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:		811-03910

Exact name of registrant as specified in charter:		Voyageur Tax Free Funds

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

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

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

Date of fiscal year end:		August 31

Date of reporting period:		February 28, 2021

Table of Contents

Item 1. Reports to Stockholders

Semiannual report

Fixed income mutual funds

Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Minnesota High-Yield Municipal Bond Fund

February 28, 2021

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

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

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

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

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Table of Contents

Experience Delaware Funds^®by Macquarie

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector / state / territory allocations		4
Schedules of investments		7
Statements of assets and liabilities		45
Statements of operations		47
Statements of changes in net assets		48
Financial highlights		54
Notes to financial statements		72
About the organization		86

Unless otherwise noted, views expressed herein are current as of February 28, 2021, and subject to change for events occurring after such date.

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

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

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

Table of Contents

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

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

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

Delaware Minnesota High-Yield Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and from Minnesota state personal income taxes, primarily through investment in medium- and lower-grade municipal obligations.

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Table of Contents

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

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,014.30		0.85	%		$	4.25
Class C			1,000.00			1,010.50		1.60	%			7.98
Institutional Class			1,000.00			1,014.70		0.60	%			3.00
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.58		0.85	%		$	4.26
Class C			1,000.00			1,016.86		1.60	%			8.00
Institutional Class			1,000.00			1,021.82		0.60	%			3.01

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	9/1/20			2/28/21			Expense Ratio			9/1/20 to 2/28/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,007.40		0.71	%		$	3.53
Class C			1,000.00			1,003.20		1.56	%			7.75
Institutional Class			1,000.00			1,008.20		0.56	%			2.79
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.27		0.71	%		$	3.56
Class C			1,000.00			1,017.06		1.56	%			7.80
Institutional Class			1,000.00			1,022.02		0.56	%			2.81

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


	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	9/1/20			2/28/21			Expense Ratio		9/1/20 to 2/28/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,024.10	0.89	%		$	4.47
Class C			1,000.00			1,020.30	1.64	%			8.22
Institutional Class			1,000.00			1,024.40	0.64	%			3.21
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.38	0.89	%		$	4.46
Class C			1,000.00			1,016.66	1.64	%			8.20
Institutional Class			1,000.00			1,021.62	0.64	%			3.21

*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.43	%
Corporate Revenue Bond		1.25	%
Education Revenue Bonds		18.47	%
Electric Revenue Bonds		7.68	%
Healthcare Revenue Bonds		22.76	%
Housing Revenue Bonds		0.70	%
Lease Revenue Bonds		2.85	%
Local General Obligation Bonds		11.98	%
Pre-Refunded/Escrowed to Maturity Bonds		7.55	%
Special Tax Revenue Bonds		3.20	%
State General Obligation Bonds		11.79	%
Transportation Revenue Bonds		6.24	%
Water & Sewer Revenue Bonds		2.96	%
Short-Term Investments		1.38	%
Total Value of Securities		98.81	%
Receivables and Other Assets Net of Liabilities		1.19	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.37	%
Minnesota		94.62	%
Puerto Rico		3.48	%
US Virgin Islands		0.34	%
Total Value of Securities		98.81	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.32	%
Corporate Revenue Bond		1.01	%
Education Revenue Bonds		13.98	%
Electric Revenue Bonds		6.08	%
Healthcare Revenue Bonds		23.08	%
Housing Revenue Bonds		0.66	%
Lease Revenue Bonds		4.26	%
Local General Obligation Bonds		17.36	%
Pre-Refunded/Escrowed to Maturity Bonds		5.94	%
Special Tax Revenue Bonds		3.01	%
State General Obligation Bonds		15.28	%
Transportation Revenue Bonds		5.43	%
Water & Sewer Revenue Bonds		2.23	%
Short-Term Investments		0.53	%
Total Value of Securities		98.85	%
Receivables and Other Assets Net of Liabilities		1.15	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.74	%
Minnesota		95.50	%
Puerto Rico		2.61	%
Total Value of Securities		98.85	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		96.44	%
Corporate Revenue Bond		1.48	%
Education Revenue Bonds		21.91	%
Electric Revenue Bonds		5.88	%
Healthcare Revenue Bonds		33.44	%
Housing Revenue Bonds		1.89	%
Lease Revenue Bonds		2.25	%
Local General Obligation Bonds		6.38	%
Pre-Refunded/Escrowed to Maturity Bonds		4.57	%
Special Tax Revenue Bonds		4.75	%
State General Obligation Bonds		7.29	%
Transportation Revenue Bonds		5.50	%
Water & Sewer Revenue Bonds		1.10	%
Short-Term Investments		0.44	%
Total Value of Securities		96.88	%
Receivables and Other Assets Net of Liabilities		3.12	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Minnesota		92.01	%
Puerto Rico		4.87	%
Total Value of Securities		96.88	%

Table of Contents

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

			Principal amount°	Value (US $)
Municipal Bonds – 97.43%
Corporate Revenue Bond – 1.25%
	St. Paul Port Authority Solid Waste Disposal
		Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	7,250,000	$	7,417,548
					7,417,548
Education Revenue Bonds – 18.47%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/32	840,000		898,926
		Series A 4.25% 7/1/47	1,550,000		1,634,351
		Series A 4.375% 7/1/52	400,000		423,432
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/34	2,260,000		2,344,411
		Series A 5.00% 3/1/39	385,000		396,227
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/34	250,000		267,530
		Series A 5.00% 7/1/45	1,390,000		1,468,841
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/50	2,000,000		2,198,980
	Duluth Housing & Redevelopment Authority
		Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/38	700,000		783,447
		Series A 5.00% 11/1/48	2,800,000		3,092,012
	Duluth Independent School District No. 709
		Certificates of Participation
		Series B 5.00% 2/1/28	350,000		433,433
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy Project)
		Series A 5.25% 8/1/43	400,000		449,992
		Series A 5.375% 8/1/50	1,690,000		1,905,982
		Series A 5.50% 8/1/36	580,000		612,532
		Series A 5.75% 8/1/44	1,190,000		1,259,984
	Ham Lake Charter School Lease Revenue
		(Davinci Academy Project)
		Series A 5.00% 7/1/36	765,000		829,520
		Series A 5.00% 7/1/47	2,290,000		2,455,063

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34	580,000	$	612,898
		Series A 5.00% 7/1/44	1,770,000		1,847,030
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/31	885,000		951,711
		Series A 5.00% 7/1/47	2,300,000		2,423,073
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		5.25% 8/1/39	470,000		494,073
		5.50% 8/1/49	2,260,000		2,374,379
	Minnesota Colleges & Universities Revenue Fund
		Series A 5.00% 10/1/26	4,990,000		6,096,183
	Minnesota Higher Education Facilities Authority
		Revenue
		(Bethel University)
		5.00% 5/1/37	1,250,000		1,358,187
		5.00% 5/1/47	250,000		266,753
		(Carleton College)
		4.00% 3/1/35	1,000,000		1,131,070
		4.00% 3/1/36	415,000		468,137
		5.00% 3/1/44	2,110,000		2,472,013
		(College of St. Benedict)
		Series 8-K 4.00% 3/1/43	1,000,000		1,044,570
		(College of St. Scholastica)
		4.00% 12/1/29	280,000		317,752
		4.00% 12/1/30	290,000		326,604
		4.00% 12/1/33	500,000		554,305
		4.00% 12/1/34	500,000		552,645
		4.00% 12/1/40	1,200,000		1,302,096
		(Gustavus Adolphus College)
		5.00% 10/1/47	5,600,000		6,454,728
		(St. Catherine University)
		Series A 4.00% 10/1/36	925,000		1,016,112
		Series A 5.00% 10/1/35	875,000		1,042,396
		Series A 5.00% 10/1/45	2,120,000		2,460,642
		(St. John’s University)
		Series 8-I 5.00% 10/1/32	500,000		578,985
		Series 8-I 5.00% 10/1/33	250,000		288,788

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority
		Revenue
		(St. Olaf College)
		3.00% 10/1/41	1,585,000	$	1,706,157
		4.00% 10/1/46	750,000		870,255
		4.00% 10/1/50	565,000		653,869
		Series 8-G 5.00% 12/1/31	745,000		867,299
		Series 8-G 5.00% 12/1/32	670,000		777,883
		Series 8-N 4.00% 10/1/35	500,000		561,780
		(Trustees of The Hamline University)
		Series B 5.00% 10/1/37	955,000		1,058,341
		Series B 5.00% 10/1/38	1,000,000		1,106,040
		Series B 5.00% 10/1/39	170,000		187,534
		Series B 5.00% 10/1/40	625,000		688,606
		Series B 5.00% 10/1/47	1,060,000		1,155,527
		(University of St. Thomas)
		4.00% 10/1/36	1,450,000		1,668,732
		4.00% 10/1/37	750,000		860,318
		4.00% 10/1/44	1,255,000		1,411,975
		5.00% 10/1/40	500,000		612,200
		Series 8-L 5.00% 4/1/35	1,250,000		1,460,125
		Series A 4.00% 10/1/34	400,000		455,772
		Series A 4.00% 10/1/36	500,000		566,585
	Minnesota Office of Higher Education Revenue
		(Senior Supplemental Student Loan Program)
		2.65% 11/1/38 (AMT)	1,000,000		983,380
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/34	520,000		540,603
		Series A 5.00% 9/1/44	1,165,000		1,195,779
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	2,855,000		2,928,031
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	875,000		612,500
	St. Paul Housing & Redevelopment Authority
		Charter School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,945,000		1,975,692
		(Great River School Project)
		Series A 144A 4.75% 7/1/29 #	300,000		325,488

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority
		Charter School Lease Revenue
		(Great River School Project)
		Series A 144A 5.50% 7/1/52 #	735,000	$	812,513
		(Hmong College Preparatory Academy Project)
		Series A 5.75% 9/1/46	1,000,000		1,155,400
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	500,000		526,005
		Series A 4.125% 9/1/47	1,750,000		1,813,858
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	1,440,000		1,545,048
	University of Minnesota
		Series A 5.00% 4/1/34	925,000		1,104,006
		Series A 5.00% 9/1/34	2,625,000		3,220,035
		Series A 5.00% 4/1/35	3,175,000		3,784,219
		Series A 5.00% 4/1/36	2,650,000		3,152,705
		Series A 5.00% 4/1/37	1,125,000		1,336,579
		Series A 5.00% 9/1/40	1,560,000		1,893,388
		Series A 5.00% 9/1/41	1,750,000		2,122,207
		Series A 5.00% 4/1/44	3,000,000		3,704,220
					109,290,447
Electric Revenue Bonds – 7.68%
	Chaska Electric Revenue
		(Generating Facilities)
		Series A 5.00% 10/1/28	350,000		412,297
		Series A 5.00% 10/1/30	1,150,000		1,352,998
	Minnesota Municipal Power Agency Electric
		Revenue
		4.00% 10/1/41	1,000,000		1,089,590
		5.00% 10/1/29	395,000		452,670
		5.00% 10/1/30	500,000		572,430
		5.00% 10/1/33	1,205,000		1,377,267
		5.00% 10/1/47	2,000,000		2,353,900
		Series A 5.00% 10/1/30	1,060,000		1,213,551
		Series A 5.00% 10/1/34	750,000		857,220
		Series A 5.00% 10/1/35	1,525,000		1,743,014
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/27	540,000		643,901
		5.00% 1/1/28	350,000		415,520
		5.00% 1/1/28	210,000		255,039

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/29	585,000	$	691,178
		5.00% 1/1/29	220,000		264,829
		5.00% 1/1/30	520,000		611,166
		5.00% 1/1/31	200,000		237,492
		5.00% 1/1/32	210,000		248,207
		5.00% 1/1/35	160,000		187,573
		5.00% 1/1/36	180,000		210,505
		5.00% 1/1/41	400,000		462,980
		Series A 5.00% 1/1/25	125,000		134,994
		Series A 5.00% 1/1/26	425,000		458,656
		Series A 5.00% 1/1/31	520,000		559,889
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	430,000		388,075
		Series AAA 5.25% 7/1/25 ‡	250,000		226,250
		Series CCC 5.25% 7/1/27 ‡	1,875,000		1,696,875
		Series WW 5.00% 7/1/28 ‡	1,775,000		1,601,938
		Series WW 5.25% 7/1/33 ‡	1,250,000		1,131,250
		Series XX 4.75% 7/1/26 ‡	260,000		234,000
		Series XX 5.25% 7/1/40 ‡	750,000		678,750
		Series XX 5.75% 7/1/36 ‡	925,000		841,750
		Series ZZ 4.75% 7/1/27 ‡	210,000		189,000
		Series ZZ 5.25% 7/1/24 ‡	350,000		316,750
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/42	1,395,000		1,662,324
		Series A 5.00% 12/1/47	2,265,000		2,675,780
	Southern Minnesota Municipal Power Agency
		Revenue
		Series A 5.00% 1/1/41	1,310,000		1,522,954
		Series A 5.00% 1/1/42	1,500,000		1,808,970
		Series A 5.00% 1/1/46	2,000,000		2,309,980
		Series A 5.00% 1/1/47	3,130,000		3,742,697
	Southern Minnesota Municipal Power Agency
		Revenue Capital Appreciation
		Series A 4.965% 1/1/25 (NATL) ^	5,000,000		4,810,100
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/30	1,235,000		1,414,384
		Series A 4.00% 10/1/31	885,000		1,008,245
		Series A 4.00% 10/1/33	365,000		411,873
					45,478,811

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 22.76%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	1,100,000	$	1,151,645
		5.375% 11/1/34	320,000		340,109
	Apple Valley Senior Housing Revenue
		(PHS Apple Valley Senior Housing, Inc. - Orchard
		Path Project)
		5.00% 9/1/43	465,000		484,744
		5.00% 9/1/58	3,220,000		3,332,571
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		2nd Tier Series B 5.00% 1/1/47	1,725,000		1,171,551
		2nd Tier Series B 5.25% 1/1/37	505,000		395,955
		4th Tier Series D 7.00% 1/1/37	1,665,000		1,315,966
		4th Tier Series D 7.25% 1/1/52	2,715,000		2,034,784
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System – St. Peter
		Communities Project)
		Series A 5.50% 12/1/48	2,350,000		2,408,280
	Bethel Senior Housing Revenue
		(The Lodge at The Lakes at Stillwater Project)
		5.00% 6/1/38	450,000		464,549
		5.00% 6/1/48	1,000,000		1,020,230
		5.00% 6/1/53	2,450,000		2,494,810
	Center City Health Care Facilities Revenue
		(Hazelden Betty Ford Foundation Project)
		4.00% 11/1/34	500,000		570,775
		4.00% 11/1/41	800,000		899,096
		5.00% 11/1/26	500,000		567,545
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		5.00% 9/1/44	500,000		493,200
	Crookston Health Care Facilities Revenue
		(Riverview Health Project)
		5.00% 5/1/38	100,000		101,399
		5.00% 5/1/44	1,500,000		1,531,140
		5.00% 5/1/51	1,585,000		1,607,174
	Dakota County Community Development Agency
		Senior Housing Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/36 #	280,000		288,394
		Series A 144A 5.00% 8/1/46 #	2,380,000		2,443,023

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Deephaven Housing & Healthcare Revenue
		(St. Therese Senior Living Project)
		Series A 5.00% 4/1/38	730,000	$	739,899
		Series A 5.00% 4/1/40	705,000		713,439
		Series A 5.00% 4/1/48	315,000		317,523
	Duluth Economic Development Authority
		(Essentia Health Obligated Group)
		Series A 4.25% 2/15/43	2,000,000		2,232,780
		Series A 5.00% 2/15/48	1,850,000		2,170,050
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32	3,750,000		3,904,725
		6.00% 6/15/39	3,570,000		3,717,262
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/24	500,000		516,430
		4.00% 4/1/25	660,000		680,044
		4.00% 4/1/31	60,000		61,143
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated
		Group)
		5.375% 8/1/34	660,000		661,696
		5.75% 2/1/44	500,000		503,505
		(St. John’s Lutheran Home of Albert Lea Project)
		5.375% 10/1/44	575,000		561,091
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	2,000,000		2,119,880
		5.00% 5/1/27	1,400,000		1,710,506
		5.00% 5/1/29	1,000,000		1,195,240
		5.00% 5/1/30	850,000		1,006,766
		5.00% 5/1/31	500,000		588,450
		5.00% 5/1/32	500,000		584,680
		(North Memorial Health Care)
		5.00% 9/1/31	1,000,000		1,127,760
		5.00% 9/1/32	1,000,000		1,124,750
	Maple Plain Senior Housing & Health Care Revenue
		(Haven Homes Project)
		5.00% 7/1/54	3,500,000		3,646,125
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/48	5,600,000		6,183,464

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/33	500,000	$	575,465
		Series A 5.00% 11/15/34	500,000		574,455
		Series A 5.00% 11/15/35	1,000,000		1,222,120
		Series A 5.00% 11/15/44	1,000,000		1,128,470
		Series A 5.00% 11/15/49	3,475,000		4,115,269
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.00% 11/1/35	500,000		505,170
		5.25% 11/1/45	1,950,000		1,966,906
		5.375% 11/1/50	455,000		459,632
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/28	1,550,000		1,908,469
	Red Wing Senior Housing
		(Deer Crest Project)
		Series A 5.00% 11/1/27	430,000		434,605
		Series A 5.00% 11/1/32	330,000		333,515
		Series A 5.00% 11/1/42	1,250,000		1,263,200
	Rochester Health Care & Housing Revenue
		(The Homestead at Rochester Project)
		Series A 6.875% 12/1/48	2,980,000		3,205,377
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41	4,515,000		4,635,460
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.25% 9/1/27	1,280,000		1,302,656
		Series A 5.30% 9/1/37	1,200,000		1,222,440
	Sauk Rapids Health Care Housing Facilities
		Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	1,350,000		1,356,804
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		4.00% 9/1/31	915,000		969,058
		5.00% 9/1/24	575,000		654,062
		5.00% 9/1/25	750,000		847,185
		5.00% 9/1/26	575,000		647,174
		5.00% 9/1/27	405,000		454,062

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		5.00% 9/1/28	425,000	$	472,974
		5.00% 9/1/29	425,000		471,083
		5.00% 9/1/34	730,000		793,437
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		4.00% 5/1/49	5,315,000		5,854,685
		5.00% 5/1/48	5,090,000		6,142,663
		Series A 4.00% 5/1/37	965,000		1,061,741
		Series A 5.00% 5/1/46	3,715,000		4,285,624
		Unrefunded Balance 5.125% 5/1/30	740,000		742,035
	St. Paul Housing & Redevelopment Authority Health
		Care Facilities Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43	2,450,000		2,690,541
		Series A 5.00% 11/15/47	1,560,000		1,820,972
		(HealthPartners Obligated Group Project)
		Series A 5.00% 7/1/29	2,200,000		2,555,146
		Series A 5.00% 7/1/32	3,000,000		3,449,520
		Series A 5.00% 7/1/33	1,260,000		1,443,116
	St. Paul Housing & Redevelopment Authority
		Housing & Health Care Facilities Revenue
		(Episcopal Homes Project)
		5.125% 5/1/48	3,100,000		3,035,241
	St. Paul Housing & Redevelopment Authority
		Multifamily Housing Revenue
		(Marian Center Project)
		Series A 5.30% 11/1/30	500,000		500,190
		Series A 5.375% 5/1/43	500,000		499,995
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		3.75% 8/1/36	500,000		506,350
		4.00% 8/1/44	800,000		812,440
		5.00% 8/1/49	1,000,000		1,057,950
		5.00% 8/1/54	875,000		923,396
	West St. Paul Housing and Health Care Facilities
		Revenue
		(Walker Westwood Ridge Campus Project)
		4.50% 11/1/40	250,000		250,300
		4.75% 11/1/52	750,000		750,578

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Winona Health Care Facilities Revenue
		(Winona Health Obligation Group)
		4.50% 7/1/25	850,000	$	858,500
		4.65% 7/1/26	540,000		545,476
	Woodbury Housing & Redevelopment Authority
		Revenue
		(St. Therese of Woodbury)
		5.00% 12/1/34	500,000		524,130
		5.125% 12/1/44	1,605,000		1,671,126
					134,684,911
Housing Revenue Bonds – 0.70%
	Minnesota Housing Finance Agency
		Series I 2.00% 7/1/40	700,000		683,970
		Series I 2.20% 1/1/51	1,315,000		1,268,291
	Minnesota Housing Finance Agency
		Homeownership Finance (Mortgage-Backed
		Securities Program)
		Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC)	825,000		832,854
	Northwest Multi-County Housing & Redevelopment
		Authority
		(Pooled Housing Program)
		5.50% 7/1/45	1,330,000		1,373,691
					4,158,806
Lease Revenue Bonds – 2.85%
	Minnesota General Fund Revenue Appropriations
		Series A 5.00% 6/1/38	1,250,000		1,368,688
		Series A 5.00% 6/1/43	3,835,000		4,182,911
		Series B 5.00% 3/1/28	2,500,000		2,617,150
		Series B 5.00% 3/1/29	1,000,000		1,046,750
	Minnesota Housing Finance Agency
		(State Appropriation – Housing Infrastructure)
		Series C 5.00% 8/1/34	1,565,000		1,788,795
		Series C 5.00% 8/1/35	1,645,000		1,877,241
	University of Minnesota Special Purpose Revenue
		(State Supported Biomed Science Research
		Facilities Funding Project)
		Series A 5.00% 8/1/35	3,960,000		3,973,820
					16,855,355

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds – 11.98%
	Brainerd Independent School District No. 181
		(School Building)
		Series A 4.00% 2/1/38	1,500,000	$	1,690,635
		Series A 4.00% 2/1/43	3,500,000		3,905,195
	Burnsville-Eagan-Savage Independent School
		District No. 191
		(Alternative Facilities)
		Series A 4.00% 2/1/28	920,000		1,027,787
		Series A 4.00% 2/1/29	1,800,000		2,004,318
	Chaska Independent School District No. 112
		(School Building)
		Series A 5.00% 2/1/27	1,905,000		2,299,297
	Duluth
		(DECC Improvement)
		Series A 5.00% 2/1/32	1,000,000		1,194,150
		Series A 5.00% 2/1/33	3,585,000		4,275,328
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	160,000		182,493
		Series A 4.00% 2/1/28	1,250,000		1,416,912
	Hennepin County
		Series A 5.00% 12/1/26	2,635,000		3,281,181
		Series A 5.00% 12/1/36	940,000		1,153,239
		Series A 5.00% 12/1/37	5,495,000		6,758,500
		Series A 5.00% 12/1/38	3,310,000		4,078,681
		Series B 5.00% 12/1/30	1,000,000		1,233,780
		Series C 5.00% 12/1/28	1,500,000		1,958,745
		Series C 5.00% 12/1/30	1,245,000		1,536,056
		Series C 5.00% 12/1/37	3,000,000		3,673,020
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/30	445,000		520,356
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	450,000		530,410
		Series A 4.00% 2/1/37	600,000		703,776
		Series A 4.00% 2/1/38	625,000		730,525
		Series B 4.00% 2/1/36	945,000		1,113,862
		Series B 4.00% 2/1/37	1,255,000		1,472,065
		Series B 4.00% 2/1/38	1,305,000		1,525,336
		(School Building)
		Series B 4.00% 2/1/37	1,000,000		1,193,250

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Mounds View Independent School District No. 621
		(Minnesota School District Credit Enhancement
		Program)
		Series A 4.00% 2/1/43	3,000,000	$	3,347,310
	Mountain Iron-Buhl Independent School District No.
		712
		(School Building)
		Series A 4.00% 2/1/26	1,315,000		1,523,783
	St. Michael-Albertville Independent School District
		No. 885
		(School Building)
		Series A 5.00% 2/1/27	1,865,000		2,257,042
	Virginia, Minnesota Sales Tax Revenue
		(General Obligation Sales Tax)
		Series A 4.00% 2/1/35 (AGM)	500,000		571,575
	Wayzata Independent School District No. 284
		Series A 5.00% 2/1/28	1,950,000		2,420,379
	White Bear Lake Independent School District No.
		624
		Series A 3.00% 2/1/43	10,645,000		11,315,209
					70,894,195
Pre-Refunded/Escrowed to Maturity Bonds – 7.55%
	Dakota & Washington Counties Housing &
		Redevelopment Authority Single Family
		Residential Mortgage Revenue
		(City of Bloomington)
		Series B 8.375% 9/1/21 (GNMA) (AMT)	14,115,000		14,663,368
	Minnesota
		Series A Unrefunded
		Balance 5.00% 10/1/24-21 §	2,555,000		2,627,332
		Series A Unrefunded
		Balance 5.00% 10/1/27-21 §	5,200,000		5,347,212
		(State Trunk Highway)
		Series B 5.00% 10/1/29-21 §	5,000,000		5,141,550
	Minnesota Higher Education Facilities Authority
		Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/23-22 §	350,000		376,555
		Series 7-Q 5.00% 10/1/24-22 §	475,000		511,038
		Series 7-Q 5.00% 10/1/27-22 §	200,000		215,174
	Rochester Electric Utility Revenue
		Series B 5.00% 12/1/27-23 §	295,000		332,904

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Rochester Electric Utility Revenue
		Series B 5.00% 12/1/28-23 §	275,000	$	310,335
		Series B 5.00% 12/1/31-23 §	1,365,000		1,540,389
		Series B 5.00% 12/1/33-23 §	300,000		338,547
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/24-23 §	295,000		326,592
		5.00% 7/1/33-23 §	650,000		719,608
	St. Paul Housing & Redevelopment Authority
		Hospital Facility Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	910,000		1,093,511
		Series A 5.00% 11/15/30-25 §	670,000		805,112
	University of Minnesota
		Series A 5.50% 7/1/21	2,365,000		2,404,235
	Western Minnesota Municipal Power Agency
		Revenue
		Series A 5.00% 1/1/34-24 §	4,000,000		4,525,840
		Series A 5.00% 1/1/46-24 §	3,000,000		3,394,380
					44,673,682
Special Tax Revenue Bonds – 3.20%
	Minneapolis Development Revenue
		(Limited Tax Supported Common Bond Fund)
		Series 2-A 6.00% 12/1/40	3,000,000		3,041,760
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/30	250,000		266,445
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	10,200,000		11,132,586
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/30	655,000		751,521
		Series G 5.00% 11/1/31	1,500,000		1,719,285
	Virgin Islands Public Finance Authority
		(Matching Fund Senior Lien)
		5.00% 10/1/29 (AGM)	2,000,000		2,035,200
					18,946,797
State General Obligation Bonds – 11.79%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	2,530,000		2,197,937

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund


			Principal amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Minnesota
		Series A 5.00% 8/1/30	6,980,000	$	9,175,280
		Series A 5.00% 8/1/35	3,000,000		3,864,480
		Series A 5.00% 8/1/40	1,750,000		2,271,850
		(State Trunk Highway)
		Series E 5.00% 10/1/26	3,395,000		4,208,102
		(Various Purposes)
		Series A 5.00% 8/1/27	7,590,000		9,051,075
		Series A 5.00% 8/1/29	3,200,000		3,800,608
		Series A 5.00% 8/1/30	4,200,000		4,814,418
		Series A 5.00% 8/1/32	3,875,000		4,437,611
		Series A 5.00% 8/1/33	2,075,000		2,633,715
		Series A 5.00% 10/1/33	3,000,000		3,727,050
		Series A 5.00% 8/1/35	2,975,000		3,759,389
		Series A 5.00% 8/1/38	3,450,000		4,321,815
		Series A Unrefunded Balance 4.00% 8/1/27	955,000		999,331
		Series D 5.00% 8/1/26	6,000,000		7,402,080
		Series D 5.00% 8/1/27	2,525,000		3,104,462
					69,769,203
Transportation Revenue Bonds – 6.24%
	Minneapolis – St. Paul Metropolitan Airports
		Commission Revenue
		(Senior)
		Series A 5.00% 1/1/32	1,245,000		1,489,842
		Series C 5.00% 1/1/29	410,000		498,162
		Series C 5.00% 1/1/33	850,000		1,013,906
		Series C 5.00% 1/1/36	600,000		710,406
		Series C 5.00% 1/1/41	600,000		703,086
		Series C 5.00% 1/1/46	1,595,000		1,852,273
		(Subordinate)
		Series A 5.00% 1/1/35	1,000,000		1,114,430
		Series A 5.00% 1/1/44	3,000,000		3,636,420
		Series A 5.00% 1/1/49	5,000,000		6,019,800
		Series B 5.00% 1/1/26	575,000		597,396
		Series B 5.00% 1/1/27	1,160,000		1,204,498
		Series B 5.00% 1/1/28	2,750,000		2,854,060
		Series B 5.00% 1/1/29	120,000		124,500
		Series B 5.00% 1/1/30	1,675,000		1,737,243
		Series B 5.00% 1/1/31	1,750,000		1,814,872

Table of Contents


			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Minneapolis – St. Paul Metropolitan Airports
		Commission Revenue
		(Subordinate)
		Series B 5.00% 1/1/44 (AMT)	3,595,000	$	4,282,256
		Series B 5.00% 1/1/49 (AMT)	6,150,000		7,276,434
					36,929,584
Water & Sewer Revenue Bonds – 2.96%
	Guam Government Waterworks Authority
		5.00% 7/1/40	1,930,000		2,222,376
	Metropolitan Council General Obligation
		Wastewater Revenue
		(Minneapolis-St. Paul Metropolitan Area)
		Series B 4.00% 9/1/27	2,400,000		2,517,528
		Series B 5.00% 9/1/25	2,000,000		2,143,540
		Series C 4.00% 3/1/31	3,120,000		3,612,554
		Series C 4.00% 3/1/32	3,225,000		3,715,813
		Series E 5.00% 9/1/23	2,000,000		2,144,160
	Minnesota Public Facilities Authority
		Series B 4.00% 3/1/26	1,000,000		1,169,000
					17,524,971
Total Municipal Bonds (cost $549,390,406)					576,624,310

Short-Term Investments – 1.38%
Variable Rate Demand Notes – 1.38%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.01%
		11/15/48 (LOC – Wells Fargo Bank N.A.)	1,150,000		1,150,000
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Revenue
		(Allina Health System)
		Series B-1 0.01% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	5,865,000		5,865,000
		Series B-2 0.01% 11/15/35
		(LOC - JPMorgan Chase Bank N.A.)	1,125,000		1,125,000
Total Short-Term Investments (cost $8,140,000)					8,140,000
Total Value of Securities–98.81%
	(cost $557,530,406)			$	584,764,310

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

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $14,214,997, which represents 2.40% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2021.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

February 28, 2021 (Unaudited)

			Principal amount°	Value (US $)
Municipal Bonds – 98.32%
Corporate Revenue Bond – 1.01%
	St. Paul Port Authority Solid Waste Disposal
		Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	885,000	$	905,452
					905,452
Education Revenue Bonds – 13.98%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/32	425,000		454,814
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/34	485,000		503,115
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/29	305,000		331,657
	Duluth Housing & Redevelopment Authority
		Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/38	400,000		447,684
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy Project)
		Series A 5.50% 8/1/36	420,000		443,558
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/29	530,000		565,939
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/31	500,000		537,690
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		5.25% 8/1/39	525,000		551,890
	Minnesota Higher Education Facilities Authority
		Revenue
		(Bethel University)
		5.00% 5/1/32	750,000		827,610
		(Gustavus Adolphus College)
		5.00% 10/1/34	435,000		515,153
		5.00% 10/1/35	555,000		654,872
		(St. Catherine University)
		Series A 5.00% 10/1/35	565,000		673,090
		(St. John’s University)
		Series 8-I 5.00% 10/1/31	130,000		150,942

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority
		Revenue
		(St. Olaf College)
		3.00% 10/1/41	415,000	$	446,723
		Series 8-G 5.00% 12/1/31	125,000		145,520
		Series 8-G 5.00% 12/1/32	125,000		145,128
		(University of St. Thomas)
		4.00% 10/1/36	300,000		345,255
		5.00% 10/1/34	350,000		436,229
		5.00% 10/1/35	750,000		931,830
		Series 7-U 4.00% 4/1/26	1,400,000		1,490,888
		Series A 5.00% 10/1/29	630,000		778,856
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	325,000		333,314
	St. Paul Housing & Redevelopment Authority
		Charter School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	340,000		345,365
		(Great River School Project)
		Series A 144A 5.25% 7/1/33 #	140,000		157,090
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	260,000		278,967
					12,493,179
Electric Revenue Bonds – 6.08%
	Central Minnesota Municipal Power Agency
		(Brookings Twin Cities Transmission Project)
		Series E 5.00% 1/1/23	1,000,000		1,038,360
	Chaska Electric Revenue
		Series A 5.00% 10/1/28	250,000		294,498
	Minnesota Municipal Power Agency Electric
		Revenue
		Series A 5.00% 10/1/29	500,000		573,000
		Series A 5.00% 10/1/30	240,000		274,766
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/29	150,000		177,225
		5.00% 1/1/30	235,000		280,449
		5.00% 1/1/31	350,000		409,749
		Series A 5.00% 1/1/25	200,000		215,990
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/28	300,000		367,491

Table of Contents

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Rochester Electric Utility Revenue
	Series A 5.00% 12/1/29	500,000	$	609,980
	Series A 5.00% 12/1/31	575,000		700,758
	St. Paul Housing & Redevelopment Energy Revenue
	Series A 4.00% 10/1/30	425,000		486,731
				5,428,997
Healthcare Revenue Bonds – 23.08%
	Anoka Healthcare & Housing Facilities Revenue
	(The Homestead at Anoka Project)
	5.375% 11/1/34	270,000		286,967
	Apple Valley Senior Living Revenue
	(Senior Living LLC Project)
	3rd Tier Series C 4.25% 1/1/27	500,000		402,825
	3rd Tier Series C 5.00% 1/1/32	420,000		309,712
	Bethel Housing & Health Care Facilities Revenue
	(Benedictine Health System - St. Peter
	Communities Project)
	Series A 5.50% 12/1/48	250,000		256,200
	Bethel Senior Housing Revenue
	(The Lodge at the Lakes at Stillwater Project)
	5.00% 6/1/38	250,000		258,083
	Center City Health Care Facilities Revenue
	(Hazelden Betty Ford Foundation Project)
	5.00% 11/1/24	600,000		684,906
	Chatfield Healthcare and Housing Facilities Revenue
	(Chosen Valley Care Center Project)
	4.00% 9/1/34	100,000		90,361
	4.00% 9/1/39	100,000		86,066
	Crookston Health Care Facilities Revenue
	(RiverView Health Project)
	5.00% 5/1/38	400,000		405,596
	Dakota County Community Development Agency
	Senior Housing Revenue
	(Walker Highview Hills Project)
	Series A 144A 5.00% 8/1/36 #	480,000		494,390
	Duluth Economic Development Authority
	(Essentia Health Obligated Group)
	Series A 5.00% 2/15/37	750,000		895,852
	Series A 5.00% 2/15/48	390,000		457,470
	(St. Luke’s Hospital of Duluth Obligated Group)
	5.75% 6/15/32	750,000		780,945

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glencoe Health Care Facilities Revenue
	(Glencoe Regional Health Services Project)
	4.00% 4/1/26	270,000	$	277,898
	Hayward Health Care Facilities Revenue
	(American Baptist Homes Midwest Obligated
	Group)
	4.25% 8/1/24	413,334		408,411
	Maple Grove Health Care Facilities Revenue
	(Maple Grove Hospital Corporation)
	4.00% 5/1/37	500,000		529,970
	5.00% 5/1/28	1,000,000		1,209,580
	(North Memorial Health Care)
	5.00% 9/1/31	320,000		360,883
	Minneapolis Health Care System Revenue
	(Fairview Health Services)
	Series A 5.00% 11/15/33	500,000		575,465
	Series A 5.00% 11/15/34	500,000		574,455
	Series A 5.00% 11/15/35	500,000		611,060
	Series A 5.00% 11/15/49	1,000,000		1,184,250
	Minneapolis Senior Housing & Healthcare Revenue
	(Ecumen-Abiitan Mill City Project)
	5.00% 11/1/35	530,000		535,480
	Minneapolis – St. Paul Housing & Redevelopment
	Authority Health Care Facilities Revenue
	(Allina Health System)
	Series A 5.00% 11/15/27	1,205,000		1,494,586
	Rochester Health Care Facilities Revenue
	(Mayo Clinic)
	Series C 4.50% 11/15/38 ●	925,000		952,177
	Sartell Health Care Facilities Revenue
	(Country Manor Campus Project)
	Series A 5.00% 9/1/21	1,050,000		1,057,234
	Sauk Rapids Health Care Housing Facilities
	Revenue
	(Good Shepherd Lutheran Home)
	5.125% 1/1/39	575,000		577,898
	St. Cloud Health Care Revenue
	(Centracare Health System Project)
	5.00% 5/1/48	810,000		977,516
	Unrefunded Balance 5.125% 5/1/30	360,000		360,990

Table of Contents

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority Health
	Care Facilities Revenue
	(Fairview Health Services)
	Series A 5.00% 11/15/47	275,000	$	321,005
	(HealthPartners Obligated Group Project)
	Series A 5.00% 7/1/32	1,000,000		1,149,840
	Series A 5.00% 7/1/33	200,000		229,066
	St. Paul Housing & Redevelopment Authority
	Housing & Health Care Facilities Revenue
	(Episcopal Homes Project)
	5.00% 5/1/33	500,000		502,510
	Wayzata Senior Housing Revenue
	(Folkestone Senior Living Community)
	5.00% 8/1/34	125,000		133,536
	5.00% 8/1/35	150,000		160,143
	West St. Paul, Housing and Health Care Facilities
	Revenue
	(Walker Westwood Ridge Campus Project)
	5.00% 11/1/37	500,000		513,770
	Woodbury Housing & Redevelopment Authority
	Revenue
	(St. Therese of Woodbury)
	5.00% 12/1/34	500,000		524,130
				20,631,226
Housing Revenue Bonds – 0.66%
	Minnesota Housing Finance Agency Residential
	Housing Finance
	Series I 2.00% 7/1/40	300,000		293,130
	Northwest Multi-County Housing & Redevelopment
	Authority
	(Pooled Housing Program)
	5.50% 7/1/45	285,000		294,362
				587,492
Lease Revenue Bonds – 4.26%
	Minnesota General Fund Revenue Appropriations
	Series A 5.00% 6/1/38	1,100,000		1,204,445
	Series A 5.00% 6/1/43	715,000		779,865
	Series B 5.00% 3/1/27	1,000,000		1,046,960

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Minnesota Housing Finance Agency State
	Appropriation
	(Housing Infrastructure)
	Series A 4.00% 8/1/33	655,000	$	778,055
				3,809,325
Local General Obligation Bonds – 17.36%
	Chaska Independent School District No. 112
	(School Building)
	Series A 5.00% 2/1/28	1,000,000		1,201,620
	Duluth Independent School District No. 709
	Series A 4.00% 2/1/28	250,000		283,382
	Hennepin County
	Series A 5.00% 12/1/36	1,500,000		1,840,275
	Series A 5.00% 12/1/38	1,055,000		1,300,003
	Series C 5.00% 12/1/30	1,500,000		1,850,670
	Hennepin County Regional Railroad Authority
	Series D 5.00% 12/1/30	2,365,000		3,204,362
	Minneapolis Special School District No. 1
	Series A 4.00% 2/1/36	220,000		259,312
	Series B 4.00% 2/1/36	465,000		548,091
	Series B 4.00% 2/1/37	600,000		715,950
	St. Michael-Albertville Independent School District
	No. 885
	(School Building)
	Series A 5.00% 2/1/27	500,000		605,105
	Virginia, Minnesota
	(General Obligation Sales Tax Revenue)
	Series A 4.00% 2/1/38 (AGM)	1,000,000		1,133,390
	White Bear Lake Independent School District
	No. 624
	Series A 3.00% 2/1/43	2,420,000		2,572,363
				15,514,523
Pre-Refunded/Escrowed to Maturity Bonds – 5.94%
	Minnesota
	Series A Unrefunded Balance 5.00%
	10/1/24-21 §	2,000,000		2,056,620
	Minnesota Higher Education Facilities Authority
	Revenue
	(St. Catherine University)
	Series 7-Q 5.00% 10/1/22	425,000		457,245

Table of Contents

		Principal amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	St. Paul Housing & Redevelopment Authority
	Hospital Revenue
	(Healtheast Care System Project)
	Series A 5.00% 11/15/29-25 §	165,000	$	198,274
	Series A 5.00% 11/15/30-25 §	120,000		144,199
	University of Minnesota
	Series D 5.00% 12/1/26-21 §	1,000,000		1,036,050
	Western Minnesota Municipal Power Agency
	Revenue
	Series A 5.00% 1/1/33-24 §	1,250,000		1,414,325
				5,306,713
Special Tax Revenue Bonds – 3.01%
	Minneapolis Revenue
	(YMCA Greater Twin Cities Project)
	4.00% 6/1/27	150,000		164,232
	Puerto Rico Sales Tax Financing Revenue
	(Restructured)
	Series A-1 4.55% 7/1/40	830,000		904,741
	Series A-1 4.75% 7/1/53	655,000		714,887
	Series A-2 4.536% 7/1/53	378,000		407,344
	St. Paul Sales Tax Revenue
	Series G 5.00% 11/1/28	435,000		500,803
				2,692,007
State General Obligation Bonds – 15.28%
	Commonwealth of Puerto Rico
	(Public Improvement)
	Series B 5.75% 7/1/38 ‡	345,000		299,719
	Minnesota
	Series A 5.00% 8/1/30	2,000,000		2,629,020
	Series A 5.00% 8/1/33	285,000		361,739
	Series A 5.00% 8/1/34	1,000,000		1,266,200
	Series A 5.00% 8/1/35	2,000,000		2,576,320
	Series A 5.00% 8/1/40	750,000		973,650
	Series D 5.00% 8/1/26	2,500,000		3,084,200
	Series D 5.00% 8/1/27	1,500,000		1,844,235
	Series E 5.00% 10/1/26	500,000		619,750
				13,654,833

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 5.43%
	Minneapolis – St. Paul Metropolitan Airports
		Commission Revenue
		(Subordinate)
		Series B 5.00% 1/1/26	710,000	$	737,655
		Series B 5.00% 1/1/31	750,000		777,802
		Series B 5.00% 1/1/44 (AMT)	1,600,000		1,905,872
	St. Paul Housing & Redevelopment Authority
		(Parking Enterprise)
		Series A 4.00% 8/1/26	450,000		482,202
		Series A 4.00% 8/1/27	545,000		580,256
		Series A 4.00% 8/1/28	350,000		370,240
					4,854,027
Water & Sewer Revenue Bonds – 2.23%
	Guam Government Waterworks Authority Water &
		Wastewater System Revenue
		5.00% 7/1/37	575,000		666,097
	Metropolitan Council General Obligation
		Wastewater Revenue (Minneapolis – St. Paul
		Metropolitan Area)
		Series C 4.00% 3/1/31	565,000		654,197
		Series C 4.00% 3/1/32	585,000		674,031
					1,994,325
Total Municipal Bonds (cost $84,512,779)					87,872,099

Short-Term Investments – 0.53%
Variable Rate Demand Notes – 0.53%¤
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System) Series B-2 0.01%
		11/15/35
		(LOC - JPMorgan Chase Bank N.A.)	475,000		475,000
Total Short-Term Investments (cost $475,000)					475,000
Total Value of Securities–98.85%
	(cost $84,987,779)			$	88,347,099

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $1,890,246, which represents 2.11% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2021.

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

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

Table of Contents

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

			Principal amount°		Value (US $)
Municipal Bonds – 96.44%
Corporate Revenue Bond – 1.48%
	St. Paul Port Authority Solid Waste Disposal
		Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	2,975,000	$	3,043,752
					3,043,752
Education Revenue Bonds – 21.91%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/37	850,000		898,645
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/39	1,270,000		1,307,033
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/34	250,000		267,530
		Series A 5.00% 7/1/45	230,000		243,046
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/50	1,000,000		1,099,490
	Duluth Housing & Redevelopment Authority
		Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/48	1,000,000		1,104,290
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy)
		Series A 5.375% 8/1/50	660,000		744,348
		Series A 5.75% 8/1/44	585,000		619,404
	Ham Lake Charter School Lease Revenue
		(Davinci Academy Project)
		Series A 5.00% 7/1/36	235,000		254,820
		Series A 5.00% 7/1/47	710,000		761,177
		(Parnassus Preparatory School Project)
		Series A 5.00% 11/1/47	650,000		706,283
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34	165,000		174,359
		Series A 5.00% 7/1/44	495,000		516,542
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/36	1,000,000		1,061,280
		Series A 5.00% 7/1/47	800,000		842,808

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		144A 4.75% 8/1/43 #	750,000	$	772,695
		144A 5.00% 8/1/53 #	570,000		592,697
		5.25% 8/1/39	800,000		840,976
	Minnesota Higher Education Facilities Authority
		Revenue
		(Bethel University)
		5.00% 5/1/32	1,150,000		1,269,002
		5.00% 5/1/47	1,500,000		1,600,515
		(Carleton College)
		4.00% 3/1/37	635,000		714,362
		(Gustavus Adolphus College)
		5.00% 10/1/47	1,000,000		1,152,630
		(Minneapolis College of Art & Design)
		4.00% 5/1/24	250,000		263,107
		4.00% 5/1/25	200,000		209,896
		4.00% 5/1/26	100,000		104,743
		(St. Catherine University)
		Series A 4.00% 10/1/37	580,000		634,433
		Series A 5.00% 10/1/45	670,000		777,656
		(St. John’s University)
		Series 8-I 5.00% 10/1/34	215,000		247,904
		(St. Olaf College)
		4.00% 10/1/50	935,000		1,082,066
		Series 8-G 5.00% 12/1/31	205,000		238,653
		Series 8-G 5.00% 12/1/32	205,000		238,009
		Series 8-N 4.00% 10/1/34	800,000		900,848
		Series 8-N 4.00% 10/1/35	590,000		662,900
		(Trustees of the Hamline University of Minnesota)
		Series B 5.00% 10/1/37	300,000		332,463
		Series B 5.00% 10/1/39	770,000		849,418
		(University of St. Thomas)
		4.00% 10/1/37	500,000		573,545
		4.00% 10/1/41	1,000,000		1,134,110
		4.00% 10/1/44	950,000		1,068,826
		Series A 4.00% 10/1/35	400,000		454,604
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/44	1,435,000		1,472,913

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	770,000	$	789,697
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	750,000		525,000
	St. Paul Housing & Redevelopment Authority
		Charter School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,750,000		1,777,615
		(Great River School Project)
		Series A 144A 5.50% 7/1/52 #	265,000		292,947
		(Hmong College Preparatory Academy Project)
		Series A 5.75% 9/1/46	500,000		577,700
		Series A 6.00% 9/1/51	3,500,000		4,078,620
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	1,270,000		1,336,053
		Series A 4.125% 9/1/47	500,000		518,245
		(Twin Cities Academy Project)
		Series A 5.375% 7/1/50	1,500,000		1,610,790
	University of Minnesota
		Series A 5.00% 4/1/34	2,115,000		2,524,295
		Series A 5.00% 9/1/40	900,000		1,092,339
		Series A 5.00% 9/1/41	620,000		751,868
	Woodbury Charter School Lease Revenue
		(MSA Building Company)
		Series A 4.00% 12/1/50	450,000		470,371
					45,135,566
Electric Revenue Bonds – 5.88%
	Central Minnesota Municipal Power Agency
		(Brookings Twin Cities Transmission Project)
		5.00% 1/1/42	1,500,000		1,554,075
	Hutchinson Utilities Commission Revenue
		Series A 5.00% 12/1/22	490,000		530,371
		Series A 5.00% 12/1/26	360,000		388,044
	Minnesota Municipal Power Agency Electric
		Revenue
		5.00% 10/1/27	165,000		189,405
		5.00% 10/1/28	500,000		573,575
		5.00% 10/1/47	745,000		876,828

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Northern Municipal Power Agency Electric System
		Revenue
		5.00% 1/1/26	500,000	$	598,560
		5.00% 1/1/28	500,000		593,600
		5.00% 1/1/29	470,000		555,305
		5.00% 1/1/33	225,000		265,086
		5.00% 1/1/34	200,000		234,932
		Series A 5.00% 1/1/24	335,000		362,363
	Puerto Rico Electric Power Authority
		Series A 5.05% 7/1/42 ‡	165,000		148,913
		Series AAA 5.25% 7/1/25 ‡	95,000		85,975
		Series CCC 5.25% 7/1/27 ‡	650,000		588,250
		Series WW 5.00% 7/1/28 ‡	585,000		527,962
		Series XX 4.75% 7/1/26 ‡	105,000		94,500
		Series XX 5.25% 7/1/40 ‡	295,000		266,975
		Series XX 5.75% 7/1/36 ‡	370,000		336,700
		Series ZZ 4.75% 7/1/27 ‡	85,000		76,500
		Series ZZ 5.25% 7/1/24 ‡	130,000		117,650
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/34	450,000		546,462
		Series A 5.00% 12/1/35	500,000		605,940
		Series A 5.00% 12/1/36	520,000		628,888
	Southern Minnesota Municipal Power Agency
		Revenue
		Series A 5.00% 1/1/41	400,000		465,024
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/32	800,000		906,896
					12,118,779
Healthcare Revenue Bonds – 33.44%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	400,000		418,780
	Apple Valley Senior Housing Revenue
		(PHS Senior Housing, Inc. Orchard Path Project)
		4.50% 9/1/53	840,000		854,020
		5.00% 9/1/43	535,000		557,716
		5.00% 9/1/58	1,175,000		1,216,078
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		2nd Tier Series B 5.00% 1/1/47	560,000		380,330
		4th Tier Series D 7.00% 1/1/37	515,000		407,041

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		4th Tier Series D 7.25% 1/1/52	1,575,000	$	1,180,399
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System - St. Peter
		Communities Project)
		Series A 5.50% 12/1/48	1,280,000		1,311,744
	Bethel Senior Housing Revenue
		(The Lodge at the Lakes at Stillwater Project)
		5.25% 6/1/58	1,475,000		1,513,217
	Brooklyn Center Multifamily Housing Revenue
		(Sanctuary at Brooklyn Center Project)
		Series A 5.50% 11/1/35	645,000		608,499
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		4.00% 9/1/39	250,000		215,165
		5.00% 9/1/52	1,500,000		1,442,535
	City of West St. Paul Minnesota
		(Walker Westwood Ridge Campus Project)
		5.00% 11/1/49	1,500,000		1,518,555
	Cloquet Housing Facilities
		(HADC Cloquet Project)
		Series A 5.00% 8/1/48	850,000		850,723
	Crookston Health Care Facilities Revenue
		(Riverview Health Project)
		5.00% 5/1/51	1,025,000		1,039,340
	Dakota County Community Development Agency
		Senior Housing Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/51 #	870,000		892,429
	Deephaven Housing & Healthcare Revenue
		(St. Therese Senior Living Project)
		Series A 5.00% 4/1/38	335,000		339,543
		Series A 5.00% 4/1/40	315,000		318,770
		Series A 5.00% 4/1/48	185,000		186,482
	Duluth Economic Development Authority
		(Essentia Health Obligated Group)
		Series A 4.25% 2/15/43	2,500,000		2,790,975
		Series A 5.00% 2/15/48	1,590,000		1,865,070
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32	2,000,000		2,082,520
		6.00% 6/15/39	1,000,000		1,041,250

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/31	185,000	$	188,524
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated
		Group)
		5.375% 8/1/34	750,000		751,927
		(St. John’s Lutheran Home of Albert Lea Project)
		5.375% 10/1/44	165,000		161,009
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	1,155,000		1,224,231
		5.00% 5/1/26	1,300,000		1,551,966
		5.00% 5/1/29	500,000		597,620
		(North Memorial Health Care)
		5.00% 9/1/30	610,000		689,873
	Maple Plain Senior Housing & Health Care Revenue
		(Haven Homes Incorporate Project)
		5.00% 7/1/49	1,000,000		1,044,580
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/48	1,000,000		1,104,190
		Series A 5.00% 11/15/33	1,200,000		1,381,116
		Series A 5.00% 11/15/34	500,000		574,455
		Series A 5.00% 11/15/44	1,000,000		1,128,470
		Series A 5.00% 11/15/49	1,450,000		1,717,162
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.375% 11/1/50	1,700,000		1,717,306
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/29	415,000		507,470
	Morris Health Care Facilities Revenue
		(Farmington Health Services)
		4.10% 8/1/44	500,000		475,390
		4.20% 8/1/49	1,500,000		1,414,410
	Oakdale Senior Housing
		(Oak Meadows Project)
		5.00% 4/1/34	500,000		500,055

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Rochester Health Care & Housing Revenue
		(The Homestead at Rochester Project)
		Series A 5.25% 12/1/23	175,000	$	184,970
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41	1,790,000		1,837,757
	Rochester, Minnesota
		(The Homestead at Rochester Project)
		Series A 6.875% 12/1/48	800,000		860,504
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.25% 9/1/22	1,080,000		1,104,635
	Sauk Rapids Health Care Housing Facilities
		Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	825,000		829,158
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		4.00% 9/1/31	130,000		137,680
		5.00% 9/1/34	105,000		114,125
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		4.00% 5/1/49	250,000		275,385
		5.00% 5/1/48	3,900,000		4,706,559
		Series A 4.00% 5/1/37	1,440,000		1,584,360
		Series A 5.00% 5/1/46	2,000,000		2,307,200
		Unrefunded Balance 5.125% 5/1/30	15,000		15,041
	St. Joseph Senior Housing & Healthcare Revenue
		(Woodcrest Country Manor Project)
		5.00% 7/1/55	1,000,000		1,005,040
	St. Paul Housing & Redevelopment Authority Health
		Care Facilities Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43	645,000		708,326
		Series A 5.00% 11/15/47	485,000		566,136
		(HealthPartners Obligated Group Project)
		Series A 4.00% 7/1/33	1,320,000		1,430,154
		Series A 5.00% 7/1/29	1,000,000		1,161,430
		Series A 5.00% 7/1/32	900,000		1,034,856
		Series A 5.00% 7/1/33	1,540,000		1,763,808

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority
		Housing & Health Care Facilities Revenue
		(Episcopal Homes Project)
		5.125% 5/1/48	1,700,000	$	1,664,487
		Series A 5.15% 11/1/42	775,000		775,387
	St. Paul Housing & Redevelopment Authority
		Multifamily Housing Revenue
		(Marian Center Project)
		Series A 5.375% 5/1/43	1,000,000		999,990
	St. Paul Housing & Redevelopment Authority
		Revenue
		(Amherst H. Wilder Foundation Project)
		Series A 5.00% 12/1/36	1,000,000		1,180,880
	Victoria Health Care Facilities Revenue
		(Augustana Emerald Care Project)
		5.00% 8/1/39	1,500,000		1,502,745
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		4.00% 8/1/38	250,000		254,628
		4.00% 8/1/39	400,000		407,404
		4.00% 8/1/44	350,000		355,443
		5.00% 8/1/54	350,000		369,358
					68,898,381
Housing Revenue Bonds – 1.89%
	Bethel Senior Housing Revenue
		(Birchwood Landing at the Lakes at Stillwater
		Project)
		5.00% 5/1/54	1,000,000		1,050,250
	Minneapolis – St. Paul Housing Finance Board
		Single Family Mortgage-Backed Securities
		Program
		(City Living Project)
		Series A-2 5.00%
		12/1/38 (GNMA) (FNMA) (FHLMC) (AMT)	651		651
	Minnesota Housing Finance Agency
		Series I 2.20% 1/1/51	690,000		665,491
	Minnesota Housing Finance Agency State
		Appropriation
		(Housing Infrastructure)
		Series C 5.00% 8/1/33	100,000		114,446

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Northwest Multi-County Housing & Redevelopment
		Authority
		(Pooled Housing Program)
		5.50% 7/1/45	1,275,000	$	1,316,884
	Stillwater Multifamily Housing Revenue
		(Orleans Homes Project)
		5.50% 2/1/42 (AMT)	750,000		750,525
					3,898,247
Lease Revenue Bonds – 2.25%
	Minnesota General Fund Revenue Appropriations
		Series A 5.00% 6/1/38	1,750,000		1,916,162
		Series A 5.00% 6/1/43	1,000,000		1,090,720
	Minnesota Housing Finance Agency State
		Appropriation
		(Housing Infrastructure)
		Series C 5.00% 8/1/32	1,415,000		1,620,444
					4,627,326
Local General Obligation Bonds – 6.38%
	Duluth General Obligation Entertainment Convention
		Center Improvement
		Series A 5.00% 2/1/34	1,000,000		1,190,440
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	440,000		501,855
		Series A 4.20% 3/1/34	750,000		792,308
	Hennepin County
		Series A 5.00% 12/1/37	910,000		1,123,968
		Series C 5.00% 12/1/37	2,500,000		3,060,850
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/28	1,000,000		1,171,880
		Series A 5.00% 2/1/29	1,000,000		1,169,340
		Series A 5.00% 2/1/31	1,000,000		1,168,920
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	160,000		188,590
		Series A 4.00% 2/1/37	215,000		252,187
		Series A 4.00% 2/1/38	220,000		257,145
		Series B 4.00% 2/1/36	335,000		394,861
		Series B 4.00% 2/1/37	445,000		521,967
		Series B 4.00% 2/1/38	465,000		543,511

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Wayzata Independent School District No. 284
		(School Building)
		Series A 5.00% 2/1/28	650,000	$	806,793
					13,144,615
Pre-Refunded/Escrowed to Maturity Bonds – 4.57%
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/43-23 §	500,000		558,720
	Minnesota
		Series A Unrefunded Balance 5.00%
		10/1/24-21 §	985,000		1,012,886
	Minnesota Higher Education Facilities Authority
		Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/25-22 §	325,000		349,658
		Series 7-Q 5.00% 10/1/26-22 §	280,000		301,243
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/22	350,000		371,924
		5.00% 7/1/27-23 §	245,000		271,237
		5.00% 7/1/28-23 §	225,000		249,095
	St. Paul Housing & Redevelopment Authority
		Charter School Lease Revenue
		(Nova Classical Academy Project)
		Series A 6.625% 9/1/42-21 §	1,500,000		1,548,255
	St. Paul Housing & Redevelopment Authority
		Hospital Facility Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	275,000		330,457
		Series A 5.00% 11/15/30-25 §	205,000		246,340
	Western Minnesota Municipal Power Agency
		Revenue
		Series A 5.00% 1/1/30-24 §	500,000		565,730
		Series A 5.00% 1/1/33-24 §	750,000		848,595
		Series A 5.00% 1/1/34-24 §	450,000		509,157
		Series A 5.00% 1/1/40-24 §	2,000,000		2,262,920
					9,426,217
Special Tax Revenue Bonds – 4.75%
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/31	250,000		264,580

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Minneapolis Tax Increment Revenue
		(Grant Park Project)
		4.00% 3/1/27	200,000	$	205,298
		4.00% 3/1/30	260,000		265,413
		(Village of St. Anthony Falls Project)
		4.00% 3/1/24	700,000		718,956
		4.00% 3/1/27	650,000		664,294
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	3,155,000		3,443,462
		Series A-1 5.00% 7/1/58	275,000		304,573
		Series A-2 4.536% 7/1/53	3,000,000		3,232,890
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/28	600,000		690,762
					9,790,228
State General Obligation Bonds – 7.29%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	920,000		799,250
	Minnesota
		Series A 5.00% 8/1/27	750,000		894,375
		Series A 5.00% 8/1/29	1,000,000		1,187,690
		Series A 5.00% 8/1/33	660,000		837,712
		Series A 5.00% 8/1/34	2,185,000		2,766,647
		Series A 5.00% 8/1/35	1,000,000		1,288,160
		Series D 5.00% 8/1/26	1,000,000		1,233,680
		Series D 5.00% 8/1/27	1,000,000		1,229,490
		Series E 5.00% 10/1/26	1,085,000		1,344,857
		(Various Purposes)
		Series A 5.00% 8/1/32	1,915,000		2,193,039
		Series A 5.00% 8/1/38	1,000,000		1,252,700
					15,027,600
Transportation Revenue Bonds – 5.50%
	Minneapolis – St. Paul Metropolitan Airports
		Commission Revenue
		(Senior)
		Series C 5.00% 1/1/46	185,000		214,840
		(Subordinate)
		Series A 5.00% 1/1/32	500,000		558,255
		Series A 5.00% 1/1/49	1,500,000		1,805,940
		Series B 5.00% 1/1/29	2,130,000		2,209,875

Table of Contents

			Principal amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Minneapolis – St. Paul Metropolitan Airports
		Commission Revenue
		(Subordinate)
		Series B 5.00% 1/1/44 (AMT)	4,000,000	$	4,764,680
		Series B 5.00% 1/1/49 (AMT)	1,500,000		1,774,740
					11,328,330
Water & Sewer Revenue Bonds – 1.10%
	Metropolitan Council General Obligation
		Wastewater Revenue (Minneapolis – St. Paul
		Metropolitan Area)
		Series C 4.00% 3/1/31	965,000		1,117,345
		Series C 4.00% 3/1/32	1,000,000		1,152,190
					2,269,535
Total Municipal Bonds (cost $190,187,351)					198,708,576

Short-Term Investments – 0.44%
Variable Rate Demand Notes – 0.44%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.01%
		11/15/48 (LOC – Wells Fargo Bank N.A.)	300,000		300,000
	Minneapolis – St. Paul Housing & Redevelopment
		Authority Health Care Revenue
		Series B-2 0.01% 11/15/35
		(LOC - JPMorgan Chase Bank N.A.)	600,000		600,000
Total Short-Term Investments (cost $900,000)					900,000
Total Value of Securities–96.88%
	(cost $191,087,351)			$	199,608,576

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2021, the aggregate value of Rule 144A securities was $6,384,217, which represents 3.10% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2021.

Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

February 28, 2021 (Unaudited)

				Delaware Tax-Free		Delaware Minnesota
		Delaware Tax-Free		Minnesota		High-Yield Municipal
		Minnesota Fund		Intermediate Fund		Bond Fund
Assets:
	Investments, at value*	$	584,764,310	$	88,347,099	$	199,608,576
	Cash		4,888,185		826,930		5,364,185
	Interest receivable		6,483,948		847,347		2,226,916
	Receivable for fund shares sold		848,582		11,914		560,001
	Total Assets		596,985,025		90,033,290		207,759,678
Liabilities:
	Payable for securities purchased		3,323,494		458,836		1,114,492
	Payable for fund shares redeemed		1,179,817		80,682		377,315
	Investment management fees payable
	to affiliates		208,522		19,988		71,509
	Distribution payable		190,154		18,911		24,644
	Other accrued expenses		112,605		31,991		54,613
	Distribution fees payable to affiliates		86,921		9,828		32,370
	Audit and tax fees payable		22,570		22,570		22,570
	Accounting and administration
	expenses payable to non-affiliates		19,758		9,968		12,172
	Dividend disbursing and transfer agent
	fees and expenses payable to
	affiliates		3,802		576		1,305
	Trustees’ fees and expenses payable
	to affiliates		2,168		330		741
	Accounting and administration
	expenses payable to affiliates		1,836		538		832
	Legal fees payable to affiliates		925		141		316
	Reports and statements to
	shareholders expenses payable to
	affiliates		694		105		241
	Total Liabilities		5,153,266		654,464		1,713,120
Total Net Assets		$	591,831,759	$	89,378,826	$	206,046,558

Net Assets Consist of:
	Paid-in capital	$	565,121,862	$	86,182,282	$	198,244,104
	Total distributable earnings (loss)		26,709,897		3,196,544		7,802,454
Total Net Assets		$	591,831,759	$	89,378,826	$	206,046,558

Table of Contents

Statements of assets and liabilities

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

Class A:
Net assets	$	371,784,202		$	61,206,274		$	106,887,822
Shares of beneficial interest outstanding,
unlimited authorization, no par		29,703,075			5,531,398			9,614,527
Net asset value per share	$	12.52		$	11.07		$	11.12
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net
asset value per share / (1 - sales
charge)	$	13.11		$	11.38		$	11.64

Class C:
Net assets	$	18,034,314		$	3,368,275		$	14,900,540
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,436,075			303,777			1,337,683
Net asset value per share	$	12.56		$	11.09		$	11.14

Institutional Class:
Net assets	$	202,013,243		$	24,804,277		$	84,258,196
Shares of beneficial interest outstanding,
unlimited authorization, no par		16,142,988			2,240,809			7,581,302
Net asset value per share	$	12.51		$	11.07		$	11.11
____________________
* Investments, at cost	$	557,530,406		$	84,987,779		$	191,087,351

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

Table of Contents

Statements of operations

Six months ended February 28, 2021 (Unaudited)

								Delaware Minnesota
					Delaware Tax-Free			High-Yield
		Delaware Tax-Free			Minnesota			Municipal Bond
		Minnesota Fund			Intermediate Fund			Fund
Investment Income:
	Interest	$	9,333,392		$	1,214,389		$	3,505,587

Expenses:
	Management fees		1,578,148			221,265			549,634
	Distribution expenses – Class A		461,063			73,801			129,494
	Distribution expenses – Class C		116,090			23,175			88,790
	Dividend disbursing and transfer agent
	fees and expenses		187,210			30,124			71,826
	Accounting and administration expenses		65,585			26,388			35,240
	Registration fees		30,635			13,135			8,052
	Reports and statements to shareholders
	expenses		25,403			7,261			9,668
	Legal fees		23,802			3,480			8,140
	Audit and tax fees		23,667			22,570			22,949
	Trustees’ fees and expenses		14,915			2,262			5,107
	Custodian fees		8,991			1,378			3,249
	Other		29,099			11,128			18,259
			2,564,608			435,967			950,408
	Less expenses waived		(242,189	)		(91,125	)		(92,531	)
	Less waived distribution
	expenses – Class A		—			(29,520	)		—
	Less expenses paid indirectly		(161	)		(27	)		(67	)
	Total operating expenses		2,322,258			315,295			857,810
Net Investment Income			7,011,134			899,094			2,647,777
Net Realized and Unrealized Gain
	(Loss):
	Net realized gain on investments		330,477			6,410			116,823
	Net change in unrealized appreciation
	(depreciation) of investments		723,060			(292,426	)		1,980,680
Net Realized and Unrealized Gain (Loss)			1,053,537			(286,016	)		2,097,503
Net Increase in Net Assets Resulting
	from Operations	$	8,064,671		$	613,078		$	4,745,280

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

Table of Contents

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

		Six months
		ended
		2/28/21			Year ended
		(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	7,011,134		$	14,887,472
	Net realized gain		330,477			932,823
	Net change in unrealized appreciation (depreciation)		723,060			(8,816,749	)
	Net increase in net assets resulting from operations		8,064,671			7,003,546

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(4,375,003	)		(10,479,934	)
	Class C		(187,919	)		(567,741	)
	Institutional Class		(2,483,249	)		(5,376,871	)
			(7,046,171	)		(16,424,546	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		19,171,445			30,564,638
	Class C		1,289,188			2,044,174
	Institutional Class		28,285,741			49,162,276

	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		4,078,451			9,360,817
	Class C		190,530			554,458
	Institutional Class		1,816,568			3,892,433
			54,831,923			95,578,796

Table of Contents

	Six months
	ended
	2/28/21			Year ended
	(Unaudited)			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(25,826,533	)	$	(47,198,375	)
Class C		(8,779,302	)		(6,825,961	)
Institutional Class		(9,564,795	)		(37,945,871	)
		(44,170,630	)		(91,970,207	)
Increase in net assets derived from capital share transactions		10,661,293			3,608,589
Net Increase (Decrease) in Net Assets		11,679,793			(5,812,411	)

Net Assets:
Beginning of period		580,151,966			585,964,377
End of period	$	591,831,759		$	580,151,966

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

Table of Contents

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

			Six months
			ended
			2/28/21			Year ended
			(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	899,094		$	1,942,599
	Net realized gain (loss)			6,410			(68,890	)
	Net change in unrealized appreciation (depreciation)			(292,426	)		(916,519	)
	Net increase in net assets resulting from operations			613,078			957,190

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(600,233	)		(1,346,270	)
		Class C		(27,421	)		(98,584	)
		Institutional Class		(271,066	)		(497,364	)
				(898,720	)		(1,942,218	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		5,491,722			8,419,718
		Class C		136,565			635,657
		Institutional Class		1,273,096			11,917,665

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		521,017			1,146,384
		Class C		27,784			94,088
		Institutional Class		265,519			463,348
				7,715,703			22,676,860

Table of Contents

			Six months
			ended
			2/28/21			Year ended
			(Unaudited)			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(2,380,797	)	$	(6,850,828	)
		Class C		(1,947,713	)		(2,655,009	)
		Institutional Class		(1,507,819	)		(5,203,976	)
				(5,836,329	)		(14,709,813	)
	Increase in net assets derived from capital share transactions			1,879,374			7,967,047
Net Increase in Net Assets				1,593,732			6,982,019
Net Assets:
	Beginning of period			87,785,094			80,803,075
	End of period		$	89,378,826		$	87,785,094

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

Table of Contents

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

			Six months
			ended
			2/28/21			Year ended
			(Unaudited)			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,647,777		$	5,533,266
	Net realized gain			116,823			180,719
	Net change in unrealized appreciation (depreciation)			1,980,680			(4,939,126	)
	Net increase in net assets resulting from operations			4,745,280			774,859

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,352,508	)		(2,770,295	)
		Class C		(164,813	)		(393,155	)
		Institutional Class		(1,121,817	)		(2,354,836	)
				(2,639,138	)		(5,518,286	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		8,254,727			12,533,954
		Class C		754,835			3,689,377
		Institutional Class		15,519,922			28,268,095

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,293,187			2,475,879
		Class C		165,043			369,511
		Institutional Class		1,112,805			2,262,483
				27,100,519			49,599,299

Table of Contents

			Six months
			ended
			2/28/21			Year ended
			(Unaudited)			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(7,635,867	)	$	(12,513,039	)
		Class C		(5,618,581	)		(5,297,308	)
		Institutional Class		(8,519,749	)		(28,132,087	)
				(21,774,197	)		(45,942,434	)
	Increase in net assets derived from capital share transactions			5,326,322			3,656,865
Net Increase (Decrease) in Net Assets				7,432,464			(1,086,562	)
Net Assets:
	Beginning of period			198,614,094			199,700,656
	End of period		$	206,046,558		$	198,614,094

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

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Table of Contents

Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.49		$	12.68		$	12.14		$	12.54		$	12.87		$	12.60


		0.15			0.31			0.36			0.37			0.38			0.41
		0.03			(0.16	)		0.54			(0.34	)		(0.32	)		0.28
		0.18			0.15			0.90			0.03			0.06			0.69


		(0.15	)		(0.31	)		(0.36	)		(0.37	)		(0.39	)		(0.42	)
		—			(0.03	)		—			(0.06	)		—			—
		(0.15	)		(0.34	)		(0.36	)		(0.43	)		(0.39	)		(0.42	)

	$	12.52		$	12.49		$	12.68		$	12.14		$	12.54		$	12.87

		1.43%			1.30%			7.54%			0.26%			0.49%			5.52%


	$	371,784		$	373,691		$	386,790		$	390,477		$	423,497		$	481,066
		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
		0.93%			0.93%			0.93%			0.94%			0.95%			0.95%
		2.36%			2.53%			2.92%			2.99%			3.08%			3.25%
		2.28%			2.45%			2.84%			2.90%			2.98%			3.15%
		3%			15%			13%			16%			17%			15%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Table of Contents

Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.53		$	12.72		$	12.18		$	12.58		$	12.91		$	12.64


		0.10			0.22			0.27			0.28			0.29			0.32
		0.03			(0.16	)		0.54			(0.34	)		(0.33	)		0.27
		0.13			0.06			0.81			(0.06	)		(0.04	)		0.59


		(0.10	)		(0.22	)		(0.27	)		(0.28	)		(0.29	)		(0.32	)
		—			(0.03	)		—			(0.06	)		—			—
		(0.10	)		(0.25	)		(0.27	)		(0.34	)		(0.29	)		(0.32	)

	$	12.56		$	12.53		$	12.72		$	12.18		$	12.58		$	12.91

		1.05%			0.54%			6.73%			(0.49%	)		(0.25%	)		4.73%


	$	18,035		$	25,219		$	29,933		$	35,642		$	51,045		$	53,502
		1.60%			1.60%			1.60%			1.60%			1.60%			1.60%
		1.68%			1.68%			1.68%			1.69%			1.70%			1.70%
		1.61%			1.78%			2.17%			2.24%			2.33%			2.50%

		1.53%			1.70%			2.09%			2.15%			2.23%			2.40%
		3%			15%			13%			16%			17%			15%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Table of Contents

Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	12.49		$	12.68		$	12.14		$	12.54		$	12.87		$	12.59


		0.16			0.34			0.39			0.40			0.41			0.45
		0.02			(0.16	)		0.54			(0.34	)		(0.32	)		0.28
		0.18			0.18			0.93			0.06			0.09			0.73


		(0.16	)		(0.34	)		(0.39	)		(0.40	)		(0.42	)		(0.45	)
		—			(0.03	)		—			(0.06	)		—			—
		(0.16	)		(0.37	)		(0.39	)		(0.46	)		(0.42	)		(0.45	)

	$	12.51		$	12.49		$	12.68		$	12.14		$	12.54		$	12.87

		1.47%			1.55%			7.81%			0.51%			0.75%			5.87%


	$	202,013		$	181,242		$	169,241		$	119,894		$	88,826		$	53,133
		0.60%			0.60%			0.60%			0.60%			0.60%			0.60%
		0.68%			0.68%			0.68%			0.69%			0.70%			0.70%
		2.61%			2.78%			3.17%			3.24%			3.33%			3.50%
		2.53%			2.70%			3.09%			3.15%			3.23%			3.40%
		3%			15%			13%			16%			17%			15%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects 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.

Table of Contents

Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.10		$	11.25		$	10.82		$	11.17		$	11.44		$	11.22


		0.11			0.27			0.31			0.30			0.31			0.33
		(0.03	)		(0.15	)		0.43			(0.31	)		(0.25	)		0.22
		0.08			0.12			0.74			(0.01	)		0.06			0.55


		(0.11	)		(0.27	)		(0.31	)		(0.30	)		(0.31	)		(0.33	)
		—			—			—			(0.04	)		(0.02	)		—
		(0.11	)		(0.27	)		(0.31	)		(0.34	)		(0.33	)		(0.33	)

	$	11.07		$	11.10		$	11.25		$	10.82		$	11.17		$	11.44

		0.74%			1.08%			7.00%			(0.01%	)		0.55%			4.98%


	$	61,206		$	57,788		$	55,918		$	59,284		$	68,934		$	79,730
		0.71%			0.71%			0.71%			0.79%			0.84%			0.84%
		1.02%			1.02%			1.04%			1.00%			0.99%			0.97%
		2.03%			2.39%			2.87%			2.77%			2.79%			2.92%
		1.72%			2.08%			2.54%			2.56%			2.64%			2.79%
		5%			20%			19%			17%			22%			14%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

Table of Contents

Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.12		$	11.27		$	10.84		$	11.19		$	11.47		$	11.24


		0.07			0.17			0.22			0.21			0.22			0.24
		(0.03	)		(0.15	)		0.43			(0.31	)		(0.26	)		0.23
		0.04			0.02			0.65			(0.10	)		(0.04	)		0.47


		(0.07	)		(0.17	)		(0.22	)		(0.21	)		(0.22	)		(0.24	)
		—			—			—			(0.04	)		(0.02	)		—
		(0.07	)		(0.17	)		(0.22	)		(0.25	)		(0.24	)		(0.24	)

	$	11.09		$	11.12		$	11.27		$	10.84		$	11.19		$	11.47

		0.32%			0.22%			6.09%			(0.86%	)		(0.39%	)		4.17%


	$	3,368		$	5,149		$	7,167		$	8,558		$	11,885		$	13,315
		1.56%			1.56%			1.56%			1.64%			1.69%			1.69%
		1.77%			1.77%			1.79%			1.75%			1.74%			1.72%
		1.18%			1.54%			2.02%			1.92%			1.94%			2.07%

		0.97%			1.33%			1.79%			1.81%			1.89%			2.04%
		5%			20%			19%			17%			22%			14%

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Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

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Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.10		$	11.25		$	10.83		$	11.17		$	11.45		$	11.22


		0.12			0.28			0.33			0.32			0.33			0.35
		(0.03	)		(0.15	)		0.42			(0.30	)		(0.26	)		0.23
		0.09			0.13			0.75			0.02			0.07			0.58


		(0.12	)		(0.28	)		(0.33	)		(0.32	)		(0.33	)		(0.35	)
		—			—			—			(0.04	)		(0.02	)		—
		(0.12	)		(0.28	)		(0.33	)		(0.36	)		(0.35	)		(0.35	)

	$	11.07		$	11.10		$	11.25		$	10.83		$	11.17		$	11.45

		0.82%			1.23%			7.06%			0.23%			0.61%			5.22%


	$	24,805		$	24,848		$	17,718		$	11,470		$	18,800		$	12,694
		0.56%			0.56%			0.56%			0.64%			0.69%			0.69%
		0.77%			0.77%			0.79%			0.75%			0.74%			0.72%
		2.18%			2.54%			3.02%			2.92%			2.94%			3.07%
		1.97%			2.33%			2.79%			2.81%			2.89%			3.04%
		5%			20%			19%			17%			22%			14%

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

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Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.00		$	11.21		$	10.66		$	10.88		$	11.13		$	10.84


		0.14			0.29			0.32			0.32			0.33			0.36
		0.12			(0.21	)		0.55			(0.22	)		(0.25	)		0.29
		0.26			0.08			0.87			0.10			0.08			0.65


		(0.14	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)		(0.36	)
		(0.14	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)		(0.36	)

	$	11.12		$	11.00		$	11.21		$	10.66		$	10.88		$	11.13

		2.41%			0.81%			8.33%			0.95%			0.84%			6.12%


	$	106,888		$	103,913		$	103,487		$	98,980		$	98,491		$	121,168
		0.89%			0.89%			0.89%			0.89%			0.89%			0.89%
		0.98%			0.97%			0.99%			0.99%			0.99%			0.98%
		2.62%			2.69%			2.97%			2.98%			3.08%			3.23%
		2.53%			2.61%			2.87%			2.88%			2.98%			3.14%
		2%			18%			12%			14%			19%			15%

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Amount is less than $0.005 per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

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Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.02		$	11.23		$	10.68		$	10.90		$	11.15		$	10.87


		0.10			0.21			0.24			0.24			0.25			0.27
		0.12			(0.21	)		0.55			(0.22	)		(0.25	)		0.29
		0.22			—	³		0.79			0.02			—	³		0.56


		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)		(0.28	)
		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)		(0.28	)

	$	11.14		$	11.02		$	11.23		$	10.68		$	10.90		$	11.15

		2.03%			0.05%			7.51%			0.19%			0.09%			5.22%


	$	14,901		$	19,376		$	21,059		$	21,651		$	32,223		$	35,751
		1.64%			1.64%			1.64%			1.64%			1.64%			1.64%
		1.73%			1.72%			1.74%			1.74%			1.74%			1.73%
		1.87%			1.94%			2.22%			2.23%			2.33%			2.48%

		1.78%			1.86%			2.12%			2.13%			2.23%			2.39%
		2%			18%			12%			14%			19%			15%

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

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Six months ended
2/28/21¹				Year ended
(Unaudited)				8/31/20			8/31/19			8/31/18			8/31/17			8/31/16
	$	11.00		$	11.20		$	10.66		$	10.87		$	11.12		$	10.84


		0.16			0.32			0.35			0.35			0.36			0.38
		0.11			(0.20	)		0.54			(0.21	)		(0.25	)		0.29
		0.27			0.12			0.89			0.14			0.11			0.67


		(0.16	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)		(0.39	)
		(0.16	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)		(0.39	)

	$	11.11		$	11.00		$	11.20		$	10.66		$	10.87		$	11.12

		2.44%			1.15%			8.50%			1.30%			1.09%			6.28%


	$	84,258		$	75,325		$	75,155		$	53,501		$	44,805		$	31,206
		0.64%			0.64%			0.64%			0.64%			0.64%			0.64%
		0.73%			0.72%			0.74%			0.74%			0.74%			0.73%
		2.87%			2.94%			3.22%			3.23%			3.33%			3.48%
		2.78%			2.86%			3.12%			3.13%			3.23%			3.39%
		2%			18%			12%			14%			19%			15%

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Notes to financial statements
Delaware Funds^®by Macquarie Minnesota municipal bond funds	February 28, 2021 (Unaudited)

Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Fund. Voyageur Intermediate Tax-Free Funds is organized as a Delaware statutory trust and offers Delaware Tax-Free Minnesota Intermediate Fund. Voyageur Mutual Funds, Voyageur Tax-Free Funds, and Voyageur Intermediate Tax-Free Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free Minnesota Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Minnesota Fund or Delaware Tax-Free Minnesota High-Yield Fund prior to December 2, 2019, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free Minnesota Intermediate Fund, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of the Delaware Tax-Free Minnesota or Delaware Minnesota High-Yield Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

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

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not readily available are valued at fair value as determined in good faith under the direction of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended February 28, 2021, and for all open tax years (years ended August 31, 2017–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2021, the Funds did not incur any interest or tax penalties.

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

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

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

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

1. Significant Accounting Policies (continued)

annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

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

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax-Free Minnesota Fund		$	161
Delaware Tax-Free Minnesota Intermediate Fund			27
Delaware Minnesota High-Yield Municipal Bond Fund			67

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

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

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through February 28, 2021.* These waivers and reimbursements may only be

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terminated by agreement of DMC and each Fund. 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 Minnesota Fund		0.60%
Delaware Tax-Free Minnesota Intermediate Fund		0.56%
Delaware Minnesota High-Yield Municipal Bond Fund		0.64%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Tax-Free Minnesota Fund		$11,784
Delaware Tax-Free Minnesota Intermediate Fund		3,472
Delaware Minnesota High-Yield Municipal Bond Fund		5,349

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended February 28, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Tax-Free Minnesota Fund		$25,640
Delaware Tax-Free Minnesota Intermediate Fund		3,901
Delaware Minnesota High-Yield Municipal Bond Fund		8,810

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

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

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

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

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. DDLP has contracted to waive Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fee to 0.15% of average daily net assets from September 1, 2020 through August 31, 2021.* The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Delaware Tax-Free Minnesota Fund		$8,636
Delaware Tax-Free Minnesota Intermediate Fund		1,315
Delaware Minnesota High-Yield Municipal Bond Fund		2,942

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

Fund		Commissions
Delaware Tax-Free Minnesota Fund		$6,168
Delaware Tax-Free Minnesota Intermediate Fund		1,614
Delaware Minnesota High-Yield Municipal Bond Fund		2,953

For the six months ended February 28, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A	Class C
Delaware Tax-Free Minnesota Fund	$1,023	$279
Delaware Tax-Free Minnesota Intermediate Fund	150	44
Delaware Minnesota High-Yield Municipal Bond Fund	2,168	405

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.

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Cross trades for the six months ended February 28, 2021, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2021, the Funds engaged in the following Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains (losses) as follows:

	Purchases	Sales	Net realized gain (loss)
Delaware Tax-Free Minnesota Fund	$8,998,541	$4,261,952		$57,127
Delaware Tax-Free Minnesota
Intermediate Fund	2,410,597	3,180,040		—
Delaware Minnesota High-Yield
Municipal Bond Fund	4,162,378	7,377,530		85,207

____________________
Delaware Tax-Free Minnesota Intermediate Fund did not have any realized gains (losses) during the six months ended February 28, 2021

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

3. Investments

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

Fund	Purchases	Sales
Delaware Tax-Free Minnesota Fund	$25,740,099	$14,952,099
Delaware Tax-Free Minnesota Intermediate Fund	7,652,058	4,525,037
Delaware Minnesota High-Yield Municipal Bond Fund	7,176,217	4,145,632

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

3. Investments (continued)

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

Fund	Cost of investments	Aggregate unrealized appreciation of investments	Aggregate unrealized depreciation of investments	Net unrealized appreciation of investments
Delaware Tax-Free
Minnesota Fund	$557,557,921	$30,001,042	$(2,794,653)	$27,206,389
Delaware Tax-Free
Minnesota
Intermediate Fund	84,985,386	3,832,312	(470,599)	3,361,713
Delaware Minnesota
High-Yield Municipal
Bond Fund	191,047,966	9,952,886	(1,392,276)	8,560,610

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

	Loss carryforward character
	Short-term	Long-term		Total
Delaware Tax-Free
Minnesota
Intermediate Fund	$167,389		$—	$167,389
Delaware Minnesota
High-Yield Municipal
Bond Fund	790,025		—	790,025

At August 31, 2020, Delaware Tax-Free Minnesota Fund did not have any capital loss carryforwards.

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

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circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

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

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

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of February 28, 2021:

	Delaware Tax-Free Minnesota Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	576,624,310
Short-Term Investments			8,140,000
Total Value of Securities		$	584,764,310

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

3. Investments (continued)

	Delaware Tax-Free Minnesota Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	87,872,099
Short-Term Investments			475,000
Total Value of Securities		$	88,347,099

	Delaware Minnesota High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	198,708,576
Short-Term Investments			900,000
Total Value of Securities		$	199,608,576

During the six months ended February 28, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended February 28, 2021, there were no Level 3 investments.

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4. Capital Shares

Transactions in capital shares were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	2/28/21		8/31/20		2/28/21		8/31/20		2/28/21		8/31/20
Shares sold:
Class A	1,522,174		2,470,484		491,597		760,322		739,510		1,132,737
Class C	102,254		162,787		12,257		58,542		67,516		332,654
Institutional Class	2,247,116		3,968,576		114,022		1,097,848		1,397,383		2,563,763

Shares issued upon reinvestment of dividends and distributions:
Class A	324,805		756,678		46,789		104,225		116,484		227,598
Class C	15,126		44,653		2,489		8,531		14,843		33,910
Institutional Class	144,720		314,844		23,832		42,075		100,269		208,101
	4,356,195		7,718,022		690,986		2,071,543		2,436,005		4,498,763

Shares redeemed:
Class A	(2,057,849	)	(3,813,207	)	(213,001	)	(629,289	)	(688,611	)	(1,146,037	)
Class C	(693,507	)	(547,958	)	(173,881	)	(240,006	)	(502,855	)	(483,508	)
Institutional Class	(760,233	)	(3,120,080	)	(134,795	)	(476,666	)	(766,665	)	(2,628,916	)
	(3,511,589	)	(7,481,245	)	(521,677	)	(1,345,961	)	(1,958,131	)	(4,258,461	)
Net increase	844,606		236,777		169,309		725,582		477,874		240,302

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the “Statements of changes in net assets.” For the six months ended February 28, 2021 and the year ended August 31, 2020, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Minnesota Fund
Six months ended
2/28/21	44,506	201,129	197,593	48,824	$3,104,590
Year ended
8/31/20	73,750	57,333	55,209	76,105	1,625,460

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

4. Capital Shares (continued)

			Exchange
	Exchange Redemptions		Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Minnesota Intermediate Fund
Six months ended
2/28/21	—	36,271	36,360	—	$	406,725
Year ended
8/31/20	—	20,392	20,195	252		225,863
Delaware Minnesota High-Yield Municipal Bond Fund
Six months ended
2/28/21	629	56,175	56,038	936		633,674
Year ended
8/31/20	4,022	46,853	45,608	5,405		559,234

5. Line of Credit

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

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

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

6. Geographic, Credit, and Market Risks

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to

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adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

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

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

The value of the Funds’ investments may be adversely affected by new legislation within the US state or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At February 28, 2021, the percentages of each Fund’s net assets insured by bond insurers are listed below, and these securities have been identified on the “Schedules of investments.”

				Delaware Tax-Free
	Delaware Tax-Free			Minnesota
	Minnesota Fund			Intermediate Fund
Assured Guaranty Municipal Corporation		0.44	%		1.27	%
National Public Finance Guarantee Corporation		0.81	%		—
Total		1.25	%		1.27	%

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,

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

6. Geographic, Credit, and Market Risks (continued)
through various means of structuring the transaction or through a combination of such approaches. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under 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.”

7. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However,

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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.

8. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

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

9. Subsequent Events

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

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds^® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

VOYAGEUR TAX FREE FUNDS

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

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

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

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