N-CSRS

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, 2022

Item 1. Reports to Stockholders

	Semiannual report

Fixed income mutual funds

Delaware Tax-Free Minnesota Fund

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Minnesota High-Yield Municipal Bond Fund

February 28, 2022

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

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawarefunds.com/edelivery.

Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector / state / territory allocations	4
Schedules of investments	7
Statements of assets and liabilities	46
Statements of operations	48
Statements of changes in net assets	49
Financial highlights	56
Notes to financial statements	74
About the organization	88

Unless otherwise noted, views expressed herein are current as of February 28, 2022, and subject to change for events occurring after such date.

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

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

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

© 2022 Macquarie Management Holdings, Inc.

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

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

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2021 to February 28, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1

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

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/21			2/28/22			Expense Ratio	9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$976.10	0.85%		$	4.16
Class C			1,000.00			971.80	1.60%			7.82
Institutional Class			1,000.00			976.50	0.60%			2.94
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.58	0.85%		$	4.26
Class C			1,000.00			1,016.86	1.60%			8.00
Institutional Class			1,000.00			1,021.82	0.60%			3.01
Delaware Tax-Free Minnesota Intermediate Fund Expense analysis of an investment of $1,000
	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	9/1/21			2/28/22			Expense Ratio	9/1/21 to 2/28/22*
Actual Fund return†
Class A		$	1,000.00			$971.70	0.74%		$	3.62
Class C			1,000.00			968.70	1.56%			7.61
Institutional Class			1,000.00			973.50	0.56%			2.74
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.12	0.74%		$	3.71
Class C			1,000.00			1,017.06	1.56%			7.80
Institutional Class			1,000.00			1,022.02	0.56%			2.81

2

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

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

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

3

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

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

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

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

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

4

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

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

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

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

State / territory	Percentage of net assets
Guam		0.76	%
Minnesota		93.03	%
Puerto Rico		5.51	%
Total Value of Securities		99.30	%

5

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

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

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

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

State / territory	Percentage of net assets
Minnesota		90.41	%
Puerto Rico		8.50	%
Total Value of Securities		98.91	%

6

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

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

7

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

8

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

9

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

10

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

11

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

12

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

13

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

14

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

15

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

16

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

17

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

18

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

19

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

20

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

21

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $14,920,083, which represents 2.49% of the Fund's net assets. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

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

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

22

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

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

23

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

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

24

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

25

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

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

26

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

27

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

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

28

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

29

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $2,042,387, which represents 2.39% of the Fund's net assets. See Note 6 in “Notes to financial statements.”
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

30

‡

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

¤

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

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

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

31

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

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

32

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

33

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

34

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

35

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

36

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

37

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

38

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

39

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

40

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

41

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

42

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

43

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $11,132,361, which represents 4.86% of the Fund's net assets. See Note 6 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 6 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of February 28, 2022.

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

44

Summary of abbreviations: (continued)
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
USD – US Dollar

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

45

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

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

46

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

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

47

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

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

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

48

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

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

49

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

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

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

50

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

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

51

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

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

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

52

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

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

53

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

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

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

54

Financial highlights
Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

56

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

57

Financial highlights
Delaware Tax-Free Minnesota Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

58

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

59

Financial highlights
Delaware Tax-Free Minnesota Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

60

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

61

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

62

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

63

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

64

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

65

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

66

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

67

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

68

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

69

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

70

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

71

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

72

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

73

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

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

1. Significant Accounting Policies

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

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related

74

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

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund's tax positions taken or expected to be taken on each Fund's federal income tax returns through the six months ended February 28, 2022, and for all open tax years (years ended August 31, 2019–August 31, 2021), and has concluded that no provision for federal income tax is required in each Fund's financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended February 28, 2022, the Funds did not incur any interest or tax penalties.

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

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the

75

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

1. Significant Accounting Policies (continued)

specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended February 28, 2022.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended February 28, 2022, each Fund earned the following amounts under this arrangement:

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

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

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

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

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

76

but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2021 through February 28, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended February 28, 2022, each Fund was charged for these services as follows:

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

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

77

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

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

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

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

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

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. Prior to December 28, 2021, DDLP had contracted to waive Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fee to 0.15% of average daily net assets. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended February 28, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

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

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

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

78

For the six months ended February 28, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A		Class C
Delaware Tax-Free Minnesota Fund	$	1,383	$	291
Delaware Tax-Free Minnesota Intermediate Fund		—		49
Delaware Minnesota High-Yield Municipal Bond Fund		784		17

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

Cross trades for the six months ended February 28, 2022, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended February 28, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

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

____________________

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

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

79

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

3. Investments

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

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

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

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

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

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

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

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date

80

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

81

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

3. Investments (continued)

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

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

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

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

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

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

82

4. Capital Shares

Transactions in capital shares were as follows:

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

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended February 28, 2022 and the year ended August 31, 2021, each Fund had the following exchange transactions:

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

83

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

4. Capital Shares (continued)

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

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 1, 2021.

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

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

84

6. Geographic, Credit, and Market Risks

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

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

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

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

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

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

Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the

85

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

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

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

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

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

7. Contractual Obligations

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

86

8. Recent Accounting Pronouncements

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

9. Subsequent Events

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

87

About the organization

Board of trustees

Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds
by Macquarie^®
Philadelphia, PA Jerome D. Abernathy
Managing Member,
Stonebrook Capital
Management, LLC
Jersey City, NJ Thomas L. Bennett
Chairman of the Board
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA Ann D. Borowiec
Former Chief Executive
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY Joseph W. Chow
Former Executive Vice
President
State Street Corporation
Boston, MA H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP
Detroit, MI John A. Fry
President
Drexel University
Philadelphia, PA Joseph Harroz, Jr.
President
University of Oklahoma
Norman, OK Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children's Mercy Hospitals
and Clinics
Kansas City, MO Frances A.
Sevilla-Sacasa
Former Chief Executive
Officer
Banco Itaú International
Miami, FL Thomas K. Whitford
Former Vice Chairman
PNC Financial Services
Group
Pittsburgh, PA Christianna Wood
Chief Executive Officer
and President
Gore Creek Capital, Ltd.
Golden, CO Janet L. Yeomans
Former Vice President and
Treasurer
3M Company
St. Paul, MN

Affiliated officers

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

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

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

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

88

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15( b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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

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

Not applicable.

Item 13. Exhibits

(a)	(1) Code of Ethics
	Not applicable.
	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
	(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
	Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

VOYAGEUR TAX FREE FUNDS

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

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

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

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATION

I, Shawn K. Lytle, certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Tax Free Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Tax Free Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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

EX-99.906 CERT

EXHIBIT 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the registrant does hereby certify, to the best of such officer’s knowledge, that:

1.	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

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

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.