N-CSR 1 mimtff4252531-ncsr.htm N-CSR

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-03850

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

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

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

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

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2023

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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, 2023

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 Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

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Portfolio management reviews	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	107
Statements of operations	109
Statements of changes in net assets	110
Financial highlights	116
Notes to financial statements	134
Report of independent registered public accounting firm	150
Other Fund information	151
Board of trustees and officers addendum	159

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.

Unless otherwise noted, views expressed herein are current as of August 31, 2023, 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 reviews
Delaware Funds by Macquarie^®national tax-free funds	August 31, 2023 (Unaudited)

Performance preview (for the year ended August 31, 2023)
Delaware Tax-Free USA Fund (Institutional Class shares)	1-year return	-0.43%
Delaware Tax-Free USA Fund (Class A shares)	1-year return	-0.72%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+1.70%

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.

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	+0.45%
Delaware Tax-Free USA Intermediate Fund (Class A shares)	1-year return	+0.17%
Bloomberg 3-15 Year Blend Municipal Bond Index (benchmark)	1-year return	+1.68%

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.

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.

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 (Institutional Class shares)	1-year return	-1.62%
Delaware National High-Yield Municipal Bond Fund (Class A shares)	1-year return	-1.92%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+1.70%

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.

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 reviews

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, 2023, there was a growing consensus that the US economy could continue to expand and potentially even achieve a “soft landing,” despite various challenges that investors anticipated could lead to a recession. These challenges included the US Federal Reserve’s cycle of rate hikes, a regional banking crisis, and concerns about the impact of China’s slowdown on the global economy.

When the fiscal year began in September 2022, the US inflation rate was down from its peak of several months earlier, but still higher than at any point since the early 1980s. Investors were concerned about the Fed’s plan to battle inflation by continuing to raise its benchmark short-term interest rate.

The Fed, which had begun sharply raising rates earlier in 2022, announced four consecutive 75-basis-point (or 0.75-percentage-point) rate increases between June and November, and signaled in November that it would start to slow the pace of rate hikes to avoid undue pressure on the US economy.

Although the central bank reiterated that more rate increases would be needed amid continued strong employment and higher-than-desired inflation, its efforts to battle inflation appeared to take root, as the pace of rising prices continued to decline throughout the rest of the fiscal period.

The Fed downshifted to a rate increase of 50 basis points in December 2022, followed by increases of 25 basis points in February, March, May, and – after pausing in June –July 2023. The central bank cited progress in slowing down inflation, which stood at an annual rate of 3.2% for the 12 months ended July 31, 2023, down from 8.3% in August 2022, as measured by the US Consumer Price Index (CPI). However, the Fed reiterated its readiness to continue raising rates, if necessary, to further slow inflation. At fiscal year end, the federal funds rate stood within a range of 5.25% to 5.50%, more than double the rate of a year earlier.

Municipal bond market conditions

Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned 1.70% for the fiscal year ended August 31, 2023.

The municipal bond market experienced up-and-down performance during the fiscal year and finished in modestly positive territory.

At the start of the 12-month period, yields on municipal bonds were rising, and bond prices correspondingly falling, amid steady outflows from municipal bond mutual funds. Late in 2022 and into early 2023, however, the backdrop for municipal bonds improved. Inflation eased, and expectations grew that the

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Fed would begin to slow the pace of interest rate hikes. This led to an improvement in the technical backdrop and a better balance between demand and supply for municipal securities.

In the final few months of the Funds’ fiscal year, as economic growth exceeded expectations and investors saw hope for a soft landing, the market’s expectations for a rate cut diminished. This led to a somewhat less favorable environment for investors.

Against this backdrop, bonds with longer and intermediate maturities, especially those with maturities ranging from 10 to 20 years, generally performed the best, outpacing their shorter- and longer-term counterparts. Meanwhile, bonds with lower-investment-grade credit ratings generally outperformed higher-quality issues. High yield municipal debt (bonds with credit ratings below BBB-) lagged overall, partly from the negative impact of two underperforming categories during the fiscal year: Puerto Rico and hospital debt.

The following tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended August 31, 2023.

Returns by maturity
1 year	1.83%
3 years	1.12%
5 years	0.98%
10 years	2.01%
22+ years	1.45%

Returns by credit rating
AAA	1.21%
AA	1.62%
A	2.19%
BBB	2.29%
Source: Bloomberg.

Maintaining our management approach

Regardless of the underlying market environment, our investment approach remains consistent across all three Funds profiled in this report. We follow a bottom-up investment approach, meaning we rely on our team’s in-depth credit research to select securities on an issuer-by-issuer basis. In choosing tax-exempt bonds for the Funds, we prioritize securities we believe may provide the Funds’ shareholders with favorable trade-offs between their risk and upside opportunity.

In pursuing our strategy, we typically maintain relatively less exposure to highly rated, lower yielding bonds, as we believe these types of securities provide less value for shareholders. Instead, we generally see better opportunity from lower-rated, higher yielding bonds of issuers with what we believe is solid underlying credit quality. Following this approach, in both Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund, we continued to prioritize bonds with lower-investment-grade credit ratings (A and BBB), while maintaining a portion of each Fund’s portfolio in high yield tax-exempt debt (bonds rated below BBB-).

At the end of the Funds’ fiscal year on August 31, 2023, approximately 42% of Delaware Tax-Free USA Fund’s net assets were invested in bonds rated A and BBB. About 38% of the net assets of Delaware Tax-Free USA Intermediate Fund were invested in these same credit tiers. Both Funds also maintained meaningful allocations to high yield municipal bonds. By prospectus, each Fund may hold up to 20% of its 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, 2023,

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Portfolio management reviews

Delaware Funds by Macquarie^®national tax-free funds

about 61% of its portfolio was held in bonds with credit ratings below BBB-, including non-rated bonds.

Responding to market conditions

Amid volatile conditions in the municipal bond market for much of this 12-month reporting period, we held a bit more cash in the Funds’ portfolios than we normally do. Our rationale was to maintain sufficient liquidity both to satisfy potential shareholder redemptions if market conditions weakened further, and to have proceeds available to take advantage of opportunities to buy bonds we found attractive at prices we believed were temporarily depressed.

At the start of the fiscal year in September 2022, the municipal bond market was close to its bottom. Bond prices had significantly fallen, while their yields were relatively high. Over the next few months, we acquired certain lower-rated, longer-duration bonds that had underperformed and, in our opinion, offered particularly attractive yields relative to their underlying credit quality.

As we entered 2023, finding these types of compelling value opportunities became more challenging as inflation slowed and economic growth eased. We gradually began to see more opportunities in April and May, as the US regional bank crisis led the market to anticipate a rise in municipal bond supply. Although these market dynamics were short-lived, they did create opportunities for us to invest in bonds trading at valuations we considered attractive.

When purchasing new bonds for the Funds, we uncovered opportunities across various sectors. Two particularly fruitful areas of opportunity included high yield charter school and healthcare bonds. When possible, we also focused on lower-coupon bonds trading at discounts, which we believed offered similar downside to higher-coupon issues but better upside opportunity.

Proceeds for these opportunistic bond purchases came from bond calls and maturities, as well as from the cash balances we maintained in the Funds. Likewise, when appropriate, we engaged in relative-value trades, selling certain lower yielding bonds and using the proceeds to buy other bonds we thought provided better long-term opportunities for shareholders.

Engaging in tax-loss swaps was another strategy we employed at times throughout the reporting period. This entailed exchanging lower yielding bonds for similar issues offering higher prevailing yields. With these swaps, we secured higher income for the Funds at a comparable level of risk while generating tax losses we could apply against future capital gains.

Individual performance effects

During the reporting period, longer-intermediate bonds were among the strongest performers in the municipal bond marketplace, while bonds with lower-investment-grade credit ratings tended to outperform their more highly rated counterparts. Accordingly, many of the strongest and weakest performers in the Funds reflected these trends.

For example, Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund all benefited from holdings in Inland Empire tobacco securitization bonds. These California zero-coupon bonds returned close to 19% for the period. A zero-coupon tobacco bond for San Diego County further lifted Delaware Tax-Free USA Intermediate Fund, returning 20%. Both issues benefited

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from their relatively high yields and long durations during the fiscal year.

Bonds for Brightline, a Florida private-rail project, also contributed to the performance of Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. These non-rated bonds, which gained approximately 13%, benefited from their relatively high yield and lower starting valuation coming into the 12-month reporting period.

Juban Crossing Economic Development District bonds, which gained more than 20% for the fiscal year, added to performance for Delaware National High-Yield Municipal Bond Fund. As with the Brightline holdings, while these Louisiana tax-increment-financing bonds for a shopping center project began the fiscal year at a relatively depressed price, the bonds regained some of their lost value more recently and benefited from their relatively high yield.

In contrast, all the Funds profiled in this report saw negative performance from bonds issued by the Puerto Rico Electric Power Authority, often referred to as PREPA. These bonds, which declined more than 65% for the 12-month period, lost significant value when PREPA, which is going through a restructuring, received an unfavorable ruling in bankruptcy court over the summer, which dragged down the securities’ prices.

In Delaware Tax-Free USA Fund, bonds for the Aries Linden Biosolids Gasification Facility in Union County, N.J., detracted. These non-rated bonds declined more than 18% during the fiscal year, reflecting some unexpected financial difficulty on the part of the issuer.

Meanwhile, in Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund, investment in bonds of Mirabella at ASU, a retirement community on the campus of Arizona State University in Tempe, weighed on the Funds’ performance. This relatively new senior-housing facility has seen its occupancy rate fall short of investors’ expectations. This led to significant underperformance from the securities this fiscal year. Within the two funds, the bonds of differing maturities declined more than 20% and close to 30%, respectively, for the 12-month time frame.

In Delaware National High-Yield Municipal Bond Fund, another senior housing bond issuer struggling with occupancy levels saw similarly weak investment performance this period. Specifically, the Fund’s investment in bonds for the Buckingham senior living community in New Hope, Texas, detracted, falling more than 20% for the fiscal year.

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Performance summaries
Delaware Tax-Free USA Fund	August 31, 2023 (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, 2023
	1 year	5 year	10 year
Class A (Est. January 11, 1984)
Excluding sales charge	-0.72%	+1.17%	+2.83%
Including sales charge	-5.23%	+0.24%	+2.36%
Class C (Est. November 29, 1995)
Excluding sales charge	-1.46%	+0.41%	+2.06%
Including sales charge	-2.42%	+0.41%	+2.06%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	-0.43%	+1.44%	+3.09%
Including sales charge	-0.43%	+1.44%	+3.09%
Bloomberg Municipal Bond Index	+1.70%	+1.52%	+2.81%

¹Returns 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 in 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 distribution and service (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 within one year of purchase. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Institutional Class shares are not subject to a sales charge and are offered for sale

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exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

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. This includes 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 to obtain precise valuations of the high yield securities.

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.

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

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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)	0.80%	1.55%	0.55%

Type of waiver	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period August 31, 2013 through August 31, 2023

	Starting value		Ending value
Delaware Tax-Free USA Fund – Institutional Class shares	$	10,000	$	13,553
Bloomberg Municipal Bond Index	$	10,000	$	13,194
Delaware Tax-Free USA Fund – Class A shares	$	9,550	$	12,628

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, 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, 2013. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

The US Consumer Price Index (CPI), mentioned on page 2, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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 does not guarantee 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, 2023 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2023
	1 year	5 year	10 year
Class A (Est. January 7, 1993)
Excluding sales charge	+0.17%	+1.02%	+2.05%
Including sales charge	-2.58%	+0.46%	+1.76%
Class C (Est. November 29, 1995)
Excluding sales charge	-0.58%	+0.19%	+1.19%
Including sales charge	-1.55%	+0.19%	+1.19%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	+0.45%	+1.20%	+2.21%
Including sales charge	+0.45%	+1.20%	+2.21%
Bloomberg 3–15 Year Blend Municipal Bond Index	+1.68%	+1.65%	+2.54%

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 in 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 distribution and service (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.

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 12b-1 fee.

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Performance summaries

Delaware Tax-Free USA Intermediate Fund

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.

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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Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	0.87%	1.62%	0.62%
Net expenses (including fee waivers, if any)	0.75%	1.50%	0.50%

Type of waiver	Contractual	Contractual	Contractual

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Performance summaries

Delaware Tax-Free USA Intermediate Fund

Performance of a $10,000 investment¹

For the period August 31, 2013 through August 31, 2023

	Starting value		Ending value
Bloomberg 3–15 Year Blend Municipal Bond Index	$	10,000	$	12,847
Delaware Tax-Free USA Intermediate Fund – Institutional Class shares	$	10,000	$	12,439
Delaware Tax-Free USA Intermediate Fund – Class A shares	$	9,725	$	11,909

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, 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, 2013. 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.

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, 2023 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2023
	1 year	5 year	10 year
Class A (Est. September 22, 1986)
Excluding sales charge	-1.92%	+1.60%	+4.20%
Including sales charge	-6.36%	+0.66%	+3.73%
Class C (Est. May 26, 1997)
Excluding sales charge	-2.64%	+0.85%	+3.43%
Including sales charge	-3.57%	+0.85%	+3.43%
Institutional Class (Est. December 31, 2008)
Excluding sales charge	-1.62%	+1.87%	+4.47%
Including sales charge	-1.62%	+1.87%	+4.47%
Bloomberg Municipal Bond Index	+1.70%	+1.52%	+2.81%

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 in 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 distribution and service (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.

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 12b-1 fee.

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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.

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

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	0.88%	1.63%	0.63%
Net expenses (including fee waivers, if any)	0.85%	1.60%	0.60%

Type of waiver	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period August 31, 2013 through August 31, 2023

	Starting value		Ending value
Delaware National High-Yield Municipal Bond Fund – Institutional Class shares	$	10,000	$	15,491
Delaware National High-Yield Municipal Bond Fund – Class A shares	$	9,550	$	14,423
Bloomberg Municipal Bond Index	$	10,000	$	13,194

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, 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.

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, 2023 to August 31, 2023 (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, 2023 to August 31, 2023.

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

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

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Disclosure of Fund expenses

For the six-month period from March 1, 2023 to August 31, 2023 (Unaudited)

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

	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Annualized Expense Ratio	Expenses Paid During Period 3/1/23 to 8/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,017.00	0.80%	$	4.07
Class C		1,000.00		1,013.10	1.55%		7.86
Institutional Class		1,000.00		1,018.20	0.55%		2.80
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.17	0.80%	$	4.08
Class C		1,000.00		1,017.39	1.55%		7.88
Institutional Class		1,000.00		1,022.43	0.55%		2.80

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

	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Annualized Expense Ratio	Expenses Paid During Period 3/1/23 to 8/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,012.70	0.75%	$	3.80
Class C		1,000.00		1,008.80	1.50%		7.59
Institutional Class		1,000.00		1,014.00	0.50%		2.54
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.42	0.75%	$	3.82
Class C		1,000.00		1,017.64	1.50%		7.63
Institutional Class		1,000.00		1,022.68	0.50%		2.55

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

	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Annualized Expense Ratio	Expenses Paid During Period 3/1/23 to 8/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,010.00	0.85%	$	4.31
Class C		1,000.00		1,006.30	1.60%		8.09
Institutional Class		1,000.00		1,011.40	0.60%		3.04
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, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.43	%
Education Revenue Bonds		12.31	%
Electric Revenue Bonds		2.18	%
Healthcare Revenue Bonds		14.48	%
Housing Revenue Bonds		3.07	%
Industrial Development Revenue/Pollution Control Revenue Bonds		17.40	%
Lease Revenue Bonds		7.87	%
Local General Obligation Bonds		1.80	%
Pre-Refunded Bond		0.55	%
Resource Recovery Revenue Bond		0.14	%
Special Tax Revenue Bonds		19.73	%
State General Obligation Bonds		8.64	%
Transportation Revenue Bonds		10.80	%
Water & Sewer Revenue Bonds		1.46	%
Total Value of Securities		100.43	%
Liabilities Net of Receivables and Other Assets		(0.43	)%
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		2.59	%
Alaska		0.94	%
Arizona		3.38	%
Arkansas		1.37	%
California		14.88	%
Colorado		3.72	%
Connecticut		0.28	%
District of Columbia		0.12	%
Florida		4.32	%
Georgia		2.82	%
Guam		0.50	%
Illinois		10.21	%
Indiana		0.70	%
Iowa		0.98	%
Kansas		0.30	%
Louisiana		0.18	%

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State / territory	Percentage of net assets
Maine		0.49	%
Maryland		0.92	%
Massachusetts		1.05	%
Michigan		0.18	%
Minnesota		0.32	%
Missouri		0.93	%
Nebraska		0.29	%
New Jersey		1.14	%
New Mexico		0.19	%
New York		6.49	%
North Carolina		0.95	%
North Dakota		0.39	%
Ohio		1.81	%
Oregon		0.48	%
Pennsylvania		4.01	%
Puerto Rico		17.46	%
Rhode Island		0.53	%
Tennessee		1.44	%
Texas		7.08	%
US Virgin Islands		0.17	%
Utah		0.84	%
Virginia		1.59	%
Washington		2.57	%
Wisconsin		1.82	%
Total Value of Securities		100.43	%

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Security type / sector / state / territory allocations
Delaware Tax-Free USA Intermediate Fund	As of August 31, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.20	%
Education Revenue Bonds		6.38	%
Electric Revenue Bonds		4.60	%
Healthcare Revenue Bonds		7.22	%
Housing Revenue Bonds		2.30	%
Industrial Development Revenue/Pollution Control Revenue Bonds		15.85	%
Lease Revenue Bonds		7.13	%
Local General Obligation Bonds		3.22	%
Pre-Refunded/Escrowed to Maturity Bonds		3.59	%
Special Tax Revenue Bonds		17.23	%
State General Obligation Bonds		12.49	%
Transportation Revenue Bonds		17.22	%
Water & Sewer Revenue Bonds		1.97	%
Short-Term Investments		0.03	%
Total Value of Securities		99.23	%
Receivables and Other Assets Net of Liabilities		0.77	%
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		1.79	%
Arizona		4.73	%
Arkansas		0.67	%
California		10.87	%
Colorado		3.77	%
Connecticut		0.57	%
District of Columbia		0.30	%
Florida		5.30	%
Georgia		1.83	%
Guam		0.72	%
Hawaii		0.18	%
Idaho		0.57	%
Illinois		9.14	%
Indiana		0.05	%
Iowa		0.49	%
Kansas		0.08	%

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State / territory	Percentage of net assets
Louisiana		1.14	%
Maine		0.20	%
Maryland		0.73	%
Massachusetts		1.28	%
Michigan		0.60	%
Minnesota		0.39	%
Missouri		0.90	%
Montana		0.16	%
Nebraska		0.13	%
Nevada		0.43	%
New Hampshire		0.16	%
New Jersey		5.46	%
New York		16.97	%
North Carolina		0.41	%
North Dakota		0.15	%
Ohio		1.54	%
Oklahoma		0.68	%
Oregon		1.39	%
Pennsylvania		4.45	%
Puerto Rico		9.96	%
South Carolina		0.75	%
Tennessee		1.20	%
Texas		2.96	%
US Virgin Islands		0.15	%
Utah		2.41	%
Virginia		2.62	%
Washington		0.33	%
Wisconsin		0.59	%
Total Value of Securities		99.20	%

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Security type / sector / state / territory allocations
Delaware National High-Yield Municipal Bond Fund	As of August 31, 2023 (Unaudited)

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.53	%
Education Revenue Bonds		17.68	%
Electric Revenue Bonds		1.88	%
Healthcare Revenue Bonds		14.10	%
Housing Revenue Bonds		1.55	%
Industrial Development Revenue/Pollution Control Revenue Bonds		25.30	%
Lease Revenue Bonds		3.78	%
Local General Obligation Bonds		2.28	%
Pre-Refunded/Escrowed to Maturity Bonds		1.44	%
Resource Recovery Revenue Bonds		0.42	%
Special Tax Revenue Bonds		14.87	%
State General Obligation Bonds		6.54	%
Transportation Revenue Bonds		6.47	%
Water & Sewer Revenue Bonds		1.22	%
Short-Term Investments		2.07	%
Total Value of Securities		99.60	%
Receivables and Other Assets Net of Liabilities		0.40	%
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		1.94	%
Arizona		4.83	%
Arkansas		1.98	%
California		13.38	%
Colorado		1.85	%
Delaware		0.05	%
District of Columbia		1.32	%
Florida		4.51	%
Georgia		0.89	%
Guam		0.60	%
Hawaii		0.09	%
Idaho		1.14	%
Illinois		6.12	%
Indiana		0.76	%
Iowa		0.63	%

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State / territory	Percentage of net assets
Kansas		0.34	%
Kentucky		0.23	%
Louisiana		1.21	%
Maine		0.33	%
Maryland		0.33	%
Massachusetts		1.57	%
Michigan		0.50	%
Minnesota		0.56	%
Missouri		1.31	%
Montana		0.27	%
Nevada		0.75	%
New Hampshire		0.19	%
New Jersey		2.26	%
New York		8.27	%
North Carolina		1.13	%
Ohio		3.98	%
Oklahoma		0.09	%
Oregon		0.24	%
Pennsylvania		2.65	%
Puerto Rico		14.64	%
Rhode Island		0.14	%
South Carolina		0.67	%
Tennessee		0.53	%
Texas		6.42	%
US Virgin Islands		0.35	%
Utah		0.43	%
Virginia		4.21	%
Washington		1.33	%
West Virginia		0.19	%
Wisconsin		2.32	%
Total Value of Securities		97.53	%

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Schedules of investments
Delaware Tax-Free USA Fund	August 31, 2023

	Principal amount°		Value (US $)
Municipal Bonds — 100.43%
Education Revenue Bonds — 12.31%
Arizona Industrial Development Authority Revenue
(Leman Academy Of Excellence of Projects)
Series A 4.50% 7/1/54		2,240,000	$	1,932,650
Board of Governors of the Colorado State University System Enterprise Revenue
Series A 5.00% 3/1/43		2,880,000		3,230,698
Build NYC, New York Resource Revenue
(East Harlem Scholars Academy Charter School Project)
144A 5.75% 6/1/62 #		1,250,000		1,253,325
(KIPP NYC Public School Facilities - Canal West Project)
5.25% 7/1/52		1,000,000		1,006,400
5.25% 7/1/57		4,000,000		4,013,560
California Community College Financing Authority Student Housing Revenue
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60 #		5,000,000		4,924,250
California Educational Facilities Authority Revenue
(Stanford University)
Series T-1 5.00% 3/15/39		3,000,000		3,453,660
Series U-7 5.00% 6/1/46		6,500,000		7,408,440
Series V-1 5.00% 5/1/49		1,455,000		1,657,332
Series V-2 2.25% 4/1/51		2,330,000		1,453,198
California Enterprise Development Authority Revenue
(Heights Christian Schools Project)
Series A 144A 6.375% 6/1/63 #		4,280,000		4,127,118
Camden County, New Jersey Improvement Authority Revenue
(KIPP:Cooper Norcross Academy - 2022 Project)
6.00% 6/15/62		1,325,000		1,369,745
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax
(Dedicated Revenues)
5.75% 4/1/48		1,850,000		2,007,176
Florida Development Finance Surface Transportation Facilities Revenue
(Mater Academy Projects)
Series A 4.00% 6/15/52		1,535,000		1,221,384
Indiana Finance Authority Revenue
(CHF - Tippecanoe, L.L.C. - Student Housing Project)
Series A 5.00% 6/1/53		2,500,000		2,508,150

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Indiana Finance Authority Revenue
(CHF - Tippecanoe, L.L.C. - Student Housing Project)
Series A 5.125% 6/1/58		1,350,000	$	1,362,123
Maricopa County, Arizona Industrial Development Authority Education Revenue
(Choice Academies, Inc. Project)
Series AZ 144A 5.75% 9/1/45 #		2,505,000		2,390,847
Massachusetts Development Finance Agency Revenue
Series A 5.00% 7/15/40		5,000,000		5,676,300
Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue
(Belmont University)
5.25% 5/1/48		1,500,000		1,586,940
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(Saint Joseph’s University Project)
5.50% 11/1/60		4,745,000		4,988,276
Public Finance Authority Project Revenue Bonds
(CFP3 – Eastern Michigan University Student Housing Project)
Series A-1 5.375% 7/1/47 (BAM)		2,775,000		2,979,850
Series A-1 5.50% 7/1/52 (BAM)		4,000,000		4,322,320
University of Texas System Board of Regents Revenue
Series B 5.00% 8/15/49		18,670,000		20,804,728
Washington Higher Education Facilities Authority Revenue
4.00% 4/1/47		6,475,000		5,694,180
				91,372,650
Electric Revenue Bonds — 2.18%
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/43		3,650,000		3,688,216
Municipal Electric Authority of Georgia Revenue
(Plant Vogtle Units 3&4 Project M)
4.00% 1/1/59		5,000,000		4,355,300
New York Power Authority Revenue
Series A 4.00% 11/15/55		3,885,000		3,656,562

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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 A 5.00% 7/1/42 ‡		3,665,000	$	1,007,875
Series A 5.05% 7/1/42 ‡		100,000		27,500
Series A 6.75% 7/1/36 ‡		1,725,000		474,375
Series AAA 5.25% 7/1/25 ‡		60,000		16,500
Series CCC 5.25% 7/1/27 ‡		2,005,000		551,375
Series TT 5.00% 7/1/32 ‡		2,705,000		743,875
Series WW 5.25% 7/1/33 ‡		2,485,000		683,375
Series XX 4.75% 7/1/26 ‡		205,000		56,375
Series XX 5.25% 7/1/40 ‡		3,165,000		870,375
Series ZZ 4.75% 7/1/27 ‡		160,000		44,000
Series ZZ 5.25% 7/1/24 ‡		80,000		22,000
				16,197,703
Healthcare Revenue Bonds — 14.48%
Alachua County, Florida Health Facilities Authority Revenue
(Oak Hammock at the University of Florida, Inc. Project)
4.00% 10/1/46		1,750,000		1,275,627
Apple Valley, Minnesota Senior Living Revenue
(Minnesota Senior Living LLC Project)
Series B 5.00% 1/1/47		1,815,000		1,100,834
Series D 7.25% 1/1/52		1,980,000		1,269,695
Arizona Industrial Development Authority Revenue
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
144A 7.75% 1/1/54 #		225,000		114,046
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.00% 1/1/49		300,000		156,159
(Phoenix Children’s Hospital)
Series A 4.00% 2/1/50		3,560,000		3,203,537
California Health Facilities Financing Authority Revenue
(Cedars-Sinai Health System)
Series A 3.00% 8/15/51 (BAM)		4,000,000		3,074,920
(CommonSpirit Health)
Series A 4.00% 4/1/45		3,470,000		3,137,539
Series A 4.00% 4/1/49		5,000,000		4,407,700
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		14,845,000		16,214,155

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Municipal Finance Authority Revenue
(Community Medical Centers)
Series A 5.00% 2/1/47		2,025,000	$	2,046,161
Colorado Health Facilities Authority Revenue
(AdventHealth Obligated Group)
Series A 4.00% 11/15/46		3,000,000		2,806,560
(CommonSpirit Health)
Series A-2 4.00% 8/1/49 (BAM)		6,910,000		6,241,803
Series A-2 5.00% 8/1/44		2,290,000		2,339,098
Glendale, Arizona Industrial Development Authority Revenue
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/56		1,905,000		1,602,429
Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue
(Mercy Health)
4.00% 6/1/53		5,000,000		4,444,100
Henrico County, Virginia Economic Development Authority Revenue
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/52		1,130,000		1,123,503
Hillsborough County, Florida Industrial Development Authority Hospital Revenue Bonds
(Tampa General Hospital Project)
Series A 3.50% 8/1/55		5,000,000		3,713,900
Illinois Finance Authority Revenue
(Northshore - Edward-Elmhurst Health Credit Group)
Series A 5.00% 8/15/51		6,775,000		6,969,171
(Shedd Aquarium Society Project)
5.00% 6/1/44		1,500,000		1,559,400
Jacksonville, Alabama Public Educational Building Authority Revenue
(Jsu Foundation Project)
Series A 5.25% 8/1/53 (AGM)		1,500,000		1,591,290
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(The Glen Retirement System Project)
Series A 5.00% 1/1/49		1,905,000		1,303,782
Michigan Finance Authority Hospital Revenue
(Henry Ford Health System)
Series A 4.00% 11/15/50		1,500,000		1,342,950

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Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue
(Thomas Jefferson University)
Series B 4.00% 5/1/56		4,950,000	$	4,241,704
Moon, Pennsylvania Industrial Development Authority Revenue
(Baptist Homes Society Obligation)
6.125% 7/1/50		1,895,000		1,359,549
New Hope, Texas Cultural Education Facilities Finance Revenue
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54		1,725,000		1,310,689
New York State Dormitory Authority Revenue
(Montefiore Obligated Group)
Series A 3.00% 9/1/50 (AGM)		8,660,000		6,093,609
(Northwell Health Obligated Group)
Series A 5.00% 5/1/52		3,000,000		3,086,070
Ohio State Hospital Facilities Revenue
(Cleveland Clinic Health System Obligated Group)
Series B 4.00% 1/1/42		2,000,000		1,941,900
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		2,035,000		1,603,580
Pennsylvania Economic Development Financing Authority Revenue
(University of Pittsburgh Medical Center)
Series A 4.00% 11/15/42		3,300,000		3,070,980
Series A 4.00% 5/15/53		5,000,000		4,423,000
Seminole County, Florida Industrial Development Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49		3,055,000		2,341,352
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/52 #		1,395,000		838,395
University of North Carolina Board of Governors Revenue
5.00% 2/1/49		3,700,000		3,974,244

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	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Virginia Small Business Financing Authority Revenue
(LifeSpire of Virginia)
4.00% 12/1/41		2,500,000	$	2,165,075
				107,488,506
Housing Revenue Bonds — 3.07%
Alaska Housing Finance Revenue
(Veterans Mortgage Program)
4.60% 12/1/50		3,870,000		3,715,780
4.65% 12/1/52		3,440,000		3,301,265
CSCDA Community Improvement Authority Essential Housing Revenue
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56 #		1,300,000		855,816
Maryland Community Development Administration Revenue
4.50% 9/1/49		2,270,000		2,250,432
New Mexico Mortgage Finance Authority Revenue
(Single Family Mortgage Program)
4.70% 9/1/53		1,500,000		1,441,620
North Dakota Housing Finance Agency Revenue
(Home Mortgage Financial Program)
4.55% 7/1/48		2,960,000		2,905,329
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
Series A 5.00% 10/1/50		3,660,000		3,717,828
Rhode Island Housing & Mortgage Finance Revenue
Series A 4.65% 10/1/53		4,000,000		3,904,640
Tucson, Arizona Industrial Development Authority Revenue
Series A 4.85% 7/1/48		725,000		730,851
				22,823,561
Industrial Development Revenue/Pollution Control Revenue Bonds — 17.40%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50 #, ‡		6,400,000		640,000
Arkansas Development Finance Authority Revenue
(Hybar Steel Project)
144A 12.00% 7/1/48 #		5,000,000		5,273,800
Series A 144A 6.875% 7/1/48 (AMT) #		4,800,000		4,914,576

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue
(Senior)
Series A-2 3.00% 6/1/48		9,250,000	$	6,821,043
Series A-2 4.00% 6/1/48		5,310,000		4,705,403
California Infrastructure & Economic Development Bank Revenue
(Brightline West Passenger Rail Project)
144A 8.08% 1/1/50 (AMT) #, •		2,750,000		2,750,413
Central Plains, Nebraska Energy Project Revenue
(Project No. 3)
Series A 5.00% 9/1/31		2,050,000		2,148,605
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
5.00% 9/1/42 (AMT) •		3,000,000		3,088,080
Erie, New York Tobacco Asset Securitization Revenue
(Capital Appreciation-Asset-Backed)
Series A 144A 9.242% 6/1/60 #, ^		65,340,000		3,765,544
Finance Authority of Maine Revenue
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #		5,660,000		3,681,094
Florida Development Finance Surface Transportation Facilities Revenue
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		7,075,000		7,089,292
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.50% 1/1/49 (AMT) #, •		2,555,000		2,459,085
George L Smith II Georgia World Congress Center Authority Revenue
(Convention Center Hotel 1st Tier)
Series A 4.00% 1/1/54		18,715,000		15,452,975
Illinois Finance Authority Revenue
(Shedd Aquarium Society Project)
5.00% 6/1/47		1,125,000		1,163,723
Inland, California Empire Tobacco Securitization Revenue
(Capital Appreciation-Turbo-Asset-Backed)
Series E 144A 8.656% 6/1/57 #, ^		122,985,000		8,332,234
Series F 144A 7.519% 6/1/57 #, ^		80,485,000		4,446,796

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Iowa Finance Authority Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)
5.00% 12/1/50		5,585,000	$	5,527,139
Lower Alabama Gas District Revenue
Series A 5.00% 9/1/34		3,440,000		3,544,645
(Gas Project Revenue Bonds)
Series A 5.00% 9/1/46		2,265,000		2,317,140
M-S-R Energy Authority, California Gas Revenue
Series A 6.125% 11/1/29		1,280,000		1,360,691
Series B 6.50% 11/1/39		4,015,000		4,770,784
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		4,745,000		5,565,363
Public Finance Authority, Wisconsin Revenue
(Grand Hyatt San Antonio Hotel Acquisition Project)
Series A 5.00% 2/1/62		5,145,000		4,781,249
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		6,725,000		6,892,520
Southeast Energy Authority A Cooperative District Revenue
(Project No.2)
Series B 4.00% 12/1/51 •		5,000,000		4,767,650
Tobacco Securitization Authority of Southern California Revenue
(Capital Appreciation-2nd Subordinate Lien)
Series C 7.084% 6/1/46 ^		13,510,000		2,407,347
(Capital Appreciation-3rd Subordinate Lien)
Series D 7.576% 6/1/46 ^		2,255,000		333,514
Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds Revenue
Series A-2 4.00% 6/1/49		1,950,000		1,755,351
Tuscaloosa County, Alabama Industrial Development Authority Revenue
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		7,775,000		7,063,432
Valparaiso, Indiana
(Pratt Paper LLC Project)
7.00% 1/1/44 (AMT)		1,360,000		1,372,852
				129,192,340

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds — 7.87%
Illinois Finance Authority Revenue
(Provident Group–SCCIL Properties LLC – University Of Illinois Urbana-Champaign Project)
Series A 5.25% 10/1/53		1,000,000	$	1,068,490
Series A 5.25% 10/1/57		1,500,000		1,596,450
Irvine, California Facilities Financing Authority Revenue
(Gateway Preserve Land Acquisition Project)
4.25% 5/1/53		2,500,000		2,484,775
Metropolitan Pier & Exposition Authority, Illinois Revenue
(Capital Appreciation-McCormick)
Series MC 4.025% 12/15/37 (BAM) ^		2,000,000		1,077,420
(McCormick Place Expansion Project)
Series A 4.00% 6/15/50 (BAM)		6,500,000		5,741,515
Series A 4.00% 6/15/52		14,490,000		12,354,319
Series B 3.65% 12/15/54 (BAM) ^		48,270,000		10,553,270
Series B 5.03% 12/15/54 ^		10,000,000		2,025,700
New Jersey Transportation Trust Fund Authority Revenue
(Transportation System)
Series A 5.396% 12/15/39 (BAM) ^		12,810,000		6,090,514
New York Liberty Development Revenue
(4 World Trade Center - Green Bond)
Series A 2.875% 11/15/46 (BAM)		7,535,000		5,550,055
Tucson, Arizona Industrial Development Authority Revenue
Series A 4.90% 7/1/54		1,350,000		1,363,352
Virginia College Building Authority Revenue
(21st Century College and Equipment Programs)
Series A 5.00% 2/1/40		5,000,000		5,470,100
Virginia Commonwealth Transportation Board Revenue
(Transportation Capital Project)
4.00% 5/15/36		3,000,000		3,086,910
				58,462,870
Local General Obligation Bonds — 1.80%
Dallas Independent School District, Texas
4.00% 2/15/53 (PSF)		2,000,000		1,844,760
Galveston Independent School District, Texas
4.00% 2/1/47 (PSF)		2,500,000		2,362,900

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		1,905,000	$	1,977,676
Mechanicsburg, Pennsylvania Area School District
Series AA 4.00% 5/15/50		2,875,000		2,641,435
Mecklenburg County, North Carolina
Series A 5.00% 9/1/25		3,000,000		3,105,030
New York City, New York
Subseries A-1 5.00% 8/1/47		1,330,000		1,401,141
				13,332,942
Pre-Refunded Bond — 0.55%
Washington State Housing Finance Commission Revenue
(Heron’s Key)
Series A 144A 7.00% 7/1/45-25 #, §		3,890,000		4,099,049
				4,099,049
Resource Recovery Revenue Bond — 0.14%
Union County, New Jersey Improvement Authority Revenue
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) #		1,550,000		999,394
				999,394
Special Tax Revenue Bonds — 19.73%
Bullhead City, Arizona Excise Taxes Revenue
2.30% 7/1/41		1,000,000		698,780
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue
(H. Lee Moffitt Cancer Center Project)
Series A 4.55% 9/1/53 ^		25,000,000		4,784,500
Commonwealth of Puerto Rico Revenue
3.018% 11/1/43 •		34,010,532		17,557,937
GDB Debt Recovery Authority of Puerto Rico Revenue
7.50% 8/20/40		28,327,269		23,157,543
Illinois State Revenue
(Junior Obligation)
Series A 4.00% 6/15/31 (BAM)		3,000,000		3,006,690
Matching Fund Special Purpose Securitization Corporation, US Virgin Islands Revenue
Series A 5.00% 10/1/39		1,265,000		1,258,043

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue
(Stadium Project Senior Lien)
Series A 5.25% 7/1/53 (AGM)		4,000,000	$	4,292,960
Series A 5.25% 7/1/56 (AGM)		4,500,000		4,814,145
Miami-Dade County, Florida Special Obligation Revenue
3.505% 10/1/37 (BAM) ^		2,585,000		1,412,056
4.56% 10/1/45 ^		5,000,000		1,693,500
New York City Transitional Finance Authority Future Tax Secured Revenue
Series B-1 3.00% 11/1/47		4,000,000		3,012,560
New York Convention Center Development Corporate Senior Lien Revenue
(Hotel Unit Fee Secured)
Series B 2.873% 11/15/55 (BAM) ^		2,585,000		488,849
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series A 4.00% 3/15/49		3,450,000		3,245,105
Public Finance Authority, Wisconsin Revenue
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		1,645,000		1,491,472
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53		13,910,000		13,040,208
Series A-1 5.00% 7/1/58		14,662,000		14,228,005
Series A-1 5.556% 7/1/46 ^		100,620,000		28,024,682
Series A-1 6.00% 7/1/51 ^		64,505,000		13,331,893
Series A-2 4.329% 7/1/40		5,000,000		4,748,000
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A)
Series 2015A 5.75% 9/1/32		2,530,000		2,190,423
				146,477,351
State General Obligation Bonds — 8.64%
California State
(Forward Delivery)
4.00% 9/1/29		1,905,000		2,023,396
(Various Purpose)
5.00% 11/1/42		3,000,000		3,312,660

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
California State
(Various Purpose)
5.25% 10/1/45		2,000,000	$	2,241,820
5.25% 10/1/50		4,750,000		5,273,402
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		2,625,185		2,270,129
Series A-1 4.00% 7/1/46		10,700,000		8,907,429
Connecticut State Series E 5.00% 9/15/35		1,905,000		2,047,265
Illinois State
5.00% 11/1/36		1,170,000		1,183,198
5.50% 5/1/39		3,725,000		4,000,687
Series A 4.00% 3/1/41		1,110,000		1,037,906
Series A 5.50% 3/1/47		6,500,000		6,971,965
Series B 5.50% 5/1/47		2,000,000		2,146,860
(Rebuild Illinois Program)
Series B 4.00% 11/1/39		10,775,000		10,180,974
Maryland State
Series A 5.00% 3/15/26		2,000,000		2,092,680
Series A 5.00% 3/15/28		2,290,000		2,494,222
Washington State
Series A 5.00% 8/1/42		2,500,000		2,713,950
Series R 4.00% 7/1/29		5,000,000		5,269,350
				64,167,893
Transportation Revenue Bonds — 10.80%
Chicago, Illinois O’Hare International Airport Revenue
Series A 5.00% 1/1/37 (AMT)		1,095,000		1,138,712
Colorado Regional Transportation District
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/39		1,995,000		1,913,305
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/43 (AMT)		5,900,000		5,454,668
Foothill-Eastern, California Transportation Corridor Agency Revenue
(Junior Lien)
Series C 4.00% 1/15/43		1,725,000		1,636,611
(Senior Lien)
Series A 4.00% 1/15/46		1,000,000		938,920

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Georgia Ports Authority Revenue
4.00% 7/1/52		1,200,000	$	1,143,144
Harris County, Texas Toll Road First Lien Revenue
and Refunding
4.00% 8/15/50		3,175,000		2,868,422
Harris County, Texas Toll Road Senior Lien Revenue
and Refunding
Series A 5.00% 8/15/27		1,000,000		1,072,760
Kansas City, Missouri Industrial Development Authority Revenue
(Kansas City International Airport Terminal Modernization Project)
5.00% 3/1/57 (AGM) (AMT)		2,450,000		2,483,786
Lee County, Florida Airport Revenue
Series B 4.00% 10/1/51 (AMT)		4,430,000		3,883,072
Los Angeles, California Department of Airports Revenue
Subseries F 4.00% 5/15/49 (AMT)		2,500,000		2,276,250
Massachusetts Port Authority Revenue
Series A 5.00% 7/1/40 (AMT)		2,000,000		2,077,820
Metropolitan Transportation Authority Revenue, New York
(Climate Bond Certified)
Series D 5.00% 11/15/33		1,140,000		1,200,967
(Green Bonds)
Subseries A-2 4.00% 11/15/41		1,370,000		1,281,594
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue
(Dulles Metrorail and Capital Improvement Projects)
Series B 4.00% 10/1/49		1,000,000		902,800
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)		7,825,000		7,379,601
North Texas Tollway Authority Revenue
(2nd Tier)
Series A 5.00% 1/1/34		3,825,000		3,875,337
Series A 4.00% 1/1/44		5,750,000		5,378,147
Phoenix City, Arizona Civic Improvement Airport Revenue
Series B 5.00% 7/1/49 (AMT)		1,370,000		1,395,044

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Port of Seattle, Washington Intermediate Lien Revenue
(Private Activity)
Series B 4.00% 8/1/47 (AMT)		1,500,000	$	1,344,675
Salt Lake City, Utah Airport Revenue
Series A 5.00% 7/1/37 (AMT)		3,055,000		3,161,314
Series A 5.00% 7/1/51 (AMT)		3,000,000		3,057,060
San Diego County, California Regional Airport Authority Revenue
Series B 4.00% 7/1/56 (AMT) (BAM)		7,000,000		6,151,740
San Francisco City & County, California Airports Commission Revenue
(San Francisco International Airport)
Series A 5.00% 5/1/49 (AMT)		3,825,000		3,906,511
Southeastern Pennsylvania Transportation Authority Revenue
(Asset Improvement Program)
5.25% 6/1/52		5,000,000		5,409,000
State of Oregon Department of Transportation Highway User Tax Revenue
Senior Lien Series A 5.25% 11/15/47		3,250,000		3,561,870
Texas Private Activity Bond Surface Transportation Revenue
(NTE Mobility Partners LLC North Tarrant Express Project)
5.50% 12/31/58 (AMT)		5,000,000		5,298,450
				80,191,580
Water & Sewer Revenue Bonds — 1.46%
Irvine, California Facilities Financing Authority Revenue
(Irvine Great Park Infrastructure Project)
Series A 4.00% 9/1/58 (BAM)		1,000,000		937,320
San Antonio, Texas River Authority Wastewater System Revenue
4.125% 1/1/41 (BAM)		850,000		828,402
4.125% 1/1/42 (BAM)		885,000		857,919
4.25% 1/1/43 (BAM)		925,000		902,486
4.25% 1/1/44 (BAM)		965,000		935,789
4.375% 1/1/45 (BAM)		1,005,000		987,312
4.375% 1/1/46 (BAM)		1,050,000		1,020,789
4.50% 1/1/47 (BAM)		1,095,000		1,077,655
4.50% 1/1/48 (BAM)		1,145,000		1,124,195

Table of Contents

Schedules of investments

Delaware Tax-Free USA Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Tampa, Florida Water & Wastewater System Revenue
(Green Bonds)
Series A 5.25% 10/1/57		2,000,000	$	2,172,660
				10,844,527
Total Municipal Bonds (cost $783,412,385)				745,650,366
Total Value of Securities—100.43% (cost $783,412,385)			$	745,650,366

°	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, 2023, the aggregate value of Rule 144A securities was $71,509,978, which represents 9.63% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. 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. SOFR01M, SOFR03M, 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 9 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

PSF – Guaranteed by Permanent School Fund

Table of Contents

Summary of abbreviations: (continued)

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

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, 2023

	Principal amount°		Value (US $)
Municipal Bonds — 99.20%
Education Revenue Bonds — 6.38%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		1,345,000	$	1,371,012
(Empower College Prep Project)
144A 6.00% 7/1/49 #		875,000		840,560
(KIPP NYC Public Charter Schools - Macombs Facility Project)
Series A 4.00% 7/1/61		2,000,000		1,558,380
(Odyssey Preparatory Academy Project)
Series A 144A 5.50% 7/1/52 #		875,000		829,010
Board of Governors of the Colorado State University
System Enterprise Revenue
Series A 5.00% 3/1/43		2,000,000		2,243,540
Bucks County, Pennsylvania Industrial Development Authority Revenue
(School Lane Charter School Project)
5.125% 3/15/36		2,000,000		2,019,980
Build NYC, New York Resource Revenue
(East Harlem Scholars Academy Charter School Project)
144A 5.00% 6/1/32 #		375,000		380,325
144A 5.75% 6/1/42 #		750,000		765,435
(KIPP NYC Public School Facilities - Canal West Project)
5.00% 7/1/30		510,000		540,452
5.00% 7/1/32		560,000		598,304
5.00% 7/1/33		585,000		622,832
5.00% 7/1/34		415,000		440,004
5.00% 7/1/36		415,000		431,326
5.00% 7/1/37		550,000		566,010
5.00% 7/1/42		1,000,000		1,004,890
California Community College Financing Authority Revenue
(Napa Valley College Project)
Series A 144A 4.25% 7/1/32 #		1,480,000		1,406,577
California Educational Facilities Authority Revenue
(Stanford University)
Series T-1 5.00% 3/15/39		5,000,000		5,756,100
Series V-1 5.00% 5/1/49		1,075,000		1,224,490
California Municipal Finance Authority Revenue
Series A 144A 5.50% 6/1/53 #		1,000,000		948,140

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority Revenue
(Hawking Steam Charter School Project)
Series A 144A 5.00% 7/1/42 #		1,000,000	$	940,630
(Partnerships to Uplift Communities Valley Project)
144A 5.00% 8/1/33 #		715,000		724,824
(View Park Elementary & Middle Schools)
Series A 4.75% 10/1/24		100,000		99,666
California State University Revenue
(Systemwide)
Series A 5.00% 11/1/31		2,000,000		2,146,220
California Statewide Communities Development Authority Revenue
(California Baptist University)
Series A 144A 6.125% 11/1/33 #		2,215,000		2,221,734
Capital Trust Agency, Florida Revenue
(Liza Jackson Preparatory School Project)
Series A 5.00% 8/1/40		300,000		292,380
Series A 5.00% 8/1/55		800,000		736,688
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/43 #		2,000,000		1,876,560
Chicago, Illinois Board of Education Dedicated Capital Improvement Tax
(Dedicated Revenues)
5.75% 4/1/48		2,500,000		2,712,400
Colorado Educational & Cultural Facilities Authority Revenue
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/40 #		2,215,000		1,987,630
District of Columbia Revenue
(KIPP DC Issue)
4.00% 7/1/39		1,275,000		1,154,844
4.00% 7/1/44		1,120,000		963,939
Florida Development Finance Revenue
(Mater Academy Projects)
Series A 5.00% 6/15/28		410,000		422,530
Series A 5.00% 6/15/29		400,000		411,820
Fulton County, Georgia Development Authority Revenue
(Georgia Institute of Technology)
5.00% 6/15/44		3,100,000		3,268,919

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Idaho Housing & Finance Association Revenue
(Alturas International Academy Project)
4.00% 5/1/52		1,400,000	$	1,146,082
(Anser of Idaho Project)
Series A 4.00% 5/1/28		230,000		230,713
Series A 4.00% 5/1/30		250,000		250,525
(Meridian South Charter School Project)
144A 4.00% 5/1/46 #		710,000		508,261
(Sage International School of Boise Project)
Series A 4.00% 5/1/35		450,000		447,552
Series A 4.00% 5/1/40		1,330,000		1,241,076
Series A 4.00% 5/1/55		1,540,000		1,329,143
Illinois Finance Authority Revenue
(University of Illinois at Chicago)
Series A 5.00% 2/15/26		400,000		402,912
Series A 5.00% 2/15/28		260,000		264,266
Series A 5.00% 2/15/30		390,000		396,681
Series A 5.00% 2/15/32		265,000		269,158
Indiana Finance Authority Revenue
(Tippecanoe LLC Student Housing Project)
Series A 5.00% 6/1/38		600,000		615,306
Maricopa County, Arizona Industrial Development
Authority Revenue
(Arizona Autism Charter Schools Project)
Series A 144A 5.00% 7/1/40 #		250,000		238,485
Series A 144A 5.00% 7/1/50 #		175,000		157,589
(Highland Prep Project)
Series A 4.00% 7/1/38		460,000		436,963
Series A 4.00% 7/1/40		500,000		465,235
Miami-Dade County, Florida Educational Facilities
Authority Revenue
(University of Miami)
Series A 5.00% 4/1/30		520,000		530,312
Series A 5.00% 4/1/31		1,090,000		1,112,072
Nevada State Department of Business & Industry
Revenue
(Somerset Academy)
Series A 144A 5.00% 12/15/38 #		1,295,000		1,228,230
New York State Dormitory Authority Revenue
(New York University)
Series A 5.75% 7/1/27 (NATL)		6,190,000		6,496,838

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Newark, Texas Higher Education Finance Revenue
(Village Tech Schools)
Series A 5.125% 8/15/47		1,250,000	$	1,107,575
Oregon State Facilities Authority Revenue
(Metro East Web Academy Project)
Series A 144A 5.00% 6/15/49 #		1,000,000		860,200
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		365,036
Series A 5.00% 7/1/32		235,000		244,156
Public Finance Authority, Wisconsin Revenue
(CFP3 – Eastern Michigan University Student Housing Project)
Series A-1 5.25% 7/1/42 (BAM)		3,000,000		3,227,760
South Carolina Jobs - Economic Development
Authority Educational Facilities Revenue
(High Point Academy Project)
Series A 144A 5.75% 6/15/39 #		1,345,000		1,357,630
University of Minnesota Revenue
Series A 5.00% 4/1/34		1,855,000		1,932,984
Westchester County, New York Local Development Revenue
(Pace University)
Series A 5.00% 5/1/34		4,150,000		4,167,555
				74,538,446
Electric Revenue Bonds — 4.60%
American Municipal Power Revenue
(AMP Fremont Energy Center Project)
Series A 4.00% 2/15/37		1,330,000		1,305,914
California Community Choice Financing Authority Revenue
(Clean Energy Project)
Series C 5.25% 1/1/54 •		3,325,000		3,448,723
Guam Power Authority Revenue
Series A 5.00% 10/1/32		4,000,000		4,316,760
Series A 5.00% 10/1/33		2,915,000		3,131,993
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		915,000		933,135
Long Island, New York Power Authority Revenue
5.00% 9/1/33		250,000		267,123

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Missouri Joint Municipal Electric Utility Commission Revenue
(Green Bonds - Climate Bond Certified)
5.25% 12/1/38		350,000	$	376,240
5.25% 12/1/39		500,000		534,605
5.25% 12/1/40		500,000		532,025
5.25% 12/1/41		650,000		689,812
5.25% 12/1/42		1,000,000		1,059,490
Municipal Electric Authority of Georgia Revenue
(Plant Vogtle Units 3&4 Project)
Series A 5.00% 1/1/39		6,250,000		6,394,562
Puerto Rico Electric Power Authority Revenue
Series CCC 5.25% 7/1/27 ‡		1,520,000		418,000
Series TT 5.00% 7/1/32 ‡		1,555,000		427,625
Series WW 5.25% 7/1/33 ‡		1,015,000		279,125
Series WW 5.50% 7/1/17 ‡		2,200,000		599,500
Series WW 5.50% 7/1/19 ‡		1,710,000		465,975
Series WW 5.50% 7/1/38 ‡		1,925,000		529,375
Series XX 5.25% 7/1/40 ‡		4,630,000		1,273,250
Series ZZ 5.00% 7/1/19 ‡		2,990,000		814,775
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,000,000		4,100,320
Series A 5.00% 1/1/38		5,000,000		5,214,500
Series A 5.00% 1/1/43		1,135,000		1,237,116
South Carolina Public Service Authority Revenue
Series E 5.25% 12/1/37 (AGM)		3,000,000		3,263,760
Series E 5.25% 12/1/38 (AGM)		1,615,000		1,749,416
Utility Debt Securitization Authority Restructuring Bonds Revenue
5.00% 12/15/36		10,000,000		10,321,400
				53,684,519
Healthcare Revenue Bonds — 7.22%
Apple Valley, Minnesota Revenue
(Senior Living, LLC Project 2nd Tier)
Series B 5.25% 1/1/37		915,000		673,376
Arizona Health Facilities Authority Revenue
(Scottsdale Lincoln Hospital Project)
5.00% 12/1/30		5,000,000		5,065,000

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Health Facilities Financing Authority Revenue
(Children's Hospital of Orange County)
Series A 2.125% 11/1/41		5,000,000	$	3,305,650
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		4,600,000		5,024,258
(Sutter Health)
Series A 5.00% 11/15/38		760,000		793,911
Colorado Health Facilities Authority Revenue
(AdventHealth Obligated Group)
Series A 4.00% 11/15/46		7,000,000		6,548,640
(CommonSpirit Health)
Series A-1 4.00% 8/1/37		1,000,000		955,200
Series A-2 5.00% 8/1/37		1,105,000		1,145,852
Cuyahoga County, Ohio Revenue
(The Metrohealth System)
5.00% 2/15/37		1,000,000		1,002,080
Escambia County, Florida Health Facilities Authority Revenue
(Baptist Healthcare Obligated Group)
Series A 4.00% 8/15/45		655,000		563,942
Series A 4.00% 8/15/50		1,950,000		1,622,263
Gainesville & Hall County, Georgia Hospital Authority Revenue
(Northeast Georgia Health System Project)
Series A 3.00% 2/15/51		515,000		363,430
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.25% 11/15/46		875,000		625,721
(Royal Oaks Inspirata Pointe Project)
Series A 5.00% 5/15/41		500,000		457,620
(Royal Oaks Life Care Community)
4.00% 5/15/27		620,000		594,438
4.00% 5/15/30		1,385,000		1,277,912
(The Terraces of Phoenix Project)
Series A 5.00% 7/1/48		875,000		692,606
Hamilton County, Ohio Hospital Facilities Revenue
(Cincinnati Children's Hospital Medical Center)
Series CC 5.00% 11/15/49		3,540,000		3,772,649

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/42		650,000	$	659,451
Series A 5.00% 10/1/47		525,000		526,985
Series A 5.00% 10/1/52		1,750,000		1,739,937
Illinois Finance Authority Revenue
(The Admiral at the Lake Project)
5.50% 5/15/54		875,000		667,590
Iowa Finance Authority Senior Housing Revenue
(PHS Council Bluffs, Inc. Project)
5.00% 8/1/33		500,000		441,465
Jacksonville, Alabama Public Educational Building Authority Revenue
(Jsu Foundation Project)
Series A 5.25% 8/1/53 (AGM)		1,530,000		1,623,116
Kalispell, Montana Housing and Healthcare Facilities Revenue
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/29		630,000		610,079
Series A 5.25% 5/15/37		1,400,000		1,238,104
Lancaster County, Pennsylvania Hospital Authority Revenue
(University of Pennsylvania Health System Obligation)
Series A 5.00% 8/15/33		2,430,000		2,551,354
Maricopa County, Arizona Industrial Development Authority Revenue
(Banner Health Obligation Group)
Series A 5.00% 1/1/32		3,000,000		3,130,020
(Christian Care Surprise, Inc. Project)
144A 5.75% 1/1/36 #		1,540,000		1,230,214
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated)
Series A 5.50% 1/1/36		2,000,000		2,056,360
Michigan Finance Authority Revenue
4.00% 12/1/40		2,185,000		2,105,531
Monroe County, New York Industrial Development Revenue
(Rochester Regional Health Project)
Series D 3.00% 12/1/40		1,000,000		710,430
Series D 4.00% 12/1/38		1,200,000		1,089,120

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Moon, Pennsylvania Industrial Development Authority Revenue
(Baptist Homes Society Obligation)
5.625% 7/1/30		2,440,000	$	2,137,147
National Finance Authority Revenue, New Hampshire
(The Vista Project)
Series A 144A 5.25% 7/1/39 #		1,000,000		896,620
New Hampshire Business Finance Authority Revenue
(Springpoint Senior Living Project)
4.00% 1/1/51		1,330,000		996,343
New Hope, Texas Cultural Education Facilities Finance Revenue
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57		1,615,000		1,142,871
New York State Dormitory Authority Revenue
(Orange Regional Medical Center)
144A 5.00% 12/1/31 #		1,000,000		997,430
144A 5.00% 12/1/32 #		1,800,000		1,792,818
144A 5.00% 12/1/33 #		1,000,000		994,390
Ohio State Revenue
(Cleveland Clinic Health System Obligated Group)
Series A 4.00% 1/1/39		1,500,000		1,489,695
Oklahoma Development Finance Authority Health System Revenue
(OU Medicine Project)
Series B 5.25% 8/15/43		1,000,000		948,410
Series B 5.25% 8/15/48		2,000,000		1,850,920
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Presbyterian Senior Living Project)
Series B-2 5.00% 7/1/38		3,000,000		3,027,480
Series B-2 5.00% 7/1/42		1,500,000		1,474,740
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #, ‡		1,000,000		381,250
Series A 144A 6.75% 12/1/53 #, ‡		875,000		333,594
Prince George's County, Maryland Revenue
(Collington Episcopal Life Care Community)
5.00% 4/1/30		2,880,000		2,719,354
Salem, Oregon Hospital Facility Authority Revenue
(Capital Manor Project)
4.00% 5/15/40		1,450,000		1,196,337

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Seminole County, Florida Industrial Development Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.25% 11/15/39		5,340,000	$	4,335,546
Series B-1 4.25% 11/15/26		2,000,000		1,919,620
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.00% 10/1/37 #		1,200,000		842,868
				84,341,737
Housing Revenue Bonds — 2.30%
Denver City & County, Colorado Housing Authority Revenue
(Flo Senior Apartments Project)
4.50% 7/1/41		1,500,000		1,481,805
Maryland Community Development Administration Revenue
Series C 4.375% 9/1/43		1,640,000		1,611,972
New York City Housing Development Revenue
4.60% 8/1/48		2,495,000		2,466,432
New York State Mortgage Agency Homeowner Revenue
Series 250 4.80% 10/1/48		4,000,000		4,019,040
North Carolina Housing Finance Agency Revenue
4.875% 7/1/42		4,765,000		4,800,166
North Dakota Housing Finance Agency Revenue
4.50% 7/1/43		1,740,000		1,710,490
Pennsylvania Housing Finance Agency Revenue
Series A 4.85% 10/1/43		10,730,000		10,776,890
				26,866,795
Industrial Development Revenue/Pollution Control Revenue Bonds — 15.85%
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 7.75% 7/1/50 #, ‡		5,520,000		552,000
Arkansas Development Finance Authority Revenue
(United States Steel Corporation Project)
5.70% 5/1/53 (AMT)		7,750,000		7,782,705
Black Belt Energy Gas District, Alabama Revenue
Series A 4.00% 6/1/51 •		6,000,000		5,853,300

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue
(Senior)
Series A-2 3.00% 6/1/48		7,060,000	$	5,206,115
Series A-2 4.00% 6/1/48		1,700,000		1,506,438
Series B-2 5.00% 6/1/55		4,000,000		3,661,880
California Community Choice Financing Authority Revenue
(Clean Energy Project)
Series A-1 5.00% 12/1/53 •		3,500,000		3,606,120
Series B-1 4.00% 2/1/52 •		4,910,000		4,806,301
Series D 5.50% 5/1/54 •		7,000,000		7,349,510
California Pollution Control Financing Authority Revenue
(Calplant I Project)
144A 8.00% 7/1/39 (AMT) #, ‡		1,250,000		62,500
(LP Desalination Project)
144A 5.00% 7/1/37 (AMT) #		3,700,000		3,699,445
Central Plains, Nebraska Energy Project Revenue
(Project No. 3)
Series A 5.00% 9/1/35		1,250,000		1,305,513
Series A 5.00% 9/1/42		250,000		254,620
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project)
5.00% 9/1/42 (AMT) •		5,000,000		5,146,800
Commonwealth of Pennsylvania Financing Authority Revenue
(Tobacco Master Settlement Payment)
5.00% 6/1/27		2,000,000		2,099,100
Erie, New York Tobacco Asset Securitization Revenue
(Capital Appreciation-Asset-Backed)
Series A 144A 8.054% 6/1/60 #, ^		38,675,000		2,228,840
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 7.50% 7/1/57 (AMT) #, •		1,500,000		1,476,870
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		5,435,000		5,445,979
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.50% 1/1/49 (AMT) #, •		1,710,000		1,645,806

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
George L Smith II Congress Center Authority Revenue
Series A 4.00% 1/1/54		2,210,000	$	1,824,797
Series B 144A 5.00% 1/1/36 #		1,000,000		929,040
Houston, Texas Airport System Revenue
(United Airlines Inc.)
5.00% 7/1/29 (AMT)		3,370,000		3,368,585
(United Airlines, Inc. Terminal E Project)
Series A 4.00% 7/1/41 (AMT)		1,220,000		1,079,651
Inland, California Empire Tobacco Securitization Revenue
(Capital Appreciation Turbo Asset-Backed)
Series E 144A 0.935% 6/1/57 #, ^		62,600,000		4,241,150
Series F 144A 4.454% 6/1/57 #, ^		74,090,000		4,093,473
Iowa Finance Authority Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)
5.00% 12/1/50		4,135,000		4,092,161
Iowa Tobacco Settlement Authority Revenue
Series A-2 4.00% 6/1/38		300,000		293,193
Series A-2 4.00% 6/1/39		600,000		580,896
Series A-2 4.00% 6/1/40		300,000		287,490
Jefferson County, Texas Industrial Development Revenue
(TRP Crude Marketing LLC Project)
144A 7.75% 4/1/39 #		1,275,000		1,119,616
Lower Alabama Gas District Revenue
Series A 5.00% 9/1/34		4,850,000		4,997,537
Maine Finance Authority Revenue
(Go Lab Madison Project, Green Bonds)
144A 8.00% 12/1/51 (AMT) #		3,490,000		2,269,791
Michigan Finance Authority Revenue
Series A Class 1 4.00% 6/1/49		2,000,000		1,775,680
M-S-R Energy Authority Revenue
Series B 6.50% 11/1/39		580,000		689,179
Series B 7.00% 11/1/34		2,905,000		3,545,669
Nevada Department of Business & Industry State
(Brightline West Passenger Rail Project)
144A 8.211% 1/1/50 (AMT) #, •		3,750,000		3,750,975

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
New Jersey Economic Development Authority Special Facilities Revenue
(Continental Airlines Project)
Series B 5.625% 11/15/30 (AMT)		1,890,000	$	1,914,532
New Jersey Tobacco Settlement Financing Revenue
Subordinate Series B 5.00% 6/1/46		1,830,000		1,800,537
New York Counties Tobacco Trust V Revenue
Series 4B 144A 8.459% 6/1/60 #, ^		20,000,000		821,600
New York Liberty Development Revenue
(Goldman Sachs Headquarters)
5.25% 10/1/35		3,540,000		3,968,269
New York Transportation Development Special Facilities Revenue
(American Airlines, Inc. - John F. Kennedy International Airport Project)
3.00% 8/1/31 (AMT)		7,260,000		6,439,765
5.00% 12/1/37 (AMT)		1,000,000		1,039,190
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)
5.00% 1/1/34 (AMT)		4,210,000		4,329,269
5.00% 1/1/36 (AMT)		3,000,000		3,058,920
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		3,000,000		3,518,670
Public Finance Authority, Wisconsin Revenue
(Senior Lien - Grand Hyatt San Antonio Hotel
Acquisition Project)
Series A 5.00% 2/1/52		200,000		189,892
Series A 5.00% 2/1/62		2,720,000		2,527,696
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		8,200,000		8,404,262
5.25% 12/1/24		3,050,000		3,079,860
South Carolina Jobs - Economic Development Authority Educational Facilities Revenue
(AAC East LLC Project - Green Bonds)
Series A 144A 7.00% 5/1/39 (AMT) #		1,500,000		1,182,000
(Jasper Pellets, LLC Project - Green Bonds)
Series A 144A 7.00% 11/1/38 (AMT) #, ‡		1,250,000		1,187,500

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Southeast Energy Authority, A Cooperative District Revenue
(Project No.3)
Series A-1 5.50% 1/1/53 •		5,500,000	$	5,769,445
St. John Baptist Parish, Louisiana Revenue
(Marathon Oil Corporation project)
Subseries A-2 2.10% 6/1/37 •		2,250,000		2,210,355
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project)
Series 7 144A 4.50% 10/1/37 #		2,000,000		1,915,340
Tennergy Gas Supply Revenue
Series A 4.00% 12/1/51 •		4,100,000		4,017,221
Tennessee Energy Acquisition Commodity Project Revenue
Series A 5.00% 5/1/52 •		1,300,000		1,344,993
Tobacco Securitization Authority of Southern California Revenue
(Capital Appreciation-2nd Subordinate Lien)
Series C 7.242% 6/1/46 ^		9,655,000		1,720,424
(Capital Appreciation-3rd Subordinate Lien)
Series D 2.609% 6/1/46 ^		1,630,000		241,077
TSASC, New York Revenue
Series A 5.00% 6/1/30		475,000		493,701
Series A 5.00% 6/1/31		475,000		492,964
Tuscaloosa County, Alabama Industrial Development Authority Revenue
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		2,945,000		2,675,474
Virginia Tobacco Settlement Financing Revenue
(Capital Appreciation-Asset-Backed)
Series B 5.20% 6/1/46		1,250,000		1,206,275
Series C 1.96% 6/1/47 ^		58,500,000		15,020,460
Series D 2.466% 6/1/47 ^		8,185,000		2,053,698
				185,252,114
Lease Revenue Bonds — 7.13%
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project)
5.125% 11/1/23		110,000		110,036

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Metropolitan Pier & Exposition Authority, Illinois Revenue
(Capital Appreciation-McCormick)
Series MC 4.025% 12/15/37 (BAM) ^		7,000,000	$	3,770,970
(McCormick Place Expansion Project)
Series A 3.192% 12/15/56 (BAM) ^		12,000,000		2,365,080
Series A 4.00% 12/15/42		2,220,000		2,040,158
Series A 4.00% 12/15/42 (BAM)		2,520,000		2,334,049
Series A 4.00% 12/15/47		11,560,000		10,110,607
Series A 4.00% 6/15/50 (BAM)		1,000,000		883,310
Series A 4.00% 6/15/52		1,970,000		1,679,642
Series A 4.00% 6/15/52 (BAM)		1,415,000		1,239,922
New Jersey Economic Development Authority Revenue
(NJ Transit Transportation Project)
Series A 4.00% 11/1/38		1,000,000		993,270
Series A 4.00% 11/1/39		3,835,000		3,780,121
(Portal North Bridge Project)
Series A 5.00% 11/1/28		500,000		539,355
Series A 5.00% 11/1/31		1,000,000		1,109,280
New Jersey State Transportation Trust Fund Authority Revenue
Series A 5.396% 12/15/39 (BAM) ^		15,910,000		7,564,410
New Jersey Transportation Trust Fund Authority Revenue
Series A 5.00% 6/15/29		1,500,000		1,563,300
Series A 5.20% 12/15/38 (BAM) ^		9,380,000		4,713,732
Series CC 5.25% 6/15/39		2,000,000		2,184,100
Series CC 5.25% 6/15/41		4,500,000		4,872,555
(Transportation System)
Series A 4.00% 6/15/35		1,810,000		1,842,417
Series A 5.00% 12/15/25		5,000,000		5,161,700
Series BB 4.00% 6/15/46		5,000,000		4,692,300
New York City, New York Transitional Finance
Authority Building Aid Revenue
Series S-1 5.00% 7/15/31		2,500,000		2,555,550
New York Liberty Development Revenue
(4 World Trade Center - Green Bond)
Series A 2.875% 11/15/46 (BAM)		1,000,000		736,570
(Port Authority Consolidated Bonds)
Series 1WTC 2.75% 2/15/44		10,000,000		7,136,100

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Virginia College Building Authority Educational Facilities Revenue
(21st Century College And Equipment Programs)
Series A 5.00% 2/1/29		4,000,000	$	4,407,280
Virginia Public Building Public Facilities Authority Revenue
Series A 4.00% 8/1/39		5,000,000		4,967,950
				83,353,764
Local General Obligation Bonds — 3.22%
Chicago, Illinois
Series A 5.25% 1/1/29		640,000		643,597
Series A 5.50% 1/1/35		1,980,000		2,118,046
Series C 5.00% 1/1/26		1,280,000		1,310,182
Chicago, Illinois Board of Education
5.00% 4/1/35		825,000		850,666
5.00% 4/1/36		320,000		328,563
(Dedicated Revenues)
Series B 4.00% 12/1/40		2,810,000		2,508,515
Series C 5.00% 12/1/34		2,160,000		2,200,975
Series D 5.00% 12/1/31		2,160,000		2,211,948
Howard Country, Maryland Consolidated Public Improvement Project
Series A 4.00% 8/15/35		2,065,000		2,154,022
Independent School District of Boise City, Ada & Boise Counties, Idaho
Series 2019 5.00% 8/1/31		850,000		934,057
MIDA Golf and Equestrian Center Public Infrastructure District, Utah
144A 4.125% 6/1/36 #		1,790,000		1,452,012
144A 4.25% 6/1/41 #		2,210,000		1,676,838
New York City, New York
Series A 4.00% 8/1/38		5,000,000		4,947,200
Series A 5.00% 8/1/47		3,500,000		3,687,215
Series C 5.00% 8/1/30		2,355,000		2,639,060
Subseries B-1 5.00% 12/1/33		5,365,000		5,604,869
New York General Obligation Bonds
Series A-1 5.00% 8/1/27		1,000,000		1,072,290
West Branch Area School District, Pennsylvania
4.00% 5/15/35 (AGM)		410,000		416,244
4.00% 5/15/36 (AGM)		405,000		408,443

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
West Branch Area School District, Pennsylvania
4.00% 5/15/39 (AGM)		485,000	$	473,908
				37,638,650
Pre-Refunded/Escrowed to Maturity Bonds — 3.59%
Atlanta, Georgia Water & Wastewater Revenue
5.00% 11/1/35-25 §		5,000,000		5,138,650
California State Department of Water Resources
(Water System)
Series AS 5.00% 12/1/29-24 §		15,000		15,367
Unrefunded Series AS 5.00% 12/1/29-24 §		2,680,000		2,745,472
Denton Independent School District, Texas
(School Building)
Series A 5.00% 8/15/40-25 (PSF) §		4,000,000		4,131,120
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services - Student Housing Project at Millersville University)
5.00% 7/1/39-24 §		875,000		885,876
5.00% 7/1/46-24 §		1,425,000		1,442,713
Fort Worth, Texas Independent School District
(School Building)
5.00% 2/15/27-24 (PSF) §		2,000,000		2,014,780
Golden State, California Tobacco Securitization Settlement Revenue
(Asset-Backed Bonds)
Series A-1 5.00% 6/1/26		850,000		895,509
(Asset-Backed Enhanced)
Series A 5.00% 6/1/35-25 §		3,000,000		3,105,570
Idaho State Building Authority Revenue
(State Office Campus Project)
Series A-ST 4.00% 9/1/48-27 §		500,000		519,735
Louisiana State Highway Improvement Revenue
Series A 5.00% 6/15/29-24 §		5,195,000		5,260,041
New York State Dormitory Authority Revenue
(Touro College & University System)
Series A 5.25% 1/1/34-24 §		1,335,000		1,355,906
Pennsylvania Turnpike Commission Revenue
Series C 5.00% 12/1/43-23 §		4,555,000		4,571,170
Southwestern Illinois Development Authority
(Memorial Group)
7.125% 11/1/30-23 §		2,190,000		2,201,257

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)
Texas State
(Transportation Commission Highway Improvement)
5.00% 4/1/29-24 §		3,000,000	$	3,027,720
University of Texas Permanent University Fund
Series B 5.00% 7/1/27-24 §		3,715,000		3,765,710
Washington State Housing Finance Commission Revenue
(Heron's Key)
Series A 144A 7.00% 7/1/45-25 #, §		800,000		842,992
				41,919,588
Special Tax Revenue Bonds — 17.23%
Allentown, Pennsylvania Neighborhood Improvement
Zone Development Authority Revenue
5.00% 5/1/31		670,000		701,725
5.00% 5/1/34		750,000		786,000
5.00% 5/1/35		850,000		883,320
5.00% 5/1/36		850,000		873,927
(City Center Refunding Project)
144A 5.00% 5/1/42 #		3,150,000		3,119,634
Camden County, New Jersey Improvement Authority Revenue
(County Capital Program)
Series A 5.00% 1/15/40		5,750,000		5,816,815
Celebration Pointe, Florida Community Development District Revenue
4.75% 5/1/24		100,000		100,268
5.00% 5/1/34		830,000		831,876
City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue
(H. Lee Moffitt Cancer Center Project)
Series A 5.08% 9/1/45 ^		12,000,000		3,682,080
Commonwealth of Puerto Rico Revenue
(Restructured)
3.154% 11/1/43 •		28,078,870		14,495,717
Connecticut State Transportation Infrastructure Revenue
Series B 5.00% 10/1/30		3,375,000		3,662,314
Dallas, Texas Convention Center Hotel Development Revenue
Series A 5.00% 1/1/24		3,420,000		3,422,839

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Denver, Colorado Convention Center Hotel Authority Revenue
(Senior)
5.00% 12/1/25		1,900,000	$	1,927,056
5.00% 12/1/26		2,500,000		2,555,600
5.00% 12/1/29		600,000		612,726
5.00% 12/1/31		900,000		918,324
5.00% 12/1/32		1,800,000		1,833,048
5.00% 12/1/34		1,500,000		1,520,505
5.00% 12/1/35		1,200,000		1,209,828
5.00% 12/1/36		900,000		902,502
GDB Debt Recovery Authority of Puerto Rico Revenue
7.50% 8/20/40		42,059,309		34,383,485
Harris County-Houston, Texas Sports Authority Revenue
(Senior Lien)
Series A 5.00% 11/15/30		1,805,000		1,829,638
Irvine, California Facilities Financing Authority Revenue
(Irvine Great Park Infrastructure Project)
Series A 5.00% 9/1/48 (BAM)		2,500,000		2,704,225
Massachusetts Bay Transportation Authority Sales Tax Revenue
Series A 5.00% 7/1/36		700,000		801,955
Series A 5.00% 7/1/37		820,000		929,183
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/39		1,785,000		1,775,182
Metropolitan Government Nashville & Davidson County, Tennessee Sports Authority Revenue
(Stadium Project)
Series A 5.00% 7/1/42 (AGM)		3,750,000		3,995,737
Series A 5.00% 7/1/43 (AGM)		1,000,000		1,063,340
Metropolitan Transportation Authority Revenue, New York
(Climate Bond Certified)
Series B-2 5.00% 11/15/36		5,000,000		5,224,000
Miami-Dade County, Florida Special Obligation Revenue
3.505% 10/1/37 (BAM) ^		3,000,000		1,638,750

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 Building Aid Revenue
Subseries S-3A 5.00% 7/15/28		4,400,000	$	4,809,640
New York City, New York Transitional Finance Authority Future Tax Secured Revenue
Subseries A-1 5.00% 11/1/23		2,865,000		2,871,417
Subseries B-1 5.00% 8/1/42		5,000,000		5,035,200
Subseries C 5.00% 11/1/27		4,150,000		4,187,101
Subseries E-1 5.00% 2/1/35		5,000,000		5,215,300
Subseries F-1 5.25% 2/1/40		5,000,000		5,552,950
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series E 3.00% 3/15/50		7,500,000		5,493,225
New York State Urban Development Revenue
(General Purpose)
Series A 5.00% 3/15/37		2,290,000		2,446,705
New York Triborough Bridge & Tunnel Authority Revenue
(MTA Bridges and Tunnels)
Series A-1 4.00% 5/15/46		6,000,000		5,753,040
Orange County, California Local Transportation Authority Sales Tax Revenue
5.00% 2/15/39		2,000,000		2,164,480
Pasco County, Florida Capital Improvement Tax Revenue
Series A 5.50% 9/1/42 (AGM)		1,000,000		1,097,590
Series A 5.50% 9/1/43 (AGM)		1,000,000		1,095,510
Series A 5.50% 9/1/44 (AGM)		1,000,000		1,092,450
Public Finance Authority, Wisconsin Revenue
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		1,010,000		915,737
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 1.607% 7/1/46 ^		9,170,000		2,554,028
Series A-1 1.941% 7/1/51 ^		31,841,000		6,580,898
Series A-1 4.55% 7/1/40		5,765,000		5,620,990
Series A-1 4.75% 7/1/53		18,563,000		17,402,256
Series A-1 5.00% 7/1/58		1,330,000		1,290,632
Series A-2 4.329% 7/1/40		5,453,000		5,173,382

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement
(Francis Place Redevelopment Project)
5.625% 11/1/25		475,000	$	465,785
Utah Telecommunication Open Infrastructure Agency Revenue
5.25% 6/1/33		1,000,000		1,137,010
5.25% 6/1/34		1,000,000		1,136,200
5.25% 6/1/35		1,000,000		1,128,480
5.25% 6/1/37		2,100,000		2,322,852
5.50% 6/1/40		2,000,000		2,211,360
Village Community Development District No. 15, Florida Revenue
144A 4.85% 5/1/38 #		1,000,000		1,003,740
Washington County, Pennsylvania Redevelopment Authority Revenue
(Victory Centre Tax Increment Financing Project)
5.00% 7/1/35		500,000		486,480
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		990,000		933,570
				201,379,607
State General Obligation Bonds — 12.49%
California State
5.25% 9/1/47		1,000,000		1,108,950
(Various Purpose)
4.00% 10/1/36		3,875,000		3,977,881
4.00% 10/1/37		2,000,000		2,037,400
5.00% 8/1/26		3,120,000		3,294,564
5.00% 10/1/26		2,500,000		2,649,150
5.00% 9/1/32		4,100,000		4,313,323
5.00% 9/1/32		1,400,000		1,610,266
5.00% 9/1/35		8,000,000		8,403,520
5.00% 10/1/42		7,000,000		7,745,570
5.00% 11/1/42		470,000		518,983
5.25% 9/1/30		5,000,000		5,009,800
Series C 5.00% 9/1/30		5,985,000		6,195,852
Commonwealth of Massachusetts
Series A 5.00% 1/1/37		7,500,000		8,081,325

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Commonwealth of Massachusetts
Series A 5.00% 7/1/37		5,000,000	$	5,117,350
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/35		7,586,622		6,972,485
Series A-1 4.00% 7/1/37		8,263,380		7,434,563
Series A-1 4.00% 7/1/46		11,820,000		9,839,795
Connecticut State
Series F 5.00% 9/15/27		2,790,000		2,995,707
Hawaii State
Series FW 4.00% 1/1/34		2,000,000		2,059,820
Illinois State
5.00% 1/1/28		1,630,000		1,674,271
5.00% 11/1/36		1,965,000		1,987,165
5.25% 2/1/30		2,410,000		2,419,086
5.25% 2/1/32		1,015,000		1,018,806
5.50% 5/1/39		2,500,000		2,685,025
Series A 5.125% 12/1/29		4,440,000		4,692,370
Series B 4.00% 10/1/35		8,830,000		8,759,890
Series C 4.00% 10/1/37		1,710,000		1,653,826
Series C 4.00% 10/1/42		3,935,000		3,639,521
Series D 5.00% 11/1/25		1,220,000		1,252,257
(Rebuild Illinois Program)
Series B 4.00% 11/1/33		2,000,000		2,009,860
Series B 4.00% 11/1/35		2,200,000		2,180,376
Series B 4.00% 11/1/38		1,810,000		1,726,975
New Jersey State
Series A 4.00% 6/1/32		3,440,000		3,603,537
Oregon State
(Article XI-Q State Projects)
Series A 5.00% 5/1/33		750,000		878,580
Series A 5.00% 5/1/36		4,555,000		5,214,473
Series A 5.00% 5/1/44		5,000,000		5,289,350
Series A 5.25% 5/1/45		2,590,000		2,867,700
Washington State
Series E 5.00% 7/1/31		3,000,000		3,059,430
				145,978,802
Transportation Revenue Bonds — 17.22%
Atlanta, Georgia Department of Aviation Revenue
Series B 5.00% 7/1/32 (AMT)		1,000,000		1,096,360
Series B 5.00% 7/1/33 (AMT)		2,045,000		2,240,604

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Bay Area, California Toll Authority Revenue
(San Francisco Bay Area)
Series S-7 4.00% 4/1/34		1,000,000	$	1,023,840
Chicago, Illinois Midway International Airport Revenue
Series A 5.00% 1/1/28 (AMT)		1,905,000		1,907,534
Chicago, Illinois O'Hare International Airport Revenue
Series A 4.00% 1/1/36		1,180,000		1,192,201
Series A 5.00% 1/1/37 (AMT)		5,000,000		5,199,600
Series B 5.00% 1/1/32		1,000,000		1,015,160
Series B 5.00% 1/1/33		1,520,000		1,542,739
(General-Airport-Senior Lien)
Series B 5.00% 1/1/36		2,500,000		2,672,550
Series B 5.00% 1/1/37		3,000,000		3,185,970
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/43 (AMT)		7,890,000		7,294,463
Series A 5.00% 12/1/43 (AMT)		6,300,000		6,414,093
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 7.25% 7/1/57 (AMT) #, •		5,900,000		6,021,009
Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue
(Senior Lien)
Series A 4.00% 1/15/46		1,000,000		938,920
Illinois State Toll Highway Authority Revenue
(Senior)
Series A 5.25% 1/1/43		10,000,000		10,993,300
Kansas City, Missouri Industrial Development Authority Revenue
(Kansas City International Airport Terminal Modernization Project)
5.00% 3/1/57 (AGM) (AMT)		6,795,000		6,888,703
Lee County, Florida Airport Revenue
5.00% 10/1/33		4,305,000		4,419,642
Los Angeles, California Department of Airports Revenue
Series A 5.00% 5/15/33 (AMT)		845,000		925,233
Series B 5.00% 5/15/45		500,000		541,910
Metropolitan Nashville, Tennessee Airport Authority Revenue
Series B 5.50% 7/1/41 (AMT)		1,500,000		1,636,845

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Metropolitan Nashville, Tennessee Airport Authority Revenue
Series B 5.50% 7/1/42 (AMT)		1,855,000	$	2,015,458
Metropolitan Transportation Authority Revenue, New York
(Green Bonds)
Subseries A-2 4.00% 11/15/41		3,000,000		2,806,410
Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue
(Dulles Metrorail and Capital Improvement Projects)
Series B 4.00% 10/1/38		1,000,000		976,160
Series B 4.00% 10/1/49		490,000		442,372
Miami-Dade County, Florida Aviation Revenue
Series B 5.00% 10/1/37		5,700,000		5,740,983
Monroe County, Florida Airport Revenue
(Key West International Airport)
Series 2022 5.00% 10/1/36 (AMT)		1,235,000		1,268,469
Series 2022 5.00% 10/1/37 (AMT)		1,270,000		1,291,869
Series 2022 5.00% 10/1/38 (AMT)		1,360,000		1,376,266
Series 2022 5.00% 10/1/40 (AMT)		1,475,000		1,479,454
New Jersey State Turnpike Authority Revenue
Series A 5.00% 1/1/33		1,770,000		1,863,244
Series E 5.00% 1/1/32		5,050,000		5,413,499
New Orleans, Louisiana Aviation Board Revenue
(North Terminal Project)
Series B 5.00% 1/1/32 (AGM) (AMT)		2,900,000		2,929,029
Series B 5.00% 1/1/33 (AGM) (AMT)		2,900,000		2,928,449
New York State Thruway Authority Revenue
Series B 4.00% 1/1/38		2,135,000		2,081,881
Series B 4.00% 1/1/39		10,000,000		9,708,900
Series J 5.00% 1/1/27		5,705,000		5,731,243
Series K 5.00% 1/1/31		2,500,000		2,547,050
New York Transportation Development Special Facilities Revenue
(Delta Airlines Inc. LaGuardia Airport Terminals C & D Redevelopment Project)
4.00% 10/1/30 (AMT)		1,950,000		1,923,928
4.375% 10/1/45 (AMT)		2,500,000		2,357,700
5.00% 1/1/33 (AMT)		790,000		813,455
5.00% 10/1/40 (AMT)		1,125,000		1,137,105
Series A 4.00% 7/1/35 (AGM) (AMT)		2,660,000		2,600,443

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation Development Special Facilities Revenue
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/32 (AMT)		1,500,000	$	1,614,390
Series 2022 5.00% 12/1/33 (AMT)		3,955,000		4,251,427
Series A 5.00% 12/1/35 (AMT)		1,000,000		1,047,410
Oklahoma State Turnpike Authority Revenue
Series A 5.00% 1/1/42		5,000,000		5,093,950
Pennsylvania Turnpike Commission Revenue
Series A 5.00% 12/1/48		2,500,000		2,584,200
Series A-1 5.00% 12/1/40		2,090,000		2,116,459
Series A-1 5.00% 12/1/45		1,000,000		1,013,170
Series B 5.00% 12/1/45		5,000,000		5,085,100
Series C 5.00% 12/1/43		1,445,000		1,448,150
Phoenix, Arizona Civic Improvement Airport Revenue
(Junior Lien)
Series A 5.00% 7/1/33		3,355,000		3,451,456
Series B 5.00% 7/1/49 (AMT)		3,900,000		3,971,292
Port Authority of New York & New Jersey Revenue
5.00% 9/15/25 (AMT)		7,000,000		7,167,440
5.00% 10/15/29 (AMT)		3,105,000		3,160,114
(194th Series)
5.00% 10/15/32		2,500,000		2,582,725
(218th Series)
Series 218 4.00% 11/1/41 (AMT)		2,480,000		2,363,093
(221st Series)
Series 221 4.00% 7/15/36 (AMT)		1,200,000		1,182,360
Regional Transportation District Revenue
(Denver Transit Partners Eagle P3 Project)
Series A 4.00% 7/15/33		1,000,000		1,017,280
Salt Lake City, Utah Airport Revenue
Series A 5.00% 7/1/37 (AMT)		15,000,000		15,522,000
Series B 5.00% 7/1/31		500,000		526,495
Series B 5.00% 7/1/33		1,000,000		1,050,340
San Diego County, California Regional Airport Authority Revenue
Series B 4.00% 7/1/46 (AMT) (BAM)		180,000		165,233
South Jersey Port, New Jersey Revenue
(Subordinated Marine Terminal)
Series B 5.00% 1/1/24 (AMT)		180,000		180,346
Series B 5.00% 1/1/25 (AMT)		390,000		393,366

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
South Jersey Port, New Jersey Revenue
(Subordinated Marine Terminal)
Series B 5.00% 1/1/30 (AMT)		230,000	$	238,397
Series B 5.00% 1/1/32 (AMT)		215,000		222,095
Series B 5.00% 1/1/33 (AMT)		705,000		727,461
Series B 5.00% 1/1/34 (AMT)		880,000		907,087
Series B 5.00% 1/1/35 (AMT)		675,000		693,893
Series B 5.00% 1/1/36 (AMT)		660,000		675,424
Series B 5.00% 1/1/37 (AMT)		430,000		437,869
Texas Private Activity Bond Surface Transportation Senior Lien Revenue
(NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility)
7.00% 12/31/38 (AMT)		3,750,000		3,757,725
				201,231,790
Water & Sewer Revenue Bonds — 1.97%
Broward County, Florida Water & Sewer Utility Revenue
Series A 4.00% 10/1/45		2,640,000		2,535,773
Great Lakes, Michigan Water Authority Water Supply System Revenue
(Senior Lien Bond)
Series C 5.00% 7/1/31		3,000,000		3,123,030
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue
(General Resolution)
Series EE 5.00% 6/15/39		5,000,000		5,133,100
Sacramento County, California Sanitation Districts Financing Authority Revenue
Series A 5.00% 12/1/50		870,000		927,246
San Antonio, Texas River Authority Wastewater System Revenue
4.00% 1/1/40 (BAM)		820,000		794,809
San Antonio, Texas Water System Revenue
Series A 5.00% 5/15/32		1,500,000		1,593,660
Series A 5.00% 5/15/33		2,250,000		2,385,855
San Diego County, California Water Authority Financing Agency Revenue
Series A 5.00% 5/1/52		1,630,000		1,757,629

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
Tampa, Florida Water & Wastewater System Revenue
Series A 5.00% 10/1/52		4,500,000	$	4,811,625
				23,062,727
Total Municipal Bonds (cost $1,198,798,349)				1,159,248,539

Short-Term Investments — 0.03%
Variable Rate Demand Note — 0.03%¤
Massachusetts Health & Educational Facilities Authority
Series K-1 3.80% 7/1/39 (LOC - TD Bank N.A.)		300,000		300,000
Total Short-Term Investments (cost $300,000)				300,000
Total Value of Securities—99.23% (cost $1,199,098,349)			$	1,159,548,539

°	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, 2023, the aggregate value of Rule 144A securities was $80,441,377, which represents 6.88% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. 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. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
^	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 9 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Tax-Free USA Intermediate 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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

KIPP – Knowledge is Power Program

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

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

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, 2023

	Principal amount°		Value (US $)
Municipal Bonds — 97.53%
Education Revenue Bonds — 17.68%
Arizona Industrial Development Authority Revenue
(Academies of Math & Science Projects)
144A 5.25% 7/1/43 #		255,000	$	246,445
144A 5.375% 7/1/53 #		965,000		912,272
144A 5.50% 7/1/58 #		1,115,000		1,061,904
(ACCEL Schools Project)
Series A 144A 5.25% 8/1/48 #		3,200,000		2,835,104
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		1,155,000		1,177,338
144A 6.00% 7/1/47 #		8,995,000		9,051,938
(Basis Schools Projects)
Series A 144A 5.125% 7/1/37 #		750,000		735,750
(Benjamin Franklin Charter School Projects)
Series A 144A 5.25% 7/1/53 #		1,000,000		917,030
Series A 144A 5.50% 7/1/58 #		1,385,000		1,287,981
(Empower College Prep Project)
144A 6.00% 7/1/49 #		1,000,000		960,640
(Kaizen Education Foundation Project)
144A 5.80% 7/1/52 #		4,000,000		4,017,120
(Leman Academy Of Excellence of Projects)
Series A 4.50% 7/1/54		5,000,000		4,313,950
(Odyssey Preparatory Academy Project)
144A 5.00% 7/1/54 #		5,000,000		4,363,900
(Pinecrest Academy Nevada-Horizon, Inspirada)
Series A 144A 5.75% 7/15/48 #		2,500,000		2,448,000
Arlington, Texas Higher Education Finance Revenue
(KIPP Texas, Inc.)
3.00% 8/15/49 (PSF)		4,000,000		2,857,000
Build NYC, New York Resource Revenue
5.00% 11/1/39		1,000,000		750,000
(East Harlem Scholars Academy Charter School
Project)
144A 5.75% 6/1/52 #		1,000,000		1,008,220
144A 5.75% 6/1/62 #		1,000,000		1,002,660
(Inwood Academy for Leadership Charter School
Project)
Series A 144A 5.125% 5/1/38 #		575,000		553,449
Series A 144A 5.50% 5/1/48 #		1,500,000		1,452,690
(KIPP NYC Public School Facilities - Canal West
Project)
5.25% 7/1/52		1,265,000		1,273,096
5.25% 7/1/62		6,355,000		6,354,047

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, New York Resource Revenue
(New Dawn Charter Schools Project)
144A 5.625% 2/1/39 #		1,290,000	$	1,236,710
144A 5.75% 2/1/49 #		2,700,000		2,465,181
California Community College Financing Authority Student Housing Revenue
(Napa Valley College Project)
Series A 144A 5.75% 7/1/60 #		14,090,000		13,876,536
California Educational Facilities Authority Revenue
(Stanford University)
Series V-1 5.00% 5/1/49		24,445,000		27,844,321
Series V-2 2.25% 4/1/51		3,975,000		2,479,168
California Enterprise Development Authority Revenue
(Heights Christian Schools Project)
Series A 144A 6.375% 6/1/63 #		10,000,000		9,642,800
California Municipal Finance Authority Revenue
(California Baptist University)
Series A 144A 5.50% 11/1/45 #		4,000,000		4,018,200
(Julian Charter School Project)
Series A 144A 5.625% 3/1/45 #		5,250,000		4,795,507
(Palmdale Aerospace Academy Project)
Series A 144A 5.00% 7/1/41 #		1,750,000		1,651,248
Series A 144A 5.00% 7/1/46 #		1,000,000		913,540
California Public Finance Authority Educational Revenue
(Crossroads Christian School Project)
144A 5.00% 1/1/56 #		2,000,000		1,592,160
California School Finance Authority Revenue
(Encore Education Obligated Group)
Series A 144A 5.00% 6/1/52 #		1,000,000		746,850
(Escuela Popular Project)
144A 6.50% 7/1/50 #		2,500,000		2,508,900
(Hawking Steam Charter School Project)
144A 5.375% 7/1/56 #		995,000		937,320
Series A 144A 5.00% 7/1/42 #		860,000		808,942
Series A 144A 5.50% 7/1/62 #		1,000,000		950,850
(John Adams Academies - Obligated Group)
Series A 144A 5.125% 7/1/62 #		1,680,000		1,477,661
(Lighthouse Community Public Schools - Obligated Group)
Series A 144A 6.25% 6/1/42 #		1,000,000		1,014,290
Series A 144A 6.375% 6/1/52 #		1,240,000		1,256,145

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority Revenue
(Lighthouse Community Public Schools - Obligated Group)
Series A 144A 6.50% 6/1/62 #		2,300,000	$	2,328,175
(New Designs Charter School)
Series A 5.50% 6/1/42		1,750,000		1,749,860
(Sonoma County Junior College District Project)
Series A 144A 4.00% 11/1/41 #		2,980,000		2,562,919
Series A 144A 4.00% 11/1/55 #		2,500,000		1,927,875
(View Park Elementary & Middle Schools)
Series A 5.875% 10/1/44		1,000,000		999,990
Series A 6.00% 10/1/49		720,000		719,013
California Statewide Communities Development Authority Revenue
(Lancer Educational Student Housing Project)
Series A 144A 5.00% 6/1/46 #		1,500,000		1,383,120
Camden County, New Jersey Improvement Authority Revenue
(KIPP:Cooper Norcross Academy - 2022 Project)
6.00% 6/15/62		3,750,000		3,876,637
Capital Trust Agency Educational Facilities Housing Revenue
(Pineapple Cove Classical Academy Inc. Project)
Series A 144A 5.375% 7/1/54 #		6,000,000		5,459,880
(The Pepin Academies Inc. Project)
Series A 5.75% 7/1/55		2,625,000		2,310,630
Capital Trust Student Housing Revenue
(University Bridge, LLC Student Housing Project)
Series A 144A 5.25% 12/1/58 #		8,000,000		7,209,680
Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue
(West Chester University of Pennsylvania)
Series A 5.00% 8/1/30		2,200,000		2,196,084
Chicago, Illinois Board of Education Dedicated Capital
Improvement Tax
5.00% 4/1/45		1,665,000		1,713,501
(Dedicated Revenues)
5.00% 4/1/41		2,000,000		2,082,000
5.75% 4/1/48		5,150,000		5,587,544
City of Burbank, Illinois
(Intercultural Montessori Language)
144A 6.25% 9/1/45 #		4,000,000		3,879,240

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Clifton, Texas Higher Education Finance Revenue
(Valor Education)
Series A 144A 6.25% 6/15/53 #		3,500,000	$	3,462,235
Colorado Educational & Cultural Facilities Authority Revenue
(Charter School - Community Leadership Academy)
7.45% 8/1/48		2,000,000		2,001,540
(Global Village Academy - Northglenn Project)
144A 5.00% 12/1/50 #		1,000,000		839,590
144A 5.00% 12/1/55 #		3,440,000		2,834,010
(Loveland Classical Schools Project)
144A 5.00% 7/1/46 #		3,000,000		2,721,780
(Skyview Academy Project)
144A 5.375% 7/1/44 #		500,000		489,230
Florida Development Finance Revenue
(Cornerstone Charter Academy Project)
144A 5.125% 10/1/52 #		4,110,000		3,831,177
144A 5.25% 10/1/56 #		1,900,000		1,786,703
(Mater Academy Projects)
Series A 4.00% 6/15/52		1,145,000		911,065
Series A 5.00% 6/15/56		1,630,000		1,539,633
(Renaissance Charter School Projects)
Series C 144A 5.00% 9/15/50 #		2,000,000		1,620,320
Hawaii State Department of Budget & Finance Revenue
(Hawaii Pacific University)
Series A 144A 6.875% 7/1/43 #		2,000,000		2,000,920
Idaho Housing & Finance Association Revenue
(Compass Public Charter School)
Series A 144A 5.00% 7/1/54 #		860,000		776,442
(Idaho Arts Charter School)
144A 5.00% 12/1/36 #		605,000		610,645
(North Star Charter School)
Capital Appreciation Subordinate Series B
144A 4.88% 7/1/49 #, ^		2,888,155		482,611
Series A 6.75% 7/1/48		529,150		549,739
(Xavier Charter School Project)
Series A 5.00% 6/1/50		1,000,000		973,800
Illinois Finance Authority Charter School Revenue
(Chicago International Charter School Project)
5.00% 12/1/47		2,965,000		2,787,485

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Illinois Finance Authority Educational Facility Revenue
(Rogers Park Montessori)
6.00% 2/1/34		675,000	$	676,384
6.125% 2/1/45		1,800,000		1,802,214
Illinois Finance Authority Revenue
(Acero Charter Schools)
144A 4.00% 10/1/42 #		2,245,000		1,749,641
Illinois Finance Authority Student Housing &
Academic Facility Revenue
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47		3,640,000		3,433,685
Indiana Finance Authority Revenue
(Tippecanoe, LLC - Student Housing Project)
Series A 5.375% 6/1/64		6,010,000		6,084,464
Kent County, Delaware Student Housing and Dining Facilities Revenue
(Delaware State University Project)
Series A 5.00% 7/1/58		1,250,000		1,157,600
Louisiana Public Facilities Authority Revenue
(Geo Academies Ebr - Geo Prep Mid-City Project)
144A 6.125% 6/1/52 #		1,030,000		1,030,186
144A 6.25% 6/1/62 #		1,420,000		1,422,414
(Jefferson Rise Charter School Project)
Series A 144A 6.25% 6/1/52 #		1,000,000		932,010
Series A 144A 6.375% 6/1/62 #		1,330,000		1,225,914
(Lake Charles Charter Academy Foundation Project)
8.00% 12/15/41		1,500,000		1,502,355
(Lincoln Preparatory School Project)
Series A 144A 5.25% 6/1/60 #		2,000,000		1,587,380
Series A 144A 6.375% 6/1/52 #		1,000,000		951,340
Series A 144A 6.50% 6/1/62 #		2,000,000		1,923,360
Macomb County, Michigan State Public School Academy Revenue
(Academy Of Warren)
Series A 144A 5.50% 5/1/50 #		1,810,000		1,575,822
Macon-Bibb County, Georgia Urban Development Authority Revenue
(Academy for Classical Education)
Series A 144A 5.875% 6/15/47 #		1,680,000		1,663,889
Series A 144A 6.00% 6/15/52 #		1,530,000		1,526,909

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development Authority Revenue
(Choice Academies, Inc. Project)
Series AZ 144A 5.75% 9/1/45 #		5,000,000	$	4,772,150
Massachusetts Development Finance Agency Revenue
Series V 5.00% 7/1/55		14,470,000		16,080,511
(Massachusetts Institute Of Technology)
Series P 5.00% 7/1/50		1,750,000		1,952,265
Miami-Dade County, Florida Industrial Development Authority Revenue
(Youth Co-Op Charter School)
Series A 144A 5.75% 9/15/35 #		1,000,000		995,420
Series A 144A 6.00% 9/15/45 #		1,000,000		989,140
Michigan Finance Authority Limited Obligation Revenue
(Landmark Academy Project)
5.00% 6/1/45		2,000,000		1,717,480
(Public School Academy Old Redford)
Series A 6.50% 12/1/40		900,000		852,633
Nashville And Davidson County, Tennessee Health
And Educational Facilities Board Revenue
(Belmont University)
5.25% 5/1/53		4,000,000		4,217,800
Nevada State Department of Business & Industry Revenue
(Somerset Academy)
Series A 144A 5.00% 12/15/35 #		1,595,000		1,560,516
Series A 144A 5.00% 12/15/38 #		1,000,000		948,440
Series A 144A 5.125% 12/15/45 #		5,030,000		4,596,213
New York State Dormitory Authority Revenue
(Columbia University)
Series A 5.00% 10/1/50		1,965,000		2,200,093
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue
(1st Philadelphia Preparatory)
Series A 7.25% 6/15/43		1,230,000		1,255,154
Phoenix, Arizona Industrial Development Authority Education Revenue
(Basic Schools Project)
Series 2015A 144A 5.00% 7/1/46 #		4,000,000		3,606,920
Series 2016A 144A 5.00% 7/1/45 #		2,000,000		1,814,680

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Phoenix, Arizona Industrial Development Authority Student Housing Revenue
(Downtown Phoenix Student Housing, LLC-Arizona
State University Project)
Series A 5.00% 7/1/42		1,000,000	$	1,003,750
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 4.00% 6/15/57 #		4,500,000		3,203,280
(Career Success Schools Project)
144A 5.50% 5/1/40 #		500,000		473,350
144A 5.75% 5/1/50 #		2,530,000		2,379,060
(Edkey Charter Schools Project)
144A 5.00% 7/1/49 #		7,000,000		6,048,980
144A 5.00% 7/1/55 #		7,370,000		6,241,727
Pottsboro, Texas Higher Education Finance Authority Revenue
Series A 5.00% 8/15/36		755,000		728,469
Series A 5.00% 8/15/46		1,000,000		899,180
South Carolina Jobs-Economic Development Authority Revenue
(Green Charter Schools Project)
Series A 144A 4.00% 6/1/46 #		2,300,000		1,615,405
Series A 144A 4.00% 6/1/56 #		1,530,000		982,795
(High Point Academy Project)
Series A 144A 5.75% 6/15/49 #		5,000,000		5,011,300
(Virtus Academy Project)
Series A 144A 6.75% 6/15/43 #		940,000		933,787
Series A 144A 7.00% 6/15/53 #		1,830,000		1,831,885
Series A 144A 7.125% 6/15/58 #		1,510,000		1,515,557
St. Louis, Missouri Industrial Development Authority
Tax Increment Revenue Improvement
(Confluence Academy Project)
Series A 144A 5.625% 6/15/53 #		4,805,000		4,225,421
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		2,108,518
University of Texas System Board of Regents
Series B 5.00% 8/15/49		33,875,000		37,748,267
University of Virginia
Series A 2.18% 11/1/51		10,000,000		5,762,400

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue
(Pennsylvania Steam Academy Charter School Project)
Series A 144A 6.25% 7/1/57 #		2,400,000	$	2,180,016
Upper Illinois River Valley Development Authority Revenue
(Elgin Math And Science Academy Charter School Project)
Series A 144A 6.00% 3/1/63 #		2,990,000		2,822,680
Utah State Charter School Finance Authority Revenue
(Leadership Learning Academy Project)
Series A 144A 5.00% 6/15/39 #		1,000,000		931,640
Series A 144A 5.00% 6/15/50 #		2,200,000		1,900,558
Wisconsin Public Finance Authority Revenue
(Founders Academy of Las Vegas)
Series A 144A 6.375% 7/1/43 #		300,000		299,796
Series A 144A 6.625% 7/1/53 #		600,000		601,554
Series A 144A 6.75% 7/1/58 #		550,000		551,578
(Minnesota College of Osteopathic Medicine)
Series A-1 144A 5.50% 12/1/48 #, ‡		125,528		38,914
Subordinate Series B 144A 7.75% 12/1/48 #, •		2,500,000		25,000
(Pine Lake Preparatory)
144A 5.50% 3/1/45 #		3,460,000		3,466,055
(Shining Rock Classical Academy)
Series A 6.00% 6/15/52		1,000,000		912,260
Series A 6.125% 6/15/57		1,000,000		913,420
(Wilson Preparatory Academy)
Series A 144A 4.125% 6/15/29 #		395,000		372,130
Series A 144A 5.00% 6/15/39 #		500,000		471,295
Series A 144A 5.00% 6/15/49 #		1,100,000		970,904
Yonkers, New York Economic Development Education Revenue
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)
Series A 5.00% 10/15/54		465,000		402,118
				383,379,967
Electric Revenue Bonds — 1.88%
Build NYC, New York Resource Revenue
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
144A 5.25% 12/31/33 (AMT) #		4,520,000		4,131,235

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
California Community Choice Financing Authority Revenue
(Clean Energy Project)
Series C 5.25% 1/1/54 •		3,000,000	$	3,111,630
Guam Power Authority Revenue
(Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/42		2,000,000		2,027,600
Series A 5.00% 10/1/43		2,650,000		2,677,745
Series A 5.00% 10/1/44		6,000,000		6,046,440
Puerto Rico Electric Power Authority Revenue
Series A 5.00% 7/1/42 ‡		8,615,000		2,369,125
Series A 5.05% 7/1/42 ‡		4,590,000		1,262,250
Series A 6.75% 7/1/36 ‡		1,500,000		412,500
Series AAA 5.25% 7/1/25 ‡		925,000		254,375
Series AAA 5.25% 7/1/26 ‡		1,030,000		283,250
Series AAA 5.25% 7/1/27 ‡		5,330,000		1,465,750
Series AAA 5.25% 7/1/28 ‡		1,205,000		331,375
Series CCC 5.25% 7/1/27 ‡		5,525,000		1,519,375
Series TT 5.00% 7/1/37 ‡		1,500,000		412,500
Series WW 5.00% 7/1/28 ‡		3,405,000		936,375
Series WW 5.25% 7/1/25 ‡		1,530,000		420,750
Series WW 5.25% 7/1/33 ‡		830,000		228,250
Series WW 5.50% 7/1/38 ‡		9,325,000		2,564,375
Series XX 4.75% 7/1/26 ‡		920,000		253,000
Series XX 5.25% 7/1/40 ‡		9,795,000		2,693,625
Series XX 5.75% 7/1/36 ‡		5,840,000		1,606,000
Series ZZ 4.75% 7/1/27 ‡		760,000		209,000
Series ZZ 5.25% 7/1/24 ‡		1,275,000		350,625
Series ZZ 5.25% 7/1/26 ‡		7,005,000		1,926,375
Salt River, Arizona Project Agricultural Improvement & Power District Revenue
Series A 5.00% 1/1/50		3,000,000		3,209,220
				40,702,745
Healthcare Revenue Bonds — 14.10%
Apple Valley, Minnesota
(Senior Living, LLC Project Fourth Tier)
Series D 7.25% 1/1/52		7,410,000		4,751,736
(Senior Living, LLC Project Second Tier)
Series B 5.00% 1/1/47		2,375,000		1,440,485
Series B 5.25% 1/1/37		420,000		309,091

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Arizona Industrial Development Authority Revenue
(Great Lakes Senior Living Communities LLC Project First Tier)
Series A 5.00% 1/1/54		2,595,000	$	1,548,955
(Great Lakes Senior Living Communities LLC Project Fourth Tier)
Series D 144A 7.25% 1/1/54 #		2,500,000		1,231,550
(Great Lakes Senior Living Communities LLC Project Second Tier)
Series B 5.00% 1/1/49		975,000		507,517
Series B 5.125% 1/1/54		1,130,000		567,588
(Great Lakes Senior Living Communities LLC Project Third Tier)
Series C 144A 5.00% 1/1/49 #		1,000,000		471,180
Birmingham, Alabama Special Care Facilities Financing Authority Revenue
(Methodist Home for the Aging)
5.50% 6/1/30		1,850,000		1,758,832
5.75% 6/1/35		1,500,000		1,399,095
5.75% 6/1/45		2,500,000		2,097,200
6.00% 6/1/50		3,130,000		2,660,563
California Educational Facilities Authority Revenue
(Stanford University)
Series V-2 5.00% 4/1/51		1,245,000		1,418,790
California Health Facilities Financing Authority Revenue
(Cedars-Sinai Health System)
Series A 3.00% 8/15/51		15,170,000		11,344,581
Series A 3.00% 8/15/51 (AGM)		1,025,000		787,948
(Kaiser Permanente)
Series A-2 5.00% 11/1/47		9,870,000		10,780,310
California Municipal Finance Authority Revenue
(Community Health System Project)
Series A 3.00% 2/1/46 (AGM)		10,000,000		7,490,100
(Goodwill Industry Sacramento Valley and Northern Nevada Project)
5.25% 1/1/45		1,295,000		1,007,549
Series A 144A 6.625% 1/1/32 #		500,000		489,030
Series A 144A 6.875% 1/1/42 #		1,500,000		1,420,365
(Northbay Healthcare Group)
Series A 5.25% 11/1/47		500,000		456,165

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
California Statewide Communities Development Authority Revenue
(Enloe Medical Center)
Series A 5.375% 8/15/57 (AGM)		2,000,000	$	2,158,120
(Loma Linda University Medical Center)
Series A 144A 5.50% 12/1/58 #		5,000,000		5,003,550
Capital Trust Agency Senior Living Facilities Revenue
(Elim Senior Housing Inc. Project)
144A 5.875% 8/1/52 #		2,000,000		1,431,320
City of Kalispell, Montana
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/47		1,500,000		1,201,215
Clackamas County, Oregon Hospital Facility Authority Revenue
(Rose Villa Project)
Series A 5.25% 11/15/50		1,000,000		908,640
Series A 5.375% 11/15/55		1,000,000		911,260
Colorado Health Facilities Authority Revenue
(Aberdeen Ridge)
Series A 5.00% 5/15/58		500,000		348,510
(AdventHealth Obligated Group)
Series A 3.00% 11/15/51		5,500,000		3,941,080
(American Baptist)
8.00% 8/1/43		2,500,000		2,499,700
(Capella of Grand Junction Project)
144A 5.00% 12/1/54 #		1,255,000		803,890
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		500,000		501,515
(Sunny Vista Living Center)
Series A 144A 5.50% 12/1/30 #		750,000		601,485
Series A 144A 5.75% 12/1/35 #		1,150,000		843,720
Series A 144A 6.125% 12/1/45 #		1,200,000		808,188
Series A 144A 6.25% 12/1/50 #		560,000		371,818
Cuyahoga County, Ohio Hospital Revenue
(The Metrohealth System)
5.25% 2/15/47		4,000,000		3,953,480
5.50% 2/15/52		4,930,000		4,967,024
5.50% 2/15/57		6,365,000		6,366,655
Decatur, Texas Hospital Authority Revenue
(Wise Regional Health System)
Series C 4.00% 9/1/29		491,000		469,941
Series C 4.00% 9/1/34		987,000		914,318

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Decatur, Texas Hospital Authority Revenue
(Wise Regional Health System)
Series C 4.00% 9/1/44		2,036,000	$	1,668,909
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.00% 11/15/36		950,000		746,358
5.25% 11/15/51		1,350,000		935,469
Guilderland, New York Industrial Development Agency
Series A 144A 5.875% 1/1/52 #, ‡		6,000,000		3,900,000
Health and Educational Facilities Authority of the
State of Missouri Health Facilities Revenue
(Mercy Health)
4.00% 6/1/53		4,810,000		4,275,224
Henrico County, Virginia Economic Development
Authority Residential Care Facility Revenue
(Westminster Canterbury Richmond)
Series A 5.00% 10/1/52		2,025,000		2,013,356
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project)
Series A 3.00% 3/1/51		7,430,000		5,138,068
Series A 4.00% 3/1/51		2,000,000		1,749,240
(Valley Vista Care Corporation)
Series A 5.00% 11/15/32		455,000		396,810
Illinois Finance Authority Revenue
(Plymouth Place, Inc.)
Series A 6.75% 5/15/58		3,000,000		3,036,420
(The Admiral at the Lake Project)
5.25% 5/15/42		900,000		727,434
5.25% 5/15/54		5,910,000		4,332,325
5.50% 5/15/54		3,375,000		2,574,990
Illinois Housing Development Authority Revenue
(Stonebridge of Gurnee Project)
Series A 144A 5.45% 1/1/46 #		2,500,000		1,780,975
Series A 144A 5.60% 1/1/56 #		2,630,000		1,801,603
Iowa Finance Authority Revenue
(PHS Council Bluffs Project)
5.125% 8/1/48		1,750,000		1,274,998
5.25% 8/1/55		2,500,000		1,784,725
Kalispell, Montana
Series A 5.25% 5/15/32		435,000		411,414

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Kalispell, Montana
(Immanuel Lutheran Corporation Project)
Series A 5.25% 5/15/52		5,420,000	$	4,225,053
Kentucky Economic Development Finance Authority Healthcare Revenue
(Rosedale Green Project)
5.50% 11/15/35		1,310,000		1,200,707
5.75% 11/15/45		3,000,000		2,544,570
5.75% 11/15/50		1,600,000		1,324,640
Kirkwood, Missouri Industrial Development Authority Revenue
(Aberdeen Heights Project)
Series A 5.25% 5/15/50		5,000,000		3,741,650
Lake County, Florida Retirement Facility Revenue
(Lakeside At Waterman Village Project)
Series A 5.75% 8/15/50		2,500,000		2,174,775
Series A 5.75% 8/15/55		1,500,000		1,281,945
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(The Glen Retirement System Project)
Series A 5.00% 1/1/49		3,500,000		2,395,400
Series A 5.00% 1/1/55		2,635,000		1,729,113
Maricopa County, Arizona Industrial Development Authority Revenue
(Christian Care Surprise Project)
Series 2016 144A 6.00% 1/1/48 #		5,645,000		3,970,975
Michigan Finance Authority Hospital Revenue
(Trinity Health Credit Group)
Series A 3.00% 12/1/49		5,000,000		3,664,550
Michigan State Strategic Fund Limited Revenue
(Evangelical Homes)
5.50% 6/1/47		2,750,000		2,192,575
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Whitemarsh Continuing Care)
5.25% 1/1/40		1,550,000		1,392,675
5.375% 1/1/50		6,250,000		5,319,875
Series A 5.375% 1/1/51		2,000,000		1,693,760
Moon, Pennsylvania Industrial Development Authority Revenue
(Baptist Homes Society Obligation)
6.125% 7/1/50		8,935,000		6,410,326

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
National Finance Authority Revenue
(The Vista Project)
Series A 144A 5.25% 7/1/39 #		1,515,000	$	1,358,379
Series A 144A 5.625% 7/1/46 #		1,000,000		893,280
Series A 144A 5.75% 7/1/54 #		2,000,000		1,772,240
New Hope, Texas Cultural Education Facilities Finance Revenue
(Army Retirement Residence Foundation Project)
6.00% 7/15/57		6,000,000		5,653,080
(Buckingham Senior Living Community, Inc. Project)
Series A-1 7.50% 11/15/37		120,000		91,472
Series A-2 7.50% 11/15/36		745,000		606,795
Series B 2.00% 11/15/61 ~		3,088,349		1,221,473
(Cardinal Bay - Village on the Park)
Series A1 5.00% 7/1/46		660,000		452,100
Series A1 5.00% 7/1/51		1,575,000		1,078,875
Series B 4.00% 7/1/31		635,000		317,500
Series B 4.75% 7/1/51		1,915,000		957,500
Series C 5.00% 7/1/31 ‡		250,000		112,500
Series C 5.25% 7/1/36 ‡		350,000		157,500
Series C 5.75% 7/1/51 ‡		2,250,000		1,012,500
Series D 6.00% 7/1/26 ‡		90,000		36,000
Series D 7.00% 7/1/51 ‡		1,350,000		540,000
(Legacy Midtown Park Project)
Series A 5.50% 7/1/54		5,000,000		3,799,100
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57		8,830,000		6,248,638
(The Outlook at Windhaven Project)
Series A 6.75% 10/1/52		1,000,000		888,160
Series A 6.875% 10/1/57		6,500,000		5,806,515
New Jersey Economic Development Authority
(Black Horse EHT Urban Renewal LLC Project)
Series A 144A 5.00% 10/1/39 #		3,125,000		2,207,719
(Lions Gate Project)
5.25% 1/1/44		2,000,000		1,842,620
New York State Dormitory Authority Revenue
(Garnet Health Medical Center)
144A 5.00% 12/1/40 #		800,000		755,096

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
North Carolina Medical Care Commission Health Care Facilities Revenue
(Novant Health Obligated Group)
Series A 3.125% 11/1/49		5,000,000	$	3,705,550
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Morningstar Senior Living)
5.00% 11/1/49		1,830,000		1,512,587
Orange County, New York Funding Assisted Living Residence Revenue
6.50% 1/1/46		3,600,000		2,836,800
Payne County, Oklahoma Economic Development Authority Revenue
(Epworth Living at the Ranch)
Series A 7.00% 11/1/51 ‡		961,600		673
Pennsylvania Economic Development Financing Authority Revenue
(Tapestry Moon Senior Housing Project)
Series 2018A 144A 6.75% 12/1/53 #, ‡		10,495,000		4,001,219
Prince George’s County, Maryland
(Collington Episcopal Life Care Community)
5.25% 4/1/47		2,000,000		1,646,340
Rochester, Minnesota
(The Homestead at Rochester)
Series A 6.875% 12/1/48		2,500,000		2,451,250
Seminole County, Florida Industrial Development Authority Revenue
(Legacy Pointe at UCF Project)
Series A 5.50% 11/15/49		8,000,000		6,131,200
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue
(The Farms at Bailey Station Project)
5.75% 10/1/59		3,830,000		2,771,771
Southeastern Ohio Port Authority Revenue
(Memorial Health Systems)
5.00% 12/1/43		805,000		647,228
5.50% 12/1/43		1,250,000		1,095,550
St. Louis County, Missouri Industrial Development Authority Revenue
(Nazareth Living Center Project)
Series A 5.00% 8/15/35		600,000		543,144
Series A 5.125% 8/15/45		1,800,000		1,506,042

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Tarrant County, Texas Cultural Education Facilities Finance Revenue
(Air Force Villages Obligated Group Project)
5.00% 5/15/45		5,000,000	$	4,097,550
(Buckner Senior Living - Ventana Project)
Series A 6.75% 11/15/47		2,250,000		2,270,857
Series A 6.75% 11/15/52		3,300,000		3,323,067
Tempe, Arizona Industrial Development Authority Revenue
(Mirabella at ASU Project)
Series A 144A 6.125% 10/1/47 #		2,150,000		1,332,764
Series A 144A 6.125% 10/1/52 #		2,570,000		1,544,570
Topeka City, Kansas Healthcare Facilities Revenue
(Brewster Place)
Series A 6.25% 12/1/42		1,500,000		1,475,115
Series A 6.50% 12/1/52		2,000,000		1,961,280
University of North Carolina Board of Governors Revenue
5.00% 2/1/49		19,355,000		20,789,593
Westchester County, New York Local Development Revenue
(Purchase Senior Learning Community, Inc. Project)
Series A 144A 5.00% 7/1/56 #		4,250,000		3,286,015
Westminster, Maryland Project Revenue
(Lutheran Village Millers Grant)
Series A 5.00% 7/1/24		315,000		315,756
Series A 6.00% 7/1/34		1,000,000		1,006,190
Series A 6.125% 7/1/39		750,000		753,345
Series A 6.25% 7/1/44		2,500,000		2,511,025
Wisconsin Health & Educational Facilities Authority Revenue
(Children’s Hospital of Wisconsin)
3.00% 8/15/52		3,000,000		2,073,240
(Covenant Communities Project)
Series B 5.00% 7/1/48		1,000,000		738,880
Series B 5.00% 7/1/53		945,000		675,240
Series C 7.00% 7/1/43		1,000,000		718,620
Series C 7.50% 7/1/53		1,000,000		725,510
(St. Camillus Health System)
Series A 5.00% 11/1/39		635,000		536,042
Series A 5.00% 11/1/46		1,000,000		783,710

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Wisconsin Health & Educational Facilities Authority Revenue
(St. Camillus Health System)
Series A 5.00% 11/1/54		3,500,000	$	2,616,880
Wisconsin Public Finance Authority Revenue
(Goodwill Industries of Southern Nevada Project)
Series A 5.50% 12/1/38		2,572,956		2,297,058
Series A 5.75% 12/1/48		2,576,272		2,202,609
(Bancroft Neurohealth Project)
Series A 144A 5.00% 6/1/36 #		960,000		886,522
Series A 144A 5.125% 6/1/48 #		1,375,000		1,196,910
Woodbury, Minnesota Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.125% 12/1/44		1,250,000		1,081,800
Yamhill County, Oregon Hospital Authority Revenue
(Friendsview)
Series A 5.00% 11/15/56		1,600,000		1,171,712
				305,785,222
Housing Revenue Bonds — 1.55%
City of Dallas, Texas Housing Finance Revenue
Residential Development-Senior Lien
Series A 6.00% 12/1/62		2,000,000		2,015,780
CSCDA Community Improvement Authority Essential
Housing Revenue
(Jefferson-Anaheim)
Series A-2 144A 3.125% 8/1/56 #		1,500,000		1,015,470
(Pasadena Portfolio)
Series A-2 144A 3.00% 12/1/56 #		5,800,000		3,818,256
Idaho Housing & Finance Association Revenue
Series C 4.80% 7/1/53		6,000,000		6,027,240
Independent Cities Finance Authority, California
Series A 5.25% 5/15/44		750,000		753,578
New York City, New York Housing Development Revenue
4.80% 2/1/53		5,000,000		5,018,400
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue
Series A 5.00% 10/1/50		10,340,000		10,503,372
Rhode Island Housing & Mortgage Finance Revenue
Series A 4.65% 10/1/53		3,000,000		2,928,480

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
South Carolina State Housing Finance & Development Authority Revenue
Series B 4.90% 7/1/53		1,500,000	$	1,517,145
				33,597,721
Industrial Development Revenue/Pollution Control
Revenue Bonds — 25.30%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(United States Steel Corporation Project)
5.75% 8/1/42		2,000,000		2,008,220
Arizona Industrial Development Authority Revenue
(Legacy Cares, Inc. Project)
Series A 144A 6.00% 7/1/51 #, ‡		1,190,000		119,000
Series A 144A 7.75% 7/1/50 #, ‡		20,330,000		2,033,000
Arkansas Development Finance Authority Revenue
(Big River Steel Project)
144A 4.50% 9/1/49 (AMT) #		3,665,000		3,405,042
(Hybar Steel Project)
144A 12.00% 7/1/48 #		10,000,000		10,547,600
Series A 144A 6.875% 7/1/48 (AMT) #		10,000,000		10,238,700
(United States Steel Corporation Project)
5.70% 5/1/53 (AMT)		18,750,000		18,829,125
Buckeye, Ohio Tobacco Settlement Financing Authority Revenue
(Senior)
Series A-2 3.00% 6/1/48		13,775,000		10,157,823
Series A-2 4.00% 6/1/48		150,000		132,921
Series B-2 5.00% 6/1/55		63,095,000		57,761,579
Calhoun County, Texas Navigation Industrial Development Authority Revenue
(Max Midstream Texas, LLC Project)
Series A 144A 3.625% 7/1/26 (AMT) #		3,285,000		3,007,582
California County Tobacco Securitization Agency Settlement Revenue
(Capital Appreciation Bond - Fresno County
Tobacco Funding Corporation)
0.83% 6/1/55 ^		100,000,000		9,166,000
California Infrastructure & Economic Development Bank Revenue
(Brightline West Passenger Rail Project)
144A 8.08% 1/1/50 (AMT) #, •		13,500,000		13,502,025

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control
Revenue Bonds (continued)
California Pollution Control Financing Authority Revenue
(Calplant I Project)
144A 7.50% 7/1/32 (AMT) #, ‡		1,600,000	$	208,000
144A 8.00% 7/1/39 (AMT) #, ‡		5,250,000		262,500
(LP Desalination Project)
144A 5.00% 7/1/37 (AMT) #		3,500,000		3,499,475
Children’s Trust Fund, Puerto Rico
(Asset-Backed)
Series B 0.485% 5/15/57 ^		3,420,000		188,134
District of Columbia Tobacco Settlement Financing Revenue
(Capital Appreciation-Asset-Backed)
Series C 0.668% 6/15/55 ^		61,000,000		5,870,030
Series D 0.138% 6/15/55 ^		262,500,000		22,687,875
Erie, New York Tobacco Asset Securitization
(Asset-Backed)
Series A 144A 1.504% 6/1/60 #, ^		196,565,000		11,328,041
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion Project)
Series A 144A 7.50% 7/1/57 (AMT) #, •		11,900,000		11,716,502
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) #		14,040,000		14,068,361
(Virgin Trains USA Passenger Rail Project)
Series A 144A 6.25% 1/1/49 (AMT) #, •		4,000,000		3,991,720
Series A 144A 6.50% 1/1/49 (AMT) #, •		8,905,000		8,570,706
George L Smith II Georgia World Congress Center Authority Revenue
Series A 4.00% 1/1/54		9,060,000		7,480,842
(Convention Center Hotel Second Tier)
Series B 144A 5.00% 1/1/54 #		5,000,000		4,084,550
Golden State, California Tobacco Securitization
Settlement Revenue
Series B-2 1.355% 6/1/66 ^		355,550,000		35,355,892
Houston, Texas Airport System Revenue
Series B-1 5.00% 7/15/35 (AMT)		3,000,000		3,002,970
(Special Facilities Continental Airlines, Inc.
Terminal Improvements Projects)
Series 2011 6.625% 7/15/38 (AMT)		2,000,000		2,005,480
(United Airlines Inc.)
5.00% 7/1/29 (AMT)		1,150,000		1,149,517

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control
Revenue Bonds (continued)
Indiana Finance Authority Exempt Facility Revenue
(Polyflow Indiana Project - Green Bond)
144A 7.00% 3/1/39 (AMT) #		6,835,000	$	5,098,705
Inland, California Empire Tobacco Securitization
(Capital Appreciation-Asset-Backed)
Series E 144A 0.94% 6/1/57 #, ^		376,610,000		25,515,327
Series F 144A 9.316% 6/1/57 #, ^		243,790,000		13,469,398
Iowa Finance Authority Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)
5.00% 12/1/50		10,625,000		10,514,925
Lower Alabama Gas District Revenue
(Gas Project Revenue Bonds)
Series A 5.00% 9/1/46		4,910,000		5,023,028
Main Street Natural Gas Project Revenue
Series A 4.00% 5/15/39		3,000,000		2,649,270
Series A 5.50% 9/15/23		40,000		40,010
Maine Finance Authority Revenue
(Go Lab Madison, LLC Project)
144A 8.00% 12/1/51 (AMT) #		10,950,000		7,121,552
Maricopa County, Arizona Industrial Development Authority Revenue
(Commercial Metals Company Project)
144A 4.00% 10/15/47 (AMT) #		8,020,000		6,705,682
Miami-Dade County, Florida Industrial Development Authority Revenue
(CFC-MB I, LLC Collins Park Housing Project)
144A 6.25% 1/1/59 #		7,000,000		6,734,700
Michigan Finance Authority Limited Obligation Revenue
Series B-2 4.97% 6/1/65 ^		10,000,000		927,000
Monroe, New York Tobacco Asset Securitization
(4th Subordinate - Capital Appreciation - Asset-Backed)
Series A 144A 0.186% 6/1/61 #, ^		487,500,000		22,239,750
Nevada State Department of Business & Industry Revenue
(Fulcrum Sierra Biofuels, LLC Project - Green Bonds)
144A 6.25% 12/15/37 #		2,500,000		2,267,175

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control
Revenue Bonds (continued)
New Jersey Economic Development Authority Special Facility Revenue
(Continental Airlines Project)
5.25% 9/15/29		4,000,000	$	4,011,360
Series B 5.625% 11/15/30 (AMT)		1,270,000		1,286,485
New Jersey Tobacco Settlement Financing
Series B 5.00% 6/1/46		4,605,000		4,530,860
New York City, New York Industrial Development Agency
(Queens Baseball Stadium Project)
Series A 2.00% 1/1/38 (AGM)		500,000		343,570
New York Transportation Development Special Facilities Revenue
(American Airlines Inc. John F. Kennedy International Airport Project)
5.375% 8/1/36 (AMT)		1,000,000		1,019,270
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/37 (AMT)		2,455,000		2,551,211
Pennsylvania Economic Development Financing Authority Revenue
(National Gypsum)
5.50% 11/1/44 (AMT)		4,500,000		4,507,605
Port Beaumont, Texas Navigation District Dock & Wharf Facility Revenue
(Jefferson Gulf Coast Energy Project)
Series A 144A 2.875% 1/1/41 (AMT) #		1,750,000		1,124,778
Port of Seattle, Washington Industrial Development Special Facilities Revenue
(Delta Airlines)
5.00% 4/1/30 (AMT)		2,000,000		2,000,560
Public Authority for Colorado Energy Natural Gas Revenue
Series 28 6.50% 11/15/38		2,000,000		2,345,780
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		9,250,000		9,480,417
5.25% 12/1/27		2,235,000		2,309,694
5.25% 12/1/28		1,050,000		1,090,814
5.50% 12/1/29		765,000		807,886
San Diego, California Tobacco Settlement Revenue Funding
Series C 4.00% 6/1/32		460,000		454,296

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control
Revenue Bonds (continued)
Shoals, Indiana Exempt Facilities Revenue
(National Gypsum Project)
7.25% 11/1/43 (AMT)		1,860,000	$	1,865,245
St. James Parish, Louisiana
(NuStar Logistics, LP Project)
144A 6.10% 6/1/38 #, •		1,000,000		1,084,750
144A 6.35% 7/1/40 #		3,600,000		3,913,380
Series B 144A 6.10% 12/1/40 #, •		1,630,000		1,768,191
Tennessee State Energy Acquisition Gas Revenue
Series C 5.00% 2/1/27		2,940,000		2,944,675
The City Of Hoover (Alabama) Environmental
Improvement Revenue Bonds
(United States Steel Corporation Project)
5.75% 10/1/49 (AMT)		10,250,000		10,348,707
Tobacco Securitization Authority of Southern California Revenue
(Capital Appreciation-3rd Subordinate Lien)
Series D 2.609% 6/1/46 ^		2,230,000		329,817
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue
Series A 5.50% 6/1/35 (AMT)		2,000,000		2,004,600
Tuscaloosa County, Alabama Industrial Development Authority Revenue
(Hunt Refining Project)
Series A 144A 5.25% 5/1/44 #		9,440,000		8,576,051
Valparaiso, Indiana
(Pratt Paper LLC Project)
7.00% 1/1/44 (AMT)		3,305,000		3,336,232
Virginia Tobacco Settlement Financing Revenue
(Capital Appreciation)
Series A-1 6.706% 6/1/46		10,865,000		9,319,563
Series B-1 5.00% 6/1/47		2,000,000		1,838,380
Series C 2.949% 6/1/47 ^		95,170,000		24,435,849
Series D 2.20% 6/1/47 ^		179,085,000		44,934,217
Washington Economic Development Finance Authority Revenue
(Columbia Pulp I, LLC Project)
Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡		4,800,000		480

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Wisconsin Public Finance Authority Revenue
(Grand Hyatt San Antonio Hotel
Acquisition Project)
Series A 5.00% 2/1/62		10,225,000	$	9,502,092
				548,752,549
Lease Revenue Bonds — 3.78%
Baltimore, Maryland Special Obligation Subordinate Revenue
(Harbor Point Project)
5.00% 6/1/51		1,000,000		949,620
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project)
5.875% 11/1/43		1,875,000		1,876,294
Idaho Falls Auditorium District Revenue
144A 5.25% 5/15/51 #		5,000,000		4,701,250
Los Angeles County, California Public Works
Financing Authority Revenue
Series A 3.00% 12/1/50		11,000,000		8,285,530
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project)
Series A 4.00% 6/15/52		8,305,000		7,080,926
Series A 5.00% 6/15/50		4,135,000		4,147,571
Series A 5.00% 6/15/57		3,975,000		3,992,848
Series B 4.952% 12/15/54 (BAM) ^		3,535,000		772,857
Series B 5.03% 12/15/54 ^		9,820,000		1,989,237
New Jersey Transportation Trust Fund Authority Revenue
5.50% 6/15/50		4,250,000		4,632,755
Series AA 4.00% 6/15/50		2,945,000		2,712,257
(Transportation Program)
Series AA 5.00% 6/15/25		1,000,000		1,024,120
Series AA 5.00% 6/15/44		2,900,000		2,908,961
(Transportation System)
Series A 4.991% 12/15/39 ^		5,290,000		2,491,272
Series BB 4.00% 6/15/46		1,000,000		938,460
New York Liberty Development Revenue
(4 World Trade Center Project)
Series A 3.00% 11/15/51		5,750,000		4,081,810
(Class 1 - 3 World Trade Center Project)
144A 5.00% 11/15/44 #		14,500,000		13,877,660

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
New York Liberty Development Revenue
(Class 3 - 3 World Trade Center Project)
144A 7.25% 11/15/44 #		10,250,000	$	10,342,557
Phoenix, Arizona Industrial Development Authority Lease Revenue
5.125% 2/1/34		1,000,000		980,040
5.375% 2/1/41		1,300,000		1,240,109
University of Missouri Industrial Development Authority Revenue
(Markets At Olive Project)
Series A 5.50% 6/15/42		3,000,000		2,958,270
				81,984,404
Local General Obligation Bonds — 2.28%
Chicago, Illinois
Series 2005D 5.50% 1/1/37		2,280,000		2,308,591
Series 2005D 5.50% 1/1/40		3,000,000		3,033,810
Series 2007E 5.50% 1/1/42		1,900,000		1,918,696
Series 2007F 5.50% 1/1/42		1,250,000		1,262,300
Series A 5.25% 1/1/38		2,295,000		2,449,913
Series A 5.50% 1/1/39		2,660,000		2,872,614
Series A 5.50% 1/1/40		2,160,000		2,323,058
Series A 5.50% 1/1/49		770,000		796,804
Series C 5.00% 1/1/26		500,000		511,790
Chicago, Illinois Board of Education
Series A 144A 7.00% 12/1/46 #		2,500,000		2,676,375
Series B 4.00% 12/1/41		2,000,000		1,771,980
Series G 5.00% 12/1/44		2,545,000		2,486,440
Series H 5.00% 12/1/46		4,225,000		4,090,223
(Dedicated Revenues)
Series A 5.00% 12/1/42		7,690,000		7,441,997
Series B 4.00% 12/1/40		4,500,000		4,017,195
Lodi Unified School District
Series 2020 3.00% 8/1/43		2,750,000		2,179,347
MIDA Golf and Equestrian Center Public
Infrastructure District
144A 4.50% 6/1/51 #		4,835,000		3,375,894
144A 4.625% 6/1/57 #		4,690,000		3,235,349
Verve, Colorado Metropolitan District No. 1
5.00% 12/1/51		1,000,000		747,290
				49,499,666

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds — 1.44%
Blythe Township, Pennsylvania Solid Waste Authority Revenue
7.75% 12/1/37-27 (AMT) §		2,800,000	$	3,167,332
Camden County, New Jersey Improvement Authority Revenue
(Cooper Health System Obligation Group)
5.75% 2/15/42		2,050,000		2,051,066
Foothill-Eastern Transportation Corridor Agency Revenue
Series A 6.00% 1/15/49-24 §		7,690,000		7,770,745
Henderson, Nevada Public Improvement Trust
(Touro College & University System)
Series A 5.50% 1/1/39-24 §		560,000		569,212
Hospital Facilities Authority of Multnomah County, Oregon
(Mirabella at South Waterfront)
Series A 5.50% 10/1/49-24 §		2,400,000		2,451,672
Nampa, Idaho Development Revenue
(Library Square Project)
144A 5.00% 9/1/31-24 #, §		2,940,000		3,044,987
New Jersey Economic Development Authority Special Facility Revenue
Series WW 5.25% 6/15/30-25 §		5,000,000		5,183,650
Washington State Housing Finance Commission Revenue
(Heron’s Key)
Series A 144A 7.00% 7/1/45-25 #, §		1,000,000		1,053,740
Series A 144A 7.00% 7/1/50-25 #, §		3,625,000		3,819,808
Wisconsin Public Finance Authority Revenue
(Rose Villa Project)
Series A 144A 5.75% 11/15/44-24 #, §		2,000,000		2,043,140
				31,155,352
Resource Recovery Revenue Bonds — 0.42%
Brazoria County, Texas Industrial Development Solid
Waste Disposal Facilities Revenue
(Aleon Renewable Metals, LLC Project)
144A 10.00% 6/1/42 (AMT) #, •		3,000,000		2,896,140
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		1,108,635

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bonds (continued)
Union County, New Jersey Improvement Authority Revenue
(Aries Linden, LLC Project)
144A 6.75% 12/1/41 (AMT) #		7,990,000	$	5,151,712
				9,156,487
Special Tax Revenue Bonds — 14.87%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue
(City Center Project)
144A 5.25% 5/1/42 #		6,530,000		6,483,441
Celebration Pointe, Florida Community Development District No. 1
5.125% 5/1/45		2,460,000		2,392,399
Cherry Hill, Virginia Community Development Authority Revenue
(Potomac Shores Project)
144A 5.15% 3/1/35 #		1,000,000		1,007,530
144A 5.40% 3/1/45 #		2,000,000		2,003,360
City of Newport Beach, California
Series A 4.00% 9/2/33		200,000		200,506
Series A 4.125% 9/2/38		575,000		550,758
Commonwealth of Puerto Rico
2.732% 11/1/51 •		14,007,998		5,830,829
(Restructured)
3.122% 11/1/43 •		55,571,192		28,688,628
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		6,655,000		6,367,038
County of Monongalia, West Virginia
(Development District No. 4 – University Town Centre)
Series A 144A 5.00% 6/1/33 #		1,000,000		1,019,340
Series A 144A 5.75% 6/1/43 #		1,500,000		1,566,945
Series A 144A 6.00% 6/1/53 #		1,500,000		1,588,290
Fountain Urban Renewal Authority, Colorado
(Improvement - South Academy Highland)
Series A 5.50% 11/1/44		3,750,000		3,530,888
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		62,079,401		50,749,910

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Glen Cove, New York Local Economic Assistance Revenue
(Garvies Point Public Improvement Project)
Series A 5.00% 1/1/56		2,000,000	$	1,710,780
Guam Government Business Privilege Tax Revenue
Series F 4.00% 1/1/42		2,500,000		2,153,500
Henderson, Nevada Local Improvement Districts
(Black Mountain Ranch)
3.00% 9/1/36		300,000		227,907
3.50% 9/1/45		720,000		516,794
4.00% 9/1/51		500,000		384,675
Hickory Chase Community Authority Revenue, Ohio
(Hickory Chase Project)
Senior Series A 144A 5.00% 12/1/40 #		1,355,000		1,201,993
Juban Crossing Economic Development District, Louisiana
(General Infrastructure Projects)
Series C 144A 7.00% 9/15/44 #		3,005,000		3,008,756
(Road Projects)
Series A 144A 7.00% 9/15/44 #		1,800,000		1,802,232
Las Vegas, Nevada
(Villages At Tule Springs Village 1)
144A 5.50% 6/1/37 #		750,000		746,355
144A 5.75% 6/1/42 #		1,100,000		1,089,924
144A 5.75% 6/1/47 #		1,575,000		1,531,152
144A 6.00% 6/1/52 #		1,800,000		1,792,458
Massachusetts Bay Transportation Authority Revenue
(Sustainability Bonds)
Series A 5.00% 7/1/52		5,000,000		5,327,100
Matching Fund Special Purpose Securitization
Series A 5.00% 10/1/39		7,655,000		7,612,898
Midtown Miami, Florida Community Development District
(Parking Garage Project)
Series A 5.00% 5/1/37		500,000		486,355
Mobile, Alabama Improvement District
(McGowin Park Project)
Series A 5.25% 8/1/30		1,000,000		952,900
Series A 5.50% 8/1/35		1,300,000		1,207,544
New York City, New York Transitional Finance
Authority Future Tax Secured Revenue
Fiscal 2020 Subordinate Series A-3 3.00% 5/1/45		5,000,000		3,852,550

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)
New York City, New York Transitional Finance Authority Future Tax Secured Revenue
Series A-1 5.25% 8/1/42		6,425,000	$	7,051,823
Series B-1 3.00% 8/1/48		6,605,000		4,930,170
New York State Dormitory Authority Personal Income Tax Revenue
(General Purpose)
Series E 3.00% 3/15/50		5,000,000		3,662,150
New York State Thruway Authority Revenue
Series A-1 3.00% 3/15/50		3,640,000		2,695,602
Series A-1 4.00% 3/15/55		2,000,000		1,832,260
Series A-1 4.00% 3/15/56		2,380,000		2,173,773
New York State Urban Development
Series E 3.00% 3/15/50		2,500,000		1,847,975
(General Purpose)
Series A 3.00% 3/15/50		3,310,000		2,446,719
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Route 33 Project)
7.00% 7/1/32		1,755,000		1,757,439
Prairie Center Metropolitan District No. 3, Colorado
Series A 144A 5.00% 12/15/41 #		2,000,000		1,943,120
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 1.607% 7/1/46 ^		78,170,000		21,771,908
Series A-1 3.255% 7/1/51 ^		105,182,000		21,739,016
Series A-1 4.75% 7/1/53		50,505,000		47,346,922
Series A-1 5.00% 7/1/58		4,988,000		4,840,355
Series A-2 4.536% 7/1/53		1,022,000		924,951
Series A-2 4.784% 7/1/58		10,622,000		9,956,957
Series B-1 4.75% 7/1/53		135,000		126,559
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement
(Francis Place Redevelopment Project)
5.625% 11/1/25		575,000		563,845
St. Louis County, Missouri Industrial Development Authority Revenue
(Manchester Ballas Community)
Series A 144A 5.00% 9/1/38 #		1,050,000		957,789
Series A 144A 5.25% 9/1/45 #		3,540,000		3,146,954

100

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue
(H. Lee Moffitt Cancer Center Project)
Series A 0.363% 9/1/53 ^		12,095,000	$	2,314,741
Verve, Colorado Metropolitan District No. 1
6.50% 12/1/43		4,365,000		4,015,320
6.75% 12/1/52		4,000,000		3,663,400
Village Community Development District No. 15, Florida
144A 5.00% 5/1/43 #		1,000,000		1,003,720
144A 5.25% 5/1/54 #		3,500,000		3,517,255
Wisconsin Public Finance Authority Revenue
(American Dream @ Meadowlands Project)
144A 7.00% 12/1/50 #		5,065,000		4,592,284
(Mclemore Hotel & Conference Center)
Series A 144A 4.50% 6/1/56 #		13,000,000		9,355,450
Series B 144A 6.50% 6/1/56 #		1,000,000		788,900
Wyandotte County, Kansas Unified Government
Special Obligation Revenue
(Sales Tax Vacation Village Project)
Series A 6.00% 9/1/35		4,690,000		3,988,095
				322,541,187
State General Obligation Bonds — 6.54%
California State
(Forward Delivery)
4.00% 9/1/29		3,950,000		4,195,492
(Various Purpose)
5.00% 11/1/30		1,030,000		1,174,149
5.25% 10/1/50		4,000,000		4,440,760
Commonwealth of Massachusetts
Series B 5.00% 1/1/32		5,000,000		5,402,550
Series D 4.00% 11/1/35		5,000,000		5,192,200
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/37		10,759,631		9,680,440
Series A-1 4.00% 7/1/41		30,381,837		26,272,694
Series A-1 4.00% 7/1/46		45,193,861		37,622,533
Illinois State
5.00% 1/1/28		1,190,000		1,222,320
5.00% 11/1/36		2,245,000		2,270,324
5.50% 5/1/39		6,000,000		6,444,060

101

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)
Illinois State
Series A 5.125% 12/1/29		1,310,000	$	1,384,460
Series A 5.50% 3/1/47		9,700,000		10,404,317
Series B 3.00% 12/1/41		2,605,000		2,033,958
Series C 4.00% 10/1/41		400,000		372,404
Series C 4.00% 10/1/42		2,900,000		2,682,239
Series C 5.00% 11/1/29		4,600,000		4,834,600
(Rebuild Illinois Program)
Series B 4.00% 11/1/35		2,000,000		1,982,160
New Jersey State
Series A 4.00% 6/1/32		2,080,000		2,178,883
Washington State
Series A 5.00% 8/1/44		4,540,000		4,870,421
Series A-2 5.00% 8/1/43		6,635,000		7,188,028
				141,848,992
Transportation Revenue Bonds — 6.47%
Atlanta, Georgia Airport Revenue
Series B 5.00% 7/1/52 (AMT)		2,000,000		2,044,580
California Municipal Finance Authority Senior Lien Revenue
(LINXS APM Project)
Series A 4.00% 12/31/47 (AMT)		7,500,000		6,396,975
Denver City & County, Colorado Airport System Revenue
Series A 4.00% 12/1/48 (AMT)		5,000,000		4,472,050
Florida Development Finance Revenue
(Brightline Florida Passenger Rail Expansion
Project)
Series A 144A 7.25% 7/1/57 (AMT) #, •		5,000,000		5,102,550
Foothill-Eastern, California Transportation Corridor Agency Revenue
Series B-2 3.50% 1/15/53 (AGM)		2,000,000		1,667,120
(Senior Lien)
Series A 4.00% 1/15/46		3,560,000		3,342,555
Grand Parkway Transportation Revenue
(First Tier)
3.00% 10/1/50		3,500,000		2,337,090
Los Angeles, California Department of Airports Revenue
(Los Angeles International Airport)
Series F 3.00% 5/15/49 (AMT)		3,030,000		2,149,724

102

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Metropolitan Nashville Airport Authority Revenue
Series B 5.50% 7/1/52 (AMT)		1,500,000	$	1,592,685
Metropolitan Transportation Authority, New York
Subordinate Series C-1 5.25% 11/15/55		5,000,000		5,144,350
New York State Thruway Authority Revenue
Series B 3.00% 1/1/53 (BAM)		3,410,000		2,377,827
New York Transportation Development Special Facilities Revenue
(Delta Airlines Inc. LaGuardia Airport Terminals C &
D Redevelopment Project)
4.375% 10/1/45 (AMT)		16,840,000		15,881,468
5.00% 10/1/40 (AMT)		3,400,000		3,436,584
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/41 (AMT)		4,920,000		5,055,841
Pennsylvania Turnpike Commission Revenue
Series C 3.00% 12/1/51		1,700,000		1,215,959
Subordinate Series B 3.00% 12/1/51		2,500,000		1,751,375
Phoenix, Arizona Civic Improvement
(Junior Lien)
Series A 5.00% 7/1/40		30,000		30,469
Port of Seattle, Washington Intermediate Lien Revenue
(Private Activity)
Series B 4.00% 8/1/47 (AMT)		2,250,000		2,017,013
Series B 5.50% 8/1/47 (AMT)		3,000,000		3,205,620
Puerto Rico Highway & Transportation Authority Revenue
(Restructured)
Series A 5.00% 7/1/62		10,000,000		9,862,500
Series C 5.258% 7/1/53		35,455,000		22,469,606
San Diego County, California Regional Airport Authority Revenue
Series B 4.00% 7/1/56 (AMT)		3,000,000		2,591,760
South Jersey Port, New Jersey
(Subordinated Marine Terminal Revenue)
Series B 5.00% 1/1/48 (AMT)		2,000,000		1,980,900
Texas Private Activity Bond Surface Transportation Revenue
(NTE Mobility Partners LLC North Tarrant Express Project)
5.50% 12/31/58 (AMT)		9,765,000		10,347,873

103

Table of Contents

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Texas Private Activity Bond Surface Transportation Revenue
(NTE Mobility Partners Segments 3 LLC Segment 3C Project)
5.00% 6/30/58 (AMT)		23,780,000	$	23,825,895
				140,300,369
Water & Sewer Revenue Bonds — 1.22%
Chicago, Illinois Waterworks Revenue
(Second Lien)
5.00% 11/1/26		180,000		187,749
5.00% 11/1/28		30,000		30,965
Irvine, California Facilities Financing Authority Revenue
(Irvine Great Park Infrastructure Project)
Series A 4.00% 9/1/58 (BAM)		3,000,000		2,811,960
Jefferson County, Alabama Sewer Revenue
(Senior Lien-Warrants)
Series A 5.50% 10/1/53 (AGM)		2,500,000		2,532,025
(Sub Lien-Warrants)
Series D 7.00% 10/1/51		5,000,000		5,257,150
King County, Washington Sewer Revenue
Series A 4.00% 1/1/52		5,000,000		4,566,400
New York City Municipal Water Finance Authority Revenue
Subseries AA-1 3.00% 6/15/51		5,800,000		4,183,946
Subseries BB-1 3.00% 6/15/44		8,750,000		6,756,487
				26,326,682
Total Municipal Bonds (cost $2,285,251,590)				2,115,031,343

Short-Term Investments — 2.07%
Variable Rate Demand Notes — 2.07%¤
City of New York, New York
Subordinate Series F-5 3.95% 6/1/44
(SPA - Barclays Bank)		4,335,000		4,335,000
Illinois Finance Authority Revenue
(Northwestern Memorial Healthcare) Series C
3.95%7/15/55
(SPA - Barclays Bank)		3,500,000		3,500,000

104

Table of Contents

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes¤ (continued)
Los Angeles, California Department of Water & Power Revenue
Subordinate
Series B-3 2.75% 7/1/34
(SPA - Barclays Bank)		13,000,000	$	13,000,000
Los Angeles, California Department of Water & Power Water System Revenue
Series A-2 2.75% 7/1/45
(SPA - Barclays Bank)		8,400,000		8,400,000
Minneapolis, Minnesota Health Care System Revenue
(Fairview Health Services) Series C 3.80%
11/15/48
(LOC – Wells Fargo Bank N.A.)		2,500,000		2,500,000
New York City Municipal Water Finance Authority Revenue
Series CC 3.90% 6/15/41
(SPA - State Street)		5,680,000		5,680,000
New York City Transitional Finance Authority Future Tax Secured Revenue
Subordinate Series A-4 4.00% 8/1/45
(SPA - JP Morgan Chase Bank)		750,000		750,000
Phoenix, Arizona Industrial Development Authority Revenue
(Mayo Clinic) Series B 3.80% 11/15/52
(SPA - Northern Trust)		6,800,000		6,800,000
Total Short-Term Investments (cost $44,965,000)				44,965,000
Total Value of Securities—99.60% (cost $2,330,216,590)			$	2,159,996,343

°	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, 2023, the aggregate value of Rule 144A securities was $586,007,936, which represents 27.02% of the Fund’s net assets. See Note 9 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.

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Schedules of investments

Delaware National High-Yield Municipal Bond Fund

•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. 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. SOFR01M, SOFR03M, 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.

~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2023.

§	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 9 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, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

PSF – Guaranteed by Permanent School Fund

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

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Statements of assets and liabilities

August 31, 2023

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Assets:
Investments, at value*	$	745,650,366		$	1,159,548,539		$	2,159,996,343
Cash		1,028,215			27,222			5,241,231
Interest receivable		7,121,998			12,782,557			22,357,798
Receivable for fund shares sold		1,871,489			2,170,933			4,267,296
Prepaid expenses		31,047			35,110			58,694
Receivable for securities sold		—			2,567,108			1,854,291
Other assets		7,206			8,545			12,692
Total Assets		755,710,321			1,177,140,014			2,193,788,345
Liabilities:
Payable for securities purchased		10,632,449			4,558,667			16,443,909
Payable for fund shares redeemed		1,645,939			2,834,409			6,496,694
Investment management fees payable to affiliates		323,489			302,169			475,789
Distribution payable		291,554			410,124			1,071,116
Other accrued expenses		253,098			355,238			463,468
Distribution fees payable to affiliates		104,446			92,600			103,902
Administration expenses payable to affiliates		11,739			12,115			12,907
Total Liabilities		13,262,714			8,565,322			25,067,785
Total Net Assets	$	742,447,607		$	1,168,574,692		$	2,168,720,560

Net Assets Consist of:
Paid-in capital	$	846,767,005		$	1,269,472,810		$	2,401,685,422
Total distributable earnings (loss)		(104,319,398	)		(100,898,118	)		(232,964,862	)
Total Net Assets	$	742,447,607		$	1,168,574,692		$	2,168,720,560

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Statements of assets and liabilities

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

Class A:
Net assets	$	469,979,598		$	411,551,450		$	315,959,077
Shares of beneficial interest outstanding, unlimited authorization, no par		46,847,191			38,599,585			32,657,761
Net asset value per share	$	10.03		$	10.66		$	9.67
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	10.50		$	10.96		$	10.13

Class C:
Net assets	$	6,723,425		$	5,176,560		$	43,123,123
Shares of beneficial interest outstanding, unlimited authorization, no par		670,049			485,956			4,439,591
Net asset value per share	$	10.03		$	10.65		$	9.71

Institutional Class:
Net assets	$	265,744,584		$	751,846,682		$	1,809,638,360
Shares of beneficial interest outstanding, unlimited authorization, no par		26,277,749			69,849,480			185,317,381
Net asset value per share	$	10.11		$	10.76		$	9.77

*Investments, at cost	$	783,412,385		$	1,199,098,349		$	2,330,216,590

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

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Statements of operations	Year ended August 31, 2023

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Investment Income:
Interest	$	35,098,479		$	46,216,873		$	109,078,324

Expenses:
Management fees		3,957,562			5,395,131			9,720,050
Distribution expenses — Class A		1,224,341			1,077,731			729,931
Distribution expenses — Class C		73,471			58,096			435,748
Dividend disbursing and transfer agent fees and expenses		586,264			975,863			1,760,369
Registration fees		289,670			228,347			332,287
Accounting and administration expenses		96,237			144,431			237,183
Reports and statements to shareholders expenses		59,922			59,057			82,413
Audit and tax fees		52,096			41,095			52,096
Custodian fees		30,689			36,412			9,125
Legal fees		28,923			67,448			98,886
Trustees’ fees and expenses		24,208			51,512			74,778
Other		77,336			79,054			159,701
		6,500,719			8,214,177			13,692,567
Less expenses waived		(1,122,815	)		(1,498,578	)		(585,337	)
Less expenses paid indirectly		(250	)		(226	)		(31	)
Total operating expenses		5,377,654			6,715,373			13,107,199
Net Investment Income (Loss)		29,720,825			39,501,500			95,971,125

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(30,645,705	)		(19,902,832	)		(18,871,167	)
Net change in unrealized appreciation (depreciation) on investments		(10,710,260	)		(12,794,094	)		(111,713,910	)
Net Realized and Unrealized Gain (Loss)		(41,355,965	)		(32,696,926	)		(130,585,077	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(11,635,140	)	$	6,804,574		$	(34,613,952	)

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
	8/31/23			8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	29,720,825		$	28,748,280
Net realized gain (loss)		(30,645,705	)		(32,326,956	)
Net change in unrealized appreciation (depreciation)		(10,710,260	)		(135,309,676	)
Net increase (decrease) in net assets resulting from operations		(11,635,140	)		(138,888,352	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(19,406,727	)		(31,900,298	)
Class C		(234,267	)		(346,866	)
Institutional Class		(10,079,832	)		(11,084,625	)
		(29,720,826	)		(43,331,789	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		64,922,267			253,814,461
Class C		2,019,449			3,778,437
Institutional Class		199,258,747			339,475,248

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		17,429,261			29,634,976
Class C		225,820			338,804
Institutional Class		8,676,864			9,707,948
		292,532,408			636,749,874

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	Year ended
	8/31/23			8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(124,176,268	)	$	(558,816,551	)
Class C		(3,565,123	)		(3,819,203	)
Institutional Class		(293,420,592	)		(142,795,609	)
		(421,161,983	)		(705,431,363	)
Decrease in net assets derived from capital share transactions		(128,629,575	)		(68,681,489	)
Net Decrease in Net Assets		(169,985,541	)		(250,901,630	)

Net Assets:
Beginning of year		912,433,148			1,163,334,778
End of year	$	742,447,607		$	912,433,148

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
	8/31/23			8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	39,501,500		$	34,441,127
Net realized gain (loss)		(19,902,832	)		(38,294,341	)
Net change in unrealized appreciation (depreciation)		(12,794,094	)		(127,905,368	)
Net increase (decrease) in net assets resulting from operations		6,804,574			(131,758,582	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(14,615,401	)		(14,242,426	)
Class C		(153,171	)		(149,437	)
Institutional Class		(24,733,154	)		(20,049,264	)
		(39,501,726	)		(34,441,127	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		48,083,715			45,547,114
Class C		1,188,284			2,873,486
Institutional Class		528,477,921			521,335,408

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		12,840,577			12,394,377
Class C		149,566			146,413
Institutional Class		21,906,539			17,674,611
		612,646,602			599,971,409

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	Year ended
	8/31/23			8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(88,524,439	)	$	(99,996,602	)
Class C		(2,825,816	)		(2,610,271	)
Institutional Class		(389,254,059	)		(483,548,428	)
		(480,604,314	)		(586,155,301	)
Increase in net assets derived from capital share transactions		132,042,288			13,816,108
Net Increase (Decrease) in Net Assets		99,345,136			(152,383,601	)

Net Assets:
Beginning of year		1,069,229,556			1,221,613,157
End of year	$	1,168,574,692		$	1,069,229,556

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
	8/31/23			8/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	95,971,125		$	73,710,021
Net realized gain (loss)		(18,871,167	)		(42,953,091	)
Net change in unrealized appreciation (depreciation)		(111,713,910	)		(225,036,921	)
Net increase (decrease) in net assets resulting from operations		(34,613,952	)		(194,279,991	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(13,967,631	)		(10,155,975	)
Class C		(1,769,724	)		(1,727,407	)
Institutional Class		(83,695,859	)		(63,585,989	)
		(99,433,214	)		(75,469,371	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		153,803,317			132,767,302
Class C		15,810,320			11,602,221
Institutional Class		1,557,341,473			1,068,879,793

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		12,838,334			9,284,028
Class C		1,666,105			1,640,114
Institutional Class		72,106,517			53,416,421
		1,813,566,066			1,277,589,879

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	Year ended
	8/31/23			8/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(93,380,058	)	$	(89,531,641	)
Class C		(17,682,031	)		(17,118,633	)
Institutional Class		(1,252,490,538	)		(807,206,556	)
		(1,363,552,627	)		(913,856,830	)
Increase in net assets derived from capital share transactions		450,013,439			363,733,049
Net Increase in Net Assets		315,966,273			93,983,687

Net Assets:
Beginning of year		1,852,754,287			1,758,770,600
End of year	$	2,168,720,560		$	1,852,754,287

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

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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 the period 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

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.51		$	12.56		$	11.94		$	11.96		$	11.44


	0.40			0.33			0.36			0.38			0.41
	(0.48	)		(1.88	)		0.70			0.01			0.52
	(0.08	)		(1.55	)		1.06			0.39			0.93


	(0.40	)		(0.33	)		(0.36	)		(0.38	)		(0.41	)
	—			(0.17	)		(0.08	)		(0.03	)		—	²
	(0.40	)		(0.50	)		(0.44	)		(0.41	)		(0.41	)

$	10.03		$	10.51		$	12.56		$	11.94		$	11.96

	(0.72	)%		(12.65	)%		9.03	%		3.44	%		8.35	%


$	469,980		$	534,749		$	944,054		$	478,671		$	472,153
	0.80	%		0.80	%		0.82	%		0.81	%		0.81	%
	0.95	%		0.91	%		0.92	%		0.95	%		0.95	%
	3.93	%		2.82	%		2.84	%		3.24	%		3.55	%
	3.78	%		2.71	%		2.74	%		3.10	%		3.41	%
	65	%		71	%		40	%		77	%		43	%

117

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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 the period 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.

118

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.51		$	12.56		$	11.94		$	11.96		$	11.44


	0.32			0.24			0.26			0.29			0.32
	(0.48	)		(1.88	)		0.70			0.01			0.52
	(0.16	)		(1.64	)		0.96			0.30			0.84


	(0.32	)		(0.24	)		(0.26	)		(0.29	)		(0.32	)
	—			(0.17	)		(0.08	)		(0.03	)		—	²
	(0.32	)		(0.41	)		(0.34	)		(0.32	)		(0.32	)

$	10.03		$	10.51		$	12.56		$	11.94		$	11.96

	(1.46	)%		(13.31	)%		8.22	%		2.66	%		7.55	%


$	6,723		$	8,366		$	9,834		$	10,778		$	16,051
	1.55	%		1.55	%		1.57	%		1.56	%		1.56	%
	1.70	%		1.66	%		1.67	%		1.70	%		1.70	%
	3.18	%		2.07	%		2.09	%		2.49	%		2.80	%
	3.03	%		1.96	%		1.99	%		2.35	%		2.66	%
	65	%		71	%		40	%		77	%		43	%

119

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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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

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

120

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.59		$	12.66		$	12.03		$	12.05		$	11.52


	0.43			0.36			0.39			0.41			0.44
	(0.48	)		(1.90	)		0.71			0.01			0.53
	(0.05	)		(1.54	)		1.10			0.42			0.97


	(0.43	)		(0.36	)		(0.39	)		(0.41	)		(0.44	)
	—			(0.17	)		(0.08	)		(0.03	)		—	²
	(0.43	)		(0.53	)		(0.47	)		(0.44	)		(0.44	)

$	10.11		$	10.59		$	12.66		$	12.03		$	12.05

	(0.43	)%		(12.48	)%		9.34	%		3.70	%		8.68	%


$	265,745		$	369,318		$	209,447		$	135,801		$	134,112
	0.55	%		0.55	%		0.57	%		0.56	%		0.56	%
	0.70	%		0.66	%		0.67	%		0.70	%		0.70	%
	4.18	%		3.07	%		3.09	%		3.49	%		3.80	%
	4.03	%		2.96	%		2.99	%		3.35	%		3.66	%
	65	%		71	%		40	%		77	%		43	%

121

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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

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 the period 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.

122

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	11.01		$	12.63		$	12.26		$	12.28		$	11.76


	0.37			0.33			0.33			0.35			0.37
	(0.35	)		(1.62	)		0.37			(0.02	)		0.52
	0.02			(1.29	)		0.70			0.33			0.89


	(0.37	)		(0.33	)		(0.33	)		(0.35	)		(0.37	)
	(0.37	)		(0.33	)		(0.33	)		(0.35	)		(0.37	)

$	10.66		$	11.01		$	12.63		$	12.26		$	12.28

	0.17	%		(10.33	)%		5.79	%		2.76	%		7.71	%


$	411,551		$	452,772		$	564,932		$	106,135		$	123,691
	0.75	%		0.71	%		0.65	%		0.65	%		0.65	%
	0.88	%		0.87	%		0.88	%		0.91	%		0.91	%
	3.39	%		2.80	%		2.64	%		2.87	%		3.11	%
	3.26	%		2.64	%		2.41	%		2.61	%		2.85	%
	27	%		59	%		23	%		27	%		25	%

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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

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 the period 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.

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	11.00		$	12.62		$	12.25		$	12.27		$	11.75


	0.28			0.24			0.23			0.24			0.27
	(0.35	)		(1.62	)		0.37			(0.02	)		0.52
	(0.07	)		(1.38	)		0.60			0.22			0.79


	(0.28	)		(0.24	)		(0.23	)		(0.24	)		(0.27	)
	(0.28	)		(0.24	)		(0.23	)		(0.24	)		(0.27	)

$	10.65		$	11.00		$	12.62		$	12.25		$	12.27

	(0.58	)%		(11.04	)%		4.90	%		1.89	%		6.81	%


$	5,177		$	6,872		$	7,497		$	11,864		$	22,874
	1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
	1.63	%		1.62	%		1.63	%		1.66	%		1.66	%
	2.64	%		2.01	%		1.79	%		2.02	%		2.26	%
	2.51	%		1.89	%		1.66	%		1.86	%		2.10	%
	27	%		59	%		23	%		27	%		25	%

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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

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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

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

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	11.11		$	12.75		$	12.38		$	12.40		$	11.87


	0.40			0.36			0.35			0.37			0.39
	(0.35	)		(1.64	)		0.37			(0.02	)		0.53
	0.05			(1.28	)		0.72			0.35			0.92


	(0.40	)		(0.36	)		(0.35	)		(0.37	)		(0.39	)
	(0.40	)		(0.36	)		(0.35	)		(0.37	)		(0.39	)

$	10.76		$	11.11		$	12.75		$	12.38		$	12.40

	0.45	%		(10.17	)%		5.92	%		2.92	%		7.92	%


$	751,847		$	609,586		$	649,184		$	453,727		$	399,830
	0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
	0.63	%		0.62	%		0.63	%		0.66	%		0.66	%
	3.64	%		3.01	%		2.79	%		3.02	%		3.26	%
	3.51	%		2.89	%		2.66	%		2.86	%		3.10	%
	27	%		59	%		23	%		27	%		25	%

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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 the period 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.

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.35		$	12.04		$	11.15		$	11.48		$	11.00


	0.46			0.44			0.42			0.44			0.46
	(0.66	)		(1.67	)		0.91			(0.33	)		0.48
	(0.20	)		(1.23	)		1.33			0.11			0.94


	(0.44	)		(0.43	)		(0.42	)		(0.44	)		(0.46	)
	(0.04	)		(0.03	)		(0.02	)		—			—
	(0.48	)		(0.46	)		(0.44	)		(0.44	)		(0.46	)

$	9.67		$	10.35		$	12.04		$	11.15		$	11.48

	(1.92	)%		(10.49	)%		12.12	%		1.06	%		8.81	%


$	315,959		$	261,839		$	247,542		$	182,214		$	208,549
	0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
	0.88	%		0.88	%		0.88	%		0.91	%		0.90	%
	4.62	%		3.94	%		3.65	%		3.99	%		4.22	%
	4.59	%		3.91	%		3.62	%		3.93	%		4.17	%
	18	%		56	%		16	%		44	%		33	%

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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 the period 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.

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.39		$	12.09		$	11.20		$	11.52		$	11.04


	0.38			0.35			0.33			0.36			0.38
	(0.66	)		(1.67	)		0.91			(0.32	)		0.48
	(0.28	)		(1.32	)		1.24			0.04			0.86


	(0.36	)		(0.35	)		(0.33	)		(0.36	)		(0.38	)
	(0.04	)		(0.03	)		(0.02	)		—			—
	(0.40	)		(0.38	)		(0.35	)		(0.36	)		(0.38	)

$	9.71		$	10.39		$	12.09		$	11.20		$	11.52

	(2.64	)%		(11.18	)%		11.25	%		0.41	%		7.98	%


$	43,123		$	46,410		$	58,285		$	68,993		$	91,184
	1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	1.63	%		1.63	%		1.63	%		1.66	%		1.65	%
	3.87	%		3.19	%		2.90	%		3.24	%		3.47	%
	3.84	%		3.16	%		2.87	%		3.18	%		3.42	%
	18	%		56	%		16	%		44	%		33	%

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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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

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

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Year ended
8/31/23			8/31/22			8/31/21			8/31/20			8/31/19
$	10.45		$	12.15		$	11.26		$	11.58		$	11.10


	0.49			0.47			0.45			0.47			0.49
	(0.66	)		(1.68	)		0.91			(0.32	)		0.48
	(0.17	)		(1.21	)		1.36			0.15			0.97


	(0.47	)		(0.46	)		(0.45	)		(0.47	)		(0.49	)
	(0.04	)		(0.03	)		(0.02	)		—			—
	(0.51	)		(0.49	)		(0.47	)		(0.47	)		(0.49	)

$	9.77		$	10.45		$	12.15		$	11.26		$	11.58

	(1.62	)%		(10.22	)%		12.32	%		1.44	%		9.03	%


$	1,809,639		$	1,544,505		$	1,452,944		$	1,095,548		$	1,141,973
	0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
	0.63	%		0.63	%		0.63	%		0.66	%		0.65	%
	4.87	%		4.19	%		3.90	%		4.24	%		4.47	%
	4.84	%		4.16	%		3.87	%		4.18	%		4.42	%
	18	%		56	%		16	%		44	%		33	%

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Notes to financial statements
Delaware Funds by Macquarie^®national tax-free funds	August 31, 2023

Delaware Group^®Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million 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 these shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

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Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by DMC. Subject to the oversight of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.

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, 2023, and for all open tax years (years ended August 31, 2020–August 31, 2022), 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, 2023, 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

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Notes to financial statements

Delaware Funds by Macquarie^®national tax-free funds

1. Significant Accounting Policies (continued)

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 an accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, at least 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 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.”

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

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund’s average daily net assets as follows:

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including,

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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 percentages of each Fund’s average daily net assets from September 1, 2022 through December 29, 2023. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

Fund		Operating expense limitation as a percentage of average daily net assets
Delaware Tax-Free USA Fund		0.55%
Delaware Tax-Free USA Intermediate Fund		0.50%
Delaware National High-Yield Municipal Bond Fund		0.60%

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets for the period September 1, 2022 through December 29, 2023 is as follows:

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A	Class C	Institutional Class
Delaware Tax-Free USA Fund	0.80%	1.55%	0.55%
Delaware Tax-Free USA Intermediate Fund	0.75%	1.50%	0.50%
Delaware National High-Yield Municipal Bond Fund	0.85%	1.60%	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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 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, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	25,856
Delaware Tax-Free USA Intermediate Fund		36,949
Delaware National High-Yield Municipal Bond Fund		62,895

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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)

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; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 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, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	46,784
Delaware Tax-Free USA Intermediate Fund		70,529
Delaware National High-Yield Municipal Bond Fund		126,060

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund pay 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: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.

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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended August 31, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax-Free USA Fund	$	24,606
Delaware Tax-Free USA Intermediate Fund		34,376
Delaware National High-Yield Municipal Bond Fund		62,610

For the year ended August 31, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax-Free USA Fund	$	14,713
Delaware Tax-Free USA Intermediate Fund		4,119
Delaware National High-Yield Municipal Bond Fund		10,378

For the year ended August 31, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, 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	$	41,566	$	164
Delaware Tax-Free USA Intermediate Fund		3,961		427
Delaware National High-Yield Municipal Bond Fund		35,891		2,695

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, 2023, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended

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Delaware Funds by Macquarie^®national tax-free funds

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

August 31, 2023, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax-Free USA Fund	$	—	$	2,900,286	$—
Delaware Tax-Free USA Intermediate Fund		—		3,000,049	—
Delaware National High-Yield Municipal Bond Fund		7,920,966		—	—

3. Investments

For the year ended August 31, 2023, each Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:

Fund	Purchases		Sales
Delaware Tax-Free USA Fund	$	482,355,571	$	574,866,208
Delaware Tax-Free USA Intermediate Fund		460,341,665		296,356,523
Delaware National High-Yield Municipal Bond Fund		777,843,073		355,260,347

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:

Fund	Cost of investments		Aggregate unrealized appreciation of investments		Aggregate unrealized depreciation of investments			Net unrealized appreciation (depreciation) of investments
Delaware Tax-Free USA Fund	$	788,762,582	$	10,759,324	$	(53,871,540	)	$	(43,112,216	)
Delaware Tax-Free USA Intermediate Fund		1,200,438,784		17,085,777		(57,976,022	)		(40,890,245	)
Delaware National High-Yield Municipal Bond Fund		2,372,315,243		48,366,220		(260,685,120	)		(212,318,900	)

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

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

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

Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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, 2023:

	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	745,650,366

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Notes to financial statements

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3. Investments (continued)

	Delaware Tax-Free USA Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	1,159,248,539
Short-Term Investments		300,000
Total Value of Securities	$	1,159,548,539

	Delaware National High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds	$	2,115,031,343
Short-Term Investments		44,965,000
Total Value of Securities	$	2,159,996,343

During the year ended August 31, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to each Fund’s net assets. As of August 31, 2023, there were no Level 3 investments.

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, 2023 and 2022 were as follows:

	Tax-exempt income		Ordinary income		Long-term capital gains		Total
Year ended August 31, 2023:
Delaware Tax-Free USA Fund	$	28,535,389	$	1,185,437	$	—	$	29,720,826
Delaware Tax-Free USA Intermediate Fund		39,482,926		18,800		—		39,501,726
Delaware National High-Yield Municipal Bond Fund		91,922,037		77,918		7,433,259		99,433,214

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	Tax-exempt income		Ordinary income		Long-term capital gains		Total
Year ended August 31, 2022:
Delaware Tax-Free USA Fund	$	28,365,692	$	5,321,833	$	9,644,264	$	43,331,789
Delaware Tax-Free USA Intermediate Fund		34,384,378		56,749		—		34,441,127
Delaware National High-Yield Municipal Bond Fund		71,052,896		4,324,604		91,871		75,469,371

5. Components of Net Assets on a Tax Basis

As of August 31, 2023, the components of net assets on a tax basis were as follows:

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund			Delaware National High-Yield Municipal Bond Fund
Shares of beneficial interest	$	846,767,005		$	1,269,472,810		$	2,401,685,422
Undistributed tax-exempt income		114,091			376,786			709,215
Distributions payable		(291,554	)		(410,123	)		(1,071,116	)
Capital loss carryforwards		(61,029,719	)		(59,974,536	)*		(20,284,061	)
Unrealized appreciation (depreciation) of investments		(43,112,216	)		(40,890,245	)		(212,318,900	)
Net assets	$	742,447,607		$	1,168,574,692		$	2,168,720,560

* A portion of the Fund’s capital loss carryforward is subject to limitations 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, as applicable.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to in-kind distributions for shareholder redemptions. Results of operations and net assets were not affected by these reclassifications. For the year ended August 31, 2023, Delaware Tax-Free USA Fund had increase to paid-in-capital and decrease to distributable earnings of $843. Delaware Tax-Free USA Intermediate 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, 2023, each Fund has capital loss carryforwards available to offset future realized capital gains as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free USA Fund	$	44,269,784	$	16,759,935	$	61,029,719
Delaware Tax-Free USA Intermediate Fund		51,099,880		8,874,656		59,974,536
Delaware National High-Yield Municipal Bond Fund		9,831,480		10,452,581		20,284,061

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Tax-Free USA Fund						Delaware Tax-Free USA Intermediate Fund						Delaware National High-Yield Municipal Bond Fund
	Year ended						Year ended						Year ended
	8/31/23			8/31/22			8/31/23			8/31/22			8/31/23			8/31/22
Shares sold:
Class A		6,444,065			21,643,136			4,500,219			3,867,874			15,539,442			12,029,757
Class C		200,006			317,604			110,390			239,606			1,589,181			1,024,094
Institutional Class		19,371,149			30,397,160			48,946,268			44,237,789			156,610,912			97,284,036

Shares issued upon reinvestment of dividends and distributions:
Class A		1,723,149			2,523,875			1,196,194			1,056,330			1,306,224			833,394
Class C		22,343			28,962			13,954			12,554			168,989			146,115
Institutional Class		850,586			833,445			2,020,209			1,495,970			7,269,709			4,757,740
		28,611,298			55,744,182			56,787,234			50,910,123			182,484,457			116,075,136

Shares redeemed:
Class A		(12,223,030	)		(48,417,109	)		(8,237,446	)		(8,512,381	)		(9,485,208	)		(8,128,802	)
Class C		(348,509	)		(333,039	)		(263,388	)		(221,305	)		(1,784,899	)		(1,526,414	)
Institutional Class		(28,817,690	)		(12,898,965	)		(35,987,523	)		(41,779,806	)		(126,415,803	)		(73,781,566	)
		(41,389,229	)		(61,649,113	)		(44,488,357	)		(50,513,492	)		(137,685,910	)		(83,436,782	)
Net increase (decrease)		(12,777,931	)		(5,904,931	)		12,298,877			396,631			44,798,547			32,638,354

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the years ended August 31, 2023 and 2022, each Fund had the following exchange transactions:

	Exchange Redemptions						Exchange Subscriptions
	Class A Shares		Class C Shares		Institutional Class Shares		Class A Shares		Institutional Class Shares		Value
Delaware Tax-Free USA Fund
Year ended
8/31/23		367,183		10,333		—		10,355		364,280	$	3,971,790
8/31/22		11,172		6,613		—		6,620		11,085		201,168
Delaware Tax-Free USA Intermediate Fund
Year ended
8/31/23		107,901		1,333		3,617		4,982		106,891		1,239,618
8/31/22		18,956		1,239		—		1,238		18,791		244,139
Delaware National High-Yield Municipal Bond Fund
Year ended
8/31/23		493,993		5,948		27,463		29,441		494,187		5,405,940
8/31/22		55,160		45,255		—		11,151		88,682		1,181,043

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 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 October 31, 2022. The Agreement was extended to October 30, 2023.

Each Fund had no amounts outstanding as of August 31, 2023, or at any time during the year then ended.

8. 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

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Notes to financial statements

Delaware Funds by Macquarie^®national tax-free funds

8. Securities Lending (continued)

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 the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

At August 31, 2023, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the year ended August 31, 2023, Delaware Tax Free USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

9. Geographic, Credit, and Market Risks

The global outbreak of COVID-19 resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the outbreak, its full economic impact and ongoing effects at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on a Fund’s 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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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Notes to financial statements

Delaware Funds by Macquarie^®national tax-free funds

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

As of August 31, 2023, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, Illionis, and territory of Puerto Rico, which constituted approximately 14.88%, 10.21%, and 17.46%, respectively, of the Fund’s net assets. As of August 31, 2023, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York, which constituted approximately 10.87% and 16.97%, respectively, of the Fund’s net assets. As of August 31, 2023, 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 13.38% and 14.64%, respectively, of 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.

From time to time, each Fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the US, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent each Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.

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 usually not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC the day-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 have been identified on the “Schedules of investments.”

10. 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.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2023, 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, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 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, 2023, by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 20, 2023

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 a member 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 the 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 the 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 23-25, 2023, 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 April 1, 2022 through March 31, 2023. 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 their HLIM at all times during the reporting period.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^®national tax-free funds

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 each Fund. 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 each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended August 31, 2023, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gains Distributions (Tax Basis)	(B) Ordinary Income Distributions (Tax Basis)	(C) Tax-Exempt Distributions (Tax Basis)	Total Distributions (Tax Basis)
Delaware Tax-Free USA Fund	—	3.99%	96.01%	100.00%
Delaware Tax-Free USA Intermediate Fund	—	0.05%	99.95%	100.00%
Delaware National High-Yield Municipal Bond Fund	7.48%	0.08%	92.44%	100.00%

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

Board Consideration of Investment Management Agreements at a Meeting Held on August 8-10, 2023

At a meeting held on August 8-10, 2023 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Tax-Free USA Fund, Delaware Tax-Free USA

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Intermediate Fund, Delaware National High-Yield Municipal Bond Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreements with Delaware Management Company (“DMC”).

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2023, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2023. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreements. In considering and approving the Investment Management Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements for a one-year term ending January 30, 2024. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreements and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^®national tax-free funds

Board Consideration of Investment Management Agreements at a Meeting Held on August 8-10, 2023 (continued)

management, including investment, operational, liquidity, derivatives (as applicable), valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the Delaware Funds by Macquarie complex (the “Delaware Funds”). Among other things, these services include third party service provider oversight, transfer agency, internal audit, valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing the preparation of the Delaware Funds’ registration statement and supplements thereto and shareholder reports; responsibility for periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC.

Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2022.

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, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3-, 5- and 10-year periods was in the second quartile of its

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Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board, however, noted that the investment performance of the current portfolio management team only began as of February 2019. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

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, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth quartile of its Performance Universe and for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of February 2019. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

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, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe and for the 3-, 5- and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3-, 5- and 10-year periods was above the median of its Performance Universe and for the 1-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 3-, 5- and 10-year periods and underperformed its benchmark index for the 1-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index during the periods under review. The Board noted that the Fund added a portfolio manager in May 2023.

Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer 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 each Fund were compared with

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^®national tax-free funds

Board Consideration of Investment Management Agreements at a Meeting Held on August 8-10, 2023 (continued)

the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

Delaware Tax-Free USA Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Tax-Free USA Intermediate Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware National High-Yield Municipal Bond Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreements was reasonable.

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds, including the current breakpoints. The Board noted that, as of March 31, 2023, Delaware Tax-Free USA Fund’s net assets exceeded its first breakpoint level, Delaware Tax-Free USA Intermediate Fund’s and Delaware National High-Yield Municipal Bond Fund’s net assets each exceeded their second breakpoint levels and that 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 schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

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Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board noted DMC’s changes to its cost allocation methodology for its profitability analysis and the explanations for such changes. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund are not solely dependent on the profits realized as to that fund.

Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates 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 investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreements for an additional one-year period.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie^®national tax-free funds

Form N-PORT and proxy voting information

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 each Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Fund’s most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees (“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.

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Interested Trustee

Shawn K. Lytle² 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1970	President, Chief Executive Officer, and Trustee	President and Chief Executive Officer since August 2015 Trustee since September 2015	105	Macquarie Asset Management³ (2015–Present) -Global Head of Macquarie Asset Management Public Investments (2019–Present) -Head of Americas of Macquarie Group (2017–Present)	None

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees

Jerome D. Abernathy 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	105	Stonebrook Capital Management, LLC (financial technology: macro factors and databases) -Managing Member (1993-Present)	None

Ann D. Borowiec 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1958	Trustee	Since March 2015	105	J.P. Morgan Chase & Co. (1987-2013) -Chief Executive Officer, Private Wealth Management (2011–2013)	Banco Santander International (2016–2019) Santander Bank, N.A. (2016-2019)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Joseph W. Chow 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1953	Trustee	Since January 2013	105	Private Investor (2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer	None

H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1955	Trustee	Since April 2019⁴	105	KPMG LLP (2002-2015) -Global Sector Chairman, Industrial Manufacturing (2010-2015)	TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019-2021)

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

John A. Fry 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960	Trustee	Since January 2001	105	Drexel University -President (2010–Present)	Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co. (2015–2019)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1967	Trustee	Since November 1998⁴	105	University of Oklahoma -President (2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member (2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member (2019–Present)	OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference (2019-Present) Valliance Bank (2007–Present) Ivy Funds Complex (1998-2021)

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Sandra A.J. Lawrence 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1957	Trustee	Since April 2019⁴	105	Children’s Mercy Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019)	Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-2023) Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present) National Association of Corporate Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019-2021)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Frances A. Sevilla-Sacasa 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Trustee	Since September 2011	105	Banco Itaú International -Chief Executive Officer (2012–2016) Bank of America, U.S. Trust Private Wealth -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007)	Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc. (2018-2019)

Thomas K. Whitford 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Chair and Trustee	Trustee since January 2013 Chair since January 2023	105	PNC Financial Services Group (1983–2013) -Vice Chairman (2009-2013)	HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022)

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	105	Gore Creek Capital, Ltd. -Chief Executive Officer and President (2009–Present) Capital Z Asset Management -Chief Executive Officer (2008-2009) California Public Employees’ Retirement System (CalPERS) -Senior Investment Officer of Global Equity (2002-2008)	The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event-Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–2022) International Securities Exchange (2010-2018) Vassar College Trustee (2006-2018)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Janet L. Yeomans 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1948	Trustee	Since April 1999	105	3M Company (1995-2012) -Vice President and Treasurer (2006–2012)	Temple University Hospital (2017-Present) Pennsylvania State System of Higher Education (2018-Present)
Officers
David F. Connor 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005	105	David F. Connor has served in various capacities at different times at Macquarie Asset Management.	None⁵

Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1972	Senior Vice President and Treasurer	Senior Vice President and Treasurer since October 2007	105	Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management.	None⁵

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Richard Salus 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President and Chief Financial Officer	Senior Vice President and Chief Financial Officer since November 2006	105	Richard Salus has served in various capacities at different times at Macquarie Asset Management.	None

¹“Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

²Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds’ investment advisor.

³Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ investment advisor, principal underwriter, and transfer agent.

⁴Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Delaware Funds complex.

⁵David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust.

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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Item 2. Code of Ethics

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.

Item 3. Audit Committee Financial Expert

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

e. An understanding of audit committee functions.

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

d. Other relevant experience.

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:

H. Jeffrey Dobbs

Sandra A.J. Lawrence

Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

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 $78,794 for the fiscal year ended August 31, 2023.

(b) Audit-related fees.

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, 2023.

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 $1,362,878 for the registrant’s fiscal year ended August 31, 2023. 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 $2,050,189 for the registrant’s fiscal year ended August 31, 2022. 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 $10,594 for the fiscal year ended August 31, 2023. 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, 2023. 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 $10,594 for the fiscal year ended August 31, 2022. 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, 2022. 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%.

(d) All other fees.

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, 2023.

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, 2023. 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, 2022. 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^®.

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

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.

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

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.

(f) Not applicable.

(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 $24,428,000 and $9,044,000 for the registrant’s fiscal years ended August 31, 2023 and August 31, 2022, 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.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

(a)

(1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

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

Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE GROUP^®TAX-FREE FUND

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 3, 2023

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

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 3, 2023

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	November 3, 2023