,787
		Series B 5.00% 7/1/24 ‡	420,000		217,875
		Series B 5.00% 7/1/25 ‡	385,000		199,719
		Series B 5.00% 7/1/27 ‡	550,000		285,312
		Series B 5.00% 7/1/41 ‡	7,000,000		3,631,250
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	7,958,000		8,801,071
		Series A-1 4.884% 7/1/51 ^	11,160,000		2,626,841
		Series A-1 4.968% 7/1/46 ^	21,450,000		6,968,247
		Series A-1 5.00% 7/1/58	10,000,000		11,214,500
		Series A-2 4.329% 7/1/40	5,150,000		5,639,404
		Series A-2 4.536% 7/1/53	1,000,000		1,093,650
	Washington County Redevelopment Authority Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000		1,607,850
					71,940,672
State General Obligation Bonds – 4.65%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	3,340,000		3,858,635
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	890,000		892,225
		Series A 5.00% 7/1/41 ‡	1,115,000		1,017,438
		Series A 5.125% 7/1/37 ‡	8,195,000		7,641,837
		Series A 5.25% 7/1/34 ‡	725,000		730,438
		Series A 5.375% 7/1/33 ‡	600,000		599,244
		Series A 6.00% 7/1/38 ‡	880,000		894,300
		Series B 5.00% 7/1/35 ‡	1,555,000		1,560,831
		Series B 5.75% 7/1/38 ‡	2,000,000		1,972,480
		Series C 6.00% 7/1/39 ‡	1,880,000		1,870,600
					21,038,028
Transportation Revenue Bonds – 10.35%
	Allegheny County Airport Authority Revenue
		(Pittsburgh International Airport)
		Series A 5.00% 1/1/56 (AMT)	4,500,000		5,230,755

69

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000	$	5,761,950
	Pennsylvania Economic Development Financing Authority
		Exempt Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000		3,583,825
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,110,700
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/34 (AMT)	2,115,000		2,332,718
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,610,818
		Series A 5.00% 12/1/49	2,000,000		2,382,340
		Series C 5.00% 12/1/44	5,000,000		5,432,900
		Subordinate Series A 4.00% 12/1/50	1,000,000		1,098,050
	Philadelphia Airport Revenue
		5.00% 7/1/51 (AMT)	3,000,000		3,535,380
		Series A 5.00% 7/1/47	3,750,000		4,310,288
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,369,120
	Susquehanna Area Regional Airport Authority Revenue
		5.00% 1/1/35 (AMT)	800,000		902,944
		5.00% 1/1/38 (AMT)	1,000,000		1,125,360
					46,787,148
Water & Sewer Revenue Bond – 0.58%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,640,845
					2,640,845
Total Municipal Bonds (cost $425,961,811)					448,674,770
Total Value of Securities–99.20%
	(cost $425,961,811)			$	448,674,770

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
‡	Non-income producing security. Security is currently in default.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $10,373,720, which represents 2.29% of the Fund's net assets. See Note 7 in “Notes to financial statements.”

70

§	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 7 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AICUP – Association of Independent Colleges & Universities of Pennsylvania

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

USD – US Dollar

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

71

Statements of assets and liabilities February 28, 2022 (Unaudited)

			Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
			Arizona Fund		California Fund		Colorado Fund
Assets:
	Investments, at value*		$	89,822,465	$	142,271,199	$	249,348,322
	Cash			504,390		36,971		—
	Dividend and interest receivable			626,832		1,348,111		2,320,851
	Receivable for fund shares sold			550,441		20,893		464,608
	Other assets			617		958		1,742
	Total Assets			91,504,745		143,678,132		252,135,523
Liabilities:
	Due to custodian			—		—		524,710
	Payable for securities purchased			1,085,491		260,000		1,034,790
	Payable for fund shares redeemed			89,885		158,006		333,523
	Investment management fees
		payable to affiliates		20,861		38,496		72,880
	Audit and tax fees payable			20,313		20,313		20,313
	Accounting and administration
		expenses payable to non-affiliates		18,025		20,143		25,150
	Distribution fees payable to affiliates			13,537		18,199		35,857
	Distribution payable			12,571		45,448		37,062
	Dividend disbursing and transfer
		agent fees and expenses payable
		to non-affiliates		5,926		6,360		14,984
	Reports and statements to
		shareholders expenses payable to
		non-affiliates		5,614		3,579		4,931
	Other accrued expenses			5,366		10,249		15,914
	Dividend disbursing and transfer
		agent fees and expenses payable
		to affiliates		623		975		1,737
	Accounting and administration
		expenses payable to affiliates		520		641		902
	Legal fees payable to affiliates			283		361		1,104
	Trustees’ fees and expenses
		payable to affiliates		232		362		651
	Reports and statements to
		shareholders expenses payable to
		affiliates		65		104		597
	Total Liabilities			1,279,312		583,236		2,125,105
Total Net Assets			$	90,225,433	$	143,094,896	$	250,010,418

72

		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Arizona Fund			California Fund			Colorado Fund
Net Assets Consist of:
	Paid-in capital	$	86,456,688		$	137,247,461		$	242,715,958
	Total distributable earnings (loss)		3,768,745			5,847,435			7,294,460
Total Net Assets		$	90,225,433		$	143,094,896		$	250,010,418
Net Asset Value
Class A:
Net assets		$	64,799,117		$	83,820,156		$	159,553,243
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		5,606,377			6,912,333			14,133,478
Net asset value per share		$	11.56		$	12.13		$	11.29
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.10		$	12.70		$	11.82
Class C:
Net assets		$	1,421,554		$	3,359,285		$	6,554,886
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		122,681			276,472			579,194
Net asset value per share		$	11.59		$	12.15		$	11.32
Institutional Class:
Net assets		$	24,004,762		$	55,915,455		$	83,902,289
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		2,076,578			4,610,349			7,432,504
Net asset value per share		$	11.56		$	12.13		$	11.29
____________________
*Investments, at cost		$	86,331,879		$	136,651,918		$	240,527,814

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

73

Statements of assets and liabilities

			Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
			Idaho Fund		New York Fund		Pennsylvania Fund
Assets:
	Investments, at value*		$	142,192,653	$	204,229,300	$	448,674,770
	Cash			—		856,800		—
	Dividend and interest receivable			1,572,526		1,932,163		4,203,121
	Receivable for fund shares sold			449,689		158,719		1,243,767
	Other assets			967		1,460		3,180
	Total Assets			144,215,835		207,178,442		454,124,838
Liabilities:
	Due to custodian			224,361		—		193,078
	Payable for securities purchased			1,557,030		981,167		442,000
	Payable for fund shares redeemed			517,726		595,651		794,129
	Investment management fees
		payable to affiliates		41,295		56,201		152,075
	Audit and tax fees payable			20,313		20,313		20,313
	Accounting and administration
		expenses payable to non-affiliates		20,218		23,386		34,268
	Distribution fees payable to affiliates			19,105		32,645		78,658
	Other accrued expenses			13,551		21,955		23,394
	Distribution payable			10,276		59,080		75,189
	Dividend disbursing and transfer
		agent fees and expenses payable
		to non-affiliates		6,140		10,174		25,696
	Reports and statements to
		shareholders expenses payable to
		non-affiliates		4,083		5,261		4,304
	Dividend disbursing and transfer
		agent fees and expenses payable
		to affiliates		981		1,433		3,147
	Accounting and administration
		expenses payable to affiliates		643		798		1,386
	Trustees’ fees and expenses
		payable to affiliates		366		541		1,189
	Legal fees payable to affiliates			363		470		858
	Reports and statements to
		shareholders expenses payable to
		affiliates		103		149		327
	Total Liabilities			2,436,554		1,809,224		1,850,011
Total Net Assets			$	141,779,281	$	205,369,218	$	452,274,827

74

		Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
		Idaho Fund			New York Fund			Pennsylvania Fund
Net Assets Consist of:
	Paid-in capital	$	142,367,701		$	192,731,728		$	428,952,443
	Total distributable earnings (loss)		(588,420	)		12,637,490			23,322,384
Total Net Assets		$	141,779,281		$	205,369,218		$	452,274,827
Net Asset Value
Class A:
Net assets		$	72,367,470		$	150,963,950		$	362,319,729
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		6,268,290			12,975,624			45,100,778
Net asset value per share		$	11.55		$	11.63		$	8.03
Sales charge			4.50	%		4.50	%		4.50	%
Offering price per share, equal to net
	asset value per share / (1 - sales
	charge)	$	12.09		$	12.18		$	8.41
Class C:
Net assets		$	6,698,398		$	4,441,511		$	13,271,575
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		580,685			382,662			1,651,577
Net asset value per share		$	11.54		$	11.61		$	8.04
Institutional Class:
Net assets		$	62,713,413		$	49,963,757		$	76,683,523
Shares of beneficial interest
	outstanding, unlimited authorization,
	no par		5,431,068			4,295,776			9,552,267
Net asset value per share		$	11.55		$	11.63		$	8.03
____________________
*Investments, at cost		$	138,485,045		$	191,258,714		$	425,961,811

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

75

Statements of operations

Six months ended February 28, 2022 (Unaudited)

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Arizona Fund			California Fund			Colorado Fund
Investment Income:
	Interest		$	1,441,144		$	2,396,842		$	4,077,789
	Dividends			—			—			61
				1,441,144			2,396,842			4,077,850
Expenses:
	Management fees			223,488			377,097			688,471
	Distribution expenses — Class A			81,939			103,787			203,541
	Distribution expenses — Class C			7,165			18,396			33,580
	Dividend disbursing and transfer
		agent fees and expenses		30,200			37,577			74,600
	Accounting and administration
		expenses		26,973			31,068			40,709
	Audit and tax fees			20,313			20,163			20,313
	Registration fees			9,373			11,338			5,878
	Reports and statements to
		shareholders expenses		7,574			8,082			14,364
	Legal fees			3,133			5,035			8,690
	Custodian fees			1,488			2,007			3,686
	Trustees’ fees and expenses			1,150			1,740			3,256
	Other			11,532			13,889			16,305
				424,328			630,179			1,113,393
	Less expenses waived			(71,528	)		(117,450	)		(162,835	)
	Less expenses paid indirectly			(10	)		(31	)		(31	)
	Total operating expenses			352,790			512,698			950,527
Net Investment Income				1,088,354			1,884,144			3,127,323
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments			234,158			163,042			158,050
	Net change in unrealized
		appreciation (depreciation) of
		investments		(3,727,757	)		(5,729,728	)		(9,171,041	)
Net Realized and Unrealized Loss				(3,493,599	)		(5,566,686	)		(9,012,991	)
Net Decrease in Net Assets
	Resulting from Operations		$	(2,405,245	)	$	(3,682,542	)	$	(5,885,668	)

76

			Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
			Idaho Fund			New York Fund			Pennsylvania Fund
Investment Income:
	Interest		$	2,142,877		$	3,367,082		$	7,317,287
	Dividends			108			—			—
				2,142,985			3,367,082			7,317,287
Expenses:
	Management fees			378,033			582,275			1,270,905
	Distribution expenses — Class A			90,770			195,339			457,166
	Distribution expenses — Class C			33,038			22,680			67,482
	Dividend disbursing and transfer
		agent fees and expenses		43,960			59,104			129,881
	Accounting and administration
		expenses		31,072			37,484			58,689
	Audit and tax fees			20,313			20,313			20,313
	Registration fees			5,421			12,510			9,622
	Reports and statements to
		shareholders expenses		8,093			14,244			27,302
	Legal fees			4,496			7,644			16,269
	Custodian fees			2,071			3,530			9,113
	Trustees’ fees and expenses			1,782			2,724			6,102
	Other			12,652			17,801			20,014
				631,701			975,648			2,092,858
	Less expenses waived			(88,787	)		(174,975	)		(204,151	)
	Less expenses paid indirectly			(9	)		(82	)		(93	)
	Total operating expenses			542,905			800,591			1,888,614
Net Investment Income				1,600,080			2,566,491			5,428,673
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments			168,170			80,881			816,404
	Net change in unrealized
		appreciation (depreciation) of
		investments		(4,506,095	)		(7,654,229	)		(16,599,436	)
Net Realized and Unrealized Loss				(4,337,925	)		(7,573,348	)		(15,783,032	)
Net Decrease in Net Assets
	Resulting from Operations		$	(2,737,845	)	$	(5,006,857	)	$	(10,354,359	)

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

77

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

			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,088,354		$	2,237,879
	Net realized gain			234,158			682,993
	Net change in unrealized appreciation (depreciation)			(3,727,757	)		3,130,355
	Net increase (decrease) in net assets resulting from
		operations		(2,405,245	)		6,051,227
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,190,601	)		(1,730,876	)
		Class C		(20,364	)		(38,579	)
		Institutional Class		(431,845	)		(522,100	)
				(1,642,810	)		(2,291,555	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		2,440,661			6,099,220
		Class C		123,852			276,688
		Institutional Class		5,182,335			8,718,668
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,092,826			1,537,728
		Class C		19,343			37,027
		Institutional Class		421,564			506,851
				9,280,581			17,176,182

78

			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(2,497,154	)	$	(5,997,493	)
		Class C		(185,087	)		(1,441,218	)
		Institutional Class		(2,708,543	)		(2,932,869	)
				(5,390,784	)		(10,371,580	)
	Increase in net assets derived from capital share
		transactions		3,889,797			6,804,602
Net Increase (Decrease) in Net Assets				(158,258	)		10,564,274
Net Assets:
	Beginning of period			90,383,691			79,819,417
	End of period		$	90,225,433		$	90,383,691

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

79

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

			Six months
			ended
			2/28/22			Year ended
			(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,884,144		$	3,475,864
	Net realized gain			163,042			538,129
	Net change in unrealized appreciation (depreciation)			(5,729,728	)		3,306,320
	Net increase (decrease) in net assets resulting from
		operations		(3,682,542	)		7,320,313
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,248,625	)		(2,115,156	)
		Class C		(41,561	)		(112,952	)
		Institutional Class		(817,626	)		(1,216,639	)
				(2,107,812	)		(3,444,747	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		6,868,871			12,832,211
		Class C		230,236			629,708
		Institutional Class		17,160,919			16,266,239
	Net assets from merger:1
		Class A		—			34,679,243
		Institutional Class		—			1,655,513
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,139,330			1,912,654
		Class C		39,858			110,017
		Institutional Class		614,623			853,026
				26,053,837			68,938,611

80

	Six months
	ended
	2/28/22			Year ended
	(Unaudited)			8/31/21
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(6,807,484	)	$	(9,752,132	)
Class C		(604,228	)		(3,919,733	)
Institutional Class		(5,654,439	)		(8,230,770	)
		(13,066,151	)		(21,902,635	)
Increase in net assets derived from capital share
transactions		12,987,686			47,035,976
Net Increase in Net Assets		7,197,332			50,911,542
Net Assets:
Beginning of period		135,897,564			84,986,022
End of period	$	143,094,896		$	135,897,564

¹ See Note 5 in the "Notes to financial statements."

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

81

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	3,127,323		$	6,007,335
	Net realized gain		158,050			297,584
	Net change in unrealized appreciation (depreciation)		(9,171,041	)		6,384,297
	Net increase (decrease) in net assets resulting from
	operations		(5,885,668	)		12,689,216
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,988,880	)		(4,143,610	)
	Class C		(56,761	)		(129,827	)
	Institutional Class		(1,087,235	)		(1,718,272	)
			(3,132,876	)		(5,991,709	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		5,383,689			12,168,978
	Class C		460,503			897,711
	Institutional Class		18,191,438			30,007,649
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		1,803,225			3,824,323
	Class C		55,980			130,352
	Institutional Class		1,029,102			1,584,582
			26,923,937			48,613,595

82

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(6,068,755	)	$	(19,435,502	)
	Class C		(477,237	)		(2,612,192	)
	Institutional Class		(8,456,930	)		(9,172,538	)
			(15,002,922	)		(31,220,232	)
	Increase in net assets derived from capital share
	transactions		11,921,015			17,393,363
Net Increase in Net Assets			2,902,471			24,090,870
Net Assets:
	Beginning of period		247,107,947			223,017,077
	End of period	$	250,010,418		$	247,107,947

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

83

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	1,600,080		$	2,962,255
	Net realized gain		168,170			417,531
	Net change in unrealized appreciation (depreciation)		(4,506,095	)		3,296,257
	Net increase (decrease) in net assets resulting from
	operations		(2,737,845	)		6,676,043
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(821,162	)		(1,641,809	)
	Class C		(49,916	)		(135,399	)
	Institutional Class		(728,633	)		(1,164,232	)
			(1,599,711	)		(2,941,440	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		5,721,082			11,579,114
	Class C		886,595			1,980,826
	Institutional Class		17,980,696			18,581,380
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		782,856			1,564,179
	Class C		48,286			134,242
	Institutional Class		686,096			1,022,029
			26,105,611			34,861,770

84

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(3,230,473	)	$	(4,580,947	)
	Class C		(479,847	)		(4,746,986	)
	Institutional Class		(5,201,208	)		(5,888,406	)
			(8,911,528	)		(15,216,339	)
	Increase in net assets derived from capital share
	transactions		17,194,083			19,645,431
Net Increase in Net Assets			12,856,527			23,380,034
Net Assets:
	Beginning of period		128,922,754			105,542,720
	End of period	$	141,779,281		$	128,922,754

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

85

Statements of changes in net assets
Delaware Tax-Free New York Fund

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	2,566,491		$	4,511,334
	Net realized gain		80,881			272,033
	Net change in unrealized appreciation (depreciation)		(7,654,229	)		5,957,639
	Net increase (decrease) in net assets resulting from
	operations		(5,006,857	)		10,741,006
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,893,350	)		(3,347,685	)
	Class C		(37,952	)		(128,393	)
	Institutional Class		(682,574	)		(1,363,462	)
			(2,613,876	)		(4,839,540	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		2,886,520			7,493,592
	Class C		324,676			398,690
	Institutional Class		8,915,736			14,181,292
	Net assets from merger:1
	Class A		—			119,588,826
	Institutional Class		—			2,252,578
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		1,563,160			2,783,113
	Class C		26,337			87,874
	Institutional Class		634,473			1,239,511
			14,350,902			148,025,476

86

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(9,460,407	)	$	(15,016,082	)
	Class C		(464,632	)		(3,001,127	)
	Institutional Class		(8,746,197	)		(6,544,242	)
			(18,671,236	)		(24,561,451	)
	Increase (decrease) in net assets derived from capital
	share transactions		(4,320,334	)		123,464,025
Net Increase (Decrease) in Net Assets			(11,941,067	)		129,365,491
Net Assets:
	Beginning of period		217,310,285			87,944,794
	End of period	$	205,369,218		$	217,310,285

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

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

87

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

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	5,428,673		$	12,945,782
	Net realized gain		816,404			3,678,994
	Net change in unrealized appreciation (depreciation)		(16,599,436	)		14,018,485
	Net increase (decrease) in net assets resulting from
	operations		(10,354,359	)		30,643,261
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(5,580,615	)		(12,542,265	)
	Class C		(149,682	)		(434,719	)
	Institutional Class		(1,227,779	)		(2,305,167	)
			(6,958,076	)		(15,282,151	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		18,013,189			34,561,794
	Class C		1,139,086			1,969,889
	Institutional Class		10,886,700			20,875,991
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		5,037,767			11,233,439
	Class C		146,455			422,283
	Institutional Class		1,177,187			2,035,086
			36,400,384			71,098,482

88

		Six months
		ended
		2/28/22			Year ended
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(31,700,752	)	$	(37,976,217	)
	Class C		(1,545,994	)		(7,917,147	)
	Institutional Class		(4,854,875	)		(8,685,397	)
			(38,101,621	)		(54,578,761	)
	Increase (decrease) in net assets derived from capital
	share transactions		(1,701,237	)		16,519,721
Net Increase (Decrease) in Net Assets			(19,013,672	)		31,880,831
Net Assets:
	Beginning of period		471,288,499			439,407,668
	End of period	$	452,274,827		$	471,288,499

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

89

Financial highlights
Delaware Tax-Free Arizona 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	Calculated using average shares outstanding.
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.

90

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.09		$	11.55		$	11.70		$	11.24		$	11.48		$	11.83
		0.14			0.31			0.33			0.37			0.36			0.37
		(0.45	)		0.55			(0.13	)		0.46			(0.24	)		(0.35	)
		(0.31	)		0.86			0.20			0.83			0.12			0.02
		(0.14	)		(0.31	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.22	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)
	$	11.56		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48
		(2.64%	)		7.51%			1.79%			7.51%			1.11%			0.24%
	$	64,799		$	66,710		$	62,186		$	62,033		$	63,327		$	66,839
		0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
		1.00%			1.00%			1.01%			1.02%			1.00%			0.97%
		2.38%			2.60%			2.87%			3.29%			3.23%			3.25%
		2.22%			2.44%			2.70%			3.11%			3.07%			3.12%
		5%			19%			36%			31%			6%			9%

91

Financial highlights
Delaware Tax-Free Arizona 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	Calculated using average shares outstanding.
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.

92

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.12		$	11.58		$	11.73		$	11.27		$	11.51		$	11.87
		0.10			0.22			0.24			0.28			0.28			0.29
		(0.45	)		0.55			(0.12	)		0.46			(0.24	)		(0.37	)
		(0.35	)		0.77			0.12			0.74			0.04			(0.08	)
		(0.10	)		(0.22	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.18	)		(0.23	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)
	$	11.59		$	12.12		$	11.58		$	11.73		$	11.27		$	11.51
		(2.99%	)		6.70%			1.03%			6.70%			0.36%			(0.59%	)
	$	1,421		$	1,527		$	2,561		$	3,100		$	3,122		$	5,215
		1.59%			1.59%			1.59%			1.59%			1.59%			1.59%
		1.75%			1.75%			1.76%			1.77%			1.75%			1.72%
		1.63%			1.85%			2.12%			2.54%			2.48%			2.50%
		1.47%			1.69%			1.95%			2.36%			2.32%			2.37%
		5%			19%			36%			31%			6%			9%

93

Financial highlights
Delaware Tax-Free Arizona 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	Calculated using average shares outstanding.
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.

94

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.09		$	11.55		$	11.70		$	11.24		$	11.48		$	11.84
		0.16			0.34			0.36			0.39			0.39			0.40
		(0.45	)		0.55			(0.13	)		0.46			(0.24	)		(0.36	)
		(0.29	)		0.89			0.23			0.85			0.15			0.04
		(0.16	)		(0.34	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)
		(0.08	)		(0.01	)		—			—			—			—
		(0.24	)		(0.35	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)
	$	11.56		$	12.09		$	11.55		$	11.70		$	11.24		$	11.48
		(2.52%	)		7.78%			2.05%			7.78%			1.36%			0.40%
	$	24,005		$	22,147		$	15,072		$	14,136		$	10,097		$	7,080
		0.59%			0.59%			0.59%			0.59%			0.59%			0.59%
		0.75%			0.75%			0.76%			0.77%			0.75%			0.72%
		2.63%			2.85%			3.12%			3.54%			3.48%			3.50%
		2.47%			2.69%			2.95%			3.36%			3.32%			3.37%
		5%			19%			36%			31%			6%			9%

95

Financial highlights
Delaware Tax-Free California 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	Calculated using average shares outstanding.
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.

96

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.64		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60
		0.17			0.37			0.38			0.40			0.40			0.41
		(0.49	)		0.46			(0.20	)		0.53			(0.28	)		(0.34	)
		(0.32	)		0.83			0.18			0.93			0.12			0.07
		(0.17	)		(0.37	)		(0.38	)		(0.40	)		(0.40	)		(0.41	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.19	)		(0.37	)		(0.49	)		(0.42	)		(0.40	)		(0.41	)
	$	12.13		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26
		(2.59%	)		6.88%			1.59%			7.99%			1.00%			0.63%
	$	83,820		$	86,059		$	44,059		$	42,203		$	53,171		$	54,076
		0.82%			0.86%			0.82%			0.82%			0.82%			0.82%
		0.99%			1.06%			1.03%			1.03%			1.02%			1.01%
		2.68%			2.95%			3.17%			3.36%			3.30%			3.36%
		2.51%			2.75%			2.96%			3.15%			3.10%			3.17%
		8%			14%			36%			32%			16%			27%

97

Financial highlights
Delaware Tax-Free California 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	Calculated using average shares outstanding.
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.

98

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.66		$	12.21		$	12.52		$	12.00		$	12.28		$	12.62
		0.12			0.27			0.29			0.32			0.31			0.32
		(0.49	)		0.45			(0.20	)		0.54			(0.28	)		(0.34	)
		(0.37	)		0.72			0.09			0.86			0.03			(0.02	)
		(0.12	)		(0.27	)		(0.29	)		(0.32	)		(0.31	)		(0.32	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.14	)		(0.27	)		(0.40	)		(0.34	)		(0.31	)		(0.32	)
	$	12.15		$	12.66		$	12.21		$	12.52		$	12.00		$	12.28
		(2.95%	)		5.99%			0.83%			7.26%			0.25%			(0.12%	)
	$	3,359		$	3,843		$	6,829		$	11,551		$	13,015		$	16,473
		1.57%			1.61%			1.57%			1.57%			1.57%			1.57%
		1.74%			1.81%			1.78%			1.78%			1.77%			1.76%
		1.93%			2.20%			2.42%			2.61%			2.55%			2.61%
		1.76%			2.00%			2.21%			2.40%			2.35%			2.42%
		8%			14%			36%			32%			16%			27%

99

Financial highlights
Delaware Tax-Free California 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	Calculated using average shares outstanding.
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.

100

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.64		$	12.18		$	12.49		$	11.98		$	12.26		$	12.60
		0.18			0.40			0.41			0.43			0.43			0.44
		(0.49	)		0.46			(0.20	)		0.53			(0.28	)		(0.34	)
		(0.31	)		0.86			0.21			0.96			0.15			0.10
		(0.18	)		(0.40	)		(0.41	)		(0.43	)		(0.43	)		(0.44	)
		(0.02	)		—			(0.11	)		(0.02	)		—			—
		(0.20	)		(0.40	)		(0.52	)		(0.45	)		(0.43	)		(0.44	)
	$	12.13		$	12.64		$	12.18		$	12.49		$	11.98		$	12.26
		(2.47%	)		7.14%			1.84%			8.25%			1.26%			0.89%
	$	55,916		$	45,996		$	34,098		$	44,646		$	32,953		$	28,209
		0.57%			0.61%			0.57%			0.57%			0.57%			0.57%
		0.74%			0.81%			0.78%			0.78%			0.77%			0.76%
		2.93%			3.20%			3.42%			3.61%			3.55%			3.61%
		2.76%			3.00%			3.21%			3.40%			3.35%			3.42%
		8%			14%			36%			32%			16%			27%

101

Financial highlights
Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

102

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.70		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65
		0.14			0.29			0.33			0.37			0.37			0.39
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.27	)		0.63			0.21			0.81			0.13			0.02
		(0.14	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)
		(0.14	)		(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)
	$	11.29		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28
		(2.33%	)		5.64%			1.88%			7.48%			1.22%			0.26%
	$	159,553		$	164,258		$	162,955		$	167,136		$	164,087		$	165,554
		0.82%			0.83%			0.84%			0.84%			0.84%			0.84%
		0.95%			0.96%			0.96%			0.97%			0.97%			0.96%
		2.44%			2.54%			2.91%			3.31%			3.36%			3.48%
		2.31%			2.41%			2.79%			3.18%			3.23%			3.36%
		7%			10%			18%			16%			6%			17%

103

Financial highlights
Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

104

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.73		$	11.39		$	11.51		$	11.07		$	11.31		$	11.68
		0.10			0.21			0.24			0.29			0.29			0.31
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.31	)		0.55			0.12			0.73			0.05			(0.06	)
		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)
		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)
	$	11.32		$	11.73		$	11.39		$	11.51		$	11.07		$	11.31
		(2.68%	)		4.85%			1.12%			6.67%			0.47%			(0.48%	)
	$	6,555		$	6,758		$	8,121		$	10,364		$	10,923		$	15,975
		1.57%			1.58%			1.59%			1.59%			1.59%			1.59%
		1.70%			1.71%			1.71%			1.72%			1.72%			1.71%
		1.69%			1.79%			2.16%			2.56%			2.61%			2.73%
		1.56%			1.66%			2.04%			2.43%			2.48%			2.61%
		7%			10%			18%			16%			6%			17%

105

Financial highlights
Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

106

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.70		$	11.36		$	11.48		$	11.04		$	11.28		$	11.65
		0.15			0.32			0.36			0.40			0.40			0.42
		(0.41	)		0.34			(0.12	)		0.44			(0.24	)		(0.37	)
		(0.26	)		0.66			0.24			0.84			0.16			0.05
		(0.15	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)
		(0.15	)		(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)
	$	11.29		$	11.70		$	11.36		$	11.48		$	11.04		$	11.28
		(2.20%	)		5.91%			2.14%			7.74%			1.47%			0.51%
	$	83,902		$	76,092		$	51,941		$	42,317		$	27,433		$	19,788
		0.57%			0.58%			0.59%			0.59%			0.59%			0.59%
		0.70%			0.71%			0.71%			0.72%			0.72%			0.71%
		2.69%			2.79%			3.16%			3.56%			3.61%			3.73%
		2.56%			2.66%			3.04%			3.43%			3.48%			3.61%
		7%			10%			18%			16%			6%			17%

107

Financial highlights
Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

108

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.91		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79
		0.13			0.30			0.33			0.35			0.34			0.35
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.30	)
		(0.23	)		0.69			0.20			0.79			0.06			0.05
		(0.13	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)
		(0.13	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)
	$	11.55		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49
		(2.01%	)		6.03%			1.77%			7.19%			0.56%			0.47%
	$	72,368		$	71,345		$	60,667		$	55,480		$	59,425		$	67,907
		0.86%			0.86%			0.86%			0.86%			0.86%			0.86%
		0.99%			1.01%			1.02%			1.03%			1.01%			1.00%
		2.26%			2.53%			2.87%			3.11%			3.04%			3.03%
		2.13%			2.38%			2.71%			2.94%			2.89%			2.89%
		7%			17%			22%			14%			11%			10%

109

Financial highlights
Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

110

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.90		$	11.51		$	11.64		$	11.20		$	11.48		$	11.78
		0.09			0.21			0.24			0.27			0.26			0.26
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.30	)
		(0.27	)		0.60			0.11			0.71			(0.02	)		(0.04	)
		(0.09	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
		(0.09	)		(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
	$	11.54		$	11.90		$	11.51		$	11.64		$	11.20		$	11.48
		(2.29%	)		5.24%			1.00%			6.40%			(0.19%	)		(0.29%	)
	$	6,698		$	6,453		$	8,819		$	12,875		$	17,597		$	29,375
		1.61%			1.61%			1.61%			1.61%			1.61%			1.61%
		1.74%			1.76%			1.77%			1.78%			1.76%			1.75%
		1.51%			1.78%			2.12%			2.36%			2.29%			2.28%
		1.38%			1.63%			1.96%			2.19%			2.14%			2.14%
		7%			17%			22%			14%			11%			10%

111

Financial highlights
Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

112

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	11.91		$	11.52		$	11.65		$	11.21		$	11.49		$	11.79
		0.15			0.33			0.36			0.38			0.37			0.37
		(0.36	)		0.39			(0.13	)		0.44			(0.28	)		(0.29	)
		(0.21	)		0.72			0.23			0.82			0.09			0.08
		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)
		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)
	$	11.55		$	11.91		$	11.52		$	11.65		$	11.21		$	11.49
		(1.80%	)		6.29%			2.02%			7.46%			0.82%			0.71%
	$	62,713		$	51,125		$	36,057		$	35,157		$	21,310		$	12,090
		0.61%			0.61%			0.61%			0.61%			0.61%			0.61%
		0.74%			0.76%			0.77%			0.78%			0.76%			0.75%
		2.51%			2.78%			3.12%			3.36%			3.29%			3.28%
		2.38%			2.63%			2.96%			3.19%			3.14%			3.14%
		7%			17%			22%			14%			11%			10%

113

Financial highlights
Delaware Tax-Free New York 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	Calculated using average shares outstanding.
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.

114

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.06		$	11.66		$	11.86		$	11.33		$	11.62		$	11.98
		0.14			0.29			0.33			0.36			0.36			0.35
		(0.43	)		0.45			(0.14	)		0.53			(0.29	)		(0.35	)
		(0.29	)		0.74			0.19			0.89			0.07			—	3
		(0.14	)		(0.29	)		(0.33	)		(0.36	)		(0.36	)		(0.36	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.14	)		(0.34	)		(0.39	)		(0.36	)		(0.36	)		(0.36	)
	$	11.63		$	12.06		$	11.66		$	11.86		$	11.33		$	11.62
		(2.40%	)		6.46%			1.68%			8.00%			0.60%			0.05%
	$	150,964		$	161,593		$	42,514		$	36,058		$	38,139		$	40,647
		0.80%			0.83%			0.80%			0.80%			0.80%			0.80%
		0.97%			1.01%			1.05%			1.07%			1.08%			1.03%
		2.38%			2.47%			2.86%			3.12%			3.10%			3.04%
		2.21%			2.29%			2.61%			2.85%			2.82%			2.81%
		9%			13%			31%			21%			10%			14%

115

Financial highlights
Delaware Tax-Free New York 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	Calculated using average shares outstanding.
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.

116

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.03		$	11.63		$	11.83		$	11.30		$	11.59		$	11.95
		0.10			0.21			0.24			0.27			0.27			0.26
		(0.42	)		0.45			(0.14	)		0.53			(0.29	)		(0.35	)
		(0.32	)		0.66			0.10			0.80			(0.02	)		(0.09	)
		(0.10	)		(0.21	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.10	)		(0.26	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)
	$	11.61		$	12.03		$	11.63		$	11.83		$	11.30		$	11.59
		(2.68%	)		5.68%			0.92%			7.20%			(0.16%	)		(0.71%	)
	$	4,441		$	4,720		$	7,037		$	13,459		$	14,941		$	17,073
		1.55%			1.58%			1.55%			1.55%			1.55%			1.55%
		1.72%			1.76%			1.80%			1.82%			1.83%			1.78%
		1.63%			1.72%			2.11%			2.37%			2.35%			2.29%
		1.46%			1.54%			1.86%			2.10%			2.07%			2.06%
		9%			13%			31%			21%			10%			14%

117

Financial highlights
Delaware Tax-Free New York 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	Calculated using average shares outstanding.
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.

118

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.06		$	11.66		$	11.85		$	11.33		$	11.61		$	11.97
		0.16			0.32			0.36			0.38			0.39			0.38
		(0.43	)		0.45			(0.13	)		0.52			(0.28	)		(0.35	)
		(0.27	)		0.77			0.23			0.90			0.11			0.03
		(0.16	)		(0.32	)		(0.36	)		(0.38	)		(0.39	)		(0.39	)
		—			(0.05	)		(0.06	)		—			—			—
		(0.16	)		(0.37	)		(0.42	)		(0.38	)		(0.39	)		(0.39	)
	$	11.63		$	12.06		$	11.66		$	11.85		$	11.33		$	11.61
		(2.27%	)		6.73%			2.03%			8.17%			0.93%			0.29%
	$	49,964		$	50,997		$	38,394		$	39,363		$	32,981		$	32,192
		0.55%			0.58%			0.55%			0.55%			0.55%			0.55%
		0.72%			0.76%			0.80%			0.82%			0.83%			0.78%
		2.63%			2.72%			3.11%			3.37%			3.35%			3.29%
		2.46%			2.54%			2.86%			3.10%			3.07%			3.06%
		9%			13%			31%			21%			10%			14%

119

Financial highlights
Delaware Tax-Free Pennsylvania 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	Calculated using average shares outstanding.
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.

120

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.34		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39
		0.10			0.23			0.25			0.28			0.28			0.28
		(0.28	)		0.32			(0.11	)		0.32			(0.20	)		(0.25	)
		(0.18	)		0.55			0.14			0.60			0.08			0.03
		(0.10	)		(0.23	)		(0.25	)		(0.28	)		(0.28	)		(0.28	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.13	)		(0.27	)		(0.33	)		(0.28	)		(0.29	)		(0.28	)
	$	8.03		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14
		(2.27%	)		7.04%			1.72%			7.72%			0.93%			0.48%
	$	362,320		$	384,915		$	364,480		$	376,965		$	378,038		$	399,001
		0.84%			0.83%			0.83%			0.85%			0.88%			0.88%
		0.93%			0.92%			0.92%			0.93%			0.93%			0.94%
		2.33%			2.86%			3.09%			3.49%			3.48%			3.51%
		2.24%			2.77%			3.00%			3.41%			3.43%			3.45%
		13%			32%			40%			23%			19%			15%

121

Financial highlights
Delaware Tax-Free Pennsylvania 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	Calculated using average shares outstanding.
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.

122

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.34		$	8.06		$	8.25		$	7.93		$	8.14		$	8.39
		0.06			0.17			0.19			0.22			0.22			0.22
		(0.27	)		0.32			(0.11	)		0.32			(0.20	)		(0.25	)
		(0.21	)		0.49			0.08			0.54			0.02			(0.03	)
		(0.06	)		(0.17	)		(0.19	)		(0.22	)		(0.22	)		(0.22	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.09	)		(0.21	)		(0.27	)		(0.22	)		(0.23	)		(0.22	)
	$	8.04		$	8.34		$	8.06		$	8.25		$	7.93		$	8.14
		(2.52%	)		6.24%			0.95%			6.91%			0.16%			(0.27%	)
	$	13,272		$	14,040		$	19,009		$	25,065		$	26,376		$	33,298
		1.59%			1.59%			1.59%			1.61%			1.64%			1.64%
		1.68%			1.68%			1.68%			1.69%			1.69%			1.70%
		1.58%			2.10%			2.33%			2.73%			2.72%			2.75%
		1.49%			2.01%			2.24%			2.65%			2.67%			2.69%
		13%			32%			40%			23%			19%			15%

123

Financial highlights
Delaware Tax-Free Pennsylvania 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	Calculated using average shares outstanding.
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.

124

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	8.33		$	8.05		$	8.25		$	7.92		$	8.13		$	8.38
		0.10			0.25			0.27			0.30			0.30			0.30
		(0.27	)		0.32			(0.12	)		0.33			(0.20	)		(0.25	)
		(0.17	)		0.57			0.15			0.63			0.10			0.05
		(0.10	)		(0.25	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)
		(0.03	)		(0.04	)		(0.08	)		—			(0.01	)		—
		(0.13	)		(0.29	)		(0.35	)		(0.30	)		(0.31	)		(0.30	)
	$	8.03		$	8.33		$	8.05		$	8.25		$	7.92		$	8.13
		(2.04%	)		7.31%			1.84%			8.12%			1.16%			0.73%
	$	76,683		$	72,333		$	55,919		$	47,241		$	41,427		$	33,373
		0.59%			0.59%			0.59%			0.61%			0.64%			0.64%
		0.68%			0.68%			0.68%			0.69%			0.69%			0.70%
		2.58%			3.10%			3.33%			3.73%			3.72%			3.75%
		2.49%			3.01%			3.24%			3.65%			3.67%			3.69%
		13%			32%			40%			23%			19%			15%

125

Notes to financial statements
Delaware Funds by Macquarie® state tax-free funds	February 28, 2022 (Unaudited)

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group^® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. 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 Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York 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. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York 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; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) 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.

126

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). 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 Board.

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, 2022, and for all open tax years (years ended August 31, 2019–August 31, 2021), 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, 2022, 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)

127

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

1. Significant Accounting Policies (continued) 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 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. There were no such earnings credits for the six months ended February 28, 2022 for each Fund.

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, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	10
Delaware Tax-Free California Fund			31
Delaware Tax-Free Colorado Fund			31
Delaware Tax-Free Idaho Fund			9
Delaware Tax-Free New York Fund			82
Delaware Tax-Free Pennsylvania Fund			93

128

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	Delaware	Delaware		Delaware	Delaware
	Tax-Free	Tax-Free	Tax-Free	Delaware	Tax-Free	Tax-Free
	Arizona	California	Colorado	Tax-Free	New York	Pennsylvania
	Fund	Fund	Fund	Idaho Fund	Fund	Fund
On the first $500 million	0.5000%	0.5500%	0.5500%	0.5500%	0.5500%	0.5500%
On the next $500 million	0.4750%	0.5000%	0.5000%	0.5000%	0.5000%	0.5000%
On the next $1.5 billion	0.4500%	0.4500%	0.4500%	0.4500%	0.4500%	0.4500%
In excess of $2.5 billion	0.4250%	0.4250%	0.4250%	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 dividend and 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, 2021 through February 28, 2022.* These waivers and 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
	daily net assets
Fund	(per annum)
Delaware Tax-Free Arizona Fund	0.59%
Delaware Tax-Free California Fund	0.57%
Delaware Tax-Free Colorado Fund	0.57%
Delaware Tax-Free Idaho Fund	0.61%
Delaware Tax-Free New York Fund	0.55%
Delaware Tax-Free Pennsylvania Fund	0.59%

129

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

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

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 NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,646
Delaware Tax-Free California Fund		4,624
Delaware Tax-Free Colorado Fund		6,809
Delaware Tax-Free Idaho Fund		4,626
Delaware Tax-Free New York Fund		6,075
Delaware Tax-Free
Pennsylvania Fund		10,879

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, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	3,851
Delaware Tax-Free California Fund		5,905
Delaware Tax-Free Colorado Fund		10,818
Delaware Tax-Free Idaho Fund		5,906
Delaware Tax-Free New York Fund		9,176
Delaware Tax-Free Pennsylvania Fund		19,985

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 the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the

130

“Statements of operations” under “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, each 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 (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania 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: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares 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. 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 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, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	1,996
Delaware Tax-Free California Fund		3,003
Delaware Tax-Free Colorado Fund		5,486
Delaware Tax-Free Idaho Fund		2,925
Delaware Tax-Free New York Fund		4,780
Delaware Tax-Free
Pennsylvania Fund		10,403

For the six months ended February 28, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Arizona Fund		$	880
Delaware Tax-Free California Fund			1,395
Delaware Tax-Free Colorado Fund			752
Delaware Tax-Free Idaho Fund			5,602
Delaware Tax-Free New York Fund			2,446
Delaware Tax-Free Pennsylvania Fund			5,667

131

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

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

For the six months ended February 28, 2022, 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 California Fund	$	67		$	—
Delaware Tax-Free Colorado Fund		3,642			37
Delaware Tax-Free New York Fund		568			—
Delaware Tax-Free Pennsylvania Fund		7,711			617

Delaware Tax-Free Arizona Fund and Delaware Tax-Free Idaho Fund did not receive gross commissions on redemptions of each Fund's Class A and Class C shares.

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, 2022, were executed by the Funds 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 its 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, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free Arizona
Fund	$	3,023,619	$	3,145,604		$	87,613
Delaware Tax-Free California
Fund		11,275,431		5,919,130			(19,495	)
Delaware Tax-Free Colorado
Fund		2,875,147		3,230,042			—
Delaware Tax-Free Idaho Fund		1,410,167		425,000			—
Delaware Tax-Free New York
Fund		3,050,051		10,525,411			95,529
Delaware Tax-Free
Pennsylvania Fund		9,560,811		8,403,741			369,847

132

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

____________________

* The aggregate contractual waiver period covering this report is from December 29, 2020 through December 29, 2022.

3. Investments

For the six months ended February 28, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Arizona Fund	$	6,393,126	$	4,603,769
Delaware Tax-Free California Fund		17,955,994		10,388,217
Delaware Tax-Free Colorado Fund		29,854,704		17,504,986
Delaware Tax-Free Idaho Fund		25,427,622		9,621,903
Delaware Tax-Free New York Fund		17,696,128		26,916,825
Delaware Tax-Free Pennsylvania Fund		59,792,745		68,958,474

At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
Fund	investments		of investments		of investments			of investments
Delaware Tax-Free
Arizona Fund	$	86,293,148	$	4,584,035	$	(1,054,718	)		$	3,529,317
Delaware Tax-Free
California Fund		136,591,642		7,263,974		(1,584,417	)			5,679,557
Delaware Tax-Free
Colorado Fund		240,502,559		10,481,054		(1,635,291	)			8,845,763
Delaware Tax-Free
Idaho Fund		138,419,323		5,940,987		(2,167,657	)			3,773,330
Delaware Tax-Free
New York Fund		191,214,807		13,882,188		(867,695	)			13,014,493
Delaware Tax-Free
Pennsylvania
Fund		425,961,811		28,942,173		(6,229,214	)			22,712,959

133

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

3. Investments (continued)

At August 31, 2021, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free
Colorado Fund	$	2,013,448	$	—	$	2,013,448
Delaware Tax-Free
Idaho Fund		2,289,541		2,213,776		4,503,317
Delaware Tax-Free
New York Fund		467,227		—		467,227

At August 31, 2021, there were no capital loss carryforwards for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, and Delaware Tax-Free Pennsylvania 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 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)

134

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, 2022:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds			$87,707,465
Short-Term Investments			2,115,000
Total Value of Securities			$89,822,465
	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	139,971,199
Short-Term Investments			2,300,000
Total Value of Securities		$	142,271,199

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	245,287,603	$	245,287,603
Short-Term Investments1		880,719		3,180,000		4,060,719
Total Value of Securities	$	880,719	$	248,467,603	$	249,348,322
	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	139,928,966	$	139,928,966
Short-Term Investments1		1,838,687		425,000		2,263,687
Total Value of Securities	$	1,838,687	$	140,353,966	$	142,192,653

135

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

3. Investments (continued)

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	203,329,300
Short-Term Investments			900,000
Total Value of Securities		$	204,229,300

	Delaware Tax-Free Pennsylvania Fund
	Level 2
Securities
Assets:
Municipal Bonds	$448,674,770

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Delaware Tax-Free
	Colorado Fund
	Level 1	Level 2	Total
Short-Term Investments	21.69%	78.31%	100.00%
	Delaware Tax-Free
	Idaho Fund
	Level 1	Level 2	Total
Short-Term Investments	81.23%	18.77%	100.00%

During the six months ended February 28, 2022, there were no transfers into or out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund's net assets. During the six months ended February 28, 2022, there were no Level 3 investments.

136

4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Arizona Fund				California Fund				Colorado Fund
		Six months				Six months				Six months
		ended		Year ended		ended		Year ended		ended		Year ended
		2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
	Class A	204,979		513,124		558,052		1,023,677		464,865		1,050,651
	Class C	10,452		23,292		18,525		50,194		39,597		77,408
	Institutional Class	437,477		733,558		1,378,393		1,301,732		1,573,104		2,586,555
Shares from merger:1
	Class A	—		—		—		2,796,713		—		—
	Institutional Class	—		—		—		133,509		—		—
Shares issued upon reinvestment of dividends and distributions:
	Class A	92,099		129,794		91,753		153,210		156,542		331,105
	Class C	1,625		3,131		3,201		8,850		4,848		11,269
	Institutional Class	35,546		42,741		49,519		68,426		89,362		137,029
		782,178		1,445,640		2,099,443		5,536,311		2,328,318		4,194,017
Shares redeemed:
	Class A	(210,297	)	(505,741	)	(546,954	)	(780,314	)	(525,086	)	(1,684,720	)
	Class C	(15,461	)	(121,492	)	(48,748	)	(315,080	)	(41,327	)	(225,450	)
	Institutional Class	(228,609	)	(248,526	)	(456,305	)	(663,751	)	(732,966	)	(791,630	)
		(454,367	)	(875,759	)	(1,052,007	)	(1,759,145	)	(1,299,379	)	(2,701,800	)
Net increase		327,811		569,881		1,047,436		3,777,166		1,028,939		1,492,217

137

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

4. Capital Shares (continued)

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Idaho Fund				New York Fund				Pennsylvania Fund
		Six months				Six months				Six months
		ended		Year ended		ended		Year ended		ended		Year ended
		2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
	Class A	484,126		981,935		241,253		627,672		2,193,882		4,204,401
	Class C	74,997		169,886		27,167		33,490		138,638		240,336
	Institutional Class	1,522,304		1,578,301		749,546		1,191,983		1,319,789		2,547,206
Shares from merger:1
	Class A	—		—		—		10,151,853		—		—
	Institutional Class	—		—		—		191,220		—		—
Shares issued upon reinvestment of dividends and distributions:
	Class A	66,597		133,396		131,661		233,817		614,360		1,375,466
	Class C	4,111		11,485		2,224		7,458		17,848		51,827
	Institutional Class	58,375		87,070		53,468		104,568		143,729		249,015
		2,210,510		2,962,073		1,205,319		12,542,061		4,428,246		8,668,251
Shares redeemed:
	Class A	(273,970	)	(389,583	)	(794,895	)	(1,260,818	)	(3,865,681	)	(4,647,494	)
	Class C	(40,792	)	(405,039	)	(39,013	)	(253,594	)	(188,100	)	(967,055	)
	Institutional Class	(442,222	)	(501,800	)	(736,569	)	(551,930	)	(591,490	)	(1,059,421	)
		(756,984	)	(1,296,422	)	(1,570,477	)	(2,066,342	)	(4,645,271	)	(6,673,970	)
Net increase
	(decrease)	1,453,526		1,665,651		(365,158	)	10,475,719		(217,025	)	1,994,281

¹ See Note 5.

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 above and on the previous page and on the “Statements of changes in net assets.” For the six months ended February 28, 2022 and the year ended August 31, 2021, each Fund had the following exchange transactions:

138

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Arizona Fund
Six months ended
2/28/22	5,852	4,736	—	—	10,596	$	127,616
Year ended
8/31/21	—	17,945	—	517	17,475		212,441
Delaware Tax-Free California Fund
Year ended
8/31/21	41	9,178	—	9,199	41		115,246
Delaware Tax-Free Colorado Fund
Year ended
8/31/21	363	23,555	—	23,639	363		277,845
Delaware Tax-Free Idaho Fund
Six months ended
2/28/22	—	1,906	—	—	1,906		22,678
Year ended
8/31/21	17,257	39,913	—	30,392	26,800		675,359
Delaware Tax-Free New York Fund
Six months ended
2/28/22	2,825	143	—	143	2,833		35,491
Year ended
8/31/21	—	4,465	8,571	13,029	—		156,853
Delaware Tax-Free Pennsylvania Fund
Six months ended
2/28/22	26,604	5,570	—	5,571	26,626		267,452
Year ended
8/31/21	42,470	104,699	647	89,432	58,557		1,214,761

Delaware Tax-Free California Fund and Delaware Tax-Free Colorado Fund did not have any exchange transactions for the six months ended February 28, 2022.

5. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize (the "Reorganization") Delaware Tax-Free California II Fund and Delaware Tax-Free New York II Fund (the "Acquired Funds"), each a series of Delaware Group^® Limited-Term Government Funds, with and into Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund (the “Acquiring Funds”), each a series of the Trust, respectively. Pursuant to an Agreement and Plan of

139

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

5. Reorganization (continued)

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 the Acquiring Funds, 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 losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

					Shares
		Acquired		Acquired	Converted	Acquiring
		Funds		Fund Shares	to Acquiring	Fund		Conversion
		Net Assets		Outstanding	Fund	Net Assets		Ratio
		Delaware Tax-Free California II			Delaware Tax-Free California
		Fund			Fund
Class A		$	34,679,243	2,710,905	2,796,713	$	44,625,207	1.0317
Class C			—	—	—		6,281,715	—
Institutional
	Class		1,655,513	129,715	133,509		34,207,309	1.0292

		Delaware Tax-Free New York II		Delaware Tax-Free New York
		Fund		Fund
Class A		119,588,826	8,207,503	10,151,853	42,891,574	1.2369
Institutional
	Class	—	—	—	6,850,309	—
Class R6		2,252,578	154,568	191,220	40,282,693	1.2371

The net assets of the Acquiring Funds before the Reorganization were $85,114,231 and $90,024,576 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively.

140

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the year ended August 31, 2021, would have been as follows:

	Delaware Tax-Free California Fund			Delaware Tax-Free New York Fund
Net investment income		$	4,467,220		$	7,736,030
Net realized gain on
investments			1,105,213			1,210,748
Net change in unrealized
appreciation
(depreciation)			2,876,395			6,857,850
Net increase in net assets
resulting from
operations		$	8,448,828		$	15,804,628

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.

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 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% with the addition of an upfront fee of 0.05%, 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 1, 2021.

On November 1, 2021, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of February 28, 2022, or at any time during the period then ended.

141

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

7. 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 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 each corresponding state’s municipalities. The Funds invest primarily in a specific state 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 states or US 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.

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

142

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

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A 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, each Board has delegated to DMC, the day-today 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 have been identified on the “Schedules of investments.”

143

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

8. 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.

9. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to February 28, 2022, that would require recognition or disclosure in the Funds' financial statements.

144

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 H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP Detroit, MI	John A. Fry President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics Kansas City, MO	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 Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania 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 Schedule 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.

145

	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, 2022

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 Asset Management (MAM) 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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 (''Macquarie Bank''), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

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	84
Statements of operations	86
Statements of changes in net assets	87
Financial highlights	94
Notes to financial statements	112
About the organization	129

Unless otherwise noted, views expressed herein are current as of February 28, 2022, 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.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from September 1, 2021 to February 28, 2022 (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, 2021 to February 28, 2022.

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, 2021 to February 28, 2022 (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
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00		$	962.10		0.81	%		$	3.94
Class C			1,000.00			959.30		1.56	%			7.58
Institutional Class			1,000.00			963.70		0.56	%			2.73
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.78		0.81	%		$	4.06
Class C			1,000.00			1,017.06		1.56	%			7.80
Institutional Class			1,000.00			1,022.02		0.56	%			2.81

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00		$	965.00		0.68	%		$	3.31
Class C			1,000.00			961.00		1.50	%			7.29
Institutional Class			1,000.00			965.50		0.50	%			2.44
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.42		0.68	%		$	3.41
Class C			1,000.00			1,017.36		1.50	%			7.50
Institutional Class			1,000.00			1,022.32		0.50	%			2.51

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
	9/1/21			2/28/22			Expense Ratio			9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00		$	975.60		0.85	%		$	4.16
Class C			1,000.00			971.30		1.60	%			7.82
Institutional Class			1,000.00			976.30		0.60	%			2.94
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, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.73	%
Corporate Revenue Bonds		10.95	%
Education Revenue Bonds		7.13	%
Electric Revenue Bonds		3.15	%
Healthcare Revenue Bonds		11.50	%
Housing Revenue Bond		0.06	%
Lease Revenue Bonds		7.62	%
Local General Obligation Bonds		4.65	%
Pre-Refunded/Escrowed to Maturity Bonds		1.57	%
Resource Recovery Revenue Bond		0.17	%
Special Tax Revenue Bonds		16.99	%
State General Obligation Bonds		15.68	%
Transportation Revenue Bonds		16.77	%
Water & Sewer Revenue Bonds		1.49	%
Short-Term Investments		3.56	%
Total Value of Securities		101.29	%
Liabilities Net of Receivables and Other Assets		(1.29	%)
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		2.03	%
Arizona		4.37	%
California		13.51	%
Colorado		3.40	%
Connecticut		0.81	%
District of Columbia		0.70	%
Florida		4.13	%
Georgia		0.42	%
Guam		0.20	%
Idaho		0.05	%
Illinois		9.22	%
Indiana		0.36	%
Kansas		0.28	%
Louisiana		0.21	%
Maine		0.61	%
Maryland		0.99	%

4

State / territory	Percentage of net assets
Massachusetts		1.91	%
Michigan		0.77	%
Minnesota		0.82	%
Mississippi		0.33	%
Missouri		0.54	%
Nebraska		0.52	%
New Jersey		4.46	%
New York		11.07	%
North Carolina		2.67	%
Ohio		3.27	%
Oregon		0.28	%
Pennsylvania		2.53	%
Puerto Rico		19.67	%
Rhode Island		0.12	%
Tennessee		0.66	%
Texas		6.89	%
Utah		1.28	%
Virginia		0.40	%
Washington		1.62	%
Wisconsin		0.19	%
Total Value of Securities		101.29	%

5

Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.47	%
Corporate Revenue Bonds		10.96	%
Education Revenue Bonds		5.67	%
Electric Revenue Bonds		4.32	%
Healthcare Revenue Bonds		8.45	%
Industrial Development Revenue/Pollution Control Revenue		0.60	%
Lease Revenue Bonds		7.70	%
Local General Obligation Bonds		4.16	%
Pre-Refunded/Escrowed to Maturity Bonds		4.71	%
Special Tax Revenue Bonds		17.67	%
State General Obligation Bonds		17.62	%
Transportation Revenue Bonds		15.61	%
Water & Sewer Revenue Bonds		2.00	%
Short-Term Investments		2.29	%
Total Value of Securities		101.76	%
Liabilities Net of Receivables and Other Assets		(1.76	%)
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		0.61	%
Arizona		7.94	%
California		11.61	%
Colorado		2.82	%
Connecticut		0.57	%
District of Columbia		0.72	%
Florida		3.56	%
Georgia		1.68	%
Guam		0.24	%
Hawaii		0.26	%
Idaho		0.62	%
Illinois		10.60	%
Iowa		0.04	%
Kansas		0.09	%
Kentucky		0.84	%
Louisiana		1.29	%
Maine		0.26	%

6

State / territory	Percentage of net assets
Maryland		0.34%
Massachusetts		2.22%
Michigan		1.35%
Minnesota		0.61%
Mississippi		0.03%
Missouri		0.46%
Montana		0.04%
Nebraska		0.02%
New Hampshire		0.19%
New Jersey		4.50%
New York		16.54%
North Carolina		0.29%
Ohio		1.62%
Oklahoma		0.59%
Oregon		0.77%
Pennsylvania		4.94%
Puerto Rico		14.78%
South Carolina		0.30%
Tennessee		0.18%
Texas		3.56%
Utah		2.05%
Virginia		1.81%
Washington		0.67%
Wisconsin		0.15%
Total Value of Securities		101.76%

7

Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund	As of February 28, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.33%
Corporate Revenue Bonds		21.79%
Education Revenue Bonds		16.12%
Electric Revenue Bonds		4.36%
Healthcare Revenue Bonds		16.67%
Housing Revenue Bond		0.04%
Lease Revenue Bonds		2.91%
Local General Obligation Bonds		1.81%
Pre-Refunded/Escrowed to Maturity Bonds		2.56%
Resource Recovery Revenue Bonds		0.51%
Special Tax Revenue Bonds		14.49%
State General Obligation Bonds		13.80%
Transportation Revenue Bonds		2.37%
Water & Sewer Revenue Bonds		1.90%
Short-Term Investments		0.48%
Total Value of Securities		99.81%
Receivables and Other Assets Net of Liabilities		0.19%
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		2.58%
Arizona		6.34%
California		11.06%
Colorado		1.59%
Delaware		0.07%
District of Columbia		1.29%
Florida		4.38%
Georgia		0.70%
Guam		0.15%
Hawaii		0.17%
Idaho		0.69%
Illinois		5.67%
Indiana		0.61%
Iowa		0.23%
Kansas		0.26%
Kentucky		0.51%

8

State / territory	Percentage of net assets
Louisiana		1.19%
Maine		0.58%
Maryland		0.41%
Massachusetts		1.39%
Michigan		1.18%
Minnesota		0.69%
Mississippi		0.09%
Missouri		1.05%
Montana		0.08%
Nevada		0.61%
New Hampshire		0.25%
New Jersey		3.04%
New York		5.36%
North Carolina		1.46%
Ohio		4.69%
Oklahoma		0.11%
Oregon		0.48%
Pennsylvania		2.97%
Puerto Rico		23.33%
South Carolina		0.59%
Tennessee		0.39%
Texas		5.36%
Utah		0.64%
Virginia		4.28%
Washington		0.72%
West Virginia		0.15%
Wisconsin		2.42%
Total Value of Securities		99.81%

9

Schedules of investments
Delaware Tax-Free USA Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.73%
Corporate Revenue Bonds – 10.95%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	7,420,000	$	8,687,781
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		(Senior)
		Series A-2 3.00% 6/1/48	7,085,000		6,377,988
		Series A-2 4.00% 6/1/48	7,205,000		7,571,518
	Central Plains, Nebraska Energy Project
		(Project No. 3)
		Series A 5.00% 9/1/31	2,490,000		3,011,057
		Series A 5.00% 9/1/35	1,915,000		2,404,283
	Commonwealth of Pennsylvania Financing Authority
		(Tobacco Master Settlement Payment)
		5.00% 6/1/34	85,000		99,539
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.49% 6/1/60 #, ^	73,230,000		4,248,072
	Finance Authority of Maine Revenue
		(Go Lab Madison, LLC Project)
		144A 8.00% 12/1/51 (AMT) #	6,560,000		6,335,648
	Florida Development Finance Surface Transportation
		Facilities Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	8,205,000		8,846,795
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	2,960,000		2,987,735
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	4,430,000		5,107,569
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 0.941% 6/1/57 #, ^	133,885,000		8,902,014
		Series F 144A 1.387% 6/1/57 #, ^	87,685,000		4,726,221
	Liberty New York Development Corporation Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	155,000		202,239
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	3,985,000		4,956,145
		Series A 5.00% 9/1/46	2,630,000		3,402,694
	Michigan Finance Authority Revenue
		Series B-1 5.00% 6/1/49	830,000		944,515

10

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Monroe County, Michigan Economic Development
		Revenue
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	440,000	$	453,416
	M-S-R Energy Authority, California Gas Revenue
		Series A 6.125% 11/1/29	1,580,000		1,883,091
		Series B 6.50% 11/1/39	4,655,000		6,876,785
		Series C 6.50% 11/1/39	2,210,000		3,264,811
	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)	2,655,000		2,993,752
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	5,505,000		7,936,338
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	1,550,000		1,975,506
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	1,830,000		1,934,072
	Southern Ohio Port Authority
		(Purecycle Project)
		Series A 144A 7.00% 12/1/42 (AMT) #	880,000		902,986
	Tennessee Energy Acquisition Commodity Project
		Revenue
		(Commodity Project)
		Series A 5.00% 5/1/52 ●	1,625,000		1,956,061
	Tobacco Securitization Authority of Southern
		California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.545% 6/1/46 ^	15,025,000		2,839,875
		(Capital Appreciation-3rd Subordinate Lien)
		Series D 0.299% 6/1/46 ^	2,475,000		417,112
	Valparaiso, Indiana
		(Pratt Paper, LLC Project)
		7.00% 1/1/44 (AMT)	1,580,000		1,721,537
					113,967,155
Education Revenue Bonds – 7.13%
	Arizona Industrial Development Authority Revenue
		(GreatHearts Arizona Projects)
		Series A 2.25% 7/1/46	1,500,000		1,273,785

11

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Arizona Industrial Development Authority Revenue
		(GreatHearts Arizona Projects)
		Series A 2.375% 7/1/52	1,500,000	$	1,255,305
	Auburn University, Alabama General Fee Revenue
		Series A 5.00% 6/1/33	1,525,000		1,810,785
	Bibb County, Georgia Development Authority
		Revenue
		(Macon State College Student Housing Project)
		Series A 5.75% 7/1/40 (AGM)	2,210,000		2,218,619
	California Educational Facilities Authority Revenue
		(Loma Linda University)
		Series A 5.00% 4/1/47	880,000		993,828
		(Stanford University)
		Series T-1 5.00% 3/15/39	7,085,000		9,673,221
		Series V-1 5.00% 5/1/49	7,325,000		10,621,177
		Series V-2 2.25% 4/1/51	2,125,000		1,813,432
	District of Columbia Revenue
		5.00% 6/1/50	880,000		988,433
		(KIPP DC Issue)
		4.00% 7/1/44	440,000		473,678
		4.00% 7/1/49	705,000		754,308
	Idaho Housing & Finance Association
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	490,000		534,433
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago Project)
		Series A 5.00% 2/15/47	1,645,000		1,810,191
		Series A 5.00% 2/15/50	480,000		527,443
	Massachusetts Development Finance Agency
		Revenue
		Series V 5.00% 7/1/55	3,000,000		4,297,800
	New Jersey Economic Development Authority
		(Provident Group - Montclair State University)
		5.00% 6/1/42 (AGM)	1,105,000		1,282,474
	New York State Dormitory Authority Revenue
		(Columbia University)
		Series A 5.00% 10/1/50	1,000,000		1,460,700
	Rhode Island Health and Educational Building
		Revenue
		(University of Rhode Island)
		Series B 5.25% 9/15/29 (AGC)	1,255,000		1,259,857

12

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Town of Davie, Florida
		(Nova Southeastern University Project)
		5.00% 4/1/38	2,655,000	$	3,093,367
	University of North Carolina at Chapel Hill
		Series B 5.00% 12/1/36	3,855,000		4,963,737
		Series B 5.00% 12/1/38	6,765,000		8,689,710
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	9,850,000		14,096,138
	Virginia College Building Authority Revenue
		(The Washington and Lee University Project)
		5.75% 1/1/34	270,000		374,625
					74,267,046
Electric Revenue Bonds – 3.15%
	Electric and Gas Systems Revenue San Antonio,
		Texas
		5.25% 2/1/24	2,210,000		2,378,844
	Long Island, New York Power Authority Electric
		System Revenue
		5.00% 9/1/47	1,430,000		1,651,707
		Series B 5.00% 9/1/41	2,655,000		3,012,098
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	4,250,000		4,382,812
		Series A 5.05% 7/1/42 ‡	115,000		118,594
		Series A 6.75% 7/1/36 ‡	2,005,000		2,125,280
		Series AAA 5.25% 7/1/25 ‡	70,000		72,538
		Series CCC 5.25% 7/1/27 ‡	2,325,000		2,409,281
		Series TT 5.00% 7/1/32 ‡	2,800,000		2,887,500
		Series WW 5.25% 7/1/33 ‡	2,880,000		2,984,400
		Series XX 4.75% 7/1/26 ‡	235,000		241,462
		Series XX 5.25% 7/1/40 ‡	3,345,000		3,466,256
		Series ZZ 4.75% 7/1/27 ‡	185,000		190,088
		Series ZZ 5.25% 7/1/24 ‡	90,000		93,263
	Salt River, Arizona Project Agricultural Improvement &
		Power District Electric Systems Revenue
		(Salt River Project Electric System)
		Series A 5.00% 1/1/30	5,315,000		6,349,618
	Utah Associated Municipal Power Systems Revenue
		(San Juan Project)
		5.50% 6/1/22	440,000		441,698
					32,805,439

13

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 11.50%
	Alachua County, Florida Health Facilities Authority
		(Oak Hammock at the University of Florida, Inc.
		Project)
		4.00% 10/1/46	655,000	$	683,519
		4.00% 10/1/46	1,750,000		1,782,427
	Allegheny County, Pennsylvania Hospital
		Development Authority Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	45,000		48,796
		Series A 5.00% 4/1/47	1,640,000		1,880,063
	Apple Valley Senior Living Revenue
		(Minnesota Senior Living LLC Project)
		Series B 5.00% 1/1/47	2,105,000		1,525,114
		Series D 7.25% 1/1/52	2,295,000		1,671,380
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC
		Project 2nd Tier)
		Series B 5.00% 1/1/49	350,000		278,373
		(Great Lakes Senior Living Communities LLC
		Project 4th Tier)
		144A 7.75% 1/1/54 #	225,000		166,088
		(Phoenix Children's Hospital)
		Series A 4.00% 2/1/50	5,815,000		6,353,876
	California Health Facilities Financing Authority
		Revenue
		(Kaiser Permanente)
		Series A-2 5.00% 11/1/47	10,345,000		14,378,205
		(Sutter Health)
		Series A 5.00% 11/15/38	880,000		1,029,662
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	2,350,000		2,704,310
	Chester County Industrial Development Authority,
		Pennsylvania
		(Longwood Gardens, Inc. Project)
		4.00% 12/1/46	1,330,000		1,510,082
		4.00% 12/1/51	2,655,000		2,972,219
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 4.00% 11/15/43	2,655,000		2,951,723
		Series A 4.00% 11/15/50	5,000,000		5,641,650

14

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(American Baptist)
		8.00% 8/1/43	1,925,000	$	2,022,213
		(CommonSpirit Health)
		Series A-2 4.00% 8/1/49	2,880,000		3,103,430
		Series A-2 5.00% 8/1/44	2,655,000		3,082,933
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	1,660,000		1,748,677
	Cuyahoga County, Ohio
		(The Metro Health System)
		5.25% 2/15/47	1,985,000		2,291,980
		5.50% 2/15/57	2,655,000		3,096,288
	Glendale, Arizona Industrial Development Authority
		Revenue
		(Royal Oaks Inspirata Pointe Project)
		Series A 5.00% 5/15/56	2,210,000		2,409,386
	Hamilton County, Ohio Hospital Facilities Revenue
		(Cincinnati Children's Hospital Medical Center)
		Series CC 5.00% 11/15/49	3,620,000		5,032,958
	Harris County Cultural Education Facilities Finance
		(Texas Children's Hospital)
		Series A 4.00% 10/1/42	5,755,000		6,576,008
	Louisiana Local Government Environmental Facilities
		& Community Development Authority Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,210,000		2,209,845
	Maricopa County, Arizona Industrial Development
		Authority Senior Living Facility Revenue Bonds
		(Christian Care Surprise, Inc. Project)
		144A 6.00% 1/1/48 #	1,060,000		936,340
	Maryland Health & Higher Educational Facilities
		Authority Revenue
		(Adventist Healthcare Obligated)
		Series A 5.50% 1/1/46	1,775,000		2,065,763
	Miami-Dade County, Florida Health Facilities Authority
		Revenue
		(Nicklaus Children's Hospital Project)
		5.00% 8/1/42	1,330,000		1,528,556
	Montgomery County, Pennsylvania Industrial
		Development Authority Revenue
		(Foulkeways At Gwynedd Project)
		5.00% 12/1/46	830,000		882,398

15

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Moon, Pennsylvania Industrial Development Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	2,000,000	$	2,109,440
	New Hope, Texas Cultural Education Facilities
		Finance
		(Cardinal Bay, Inc. - Village on the Park/Carriage
		Inn Project)
		Series A1 5.00% 7/1/46 ‡	110,000		83,600
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	2,000,000		2,042,380
	New York State Dormitory Authority
		(Orange Regional Medical Center)
		144A 5.00% 12/1/34 #	400,000		459,808
		144A 5.00% 12/1/35 #	1,095,000		1,256,764
		144A 5.00% 12/1/37 #	695,000		796,950
	Norfolk Economic Development Authority Revenue,
		Virginia
		(Sentara Healthcare)
		Series B 5.00% 11/1/43	880,000		902,150
	Orange County, New York Funding Corporation
		Assisted Living Residence Revenue
		6.50% 1/1/46	2,475,000		2,474,678
	Pennsylvania Higher Educational Facilities Authority
		Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	1,775,000		1,941,548
		(University Of Pennsylvania Health System)
		4.00% 8/15/49	4,430,000		4,945,564
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,080,000		2,173,683
	Sacramento County, California Sanitation Districts
		Financing Authority Revenue
		Series A 5.00% 12/1/45	2,500,000		3,077,900
	Salem Hospital Facility Authority Revenue
		(Capital Manor Project)
		4.00% 5/15/40	750,000		805,222
		4.00% 5/15/47	1,000,000		1,061,070
		4.00% 5/15/57	1,000,000		1,046,040
	Seminole County, Florida Industrial Development
		Authority Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	3,540,000		3,782,278

16

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Tarrant County, Texas Cultural Education Facilities
		Finance Corporation Retirement Facility Revenue
		(Buckner Senior Living - Ventana Project)
		6.625% 11/15/37	970,000	$	1,070,250
	Tempe, Arizona Industrial Development Authority
		Revenue
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	1,620,000		1,712,551
	University of North Carolina at Chapel Hill
		5.00% 2/1/46	440,000		497,015
	Washington State Housing Finance Commission
		(Heron's Key Senior Living)
		Series A 144A 7.00% 7/1/45 #	4,510,000		4,905,617
					119,708,770
Housing Revenue Bond – 0.06%
	Massachusetts Housing Finance Agency
		Series A 5.25% 12/1/35 (FHA)	615,000		619,957
					619,957
Lease Revenue Bonds – 7.62%
	Arizona Industrial Development Authority Revenue
		(Lincoln South Beltway Project)
		5.00% 2/1/30	130,000		160,562
	Columbus City, Ohio
		Series A 5.00% 4/1/36	6,000,000		7,529,580
	Kansas City, Missouri
		(Downtown Streetcar Project)
		Series A 5.00% 9/1/34	3,540,000		3,614,234
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 12/15/42	12,520,000		13,309,386
		Series A 4.00% 6/15/50 (BAM)	1,775,000		1,867,673
		Series A 4.00% 6/15/52	12,230,000		12,811,414
		Series A 5.00% 6/15/50 (BAM)	2,525,000		2,856,381
		Series A 5.00% 6/15/57	1,430,000		1,564,906
		Series B 2.809% 12/15/54 (BAM) ^	33,065,000		9,712,513
	Minnesota Housing Finance Agency
		(State Appropriation)
		5.00% 8/1/31	225,000		225,812
	New Jersey Transportation Trust Fund Authority
		(Federal Highway Reimbursement Revenue)
		Series A 5.00% 6/15/31	85,000		96,232

17

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	New Jersey Transportation Trust Fund Authority
		(Transportation Program)
		Series AA 4.00% 6/15/50 (BAM)	10,675,000	$	11,492,278
		(Transportation System)
		Series A 2.451% 12/15/39 (BAM) ^	7,890,000		4,622,120
	New York City, New York Transitional Finance
		Authority Building Aid Revenue
		Series S-1 5.00% 7/15/37	4,430,000		4,497,070
	New York Liberty Development Corporate
		(4 World Trade Center Project)
		Series A 3.00% 11/15/51	3,150,000		3,022,897
	New York State Thruway Authority Revenue
		Series A-1 4.00% 3/15/52	1,775,000		1,969,185
					79,352,243
Local General Obligation Bonds – 4.65%
	Arlington Independent School District, Texas
		5.00% 2/15/36 (PSF)	2,500,000		3,132,575
	Chicago, Illinois
		Series A 5.25% 1/1/29	1,795,000		1,912,501
		Series A 5.50% 1/1/49	880,000		1,013,470
		Series A 6.00% 1/1/38	465,000		539,353
	Chicago, Illinois Board of Education
		5.00% 4/1/42	1,025,000		1,131,569
		5.00% 4/1/46	1,050,000		1,155,556
	Dallas Independent School District, Texas
		2.75% 2/15/52 (PSF)	3,000,000		2,903,490
	Los Angeles, California Community College District
		Series C 5.00% 8/1/25	2,210,000		2,482,935
	Mecklenburg County, North Carolina
		Series A 5.00% 4/1/25	2,210,000		2,461,984
		Series A 5.00% 9/1/25	7,085,000		7,992,447
	New York City, New York
		Fiscal 2021 Series C 5.00% 8/1/43	1,330,000		1,610,989
		Series E 5.00% 3/1/41	85,000		99,332
		Series E-1 5.00% 3/1/44	4,430,000		5,159,665
		Series F-1 5.00% 4/1/45	4,745,000		5,528,400
		Subseries B-1 5.00% 12/1/37	3,985,000		4,554,377
		Subseries B-1 5.00% 12/1/41	4,430,000		5,041,340
		Subseries D-1 4.00% 12/1/42	1,505,000		1,667,013
		Subseries D-1 5.00% 10/1/36	20,000		20,069
					48,407,065

18

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 1.57%
	Alachua County, Florida Health Facilities Authority
		(Oak Hammock University)
		Series A 8.00% 10/1/42	880,000	$	933,152
	Broward County, Florida Airport System Revenue
		Series C 5.25% 10/1/30-23 §	4,430,000		4,718,437
	Massachusetts School Building Authority Revenue
		Series C 5.00% 8/15/31-25 §	1,315,000		1,476,850
	New Jersey Economic Development Authority
		Revenue
		(Cigarette Tax)
		5.00% 6/15/28-22 §	2,385,000		2,415,075
	Palm Beach County, Florida Health Facilities Authority
		Revenue
		(Sinai Residences Boca Raton Project)
		Series A 7.50% 6/1/49	540,000		559,726
	Richmond, Virginia Public Utility Revenue
		Series A 5.00% 1/15/38-23 §	440,000		455,897
	Rockwall Independent School District, Texas
		5.00% 2/15/46-25 (PSF) §	1,775,000		1,966,505
	Southwestern Illinois Development Authority Revenue
		(Memorial Group)
		7.125% 11/1/43-23 §	1,775,000		1,947,459
	University of Massachusetts Building Authority
		Revenue
		Senior Series 2013-1 5.00% 11/1/39-22 §	880,000		904,825
	Waterbury, Connecticut
		Lot A 5.00% 12/1/32-23 §	880,000		939,506
					16,317,432
Resource Recovery Revenue Bond – 0.17%
	Union County, New Jersey Improvement Authority
		Revenue
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	1,730,000		1,743,702
					1,743,702
Special Tax Revenue Bonds – 16.99%
	Bullhead City, Arizona Excise Taxes Revenue
		2.55% 7/1/46	4,500,000		4,071,330
	City & County of San Francisco CA Special Tax
		District No 2020-1
		Series B 144A 5.25% 9/1/49 #	4,000,000		3,820,320

19

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Conley Road Transportation Development District,
		Missouri
		5.375% 5/1/47	1,955,000	$	2,009,427
	CPR Custodial Receipt
		(Taxable)
		Series 2021-1 144A 0.649% 1/1/45 #	12,000,000		11,714,880
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	19,697,988		18,516,109
	Illinois State
		First Series 6.00% 6/15/26 (NATL)	880,000		1,035,214
	Massachusetts School Building Authority Revenue
		Series C 5.00% 8/15/31	900,000		1,003,716
	Metropolitan Transportation Authority Revenue, New
		York
		(Climate Bond Certified)
		Series B-2 5.00% 11/15/36	1,775,000		2,032,730
	New York City, New York Transitional Finance
		Authority
		(Future Tax Secured Fiscal 2014)
		Series A-1 5.00% 11/1/42	8,855,000		9,382,227
	New York City, New York Transitional Finance
		Authority Building Aid Revenue
		Subordinate Subseries S-3A 5.00% 7/15/37	2,210,000		2,638,497
	New York Convention Center Development Corporate
		Senior Lien
		(Hotel Unit Fee Secured)
		Series B 2.873% 11/15/55 (BAM) ^	2,995,000		905,299
	New York Convention Center Development Corporate
		Senior Lien
		(Hotel Unit Fee Secured)
		Series B 3.03% 11/15/55 ^	5,000		1,462
	New York State Dormitory Authority Revenue
		Series A 5.00% 3/15/39	3,540,000		4,081,230
		Series A 5.00% 3/15/42	1,775,000		2,040,842
		Series B 5.00% 3/15/34	4,430,000		4,446,081
		(General Purpose)
		Series A 5.00% 2/15/31	85,000		98,338
	New York State Urban Development Revenue
		(General Purpose)
		Series A 5.00% 3/15/37	2,655,000		3,166,273

20

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Public Finance Authority, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	1,910,000	$	2,005,214
	Puerto Rico Infrastructure Financing Authority
		Series B 5.00% 7/1/41 ‡	6,455,000		3,348,531
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	1,291,000		1,430,183
		Series A-1 4.75% 7/1/53	16,348,000		18,079,907
		Series A-1 4.79% 7/1/46 ^	87,925,000		28,563,316
		Series A-1 4.903% 7/1/51 ^	38,540,000		9,071,545
		Series A-1 5.00% 7/1/58	19,132,000		21,455,581
		Series A-2 4.329% 7/1/40	6,379,000		6,985,196
		Series A-2 4.329% 7/1/40	3,799,000		4,160,019
		Series A-2 4.784% 7/1/58	7,025,000		7,769,510
	Sales Tax Securitization, Illinois
		Series A 5.00% 1/1/40	130,000		149,874
	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	2,935,000		2,905,415
					176,888,266
State General Obligation Bonds – 15.68%
	California State
		4.00% 10/1/36	2,655,000		3,026,594
		5.00% 9/1/32	2,140,000		2,743,373
		(Various Purpose)
		4.00% 3/1/36	4,430,000		5,070,799
		5.00% 8/1/27	2,210,000		2,542,892
		5.00% 3/1/30	4,430,000		4,889,391
		5.00% 4/1/32	1,285,000		1,664,345
		5.00% 4/1/37	4,430,000		4,618,984
		5.00% 10/1/37	8,855,000		11,313,591
		5.00% 10/1/41	2,970,000		3,728,271
		5.00% 10/1/47	1,900,000		2,141,794
	Commonwealth of Massachusetts
		Series A 5.50% 8/1/30 (AMBAC)	880,000		1,126,602
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	1,690,000		1,694,225

21

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	3,865,000	$	3,526,813
		Series A 5.125% 7/1/37 ‡	12,230,000		11,404,475
		Series A 5.25% 7/1/22 ‡	1,610,000		1,618,050
		Series A 5.25% 7/1/27 ‡	45,000		45,225
		Series A 5.25% 7/1/30 ‡	5,315,000		5,348,219
		Series A 5.25% 7/1/31 ‡	1,120,000		1,138,200
		Series A 5.25% 7/1/34 ‡	1,390,000		1,400,425
		Series A 5.375% 7/1/33 ‡	780,000		779,017
		Series A 144A 5.50% 6/1/22 #	9,570,000		9,749,437
		Series A 5.50% 7/1/39 ‡	2,515,000		2,389,250
		Series A 5.75% 7/1/28 ‡	1,725,000		1,645,219
		Series A 6.00% 7/1/38 ‡	485,000		492,881
		Series A 8.00% 7/1/35 ‡	5,480,000		4,938,850
		Series B 5.00% 7/1/35 ‡	3,035,000		3,046,381
		Series C 6.00% 7/1/39 ‡	5,505,000		5,477,475
	Connecticut State
		Series B 5.00% 6/15/35	2,190,000		2,422,819
		Series E 5.00% 9/15/35	2,210,000		2,640,397
		Series E 5.00% 9/15/37	2,000,000		2,387,860
	Florida State
		(Department Of Transportation Right-of-Way
		Acquisition and Bridge Construction)
		Series A 4.00% 7/1/33	2,210,000		2,516,041
		Series A 4.00% 7/1/34	3,240,000		3,677,465
	Illinois State
		5.00% 5/1/36	425,000		451,669
		5.00% 11/1/36	1,580,000		1,762,395
		5.00% 2/1/39	1,795,000		1,892,720
		5.25% 2/1/30	3,095,000		3,300,167
		5.25% 2/1/32	1,045,000		1,111,880
		5.25% 2/1/33	650,000		691,288
		5.50% 5/1/39	4,430,000		5,291,325
		Series A 4.00% 12/1/33	890,000		950,288
		Series A 5.00% 4/1/38	785,000		814,163
		Series D 5.00% 11/1/27	3,095,000		3,559,467
		(Rebuild Illinois Program)
		Series B 4.00% 11/1/39	9,475,000		10,129,154
	Maryland State
		Series A 5.00% 3/15/26	4,430,000		5,070,180

22

			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Maryland State
		Series A 5.00% 3/15/28	2,655,000	$	3,197,735
	Texas State
		(Transportation Commission Mobility)
		Series A 5.00% 10/1/33	1,555,000		1,837,637
	Washington State
		(Bid Group)
		Series C 5.00% 2/1/28	10,000,000		11,972,900
					163,238,328
Transportation Revenue Bonds – 16.77%
	Broward County, Florida Airport System Revenue
		Series A 4.00% 10/1/49 (AMT)	4,430,000		4,746,214
		Series A 5.00% 10/1/33 (AMT)	85,000		100,507
	Central Florida Expressway Authority Senior Lien
		Revenue
		Series A 5.00% 7/1/33	85,000		102,793
	Chicago, Illinois Midway International Airport
		Series A 5.00% 1/1/28 (AMT)	1,800,000		1,905,714
	Chicago, Illinois O'Hare International Airport
		Series A 5.00% 1/1/37 (AMT)	1,495,000		1,730,582
		Series A 5.00% 1/1/38 (AMT)	530,000		612,574
		Series B 5.00% 1/1/33	2,075,000		2,254,675
		Series D 5.25% 1/1/42	1,775,000		2,044,640
	Chicago, Illinois Transit Authority Revenue
		Series A 4.00% 12/1/50	1,775,000		1,967,765
		Series A 5.00% 12/1/45	1,775,000		2,116,900
	Dallas, Texas Fort Worth International Airport
		Revenue
		Series F 5.25% 11/1/30	4,430,000		4,711,128
	Denver City & County, Colorado Airport System
		Revenue
		Series A 5.00% 12/1/43 (AMT)	5,315,000		6,163,115
	Georgia State Road & Tollway Authority Revenue
		(Managed Lane System)
		Series A 4.00% 7/15/46	1,930,000		2,225,985
	Harris County, Texas Toll Road Authority
		Senior Lien Series A 5.00% 8/15/27	3,315,000		3,925,292
	Love Field Airport Modernization, Texas General
		Airport Revenue Bonds
		5.00% 11/1/35 (AMT)	880,000		996,266
		5.00% 11/1/36 (AMT)	880,000		996,468

23

Schedules of investments
Delaware Tax-Free USA Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Massachusetts Port Authority Revenue
		Series A 5.00% 7/1/37 (AMT)	3,540,000	$	4,208,210
		Series A 5.00% 7/1/39 (AMT)	2,605,000		3,086,717
		Series A 5.00% 7/1/40 (AMT)	1,615,000		1,910,916
	Metropolitan Nashville, Tennessee Airport Authority
		Series A 5.00% 7/1/45	4,450,000		4,919,697
	Metropolitan Transportation Authority Revenue, New
		York
		Series D 5.00% 11/15/33	1,320,000		1,516,693
		(Green Bonds)
		Series A-1 5.00% 11/15/47	1,330,000		1,537,467
		Series C-1 5.25% 11/15/55	80,000		93,442
	Metropolitan Washington, D.C. Airports Authority
		Dulles Toll Road Revenue
		(Dulles Metrorail and Capital Improvement
		Projects)
		Series B 4.00% 10/1/49	3,790,000		4,098,013
	Montgomery County, Texas Toll Road Authority
		Revenue
		(Senior Lien)
		5.00% 9/15/37	1,550,000		1,696,987
	New Jersey Turnpike Authority
		Series A 5.00% 1/1/28	4,430,000		4,793,747
		Series E 5.00% 1/1/45	5,315,000		5,765,978
	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)	11,335,000		12,150,667
	North Carolina Turnpike Authority Revenue
		5.00% 1/1/36 (AGM)	2,655,000		3,180,000
	North Texas Tollway Authority Revenue
		(1st Tier) Series B 5.00% 1/1/40	1,775,000		1,833,096
		(2nd Tier) Series A 5.00% 1/1/34	4,430,000		4,827,681
		Series A 4.00% 1/1/38	200,000		209,174
		Series A 5.00% 1/1/43	6,200,000		7,229,200
	Ohio Turnpike & Infrastructure Commission
		(Infrastructure Projects)
		Series A-1 5.00% 2/15/28	270,000		280,514
	Pennsylvania State Turnpike Commission Revenue
		Series A 5.00% 12/1/48	2,500,000		2,946,575

24

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission Revenue
		Series A-2 5.00% 12/1/43	1,775,000	$	2,090,879
		Series C 5.00% 12/1/44	880,000		956,190
	Philadelphia City, Pennsylvania Airport Revenue
		4.00% 7/1/46 (AGM) (AMT)	3,625,000		3,939,179
		Phoenix City, Arizona Civic Improvement Airport
		Revenue
		Series B 5.00% 7/1/49 (AMT)	4,430,000		5,109,030
	Port Authority of New York & New Jersey
		Series 227 2.00% 10/1/34 (AMT)	1,190,000		1,108,687
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/40	2,370,000		2,824,495
	Riverside County Transportation Commission Toll
		Revenue Senior Lien
		Series B-1 4.00% 6/1/46	1,775,000		1,965,546
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	3,540,000		4,098,470
		Series A 5.00% 7/1/51 (AMT)	4,430,000		5,248,531
		Series B 5.00% 7/1/42	3,055,000		3,519,513
	San Diego County Regional Airport Authority
		Series A 5.00% 7/1/56	5,715,000		6,875,316
	San Diego, County Regional Airport Authority
		Series B 4.00% 7/1/56 (AMT) (BAM)	5,000,000		5,416,150
	San Francisco, California City International Airport
		Commission
		Series A 5.00% 5/1/44 (AMT)	4,430,000		5,125,200
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series A 5.00% 1/1/49	395,000		439,915
		Series B 5.00% 1/1/42 (AMT)	1,285,000		1,424,551
		Series B 5.00% 1/1/48 (AMT)	5,345,000		5,902,644
	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)	2,205,000		2,387,067
		7.00% 12/31/38 (AMT)	1,620,000		1,760,519
		(NTE Mobility Partners Segments 3 LLC Segment
		3C Project)
		5.00% 6/30/58 (AMT)	4,430,000		5,065,129

25

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Triborough Bridge & Tunnel Authority Revenue,
		New York
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/49	80,000	$	96,790
	Virginia Small Business Financing Authority Revenue
		(95 Express Lanes, LLC Project)
		4.00% 1/1/48 (AMT)	1,000,000		1,083,500
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	1,075,000		1,227,682
	Washington, Metropolitan Area Transit Authority
		Revenue, Columbia
		5.00% 7/1/43	880,000		1,015,546
	Wayne County, Michigan Airport Authority
		(Detroit Metropolitan Wayne County Airport)
		Series A 5.00% 12/1/42	2,210,000		2,273,692
		Series D 5.00% 12/1/45 (AGM)	660,000		737,385
					174,576,998
Water & Sewer Revenue Bonds – 1.49%
	Broward County, Florida Water & Sewer Utility
		Revenue
		Series A 4.00% 10/1/47	2,500,000		2,861,650
	Carefree Utilities Community Facilities District,
		Arizona
		4.00% 7/1/41	1,195,000		1,368,765
		4.00% 7/1/46	1,195,000		1,353,839
	Decatur City, Alabama Water & Sewer Revenue
		Series A 4.00% 8/15/50	5,290,000		5,967,385
	Guam Government Waterworks Authority
		Series A 5.00% 1/1/50	1,775,000		2,074,531
	Mississippi Development Bank
		(Jackson Water and Sewer System Revenue Bond
		Project)
		6.75% 12/1/30 (AGM)	880,000		953,735
	Toledo, Ohio Water System Revenue
		5.00% 11/15/38	880,000		917,471
					15,497,376
Total Municipal Bonds (cost $968,566,203)					1,017,389,777

26

			Principal
			amount°	Value (US $)
Short-Term Investments – 3.56%
Variable Rate Demand Notes – 3.56%¤
	Massachusetts Development Finance Agency
		Revenue
		(Boston University) Series U-6E 0.02% 10/1/42
		(LOC - TD Bank N.A.)	1,250,000	$	1,250,000
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.09%
		11/15/48
		(LOC – Wells Fargo Bank N.A.)	900,000		900,000
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Revenue
		(Allina Health System)
		Series B-1 0.02% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	800,000		800,000
		Series B-2 0.02% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	1,200,000		1,200,000
	Mississippi Business Finance Corporation Gulf
		Opportunity Zone Industrial Development Revenue
		(Chevron U.S.A. Inc. Project)
		Series A 0.08% 11/1/35	850,000		850,000
		Series B 0.05% 12/1/30	700,000		700,000
		Series B 0.05% 11/1/35	1,000,000		1,000,000
	New Jersey Health Care Facilities Financing Authority
		Revenue
		(Virtua Health Issue) Series B 0.01% 7/1/43
		(LOC – JPMorgan Chase Bank N.A.)	6,300,000		6,300,000
	New York City, New York
		Subseries B-4 and B-5 0.05% 10/1/46 (SPA -
		Barclays Bank)	3,900,000		3,900,000
		Subseries F-5 0.05% 6/1/44 (SPA - Barclays
		Bank)	5,400,000		5,400,000
		Subseries G-6 0.03% 4/1/42 (LOC - Mizuho Bank)	565,000		565,000
	New York City, New York Municipal Water Finance
		Authority Water & Sewer System Revenue
		Subseries A-2 0.05% 6/15/44
		(SPA - Mizuho Bank)	2,400,000		2,400,000
		(Second General Resolution) Subseries AA-
		3 0.04% 6/15/49
		(SPA - TD Bank N.A.)	5,200,000		5,200,000
	New York City, New York Transitional Finance
		Authority Future Tax Secured Revenue
		Subseries A-4 0.04% 11/1/29
		(SPA - TD Bank N.A.)	665,000		665,000

27

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.06% 11/15/52
		(SPA - Northern Trust Company)	2,300,000	$	2,300,000
	University of Michigan Revenue
		(General Revenue) Series D-1 0.03% 12/1/24	3,675,000		3,675,000
Total Short-Term Investments (cost $37,104,988)					37,105,000
Total Value of Securities–101.29%
		(cost $1,005,671,191)		$	1,054,494,777

°	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, 2022, the aggregate value of Rule 144A securities was $84,904,923, which represents 8.16% 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.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2022. 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.
‡	Non-income producing security. Security is currently in default.
§	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, 2022.

Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation

28

Summary of abbreviations: (continued)
AMBAC – Insured by AMBAC Assurance Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
FHA – Federal Housing Administration
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
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

29

Schedules of investments
Delaware Tax-Free USA Intermediate Fund	February 28, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 99.47%
Corporate Revenue Bonds – 10.96%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	5,520,000	$	6,463,147
	Black Belt Energy Gas District, Alabama
		(Project No. 4)
		Series A 4.00% 6/1/25	1,655,000		1,773,167
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		Series A-2 5.00% 6/1/32	1,270,000		1,509,928
		Series A-2 5.00% 6/1/33	850,000		1,008,049
		(Asset-Backed Senior)
		Series B-2 5.00% 6/1/55	1,750,000		1,906,433
		(Senior)
		Series A-2 3.00% 6/1/48	2,425,000		2,183,009
		Series A-2 4.00% 6/1/48	7,810,000		8,207,295
	California Pollution Control Financing Authority
		Revenue
		(Calplant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	1,250,000		750,000
	Central Plains Energy Project Nebraska
		(Project No. 3)
		Series A 5.00% 9/1/42	250,000		322,563
	Chandler, Arizona Industrial Development Authority
		Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	2,700,000		2,758,563
	Commonwealth of Pennsylvania Financing Authority
		(Tobacco Master Settlement Payment)
		5.00% 6/1/27	2,000,000		2,332,460
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.495% 6/1/60 #, ^	36,000,000		2,088,360
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	5,435,000		5,860,125
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	1,710,000		1,726,023
	George L Smith II Georgia World Congress Center
		Authority
		Series A 4.00% 1/1/54	2,210,000		2,259,195

30

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 1.33% 6/1/57 #, ^	62,600,000	$	4,162,274
		Series F 144A 0.396% 6/1/57 #, ^	74,090,000		3,993,451
	Jefferson County, Texas Industrial Development
		(TRP Crude Marketing LLC Project)
		144A 7.75% 4/1/39 #	1,375,000		1,362,034
	Kentucky Public Energy Authority
		(Gas Supply Revenue Bonds)
		Series C-1 4.00% 12/1/49 ●	5,000,000		5,331,000
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	4,850,000		6,031,945
	Maine, Finance Authority Revenue
		(Go Lab Madison Project, Green Bonds)
		144A 8.00% 12/1/51 (AMT) #	3,490,000		3,370,642
	Michigan Finance Authority
		Series A Class 1 4.00% 6/1/49	2,000,000		2,155,980
	Monroe County, Michigan Economic Development
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	4,500,000		4,637,205
	New Jersey Economic Development Authority Special
		Facilities Revenue
		(Continental Airlines Project)
		Series B 5.625% 11/15/30 (AMT)	1,890,000		2,029,633
	New Jersey Tobacco Settlement Financing
		Subordinate Series B 5.00% 6/1/46	1,965,000		2,189,639
	New York Counties Tobacco Trust V
		(Capital Appreciation - Pass Through)
		Series 4B 144A 0.587% 6/1/60 #, ^	20,000,000		834,800
	New York Liberty Development Revenue
		5.50% 10/1/37	1,320,000		1,804,242
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	3,405,000		4,442,742
	New York Transportation Development Special
		Facilities Revenue
		Series B 6.50% 11/1/39	3,485,000		5,148,356
		(Delta Airlines, Inc.-LaGuardia Airport Terminals
		C&D Redevelopment Project)
		5.00% 1/1/34 (AMT)	7,210,000		8,129,924
	Public Authority for Colorado Energy Natural Gas
		Revenue
		6.50% 11/15/38	3,000,000		4,324,980

31

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	4,000,000	$	5,098,080
	Salt Verde, Arizona Financial Corporation Senior Gas
		Revenue
		5.00% 12/1/32	3,850,000		4,704,777
		5.25% 12/1/24	3,050,000		3,327,550
	South Carolina Jobs - Economic Development
		Authority Educational Facilities Revenue
		(AAC East LLC Project - Green Bonds)
		Series A 144A 7.00% 5/1/39 (AMT) #	1,500,000		1,355,880
		(Jasper Pellets, LLC Project - Green Bonds)
		Series A 144A 7.00% 11/1/38 (AMT) #	1,250,000		1,019,687
	St. John Baptist Parish, Louisiana
		(Marathon Oil Corporation Project)
		Series B-2 2.125% 6/1/37 ●	2,250,000		2,262,983
	Tennessee Energy Acquisition Commodity Project
		Revenue
		Series A 5.00% 5/1/52 ●	1,910,000		2,299,124
	Tobacco Securitization Authority of Southern
		California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.511% 6/1/46 ^	9,040,000		1,708,650
		(Capital Appreciation-3rd Subordinate Lien)
		Series D 0.288% 6/1/46 ^	1,490,000		251,110
	TSASC, New York
		Series A 5.00% 6/1/30	475,000		539,738
		Series A 5.00% 6/1/31	475,000		537,942
		Series A 5.00% 6/1/41	1,000,000		1,113,850
	Virginia Tobacco Settlement Financing Corporation
		(Capital Appreciation Asset-Backed)
		Series B 5.20% 6/1/46 ●	1,250,000		1,250,650
		Series C 2.388% 6/1/47 ^	52,780,000		13,320,088
		Series D 2.161% 6/1/47 ^	6,955,000		1,474,182
					141,361,455
Education Revenue Bonds – 5.67%
	Arizona Industrial Development Authority Revenue
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,420,000		1,645,013
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	875,000		936,687

32

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Arizona Industrial Development Authority Revenue
		(Macombs Facility Project)
		Series A 4.00% 7/1/61	2,000,000	$	2,099,820
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	875,000		932,243
	Bucks County, Pennsylvania Industrial Development
		Authority Revenue
		(School Lane Charter School Project)
		5.125% 3/15/36	2,000,000		2,231,720
	California Municipal Finance Authority
		Series A 144A 5.50% 6/1/53 #	1,000,000		1,078,640
		(Creative Center of Los Altos Project - Pinewood
		School & Oakwood School)
		Series B 144A 4.50% 11/1/46 #	500,000		504,365
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 4.75% 10/1/24	175,000		182,943
	California State University
		(Systemwide)
		Series A 5.00% 11/1/31	2,000,000		2,333,540
	California Statewide Communities Development
		Authority Charter School Revenue
		(Green Dot Public Schools - Animo Inglewood
		Charter High School Project)
		Series A 7.25% 8/1/41	500,000		502,045
	California Statewide Communities Development
		Authority Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	2,215,000		2,371,268
	Capital Trust Agency, Florida Revenue
		(Liza Jackson Preparatory School Project)
		Series A 5.00% 8/1/40	300,000		343,308
		Series A 5.00% 8/1/55	800,000		899,080
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/43 #	2,000,000		2,236,640
	District of Columbia Revenue
		(KIPP DC Issue)
		4.00% 7/1/39	1,275,000		1,387,251
		4.00% 7/1/44	740,000		796,640
	Fulton County, Georgia Development Authority
		Revenue
		(Georgia Institute of Technology)
		5.00% 6/15/44	3,100,000		3,714,606

33

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(Alturas International Academy Project)
		4.00% 5/1/52	1,400,000	$	1,478,722
		(Gem Prep: Meridian South Charter School
		Project)
		144A 4.00% 5/1/46 #	710,000		661,954
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/29	205,000		228,042
		Series A 4.00% 5/1/30	160,000		179,512
		Series A 4.00% 5/1/35	450,000		501,642
		Series A 4.00% 5/1/40	1,330,000		1,471,087
		Series A 4.00% 5/1/50	1,500,000		1,636,020
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago)
		Series A 5.00% 2/15/26	400,000		442,972
		Series A 5.00% 2/15/27	200,000		225,738
		Series A 5.00% 2/15/29	400,000		451,324
		Series A 5.00% 2/15/31	365,000		409,063
	Maricopa County, Arizona Industrial Development
		Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		280,052
		Series A 144A 5.00% 7/1/50 #	175,000		193,382
		(Highland Prep Project)
		Series A 4.00% 7/1/29	315,000		355,695
		Series A 4.00% 7/1/30	330,000		375,834
		Series A 4.00% 7/1/31	345,000		396,343
		Series A 4.00% 7/1/32	360,000		412,085
		Series A 4.00% 7/1/33	375,000		427,766
		Series A 4.00% 7/1/34	390,000		443,691
		Series A 4.00% 7/1/35	405,000		459,857
		Series A 4.00% 7/1/36	425,000		480,896
		Series A 4.00% 7/1/37	440,000		495,488
		Series A 4.00% 7/1/38	460,000		516,539
		Series A 4.00% 7/1/39	480,000		537,490
		Series A 4.00% 7/1/40	500,000		558,000
		Series A 4.00% 7/1/41	520,000		577,127
		Series A 4.00% 7/1/46	740,000		811,107
	Massachusetts Development Finance Agency
		Revenue
		(Harvard University)
		Series A 5.00% 7/15/40	5,000,000		6,785,900

34

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Massachusetts School Building Authority
	Series C 5.00% 8/15/37	2,500,000	$	2,782,825
	Miami-Dade County, Florida Educational Facilities
	Authority
	(University of Miami)
	Series A 5.00% 4/1/30	520,000		570,705
	Series A 5.00% 4/1/31	1,090,000		1,194,509
	New York State Dormitory Authority Revenue
	(New York University)
	Series A 5.75% 7/1/27 (NATL)	8,800,000		9,889,792
	(Touro College & University System)
	Series A 5.25% 1/1/34	1,335,000		1,428,223
	Newark, Texas Higher Education Finance
	(Village Tech Schools)
	Series A 5.125% 8/15/47	1,250,000		1,251,288
	Oregon State Facilities Authority Revenue
	(Metro East Web Academy Project)
	Series A 144A 5.00% 6/15/39 #	500,000		528,065
	Series A 144A 5.00% 6/15/49 #	500,000		521,660
	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		405,142
	Series A 5.00% 7/1/32	235,000		269,637
	South Carolina Jobs - Economic Development
	Authority Educational Facilities Revenue
	(High Point Academy Project)
	Series A 144A 5.75% 6/15/39 #	1,345,000		1,507,409
	University of Texas Permanent University Fund
	Series B 5.00% 7/1/27	3,715,000		4,032,558
	University of Texas System Board of Regents
	Series B 5.00% 8/15/49	1,075,000		1,538,411
	University of Washington
	Series A 4.00% 4/1/35	1,000,000		1,171,670
				73,081,031
Electric Revenue Bonds – 4.32%
	Guam Power Authority Revenue
	Series A 5.00% 10/1/40	1,000,000		1,113,350
	Long Island, New York Power Authority
	5.00% 9/1/33	250,000		293,883

35

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Long Island, New York Power Authority
	5.00% 9/1/35	1,000,000	$	1,172,660
	Series A 5.00% 9/1/34	500,000		620,620
	Municipal Electric Authority of Georgia
	(Plant Vogtle Units 3&4 Project)
	Series A 5.00% 1/1/39	6,250,000		7,271,000
	New York State Utility Debt Securitization Authority
	(Restructuring Bonds)
	5.00% 12/15/33	1,500,000		1,694,535
	Puerto Rico Electric Power Authority Revenue
	Series CCC 5.25% 7/1/27 ‡	1,520,000		1,575,100
	Series TT 5.00% 7/1/32 ‡	1,555,000		1,603,594
	Series WW 5.25% 7/1/33 ‡	1,015,000		1,051,794
	Series WW 5.50% 7/1/17 ‡	2,200,000		2,282,500
	Series WW 5.50% 7/1/19 ‡	1,710,000		1,774,125
	Series XX 5.25% 7/1/40 ‡	4,630,000		4,797,837
	Series ZZ 5.00% 7/1/19 ‡	2,990,000		3,075,962
	Salt River, Arizona Project Agricultural Improvement &
	Power District Electric Systems Revenue
	Series A 5.00% 12/1/35	4,000,000		4,443,520
	Series A 5.00% 1/1/38	5,000,000		5,777,850
	(Salt River Project Electric System)
	5.00% 1/1/30	5,000,000		5,973,300
	Utility Debt Securitization Authority
	(Restructuring Bonds)
	5.00% 12/15/37	10,000,000		11,245,700
				55,767,330
Healthcare Revenue Bonds – 8.45%
	Apple Valley, Minnesota
	(Minnesota Senior Living LLC Project)
	Series B 5.25% 1/1/37	915,000		757,538
	Arizona Health Facilities Authority
	(Scottsdale Lincoln Hospital Project)
	5.00% 12/1/30	5,000,000		5,473,800
	Arizona Industrial Development Authority Revenue
	(Phoenix Children's Hospital)
	Series A 4.00% 2/1/50	2,240,000		2,447,581
	California Health Facilities Financing Authority
	(Children's Hospital of Orange County)
	Series A 2.125% 11/1/41	5,000,000		4,441,600
	Series A 3.00% 11/1/39	2,750,000		2,903,862

36

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Health Facilities Financing Authority
	(Kaiser Permanente)
	Series A-1 5.00% 11/1/27	4,100,000	$	4,876,171
	Series A-2 5.00% 11/1/47	3,970,000		5,517,784
	California Health Facilities Financing Authority Senior
	Living Revenue
	(Lucile Salter Packard Children's Hospital At
	Stanford)
	Series A 5.00% 5/15/23	25,000		25,937
	California Statewide Communities Development
	Authority
	(Loma Linda University Medical Center)
	Series A 144A 5.00% 12/1/41 #	1,685,000		1,887,436
	Colorado Health Facilities Authority Revenue
	(AdventHealth Obligated Group)
	Series A 4.00% 11/15/50	5,000,000		5,641,650
	(CommonSpirit Health)
	Series A 4.00% 8/1/37	500,000		550,195
	Series A 4.00% 8/1/38	1,500,000		1,647,795
	Series A-2 4.00% 8/1/49	2,000,000		2,155,160
	Series A-2 5.00% 8/1/37	1,105,000		1,300,883
	County of Hamilton, Ohio Hospital Facilities Revenue
	(Cincinnati Children's Hospital Medical Center)
	Series CC 5.00% 11/15/49	3,540,000		4,921,733
	Cumberland County, Pennsylvania Municipal
	Authority Revenue
	(Penn State Health)
	Series A 4.00% 11/1/44	2,000,000		2,211,580
	Cuyahoga County, Ohio
	(The Metrohealth System)
	5.00% 2/15/37	1,000,000		1,144,460
	Escambia County, Health Facilities Authority Revenue
	(Baptist Health Care Corporation Obligated Group)
	Series A 4.00% 8/15/50	2,605,000		2,778,206
	Glendale Industrial Development Authority Revenue
	(Glencroft Retirement Community Project)
	5.25% 11/15/46	875,000		776,554
	(The Terraces of Phoenix Project)
	Series A 5.00% 7/1/48	875,000		900,908

37

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glendale, Arizona Industrial Development Authority
	Revenue
	(Royal Oaks Life Care Community)
	4.00% 5/15/28	1,000,000	$	1,051,740
	4.00% 5/15/30	1,385,000		1,450,843
	4.00% 5/15/31	500,000		522,780
	Idaho Health Facilities Authority Revenue
	(St. Luke's Health System Project)
	Series A 3.00% 3/1/51	1,800,000		1,751,706
	Illinois Finance Authority Revenue
	(The Admiral at the Lake Project)
	5.50% 5/15/54	875,000		891,537
	Iowa Finance Authority Senior Housing Revenue
	Bonds
	(PHS Council Bluffs, Inc. Project)
	5.00% 8/1/33	500,000		507,650
	Kalispell, Montana
	(Immanuel Lutheran Corporation Project)
	Series A 5.25% 5/15/32	435,000		465,911
	Lancaster County, Pennsylvania Hospital Authority
	(Brethren Village Project)
	5.00% 7/1/31	440,000		474,483
	(St. Anne's Retirement Community, Incorporated
	Project)
	5.00% 4/1/27	1,425,000		1,427,679
	(University of Pennsylvania Health System
	Obligation)
	Series A 5.00% 8/15/33	2,430,000		2,775,206
	Maricopa County, Arizona Industrial Development
	Authority Revenue
	(Banner Health Obligation Group)
	Series A 5.00% 1/1/32	3,000,000		3,456,150
	(Christian Care Surprise, Inc. Project)
	144A 5.75% 1/1/36 #	1,540,000		1,401,477
	Maryland Health & Higher Educational Facilities
	Authority Revenue
	(Adventist Healthcare Obligated)
	Series A 5.50% 1/1/36	2,000,000		2,348,020
	Massachusetts Development Finance Agency
	Revenue
	Series A-2 4.00% 7/1/41	875,000		984,874

38

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Health Care System Revenue
	(Fairview Health Services)
	Series A 5.00% 11/15/35	1,500,000	$	1,790,520
	Monroe County, New York Industrial Development
	Revenue
	(Rochester Regional Health Project)
	Series D 3.00% 12/1/40	1,000,000		924,590
	Series D 4.00% 12/1/38	1,450,000		1,626,726
	Moon, Pennsylvania Industrial Development Authority
	(Baptist Homes Society Obligation)
	5.625% 7/1/30	2,440,000		2,582,618
	National Finance Authority Revenue, New Hampshire
	(Springpoint Senior Living Project)
	4.00% 1/1/51	1,330,000		1,381,511
	(The Vista Project)
	Series A 144A 5.25% 7/1/39 #	1,000,000		1,025,340
	New Hope Cultural Education Facilities Finance
	(Sanctuary LTC Project)
	Series A-1 5.50% 1/1/57	1,615,000		1,570,943
	New York State Dormitory Authority Revenue
	(Orange Regional Medical Center)
	144A 5.00% 12/1/31 #	1,000,000		1,153,130
	144A 5.00% 12/1/32 #	1,100,000		1,266,155
	144A 5.00% 12/1/33 #	1,000,000		1,150,340
	Northampton County, Philadelphia, Pennsylvania
	Industrial Development Authority Revenue
	(MorningStar Senior Living Project)
	5.00% 7/1/32	1,275,000		1,283,020
	5.00% 11/1/44	1,000,000		1,093,600
	Oklahoma Development Finance Authority Health
	System Revenue
	(OU Medicine Project)
	Series B 5.25% 8/15/43	1,790,000		2,118,895
	Pennsylvania Economic Development Financing
	Authority First Mortgage Revenue
	(Tapestry Moon Senior Housing Project)
	Series A 144A 6.50% 12/1/38 #, ‡	1,000,000		400,000
	Series A 144A 6.75% 12/1/53 #, ‡	875,000		350,000
	Prince George's County, Maryland
	(Collington Episcopal Life Care Community)
	5.00% 4/1/31	2,000,000		2,079,860

39

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Salem, Oregon Hospital Facility Authority Revenue
		(Salem Health Projects)
		Series A 4.00% 5/15/49	500,000	$	547,340
	Seminole County, Florida Industrial Development
		Authority
		(Legacy Pointe at UCF Project)
		Series A 5.25% 11/15/39	5,340,000		5,672,896
		Series B-1 4.25% 11/15/26	3,000,000		3,002,040
	Tempe, Arizona Industrial Development Authority
		(Mirabella at ASU Project)
		Series A 144A 6.00% 10/1/37 #	1,200,000		1,280,592
	Virginia Small Business Financing Authority
		(Lifespire of Virginia)
		4.00% 12/1/36	1,210,000		1,299,685
		4.00% 12/1/41	2,500,000		2,660,900
	Washington State Housing Finance Commission
		(Heron's Key Senior Living)
		Series A 144A 7.00% 7/1/45 #	800,000		870,176
					109,001,766
Industrial Development Revenue/Pollution Control Revenue – 0.60%
	Kentucky Public Energy Authority
		Series A-1 4.00% 8/1/52 ●	5,000,000		5,587,900
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 6/15/52 (BAM)	2,000,000		2,197,700
					7,785,600
Lease Revenue Bonds – 7.70%
	California Statewide Communities Development
		Authority Revenue
		(Lancer Plaza Project)
		5.125% 11/1/23	185,000		192,507
	Hudson Yards New York Infrastructure Revenue
		Series A 4.00% 2/15/44	2,875,000		3,097,726
	Los Angeles County, California
		(Disney Concert Hall Parking)
		5.00% 3/1/23	2,395,000		2,487,974
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 3.192% 12/15/56 (BAM) ^	12,000,000		3,248,760
		Series A 4.00% 12/15/42	13,500,000		14,351,175
		Series A 4.00% 6/15/52	8,770,000		9,186,926

40

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series B 2.962% 12/15/54 (BAM) ^	25,445,000	$	7,474,214
	New Jersey State Economic Development Authority
		(NJ Transit Transportation Project)
		Series A 4.00% 11/1/38	1,000,000		1,081,490
		Series A 4.00% 11/1/39	1,000,000		1,079,690
	New Jersey State Transportation Trust Fund Authority
		Series A 4.00% 6/15/36	1,810,000		1,992,158
		(Capital Appreciation)
		Series A 2.451% 12/15/39 (BAM) ^	9,190,000		5,383,686
		(Highway Reimbursement)
		Series A 5.00% 6/15/30	2,415,000		2,738,079
		(Transportation Program Bonds)
		Series BB 4.00% 6/15/50	5,000,000		5,375,250
		(Transportation System Bonds)
		Series A 5.00% 12/15/25	5,000,000		5,594,750
	New York City, New York Transitional Finance
		Authority Building Aid Revenue
		Series S-1 5.00% 7/15/31	5,000,000		5,494,150
	New York Liberty Development
		(4 World Trade Center Project)
		Series A 2.875% 11/15/46	10,000,000		9,380,600
		Series A 3.00% 11/15/51	3,675,000		3,526,714
	New York State Dormitory Authority Revenue
		(Health Facilities Improvement Program)
		Series 1 5.00% 1/15/28	750,000		890,108
		Series 1 5.00% 1/15/29	3,100,000		3,672,818
	Phoenix, Arizona Civic Improvement Corporation
		Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/45	4,430,000		5,494,750
	Puerto Rico Public Buildings Authority Revenue
		Series C 5.75% 7/1/17 ‡	1,025,000		1,146,719
		Series D 5.25% 7/1/36 ‡	2,060,000		2,253,125
		Series M-1 5.75% 7/1/17 ‡	2,790,000		3,121,312
		Series Q 5.50% 7/1/37 ‡	930,000		1,029,975
					99,294,656
Local General Obligation Bonds – 4.16%
	Arlington Independent School District, Texas
		4.00% 2/15/38 (PSF)	1,500,000		1,754,940

41

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Arlington Independent School District, Texas
		4.00% 2/15/40 (PSF)	1,000,000	$	1,162,970
	Chicago, Illinois
		Series A 5.25% 1/1/29	640,000		681,894
		Series A 5.50% 1/1/35	1,980,000		2,326,738
		Series C 5.00% 1/1/26	1,280,000		1,415,808
	Chicago, Illinois Board of Education
		5.00% 4/1/35	825,000		918,481
		5.00% 4/1/36	320,000		355,549
		(Dedicated Revenues)
		Series C 5.00% 12/1/34	2,160,000		2,418,854
		Series D 5.00% 12/1/31	2,160,000		2,425,054
	City & County of San Francisco, California
		Series D-1 4.00% 6/15/39	1,330,000		1,500,679
		Series D-1 4.00% 6/15/40	1,385,000		1,558,984
		Series D-1 4.00% 6/15/41	1,440,000		1,619,049
	Mida Golf and Equestrian Center Public Infrastructure
		District
		144A 4.125% 6/1/36 #	1,790,000		1,690,100
		144A 4.25% 6/1/41 #	2,210,000		2,061,157
	New York City, New York
		Fiscal 2021 Series C 5.00% 8/1/33	2,000,000		2,466,800
		Fiscal 2021 Series C 5.00% 8/1/43	3,500,000		4,239,445
		Series D-1 5.00% 10/1/30	2,260,000		2,267,887
		Series D-4 0.04% 8/1/40 ●	400,000		400,000
		Series E 5.00% 8/1/23	3,685,000		3,891,102
		Series F-1 5.00% 6/1/34	5,000,000		5,549,350
		Subseries D-1 4.00% 12/1/42	4,300,000		4,762,895
	San Francisco, California Bay Area Rapid Transit
		District
		(Election 2004)
		Series D 5.00% 8/1/31	4,000,000		4,469,800
	Wake County, North Carolina
		Series A 5.00% 3/1/27	3,200,000		3,763,168
					53,700,704
Pre-Refunded/Escrowed to Maturity Bonds – 4.71%
	Atlanta, Georgia Water & Wastewater Revenue
		5.00% 11/1/35-25 §	5,000,000		5,567,750
	California State Department of Water Resources
		(Water System)
		Series AS 5.00% 12/1/29-24 §	15,000		16,486

42

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	California State Department of Water Resources
		(Water System)
		Unrefunded Series AS 5.00% 12/1/29-24 §	2,680,000	$	2,953,038
	Denton Independent School District, Texas
		(School Building)
		Series A 5.00% 8/15/40-25 (PSF) §	4,000,000		4,477,920
	East Hempfield Township, Pennsylvania Industrial
		Development Authority
		(Student Services - Student Housing Project at
		Millersville University)
		5.00% 7/1/39-24 §	875,000		949,375
		5.00% 7/1/46-24 §	1,425,000		1,546,125
	Fort Worth, Texas Independent School District
		(School Building)
		5.00% 2/15/27-24 (PSF) §	2,000,000		2,147,860
	Golden State, California Tobacco Securitization
		Corporate Settlement Revenue
		(Asset-Backed Bonds)
		Series A-1 5.00% 6/1/26	850,000		972,936
		Series A-1 5.00% 6/1/34-28 §	100,000		120,032
		Series A-1 5.25% 6/1/47-22 §	750,000		758,730
		(Asset-Backed Enhanced)
		Series A 5.00% 6/1/35-25 §	3,000,000		3,345,780
	Louisiana State Highway Improvement Revenue
		Series A 5.00% 6/15/29-24 §	5,195,000		5,641,562
	New Jersey Economic Development Authority
		Revenue
		(Cigarette Tax)
		5.00% 6/15/23-22 §	1,250,000		1,265,763
	New Jersey State Turnpike Authority Turnpike
		Revenue
		Series A 5.00% 1/1/30-22 §	5,000,000		5,072,950
		Series A 5.00% 1/1/43-22 §	1,860,000		1,887,137
	Pennsylvania State Turnpike Commission Revenue
		Series C 5.00% 12/1/43-23 §	4,555,000		4,863,009
	Philadelphia, Pennsylvania Water & Waste Water
		Revenue
		5.00% 11/1/28-22 §	5,000,000		5,139,400
	Pima County, Arizona Industrial Development
		Authority Education Revenue
		(Facility American Leadership Academy Project)
		144A 5.00% 6/15/47 #	745,000		754,178

43

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Public Finance Authority, Wisconsin Airport Facilities
		Revenue
		(AFCO Investors II Portfolio)
		144A 5.00% 10/1/23-22 (AMT) #, §	845,000	$	865,542
	Sacramento, California Water Revenue
		5.00% 9/1/26-23 §	3,160,000		3,347,388
	Southwestern Illinois Development Authority
		(Memorial Group)
		7.125% 11/1/30-23 §	2,190,000		2,402,780
	Texas State
		(Transportation Commission Highway
		Improvement)
		5.00% 4/1/29-24 §	3,000,000		3,236,070
	Virginia Commonwealth Transportation Board
		(Gans-Garvee)
		5.00% 3/15/24-23 §	3,250,000		3,388,288
					60,720,099
Special Tax Revenue Bonds – 17.67%
	Allentown, Pennsylvania Neighborhood Improvement
		Zone Development Authority Revenue
		(Forward Delivery)
		5.00% 5/1/24	170,000		181,608
		5.00% 5/1/25	500,000		547,155
		5.00% 5/1/26	500,000		557,950
		5.00% 5/1/27	550,000		625,630
		5.00% 5/1/29	600,000		702,978
		5.00% 5/1/31	670,000		806,439
		5.00% 5/1/33	765,000		930,163
		5.00% 5/1/34	750,000		911,670
	Bullhead City, Arizona Excise Taxes Revenue
		2.55% 7/1/46	3,000,000		2,714,220
	Camden County, New Jersey Improvement Authority
		Revenue
		(County Capital Program)
		Series A 5.00% 1/15/40	5,000,000		5,445,500
	Celebration Pointe, Florida Community Development
		District
		4.75% 5/1/24	290,000		304,836
		5.00% 5/1/34	830,000		865,375
	Connecticut State Transportation Infrastructure
		Series B 5.00% 10/1/30	3,375,000		4,055,839

44

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Dallas, Texas Convention Center Hotel Development
	Revenue
	Series A 5.00% 1/1/24	3,420,000	$	3,422,804
	Series A 5.25% 1/1/23	5,375,000		5,381,558
	Denver, Colorado Convention Center Hotel Authority
	5.00% 12/1/26	2,500,000		2,835,275
	5.00% 12/1/29	600,000		674,016
	5.00% 12/1/31	900,000		1,007,460
	5.00% 12/1/32	1,800,000		2,013,336
	5.00% 12/1/34	1,500,000		1,674,315
	5.00% 12/1/35	1,200,000		1,337,556
	5.00% 12/1/36	900,000		1,002,078
	Ernest N Morail-New Orleans, Louisiana Exhibition
	Hall Authority Special Tax Revenue
	5.00% 7/15/26	2,330,000		2,366,255
	GDB Debt Recovery Authority of Puerto Rico
	(Taxable)
	7.50% 8/20/40	42,917,902		40,342,828
	Harris County-Houston, Texas Sports Authority
	(Senior Lien)
	Series A 5.00% 11/15/30	1,805,000		1,963,226
	Illinois State, Sales Tax Revenue
	(Junior Obligation)
	Series A 4.00% 6/15/30 (BAM)	5,000,000		5,736,900
	Series A 4.00% 6/15/31 (BAM)	10,000,000		11,592,100
	Massachusetts School Building Authority
	Series C 5.00% 8/15/29	1,630,000		1,820,824
	Metropolitan Transportation Authority Revenue, New
	York
	(Climate Bond Certified)
	Series B-2 5.00% 11/15/36	5,000,000		5,726,000
	New York City, New York Transitional Finance
	Authority Building Aid Revenue
	Subordinate Subseries S-3A 5.00% 7/15/28	4,400,000		5,307,016
	New York City, New York Transitional Finance
	Authority Future Tax Secured
	Subseries A-1 5.00% 11/1/23	2,865,000		3,050,280
	Subseries B-1 5.00% 8/1/42	5,000,000		5,394,250
	Subseries C 5.00% 11/1/27	4,150,000		4,478,472
	Subseries E-1 5.00% 2/1/26	4,020,000		4,034,512
	Subseries E-1 5.00% 2/1/35	5,000,000		5,761,450

45

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York State Dormitory Authority Revenue
	Series A 5.00% 3/15/31	1,000,000	$	1,103,350
	Series D 5.00% 2/15/32	3,000,000		3,692,280
	(General Purpose)
	Series B 5.00% 3/15/35	5,000,000		5,018,000
	New York State Urban Development Revenue
	(General Purpose)
	Series B 5.00% 3/15/35	5,000,000		5,593,400
	Series E 5.00% 3/15/33	2,000,000		2,466,660
	Orange County, California Local Transportation
	Authority
	5.00% 2/15/39	4,000,000		4,859,440
	Public Finance Authority, Wisconsin
	(American Dream @ Meadowlands Project)
	144A 7.00% 12/1/50 #	1,010,000		1,060,349
	Puerto Rico Sales Tax Financing Revenue
	(Capital Appreciation - Restructured)
	Series A-1 4.579% 7/1/46 ^	34,350,000		11,158,941
	(Restructured)
	Series A-1 4.55% 7/1/40	6,015,000		6,663,477
	Series A-1 4.75% 7/1/53	8,180,000		9,046,589
	Series A-1 4.911% 7/1/51 ^	17,000,000		4,001,460
	Series A-1 5.00% 7/1/58	3,820,000		4,283,939
	Series A-2 4.329% 7/1/40	19,996,000		21,896,220
	Series A-2 4.329% 7/1/40	5,636,000		6,171,589
	Series A-2 4.784% 7/1/58	1,460,000		1,614,731
	Richmond Heights, Missouri Tax Increment &
	Transaction Sales Tax Revenue Refunding &
	Improvement
	(Francis Place Redevelopment Project)
	5.625% 11/1/25	710,000		710,227
	Sedona, Arizona Excise Tax Revenue
	4.00% 7/1/40 (BAM)	825,000		947,166
	4.00% 7/1/41 (BAM)	850,000		974,177
	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	1,155,000		1,135,954
				227,969,823

46

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds – 17.62%
	California State
	(School Facilities)
	5.00% 11/1/30	5,000,000	$	5,316,500
	(Various Purpose)
	4.00% 3/1/36	6,000,000		6,867,900
	4.00% 10/1/41	0		0
	5.00% 8/1/26	3,120,000		3,592,836
	5.00% 10/1/26	2,500,000		2,891,575
	5.00% 8/1/28	3,000,000		3,621,900
	5.00% 9/1/30	1,715,000		1,975,251
	5.00% 4/1/32	1,410,000		1,826,246
	5.00% 9/1/32	4,100,000		4,718,321
	5.00% 8/1/33	5,000,000		5,499,500
	5.00% 9/1/35	8,000,000		9,187,760
	5.00% 10/1/41	3,535,000		4,437,521
	5.25% 9/1/30	5,000,000		5,308,850
	Series C 5.00% 9/1/30	5,985,000		6,699,190
	Commonwealth of Massachusetts
	Series A 5.00% 1/1/35	7,500,000		9,043,350
	Series A 5.00% 7/1/37	5,000,000		5,596,200
	Commonwealth of Pennsylvania
	5.00% 9/15/26	2,500,000		2,888,200
	5.00% 7/15/28	3,870,000		4,658,048
	Commonwealth of Puerto Rico
	(Public Improvement)
	Series A 5.00% 7/1/24 ‡	1,070,000		1,072,675
	Series A 5.00% 7/1/31 ‡	1,100,000		1,089,000
	Series A 5.00% 7/1/34 ‡	2,900,000		2,907,250
	Series A 5.00% 7/1/41 ‡	2,940,000		2,682,750
	Series A 5.125% 7/1/37 ‡	9,840,000		9,175,800
	Series A 5.25% 7/1/27 ‡	3,410,000		3,427,050
	Series A 5.25% 7/1/34 ‡	970,000		977,275
	Series A 144A 5.50% 6/1/22 #	9,000,000		9,168,750
	Series A 144A 5.50% 6/1/22 #	5,570,000		5,674,437
	Series A 5.50% 7/1/39 ‡	5,550,000		5,272,500
	Series A 5.75% 7/1/41 ‡	4,715,000		4,679,637
	Series A 8.00% 7/1/35 ‡	1,595,000		1,437,494
	Series B 5.00% 7/1/35 ‡	5,205,000		5,224,519
	Series C 5.75% 7/1/36 ‡	1,215,000		1,125,382
	Series D 6.00% 7/1/29 ‡	3,600,000		3,654,000
	Series PIB 144A 4.018% 6/1/22 #, ●	2,025,000		2,009,813

47

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Connecticut State
	Series F 5.00% 9/15/27	2,790,000	$	3,301,909
	District of Columbia Revenue
	Series C 5.00% 6/1/34	5,000,000		5,401,700
	Hawaii State
	Series FW 4.00% 1/1/34	3,010,000		3,419,119
	Illinois State
	5.00% 1/1/28	1,630,000		1,811,321
	5.00% 3/1/36	960,000		962,554
	5.00% 11/1/36	1,965,000		2,191,840
	5.25% 2/1/30	2,410,000		2,569,759
	5.25% 2/1/32	1,015,000		1,079,960
	5.25% 2/1/33	480,000		510,490
	5.50% 5/1/39	2,500,000		2,986,075
	Series A 4.00% 3/1/41	1,860,000		2,001,137
	Series A 5.00% 3/1/30	2,000,000		2,377,900
	Series A 5.00% 3/1/34	1,000,000		1,183,380
	Series A 5.00% 3/1/35	2,800,000		3,304,728
	Series A 5.125% 12/1/29	4,440,000		5,097,297
	Series B 4.00% 11/1/34	5,000,000		5,411,100
	Series B 4.00% 10/1/35	8,830,000		9,567,040
	Series B 4.00% 11/1/35	2,200,000		2,365,902
	Series C 4.00% 10/1/37	1,710,000		1,847,894
	Series C 4.00% 10/1/41	3,655,000		3,915,309
	Series D 5.00% 11/1/25	1,220,000		1,355,152
	New Jersey State
	Series A 4.00% 6/1/31	3,440,000		3,979,770
	Oregon State
	(Article XI-Q State Projects)
	Series A 5.00% 5/1/28	2,000,000		2,411,980
	Series A 5.00% 5/1/44	5,000,000		6,016,450
	Puerto Rico Electric Power Authority Revenue
	Series WW 5.50% 7/1/38 ‡	1,925,000		2,002,000
	Washington State
	Series E 5.00% 7/1/31	3,000,000		3,291,150
	(Various Purpose)
	Series 2015-A-1 5.00% 8/1/30	3,000,000		3,265,620
				227,336,016

48

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 15.61%
	Bay Area, California Toll Authority
	(San Francisco Bay Area)
	Series S-7 4.00% 4/1/34	1,000,000	$	1,108,230
	Chicago, Illinois Midway International Airport
	Series A 5.00% 1/1/28 (AMT)	1,905,000		2,016,881
	Chicago, Illinois O'Hare International Airport Revenue
	Series A 5.00% 1/1/37 (AMT)	5,000,000		5,787,900
	Series B 5.00% 1/1/32	1,000,000		1,086,590
	Series B 5.00% 1/1/33	1,520,000		1,651,617
	(General-Airport-Senior Lien)
	Series B 5.00% 1/1/36	2,500,000		2,967,925
	Series B 5.00% 1/1/37	3,000,000		3,547,170
	Dallas Fort Worth International Airport, Texas
	Series A 4.00% 11/1/34	2,500,000		2,858,775
	Series A 4.00% 11/1/35	1,000,000		1,138,130
	Florida Development Finance Corporation Surface
	Transportation Facility Revenue
	(Brightline Passenger Rail Project)
	Series A-1 144A 6.75% 12/1/56 (AMT) #, ●	5,980,000		5,848,859
	Georgia State Road & Tollway Authority Revenue
	(Managed Lane System)
	Series A 4.00% 7/15/46	2,500,000		2,883,400
	Hillsborough County, Florida Port District
	(Tampa Port Authority Project)
	Series B 5.00% 6/1/28 (AMT)	375,000		442,301
	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		3,683,327
	Lee County, Florida Airport Revenue
	5.00% 10/1/33	4,305,000		4,764,559
	Los Angeles, California Department of Airports
	Series D 5.00% 5/15/34	4,750,000		6,091,400
	Metropolitan Transportation Authority Revenue, New
	York
	Series G-1 0.05% 11/1/32 ●	3,200,000		3,200,000
	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		1,653,660

49

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Miami-Dade County, Florida Aviation Revenue
		Series B 5.00% 10/1/37	5,700,000	$	6,147,279
	M-S-R Energy Authority, California Gas Revenue
		(JFK International Air Terminal Project)
		Series C 4.00% 12/1/41	730,000		790,320
	New Jersey State Turnpike Authority Turnpike
		Revenue
		Series A 5.00% 1/1/33	1,770,000		2,035,571
		Series E 5.00% 1/1/32	5,050,000		5,958,798
	New Orleans, Louisiana Aviation Board
		(North Terminal Project)
		Series B 5.00% 1/1/32 (AGM) (AMT)	2,900,000		3,149,429
		Series B 5.00% 1/1/33 (AGM) (AMT)	2,900,000		3,148,588
	New York State Thruway Authority
		Series J 5.00% 1/1/27	5,705,000		6,084,896
		Series J 5.00% 1/1/32	5,000,000		5,326,400
		Series K 5.00% 1/1/31	5,000,000		5,476,450
	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		2,136,400
		5.00% 1/1/33 (AMT)	790,000		891,539
		5.00% 10/1/35 (AMT)	1,125,000		1,315,474
		(JFK International Air Terminal Project)
		Series A 5.00% 12/1/33 (AMT)	1,000,000		1,168,780
		Series A 5.00% 12/1/35 (AMT)	1,000,000		1,167,220
	Oklahoma State Turnpike Authority Revenue
		Series A 5.00% 1/1/42	5,000,000		5,611,550
	Pennsylvania State Turnpike Commission Revenue
		Series A 5.00% 12/1/48	2,500,000		2,946,575
		Series B 4.00% 12/1/51	1,200,000		1,329,432
		Series B 4.00% 12/1/51 (BAM)	3,285,000		3,669,115
		Series B 5.00% 12/1/45	5,000,000		5,568,900
		Series C 5.00% 12/1/43	1,445,000		1,535,963
		Subordinate Series A-1 5.00% 12/1/29	3,590,000		3,941,425
	Philadelphia, Pennsylvania Airport Revenue
		Series C 5.00% 7/1/29 (AMT)	365,000		433,565
		Series C 5.00% 7/1/31 (AMT)	800,000		961,896
		Series C 5.00% 7/1/32 (AMT)	845,000		1,013,476

50

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Phoenix, Arizona Civic Improvement Corporation
		Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/33	3,355,000	$	3,718,346
		Series B 5.00% 7/1/49 (AMT)	10,900,000		12,570,752
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48	1,750,000		1,979,232
	Port Authority of New York & New Jersey
		2.00% 10/1/34 (AMT)	1,160,000		1,080,737
		5.00% 9/15/25 (AMT)	7,000,000		7,779,660
		5.00% 10/15/29 (AMT)	3,105,000		3,461,516
		(194th Series)
		5.00% 10/15/32	2,500,000		2,795,450
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series B 4.00% 7/15/34	1,250,000		1,402,662
		Series B 5.00% 1/15/29	600,000		709,896
		Series B 5.00% 7/15/30	700,000		847,840
		Series B 5.00% 7/15/31	1,050,000		1,280,412
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	10,000,000		11,577,600
		Series A 5.00% 7/1/38 (AMT)	5,000,000		5,777,050
		Series A 5.00% 7/1/51 (AMT)	2,500,000		2,961,925
		Series B 5.00% 7/1/31	500,000		580,560
		Series B 5.00% 7/1/32	600,000		694,830
		Series B 5.00% 7/1/33	1,000,000		1,158,390
	San Diego, County Regional Airport Authority
		Series B 4.00% 7/1/46 (AMT) (BAM)	2,260,000		2,481,051
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series B 5.00% 1/1/24 (AMT)	180,000		191,682
		Series B 5.00% 1/1/25 (AMT)	390,000		423,193
		Series B 5.00% 1/1/30 (AMT)	230,000		261,706
		Series B 5.00% 1/1/32 (AMT)	215,000		243,223
		Series B 5.00% 1/1/33 (AMT)	705,000		795,797
		Series B 5.00% 1/1/34 (AMT)	880,000		991,549
		Series B 5.00% 1/1/35 (AMT)	675,000		759,766
		Series B 5.00% 1/1/36 (AMT)	660,000		740,758
		Series B 5.00% 1/1/37 (AMT)	430,000		481,376

51

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	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	$	4,075,275
	Wayne County, Michigan Airport Authority
		Series D 5.00% 12/1/45 (AGM)	6,300,000		7,038,675
					201,400,674
Water & Sewer Revenue Bonds – 2.00%
	Broward County, Florida Water & Sewer Utility
		Revenue
		Series A 4.00% 10/1/47	2,975,000		3,405,364
	City & County of Denver, Colorado Board of Water
		Commissioners
		Series A 5.00% 12/15/33	3,000,000		3,895,230
	Dominion, Colorado Water & Sanitation District
		5.25% 12/1/27	395,000		404,010
	Great Lakes, Michigan Water Authority Water Supply
		System Revenue
		(Senior Lien Bond)
		Series C 5.00% 7/1/31	3,000,000		3,452,400
	Kansas City, Missouri Water Revenue
		Series A 5.00% 12/1/33	1,200,000		1,548,108
	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		5,618,950
	Sacramento County Sanitation Districts Financing
		Authority Revenue
		Series A 5.00% 12/1/45	2,500,000		3,077,900
	San Antonio, Texas Water System Revenue
		Series A 5.00% 5/15/32	1,500,000		1,749,240
		Series A 5.00% 5/15/33	2,250,000		2,620,192
					25,771,394
Total Municipal Bonds (cost $1,238,895,896)					1,283,190,548
Short-Term Investments – 2.29%
Variable Rate Demand Notes – 2.29%¤
	Arizona Health Facilities Authority Revenue
		(Banner Health) Series C 0.06% 1/1/46
		(LOC - Bank Of America, N.A.)	2,850,000		2,850,000

52

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	California Public Finance Authority Revenue
		(Sharp Healthcare) Series C 0.06% 8/1/52 (LOC -
		Barclays Bank)	3,600,000	$	3,600,000
	Colorado Health Facilities Authority Revenue
		(Children's Hospital Colorado Project)
		Series A 0.06% 12/1/52
		(LOC - TD Bank N.A.)	1,500,000		1,500,000
	Los Angeles Department of Water & Power System
		Revenue
		Subordinate Series B-3 0.03% 7/1/34 (SPA -
		Barclays Bank)	900,000		900,000
	Massachusetts Development Finance Agency
		Revenue
		(Boston university Issue) Series U-6E 0.06%
		10/1/42
		(LOC - TD Bank N.A.)	1,500,000		1,500,000
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.09%
		11/15/48
		(LOC – Wells Fargo Bank N.A.)	3,000,000		3,000,000
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System) Series B-2 0.06% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	2,300,000		2,300,000
	Mississippi Business Finance Corporation Gulf
		Opportunity Zone Industrial Development Revenue
		(Chevron U.S.A. Inc. Project) Series A 0.08%
		11/1/35	230,000		230,000
		(Chevron USA Project) Series C 0.08% 12/1/30	135,000		135,000
	New York City, New York
		Fiscal 2012 Series G 0.07% 4/1/42 (LOC - Mizuho
		Bank)	3,000,000		3,000,000
		Fiscal 2015 Series F 0.01% 6/1/44 (SPA -
		Barclays Bank)	2,700,000		2,700,000
		Fiscal 2015 Series F 0.08% 6/1/44
		(LOC – JPMorgan Chase Bank N.A.)	1,100,000		1,100,000
		Fiscal 2019 Series D 0.01% 12/1/47 (SPA -
		Barclays Bank)	1,500,000		1,500,000
	New York City, New York Municipal Water Finance
		Authority Water & Sewer System Revenue
		Fiscal 2014 Series AA 0.08% 6/15/50
		(SPA – JPMorgan Chase Bank N.A.)	1,900,000		1,900,000

53

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	New York City, New York Transitional Finance
		Authority Future Tax Secured
		(Adjustable Rate Bonds)
		Fiscal 2011 Subordinate Series A-4 0.01%
		8/1/39 (SPA - Barclays Bank)	300,000	$	300,000
		Fiscal 2013 Subordinate Series A 0.08% 8/1/39
		(SPA – JPMorgan Chase Bank N.A.)	1,440,000		1,440,000
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.06% 11/15/52
		(SPA - Northern Trust Company)	1,600,000		1,600,000
Total Short-Term Investments (cost $29,555,000)					29,555,000
Total Value of Securities–101.76%
	(cost $1,268,450,896)			$	1,312,745,548

°	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, 2022, the aggregate value of Rule 144A securities was $83,930,364, which represents 6.51% 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, 2022. 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, 2022.

54

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
BB – Barclays Bank
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
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

55

Schedules of investments
Delaware National High-Yield Municipal Bond Fund	February 28, 2022 (Unaudited)

			Principal	��
			amount°		Value (US $)
Municipal Bonds – 99.33%
Corporate Revenue Bonds – 21.79%
	Allegheny County, Pennsylvania Industrial
		Development Authority Revenue
		(Environmental Improvement - US Steel Corp.
		Project)
		5.75% 8/1/42 (AMT)	2,000,000		$	2,022,240
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 6.00% 7/1/51 #	1,250,000			1,354,387
		Series A 144A 7.75% 7/1/50 #	15,330,000			17,949,284
	Buckeye, Ohio Tobacco Settlement Financing
		Authority
		(Asset-Backed Senior)
		Series B-2 5.00% 6/1/55	48,040,000			52,334,295
		(Senior)
		Series A-2 3.00% 6/1/48	1,775,000			1,597,873
	Calhoun County Navigation Industrial Development
		Authority
		(Max Midstream Texas, LLC Project)
		Series A 144A 3.625% 7/1/26 (AMT) #	3,285,000			3,349,189
	California County Tobacco Securitization Agency
		Settlement Revenue
		(Capital Appreciation Bond - Fresno County
		Tobacco Funding Corporation)
		0.83% 6/1/55 ^	100,000,000			7,984,000
	California Pollution Control Financing Authority
		Revenue
		(Calplant I Project)
		144A 7.50% 7/1/32 (AMT) #	1,600,000			1,360,000
		144A 8.00% 7/1/39 (AMT) #, ‡	5,250,000			3,150,000
	Children's Trust Fund, Puerto Rico
		(Asset-Backed)
		Series B 0.485% 5/15/57 ^	3,420,000			188,511
	District of Columbia Tobacco Settlement Financing
		(Capital Appreciation-Asset-Backed)
		Series D 0.122% 6/15/55 ^	250,000,000			22,072,500
	Erie, New York Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.536% 6/1/60 #, ^	192,305,000			11,155,613
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	14,040,000			15,138,209

56

			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 6.25% 1/1/49 (AMT) #, ●	4,000,000	$	4,042,840
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	8,905,000		8,988,440
	George L Smith II Georgia World Congress Center
		Authority
		(Convention Center Hotel First)
		Series A 4.00% 1/1/54	4,000,000		4,089,040
		(Convention Center Hotel Second)
		Series B 144A 5.00% 1/1/54 #	5,000,000		5,099,200
	Golden State Tobacco Securitization Settlement
		Revenue
		Series B-2 0.075% 6/1/66 ^	32,500,000		4,861,675
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	10,250,000		11,817,738
	Houston, Texas Airport System Revenue
		Series B-1 5.00% 7/15/35 (AMT)	3,000,000		3,212,940
		(Special Facilities Continental Airlines, Inc.
		Terminal Improvements Projects)
		Series 2011 6.625% 7/15/38 (AMT)	2,000,000		2,010,780
		(United Airlines Inc.)
		5.00% 7/1/29 (AMT)	1,150,000		1,211,709
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	4,145,294		4,166,683
	Indiana Finance Authority Exempt Facility Revenue
		(Polyflow Indiana Project - Green Bond)
		144A 7.00% 3/1/39 (AMT) #	7,035,000		5,816,397
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Asset-Backed)
		Series E 144A 0.967% 6/1/57 #, ^	351,610,000		23,378,549
		Series F 144A 1.403% 6/1/57 #, ^	188,290,000		10,148,831
	Main Street Natural Gas Project Revenue, Georgia
		Series A 5.50% 9/15/23	40,000		42,470
	Maine, Finance Authority Revenue
		(Go Lab Madison, LLC Project)
		144A 8.00% 12/1/51 (AMT) #	10,950,000		10,575,510

57

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Maricopa County, Arizona Industrial Development
		Authority
		(Commercial Metals Company Project)
		144A 4.00% 10/15/47 (AMT) #	3,750,000	$	3,890,325
	Michigan Finance Authority Limited Obligation
		Revenue
		Series B-2 4.97% 6/1/65 ^	10,000,000		1,273,500
	Monroe, New York Tobacco Asset Securitization
		(4th Subordinate - Capital Appreciation -
		Asset-Backed)
		Series A 144A 0.186% 6/1/61 #, ^	487,500,000		22,298,250
	Nevada State Department of Business & Industry
		(Green Fulcrum Sierra Biofuels Project)
		144A 6.25% 12/15/37 (AMT) #	2,500,000		2,600,375
	New Jersey Economic Development Authority Special
		Facility Revenue
		(Continental Airlines Project)
		5.25% 9/15/29 (AMT)	4,000,000		4,098,400
		Series B 5.625% 11/15/30 (AMT)	1,270,000		1,363,828
	New Jersey Tobacco Settlement Financing
		Corporation
		Series B 5.00% 6/1/46	4,440,000		4,947,581
	New York City, New York Industrial Development
		Agency
		(Queens Baseball Stadium Project)
		Series A 2.00% 1/1/38 (AGM)	500,000		428,545
	New York Liberty Development Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	360,000		469,717
	New York Transportation Development
		(American Airlines Inc. John F. Kennedy
		International Airport Project)
		5.375% 8/1/36 (AMT)	1,000,000		1,178,670
	Pennsylvania Economic Development Financing
		Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,500,000		4,704,570
	Port of Seattle, Washington Industrial Development
		Corporation Special Facilities Revenue
		(Delta Airlines)
		5.00% 4/1/30 (AMT)	2,000,000		2,067,260

58

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Public Authority for Colorado Energy Natural Gas
		Revenue
		Series 28 6.50% 11/15/38	2,000,000	$	2,883,320
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	9,250,000		11,789,310
		5.25% 12/1/27	2,235,000		2,605,339
		5.25% 12/1/28	1,050,000		1,243,137
		5.50% 12/1/29	765,000		931,403
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	1,860,000		1,965,778
	Southern Ohio Port Authority
		(PureCycle Project)
		Series A 144A 7.00% 12/1/42 (AMT) #	4,500,000		4,617,540
	St. James Parish, Louisiana
		(NuStar Logistics, LP Project)
		144A 6.10% 6/1/38 #, ●	1,000,000		1,251,500
		144A 6.35% 7/1/40 #	3,600,000		4,511,016
		Series B 144A 6.10% 12/1/40 #, ●	1,630,000		2,039,945
	Tennessee State Energy Acquisition Gas Revenue
		Series C 5.00% 2/1/27	2,940,000		3,332,872
	TSASC, New York
		Series A 5.00% 6/1/41	705,000		785,264
	Tulsa, Oklahoma Municipal Airports Improvement
		Trust Revenue
		Series A 5.50% 6/1/35 (AMT)	2,000,000		2,086,340
	Valparaiso, Indiana
		(Pratt Paper LLC Project)
		7.00% 1/1/44 (AMT)	3,065,000		3,339,563
	Virginia Tobacco Settlement Financing Corporation
		Series B-1 5.00% 6/1/47	2,000,000		2,014,540
		Series C 3.004% 6/1/47 ^	93,420,000		23,576,405
		Series D 2.225% 6/1/47 ^	176,985,000		37,513,741
	Washington Economic Development Finance
		Authority Revenue
		(Columbia Pulp I, LLC Project)
		Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡	4,800,000		3,120,000
					398,046,937

59

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds – 16.12%
	Arizona Industrial Development Authority Revenue
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	3,200,000	$	3,478,880
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,205,000		1,395,944
		144A 6.00% 7/1/47 #	4,735,000		5,423,090
		(Basis Schools Projects)
		Series A 144A 5.125% 7/1/37 #	750,000		832,575
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	1,000,000		1,070,500
		(Kaizen Education Foundation Project)
		144A 5.80% 7/1/52 #	4,000,000		4,461,800
		(Pinecrest Academy Nevada-Horizon, Inspirada)
		Series A 144A 5.75% 7/15/48 #	2,250,000		2,501,528
	Build NYC Resource, New York
		5.00% 11/1/39	1,000,000		1,063,200
		(Inwood Academy for Leadership Charter School
		Project)
		Series A 144A 5.125% 5/1/38 #	575,000		636,784
		Series A 144A 5.50% 5/1/48 #	1,500,000		1,670,235
		(New Dawn Charter Schools Project)
		144A 5.625% 2/1/39 #	1,290,000		1,382,093
		144A 5.75% 2/1/49 #	2,700,000		2,881,602
	Burbank, Illinois
		(Intercultural Montessori Language)
		144A 6.25% 9/1/45 #	4,000,000		4,250,760
	California Educational Facilities Authority Revenue
		(Stanford University)
		Series V-1 5.00% 5/1/49	24,445,000		35,445,006
		Series V-2 2.25% 4/1/51	3,975,000		3,392,185
	California Municipal Finance Authority Revenue
		(California Baptist University)
		Series A 144A 5.50% 11/1/45 #	4,000,000		4,420,440
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	5,250,000		5,400,517
		(Partnership Uplift Community Project)
		Series A 5.25% 8/1/42	1,700,000		1,712,784
		(Santa Rosa Academy Project)
		Series A 6.00% 7/1/42	1,250,000		1,265,025
	California Public Finance Authority
		(Crossroads Christian School Project)
		144A 5.00% 1/1/56 #	2,000,000		2,026,960

60

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(Aspire Public Schools)
		Series A 144A 5.00% 8/1/35 #	585,000	$	643,968
		Series A 144A 5.00% 8/1/40 #	605,000		663,292
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/52 #	1,000,000		889,040
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	2,500,000		2,719,625
		(New Designs Charter School)
		Series A 5.50% 6/1/42	1,750,000		1,760,063
		(Sonoma County Junior College District Project)
		Series A 4.00% 11/1/36	2,830,000		2,973,509
		Series A 4.00% 11/1/55	2,500,000		2,556,275
		(View Park Elementary & Middle Schools)
		Series A 5.875% 10/1/44	1,000,000		1,075,490
		Series A 6.00% 10/1/49	720,000		775,087
	California Statewide Communities Development
		Authority Charter School Revenue
		(Green Dot Public Schools)
		Series A 7.25% 8/1/41	1,915,000		1,922,832
	California Statewide Communities Development
		Authority Revenue
		(Lancer Educational Student Housing Project)
		Series A 144A 5.00% 6/1/46 #	1,500,000		1,638,120
	Capital Trust Agency, Florida
		(Pineapple Cove Classical Academy Inc. Project)
		Series A 144A 5.375% 7/1/54 #	6,000,000		6,481,020
		(River City Education Services Project)
		Series A 5.375% 2/1/35	870,000		904,348
		Series A 5.625% 2/1/45	1,500,000		1,557,570
		(The Pepin Academies Inc. Project)
		Series A 5.75% 7/1/55	2,625,000		2,763,075
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/58 #	8,000,000		8,834,240
	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		2,253,328

61

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
		(Charter School - Community Leadership
		Academy)
		7.45% 8/1/48	2,000,000	$	2,124,800
		(Charter School - Loveland Classical School)
		144A 5.00% 7/1/46 #	1,500,000		1,582,815
		(Global Village Academy - Northglenn Project)
		144A 5.00% 12/1/40 #	1,110,000		1,171,039
		144A 5.00% 12/1/55 #	1,720,000		1,778,979
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	500,000		522,150
	Hawaii State Department of Budget & Finance
		(Hawaii Pacific University)
		Series A 6.875% 7/1/43	2,000,000		2,091,940
	Henderson, Nevada Public Improvement Trust
		(Touro College & University System)
		Series A 5.50% 1/1/39	560,000		597,122
		Series A 5.50% 1/1/44	2,000,000		2,124,180
	Idaho Housing & Finance Association
		(Compass Public Charter School)
		Series A 144A 5.00% 7/1/54 #	860,000		925,558
		(Idaho Arts Charter School)
		144A 5.00% 12/1/36 #	710,000		773,794
		(North Star Charter School)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		738,992
		Series A 6.75% 7/1/48	529,150		581,292
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,000,000		1,070,620
	Illinois Finance Authority Charter School Revenue
		(Chicago International Charter School Project)
		5.00% 12/1/47	2,965,000		3,287,651
	Illinois Finance Authority Revenue
		(Acero Charter Schools)
		144A 4.00% 10/1/42 #	2,245,000		2,374,941
		(Lake Forest College)
		Series A 6.00% 10/1/48	1,000,000		1,011,420
		(Rogers Park Montessori)
		6.00% 2/1/34	675,000		706,968
		6.125% 2/1/45	1,800,000		1,876,464

62

			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	3,640,000	$	4,005,529
	Kent County, Delaware Student Housing and Dining
		Facilities Revenue
		(Delaware State University Project)
		Series A 5.00% 7/1/58	1,250,000		1,341,238
	Louisiana Public Facilities Authority Revenue
		(Lake Charles Charter Academy Foundation
		Project)
		8.00% 12/15/41	1,500,000		1,505,025
		(Lincoln Preparatory School Project)
		Series A 144A 5.25% 6/1/60 #	2,000,000		2,077,000
	Macomb County, Michigan State Public School
		Academy Revenue
		(Academy Of Warren)
		Series A 144A 5.50% 5/1/50 #	1,810,000		1,826,018
	Macon-Bibb County, Georgia Urban Development
		Authority Revenue
		(Academy for Classical Education)
		Series A 144A 5.875% 6/15/47 #	1,680,000		1,864,934
		Series A 144A 6.00% 6/15/52 #	1,530,000		1,703,655
	Massachusetts Development Finance Agency
		Revenue
		Series V 5.00% 7/1/55	9,500,000		13,609,700
	Miami-Dade County, Florida Industrial Development
		Authority
		(Youth Co-Op Charter School)
		Series A 144A 5.75% 9/15/35 #	1,000,000		1,068,370
		Series A 144A 6.00% 9/15/45 #	1,000,000		1,064,460
	Michigan Finance Authority Limited Obligation
		Revenue
		(Landmark Academy Project)
		5.00% 6/1/45	2,000,000		2,091,960
		(Public School Academy Old Redford)
		Series A 6.50% 12/1/40	900,000		900,837
	Nevada State Department of Business & Industry
		(Somerset Academy)
		Series A 144A 5.00% 12/15/35 #	1,595,000		1,723,126
		Series A 144A 5.125% 12/15/45 #	2,515,000		2,686,196

63

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	$	1,284,700
	New York State Dormitory Authority
		(Touro College & University System)
		Series A 5.50% 1/1/44	2,875,000		3,066,935
	Philadelphia, Pennsylvania Authority for Industrial
		Development Revenue
		(1st Philadelphia Preparatory)
		Series A 7.25% 6/15/43	1,230,000		1,359,261
		(Green Woods Charter School Project)
		Series A 5.75% 6/15/42	1,600,000		1,615,552
		(Tacony Academy Charter School Project)
		7.00% 6/15/43	1,540,000		1,630,321
	Phoenix, Arizona Industrial Development Authority
		Education Revenue
		(Basic Schools Project)
		Series 2015A 144A 5.00% 7/1/46 #	4,000,000		4,294,960
		Series 2016A 144A 5.00% 7/1/45 #	2,000,000		2,148,140
		(Choice Academies Project)
		5.375% 9/1/32	1,000,000		1,010,740
		5.625% 9/1/42	600,000		606,462
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	450,000		452,308
	Pima County, Arizona Industrial Development
		Authority Education Revenue
		(American Leadership Academy Project)
		144A 4.00% 6/15/51 #	4,000,000		4,007,520
		144A 4.00% 6/15/57 #	500,000		502,030
		(Career Success Schools Project)
		144A 5.50% 5/1/40 #	500,000		525,595
		144A 5.75% 5/1/50 #	2,530,000		2,663,382
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/49 #	2,500,000		2,642,225
		144A 5.00% 7/1/55 #	2,500,000		2,630,850
	Pottsboro, Texas Higher Education Finance Authority
		Revenue
		Series A 5.00% 8/15/36	755,000		806,763
		Series A 5.00% 8/15/46	1,000,000		1,053,320
	Public Finance Authority Revenue, Wisconsin
		(Goodwill Industries of Southern Nevada Project)
		Series A 5.50% 12/1/38	2,572,956		2,553,247

64

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Public Finance Authority Revenue, Wisconsin
		(Goodwill Industries of Southern Nevada Project)
		Series A 5.75% 12/1/48	2,576,272	$	2,541,853
		(Minnesota College of Osteopathic Medicine)
		Series A-1 144A 5.50% 12/1/48 #, ‡	125,528		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 #	470,000		494,149
		Series A 144A 5.00% 6/15/39 #	500,000		539,495
		Series A 144A 5.00% 6/15/49 #	1,100,000		1,176,384
	South Carolina Jobs-Economic Development
		Authority Educational Facilities Revenue
		(Green Charter Schools Project)
		Series A 144A 4.00% 6/1/36 #	1,000,000		1,029,490
		Series A 144A 4.00% 6/1/46 #	1,150,000		1,167,744
		Series A 144A 4.00% 6/1/56 #	1,530,000		1,543,403
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/49 #	5,000,000		5,542,600
	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		2,631,347
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	25,425,000		36,385,209
	University of Virginia
		Series A 2.18% 11/1/51	10,000,000		8,590,600
	Utah State Charter School Finance Authority Revenue
		(Leadership Learning Academy Project)
		Series A 144A 5.00% 6/15/39 #	1,000,000		1,074,310
		Series A 144A 5.00% 6/15/50 #	2,200,000		2,333,430
	Wisconsin Public Finance Authority Revenue
		(Pine Lake Preparatory)
		144A 5.50% 3/1/45 #	3,460,000		3,720,192
		(Roseman University Health Sciences Project)
		5.75% 4/1/42	2,000,000		2,008,420
	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		504,795
					294,382,059

65

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 4.36%
	Build NYC Resource, New York
		(Brooklyn Navy Yard Cogeneration Partners, L.P.
		Project)
		144A 5.25% 12/31/33 (AMT) #	4,520,000	$	4,727,965
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	8,615,000		8,884,219
		Series A 5.05% 7/1/42 ‡	4,590,000		4,733,437
		Series A 6.75% 7/1/36 ‡	1,500,000		1,589,985
		Series AAA 5.25% 7/1/25 ‡	925,000		958,531
		Series AAA 5.25% 7/1/26 ‡	1,030,000		1,067,338
		Series AAA 5.25% 7/1/27 ‡	5,330,000		5,523,212
		Series AAA 5.25% 7/1/28 ‡	1,205,000		1,248,681
		Series CCC 5.25% 7/1/27 ‡	5,525,000		5,725,281
		Series WW 5.00% 7/1/28 ‡	3,405,000		3,511,406
		Series WW 5.25% 7/1/25 ‡	1,530,000		1,585,463
		Series WW 5.25% 7/1/33 ‡	830,000		860,088
		Series WW 5.50% 7/1/38 ‡	9,325,000		9,698,000
		Series XX 4.75% 7/1/26 ‡	920,000		945,300
		Series XX 5.25% 7/1/40 ‡	9,795,000		10,150,069
		Series XX 5.75% 7/1/36 ‡	5,840,000		6,095,500
		Series ZZ 4.75% 7/1/27 ‡	760,000		780,900
		Series ZZ 5.25% 7/1/24 ‡	1,275,000		1,321,219
		Series ZZ 5.25% 7/1/26 ‡	7,005,000		7,258,931
	Salt River Project Agricultural Improvement & Power
		District, Arizona
		(Salt River Project)
		Series A 5.00% 1/1/31	2,520,000		3,002,001
					79,667,526
Healthcare Revenue Bonds – 16.67%
	Apple Valley, Minnesota
		(Senior Living, LLC Project 2nd Tier)
		Series B 5.00% 1/1/47	2,375,000		1,720,735
		Series B 5.25% 1/1/37	420,000		347,722
		(Senior Living, LLC Project 4th Tier)
		Series D 7.25% 1/1/52	7,410,000		5,396,481
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC
		Project 1st Tier)
		Series A 5.00% 1/1/54	2,595,000		2,301,687

66

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC
		Project 2nd Tier)
		Series B 5.00% 1/1/49	975,000	$	775,466
		Series B 5.125% 1/1/54	1,130,000		900,814
		(Great Lakes Senior Living Communities LLC
		Project 3rd Tier)
		Series C 144A 5.00% 1/1/49 #	1,000,000		727,540
		(Great Lakes Senior Living Communities LLC
		Project 4th Tier)
		Series D 144A 7.25% 1/1/54 #	2,500,000		1,842,075
	Berks County, Pennsylvania Industrial Development
		Authority Revenue
		(Tower Health Project)
		5.00% 11/1/50	5,105,000		5,358,055
	Bexar County, Texas Health Facilities Development
		(Army Retirement Residence Foundation Project)
		Series 2010 5.875% 7/1/30	80,000		80,238
	Birmingham, Alabama Special Care Facilities
		Financing Authority
		(Methodist Home for the Aging)
		5.50% 6/1/30	1,850,000		1,926,460
		5.75% 6/1/35	1,500,000		1,570,455
		5.75% 6/1/45	2,500,000		2,600,775
		6.00% 6/1/50	2,650,000		2,774,921
	California Educational Facilities Authority Revenue
		(Stanford University)
		Series V-2 5.00% 4/1/51	2,500,000		3,652,200
	California Health Facilities Financing Authority
		Revenue
		(Kaiser Permanente)
		Series A-2 5.00% 11/1/47	4,870,000		6,768,667
	California Municipal Finance Authority Revenue
		(Goodwill Industry Sacramento Valley) 5.25%
		1/1/45	1,295,000		1,196,774
		(Goodwill Industry Sacramento Valley and Northern
		Nevada Project)
		Series A 144A 6.625% 1/1/32 #	500,000		500,500
		Series A 144A 6.875% 1/1/42 #	1,500,000		1,501,140
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		562,550

67

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Statewide Communities Development
		Authority Revenue
		(Loma Linda University Medical Center)
		Series A 144A 5.25% 12/1/56 #	4,500,000	$	5,058,945
		Series A 144A 5.50% 12/1/58 #	5,000,000		5,855,550
	Camden County, New Jersey Improvement Authority
		Revenue
		(Cooper Health System Obligation Group)
		5.75% 2/15/42	2,050,000		2,127,121
	Capital Trust Agency, Florida
		(Elim Senior Housing Inc. Project)
		144A 5.875% 8/1/52 #	2,500,000		2,201,350
	Clackamas County, Oregon Hospital Facility Authority
		(Rose Villa Project)
		Series A 5.25% 11/15/50	1,000,000		1,069,860
		Series A 5.375% 11/15/55	1,000,000		1,072,340
	Colorado Health Facilities Authority Revenue
		(Aberdeen Ridge)
		Series A 5.00% 5/15/58	500,000		506,215
		(American Baptist)
		8.00% 8/1/43	2,500,000		2,626,250
		(Capella of Grand Junction Project)
		144A 5.00% 12/1/54 #	1,985,000		1,834,894
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	500,000		526,710
		(Sunny Vista Living Center)
		Series A 144A 5.50% 12/1/30 #	750,000		714,390
		Series A 144A 5.75% 12/1/35 #	1,150,000		1,086,232
		Series A 144A 6.125% 12/1/45 #	1,200,000		1,127,844
		Series A 144A 6.25% 12/1/50 #	560,000		528,226
	Cuyahoga County, Ohio Hospital Revenue
		(The Metrohealth System)
		5.25% 2/15/47	4,000,000		4,618,600
		5.50% 2/15/52	4,655,000		5,440,717
		5.50% 2/15/57	6,365,000		7,422,927
	Decatur, Texas Hospital Authority Revenue
		(Wise Regional Health System)
		Series C 4.00% 9/1/29	491,000		527,742
		Series C 4.00% 9/1/34	987,000		1,090,309
		Series C 4.00% 9/1/44	2,036,000		2,203,929

68

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glendale, Arizona Industrial Development Authority
		Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	830,000	$	763,293
		5.25% 11/15/51	1,350,000		1,178,374
	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		1,021,840
	Hospital Facilities Authority of Multnomah County,
		Oregon
		(Mirabella at South Waterfront)
		5.50% 10/1/49	2,400,000		2,518,584
	Idaho Health Facilities Authority Revenue
		(St. Luke's Health System Project)
		Series A 5.00% 3/1/33	485,000		575,841
		(Valley Vista Care Corporation)
		Series A 5.00% 11/15/32	455,000		464,464
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.25% 5/15/42	900,000		914,238
		5.25% 5/15/54	5,600,000		5,642,560
		5.50% 5/15/54	375,000		382,087
	Illinois Housing Development Authority
		(Stonebridge of Gurnee Project)
		Series A 144A 5.45% 1/1/46 #	2,500,000		2,285,300
		Series A 144A 5.60% 1/1/56 #	2,630,000		2,346,618
	Iowa Finance Authority
		(PHS Council Bluffs Project)
		5.125% 8/1/48	1,750,000		1,736,140
		5.25% 8/1/55	2,500,000		2,499,875
	Kalispell, Montana
		(Immanuel Lutheran Corporation Project)
		Series A 5.25% 5/15/47	1,400,000		1,478,428
	Kentucky Economic Development Finance Authority
		Healthcare Revenue
		(Rosedale Green Project)
		5.50% 11/15/35	1,310,000		1,324,724
		5.75% 11/15/45	3,000,000		3,038,550
		5.75% 11/15/50	1,600,000		1,616,272

69

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Kentwood, Michigan Economic Development
		Corporation Revenue
		(Limited Obligation - Holland Home)
		5.625% 11/15/41	1,250,000	$	1,262,588
	Kirkwood, Missouri Industrial Development Authority
		(Aberdeen Heights)
		Series A 5.25% 5/15/50	5,000,000		5,257,050
	Lake County, Florida Retirement Facility Revenue
		(Lakeside At Waterman Village Project)
		Series A 5.75% 8/15/50	2,500,000		2,703,300
		Series A 5.75% 8/15/55	1,500,000		1,614,405
	Louisiana Local Government Environmental Facilities
		& Community Development Authority Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,500,000		2,499,825
		Series A 5.00% 1/1/55	2,635,000		2,593,024
	Maricopa County, Arizona Industrial Development
		Authority
		(Christian Care Surprise Project)
		Series 2016 144A 6.00% 1/1/48 #	5,645,000		4,986,454
	Michigan State Strategic Fund Limited Revenue
		(Evangelical Homes)
		5.50% 6/1/47	2,750,000		2,759,708
	Montgomery County, Pennsylvania Industrial
		Development Authority Revenue
		(Whitemarsh Continuing Care)
		5.25% 1/1/40	1,550,000		1,627,113
		5.375% 1/1/50	6,250,000		6,543,937
		Series A 5.375% 1/1/51	2,000,000		2,129,640
	Moon, Pennsylvania Industrial Development Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	8,500,000		8,965,120
	National Finance Authority Revenue, New Hampshire
		(The Vista Project)
		Series A 144A 5.25% 7/1/39 #	1,515,000		1,553,390
		Series A 144A 5.625% 7/1/46 #	1,000,000		1,036,220
		Series A 144A 5.75% 7/1/54 #	2,000,000		2,077,080
	New Hope, Texas Cultural Education Facilities
		Finance
		(Buckingham Senior Living Community, Inc.
		Project)
		Series A-1 7.50% 11/15/37	120,000		113,863

70

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	New Hope, Texas Cultural Education Facilities
		Finance
		(Buckingham Senior Living Community, Inc.
		Project)
		Series A-2 7.50% 11/15/36	745,000	$	716,533
		Series B 2.00% 11/15/61 ●	3,000,000		1,710,390
		(Cardinal Bay - Village on the Park)
		Series A1 5.00% 7/1/46 ‡	660,000		501,600
		Series A1 5.00% 7/1/51 ‡	1,575,000		1,197,000
		Series B 4.00% 7/1/31	635,000		349,250
		Series B 4.75% 7/1/51	1,915,000		1,053,250
		Series C 5.00% 7/1/31	250,000		125,000
		Series C 5.25% 7/1/36	350,000		175,000
		Series C 5.75% 7/1/51	2,250,000		1,125,000
		Series D 6.00% 7/1/26	90,000		40,500
		Series D 7.00% 7/1/51	1,350,000		607,500
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	5,000,000		5,105,950
		(Sanctuary LTC Project)
		Series A-1 5.50% 1/1/57	8,830,000		8,589,118
	New Jersey Economic Development Authority
		(Black Horse EHT Urban Renewal LLC Project)
		Series A 144A 5.00% 10/1/39 #	3,125,000		3,039,375
		(Lions Gate Project)
		5.25% 1/1/44	2,000,000		2,011,840
	New Jersey Health Care Facilities Financing Authority
		Revenue
		(St. Peters University Hospital)
		6.25% 7/1/35	2,700,000		2,707,857
	New York State Dormitory Authority
		(Garnet Health Medical Center)
		144A 5.00% 12/1/40 #	1,100,000		1,214,103
	Northampton County, Pennsylvania Industrial
		Development Authority Revenue
		(Morningstar Senior Living)
		5.00% 7/1/36	2,000,000		2,011,780
		5.00% 11/1/49	1,830,000		1,995,450
	Orange County, New York Funding Corporation
		Assisted Living Residence Revenue
		6.50% 1/1/46	3,600,000		3,599,532

71

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Payne County, Oklahoma Economic Development
		Authority
		(Epworth Living at the Ranch)
		Series A 7.00% 11/1/51 ‡	961,600	$	2,404
	Pennsylvania Economic Development Financing
		Authority
		(Tapestry Moon Senior Housing Project)
		Series 2018A 144A 6.75% 12/1/53 #, ‡	10,495,000		4,198,000
	Prince George's County, Maryland
		(Collington Episcopal Life Care Community)
		5.25% 4/1/47	2,000,000		2,065,520
	Public Finance Authority, Wisconsin
		(Bancroft Neurohealth Project)
		Series A 144A 5.00% 6/1/36 #	960,000		1,026,883
		Series A 144A 5.125% 6/1/48 #	1,375,000		1,461,281
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,500,000		2,612,600
	Salem, Oregon Hospital Facility Authority Revenue
		(Capital Manor)
		6.00% 5/15/47	1,500,000		1,516,515
	Seminole County, Florida Industrial Development
		Authority Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	2,000,000		2,136,880
		Series A 5.75% 11/15/54	6,000,000		6,465,540
	Shelby County, Tennessee Health Educational &
		Housing Facilities Board Revenue
		(The Farms at Bailey Station Project)
		5.75% 10/1/59	3,670,000		3,769,494
	Southeastern Ohio Port Authority
		(Memorial Health Systems)
		5.00% 12/1/43	805,000		836,717
		5.50% 12/1/43	1,250,000		1,323,900
	St. Louis County, Missouri Industrial Development
		Authority
		(Nazareth Living Center Project)
		Series A 5.00% 8/15/35	600,000		626,238
		Series A 5.125% 8/15/45	1,800,000		1,861,956

72

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Tarrant County, Texas Cultural Education Facilities
		Finance
		(Buckner Senior Living - Ventana Project)
		6.75% 11/15/47	2,250,000	$	2,468,092
		6.75% 11/15/52	3,300,000		3,611,916
	Tempe, Arizona Industrial Development Authority
		Revenue
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/47 #	2,150,000		2,278,162
		Series A 144A 6.125% 10/1/52 #	2,570,000		2,716,824
	University of North Carolina Board of Governors
		5.00% 2/1/49	19,355,000		26,768,352
	Washington State Housing Finance Commission
		(Heron's Key)
		Series A 144A 7.00% 7/1/45 #	1,000,000		1,087,720
		Series A 144A 7.00% 7/1/50 #	3,625,000		3,937,113
	Westchester County, New York Local Development
		(Purchase Senior Learning Community, Inc.
		Project)
		Series A 144A 5.00% 7/1/56 #	4,250,000		4,380,773
	Westminster, Maryland
		(Lutheran Village Millers Grant)
		Series A 5.00% 7/1/24	910,000		946,900
		Series A 6.00% 7/1/34	1,000,000		1,068,850
		Series A 6.125% 7/1/39	750,000		801,113
		Series A 6.25% 7/1/44	2,500,000		2,669,775
	Wisconsin Health & Educational Facilities Authority
		(Covenant Communities Project)
		Series B 5.00% 7/1/48	1,000,000		885,230
		Series B 5.00% 7/1/53	945,000		816,877
		Series C 7.00% 7/1/43	1,000,000		662,050
		Series C 7.50% 7/1/53	1,000,000		670,640
		(St. Camillus Health System)
		Series A 5.00% 11/1/46	2,000,000		2,149,240
		Series A 5.00% 11/1/54	2,500,000		2,676,500
	Wisconsin Public Finance Authority
		(Rose Villa Project)
		Series A 144A 5.75% 11/15/44 #	2,000,000		2,105,980
	Yamhill County Hospital Authority
		(Friendsview)
		Series A 5.00% 11/15/51	100,000		111,329

73

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Yamhill County Hospital Authority
		(Friendsview)
		Series A 5.00% 11/15/56	1,500,000	$	1,658,460
					304,407,163
Housing Revenue Bond – 0.04%
	Independent Cities Finance Authority, California
		Series A 5.25% 5/15/44	750,000		791,003
					791,003
Lease Revenue Bonds – 2.91%
	California Statewide Communities Development
		Authority Revenue
		(Lancer Plaza Project)
		5.875% 11/1/43	1,875,000		1,980,263
	Industrial Development Authority of Phoenix, Arizona
		5.125% 2/1/34	1,000,000		1,015,110
		5.375% 2/1/41	1,300,000		1,326,975
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 6/15/52	6,980,000		7,311,829
		Series A 5.00% 6/15/50	4,135,000		4,602,627
		Series A 5.00% 6/15/57	3,975,000		4,350,002
	New Jersey Transportation Trust Fund Authority
		Series AA 4.00% 6/15/50	2,945,000		3,151,032
		(Federal Highway Reimbursement Revenue)
		Series A 5.00% 6/15/31	5,450,000		6,170,163
		(Transportation Program)
		Series AA 5.00% 6/15/25	1,000,000		1,105,020
		Series AA 5.00% 6/15/44	2,900,000		3,102,768
	New York Liberty Development Revenue
		(4 World Trade Center Project)
		Series A 3.00% 11/15/51	5,750,000		5,517,987
		(Class 3-3 World Trade Center Project)
		144A 7.25% 11/15/44 #	8,000,000		8,622,960
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/45	4,000,000		4,961,400
					53,218,136
Local General Obligation Bonds – 1.81%
	Chicago, Illinois
		Series 2005D 5.50% 1/1/37	2,280,000		2,500,841

74

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Chicago, Illinois
	Series 2005D 5.50% 1/1/40	3,000,000	$	3,288,540
	Series 2007E 5.50% 1/1/42	1,900,000		2,078,885
	Series 2007F 5.50% 1/1/42	1,250,000		1,371,825
	Series A 5.50% 1/1/49	770,000		886,786
	Series C 5.00% 1/1/26	500,000		553,050
	Chicago, Illinois Board of Education
	Series A 144A 7.00% 12/1/46 #	2,500,000		3,060,300
	Series G 5.00% 12/1/44	2,545,000		2,823,627
	Series H 5.00% 12/1/46	4,225,000		4,679,187
	Maricopa County, Arizona Special Health Care District
	Series D 4.00% 7/1/35	3,000,000		3,466,080
	Mida Golf and Equestrian Center Public Infrastructure
	District
	144A 4.50% 6/1/51 #	4,835,000		4,438,675
	144A 4.625% 6/1/57 #	4,190,000		3,827,774
				32,975,570
Pre-Refunded/Escrowed to Maturity Bonds – 2.56%
	Alachua County, Florida Health Facilities Authority
	(Oak Hammock University)
	Series A 8.00% 10/1/42	1,000,000		1,060,400
	Series A 8.00% 10/1/46	1,500,000		1,590,600
	Blythe Township, Pennsylvania Solid Waste Authority
	Revenue
	7.75% 12/1/37-27 (AMT) §	2,900,000		3,748,598
	District of Columbia Revenue
	(KIPP Charter School)
	6.00% 7/1/48-23 §	1,450,000		1,544,931
	East Hempfield Township, Pennsylvania Industrial
	Development Authority
	(Student Services Income - Student Housing
	Project)
	5.00% 7/1/30-23 §	1,000,000		1,051,880
	Florida Development Finance
	(UF Health - Jacksonville Project)
	Series A 6.00% 2/1/33-23 §	490,000		523,188
	Foothill-Eastern Transportation Corridor Agency,
	California
	Series A 6.00% 1/15/49-24 §	7,690,000		8,372,334
	Kanawha, West Virginia
	(West Virginia University Foundation Project)
	6.75% 7/1/45-23 §	2,500,000		2,683,200

75

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Kentucky Public Transportation Infrastructure
	Authority
	(1st Tier - Downtown Crossing)
	Series A 5.75% 7/1/49-23 §	1,800,000	$	1,911,168
	Series A 6.00% 7/1/53-23 §	1,290,000		1,373,566
	Nampa Development Corporation, Idaho Revenue
	144A 5.00% 9/1/31-24 #, §	2,940,000		3,273,543
	New Jersey Economic Development Authority Special
	Facility Revenue
	Series WW 5.25% 6/15/30-25 §	5,000,000		5,628,250
	New Jersey Health Care Facilities Financing Authority
	Revenue
	(Barnabas Health Services)
	Series A 4.00% 7/1/26-22 §	980,000		990,898
	Palm Beach County, Florida Health Facilities Authority
	(Sinai Residences Boca Raton Project)
	Series A 7.25% 6/1/34	425,000		440,266
	Series A 7.50% 6/1/49	2,920,000		3,026,667
	Philadelphia, Pennsylvania Authority for Industrial
	Development Revenue
	(New Foundation Charter School Project)
	6.625% 12/15/41-22 §	1,000,000		1,044,940
	Pima County, Arizona Industrial Development
	Authority Education Revenue
	(American Leadership Academy Project)
	144A 5.00% 6/15/47 #	1,630,000		1,650,082
	144A 5.00% 6/15/52 #	1,400,000		1,417,248
	Riverside County, California Transportation Senior
	Lien
	Series A 5.75% 6/1/48-23 §	1,000,000		1,059,650
	Southwestern Illinois Development Authority Revenue
	(Memorial Group)
	7.125% 11/1/30-23 §	1,420,000		1,557,967
	7.125% 11/1/43-23 §	2,500,000		2,742,900
				46,692,276
Resource Recovery Revenue Bonds – 0.51%
	South Carolina Jobs-Economic Development
	Authority Educational Facilities Revenue
	(Last Step Recycling Project)
	Series A 144A 6.50% 6/1/51 (AMT) #	1,500,000		1,448,505

76

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bonds (continued)
	Union County, New Jersey Improvement Authority
	(Aries Linden, LLC Project)
	144A 6.75% 12/1/41 (AMT) #	7,800,000	$	7,861,776
				9,310,281
Special Tax Revenue Bonds – 14.49%
	Celebration Pointe, Florida Community Development
	District No 1
	5.125% 5/1/45	1,915,000		1,993,017
	Cherry Hill, Virginia Community Development
	Authority
	(Potomac Shores Project)
	144A 5.15% 3/1/35 #	1,000,000		1,043,950
	144A 5.40% 3/1/45 #	2,000,000		2,084,660
	Conley Road Transportation Development District,
	Missouri
	5.375% 5/1/47	5,200,000		5,344,768
	CPR Custodial Receipt
	(Taxable)
	Series 2021-1 144A 0.649% 1/1/45 #	15,000,000		14,643,600
	Detroit, Michigan
	(Taxable)
	Series A 4.813% 6/15/20 ‡	6,734,474		5,774,811
	Series B 0.543% 6/15/34 ‡	7,085,031		5,792,013
	Fountain Urban Renewal Authority, Colorado
	(Improvement - South Academy Highland)
	Series A 5.50% 11/1/44	3,750,000		3,845,812
	GDB Debt Recovery Authority of Puerto Rico
	(Taxable)
	7.50% 8/20/40	72,464,118		68,116,271
	Glen Cove, New York Local Economic Assistance
	(Garvies Point Public Improvement Project)
	Series A 5.00% 1/1/56	2,000,000		2,076,260
	Guam Government Business Privilege Tax Revenue
	Series F 4.00% 1/1/42	2,500,000		2,678,600
	Henderson, Nevada Local Improvement Districts
	(Black Mountain Ranch)
	3.00% 9/1/36	300,000		274,485
	3.50% 9/1/45	720,000		665,086
	4.00% 9/1/51	500,000		501,175
	Hickory Chase Community Authority Revenue, Ohio
	(Hickory Chase Project)
	Senior Series A 144A 5.00% 12/1/40 #	1,390,000		1,446,448

77

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

		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 #	3,115,000	$	3,121,573
	(Road Projects)
	Series A 144A 7.00% 9/15/44 #	1,910,000		1,914,030
	Midtown Miami, Florida Community Development
	District
	(Parking Garage Project)
	Series A 5.00% 5/1/37	500,000		510,200
	Mobile, Alabama Improvement District
	(McGowin Park Project)
	Series A 5.25% 8/1/30	1,000,000		1,025,870
	Series A 5.50% 8/1/35	1,300,000		1,330,862
	Northampton County, Pennsylvania Industrial
	Development Authority
	(Route 33 Project)
	7.00% 7/1/32	2,155,000		2,262,728
	Prairie Center Metropolitan District No 3, Colorado
	Series A 144A 5.00% 12/15/41 #	2,000,000		2,090,280
	Public Finance Authority Revenue, Wisconsin
	(American Dream @ Meadowlands Project)
	144A 7.00% 12/1/50 #	5,065,000		5,317,490
	(Mclemore Hotel & Conference Center)
	Series B 144A 6.50% 6/1/56 #	1,000,000		961,280
	(Mclemore Hotel And Conference Center)
	Series A 144A 4.50% 6/1/56 #	13,000,000		12,239,370
	Puerto Rico Infrastructure Financing Authority
	Series B 5.00% 7/1/21 ‡	1,605,000		828,581
	Series B 5.00% 7/1/26 ‡	735,000		381,281
	Series B 5.00% 7/1/31 ‡	825,000		427,969
	Series B 5.00% 7/1/37 ‡	880,000		456,500
	Series B 5.00% 7/1/41 ‡	3,130,000		1,623,687
	Series B 5.00% 7/1/46 ‡	12,825,000		6,652,969
	Puerto Rico Sales Tax Financing Revenue
	(Capital Appreciation-Restructured)
	Series A-1 4.579% 7/1/46 ^	26,214,000		8,515,880
	(Restructured)
	Series A-1 4.75% 7/1/53	36,641,000		40,522,748
	Series A-1 4.911% 7/1/51 ^	19,596,000		4,612,506
	Series A-1 5.00% 7/1/58	34,632,000		38,838,056
	Series A-2 4.784% 7/1/58	3,610,000		3,992,588

78

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Richmond Heights, Missouri Tax Increment &
	Transaction Sales Tax Revenue Improvement
	(Francis Place Redevelopment Project)
	5.625% 11/1/25	855,000	$	855,274
	St. Louis County, Missouri Industrial Development
	Authority
	(Manchester Ballas Community)
	Series A 144A 5.00% 9/1/38 #	1,050,000		1,059,303
	Series A 144A 5.25% 9/1/45 #	3,540,000		3,568,780
	St. Louis, Missouri Industrial Development Authority
	Tax Increment Revenue Improvement
	(Grand Center Redevelopment Project)
	6.375% 12/1/25	505,000		505,657
	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		4,694,362
				264,590,780
State General Obligation Bonds – 13.80%
	California State
	4.00% 3/1/36	7,475,000		8,556,259
	(Various Purpose)
	4.00% 3/1/37	2,340,000		2,675,462
	4.00% 10/1/41	2,500,000		2,859,200
	5.00% 8/1/27	5,000,000		5,753,150
	5.00% 10/1/28	5,000,000		6,057,900
	5.00% 10/1/41	5,000,000		6,276,550
	Commonwealth of Massachusetts
	Series B 5.00% 1/1/32	5,000,000		5,921,100
	Series D 4.00% 11/1/35	5,000,000		5,801,650
	Commonwealth of Puerto Rico
	Series A 8.00% 7/1/35 ‡	200,000		178,000
	(Custodial Receipts)
	Series A 144A 0.01% 6/1/22 #	4,450,000		4,416,625
	Series A 144A 5.25% 6/1/22 #	5,675,000		5,753,031
	Series A 144A 5.50% 6/1/22 #	4,940,000		5,032,625
	(Public Improvement)
	Series A 5.00% 7/1/23 ‡	4,570,000		4,552,862
	Series A 5.00% 7/1/41 ‡	4,525,000		4,129,063
	Series A 5.125% 7/1/37 ‡	15,070,000		14,052,775
	Series A 5.25% 7/1/22 ‡	1,830,000		1,839,150

79

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.25% 7/1/29 ‡	4,460,000	$	4,487,875
		Series A 5.25% 7/1/30 ‡	1,955,000		1,967,219
		Series A 5.25% 7/1/31 ‡	6,980,000		7,093,425
		Series A 5.375% 7/1/33 ‡	900,000		898,866
		Series A 5.50% 7/1/26 ‡	5,000,000		4,750,000
		Series A 5.50% 7/1/26 ‡	16,160,000		15,372,200
		Series A 5.50% 7/1/32 ‡	9,620,000		9,571,900
		Series A 5.50% 7/1/39 ‡	5,165,000		4,906,750
		Series A 5.75% 7/1/28 ‡	5,580,000		5,321,925
		Series A 5.75% 7/1/41 ‡	16,750,000		16,624,375
		Series A 6.00% 7/1/38 ‡	4,520,000		4,593,450
		Series A 8.00% 7/1/35 ‡	30,995,000		27,934,244
		Series B 5.75% 7/1/38 ‡	4,500,000		4,438,080
		Series C 6.00% 7/1/39 ‡	1,000		975
		Series C 6.00% 7/1/39 ‡	9,485,000		9,437,575
		Series D 6.00% 7/1/29 ‡	2,000,000		2,030,000
		(Various Custodial Receipts)
		Series PIB 144A 4.018% 6/1/22 #	5,000,000		4,962,500
	Illinois State
		5.00% 1/1/28	1,190,000		1,322,376
		5.00% 5/1/36	1,710,000		1,817,302
		5.00% 11/1/36	2,245,000		2,504,163
		5.00% 2/1/39	2,180,000		2,298,679
		5.125% 12/1/29	1,310,000		1,503,932
		5.50% 5/1/39	6,000,000		7,166,580
		Series A 5.00% 10/1/30	2,000,000		2,309,440
		Series A 5.00% 12/1/34	2,625,000		2,959,136
		Series A 5.00% 4/1/38	2,805,000		2,909,206
		Series B 4.00% 11/1/35	2,000,000		2,150,820
		Series D 5.00% 11/1/28	4,700,000		5,385,166
	New Jersey State
		Series A 4.00% 6/1/31	2,080,000		2,406,373
	Ohio State
		(Infrastructure Improvement)
		Series A 5.00% 9/1/32	5,000,000		6,044,150
	Washington State
		(Various Purpose)
		Series C 5.00% 2/1/28	2,500,000		2,993,225
					252,017,309

80

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 2.37%
	Florida development Finance Corporation Revenue
		(Brightline Florida Passenger Rail Expansion
		Project)
		Series A-1 144A 6.75% 12/1/56 (AMT) #, •	5,000,000	$	4,890,350
	Long Beach, California Marina Revenue
		5.00% 5/15/40	1,000,000		1,072,240
	New York Transportation Development
		(Delta Airlines Inc. LaGuardia Airport Terminals C &
		D Redevelopment Project)
		4.375% 10/1/45 (AMT)	10,200,000		10,933,992
		5.00% 10/1/40 (AMT)	3,400,000		3,921,866
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/40	30,000		33,177
	Port Beaumont, Texas Navigation District Dock &
		Wharf Facility Revenue
		(Jefferson Gulf Coast Energy Project)
		Series A 144A 2.875% 1/1/41 (AMT) #	1,750,000		1,497,493
	San Diego County, California Regional Airport
		Authority
		Series B 4.00% 7/1/56 (AMT)	3,000,000		3,224,340
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal Revenue)
		Series A 5.00% 1/1/49	1,110,000		1,236,218
		Series B 5.00% 1/1/48 (AMT)	2,000,000		2,208,660
	Texas Private Activity Bond Surface Transportation
		Corporate Senior Lien
		(NTE Mobility Partners Segments 3 LLC Segment
		3C Project)
		5.00% 6/30/58 (AMT)	6,500,000		7,431,905
		(NTE Mobility)
		6.75% 6/30/43 (AMT)	1,905,000		2,062,296
		7.00% 12/31/38 (AMT)	1,335,000		1,450,798
	Virginia Small Business Financing Authority
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	2,975,000		3,397,539
					43,360,874
Water & Sewer Revenue Bonds – 1.90%
	Chicago, Illinois Waterworks Revenue
		(2nd Lien)
		5.00% 11/1/26	180,000		207,067
		5.00% 11/1/28	30,000		34,409

81

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Dominion, Colorado Water & Sanitation District
		Revenue
		6.00% 12/1/46	3,865,000	$	3,952,117
	Jefferson County, Alabama Sewer Revenue
		(Senior Lien-Warrants)
		Series A 5.50% 10/1/53 (AGM)	2,500,000		2,710,950
		(Sub Lien-Warrants)
		Series D 6.50% 10/1/53	14,000,000		15,784,300
		Series D 7.00% 10/1/51	5,000,000		5,677,050
	Texas Water Development Board
		(Master Trust)
		Series B 5.00% 4/15/31	5,240,000		6,377,447
					34,743,340
Total Municipal Bonds (cost $1,720,825,172)				$	1,814,203,254
			Principal
			amount
Short-Term Investments – 0.48%
Variable Rate Demand Notes – 0.48%¤
	Los Angeles, California Department of Water & Power
		System Revenue
		Subordinate Series B-3 0.03% 7/1/34 (SPA -
		Barclays Bank)	5,500,000		5,500,000
	Mississippi Business Finance Corporation Gulf
		Opportunity Zone Industrial Development Revenue
		(Chevron U.S.A. Inc. Project)
		Series A 0.08% 11/1/35	600,000		600,000
		Series F 0.08% 12/1/30	400,000		400,000
		Series L 0.08% 11/1/35	680,000		680,000
	New York City
		Subordinate Series F-5 0.01% 6/1/44 (SPA -
		Barclays Bank)	900,000		900,000
	Oregon State Facilities Authority Revenue
		(PeaceHealth) Series B 0.09% 8/1/34
		(LOC - TD Bank N.A.)	600,000		600,000
Total Short-Term Investments (cost $8,680,000)					8,680,000
Total Value of Securities—99.81%
	(cost $1,729,505,172)			$	1,822,883,254

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

82

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $477,351,281, which represents 26.14% 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, 2022. 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.”
¤	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, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

L.P. – Limited Partnership

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.

83

Statements of assets and liabilities February 28, 2022 (Unaudited)

							Delaware
			Delaware		Delaware		National High-Yield
			Tax-Free		Tax-Free USA		Municipal Bond
			USA Fund		Intermediate Fund		Fund
Assets:
	Investments, at value*		$	1,054,494,777	$	1,312,745,548	$	1,822,883,254
	Cash			3,641,099		—		656,455
	Receivable for securities sold			18,259,594		5,622,220		3,018,832
	Interest receivable			8,979,515		11,313,597		15,213,876
	Receivable for fund shares sold			4,316,366		7,397,303		10,728,822
	Other assets			7,206		8,545		12,692
	Total Assets			1,089,698,557		1,337,087,213		1,852,513,931
Liabilities:
	Due to custodian			—		284,765		—
	Payable for securities purchased			43,554,630		41,330,662		14,151,653
	Payable for fund shares redeemed			4,295,688		4,462,989		10,076,380
	Investment management fees
		payable to affiliates		303,694		334,824		613,799
	Other accrued expenses			168,441		185,716		344,929
	Distribution fees payable to affiliates			158,549		106,992		93,261
	Distribution payable			156,286		346,518		781,943
	Audit and tax fees payable			20,547		20,547		20,547
	Dividend disbursing and transfer
		agent fees and expenses payable
		to affiliates		7,293		8,795		12,734
	Accounting and administration
		expenses payable to affiliates		2,807		3,323		4,673
	Trustees’ fees and expenses
		payable to affiliates		2,747		3,235		4,771
	Legal fees payable to affiliates			1,793		2,083		2,852
	Reports and statements to
		shareholders expenses payable to
		affiliates		753		932		1,324
	Total Liabilities			48,673,228		47,091,381		26,108,866
Total Net Assets			$	1,041,025,329	$	1,289,995,832	$	1,826,405,065
Net Assets Consist of:
	Paid-in capital		$	989,157,837	$	1,251,772,694	$	1,735,217,745
	Total distributable earnings (loss)			51,867,492		38,223,138		91,187,320
Total Net Assets			$	1,041,025,329	$	1,289,995,832	$	1,826,405,065

84

							Delaware
	Delaware			Delaware			National High-Yield
	Tax-Free			Tax-Free USA			Municipal Bond
	USA Fund			Intermediate Fund			Fund
Net Asset Value
Class A:
Net assets	$	779,500,462		$	520,292,480		$	260,412,807
Shares of beneficial interest
outstanding, unlimited authorization,
no par		66,144,114			43,213,891			22,591,286
Net asset value per share	$	11.78		$	12.04		$	11.53
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net
asset value per share / (1 - sales
charge)	$	12.34		$	12.38		$	12.07
Class C:
Net assets	$	10,272,070		$	7,888,192		$	54,617,066
Shares of beneficial interest
outstanding, unlimited authorization,
no par		871,443			655,775			4,719,415
Net asset value per share	$	11.79		$	12.03		$	11.57
Institutional Class:
Net assets	$	251,252,797		$	761,815,160		$	1,511,375,192
Shares of beneficial interest
outstanding, unlimited authorization,
no par		21,148,544			62,677,985			129,914,851
Net asset value per share	$	11.88		$	12.15		$	11.63
____________________
*  Investments, at cost	$	1,005,671,191		$	1,268,450,896		$	1,729,505,172

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

85

Statements of operations

Six months ended February 28, 2022 (Unaudited)

								Delaware
		Delaware			Delaware			National High-Yield
		Tax-Free			Tax-Free USA			Municipal Bond
		USA Fund			Intermediate Fund			Fund
Investment Income:
	Interest	$	17,191,489		$	19,321,092		$	38,021,747
Expenses:
	Management fees		2,838,020			2,962,806			4,396,815
	Distribution expenses – Class A		1,067,261			680,390			315,841
	Distribution expenses – Class C		51,478			38,568			284,657
	Dividend disbursing and transfer
	agent fees and expenses		439,343			458,547			721,573
	Accounting and administration
	expenses		111,871			123,300			167,354
	Registration fees		39,265			47,257			60,447
	Legal fees		39,213			40,362			59,242
	Reports and statements to
	shareholders expenses		36,004			36,707			53,478
	Audit and tax fees		20,547			20,547			20,547
	Custodian fees		17,710			19,360			25,441
	Trustees’ fees and expenses		14,224			15,726			23,142
	Other		39,237			45,221			50,997
			4,714,173			4,488,791			6,179,534
	Less expenses waived		(542,832	)		(685,045	)		(214,384	)
	Less waived distribution
	expenses –Class A		—			(181,110	)		—
	Less expenses paid indirectly		(304	)		(263	)		(52	)
	Total operating expenses		4,171,037			3,622,373			5,965,098
Net Investment Income			13,020,452			15,698,719			32,056,649
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain (loss) on
	investments		4,994,564			(2,920,191	)		(3,567,402	)
	Net change in unrealized
	appreciation (depreciation) of
	investments		(59,434,331	)		(56,855,000	)		(73,152,502	)
Net Realized and Unrealized Loss			(54,439,767	)		(59,775,191	)		(76,719,904	)
Net Decrease in Net Assets
	Resulting from Operations	$	(41,419,315	)	$	(44,076,472	)	$	(44,663,255	)

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

86

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

		Six months
		ended			Year ended
		2/28/22
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	13,020,452		$	27,277,440
	Net realized gain		4,994,564			14,002,171
	Net change in unrealized appreciation (depreciation)		(59,434,331	)		36,359,907
	Net increase (decrease) in net assets resulting from
	operations		(41,419,315	)		77,639,518
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(21,381,112	)		(25,318,469	)
	Class C		(225,570	)		(280,251	)
	Institutional Class		(5,996,250	)		(6,065,860	)
			(27,602,932	)		(31,664,580	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		147,921,441			235,612,013
	Class C		2,773,912			3,297,954
	Institutional Class		83,968,479			109,204,466
	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		20,107,004			23,552,498
	Class C		221,515			270,943
	Institutional Class		5,496,264			5,567,596
			260,488,615			711,801,650

87

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

		Six months
		ended			Year ended
		2/28/22
		(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(279,730,402	)	$	(159,410,262	)
	Class C		(1,897,807	)		(5,008,138	)
	Institutional Class		(32,147,608	)		(55,273,658	)
			(313,775,817	)		(219,692,058	)
	Increase (decrease) in net assets derived from capital
	share transactions		(53,287,202	)		492,109,592
Net Increase (Decrease) in Net Assets			(122,309,449	)		538,084,530
Net Assets:
	Beginning of period		1,163,334,778			625,250,248
	End of period	$	1,041,025,329		$	1,163,334,778

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

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

88

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

		Six months
		ended			Year ended
		2/28/22
		(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	15,698,719		$	26,916,399
	Net realized gain (loss)		(2,920,191	)		3,589,481
	Net change in unrealized appreciation (depreciation)		(56,855,000	)		23,578,495
	Net increase (decrease) in net assets resulting from
	operations		(44,076,472	)		54,084,375
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(6,660,425	)		(11,854,316	)
	Class C		(62,826	)		(178,774	)
	Institutional Class		(8,975,882	)		(14,883,309	)
			(15,699,133	)		(26,916,399	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		20,535,439			36,876,504
	Class C		1,989,885			1,380,348
	Institutional Class		231,701,625			234,730,547
	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		5,800,162			10,426,299
	Class C		61,749			173,341
	Institutional Class		7,885,470			12,629,448
			267,974,330			785,527,428

89

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

			Six months
			ended			Year ended
			2/28/22
			(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(45,055,405	)	$	(71,110,681	)
		Class C		(1,283,312	)		(6,225,744	)
		Institutional Class		(93,477,333	)		(85,471,965	)
				(139,816,050	)		(162,808,390	)
	Increase in net assets derived from capital share
		transactions		128,158,280			622,719,038
Net Increase in Net Assets				68,382,675			649,887,014
Net Assets:
	Beginning of period			1,221,613,157			571,726,143
	End of period		$	1,289,995,832		$	1,221,613,157

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

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

90

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

			Six months
			ended			Year ended
			2/28/22
			(Unaudited)			8/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	32,056,649		$	58,879,265
	Net realized gain (loss)			(3,567,402	)		3,569,420
	Net change in unrealized appreciation (depreciation)			(73,152,502	)		113,554,681
	Net increase (decrease) in net assets resulting from
		operations		(44,663,255	)		176,003,366
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,708,480	)		(7,978,592	)
		Class C		(848,854	)		(1,879,208	)
		Institutional Class		(29,423,757	)		(50,482,911	)
				(34,981,091	)		(60,340,711	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		51,540,032			74,301,021
		Class C		6,230,445			9,587,231
		Institutional Class		293,437,089			415,992,713
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		4,300,826			7,109,227
		Class C		807,973			1,805,203
		Institutional Class		24,309,241			41,321,516
				380,625,606			550,116,911

91

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

			Six months
			ended			Year ended
			2/28/22
			(Unaudited)			8/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(31,586,496	)	$	(31,938,137	)
		Class C		(8,238,527	)		(26,908,717	)
		Institutional Class		(193,521,772	)		(194,917,161	)
				(233,346,795	)		(253,764,015	)
	Increase in net assets derived from capital share
		transactions		147,278,811			296,352,896
Net Increase in Net Assets				67,634,465			412,015,551
Net Assets:
		Beginning of period		1,758,770,600			1,346,755,049
		End of period	$	1,826,405,065		$	1,758,770,600

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

92

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

Return of capital

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	Calculated using average shares outstanding.
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.

94

Six months ended
2/28/221				Year ended
(Unaudited)					8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.56		$	11.94		$	11.96		$	11.44		$	11.70		$	12.22
		0.14			0.36			0.38			0.41			0.42			0.43
		(0.61	)		0.70			0.01			0.52			(0.26	)		(0.40	)
		(0.47	)		1.06			0.39			0.93			0.16			0.03
		(0.14	)		(0.36	)		(0.38	)		(0.41	)		(0.42	)		(0.43	)
		(0.17	)		(0.08	)		(0.03	)		—	3		—			(0.12	)
		—			—			—			—			—			—
		(0.31	)		(0.44	)		(0.41	)		(0.41	)		(0.42	)		(0.55	)
	$	11.78		$	12.56		$	11.94		$	11.96		$	11.44		$	11.70
		(3.79%	)		9.03%			3.44%			8.35%			1.44%			0.41%
	$	779,500		$	944,054		$	478,671		$	472,153		$	481,117		$	415,314
		0.81%			0.82%			0.81%			0.81%			0.81%			0.81%
		0.91%			0.92%			0.95%			0.95%			0.96%			0.96%
		2.33%			2.84%			3.24%			3.55%			3.66%			3.71%
		2.23%			2.74%			3.10%			3.41%			3.51%			3.56%
		22%			40%			77%			43%			42%			33%

95

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	Calculated using average shares outstanding.
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.

96

Six months ended
2/28/221				Year ended
(Unaudited)					8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.56		$	11.94		$	11.96		$	11.44		$	11.70		$	12.22
		0.10			0.26			0.29			0.32			0.34			0.34
		(0.60	)		0.70			0.01			0.52			(0.26	)		(0.40	)
		(0.50	)		0.96			0.30			0.84			0.08			(0.06	)
		(0.10	)		(0.26	)		(0.29	)		(0.32	)		(0.34	)		(0.34	)
		(0.17	)		(0.08	)		(0.03	)		—	3		—			(0.12	)
		(0.27	)		(0.34	)		(0.32	)		(0.32	)		(0.34	)		(0.46	)
	$	11.79		$	12.56		$	11.94		$	11.96		$	11.44		$	11.70
		(4.07%	)		8.22%			2.66%			7.55%			0.68%			(0.35%	)
	$	10,272		$	9,834		$	10,778		$	16,051		$	18,808		$	27,397
		1.56%			1.56%			1.56%			1.56%			1.56%			1.56%
		1.66%			1.67%			1.70%			1.70%			1.71%			1.71%
		1.58%			2.09%			2.49%			2.80%			2.91%			2.96%
		1.48%			2.00%			2.35%			2.66%			2.76%			2.81%
		22%			40%			77%			43%			42%			33%

97

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	Calculated using average shares outstanding.
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.

98

Six months ended
2/28/221					Year ended
(Unaudited)					8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.66		$	12.03		$	12.05		$	11.52		$	11.79		$	12.31
		0.16			0.39			0.41			0.44			0.45			0.46
		(0.61	)		0.71			0.01			0.53			(0.27	)		(0.40	)
		(0.45	)		1.10			0.42			0.97			0.18			0.06
		(0.16	)		(0.39	)		(0.41	)		(0.44	)		(0.45	)		(0.46	)
		(0.17	)		(0.08	)		(0.03	)		—	3		—			(0.12	)
		(0.33	)		(0.47	)		(0.44	)		(0.44	)		(0.45	)		(0.58	)
	$	11.88		$	12.66		$	12.03		$	12.05		$	11.52		$	11.79
		(3.63%	)		9.34%			3.70%			8.68%			1.61%			0.68%
	$	251,253		$	209,447		$	135,801		$	134,112		$	77,396		$	62,872
		0.56%			0.57%			0.56%			0.56%			0.56%			0.56%
		0.66%			0.67%			0.70%			0.70%			0.71%			0.71%
		2.58%			3.09%			3.49%			3.80%			3.91%			3.96%
		2.48%			3.00%			3.35%			3.66%			3.76%			3.81%
		22%			40%			77%			43%			42%			33%

99

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

Return of capital

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	Calculated using average shares outstanding.
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.

100

Six months ended
2/28/221				Year ended
(Unaudited)					8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.63		$	12.26		$	12.28		$	11.76		$	12.06		$	12.38
		0.15			0.33			0.35			0.37			0.37			0.35
		(0.59	)		0.37			(0.02	)		0.52			(0.30	)		(0.32	)
		(0.44	)		0.70			0.33			0.89			0.07			0.03
		(0.15	)		(0.33	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)
		—			—			—			—			—			—	3
		—			—			—			—			—			—
		(0.15	)		(0.33	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)
	$	12.04		$	12.63		$	12.26		$	12.28		$	11.76		$	12.06
		(3.50%	)		5.79%			2.76%			7.71%			0.57%			0.35%
	$	520,293		$	564,932		$	106,135		$	123,691		$	136,653		$	164,154
		0.68%			0.60%			0.65%			0.65%			0.71%			0.75%
		0.82%			0.83%			0.91%			0.91%			0.92%			0.93%
		2.45%			2.70%			2.87%			3.11%			3.10%			2.92%
		2.31%			2.46%			2.61%			2.85%			2.89%			2.74%
		20%			23%			27%			25%			32%			26%

101

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	Calculated using average shares outstanding.
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.

102

Six months ended
2/28/221				Year ended
(Unaudited)					8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.62		$	12.25		$	12.27		$	11.75		$	12.05		$	12.37
		0.10			0.23			0.24			0.27			0.27			0.25
		(0.59	)		0.37			(0.02	)		0.52			(0.30	)		(0.32	)
		(0.49	)		0.60			0.22			0.79			(0.03	)		(0.07	)
		(0.10	)		(0.23	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)
		—			—			—			—			—			—	3
		(0.10	)		(0.23	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)
	$	12.03		$	12.62		$	12.25		$	12.27		$	11.75		$	12.05
		(3.90%	)		4.90%			1.89%			6.81%			(0.28%	)		(0.50%	)
	$	7,888		$	7,497		$	11,864		$	22,874		$	28,002		$	40,402
		1.50%			1.54%			1.50%			1.50%			1.56%			1.60%
		1.64%			1.67%			1.66%			1.66%			1.67%			1.68%
		1.63%			1.75%			2.02%			2.26%			2.25%			2.07%
		1.49%			1.62%			1.86%			2.10%			2.14%			1.99%
		20%			23%			27%			25%			32%			26%

103

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	Calculated using average shares outstanding.
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.

104

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.75		$	12.38		$	12.40		$	11.87		$	12.17		$	12.50
		0.16			0.35			0.37			0.39			0.39			0.37
		(0.60	)		0.37			(0.02	)		0.53			(0.30	)		(0.33	)
		(0.44	)		0.72			0.35			0.92			0.09			0.04
		(0.16	)		(0.35	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)
		—			—			—			—			—			—	3
		(0.16	)		(0.35	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)
	$	12.15		$	12.75		$	12.38		$	12.40		$	11.87		$	12.17
		(3.45%	)		5.92%			2.92%			7.92%			0.75%			0.44%
	$	761,815		$	649,184		$	453,727		$	399,830		$	377,445		$	369,443
		0.50%			0.54%			0.50%			0.50%			0.56%			0.60%
		0.64%			0.67%			0.66%			0.66%			0.67%			0.68%
		2.63%			2.75%			3.02%			3.26%			3.25%			3.07%
		2.49%			2.62%			2.86%			3.10%			3.14%			2.99%
		20%			23%			27%			25%			32%			26%

105

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

Return of capital.

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	Calculated using average shares outstanding.
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.

106

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.04		$	11.15		$	11.48		$	11.00		$	11.05		$	11.42
		0.19			0.42			0.44			0.46			0.46			0.44
		(0.48	)		0.91			(0.33	)		0.48			(0.05	)		(0.37	)
		(0.29	)		1.33			0.11			0.94			0.41			0.07
		(0.19	)		(0.42	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)
		(0.03	)		(0.02	)		—			—			—			—
		—			—			—			—			—			—
		(0.22	)		(0.44	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)
	$	11.53		$	12.04		$	11.15		$	11.48		$	11.00		$	11.05
		(2.44%	)		12.12%			1.06%			8.81%			3.80%			0.72%
	$	260,413		$	247,542		$	182,214		$	208,549		$	200,493		$	190,211
		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
		0.87%			0.88%			0.91%			0.90%			0.91%			0.94%
		3.40%			3.65%			3.99%			4.22%			4.19%			4.02%
		3.38%			3.62%			3.93%			4.17%			4.13%			3.93%
		11%			16%			44%			33%			19%			27%

107

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	Calculated using average shares outstanding.
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.

108

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.09		$	11.20		$	11.52		$	11.04		$	11.09		$	11.47
		0.15			0.33			0.36			0.38			0.38			0.36
		(0.49	)		0.91			(0.32	)		0.48			(0.05	)		(0.38	)
		(0.34	)		1.24			0.04			0.86			0.33			(0.02	)
		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)
		(0.03	)		(0.02	)		—			—			—			—
		(0.18	)		(0.35	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)
	$	11.57		$	12.09		$	11.20		$	11.52		$	11.04		$	11.09
		(2.87%	)		11.25%			0.41%			7.98%			3.03%			(0.11%	)
	$	54,617		$	58,285		$	68,993		$	91,184		$	92,155		$	97,974
		1.60%			1.60%			1.60%			1.60%			1.60%			1.60%
		1.62%			1.63%			1.66%			1.65%			1.66%			1.69%
		2.65%			2.90%			3.24%			3.47%			3.44%			3.27%
		2.63%			2.87%			3.18%	%		3.42%			3.38%			3.18%
		11%			16%			44%			33%			19%			27%

109

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	Calculated using average shares outstanding.
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.

110

Six months ended
2/28/221				Year ended
(Unaudited)				8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
	$	12.15		$	11.26		$	11.58		$	11.10		$	11.15		$	11.53
		0.21			0.45			0.47			0.49			0.49			0.47
		(0.49	)		0.91			(0.32	)		0.48			(0.05	)		(0.38	)
		(0.28	)		1.36			0.15			0.97			0.44			0.09
		(0.21	)		(0.45	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)
		(0.03	)		(0.02	)		—			—			—			—
		(0.24	)		(0.47	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)
	$	11.63		$	12.15		$	11.26		$	11.58		$	11.10		$	11.15
		(2.37%	)		12.32%			1.44%			9.03%			4.07%			0.92%
	$	1,511,375		$	1,452,944		$	1,095,548		$	1,141,973		$	1,017,167		$	932,716
		0.60%			0.60%			0.60%			0.60%			0.60%			0.60%
		0.62%			0.63%			0.66%			0.65%			0.66%			0.69%
		3.65%			3.90%			4.24%			4.47%			4.44%			4.27%
		3.63%			3.87%			4.18%			4.42%			4.38%			4.18%
		11%			16%			44%			33%			19%			27%

111

Notes to financial statements
Delaware Funds by Macquarie® national tax-free funds	February 28, 2022 (Unaudited)

Delaware Group^® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). 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 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 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 (CDSC) 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

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market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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, 2022, and for all open tax years (years ended August 31, 2019–August 31, 2021), 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, 2022, 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

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

1. Significant Accounting Policies (continued)

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 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. There were no such earnings credits for the six months ended February 28, 2022.

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, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free USA Fund		$	304
Delaware Tax-Free USA Intermediate Fund			263
Delaware National High-Yield Municipal Bond Fund			52

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, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain

114

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, 2021 through February 28, 2022.* These expense waivers and 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
	daily net assets
Fund	(per annum)
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, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	22,891
Delaware Tax-Free USA Intermediate Fund		25,525
Delaware National High-Yield Municipal Bond Fund		36,164

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.”

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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)

For the six months ended February 28, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	47,114
Delaware Tax-Free USA Intermediate Fund		52,910
Delaware National High-Yield Municipal Bond Fund		76,777

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” 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, 2021 through February 28, 2022.* 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 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, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	25,791
Delaware Tax-Free USA Intermediate Fund		26,362
Delaware National High-Yield Municipal Bond Fund		38,488

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For the six months ended February 28, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free USA Fund		$	16,496
Delaware Tax-Free USA Intermediate Fund			4,630
Delaware National High-Yield Municipal Bond Fund			6,396

For the six months ended February 28, 2022, 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	$	6,066	$	84
Delaware Tax-Free USA Intermediate Fund		272		449
Delaware National High-Yield Municipal Bond Fund		29,436		1,441

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, 2022, were executed by each Fund pursuant to procedures adopted by the Board 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 its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended February 28, 2022, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free USA Fund	$	49,952,035	$	73,856,203	$	(847,837	)
Delaware Tax-Free USA
Intermediate Fund		88,785,584		47,409,848		(888,795	)
Delaware National High-Yield
Municipal Bond Fund		74,578,552		63,025,424		(1,178,788	)

____________________

* The aggregate contractual waiver period covering this report is from December 29, 2020 through December 29, 2022.

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

3. Investments

For the six months ended February 28, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free USA Fund	$	279,754,279	$	238,984,188
Delaware Tax-Free USA Intermediate Fund		319,184,763		247,126,785
Delaware National High-Yield Municipal Bond Fund		313,465,096		199,885,949

At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At February 28, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
Fund	investments		of investments		of investments			of investments
Delaware
Tax-Free
USA Fund	$	1,005,671,191	$	52,313,793	$	(3,490,207	)	$	48,823,586
Delaware
Tax-Free
USA
Intermediate
Fund		1,268,450,896		47,784,859		(3,490,207	)		44,294,652
Delaware
National
High-Yield
Municipal
Bond Fund		1,725,699,746		100,673,715		(3,490,207	)		97,183,508

At August 31, 2021, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term	Total
Delaware Tax-Free USA
Intermediate Fund	$	3,105,252	$—	$	3,105,252

At August 31, 2021, 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

118

established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized 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, 2022:

	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,017,389,777
Short-Term Investments			37,105,000
Total Value of Securities		$	1,054,494,777

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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		$	1,283,190,548
Short-Term Investments			29,555,000
Total Value of Securities		$	1,312,745,548

	Delaware National High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,814,203,254
Short-Term Investments			8,680,000
Total Value of Securities		$	1,822,883,254

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each 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 each Fund's net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to each 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				Delaware Tax-Free USA				Delaware National High-Yield
	USA Fund				Intermediate Fund				Municipal Bond Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	2/28/22		8/31/21		2/28/22		8/31/21		2/28/22		8/31/21
Shares sold:
Class A	12,069,888		19,110,045		1,650,489		2,950,551		4,344,654		6,364,930
Class C	224,885		267,155		160,127		110,949		521,197		820,318
Institutional
Class	6,781,468		8,792,678		18,641,629		18,574,271		24,475,581		35,382,590
Shares from merger:1
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	1,641,655		1,919,829		468,830		833,095		363,742		610,519
Class C	18,078		22,237		5,001		13,956		68,022		155,294
Institutional
Class	445,774		450,802		632,199		1,003,154		2,037,598		3,517,918
	21,181,748		58,118,559		21,558,275		62,932,254		31,810,794		46,851,569
Shares redeemed:
Class A	(22,720,534	)	(13,023,321	)	(3,634,223	)	(5,681,539	)	(2,680,064	)	(2,749,864	)
Class C	(154,202	)	(409,050	)	(103,498	)	(498,982	)	(692,329	)	(2,314,658	)
Institutional
Class	(2,620,762	)	(4,478,240	)	(7,512,416	)	(6,787,631	)	(16,190,681	)	(16,638,499	)
	(25,495,498	)	(17,910,611	)	(11,250,137	)	(12,968,152	)	(19,563,074	)	(21,703,021	)
Net increase
(decrease)	(4,313,750	)	40,207,948		10,308,138		49,964,102		12,247,720		25,148,548

¹ See Note 5.

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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, 2022 and the year ended August 31, 2021, each Fund had the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free USA Fund
Six months ended
2/28/22	3,886	4,106	—	4,108	3,862	$	98,572
Year ended
8/31/21	36,729	24,482	—	24,518	36,473		761,979
Delaware Tax-Free USA Intermediate Fund
Six months ended
2/28/22	11,317	590	—	589	11,221		148,722
Year ended
8/31/21	107,662	11,026	538	11,563	106,713		1,488,442
Delaware National High-Yield Municipal Bond Fund
Six months ended
2/28/22	48,164	38,308	—	4,178	81,750		1,033,503
Year ended
8/31/21	43,780	52,403	1,754	34,517	63,161		1,126,321

5. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize (the “Reorganization”) Delaware Tax-Exempt Opportunities Fund and Delaware Tax-Exempt Income Fund (the “Acquired Funds”), each a series of Delaware Group Limited-Term Government Funds, with and into Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund (the “Acquiring Funds”), each a series of the Trust, 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 the Acquiring Funds, funds 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

122

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 losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		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

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
					Delaware Tax-Free USA
	Delaware Tax-Exempt Income				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 year ended August 31, 2021, would have been as follows:

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund
Net investment income		$	37,814,794		$	41,528,548
Net realized gain on
investments			16,302,449			7,470,384
Net change in
unrealized
appreciation			41,284,161			27,642,344
Net increase in net
assets resulting from
operations		$	95,401,404		$	76,641,276

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

123

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

5. Reorganization (continued)

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.

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 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% with the addition of an upfront fee of 0.05%, 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 1, 2021.

On November 1, 2021, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $355,000,000 to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, 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 October 31, 2022.

Each Fund had no amounts outstanding as of February 28, 2022, 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

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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 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. Each 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 each Fund or, at the discretion of the lending agent, replace the loaned securities. Each 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. Each 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, each 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 each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each 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 each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the six months ended February 28, 2022, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended February 28, 2022, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

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

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 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.

As of February 28, 2022, 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 13.51%, 11.07%, and 19.67%, respectively, of the Fund’s net assets. As of February 28, 2022, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, Illinois, New York, and territory of Puerto Rico, which constituted approximately 11.62%, 10.60%, 16.54%, and 14.78%, respectively, of the Fund’s net assets. As of February 28, 2022, 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 11.06% and 23.33%, respectively, the Fund’s net assets. These investments could

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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 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

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

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

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-today 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 March 2020, FASB issued an Accounting Standards Update (ASU), 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, 2022, 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 H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP Detroit, MI	John A. Fry President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics Kansas City, MO	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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15( b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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.

VOYAGEUR MUTUAL FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 6, 2022

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 6, 2022
/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 6, 2022