CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Item 1. Reports to Stockholders













	Annual report

Fixed income mutual funds

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware National High-Yield Municipal Bond Fund

August 31, 2021

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.

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Experience Delaware Funds by Macquarie^®

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

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

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Portfolio management review		1
Performance summaries		6
Disclosure of Fund expenses		21
Security type / sector / state / territory allocations		24
Schedules of investments		30
Statements of assets and liabilities		100
Statements of operations		102
Statements of changes in net assets		103
Financial highlights		110
Notes to financial statements		128
Report of independent registered public accounting firm		147
Other Fund information		148
Board of trustees / directors and officers addendum		154
About the organization		162

Unless otherwise noted, views expressed herein are current as of August 31, 2021, and subject to change for events occurring after such date.

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

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

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

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Portfolio management review
Delaware Funds by Macquarie^®national tax-free funds	September 7, 2021 (Unaudited)

Performance preview (for the year ended August 31, 2021)
Delaware Tax-Free USA Fund (Institutional Class shares)	1-year return	+9.34	%
Delaware Tax-Free USA Fund (Class A shares)	1-year return	+9.03	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40	%
Lipper General & Insured Municipal Debt Funds Average	1-year return	+4.73	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free USA Fund, please see the table on page 6.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper General & Insured Municipal Debt Funds Average compares funds that either invest primarily in municipal debt issues in the top three credit ratings or invest primarily in municipal debt issues insured as to timely payment.

Please see page 9 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free USA Intermediate Fund (Institutional Class shares)	1-year return	+5.92	%
Delaware Tax-Free USA Intermediate Fund (Class A shares)	1-year return	+5.79	%
Bloomberg 3-15 Year Blend Municipal Bond Index (benchmark)	1-year return	+2.75	%
Lipper Intermediate Municipal Debt Funds Average	1-year return	+3.55	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free USA Intermediate Fund, please see the table on page 11. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper Intermediate Municipal Debt Funds Average compares funds that invest in municipal debt issues with dollar-weighted average maturities of 5 to 10 years.

Please see page 14 for a description of the Index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware National High-Yield Municipal Bond Fund	1-year return	+12.32	%
(Institutional Class shares)	1-year return	+12.32	%
Delaware National High-Yield Municipal Bond Fund (Class A shares)	1-year return	+12.12	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40	%
Lipper High Yield Municipal Debt Funds Average	1-year return	+9.40	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware National High-Yield Municipal Bond Fund, please see the table on page 16.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

The Lipper High Yield Municipal Debt Funds Average compares funds that invest at least 50% of assets in lower-rated municipal debt issues.

Please see page 19 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

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Portfolio management review
Delaware Funds by Macquarie^®national tax-free funds

Investment objectives

Delaware Tax-Free USA Fund seeks 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.

Delaware Tax-Free USA Intermediate Fund seeks 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.

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

Economic backdrop

During the fiscal year ended August 31, 2021, the US economy expanded at a rapid pace, as states and municipalities opened up their economies and ended or scaled back pandemic-related restrictions. A $1.9 trillion federal economic stimulus program – the American Rescue Plan Act, passed in March 2021 – and continued aggressive monetary policy further supported the economy’s recovery after a difficult 2020.

Investors’ optimism began to grow in late 2020, along with the introduction of vaccines for COVID-19, which helped lead to a dramatic decline in virus cases and hospitalization rates. Uncertainty returned in the final months of the fiscal year, however, as the Delta variant of COVID-19 aggressively spread and new concerns emerged about the future path of the economic recovery.

Against this backdrop, the US economy enjoyed robust growth throughout the fiscal year. In the third quarter of 2020, for example, US gross domestic product (GDP) – a measure of national economic output – expanded by an annualized 33.4%. This was the fastest such increase in the country’s history, following an equally unprecedented 31.4% decline in the prior three-month period. US GDP grew by 4.5% in the fourth quarter of 2020, followed by increases of 6.3% in the first quarter of 2021 and an estimated 6.6% in the second quarter of 2021.

Employment trends similarly reflected the favorable economic backdrop. After the US jobless rate peaked in April 2020 at 14.7% – the highest level seen since the Great Depression – the employment picture quickly improved as state and local economies reopened. At the beginning of the Funds’ fiscal year in September 2020, US unemployment stood at a still historically high 8.4%. A year later, the country’s jobless rate had fallen to 5.2%.

Early in the pandemic, the US Federal Reserve cut its benchmark short-term interest rate, the federal funds rate, to essentially zero, where the rate remained throughout the fiscal year ended August 31, 2021. As signs mounted that inflation was accelerating, the Fed suggested it would consider increasing interest rates as early as 2023, moving up its previous timeline by a year.

Sources: US Bureau of Economic Analysis, US Bureau of Labor Statistics, and Bloomberg.

Municipal bond market conditions

Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, gained 3.40% for the fiscal year ended August 31, 2021.

Municipal bonds benefited from a favorable technical backdrop, with robust demand for tax-exempt bonds accompanied by relatively

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limited supply. As the pandemic progressed, investors’ appetite for municipal debt remained strong, reflecting increased confidence in issuers’ underlying credit quality and expectations for higher tax rates in the future.

In this environment, longer-maturity bonds generally outperformed their intermediate- and shorter-dated counterparts, while lower-rated bonds outpaced higher-quality issues. High yield municipal debt – bonds with credit ratings below BBB – enjoyed particularly strong results.

The following tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended August 31, 2021.

Returns by maturity
1 year	0.62	%
3 years	1.17	%
5 years	1.70	%
10 years	3.10	%
22+ years	5.54	%

Returns by credit rating
AAA	1.70	%
AA	2.50	%
A	4.72	%
BBB	8.52	%

Source: Bloomberg.

A consistent management approach

For all three Funds discussed in this report, we continued to follow the same management strategy we use regardless of the market environment. We emphasize a bottom-up investment approach, meaning we rely on our team’s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Funds’ shareholders what we view as an attractive trade-off between return opportunity and risk.

In following this strategy, we generally position the Funds with relatively less exposure to highly rated, lower yielding bonds. Instead, we prefer to overweight bonds with lower-investment-grade or below-investment-grade credit ratings backed by what we believe is solid underlying credit quality, due to these securities’ tendency to offer better income characteristics.

Reflecting this approach, we continued to prioritize bonds with lower-investment-grade credit ratings (A and BBB) in Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. We also maintained a portion of each Fund’s portfolio in high yield tax-exempt bonds (rated below BBB). We believe that by focusing on higher yielding securities of solid underlying credit quality, we have more opportunity to add value for the Funds’ shareholders.

As of August 31, 2021, roughly 30% of the net assets of Delaware Tax-Free USA Fund was invested in bonds with lower-investment-grade credit ratings, while about 37% of the net assets of Delaware Tax-Free USA Intermediate Fund was invested in these credit tiers. Both Funds also maintained sizable allocations to high yield municipal bonds. By prospectus, both Funds may hold up to 20% of their net assets in high yield debt.

Consistent with its mandate, Delaware National High-Yield Municipal Bond Fund maintained the largest high yield exposure of the three Funds. As of August 31, 2021, about 65% of the Fund’s portfolio was held in bonds with credit ratings below BBB, including nonrated bonds.

Consistently seeking value

At the start of the fiscal year, the US was only a few months into the coronavirus pandemic, and municipal bond valuations remained depressed in several sectors. This was especially true of market areas uniquely vulnerable to the spread of COVID-19, such as continuing care retirement communities and charter schools.

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Portfolio management review
Delaware Funds by Macquarie^®national tax-free funds

We prioritized opportunities to buy suitable higher yielding bonds in these and other sectors that we believed would allow us to enhance the Funds’ income-generating capability while also potentially providing total return opportunity.

Especially in Delaware National High-Yield Municipal Bond Fund, and to a lesser extent in Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund, we bought higher yielding bonds early in the fiscal year at depressed valuations. These included select opportunities among senior living, charter school, and infrastructure bonds, among others. Over time, bonds in these sectors experienced narrowing credit spreads and provided lower yields, gradually making them less attractive areas for new investment, in our view.

To varying extents in each Fund, we also bought tax-exempt bonds affiliated with the US territory of Puerto Rico, where we continued to find value amid that commonwealth’s ongoing financial restructuring.

Over time, as credit spreads narrowed, we became especially selective with new investments, focusing on purchasing bonds that we believed offered the Funds’ shareholders a favorable risk-reward trade-off.

Individual performance effects

As we mentioned, longer-duration bonds – those with more sensitivity to interest rates – generally outperformed shorter-duration bonds during the fiscal year, and lower-rated bonds outpaced higher-quality bonds. Often, the Funds’ leading individual contributors and detractors reflected these performance trends.

In both Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, for example, the strongest-performing securities were Puerto Rico dedicated-tax bonds. (Bonds issued by Puerto Rico and other US territories are generally fully tax-exempt for US residents.) These bonds, with a credit rating below investment grade and a 2040 maturity date, returned more than 45% for the Funds, benefiting from Puerto Rico’s improved credit quality, investors’ optimism about its debt restructuring plan, and the bonds’ relatively low valuation to begin the fiscal year.

Both Funds similarly benefited from California zero-coupon Inland Empire tobacco-securitization bonds. Older tobacco bonds such as these continued to benefit from their relative scarcity, rising in price as many tobacco issuers have refinanced outstanding debt and replaced older bonds with newer, lower-coupon issues.

Wisconsin-issued bonds for the American Dream project in the New Jersey Meadowlands also outperformed for Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Coming into the fiscal year, these bonds were depressed in value because of pandemic-related delays in the opening of this widely anticipated entertainment and retail destination. As economies reopened and financial prospects for this mall improved along with shoppers’ arrival, these nonrated bonds enjoyed a strong return for the Funds, regaining value lost earlier in the pandemic.

Bonds for the Brightline (formerly Virgin Trains) Florida private-rail project also contributed to Delaware Tax-Free USA Intermediate Fund. These securities gained more than 25% for the Fund over the fiscal year. As investors became more confident in Brightline’s credit prospects, the securities recovered in value. We continued to see solid long-term potential for this credit, as the issuer is scheduled to restart its South Florida rail service later in 2021 while working to expand service.

In contrast, several of the Funds’ individual detractors included bonds of lower-rated retirement communities whose pre-existing financial challenges worsened because of the

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pandemic. In Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, for example, nonrated bonds for Tapestry Senior Living in Moon Township, Pa., hampered returns. These securities shed significant value during the fiscal year, as the facility could not attract as many new residents as expected amid the spread of COVID-19.

Meanwhile, nonrated bonds for Tuscan Gardens, a Florida senior-living center, hurt the performance of both Delaware National High-Yield Municipal Bond Fund and Delaware Tax-Free USA Intermediate Fund, while bonds of The Buckingham, a Texas senior-living community, further weighed on the performance of Delaware National High-Yield Municipal Bond Fund.

Many other relative underperformers produced only slightly negative or even positive returns, however, as their relatively high credit quality or short durations limited their upside in a generally favorable market environment. In Delaware Tax-Free USA Fund, for example, AAA-rated, noncallable bonds of the University of Texas produced an incrementally negative return. In Delaware Tax-Free USA Intermediate Fund, the Fund’s position in AAA-rated general obligation bonds of Chesterfield County, Va., maturing in 2022, produced a slightly positive return that lagged the benchmark by several percentage points.

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Performance summaries
Delaware Tax-Free USA Fund	August 31, 2021 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. January 11, 1984)
Excluding sales charge	+9.03%	+4.48%	+5.05%	+6.45%
Including sales charge	+4.15%	+3.51%	+4.57%	+6.32%
Class C (Est. November 29, 1995)
Excluding sales charge	+8.22%	+3.69%	+4.26%	+3.97%
Including sales charge	+7.22%	+3.69%	+4.26%	+3.97%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	+9.34%	+4.74%	+5.31%	+6.27%
Including sales charge	+9.34%	+4.74%	+5.31%	+6.27%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.95%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 8. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. 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 Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding

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sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s, Moody’s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.

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Performance summaries
Delaware Tax-Free USA Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.56% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.95%	1.70%	0.70%
Net expenses (including fee
waivers, if any)	0.81%	1.56%	0.56%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free USA Fund — Institutional Class shares		$10,000		$16,775
	Delaware Tax-Free USA Fund — Class A shares		$9,550		$15,627
	Bloomberg Municipal Bond Index		$10,000		$14,874

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2011, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 8. Please note additional details on pages 6 through 10.

The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2011. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 2, is a measure of all goods and services produced by a nation in a year.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.

Performance of other Fund classes will vary due to different charges and expenses.

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Performance summaries
Delaware Tax-Free USA Fund

	Nasdaq symbols	CUSIPs
Class A	DMTFX	245909106
Class C	DUSCX	245909700
Institutional Class	DTFIX	24610H104

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Performance summaries
Delaware Tax-Free USA Intermediate Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. January 7, 1993)
Excluding sales charge	+5.79%	+3.40%	+3.60%	+4.68%
Including sales charge	+2.85%	+2.82%	+3.31%	+4.58%
Class C (Est. November 29, 1995)
Excluding sales charge	+4.90%	+2.52%	+2.72%	+3.54%
Including sales charge	+3.90%	+2.52%	+2.72%	+3.54%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	+5.92%	+3.55%	+3.75%	+4.56%
Including sales charge	+5.92%	+3.55%	+3.75%	+4.56%
Bloomberg 3–15 Year Blend Municipal
Bond Index	+2.75%	+3.05%	+3.57%	+4.33%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 13. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. This fee was contractually limited to 0.15% of average daily net assets from December 4, 2020 through December 29, 2021.* Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic

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Performance summaries
Delaware Tax-Free USA Intermediate Fund

conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

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The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and 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) from exceeding 0.50% of the Fund’s average daily net assets during the period from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.89%	1.64%	0.64%
Net expenses (including fee
waivers, if any)	0.65%	1.50%	0.50%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance summaries
Delaware Tax-Free USA Intermediate Fund

Performance of a $10,000 investment¹Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free USA Intermediate Fund — Institutional
	Class shares		$10,000		$14,452
	Bloomberg 3–15 Year Blend Municipal Bond Index		$10,000		$14,195
	Delaware Tax-Free USA Intermediate Fund — Class A shares		$9,725		$13,850

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2011, and includes the effect of a 2.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 13. Please note additional details on pages 11 through 15.

The graph also assumes $10,000 invested in the Bloomberg 3–15 Year Blend Municipal Bond Index as of August 31, 2011. The Bloomberg 3–15 Year Blend Municipal Bond Index measures the total return performance of investment grade, US tax-exempt bonds with maturities from 2 to 17 years.

Gross domestic product, mentioned on page 2, is a measure of all goods and services produced by a nation in a year.

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols	CUSIPs
Class A	DMUSX	245909304
Class C	DUICX	245909882
Institutional Class	DUSIX	24610H203

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Performance summaries
Delaware National High-Yield Municipal Bond Fund	August 31, 2021 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. September 22, 1986)
Excluding sales charge	+12.12%	+5.21%	+6.55%	+6.31%
Including sales charge	+7.03%	+4.24%	+6.07%	+6.17%
Class C (Est. May 26, 1997)
Excluding sales charge	+11.25%	+4.42%	+5.76%	+4.79%
Including sales charge	+10.25%	+4.42%	+5.76%	+4.79%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	+12.32%	+5.46%	+6.82%	+8.67%
Including sales charge	+12.32%	+5.46%	+6.82%	+8.67%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.95%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 18. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

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Performance summaries
Delaware National High-Yield Municipal Bond Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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) from exceeding 0.60% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.91%	1.66%	0.66%
Net expenses (including fee
waivers, if any)	0.85%	1.60%	0.60%
Type of waiver	Contractual	Contractual	Contractual

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

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Performance of a $10,000 investment¹
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Delaware National High-Yield Municipal Bond Fund — Institutional Class shares		$10,000		$19,333
	Delaware National High-Yield Municipal Bond Fund — Class A shares		$9,550		$18,020
	Bloomberg Municipal Bond Index		$10,000		$14,874

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2011, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 18. Please note additional details on pages 16 through 20.

Gross domestic product, mentioned on page 2, is a measure of all goods and services produced by a nation in a year.

Performance of other Fund classes will vary due to different charges and expenses.

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Performance summaries
Delaware National High-Yield Municipal Bond Fund

	Nasdaq symbols	CUSIPs
Class A	CXHYX	928928241
Class C	DVHCX	928928225
Institutional Class	DVHIX	24610H302

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Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and 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 March 1, 2021 to August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (Unaudited)

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,050.40	0.82%		$	4.24
Class C			1,000.00			1,045.60	1.57%			8.09
Institutional Class			1,000.00			1,051.40	0.57%			2.95
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.07	0.82%		$	4.18
Class C			1,000.00			1,017.29	1.57%			7.98
Institutional Class			1,000.00			1,022.33	0.57%			2.91

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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,035.10	0.64%		$	3.28
Class C			1,000.00			1,030.60	1.49%			7.63
Institutional Class			1,000.00			1,035.60	0.49%			2.51
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.98	0.64%		$	3.26
Class C			1,000.00			1,017.69	1.49%			7.58
Institutional Class			1,000.00			1,022.74	0.49%			2.50

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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
	3/1/21			8/31/21			Expense Ratio			3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,062.90		0.85	%		$	4.42
Class C			1,000.00			1,058.80		1.60	%			8.30
Institutional Class			1,000.00			1,063.90		0.60	%			3.12
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.92		0.85	%		$	4.33
Class C			1,000.00			1,017.14		1.60	%			8.13
Institutional Class			1,000.00			1,022.18		0.60	%			3.06

*	“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 184/365 (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.

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Security type / sector / state / territory allocations
Delaware Tax-Free USA Fund	As of August 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.99	%
Corporate Revenue Bonds		12.27	%
Education Revenue Bonds		8.51	%
Electric Revenue Bonds		3.53	%
Healthcare Revenue Bonds		11.77	%
Housing Revenue Bonds		0.06	%
Lease Revenue Bonds		5.87	%
Local General Obligation Bonds		5.21	%
Pre-Refunded/Escrowed to Maturity Bonds		2.92	%
Resource Recovery Revenue Bond		0.18	%
Special Tax Revenue Bonds		15.45	%
State General Obligation Bonds		15.04	%
Transportation Revenue Bonds		15.95	%
Water & Sewer Revenue Bonds		2.23	%
Short-Term Investments		2.26	%
Total Value of Securities		101.25	%
Liabilities Net of Receivables and Other Assets		(1.25	%)
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		2.17	%
Arizona		5.41	%
California		11.01	%
Colorado		3.44	%
Connecticut		0.85	%
District of Columbia		0.80	%
Florida		4.85	%
Georgia		1.89	%
Guam		0.21	%
Idaho		0.09	%
Illinois		8.44	%
Indiana		0.61	%
Kansas		0.29	%
Louisiana		0.22	%
Maryland		1.06	%
Massachusetts		3.43	%
Michigan		0.69	%

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State / territory	Percentage of net assets
Minnesota		0.60	%
Mississippi		1.68	%
Missouri		0.54	%
Nebraska		0.58	%
New Jersey		4.12	%
New York		10.53	%
North Carolina		3.72	%
Ohio		3.00	%
Oklahoma		1.19	%
Oregon		0.02	%
Pennsylvania		3.16	%
Puerto Rico		14.47	%
Rhode Island		0.12	%
South Carolina		0.05	%
Tennessee		0.50	%
Texas		6.68	%
Utah		0.83	%
Virginia		1.39	%
Washington		2.40	%
Wisconsin		0.21	%
Total Value of Securities		101.25	%

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Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund	As of August 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		102.76	%
Corporate Revenue Bonds		12.03	%
Education Revenue Bonds		6.27	%
Electric Revenue Bonds		5.07	%
Healthcare Revenue Bonds		8.91	%
Lease Revenue Bonds		6.33	%
Local General Obligation Bonds		4.67	%
Pre-Refunded/Escrowed to Maturity Bonds		5.20	%
Special Tax Revenue Bonds		18.94	%
State General Obligation Bonds		16.58	%
Transportation Revenue Bonds		16.54	%
Water & Sewer Revenue Bonds		2.22	%
Short-Term Investments		0.91	%
Total Value of Securities		103.67	%
Liabilities Net of Receivables and Other Assets		(3.67	%)
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		0.69	%
Arizona		8.33	%
California		11.88	%
Colorado		2.11	%
Connecticut		0.64	%
District of Columbia		1.00	%
Florida		4.24	%
Georgia		2.14	%
Guam		0.09	%
Hawaii		0.29	%
Idaho		0.40	%
Illinois		12.14	%
Iowa		0.04	%
Kansas		0.10	%
Kentucky		0.46	%
Louisiana		1.41	%
Maryland		0.99	%
Massachusetts		2.34	%
Michigan		1.49	%

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State / territory	Percentage of net assets
Minnesota		0.22	%
Mississippi		0.46	%
Missouri		0.41	%
Montana		0.04	%
Nebraska		0.03	%
New Hampshire		0.21	%
New Jersey		5.37	%
New York		18.48	%
North Carolina		0.33	%
Ohio		1.99	%
Oklahoma		0.66	%
Oregon		1.05	%
Pennsylvania		5.61	%
Puerto Rico		8.66	%
South Carolina		0.71	%
Texas		3.62	%
Utah		1.72	%
Virginia		2.27	%
Washington		0.73	%
Wisconsin		0.32	%
Total Value of Securities		103.67	%

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Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund	As of August 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.67	%
Corporate Revenue Bonds		22.03	%
Education Revenue Bonds		16.73	%
Electric Revenue Bonds		4.07	%
Healthcare Revenue Bonds		19.51	%
Housing Revenue Bond		0.05	%
Lease Revenue Bonds		3.44	%
Local General Obligation Bonds		1.71	%
Pre-Refunded/Escrowed to Maturity Bonds		2.39	%
Resource Recovery Revenue Bonds		0.76	%
Special Tax Revenue Bonds		10.91	%
State General Obligation Bonds		12.38	%
Transportation Revenue Bonds		3.65	%
Water & Sewer Revenue Bonds		2.04	%
Short-Term Investments		0.19	%
Total Value of Securities		99.86	%
Receivables and Other Assets Net of Liabilities		0.14	%
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		2.78	%
Arizona		6.84	%
California		12.52	%
Colorado		2.47	%
Delaware		0.08	%
District of Columbia		1.37	%
Florida		4.65	%
Georgia		1.40	%
Guam		0.16	%
Hawaii		0.18	%
Idaho		0.72	%
Illinois		6.33	%
Indiana		0.74	%
Iowa		0.25	%
Kansas		0.27	%
Kentucky		0.51	%
Louisiana		1.26	%

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State / territory	Percentage of net assets
Maryland		0.44	%
Massachusetts		1.49	%
Michigan		0.95	%
Minnesota		0.76	%
Mississippi		0.06	%
Missouri		1.26	%
Montana		0.09	%
Nevada		0.68	%
New Hampshire		0.27	%
New Jersey		3.32	%
New York		5.37	%
North Carolina		1.72	%
Ohio		4.44	%
Oklahoma		0.12	%
Oregon		0.69	%
Pennsylvania		3.78	%
Puerto Rico		15.78	%
South Carolina		0.64	%
Tennessee		0.46	%
Texas		6.29	%
Utah		0.20	%
Virginia		4.07	%
Washington		0.97	%
West Virginia		0.16	%
Wisconsin		3.32	%
Total Value of Securities		99.86	%

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Schedules of investments
Delaware Tax-Free USA Fund	August 31, 2021

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.99%
Corporate Revenue Bonds – 12.27%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	8,380,000	$	10,100,917
	Buckeye, Ohio Tobacco Settlement Financing Authority
		(Senior)
		Series A-2 3.00% 6/1/48	8,000,000		8,312,320
		Series A-2 4.00% 6/1/48	5,550,000		6,378,892
	California Pollution Control Financing Authority Revenue
		(Calplant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	375,000		243,750
	Central Plains, Nebraska Energy Project
		(Project No. 3)
		Series A 5.00% 9/1/31	2,810,000		3,695,375
		Series A 5.00% 9/1/35	2,160,000		3,021,775
	Commonwealth of Pennsylvania Financing Authority
		(Tobacco Master Settlement Payment)
		5.00% 6/1/34	100,000		123,067
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.495% 6/1/60 #, ^	82,695,000		4,509,358
	Florida Development Finance Surface Transportation Facilities
		Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	9,270,000		10,192,550
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	3,345,000		3,463,681
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	5,000,000		6,015,800
	Indiana Finance Authority Exempt Facility Revenue
		(Polyflow Indiana Project - Green Bond)
		144A 7.00% 3/1/39 (AMT) #	3,030,000		2,938,070
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 0.944% 6/1/57 #, ^	151,190,000		10,416,991
		Series F 144A 1.395% 6/1/57 #, ^	99,010,000		5,851,491
	Jefferson County, Texas Industrial Development Revenue
		(TRP Crude Marketing LLC Project)
		144A 7.75% 4/1/39 #	450,000		469,818
	Liberty New York Development Corporation Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	175,000		251,610

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			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	4,500,000	$	6,108,705
		Series A 5.00% 9/1/46	2,975,000		4,426,086
	Michigan Finance Authority Revenue
		Series B-1 5.00% 6/1/49	1,500,000		1,835,580
	Minneapolis, Minnesota
		Series A 6.25% 12/1/30	300,000		304,443
	Monroe County, Michigan Economic Development Revenue
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	500,000		533,300
	M-S-R Energy Authority, California Gas Revenue
		Series A 6.125% 11/1/29	1,870,000		2,370,449
		Series B 6.50% 11/1/39	5,250,000		8,630,423
		Series C 6.50% 11/1/39	2,500,000		4,109,725
	New York Transportation Development Corporation Special
		Facilities Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	3,000,000		3,637,860
	Public Authority for Colorado Energy Natural Gas Revenue
		6.50% 11/15/38	6,220,000		9,714,147
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	1,750,000		2,475,690
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	2,065,000		2,236,560
	South Carolina Jobs - Economic Development Authority
		Educational Facilities Revenue
		(AC East LLC Project - Green Bonds)
		Series A 144A 7.00% 5/1/39 (AMT) #	600,000		589,200
	Southern Ohio Port Authority
		(Purecycle Project)
		Series A 144A 7.00% 12/1/42 (AMT) #	1,000,000		1,164,630
	Tobacco Securitization Authority of Southern California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.546% 6/1/46 ^	16,970,000		3,570,658
		(Capital Appreciation-3rd Subordinate Lien)
		Capital Appreciation Third Subordinate Series D 0.301%
		6/1/46 ^	2,795,000		497,398
	Valparaiso, Indiana
		(Pratt Paper, LLC Project)
		7.00% 1/1/44 (AMT)	1,780,000		2,021,831

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Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Virginia Tobacco Settlement Financing
		(Capital Appreciation)
		Series C 2.298% 6/1/47 ^	24,215,000	$	5,943,814
		Series D 2.493% 6/1/47 ^	29,060,000		6,617,543
					142,773,507
Education Revenue Bonds – 8.51%
	Arizona Industrial Development Authority Revenue
		(GreatHearts Arizona Projects)
		Series A 2.25% 7/1/46	1,500,000		1,448,415
		Series A 2.375% 7/1/52	1,500,000		1,459,695
	Auburn University, Alabama General Fee Revenue
		Series A 5.00% 6/1/33	1,720,000		2,156,502
	Bibb County, Georgia Development Authority Revenue
		(Macon State College Student Housing Project)
		Series A 5.75% 7/1/40 (AGM)	2,500,000		2,510,400
	California Educational Facilities Authority Revenue
		(Loma Linda University)
		Series A 5.00% 4/1/47	1,000,000		1,179,770
		(Stanford University)
		Series T-1 5.00% 3/15/39	8,000,000		11,630,560
		Series V-1 5.00% 5/1/49	8,275,000		12,916,034
		Series V-2 2.25% 4/1/51	2,125,000		2,102,071
	District of Columbia Revenue
		5.00% 6/1/50	1,000,000		1,162,650
		(KIPP DC Issue)
		4.00% 7/1/44	500,000		567,655
		4.00% 7/1/49	1,375,000		1,549,831
	Idaho Housing & Finance Association
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	550,000		633,671
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago Project)
		Series A 5.00% 2/15/47	1,860,000		2,147,947
		Series A 5.00% 2/15/50	540,000		622,620
	Massachusetts Development Finance Agency Revenue
		Series V 5.00% 7/1/55	3,000,000		4,818,690
	New Jersey Economic Development Authority
		(Provident Group - Montclair State University)
		5.00% 6/1/42 (AGM)	1,250,000		1,496,275

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			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Northern Illinois University
		(Auxiliary Facilities System Revenue)
		4.00% 10/1/34 (BAM)	500,000	$	599,425
		4.00% 10/1/35 (BAM)	500,000		598,205
		4.00% 10/1/36 (BAM)	550,000		656,150
		4.00% 10/1/37 (BAM)	550,000		654,000
		4.00% 10/1/38 (BAM)	650,000		770,841
		4.00% 10/1/39 (BAM)	425,000		502,601
	Rhode Island Health and Educational Building Revenue
		(University of Rhode Island)
		Series B 5.25% 9/15/29 (AGC)	1,415,000		1,420,688
	Town of Davie, Florida
		(Nova Southeastern University Project)
		5.00% 4/1/38	3,000,000		3,642,750
	University of North Carolina at Chapel Hill
		Series B 5.00% 12/1/36	4,350,000		5,945,406
		Series B 5.00% 12/1/37	6,760,000		9,207,864
		Series B 5.00% 12/1/38	7,640,000		10,368,855
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	10,100,000		15,779,230
	Virginia College Building Authority Revenue
		(The Washington and Lee University Project)
		5.75% 1/1/34	300,000		446,337
					98,995,138
Electric Revenue Bonds – 3.53%
	Electric and Gas Systems Revenue San Antonio, Texas
		5.25% 2/1/24	2,500,000		2,805,300
	Long Island, New York Power Authority Electric System Revenue
		5.00% 9/1/47	1,605,000		1,947,812
		Series B 5.00% 9/1/41	3,000,000		3,591,570
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	4,800,000		4,704,000
		Series A 5.05% 7/1/42 ‡	130,000		127,400
		Series A 6.75% 7/1/36 ‡	2,270,000		2,284,187
		Series AAA 5.25% 7/1/25 ‡	75,000		73,781
		Series CCC 5.25% 7/1/27 ‡	2,625,000		2,582,344
		Series TT 5.00% 7/1/32 ‡	3,165,000		3,101,700
		Series WW 5.00% 7/1/28 ‡	1,205,000		1,180,900
		Series WW 5.25% 7/1/33 ‡	3,250,000		3,197,187
		Series WW 5.50% 7/1/38 ‡	2,170,000		2,140,163
		Series XX 4.75% 7/1/26 ‡	265,000		258,706

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.25% 7/1/40 ‡	3,780,000	$	3,718,575
		Series XX 5.75% 7/1/36 ‡	940,000		930,600
		Series ZZ 4.75% 7/1/27 ‡	210,000		205,013
		Series ZZ 5.25% 7/1/24 ‡	105,000		103,294
	Salt River, Arizona Project Agricultural Improvement & Power
		District Electric Systems Revenue
		(Salt River Project Electric System)
		Series A 5.00% 1/1/30	6,000,000		7,553,940
	Utah Associated Municipal Power Systems Revenue
		(San Juan Project)
		5.50% 6/1/22	500,000		502,105
					41,008,577
Healthcare Revenue Bonds – 11.77%
	Alachua County, Florida Health Facilities Authority
		(Oak Hammock University)
		Series A 8.00% 10/1/42	1,000,000		1,074,220
	Allegheny County, Pennsylvania Hospital Development Authority
		Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	50,000		56,779
		Series A 5.00% 4/1/47	1,850,000		2,228,824
	Apple Valley Senior Living Revenue
		(Minnesota Senior Living LLC Project)
		Series B 5.00% 1/1/47	2,380,000		1,865,563
		Series D 7.25% 1/1/52	2,590,000		2,008,700
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project 2nd Tier)
		Series B 5.00% 1/1/49	400,000		395,624
		Series B 5.125% 1/1/54	470,000		470,268
		(Great Lakes Senior Living Communities LLC Project 4th Tier)
		144A 7.75% 1/1/54 #	325,000		260,029
		(Great Lakes Senior Living Communities LLC Project)
		Series A 5.00% 1/1/54	1,070,000		1,126,550
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50	3,500,000		4,086,040
	California Health Facilities Financing Authority Revenue
		(Kaiser Permanente)
		Series A-2 5.00% 11/1/47	7,855,000		11,890,271
		(Sutter Health)
		Series A 5.00% 11/15/38	1,000,000		1,242,610

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	2,650,000	$	3,173,534
	Chester County Industrial Development Authority, Pennsylvania
		(Longwood Gardens, Inc. Project)
		4.00% 12/1/46	1,500,000		1,784,130
		4.00% 12/1/51	3,000,000		3,555,030
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	3,775,000		4,056,539
		Series A 4.00% 11/15/43	3,000,000		3,544,920
		(American Baptist)
		8.00% 8/1/43	2,170,000		2,321,748
		(CommonSpirit Health)
		Series A-2 4.00% 8/1/49	3,250,000		3,720,568
		Series A-2 5.00% 8/1/44	3,000,000		3,723,720
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	1,875,000		2,042,625
	Cuyahoga County, Ohio
		(The Metro Health System)
		5.25% 2/15/47	2,235,000		2,669,931
		5.50% 2/15/57	3,000,000		3,579,090
	Glendale, Arizona Industrial Development Authority Revenue
		(Royal Oaks Inspirata Pointe Project)
		Series A 5.00% 5/15/56	2,500,000		2,849,550
	Hamilton County, Ohio Hospital Facilities Revenue
		(Cincinnati Children’s Hospital Medical Center)
		Series CC 5.00% 11/15/49	7,010,000		10,996,447
	Harris County Cultural Education Facilities Finance
		(Texas Children’s Hospital)
		Series A 4.00% 10/1/42	6,500,000		7,854,210
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.50% 5/15/54	375,000		398,955
	Lake County, Florida Retirement Facility Revenue
		(Lakeside At Waterman Village Project)
		Series A 5.75% 8/15/50	500,000		574,515
	Lake County, Ohio Port & Economic Development Authority
		(Tapestry Wicklife, LLC Project)
		Series A 144A 6.75% 12/1/52 #, ‡	1,300,000		461,500

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Louisiana Local Government Environmental Facilities &
		Community Development Authority Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,500,000	$	2,507,425
	Maricopa County, Arizona Industrial Development Authority
		Senior Living Facility Revenue Bonds
		(Christian Care Surprise, Inc. Project)
		144A 6.00% 1/1/48 #	1,195,000		1,245,106
	Maryland Health & Higher Educational Facilities Authority
		Revenue
		(Adventist Healthcare Obligated)
		Series A 5.50% 1/1/46	2,000,000		2,399,760
	Miami-Dade County, Florida Health Facilities Authority Revenue
		(Nicklaus Children’s Hospital Project)
		5.00% 8/1/42	1,500,000		1,808,475
	Montgomery County, Pennsylvania Industrial Development
		Authority Revenue
		(Foulkeways At Gwynedd Project)
		5.00% 12/1/46	1,500,000		1,668,240
	Moon, Pennsylvania Industrial Development Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	2,250,000		2,431,373
	Nash Health Care Systems Revenue, North Carolina
		5.50% 11/1/26 (AGM)	1,000,000		1,004,390
	New Hope, Texas Cultural Education Facilities Finance
		(Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project)
		Series A1 5.00% 7/1/46	125,000		130,155
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	2,250,000		2,390,287
	New York State Dormitory Authority
		(Orange Regional Medical Center)
		144A 5.00% 12/1/34 #	400,000		482,884
		144A 5.00% 12/1/35 #	1,200,000		1,446,624
		144A 5.00% 12/1/37 #	800,000		961,024
	Norfolk Economic Development Authority Revenue, Virginia
		(Sentara Healthcare)
		Series B 5.00% 11/1/43	1,000,000		1,051,490
	Orange County, New York Funding Corporation Assisted Living
		Residence Revenue
		6.50% 1/1/46	2,900,000		2,933,814
	Palm Beach County, Florida Health Facilities Authority Revenue
		(Sinai Residences Boca Raton Project)
		Series A 7.50% 6/1/49	610,000		646,417

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Economic Development Financing Authority First
		Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #, ‡	3,285,000	$	1,938,150
		Series A 144A 6.75% 12/1/53 #, ‡	3,765,000		2,221,350
	Pennsylvania Higher Educational Facilities Authority Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	2,000,000		2,270,640
		(University Of Pennsylvania Health System)
		4.00% 8/15/49	5,000,000		5,815,050
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,350,000		2,527,190
	Seminole County, Florida Industrial Development Authority
		Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	4,000,000		4,455,080
	Tarrant County, Texas Cultural Education Facilities Finance
		Corporation Retirement Facility Revenue
		(Buckner Senior Living - Ventana Project)
		6.625% 11/15/37	1,100,000		1,268,861
	Tempe, Arizona Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/46	1,000,000		1,007,400
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	1,830,000		2,034,850
	University of North Carolina at Chapel Hill
		5.00% 2/1/46	500,000		591,040
	Washington State Housing Finance Commission
		(Heron’s Key Senior Living)
		Series A 144A 7.00% 7/1/45 #	5,095,000		5,655,399
					136,904,964
Housing Revenue Bonds – 0.06%
	Massachusetts Housing Finance Agency
		Series A 5.25% 12/1/35 (FHA)	695,000		700,831
					700,831
Lease Revenue Bonds – 5.87%
	Arizona Industrial Development Authority Revenue
		(Lincoln South Beltway Project)
		5.00% 2/1/30	150,000		197,576

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Concord City, California
		(2021 Capital Improvement Project)
		2.125% 4/1/41	520,000	$	502,471
	Kansas City, Missouri
		(Downtown Streetcar Project)
		Series A 5.00% 9/1/34	4,000,000		4,015,160
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 12/15/42	3,000,000		3,460,440
		Series A 4.00% 12/15/47	9,520,000		10,864,890
		Series A 4.00% 6/15/50 (BAM)	2,000,000		2,292,120
		Series A 4.00% 6/15/52	3,000,000		3,411,840
		Series A 5.00% 6/15/50 (BAM)	2,850,000		3,558,538
		Series A 5.00% 6/15/57	1,620,000		1,923,637
		Series B 2.345% 12/15/54 (BAM) ^	10,000,000		4,149,000
	Minnesota Housing Finance Agency
		(State Appropriation)
		5.00% 8/1/31	250,000		250,995
	New Jersey Transportation Trust Fund Authority
		(Federal Highway Reimbursement Revenue)
		Series A 5.00% 6/15/31	100,000		118,557
		(Transportation Program)
		Series AA 4.00% 6/15/50 (BAM)	12,055,000		14,256,725
		Series AA 5.00% 6/15/24	5,000,000		5,186,350
	New York City, New York Transitional Finance Authority Building
		Aid Revenue
		Series S-1 5.00% 7/15/37	5,000,000		5,205,750
	New York State Thruway Authority Revenue
		Series A-1 4.00% 3/15/52	2,000,000		2,351,300
	Phoenix City, Arizona Civic Improvement
		(Junior Lien Water System)
		Series A 5.00% 7/1/45	5,000,000		6,578,400
					68,323,749
Local General Obligation Bonds – 5.21%
	Chicago, Illinois
		Series A 5.25% 1/1/29	2,020,000		2,217,495
		Series A 5.50% 1/1/49	1,000,000		1,239,980
		Series A 6.00% 1/1/38	525,000		653,247
	Chicago, Illinois Board of Education
		5.00% 4/1/42	1,160,000		1,374,310
		5.00% 4/1/46	1,185,000		1,397,079

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Los Angeles, California Community College District
		Series C 5.00% 8/1/25	2,500,000	$	2,967,175
	Mecklenburg County, North Carolina
		Series A 5.00% 4/1/25	2,500,000		2,925,250
		Series A 5.00% 9/1/25	8,000,000		9,502,320
	Montgomery County, Pennsylvania
		Series A 5.00% 1/1/37	2,490,000		3,300,047
	New York City, New York
		Fiscal 2021 Series C 5.00% 8/1/43	1,500,000		1,917,000
		Series A-1 4.00% 8/1/40	5,670,000		6,812,221
		Series E 5.00% 3/1/41	100,000		123,117
		Series E-1 5.00% 3/1/44	5,000,000		6,122,700
		Series F-1 5.00% 4/1/45	5,355,000		6,559,447
		Subseries B-1 5.00% 12/1/37	4,500,000		5,476,365
		Subseries B-1 5.00% 12/1/41	5,000,000		6,073,350
		Subseries D-1 4.00% 12/1/42	1,700,000		1,982,166
		Subseries D-1 5.00% 10/1/36	20,000		20,077
					60,663,346
Pre-Refunded/Escrowed to Maturity Bonds – 2.92%
	Broward County, Florida Airport System Revenue
		Series C 5.25% 10/1/30-23 §	5,000,000		5,523,950
	Kent Hospital Finance Authority Revenue, Michigan
		(Spectrum Health System)
		Series A 5.00% 11/15/29-21 §	1,000,000		1,009,950
	Massachusetts School Building Authority Revenue
		Series C 5.00% 8/15/31-25 §	1,480,000		1,751,195
	Michigan State Building Authority Revenue
		(Facilities Program)
		Series I-A 5.00% 10/15/29-21 §	1,000,000		1,005,860
	New York City, New York
		Subseries D-1 5.00% 10/1/36-21 §	2,500,000		2,509,875
	Oklahoma State Turnpike Authority Revenue
		(First Senior)
		6.00% 1/1/22	13,535,000		13,795,955
	Philadelphia, Pennsylvania Water & Wastewater Revenue
		5.00% 11/1/28-22 §	1,000,000		1,056,250
	Richmond, Virginia Public Utility Revenue
		Series A 5.00% 1/15/38-23 §	500,000		533,375
	Rockwall Independent School District, Texas
		5.00% 2/15/46-25 (PSF) §	2,000,000		2,327,140

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Southwestern Illinois Development Authority Revenue
		(Memorial Group)
		7.125% 11/1/43-23 §	2,000,000	$	2,296,060
	University of Massachusetts Building Authority Revenue
		Senior Series 2013-1 5.00% 11/1/39-22 §	1,000,000		1,056,860
	Waterbury, Connecticut
		Lot A 5.00% 12/1/32-23 §	1,000,000		1,108,760
					33,975,230
Resource Recovery Revenue Bond – 0.18%
	Union County, New Jersey Improvement Authority Revenue
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	1,950,000		2,066,376
					2,066,376
Special Tax Revenue Bonds – 15.45%
	Bullhead City, Arizona Excise Taxes Revenue
		2.55% 7/1/46	7,000,000		7,033,040
		2.70% 7/1/51	3,000,000		3,012,720
	Conley Road Transportation Development District, Missouri
		5.375% 5/1/47	2,200,000		2,292,114
	CPR Custodial Receipt
		(Taxable)
		Series 2021-1 144A 0.649% 1/1/45 #	12,000,000		11,100,000
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	9,622,598		9,045,242
	Illinois State
		First Series 6.00% 6/15/26 (NATL)	1,000,000		1,252,910
	Massachusetts Bay Transportation Authority Sales Tax Revenue
		4.00% 5/1/25	16,000,000		18,138,880
	Massachusetts School Building Authority Revenue
		Series C 5.00% 8/15/31	1,020,000		1,200,836
	Metropolitan Transportation Authority Revenue, New York
		(Climate Bond Certified)
		Series B-2 5.00% 11/15/36	2,000,000		2,412,780
	New Jersey Economic Development Authority Revenue
		(Cigarette Tax)
		5.00% 6/15/28	2,695,000		2,786,657
	New York City, New York Transitional Finance Authority
		(Future Tax Secured Fiscal 2014)
		Series A-1 5.00% 11/1/42	10,000,000		10,952,900

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York City, New York Transitional Finance Authority Building
		Aid Revenue
		Subordinate Subseries S-3A 5.00% 7/15/37	2,500,000	$	3,149,350
	New York State Dormitory Authority Revenue
		Series A 5.00% 2/15/31	100,000		122,444
		Series A 5.00% 3/15/39	4,000,000		4,870,280
		Series A 5.00% 3/15/42	2,000,000		2,426,440
		Series B 5.00% 3/15/34	5,000,000		5,128,950
	New York State Urban Development Revenue
		(General Purpose)
		Series A 5.00% 3/15/37	3,000,000		3,774,300
		Series E 4.00% 3/15/38	2,755,000		3,273,050
	Public Finance Authority, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	2,155,000		2,478,250
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	1,456,000		1,675,448
		Series A-1 4.75% 7/1/53	18,458,000		21,123,335
		Series A-1 4.91% 7/1/51 ^	15,600,000		3,790,956
		Series A-1 5.00% 7/1/58	21,607,000		25,017,665
		Series A-1 5.433% 7/1/46 ^	23,920,000		7,992,390
		Series A-2 4.329% 7/1/40	7,194,000		8,177,995
		Series A-2 4.329% 7/1/40	4,289,000		4,875,650
		Series A-2 4.784% 7/1/58	7,930,000		9,075,013
	Sales Tax Securitization, Illinois
		Series A 5.00% 1/1/40	150,000		181,743
	Wyandotte County, Kansas City, Kansas Unified Government
		Special Obligation Revenue
		(Sales Tax - Vacation Village Project Area 1 and 2A)
		Series 2015A 5.75% 9/1/32	3,310,000		3,376,365
					179,737,703
State General Obligation Bonds – 15.04%
	California State
		4.00% 10/1/36	3,000,000		3,674,040
		5.00% 9/1/32	2,415,000		3,319,756
		(Various Purpose)
		4.00% 3/1/36	5,000,000		6,092,650
		5.00% 8/1/27	2,500,000		3,053,500
		5.00% 3/1/30	5,000,000		5,805,950
		5.00% 4/1/32	1,450,000		2,021,111

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	California State
		(Various Purpose)
		5.00% 4/1/37	5,000,000	$	5,366,250
		5.00% 10/1/47	2,145,000		2,546,051
	Commonwealth of Massachusetts
		Series A 5.50% 8/1/30 (AMBAC)	1,000,000		1,390,130
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	1,905,000		1,793,081
		Series A 5.00% 7/1/41 ‡	4,360,000		3,744,150
		Series A 5.125% 7/1/37 ‡	13,810,000		12,118,275
		Series A 5.25% 7/1/22 ‡	1,820,000		1,717,625
		Series A 5.25% 7/1/27 ‡	50,000		47,188
		Series A 5.25% 7/1/30 ‡	6,000,000		5,662,500
		Series A 5.25% 7/1/31 ‡	1,270,000		1,211,263
		Series A 5.25% 7/1/34 ‡	1,565,000		1,484,794
		Series A 5.375% 7/1/33 ‡	880,000		825,000
		Series A 5.50% 7/1/39 ‡	2,835,000		2,551,500
		Series A 5.75% 7/1/28 ‡	1,945,000		1,755,362
		Series A 6.00% 7/1/38 ‡	545,000		519,113
		Series A 8.00% 7/1/35 ‡	8,485,000		7,222,856
		Series B 5.00% 7/1/35 ‡	1,295,000		1,220,537
	Connecticut State
		Series B 5.00% 6/15/35	2,475,000		2,863,426
		Series E 5.00% 9/15/35	2,500,000		3,163,975
		Series E 5.00% 9/15/37	2,250,000		2,844,608
	Florida State
		(Department Of Transportation Right-of-Way Acquisition and
		Bridge Construction)
		Series A 4.00% 7/1/33	2,500,000		3,010,025
		Series A 4.00% 7/1/34	3,660,000		4,394,342
	Georgia State
		Series A 5.00% 7/1/33	9,745,000		13,350,553
	Illinois State
		5.00% 5/1/36	480,000		528,600
		5.00% 11/1/36	1,780,000		2,070,781
		5.00% 2/1/39	2,030,000		2,221,632
		5.25% 2/1/30	3,490,000		3,874,737
		5.25% 2/1/32	1,180,000		1,305,576
		5.25% 2/1/33	740,000		817,811
		5.50% 5/1/39	5,000,000		6,444,000

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Illinois State
		Series A 4.00% 12/1/33	1,010,000	$	1,141,310
		Series A 5.00% 4/1/38	885,000		934,932
		Series D 5.00% 11/1/27	3,500,000		4,311,860
		(Rebuild Illinois Program)
		Series B 4.00% 11/1/39	10,700,000		12,275,682
	Maryland State
		Series A 5.00% 3/15/26	5,000,000		6,041,300
		Series A 5.00% 3/15/28	3,000,000		3,841,830
	Texas State
		(Transportation Commission Mobility)
		Series A 5.00% 10/1/33	1,755,000		2,187,607
	Washington State
		Series A 5.00% 8/1/35	10,890,000		14,348,555
		Series C 5.00% 2/1/36	6,060,000		7,853,881
					174,969,705
Transportation Revenue Bonds – 15.95%
	Broward County, Florida Airport System Revenue
		Series A 4.00% 10/1/49 (AMT)	5,000,000		5,766,200
		Series A 5.00% 10/1/33 (AMT)	100,000		128,171
	Central Florida Expressway Authority Senior Lien Revenue
		Series A 5.00% 7/1/33	100,000		128,643
	Chicago, Illinois Midway International Airport
		Series A 5.00% 1/1/28 (AMT)	2,025,000		2,232,725
	Chicago, Illinois O’Hare International Airport
		Series A 5.00% 1/1/37 (AMT)	1,690,000		2,099,369
		Series A 5.00% 1/1/38 (AMT)	600,000		743,784
		Series B 5.00% 1/1/33	2,345,000		2,689,785
		Series D 5.25% 1/1/42	2,000,000		2,425,320
	Chicago, Illinois Transit Authority Revenue
		Series A 4.00% 12/1/50	2,000,000		2,312,160
		Series A 5.00% 12/1/45	2,000,000		2,492,060
	Dallas, Texas Fort Worth International Airport Revenue
		Series F 5.25% 11/1/30	5,000,000		5,533,050
	Denver City & County, Colorado Airport System Revenue
		Series A 5.00% 12/1/43 (AMT)	6,000,000		7,360,380
	Georgia State Road & Tollway Authority Revenue
		(Managed Lane System)
		Series A 4.00% 7/15/46	5,000,000		6,063,350
	Harris County, Texas Toll Road Authority
		Senior Lien Series A 5.00% 8/15/27	3,750,000		4,710,075

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Love Field Airport Modernization, Texas General Airport Revenue
		Bonds
		5.00% 11/1/35 (AMT)	1,000,000	$	1,201,590
		5.00% 11/1/36 (AMT)	1,000,000		1,200,930
	Massachusetts Port Authority Revenue
		Series A 5.00% 7/1/37 (AMT)	4,000,000		5,011,080
		Series A 5.00% 7/1/39 (AMT)	2,945,000		3,672,827
		Series A 5.00% 7/1/40 (AMT)	1,825,000		2,271,596
	Metropolitan Nashville, Tennessee Airport Authority
		Series A 5.00% 7/1/45	5,020,000		5,831,383
	Metropolitan Transportation Authority Revenue, New York
		Series D 5.00% 11/15/33	1,485,000		1,828,763
		(Green Bonds)
		Series A-1 5.00% 11/15/47	2,000,000		2,465,160
		Series C-1 5.25% 11/15/55	750,000		931,567
	Metropolitan Washington, D.C. Airports Authority Dulles Toll
		Road Revenue
		(Dulles Metrorail and Capital Improvement Projects)
		Series B 4.00% 10/1/49	4,280,000		4,928,976
	Montgomery County, Texas Toll Road Authority Revenue
		(Senior Lien)
		5.00% 9/15/37	1,750,000		1,986,915
	New Jersey Turnpike Authority
		Series A 5.00% 1/1/28	5,000,000		5,655,350
		Series E 5.00% 1/1/45	6,000,000		6,862,860
	New York Transportation Development Corporation Special
		Facilities Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		4.375% 10/1/45 (AMT)	12,800,000		15,208,320
	North Carolina Turnpike Authority Revenue
		5.00% 1/1/36 (AGM)	3,000,000		3,774,180
	North Texas Tollway Authority Revenue
		(1st Tier) Series B 5.00% 1/1/40	2,000,000		2,123,320
		(2nd Tier) Series A 5.00% 1/1/34	5,000,000		5,724,400
		Series A 4.00% 1/1/38	225,000		244,584
		Series A 5.00% 1/1/43	7,000,000		8,618,890
	Ohio Turnpike & Infrastructure Commission
		(Infrastructure Projects)
		Series A-1 5.00% 2/15/28	300,000		320,676
	Pennsylvania Turnpike Commission Revenue
		Series A-2 5.00% 12/1/43	2,000,000		2,488,980

Table of Contents


			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission Revenue
		Series C 5.00% 12/1/44	1,000,000	$	1,134,850
	Philadelphia City, Pennsylvania Airport Revenue
		4.00% 7/1/46 (AGM) (AMT)	4,090,000		4,794,625
	Phoenix City, Arizona Civic Improvement Airport Revenue
		Series B 5.00% 7/1/49 (AMT)	5,000,000		6,175,300
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/40	2,670,000		3,543,143
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	4,000,000		4,935,480
		Series B 5.00% 7/1/42	3,450,000		4,201,720
	San Francisco, California City International Airport Commission
		Series A 5.00% 5/1/44 (AMT)	5,000,000		6,182,650
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series A 5.00% 1/1/49	450,000		540,855
		Series B 5.00% 1/1/42 (AMT)	1,450,000		1,733,823
		Series B 5.00% 1/1/48 (AMT)	6,035,000		7,167,709
	Texas Private Activity Bond Surface Transportation Corporate
		Senior Lien
		(NTE Mobility Partners Segments 3 LLC Segment 3A and 3B
		Facility)
		6.75% 6/30/43 (AMT)	2,490,000		2,801,001
		7.00% 12/31/38 (AMT)	1,830,000		2,068,833
		(NTE Mobility Partners Segments 3 LLC Segment 3C Project)
		5.00% 6/30/58 (AMT)	5,000,000		6,077,700
	Triborough Bridge & Tunnel Authority Revenue,
		New York
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/49	85,000		109,372
	Virginia Small Business Financing Authority Revenue
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	1,220,000		1,462,475
	Washington, Metropolitan Area Transit Authority Revenue,
		Columbia
		5.00% 7/1/43	1,000,000		1,209,240
	Wayne County, Michigan Airport Authority
		(Detroit Metropolitan Wayne County Airport)
		Series A 5.00% 12/1/42	2,500,000		2,643,325
		Series D 5.00% 12/1/45 (AGM)	750,000		882,563

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund


			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Westchester County, New York Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	775,000	$	834,536
					185,536,619
Water & Sewer Revenue Bonds – 2.23%
	Carefree Utilities Community Facilities District, Arizona
		4.00% 7/1/41	1,350,000		1,603,017
		4.00% 7/1/46	1,350,000		1,581,269
	Collier County Water-Sewer District, Florida
		4.00% 7/1/42	9,660,000		11,772,932
	Decatur City, Alabama Water & Sewer Revenue
		Series A 4.00% 8/15/50	5,365,000		6,329,305
	Guam Government Waterworks Authority
		Series A 5.00% 1/1/50	2,000,000		2,452,120
	Mississippi Development Bank
		(Jackson Water and Sewer System Revenue Bond Project)
		6.75% 12/1/30 (AGM)	1,000,000		1,129,160
	Toledo, Ohio Water System Revenue
		5.00% 11/15/38	1,000,000		1,074,540
					25,942,343
Total Municipal Bonds (cost $1,043,340,171)					1,151,598,088

Short-Term Investments – 2.26%
Variable Rate Demand Notes – 2.26%¤
	Arizona Industrial Development Authority Revenue
		(Phoenix Children’s Hospital) Series A 0.01% 2/1/48
		(LOC – JPMorgan Chase Bank N.A.)	300,000		300,000
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project) Series C 0.01% 3/1/48
		(LOC – US Bank N.A.)	425,000		425,000
	Los Angeles Department of Water & Power Revenue
		Series A 0.01% 7/1/45
		(SPA - TD Bank N.A.)	2,750,000		2,750,000
		(Power System) Subordinate Series A-1 0.01% 7/1/50	4,100,000		4,100,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone
		Industrial Development Revenue
		(Chevron U.S.A. Inc. Project)
		Series A 0.01% 12/1/30	2,690,000		2,690,000
		Series B 0.01% 12/1/30	2,410,000		2,410,000
		Series C 0.01% 12/1/30	3,310,000		3,310,000

Table of Contents

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Mississippi Business Finance Corporation Gulf Opportunity Zone
		Industrial Development Revenue
		(Chevron U.S.A. Inc. Project)
		Series F 0.01% 12/1/30	3,250,000	$	3,250,000
		Series G 0.01% 11/1/35	4,040,000		4,040,000
		Series G 0.01% 11/1/35	300,000		300,000
		Series K 0.01% 11/1/35	1,965,000		1,965,000
		Series L 0.01% 11/1/35	400,000		400,000
	Oregon State Facilities Authority Revenue
		(PeaceHealth) Series B 0.01% 8/1/34
		(LOC - TD Bank N.A.)	300,000		300,000
Total Short-Term Investments (cost $26,240,000)					26,240,000
Total Value of Securities–101.25%
	(cost $1,069,580,171)			$	1,177,838,088

°	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 August 31, 2021, the aggregate value of Rule 144A securities was $83,126,534, which represents 7.15% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 in “Notes to financial statements.”

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

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

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.

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund	August 31, 2021

			Principal
			amount°		Value (US $)
Municipal Bonds – 102.76%
Corporate Revenue Bonds – 12.03%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares, Inc. Project)
		Series A 144A 7.75% 7/1/50 #	5,520,000	$	6,653,587
	Black Belt Energy Gas District, Alabama
		(Project No. 4)
		Series A 4.00% 6/1/25	1,655,000		1,875,330
	Buckeye, Ohio Tobacco Settlement Financing Authority
		Series A-2 5.00% 6/1/32	1,270,000		1,647,558
		Series A-2 5.00% 6/1/33	850,000		1,097,843
		(Senior)
		Series A-2 3.00% 6/1/48	2,425,000		2,519,672
		Series A-2 4.00% 6/1/48	5,310,000		6,103,049
	California Pollution Control Financing Authority Revenue
		(Calplant I Project)
		144A 8.00% 7/1/39 (AMT) #, ‡	875,000		568,750
	Central Plains Energy Project Nebraska
		(Project No. 3)
		Series A 5.00% 9/1/42	250,000		370,540
	Chandler, Arizona Industrial Development Authority Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	2,700,000		2,818,800
	Commonwealth of Pennsylvania Financing Authority
		(Tobacco Master Settlement Payment)
		5.00% 6/1/27	2,000,000		2,475,100
	Denver City & County, Colorado Special Facilities Airport
		Revenue
		(United Airlines Project)
		5.00% 10/1/32 (AMT)	1,190,000		1,267,088
	Erie, New York Tobacco Asset Securitization
		(Capital Appreciation-Asset-Backed)
		Series A 144A 1.495% 6/1/60 #, ^	36,000,000		1,963,080
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	5,435,000		5,975,891
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	1,710,000		1,770,671
	George L Smith II Georgia World Congress Center Authority
		Series A 4.00% 1/1/54	2,210,000		2,521,721

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Golden State, California Tobacco Securitization Corporate
		Settlement Revenue
		(Asset-Backed Bonds)
		Series A-1 5.00% 6/1/26	850,000	$	1,023,927
		Series A-1 5.00% 6/1/34	100,000		123,679
		Series A-1 5.25% 6/1/47	750,000		776,692
		(Capital Appreciation-Asset-Backed)
		Series B 1.05% 6/1/47 ^	11,840,000		2,681,050
	Houston, Texas Airport System Revenue
		(United Airlines)
		5.00% 7/1/29 (AMT)	3,010,000		3,302,361
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Turbo-Asset-Backed)
		Series E 144A 1.33% 6/1/57 #, ^	62,600,000		4,313,140
		Series F 144A 0.396% 6/1/57 #, ^	74,090,000		4,378,719
	Jefferson County, Texas Industrial Development
		(TRP Crude Marketing LLC Project)
		144A 7.75% 4/1/39 #	925,000		965,737
	Kentucky Public Energy Authority
		(Gas Supply Revenue Bonds)
		Series C-1 4.00% 12/1/49 ●	5,000,000		5,618,450
	Lower Alabama Gas District
		Series A 5.00% 9/1/34	4,850,000		6,583,826
	Michigan Finance Authority
		Series A Class 1 4.00% 6/1/49	2,000,000		2,330,600
	Monroe County, Michigan Economic Development
		(The Detroit Edison Company Project)
		Series AA 6.95% 9/1/22 (NATL)	4,500,000		4,799,700
	M-S-R Energy Authority, California Gas Revenue
		Series B 6.50% 11/1/39	3,485,000		5,728,957
	New Jersey Economic Development Authority Special Facilities
		Revenue
		(Continental Airlines Project)
		Series B 5.625% 11/15/30 (AMT)	1,890,000		2,110,147
	New Jersey Tobacco Settlement Financing
		Subordinate Series B 5.00% 6/1/46	4,455,000		5,297,485
	New York Liberty Development Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	3,405,000		4,895,607

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	New York Transportation Development Special Facilities
		Revenue
		(Delta Airlines, Inc.-LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	7,210,000	$	8,742,990
	Public Authority for Colorado Energy Natural Gas Revenue
		6.50% 11/15/38	3,000,000		4,685,280
	Salt Verde, Arizona Financial Corporation Senior Gas Revenue
		5.00% 12/1/32	3,850,000		5,161,733
		5.00% 12/1/37	4,000,000		5,658,720
		5.25% 12/1/24	3,050,000		3,496,825
	South Carolina Jobs - Economic Development Authority
		Educational Facilities Revenue
		(AAC East LLC Project - Green Bonds)
		Series A 144A 7.00% 5/1/39 (AMT) #	900,000		883,800
		(Jasper Pellets, LLC Project - Green Bonds)
		Series A 144A 7.00% 11/1/38 (AMT) #	1,250,000		1,119,075
	St. John Baptist Parish, Louisiana
		(Marathon Oil Corporation Project)
		Series B-2 2.125% 6/1/37 ●	2,250,000		2,342,273
	Tobacco Securitization Authority of Southern California
		(Capital Appreciation-2nd Subordinate Lien)
		Series C 0.511% 6/1/46 ^	9,040,000		1,902,107
		(Capital Appreciation-3rd Subordinate Lien)
		Series D 0.288% 6/1/46 ^	1,490,000		265,160
	TSASC, New York
		Series A 5.00% 6/1/30	475,000		577,268
		Series A 5.00% 6/1/31	475,000		575,529
		Series A 5.00% 6/1/41	1,000,000		1,173,940
	Virginia Tobacco Settlement Financing Corporation
		(Capital Appreciation Asset-Backed)
		Series B 5.20% 6/1/46 ●	1,250,000		1,250,987
		Series C 2.388% 6/1/47 ^	52,780,000		12,955,379
		Series D 2.161% 6/1/47 ^	6,955,000		1,583,793
					146,933,616
Education Revenue Bonds – 6.27%
	Arizona Industrial Development Authority Revenue
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,420,000		1,755,745
		144A 6.00% 7/1/47 #	1,385,000		1,685,005
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	875,000		969,517

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			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	$	2,263,620
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	875,000		952,586
	Bucks County, Pennsylvania Industrial Development Authority
		Revenue
		(School Lane Charter School Project)
		5.125% 3/15/36	2,000,000		2,270,080
	California Municipal Finance Authority
		Series A 144A 5.50% 6/1/53 #	1,000,000		1,121,550
		(Creative Center of Los Altos Project - Pinewood School &
		Oakwood School)
		Series B 144A 4.50% 11/1/46 #	500,000		522,210
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 4.75% 10/1/24	270,000		286,459
		Series A 5.875% 10/1/44	300,000		332,847
	California State University
		(Systemwide)
		Series A 5.00% 11/1/31	2,000,000		2,479,540
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	2,215,000		2,460,400
		(Green Dot Public Schools - Animo Inglewood Charter High
		School Project)
		Series A 7.25% 8/1/41	500,000		502,350
	Capital Trust Agency, Florida Revenue
		(Liza Jackson Preparatory School Project)
		Series A 5.00% 8/1/40	300,000		367,791
		Series A 5.00% 8/1/55	800,000		961,704
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/43 #	2,000,000		2,371,160
	District of Columbia Revenue
		(KIPP DC Issue)
		4.00% 7/1/39	1,275,000		1,465,358
		4.00% 7/1/44	740,000		840,129
	Fulton County, Georgia Development Authority Revenue
		(Georgia Institute of Technology)
		5.00% 6/15/44	3,100,000		3,887,865

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(Anser Of Idaho, Inc. Project)
		Series A 4.00% 5/1/28	230,000	$	269,698
		Series A 4.00% 5/1/30	250,000		299,868
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/29	205,000		244,368
		Series A 4.00% 5/1/30	160,000		192,925
		Series A 4.00% 5/1/35	450,000		533,380
		Series A 4.00% 5/1/40	1,330,000		1,557,350
		Series A 4.00% 5/1/50	1,500,000		1,728,195
	Illinois Finance Authority Revenue
		(University of Illinois at Chicago)
		Series A 5.00% 2/15/26	400,000		464,200
		Series A 5.00% 2/15/27	200,000		237,670
		Series A 5.00% 2/15/29	400,000		475,924
		Series A 5.00% 2/15/31	365,000		430,649
	Maricopa County, Arizona Industrial Development Authority
		Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000		293,025
		Series A 144A 5.00% 7/1/50 #	175,000		202,029
		(Highland Prep Project)
		Series A 4.00% 7/1/29	315,000		381,197
		Series A 4.00% 7/1/30	330,000		403,781
		Series A 4.00% 7/1/31	345,000		427,465
		Series A 4.00% 7/1/32	360,000		443,207
		Series A 4.00% 7/1/33	375,000		458,381
		Series A 4.00% 7/1/34	390,000		474,497
		Series A 4.00% 7/1/35	405,000		491,216
		Series A 4.00% 7/1/36	425,000		512,805
		Series A 4.00% 7/1/37	440,000		527,807
		Series A 4.00% 7/1/38	460,000		549,369
		Series A 4.00% 7/1/39	480,000		571,618
		Series A 4.00% 7/1/40	500,000		593,010
		Series A 4.00% 7/1/41	520,000		613,371
		Series A 4.00% 7/1/46	740,000		860,332
	Massachusetts Development Finance Agency Revenue
		(Harvard University)
		Series A 5.00% 7/15/40	5,000,000		7,333,150
	Massachusetts School Building Authority
		Series C 5.00% 8/15/37	2,500,000		2,933,525

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Miami-Dade County, Florida Educational Facilities Authority
		(University of Miami)
		Series A 5.00% 4/1/30	520,000	$	598,458
		Series A 5.00% 4/1/31	1,090,000		1,253,162
	New York State Dormitory Authority Revenue
		(New York University)
		Series A 5.75% 7/1/27 (NATL)	8,800,000		10,394,736
		(Touro College & University System)
		Series A 5.25% 1/1/34	1,335,000		1,476,724
	Newark, Texas Higher Education Finance
		(Village Tech Schools)
		Series A 5.125% 8/15/47	1,250,000		1,262,513
	Oregon State Facilities Authority Revenue
		(Metro East Web Academy Project)
		Series A 144A 5.00% 6/15/39 #	500,000		550,735
		Series A 144A 5.00% 6/15/49 #	500,000		545,475
	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		429,495
		Series A 5.00% 7/1/32	235,000		285,650
	Pima County, Arizona Industrial Development Authority
		Education Revenue
		(Facility American Leadership Academy Project)
		144A 5.00% 6/15/47 #	745,000		756,279
	South Carolina Jobs - Economic Development Authority
		Educational Facilities Revenue
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/39 #	1,345,000		1,575,398
		University of Texas Permanent University Fund
		Series B 5.00% 7/1/27	3,715,000		4,206,457
	University of Washington
		Series A 4.00% 4/1/35	1,000,000		1,244,540
					76,579,550
Electric Revenue Bonds – 5.07%
	Guam Power Authority Revenue
		Series A 5.00% 10/1/40	1,000,000		1,154,530
	Long Island, New York Power Authority
		5.00% 9/1/33	250,000		309,382
		5.00% 9/1/35	1,000,000		1,240,850
		Series A 5.00% 9/1/34	500,000		661,795

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Municipal Electric Authority of Georgia
		(Plant Vogtle Units 3&4 Project)
		Series A 5.00% 1/1/39	6,250,000	$	7,680,625
	New York State Utility Debt Securitization Authority
		(Restructuring Bonds)
		5.00% 12/15/33	1,500,000		1,785,375
	Piedmont Municipal Power Agency, South Carolina
		Series D 5.75% 1/1/34 (AGC)	5,000,000		5,020,550
	Puerto Rico Electric Power Authority Revenue
		Series CCC 5.25% 7/1/27 ‡	1,520,000		1,495,300
		Series TT 5.00% 7/1/32 ‡	1,555,000		1,523,900
		Series WW 5.25% 7/1/33 ‡	1,015,000		998,506
		Series WW 5.50% 7/1/17 ‡	2,200,000		2,136,750
		Series WW 5.50% 7/1/19 ‡	1,710,000		1,665,113
		Series XX 5.25% 7/1/40 ‡	4,630,000		4,554,762
		Series ZZ 5.00% 7/1/19 ‡	2,990,000		2,896,563
	Salt River, Arizona Project Agricultural Improvement & Power
		District Electric Systems Revenue
		Series A 5.00% 12/1/35	4,000,000		4,648,640
		Series A 5.00% 1/1/38	5,000,000		6,035,250
		(Salt River Project Electric System)
		5.00% 1/1/30	5,000,000		6,294,950
	Utility Debt Securitization Authority, New York
		(Restructuring Bonds)
		5.00% 12/15/37	10,000,000		11,837,000
					61,939,841
Healthcare Revenue Bonds – 8.91%
	Apple Valley, Minnesota
		(Minnesota Senior Living LLC Project)
		Series B 5.25% 1/1/37	915,000		804,944
	Arizona Health Facilities Authority
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/30	5,000,000		5,715,000
	California Health Facilities Financing Authority
		(Children’s Hospital of Orange County)
		Series A 2.125% 11/1/41	5,000,000		4,890,650
		Series A 3.00% 11/1/39	2,750,000		3,059,100
		(Kaiser Permanente)
		Series A-1 5.00% 11/1/27	4,100,000		5,201,711

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	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	$	26,114
	California Statewide Communities Development Authority
		(Loma Linda University Medical Center)
		Series A 144A 5.00% 12/1/41 #	1,685,000		1,898,085
		Series A 5.25% 12/1/34	2,790,000		3,171,560
	Capital Trust Agency, Florida
		(Tuscan Gardens Senior Living Center)
		Series A 7.00% 4/1/35	1,630,000		912,996
	Colorado Health Facilities Authority Revenue
		(CommonSpirit Health)
		Series A 4.00% 8/1/37	500,000		586,095
		Series A 4.00% 8/1/38	1,500,000		1,753,080
		Series A-2 5.00% 8/1/37	1,105,000		1,392,742
	County of Hamilton, Ohio Hospital Facilities Revenue
		(Cincinnati Children’s Hospital Medical Center)
		Series CC 5.00% 11/15/49	7,510,000		11,780,787
	Cumberland County, Pennsylvania Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	1,000,000		1,105,570
	Cuyahoga County, Ohio
		(The Metrohealth System)
		5.00% 2/15/37	1,000,000		1,186,720
	Escambia County, Health Facilities Authority Revenue
		(Baptist Health Care Corporation Obligated Group)
		Series A 4.00% 8/15/50	2,605,000		2,960,035
	Glendale, Arizona Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.25% 11/15/46	875,000		900,988
		(Royal Oaks Life Care Community)
		4.00% 5/15/28	1,000,000		1,083,760
		4.00% 5/15/30	1,385,000		1,493,695
		4.00% 5/15/31	500,000		537,990
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	975,000		1,040,032
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.50% 5/15/54	875,000		930,895

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Iowa Finance Authority Senior Housing Revenue Bonds
		(PHS Council Bluffs, Inc. Project)
		5.00% 8/1/33	500,000	$	525,110
	Kalispell, Montana
		(Immanuel Lutheran Corporation Project)
		Series A 5.25% 5/15/32	435,000		483,820
	Lancaster County, Pennsylvania Hospital Authority
		(Brethren Village Project)
		5.00% 7/1/31	440,000		510,189
		5.00% 7/1/32	440,000		508,618
		(St. Anne’s Retirement Community, Incorporated Project)
		5.00% 4/1/27	1,425,000		1,452,103
		(University of Pennsylvania Health System Obligation)
		Series A 5.00% 8/15/33	2,430,000		2,934,079
	Maricopa County, Arizona Industrial Development Authority
		Revenue
		(Banner Health Obligation Group)
		Series A 5.00% 1/1/32	3,000,000		3,653,610
		(Christian Care Surprise, Inc. Project)
		144A 5.75% 1/1/36 #	1,540,000		1,616,553
	Maryland Health & Higher Educational Facilities Authority
		Revenue
		(Adventist Healthcare Obligated)
		Series A 5.50% 1/1/36	2,000,000		2,430,300
	Massachusetts Development Finance Agency Revenue
		Series A-2 4.00% 7/1/41	875,000		1,032,133
	Minneapolis, Minnesota Health Care System Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/35	1,500,000		1,885,380
	Monroe County, New York Industrial Development Revenue
		(Rochester Regional Health Project)
		Series D 3.00% 12/1/40	1,000,000		1,061,860
		Series D 4.00% 12/1/38	1,450,000		1,723,151
	Montgomery County, Pennsylvania Industrial Development
		Authority Revenue
		(Albert Einstein Healthcare)
		Series A 5.25% 1/15/45	2,500,000		2,812,225
	Moon, Pennsylvania Industrial Development Authority
		(Baptist Homes Society Obligation)
		5.625% 7/1/30	2,440,000		2,649,767

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	National Finance Authority Revenue, New Hampshire
		(Springpoint Senior Living Project)
		4.00% 1/1/51	1,330,000	$	1,457,042
		(The Vista Project)
		Series A 144A 5.25% 7/1/39 #	1,000,000		1,062,950
	New York State Dormitory Authority Revenue
		(Orange Regional Medical Center)
		144A 5.00% 12/1/31 #	1,000,000		1,212,800
		144A 5.00% 12/1/32 #	1,100,000		1,332,441
		144A 5.00% 12/1/33 #	1,000,000		1,209,700
	Northampton County, Philadelphia, Pennsylvania Industrial
		Development Authority Revenue
		(MorningStar Senior Living Project)
		5.00% 7/1/32	1,275,000		1,304,822
		5.00% 11/1/44	1,000,000		1,146,760
	Oklahoma Development Finance Authority Health System
		Revenue
		(OU Medicine Project)
		Series B 5.25% 8/15/43	1,790,000		2,200,340
	Pennsylvania Economic Development Financing Authority First
		Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #, ‡	1,000,000		590,000
		Series A 144A 6.75% 12/1/53 #, ‡	875,000		516,250
	Prince George’s County, Maryland
		(Collington Episcopal Life Care Community)
		5.00% 4/1/31	2,000,000		2,165,580
	Public Finance Authority, Wisconsin Senior Living Revenue
		(Mary’s Woods at Marylhurst Project)
		144A 5.00% 5/15/29 #	500,000		552,670
	Seminole County, Florida Industrial Development Authority
		(Legacy Pointe at UCF Project)
		Series A 5.25% 11/15/39	5,340,000		5,952,498
		Series B-1 4.25% 11/15/26	3,000,000		3,034,980
	Tempe, Arizona Industrial Development Authority
		(Mirabella at ASU Project)
		Series A 144A 6.00% 10/1/37 #	1,200,000		1,348,308
	Virginia Small Business Financing Authority
		(Lifespire of Virginia)
		4.00% 12/1/36	1,210,000		1,386,962
		4.00% 12/1/41	2,500,000		2,841,050

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Washington State Housing Finance Commission
		(Heron’s Key Senior Living)
		Series A 144A 7.00% 7/1/45 #	800,000	$	887,992
	Wisconsin Health & Educational Facilities Authority Revenue
		(St. Camillus Health System)
		Series A 5.00% 11/1/39	815,000		891,064
					108,805,656
Lease Revenue Bonds – 6.33%
	California Statewide Communities Development Authority
		Revenue
		(Lancer Plaza Project)
		5.125% 11/1/23	220,000		232,073
		5.625% 11/1/33	1,000,000		1,093,990
	Hudson Yards New York Infrastructure Revenue
		Series A 4.00% 2/15/44	2,875,000		3,223,450
	Los Angeles County, California
		(Disney Concert Hall Parking)
		5.00% 3/1/23	2,395,000		2,561,692
	Maryland Stadium Authority
		(Baltimore City Public Schools Construction)
		Series A 5.00% 5/1/50	5,000,000		7,424,150
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 12/15/42	13,500,000		15,571,980
		Series B 2.65% 12/15/54 (BAM) ^	8,000,000		3,319,200
		Series B 2.88% 12/15/54 ^	16,500,000		6,347,880
	New Jersey State Economic Development Authority
		(NJ Transit Transportation Project)
		Series A 4.00% 11/1/38	1,000,000		1,164,750
		Series A 4.00% 11/1/39	1,000,000		1,160,960
	New Jersey State Transportation Trust Fund Authority
		Series AA 4.00% 6/15/45	5,000,000		5,812,250
		(Highway Reimbursement)
		Series A 5.00% 6/15/30	2,415,000		2,872,063
		(Transportation System Bonds)
		Series A 5.00% 12/15/25	5,000,000		5,948,050
	New York City, New York Transitional Finance Authority Building
		Aid Revenue
		Series S-1 5.00% 7/15/31	5,000,000		5,777,350

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	New York State Dormitory Authority Revenue
		(Health Facilities Improvement Program)
		Series 1 5.00% 1/15/28	750,000	$	941,850
		Series 1 5.00% 1/15/29	3,100,000		3,902,466
	New York State Thruway Authority Revenue
		Series A-1 4.00% 3/15/52	8,500,000		9,993,025
					77,347,179
Local General Obligation Bonds – 4.67%
	Chesterfield County, Virginia
		Series B 5.00% 1/1/22	4,070,000		4,136,545
		Chicago, Illinois
		Series A 5.25% 1/1/29	640,000		702,573
		Series A 5.50% 1/1/35	1,980,000		2,514,976
		Series C 5.00% 1/1/26	1,280,000		1,508,608
	Chicago, Illinois Board of Education
		5.00% 4/1/35	825,000		985,941
		5.00% 4/1/36	320,000		381,834
		(Dedicated Revenues)
		Series A 5.00% 12/1/40	2,000,000		2,539,120
		Series A 5.00% 12/1/41	1,225,000		1,237,777
		Series C 5.00% 12/1/34	2,160,000		2,627,877
		Series D 5.00% 12/1/31	2,160,000		2,643,278
	City & County of San Francisco, California
		Series D-1 4.00% 6/15/39	1,330,000		1,576,210
		Series D-1 4.00% 6/15/40	1,385,000		1,631,571
		Series D-1 4.00% 6/15/41	1,440,000		1,692,691
	New York City, New York
		Fiscal 2021 Series C 5.00% 8/1/33	2,000,000		2,625,620
		Fiscal 2021 Series C 5.00% 8/1/43	3,500,000		4,473,000
		Series D-1 5.00% 10/1/30	2,260,000		2,268,724
		Series E 5.00% 8/1/23	3,685,000		4,028,663
		Series F-1 5.00% 6/1/34	5,000,000		5,835,100
		Subseries D-1 4.00% 12/1/42	4,300,000		5,013,714
	San Francisco, California Bay Area Rapid Transit District
		(Election 2004)
		Series D 5.00% 8/1/31	4,000,000		4,704,600
	Wake County, North Carolina
		Series A 5.00% 3/1/27	3,200,000		3,986,816
					57,115,238

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 5.20%
	Atlanta, Georgia Water & Wastewater Revenue
		5.00% 11/1/35-25 §	5,000,000	$	5,861,600
	California State
		(Various Purpose)
		5.25% 9/1/28-21 §	2,265,000		2,265,000
	California State Department of Water Resources
		(Water System)
		Series AS 5.00% 12/1/29-24 §	15,000		17,303
		Unrefunded Series AS 5.00% 12/1/29-24 §	2,680,000		3,100,867
	Denton Independent School District, Texas
		(School Building)
		Series A 5.00% 8/15/40-25 (PSF) §	4,000,000		4,732,960
	East Hempfield Township, Pennsylvania Industrial Development
		Authority
		(Student Services - Student Housing Project at Millersville
		University)
		5.00% 7/1/39-24 §	875,000		991,620
		5.00% 7/1/46-24 §	1,425,000		1,614,924
	Fort Worth, Texas Independent School District
		(School Building)
		5.00% 2/15/27-24 (PSF) §	2,000,000		2,237,380
	Golden State, California Tobacco Securitization Corporate
		Settlement Revenue
		(Asset-Backed Enhanced)
		Series A 5.00% 6/1/35-25 §	3,000,000		3,533,580
	Louisiana State Highway Improvement Revenue
		Series A 5.00% 6/15/29-24 §	5,195,000		5,893,675
	New Jersey State Turnpike Authority Turnpike Revenue
		Series A 5.00% 1/1/30-22 §	5,000,000		5,203,300
		Series A 5.00% 1/1/43-22 §	1,860,000		1,935,627
	New York City, New York
		Series D-1 5.00% 10/1/30-21 §	1,740,000		1,746,873
	Pennsylvania State Turnpike Commission Revenue
		Series C 5.00% 12/1/43-23 §	4,555,000		5,050,402
	Philadelphia, Pennsylvania Water & Waste Water Revenue
		5.00% 11/1/28-22 §	5,000,000		5,281,250
	Public Finance Authority, Wisconsin Airport Facilities Revenue
		(AFCO Investors II Portfolio)
		144A 5.00% 10/1/23-22 (AMT) #, §	1,135,000		1,175,247
	Sacramento, California Water Revenue
		5.00% 9/1/26-23 §	3,160,000		3,467,500

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Southwestern Illinois Development Authority
		(Memorial Group)
		7.125% 11/1/30-23 §	2,190,000	$	2,514,186
	Texas State
		(Transportation Commission Highway Improvement)
		5.00% 4/1/29-24 §	3,000,000		3,374,580
	Virginia Commonwealth Transportation Board
		(Gans-Garvee)
		5.00% 3/15/24-23 §	3,250,000		3,492,775
					63,490,649
Special Tax Revenue Bonds – 18.94%
	Allentown, Pennsylvania Neighborhood Improvement Zone
		Development Authority Revenue
		(City Center Project)
		144A 5.375% 5/1/42 #	2,900,000		3,434,151
		(Forward Delivery)
		5.00% 5/1/24	170,000		185,917
		5.00% 5/1/25	500,000		564,885
		5.00% 5/1/26	500,000		580,265
		5.00% 5/1/27	550,000		653,367
		5.00% 5/1/29	600,000		741,264
		5.00% 5/1/31	670,000		853,908
		5.00% 5/1/33	765,000		984,524
		5.00% 5/1/34	750,000		961,523
	Bullhead City, Arizona Excise Taxes Revenue
		2.30% 7/1/41	2,000,000		1,999,780
		2.55% 7/1/46	7,000,000		7,033,040
	Camden County, New Jersey Improvement Authority Revenue
		(County Capital Program)
		Series A 5.00% 1/15/40	5,000,000		5,696,000
	Celebration Pointe, Florida Community Development District
		4.75% 5/1/24	290,000		309,955
		5.00% 5/1/34	830,000		875,426
	Connecticut State Transportation Infrastructure
		Series B 5.00% 10/1/30	3,375,000		4,318,582
	Dallas, Texas Convention Center Hotel Development Revenue
		Series A 5.00% 1/1/24	3,420,000		3,425,438
		Series A 5.25% 1/1/23	5,375,000		5,384,567
	Denver, Colorado Convention Center Hotel Authority
		5.00% 12/1/26	2,500,000		3,023,800
		5.00% 12/1/29	600,000		713,328

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Denver, Colorado Convention Center Hotel Authority
		5.00% 12/1/31	900,000	$	1,061,280
		5.00% 12/1/32	1,800,000		2,117,178
		5.00% 12/1/34	1,500,000		1,753,875
		5.00% 12/1/35	1,200,000		1,401,288
		5.00% 12/1/36	900,000		1,049,067
	Ernest N Morail-New Orleans, Louisiana Exhibition Hall Authority
		Special Tax Revenue
		5.00% 7/15/26	2,330,000		2,425,250
	GDB Debt Recovery Authority, Guam
		(Taxable)
		7.50% 8/20/40	11,433,840		10,747,810
	Harris County-Houston, Texas Sports Authority
		(Senior Lien)
		Series A 5.00% 11/15/30	1,805,000		2,017,954
	Illinois State, Sales Tax Revenue
		(Junior Obligation)
		Series A 4.00% 6/15/29	2,250,000		2,742,075
		Series A 4.00% 6/15/30	10,000,000		12,374,700
		Series A 4.00% 6/15/31	10,000,000		12,555,500
	Kansas City, Missouri Land Clearance Redevelopment Authority
		Revenue
		(Convention Center Hotel Project - TIF Financing)
		Series B 144A 5.00% 2/1/40 #	200,000		218,294
	Massachusetts School Building Authority
		Series C 5.00% 8/15/29	1,630,000		1,921,933
	Metropolitan Transportation Authority Revenue, New York
		(Climate Bond Certified)
		Series B-2 5.00% 11/15/36	5,000,000		6,031,950
	New Jersey Economic Development Authority Revenue
		(Cigarette Tax)
		5.00% 6/15/22	1,750,000		1,811,023
		5.00% 6/15/23	1,250,000		1,293,500
	New York City, New York Transitional Finance Authority Building
		Aid Revenue
		Subordinate Subseries S-3A 5.00% 7/15/28	4,400,000		5,657,036
	New York City, New York Transitional Finance Authority Future
		Tax Secured
		Subseries A-1 5.00% 11/1/23	2,865,000		3,165,539
		Subseries B-1 5.00% 8/1/42	5,000,000		5,630,200
		Subseries C 5.00% 11/1/27	4,150,000		4,671,530
		Subseries D-1 5.00% 11/1/38	7,500,000		7,560,300

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York City, New York Transitional Finance Authority Future
		Tax Secured
		Subseries E-1 5.00% 2/1/26	4,020,000	$	4,101,244
		Subseries E-1 5.00% 2/1/35	5,000,000		6,082,100
	New York State Dormitory Authority Revenue
		Series A 5.00% 3/15/31	1,000,000		1,157,060
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,128,650
		Series D 5.00% 2/15/37	5,000,000		5,108,450
	New York State Urban Development Revenue
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,869,850
		Series C 5.00% 3/15/33	3,000,000		3,985,920
		Series E 4.00% 3/15/38	8,000,000		9,504,320
		Series E 5.00% 3/15/33	2,000,000		2,622,660
	Orange County, California Local Transportation Authority
		5.00% 2/15/39	4,000,000		5,075,400
	Public Finance Authority, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	1,010,000		1,161,500
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	6,015,000		6,921,581
		Series A-1 4.75% 7/1/53	7,890,000		9,029,316
		Series A-1 5.00% 7/1/58	3,820,000		4,422,987
		Series A-2 4.329% 7/1/40	18,625,000		21,172,528
		Series A-2 4.329% 7/1/40	5,636,000		6,406,892
		Series A-2 4.784% 7/1/58	1,460,000		1,670,809
	Richmond Heights, Missouri Tax Increment & Transaction Sales
		Tax Revenue Refunding & Improvement
		(Francis Place Redevelopment Project)
		5.625% 11/1/25	715,000		715,701
	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	1,220,000		1,240,301
					231,324,271
State General Obligation Bonds – 16.58%
	California State
		(School Facilities)
		5.00% 11/1/30	5,000,000		5,511,850

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	California State
		(Various Purpose)
		4.00% 3/1/36	1,000,000	$	1,218,530
		5.00% 8/1/26	3,120,000		3,817,570
		5.00% 10/1/26	2,500,000		3,074,825
		5.00% 8/1/28	3,000,000		3,874,200
		5.00% 9/1/30	1,715,000		2,087,807
		5.00% 4/1/32	1,410,000		1,965,357
		5.00% 9/1/32	4,100,000		4,982,238
		5.00% 8/1/33	5,000,000		5,770,050
		5.00% 9/1/35	8,000,000		9,690,720
		5.25% 9/1/28	5,485,000		5,494,379
		5.25% 9/1/30	5,000,000		5,499,550
		Series C 5.00% 9/1/30	5,985,000		7,072,235
	Commonwealth of Massachusetts
		Series A 5.00% 1/1/35	7,500,000		9,594,750
		Series A 5.00% 7/1/37	5,000,000		5,830,150
	Commonwealth of Pennsylvania
		5.00% 9/15/26	2,500,000		3,060,800
		5.00% 7/15/28	3,870,000		4,971,209
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	1,070,000		1,007,137
		Series A 5.00% 7/1/31 ‡	1,100,000		1,023,000
		Series A 5.00% 7/1/34 ‡	2,900,000		2,729,625
		Series A 5.125% 7/1/37 ‡	9,840,000		8,634,600
		Series A 5.25% 7/1/27 ‡	3,410,000		3,218,187
		Series A 5.25% 7/1/34 ‡	970,000		920,288
		Series A 5.50% 7/1/39 ‡	5,550,000		4,995,000
		Series A 8.00% 7/1/35 ‡	6,995,000		5,954,494
		Series B 5.00% 7/1/35 ‡	730,000		688,025
		Series C 5.75% 7/1/36 ‡	1,215,000		1,057,050
	Connecticut State
		Series F 5.00% 9/15/27	2,790,000		3,514,033
	District of Columbia Revenue
		Series C 5.00% 6/1/34	5,000,000		5,616,350
	Hawaii State
		Series FW 4.00% 1/1/34	3,010,000		3,579,853
	Illinois State
		5.00% 1/1/28	1,630,000		1,903,058
		5.00% 3/1/36	960,000		981,859

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Illinois State
		5.00% 11/1/36	1,965,000	$	2,286,002
		5.25% 2/1/30	2,410,000		2,675,678
		5.25% 2/1/32	1,015,000		1,123,016
		5.25% 2/1/33	480,000		530,472
		5.50% 5/1/39	2,500,000		3,222,000
		Series A 5.00% 3/1/30	2,000,000		2,569,480
		Series A 5.00% 3/1/34	1,000,000		1,286,220
		Series A 5.00% 3/1/35	2,800,000		3,590,244
		Series A 5.125% 12/1/29	4,440,000		5,436,203
		Series B 4.00% 11/1/34	5,000,000		5,815,500
		Series B 4.00% 10/1/35	8,830,000		10,395,559
		Series B 4.00% 11/1/35	2,200,000		2,552,990
		Series C 4.00% 10/1/37	1,710,000		1,999,828
		Series D 5.00% 11/1/25	1,220,000		1,433,244
		Series D 5.00% 11/1/27	7,550,000		9,301,298
	New Jersey State
		Series A 4.00% 6/1/31	2,600,000		3,250,182
	Oregon State
		(Article XI-Q State Projects)
		Series A 5.00% 5/1/28	2,000,000		2,569,680
		Series A 5.00% 5/1/44	5,000,000		6,305,550
	Washington State
		Series R-2015E 5.00% 7/1/31	3,000,000		3,452,910
		(Various Purpose)
		Series 2015-A-1 5.00% 8/1/30	3,000,000		3,404,280
					202,539,115
Transportation Revenue Bonds – 16.54%
	Bay Area, California Toll Authority
		(San Francisco Bay Area)
		Series S-7 4.00% 4/1/34	1,000,000		1,168,540
	Chicago, Illinois Midway International Airport
		Series A 5.00% 1/1/28 (AMT)	1,905,000		2,100,415
	Chicago, Illinois O’Hare International Airport Revenue
		Series A 5.00% 1/1/37 (AMT)	5,000,000		6,211,150
		Series B 5.00% 1/1/32	1,000,000		1,147,030
		Series B 5.00% 1/1/33	1,520,000		1,743,486
		(General-Airport-Senior Lien)
		Series B 5.00% 1/1/36	2,500,000		3,143,175
		Series B 5.00% 1/1/37	3,000,000		3,762,180

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Dallas Fort Worth International Airport, Texas
		Series A 4.00% 11/1/34	2,500,000	$	3,086,250
		Series A 4.00% 11/1/35	1,000,000		1,231,950
	Delaware River Port Authority Revenue
		5.00% 1/1/30	350,000		388,497
	Georgia State Road & Tollway Authority Revenue
		(Managed Lane System)
		Series A 4.00% 7/15/46	5,000,000		6,063,350
	Hillsborough County, Florida Port District
		(Tampa Port Authority Project)
		Series B 5.00% 6/1/28 (AMT)	375,000		466,853
	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		3,991,994
	Lee County, Florida Airport Revenue
		5.00% 10/1/33	4,305,000		5,068,750
	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		1,770,825
	Miami-Dade County, Florida Aviation Revenue
		Series B 5.00% 10/1/37	5,700,000		6,477,081
	New Jersey State Turnpike Authority Turnpike Revenue
		Series A 4.00% 1/1/42	6,980,000		8,334,469
		Series A 5.00% 1/1/33	1,770,000		2,155,170
		Series E 5.00% 1/1/32	5,050,000		6,351,385
	New Orleans, Louisiana Aviation Board
		(North Terminal Project)
		Series B 5.00% 1/1/32 (AGM) (AMT)	2,900,000		3,313,946
		Series B 5.00% 1/1/33 (AGM) (AMT)	2,900,000		3,308,784
	New York State Thruway Authority
		Series J 5.00% 1/1/27	5,705,000		6,328,214
		Series J 5.00% 1/1/32	5,000,000		5,540,050
		Series K 5.00% 1/1/31	5,000,000		5,728,000
	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		2,341,131
		5.00% 1/1/33 (AMT)	790,000		960,450
		5.00% 10/1/35 (AMT)	1,125,000		1,432,148

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	New York Transportation Development Special Facilities
		Revenue
		(JFK International Air Terminal Project)
		Series A 5.00% 12/1/33 (AMT)	1,000,000	$	1,295,990
		Series A 5.00% 12/1/35 (AMT)	1,000,000		1,285,280
		Series C 4.00% 12/1/41	730,000		849,968
	Oklahoma State Turnpike Authority Revenue
		Series A 5.00% 1/1/42	5,000,000		5,841,350
	Pennsylvania State Turnpike Commission Revenue
		Series B 5.00% 12/1/30	1,170,000		1,575,779
		Series B 5.00% 12/1/31	1,750,000		2,403,993
		Series B 5.00% 12/1/45	5,000,000		5,813,900
		Series C 5.00% 12/1/43	1,445,000		1,585,136
		Subordinate Series A-1 5.00% 12/1/29	3,590,000		4,117,730
	Philadelphia, Pennsylvania Airport Revenue
		Series C 5.00% 7/1/29 (AMT)	365,000		471,452
		Series C 5.00% 7/1/31 (AMT)	800,000		1,047,728
		Series C 5.00% 7/1/32 (AMT)	845,000		1,101,196
	Phoenix, Arizona Civic Improvement Corporation Airport
		Revenue
		(Junior Lien)
		Series A 5.00% 7/1/33	3,355,000		3,925,014
		Series B 5.00% 7/1/49 (AMT)	10,900,000		13,462,154
	Port Authority of New York & New Jersey
		5.00% 9/15/25 (AMT)	7,000,000		8,251,530
		5.00% 10/15/29 (AMT)	3,105,000		3,652,070
		(194th Series)
		5.00% 10/15/32	2,500,000		2,952,775
	Port of Portland Oregon Airport Revenue
		Series A 4.00% 7/1/50 (AMT)	2,440,000		2,811,319
	Regional Transportation District, Colorado
		(Denver Transit Partners Eagle P3 Project)
		Series B 4.00% 7/15/34	1,250,000		1,516,100
		Series B 5.00% 1/15/29	600,000		763,716
		Series B 5.00% 7/15/30	700,000		916,664
		Series B 5.00% 7/15/31	1,050,000		1,385,947
	Salt Lake City, Utah Airport Revenue
		Series A 5.00% 7/1/36 (AMT)	10,000,000		12,338,700
		Series A 5.00% 7/1/38 (AMT)	5,000,000		6,142,500
		Series B 5.00% 7/1/31	500,000		615,545
		Series B 5.00% 7/1/32	600,000		736,872

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Salt Lake City, Utah Airport Revenue
		Series B 5.00% 7/1/33	1,000,000	$	1,225,210
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series B 5.00% 1/1/24 (AMT)	180,000		198,115
		Series B 5.00% 1/1/25 (AMT)	390,000		444,740
		Series B 5.00% 1/1/30 (AMT)	230,000		281,844
		Series B 5.00% 1/1/32 (AMT)	215,000		261,492
		Series B 5.00% 1/1/33 (AMT)	705,000		855,962
		Series B 5.00% 1/1/34 (AMT)	880,000		1,066,463
		Series B 5.00% 1/1/35 (AMT)	675,000		816,507
		Series B 5.00% 1/1/36 (AMT)	660,000		796,237
		Series B 5.00% 1/1/37 (AMT)	430,000		517,970
	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		4,239,412
	Washington Metropolitan Area Transit Authority
		(Green Bonds - Climate Bond Certified)
		Series A 5.00% 7/15/31	1,885,000		2,576,531
	Wayne County, Michigan Airport Authority
		Series D 5.00% 12/1/45 (AGM)	6,300,000		7,413,525
	Westchester County, New York Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	875,000		942,218
					202,111,907
Water & Sewer Revenue Bonds – 2.22%
	Collier County Water-Sewer District
		4.00% 7/1/45	10,365,000		12,536,571
	Dominion, Colorado Water & Sanitation District
		5.25% 12/1/27	450,000		463,959
	Great Lakes, Michigan Water Authority Water Supply System
		Revenue
		(Senior Lien Bond)
		Series C 5.00% 7/1/31	3,000,000		3,625,830
	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		5,911,550
	San Antonio, Texas Water System Revenue
		Series A 5.00% 5/15/32	1,500,000		1,844,745

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	San Antonio, Texas Water System Revenue
		Series A 5.00% 5/15/33	2,250,000	$	2,763,563
					27,146,218
Total Municipal Bonds (cost $1,154,183,588)					1,255,333,240

Short-Term Investments – 0.91%
Variable Rate Demand Notes – 0.91%¤
	Metropolitan Water District of Southern California
		Series A-2 0.01% 7/1/37 (LOC - TD Bank N.A.)	5,000,000		5,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone
		Industrial Development Revenue
		(Chevron U.S.A. Inc. Project)
		Series B 0.01% 11/1/35	330,000		330,000
		Series C 0.01% 11/1/35	700,000		700,000
		Series E 0.01% 12/1/30	1,200,000		1,200,000
		Series E 0.01% 12/1/30	1,970,000		1,970,000
		Series G 0.01% 12/1/30	500,000		500,000
		Series I 0.01% 11/1/35	1,000,000		1,000,000
	New York City, New York Transitional Finance Authority Future
		Tax Secured
		Fiscal 2019 Subordinate Series B-4 0.01% 8/1/42
		(SPA - JPMorgan Chase Bank N.A.)	100,000		100,000
	Phoenix Industrial Development Authority
		(Mayo Clinic) Series B 0.01% 11/15/52
		(SPA - Northern Trust Company)	330,000		330,000
Total Short-Term Investments (cost $11,130,000)					11,130,000
Total Value of Securities–103.67%
	(cost $1,165,313,588)			$	1,266,463,240

°	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 August 31, 2021, the aggregate value of Rule 144A securities was $61,052,323, which represents 5.00% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 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 August 31, 2021.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

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.

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund	August 31, 2021

			Principal
			amount°		Value (US $)
Municipal Bonds – 99.67%
Corporate Revenue Bonds – 22.03%
	Allegheny County, Pennsylvania Industrial Development
		Authority Revenue
		(Environmental Improvement - US Steel Corp. Project)
		5.75% 8/1/42 (AMT)	2,000,000	$	2,058,120
	Anuvia, Florida
		144A 5.00% 1/1/29 #, =	136,374		102,280
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Inc. Project)
		Series A 144A 7.75% 7/1/50 #	15,330,000		18,478,169
	Buckeye, Ohio Tobacco Settlement Financing Authority
		(Asset-Backed Senior)
		Series B-2 5.00% 6/1/55	34,090,000		39,670,192
		(Senior)
		Series A-2 3.00% 6/1/48	1,775,000		1,844,296
		Series A-2 4.00% 6/1/48	3,915,000		4,499,705
	Calhoun County Navigation Industrial Development Authority
		(Max Midstream Texas, LLC Project)
		Series A 144A 3.625% 7/1/26 (AMT) #	8,285,000		8,625,845
	California County Tobacco Securitization Agency Settlement
		Revenue
		(Capital Appreciation Bond - Fresno County Tobacco Funding
		Corporation)
		0.83% 6/1/55 ^	100,000,000		7,688,000
	California Pollution Control Financing Authority Revenue
		(Calplant I Project)
		144A 7.50% 7/1/32 (AMT) #	1,600,000		1,498,704
		144A 8.00% 7/1/39 (AMT) #, ‡	5,250,000		3,412,500
	Children’s Trust Fund, Puerto Rico
		(Asset-Backed)
		Series B 0.485% 5/15/57 ^	3,420,000		186,116
	District of Columbia Tobacco Settlement Financing
		(Capital Appreciation-Asset-Backed)
		Series D 0.122% 6/15/55 ^	250,000,000		22,542,500
	Erie, New York Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.536% 6/1/60 #, ^	192,305,000		10,486,392
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Brightline Passenger Rail Project)
		Series B 144A 7.375% 1/1/49 (AMT) #	14,040,000		15,437,261
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.25% 1/1/49 (AMT) #, ●	4,000,000		4,114,560

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Florida Development Finance Corporation Surface
		Transportation Facility Revenue
		(Virgin Trains USA Passenger Rail Project)
		Series A 144A 6.50% 1/1/49 (AMT) #, ●	8,905,000	$	9,220,949
	George L Smith II Georgia World Congress Center Authority
		(Convention Center Hotel First)
		Series A 4.00% 1/1/54	4,000,000		4,564,200
		(Convention Center Hotel Second)
		Series B 144A 5.00% 1/1/54 #	5,000,000		5,915,350
	Golden State, California Tobacco Securitization Corporate
		Settlement Revenue
		(Asset-Backed)
		Series A-2 5.00% 6/1/47	4,000,000		4,133,280
		(Capital Appreciation - Asset-Backed-1st Subordinate)
		Series B 1.548% 6/1/47 ^	30,145,000		6,826,034
	Hoover, Alabama Industrial Development Board
		(United States Steel Corporation Project)
		5.75% 10/1/49 (AMT)	10,250,000		12,332,390
	Houston, Texas Airport System Revenue
		Series B-1 5.00% 7/15/35 (AMT)	3,000,000		3,328,920
		(Special Facilities Continental Airlines, Inc. Terminal
		Improvements Projects)
		Series 2011 6.625% 7/15/38 (AMT)	2,000,000		2,012,840
		(United Airlines Inc.)
		5.00% 7/1/29 (AMT)	1,150,000		1,261,700
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	4,145,293		4,113,623
	Indiana Finance Authority Exempt Facility Revenue
		(Polyflow Indiana Project - Green Bond)
		144A 7.00% 3/1/39 (AMT) #	7,035,000		6,821,558
	Inland, California Empire Tobacco Securitization
		(Capital Appreciation-Asset-Backed)
		Series E 144A 0.967% 6/1/57 #, ^	351,610,000		24,225,929
		Series F 144A 1.403% 6/1/57 #, ^	188,290,000		11,127,939
	Main Street Natural Gas Project Revenue, Georgia
		Series A 5.50% 9/15/23	40,000		44,145
	Michigan Finance Authority Limited Obligation Revenue
		Series B-2 4.97% 6/1/65 ^	10,000,000		1,355,200
	Monroe, New York Tobacco Asset Securitization
		(4th Subordinate - Capital Appreciation - Asset-Backed)
		Series A 144A 0.186% 6/1/61 #, ^	487,500,000		24,194,625

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	Nevada State Department of Business & Industry
		(Green Fulcrum Sierra Biofuels Project)
		144A 6.25% 12/15/37 (AMT) #	2,500,000	$	2,638,975
	New Jersey Economic Development Authority Special Facility
		Revenue
		(Continental Airlines Project)
		5.25% 9/15/29 (AMT)	4,000,000		4,203,680
		Series B 5.625% 11/15/30 (AMT)	1,270,000		1,417,930
	New Jersey Tobacco Settlement Financing Corporation
		Series B 5.00% 6/1/46	4,440,000		5,279,648
	New York City, New York Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 2.00% 1/1/38 (AGM)	500,000		493,030
	New York Liberty Development Revenue
		(Goldman Sachs Headquarters)
		5.25% 10/1/35	360,000		517,597
	New York Transportation Development
		(American Airlines Inc. John F. Kennedy International Airport
		Project)
		5.375% 8/1/36 (AMT)	1,000,000		1,278,030
	Pennsylvania Economic Development Financing Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,500,000		4,803,255
	Port of Seattle, Washington Industrial Development Corporation
		Special Facilities Revenue
		(Delta Airlines)
		5.00% 4/1/30 (AMT)	2,000,000		2,133,440
	Public Authority for Colorado Energy Natural Gas Revenue
		Series 28 6.50% 11/15/38	2,000,000		3,123,520
	Salt Verde, Arizona Financial Senior Gas Revenue
		5.00% 12/1/37	9,250,000		13,085,790
		5.25% 12/1/27	2,235,000		2,793,638
		5.25% 12/1/28	1,050,000		1,342,079
		5.50% 12/1/29	765,000		1,011,437
	Shoals, Indiana
		(National Gypsum Co. Project)
		7.25% 11/1/43 (AMT)	1,625,000		1,760,005
	Southern Ohio Port Authority
		(PureCycle Project)
		Series A 7.00% 12/1/42	2,500,000		2,911,575

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
	St. James Parish, Louisiana
		(NuStar Logistics, LP Project)
		144A 6.10% 6/1/38 #, ●	1,000,000	$	1,326,530
		144A 6.35% 7/1/40 #	3,600,000		4,847,364
		Series B 144A 6.10% 12/1/40 #, ●	1,630,000		2,162,244
	Tennessee State Energy Acquisition Gas Revenue
		Series A 4.00% 5/1/48 ●	720,000		760,579
		Series C 5.00% 2/1/27	2,940,000		3,542,053
	TSASC, New York
		Series A 5.00% 6/1/41	705,000		827,628
	Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue
		Series A 5.50% 6/1/35 (AMT)	2,000,000		2,146,940
	Valparaiso, Indiana
		(Pratt Paper LLC Project)
		7.00% 1/1/44 (AMT)	2,865,000		3,254,239
	Virginia Tobacco Settlement Financing Corporation
		Series B-1 5.00% 6/1/47	2,000,000		2,013,240
		Series C 2.243% 6/1/47 ^	71,975,000		17,666,983
		Series D 2.567% 6/1/47 ^	151,255,000		34,443,789
	Washington Economic Development Finance Authority Revenue
		(Columbia Pulp I, LLC Project)
		Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡	4,800,000		3,600,000
					387,508,540
Education Revenue Bonds – 16.73%
	Arizona Industrial Development Authority Revenue
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	3,200,000		3,652,896
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	1,205,000		1,489,910
		144A 6.00% 7/1/47 #	4,735,000		5,760,648
		(Basis Schools Projects)
		Series A 144A 5.125% 7/1/37 #	750,000		869,003
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	1,000,000		1,108,020
		(Kaizen Education Foundation Project)
		144A 5.80% 7/1/52 #	4,000,000		4,656,320
		(Pinecrest Academy Nevada-Horizon, Inspirada)
		Series A 144A 5.75% 7/15/48 #	2,250,000		2,629,305
	Build NYC Resource, New York
		5.00% 11/1/39	1,000,000		1,089,570

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource, New York
		(Inwood Academy for Leadership Charter School Project)
		Series A 144A 5.125% 5/1/38 #	575,000	$	668,633
		Series A 144A 5.50% 5/1/48 #	1,500,000		1,754,520
		(New Dawn Charter Schools Project)
		144A 5.625% 2/1/39 #	1,290,000		1,421,683
		144A 5.75% 2/1/49 #	2,700,000		2,959,092
	Burbank, Illinois
		(Intercultural Montessori Language)
		144A 6.25% 9/1/45 #	4,000,000		4,397,600
	California Educational Facilities Authority Revenue
		(Stanford University)
		Series V-1 5.00% 5/1/49	16,465,000		25,699,395
		Series V-2 2.25% 4/1/51	3,975,000		3,932,110
	California Municipal Finance Authority Revenue
		(California Baptist University)
		Series A 144A 5.50% 11/1/45 #	4,000,000		4,618,880
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	5,250,000		5,465,670
		(Partnership Uplift Community Project)
		Series A 5.25% 8/1/42	1,700,000		1,739,593
		(Santa Rosa Academy Project)
		Series A 6.00% 7/1/42	1,250,000		1,295,475
		(Southwestern Law School)
		6.50% 11/1/41	1,500,000		1,512,480
	California Public Finance Authority
		(Crossroads Christian School Project)
		144A 5.00% 1/1/56 #	2,000,000		2,089,200
	California School Finance Authority
		(Aspire Public Schools)
		Series A 144A 5.00% 8/1/35 #	585,000		670,521
		Series A 144A 5.00% 8/1/40 #	605,000		689,029
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/52 #	1,000,000		993,700
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	2,500,000		2,838,675
		(New Designs Charter School)
		Series A 5.50% 6/1/42	1,750,000		1,790,250
		(Sonoma County Junior College District Project)
		Series A 4.00% 11/1/51	2,830,000		3,249,915
		Series A 4.00% 11/1/55	2,500,000		2,853,925

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 5.875% 10/1/44	1,000,000	$	1,109,490
		Series A 6.00% 10/1/49	720,000		801,497
	California State University
		(Systemwide)
		Series A 5.00% 11/1/26	2,000,000		2,468,380
	California Statewide Communities Development Authority
		Charter School Revenue
		(Green Dot Public Schools)
		Series A 7.25% 8/1/41	1,915,000		1,924,001
	California Statewide Communities Development Authority
		Revenue
		(Lancer Educational Student Housing Project)
		Series A 144A 5.00% 6/1/46 #	1,500,000		1,719,630
	Capital Trust Agency, Florida
		(Pineapple Cove Classical Academy Inc. Project)
		Series A 144A 5.375% 7/1/54 #	6,000,000		6,812,820
		(River City Education Services Project)
		Series A 5.375% 2/1/35	870,000		922,565
		Series A 5.625% 2/1/45	1,500,000		1,588,215
		(The Pepin Academies Inc. Project)
		Series A 5.75% 7/1/55	2,625,000		2,883,274
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/58 #	8,000,000		9,368,720
	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		2,279,090
	Colorado Educational & Cultural Facilities Authority Revenue
		(Charter School - Community Leadership Academy)
		7.45% 8/1/48	2,000,000		2,196,860
		(Charter School - Loveland Classical School)
		144A 5.00% 7/1/46 #	1,500,000		1,643,100
		(Global Village Academy - Northglenn Project)
		144A 5.00% 12/1/40 #	1,110,000		1,240,503
		144A 5.00% 12/1/55 #	1,720,000		1,882,368
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	500,000		537,040
		(Windsor Charter Academy Project)
		Series 2016 5.00% 9/1/36	1,000,000		1,000,680

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Hawaii State Department of Budget & Finance
		(Hawaii Pacific University)
		Series A 6.875% 7/1/43	2,000,000	$	2,167,520
	Henderson, Nevada Public Improvement Trust
		(Touro College & University System)
		Series A 5.50% 1/1/39	560,000		616,750
		Series A 5.50% 1/1/44	2,000,000		2,192,220
	Idaho Housing & Finance Association
		(Compass Public Charter School)
		Series A 144A 5.00% 7/1/54 #	860,000		971,146
		(Idaho Arts Charter School)
		144A 5.00% 12/1/36 #	715,000		810,703
		(North Star Charter School)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		759,960
		Series A 6.75% 7/1/48	529,150		600,136
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,000,000		1,107,280
	Illinois Finance Authority Charter School Revenue
		(Chicago International Charter School Project)
		5.00% 12/1/47	2,965,000		3,441,802
		(Uno Charter School)
		Series A 7.125% 10/1/41	1,000,000		1,005,550
	Illinois Finance Authority Revenue
		(Acero Charter Schools)
		144A 4.00% 10/1/42 #	2,245,000		2,519,968
		(Lake Forest College)
		Series A 6.00% 10/1/48	1,000,000		1,028,630
		(Rogers Park Montessori)
		6.00% 2/1/34	675,000		727,184
		6.125% 2/1/45	1,800,000		1,927,368
	Illinois Finance Authority Student Housing & Academic Facility
		Revenue
		(University of Illinois at Chicago Project)
		Series A 5.00% 2/15/47	3,640,000		4,203,508
	Illinois Finance Authority Student Housing Revenue
		(Dekalb II - Northern Illinois University Project)
		6.875% 10/1/43	1,000,000		1,005,350
	Kent County, Delaware Student Housing and Dining Facilities
		Revenue
		(Delaware State University Project)
		Series A 5.00% 7/1/58	1,250,000		1,406,925

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Louisiana Public Facilities Authority Revenue
		(Lake Charles Charter Academy Foundation Project)
		8.00% 12/15/41	1,500,000	$	1,520,355
		(Lincoln Preparatory School Project)
		Series A 144A 5.25% 6/1/60 #	2,000,000		2,201,720
	Macomb County, Michigan State Public School Academy
		Revenue
		(Academy Of Warren)
		Series A 144A 5.50% 5/1/50 #	1,810,000		1,917,098
	Macon-Bibb County, Georgia Urban Development Authority
		Revenue
		(Academy for Classical Education)
		Series A 144A 5.875% 6/15/47 #	1,680,000		1,951,169
		Series A 144A 6.00% 6/15/52 #	1,530,000		1,782,664
	Massachusetts Development Finance Agency Revenue
		Series V 5.00% 7/1/55	5,000,000		8,031,150
	Miami-Dade County, Florida Industrial Development Authority
		(Youth Co-Op Charter School)
		Series A 144A 5.75% 9/15/35 #	1,000,000		1,106,190
		Series A 144A 6.00% 9/15/45 #	1,000,000		1,101,810
	Michigan Finance Authority Limited Obligation Revenue
		(Landmark Academy Project)
		5.00% 6/1/45	2,000,000		2,194,060
		(Public School Academy Old Redford)
		Series A 6.50% 12/1/40	900,000		901,386
	Nevada State Department of Business & Industry
		(Somerset Academy)
		Series A 144A 5.00% 12/15/35 #	1,595,000		1,789,159
		Series A 144A 5.125% 12/15/45 #	2,515,000		2,785,966
	New Jersey State Higher Education Student Assistance
		Authority Student Loan Revenue
		Series 1B 5.75% 12/1/39 (AMT)	1,250,000		1,317,813
	New York State Dormitory Authority
		(Touro College & University System)
		Series A 5.50% 1/1/44	2,875,000		3,168,020
	Philadelphia, Pennsylvania Authority for Industrial Development
		Revenue
		(1st Philadelphia Preparatory)
		Series A 7.25% 6/15/43	1,230,000		1,413,122

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Philadelphia, Pennsylvania Authority for Industrial Development
		Revenue
		(Green Woods Charter School Project)
		Series A 5.75% 6/15/42	1,600,000	$	1,652,128
		(Tacony Academy Charter School Project)
		7.00% 6/15/43	1,540,000		1,685,792
	Phoenix, Arizona Industrial Development Authority Education
		Revenue
		(Basic Schools Project)
		Series 2015A 144A 5.00% 7/1/46 #	4,000,000		4,452,760
		Series 2016A 144A 5.00% 7/1/45 #	2,000,000		2,227,160
		(Choice Academies Project)
		5.375% 9/1/32	1,000,000		1,030,540
		5.625% 9/1/42	600,000		618,168
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	450,000		459,324
	Pima County, Arizona Industrial Development Authority
		Education Revenue
		(American Leadership Academy Project)
		144A 5.00% 6/15/47 #	1,630,000		1,654,678
		144A 5.00% 6/15/52 #	1,400,000		1,420,650
		(Career Success Schools Project)
		144A 5.50% 5/1/40 #	500,000		538,170
		144A 5.75% 5/1/50 #	2,530,000		2,724,355
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/49 #	2,500,000		2,746,350
		144A 5.00% 7/1/55 #	2,500,000		2,738,050
	Pottsboro, Texas Higher Education Finance Authority Revenue
		Series A 5.00% 8/15/36	755,000		838,684
		Series A 5.00% 8/15/46	1,000,000		1,093,800
	Private Colleges & Universities Authority, Georgia Revenue
		(Mercer University)
		Series A 5.00% 10/1/32	1,005,000		1,008,889
	Public Finance Authority Revenue, Wisconsin
		(Coral Academy Of Science Las Vegas)
		Series A 4.00% 7/1/41	800,000		911,032
		Series A 4.00% 7/1/51	1,000,000		1,124,170
		(Goodwill Industries of Southern Nevada Project)
		Series A 5.50% 12/1/38	2,572,956		2,567,090
		Series A 5.75% 12/1/48	2,576,272		2,553,163
		(Minnesota College of Osteopathic Medicine)
		Series A-1 144A 5.50% 12/1/48 #, ‡	125,528		62,764

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Public Finance Authority Revenue, Wisconsin
		(Minnesota College of Osteopathic Medicine)
		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		510,204
		Series A 144A 5.00% 6/15/39 #	500,000		553,180
		Series A 144A 5.00% 6/15/49 #	1,100,000		1,204,544
	South Carolina Jobs-Economic Development Authority
		Educational Facilities Revenue
		(Green Charter Schools Project)
		Series A 144A 4.00% 6/1/36 #	1,000,000		1,099,090
		Series A 144A 4.00% 6/1/46 #	1,150,000		1,234,260
		Series A 144A 4.00% 6/1/56 #	1,530,000		1,626,589
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/49 #	5,000,000		5,789,000
	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		2,757,222
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	21,400,000		33,433,220
	University of Virginia
		Series A 2.18% 11/1/51	10,000,000		9,675,200
	Utah State Charter School Finance Authority Revenue
		(Leadership Learning Academy Project)
		Series A 144A 5.00% 6/15/39 #	1,000,000		1,119,460
		Series A 144A 5.00% 6/15/50 #	2,200,000		2,433,046
	Wisconsin Public Finance Authority Revenue
		(Pine Lake Preparatory)
		144A 5.50% 3/1/45 #	3,460,000		3,847,382
		(Roseman University Health Sciences Project)
		5.75% 4/1/42	2,000,000		2,052,220
	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		541,390
					294,181,657
Electric Revenue Bonds – 4.07%
	Build NYC Resource, New York
		(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
		144A 5.25% 12/31/33 (AMT) #	4,520,000		4,999,572

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	8,615,000	$	8,442,700
		Series A 5.05% 7/1/42 ‡	4,590,000		4,498,200
		Series A 6.75% 7/1/36 ‡	1,500,000		1,509,375
		Series AAA 5.25% 7/1/25 ‡	925,000		909,969
		Series AAA 5.25% 7/1/26 ‡	1,030,000		1,013,263
		Series AAA 5.25% 7/1/27 ‡	5,330,000		5,243,387
		Series AAA 5.25% 7/1/28 ‡	1,205,000		1,185,419
		Series CCC 5.25% 7/1/27 ‡	5,525,000		5,435,219
		Series WW 5.00% 7/1/28 ‡	3,405,000		3,336,900
		Series WW 5.25% 7/1/25 ‡	1,530,000		1,505,137
		Series WW 5.25% 7/1/33 ‡	830,000		816,513
		Series WW 5.50% 7/1/38 ‡	9,325,000		9,196,781
		Series XX 4.75% 7/1/26 ‡	920,000		898,150
		Series XX 5.25% 7/1/40 ‡	9,795,000		9,635,831
		Series XX 5.75% 7/1/36 ‡	5,840,000		5,781,600
		Series ZZ 4.75% 7/1/27 ‡	760,000		741,950
		Series ZZ 5.25% 7/1/24 ‡	1,275,000		1,254,281
		Series ZZ 5.25% 7/1/26 ‡	2,005,000		1,972,419
	Salt River Project Agricultural Improvement & Power District,
		Arizona
		(Salt River Project)
		Series A 5.00% 1/1/31	2,520,000		3,165,145
					71,541,811
Healthcare Revenue Bonds – 19.51%
	Alachua County, Florida Health Facilities Authority
		(Oak Hammock University)
		Series A 8.00% 10/1/42	1,000,000		1,074,220
		Series A 8.00% 10/1/46	1,500,000		1,609,650
	Apple Valley, Minnesota
		(Senior Living, LLC Project 2nd Tier)
		Series B 5.00% 1/1/47	2,375,000		1,861,644
		Series B 5.25% 1/1/37	420,000		369,482
		(Senior Living, LLC Project 4th Tier)
		Series D 7.25% 1/1/52	7,410,000		5,746,900
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project 1st Tier)
		Series A 5.00% 1/1/54	2,595,000		2,732,146
		(Great Lakes Senior Living Communities LLC Project 2nd Tier)
		Series B 5.00% 1/1/49	975,000		964,333
		Series B 5.125% 1/1/54	1,130,000		1,130,644

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project 3rd Tier)
		Series C 144A 5.00% 1/1/49 #	1,000,000	$	900,990
		Series C 144A 5.50% 1/1/54 #	4,000,000		3,652,080
		(Great Lakes Senior Living Communities LLC Project 4th Tier)
		144A 7.75% 1/1/54 #	2,100,000		1,680,189
		Series D 144A 7.25% 1/1/54 #	2,500,000		2,006,250
	Berks County, Pennsylvania Industrial Development Authority
		Revenue
		(Tower Health Project)
		5.00% 11/1/50	5,105,000		5,665,631
	Bexar County, Texas Health Facilities Development
		(Army Retirement Residence Foundation Project)
		Series 2010 5.875% 7/1/30	80,000		80,298
	Birmingham, Alabama Special Care Facilities Financing Authority
		(Methodist Home for the Aging)
		5.50% 6/1/30	1,850,000		1,996,150
		5.75% 6/1/35	1,500,000		1,613,040
		5.75% 6/1/45	2,500,000		2,646,275
		6.00% 6/1/50	2,650,000		2,823,814
	California Educational Facilities Authority Revenue
		(Stanford University)
		Series V-2 5.00% 4/1/51	2,500,000		3,956,900
	California Health Facilities Financing Authority Revenue
		(Kaiser Permanente)
		Series A-2 5.00% 11/1/47	4,870,000		7,371,816
	California Municipal Finance Authority Revenue
		(Goodwill Industry Sacramento Valley) 5.25% 1/1/45	1,295,000		1,296,230
		(Goodwill Industry Sacramento Valley and Northern Nevada
		Project)
		Series A 144A 6.625% 1/1/32 #	500,000		503,235
		Series A 144A 6.875% 1/1/42 #	1,500,000		1,508,265
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		581,795
	California Statewide Communities Development Authority
		Revenue
		(Loma Linda University Medical Center)
		Series A 144A 5.25% 12/1/56 #	4,500,000		5,061,150
		Series A 144A 5.50% 12/1/58 #	5,000,000		5,925,650
	Camden County, New Jersey Improvement Authority Revenue
		(Cooper Health System Obligation Group)
		5.75% 2/15/42	2,050,000		2,182,451

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Capital Trust Agency, Florida
		(Elim Senior Housing Inc. Project)
		144A 5.875% 8/1/52 #	2,500,000	$	2,320,825
		(Tuscan Gardens Senior Living Center)
		Series A 7.00% 4/1/49	5,000,000		2,798,400
	Chesterfield County, Virginia Economic Development Authority
		Revenue
		(1st Mortgage - Brandermill Woods Project)
		5.125% 1/1/43	1,030,000		1,036,561
	Clackamas County, Oregon Hospital Facility Authority
		(Rose Villa Project)
		Series A 5.25% 11/15/50	1,000,000		1,113,830
		Series A 5.375% 11/15/55	1,000,000		1,116,630
	Cobb County, Georgia Development Authority
		(Provident Village at Creekside Project)
		Series A 144A 6.00% 7/1/51 #, ‡	3,500,000		2,450,000
	Colorado Health Facilities Authority Revenue
		(Adventhealth Obligated Group)
		Series A 3.00% 11/15/51	5,750,000		6,178,835
		(American Baptist)
		8.00% 8/1/43	2,500,000		2,674,825
		(Capella of Grand Junction Project)
		144A 5.00% 12/1/54 #	1,985,000		2,051,220
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	500,000		544,700
		(Sunny Vista Living Center)
		Series A 144A 5.50% 12/1/30 #	750,000		806,527
		Series A 144A 5.75% 12/1/35 #	1,150,000		1,242,264
		Series A 144A 6.125% 12/1/45 #	1,200,000		1,301,532
		Series A 144A 6.25% 12/1/50 #	560,000		609,633
	Cumberland County Municipal Authority Revenue
		(Asbury Maryland Obligated Group)
		5.25% 1/1/27	285,000		288,520
		5.25% 1/1/41	825,000		832,540
	Cuyahoga County, Ohio Hospital Revenue
		(The Metrohealth System)
		5.25% 2/15/47	4,000,000		4,778,400
		5.50% 2/15/52	4,655,000		5,607,273
		5.50% 2/15/57	6,365,000		7,593,636
	Decatur, Texas Hospital Authority
		(Wise Regional Health Systems)
		Series A 5.00% 9/1/34	1,000,000		1,109,170

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Decatur, Texas Hospital Authority
		(Wise Regional Health Systems)
		Series A 5.25% 9/1/29	500,000	$	563,055
		Series A 5.25% 9/1/44	2,000,000		2,219,900
	Florida Development Finance
		(UF Health - Jacksonville Project)
		Series A 6.00% 2/1/33	490,000		524,192
	Glendale, Arizona Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	830,000		855,987
		5.25% 11/15/51	1,350,000		1,386,950
	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		1,046,370
	Hospital Facilities Authority of Multnomah County, Oregon
		(Mirabella at South Waterfront)
		5.50% 10/1/49	2,400,000		2,606,928
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/33	485,000		606,236
		(Valley Vista Care Corporation)
		Series A 5.00% 11/15/32	455,000		488,010
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.25% 5/15/42	900,000		956,106
		5.25% 5/15/54	5,600,000		5,922,280
	Illinois Housing Development Authority
		(Stonebridge of Gurnee Project)
		Series A 144A 5.45% 1/1/46 #	2,500,000		2,416,825
		Series A 144A 5.60% 1/1/56 #	2,630,000		2,497,474
	Iowa Finance Authority
		(PHS Council Bluffs Project)
		5.125% 8/1/48	1,750,000		1,835,890
		5.25% 8/1/55	2,500,000		2,622,725
	Kalispell, Montana
		(Immanuel Lutheran Corporation Project)
		Series A 5.25% 5/15/47	1,400,000		1,532,034

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Kentucky Economic Development Finance Authority Healthcare
		Revenue
		(Rosedale Green Project)
		5.50% 11/15/35	1,310,000	$	1,363,121
		5.75% 11/15/45	2,500,000		2,589,200
		5.75% 11/15/50	1,600,000		1,654,016
	Kentwood, Michigan Economic Development Corporation
		Revenue
		(Limited Obligation - Holland Home)
		5.625% 11/15/41	1,250,000		1,283,288
	Kirkwood, Missouri Industrial Development Authority
		(Aberdeen Heights)
		Series A 5.25% 5/15/50	6,000,000		6,762,780
	Lake County, Florida Retirement Facility Revenue
		(Lakeside At Waterman Village Project)
		Series A 5.75% 8/15/50	2,500,000		2,872,575
		Series A 5.75% 8/15/55	1,500,000		1,714,755
	Louisiana Local Government Environmental Facilities &
		Community Development Authority Revenue
		(The Glen Retirement System Project)
		Series A 5.00% 1/1/49	2,500,000		2,507,425
		Series A 5.00% 1/1/55	2,635,000		2,609,467
	Lucas County, Ohio Health Care Facilities Revenue
		(Sunset Retirement Communities)
		5.50% 8/15/30	1,000,000		1,002,650
	Maricopa County, Arizona Industrial Development Authority
		(Christian Care Surprise Project)
		Series 2016 144A 6.00% 1/1/48 #	5,645,000		5,881,695
	Michigan State Strategic Fund Limited Revenue
		(Evangelical Homes)
		5.50% 6/1/47	2,750,000		2,798,840
	Montgomery County, Pennsylvania Industrial Development
		Authority Revenue
		(Whitemarsh Continuing Care)
		5.25% 1/1/40	1,550,000		1,676,046
		5.375% 1/1/50	6,250,000		6,737,438
		Series A 5.375% 1/1/51	2,000,000		2,191,660
	Moon, Pennsylvania Industrial Development Authority
		(Baptist Homes Society Obligation)
		6.125% 7/1/50	8,500,000		9,185,185

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	National Finance Authority Revenue, New Hampshire
		(The Vista Project)
		Series A 144A 5.25% 7/1/39 #	1,515,000	$	1,610,369
		Series A 144A 5.625% 7/1/46 #	1,000,000		1,068,070
		Series A 144A 5.75% 7/1/54 #	2,000,000		2,138,980
	New Hope, Texas Cultural Education Facilities Finance
		(Cardinal Bay - Village on the Park)
		Series A1 5.00% 7/1/46	660,000		687,218
		Series A1 5.00% 7/1/51	1,575,000		1,636,456
		Series B 4.00% 7/1/31	635,000		532,848
		Series B 4.75% 7/1/51	1,915,000		1,410,283
		Series C 5.00% 7/1/31	250,000		218,745
		Series C 5.25% 7/1/36	350,000		294,287
		Series C 5.75% 7/1/51	2,250,000		1,809,990
		Series D 6.00% 7/1/26	90,000		88,077
		Series D 7.00% 7/1/51	1,350,000		1,265,260
		(Legacy Midtown Park Project)
		Series A 5.50% 7/1/54	5,000,000		5,311,750
	New Jersey Economic Development Authority
		(Black Horse EHT Urban Renewal LLC Project)
		Series A 144A 5.00% 10/1/39 #	3,125,000		3,227,594
		(Lions Gate Project)
		5.25% 1/1/44	2,000,000		2,060,020
	New Jersey Health Care Facilities Financing Authority Revenue
		(St. Peters University Hospital)
		6.25% 7/1/35	2,700,000		2,708,964
	New York State Dormitory Authority
		(Garnet Health Medical Center)
		144A 5.00% 12/1/40 #	1,100,000		1,257,707
	Northampton County, Pennsylvania Industrial Development
		Authority Revenue
		(Morningstar Senior Living)
		5.00% 7/1/36	2,000,000		2,044,760
		5.00% 11/1/49	1,830,000		2,091,818
	Orange County, New York Funding Corporation Assisted Living
		Residence Revenue
		6.50% 1/1/46	3,600,000		3,641,976
	Palm Beach County, Florida Health Facilities Authority
		(Sinai Residences Boca Raton Project)
		Series A 7.25% 6/1/34	425,000		450,415
		Series A 7.50% 6/1/49	2,920,000		3,094,324

Table of Contents

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	$	4,808
	Pennsylvania Economic Development Financing Authority
		(Tapestry Moon Senior Housing Project)
		Series 2018A 144A 6.75% 12/1/53 #, ‡	9,495,000		5,602,050
	Prince George’s County, Maryland
		(Collington Episcopal Life Care Community)
		5.25% 4/1/47	2,000,000		2,142,440
	Public Finance Authority, Wisconsin
		(Bancroft Neurohealth Project)
		Series A 144A 5.00% 6/1/36 #	960,000		1,075,440
		Series A 144A 5.125% 6/1/48 #	1,375,000		1,529,055
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	5,630,000		5,647,678
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,500,000		2,688,500
	Salem, Oregon Hospital Facility Authority Revenue
		(Capital Manor)
		6.00% 5/15/47	1,500,000		1,542,240
	Seminole County, Florida Industrial Development Authority
		Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	2,000,000		2,227,540
		Series A 5.75% 11/15/54	6,000,000		6,737,820
	Shelby County, Tennessee Health Educational & Housing
		Facilities Board Revenue
		(The Farms at Bailey Station Project)
		5.75% 10/1/59	3,670,000		3,942,865
	Southeastern Ohio Port Authority
		(Memorial Health Systems)
		5.00% 12/1/43	805,000		854,540
		5.50% 12/1/43	1,250,000		1,356,212
	St. Louis County, Missouri Industrial Development Authority
		(Nazareth Living Center Project)
		Series A 5.00% 8/15/35	600,000		650,694
		Series A 5.125% 8/15/45	1,800,000		1,925,586

Table of Contents

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Tarrant County, Texas Cultural Education Facilities Finance
		(Buckingham Senior Living Community)
		5.50% 11/15/45 ‡	3,000,000	$	1,710,000
		(Buckner Senior Living - Ventana Project)
		6.75% 11/15/47	2,250,000		2,577,353
		6.75% 11/15/52	3,300,000		3,762,000
	Tempe, Arizona Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/46	500,000		503,700
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/47 #	2,150,000		2,396,755
		Series A 144A 6.125% 10/1/52 #	2,570,000		2,857,686
	University of North Carolina Board of Governors
		5.00% 2/1/49	19,355,000		30,245,284
	Washington State Housing Finance Commission
		(Heron’s Key)
		Series A 144A 7.00% 7/1/45 #	1,000,000		1,109,990
		Series A 144A 7.00% 7/1/50 #	3,625,000		4,016,899
	Westminster, Maryland
		(Lutheran Village Millers Grant)
		Series A 5.00% 7/1/24	910,000		975,984
		Series A 6.00% 7/1/34	1,000,000		1,109,220
		Series A 6.125% 7/1/39	750,000		831,195
		Series A 6.25% 7/1/44	2,500,000		2,769,725
	Wisconsin Health & Educational Facilities Authority
		(Covenant Communities Project)
		Series B 5.00% 7/1/48	1,000,000		1,047,150
		Series B 5.00% 7/1/53	945,000		988,196
		Series C 7.00% 7/1/43	1,000,000		995,430
		Series C 7.50% 7/1/53	1,000,000		1,000,010
		(St. Camillus Health System)
		Series A 5.00% 11/1/46	2,000,000		2,164,800
		Series A 5.00% 11/1/54	2,500,000		2,690,025
	Wisconsin Public Finance Authority
		(Rose Villa Project)
		Series A 144A 5.75% 11/15/44 #	2,000,000		2,182,000
	Yamhill County Hospital Authority
		(Friendsview)
		Series A 5.00% 11/15/56	1,500,000		1,762,575
					343,081,008

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bond – 0.05%
	Independent Cities Finance Authority, California
		Series A 5.25% 5/15/44	750,000	$	813,885
					813,885
Lease Revenue Bonds – 3.44%
	California Statewide Communities Development Authority
		Revenue
		(Lancer Plaza Project)
		5.875% 11/1/43	1,875,000		2,046,431
	Industrial Development Authority of Phoenix, Arizona
		5.125% 2/1/34	1,000,000		1,033,540
		5.375% 2/1/41	1,300,000		1,349,166
	Metropolitan Pier & Exposition Authority, Illinois
		(McCormick Place Expansion Project)
		Series A 4.00% 6/15/52	6,980,000		7,938,215
		Series A 5.00% 6/15/50	4,135,000		5,073,562
		Series A 5.00% 6/15/57	3,975,000		4,720,034
	New Jersey Economic Development Authority Special Facility
		Revenue
		Series WW 5.25% 6/15/30	5,000,000		5,869,000
	New Jersey Transportation Trust Fund Authority
		Series AA 4.00% 6/15/50	2,945,000		3,406,216
		(Federal Highway Reimbursement Revenue)
		Series A 5.00% 6/15/31	5,450,000		6,461,357
		(Transportation Program)
		Series AA 5.00% 6/15/25	1,000,000		1,170,070
		Series AA 5.00% 6/15/44	2,900,000		3,213,867
	New York Liberty Development Revenue
		(Class 3-3 World Trade Center Project)
		144A 7.25% 11/15/44 #	8,000,000		8,965,360
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/31	1,000,000		1,374,730
		Series A 5.00% 7/1/45	4,000,000		5,262,720
	Public Finance Authority, Wisconsin Airport Facilities Revenue
		(Senior Obligation Group)
		Series B 5.00% 7/1/42 (AMT)	2,625,000		2,704,512
					60,588,780
Local General Obligation Bonds – 1.71%
	Chicago, Illinois
		Series 2005D 5.50% 1/1/37	2,280,000		2,597,490
		Series 2005D 5.50% 1/1/40	3,000,000		3,413,610

Table of Contents

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Chicago, Illinois
		Series 2007E 5.50% 1/1/42	1,900,000	$	2,157,678
		Series 2007F 5.50% 1/1/42	1,250,000		1,419,525
		Series A 5.50% 1/1/49	770,000		954,784
		Series C 5.00% 1/1/26	500,000		589,300
	Chicago, Illinois Board of Education
		Series A 144A 7.00% 12/1/46 #	2,500,000		3,291,425
		Series G 5.00% 12/1/44	2,545,000		3,053,033
		Series H 5.00% 12/1/46	4,225,000		5,059,142
	Maricopa County, Arizona Special Health Care District
		Series D 4.00% 7/1/35	3,000,000		3,718,470
	Oregon State
		(Higher Education)
		Series F 4.00% 8/1/42	3,115,000		3,817,682
					30,072,139
Pre-Refunded/Escrowed to Maturity Bonds – 2.39%
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University Project)
		7.50% 11/1/41-21 §	1,000,000		1,011,910
	Cumberland County Municipal Authority Revenue
		(Asbury Maryland Obligated Group)
		5.25% 1/1/27-22 §	990,000		1,006,543
		5.25% 1/1/41-22 §	180,000		183,008
	Cumberland County, Pennsylvania Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.25% 1/1/32-22 §	1,265,000		1,286,138
	District of Columbia Revenue
		(KIPP Charter School)
		6.00% 7/1/48-23 §	1,450,000		1,603,018
	East Hempfield Township, Pennsylvania Industrial Development
		Authority
		(Student Services Income - Student Housing Project)
		5.00% 7/1/30-23 §	1,000,000		1,086,880
	Foothill-Eastern Transportation Corridor Agency, California
		Series A 6.00% 1/15/49-24 §	7,690,000		8,755,526
	Indiana Finance Authority Revenue
		(Marquette Project)
		5.00% 3/1/39-22 §	1,250,000		1,279,862
	Kanawha, West Virginia
		(West Virginia University Foundation Project)
		6.75% 7/1/45-23 §	2,500,000		2,790,700

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Martin County, Florida Health Facilities Authority Revenue
		(Martin Memorial Medical Center)
		5.50% 11/15/42-21 §	1,000,000	$	1,010,860
	Nampa Development Corporation, Idaho Revenue
		144A 5.00% 9/1/31-24 #, §	2,940,000		3,420,955
	New Jersey Health Care Facilities Financing Authority Revenue
		(Barnabas Health Services)
		Series A 4.00% 7/1/26-22 §	980,000		1,011,713
	North Texas Education Finance Revenue
		(Uplift Education)
		Series A 5.25% 12/1/47-22 §	2,100,000		2,179,128
	Onondaga, New York Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	1,000,000		1,036,170
	Philadelphia, Pennsylvania Authority for Industrial Development
		Revenue
		(New Foundation Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,081,930
	Public Finance Authority, Wisconsin Airport Facilities Revenue
		(AFCO Investors II Portfolio)
		144A 5.75% 10/1/31-22 (AMT) #, §	3,925,000		4,155,123
	San Buenaventura, California Revenue
		(Community Memorial Health System)
		7.50% 12/1/41-21 §	4,475,000		4,555,326
	Southwestern Illinois Development Authority Revenue
		(Memorial Group)
		7.125% 11/1/30-23 §	1,420,000		1,630,203
		7.125% 11/1/43-23 §	2,500,000		2,870,075
					41,955,068
Resource Recovery Revenue Bonds – 0.76%
	Blythe Township, Pennsylvania Solid Waste Authority Revenue
		7.75% 12/1/37 (AMT)	3,000,000		3,594,150
	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		1,576,020
	Union County, New Jersey Improvement Authority
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	7,800,000		8,265,504
					13,435,674

Table of Contents

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds – 10.91%
	Celebration Pointe, Florida Community Development District
		5.125% 5/1/45	1,915,000	$	2,006,824
	Cherry Hill, Virginia Community Development Authority
		(Potomac Shores Project)
		144A 5.15% 3/1/35 #	1,000,000		1,063,690
		144A 5.40% 3/1/45 #	2,000,000		2,126,760
	City of Pueblo, Colorado Urban Renewal Authority Tax
		Increment Revenue
		(Evraz Project)
		Series A 144A 4.75% 12/1/45 #	5,390,000		6,202,273
	Conley Road Transportation Development District, Missouri
		5.375% 5/1/47	5,200,000		5,417,724
	CPR Custodial Receipt
		(Taxable)
		Series 2021-1 144A 0.649% 1/1/45 #	15,000,000		13,875,000
	Detroit, Michigan
		(Taxable)
		Series A 4.813% 6/15/20 ‡	7,391,131		6,190,072
	Dutchess County, New York Local Development Corporation
		Revenue
		(Anderson Center Services Inc. Project)
		6.00% 10/1/30	1,505,000		1,511,998
	Fountain Urban Renewal Authority, Colorado
		(Improvement - South Academy Highland)
		Series A 5.50% 11/1/44	3,750,000		3,994,650
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	32,488,003		30,538,723
	Glen Cove, New York Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	2,000,000		2,215,320
	Guam Government Business Privilege Tax Revenue
		Series F 4.00% 1/1/42	2,500,000		2,856,600
	Hickory Chase Community Authority Revenue, Ohio
		(Hickory Chase Project)
		Senior Series A 144A 5.00% 12/1/40 #	1,410,000		1,548,081
	Juban Crossing Economic Development District, Louisiana
		(General Infrastructure Projects)
		Series C 144A 7.00% 9/15/44 #	3,115,000		3,090,236
		(Road Projects)
		Series A 144A 7.00% 9/15/44 #	1,960,000		1,944,418

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Kansas City, Missouri Land Clearance Redevelopment Authority
		Revenue
		(Convention Centre Hotel Project - TIF Financing)
		Series B 144A 5.00% 2/1/40 #	935,000	$	1,020,524
	Las Vegas, Nevada Special Improvement District No 816
		(Special Improvement District No. 816)
		3.00% 6/1/41	600,000		614,280
		3.125% 6/1/46	1,300,000		1,331,317
	Midtown Miami, Florida Community Development District
		(Parking Garage Project)
		Series A 5.00% 5/1/37	500,000		519,675
	Mobile, Alabama Improvement District
		(McGowin Park Project)
		Series A 5.25% 8/1/30	1,000,000		1,064,190
		Series A 5.50% 8/1/35	1,300,000		1,378,182
	Northampton County, Pennsylvania Industrial Development
		Authority
		(Route 33 Project)
		7.00% 7/1/32	2,155,000		2,310,095
	Prairie Center Metropolitan District No 3, Colorado
		Series A 144A 5.00% 12/15/41 #	2,000,000		2,193,680
	Public Finance Authority Revenue, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	5,065,000		5,824,750
		(Mclemore Hotel And Conference Center)
		Series A 144A 4.50% 6/1/56 #	13,000,000		13,203,970
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	33,470,000		38,303,068
		Series A-1 5.00% 7/1/58	21,445,000		24,830,093
		Series A-2 4.784% 7/1/58	3,301,000		3,777,632
	Richmond Heights, Missouri Tax Increment & Transaction Sales
		Tax Revenue Improvement
		(Francis Place Redevelopment Project)
		5.625% 11/1/25	860,000		860,843
	St. Louis County, Missouri Industrial Development Authority
		(Manchester Ballas Community)
		Series A 144A 5.00% 9/1/38 #	1,050,000		1,077,384
		Series A 144A 5.25% 9/1/45 #	3,540,000		3,627,615

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Louis, Missouri Industrial Development Authority Tax
		Increment Revenue Improvement
		(Grand Center Redevelopment Project)
		6.375% 12/1/25	510,000	$	510,908
	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		4,783,519
					191,814,094
State General Obligation Bonds – 12.38%
	California State
		4.00% 3/1/36	12,475,000		15,201,161
		(Various Purpose)
		4.00% 3/1/37	2,340,000		2,838,701
		5.00% 8/1/27	5,000,000		6,107,000
		5.00% 10/1/28	5,000,000		6,483,550
		5.00% 11/1/30	7,000,000		9,498,090
		5.00% 11/1/34	4,390,000		5,847,085
	Commonwealth of Massachusetts
		Series B 5.00% 1/1/32	5,000,000		6,288,500
		Series D 4.00% 11/1/35	5,000,000		6,203,600
		Series D 4.00% 11/1/36	4,595,000		5,682,315
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	200,000		167,250
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	4,525,000		3,885,844
		Series A 5.125% 7/1/37 ‡	15,070,000		13,223,925
		Series A 5.25% 7/1/22 ‡	1,810,000		1,708,188
		Series A 5.25% 7/1/29 ‡	4,460,000		4,209,125
		Series A 5.25% 7/1/30 ‡	1,955,000		1,845,031
		Series A 5.25% 7/1/31 ‡	6,980,000		6,657,175
		Series A 5.375% 7/1/33 ‡	900,000		843,750
		Series A 5.50% 7/1/26 ‡	5,000,000		4,475,000
		Series A 5.50% 7/1/39 ‡	5,165,000		4,648,500
		Series A 5.75% 7/1/28 ‡	5,580,000		5,035,950
		Series A 5.75% 7/1/41 ‡	11,750,000		10,912,812
		Series A 6.00% 7/1/38 ‡	4,520,000		4,305,300
		Series A 8.00% 7/1/35 ‡	30,995,000		26,384,494
		Series C 6.00% 7/1/39 ‡	1,000		918
		Series C 6.00% 7/1/39 ‡	9,485,000		8,844,762

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Georgia State
		(Federally Taxable)
		Series 2021-A 5.00% 7/1/32	5,000,000	$	6,875,600
	Illinois State
		5.00% 1/1/28	1,190,000		1,389,349
		5.00% 5/1/36	1,710,000		1,883,137
		5.00% 11/1/36	2,245,000		2,611,743
		5.00% 2/1/39	2,180,000		2,385,792
		5.125% 12/1/29	1,310,000		1,603,925
		5.50% 5/1/39	6,000,000		7,732,800
		Series A 5.00% 10/1/30	2,000,000		2,481,240
		Series A 5.00% 12/1/34	2,625,000		3,145,669
		Series A 5.00% 4/1/38	2,805,000		2,963,258
		Series B 4.00% 11/1/35	2,000,000		2,320,900
		Series D 5.00% 11/1/28	4,700,000		5,742,319
	New Jersey State
		Series A 4.00% 6/1/31	2,080,000		2,600,146
	Ohio State
		(Infrastructure Improvement)
		Series A 5.00% 9/1/32	5,000,000		6,377,900
	Washington State
		(Various Purpose)
		Series C 5.00% 2/1/28	5,000,000		6,375,400
					217,787,204
Transportation Revenue Bonds – 3.65%
	Dallas, Texas Fort Worth International Airport
		(Dallas Fort Worth International Airport)
		Series B 5.00% 11/1/33	5,000,000		6,645,300
	Denver, Colorado Airport System Revenue
		Series A 5.00% 11/15/21 (AMT)	55,000		55,543
	Kentucky Public Transportation Infrastructure Authority
		(1st Tier - Downtown Crossing)
		Series A 5.75% 7/1/49	1,800,000		1,971,954
		Series A 6.00% 7/1/53	1,290,000		1,418,110
	Long Beach, California Marina Revenue
		5.00% 5/15/40	1,000,000		1,107,100
	New York Transportation Development
		(Delta Airlines Inc. LaGuardia Airport Terminals C & D
		Redevelopment Project)
		4.375% 10/1/45 (AMT)	10,200,000		12,119,130
		5.00% 10/1/40 (AMT)	3,400,000		4,271,964

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission
		Series B 4.00% 12/1/51	5,000,000	$	5,876,450
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/40	30,000		34,849
	Port Beaumont, Texas Navigation District Dock & Wharf Facility
		Revenue
		(Jefferson Gulf Coast Energy Project)
		Series A 144A 2.75% 1/1/36 (AMT) #	1,500,000		1,506,720
		Series A 144A 2.875% 1/1/41 (AMT) #	1,750,000		1,756,633
		Series A 144A 3.00% 1/1/50 (AMT) #	4,500,000		4,465,845
	Public Finance Authority Revenue, Wisconsin
		(Sky Harbour Capital LLC Aviation Facilities Project)
		4.25% 7/1/54 (AMT)	3,000,000		3,074,730
	Riverside County, California Transportation Senior Lien
		Series A 5.75% 6/1/48	1,000,000		1,078,450
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal Revenue)
		Series A 5.00% 1/1/49	1,110,000		1,334,109
		Series B 5.00% 1/1/48 (AMT)	2,000,000		2,375,380
	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		7,901,010
		(NTE Mobility)
		6.75% 6/30/43 (AMT)	1,905,000		2,142,934
		7.00% 12/31/38 (AMT)	1,335,000		1,509,231
	Virginia Small Business Financing Authority
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	2,975,000		3,566,281
					64,211,723
Water & Sewer Revenue Bonds – 2.04%
	Chicago, Illinois Waterworks Revenue
		(2nd Lien)
		5.00% 11/1/26	180,000		218,556
		5.00% 11/1/28	30,000		36,332
	Dominion, Colorado Water & Sanitation District Revenue
		6.00% 12/1/46	3,865,000		3,982,419
	Jefferson County, Alabama Sewer Revenue
		(Senior Lien-Warrants)
		Series A 5.50% 10/1/53 (AGM)	2,500,000		2,797,200

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Jefferson County, Alabama Sewer Revenue
		(Sub Lien-Warrants)
		Series D 6.50% 10/1/53	14,000,000	$	16,308,740
		Series D 7.00% 10/1/51	5,000,000		5,876,000
	Texas Water Development Board
		(Master Trust)
		Series B 5.00% 4/15/31	5,240,000		6,748,753
					35,968,000
Total Municipal Bonds (cost $1,586,428,999)					1,752,959,583

			Principal
			amount
Short-Term Investments – 0.19%
	Variable Rate Demand Notes – 0.19%¤
		Metropolitan Water District of Southern California
		Series A-2 0.01% 7/1/37 (SPA - TD Bank N.A.)	2,000,000		2,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone
		Industrial Development Revenue
		(Chevron U.S.A. Inc. Project) Series C 0.01% 11/1/35	1,045,000		1,045,000
	New Jersey Health Care Facilities Financing Authority Revenue
		(Virtua Health Services) Series C 0.01% 7/1/43	370,000		370,000
Total Short-Term Investments (cost $3,415,000)					3,415,000
Total Value of Securities–99.86%
	(cost $1,589,843,999)			$	1,756,374,583

°	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 August 31, 2021, the aggregate value of Rule 144A securities was $464,693,842, which represents 26.42% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 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.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 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 August 31, 2021.

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

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

August 31, 2021

								Delaware
				Delaware		Delaware		National High-Yield
				Tax-Free		Tax-Free USA		Municipal Bond
				USA Fund		Intermediate Fund		Fund
Assets:
	Investments, at value*		$	1,177,838,088	$	1,266,463,240	$	1,756,374,583
	Cash			9,761,464		2,139,570		2,506,554
	Interest receivable			9,857,304		11,289,952		14,948,780
	Receivable for fund shares sold			2,912,431		2,549,351		5,202,563
	Other assets			18,696		23,750		–
	Total Assets			1,200,387,983		1,282,465,863		1,779,032,480
Liabilities:
	Payable for securities purchased			33,788,676		58,526,147		15,472,519
	Payable for fund shares redeemed			2,190,139		1,266,719		2,586,403
	Investment management fees payable to
		affiliates		371,927		329,086		671,685
	Other accrued expenses			282,668		311,796		466,847
	Distribution fees payable to affiliates			200,580		78,785		101,855
	Distribution payable			194,767		314,340		927,735
	Dividend disbursing and transfer agent
		fees and expenses payable to affiliates		8,180		8,817		12,665
	Audit and tax fees payable			4,950		4,950		4,950
	Accounting and administration expenses
		payable to affiliates		3,751		4,017		5,622
	Trustees’ fees and expenses payable to
		affiliates		3,316		3,538		5,101
	Legal fees payable to affiliates			2,835		3,025		4,361
	Reports and statements to shareholders
		expenses payable to affiliates		1,416		1,486		2,137
	Total Liabilities			37,053,205		60,852,706		20,261,880
Total Net Assets			$	1,163,334,778	$	1,221,613,157	$	1,758,770,600

Net Assets Consist of:
	Paid-in capital		$	1,042,445,039	$	1,123,614,414	$	1,587,938,934
	Total distributable earnings (loss)			120,889,739		97,998,743		170,831,666
Total Net Assets			$	1,163,334,778	$	1,221,613,157	$	1,758,770,600

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							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	$	944,054,089		$	564,932,165		$	247,541,793
Shares of beneficial interest outstanding, unlimited authorization, no par		75,153,105			44,728,795			20,562,954
Net asset value per share	$	12.56		$	12.63		$	12.04
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	13.15		$	12.99		$	12.61
Class C:
Net assets	$	9,833,661		$	7,497,144		$	58,284,611
Shares of beneficial interest outstanding, unlimited authorization, no par		782,682			594,145			4,822,525
Net asset value per share	$	12.56		$	12.62		$	12.09
Institutional Class:
Net assets	$	209,447,028		$	649,183,848		$	1,452,944,196
Shares of beneficial interest outstanding, unlimited authorization, no par		16,542,064			50,916,573			119,592,353
Net asset value per share	$	12.66		$	12.75		$	12.15
____________________
*Investments, at cost	$	1,069,580,171		$	1,165,313,588		$	1,589,843,999

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

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Statements of operations

Year ended August 31, 2021

								Delaware
		Delaware			Delaware			National High-Yield
		Tax-Free			Tax-Free USA			Municipal Bond
		USA Fund			Intermediate Fund			Fund
Investment Income:
	Interest	$	34,611,201		$	32,697,552		$	69,253,951
Expenses:
	Management fees		4,951,365			4,815,322			7,673,228
	Distribution expenses — Class A		1,901,902			1,123,625			533,171
	Distribution expenses — Class C		96,434			97,760			617,889
	Dividend disbursing and transfer agent fees and expenses		720,250			753,513			1,244,714
	Accounting and administration expenses		191,442			198,918			284,563
	Registration fees		117,630			132,768			147,624
	Legal fees		87,784			91,740			84,160
	Reports and statements to shareholders expenses		72,608			73,473			80,380
	Audit and tax fees		60,261			59,597			43,765
	Trustees’ fees and expenses		38,451			40,168			64,176
	Custodian fees		29,830			30,188			28,180
	Other		55,596			71,444			84,018
			8,323,553			7,488,516			10,885,868
	Less expenses waived		(989,304	)		(1,257,530	)		(511,051	)
	Less waived distribution expenses — Class A		—			(449,450	)		—
	Less expenses paid indirectly		(488	)		(383	)		(131	)
	Total operating expenses		7,333,761			5,781,153			10,374,686
Net Investment Income			27,277,440			26,916,399			58,879,265
Net Realized and Unrealized Gain (Loss):
	Net realized gain on investments		14,002,171			3,589,481			3,569,420
	Net change in unrealized appreciation (depreciation) of investments		36,359,907			23,578,495			113,554,681
Net Realized and Unrealized Gain			50,362,078			27,167,976			117,124,101
Net Increase in Net Assets Resulting from Operations		$	77,639,518		$	54,084,375		$	176,003,366

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

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

	Year ended
	8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	27,277,440		$	19,835,808
Net realized gain		14,002,171			3,980,350
Net change in unrealized appreciation (depreciation)		36,359,907			(6,778,517	)
Net increase in net assets resulting from operations		77,639,518			17,037,641

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(25,318,469	)		(16,057,427	)
Class C		(280,251	)		(377,485	)
Institutional Class		(6,065,860	)		(5,191,254	)
		(31,664,580	)		(21,626,166	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		235,612,013			94,406,974
Class C		3,297,954			2,492,529
Institutional Class		109,204,466			65,805,952
Net assets from merger:¹
Class A		328,299,539			—
Institutional Class		5,996,641			—
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		23,552,498			14,383,519
Class C		270,943			329,893
Institutional Class		5,567,596			4,750,966
		711,801,650			182,169,833

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

	Year ended
	8/31/21			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(159,410,262	)	$	(99,923,072	)
Class C		(5,008,138	)		(7,874,648	)
Institutional Class		(55,273,658	)		(66,849,145	)
		(219,692,058	)		(174,646,865	)
Increase in net assets derived from capital share transactions		492,109,592			7,522,968
Net Increase in Net Assets		538,084,530			2,934,443
Net Assets:
Beginning of year		625,250,248			622,315,805
End of year	$	1,163,334,778		$	625,250,248

¹	See Note 7 in “Notes to financial statements.”

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

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

	Year ended
	8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	26,916,399		$	16,218,407
Net realized gain		3,589,481			126,778
Net change in unrealized appreciation (depreciation)		23,578,495			(1,616,337	)
Net increase in net assets resulting from operations		54,084,375			14,728,848

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(11,854,316	)		(3,184,081	)
Class C		(178,774	)		(370,025	)
Institutional Class		(14,883,309	)		(12,664,301	)
		(26,916,399	)		(16,218,407	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		36,876,504			30,135,038
Class C		1,380,348			1,791,499
Institutional Class		234,730,547			145,582,678
Net assets from merger:¹
Class A		470,834,974			—
Institutional Class		18,475,967			—
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		10,426,299			2,926,566
Class C		173,341			333,101
Institutional Class		12,629,448			10,253,302
		785,527,428			191,022,184

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

	Year ended
	8/31/21			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(71,110,681	)	$	(50,173,924	)
Class C		(6,225,744	)		(13,003,690	)
Institutional Class		(85,471,965	)		(101,023,651	)
		(162,808,390	)		(164,201,265	)
Increase in net assets derived from capital share transactions		622,719,038			26,820,919
Net Increase in Net Assets		649,887,014			25,331,360
Net Assets:
Beginning of year		571,726,143			546,394,783
End of year	$	1,221,613,157		$	571,726,143

¹	See Note 7 in “Notes to financial statements.”

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

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	58,879,265		$	57,603,224
	Net realized gain			3,569,420			13,180,732
	Net change in unrealized appreciation (depreciation)			113,554,681			(65,116,746	)
	Net increase in net assets resulting from operations			176,003,366			5,667,210

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(7,978,592	)		(7,762,606	)
		Class C		(1,879,208	)		(2,642,753	)
		Institutional Class		(50,482,911	)		(46,586,746	)
				(60,340,711	)		(56,992,105	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		74,301,021			64,182,912
		Class C		9,587,231			10,269,059
		Institutional Class		415,992,713			340,902,541
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		7,109,227			7,046,701
		Class C		1,805,203			2,408,413
		Institutional Class		41,321,516			37,810,611
				550,116,911			462,620,237

107

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(31,938,137	)	$	(88,787,279	)
		Class C		(26,908,717	)		(31,832,862	)
		Institutional Class		(194,917,161	)		(385,626,313	)
				(253,764,015	)		(506,246,454	)
	Increase (decrease) in net assets derived from capital share
		transactions		296,352,896			(43,626,217	)
Net Increase (Decrease) in Net Assets				412,015,551			(94,951,112	)

Net Assets:
	Beginning of year			1,346,755,049			1,441,706,161
	End of year		$	1,758,770,600		$	1,346,755,049

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

108

Table of Contents

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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

110

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.94		$	11.96		$	11.44		$	11.70		$	12.22


	0.36			0.38			0.41			0.42			0.43
	0.70			0.01			0.52			(0.26	)		(0.40	)
	1.06			0.39			0.93			0.16			0.03


	(0.36	)		(0.38	)		(0.41	)		(0.42	)		(0.43	)
	(0.08	)		(0.03	)		—	²		—			(0.12	)
	(0.44	)		(0.41	)		(0.41	)		(0.42	)		(0.55	)

$	12.56		$	11.94		$	11.96		$	11.44		$	11.70

	9.03%			3.44%			8.35%			1.44%			0.41%


$	944,054		$	478,671		$	472,153		$	481,117		$	415,314
	0.82%			0.81%			0.81%			0.81%			0.81%
	0.92%			0.95%			0.95%			0.96%			0.96%
	2.84%			3.24%			3.55%			3.66%			3.71%
	2.74%			3.10%			3.41%			3.51%			3.56%
	40%			77%			43%			42%			33%

111

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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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

112

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Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.94		$	11.96		$	11.44		$	11.70		$	12.22


	0.26			0.29			0.32			0.34			0.34
	0.70			0.01			0.52			(0.26	)		(0.40	)
	0.96			0.30			0.84			0.08			(0.06	)


	(0.26	)		(0.29	)		(0.32	)		(0.34	)		(0.34	)
	(0.08	)		(0.03	)		—	²		—			(0.12	)
	(0.34	)		(0.32	)		(0.32	)		(0.34	)		(0.46	)

$	12.56		$	11.94		$	11.96		$	11.44		$	11.70

	8.22%			2.66%			7.55%			0.68%			(0.35%	)


$	9,834		$	10,778		$	16,051		$	18,808		$	27,397
	1.57%			1.56%			1.56%			1.56%			1.56%
	1.67%			1.70%			1.70%			1.71%			1.71%
	2.09%			2.49%			2.80%			2.91%			2.96%
	1.99%			2.35%			2.66%			2.76%			2.81%
	40%			77%			43%			42%			33%

113

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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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

114

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.03		$	12.05		$	11.52		$	11.79		$	12.31


	0.39			0.41			0.44			0.45			0.46
	0.71			0.01			0.53			(0.27	)		(0.40	)
	1.10			0.42			0.97			0.18			0.06


	(0.39	)		(0.41	)		(0.44	)		(0.45	)		(0.46	)
	(0.08	)		(0.03	)		—	²		—			(0.12	)
	(0.47	)		(0.44	)		(0.44	)		(0.45	)		(0.58	)

$	12.66		$	12.03		$	12.05		$	11.52		$	11.79

	9.34%			3.70%			8.68%			1.61%			0.68%


$	209,447		$	135,801		$	134,112		$	77,396		$	62,872
	0.57%			0.56%			0.56%			0.56%			0.56%
	0.67%			0.70%			0.70%			0.71%			0.71%
	3.09%			3.49%			3.80%			3.91%			3.96%
	2.99%			3.35%			3.66%			3.76%			3.81%
	40%			77%			43%			42%			33%

115

Table of Contents

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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

116

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.26		$	12.28		$	11.76		$	12.06		$	12.38


	0.33			0.35			0.37			0.37			0.35
	0.37			(0.02	)		0.52			(0.30	)		(0.32	)
	0.70			0.33			0.89			0.07			0.03


	(0.33	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)
	—			—			—			—			—	²
	(0.33	)		(0.35	)		(0.37	)		(0.37	)		(0.35	)

$	12.63		$	12.26		$	12.28		$	11.76		$	12.06

	5.79%			2.76%			7.71%			0.57%			0.35%


$	564,932		$	106,135		$	123,691		$	136,653		$	164,154
	0.65%			0.65%			0.65%			0.71%			0.75%
	0.88%			0.91%			0.91%			0.92%			0.93%
	2.64%			2.87%			3.11%			3.10%			2.92%
	2.41%			2.61%			2.85%			2.89%			2.74%
	23%			27%			25%			32%			26%

117

Table of Contents

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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

118

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.25		$	12.27		$	11.75		$	12.05		$	12.37


	0.23			0.24			0.27			0.27			0.25
	0.37			(0.02	)		0.52			(0.30	)		(0.32	)
	0.60			0.22			0.79			(0.03	)		(0.07	)


	(0.23	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)
	—			—			—			—			—	²
	(0.23	)		(0.24	)		(0.27	)		(0.27	)		(0.25	)

$	12.62		$	12.25		$	12.27		$	11.75		$	12.05

	4.90%			1.89%			6.81%			(0.28%	)		(0.50%	)


$	7,497		$	11,864		$	22,874		$	28,002		$	40,402
	1.50%			1.50%			1.50%			1.56%			1.60%
	1.63%			1.66%			1.66%			1.67%			1.68%
	1.79%			2.02%			2.26%			2.25%			2.07%
	1.66%			1.86%			2.10%			2.14%			1.99%
	23%			27%			25%			32%			26%

119

Table of Contents

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 income¹

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	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
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.

120

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.38		$	12.40		$	11.87		$	12.17		$	12.50


	0.35			0.37			0.39			0.39			0.37
	0.37			(0.02	)		0.53			(0.30	)		(0.33	)
	0.72			0.35			0.92			0.09			0.04


	(0.35	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)
	—			—			—			—			—	²
	(0.35	)		(0.37	)		(0.39	)		(0.39	)		(0.37	)

$	12.75		$	12.38		$	12.40		$	11.87		$	12.17

	5.92	%		2.92	%		7.92%			0.75%			0.44%


$	649,184		$	453,727		$	399,830		$	377,445		$	369,443
	0.50	%		0.50	%		0.50%			0.56%			0.60%
	0.63	%		0.66	%		0.66%			0.67%			0.68%
	2.79	%		3.02	%		3.26%			3.25%			3.07%
	2.66	%		2.86	%		3.10%			3.14%			2.99%
	23	%		27	%		25%			32%			26%

121

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

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	Calculated using average shares outstanding.
²	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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.15		$	11.48		$	11.00		$	11.05		$	11.42


	0.42			0.44			0.46			0.46			0.44
	0.91			(0.33	)		0.48			(0.05	)		(0.37	)
	1.33			0.11			0.94			0.41			0.07


	(0.42	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)
	(0.02	)		—			—			—			—
	(0.44	)		(0.44	)		(0.46	)		(0.46	)		(0.44	)

$	12.04		$	11.15		$	11.48		$	11.00		$	11.05

	12.12%			1.06%			8.81%			3.80%			0.72%


$	247,542		$	182,214		$	208,549		$	200,493		$	190,211
	0.85%			0.85%			0.85%			0.85%			0.85%
	0.88%			0.91%			0.90%			0.91%			0.94%
	3.65%			3.99%			4.22%			4.19%			4.02%
	3.62%			3.93%			4.17%			4.13%			3.93%
	16%			44%			33%			19%			27%

123

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

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	Calculated using average shares outstanding.
²	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.

124

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.20		$	11.52		$	11.04		$	11.09		$	11.47


	0.33			0.36			0.38			0.38			0.36
	0.91			(0.32	)		0.48			(0.05	)		(0.38	)
	1.24			0.04			0.86			0.33			(0.02	)


	(0.33	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)
	(0.02	)		–			–			–			–
	(0.35	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)

$	12.09		$	11.20		$	11.52		$	11.04		$	11.09

	11.25%			0.41%			7.98%			3.03%			(0.11%	)


$	58,285		$	68,993		$	91,184		$	92,155		$	97,974
	1.60%			1.60%			1.60%			1.60%			1.60%
	1.63%			1.66%			1.65%			1.66%			1.69%
	2.90%			3.24%			3.47%			3.44%			3.27%
	2.87%			3.18%			3.42%			3.38%			3.18%
	16%			44%			33%			19%			27%

125

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

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	Calculated using average shares outstanding.
²	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.

126

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.26		$	11.58		$	11.10		$	11.15		$	11.53


	0.45			0.47			0.49			0.49			0.47
	0.91			(0.32	)		0.48			(0.05	)		(0.38	)
	1.36			0.15			0.97			0.44			0.09


	(0.45	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)
	(0.02	)		–			–			–			–
	(0.47	)		(0.47	)		(0.49	)		(0.49	)		(0.47	)

$	12.15		$	11.26		$	11.58		$	11.10		$	11.15

	12.32%			1.44%			9.03%			4.07%			0.92%


$	1,452,944		$	1,095,548		$	1,141,973		$	1,017,167		$	932,716
	0.60%			0.60%			0.60%			0.60%			0.60%
	0.63%			0.66%			0.65%			0.66%			0.69%
	3.90%			4.24%			4.47%			4.44%			4.27%
	3.87%			4.18%			4.42%			4.38%			4.18%
	16%			44%			33%			19%			27%

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Notes to financial statements
Delaware Funds by Macquarie^®national tax-free funds		August 31, 2021

Delaware Group^®Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of 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 of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation – Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by

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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 year ended August 31, 2021, and for all open tax years (years ended August 31, 2018–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2021, the Funds did not incur any interest or tax penalties.

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

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

Other – Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the

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

1. Significant Accounting Policies (continued) dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended August 31, 2021.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended August 31, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free USA Fund		$	488
Delaware Tax-Free USA Intermediate Fund			383
Delaware National High-Yield Municipal Bond Fund			131

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 insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through August 31, 2021.* These expense waivers and reimbursements may

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

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	36,541
Delaware Tax-Free USA Intermediate Fund		38,160
Delaware National High-Yield Municipal Bond Fund		56,586

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 year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	80,699
Delaware Tax-Free USA Intermediate Fund		84,720
Delaware National High-Yield Municipal Bond Fund		132,241

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

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

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

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

Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The Class A shares of Delaware Tax-Free USA Intermediate Fund were subject to a 12b-1 fee of 0.25% of average daily net assets, which was contractually waived to 0.15% of average daily net assets from September 1, 2020 through August 31, 2021.* Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended August 31, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	33,778
Delaware Tax-Free USA Intermediate Fund		35,290
Delaware National High-Yield Municipal Bond Fund		48,665

For the year ended August 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free USA Fund	$	29,845
Delaware Tax-Free USA Intermediate Fund		11,386
Delaware National High-Yield Municipal Bond Fund		21,455

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For the year ended August 31, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A			Class C
Delaware Tax-Free USA Fund		$	732	$	92
Delaware Tax-Free USA Intermediate Fund			730		245
Delaware National High-Yield Municipal Bond Fund			1		3,252

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 year ended August 31, 2021, 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 their 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 year ended August 31, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free USA Fund	$	122,252,341	$	102,972,898		$	(896,553	)
Delaware Tax-Free USA
Intermediate Fund		84,888,440		80,493,144			(543,615	)
Delaware National High-Yield
Municipal Bond Fund		79,761,361		69,294,213			599,132

____________________

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

3. Investments

For the year ended August 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free USA Fund	$	526,181,277	$	368,780,719
Delaware Tax-Free USA Intermediate Fund		419,676,105		224,370,007
Delaware National High-Yield Municipal Bond Fund		550,597,963		238,093,414

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

3. Investments (continued)

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes 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	$	1,071,354,395	$	112,344,100	$	(5,860,407	)	$	106,483,693
Delaware Tax-Free
USA Intermediate
Fund		1,165,326,134		104,343,509		(3,206,403	)		101,137,106
Delaware National
High-Yield
Municipal Bond
Fund		1,589,101,649		190,637,171		(23,364,237	)		167,272,934

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)

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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 August 31, 2021:

	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,151,598,088
Short-Term Investments			26,240,000
Total Value of Securities		$	1,177,838,088

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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		$	1,255,333,240
Short-Term Investments			11,130,000
Total Value of Securities		$	1,266,463,240

	Delaware National High-Yield Municipal Bond Fund
	Level 2		Level 3		Total
Securities
Assets:
Municipal Bonds	$	1,752,857,303	$	102,280	$	1,752,959,583
Short-Term Investments		3,415,000		—		3,415,000
Total Value of Securities	$	1,756,272,303	$	102,280	$	1,756,374,583

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, 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, interim, or end of the year. 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 year.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2021 and 2020 were as follows:

					Long-term
	Tax-exempt		Ordinary		capital
	income		income		gains		Total
Year ended August 31, 2021:
Delaware Tax-Free USA Fund	$	26,906,497	$	370,943	$	4,387,140	$	31,664,580
Delaware Tax-Free USA Intermediate Fund		26,905,589		10,810		—		26,916,399
Delaware National High-Yield Municipal
Bond Fund		56,883,957		1,187,337		2,269,417		60,340,711

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					Long-term
	Tax-exempt		Ordinary		capital
	income		income		gains		Total
Year ended August 31, 2020:
Delaware Tax-Free USA Fund	$	19,686,226	$	676,158	$	1,263,782	$	21,626,166
Delaware Tax-Free USA Intermediate Fund		16,218,407		—		—		16,218,407
Delaware National High-Yield Municipal
Bond Fund		56,742,285		249,820		—		56,992,105

5. Components of Net Assets on a Tax Basis

As of August 31, 2021, the components of net assets on a tax basis were as follows:

										Delaware National
	Delaware Tax-Free				Delaware Tax-Free USA					High-Yield
	USA Fund				Intermediate Fund					Municipal Bond Fund
Shares of beneficial interest		$	1,042,445,039			$	1,123,614,414				$	1,587,938,934
Undistributed ordinary
income			4,827,256				—					3,638,473
Undistributed tax-exempt
income			129,293				281,229					847,994
Undistributed long-term
capital gains			9,644,264				—					—
Distributions payable			(194,767	)			(314,340	)				(927,735	)
Capital loss carryforwards			—				(3,105,252	)	*			—
Unrealized appreciation of
investments			106,483,693				101,137,106					167,272,934
Net assets		$	1,163,334,778			$	1,221,613,157				$	1,758,770,600

*	A portion of the Fund’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. At August 31, 2021, Delaware Tax-Free USA Intermediate Fund adjustments were to decrease distributable earnings and increase paid-in capital in excess of par by $4,996,050 due to capital loss carryforward from merger. Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund had no reclassifications.

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

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

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2021, Delaware Tax-Free USA Intermediate Fund utilized $3,602,027 of capital loss carryforwards.

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.

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6. 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
		Year ended				Year ended				Year ended
		8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
	Class A	19,110,045		8,128,109		2,950,551		2,507,418		6,364,930		5,760,481
	Class C	267,155		209,130		110,949		148,655		820,318		909,664
	Institutional Class	8,792,678		5,517,306		18,574,271		11,945,089		35,382,590		30,588,566

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	1,919,829		1,237,423		833,095		243,247		610,519		640,413
	Class C	22,237		28,406		13,956		27,722		155,294		218,235
	Institutional Class	450,802		406,363		1,003,154		844,472		3,517,918		3,406,052
		58,118,559		15,526,737		62,932,254		15,716,603		46,851,569		41,523,411

Shares redeemed:
	Class A	(13,023,321	)	(8,760,862	)	(5,681,539	)	(4,166,754	)	(2,749,864	)	(8,235,396	)
	Class C	(409,050	)	(677,015	)	(498,982	)	(1,072,043	)	(2,314,658	)	(2,879,671	)
	Institutional Class	(4,478,240	)	(5,767,214	)	(6,787,631	)	(8,385,796	)	(16,638,499	)	(35,257,417	)
		(17,910,611	)	(15,205,091	)	(12,968,152	)	(13,624,593	)	(21,703,021	)	(46,372,484	)

Net increase
	(decrease)	40,207,948		321,646		49,964,102		2,092,010		25,148,548		(4,849,073	)

¹	See Note 7.

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

6. 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 above and on the “Statements of changes in net assets.” For the years ended August 31, 2021 and 2020, 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
Year ended
8/31/21	36,729	24,482		—		24,518		36,473	$	761,979
8/31/20	118,464	60,517		—		60,554		117,593		2,113,033
Delaware Tax-Free USA Intermediate Fund
Year ended
8/31/21	107,662	11,026		538		11,563		106,713		1,488,442
8/31/20	119,341	17,213		—		17,222		118,367		1,660,124
Delaware National High-Yield Municipal Bond Fund
Year ended
8/31/21	43,780	52,403		1,754		34,517		63,161		1,126,321
8/31/20	320,408	19,256		—		15,368		321,944		3,710,189

7. Reorganization

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

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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-Exempt Income			Delaware Tax-Free USA Intermediate
		Fund			Fund
Class A	$	470,834,974	49,412,013	37,970,562	$	108,082,382		0.768
Class C		—	—	—		11,623,405		—
Institutional
Class		18,475,967	1,938,317	1,475,716		474,092,009		0.761

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

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the 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 earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.

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

8. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

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

The Funds had no amounts outstanding as of August 31, 2021, or at any time during the year then ended.

9. Securities Lending

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

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

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government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. 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 year ended August 31, 2021, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the year ended August 31, 2021, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

10. 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

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

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

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

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

The value of the Funds’ investments may be adversely affected by new legislation within the US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

As of August 31, 2021, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York, and territory of Puerto Rico, which constituted approximately 11.02%, 10.53%, and 14.46%, respectively, of the Fund’s net assets. As of August 31, 2021, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, Illinois, and New York, which constituted approximately 11.88%, 12.14%, and 18.48%, respectively, of the Fund’s net assets. As of August 31, 2021, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico which constituted approximately 12.52% and 15.78%, respectively, the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

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

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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 Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Boards have delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by each Fund have been identified on the “Schedules of investments.”

11. 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.

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

12. 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.

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Tax-Free Fund and Voyageur Mutual Funds and Shareholders of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund (constituting Delaware Group^®Tax Free Fund) and Delaware National High-Yield Municipal Bond Fund (one of the funds constituting Voyageur Mutual Funds) (hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021 and each of the financial highlights for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2021

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

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Other Fund information (Unaudited)
Delaware Funds by Macquarie^®national tax-free funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of each Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of each Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with its HLIM at all times during the reporting period.

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Tax Information

The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Funds. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended August 31, 2021, each Fund reports distributions paid during the year as follows:

	(A)
	Long-Term	(B)	(C)
	Capital Gains	Ordinary Income	Tax-Exempt	Total
	Distributions	Distributions	Distributions	Distributions
	(Tax Basis)	(Tax Basis)	(Tax Basis)	(Tax Basis)
Delaware Tax-Free USA Fund	13.86%	1.17%	84.97%	100.00%
Delaware Tax-Free USA Intermediate Fund	—	0.04%	99.96%	100.00%
Delaware National
High-Yield Municipal Bond Fund	3.76%	1.97%	94.27%	100.00%

____________________

(A), (B) and (C) are based on a percentage of each Fund’s total distributions.

The percentage of the ordinary dividends reported by Delaware National High-Yield Municipal Bond Fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 100.00%.

Board consideration of Investment Advisory Agreements for Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free USA Fund, and Delaware Tax-Free USA Intermediate Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free USA Fund, and Delaware Tax-Free USA Intermediate Fund (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the

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Other Fund information (Unaudited)
Delaware Funds by Macquarie^®national tax-free funds

Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds, the costs of such services to the Funds; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie^®(“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

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Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for each Fund showed the Fund’s investment performance in comparison to a group of similar funds (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that each Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Delaware National High-Yield Municipal Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free USA Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional general and insured municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free USA Intermediate Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional intermediate municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of each Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

Delaware National High-Yield Municipal Bond Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board

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Other Fund information (Unaudited)
Delaware Funds by Macquarie^®national tax-free funds

considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free USA Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through October 2022 and various initiatives implemented by Management, such as a negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free USA Intermediate Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through October 2022 and various initiatives implemented by Management, such as a negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission (SEC) initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees

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discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed each Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2021, each Fund’s net assets exceeded the second breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with each Fund and its shareholders.

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

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				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December
			Morgan Chase & Co.		2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

John A. Fry	Trustee	Since January 2001	President — Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College		Community Health Systems
May 1960			(July 2002–June 2010)		(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

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Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–Present)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group		Holdings Inc.
Philadelphia, PA			(2010–April 2013)		(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

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Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None³
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None³
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

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Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Philadelphia, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO

Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ	Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	John A. Fry President Drexel University Philadelphia, PA

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 annual 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.

162

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie^® Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $72,288 for the fiscal year ended August 31, 2021.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2021.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $958,376 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $11,000 for the fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $11,000 for the fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended August 31, 2021.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds^®by Macquarie.

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $5,607,000 for the registrant’s fiscal years ended August 31, 2021 and August 31, 2020, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

(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.

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

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

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

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

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

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

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.

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.

Investment Company Act file number:	811-03850

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

Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106

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

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2021

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 3, 2021

1.	I have reviewed this report on Form N-CSR of Delaware Group^® Tax-Free Fund;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 3, 2021


/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer

1.		The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.		The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.