UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-07742

Exact name of registrant as specified in charter:		Voyageur Mutual Funds

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

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

Date of fiscal year end:		August 31

Date of reporting period:		February 28, 2019

Item 1. Reports to Stockholders

LOGO

Fixed income mutual funds

Delaware Tax-Free Minnesota Fund

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Minnesota High-Yield Municipal Bond Fund

February 28, 2019

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.

LOGO

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. We are active managers who prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for our clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 75 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

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Check your account balance and transactions

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View statements and tax forms

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Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following registered 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 Capital Investment Management LLC.

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

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

Table of contents


Disclosure of Fund expenses			1

Security type / sector / state / territory allocations			4

Schedules of investments			7

Statements of assets and liabilities			39

Statements of operations			41

Statements of changes in net assets			42

Financial highlights			48

Notes to financial statements			66

About the organization			80

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2019, 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.

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These 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 Sept. 1, 2018 to Feb. 28, 2019.

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 the Funds 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.

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (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

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,015.90		0.85%		$4.25
Class C		1,000.00		1,012.10		1.60%		7.98
Institutional Class		1,000.00		1,016.30		0.60%		3.00

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.58		0.85%		$4.26
Class C		1,000.00		1,016.86		1.60%		8.00
Institutional Class		1,000.00		1,021.82		0.60%		3.01

Delaware Tax-Free Minnesota Intermediate Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,017.60		0.71%		$3.55
Class C		1,000.00		1,013.30		1.56%		7.79
Institutional Class		1,000.00		1,017.40		0.56%		2.80

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,021.27		0.71%		$3.56
Class C		1,000.00		1,017.06		1.56%		7.80
Institutional Class		1,000.00		1,022.02		0.56%		2.81

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

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,016.30		0.89%		$4.45
Class C		1,000.00		1,012.50		1.64%		8.18
Institutional Class		1,000.00		1,016.60		0.64%		3.20

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.

Security type / sector / state / territory allocations


Delaware Tax-Free Minnesota Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector			Percentage of net assets
Municipal Bonds*			98.77%
Corporate Revenue Bond			0.60%
Education Revenue Bonds			16.61%
Electric Revenue Bonds			9.32%
Healthcare Revenue Bonds			26.42%
Housing Revenue Bonds			0.45%
Lease Revenue Bonds			2.95%
Local General Obligation Bonds			8.26%
Pre-Refunded/Escrowed to Maturity Bonds			13.69%
Special Tax Revenue Bonds			1.47%
State General Obligation Bonds			12.39%
Transportation Revenue Bonds			3.46%
Water & Sewer Revenue Bonds			3.15%
Short-Term Investments			0.07%
Total Value of Securities			98.84%
Receivables and Other Assets Net of Liabilities			1.16%
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			0.38%
Minnesota			98.08%
US Virgin Islands			0.38%
Total Value of Securities			98.84%

Security type / sector / state / territory allocations


Delaware Tax-Free Minnesota Intermediate Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector			Percentage of net assets
Municipal Bonds			97.90%
Corporate Revenue Bond			0.31%
Education Revenue Bonds			13.29%
Electric Revenue Bonds			10.48%
Healthcare Revenue Bonds			31.10%
Housing Revenue Bond			0.40%
Lease Revenue Bonds			5.47%
Local General Obligation Bonds			7.44%
Pre-Refunded/Escrowed to Maturity Bonds			8.97%
Special Tax Revenue Bonds			0.75%
State General Obligation Bonds			11.31%
Transportation Revenue Bonds			6.72%
Water & Sewer Revenue Bonds			1.66%
Short-Term Investments			1.16%
Total Value of Securities			99.06%
Receivables and Other Assets Net of Liabilities			0.94%
Total Net Assets			100.00%

Security type / sector / state / territory allocations


Delaware Minnesota High-Yield Municipal Bond Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector			Percentage of net assets
Municipal Bonds*			97.85%
Corporate Revenue Bond			1.01%
Education Revenue Bonds			20.28%
Electric Revenue Bonds			8.17%
Healthcare Revenue Bonds			32.49%
Housing Revenue Bonds			1.45%
Lease Revenue Bonds			2.67%
Local General Obligation Bonds			7.81%
Pre-Refunded/Escrowed to Maturity Bonds			8.85%
Special Tax Revenue Bonds			1.59%
State General Obligation Bonds			8.72%
Transportation Revenue Bonds			3.21%
Water & Sewer Revenue Bonds			1.60%
Short-Term Investments			0.89%
Total Value of Securities			98.74%
Receivables and Other Assets Net of Liabilities			1.26%
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
Guam			0.36%
Minnesota			98.38%
Total Value of Securities			98.74%

Schedules of investments


Delaware Tax-Free Minnesota Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)

Municipal Bonds – 98.77%

Corporate Revenue Bond – 0.60%
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT)#		3,565,000	$	3,277,875

				3,277,875

Education Revenue Bonds – 16.61%
Bethel Charter School Lease Revenue
(Spectrum High School Project)
Series A 4.00% 7/1/32		840,000		833,104
Series A 4.25% 7/1/47		1,250,000		1,211,525
Series A 4.375% 7/1/52		400,000		388,696
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project)
Series A 5.00% 3/1/34		2,260,000		2,245,852
Series A 5.00% 3/1/39		385,000		369,488
Cologne Charter School Lease Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/34		250,000		255,745
Series A 5.00% 7/1/45		1,390,000		1,373,862
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project) Series A 5.50% 7/1/50		2,000,000		2,096,340
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project)
Series A 5.00% 11/1/38		700,000		713,930
Series A 5.00% 11/1/48		2,800,000		2,828,672
Forest Lake Charter School Lease Revenue Fund
(Lakes International Language Academy Project)
Series A 5.25% 8/1/43		400,000		405,104
Series A 5.375% 8/1/50		1,690,000		1,718,899
Series A 5.50% 8/1/36		580,000		603,873
Series A 5.75% 8/1/44		1,190,000		1,230,639
Ham Lake Charter School Lease Revenue
(Davinci Academy Project)
Series A 5.00% 7/1/36		765,000		770,080
Series A 5.00% 7/1/47		2,290,000		2,238,933
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/34		580,000		598,548
Series A 5.00% 7/1/44		1,770,000		1,801,311
Minneapolis Charter School Lease Revenue
(Hiawatha Academies Project)
Series A 5.00% 7/1/31		885,000		899,594
Series A 5.00% 7/1/47		2,300,000		2,228,723

Schedules of investments

Delaware Tax-Free Minnesota Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Minneapolis Student Housing Revenue
(Riverton Community Housing Project)
5.25% 8/1/39		470,000	$	489,251
5.50% 8/1/49		2,260,000		2,369,542
Minnesota Colleges & Universities Revenue Fund
Series A 5.00% 10/1/26		4,990,000		5,996,683
Minnesota Higher Education Facilities Authority Revenue
(Bethel University)
5.00% 5/1/32		1,375,000		1,496,797
5.00% 5/1/37		1,250,000		1,338,287
5.00% 5/1/47		250,000		264,743
(Carleton College) 4.00% 3/1/35		1,000,000		1,062,920
4.00% 3/1/36		415,000		439,946
5.00% 3/1/44		2,085,000		2,368,956
(College of St. Benedict) Series 8-K 4.00% 3/1/43		1,000,000		977,610
(Gustavus Adolphus College) 5.00% 10/1/47		5,600,000		6,157,592
(St. Catherine University)
Series A 4.00% 10/1/36		925,000		933,732
Series A 5.00% 10/1/35		875,000		979,536
Series A 5.00% 10/1/45		2,120,000		2,309,910
(St. John’s University)
Series 8-I 5.00% 10/1/32		500,000		573,330
Series 8-I 5.00% 10/1/33		250,000		285,853
(St. Olaf College)
Series 8-G 5.00% 12/1/31		670,000		777,749
Series 8-G 5.00% 12/1/32		670,000		776,396
Series 8-N 4.00% 10/1/35		500,000		533,330
(St. Scholastica College) Series 7-J 6.30% 12/1/40		1,800,000		1,842,588
(Trustees of The Hamline University)
Series B 5.00% 10/1/37		955,000		1,005,367
Series B 5.00% 10/1/38		1,000,000		1,049,430
Series B 5.00% 10/1/39		170,000		177,954
Series B 5.00% 10/1/40		625,000		653,006
Series B 5.00% 10/1/47		1,060,000		1,100,534
(University of St. Thomas)
Series 8-L 5.00% 4/1/35		1,250,000		1,417,663
Series A 4.00% 10/1/34		400,000		424,992
Series A 4.00% 10/1/36		500,000		527,060
Otsego Charter School Lease Revenue
(Kaleidoscope Charter School)
Series A 5.00% 9/1/34		520,000		522,725


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Otsego Charter School Lease Revenue
(Kaleidoscope Charter School) Series A 5.00% 9/1/44		1,165,000	$	1,143,587
Rice County Educational Facilities Revenue
(Shattuck-St. Mary’s School) Series A 144A 5.00% 8/1/22 #		2,855,000		2,988,899
St. Cloud Charter School Lease Revenue
(Stride Academy Project) Series A 5.00% 4/1/46		875,000		480,847
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		1,945,000		1,938,912
(Great River School Project)
Series A 144A 4.75% 7/1/29 #		150,000		153,303
Series A 144A 5.50% 7/1/52 #		735,000		752,905
(Nova Classical Academy Project)
Series A 4.00% 9/1/36		500,000		479,310
Series A 4.125% 9/1/47		1,750,000		1,621,357
(Twin Cities Academy Project) Series A 5.30% 7/1/45		1,440,000		1,449,115
University of Minnesota
Series A 5.00% 4/1/34		925,000		1,070,512
Series A 5.00% 9/1/34		2,625,000		3,100,571
Series A 5.00% 4/1/35		3,175,000		3,662,299
Series A 5.00% 4/1/36		2,650,000		3,045,831
Series A 5.00% 4/1/37		1,125,000		1,287,383
Series A 5.00% 9/1/40		1,560,000		1,794,406
Series A 5.00% 9/1/41		1,750,000		2,008,580

				90,644,217

Electric Revenue Bonds – 9.32%
Chaska Electric Revenue
(Generating Facilities) Series A 5.00% 10/1/30		1,150,000		1,320,913
Minnesota Municipal Power Agency Electric Revenue
4.00% 10/1/41		1,000,000		1,040,620
5.00% 10/1/29		395,000		450,679
5.00% 10/1/30		500,000		568,520
5.00% 10/1/33		1,205,000		1,360,505
5.00% 10/1/47		2,000,000		2,243,640
Series A 5.00% 10/1/30		1,060,000		1,205,262
Series A 5.00% 10/1/34		750,000		845,655
Series A 5.00% 10/1/35		1,525,000		1,717,226

Schedules of investments

Delaware Tax-Free Minnesota Fund


	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	$	634,046
5.00% 1/1/28		560,000		658,218
5.00% 1/1/29		805,000		937,315
5.00% 1/1/30		520,000		597,610
5.00% 1/1/31		200,000		232,012
5.00% 1/1/32		210,000		241,813
5.00% 1/1/35		160,000		181,618
5.00% 1/1/36		180,000		203,544
5.00% 1/1/41		400,000		446,120
Series A 5.00% 1/1/25		125,000		138,893
Series A 5.00% 1/1/26		425,000		470,909
Series A 5.00% 1/1/31		520,000		568,542
Rochester Electric Utility Revenue
Series A 5.00% 12/1/42		1,395,000		1,574,983
Series A 5.00% 12/1/47		2,265,000		2,550,866
Series B 5.00% 12/1/27		295,000		335,607
Series B 5.00% 12/1/28		275,000		311,787
Series B 5.00% 12/1/31		1,365,000		1,542,969
Series B 5.00% 12/1/33		300,000		337,239
Southern Minnesota Municipal Power Agency Revenue
Capital Appreciation Series A 6.70% 1/1/25 (NATL)^		5,000,000		4,387,200
Series A 5.00% 1/1/41		1,310,000		1,461,619
Series A 5.00% 1/1/42		1,500,000		1,709,220
Series A 5.00% 1/1/46		2,000,000		2,224,900
Series A 5.00% 1/1/47		3,130,000		3,560,500
St. Paul Housing & Redevelopment Energy Revenue
Series A 4.00% 10/1/30		1,235,000		1,323,722
Series A 4.00% 10/1/31		885,000		939,711
Series A 4.00% 10/1/33		365,000		383,524
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/34		4,000,000		4,472,760
Series A 5.00% 1/1/40		3,935,000		4,352,779
Series A 5.00% 1/1/46		3,000,000		3,308,490

				50,841,536

Healthcare Revenue Bonds – 26.42%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project)
5.125% 11/1/49		1,100,000		1,118,007
5.375% 11/1/34		320,000		334,806


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Apple Valley Senior Housing Revenue
(PHS Apple Valley Senior Housing, Inc. - Orchard Path Project)
5.00% 9/1/43		465,000	$	489,454
5.00% 9/1/58		3,220,000		3,361,326
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
2nd Tier Series B 5.00% 1/1/47		1,725,000		1,743,061
2nd Tier Series B 5.25% 1/1/37		510,000		520,730
4th Tier Series D 7.00% 1/1/37		1,665,000		1,631,617
4th Tier Series D 7.25% 1/1/52		2,500,000		2,484,125
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System – St. Peter Communities Project) Series A 5.50% 12/1/48		2,350,000		2,356,251
Bethel Senior Housing Revenue
(The Lodge at The Lakes at Stillwater Project)
5.00% 6/1/38		450,000		463,824
5.00% 6/1/48		1,000,000		1,020,330
5.00% 6/1/53		600,000		608,946
Breckenridge Catholic Health Initiatives
Series A 5.00% 5/1/30		2,125,000		2,147,886
Center City Health Care Facilities Revenue
(Hazelden Betty Ford Foundation Project) 5.00% 11/1/26		500,000		552,915
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/36 #		280,000		282,254
Series A 144A 5.00% 8/1/46 #		2,380,000		2,385,807
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38		730,000		726,416
Series A 5.00% 4/1/40		705,000		699,529
Series A 5.00% 4/1/48		315,000		308,835
Duluth Economic Development Authority
(Essentia Health Obligated Group) Series A 5.00% 2/15/48		1,850,000		2,028,469
(St. Luke’s Hospital of Duluth Obligated Group)
5.75% 6/15/32		1,850,000		2,003,106
6.00% 6/15/39		3,570,000		3,889,586
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/24		500,000		521,205

Schedules of investments

Delaware Tax-Free Minnesota Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/25		660,000	$	686,869
4.00% 4/1/31		60,000		61,453
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
5.375% 8/1/34		660,000		662,264
5.75% 2/1/44		500,000		506,450
(St. John’s Lutheran Home of Albert Lea Project) 5.375% 10/1/44		575,000		585,913
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		2,000,000		2,041,060
5.00% 5/1/27		1,400,000		1,662,934
5.00% 5/1/29		1,000,000		1,170,020
5.00% 5/1/30		850,000		984,683
5.00% 5/1/31		500,000		573,350
5.00% 5/1/32		500,000		569,190
(North Memorial Health Care)
5.00% 9/1/31		1,000,000		1,102,600
5.00% 9/1/32		1,000,000		1,098,050
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 4.00% 11/15/48		5,600,000		5,671,512
Series A 5.00% 11/15/33		500,000		564,690
Series A 5.00% 11/15/34		500,000		562,860
Series A 5.00% 11/15/44		1,000,000		1,090,860
Series A 5.00% 11/15/49		3,475,000		3,844,531
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project)
5.00% 11/1/35		500,000		508,785
5.25% 11/1/45		1,950,000		1,994,382
5.375% 11/1/50		455,000		466,621
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A 5.00% 11/15/28		1,550,000		1,854,931
(Children’s Health Care) Series A 5.25% 8/15/35		2,085,000		2,182,182
Minnesota Agricultural & Economic Development Board Revenue
(Essenthia Health Obligated Group)
Series C-1 5.00% 2/15/30 (AGC)		5,725,000		5,869,499


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Minnesota Agricultural & Economic Development Board Revenue
(Essenthia Health Obligated Group)
Series C-1 5.25% 2/15/23 (AGC)		5,000,000	$	5,160,750
Series C-1 5.50% 2/15/25 (AGC)		5,120,000		5,292,134
Red Wing Senior Housing
(Deer Crest Project)
Series A 5.00% 11/1/27		430,000		444,203
Series A 5.00% 11/1/32		330,000		340,197
Series A 5.00% 11/1/42		1,250,000		1,285,775
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project) Series A 6.875% 12/1/48		2,980,000		3,205,169
Rochester Health Care Facilities Revenue
(Mayo Clinic)
4.00% 11/15/41		4,515,000		4,601,598
Series D Remarketing 5.00% 11/15/38		6,405,000		6,607,590
(Olmsted Medical Center Project)
5.00% 7/1/24		295,000		331,309
5.00% 7/1/33		650,000		704,548
5.875% 7/1/30		1,850,000		1,940,853
Sartell Health Care Facilities Revenue
(Country Manor Campus Project)
Series A 5.25% 9/1/27		1,280,000		1,377,882
Series A 5.30% 9/1/37		1,200,000		1,288,020
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home) 5.125% 1/1/39		1,350,000		1,366,011
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31		915,000		949,495
5.00% 9/1/24		575,000		654,833
5.00% 9/1/25		750,000		852,787
5.00% 9/1/26		575,000		649,756
5.00% 9/1/27		405,000		455,726
5.00% 9/1/28		425,000		476,544
5.00% 9/1/29		425,000		474,287
5.00% 9/1/34		730,000		791,955
St. Cloud Health Care Revenue
(Centracare Health System Project)
Series A 4.00% 5/1/37		965,000		1,008,000
Series A 5.00% 5/1/46		3,715,000		4,052,768
Unrefunded Balance 5.125% 5/1/30		740,000		767,262

Schedules of investments

Delaware Tax-Free Minnesota Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A-1 Unrefunded Balance 5.25% 11/15/29		2,825,000	$	2,897,151
(Fairview Health Services)
Series A 4.00% 11/15/43		2,450,000		2,494,884
Series A 5.00% 11/15/47		1,560,000		1,720,664
(HealthPartners Obligated Group Project)
Series A 5.00% 7/1/29		2,200,000		2,517,790
Series A 5.00% 7/1/32		3,000,000		3,356,190
Series A 5.00% 7/1/33		1,260,000		1,401,876
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue
(Episcopal Homes Project) 5.125% 5/1/48		3,100,000		3,069,682
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue
(Marian Center Project)
Series A 5.30% 11/1/30		500,000		499,990
Series A 5.375% 5/1/43		500,000		480,050
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
Series A 5.50% 11/1/32		1,050,000		1,073,982
Series A 5.75% 11/1/39		2,365,000		2,419,348
Series A 6.00% 5/1/47		3,685,000		3,770,566
West St. Paul Housing and Health Care Facilities Revenue
(Walker Westwood Ridge Campus Project)
4.50% 11/1/40		250,000		249,987
4.75% 11/1/52		750,000		755,918
Winona Health Care Facilities Revenue
(Winona Health Obligation Group)
4.50% 7/1/25		850,000		875,934
4.65% 7/1/26		540,000		557,323
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.00% 12/1/34		500,000		511,220
5.125% 12/1/44		1,605,000		1,632,397
5.25% 12/1/49		750,000		767,460

				144,126,038

Housing Revenue Bonds – 0.45%
Minnesota Housing Finance Agency Homeownership
Finance (Mortgage-Backed Securities Program)
Series D 4.70% 1/1/31 (GNMA) (FNMA) (FHLMC)		1,010,000		1,033,240


	Principal amount°		Value (US $)
Municipal Bonds (continued)

Housing Revenue Bonds (continued)
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program) 5.50% 7/1/45		1,330,000	$	1,394,053

				2,427,293

Lease Revenue Bonds – 2.95%
Minnesota General Fund Revenue Appropriations
Series A 5.00% 6/1/38		1,250,000		1,379,287
Series A 5.00% 6/1/43		3,835,000		4,216,391
Series B 5.00% 3/1/28		2,500,000		2,725,650
Minnesota Housing Finance Agency
(State Appropriation – Housing Infrastructure)
Series C 5.00% 8/1/34		1,565,000		1,778,779
Series C 5.00% 8/1/35		1,645,000		1,867,009
University of Minnesota Special Purpose Revenue
(State Supported Biomed Science Research Facilities Funding Project)
Series A 5.00% 8/1/35		3,960,000		4,130,518

				16,097,634

Local General Obligation Bonds – 8.26%
Brainerd Independent School District No. 181
(School Building)
Series A 4.00% 2/1/38		1,500,000		1,580,760
Series A 4.00% 2/1/43		3,500,000		3,640,525
Burnsville-Eagan-Savage Independent School District No. 191
(Alternative Facilities)
Series A 4.00% 2/1/28		920,000		1,004,640
Series A 4.00% 2/1/29		1,800,000		1,956,726
Chaska Independent School District No. 112
(School Building) Series A 5.00% 2/1/27		1,905,000		2,268,798
Duluth
(DECC Improvement)
Series A 5.00% 2/1/32		1,000,000		1,158,830
Series A 5.00% 2/1/33		3,585,000		4,134,581
Duluth Independent School District No. 709
Series A 4.00% 2/1/27		160,000		172,150
Series A 4.00% 2/1/28		1,250,000		1,338,400
Hennepin County
Series A 5.00% 12/1/26		1,885,000		2,307,711
Series A 5.00% 12/1/36		940,000		1,094,987
Series A 5.00% 12/1/37		2,850,000		3,334,357

Schedules of investments

Delaware Tax-Free Minnesota Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)

Local General Obligation Bonds (continued)
Hennepin County
Series A 5.00% 12/1/38		3,310,000	$	3,856,481
Series B 5.00% 12/1/30		1,000,000		1,193,770
Series C 5.00% 12/1/28		1,500,000		1,884,120
Series C 5.00% 12/1/30		1,245,000		1,486,244
Series C 5.00% 12/1/37		3,000,000		3,480,210
Mounds View Independent School District No. 621
(Minnesota School District Credit Enhancement Program) Series A 4.00% 2/1/43		3,000,000		3,116,250
Mountain Iron-Buhl Independent School District No. 712
(School Building) Series A 4.00% 2/1/26		1,315,000		1,484,714
St. Michael-Albertville Independent School District No. 885
(School Building) Series A 5.00% 2/1/27		1,865,000		2,223,807
Wayzata Independent School District No. 284
Series A 5.00% 2/1/28		1,950,000		2,373,657

				45,091,718

Pre-Refunded/Escrowed to Maturity Bonds – 13.69%
Anoka Health Care Facilities Revenue
(The Homestead at Anoka Project)
Series A 7.00% 11/1/40-19§		1,000,000		1,044,070
Series A 7.00% 11/1/46-19§		1,220,000		1,273,765
Anoka Housing Facilities Revenue
(Senior Homestead Anoka Project)
Series B 6.875% 11/1/34-19§		2,015,000		2,102,713
Dakota & Washington Counties Housing & Redevelopment Authority Single Family Residential Mortgage Revenue
(City of Anoka) 8.45% 9/1/19 (GNMA) (AMT)		9,000,000		9,283,950
(City of Bloomington)
Series B 8.375% 9/1/21 (GNMA) (AMT)		14,115,000		16,198,515
Minnesota Higher Education Facilities Authority Revenue
(St. Catherine University)
Series 7-Q 5.00% 10/1/23-22§		350,000		388,220
Series 7-Q 5.00% 10/1/24-22§		475,000		526,870
Series 7-Q 5.00% 10/1/27-22§		200,000		221,840
(University of St. Thomas) Series 7-A 5.00% 10/1/39-19§		2,000,000		2,038,400
Rochester Healthcare & Housing Revenue
(Samaritan Bethany Project) Series A 7.375% 12/1/41-19§		5,220,000		5,435,221
St. Cloud Health Care Revenue
(Centracare Health System Project)
5.375% 5/1/31-19 (AGC)§		1,000,000		1,005,960
5.50% 5/1/39-19 (AGC)§		6,000,000		6,036,960


	Principal amount°		Value (US $)
Municipal Bonds (continued)

Pre-Refunded/Escrowed to Maturity Bonds (continued)
St. Louis Park Health Care Facilities Revenue
(Park Nicollet Health Services) 5.75% 7/1/39-19§		12,025,000	$	12,183,730
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25§		910,000		1,084,065
Series A 5.00% 11/15/30-25§		670,000		798,158
University of Minnesota
Series A 5.25% 12/1/29-20§		1,850,000		1,966,476
Series A 5.50% 7/1/21		12,500,000		13,116,750

				74,705,663

Special Tax Revenue Bonds – 1.47%
Minneapolis Development Revenue
(Limited Tax Supported Common Bond Fund) Series 2-A 6.00% 12/1/40		3,000,000		3,212,280
Minneapolis Revenue
(YMCA Greater Twin Cities Project) 4.00% 6/1/30		250,000		269,527
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/30		655,000		745,717
Series G 5.00% 11/1/31		1,500,000		1,699,515
Virgin Islands Public Finance Authority
(Matching Fund Senior Lien) 5.00% 10/1/29 (AGM)		2,000,000		2,096,300

				8,023,339

State General Obligation Bonds – 12.39%
Minnesota
Series A 5.00% 8/1/27		7,590,000		8,990,431
Series A 5.00% 8/1/29		2,500,000		2,933,550
Series A 5.00% 8/1/33		2,075,000		2,506,559
Series A 5.00% 10/1/33		1,000,000		1,194,000
Series A 5.00% 8/1/35		2,975,000		3,559,379
Series A 5.00% 8/1/38		1,000,000		1,181,140
Series A Unrefunded Balance 5.00% 10/1/24		4,555,000		4,941,811
Series A Unrefunded Balance 5.00% 10/1/27		5,200,000		5,622,396
Series D 5.00% 8/1/26		6,000,000		7,295,760
Series D 5.00% 8/1/27		2,525,000		3,052,750
Series E 5.00% 10/1/26		3,395,000		4,138,301
(State Trunk Highway) Series B 5.00% 10/1/29		5,000,000		5,394,350
(Various Purposes)
Series A 5.00% 8/1/25		5,545,000		6,461,921
Series A 5.00% 8/1/30		4,200,000		4,847,640
Series A 5.00% 8/1/32		3,875,000		4,463,923

Schedules of investments

Delaware Tax-Free Minnesota Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)

State General Obligation Bonds (continued)
Minnesota
(Various Purposes)
Series A Unrefunded Balance 4.00% 8/1/27		955,000	$	1,019,873

				67,603,784

Transportation Revenue Bonds – 3.46%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
Senior
Series A 5.00% 1/1/28		1,250,000		1,282,163
Series C 5.00% 1/1/29		350,000		418,397
Series C 5.00% 1/1/33		850,000		990,361
Series C 5.00% 1/1/36		600,000		690,624
Series C 5.00% 1/1/41		600,000		679,344
Series C 5.00% 1/1/46		1,595,000		1,796,401
Subordinate
Series A 5.00% 1/1/35		1,000,000		1,110,480
Series B 5.00% 1/1/26		575,000		624,266
Series B 5.00% 1/1/27		1,160,000		1,257,382
Series B 5.00% 1/1/28		2,750,000		2,976,133
Series B 5.00% 1/1/29		120,000		129,661
Series B 5.00% 1/1/30		1,675,000		1,807,928
Series B 5.00% 1/1/31		1,750,000		1,886,885
St. Paul Port Authority Revenue
(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36		3,200,000		3,216,096

				18,866,121

Water & Sewer Revenue Bonds – 3.15%
Guam Government Waterworks Authority
5.00% 7/1/40		1,930,000		2,082,644
Metropolitan Council General Obligation Wastewater Revenue (Minneapolis-St. Paul Metropolitan Area)
Series B 4.00% 9/1/27		2,400,000		2,565,144
Series B 5.00% 9/1/25		2,000,000		2,222,660
Series C 4.00% 3/1/31		3,120,000		3,430,846
Series C 4.00% 3/1/32		3,225,000		3,515,057
Series E 5.00% 9/1/23		2,000,000		2,227,700
Minnesota Public Facilities Authority
Series B 4.00% 3/1/26		1,000,000		1,135,750

				17,179,801

Total Municipal Bonds (cost $527,216,645)				538,885,019


	Principal amount°		Value (US $)
Short-Term Investments – 0.07%

Variable Rate Demand Notes – 0.07%¤
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Children’s Hospitals & Clinics) Series B 1.72% 8/15/25
(AGM) (SPA – US Bank N.A.)		200,000	$	200,000
Minnesota Health Care System Revenue (Fairview Health Services) Series C 1.72% 11/15/48
(LOC – Wells Fargo Bank N.A.)		200,000		200,000

Total Short-Term Investments (cost $400,000)				400,000


Total Value of Securities – 98.84% (cost $527,616,645)			$	539,285,019

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $9,841,043, which represents 1.80% of the Fund’s net assets. 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 Feb. 28, 2019.

§	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.”

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

^	Zero coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHLMC – Federal Home Loan Mortgage Corporation collateral

FNMA – Federal National Mortgage Association collateral

GNMA – Government National Mortgage Association collateral

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Schedules of investments


Delaware Tax-Free Minnesota Intermediate Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)

Municipal Bonds – 97.90%

Corporate Revenue Bond – 0.31%
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT)#		255,000	$	234,462

				234,462

Education Revenue Bonds – 13.29%
Bethel Charter School Lease Revenue
(Spectrum High School Project) Series A 4.00% 7/1/32		425,000		421,511
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project) Series A 5.00% 3/1/34		485,000		481,964
Cologne Charter School Lease Revenue
(Cologne Academy Project) Series A 5.00% 7/1/29		305,000		319,515
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project) Series A 5.00% 11/1/38		400,000		407,960
Forest Lake Charter School Lease Revenue Fund
(Lakes International Language Academy Project) Series A 5.50% 8/1/36		420,000		437,287
Hugo Charter School Lease Revenue
(Noble Academy Project) Series A 5.00% 7/1/29		530,000		554,905
Minneapolis Charter School Lease Revenue
(Hiawatha Academies Project) Series A 5.00% 7/1/31		500,000		508,245
Minneapolis Student Housing Revenue
(Riverton Community Housing Project) 5.25% 8/1/39		525,000		546,504
Minnesota Higher Education Facilities Authority Revenue
(Bethel University) 5.00% 5/1/32		525,000		571,505
(Gustavus Adolphus College)
5.00% 10/1/34		435,000		494,973
5.00% 10/1/35		555,000		628,093
(St. Catherine University) Series A 5.00% 10/1/35		565,000		632,500
(St. Johns University) Series 8-I 5.00% 10/1/31		130,000		149,235
(St. Olaf College)
Series 8-G 5.00% 12/1/31		125,000		145,103
Series 8-G 5.00% 12/1/32		125,000		144,850
(St. Scholastica College) Series H 5.125% 12/1/30		1,000,000		1,019,520
(University of St. Thomas) Series 7-U 4.00% 4/1/26		1,400,000		1,504,146
Rice County Educational Facilities Revenue
(Shattuck-St. Mary’s School) Series A 144A 5.00% 8/1/22 #		325,000		340,243
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		340,000		338,936


	Principal amount°		Value (US $)
Municipal Bonds (continued)

Education Revenue Bonds (continued)

St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Great River School Project) Series A 144A 5.25% 7/1/33 #		140,000	$	145,244
(Twin Cities Academy Project) Series A 5.30% 7/1/45		260,000		261,646

				10,053,885

Electric Revenue Bonds – 10.48%
Central Minnesota Municipal Power Agency
(Brookings Twin Cities Transmission Project)
Series E 5.00% 1/1/21		1,095,000		1,158,006
Series E 5.00% 1/1/23		1,000,000		1,086,620
Chaska Electric Revenue
Series A 5.00% 10/1/28		250,000		290,903
Minnesota Municipal Power Agency Electric Revenue
Series A 5.00% 10/1/29		500,000		570,480
Series A 5.00% 10/1/30		240,000		272,889
Northern Municipal Power Agency Electric System Revenue
5.00% 1/1/29		150,000		173,790
5.00% 1/1/30		235,000		274,715
5.00% 1/1/31		350,000		399,501
Series A 5.00% 1/1/25		200,000		222,228
Rochester Electric Utility Revenue
Series A 5.00% 12/1/28		300,000		359,205
Series A 5.00% 12/1/29		500,000		594,835
Series A 5.00% 12/1/31		575,000		674,170
St. Paul Housing & Redevelopment Energy Revenue
Series A 4.00% 10/1/30		425,000		455,532
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/33		1,250,000		1,401,375

				7,934,249

Healthcare Revenue Bonds – 31.10%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project) 5.375% 11/1/34		270,000		282,493
Apple Valley Senior Housing Revenue
(PHS Senior Housing, Inc. – Orchard Path Project) 5.00% 9/1/43		535,000		563,136
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
3rd Tier Series C 4.25% 1/1/27		500,000		493,425
3rd Tier Series C 5.00% 1/1/32		420,000		419,970

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System - St. Peter Communities Project) Series A 5.50% 12/1/48		250,000	$	250,665
Bethel Senior Housing Revenue
(The Lodge at the Lakes at Stillwater Project) 5.00% 6/1/38		250,000		257,680
Center City Health Care Facilities Revenue
(Hazelden Betty Ford Foundation Project) 5.00% 11/1/24		600,000		667,746
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project) Series A 144A 5.00% 8/1/36 #		480,000		483,864
Duluth Economic Development Authority
(Essentia Health Obligated Group) Series A 5.00% 2/15/37		750,000		837,300
(St. Luke’s Hospital of Duluth Obligated Group) 5.75% 6/15/32		750,000		812,070
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project) 4.00% 4/1/26		270,000		280,157
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group) 4.25% 8/1/24		603,334		601,295
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		500,000		510,265
5.00% 5/1/28		1,000,000		1,175,470
(North Memorial Health Care) 5.00% 9/1/31		320,000		352,832
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 5.00% 11/15/33		500,000		564,690
Series A 5.00% 11/15/34		500,000		562,860
Series A 5.00% 11/15/49		1,000,000		1,106,340
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project) 5.00% 11/1/35		530,000		539,312
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A 5.00% 11/15/27		1,205,000		1,450,952
(Children’s Health Care) Series A 5.25% 8/15/25		1,000,000		1,046,760


	Principal amount°		Value (US $)
Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Minnesota Agricultural & Economic Development Board Revenue
(Essenthia Health Obligated Group) Series C-1 5.50% 2/15/25 (AGC)		2,500,000	$	2,584,050
Rochester Health Care Facilities Revenue
(Mayo Clinic) Series C 4.50% 11/15/38 ●		925,000		991,202
(Olmsted Medical Center Project) 5.125% 7/1/20		430,000		442,242
Sartell Health Care Facilities Revenue
(Country Manor Campus Project) Series A 5.00% 9/1/21		1,050,000		1,118,533
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home) 5.125% 1/1/39		575,000		581,819
St. Cloud Health Care Revenue
(Centracare Health System Project) Unrefunded Balance 5.125% 5/1/30		360,000		373,262
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Unrefunded Balance Series A-2 5.25% 11/15/28		975,000		1,000,379
(Fairview Health Services) Series A 5.00% 11/15/47		275,000		303,322
(HealthPartners Obligated Group Project)
5.00% 7/1/32		1,000,000		1,118,730
5.00% 7/1/33		200,000		222,520
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue
(Episcopal Homes Project) 5.00% 5/1/33		500,000		506,330
West St. Paul, Housing and Health Care Facilities Revenue
(Walker Westwood Ridge Campus Project) 5.00% 11/1/37		500,000		520,050
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury) 5.00% 12/1/34		500,000		511,220

				23,532,941

Housing Revenue Bond – 0.40%
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program) 5.50% 7/1/45		285,000		298,726

				298,726

Lease Revenue Bonds – 5.47%
Minnesota General Fund Revenue Appropriations
Series A 5.00% 6/1/38		1,100,000		1,213,773
Series A 5.00% 6/1/43		715,000		786,107
Series B 5.00% 3/1/27		1,000,000		1,090,260

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Lease Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority
(Minnesota Public Radio Project) 5.00% 12/1/25		1,000,000	$	1,048,600

				4,138,740

Local General Obligation Bonds – 7.44%
Duluth Independent School District No. 709
Series A 4.00% 2/1/28		250,000		267,680
Hennepin County
Series A 5.00% 12/1/36		1,500,000		1,747,320
Series A 5.00% 12/1/38		1,055,000		1,229,181
Series C 5.00% 12/1/30		1,500,000		1,790,655
St. Michael-Albertville Independent School District No. 885
(School Building) Series A 5.00% 2/1/27		500,000		596,195

				5,631,031

Pre-Refunded/Escrowed to Maturity Bonds – 8.97%
Anoka Housing Facilities Revenue
(Senior Homestead Anoka Project) Series B 6.875% 11/1/34-19§		750,000		782,647
Minnesota Higher Education Facilities Authority Revenue
(St. Catherine University) Series 7-Q 5.00% 10/1/22		425,000		471,410
Rochester Healthcare & Housing Revenue
(Samaritan Bethany Project) Series A 6.875% 12/1/29-19§		950,000		985,977
St. Louis Park Health Care Facilities Revenue
(Park Nicollet Health Services) 5.50% 7/1/29-19§		1,000,000		1,012,390
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A-2 5.25% 11/15/28-19§		1,025,000		1,050,451
St. Paul Housing & Redevelopment Authority Hospital Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25§		165,000		196,561
Series A 5.00% 11/15/30-25§		120,000		142,954
University of Minnesota
Series A 5.00% 12/1/23-20§		1,000,000		1,058,680
Series D 5.00% 12/1/26-21§		1,000,000		1,090,820

				6,791,890

Special Tax Revenue Bonds – 0.75%
Minneapolis Revenue
(YMCA Greater Twin Cities Project) 4.00% 6/1/27		100,000		109,998
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/28		400,000		459,436

				569,434


	Principal amount°		Value (US $)

Municipal Bonds (continued)

State General Obligation Bonds – 11.31%
Minnesota
Series A 5.00% 8/1/33		285,000	$	344,274
Series A 5.00% 8/1/34		1,000,000		1,202,550
Series D 5.00% 8/1/26		2,500,000		3,039,900
Series D 5.00% 8/1/27		1,500,000		1,813,515
Series E 5.00% 10/1/26		500,000		609,470
(State Trunk Highway) Series B 5.00% 10/1/22		400,000		434,076
(Various Purposes) Series F 5.00% 10/1/22		1,000,000		1,117,530

				8,561,315

Transportation Revenue Bonds – 6.72%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
Senior Series B 5.00% 1/1/22 (AMT)		1,000,000		1,002,290
Subordinate
Series B 5.00% 1/1/26		710,000		770,833
Series B 5.00% 1/1/31		750,000		808,665
Series D 5.00% 1/1/22 (AMT)		1,000,000		1,024,230
St. Paul Housing & Redevelopment Authority
(Parking Enterprise)
Series A 4.00% 8/1/26		450,000		499,721
Series A 4.00% 8/1/27		545,000		599,718
Series A 4.00% 8/1/28		350,000		382,729

				5,088,186

Water & Sewer Revenue Bonds – 1.66%
Metropolitan Council General Obligation Wastewater Revenue (Minneapolis – St. Paul Metropolitan Area)
Series C 4.00% 3/1/31		565,000		621,291
Series C 4.00% 3/1/32		585,000		637,615

				1,258,906

Total Municipal Bonds (cost $72,276,362)				74,093,765

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund


Short-Term Investments – 1.16%

Variable Rate Demand Notes – 1.16%¤
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series B-1 1.71% 11/15/35
(LOC – JPMorgan Chase Bank N.A.)	575,000	$	575,000
(Children’s Hospitals & Clinics) Series B 1.72% 8/15/25
(AGM) (SPA – US Bank N.A.)	300,000		300,000

Total Short-Term Investments (cost $875,000)			875,000


Total Value of Securities – 99.06%
(cost $73,151,362)		$	74,968,765

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $1,203,813, which represents 1.59% 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.”

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

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at Feb. 28, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. 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 description above.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LOC – Letter of Credit

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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


Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)

Municipal Bonds – 97.85%

Corporate Revenue Bond - 1.01%
St. Paul Port Authority Solid Waste Disposal Revenue
(Gerdau St. Paul Steel Mill Project) Series 7 144A 4.50% 10/1/37 (AMT)#		1,920,000	$	1,765,363

				1,765,363

Education Revenue Bonds - 20.28%
Bethel Charter School Lease Revenue
(Spectrum High School Project) Series A 4.00% 7/1/37		850,000		819,944
Brooklyn Park Charter School Lease Revenue
(Prairie Seeds Academy Project) Series A 5.00% 3/1/39		1,270,000		1,218,832
Cologne Charter School Lease Revenue
(Cologne Academy Project)
Series A 5.00% 7/1/34		250,000		255,745
Series A 5.00% 7/1/45		230,000		227,330
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project) Series A 5.50% 7/1/50		1,000,000		1,048,170
Duluth Housing & Redevelopment Authority Revenue
(Duluth Public Schools Academy Project) Series A 5.00% 11/1/48		1,000,000		1,010,240
Forest Lake Charter School Lease Revenue Fund
(Lakes International Language Academy)
Series A 5.375% 8/1/50		660,000		671,286
Series A 5.75% 8/1/44		585,000		604,978
Ham Lake Charter School Lease Revenue
(Davinci Academy Project)
Series A 5.00% 7/1/36		235,000		236,560
Series A 5.00% 7/1/47		710,000		694,167
(Parnassus Preparatory School Project) Series A 5.00% 11/1/47		650,000		647,991
Hugo Charter School Lease Revenue
(Noble Academy Project)
Series A 5.00% 7/1/34		165,000		170,277
Series A 5.00% 7/1/44		495,000		503,757
Minneapolis Charter School Lease Revenue
(Hiawatha Academies Project)
Series A 5.00% 7/1/36		1,000,000		999,930
Series A 5.00% 7/1/47		800,000		775,208
Minneapolis Student Housing Revenue
(Riverton Community Housing Project)
144A 4.75% 8/1/43 #		750,000		762,615
144A 5.00% 8/1/53 #		570,000		583,076
5.25% 8/1/39		800,000		832,768


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
Minnesota Higher Education Facilities Authority Revenue
(Bethel University) 5.00% 5/1/47		1,500,000	$	1,588,455
(Carleton College) 4.00% 3/1/37		635,000		669,779
(Gustavus Adolphus College) 5.00% 10/1/47		1,000,000		1,099,570
(Minneapolis College of Art & Design)
4.00% 5/1/24		250,000		264,085
4.00% 5/1/25		200,000		210,334
4.00% 5/1/26		100,000		104,774
(St. Catherine University)
Series A 4.00% 10/1/37		580,000		583,364
Series A 5.00% 10/1/45		670,000		730,019
(St. John’s University) Series 8-I 5.00% 10/1/34		215,000		245,274
(St. Olaf College)
Series 8-G 5.00% 12/1/31		205,000		237,968
Series 8-G 5.00% 12/1/32		205,000		237,554
Series 8-N 4.00% 10/1/34		800,000		855,952
Series 8-N 4.00% 10/1/35		590,000		629,329
(St. Scholastica College) Series H 5.125% 12/1/40		750,000		759,623
(Trustees of the Hamline University of Minnesota)
Series B 5.00% 10/1/37		300,000		315,822
Series B 5.00% 10/1/39		770,000		806,028
(University of St. Thomas) Series A 4.00% 10/1/35		400,000		423,544
Otsego Charter School Lease Revenue
(Kaleidoscope Charter School) Series A 5.00% 9/1/44		1,435,000		1,408,625
Rice County Educational Facilities Revenue
(Shattuck-St. Mary’s School) Series A 144A 5.00% 8/1/22 #		770,000		806,113
St. Cloud Charter School Lease Revenue
(Stride Academy Project) Series A 5.00% 4/1/46		750,000		412,155
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		1,750,000		1,744,523
(Great River School Project) Series A 144A 5.50% 7/1/52 #		265,000		271,455
(Hmong College Preparatory Academy Project)
Series A 5.75% 9/1/46		500,000		525,740
Series A 6.00% 9/1/51		500,000		530,280
(Nova Classical Academy Project)
Series A 4.00% 9/1/36		1,270,000		1,217,447
Series A 4.125% 9/1/47		500,000		463,245
(St. Paul Conservatory for Performing Artists) Series A 4.625% 3/1/43		445,000		411,874

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Education Revenue Bonds (continued)
St. Paul Housing & Redevelopment Authority Charter
School Lease Revenue
(Twin Cities Academy Project) Series A 5.375% 7/1/50		1,500,000	$	1,509,060
University of Minnesota
Series A 5.00% 4/1/34		2,115,000		2,447,711
Series A 5.00% 9/1/40		900,000		1,035,234
Series A 5.00% 9/1/41		620,000		711,611

				35,319,421

Electric Revenue Bonds – 8.17%
Central Minnesota Municipal Power Agency
(Brookings Twin Cities Transmission Project) 5.00% 1/1/42		1,500,000		1,596,345
Chaska Electric Revenue
Series A 5.00% 10/1/28		350,000		407,263
Hutchinson Utilities Commission Revenue
Series A 5.00% 12/1/22		490,000		547,854
Series A 5.00% 12/1/26		360,000		397,955
Minnesota Municipal Power Agency Electric Revenue
5.00% 10/1/27		165,000		189,595
5.00% 10/1/47		745,000		835,756
Series A 5.00% 10/1/28		500,000		572,680
Northern Municipal Power Agency Electric System Revenue
5.00% 1/1/26		500,000		592,220
5.00% 1/1/28		500,000		583,510
5.00% 1/1/29		470,000		544,542
5.00% 1/1/33		225,000		257,195
5.00% 1/1/34		200,000		227,700
Series A 5.00% 1/1/24		335,000		373,150
Rochester Electric Utility Revenue
Series A 5.00% 12/1/34		450,000		520,447
Series A 5.00% 12/1/35		500,000		576,105
Series A 5.00% 12/1/36		520,000		596,710
Southern Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/41		400,000		446,296
St. Paul Housing & Redevelopment Energy Revenue
Series A 4.00% 10/1/32		800,000		843,096
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/30		500,000		564,690
Series A 5.00% 1/1/33		750,000		840,825
Series A 5.00% 1/1/34		450,000		503,185


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Electric Revenue Bonds (continued)
Western Minnesota Municipal Power Agency Revenue
Series A 5.00% 1/1/40		2,000,000	$	2,212,340

				14,229,459

Healthcare Revenue Bonds – 32.49%
Anoka Healthcare & Housing Facilities Revenue
(The Homestead at Anoka Project) 5.125% 11/1/49		400,000		406,548
Anoka Housing & Redevelopment Authority Revenue
(Fridley Medical Center Project) Series A 6.875% 5/1/40		1,000,000		1,019,030
Apple Valley Senior Housing Revenue
(PHS Senior Housing, Inc. Orchard Path Project)
4.50% 9/1/53		840,000		829,836
5.00% 9/1/58		1,175,000		1,226,571
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
2nd Tier Series B 5.00% 1/1/47		525,000		530,497
4th Tier Series D 7.00% 1/1/37		515,000		504,674
4th Tier Series D 7.25% 1/1/52		1,500,000		1,490,475
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System - St. Peter Communities Project) Series A 5.50% 12/1/48		1,280,000		1,283,405
Bethel Senior Housing Revenue
(The Lodge at the Lakes at Stillwater Project) 5.25% 6/1/58		725,000		745,510
Breckenridge Catholic Health Initiatives
Series A 5.00% 5/1/30		1,675,000		1,693,040
Brooklyn Center Multifamily Housing Revenue
(Sanctuary at Brooklyn Center Project) Series A 5.50% 11/1/35		750,000		740,287
City of West St. Paul Minnesota
(Walker Westwood Ridge Campus Project) 5.00% 11/1/49		1,500,000		1,535,715
Cloquet Housing Facilities
(HADC Cloquet Project) Series A 5.00% 8/1/48		850,000		855,703
Dakota County Community Development Agency Senior Housing Revenue
(Walker Highview Hills Project) Series A 144A 5.00% 8/1/51 #		870,000		870,766
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38		335,000		333,355
Series A 5.00% 4/1/40		315,000		312,556
Series A 5.00% 4/1/48		185,000		181,380

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Duluth Economic Development Authority
(Essentia Health Obligated Group) Series A 5.00% 2/15/48		590,000	$	646,917
(St. Luke’s Hospital of Duluth Obligated Group)
5.75% 6/15/32		750,000		812,070
6.00% 6/15/39		1,000,000		1,089,520
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project) 4.00% 4/1/31		185,000		189,481
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group) 5.375% 8/1/34		750,000		752,573
(St. John’s Lutheran Home of Albert Lea Project) 5.375% 10/1/44		165,000		168,132
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37		1,155,000		1,178,712
5.00% 5/1/26		1,300,000		1,528,930
5.00% 5/1/29		500,000		585,010
(North Memorial Health Care) 5.00% 9/1/30		610,000		677,155
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 4.00% 11/15/48		1,000,000		1,012,770
Series A 5.00% 11/15/33		1,200,000		1,355,256
Series A 5.00% 11/15/34		500,000		562,860
Series A 5.00% 11/15/44		1,000,000		1,090,860
Series A 5.00% 11/15/49		1,450,000		1,604,193
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project) 5.375% 11/1/50		1,700,000		1,743,418
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series A 5.00% 11/15/29		415,000		492,290
Oakdale Senior Housing
(Oak Meadows Project) 5.00% 4/1/34		500,000		502,720
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project)
Series A 5.25% 12/1/23		175,000		183,965
Series A 6.875% 12/1/48		800,000		860,448
Rochester Health Care Facilities Revenue
(Mayo Clinic) 4.00% 11/15/41		1,790,000		1,824,332
(Olmsted Medical Center Project)
5.00% 7/1/22		350,000		384,563
5.00% 7/1/27		245,000		272,300


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Rochester Health Care Facilities Revenue
(Olmsted Medical Center Project) 5.00% 7/1/28		225,000	$	249,019
Sartell Health Care Facilities Revenue
(Country Manor Campus Project) Series A 5.25% 9/1/22		1,080,000		1,182,503
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home) 5.125% 1/1/39		825,000		834,785
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31		130,000		134,901
5.00% 9/1/34		105,000		113,911
St. Cloud Health Care Revenue
(Centracare Health System Project)
Unrefunded Balance 5.125% 5/1/30		15,000		15,553
Series A 4.00% 5/1/37		1,440,000		1,504,166
Series A 5.00% 5/1/46		2,000,000		2,181,840
St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Fairview Health Services)
Series A 4.00% 11/15/43		645,000		656,816
Series A 5.00% 11/15/47		485,000		534,950
(HealthPartners Obligated Group Project)
Series A 4.00% 7/1/33		1,320,000		1,380,799
Series A 5.00% 7/1/29		1,000,000		1,144,450
Series A 5.00% 7/1/32		900,000		1,006,857
Series A 5.00% 7/1/33		1,540,000		1,713,404
St. Paul Housing & Redevelopment Authority Housing & Health Care Facilities Revenue
(Episcopal Homes Project)
5.125% 5/1/48		1,700,000		1,683,374
Series A 5.15% 11/1/42		775,000		773,892
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue
(Marian Center Project) Series A 5.375% 5/1/43		1,000,000		960,100
Twin Valley Congregate Housing Revenue
(Living Options Project) 5.95% 11/1/28		1,825,000		1,820,857
Victoria Health Care Facilities Revenue
(Augustana Emerald Care Project) 5.00% 8/1/39		1,500,000		1,527,840
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
Series A 5.50% 11/1/32		260,000		265,938
Series A 5.75% 11/1/39		590,000		603,558

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Healthcare Revenue Bonds (continued)
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community) Series A 6.00% 5/1/47		920,000	$	941,362
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury) 5.25% 12/1/49		1,250,000		1,279,100

				56,587,798

Housing Revenue Bonds – 1.45%
Minneapolis Multifamily Housing Revenue
(Olson Townhomes Project) 6.00% 12/1/19 (AMT)		310,000		310,577
Minneapolis – St. Paul Housing Finance Board Single Family Mortgage-Backed Securities Program
(City Living Project) Series A-2 5.00% 12/1/38 (GNMA) (FNMA) (FHLMC) (AMT)		11,748		11,752
Minnesota Housing Finance Agency State Appropriation
(Housing Infrastructure) Series C 5.00% 8/1/33		100,000		113,824
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program) 5.50% 7/1/45		1,275,000		1,336,404
Stillwater Multifamily Housing Revenue
(Orleans Homes Project) 5.50% 2/1/42 (AMT)		750,000		750,195

				2,522,752

Lease Revenue Bonds – 2.67%
Minnesota General Fund Revenue Appropriations
Series A 5.00% 6/1/38		1,750,000		1,931,003
Series A 5.00% 6/1/43		1,000,000		1,099,450
Minnesota Housing Finance Agency State Appropriation
(Housing Infrastructure) Series C 5.00% 8/1/32		1,415,000		1,612,916

				4,643,369

Local General Obligation Bonds – 7.81%
Chaska Independent School District No. 112
(School Building) Series A 5.00% 2/1/28		1,000,000		1,184,570
Duluth General Obligation Entertainment Convention Center Improvement
Series A 5.00% 2/1/34		1,000,000		1,149,110
Duluth Independent School District No. 709
Series A 4.00% 2/1/27		440,000		473,414
Foley Independent School District No. 51
(School Building) Series A 5.00% 2/1/21		1,105,000		1,107,961
Hennepin County
Series A 5.00% 12/1/26		750,000		918,187
Series A 5.00% 12/1/37		910,000		1,064,655
Series C 5.00% 12/1/37		2,500,000		2,900,175


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Local General Obligation Bonds (continued)
Mahtomedi Independent School District No. 832
(School Building)
Series A 5.00% 2/1/28		1,000,000	$	1,172,290
Series A 5.00% 2/1/29		1,000,000		1,169,850
Series A 5.00% 2/1/30		445,000		518,425
Series A 5.00% 2/1/31		1,000,000		1,159,560
Wayzata Independent School District No. 284
(School Building) Series A 5.00% 2/1/28		650,000		791,219

				13,609,416

Pre-Refunded/Escrowed to Maturity Bonds – 8.85%
Anoka Health Care Facilities Revenue
(The Homestead at Anoka Project) Series A 7.00% 11/1/46-19§		1,650,000		1,722,715
Deephaven Charter School Lease Revenue
(Eagle Ridge Academy Project) Series A 5.50% 7/1/43-23§		500,000		577,310
Minnesota Higher Education Facilities Authority Revenue
(St. Catherine University)
Series 7-Q 5.00% 10/1/25-22§		325,000		360,490
Series 7-Q 5.00% 10/1/26-22§		280,000		310,576
(University of St. Thomas) Series 7-A 5.00% 10/1/39-19§		1,000,000		1,019,200
Oak Park Heights Housing Revenue
(Oakgreen Commons Project) 7.00% 8/1/45-20§		1,500,000		1,608,615
Rochester Healthcare & Housing Revenue
(Samaritan Bethany Project)
Series A 6.875% 12/1/29-19§		1,000,000		1,037,870
Series A 7.375% 12/1/41-19§		375,000		390,461
St. Cloud Health Care Revenue
(Centracare Health System Project) 5.50% 5/1/39-19 (AGC)§		1,500,000		1,509,240
St. Louis Park Health Care Facilities Revenue
(Park Nicollet Health Services) 5.75% 7/1/39-19§		2,005,000		2,031,466
St. Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Nova Classical Academy Project) Series A 6.625% 9/1/42-21§		1,500,000		1,677,135
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue
(Healtheast Care System Project)
Series A 5.00% 11/15/29-25§		275,000		327,602
Series A 5.00% 11/15/30-25§		205,000		244,212
University of Minnesota
Series A 5.125% 4/1/34-19§		1,000,000		1,002,720

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Pre-Refunded/Escrowed to Maturity Bonds (continued)
University of Minnesota
Series A 5.25% 12/1/28-20§		1,500,000	$	1,594,440

				15,414,052

Special Tax Revenue Bonds – 1.59%
Minneapolis Revenue
(YMCA Greater Twin Cities Project) 4.00% 6/1/31		250,000		266,025
Minneapolis Tax Increment Revenue
(Giant Park Project)
4.00% 3/1/27		200,000		203,844
4.00% 3/1/30		260,000		262,967
(Village of St. Anthony Falls Project)
4.00% 3/1/24		700,000		709,800
4.00% 3/1/27		650,000		640,380
St. Paul Sales Tax Revenue
Series G 5.00% 11/1/28		600,000		689,154

				2,772,170

State General Obligation Bonds – 8.72%
Minnesota
Series A 5.00% 8/1/27		1,000,000		1,184,510
Series A 5.00% 8/1/29		1,000,000		1,173,420
Series A 5.00% 8/1/33		660,000		797,267
Series A 5.00% 10/1/33		2,000,000		2,388,000
Series A 5.00% 8/1/34		2,185,000		2,627,572
Series A Unrefunded Balance 5.00% 10/1/24		985,000		1,068,646
Series D 5.00% 8/1/26		1,000,000		1,215,960
Series D 5.00% 8/1/27		1,000,000		1,209,010
Series E 5.00% 10/1/26		1,085,000		1,322,550
(Various Purposes) Series A 5.00% 8/1/32		1,915,000		2,206,042

				15,192,977

Transportation Revenue Bonds – 3.21%
Minneapolis – St. Paul Metropolitan Airports Commission Revenue
Senior
Series A 5.00% 1/1/32		1,245,000		1,457,422
Series C 5.00% 1/1/46		185,000		208,360
Subordinate
Series A 5.00% 1/1/22		1,000,000		1,058,630
Series A 5.00% 1/1/32		500,000		558,610
Series B 5.00% 1/1/29		2,130,000		2,301,486

				5,584,508


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Water & Sewer Revenue Bonds – 1.60%
Guam Government Waterworks Authority
5.00% 7/1/37		575,000	$	626,221
Metropolitan Council General Obligation Wastewater Revenue (Minneapolis – St. Paul Metropolitan Area)
Series C 4.00% 3/1/31		965,000		1,061,143
Series C 4.00% 3/1/32		1,000,000		1,089,940

				2,777,304

Total Municipal Bonds (cost $168,044,220)				170,418,589




Short-Term Investments – 0.89%

Variable Rate Demand Notes – 0.89%¤
Minneapolis – St. Paul Housing & Redevelopment Authority Health Care Facilities Revenue
(Allina Health System) Series B-1 1.71% 11/15/35 (LOC - JPMorgan Chase Bank N.A.)		400,000		400,000
(Children’s Hospitals & Clinics) Series B 1.72% 8/15/25
(AGM) (SPA – US Bank N.A.)		1,150,000		1,150,000

Total Short-Term Investments (cost $1,550,000)				1,550,000


Total Value of Securities – 98.74%
(cost $169,594,220)			$	171,968,589

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $5,059,388, which represents 2.90% 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.”

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

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHLMC – Federal Home Loan Mortgage Corporation collateral

FNMA – Federal National Mortgage Association collateral

GNMA – Government National Mortgage Association collateral

LOC – Letter of Credit

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Statements of assets and liabilities

February 28, 2019 (Unaudited)


	Delaware Tax-Free Minnesota Fund		Delaware Tax-Free Minnesota Intermediate Fund		Delaware Minnesota High-Yield Municipal Bond Fund
Assets:
Investments, at value¹	$	539,285,019	$	74,968,765	$	171,968,589
Cash		60,267		92,791		3,284
Interest receivable		6,942,839		804,909		2,117,092
Receivable for fund shares sold		199,162		—		319,827

Total assets		546,487,287		75,866,465		174,408,792

Liabilities:
Payable for fund shares redeemed		297,999		82,038		15,364
Investment management fees payable to affiliates		186,365		17,316		60,154
Distribution payable		182,071		23,558		58,325
Distribution fees payable to affiliates		94,264		12,038		33,454
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		58,688		9,116		21,686
Accounting and administration expenses payable to non-affiliates		24,094		13,274		15,509
Audit and tax fees payable		22,555		22,555		22,555
Other accrued expenses		13,767		5,853		11,984
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,135		572		1,311
Accounting and administration expenses payable to affiliates		1,887		526		808
Trustees’ fees and expenses payable to affiliates		1,824		251		580
Legal fees payable to affiliates		872		119		274
Reports and statements to shareholders expenses payable to affiliates		529		73		169
Open		—		—		—

Total liabilities		889,050		187,289		242,173

Total Net Assets	$	545,598,237	$	75,679,176	$	174,166,619


Net Assets Consist of:
Paid-in capital	$	534,858,823	$	74,045,280	$	172,917,272
Total distributable earnings (loss)		10,739,414		1,633,896		1,249,347

Total Net Assets	$	545,598,237	$	75,679,176	$	174,166,619

Statements of assets and liabilities


	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Net Asset Value
Class A:
Net assets	$	370,909,802		$	54,285,178		$	95,307,113
Shares of beneficial interest outstanding, unlimited authorization, no par		30,536,743			5,002,712			8,934,621
Net asset value per share	$	12.15		$	10.85		$	10.67
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	12.72		$	11.16		$	11.17

Class C:
Net assets	$	30,009,571		$	7,545,858		$	20,005,439
Shares of beneficial interest outstanding, unlimited authorization, no par		2,462,654			693,983			1,871,728
Net asset value per share	$	12.19		$	10.87		$	10.69

Institutional Class:
Net assets	$	144,678,864		$	13,848,140		$	58,854,067
Shares of beneficial interest outstanding, unlimited authorization, no par		11,913,816			1,275,775			5,519,049
Net asset value per share	$	12.14		$	10.85		$	10.66

¹Investments, at cost	$	527,616,645		$	73,151,362		$	169,594,220

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

Statements of operations

Six months ended February 28, 2019 (Unaudited)


	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Investment Income:
Interest	$	10,336,466		$	1,385,825		$	3,365,582

Expenses:
Management fees		1,459,139			188,813			467,486
Distribution expenses – Class A		466,702			69,076			118,601
Distribution expenses – Class C		159,045			39,789			100,611
Dividend disbursing and transfer agent fees and expenses		160,378			25,305			59,083
Accounting and administration expenses		69,988			28,682			37,192
Reports and statements to shareholders expenses		31,233			7,627			11,956
Registration fees		25,505			12,725			6,507
Audit and tax fees		23,328			23,328			23,328
Legal fees		17,061			1,946			4,557
Trustees’ fees and expenses		12,634			1,792			4,025
Custodian fees		7,639			1,841			2,843
Other		22,014			8,227			12,246

		2,454,666			409,151			848,435
Less expenses waived		(221,849	)		(87,966	)		(83,820	)
Less waived distribution expenses – Class A		—			(27,630	)		—
Less expenses paid indirectly		(4,500	)		(636	)		(1,244	)

Total operating expenses		2,228,317			292,919			763,371

Net Investment Income		8,108,149			1,092,906			2,602,211


Net Realized and Unrealized Gain (Loss):
Net realized loss on investments		(270,342	)		(76,518	)		(228,645	)
Net change in unrealized appreciation (depreciation) of investments		237,169			245,869			259,154

Net Realized and Unrealized Gain (Loss)		(33,173	)		169,351			30,509

Net Increase in Net Assets Resulting from Operations	$	8,074,976		$	1,262,257		$	2,632,720

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

Statements of changes in net assets

Delaware Tax-Free Minnesota Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,108,149		$	16,357,240
Net realized gain (loss)		(270,342	)		299,568
Net change in unrealized appreciation (depreciation)		237,169			(15,406,873	)

Net increase in net assets resulting from operations		8,074,976			1,249,935


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(5,633,544	)		(14,247,459	)
Class C		(360,850	)		(1,274,213	)
Institutional Class		(2,104,198	)		(3,638,192	)

		(8,098,592	)		(19,159,864	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		20,097,324			38,349,082
Class C		1,408,109			2,636,660
Institutional Class		56,931,487			54,835,728

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,101,044			12,235,255
Class C		357,867			1,195,247
Institutional Class		1,587,983			3,287,427

		85,483,814			112,539,399


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(44,608,274	)	$	(70,209,949	)
Class C		(7,341,435	)		(17,670,338	)
Institutional Class		(33,924,969	)		(24,104,373	)

		(85,874,678	)		(111,984,660	)

Increase (decrease) in net assets derived from capital share transactions		(390,864	)		554,739

Net Decrease in Net Assets		(414,480	)		(17,355,190	)

Net Assets:
Beginning of period		546,012,717			563,367,907

End of period¹	$	545,598,237		$	546,012,717

¹	Net Assets – End of period includes distributions in excess of net investment income of $240,388 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


	Class A			Class C			Institutional Class
Dividends from net investment income	$	(12,134,393	)	$	(1,024,249	)	$	(3,183,679	)
Distributions from net realized gains		(2,113,066	)		(249,964	)		(454,513	)

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

Statements of changes in net assets

Delaware Tax-Free Minnesota Intermediate Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,092,906		$	2,428,417
Net realized gain (loss)		(76,518	)		72,266
Net change in unrealized appreciation (depreciation)		245,869			(2,687,546	)

Net increase (decrease) in net assets resulting from operations		1,262,257			(186,863	)


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(817,006	)		(2,031,660	)
Class C		(83,828	)		(249,902	)
Institutional Class		(191,666	)		(518,897	)

		(1,092,500	)		(2,800,459	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		3,138,340			4,764,864
Class C		523,740			670,790
Institutional Class		4,534,944			5,446,733

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		717,817			1,731,184
Class C		81,790			237,000
Institutional Class		185,050			499,540

		9,181,681			13,350,111


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(8,955,934	)	$	(14,067,022	)
Class C		(1,632,102	)		(3,881,824	)
Institutional Class		(2,396,235	)		(12,720,892	)

		(12,984,271	)		(30,669,738	)

Decrease in net assets derived from capital share transactions		(3,802,590	)		(17,319,627	)

Net Decrease in Net Assets		(3,632,833	)		(20,306,949	)

Net Assets:
Beginning of period		79,312,009			99,618,958

End of period¹	$	75,679,176		$	79,312,009

¹	Net Assets – End of period includes distributions in excess of net investment income of $4,190 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


	Class A			Class C			Institutional Class
Dividends from net investment income	$	(1,771,652	)	$	(205,693	)	$	(450,722	)
Distributions from net realized gain		(260,008	)		(44,209	)		(68,175	)

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

Statements of changes in net assets

Delaware Minnesota High-Yield Municipal Bond Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,602,211		$	5,142,414
Net realized loss		(228,645	)		(71,151	)
Net change in unrealized appreciation (depreciation)		259,154			(3,485,137	)

Net increase in net assets resulting from operations		2,632,720			1,586,126


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(1,454,230	)		(2,914,141	)
Class C		(232,982	)		(667,362	)
Institutional Class		(911,984	)		(1,591,025	)

		(2,599,196	)		(5,172,528	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		4,893,779			16,270,537
Class C		1,398,097			3,339,629
Institutional Class		15,400,929			24,537,706

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,334,915			2,338,287
Class C		219,968			598,928
Institutional Class		896,458			1,536,871

		24,144,146			48,621,958


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(9,886,334	)	$	(16,152,757	)
Class C		(3,249,498	)		(13,869,963	)
Institutional Class		(11,007,401	)		(16,399,941	)

		(24,143,233	)		(46,422,661	)

Increase in net assets derived from capital share transactions		913			2,199,297

Net Increase (Decrease) in Net Assets		34,437			(1,387,105	)

Net Assets:
Beginning of period		174,132,182			175,519,287

End of period¹	$	174,166,619		$	174,132,182

¹	Net Assets - There was no undistributed net investment income in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


	Class A			Class C			Institutional Class
Dividends from net investment income	$	(2,914,141	)	$	(667,362	)	$	(1,591,025	)

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

Financial highlights

Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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.


Six months ended
2/28/19¹												Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	12.14			$	12.54			$	12.87			$	12.60			$	12.67			$	11.97


		0.18				0.37				0.38				0.41				0.44				0.45
		0.01				(0.34	)			(0.32	)			0.28				(0.06	)			0.73

		0.19				0.03				0.06				0.69				0.38				1.18



		(0.18	)			(0.37	)			(0.39	)			(0.42	)			(0.45	)			(0.44	)
		—				(0.06	)			—				—				—				(0.04	)

		(0.18	)			(0.43	)			(0.39	)			(0.42	)			(0.45	)			(0.48	)


	$	12.15			$	12.14			$	12.54			$	12.87			$	12.60			$	12.67


		1.59%				0.26%				0.49%				5.52%				3.02%				10.03%


	$	370,910			$	390,477			$	423,497			$	481,066			$	479,275			$	503,072
		0.85%				0.85%				0.85%				0.85%				0.87%				0.90%
		0.93%				0.94%				0.95%				0.95%				0.96%				0.95%
		3.02%				2.99%				3.08%				3.25%				3.51%				3.61%
		2.94%				2.90%				2.98%				3.15%				3.42%				3.56%
		6%				16%				17%				15%				11%				10%

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	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	12.18			$	12.58			$	12.91			$	12.64			$	12.71			$	12.01


		0.14				0.28				0.29				0.32				0.35				0.35
		0.01				(0.34	)			(0.33	)			0.27				(0.07	)			0.74

		0.15				(0.06	)			(0.04	)			0.59				0.28				1.09



		(0.14	)			(0.28	)			(0.29	)			(0.32	)			(0.35	)			(0.35	)
		—				(0.06	)			—				—				—				(0.04	)

		(0.14	)			(0.34	)			(0.29	)			(0.32	)			(0.35	)			(0.39	)


	$	12.19			$	12.18			$	12.58			$	12.91			$	12.64			$	12.71


		1.21%				(0.49%	)			(0.25%	)			4.73%				2.25%				9.19%


	$	30,009			$	35,642			$	51,045			$	53,502			$	45,393			$	41,612
		1.60%				1.60%				1.60%				1.60%				1.62%				1.65%
		1.68%				1.69%				1.70%				1.70%				1.71%				1.70%
		2.27%				2.24%				2.33%				2.50%				2.76%				2.86%
		2.19%				2.15%				2.23%				2.40%				2.67%				2.81%
		6%				16%				17%				15%				11%				10%

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 income³

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	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																				12/31/13²
2/28/19¹				Year ended																to

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	12.14			$	12.54			$	12.87			$	12.59			$	12.66			$	12.07


		0.20				0.40				0.41				0.45				0.48				0.34
		—				(0.34	)			(0.32	)			0.28				(0.07	)			0.59

		0.20				0.06				0.09				0.73				0.41				0.93



		(0.20	)			(0.40	)			(0.42	)			(0.45	)			(0.48	)			(0.34	)
		—				(0.06	)			—				—				—				—

		(0.20	)			(0.46	)			(0.42	)			(0.45	)			(0.48	)			(0.34	)


	$	12.14			$	12.14			$	12.54			$	12.87			$	12.59			$	12.66


		1.63%				0.51%				0.75%				5.87%				3.27%				7.74%


	$	144,679			$	119,894			$	88,826			$	53,133			$	32,084			$	17,533
		0.60%				0.60%				0.60%				0.60%				0.62%				0.65%
		0.68%				0.69%				0.70%				0.70%				0.71%				0.70%
		3.27%				3.24%				3.33%				3.50%				3.76%				3.84%
		3.19%				3.15%				3.23%				3.40%				3.67%				3.79%
		6%				16%				17%				15%				11%				10%	⁵

Financial highlights

Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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.


Six months ended
2/28/19¹												Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.82			$	11.17			$	11.44			$	11.22			$	11.32			$	10.84


		0.16				0.30				0.31				0.33				0.34				0.34
		0.03				(0.31	)			(0.25	)			0.22				(0.10	)			0.49

		0.19				(0.01	)			0.06				0.55				0.24				0.83



		(0.16	)			(0.30	)			(0.31	)			(0.33	)			(0.34	)			(0.34	)
		—				(0.04	)			(0.02	)			—				—				(0.01	)

		(0.16	)			(0.34	)			(0.33	)			(0.33	)			(0.34	)			(0.35	)


	$	10.85			$	10.82			$	11.17			$	11.44			$	11.22			$	11.32


		1.76%				(0.01%	)			0.55%				4.98%				2.12%				7.79%


	$	54,285			$	59,284			$	68,934			$	79,730			$	84,663			$	90,571
		0.71%				0.79%				0.84%				0.84%				0.85%				0.84%
		1.04%				1.00%				0.99%				0.97%				0.98%				0.98%
		2.96%				2.77%				2.79%				2.92%				2.98%				3.08%
		2.63%				2.56%				2.64%				2.79%				2.85%				2.94%
		12%				17%				22%				14%				14%				14%

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	The average shares outstanding have been applied for per share information.

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.


Six months ended
2/28/19¹												Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.84			$	11.19			$	11.47			$	11.24			$	11.35			$	10.86


		0.11				0.21				0.22				0.24				0.24				0.25
		0.03				(0.31	)			(0.26	)			0.23				(0.11	)			0.50

		0.14				(0.10	)			(0.04	)			0.47				0.13				0.75



		(0.11	)			(0.21	)			(0.22	)			(0.24	)			(0.24	)			(0.25	)
		—				(0.04	)			(0.02	)			—				—				(0.01	)

		(0.11	)			(0.25	)			(0.24	)			(0.24	)			(0.24	)			(0.26	)


	$	10.87			$	10.84			$	11.19			$	11.47			$	11.24			$	11.35


		1.33%				(0.86%	)			(0.39%	)			4.17%				1.16%				6.96%


	$	7,546			$	8,558			$	11,885			$	13,315			$	11,740			$	12,651
		1.56%				1.64%				1.69%				1.69%				1.70%				1.69%
		1.79%				1.75%				1.74%				1.72%				1.73%				1.73%
		2.11%				1.92%				1.94%				2.07%				2.13%				2.23%
		1.88%				1.81%				1.89%				2.04%				2.10%				2.19%
		12%				17%				22%				14%				14%				14%

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 income³

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	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																				12/31/13²
2/28/19¹				Year ended																to

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.83			$	11.17			$	11.45			$	11.22			$	11.33			$	10.95


		0.17				0.32				0.33				0.35				0.35				0.26
		0.02				(0.30	)			(0.26	)			0.23				(0.11	)			0.38

		0.19				0.02				0.07				0.58				0.24				0.64



		(0.17	)			(0.32	)			(0.33	)			(0.35	)			(0.35	)			(0.26	)
		—				(0.04	)			(0.02	)			—				—				—

		(0.17	)			(0.36	)			(0.35	)			(0.35	)			(0.35	)			(0.26	)


	$	10.85			$	10.83			$	11.17			$	11.45			$	11.22			$	11.33


		1.74%				0.23%				0.61%				5.22%				2.18%				5.85%


	$	13,848			$	11,470			$	18,800			$	12,694			$	4,402			$	2,376
		0.56%				0.64%				0.69%				0.69%				0.70%				0.69%
		0.79%				0.75%				0.74%				0.72%				0.73%				0.73%
		3.11%				2.92%				2.94%				3.07%				3.13%				3.21%
		2.88%				2.81%				2.89%				3.04%				3.10%				3.17%
		12%				17%				22%				14%				14%				14%	⁵

Financial highlights

Delaware Minnesota High-Yield Municipal Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹												Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.66			$	10.88			$	11.13			$	10.84			$	10.88			$	10.25


		0.16				0.32				0.33				0.36				0.38				0.40
		0.01				(0.22	)			(0.25	)			0.29				(0.04	)			0.63

		0.17				0.10				0.08				0.65				0.34				1.03



		(0.16	)			(0.32	)			(0.33	)			(0.36	)			(0.38	)			(0.40	)

		(0.16	)			(0.32	)			(0.33	)			(0.36	)			(0.38	)			(0.40	)


	$	10.67			$	10.66			$	10.88			$	11.13			$	10.84			$	10.88


		1.63%				0.95%				0.84%				6.12%				3.20%				10.25%


	$	95,307			$	98,980			$	98,491			$	121,168			$	122,618			$	119,044
		0.89%				0.89%				0.89%				0.89%				0.91%				0.89%
		0.99%				0.99%				0.99%				0.98%				1.01%				0.99%
		3.07%				2.98%				3.08%				3.23%				3.52%				3.82%
		2.97%				2.88%				2.98%				3.14%				3.42%				3.72%
		6%				14%				19%				15%				16%				15%

Financial highlights

Delaware Minnesota High-Yield Municipal Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹												Year ended

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.68			$	10.90			$	11.15			$	10.87			$	10.90			$	10.27


		0.12				0.24				0.25				0.27				0.30				0.33
		0.01				(0.22	)			(0.25	)			0.29				(0.03	)			0.62

		0.13				0.02				—				0.56				0.27				0.95



		(0.12	)			(0.24	)			(0.25	)			(0.28	)			(0.30	)			(0.32	)

		(0.12	)			(0.24	)			(0.25	)			(0.28	)			(0.30	)			(0.32	)


	$	10.69			$	10.68			$	10.90			$	11.15			$	10.87			$	10.90


		1.25%				0.19%				0.09%				5.22%				2.53%				9.41%


	$	20,006			$	21,651			$	32,223			$	35,751			$	32,174			$	32,279
		1.64%				1.64%				1.64%				1.64%				1.66%				1.64%
		1.74%				1.74%				1.74%				1.73%				1.76%				1.74%
		2.32%				2.23%				2.33%				2.48%				2.77%				3.07%
		2.22%				2.13%				2.23%				2.39%				2.67%				2.97%
		6%				14%				19%				15%				16%				15%

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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																				12/31/13²
2/28/19¹				Year ended																to

(Unaudited)				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	10.66			$	10.87			$	11.12			$	10.84			$	10.88			$	10.35


		0.17				0.35				0.36				0.38				0.41				0.31
		—				(0.21	)			(0.25	)			0.29				(0.04	)			0.53

		0.17				0.14				0.11				0.67				0.37				0.84



		(0.17	)			(0.35	)			(0.36	)			(0.39	)			(0.41	)			(0.31	)

		(0.17	)			(0.35	)			(0.36	)			(0.39	)			(0.41	)			(0.31	)


	$	10.66			$	10.66			$	10.87			$	11.12			$	10.84			$	10.88


		1.66%				1.30%				1.09%				6.28%				3.46%				8.21%


	$	58,854			$	53,501			$	44,805			$	31,206			$	14,841			$	6,470
		0.64%				0.64%				0.64%				0.64%				0.66%				0.64%
		0.74%				0.74%				0.74%				0.73%				0.76%				0.74%
		3.32%				3.23%				3.33%				3.48%				3.77%				4.04%
		3.22%				3.13%				3.23%				3.39%				3.67%				3.94%
		6%				14%				19%				15%				16%				15%	⁵


Notes to financial statements
Delaware Funds ^® by Macquarie Minnesota municipal bond funds		February 28, 2019 (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 Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, 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. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, which will be incurred if redeemed during the first year, and 0.50% during the second year for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and 0.75% for Delaware Tax-Free Minnesota Intermediate Fund, if redeemed within the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a 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.

The investment objective of Delaware Tax-Free Minnesota Fund is to seek 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.

The investment objective of Delaware Tax-Free Minnesota Intermediate Fund is to seek 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.

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

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.

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 Feb. 28, 2019 and for all open tax years (years ended Aug. 31, 2016–Aug. 31, 2018), 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 expenses on the “Statements of operations.” During the six months ended Feb. 28, 2019, the Funds did not incur any interest or tax penalties.

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

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

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

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

1. Significant Accounting Policies (continued)

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

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended Feb. 28, 2019, each Fund earned the following amounts under this arrangement:

Delaware Tax-Free

Minnesota Fund

Delaware Tax-Free

Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund

$4,290

$598

$1,163

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 Feb. 28, 2019, each Fund earned the following amounts under this arrangement:

Delaware Tax-Free

Minnesota Fund

Delaware Tax-Free

Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund

$210

$38

$81

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 Minnesota Fund	Delaware Tax-Free Minnesota Intermediate Fund	Delaware Minnesota High-Yield Municipal Bond Fund
On the first $500 million	0.550%	0.500%	0.550%
On the next $500 million	0.500%	0.475%	0.500%
On the next $1.5 billion	0.450%	0.450%	0.450%
In excess of $2.5 billion	0.425%	0.425%	0.425%

DMC has contractually agreed to waive that portion, if any, of its management fees and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, taxes, interest, acquired fund fees and expenses, inverse floater program expenses, short sale, dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to

reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed the following percentage of each Fund’s average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.* These waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

Delaware

Tax-Free

Minnesota Fund

Delaware Tax-Free

Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund

Operating expense limitation as a percentage of average daily net assets

0.60%

0.56%

0.64%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, DIFSC’s fees were calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 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 Feb. 28, 2019, the Funds were charged for these services as follows:

Delaware

Tax-Free

Minnesota Fund

Delaware Tax-Free

Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund

$12,145

$3,420

$5,218

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. 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 rate: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; and 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:

Delaware

Tax-Free

Minnesota Fund

Delaware Tax-Free

Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund

$17,950

$2,492

$5,701

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

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

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 are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. DDLP has contracted to waive Delaware Tax-Free Minnesota Intermediate Fund’s Class A shares 12b-1 fee to 0.15% of average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.** The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Feb. 28, 2019, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

For the six months ended Feb. 28, 2019, DDLP earned commissions on sales of Class A shares for each Fund as follows:



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

Class A	$731	$—	$ —

Class C	447	98	457

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 Trusts. These officers and Trustees are paid no compensation by the Funds.

Cross trades for the six months ended Feb. 28, 2019, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Feb. 28, 2019, the Funds engaged in the following Rule 17a-7 securities purchases and securities sales, which resulted in net realized losses as follows:


	Delaware Tax-Free Minnesota Fund	Delaware Tax-Free Minnesota Intermediate Fund	Delaware Minnesota High-Yield Municipal Bond Fund
Purchases	$6,062,714	$4,678,121	$2,500,952
Sales	2,128,373	5,617,969	6,698,075
Net realized losses	(24,941)	(196)	(129,301)

*For Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, the aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019. For Delaware Tax-Free Minnesota Intermediate Fund, the aggregate contractual waiver period covering this report is from April 1, 2018 through April 1, 2019.

**For Delaware Tax-Free Minnesota Intermediate Fund Class A shares, the aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019.

3. Investments

For the six months ended Feb. 28, 2019, each Fund made purchases and sales of investment securities other than short-term investments as follows:


	Delaware Tax-Free Minnesota Fund	Delaware Tax-Free Minnesota Intermediate Fund	Delaware Minnesota High-Yield Municipal Bond Fund
Purchases	$30,352,851	$ 8,726,569	$ 9,854,883
Sales	29,456,969	13,444,251	12,346,022

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

3. Investments (continued)

At Feb. 28, 2019, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since the final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2019, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:


	Delaware Tax-Free Minnesota Fund				Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Cost of investments		$	527,683,830			$ 73,150,848			$169,585,164

Aggregate unrealized appreciation of investments		$	13,658,967			$ 1,905,542			$ 3,579,910
Aggregate unrealized depreciation of investments			(2,057,778	)		(87,625	)		(1,196,485	)

Net unrealized appreciation of investments		$	11,601,189			$ 1,817,917			$ 2,383,425

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Aug. 31, 2018, Delaware Tax-Free Minnesota Fund and Delaware Tax-Free Minnesota Intermediate Fund did not have any capital loss carryforwards.

At Aug. 31, 2018, capital loss carryforwards available to offset future realized capital gains for Delaware Minnesota High-Yield Municipal Bond Fund were as follows:


	No expiration
	Post-enactment capital loss character
	Short-term	Long-term	Total
Delaware Minnesota High-Yield Municipal Bond Fund	$820,481	$—		$820,481

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


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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2019:


	Delaware
	Tax-Free
	Minnesota Fund

	Level 2
Securities
Assets:
Municipal Bonds		$538,885,019
Short-Term Investments		400,000

Total Value of Securities		$539,285,019

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

3. Investments (continued)


	Delaware Tax-Free
	Minnesota
	Intermediate Fund

	Level 2
Securities
Assets:
Municipal Bonds		$	74,093,765
Short-Term Investments			875,000

Total Value of Securities		$	74,968,765


	Delaware Minnesota
	High-Yield Municipal
	Bond Fund

	Level 2
Securities
Assets:
Municipal Bonds		$	170,418,589
Short-Term Investments			1,550,000

Total Value of Securities		$	171,968,589

During the six months ended Feb. 28, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the period ended Feb. 28, 2019, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:


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

	Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18

Shares sold:
Class A		1,670,728			3,125,082			292,016			436,654			462,172			1,521,905
Class C		116,387			213,991			48,664			61,309			131,795			310,619
Institutional
Class		4,732,712			4,490,186			422,201			499,420			1,457,570			2,291,763

Shares issued upon reinvestment of dividends and distributions:
Class A		423,644			996,278			66,755			158,251			126,416			218,090
Class C		29,627			96,954			7,591			21,615			20,791			55,726
Institutional
Class		131,909			267,851			17,196			45,617			84,894			143,414

		7,105,007			9,190,342			854,423			1,222,866			2,283,638			4,541,517

Shares redeemed:
Class A		(3,710,525	)		(5,728,359	)		(834,295	)		(1,288,814	)		(937,981	)		(1,510,584	)
Class C		(608,640	)		(1,441,859	)		(151,510	)		(355,611	)		(307,672	)		(1,296,104	)
Institutional
Class		(2,825,316	)		(1,965,838	)		(223,124	)		(1,168,219	)		(1,043,188	)		(1,535,704	)

		(7,144,481	)		(9,136,056	)		(1,208,929	)		(2,812,644	)		(2,288,841	)		(4,342,392	)


Net increase (decrease)		(39,474	)		54,286			(354,506	)		(1,589,778	)		(5,203	)		199,125

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and on the “Statements of changes in net assets.” For the six months ended Feb. 28, 2019 and the year ended Aug. 31, 2018, the Funds had the following exchange transactions:


					Six months ended 2/28/19

	Exchange				Exchange
	Redemptions				Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Delaware Tax-Free Minnesota Fund		31,242		14,048		14,101		31,257		$	546,426
Delaware Tax-Free Minnesota Intermediate Fund		1,165		4,633		4,645		1,165			62,568
Delaware Minnesota High-Yield Municipal Bond Fund		23,964		38,892		4,291		58,695			662,768
					Year ended 8/31/18

	Exchange Redemptions				Exchange Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Delaware Tax-Free Minnesota Fund		179,677		324,507		282,986		222,704		$	6,195,653
Delaware Tax-Free Minnesota Intermediate Fund		24,209		52,010		43,368		33,036			833,306
Delaware Minnesota High-Yield Municipal Bond Fund		47,282		241,837		232,144		57,805			3,092,167

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The revolving line of credit available was reduced from $155,000,000 to $130,000,000 on Sept. 6, 2018. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was

individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 5, 2018.

On Nov. 5, 2018, the Participants entered into an amendment to the agreement for a $190,000,000 revolving line of credit. The revolving line of credit available was increased to $220,000,000 on Nov. 29, 2018. The revolving line of credit is to be used as described on the previous page and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 4, 2019.

The Fund had no amounts outstanding as of Feb. 28, 2019, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

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.

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

The value of the Funds’ investments may be adversely affected by new legislation within the US state or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At Feb. 28, 2019, the percentages of each Fund’s net assets insured by bond insurers are listed below, and these securities have been identified in the “Schedules of investments.”


	Delaware Tax-Free Minnesota Fund			Delaware Tax-Free Minnesota Intermediate Fund			Delaware Minnesota High-Yield Municipal Bond Fund
Assured Guaranty Corporation		4.28	%		3.41	%		0.87	%
Assured Guaranty Municipal Corporation		0.42	%		0.40	%		0.66	%
National Public Finance Guarantee Corporation		0.80	%		—			—

		5.50	%		3.81	%		1.53	%

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

Notes to financial statements

Delaware Funds^® by Macquarie Minnesota municipal bond funds

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

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

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

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

7. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The 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.

8. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the “Statements of assets and liabilities” and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the “Statements of changes in net assets.” The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the “Statements of changes in net assets” and certain tax adjustments that were reflected in the “Notes to financial statements.” All of these have been reflected in the Funds’ financial statements.

9. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to Feb. 28, 2019, that would require recognition or disclosure in the Funds’ financial statements.

About the organization


Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds ^® by Macquarie Philadelphia, PA Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC New York, NY	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. New York, NY 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	Daniel V. Geatens	Richard Salus
Senior Vice President,	Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
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-Q. Each Fund’s Forms N-Q, 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 Forms N-Q are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-Q 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.

LOGO

Fixed income mutual funds

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware National High-Yield Municipal Bond Fund

February 28, 2019

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

Visit delawarefunds.com/edelivery.

LOGO

Experience Delaware Funds^® by Macquarie

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

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

Manage your account online

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Check your account balance and transactions

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Make purchases and redemptions

Visit delawarefunds.com/account-access.

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


Table of contents

Disclosure of Fund expenses			1

Security type / sector / state / territory allocations			4

Schedules of investments			10

Statements of assets and liabilities			63

Statements of operations			65

Statements of changes in net assets			66

Financial highlights			72

Notes to financial statements			90

About the organization			106

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2019, 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.

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. These 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 Sept. 1, 2018 to Feb. 28, 2019.

Actual expenses

Hypothetical example for comparison purposes

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

Delaware Tax-Free USA Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Annualized Expense Ratio		Expenses Paid During Period 9/1/18 to 2/28/19*
Actual Fund return^†
Class A		$1,000.00		$1,009.80		0.81%		$4.04
Class C		1,000.00		1,006.00		1.56%		7.76
Institutional Class		1,000.00		1,011.10		0.56%		2.79
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.78		0.81%		$4.06
Class C		1,000.00		1,017.06		1.56%		7.80
Institutional Class		1,000.00		1,022.02		0.56%		2.81
Delaware Tax-Free USA Intermediate Fund
Expense analysis of an investment of $1,000
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Annualized Expense Ratio		Expenses Paid During Period 9/1/18 to 2/28/19*
Actual Fund return^†
Class A		$1,000.00		$1,015.40		0.65%		$3.25
Class C		1,000.00		1,011.10		1.50%		7.48
Institutional Class		1,000.00		1,016.20		0.50%		2.50
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,021.57		0.65%		$3.26
Class C		1,000.00		1,017.36		1.50%		7.50
Institutional Class		1,000.00		1,022.32		0.50%		2.51

Delaware National High-Yield Municipal Bond Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Annualized Expense Ratio		Expenses Paid During Period 9/1/18 to 2/28/19*
Actual Fund return^†
Class A		$1,000.00	$	1,002.80		0.85%		$4.22
Class C		1,000.00		1,000.10		1.60%		7.93
Institutional Class		1,000.00		1,004.20		0.60%		2.98
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00	$	1,020.58		0.85%		$4.26
Class C		1,000.00		1,016.86		1.60%		8.00
Institutional Class		1,000.00		1,021.82		0.60%		3.01

*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Security type / sector / state / territory allocations


Delaware Tax-Free USA Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector	Percentage of net assets
Municipal Bonds*		98.17	%
Corporate Revenue Bonds		11.46	%
Education Revenue Bonds		3.89	%
Electric Revenue Bonds		4.09	%
Healthcare Revenue Bonds		11.34	%
Lease Revenue Bonds		4.44	%
Local General Obligation Bonds		11.59	%
Pre-Refunded/Escrowed to Maturity Bonds		14.66	%
Special Tax Revenue Bonds		7.60	%
State General Obligation Bonds		13.04	%
Transportation Revenue Bonds		14.70	%
Water & Sewer Revenue Bonds		1.36	%
Short-Term Investments		2.12	%
Total Value of Securities		100.29	%
Liabilities Net of Receivables and Other Assets		(0.29	%)
Total Net Assets		100.00	%

*As of the date of this report, Delaware Tax-Free USA Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory	Percentage of net assets
Alabama		1.33	%
Alaska		0.58	%
Arizona		5.31	%
California		13.08	%
Colorado		2.60	%
Connecticut		1.68	%
Delaware		0.14	%
Florida		2.37	%
Georgia		1.06	%
Illinois		7.74	%
Indiana		0.78	%
Kansas		0.26	%
Louisiana		0.45	%
Maryland		4.93	%
Massachusetts		2.22	%
Michigan		0.23	%
Minnesota		1.40	%
Mississippi		1.75	%
Missouri		2.19	%
Nebraska		1.07	%


State / territory	Percentage of net assets
New Jersey		7.15	%
New York		13.70	%
North Carolina		4.47	%
Ohio		3.35	%
Oklahoma		2.82	%
Oregon		0.20	%
Pennsylvania		3.41	%
Puerto Rico		0.43	%
Texas		10.13	%
Utah		0.71	%
Virginia		1.59	%
Wisconsin		1.16	%
Total Value of Securities		100.29	%

Security type / sector / state / territory allocations


Delaware Tax-Free USA Intermediate Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector	Percentage of net assets
Municipal Bonds*		97.95	%
Corporate Revenue Bonds		14.43	%
Education Revenue Bonds		5.52	%
Electric Revenue Bonds		2.87	%
Healthcare Revenue Bonds		9.40	%
Lease Revenue Bonds		4.82	%
Local General Obligation Bonds		7.67	%
Pre-Refunded/Escrowed to Maturity Bonds		6.30	%
Special Tax Revenue Bonds		10.61	%
State General Obligation Bonds		17.43	%
Transportation Revenue Bonds		15.76	%
Water & Sewer Revenue Bonds		3.14	%
Short-Term Investments		0.44	%
Total Value of Securities		98.39	%
Receivables and Other Assets Net of Liabilities		1.61	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware Tax-Free USA Intermediate Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory	Percentage of net assets
Alabama		1.31	%
Arizona		9.40	%
California		16.20	%
Colorado		0.34	%
Connecticut		1.38	%
Delaware		0.06	%
Florida		1.69	%
Georgia		1.98	%
Guam		0.22	%
Hawaii		0.63	%
Idaho		0.59	%
Illinois		6.09	%
Iowa		0.10	%
Kansas		0.31	%
Kentucky		1.03	%
Louisiana		2.86	%
Maryland		1.69	%
Massachusetts		2.08	%
Michigan		0.82	%
Minnesota		1.79	%


State / territory	Percentage of net assets
Mississippi		0.44	%
Missouri		1.05	%
Montana		0.09	%
New Jersey		4.10	%
New York		16.71	%
North Carolina		0.75	%
Ohio		0.21	%
Oklahoma		0.58	%
Oregon		1.71	%
Pennsylvania		5.59	%
South Carolina		0.26	%
Tennessee		0.84	%
Texas		10.06	%
Utah		0.47	%
Virginia		2.39	%
Washington		1.32	%
Wisconsin		1.25	%
Total Value of Securities		98.39	%

Security type / sector / state / territory allocations


Delaware National High-Yield Municipal Bond Fund		As of February 28, 2019 (Unaudited)

Sector designations may be different than the sector designations presented in other fund materials.


Security type / sector	Percentage of net assets
Municipal Bonds*		98.26	%
Corporate Revenue Bonds		16.32	%
Education Revenue Bonds		15.38	%
Electric Revenue Bond		0.24	%
Healthcare Revenue Bonds		26.83	%
Housing Revenue Bonds		0.54	%
Lease Revenue Bonds		3.85	%
Local General Obligation Bonds		5.15	%
Pre-Refunded/Escrowed to Maturity Bonds		6.35	%
Resource Recovery Revenue Bonds		1.34	%
Special Tax Revenue Bonds		7.29	%
State General Obligation Bonds		5.45	%
Transportation Revenue Bonds		6.19	%
Water & Sewer Revenue Bonds		3.33	%
Short-Term Investments		0.41	%
Total Value of Securities		98.67	%
Receivables and Other Assets Net of Liabilities		1.33	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware National High-Yield Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows:
State / territory	Percentage of net assets
Alabama		3.08	%
Alaska		0.14	%
Arizona		5.83	%
California		13.99	%
Colorado		2.66	%
Connecticut		0.20	%
Delaware		0.66	%
District of Columbia		0.32	%
Florida		4.32	%
Georgia		1.05	%
Hawaii		1.07	%
Idaho		0.69	%
Illinois		8.92	%
Indiana		0.95	%
Iowa		0.52	%
Kansas		0.55	%
Kentucky		1.20	%
Louisiana		1.32	%


State / territory	Percentage of net assets
Maine		0.14	%
Maryland		1.40	%
Massachusetts		0.58	%
Michigan		0.56	%
Minnesota		2.43	%
Mississippi		0.37	%
Missouri		1.99	%
Montana		0.10	%
Nebraska		0.29	%
Nevada		0.74	%
New Hampshire		0.11	%
New Jersey		4.40	%
New York		6.76	%
North Carolina		1.15	%
Ohio		6.34	%
Oklahoma		0.83	%
Oregon		0.42	%
Pennsylvania		5.31	%
Puerto Rico		1.41	%
South Carolina		0.48	%
Tennessee		0.43	%
Texas		6.57	%
Utah		0.10	%
Vermont		0.09	%
Virginia		3.10	%
Washington		1.91	%
West Virginia		0.20	%
Wisconsin		2.91	%
Wyoming		0.08	%
Total Value of Securities		98.67	%

Schedules of investments


Delaware Tax-Free USA Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 98.17%
Corporate Revenue Bonds – 11.46%
Buckeye, Ohio Tobacco Settlement Financing Authority
(Asset-Backed Senior Turbo) Series A-2 5.875% 6/1/47		7,225,000	$	6,782,469
Central Plains, Nebraska Energy Project
(Project No. 3)
Series A 5.00% 9/1/31		2,810,000		3,247,433
Series A 5.00% 9/1/35		2,160,000		2,508,926
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#·		1,570,000		1,619,235
Golden State, California Tobacco Securitization Corporate Settlement Revenue
Series A-1 5.00% 6/1/47		2,760,000		2,664,283
Series A-1 5.25% 6/1/47		2,000,000		2,004,560
(Capital Appreciation-Asset-Backed) Series B 1.548% 6/1/47 ^		9,410,000		1,512,187
Lower Alabama Gas District
Series A 5.00% 9/1/34		4,400,000		5,105,100
M-S-R Energy Authority, California Gas Revenue
Series A 6.125% 11/1/29		1,915,000		2,366,787
Series B 6.50% 11/1/39		5,000,000		6,979,450
Series C 6.50% 11/1/39		1,500,000		2,093,835
New Jersey Economic Development Authority Revenue
(Continental Airlines Project) Series B 5.625% 11/15/30 (AMT)		1,365,000		1,541,836
New Jersey Tobacco Settlement Financing
Series B 5.00% 6/1/46		2,080,000		2,109,058
New York Liberty Development Corporation Revenue
(Goldman Sachs Headquarters) 5.25% 10/1/35		685,000		841,687
(Second Priority - Bank of America Tower) Class 3 6.375% 7/15/49		1,000,000		1,036,460
New York Transportation Development Corporation Special Facility Revenue
(American Airlines Inc. John F. Kennedy International Airport Project) 5.00% 8/1/31 (AMT)		2,000,000		2,074,780
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopement Project) Series 2018 4.00% 1/1/36 (AMT)		910,000		923,241
Public Authority for Colorado Energy Natural Gas Revenue
6.50% 11/15/38		5,000,000		7,015,100
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		1,600,000		1,894,944
Shoals, Indiana
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT)		1,940,000		2,132,739


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Valparaiso, Indiana
(Pratt Paper, LLC Project) 7.00% 1/1/44 (AMT)		1,780,000	$	2,042,959
Virginia Tobacco Settlement Financing
(Capital Appreciation) Series C 2.419% 6/1/47 ^		31,035,000		3,014,740

				61,511,809

Education Revenue Bonds – 3.89%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project) 144A 6.00% 7/1/47 #		1,385,000		1,451,355
Auburn University, Alabama General Fee Revenue
Series A 5.00% 6/1/33		1,720,000		2,053,319
California Educational Facilities Authority Revenue
(Loma Linda University) Series A 5.00% 4/1/47		1,000,000		1,118,020
California State University
(Systemwide) Series A 5.00% 11/1/42		700,000		796,887
Capital Trust Agency, Florida Revenue
(University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/43 #		2,000,000		1,997,080
Illinois Finance Authority Revenue
(University of Illinois at Chicago Project)
Series A 5.00% 2/15/47		1,860,000		1,986,684
Series A 5.00% 2/15/50		540,000		575,580
Kent County, Delaware
(Delaware State University Project) Series A 5.00% 7/1/53		710,000		748,084
New Jersey Economic Development Authority
(Provident Group - Montclair State University) 5.00% 6/1/42 (AGM)		1,250,000		1,378,763
Pennsylvania State Higher Educational Facilities Authority Student Housing Revenue
(University Properties Inc. - East Stroudsburg University of Pennsylvania) 5.00% 7/1/31		3,000,000		3,059,580
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		655,000		641,356
144A 5.00% 6/15/52 #		560,000		538,894
University of California
Series AZ 5.25% 5/15/58		2,860,000		3,279,019
University of Michigan
Series A 5.00% 4/1/30		1,000,000		1,242,110

				20,866,731

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 4.09%
Electric and Gas Systems Revenue San Antonio, Texas
5.25% 2/1/24		2,500,000	$	2,910,300
Long Island, New York Power Authority Electric System Revenue
5.00% 9/1/47		1,605,000		1,798,499
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,610,000		5,262,684
(Salt River Project Electric System)
5.00% 1/1/30		6,000,000		7,314,480
Series A 5.00% 1/1/39		4,000,000		4,661,240

				21,947,203

Healthcare Revenue Bonds – 11.34%
Alachua County, Florida Health Facilities Authority
(Oak Hammock University) Series A 8.00% 10/1/42		1,000,000		1,126,440
Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Allegheny Health Network Obligated Group Issue)
Series A 4.00% 4/1/44		1,800,000		1,783,908
Series A 5.00% 4/1/47		1,800,000		1,971,468
Apple Valley, Minnesota
(Senior Living, LLC Project Fourth Tier) Series D 7.25% 1/1/52		2,500,000		2,484,125
(Senior Living, LLC Project Second Tier) Series B 5.00% 1/1/47		2,500,000		2,526,175
California Health Facilities Financing Authority Revenue
(Kaiser Permanente) Series A-2 5.00% 11/1/47		2,105,000		2,742,268
(Sutter Health) Series A 5.00% 11/15/38		1,000,000		1,142,170
California Municipal Finance Authority Revenue
(Community Medical Centers) Series A 5.00% 2/1/42		2,550,000		2,792,403
California Statewide Communities Development Authority Revenue
(Loma Linda University Medical Center) Series A 144A 5.50% 12/1/58 #		1,465,000		1,602,329
Colorado Health Facilities Authority Revenue
(American Baptist) 8.00% 8/1/43		2,040,000		2,283,576
(Mental Health Center Denver Project) Series A 5.75% 2/1/44		1,875,000		2,031,637
Cuyahoga County, Ohio
(The Metro Health System)
5.25% 2/15/47		2,235,000		2,384,365
5.50% 2/15/57		3,000,000		3,256,500


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue
(Catholic Healthcare West) Series A 6.00% 7/1/39		3,690,000	$	3,737,527
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue Bonds
(Christian Care Surprise, Inc. Project) 144A 6.00% 1/1/48 #		1,195,000		1,206,759
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated) Series A 5.50% 1/1/46		2,000,000		2,221,740
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Foulkeways At Gwynedd Project) 5.00% 12/1/46		1,500,000		1,559,235
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 6.125% 7/1/50		2,250,000		2,374,403
New Hope, Texas Cultural Education Facilities
(Cardinal Bay - Village on the Park)
Series A1 4.00% 7/1/36		310,000		317,009
Series A1 5.00% 7/1/46		770,000		834,095
Series B 4.25% 7/1/36		465,000		473,635
Series B 5.00% 7/1/46		770,000		807,376
New York State Dormitory Authority
(Orange Regional Medical Center)
144A 5.00% 12/1/34 #		400,000		446,216
144A 5.00% 12/1/35 #		1,200,000		1,333,392
144A 5.00% 12/1/37 #		800,000		881,936
North Carolina Medical Care Commission Health Care Facilities Revenue
(First Mortgage - Galloway Ridge Project) Series A 5.875% 1/1/31		1,555,000		1,588,650
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		3,000,000		3,082,170
Oregon Health & Science University Revenue
(Capital Appreciation Insured) Series A 5.757% 7/1/21 (NATL)^		1,160,000		1,065,831
Palm Beach County, Florida Health Facilities Authority
(Sinai Residences Boca Raton Project)
Series A 7.25% 6/1/34		120,000		134,120
Series A 7.50% 6/1/49		610,000		685,384

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project) Series A 144A 6.75% 12/1/53 #		3,115,000	$	3,041,237
Public Finance Authority, Wisconsin
(Bancroft Neurohealth Project) Series A 144A 5.00% 6/1/36 #		540,000		543,218
Rochester, Minnesota
(The Homestead at Rochester) Series A 6.875% 12/1/48		2,350,000		2,527,566
Tarrant County, Texas Cultural Education Facilities Finance Corporation Retirement Facility Revenue
(Buckner Senior Living - Ventana Project) 6.625% 11/15/37		1,000,000		1,106,680
Tempe, Arizona Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/46		1,000,000		1,052,220
(Mirabella At ASU Project) Series A 144A 6.125% 10/1/52 #		690,000		746,063
Wisconsin Health & Educational Facilities Authority Revenue
(Covenant Communities, Inc. Project) Series A1 4.00% 7/1/48		1,035,000		1,000,234

				60,894,060

Lease Revenue Bonds – 4.44%
California Pollution Control Financing Authority Revenue
(San Diego County Water Authority Desalination Project Pipeline) 144A 5.00% 7/1/39 #		1,000,000		1,121,100
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project) Series A 5.00% 6/15/57		1,620,000		1,690,049
New Jersey Economic Development Authority
(School Facilities Construction) Series GG 5.75% 9/1/23		100,000		106,353
(State Government Buildings Project) Series A 5.00% 6/15/47		2,250,000		2,358,337
New Jersey Transportation Trust Fund Authority
Series B 5.50% 6/15/31		5,000,000		5,258,550
(Federal Highway Reimbursement) Series A 5.00% 6/15/31		2,450,000		2,719,035
(Transportation Program) Series AA 5.00% 6/15/24		5,000,000		5,382,850
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A 5.75% 10/1/31 (AMT)#		2,245,000		2,280,269


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
St. Louis, Missouri Industrial Development Authority Leasehold Revenue
(Convention Center Hotel) 5.80% 7/15/20 (AMBAC)^		3,035,000	$	2,930,899

				23,847,442

Local General Obligation Bonds – 11.59%
Chicago, Illinois
Series A 5.25% 1/1/29		2,020,000		2,151,583
Series A 6.00% 1/1/38		595,000		669,559
Chicago, Illinois Board of Education
5.00% 4/1/42		1,060,000		1,134,762
5.00% 4/1/46		1,085,000		1,158,444
Series G 5.00% 12/1/44		1,000,000		1,014,780
Series H 5.00% 12/1/36		1,395,000		1,443,839
Series H 5.00% 12/1/46		1,775,000		1,797,436
Los Angeles, California Community College District
Series C 5.00% 8/1/25		2,500,000		3,023,825
Mecklenburg County, North Carolina
Series A 5.00% 4/1/25		7,020,000		8,345,797
Series A 5.00% 9/1/25		8,000,000		9,596,000
Montgomery, Maryland
Series A 5.00% 11/1/28		5,755,000		6,692,259
New York City, New York
Series E-1 5.00% 3/1/44		5,000,000		5,683,500
Series F-1 5.00% 4/1/45		5,355,000		6,084,779
Subseries D-1 4.00% 12/1/42		1,700,000		1,769,411
Subseries D-1 5.00% 10/1/36		6,500,000		6,976,905
Subseries I-1 5.375% 4/1/36		225,000		225,601
Wake County, North Carolina
Series A 5.00% 3/1/27		3,650,000		4,481,251

				62,249,731

Pre-Refunded/Escrowed to Maturity Bonds – 14.66%
Atlanta, Georgia Water & Wastewater Revenue
Series A 6.25% 11/1/39-19§		5,500,000		5,668,520
Bowling Green, Ohio Student Housing Revenue CFP I
(State University Project) 6.00% 6/1/45-20§		5,295,000		5,578,812
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project) 6.50% 7/15/30-20§		6,000,000		6,257,460
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Series A 6.40% 8/15/45-20§		4,440,000		4,714,614

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Central Texas Regional Mobility Authority Revenue
Senior Lien 6.00% 1/1/41-21§		5,160,000	$	5,549,167
Illinois Finance Authority Revenue
(Silver Cross & Medical Centers) 7.00% 8/15/44-19§		2,000,000		2,047,260
Illinois Railsplitter Tobacco Settlement Authority
6.00% 6/1/28-21§		6,000,000		6,564,900
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference Health Care Facility Project) 7.75% 10/1/41-19§		3,000,000		3,103,710
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§		2,190,000		2,415,198
Maryland Economic Development Corporation Revenue
(Transportation Facilities Project) Series A 5.75% 6/1/35-20§		5,075,000		5,331,491
Massachusetts Development Finance Agency
(Harvard University) Series B-2 5.25% 2/1/34-21§		5,000,000		5,343,550
New Jersey Economic Development Authority Revenue
(Provident Group - Montclair State University) 5.875% 6/1/42-20§		4,225,000		4,447,657
(School Facilities Construction) Series G 5.75% 9/1/23-21§		900,000		971,640
New Jersey Educational Facilities Authority Revenue
(University of Medicine & Dentistry) Series B 7.50% 12/1/32-19§		1,435,000		1,455,492
Oklahoma State Turnpike Authority Revenue
(First Senior) 6.00% 1/1/22		13,535,000		15,153,244
San Juan, Texas Higher Education Finance Authority Education Revenue
(Idea Public Schools) Series A 6.70% 8/15/40-20§		1,500,000		1,606,080
Southwestern Illinois Development Authority Revenue
(Memorial Group Inc.) 7.125% 11/1/43-23§		2,000,000		2,471,760

				78,680,555

Special Tax Revenue Bonds – 7.60%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Tax Revenue
(City Center Project) 144A 5.375% 5/1/42 #		1,525,000		1,553,029
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		2,000,000		2,021,240
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Centre Hotel Project - TIF Financing) Series B 144A 5.00% 2/1/50 #		725,000		732,743


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Massachusetts School Building Authority
Series C 5.00% 8/15/31		2,500,000	$	2,884,150
Mosaic, Virginia District Community Development Authority Revenue
Series A 6.875% 3/1/36		3,980,000		4,228,352
New Jersey Economic Development Authority Revenue
(Cigarette Tax) 5.00% 6/15/28		2,695,000		2,869,690
New York City, New York Industrial Development Agency
(Yankee Stadium) 7.00% 3/1/49 (AGC)		1,000,000		1,004,630
New York City, New York Transitional Finance Authority
(Future Tax Secured Fiscal 2011)
Series C 5.25% 11/1/25		4,430,000		4,685,301
Series D-1 5.00% 2/1/26		3,000,000		3,179,670
(Future Tax Secured Fiscal 2014) Series A-1 5.00% 11/1/42		10,000,000		11,115,200
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 #		2,155,000		2,426,099
Puerto Rico Sales Tax Financing Revenue
Series A-1 4.75% 7/1/53		2,500,000		2,301,925
Tampa, Florida Sports Authority Revenue Sales Tax
(Tampa Bay Arena Project) 5.75% 10/1/20 (NATL)		435,000		449,359
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A)
Series 2015A 5.75% 9/1/32		1,280,000		1,364,941

				40,816,329

State General Obligation Bonds – 13.04%
California State
5.25% 11/1/40		3,795,000		3,985,585
Various Purposes
5.00% 8/1/27		2,500,000		3,014,875
5.00% 10/1/29		5,000,000		5,597,250
5.00% 3/1/30		5,000,000		5,773,250
5.00% 10/1/47		2,145,000		2,406,797
Unrefunded 6.00% 4/1/38		2,625,000		2,633,531
Unrefunded 6.50% 4/1/33		1,175,000		1,179,301
Commonwealth of Massachusetts
Series A 5.25% 1/1/33		3,000,000		3,676,800
Commonwealth of Pennsylvania
5.00% 9/15/26		2,500,000		2,973,825

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Connecticut State
Series B 5.00% 6/15/35		2,475,000	$	2,706,635
Series E 5.00% 9/15/35		2,500,000		2,802,375
Series E 5.00% 9/15/37		2,250,000		2,493,720
Florida State
(Department Of Transportation Right-of-Way Acquisition and Bridge Construction)
Series A 4.00% 7/1/33		2,500,000		2,732,150
Series A 4.00% 7/1/34		3,660,000		3,969,197
Illinois State
5.00% 1/1/29		5,405,000		5,751,028
5.00% 5/1/36		480,000		491,261
5.00% 11/1/36		1,780,000		1,849,153
5.00% 2/1/39		830,000		843,313
Series A 5.00% 4/1/38		785,000		797,945
Maryland State
Series A 5.00% 3/15/26		5,000,000		6,026,150
Series A 5.00% 3/15/28		5,000,000		6,203,250
Texas State
(Transportation Commission Mobility) Series A 5.00% 10/1/33		1,755,000		2,074,638

				69,982,029

Transportation Revenue Bonds – 14.70%
Chicago, Illinois Midway International Airport
Series A 5.00% 1/1/28 (AMT)		2,025,000		2,227,459
Chicago, Illinois O’Hare International Airport
Series B 5.00% 1/1/33		2,345,000		2,602,153
Series D 5.25% 1/1/42		2,000,000		2,263,300
Dallas, Texas Love Field
5.00% 11/1/35 (AMT)		1,000,000		1,125,410
5.00% 11/1/36 (AMT)		1,000,000		1,120,920
Harris County, Texas Toll Road Authority
Senior Lien Series A 5.00% 8/15/27		3,750,000		4,581,675
New Jersey Turnpike Authority
Series A 5.00% 1/1/28		5,000,000		5,725,800
New York State Thruway Authority
Series L 5.00% 1/1/23		3,000,000		3,379,470
North Texas Tollway Authority Revenue
(Second Tier) Series A 5.00% 1/1/34		5,000,000		5,593,750
Series A 5.00% 1/1/43		7,000,000		7,890,890


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
Port Authority of New York & New Jersey Special Project
(JFK International Air Terminal)
Series 8 6.00% 12/1/42		4,735,000	$	5,004,611
Series 8 6.50% 12/1/28		5,500,000		5,739,030
Salt Lake City, Utah Airport Revenue
Series B 5.00% 7/1/42		3,350,000		3,792,937
South Jersey Port, New Jersey
(Subordinated Marine Terminal)
Series A 5.00% 1/1/49		450,000		490,433
Series B 5.00% 1/1/42 (AMT)		450,000		482,994
Series B 5.00% 1/1/48 (AMT)		1,035,000		1,102,503
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International) Series A-1 6.625% 7/1/34		5,995,000		6,085,105
Texas Private Activity Bond Surface Transportation Corporate Senior Lien
(LBJ Infrastructure)
7.00% 6/30/40		5,715,000		6,071,102
7.50% 6/30/33		1,560,000		1,671,540
(NTE Mobility Partners)
6.75% 6/30/43 (AMT)		2,490,000		2,843,655
6.875% 12/31/39		5,500,000		5,709,330
7.00% 12/31/38 (AMT)		1,830,000		2,117,127
Virginia Small Business Financing Authority Revenue
(Transform 66 P3 Project) 5.00% 12/31/56 (AMT)		1,220,000		1,311,829

				78,933,023

Water & Sewer Revenue Bonds – 1.36%
Dominion, Colorado Water & Sanitation District
5.75% 12/1/36		2,500,000		2,641,025
Southern California Water Replenishment District
5.00% 8/1/33		2,000,000		2,332,680
5.00% 8/1/34		2,000,000		2,322,300

				7,296,005

Total Municipal Bonds (cost $505,223,233)				527,024,917


Short-Term Investments – 2.12%
Variable Rate Demand Notes – 2.12%¤
Connecticut State Health & Educational Facilities Authority Revenue (Yale University) Series V-1 1.54% 7/1/36		1,000,000		1,000,000
Los Angeles, California Department of Water and Power Revenue Subseries B-3
1.48% 7/1/34 (SPA – Barclays Bank)		1,000,000		1,000,000

Schedules of investments

Delaware Tax-Free USA Fund


	Principal amount°		Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes¤ (Continued)
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue (Chevron USA)
Series A 1.69% 12/1/30		3,850,000	$	3,850,000
Series F 1.69% 12/1/30		4,500,000		4,500,000
Series G 1.69% 11/1/35		1,050,000		1,050,000

Total Short-Term Investments (cost $11,400,000)				11,400,000


Total Value of Securities – 100.29% (cost $516,623,233)			$	538,424,917

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $24,162,310, which represents 4.50% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”

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

●

^	Zero coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

NATL – Insured by National Public Finance Guarantee Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Schedules of investments


Delaware Tax-Free USA Intermediate Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 97.95%
Corporate Revenue Bonds – 14.43%
Chandler, Arizona Industrial Development Revenue Bonds
(Intel Corporation Project) 2.70% 12/1/37 (AMT)·		3,000,000	$	3,042,930
Chesterfield County, Virginia Economic Development Authority Pollution Control Revenue
(Virginia Electric & Power) Series A 5.00% 5/1/23		1,460,000		1,466,672
Commonwealth of Pennsylvania Financing Authority
(Tobacco Master Settlement Payment) 5.00% 6/1/27		2,000,000		2,361,660
Denver City & County, Colorado Special Facilities Airport Revenue
(United Airlines Project) 5.00% 10/1/32 (AMT)		1,190,000		1,265,137
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#·		1,785,000		1,840,978
Golden State, California Tobacco Securitization Corporate Settlement Revenue
Series A-1 5.00% 6/1/35		2,000,000		2,218,360
(Asset-Backed Bonds) Series A-1 5.00% 6/1/26		850,000		974,168
(Capital Appreciation Asset-Backed) Series A 1.548% 6/1/47 ^		5,885,000		945,719
Houston, Texas Airport System Revenue
(United Airlines) 5.00% 7/1/29 (AMT)		3,010,000		3,295,619
Kentucky Public Energy Authority
(Gas Supply Revenue Bonds) Series C-1 4.00% 12/1/49 ·		5,000,000		5,343,550
Lower Alabama Gas District
Series A 5.00% 9/1/34		4,850,000		5,627,213
Maricopa County, Arizona Corporation Pollution Control Revenue
(Public Service - Palo Verde Project) Series B 5.20% 6/1/43 ·		6,000,000		6,180,960
Maryland Economic Development Corporation Pollution Control Revenue
(Potomac Electric Project) 6.20% 9/1/22		1,780,000		1,785,803
Michigan Tobacco Settlement Finance Authority
Series A 6.00% 6/1/34		810,000		805,116
M-S-R Energy Authority, California Gas Revenue
Series B 6.50% 11/1/39		3,485,000		4,864,677
Nassau County, New York Tobacco Settlement
(Asset-Backed) Series A-3 5.125% 6/1/46		490,000		466,289
New Jersey Economic Development Authority Special Facilities Revenue
(Continental Airlines Project) Series B 5.625% 11/15/30 (AMT)		1,890,000		2,134,849


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
New Jersey Tobacco Settlement Financing Corporation
Series B 5.00% 6/1/46		1,965,000	$	1,992,451
New York Liberty Development Revenue
(Goldman Sachs Headquarters) 5.25% 10/1/35		3,405,000		4,183,860
New York Transportation Development Special Facilities Revenue
(American Airlines John F. Kennedy International Airport Project) 5.00% 8/1/21 (AMT)		610,000		643,983
(Delta Airlines, Inc.-LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/34 (AMT)		3,000,000		3,392,400
Salt Verde, Arizona Financial Corporation Senior Gas Revenue
5.00% 12/1/32		3,850,000		4,571,028
5.00% 12/1/37		2,500,000		2,960,850
5.25% 12/1/24		3,050,000		3,502,651
Southeast Alabama Gas Supply District
(Project No.1) Series A 4.00% 4/1/49 ·		1,105,000		1,165,234
TSASC, New York
Series A 5.00% 6/1/30		475,000		535,900
Series A 5.00% 6/1/31		475,000		532,247
Tulsa, Oklahoma Airports Improvement Trust
(American Airlines) 5.00% 6/1/35 (AMT)·		975,000		1,055,203
Virginia Tobacco Settlement Financing Corporation
(Capital Appreciation Asset-Backed) Series C 2.419% 6/1/47 ^		29,400,000		2,855,916
Wisconsin Public Finance Authority Exempt Facilities Revenue
(National Gypsum) 5.25% 4/1/30 (AMT)		2,905,000		3,061,521

				75,072,944

Education Revenue Bonds – 5.52%
Arizona Industrial Development Authority Revenue
(American Charter Schools Foundation Project) 144A 6.00% 7/1/37 #		1,420,000		1,509,659
Bucks County, Pennsylvania Industrial Development Authority Revenue
(School Lane Charter School) 5.125% 3/15/36		2,000,000		2,122,180
California State University
(Systemwide) Series A 5.00% 11/1/31		2,000,000		2,400,140
California Statewide Communities Development Authority Revenue
(California Baptist University) Series A 6.125% 11/1/33		2,215,000		2,508,576

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Illinois Finance Authority Revenue
(University of Illinois at Chicago)
Series A 5.00% 2/15/29		400,000	$	451,024
Series A 5.00% 2/15/31		365,000		406,993
Series A 5.00% 2/15/37		430,000		467,625
Kent County, Delaware
(Delaware State University Project) Series A 5.00% 7/1/40		310,000		330,268
Miami-Dade County, Florida Educational Facilities Authority
(University of Miami)
Series A 5.00% 4/1/30		520,000		589,295
Series A 5.00% 4/1/31		1,090,000		1,229,378
New York City, New York Trust for Cultural Resources
(Whitney Museum of American Art) 5.00% 7/1/21		3,025,000		3,207,407
New York State Dormitory Authority Revenue
(Non State Supported Debt - Rockefeller University) Series A 5.00% 7/1/27		1,055,000		1,066,267
(Touro College & University System) Series A 5.25% 1/1/34		1,335,000		1,447,541
Pennsylvania Higher Educational Facilities Authority Revenue
(Unrefunded Drexel University) Series A 5.25% 5/1/25		310,000		331,068
Phoenix, Arizona Industrial Development Authority Housing Revenue
(Downtown Phoenix Student Housing, LLC-Arizona State University Project)
Series A 5.00% 7/1/30		350,000		400,792
Series A 5.00% 7/1/32		235,000		265,040
Pima County, Arizona Industrial Development Authority Education Revenue
(Facility American Leadership Academy Project)
144A 5.00% 6/15/47 #		745,000		729,482
144A 5.00% 6/15/52 #		640,000		615,878
South Carolina Jobs - Economic Development Authority Hospital Revenue
(High Point Academy Project) Series A 144A 5.75% 6/15/39 #		1,245,000		1,334,291
Texas A&M University Revenue Financing System
Series E 5.00% 5/15/26		2,500,000		3,015,150
University of Texas Permanent University Fund
Series B 5.00% 7/1/27		3,715,000		4,307,060

				28,735,114


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 2.87%
California State Department of Water Resources Power Supply Revenue
Series N 5.00% 5/1/21		1,000,000	$	1,075,920
Long Island, New York Power Authority
5.00% 9/1/33		250,000		291,315
5.00% 9/1/35		1,000,000		1,154,280
New York State Utility Debt Securitization Authority
(Restructuring Bonds) 5.00% 12/15/33		1,500,000		1,744,320
Salt River, Arizona Project Agricultural Improvement & Power District Electric Systems Revenue
Series A 5.00% 12/1/35		4,000,000		4,566,320
(Salt River Project Electric System) 5.00% 1/1/30		5,000,000		6,095,400

				14,927,555

Healthcare Revenue Bonds – 9.40%
Apple Valley, Minnesota
(Minnesota Senior Living LLC Project) Series B 5.25% 1/1/37		970,000		990,409
Arizona Health Facilities Authority
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/30		5,000,000		5,633,900
Berks County, Pennsylvania Municipal Authority Revenue
(Reading Hospital & Medical Center Project) Series A-3 5.25% 11/1/24		2,205,000		2,254,943
California Health Facilities Financing Authority
(Kaiser Permanente) Series A1 5.00% 11/1/27		4,100,000		5,127,009
California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series A 144A 5.00% 12/1/33 #		260,000		286,770
Series A 144A 5.00% 12/1/41 #		1,685,000		1,781,011
Series A 5.25% 12/1/34		2,790,000		3,029,521
Capital Trust Agency, Florida
(Tuscan Gardens Senior Living Center) 7.00% 4/1/35		1,630,000		1,606,724
Cuyahoga County, Ohio
(The Metrohealth System) 5.00% 2/15/37		1,000,000		1,070,660
Dauphin County, Pennsylvania General Authority
(Pinnacle Health System Project) Series A 6.00% 6/1/29		1,780,000		1,796,857
Iowa Finance Authority Senior Housing Revenue Bonds
(PHS Council Bluffs, Inc. Project) 5.00% 8/1/33		500,000		509,025
Kalispell, Montana
(Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/32		435,000		452,892

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Lancaster County, Pennsylvania Hospital Authority
(Brethren Village Project)
5.00% 7/1/31		440,000	$	462,594
5.00% 7/1/32		440,000		460,711
(University of Pennsylvania Health System Obligation) Series A 5.00% 8/15/33		2,430,000		2,801,693
Maricopa County, Arizona Industrial Development Authority Revenue
(Banner Health Obligation Group) Series A 5.00% 1/1/32		3,000,000		3,481,860
(Christian Care Surprise, Inc. Project) 144A 5.75% 1/1/36 #		1,500,000		1,507,365
Maryland Health & Higher Educational Facilities Authority Revenue
(Adventist Healthcare Obligated) Series A 5.50% 1/1/36		2,000,000		2,287,260
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 5.625% 7/1/30		2,440,000		2,570,272
New York State Dormitory Authority Revenue
(Orange Regional Medical Center)
144A 5.00% 12/1/31 #		1,000,000		1,130,830
144A 5.00% 12/1/32 #		1,100,000		1,239,502
144A 5.00% 12/1/33 #		1,000,000		1,119,820
Oklahoma Development Finance Authority Health System Revenue
(OU Medicine Project) Series B 5.25% 8/15/43		1,790,000		1,966,601
Prince George’s County, Maryland
(Collington Episcopal Life Care Community) 5.00% 4/1/31		2,000,000		2,091,820
Public Finance Authority, Wisconsin Senior Living Revenue
(Mary’s Woods at Marylhurst Project) 144A 5.00% 5/15/29 #		500,000		532,105
Rochester, Minnesota Health Care Facilities Revenue
(Mayo Clinic) Series C 4.50% 11/15/38 ·		2,540,000		2,721,788

				48,913,942

Lease Revenue Bonds – 4.82%
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.125% 11/1/23		410,000		440,459
Golden State, California Tobacco Securitization Corporate Settlement Revenue
(Asset-Backed Enhanced) Series A 5.00% 6/1/35		3,000,000		3,364,560
Idaho Building Authority Revenue
(Health & Welfare Project) Series A 5.00% 9/1/24		2,800,000		3,061,548


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
Los Angeles County, California
(Disney Concert Hall Parking) 5.00% 3/1/23		2,395,000	$	2,730,372
New Jersey State Transportation Trust Fund Authority
Series B 5.50% 6/15/31		5,000,000		5,258,550
(Highway Reimbursement) Series A 5.00% 6/15/30		2,415,000		2,697,845
New York Liberty Development Revenue
(World Trade Center Project) Class 2-3 144A 5.15% 11/15/34 #		1,000,000		1,074,880
New York State Dormitory Authority Revenue
(Health Facilities Improvement Program)
5.00% 1/15/28		750,000		917,527
5.00% 1/15/29		3,100,000		3,766,190
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A 5.00% 10/1/23 (AMT)#		1,745,000		1,777,370

				25,089,301

Local General Obligation Bonds – 7.67%
Chesterfield County, Virginia
Series B 5.00% 1/1/22		4,070,000		4,451,685
Chicago, Illinois
Series A 5.25% 1/1/29		640,000		681,690
Series C 5.00% 1/1/26		1,280,000		1,393,638
Chicago, Illinois Board of Education
5.00% 4/1/35		825,000		890,291
5.00% 4/1/36		320,000		344,864
(Dedicated Revenues)
Series C 5.00% 12/1/30		2,160,000		2,288,887
Series C 5.00% 12/1/34		2,160,000		2,251,476
Conroe, Texas Independent School District
5.00% 2/15/25 (PSF)		3,070,000		3,165,354
Fort Worth, Texas Independent School District
(School Building) 5.00% 2/15/27 (PSF)		2,000,000		2,285,460
New York City, New York
Series A-1 5.00% 8/1/19		5,000		5,028
Series B-1 4.00% 10/1/41		500,000		519,980
Series E 5.00% 8/1/23		3,685,000		4,198,210
Subseries D-1 4.00% 12/1/42		4,300,000		4,475,569
Subseries D-1 5.00% 10/1/30		4,000,000		4,310,240
San Francisco, California Bay Area Rapid Transit District
(Election 2004) Series D 5.00% 8/1/31		4,000,000		4,707,200

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Wake County, North Carolina
Series A 5.00% 3/1/27		3,200,000	$	3,928,768

				39,898,340

Pre-Refunded/Escrowed to Maturity Bonds – 6.30%
Atlanta, Georgia Water & Wastewater Revenue
Series A 6.00% 11/1/25-19§		2,925,000		3,009,854
California State Department of Water Resources
(Water System) Series AS 5.00% 12/1/29-24§		15,000		17,805
Clifton, Texas Higher Education Finance Corporation Revenue
(Uplift Education) Series A 6.00% 12/1/30-20§		1,100,000		1,180,410
Guam Government Limited Obligation Revenue
(Section 30) Series A 5.625% 12/1/29-19§		1,125,000		1,159,076
Maryland State Economic Development Corporation Revenue
(Transportation Facilities Project) Series A 5.375% 6/1/25-20§		2,535,000		2,651,483
New York State Dormitory Authority Revenue
(North Shore Long Island Jewish Health System) Series A 5.00% 5/1/23-21§		4,000,000		4,290,840
Pennsylvania Higher Educational Facilities Authority Revenue
(Drexel University) Series A 5.25% 5/1/25-21§		4,980,000		5,358,480
San Francisco, California City & County Airports Commission
Series D 5.00% 5/1/25-21§		570,000		613,320
San Francisco, California City & County Public Utilities Commission Water Revenue
Subseries A 5.00% 11/1/27-21§		7,430,000		8,131,615
Southwestern Illinois Development Authority
(Memorial Group) 7.125% 11/1/30-23§		2,190,000		2,706,577
Virginia Commonwealth Transportation Board
(Gans-Garvee) 5.00% 3/15/24-23§		3,250,000		3,675,555

				32,795,015

Special Tax Revenue Bonds – 10.61%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Tax Revenue
(City Center Project)
144A 5.00% 5/1/28 #		750,000		836,843
144A 5.00% 5/1/33 #		650,000		712,459
Celebration Pointe, Florida Community Development District
4.75% 5/1/24		570,000		580,140


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Celebration Pointe, Florida Community Development District
5.00% 5/1/34		880,000	$	886,301
Connecticut State Transportation Infrastructure
Series B 5.00% 10/1/30		3,375,000		3,941,764
Dallas, Texas Convention Center Hotel Development Revenue
Series A 5.00% 1/1/24		3,420,000		3,427,387
Series A 5.25% 1/1/23		5,375,000		5,387,846
Ernest N Morail-New Orleans, Louisiana Exhibition Hall Authority Special Tax Revenue
5.00% 7/15/26		2,330,000		2,550,674
Harris County-Houston, Texas Sports Authority
(Senior Lien) Series A 5.00% 11/15/30		1,805,000		2,040,228
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Center Hotel Project - TIF Financing)
Series B 144A 4.375% 2/1/31 #		400,000		403,960
Series B 144A 5.00% 2/1/40 #		200,000		205,424
Louisiana State Highway Improvement Revenue
Series A 5.00% 6/15/29		5,195,000		5,941,158
Massachusetts School Building Authority
Series C 5.00% 8/15/29		1,630,000		1,907,393
New Jersey Economic Development Authority Revenue
(Cigarette Tax)
5.00% 6/15/22		1,750,000		1,894,480
5.00% 6/15/23		1,250,000		1,350,287
(School Facilities Construction) Series AA 5.50% 12/15/29		1,480,000		1,493,956
New York City, New York Transitional Finance Authority Building Aid Revenue
Subseries S-3A 5.00% 7/15/28		4,400,000		5,476,592
New York City, New York Transitional Finance Authority Future Tax Secured
Subseries A-1 5.00% 11/1/23		2,865,000		3,297,558
Subseries C 5.00% 11/1/27		4,150,000		4,772,085
Subseries E-1 5.00% 2/1/26		4,020,000		4,382,604
Public Finance Authority, Wisconsin
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 #		1,010,000		1,137,058
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement
(Francis Place Redevelopment Project) 5.625% 11/1/25		1,000,000		1,000,070

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax - Vacation Village Project Area 1 and 2A) Series 2015A 5.00% 9/1/27		1,500,000	$	1,594,470

				55,220,737

State General Obligation Bonds – 17.43%
California State
5.00%8/1/26		3,120,000		3,776,978
5.00%9/1/30		1,715,000		2,026,324
Series C 5.00% 9/1/30		5,985,000		6,982,939
(Various Purposes)
5.00%8/1/28		3,000,000		3,728,820
5.00%9/1/32		4,100,000		4,799,624
5.25%9/1/28		7,750,000		8,418,747
Commonwealth of Massachusetts
Series A 5.00% 1/1/35		7,500,000		8,918,475
Commonwealth of Pennsylvania
5.00%9/15/26		2,500,000		2,973,825
Connecticut State
Series F 5.00% 9/15/27		2,790,000		3,256,321
Georgia State
Series A 5.00% 7/1/26		5,000,000		6,083,600
Hawaii State
Series FW 4.00% 1/1/34		3,010,000		3,264,315
Illinois State
4.00%2/1/24		1,220,000		1,249,695
5.00%1/1/29		2,000,000		2,128,040
5.00%3/1/36		960,000		975,072
5.00%11/1/36		1,965,000		2,041,340
Minnesota State
Various Purposes Series F 5.00% 10/1/22		5,000,000		5,587,650
New York State
Series A 5.00% 2/15/28		5,000,000		5,302,450
Oregon State
Series L 5.00% 5/1/26		6,000,000		6,417,000
(Article XI-Q State Projects) Series A 5.00% 5/1/28		2,000,000		2,486,760
Texas State
(Transportation Commission Highway Improvement) 5.00%4/1/29		3,000,000		3,418,770
Washington State
Series R-2015E 5.00% 7/1/31		3,000,000		3,427,320


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Washington State
(Various Purposes) Series 2015-A-1 5.00% 8/1/30		3,000,000	$	3,429,480

				90,693,545

Transportation Revenue Bonds – 15.76%
Bay Area, California Toll Authority
(San Francisco Bay Area) 4.00% 4/1/34		1,000,000		1,067,890
Broward County, Florida Airport System Revenue
Series O 5.375% 10/1/29		2,000,000		2,043,480
Chicago, Illinois Midway International Airport
Series A 5.00% 1/1/28 (AMT)		1,905,000		2,095,462
Chicago, Illinois O’Hare International Airport Revenue
Series B 5.00% 1/1/32		1,000,000		1,114,200
Series B 5.00% 1/1/33		1,520,000		1,686,683
(General-Airport-Senior Lien)
Series B 5.00% 1/1/36		2,500,000		2,887,250
Series B 5.00% 1/1/37		3,000,000		3,444,750
(General-Airport-Third Lien) Series C 5.25% 1/1/28		2,150,000		2,205,749
Houston, Texas Airports Commission Revenue Series B
5.00% 7/1/25		1,000,000		1,072,360
5.00% 7/1/26		3,000,000		3,211,410
Memphis-Shelby County, Tennessee Airport Authority Revenue
Series D 5.00% 7/1/24		4,110,000		4,387,014
New Jersey State Turnpike Authority Turnpike Revenue
Series A 5.00% 1/1/33		1,770,000		2,044,686
New Orleans, Louisiana Aviation Board
Series B 5.00% 1/1/32 (AGM) (AMT)		2,900,000		3,216,390
Series B 5.00% 1/1/33 (AGM) (AMT)		2,900,000		3,200,063
New York State Thruway Authority
Series J 5.00% 1/1/27		5,705,000		6,459,886
Pennsylvania State Turnpike Commission Revenue
Subordinate Series A-1 5.00% 12/1/29		3,590,000		4,038,176
Phoenix, Arizona Civic Improvement Corporation Airport Revenue
(Junior Lien Airport) Series A 5.00% 7/1/33		3,355,000		3,836,979
Port Authority of New York & New Jersey
(194th Series) 5.00% 10/15/32		2,500,000		2,904,550
(JFK International Air Terminal) Series 8 6.50% 12/1/28		8,300,000		8,660,718
Salt Lake City, Utah Airport Revenue
Series B 5.00% 7/1/31		500,000		588,325
Series B 5.00% 7/1/32		600,000		702,780
Series B 5.00% 7/1/33		1,000,000		1,166,400

Schedules of investments

Delaware Tax-Free USA Intermediate Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
San Francisco, California City & County Airport Commission - San Francisco International Airport
Series D 5.00% 5/1/25		1,430,000	$	1,531,916
South Jersey Port, New Jersey
(Subordinated Marine Terminal)
Series B 5.00% 1/1/32 (AMT)		215,000		240,196
Series B 5.00% 1/1/33 (AMT)		315,000		350,110
Series B 5.00% 1/1/34 (AMT)		430,000		475,825
Series B 5.00% 1/1/35 (AMT)		430,000		473,585
Series B 5.00% 1/1/36 (AMT)		430,000		471,271
Series B 5.00% 1/1/37 (AMT)		430,000		468,807
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International) Series A-1 6.125% 7/1/24		3,780,000		3,832,466
Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue
(LBJ Infrastructure) 7.50% 6/30/33		3,625,000		3,884,187
(NTE Mobility Partners)
7.00% 12/31/38 (AMT)		3,750,000		4,338,375
7.50% 12/31/31		3,765,000		3,937,249

				82,039,188

Water & Sewer Revenue Bonds – 3.14%
Atlanta, Georgia Water & Wastewater Revenue
Series B 5.50% 11/1/23 (AGM)		1,175,000		1,204,316
California State Department of Water Resources
(Water System) Series AS 5.00% 12/1/29		2,680,000		3,132,759
Dominion, Colorado Water & Sanitation District
5.25% 12/1/27		500,000		530,785
Great Lakes, Michigan Water Authority Water Supply System Revenue
(Senior Lien Bond) Series C 5.00% 7/1/31		3,000,000		3,472,200
Sacramento, California Water Revenue
5.00% 9/1/26		3,160,000		3,623,635
San Antonio, Texas Water System Revenue
Series A 5.00% 5/15/32		1,500,000		1,749,525
Series A 5.00% 5/15/33		2,250,000		2,611,710

				16,324,930

Total Municipal Bonds (cost $491,405,372)				509,710,611


	Principal amount°		Value (US $)
Short-Term Investments – 0.44%
Variable Rate Demand Notes – 0.44%¤
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue (Chevron USA)
Series A 1.69% 12/1/30		1,400,000	$	1,400,000
Series F 1.69% 12/1/30		900,000		900,000

Total Short-Term Investments (cost $2,300,000)				2,300,000


Total Value of Securities – 98.39% (cost $493,705,372)			$	512,010,611

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $19,775,685, which represents 3.80% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”

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

●

^ Zero coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

Summary of abbreviations: (continued)

LIBOR06M – ICE LIBOR USD 6 Month

PSF – Guaranteed by Permanent School Fund

USD – US Dollar

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

Schedules of investments


Delaware National High-Yield Municipal Bond Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)
Municipal Bonds – 98.26%
Corporate Revenue Bonds – 16.32%
Allegheny County, Pennsylvania Industrial Development Authority Revenue
(Environmental Improvement - US Steel Corp. Project) 5.75% 8/1/42 (AMT)		2,000,000	$	2,007,240
Anuvia, Florida
5.00% 1/1/29		134,139		120,725
Buckeye, Ohio Tobacco Settlement Financing Authority
(Asset-Backed Senior Turbo)
Series A-2 5.875% 6/1/47		22,075,000		20,722,906
Series A-2 6.00% 6/1/42		3,100,000		2,991,717
Series A-2 6.50% 6/1/47		19,695,000		19,621,735
California County Tobacco Securitization Agency Settlement Revenue
(Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) 0.83% 6/1/55 ^		100,000,000		4,745,000
California Pollution Control Financing Authority Revenue
(Poseidon Resources) 144A 5.00% 7/1/37 (AMT)#		5,000,000		5,244,450
California State Enterprise Development Authority Revenue
(Sunpower Corp. - Recovery Zone Facility) 8.50% 4/1/31		1,000,000		1,048,620
Central Plains Energy Project, Nebraska
(Project No. 3) Series A 5.00% 9/1/37		3,210,000		3,726,617
Chandler, Arizona Industrial Development Authority Revenue
(Intel Corporation Project) Series 2007 2.70% 12/1/37 (AMT)·		4,500,000		4,564,395
Columbus County, North Carolina Industrial Facilities & Pollution Control Financing
(International Paper Co. Project) Series A 5.70% 5/1/34		1,000,000		1,037,560
Florida Development Finance Corporation Revenue
(Brightline Passenger Rail Project) 144A 5.625% 1/1/47 (AMT)#·		3,890,000		4,011,990
Golden State, California Tobacco Securitization Corporate Settlement Revenue
Series A-1 5.00% 6/1/47		11,430,000		11,033,608
Series A-1 5.25% 6/1/47		2,170,000		2,174,948
(Capital Appreciation - Asset-Backed-1st Subordinate) Series B 1.548% 6/1/47 ^		30,145,000		4,844,301
Houston, Texas Airport System Revenue
Series B-1 5.00% 7/15/35 (AMT)		5,000,000		5,380,950
(Special Facilities Continental Airlines, Inc. Terminal Improvements Projects) Series 2011 6.625% 7/15/38 (AMT)		2,000,000		2,142,640

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Houston, Texas Airport System Revenue
(United Airlines Inc.) 5.00% 7/1/29 (AMT)		1,150,000	$	1,259,123
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Westlake Chemical Corp.) Series A-1 6.50% 11/1/35		3,000,000		3,187,860
Louisiana Tobacco Settlement Financing Corporation
Asset-Backed Note Series A 5.25% 5/15/35		2,540,000		2,753,258
Main Street Natural Gas Project Revenue, Georgia
Series A 5.50% 9/15/23		40,000		45,488
Michigan Tobacco Settlement Financing Authority Revenue Asset-Backed
Series A 6.00% 6/1/48		1,255,000		1,236,489
M-S-R Energy Authority, California Gas Revenue
Series A 6.50% 11/1/39		2,500,000		3,489,725
Series B 6.50% 11/1/39		2,500,000		3,489,725
Nassau County, New York Tobacco Settlement Corporation Revenue
(Asset-Backed) Series A-3 5.125% 6/1/46		1,320,000		1,256,125
Nevada State Department of Business & Industry
(Green Fulcrum Sierra Biofuels Project) 144A 6.25% 12/15/37 (AMT)#		2,500,000		2,664,775
New Jersey Economic Development Authority Special Facility Revenue
(Continental Airlines Project)
5.25% 9/15/29 (AMT)		4,000,000		4,345,360
Series B 5.625% 11/15/30 (AMT)		1,270,000		1,434,529
New Jersey Tobacco Settlement Financing Corporation
Series B 5.00% 6/1/46		4,460,000		4,522,306
New York Liberty Development Corporation Revenue
(Goldman Sachs Headquarters Issue) 5.25% 10/1/35		7,000,000		8,601,180
(Second Priority - Bank of America Tower) Class 3 6.375% 7/15/49		2,000,000		2,072,920
New York Transportation Development Corporation Special Facility Revenue
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) Series 2018 4.00% 1/1/36 (AMT)		1,960,000		1,988,518
Pennsylvania Economic Development Financing Authority
(National Gypsum) 5.50% 11/1/44 (AMT)		4,500,000		4,676,760
Pima County, Arizona Industrial Development Authority Pollution Control Revenue
(Tucson Electric Power) Series A 5.25% 10/1/40		500,000		520,940


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Port of Seattle, Washington Industrial Development Corporation Special Facilities Revenue
(Delta Airlines) 5.00% 4/1/30 (AMT)		2,000,000	$	2,149,560
Public Authority for Colorado Energy Natural Gas Revenue
Series 28 6.50% 11/15/38		2,000,000		2,806,040
Salt Verde, Arizona Financial Senior Gas Revenue
5.00% 12/1/37		11,765,000		13,933,760
5.25% 12/1/27		2,235,000		2,650,933
5.25% 12/1/28		1,050,000		1,257,879
5.50% 12/1/29		765,000		938,701
Shoals, Indiana
(National Gypsum Co. Project) 7.25% 11/1/43 (AMT)		1,625,000		1,786,444
Tennessee State Energy Acquisition Gas Revenue
Series A 4.00% 5/1/48 ·		720,000		754,121
Series C 5.00% 2/1/27		2,940,000		3,359,215
TSASC, New York
Series A 5.00% 6/1/41		705,000		747,942
Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue
Series A 5.50% 6/1/35 (AMT)		2,000,000		2,140,840
(American Airlines) 5.00% 6/1/35 (AMT)·		3,000,000		3,246,780
Valparaiso, Indiana
(Pratt Paper LLC Project) 7.00% 1/1/44 (AMT)		2,865,000		3,288,246
Virginia Tobacco Settlement Financing Corporation
Series B-1 5.00% 6/1/47		2,000,000		1,910,780
Series C 2.419% 6/1/47 ^		66,475,000		6,457,382
Series D 2.594% 6/1/47 ^		137,270,000		12,156,631
Washington Economic Development Finance Authority Revenue
(Columbia Pulp I, LLC Project) Series 2017A 144A 7.50% 1/1/32 (AMT)#		5,000,000		5,569,100
Wisconsin Public Finance Authority
(National Gypsum) 4.00% 8/1/35 (AMT)		2,000,000		1,941,300

				210,060,137

Education Revenue Bonds – 15.38%
Arizona Industrial Development Authority Revenue
(Accel Schools Project) Series A 144A 5.25% 8/1/48 #		3,200,000		3,166,720
(American Charter Schools Foundation Project)
144A 6.00% 7/1/37 #		775,000		823,933
144A 6.00% 7/1/47 #		4,735,000		4,961,854
(Basis Schools Projects) Series A 144A 5.125% 7/1/37 #		750,000		775,620

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Arizona Industrial Development Authority Revenue
(Basis Schools Projects) Series A 144A 5.375% 7/1/50 #		1,000,000	$	1,031,970
(Kaizen Education Foundation Project) 144A 5.80% 7/1/52 #		4,000,000		4,164,080
(Pinecrest Academy Nevada-Horizon, Inspirada) Series A 144A 5.75% 7/15/48 #		2,250,000		2,359,800
Arlington, Texas Higher Education Finance
(Arlington Classic Academy) 7.65% 8/15/40		1,000,000		1,054,550
(Leadership Preparatory School)
Series A 5.00% 6/15/36		700,000		704,893
Series A 5.00% 6/15/46		1,325,000		1,328,008
Build NYC Resource, New York
5.00% 11/1/39		1,000,000		991,030
(Inwood Academy for Leadership Charter School Project)
Series A 144A 5.125% 5/1/38 #		575,000		581,032
Series A 144A 5.50% 5/1/48 #		1,500,000		1,543,350
(New Dawn Charter Schools Project)
144A 5.625% 2/1/39 #		1,290,000		1,296,153
144A 5.75% 2/1/49 #		2,700,000		2,718,171
Burbank, Illinois
(Intercultural Montessori Language) 144A 6.25% 9/1/45 #		4,000,000		4,170,760
California Educational Facilities Authority Revenue
(Loma Linda University) Series A 5.00% 4/1/47		1,500,000		1,677,030
California Municipal Finance Authority Revenue
(California Baptist University) Series A 144A 5.50% 11/1/45 #		4,000,000		4,398,960
(Julian Charter School Project) Series A 144A 5.625% 3/1/45 #		5,250,000		5,181,435
(Partnership Uplift Community Project) Series A 5.25% 8/1/42		1,700,000		1,722,644
(Santa Rosa Academy Project) Series A 6.00% 7/1/42		1,250,000		1,319,063
(Southwestern Law School) 6.50% 11/1/41		1,500,000		1,663,155
(The Creative Center of Los Altos Project) Series B 144A 4.50% 11/1/46 #		1,000,000		999,950
California School Finance Authority
(Aspire Public Schools)
Series A 144A 5.00% 8/1/35 #		585,000		634,637
Series A 144A 5.00% 8/1/40 #		605,000		646,957
(Encore Education Obligated Group) Series A 144A 5.00% 6/1/52 #		1,000,000		844,050


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
California School Finance Authority
(Escuela Popular Project) 144A 6.50% 7/1/50 #		2,750,000	$	2,720,630
(New Designs Charter School) Series A 5.50% 6/1/42		1,750,000		1,795,745
(View Park Elementary & Middle Schools)
Series A 5.875% 10/1/44		1,000,000		1,051,000
Series A 6.00% 10/1/49		720,000		759,276
California State University
(Systemwide)
Series A 5.00% 11/1/26		2,000,000		2,472,920
Series A 5.00% 11/1/27		2,300,000		2,857,106
California Statewide Communities Development Authority Charter School Revenue
(Green Dot Public Schools) Series A 7.25% 8/1/41		1,915,000		2,110,177
California Statewide Communities Development Authority Revenue
(Lancer Educational Student Housing Project) Series A 144A 5.00% 6/1/46 #		1,500,000		1,584,720
Capital Trust Agency, Florida
(Pineapple Cove Classical Academy Inc. Project) Series A 144A 5.375% 7/1/54 #		6,000,000		5,947,920
(River City Education Services Project)
Series A 5.375% 2/1/35		870,000		873,663
Series A 5.625% 2/1/45		1,500,000		1,507,770
(University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/58 #		11,250,000		10,867,163
Colorado Educational & Cultural Facilities Authority Revenue
(Charter School - Community Leadership Academy) 7.45% 8/1/48		2,000,000		2,245,320
(Charter School - Loveland Classical School) 144A 5.00% 7/1/46 #		1,500,000		1,505,370
(Skyview Charter School) 144A 5.375% 7/1/44 #		500,000		506,770
(Windsor Charter Academy Project) Series 2016 144A 5.00% 9/1/36 #		1,000,000		1,000,000
Delaware State Economic Development Authority Revenue
(Charter School - Aspira Charter)
5.00% 6/1/36		700,000		703,745
5.00% 6/1/46		820,000		804,387
5.00% 6/1/51		1,035,000		998,019
East Hempfield Township, Pennsylvania Industrial Development Authority
(Student Services Income - Student Housing Project) 5.00% 7/1/30		1,000,000		1,059,260

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Hawaii State Department of Budget & Finance
(Chaminade University) Series A 144A 5.00% 1/1/45 #		1,155,000	$	1,100,218
(Hawaii Pacific University) Series A 6.875% 7/1/43		2,000,000		2,078,600
Henderson, Nevada Public Improvement Trust
(Touro College & University System)
Series A 5.50% 1/1/39		460,000		493,681
Series A 5.50% 1/1/44		2,000,000		2,142,460
Idaho Housing & Finance Association
(Idaho Arts Charter School Inc.) 144A 5.00% 12/1/36 #		715,000		752,952
(North Star Charter School)
Series A 6.75% 7/1/48		529,150		542,956
Series B 144A 4.88% 7/1/49 #^		2,888,155		375,720
(Xavier Charter School Project) Series A 5.00% 6/1/50		1,000,000		1,051,650
Illinois Finance Authority Charter School Revenue
(Chicago International Charter School Project) 5.00% 12/1/47		2,805,000		2,897,144
(Uno Charter School) Series A 7.125% 10/1/41		1,000,000		1,047,250
Illinois Finance Authority Revenue
(Lake Forest College) Series A 6.00% 10/1/48		1,000,000		1,053,910
(Rogers Park Montessori)
6.00% 2/1/34		675,000		708,507
6.125% 2/1/45		1,800,000		1,871,982
Illinois Finance Authority Student Housing & Academic Facility Revenue
(University of Illinois at Chicago Project) Series A 5.00% 2/15/47		3,500,000		3,738,385
Illinois Finance Authority Student Housing Revenue
(Dekalb II - Northern Illinois University Project) 6.875% 10/1/43		1,000,000		1,060,080
Indiana State Finance Authority Revenue Educational Facilities
(Drexel Foundation - Thea Bowman Academy Charter School) Series A 7.00% 10/1/39		1,000,000		1,004,270
Kanawha, West Virginia
(West Virginia University Foundation Project) 6.75% 7/1/45		2,500,000		2,621,525
Kent County, Delaware Student Housing and Dining Facilities Revenue
(Delaware State University Project)
Series A 5.00% 7/1/53		140,000		147,510
Series A 5.00% 7/1/58		1,250,000		1,306,663


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Louisiana Public Facilities Authority Revenue
(Lake Charles Charter Academy Foundation Project) 8.00% 12/15/41		1,500,000	$	1,613,685
Macon-Bibb County, Georgia Urban Development Authority Revenue
(Academy for Classical Education)
Series A 144A 5.875% 6/15/47 #		1,680,000		1,682,554
Series A 144A 6.00% 6/15/52 #		1,530,000		1,534,774
Maricopa County, Arizona Industrial Development Authority
(Paradise Schools Projects) Series 2016 144A 5.00% 7/1/47 #		1,500,000		1,533,120
Maryland State Health & Higher Educational Facilities Authority Revenue
(Patterson Park Public Charter School) Series A 6.125% 7/1/45		1,000,000		1,002,710
Miami-Dade County, Florida Industrial Development Authority
(Youth Co-Op Charter School)
Series A 144A 5.75% 9/15/35 #		1,000,000		1,014,630
Series A 144A 6.00% 9/15/45 #		1,000,000		1,014,190
Michigan Finance Authority Limited Obligation Revenue
(Public School Academy Old Redford) Series A 6.50% 12/1/40		900,000		902,223
Michigan Public Educational Facilities Authority Revenue
(Limited-Obligation-Landmark Academy) 7.00% 12/1/39		950,000		950,304
Nevada State Department of Business & Industry
(Somerset Academy)
Series A 144A 5.00% 12/15/35 #		1,595,000		1,627,044
Series A 144A 5.125% 12/15/45 #		2,515,000		2,555,818
New Jersey State Higher Education Student Assistance Authority Student Loan Revenue
Series 1B 5.75% 12/1/39 (AMT)		1,250,000		1,359,337
New York State Dormitory Authority
(Touro College & University System) Series A 5.50% 1/1/44		2,875,000		3,099,825
North Texas Education Finance Revenue
(Uplift Education) Series A 5.25% 12/1/47		2,100,000		2,186,709
Pennsylvania State Higher Educational Facilities Authority Revenue
(Foundation Indiana University) Series A 2.524% 7/1/39 (SGI)·		2,400,000		2,079,312

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(1st Philadelphia Preparatory) Series A 7.25% 6/15/43		1,230,000	$	1,370,183
(Global Leadership Academy Project) 6.375% 11/15/40		1,000,000		1,019,240
(Green Woods Charter School Project) Series A 5.75% 6/15/42		1,600,000		1,637,760
(Tacony Academy Charter School Project) 7.00% 6/15/43		1,540,000		1,659,057
Phoenix, Arizona Industrial Development Authority Education Revenue
(Basic Schools Project)
Series 2015A 144A 5.00% 7/1/46 #		4,000,000		4,053,800
Series 2016A 144A 5.00% 7/1/45 #		2,000,000		2,028,000
(Choice Academies Project)
5.375% 9/1/32		1,000,000		1,027,650
5.625% 9/1/42		600,000		614,766
(Downtown Phoenix Student Housing, LLC - Arizona State University Project) Series 2018A 5.00% 7/1/37		250,000		275,963
(Eagle College Preparatory Project) Series A 5.00% 7/1/43		450,000		444,353
(Rowan University Project) 5.00% 6/1/42		2,000,000		2,135,520
Pima County, Arizona Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		1,630,000		1,596,047
144A 5.00% 6/15/52 #		1,400,000		1,347,234
(Edkey Charter Schools Project) 6.00% 7/1/43		2,000,000		1,845,740
Pottsboro, Texas Higher Education Finance Authority Revenue
Series A 5.00% 8/15/36		655,000		661,275
Series A 5.00% 8/15/46		1,000,000		976,620
Private Colleges & Universities Authority, Georgia Revenue
(Mercer University) Series A 5.00% 10/1/32		1,005,000		1,048,486
Public Finance Authority Revenue, Wisconsin
(Wilson Preparatory Academy)
Series A 144A 4.125% 6/15/29 #		550,000		551,689
Series A 144A 5.00% 6/15/39 #		500,000		501,780
Series A 144A 5.00% 6/15/49 #		1,100,000		1,090,584
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue
(High Point Academy Project) Series A 144A 5.75% 6/15/49 #		5,000,000		5,308,300


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue
(Academia Cesar Chavez School Project) Series A 5.25% 7/1/50		2,560,000	$	2,551,987
(Hmong College Preparatory Academy Project)
Series A 5.75% 9/1/46		1,000,000		1,051,480
Series A 6.00% 9/1/51		3,000,000		3,181,680
University of California
Series AZ 5.25% 5/15/58		6,185,000		7,091,164
Utah State Charter School Finance Authority Revenue
(North Davis Preparatory) 6.375% 7/15/40		1,290,000		1,336,466
Wisconsin Public Finance Authority Revenue
(Pine Lake Preparatory) 144A 5.50% 3/1/45 #		3,460,000		3,554,008
(Roseman University Health Sciences Project) 5.75% 4/1/42		2,000,000		2,102,700
Wyoming Community Development Authority Student Housing Revenue
(CHF-Wyoming LLC) 6.50% 7/1/43		1,000,000		1,045,760
Yonkers, New York Economic Development Corporation Education Revenue
(Charter School Educational Excellence) Series A 6.25% 10/15/40		595,000		609,976

				198,001,732

Electric Revenue Bond – 0.24%
Salt River Project Agricultural Improvement & Power District, Arizona
(Salt River Project) Series A 5.00% 1/1/31		2,520,000		3,048,192

				3,048,192

Healthcare Revenue Bonds – 26.83%
Abag, California Finance Authority for Nonprofit Corporations
(Episcopal Senior Communities) 6.125% 7/1/41		1,650,000		1,769,889
Alachua County, Florida Health Facilities Authority
(Oak Hammock University)
Series A 8.00% 10/1/42		1,000,000		1,126,440
Series A 8.00% 10/1/46		1,500,000		1,684,365
Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Allegheny Health Network Obligated Group Issue)
Series A 4.00% 4/1/44		3,750,000		3,716,475
Series A 5.00% 4/1/47		4,000,000		4,381,040

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Allen County, Indiana Economic Development Revenue
(StoryPoint Fort Wayne Project) Series A-1 144A 6.875% 1/15/52 #		1,650,000	$	1,737,186
Apple Valley, Minnesota
(Minnesota Senior Living LLC, Project)
Series B 5.00% 1/1/47		2,500,000		2,526,175
Series D 7.25% 1/1/52		7,290,000		7,243,709
Bexar County, Texas Health Facilities Development
(Army Retirement Residence Foundation Project) Series 2010 5.875% 7/1/30		155,000		160,516
Birmingham, Alabama Special Care Facilities Financing Authority
(Methodist Home for the Aging)
5.50% 6/1/30		1,850,000		2,030,171
5.75% 6/1/35		1,500,000		1,641,810
5.75% 6/1/45		2,500,000		2,678,350
6.00% 6/1/50		2,650,000		2,871,010
Butler County, Ohio Port Authority
(StoryPoint Fairfield Project) Series A-1 144A 6.50% 1/15/52 #		650,000		669,259
California Health Facilities Financing Authority Revenue
(Kaiser Permanente) Series A-2 5.00% 11/1/47		4,870,000		6,344,344
California Municipal Finance Authority Revenue
(Northbay Healthcare Group) Series A 5.25% 11/1/47		500,000		534,100
California Statewide Communities Development Authority Revenue
(be.group) 144A 7.25% 11/15/41 #		500,000		516,215
(Loma Linda University Medical Center) 5.50% 12/1/54		13,000,000		13,986,440
Series A 144A 5.25% 12/1/56 #		3,000,000		3,191,160
Series A 144A 5.50% 12/1/58 #		8,135,000		8,897,575
Camden County, New Jersey Improvement Authority Revenue
(Cooper Health System Obligation Group) 5.75% 2/15/42		2,500,000		2,698,125
Capital Trust Agency, Florida
(Elim Senior Housing Inc. Project) 144A 5.875% 8/1/52 #		2,500,000		2,507,225
(Tuscan Gardens Senior Living Center) Series A 7.00% 4/1/49		5,000,000		4,719,650
Chesterfield County, Virginia Economic Development Authority Revenue
(1st Mortgage - Brandermill Woods Project) 5.125% 1/1/43		1,030,000		1,045,738


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Chesterton, Indiana
(StoryPoint Chesterton Project) Series A 144A 6.375% 1/15/51 #		1,000,000	$	1,022,520
Cobb County, Georgia Development Authority
(Provident Village at Creekside Project) Series A 144A 6.00% 7/1/51 #		3,500,000		3,057,670
Colorado Health Facilities Authority Revenue
(American Baptist) 8.00% 8/1/43		2,500,000		2,798,500
(Mental Health Center Denver Project) Series A 5.75% 2/1/44		500,000		541,770
(School Health Systems) Series A 5.00% 1/1/44		1,000,000		1,081,110
(Sunny Vista Living Center)
Series A 144A 5.50% 12/1/30 #		750,000		769,883
Series A 144A 5.75% 12/1/35 #		1,150,000		1,183,499
Series A 144A 6.125% 12/1/45 #		1,200,000		1,246,440
Series A 144A 6.25% 12/1/50 #		560,000		583,974
Connecticut State Health & Educational Facilities Authority Revenue
(Church Home of Hartford Project)
Series A 144A 5.00% 9/1/46 #		1,000,000		1,016,860
Series A 144A 5.00% 9/1/53 #		1,500,000		1,510,245
Cumberland County, Pennsylvania Municipal Authority Revenue
(Asbury Pennsylvania Obligation Group) 5.25% 1/1/41		1,600,000		1,627,152
Cuyahoga County, Ohio Hospital Revenue
(The Metrohealth System)
5.25% 2/15/47		5,200,000		5,547,516
5.50% 2/15/52		4,655,000		5,059,706
5.50% 2/15/57		7,250,000		7,869,875
Decatur, Texas Hospital Authority
(Wise Regional Health Systems)
Series A 5.00% 9/1/34		1,000,000		1,073,440
Series A 5.25% 9/1/29		500,000		553,825
Series A 5.25% 9/1/44		2,000,000		2,118,740
Duluth, Minnesota Economic Development Authority Revenue
(St. Luke’s Hospital Authority Obligation Group) 5.75% 6/15/32		3,750,000		4,060,350
Florida Development Finance
(Tuscan Isle Champions Gate Project) Series A 144A 6.375% 6/1/46 #		2,250,000		1,912,500
(UF Health - Jacksonville Project) Series A 6.00% 2/1/33		2,375,000		2,588,774

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Glendale, Arizona Industrial Development Authority Revenue
(Glencroft Retirement Community Project)
5.00%11/15/36		830,000	$	839,454
5.25%11/15/51		1,350,000		1,354,981
Guilderland, New York Industrial Development Agency
Series A 144A 5.875% 1/1/52 #		6,000,000		5,867,100
Hawaii State Department of Budget & Finance Special Purpose Senior Living Revenue
(Hawaii Pacific Health Obligation) Series A 5.50%7/1/43		2,990,000		3,300,661
(Kahala Nui) 5.25% 11/15/37		1,000,000		1,089,020
Hospital Facilities Authority of Multnomah County, Oregon
(Mirabella at South Waterfront) 5.50% 10/1/49		2,400,000		2,556,024
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project) Series A 5.00%3/1/33		485,000		556,445
(Valley Vista Care Corporation) Series A 5.00% 11/15/32		455,000		466,584
Illinois Finance Authority Revenue
(Admiral at Lake Project) 5.25% 5/15/54		5,000,000		4,828,550
(Lutheran Home & Services) 5.75% 5/15/46		1,685,000		1,720,773
Illinois Housing Development Authority
(Stonebridge of Gurnee Project)
Series A 144A 5.45% 1/1/46 #		2,500,000		2,238,175
Series A 144A 5.60% 1/1/56 #		2,700,000		2,419,740
Indiana Finance Authority Revenue
(King’s Daughters Hospital & Health)
5.50%8/15/40		1,000,000		1,036,830
5.50%8/15/45		1,000,000		1,034,710
(Marquette Project) 5.00% 3/1/39		1,250,000		1,284,775
Iowa Finance Authority
(PHS Council Bluffs, Inc. Project)
5.125% 8/1/48		1,650,000		1,653,943
5.25%8/1/55		2,500,000		2,514,725
(Sunrise Retirement Community) 5.75% 9/1/43		2,500,000		2,535,425
Kalispell, Montana
(Immanuel Lutheran Corporation Project) Series A 5.25%5/15/47		1,300,000		1,335,620
Kentucky Economic Development Finance Authority Healthcare Revenue
(Rosedale Green Project)
5.50%11/15/35		1,310,000		1,336,331
5.75%11/15/45		2,500,000		2,556,850


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Kentucky Economic Development Finance Authority Healthcare Revenue
(Rosedale Green Project) 5.75% 11/15/50		1,600,000	$	1,631,872
Kentwood, Michigan Economic Development Corporation Revenue
(Limited Obligation - Holland Home) 5.625% 11/15/41		1,250,000		1,316,837
Kirkwood, Missouri Industrial Development Authority
(Aberdeen Heights) Series A 5.25% 5/15/50		6,000,000		6,259,260
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 5.00% 5/15/46		1,770,000		1,922,185
Lucas County, Ohio Health Care Facilities Revenue
(Sunset Retirement Communities) 5.50% 8/15/30		1,000,000		1,056,610
Maine Health & Higher Educational Facilities Authority Revenue
(Maine General Medical Center) 6.75% 7/1/41		1,700,000		1,829,353
Maricopa County, Arizona Industrial Development Authority
(Christian Care Surprise, Inc. Project) Series 2016 144A 6.00% 1/1/48 #		5,400,000		5,453,136
Martin County, Florida Health Facilities Authority Revenue
(Martin Memorial Medical Center) 5.50% 11/15/42		1,000,000		1,066,410
Maryland Health & Higher Educational Facilities Authority
(Adventist Healthcare) Series A 5.50% 1/1/46		5,000,000		5,554,350
Miami-Dade County, Florida Health Facilities Authority Revenue
(Nicklaus Children’s Hospital Project) 5.00% 8/1/47		2,350,000		2,600,181
Michigan State Strategic Fund Limited Revenue
(Evangelical Homes) 5.50% 6/1/47		2,750,000		2,819,383
Missouri State Health & Educational Facilities Authority Revenue
(Lutheran Senior Services) 6.00% 2/1/41		1,000,000		1,044,460
Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Whitemarsh Continuing Care)
5.25% 1/1/40		1,550,000		1,540,173
5.375% 1/1/50		6,250,000		6,257,250
Series A 5.375% 1/1/51		1,750,000		1,753,727
Moon, Pennsylvania Industrial Development Authority
(Baptist Homes Society Obligation) 6.125% 7/1/50		8,500,000		8,969,965
New Hampshire Health & Education Facilities Authority
(Rivermeade) Series A 6.875% 7/1/41		1,380,000		1,461,793

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
New Hope, Texas Cultural Education Facilities Finance
(Cardinal Bay - Village on the Park)
Series A1 4.00% 7/1/36		635,000	$	649,357
Series A1 5.00% 7/1/46		1,395,000		1,511,120
Series A1 5.00% 7/1/51		1,595,000		1,722,472
Series B 4.00% 7/1/31		635,000		646,544
Series B 4.25% 7/1/36		955,000		972,734
Series B 4.75% 7/1/51		1,915,000		1,973,197
Series B 5.00% 7/1/46		1,595,000		1,672,421
Series C 5.00% 7/1/31		250,000		264,260
Series C 5.25% 7/1/36		350,000		369,331
Series C 5.50% 7/1/46		1,250,000		1,329,587
Series C 5.75% 7/1/51		1,000,000		1,072,680
Series D 6.00% 7/1/26		135,000		135,036
Series D 7.00% 7/1/51		1,350,000		1,355,171
(Legacy Midtown Park Project) Series A 5.50% 7/1/54		2,500,000		2,501,450
New Jersey Economic Development Authority
(Lions Gate Project) 5.25% 1/1/44		2,000,000		2,007,460
New Jersey Health Care Facilities Financing Authority Revenue
(Barnabas Health Services) Series A 4.00% 7/1/26		980,000		1,039,956
(Princeton Healthcare System) 5.00% 7/1/39		2,500,000		2,825,025
(St. Peters University Hospital) 6.25% 7/1/35		2,700,000		2,868,939
(University Hospital) Series A 5.00% 7/1/46 (AGM)		5,000,000		5,397,900
New York State Dormitory Authority
(Orange Regional Medical Center)
144A 5.00% 12/1/40 #		1,100,000		1,185,877
144A 5.00% 12/1/45 #		800,000		857,280
North Carolina Medical Care Commission Health Care Facilities Revenue
(First Mortgage - Galloway Ridge Project) 6.00% 1/1/39		1,520,000		1,552,300
Northampton County, Pennsylvania Industrial Development Authority Revenue
(Morningstar Senior Living) 5.00% 7/1/36		2,000,000		2,021,820
Oklahoma Development Finance Authority Health System Revenue
(OU Medicine Project) Series 2018B 5.50% 8/15/57		4,255,000		4,693,010
Orange County, New York Funding Corporation Assisted Living Residence Revenue
6.50% 1/1/46		3,800,000		3,904,082
Palm Beach County, Florida Health Facilities Authority
(Sinai Residences Boca Raton Project) Series A 7.25% 6/1/34		285,000		318,536


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Palm Beach County, Florida Health Facilities Authority
(Sinai Residences Boca Raton Project) Series A 7.50% 6/1/49		2,920,000	$	3,280,854
Payne County, Oklahoma Economic Development Authority
(Epworth Living at the Ranch) Series A 7.00% 11/1/51 ‡		1,445,000		556,325
Pennsylvania Economic Development Financing Authority
(Tapestry Moon Senior Housing Project) Series 2018A 144A 6.75% 12/1/53 #		8,995,000		8,781,998
Prince George’s County, Maryland
(Collington Episcopal Life Care Community) 5.25% 4/1/47		2,000,000		2,081,320
Public Finance Authority, Wisconsin
(Bancroft Neurohealth Project)
Series A 144A 5.00% 6/1/36 #		960,000		965,722
Series A 144A 5.125% 6/1/48 #		1,375,000		1,380,253
(Maryland Proton Treatment Centre) Series A1 144A 6.375% 1/1/48 #		2,500,000		2,570,050
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Auxilio Mutuo) Series A 6.00% 7/1/33		5,630,000		5,848,106
Rochester, Minnesota
(The Homestead at Rochester) Series A 6.875% 12/1/48		2,500,000		2,688,900
Salem, Oregon Hospital Facility Authority Revenue
(Capital Manor) 6.00% 5/15/47		1,500,000		1,617,120
San Buenaventura, California Revenue
(Community Memorial Health System) 7.50% 12/1/41		4,475,000		4,879,674
Southeastern Ohio Port Authority
(Memorial Health Systems)
5.00% 12/1/43		805,000		810,877
5.50% 12/1/43		1,250,000		1,299,638
St. Louis County, Missouri Industrial Development Authority
(Nazareth Living Center Project)
Series A 5.00% 8/15/35		600,000		613,914
Series A 5.125% 8/15/45		1,800,000		1,840,068
Suffolk County, New York Economic Development Corporation Revenue
(Peconic Landing Southland) 6.00% 12/1/40		575,000		603,227
Tarrant County, Texas Cultural Education Facilities Finance
(Buckingham Senior Living Community) 5.50% 11/15/45		3,000,000		2,370,000
(Buckner Senior Living - Ventana Project) 6.75% 11/15/47		1,850,000		2,028,877

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Tarrant County, Texas Cultural Education Facilities Finance
(Buckner Senior Living - Ventana Project) 6.75% 11/15/52		3,300,000	$	3,607,593
Tempe, Arizona Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/46		500,000		526,110
(Mirabella At ASU Project) Series A 144A 6.125% 10/1/52 #		1,720,000		1,859,750
University of Colorado Hospital Authority Revenue
(UCHA Obligation Group) 5.00% 11/15/38 ·		3,000,000		3,220,080
Vermont Economic Development Authority Revenue
(Wake Robin Corp. Project) 5.40% 5/1/33		1,100,000		1,137,279
Washington State Housing Finance Commission
(Bayview Manor Homes)
Series A 144A 5.00% 7/1/36 #		700,000		719,831
Series A 144A 5.00% 7/1/46 #		1,450,000		1,476,593
Series A 144A 5.00% 7/1/51 #		2,000,000		2,030,500
(Heron’s Key) Series A 144A 7.00% 7/1/50 #		2,000,000		2,115,600
(Wesley Homes at Lea Hill Project)
Series 2016 144A 5.00% 7/1/46 #		1,000,000		1,012,780
Series 2016 144A 5.00% 7/1/51 #		2,000,000		2,019,400
Wayzata, Minnesota Senior Housing Revenue
(Folkestone Senior Living Community)
Series A 5.50% 11/1/32		270,000		276,167
Series A 5.75% 11/1/39		600,000		613,788
Series A 6.00% 5/1/47		920,000		941,362
Westminster, Maryland
(Lutheran Village Millers Grant)
6.00% 7/1/34		800,000		844,192
Series A 5.00% 7/1/24		1,700,000		1,765,841
Series A 6.125% 7/1/39		750,000		793,980
Series A 6.25% 7/1/44		2,500,000		2,661,125
Wichita, Kansas
(Kansas Masonic Home)
Series II-A 5.00% 12/1/31		500,000		514,510
Series II-A 5.25% 12/1/36		500,000		517,310
Series II-A 5.375% 12/1/46		1,020,000		1,059,474
Wisconsin Health & Educational Facilities Authority
(Covenant Communities Project)
Series A1 4.00% 7/1/48		525,000		507,365
Series B 5.00% 7/1/48		1,000,000		1,006,250
Series C 7.00% 7/1/43		900,000		881,370
Series C 7.50% 7/1/53		1,000,000		996,170


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Wisconsin Public Finance Authority
(Rose Villa Project) Series A 144A 5.75% 11/15/44 #		2,000,000	$	2,111,920

				345,245,785

Housing Revenue Bonds – 0.54%
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Affordable Housing) Senior Series A 5.25% 8/15/39		1,200,000		1,302,060
(Caritas Projects) Senior Series A 5.50% 8/15/47		1,500,000		1,593,120
Independent Cities Finance Authority, California
Series A 5.25% 5/15/44		750,000		803,363
Series A 5.25% 5/15/49		3,000,000		3,206,160

				6,904,703

Lease Revenue Bonds – 3.85%
California Municipal Finance Authority Revenue
(Goodwill Industry Sacramento Valley) 5.25% 1/1/45		1,295,000		1,185,598
(Goodwill Industry Sacramento Valley and Northern Nevada Project)
Series A 144A 6.625% 1/1/32 #		500,000		526,090
Series A 144A 6.875% 1/1/42 #		1,500,000		1,584,015
California Pollution Control Financing Authority Revenue
(San Diego County Water Authority Desalination Project Pipeline) Series 2019 144A 5.00% 11/21/45 #		1,250,000		1,386,037
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.875% 11/1/43		1,875,000		2,061,394
Capital Trust Agency, Florida Revenue
(Air Cargo - Aero Miami) Series A 5.35% 7/1/29		765,000		787,093
Industrial Development Authority of Phoenix, Arizona
5.125% 2/1/34		1,000,000		969,510
5.375% 2/1/41		1,400,000		1,335,488
Metropolitan Pier & Exposition Authority, Illinois
(McCormick Place Expansion Project) Series A 5.00% 6/15/57		3,975,000		4,146,879
New Jersey Economic Development Authority Special Facility Revenue
Series WW 5.25% 6/15/30		5,000,000		5,544,500
New Jersey Transportation Trust Fund Authority
(Federal Highway Reimbursement Revenue) Series A 5.00% 6/15/31		5,450,000		6,048,465
(Transportation Program) Series AA 5.00% 6/15/25		1,000,000		1,126,780

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
New York Liberty Development Revenue
(Class 2-3 World Trade Center Project) 144A 5.375% 11/15/40 #		2,410,000	$	2,555,757
(Class 3-3 World Trade Center Project) 144A 7.25% 11/15/44 #		9,600,000		11,190,720
Public Finance Authority, Wisconsin Airport Facilities Revenue
(AFCO Investors II Portfolio) 144A 5.75% 10/1/31 (AMT)#		3,775,000		3,834,305
(Senior Obligation Group) Series B 5.00% 7/1/42 (AMT)		4,000,000		4,196,960
Wise County, Texas
(Parker County Junior College District) 8.00% 8/15/34		1,000,000		1,086,250

				49,565,841

Local General Obligation Bonds – 5.15%
Arlington County, Virginia
Series B 5.00% 8/15/24		3,615,000		4,234,792
Chicago, Illinois
Series 2005D 5.50% 1/1/37		2,280,000		2,431,597
Series 2005D 5.50% 1/1/40		3,000,000		3,177,240
Series 2007E 5.50% 1/1/42		2,150,000		2,271,346
Series 2007F 5.50% 1/1/42		1,250,000		1,320,550
Series A 5.25% 1/1/29		4,415,000		4,702,593
Series A 5.50% 1/1/33		2,000,000		2,154,400
Series A 6.00% 1/1/38		6,285,000		7,072,573
Series C 5.00% 1/1/26		2,105,000		2,291,882
Series C 5.00% 1/1/38		1,000,000		1,043,970
Chicago, Illinois Board of Education
Series A 144A 7.00% 12/1/46 #		2,500,000		2,961,275
Series G 5.00% 12/1/44		2,445,000		2,481,137
Series H 5.00% 12/1/36		3,405,000		3,524,209
Series H 5.00% 12/1/46		4,225,000		4,278,404
Fairfax County, Virginia
Series A 5.00% 10/1/30		5,000,000		6,227,300
New York City, New York
Series E 5.00% 8/1/20		3,615,000		3,785,953
Wake County, North Carolina
Series A 5.00% 3/1/28		3,830,000		4,774,555
Series A 5.00% 3/1/31		6,045,000		7,494,107

				66,227,883


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds – 6.35%
Bexar County, Texas Health Facilities Development
(Army Retirement Residence Foundation Project) Series 2010 5.875% 7/1/30-20§		845,000	$	890,207
Bowling Green, Ohio Student Housing Revenue CFP I
(State University Project) 6.00% 6/1/45-20§		1,215,000		1,280,124
Brooklyn Arena Local Development, New York Pilot Revenue
(Barclays Center Project)
6.25% 7/15/40-20§		5,500,000		5,724,730
6.50% 7/15/30-20§		1,175,000		1,225,419
Butler County, Pennsylvania Hospital Authority Revenue
(Butler Health System Project) 7.125% 7/1/29-19§		900,000		915,723
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Senior Series A 6.40% 8/15/45-20§		1,690,000		1,794,527
California Municipal Finance Authority Revenue
(Azusa Pacific University Project) Series B 7.75% 4/1/31-21§		750,000		828,157
(Eisenhower Medical Center) Series A 5.75% 7/1/40-20§		1,000,000		1,055,250
California Statewide Communities Development Authority Revenue
(California Baptist University Project) 7.50% 11/1/41-21§		1,000,000		1,155,190
Central Texas Regional Mobility Authority Revenue
Senior Lien 6.00% 1/1/41-21§		1,890,000		2,032,544
Subordinate Lien 6.75% 1/1/41-21§		1,000,000		1,088,630
Clifton, Texas Higher Education Finance Corporation Revenue
(Idea Public Schools) 5.75% 8/15/41-21§		1,000,000		1,094,140
(Uplift Education) Series A 6.25% 12/1/45-20§		1,000,000		1,077,370
District of Columbia Revenue
(Center of Strategic & International Studies) 6.625% 3/1/41-21§		2,235,000		2,450,119
(KIPP Charter School) 6.00% 7/1/48-23§		1,450,000		1,707,563
Hawaii Pacific Health Special Purpose Revenue
Series A 5.50% 7/1/40-20§		1,250,000		1,312,450
Hawaii State Department of Budget & Finance Special Purpose Senior Living Revenue
(15 Craigside Project) Series A 9.00% 11/15/44-19§		1,000,000		1,049,830
Illinois Finance Authority Revenue
(Admiral at Lake Project)
Series A 7.625% 5/15/25-20§		1,750,000		1,870,785
Series A 7.75% 5/15/30-20§		500,000		535,245
Series A 8.00% 5/15/40-20§		2,205,000		2,365,568

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Illinois Finance Authority Revenue
(Admiral at Lake Project) Series A 8.00% 5/15/46-20§		1,500,000	$	1,609,230
(Provena Health)
Series A 7.75% 8/15/34-19§		20,000		20,539
Series A (Refunded) 7.75% 8/15/34-19§		980,000		1,006,421
(Silver Cross & Medical Centers) 7.00% 8/15/44-19§		3,570,000		3,654,359
Illinois Railsplitter Tobacco Settlement Authority
5.50% 6/1/23-21§		2,010,000		2,177,252
6.00% 6/1/28-21§		1,455,000		1,591,988
Kentucky Economic Development Finance Authority Hospital Revenue
(Owensboro Medical Health System) Series A 6.50% 3/1/45-20§		4,965,000		5,257,687
Koyukuk, Alaska Revenue
(Tanana Chiefs Conference Health Care Facility Project) 7.75% 10/1/41-19§		1,750,000		1,810,497
Lancaster Redevelopment Agency, California
(Redevelopment Project) 6.875% 8/1/39-19§		285,000		291,253
Unrefunded (Redevelopment Project) 6.875% 8/1/39-19§		215,000		219,717
Louisiana Public Facilities Authority Revenue
(Ochsner Clinic Foundation Project) 6.50% 5/15/37-21§		1,705,000		1,880,325
Lucas County, Ohio Improvement
(Lutheran Homes) Series A 7.00% 11/1/45-20§		3,865,000		4,193,796
Maryland Health & Higher Educational Facilities Authority
(Doctors Community Hospital) 5.75% 7/1/38-20§		1,730,000		1,823,247
Maryland State Economic Development Revenue
(Transportation Facilities Project) Series A 5.75% 6/1/35-20§		1,400,000		1,470,756
Massachusetts State Health & Educational Facilities Authority Revenue
(Springfield College) 5.625% 10/15/40-19§		1,000,000		1,024,600
New Jersey Economic Development Authority Revenue
(Provident Group - Montclair University Student Housing Project) 5.875% 6/1/42-20§		1,500,000		1,579,050
Norco, California Redevelopment Agency Tax Allocation
(Area #1 Project) 6.00% 3/1/36-20§		1,000,000		1,044,530
Onondaga, New York Civic Development Revenue
(St. Joseph’s Hospital Health Center Project)
4.50% 7/1/32-22§		1,000,000		1,092,500
Series A 5.125% 7/1/31-19§		1,000,000		1,011,550


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Oregon State Facilities Authority Revenue
(Concordia University Project)
Series A 144A 6.125% 9/1/30-20#§		705,000	$	743,514
Series A 144A 6.375% 9/1/40-20#§		500,000		534,130
Pennsylvania Economic Development Financing Authority Health System Revenue
(Albert Einstein Healthcare) Series A 6.25% 10/15/23-19§		710,000		729,277
Pennsylvania State Higher Educational Facilities Authority Revenue
(Edinboro University Foundation) 5.80% 7/1/30-20§		1,300,000		1,369,147
Philadelphia, Pennsylvania Authority for Industrial Development Revenue
(New Foundation Charter School Project) 6.625% 12/15/41-22§		1,000,000		1,173,140
San Juan, Texas Higher Education Finance Authority Education Revenue
(Idea Public Schools) Series A 6.70% 8/15/40-20§		2,000,000		2,141,440
South Carolina Jobs - Economic Development Authority Hospital Revenue
(Palmetto Health) 5.75% 8/1/39-19§		915,000		930,299
Southwestern Illinois Development Authority Revenue
(Memorial Group)
7.125% 11/1/30-23§		1,420,000		1,754,950
7.125% 11/1/43-23§		2,500,000		3,089,700
St. Johns County, Florida Industrial Development Authority Revenue
(Presbyterian Retirement) Series A 5.875% 8/1/40-20§		1,000,000		1,057,550
Travis County, Texas Health Facilities Development Corporation Revenue
(Westminster Manor Project) 7.125% 11/1/40-20§		1,000,000		1,087,100
University of Arizona Medical Center Hospital Revenue
6.00% 7/1/39-21§		1,500,000		1,644,585
Washington State Health Care Facilities Authority Revenue
(Multicare Health System) Series B 6.00% 8/15/39-19 (AGC)§		1,250,000		1,274,000

				81,741,700

Resource Recovery Revenue Bonds – 1.34%
Blythe Township, Pennsylvania Solid Waste Authority Revenue
7.75% 12/1/37 (AMT)		3,000,000		3,195,210
California Pollution Control Financing Authority Revenue
(Calplant I Project) 144A 8.00% 7/1/39 (AMT)#		5,250,000		5,610,307

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Resource Recovery Revenue Bonds (continued)
Essex County, New Jersey Improvement Authority
144A 5.25% 7/1/45 (AMT)#		2,500,000	$	2,510,925
Mission, Texas Economic Development Corporation Revenue
(Dallas Clean Energy McCommas) 6.875% 12/1/24 (AMT)		885,000		885,664
Niagara, New York Area Development Corporation Revenue
(Covanta Project) Series A 144A 4.75% 11/1/42 (AMT)#		3,500,000		3,475,185
Orange County, Florida Industrial Development Authority Revenue
(Anuvia Florida LLC Project) Series A 144A 4.00% 7/1/48 (AMT)#		2,665,000		1,602,864

				17,280,155

Special Tax Revenue Bonds – 7.29%
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Tax Revenue
(City Center Project) Series 2018 144A 5.375% 5/1/42 #		3,600,000		3,666,168
Babcock Ranch, Florida Community Independent Special District
5.00% 11/1/31		615,000		627,589
5.25% 11/1/46		500,000		512,660
Canyons, Colorado Metropolitan District No. 5
Series A 6.125% 12/1/47		1,000,000		1,007,290
Celebration Pointe, Florida Community Development District
5.125% 5/1/45		2,000,000		2,009,300
Cherry Hill, Virginia Community Development Authority
(Potomac Shores Project)
144A 5.15% 3/1/35 #		1,000,000		1,022,210
144A 5.40% 3/1/45 #		2,000,000		2,045,120
Colliers Hill, Colorado Metropolitan District No. 2
Series A 6.50% 12/1/47		2,000,000		2,009,480
Conley Road Transportation Development District, Missouri
5.375% 5/1/47		5,200,000		5,255,224
Dutchess County, New York Local Development Corporation Revenue
(Anderson Center Services Inc. Project) 6.00% 10/1/30		1,700,000		1,732,317
Fountain Urban Renewal Authority, Colorado
(Improvement - South Academy Highland) Series A 5.50% 11/1/44		4,365,000		4,440,034


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Glen Cove, New York Local Economic Assistance
(Garvies Point Public Improvement Project) Series A 5.00% 1/1/56		2,000,000	$	2,049,300
Juban Crossing Economic Development District, Louisiana
(General Infrastructure Projects) 144A 7.00% 9/15/44 #		3,400,000		3,447,158
(Road Projects) Series A 144A 7.00% 9/15/44 #		2,175,000		2,204,711
Kansas City, Missouri Land Clearance Redevelopment Authority Revenue
(Convention Centre Hotel Project - TIF Financing)
Series B 144A 5.00% 2/1/40 #		935,000		960,357
Series B 144A 5.00% 2/1/50 #		1,825,000		1,844,491
Memphis-Shelby County Industrial Development Board, Tennessee
(Graceland Project)
Series A 5.50% 7/1/37		650,000		688,655
Series A 5.625% 1/1/46		750,000		787,793
Midtown Miami, Florida Community Development District
(Parking Garage Project) Series A 5.00% 5/1/37		1,235,000		1,278,460
Mobile, Alabama Improvement District
(McGowin Park Project)
Series A 5.25% 8/1/30		1,000,000		1,015,890
Series A 5.50% 8/1/35		1,300,000		1,318,551
Mosaic District, Virginia Community Development Authority Revenue
Series A 6.875% 3/1/36		1,500,000		1,593,600
Nampa Development Corporation, Idaho Revenue
144A 5.00% 9/1/31 #		2,940,000		3,065,450
5.90% 3/1/30		2,000,000		2,027,620
New Jersey Transportation Trust Fund Authority
(Transportation Program)
Series AA 5.00% 6/15/44		4,975,000		5,190,069
Series AA 5.25% 6/15/41		1,000,000		1,065,410
New York City, New York Industrial Development Agency
(Pilot - Queens Baseball Stadium) 5.00% 1/1/22 (AMBAC)		1,000,000		1,002,300
(Yankee Stadium) 7.00% 3/1/49 (AGC)		1,000,000		1,004,630
Northampton County, Pennsylvania Industrial Development Authority
(Route 33 Project) 7.00% 7/1/32		2,435,000		2,721,283
Prairie Center Metropolitan District No 3, Colorado
Series A 144A 5.00% 12/15/41 #		2,000,000		2,026,860

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Public Finance Authority Revenue, Wisconsin
(American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 #		5,065,000	$	5,702,177
(Goodwill Industries of Southern Nevada Project)
Series A 5.50% 12/1/35 ‡		2,500,000		1,750,000
Series A 5.75% 12/1/45 ‡		2,500,000		1,750,000
Puerto Rico Sales Tax Financing Revenue
(Restructured) Series A-1 4.75% 7/1/53		13,375,000		12,315,299
Regional Transportation, Colorado District Revenue
(Denver Transit Partners) 6.00% 1/15/41		1,000,000		1,026,230
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Improvement
(Francis Place Redevelopment Project) 5.625% 11/1/25		1,200,000		1,200,084
St. Louis County, Missouri Industrial Development Authority
(Manchester Ballas Community)
Series A 144A 5.00% 9/1/38 #		1,050,000		1,022,353
Series A 144A 5.25% 9/1/45 #		3,540,000		3,422,083
St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement
(Grand Center Redevelopment Project) 6.375% 12/1/25		1,095,000		1,102,227
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue
(Sales Tax Vacation Village Project) Series A 6.00% 9/1/35		4,690,000		4,971,212

				93,881,645

State General Obligation Bonds – 5.45%
California State
Various Purposes
5.00% 8/1/46		2,000,000		2,256,400
(Bid Group A) 5.00% 10/1/28		5,000,000		6,225,300
(Bid Group B) 5.00% 8/1/27		5,000,000		6,029,750
Commonwealth of Massachusetts
Series B 5.00% 1/1/32		5,000,000		5,967,750
Georgia State
Series A 5.00% 7/1/26		5,000,000		6,083,600
Illinois State
5.00% 5/1/36		1,710,000		1,750,117
5.00% 11/1/36		2,245,000		2,332,218
5.00% 2/1/39		2,980,000		3,027,799
Series A 5.00% 12/1/34		2,100,000		2,198,049
Series A 5.00% 4/1/38		2,805,000		2,851,254
Series D 5.00% 11/1/28		6,000,000		6,479,460


	Principal amount°		Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
Minnesota State
Series A 5.00% 8/1/30		5,000,000	$	6,142,850
New York State
Series A 5.25% 2/15/24		2,000,000		2,140,460
Ohio State
(Full Faith and Credit/Highway User Receipts) Series V 5.00% 5/1/23		1,000,000		1,134,430
(Infrastructure Improvement) Series A 5.00% 9/1/32		7,675,000		9,280,763
Washington State
Series C 5.00% 2/1/28		5,000,000		6,179,650

				70,079,850

Transportation Revenue Bonds – 6.19%
Chicago, Illinois O’Hare International Airport Revenue
Series B 5.00% 1/1/33		4,135,000		4,588,444
Delaware Transportation Authority
5.00% 6/1/55		4,105,000		4,492,101
Foothill-Eastern Transportation Corridor Agency, California
Series A 5.75% 1/15/46		5,000,000		5,618,850
Series A 6.00% 1/15/49		7,690,000		8,811,894
Harris County, Texas Metropolitan Transit Authority
5.00% 11/1/23		1,500,000		1,718,490
5.00% 11/1/24		2,000,000		2,343,260
Hawaii Airports System Revenue
Series A 5.00% 7/1/45 (AMT)		3,490,000		3,853,833
Houston, Texas Airport System Revenue Subordinate Lien
Series A 5.00% 7/1/25 (AMT)		1,000,000		1,065,280
Kentucky Public Transportation Infrastructure Authority
(1st Tier - Downtown Crossing)
Series A 5.75% 7/1/49		3,000,000		3,251,040
Series A 6.00% 7/1/53		1,290,000		1,405,352
Long Beach, California Marina Revenue
5.00% 5/15/40		1,000,000		1,088,680
Los Angeles, California Department of Airports
Series D 5.00% 5/15/41 (AMT)		5,000,000		5,522,700
Metropolitan New York Transportation Authority
(Climate Bond Certified) Series A1 5.25% 11/15/56		5,000,000		5,506,100
Port Authority of New York & New Jersey Special Project
(JFK International Air Terminal) Series 8 6.00% 12/1/42		1,970,000		2,082,172
Riverside County, California Transportation Senior Lien
Series A 5.75% 6/1/48		1,000,000		1,088,740

Schedules of investments

Delaware National High-Yield Municipal Bond Fund


	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
South Jersey Port, New Jersey
(Subordinated Marine Terminal Revenue)
Series A 5.00% 1/1/49		1,110,000	$	1,209,734
Series B 5.00% 1/1/42 (AMT)		1,110,000		1,191,385
Series B 5.00% 1/1/48 (AMT)		2,535,000		2,700,333
St. Louis, Missouri Airport Revenue
(Lambert-St. Louis International) Series A-1 6.625% 7/1/34		1,090,000		1,106,383
Texas Private Activity Bond Surface Transportation Corporate Senior Lien
(Blueridge Transportation) 5.00% 12/31/55 (AMT)		1,840,000		1,951,099
(LBJ Infrastructure)
7.00% 6/30/40		7,000,000		7,436,170
7.50% 6/30/33		500,000		535,750
(NTE Mobility)
6.75% 6/30/43 (AMT)		1,905,000		2,175,567
6.875% 12/31/39		4,055,000		4,209,333
7.00% 12/31/38 (AMT)		1,335,000		1,544,462
Virginia Small Business Financing Authority
(Transform 66 P3 Project) 5.00% 12/31/56 (AMT)		2,975,000		3,198,928

				79,696,080

Water & Sewer Revenue Bonds – 3.33%
Charlotte County, Florida Industrial Development Authority
(Town & Country Utilities Project) 144A 5.50% 10/1/36 (AMT)#		500,000		496,040
Chicago, Illinois Waterworks Revenue
(2nd Lien)
5.00% 11/1/26		180,000		209,351
5.00% 11/1/28		30,000		34,336
Dominion, Colorado Water & Sanitation District Revenue
6.00% 12/1/46		4,000,000		4,221,800
Jefferson County, Alabama Sewer Revenue
(Senior Lien-Warrants) Series A 5.50% 10/1/53 (AGM)		2,500,000		2,755,925
(Sub Lien-Warrants)
Series D 6.50% 10/1/53		16,500,000		19,327,770
Series D 7.00% 10/1/51		5,000,000		5,967,100
New York City, New York Water & Sewer System
(Second Generation Resolution) 5.00% 6/15/46		3,150,000		3,522,393
Texas Water Development Board
(Master Trust) Series B 5.00% 4/15/31		5,240,000		6,363,561

				42,898,276

Total Municipal Bonds (cost $1,221,950,067)				1,264,631,979


	Principal amount°		Value (US $)
Short-Term Investments – 0.41%
Variable Rate Demand Notes – 0.41%¤
Massachusetts State Health & Educational Facilities Authority Revenue (Tufts University)
1.56% 2/15/26 (SPA - Wells Fargo Bank N.A.)		500,000	$	500,000
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue (Chevron USA)
Series A 1.69% 12/1/30		4,725,000		4,725,000

Total Short-Term Investments (cost $5,225,000)				5,225,000


Total Value of Securities – 98.67% (cost $1,227,175,067)			$	1,269,856,979

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $259,473,000, which represents 20.16% of the Fund’s net assets. See Note 7 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 7 in “Notes to financial statements.”

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

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

●

^	Zero coupon security. The rate shown is the effective yield at the time of purchase.

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by the AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

N.A. – National Association

SGI – Insured by Syncora Guarantee Inc.

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Statements of assets and liabilities

February 28, 2019 (Unaudited)


	Delaware			Delaware			Delaware
	Tax-Free			Tax-Free USA			National High-Yield
	USA Fund			Intermediate Fund			Municipal Bond Fund
Assets:
Investments, at value¹		$	538,424,917		$	512,010,611		$	1,269,856,979
Cash			344,161			13,259			145,940
Interest receivable			6,439,501			5,936,378			15,025,376
Receivable for securities sold			323,945			1,201,255			886,984
Receivable for fund shares sold			54,818			2,242,167			5,062,410

Total assets			545,587,342			521,403,670			1,290,977,689

Liabilities:
Payable for securities purchased			7,892,577			—			—
Payable for fund shares redeemed			214,267			538,042			2,472,179
Distribution payable			212,212			179,668			608,062
Investment management fees payable to affiliates			148,549			134,076			401,239
Distribution fees payable to affiliates			95,916			33,013			103,260
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates			86,284			81,387			268,731
Other accrued expenses			64,503			36,306			85,876
Dividend disbursing and transfer agent fees and expense payable to affiliates			4,068			3,944			9,748
Accounting and administration expenses payable to affiliates			1,861			1,814			4,031
Trustees’ fees and expenses payable to affiliates			1,795			1,759			4,287
Legal fees payable to affiliates			855			838			2,043
Reports and statements to shareholders expenses payable to affiliates			521			504			1,249

Total liabilities			8,723,408			1,011,351			3,960,705

Total Net Assets		$	536,863,934		$	520,392,319		$	1,287,016,984


Net Assets Consist of:
Paid-in capital		$	516,702,625		$	505,026,402		$	1,262,590,441
Total distributable earnings (loss)			20,161,309			15,365,917			24,426,543

Total Net Assets		$	536,863,934		$	520,392,319		$	1,287,016,984

Statements of assets and liabilities


	Delaware				Delaware				Delaware
	Tax-Free				Tax-Free USA				National High-Yield
	USA Fund				Intermediate Fund				Municipal Bond Fund
Net Asset Value
Class A:
Net assets		$	442,343,693			$	123,012,591			$	188,625,914
Shares of beneficial interest outstanding, unlimited authorization, no par			39,018,984				10,469,924				17,462,381
Net asset value per share		$	11.34			$	11.75			$	10.80
Sales charge			4.50	%			2.75	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.87			$	12.08			$	11.31

Class C:
Net assets		$	16,235,715			$	24,450,562			$	87,053,565
Shares of beneficial interest outstanding, unlimited authorization, no par			1,431,838				2,082,121				8,026,532
Net asset value per share		$	11.34			$	11.74			$	10.85

Institutional Class:
Net assets		$	78,284,526			$	372,929,166			$	1,011,337,505
Shares of beneficial interest outstanding, unlimited authorization, no par			6,854,271				31,436,619				92,768,545
Net asset value per share		$	11.42			$	11.86			$	10.90


¹Investments, at cost		$	516,623,233			$	493,705,372			$	1,227,175,067

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

Statements of operations

Six months ended February 28, 2019 (Unaudited)


	Delaware				Delaware				Delaware
	Tax-Free				Tax-Free USA				National High-Yield
	USA Fund				Intermediate Fund				Municipal Bond Fund
Investment Income:
Interest		$	12,192,580			$	10,106,187			$	32,396,641

Expenses:
Management fees			1,480,187				1,288,862				3,201,391
Distribution expenses — Class A			555,392				156,977				239,239
Distribution expenses — Class C			86,034				129,304				440,387
Dividend disbursing and transfer agent fees and expenses			213,685				224,320				514,306
Accounting and administration expenses			70,720				68,396				135,121
Registration fees			43,613				35,627				61,920
Reports and statements to shareholders expenses			27,021				19,487				45,361
Audit and tax fees			23,583				23,583				23,583
Legal fees			21,456				13,567				48,794
Trustees’ fees and expenses			12,943				12,295				29,762
Custodian fees			10,069				7,975				22,218
Other			19,393				20,309				43,066

			2,564,096				2,000,702				4,805,148
Less expenses waived			(401,254	)			(418,008	)			(342,023	)
Less waived distribution expenses — Class A			—				(62,791	)			—
Less expenses paid indirectly			(976	)			(3,914	)			(8,943	)

Total operating expenses			2,161,866				1,515,989				4,454,182

Net Investment Income			10,030,714				8,590,198				27,942,459

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments			(1,418,991	)			9,367				(3,346,719	)
Net change in unrealized appreciation (depreciation) of investments			(4,141,738	)			(908,201	)			(20,144,325	)

Net Realized and Unrealized Loss			(5,560,729	)			(898,834	)			(23,491,044	)

Net Increase in Net Assets Resulting from Operations		$	4,469,985			$	7,691,364			$	4,451,415

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

Statements of changes in net assets

Delaware Tax-Free USA Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,030,714		$	20,085,601
Net realized gain (loss)		(1,418,991	)		1,601,289
Net change in unrealized appreciation (depreciation)		(4,141,738	)		(13,534,385	)

Net increase in net assets resulting from operations		4,469,985			8,152,505


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(8,423,429	)		(16,632,280	)
Class C		(256,949	)		(721,618	)
Institutional Class		(1,496,086	)		(2,731,703	)

		(10,176,464	)		(20,085,601	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		84,598,018			144,964,138
Class C		1,342,590			2,742,284
Institutional Class		34,078,906			33,395,228

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		7,827,858			14,612,119
Class C		220,453			644,001
Institutional Class		1,308,820			2,271,556

		129,376,645			198,629,326


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(126,442,191	)	$	(83,964,343	)
Class C		(3,951,079	)		(11,372,623	)
Institutional Class		(33,734,383	)		(19,620,579	)

		(164,127,653	)		(114,957,545	)

Increase (Decrease) in net assets derived from capital share transactions		(34,751,008	)		83,671,781

Net Increase (Decrease) in Net Assets		(40,457,487	)		71,738,685

Net Assets:
Beginning of period		577,321,421			505,582,736

End of period¹	$	536,863,934		$	577,321,421

¹	Net Assets – End of period includes distributions in excess of net investment income of $14,723 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 9 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(16,632,280	)	$	(721,618	)	$	(2,731,703	)

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

Statements of changes in net assets

Delaware Tax-Free USA Intermediate Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,590,198		$	17,509,720
Net realized gain		9,367			380,931
Net change in unrealized appreciation (depreciation)		(908,201	)		(14,485,267	)

Net increase in net assets resulting from operations		7,691,364			3,405,384


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(2,047,721	)		(4,506,606	)
Class C		(311,894	)		(800,814	)
Institutional Class		(6,230,583	)		(12,202,300	)

		(8,590,198	)		(17,509,720	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		17,969,248			16,752,051
Class C		2,358,085			1,183,828
Institutional Class		111,603,879			107,068,849

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,940,512			4,147,980
Class C		278,113			729,575
Institutional Class		4,952,399			9,272,878

		139,102,236			139,155,161


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(33,173,731	)	$	(44,644,168	)
Class C		(6,136,268	)		(13,357,830	)
Institutional Class		(120,600,611	)		(98,947,892	)

		(159,910,610	)		(156,949,890	)

Decrease in net assets derived from capital share transactions		(20,808,374	)		(17,794,729	)

Net Decrease in Net Assets		(21,707,208	)		(31,899,065	)

Net Assets:
Beginning of period		542,099,527			573,998,592

End of period¹	$	520,392,319		$	542,099,527

¹	Net Assets – End of period includes distributions in excess of net investment income of $33,111 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 9 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:

Class A

Class C

Institutional

Class

Dividends from net investment income

(4,506,606

)

(800,814

)

(12,202,300

)

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

Statements of changes in net assets

Delaware National High-Yield Municipal Bond Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	27,942,459		$	54,384,298
Net realized gain (loss)		(3,346,719	)		7,505,047
Net change in unrealized appreciation (depreciation)		(20,144,325	)		(13,724,500	)

Net increase in net assets resulting from operations		4,451,415			48,164,845


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(4,074,596	)		(8,100,736	)
Class C		(1,545,770	)		(3,292,016	)
Institutional Class		(22,073,018	)		(43,005,882	)

		(27,693,384	)		(54,398,634	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		22,543,658			50,102,652
Class C		8,238,444			12,793,383
Institutional Class		223,561,866			270,134,611

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,826,877			7,418,908
Class C		1,423,179			2,968,800
Institutional Class		18,766,910			36,466,522

		278,360,934			379,884,876


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(34,735,943	)	$	(46,315,595	)
Class C		(13,110,322	)		(21,101,276	)
Institutional Class		(230,070,774	)		(217,319,913	)

		(277,917,039	)		(284,736,784	)

Increase in net assets derived from capital share transactions		443,895			95,148,092

Net Increase (Decrease) in Net Assets		(22,798,074	)		88,914,303

Net Assets:
Beginning of period		1,309,815,058			1,220,900,755

End of period¹	$	1,287,016,984		$	1,309,815,058

¹	Net Assets – End of period includes distributions in excess of net investment income of $4,102 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 9 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(8,100,736	)	$	(3,292,016	)	$	(43,005,882	)

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

Financial highlights

Delaware Tax-Free USA Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

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	The average shares outstanding have been applied for per share information.

³	For the six months ended Feb. 28, 2019, net realized gain distributions of $120,279 were made by the Fund’s Class A shares, which calculated to a de minimis amount of $(0.003) per share.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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


Six months ended 2/28/19¹ (Unaudited)												Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.44			$	11.70			$	12.22			$	11.83			$	11.90			$	11.14


		0.21				0.42				0.43				0.42				0.43				0.45
		(0.10	)			(0.26	)			(0.40	)			0.39				(0.07	)			0.76

		0.11				0.16				0.03				0.81				0.36				1.21



		(0.21	)			(0.42	)			(0.43	)			(0.42	)			(0.43	)			(0.45	)
		—	³			—				(0.12	)			—				—				—

		(0.21	)			(0.42	)			(0.55	)			(0.42	)			(0.43	)			(0.45	)


	$	11.34			$	11.44			$	11.70			$	12.22			$	11.83			$	11.90


		0.98%				1.44%				0.41%				7.00%				3.09%				11.02%


	$	442,344			$	481,117			$	415,314			$	493,408			$	504,204			$	500,590
		0.81%				0.81%				0.81%				0.81%				0.81%				0.80%
		0.96%				0.96%				0.96%				0.95%				0.96%				0.97%
		3.69%				3.66%				3.71%				3.52%				3.63%				3.88%
		3.54%				3.51%				3.56%				3.38%				3.48%				3.71%
		16%				42%				33%				33%				16%				34%

Financial highlights

Delaware Tax-Free USA Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

³	For the six months ended Feb. 28, 2019, net realized gain distributions of $4,649 were made by the Fund’s Class C shares, which calculated to a de minimis amount of $(0.003) per share.

⁴

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.44			$	11.70			$	12.22			$	11.83			$	11.91			$	11.14


		0.16				0.34				0.34				0.33				0.34				0.36
		(0.10	)			(0.26	)			(0.40	)			0.39				(0.08	)			0.77

		0.06				0.08				(0.06	)			0.72				0.26				1.13



		(0.16	)			(0.34	)			(0.34	)			(0.33	)			(0.34	)			(0.36	)
		—	³			—				(0.12	)			—				—				—

		(0.16	)			(0.34	)			(0.46	)			(0.33	)			(0.34	)			(0.36	)


	$	11.34			$	11.44			$	11.70			$	12.22			$	11.83			$	11.91


		0.60%				0.68%				(0.35%	)			6.19%				2.23%				10.28%


	$	16,236			$	18,808			$	27,397			$	31,545			$	30,851			$	29,524
		1.56%				1.56%				1.56%				1.56%				1.57%				1.56%
		1.71%				1.71%				1.71%				1.70%				1.72%				1.72%
		2.94%				2.91%				2.96%				2.77%				2.88%				3.12%
		2.79%				2.76%				2.81%				2.63%				2.73%				2.96%
		16%				42%				33%				33%				16%				34%

Financial highlights

Delaware Tax-Free USA Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

³	For the six months ended Feb. 28, 2019, net realized gain distributions of $20,822 were made by the Fund’s Institutional Class shares, which calculated to a de minimis amount of $(0.003) per share.

⁴

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.52			$	11.79			$	12.31			$	11.91			$	11.99			$	11.22


		0.22				0.45				0.46				0.46				0.47				0.48
		(0.10	)			(0.27	)			(0.40	)			0.40				(0.08	)			0.77

		0.12				0.18				0.06				0.86				0.39				1.25



		(0.22	)			(0.45	)			(0.46	)			(0.46	)			(0.47	)			(0.48	)
		—	³			—				(0.12	)			—				—				—

		(0.22	)			(0.45	)			(0.58	)			(0.46	)			(0.47	)			(0.48	)


	$	11.42			$	11.52			$	11.79			$	12.31			$	11.91			$	11.99


		1.11%				1.61%				0.68%				7.32%				3.26%				11.33%


	$	78,284			$	77,396			$	62,872			$	45,696			$	33,323			$	24,588
		0.56%				0.56%				0.56%				0.56%				0.57%				0.56%
		0.71%				0.71%				0.71%				0.70%				0.72%				0.72%
		3.94%				3.91%				3.96%				3.77%				3.88%				4.12%
		3.79%				3.76%				3.81%				3.63%				3.73%				3.96%
		16%				42%				33%				33%				16%				34%

Financial highlights

Delaware Tax-Free USA Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

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	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $58,508 were made by the Fund’s Class A shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and 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.


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.76			$	12.06			$	12.38			$	12.04			$	12.21			$	11.69


		0.19				0.37				0.35				0.35				0.35				0.34
		(0.01	)			(0.30	)			(0.32	)			0.34				(0.17	)			0.52

		0.18				0.07				0.03				0.69				0.18				0.86



		(0.19	)			(0.37	)			(0.35	)			(0.35	)			(0.35	)			(0.34	)
		—				—				—	³			—				—				—

		(0.19	)			(0.37	)			(0.35	)			(0.35	)			(0.35	)			(0.34	)


	$	11.75			$	11.76			$	12.06			$	12.38			$	12.04			$	12.21


		1.54%				0.57%				0.35%				5.79%				1.46%				7.47%


	$	123,013			$	136,653			$	164,154			$	188,034			$	184,514			$	249,848
		0.65%				0.71%				0.75%				0.75%				0.76%				0.75%
		0.91%				0.92%				0.93%				0.92%				0.93%				0.93%
		3.26%				3.10%				2.92%				2.84%				2.85%				2.86%
		3.00%				2.89%				2.74%				2.67%				2.68%				2.68%
		15%				32%				26%				35%				19%				34%

Financial highlights

Delaware Tax-Free USA Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $15,746 were made by the Fund’s Class C shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.75			$	12.05			$	12.37			$	12.03			$	12.20			$	11.69


		0.14				0.27				0.25				0.24				0.24				0.24
		(0.01	)			(0.30	)			(0.32	)			0.35				(0.17	)			0.51

		0.13				(0.03	)			(0.07	)			0.59				0.07				0.75



		(0.14	)			(0.27	)			(0.25	)			(0.25	)			(0.24	)			(0.24	)
		—				—				—	³			—				—				—

		(0.14	)			(0.27	)			(0.25	)			(0.25	)			(0.24	)			(0.24	)


	$	11.74			$	11.75			$	12.05			$	12.37			$	12.03			$	12.20


		1.11%				(0.28%	)			(0.50%	)			4.90%				0.60%				6.48%


	$	24,450			$	28,002			$	40,402			$	49,515			$	48,328			$	54,231
		1.50%				1.56%				1.60%				1.60%				1.61%				1.60%
		1.66%				1.67%				1.68%				1.67%				1.68%				1.68%
		2.41%				2.25%				2.07%				1.99%				2.00%				2.01%
		2.25%				2.14%				1.99%				1.92%				1.93%				1.93%
		15%				32%				26%				35%				19%				34%

Financial highlights

Delaware Tax-Free USA Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

³	For the year ended Aug. 31, 2017, net realized gain distributions of $152,523 were made by the Fund’s Institutional Class shares, which calculated to a de minimis amount of $(0.004) per share.

⁴

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.87			$	12.17			$	12.50			$	12.16			$	12.33			$	11.81


		0.20				0.39				0.37				0.37				0.37				0.36
		(0.01	)			(0.30	)			(0.33	)			0.34				(0.17	)			0.52

		0.19				0.09				0.04				0.71				0.20				0.88



		(0.20	)			(0.39	)			(0.37	)			(0.37	)			(0.37	)			(0.36	)
		—				—				—	³			—				—				—

		(0.20	)			(0.39	)			(0.37	)			(0.37	)			(0.37	)			(0.36	)


	$	11.86			$	11.87			$	12.17			$	12.50			$	12.16			$	12.33


		1.62%				0.75%				0.44%				5.92%				1.62%				7.58%


	$	372,929			$	377,445			$	369,443			$	479,172			$	474,262			$	434,455
		0.50%				0.56%				0.60%				0.60%				0.61%				0.60%
		0.66%				0.67%				0.68%				0.67%				0.68%				0.68%
		3.41%				3.25%				3.07%				2.99%				3.00%				3.01%
		3.25%				3.14%				2.99%				2.92%				2.93%				2.93%
		15%				32%				26%				35%				19%				34%

Financial highlights

Delaware National High-Yield Municipal Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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 reflect 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.


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.00			$	11.05			$	11.42			$	10.75			$	10.65			$	9.64


		0.23				0.46				0.44				0.41				0.41				0.45
		(0.20	)			(0.05	)			(0.37	)			0.67				0.10				1.01

		0.03				0.41				0.07				1.08				0.51				1.46



		(0.23	)			(0.46	)			(0.44	)			(0.41	)			(0.41	)			(0.45	)

		(0.23	)			(0.46	)			(0.44	)			(0.41	)			(0.41	)			(0.45	)


	$	10.80			$	11.00			$	11.05			$	11.42			$	10.75			$	10.65


		0.28%				3.80%				0.72%				10.25%				4.83%				15.42%


	$	188,626			$	200,493			$	190,211			$	250,810			$	227,090			$	204,936
		0.85%				0.85%				0.85%				0.85%				0.85%				0.85%
		0.90%				0.91%				0.94%				0.94%				0.97%				0.99%
		4.30%				4.19%				4.02%				3.73%				3.80%				4.38%
		4.25%				4.13%				3.93%				3.64%				3.68%				4.24%
		11%				19%				27%				13%				10%				31%

Financial highlights

Delaware National High-Yield Municipal Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.04			$	11.09			$	11.47			$	10.80			$	10.70			$	9.68


		0.19				0.38				0.36				0.33				0.33				0.37
		(0.19	)			(0.05	)			(0.38	)			0.67				0.10				1.02

		—				0.33				(0.02	)			1.00				0.43				1.39



		(0.19	)			(0.38	)			(0.36	)			(0.33	)			(0.33	)			(0.37	)

		(0.19	)			(0.38	)			(0.36	)			(0.33	)			(0.33	)			(0.37	)


	$	10.85			$	11.04			$	11.09			$	11.47			$	10.80			$	10.70


		0.01%				3.03%				(0.11%	)			9.41%				4.04%				14.63%


	$	87,054			$	92,155			$	97,974			$	113,905			$	91,196			$	71,424
		1.60%				1.60%				1.60%				1.60%				1.60%				1.60%
		1.65%				1.66%				1.69%				1.69%				1.72%				1.74%
		3.55%				3.44%				3.27%				2.98%				3.05%				3.63%
		3.50%				3.38%				3.18%				2.89%				2.93%				3.49%
		11%				19%				27%				13%				10%				31%

Financial highlights

Delaware National High-Yield Municipal Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended 2/28/19¹ (Unaudited)				Year ended

				8/31/18				8/31/17				8/31/16				8/31/15				8/31/14
	$	11.10			$	11.15			$	11.53			$	10.85			$	10.75			$	9.73


		0.24				0.49				0.47				0.45				0.44				0.48
		(0.20	)			(0.05	)			(0.38	)			0.67				0.10				1.01

		0.04				0.44				0.09				1.12				0.54				1.49



		(0.24	)			(0.49	)			(0.47	)			(0.44	)			(0.44	)			(0.47	)

		(0.24	)			(0.49	)			(0.47	)			(0.44	)			(0.44	)			(0.47	)


	$	10.90			$	11.10			$	11.15			$	11.53			$	10.85			$	10.75


		0.42%				4.07%				0.92%				10.57%				5.08%				15.71%


	$	1,011,337			$	1,017,167			$	932,716			$	905,436			$	649,455			$	384,525
		0.60%				0.60%				0.60%				0.60%				0.60%				0.60%
		0.65%				0.66%				0.69%				0.69%				0.72%				0.74%
		4.55%				4.44%				4.27%				3.98%				4.05%				4.63%
		4.50%				4.38%				4.18%				3.89%				3.93%				4.49%
		11%				19%				27%				13%				10%				31%

Notes to financial statements


Delaware Funds^® by Macquarie national tax-free funds		February 28, 2019 (Unaudited)

Delaware Group^® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). Each Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year and 0.50% during the second year for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 0.75% for Delaware Tax-Free USA Intermediate Fund if redeemed within the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a 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.

The investment objective of Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund is to seek as high a level of current interest income exempt from federal income taxes as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.

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

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.

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.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

1. Significant Accounting Policies (continued)

the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended Feb. 28, 2019, each Fund earned the following amounts under this arrangement:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$805	$3,858	$8,676


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$171	$56	$267

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


			Delaware National
	Delaware Tax-Free	Delaware Tax-Free	High-Yield
	USA Fund	USA Intermediate Fund	Municipal Bond Fund
On the first $500 million	0.550%	0.500%	0.550%
On the next $500 million	0.500%	0.475%	0.500%
On the next $1.5 billion	0.450%	0.450%	0.450%
In excess of $2.5 billion	0.425%	0.425%	0.425%

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Boards and DMC. These expense waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.


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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. 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 rate: 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 Feb. 28, 2019, each Fund was charged for these services as follows:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$12,302	$11,810	$25,905

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$17,864	$17,148	$42,406

Pursuant to a distribution agreement and distribution plan, Delaware National High-Yield Municipal Bond Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The Board for Delaware Tax-Free USA Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (1) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (2) 0.25% of average

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

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

daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.25% of average daily net assets, based on the formula described on the previous page. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The Class A shares of Delaware Tax-Free USA Intermediate Fund were subject to a 12b-1 fee of 0.25% of average daily net assets, which was contractually waived to 0.15% of average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.** Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$7,867	$7,494	$18,255

For the six months ended Feb. 28, 2019, DDLP earned commissions on sales of Class A shares for each Fund as follows:


Delaware Tax-Free	Delaware Tax-Free	Delaware National High-Yield
USA Fund	USA Intermediate Fund	Municipal Bond Fund
$9,753	$1,480	$15,331

For the six months ended Feb. 28, 2019, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares. 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:


	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Class A		$	—		$	—		$	24,821
Class C			46			636			1,332

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

Cross trades for the six months ended Feb. 28, 2019, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Feb. 28, 2019, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in realized losses as follows:


	Delaware Tax-Free			Delaware Tax-Free			Delaware National High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Purchases		$	31,453,188		$	25,389,354		$	15,836,996
Sales			19,959,777			21,198,756			26,939,522
Net realized loss			74,398			126,660			—

There was no realized gain (loss) as a result of Rule 17a-7 securities sales for Delaware National High-Yield Municipal Bond Fund.

*For Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, the aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019. For Delaware Tax-Free USA Intermediate Fund, the aggregate contractual waiver period covering this report is from April 1, 2018 through April 1, 2019.

**For Delaware Tax-Free USA Intermediate Fund Class A shares, the aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019.

3. Investments

For the six months ended Feb. 28, 2019, each Fund made purchases and sales of investment securities other than short-term investments as follows:


							Delaware National
	Delaware Tax-Free			Delaware Tax-Free			High-Yield
	USA Fund			USA Intermediate Fund			Municipal Bond Fund
Purchases		$	87,094,145		$	78,984,356		$	141,639,117
Sales			123,009,981			102,936,769			151,608,348

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

3. Investments (continued)


									Delaware National
	Delaware Tax-Free				Delaware Tax-Free				High-Yield
	USA Fund				USA Intermediate Fund				Municipal Bond Fund
Cost of investments		$	516,623,233			$	493,705,372			$	1,226,156,188

Aggregate unrealized appreciation of investments		$	22,826,360			$	18,682,562			$	54,285,790
Aggregate unrealized depreciation of investments			(1,024,676	)			(377,323	)			(10,584,999	)

Net unrealized appreciation of investments		$	21,801,684			$	18,305,239			$	43,700,791

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Aug. 31, 2018, capital loss carryforwards available to offset future realized capital gains were as follows:


	Loss carryforward character
	Short-term			Long-term			Total
Delaware Tax-Free USA Intermediate Fund		$	2,915,578		$	—		$	2,915,578
Delaware National High-Yield Municipal Bond Fund			12,461,267			3,462,187			15,923,454

At Aug. 31, 2018, there were no capital loss carryforwards for Delaware Tax-Free USA Fund.


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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2019:


	Delaware Tax-Free USA Fund
	Level 2
Securities
Assets:
Municipal Bonds		$527,024,917
Short-Term Investments		11,400,000

Total Value of Securities		$538,424,917


	Delaware Tax-Free USA
	Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$509,710,611
Short-Term Investments		2,300,000

Total Value of Securities		$512,010,611

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

3. Investments (continued)


	Delaware National High-Yield
	Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$1,264,631,979
Short-Term Investments		5,225,000

Total Value of Securities		$1,269,856,979

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended Feb. 28, 2019, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:


													Delaware National
	Delaware Tax-Free						Delaware Tax-Free						High-Yield
	USA Fund						USA Intermediate Fund						Municipal Bond Fund
	Six months			Year			Six months			Year			Six months			Year
	ended			ended			ended			ended			ended			ended
	2/28/19			8/31/18			2/28/19			8/31/18			2/28/19			8/31/18
Shares sold:
Class A		7,533,728			12,603,666			1,544,472			1,415,308			2,100,649			4,548,565
Class C		119,318			236,676			202,938			99,772			762,088			1,156,364
Institutional Class		2,998,886			2,876,073			9,501,241			8,940,604			20,604,194			24,307,805

Shares issued upon reinvestment of dividends and distributions:
Class A		694,975			1,268,997			166,701			350,140			355,554			674,320
Class C		19,564			55,857			23,893			61,629			131,716			268,726
Institutional Class		115,329			195,804			421,228			775,842			1,727,583			3,284,191

		11,481,800			17,237,073			11,860,473			11,643,295			25,681,784			34,239,971


Shares redeemed:
Class A		(11,267,549	)		(7,310,314	)		(2,861,863	)		(3,760,589	)		(3,227,399	)		(4,205,385	)
Class C		(350,870	)		(989,856	)		(527,108	)		(1,131,893	)		(1,214,079	)		(1,909,980	)
Institutional Class		(2,975,660	)		(1,689,696	)		(10,275,276	)		(8,276,999	)		(21,217,604	)		(19,583,617	)

		(14,594,079	)		(9,989,866	)		(13,664,247	)		(13,169,481	)		(25,659,082	)		(25,698,982	)


Net increase (decrease)		(3,112,279	)		7,247,207			(1,803,774	)		(1,526,186	)		22,702			8,540,989

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

4. Capital Shares (continued)


	Six months ended
	2/28/19
	Exchange				Exchange
	Redemptions				Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund		100,267		2,698		2,706		99,560		$	1,154,537
Delaware Tax-Free USA Intermediate Fund		986,296		3,877		3,881		977,345			11,443,029
Delaware National High-Yield Municipal Bond Fund		1,197		—		—		1,186			13,039

	Year ended
	8/31/18
	Exchange				Exchange
	Redemptions				Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund		48,496		77,372		77,526		48,172		$	1,447,435
Delaware Tax-Free USA Intermediate Fund		24,896		31,342		31,355		24,650			662,376
Delaware National High-Yield Municipal Bond Fund		44,817		87,060		55,968		75,762			1,459,307

5. Line of Credit

100

The Funds had no amounts outstanding as of Feb. 28, 2019, or at any time during the period then ended.

6. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund

101

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

6. Securities Lending (continued)

continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended Feb. 28, 2019, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the six months ended Feb. 28, 2019, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

7. Geographic, Credit, and Market Risks

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

The value of the Funds’ investments may be adversely affected by new legislation within the US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At Feb. 28, 2019, the percentage of each Fund’s net assets insured by bond issuers are listed on the next page and these securities have been identified on the “Schedules of investments.”

102


			Delaware
	Delaware Tax-Free	Delaware Tax-Free	National High-Yield
	USA Fund	USA Intermediate Fund	Municipal Bond Fund
Assured Guaranty Corporation	0.19%	—	0.18%
Assured Guaranty Municipal Corporation	0.26%	1.46%	0.63%
AMBAC Assurance Corporation	0.55%	—	0.08%
National Public Finance Guarantee Corporation	0.28%	—	0.16%
Total	1.28%	1.46%	1.05%

As of Feb. 28, 2019, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, New York, and Texas, which constituted approximately 13.08%, 13.70%, and 10.13%, respectively, of the Fund’s net assets. As of Feb. 28, 2019, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California, New York, and Texas, which constituted approximately 16.20%, 16.71%, and 10.06%, respectively, of the Fund’s net assets. As of Feb. 28, 2019, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California which constituted approximately 13.99% of the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

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

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

103

Notes to financial statements

Delaware Funds^® by Macquarie national tax-free funds

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

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.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Boards have delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by each Fund have been identified on the “Schedules of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

8. Contractual Obligations

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

9. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

104

In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

10. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to Feb. 28, 2019, that would require recognition or disclosure in the Funds’ financial statements.

105

About the organization

Board of trustees


Shawn K. Lytle	Ann D. Borowiec	Lucinda S. Landreth	Thomas K. Whitford
President and Chief Executive Officer Delaware Funds^® by Macquarie Philadelphia, PA Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC New York, NY	Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Former Chief Investment Officer Assurant, Inc. New York, NY Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL	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	Daniel V. Geatens	Richard Salus
Senior Vice President,	Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

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

106

LOGO

Fixed income mutual funds

Delaware Tax-Free Arizona Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Colorado Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Delaware Tax-Free Pennsylvania Fund

February 28, 2019

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.

LOGO

Experience Delaware Funds^® by Macquarie

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund at delawarefunds.com/literature.

Manage your account online

•

Check your account balance and transactions

•

View statements and tax forms

•

Make purchases and redemptions

Visit delawarefunds.com/account-access.

The Funds are distributed by Delaware Distributors, L.P.

(DDLP), an affiliate of MIMBT and Macquarie Group Limited.


Table of contents

Disclosure of Fund expenses			1

Security type / sector / state / territory allocations			5

Schedules of investments			11

Statements of assets and liabilities			58

Statements of operations			62

Statements of changes in net assets			64

Financial highlights			76

Notes to financial statements			112

About the organization			128

Unless otherwise noted, views expressed herein are current as of Feb. 28, 2019, 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.

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. These 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 Sept. 1, 2018 to Feb. 28, 2019.

Actual expenses

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.

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

Delaware Tax-Free Arizona Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,013.10		0.84%	$4.19
Class C		1,000.00		1,009.30		1.59%	7.92
Institutional Class		1,000.00		1,014.30		0.59%	2.95

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.63		0.84%	$4.21
Class C		1,000.00		1,016.91		1.59%	7.95
Institutional Class		1,000.00		1,021.87		0.59%	2.96

Delaware Tax-Free California Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*
Actual Fund return^†
Class A		$1,000.00		$1,009.30		0.82%		$4.09
Class C		1,000.00		1,005.60		1.57%		7.81
Institutional Class		1,000.00		1,010.50		0.57%		2.84

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.73		0.82%		$4.11
Class C		1,000.00		1,017.01		1.57%		7.85
Institutional Class		1,000.00		1,021.97		0.57%		2.86

Delaware Tax-Free Colorado Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,015.10		0.84%	$4.20
Class C		1,000.00		1,011.40		1.59%	7.93
Institutional Class		1,000.00		1,016.40		0.59%	2.95

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.63		0.84%	$4.21
Class C		1,000.00		1,016.91		1.59%	7.95
Institutional Class		1,000.00		1,021.87		0.59%	2.96

Delaware Tax-Free Idaho Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,015.80		0.86%	$4.30
Class C		1,000.00		1,012.10		1.61%	8.03
Institutional Class		1,000.00		1,017.10		0.61%	3.05

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.53		0.86%	$4.31
Class C		1,000.00		1,016.81		1.61%	8.05
Institutional Class		1,000.00		1,021.77		0.61%	3.06

Disclosure of Fund expenses

For the six-month period from September 1, 2018 to February 28, 2019 (Unaudited)

Delaware Tax-Free New York Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,015.00		0.80%	$4.00
Class C		1,000.00		1,011.30		1.55%	7.73
Institutional Class		1,000.00		1,015.40		0.55%	2.75

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.83		0.80%	$4.01
Class C		1,000.00		1,017.11		1.55%	7.75
Institutional Class		1,000.00		1,022.07		0.55%	2.76

Delaware Tax-Free Pennsylvania Fund

Expense analysis of an investment of $1,000


	Beginning		Ending				Expenses

	Account Value		Account Value		Annualized		Paid During Period

	9/1/18		2/28/19		Expense Ratio		9/1/18 to 2/28/19*

Actual Fund return^†
Class A		$1,000.00		$1,013.20		0.86%	$4.29
Class C		1,000.00		1,009.30		1.62%	8.07
Institutional Class		1,000.00		1,014.30		0.62%	3.10

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.53		0.86%	$4.31
Class C		1,000.00		1,016.76		1.62%	8.10
Institutional Class		1,000.00		1,021.72		0.62%	3.11

*“	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.


Security type / sector / state / territory allocations
Delaware Tax-Free Arizona Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		99.40	%
Corporate Revenue Bonds		11.90	%
Education Revenue Bonds		30.11	%
Electric Revenue Bonds		4.60	%
Healthcare Revenue Bonds		18.06	%
Lease Revenue Bonds		3.25	%
Local General Obligation Bonds		3.19	%
Pre-Refunded Bonds		7.90	%
Special Tax Revenue Bonds		6.51	%
Transportation Revenue Bonds		7.25	%
Water & Sewer Revenue Bonds		6.63	%
Short-Term Investment		1.23	%
Total Value of Securities		100.63	%
Liabilities Net of Receivables and Other Assets		(0.63	%)
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Arizona		97.37	%
Guam		2.14	%
Puerto Rico		1.12	%
Total Value of Securities		100.63	%


Security type / sector allocations
Delaware Tax-Free California Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds		98.96	%
Corporate Revenue Bonds		4.08	%
Education Revenue Bonds		20.77	%
Electric Revenue Bond		0.63	%
Healthcare Revenue Bonds		22.30	%
Housing Revenue Bonds		4.59	%
Lease Revenue Bonds		11.80	%
Local General Obligation Bonds		3.23	%
Pre-Refunded Bonds		8.47	%
Resource Recovery Revenue Bond		1.13	%
Special Tax Revenue Bonds		1.85	%
State General Obligation Bonds		6.29	%
Transportation Revenue Bonds		12.59	%
Water & Sewer Revenue Bond		1.23	%
Short-Term Investment		0.77	%
Total Value of Securities		99.73	%
Receivables and Other Assets Net of Liabilities		0.27	%
Total Net Assets		100.00	%


Security type / sector / state / territory allocations
Delaware Tax-Free Colorado Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		97.35	%
Corporate Revenue Bonds		1.44	%
Education Revenue Bonds		11.10	%
Electric Revenue Bonds		1.96	%
Healthcare Revenue Bonds		25.26	%
Housing Revenue Bonds		0.09	%
Lease Revenue Bonds		3.36	%
Local General Obligation Bonds		15.33	%
Pre-Refunded Bonds		5.91	%
Special Tax Revenue Bonds		19.29	%
Transportation Revenue Bonds		12.59	%
Water & Sewer Revenue Bonds		1.02	%
Short-Term Investments		1.65	%
Total Value of Securities		99.00	%
Receivables and Other Assets Net of Liabilities		1.00	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Colorado		95.61	%
Guam		1.87	%
Puerto Rico		1.00	%
US Virgin Islands		0.52	%
Total		99.00	%


Security type / sector / state / territory allocations
Delaware Tax-Free Idaho Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		96.85	%
Corporate Revenue Bonds		3.31	%
Education Revenue Bonds		16.08	%
Electric Revenue Bonds		3.41	%
Healthcare Revenue Bonds		13.17	%
Housing Revenue Bonds		1.84	%
Lease Revenue Bonds		9.89	%
Local General Obligation Bonds		23.54	%
Pre-Refunded Bonds		5.72	%
Special Tax Revenue Bonds		14.16	%
Transportation Revenue Bonds		4.41	%
Water & Sewer Revenue Bonds		1.32	%
Short-Term Investments		1.79	%
Total Value of Securities		98.64	%
Receivables and Other Assets Net of Liabilities		1.36	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		5.24	%
Idaho		90.69	%
Puerto Rico		1.10	%
US Virgin Islands		1.61	%
Total		98.64	%


Security type / sector / state / territory allocations
Delaware Tax-Free New York Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		98.82	%
Corporate Revenue Bonds		6.60	%
Education Revenue Bonds		23.43	%
Electric Revenue Bonds		4.41	%
Healthcare Revenue Bonds		15.08	%
Lease Revenue Bonds		8.72	%
Local General Obligation Bonds		3.01	%
Pre-Refunded Bonds		8.24	%
Resource Recovery Revenue Bond		1.83	%
Special Tax Revenue Bonds		17.17	%
State General Obligation Bond		0.61	%
Transportation Revenue Bonds		6.70	%
Water & Sewer Revenue Bonds		3.02	%
Short-Term Investment		0.37	%
Total Value of Securities		99.19	%
Receivables and Other Assets Net of Liabilities		0.81	%
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		0.31	%
New York		98.88	%
Total Value of Securities		99.19	%


Security type / sector / state / territory allocations
Delaware Tax-Free Pennsylvania Fund		As of February 28, 2019 (Unaudited)

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


Security type / sector	Percentage of net assets
Municipal Bonds*		100.36	%
Corporate Revenue Bonds		5.98	%
Education Revenue Bonds		13.81	%
Healthcare Revenue Bonds		29.32	%
Housing Revenue Bond		0.49	%
Lease Revenue Bonds		3.72	%
Local General Obligation Bonds		7.93	%
Pre-Refunded/Escrowed to Maturity Bonds		21.41	%
Resource Recovery Revenue Bond		0.51	%
Special Tax Revenue Bonds		4.24	%
State General Obligation Bond		0.93	%
Transportation Revenue Bonds		8.56	%
Water & Sewer Revenue Bonds		3.46	%
Short-Term Investment		0.08	%
Total Value of Securities		100.44	%
Liabilities Net of Receivables and Other Assets		(0.44	%)
Total Net Assets		100.00	%

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


State / territory	Percentage of net assets
Guam		0.02	%
Pennsylvania		100.42	%
Total Value of Securities		100.44	%


Schedules of investments
Delaware Tax-Free Arizona Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 99.40%


Corporate Revenue Bonds – 11.90%
Chandler Industrial Development Authority Revenue
(Intel Corporation Project) 2.70% 12/1/37 (AMT) •		1,000,000	$	1,014,310
Maricopa County Pollution Control
(Public Service - Palo Verde Project) Series B 5.20% 6/1/43 •		1,500,000		1,545,240
(Southern California Education Co.) Series A 5.00% 6/1/35		2,400,000		2,446,176
Pima County Industrial Development Authority Pollution Control Revenue
(Tucson Electric Power) Series A 5.25% 10/1/40		2,000,000		2,083,760
Salt Verde Financial Senior Gas Revenue
5.00% 12/1/37		1,370,000		1,622,546

				8,712,032

Education Revenue Bonds – 30.11%
Arizona Health Facilities Authority Healthcare Education Revenue
(Kirksville College) 5.125% 1/1/30		1,500,000		1,537,995
Arizona Industrial Development Authority Revenue
(Academies of Math & Science Projects) Series A 5.00% 7/1/51		1,000,000		1,086,260
(ACCEL Schools Project) Series A 144A 5.25% 8/1/48 #		350,000		346,360
(American Charter Schools Foundation Project) 144A 6.00% 7/1/47 #		400,000		419,164
(Pincrest Academy of Nevada-Horizon, Inspirada and St.
Rose Campus Projects) Series A 144A 5.75% 7/15/48 #		250,000		262,200
Arizona State University Energy Management Revenue
(Arizona State University Tempe Campus II Project) 4.50% 7/1/24		1,000,000		1,008,840
Glendale Industrial Development Authority Revenue
(Midwestern University)
5.00% 5/15/31		645,000		699,057
5.125% 5/15/40		1,305,000		1,348,665
Maricopa County Industrial Development Authority Revenue
(Greathearts Arizona Projects)
Series A 5.00% 7/1/52		725,000		799,755
(Paradise Schools Projects) 144A 5.00% 7/1/36 #		500,000		517,315
(Reid Traditional Schools Projects) 5.00% 7/1/47		785,000		830,797
McAllister Academic Village Revenue
(Arizona State University Hassayampa Academic Village Project) 5.00% 7/1/31		1,000,000		1,167,550
Northern Arizona University
5.00% 6/1/36		475,000		503,533
5.00% 6/1/41		1,240,000		1,312,255

Schedules of investments

Delaware Tax-Free Arizona Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Education Revenue Bonds (continued)
Phoenix Industrial Development Authority
(Basis School Projects) 144A 5.00% 7/1/35 #		1,000,000	$	1,028,860
(Choice Academies Project) 5.625% 9/1/42		1,250,000		1,280,763
(Eagle College Preparatory Project) Series A 5.00% 7/1/43		500,000		493,725
(Great Hearts Academic Project) 5.00% 7/1/46		1,000,000		1,036,100
(Rowan University Project) 5.00% 6/1/42		2,000,000		2,135,520
Pima County Industrial Development Authority Education Revenue
(American Leadership Academy Project)
144A 5.00% 6/15/47 #		100,000		97,917
144A 5.00% 6/15/52 #		90,000		86,608
(Edkey Charter School Project) 6.00% 7/1/48		1,000,000		911,440
(Tucson Country Day School Project) 5.00% 6/1/37		750,000		674,363
Tucson Industrial Development Authority Lease Revenue
(University of Arizona-Marshall Foundation) Series A 5.00% 7/15/27 (AMBAC)		980,000		981,431
University of Arizona Board of Regents
Series A 5.00% 6/1/38		1,000,000		1,106,920
Unrefunded Balance Series A 5.00% 6/1/25		335,000		367,961

				22,041,354

Electric Revenue Bonds – 4.60%
Salt River Project Agricultural Improvement & Power
District Electric System Revenue
Series A 5.00% 12/1/30		1,000,000		1,085,470
Series A 5.00% 1/1/39		1,000,000		1,165,310
Series A 5.00% 12/1/45		1,000,000		1,117,090

				3,367,870

Healthcare Revenue Bonds – 18.06%
Arizona Health Facilities Authority Hospital System Revenue
(Banner Health) Series A 5.00% 1/1/43		1,500,000		1,607,505
(Phoenix Children’s Hospital) Series A 5.00% 2/1/34		995,000		1,060,431
(Scottsdale Lincoln Hospital Project) 5.00% 12/1/42		1,000,000		1,084,880
Glendale Industrial Development Authority Revenue
(Glencroft Retirement Community Project) 5.00% 11/15/36		270,000		273,075
Maricopa County Industrial Development Authority Health
Facilities Revenue
(Banner Health) Series A 4.00% 1/1/41		1,000,000		1,029,640
(Catholic Healthcare West) Series A 6.00% 7/1/39		2,500,000		2,532,200


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Maricopa County Industrial Development Authority Senior Living Facility Revenue
(Christian Care Surprise Project) 144A 6.00% 1/1/48 #		405,000	$	408,985
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33		790,000		820,604
Tempe Industrial Development Authority Revenue
(Friendship Village) Series A 6.25% 12/1/42		1,200,000		1,263,936
(Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 #		250,000		270,313
Yavapai County Industrial Development Authority Hospital Facility
(Yavapai Regional Medical Center) Series A 5.25% 8/1/33		2,000,000		2,193,600
Yuma Industrial Development Authority Hospital Revenue
(Yuma Regional Medical Center)
Series A 5.00% 8/1/32		295,000		330,907
Series A 5.25% 8/1/32		300,000		340,605

				13,216,681

Lease Revenue Bonds – 3.25%
Arizona Game & Fish Department & Community Beneficial Interest Certificates
(Administration Building Project) 5.00% 7/1/32		1,000,000		1,002,310
Arizona Sports & Tourism Authority Senior Revenue
(Multipurpose Stadium Facility) Series A 5.00% 7/1/36		350,000		370,059
Maricopa County Industrial Development Authority Correctional Contract Revenue
(Phoenix West Prison) Series B 5.375% 7/1/22 (ACA)		1,000,000		1,002,620

				2,374,989

Local General Obligation Bonds – 3.19%
Maricopa County High School District No. 214 Tolleson Union High School
(School Improvement Project) Series B 4.00% 7/1/37		1,300,000		1,382,810
Maricopa County School District No. 3 Tempe Elementary
(School Improvement Project) Series B 5.00% 7/1/30		560,000		681,089
Pinal County Community College District 4.00% 7/1/31		250,000		270,190

				2,334,089

Pre-Refunded Bonds – 7.90%
Arizona Certificates of Participation Department Administration
Series A 5.25% 10/1/25 (AGM)		1,500,000		1,531,365

Schedules of investments

Delaware Tax-Free Arizona Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Pre-Refunded Bonds (continued)
Phoenix Civic Improvement Airport Revenue
(Junior Lien) Series A 5.25% 7/1/33-20 §		1,250,000	$	1,310,063
Phoenix Industrial Development Authority
(Great Hearts Academic Project)
6.30% 7/1/42-21 §		500,000		552,200
6.40% 7/1/47-21 §		500,000		553,335
Pinal County Electric District No. 3
Series A 5.25% 7/1/41-21 §		750,000		811,320
University Medical Center Hospital Revenue
6.50% 7/1/39-19 §		1,000,000		1,015,920
University of Arizona Board of Regents
Series A 5.00% 6/1/25-22 §		10,000		11,059

				5,785,262

Special Tax Revenue Bonds – 6.51%
Glendale Municipal Property Excise Tax Revenue
(Senior Lien) Series B 5.00% 7/1/33		570,000		628,698
Glendale Transportation Excise Tax Revenue
5.00% 7/1/30 (AGM)		1,000,000		1,162,060
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		545,000		559,802
Series A 5.25% 1/1/36		705,000		736,260
Mesa Excise Tax Revenue
5.00% 7/1/32		1,000,000		1,093,680
Regional Public Transportation Authority
(Maricopa County Public Transportation) 5.25% 7/1/24		500,000		587,105

				4,767,605

Transportation Revenue Bonds – 7.25%
Arizona Department of Transportation State Highway Fund Revenue
5.00% 7/1/35		500,000		577,585
Phoenix Civic Improvement Airport Revenue
Series B 5.00% 7/1/37		1,000,000		1,150,790
(Senior Lien)
4.00% 7/1/48		500,000		509,885
5.00% 7/1/32 (AMT)		1,750,000		1,935,675
Series A 5.00% 7/1/36 (AMT)		1,000,000		1,135,700

				5,309,635

Water & Sewer Revenue Bonds – 6.63%
Arizona Water Infrastructure Finance Authority
(Water Quality Revenue) Series A 5.00% 10/1/26		1,000,000		1,168,980
Central Arizona Water Conservation District
(Central Arizona Project) 5.00% 1/1/31		600,000		698,256


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Water & Sewer Revenue Bonds (continued)
Guam Government Waterworks Authority Revenue
5.00% 7/1/37		250,000	$	272,270
Mesa Utility System Revenue
4.00% 7/1/31		850,000		925,123
Phoenix Civic Improvement Corporation
(Junior Lien)
5.00% 7/1/27		1,000,000		1,200,500
5.00% 7/1/31		500,000		587,805

				4,852,934

Total Municipal Bonds (cost $70,593,356)				72,762,451




Short-Term Investment – 1.23%


Variable Rate Demand Note – 1.23%¤
Arizona Health Facilities Authority Revenue (Banner Health) Series C 1.72% 1/1/46 (LOC - Bank of America N.A.)		900,000		900,000

Total Short-Term Investment (cost $900,000)				900,000


Total Value of Securities – 100.63% (cost $71,493,356)			$	73,662,451

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $3,437,722, which represents 4.70% 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.”

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

●

Schedules of investments

Delaware Tax-Free Arizona Fund

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 description above.

Summary of abbreviations:

ACA – Insured by American Capital Access

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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


Schedules of investments
Delaware Tax-Free California Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 98.96%


Corporate Revenue Bonds – 4.08%
Chula Vista Industrial Development Revenue
(San Diego Gas & Electric) Series D 5.875% 1/1/34		1,000,000	$	1,007,770
Golden State Tobacco Securitization Settlement Revenue
(Asset-Backed)
Series A-1 5.25% 6/1/47		750,000		751,710
Series A-2 5.00% 6/1/47		1,000,000		965,320
(Capital Appreciation Asset-Backed) Subordinate Series B 1.548% 6/1/47 ^		1,615,000		259,531
M-S-R Energy Authority Revenue Series B 6.50% 11/1/39		500,000		697,945

				3,682,276

Education Revenue Bonds – 20.77%
California Educational Facilities Authority
(Loma Linda University) Series A 5.00% 4/1/47		1,000,000		1,118,020
California Municipal Finance Authority
(Bella Mente Montessori Academy Project) Series A 144A 5.00% 6/1/48 #		500,000		519,465
(Biola University) 5.00% 10/1/39		1,000,000		1,118,160
(California Baptist University) Series A 144A 5.375% 11/1/40 #		1,000,000		1,095,530
(CHF-Davis I, LLC - West Village Student Housing Project) 5.00% 5/15/48		1,000,000		1,093,560
(Creative Center of Los Altos Project - Pinewood School & Oakwood School) Series B 144A 4.50% 11/1/46 #		500,000		499,975
(Julian Charter School Project) Series A 144A 5.625% 3/1/45 #		500,000		493,470
(Palmdale Aerospace Academy Project) Series A 144A 5.00% 7/1/46 #		500,000		517,000
(Southwestern Law School) 6.50% 11/1/41		1,140,000		1,263,998
California School Finance Authority
(Aspire Public Schools - Obligated Group) Series A 144A 5.00% 8/1/45 #		715,000		760,509
(Encore Education Obligated Group) Series A 144A 5.00% 6/1/42 #		500,000		437,710
(Escuela Popular Project) 144A 6.50% 7/1/50 #		250,000		247,330
(Green Dot Public Schools Project) Series A 144A 5.00% 8/1/35 #		1,000,000		1,087,210
(Grimmway Schools - Obligated Group) Series A 144A 5.00% 7/1/36 #		500,000		509,795
(ICEF - View Park Elementary & Middle Schools) Series A 5.625% 10/1/34		575,000		608,591
(KIPP LA Projects) Series A 5.125% 7/1/44		1,000,000		1,064,720

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Education Revenue Bonds (continued)
California School Finance Authority
(Partnerships to Uplift Communities Valley Project)
Series A 144A 6.75% 8/1/44 #		1,000,000	$	1,061,440
California State University Systemwide Revenue
Series A 5.00% 11/1/47		1,000,000		1,132,260
California Statewide Communities Development Authority Charter School Revenue
(Green Dot Public Schools - Animo Inglewood Charter High School Project) Series A 7.25% 8/1/41		800,000		881,536
California Statewide Communities Development Authority Revenue
(California Baptist University) Series A 6.125% 11/1/33		750,000		849,405
(NCCD-Hooper Street LLC-California College of the Arts Project) 144A 5.25% 7/1/49 #		250,000		264,063
California Statewide Communities Development Authority Student Housing Revenue
(University of California Irvine East Campus Apartments)
5.00% 5/15/24		40,000		45,376
5.375% 5/15/38		1,000,000		1,060,460
Mt. San Antonio Community College District Convertible Capital Appreciation Election 2008
Series A 0.00% 8/1/28 ~		1,000,000		1,015,410

				18,744,993

Electric Revenue Bond – 0.63%
Imperial Irrigation District Electric System Revenue
Series C 5.00% 11/1/36		500,000		571,025

				571,025

Healthcare Revenue Bonds – 22.30%
Abag Finance Authority for Nonprofit Corporations
(Episcopal Senior Communities) 6.125% 7/1/41		850,000		911,761
(Sharp HealthCare) Series A 5.00% 8/1/28		250,000		271,735
California Health Facilities Financing Authority Revenue
(Cedars-Sinai Medical Center) Series B 4.00% 8/15/36		1,000,000		1,050,410
(Children’s Hospital Los Angeles)
Series A 5.00% 11/15/34		500,000		537,285
Series A 5.00% 8/15/47		500,000		549,215
(Dignity Health) Series E 5.625% 7/1/25		1,000,000		1,012,040
(Kaiser Permanente) Subordinate Series A-2 4.00% 11/1/44		1,005,000		1,028,135
(Lucile Salter Packard Children’s Hospital at Stanford)
Series A 5.00% 8/15/33		1,000,000		1,154,420
Series A 5.00% 11/15/56		1,000,000		1,101,510
(St. Joseph Health System) Series A 5.75% 7/1/39		1,000,000		1,012,940


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
California Health Facilities Financing Authority Revenue
(Sutter Health) Series D 5.25% 8/15/31		1,000,000	$	1,083,530
California Municipal Finance Authority Revenue
(Community Medical Centers)
Series A 5.00% 2/1/42		750,000		821,295
Series A 5.00% 2/1/47		250,000		271,575
(Northbay Healthcare Group) Series A 5.25% 11/1/47		500,000		534,100
California Statewide Communities Development Authority Revenue
(Adventist Health System/West) Series A 4.00% 3/1/48		1,000,000		1,008,080
(be.group) 144A 7.25% 11/15/41 #		500,000		516,215
(Covenant Retirement Communities) Series C 5.625% 12/1/36		1,000,000		1,124,980
(Episcopal Communities & Services) 5.00% 5/15/32		600,000		641,568
(Huntington Memorial Hospital) 4.00% 7/1/48		500,000		501,280
(Loma Linda University Medical Center)
Series A 144A 5.25% 12/1/56 #		725,000		771,197
Series A 144A 5.50% 12/1/58 #		400,000		437,496
(Marin General Hospital - Green Bonds) Series A 4.00% 8/1/45		500,000		503,635
(Redlands Community Hospital) 5.00% 10/1/46		1,000,000		1,089,650
La Verne
(Brethren Hillcrest Homes) 5.00% 5/15/36		750,000		777,487
Palomar Health
5.00% 11/1/47 (AGM)		500,000		566,015
San Buenaventura
(Community Memorial Health System) 7.50% 12/1/41		785,000		855,987

				20,133,541

Housing Revenue Bonds – 4.59%
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects)
Series A 4.00% 8/15/42		1,270,000		1,276,312
Series A 5.50% 8/15/47		750,000		796,560
Independent Cities Finance Authority Mobile Home Park Revenue
(Pillar Ridge) Series A 5.25% 5/15/44		1,000,000		1,071,150
Santa Clara County Multifamily Housing Authority Revenue
(RiverTown Apartments Project) Series A 5.85% 8/1/31 (AMT)		1,000,000		1,001,100

				4,145,122

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Lease Revenue Bonds – 11.80%
Abag Finance Authority for Nonprofit Corporations
(Jackson Laboratory) 5.00% 7/1/37		1,000,000	$	1,084,950
California Infrastructure & Economic Development Bank
(Academy of Motion Picture Arts & Sciences Obligated Group) Series A 5.00% 11/1/41		1,000,000		1,108,730
(Infrastructure State Revolving Fund) Series A 5.00% 10/1/29		1,000,000		1,196,770
California Municipal Finance Authority
(Goodwill Industry of Sacramento Valley & Northern Nevada Project) 5.00% 1/1/35		635,000		604,539
California Pollution Control Financing Authority Revenue
(San Diego County Water Authority Desalination Project Pipeline) 144A 5.00% 11/21/45 #		1,000,000		1,108,830
California State Public Works Board Lease Revenue
(Department of Corrections and Rehabilitation) Series C 5.00% 10/1/26		1,000,000		1,081,760
California Statewide Communities Development Authority Revenue
(Lancer Plaza Project) 5.625% 11/1/33		1,000,000		1,101,850
Golden State Tobacco Securitization Settlement Revenue
(Enhanced Asset-Backed) Series A 5.00% 6/1/29		1,000,000		1,113,380
San Diego County
(Sanford Burnham Prebys Medical Discovery Institute)
Series A 5.00% 11/1/28		500,000		584,350
Series A 5.00% 11/1/30		475,000		550,991
San Jose Financing Authority Lease Revenue
(Civic Center Project) Series A 5.00% 6/1/33		1,000,000		1,115,050

				10,651,200

Local General Obligation Bonds – 3.23%
Anaheim School District Capital Appreciation Election 2002 4.58% 8/1/25 (NATL) ^		1,000,000		858,110
Marin Healthcare District Election 2013
Series A 4.00% 8/1/47		1,000,000		1,030,570
West Contra Costa Unified School District 2012 Election
Series C 4.00% 8/1/41		1,000,000		1,026,590

				2,915,270

Pre-Refunded Bonds – 8.47%
Anaheim Public Financing Authority Revenue
(Anaheim Electric System Distribution Facilities) Series A 5.00% 10/1/25-21 §		800,000		859,368


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Pre-Refunded Bonds (continued)
California Department of Water Resources
(Central Valley Project) Unrefunded Series AG 5.00% 12/1/28-19 §		75,000	$	76,995
California Municipal Finance Authority Mobile Home Park Revenue
(Caritas Projects) Series A 6.40% 8/15/45-20 §		950,000		1,008,757
Imperial Irrigation District Electric System Revenue
Series B 5.00% 11/1/36-20 §		250,000		264,613
Lancaster Redevelopment Agency
(Combined Redevelopment Project Areas) 6.875% 8/1/39-19 §		285,000		291,253
Unrefunded 6.875% 8/1/39-19 §		215,000		219,717
Pittsburg Unified School District Financing Authority Revenue
(Pittsburg Unified School District Bond Program) 5.50% 9/1/46-21 (AGM) §		800,000		877,560
Rancho Santa Fe Community Services District Financing Authority Revenue
(Superior Lien Bonds) Series A 5.75% 9/1/30-21 §		800,000		883,472
Riverside County Redevelopment Agency Tax Allocation Housing
Series A 6.00% 10/1/39-20 §		1,000,000		1,071,070
San Diego Public Facilities Financing Authority Lease Revenue
(Master Refunding Project) Series A 5.25% 3/1/40-20 §		1,000,000		1,057,090
San Mateo Joint Powers Financing Authority Lease Revenue
(Capital Projects) Series A 5.25% 7/15/26-20 §		1,000,000		1,032,050

				7,641,945

Resource Recovery Revenue Bond – 1.13%
South Bayside Waste Management Authority Revenue
(Shoreway Environmental Center) Series A 6.00% 9/1/36		1,000,000		1,020,610

				1,020,610

Special Tax Revenue Bonds – 1.85%
Sacramento Transient Occupancy Tax Revenue
(Convention Center Complex) Senior Series A 5.00% 6/1/48		1,000,000		1,138,230
Yucaipa Special Tax Community Facilities District No. 98-1
(Chapman Heights) 5.375% 9/1/30		500,000		534,090

				1,672,320

Schedules of investments

Delaware Tax-Free California Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


State General Obligation Bonds – 6.29%
California
(Various Purpose)
5.00% 8/1/46		1,000,000	$	1,128,200
5.25% 3/1/30		1,000,000		1,032,350
5.25% 4/1/35		1,000,000		1,092,550
5.25% 11/1/40		1,000,000		1,050,220
6.00% 3/1/33		1,000,000		1,043,320
Unrefunded 6.00% 4/1/38		330,000		331,073

				5,677,713

Transportation Revenue Bonds – 12.59%
Alameda Corridor Transportation Authority
(2nd Subordinate Lien) Series B 5.00% 10/1/37		500,000		551,390
California Municipal Finance Authority Senior Lien
(LINXS APM Project) Series A 5.00% 12/31/47 (AMT)		645,000		712,145
Long Beach Marina Revenue
(Alamitos Bay Marina Project) 5.00% 5/15/45		500,000		540,275
Los Angeles Department of Airports
(Los Angeles International Airport)
Senior Series D 5.00% 5/15/36 (AMT)		1,000,000		1,117,680
Subordinate Series B 5.00% 5/15/33		1,000,000		1,040,100
Riverside County Transportation Commission Senior Lien
(Current Interest Obligations) Series A 5.75% 6/1/44		500,000		545,195
Sacramento County Airport System Revenue
Series C 5.00% 7/1/39 (AMT)		1,000,000		1,139,030
Subordinate Series B 5.00% 7/1/41		500,000		560,425
San Diego County Regional Airport Authority Revenue
Subordinate Series A 5.00% 7/1/47		375,000		423,551
San Diego Redevelopment Agency
(Centre City Redevelopment Project) Series A 6.40% 9/1/25		870,000		873,358
San Francisco City & County Airports Commission
(San Francisco International Airport)
Second Series A 5.00% 5/1/49 (AMT)		1,000,000		1,129,410
Second Series B 5.00% 5/1/46 (AMT)		1,000,000		1,101,550
San Francisco Municipal Transportation Agency Revenue
Series B 5.00% 3/1/37		1,500,000		1,631,280

				11,365,389

Water & Sewer Revenue Bond – 1.23%
San Diego Public Facilities Financing Authority
Subordinate Series A 5.00% 8/1/29		1,000,000		1,109,840

				1,109,840

Total Municipal Bonds (cost $86,005,587)				89,331,244


	Principal amount°		Value (US $)


Short-Term Investment – 0.77%


Variable Rate Demand Note – 0.77%¤
California Public Finance Authority Revenue (Sharp HealthCare) Series B
1.47% 8/1/52 (LOC - Barclays Bank PLC)		700,000	$	700,000

Total Short-Term Investment (cost $700,000)				700,000


Total Value of Securities – 99.73% (cost $86,705,587)			$	90,031,244

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $10,327,235, which represents 11.44% 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.”

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

^	Zero coupon security. The rate shown is the effective yield at the time of purchase.

~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at Feb. 28, 2019.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICEF – Inner City Education Foundation

LOC – Letter of Credit

NATL – Insured by National Public Finance Guarantee Corporation

PLC – Public Limited Company

USD – US Dollar

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


Schedules of investments
Delaware Tax-Free Colorado Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 97.35%


Corporate Revenue Bonds –1.44%
Denver City & County
(United Airlines Project) 5.00% 10/1/32 (AMT)		415,000	$	441,203
Public Authority for Colorado Energy Natural Gas Revenue 6.50% 11/15/38		1,750,000		2,455,285

				2,896,488

Education Revenue Bonds –11.10%
Colorado Educational & Cultural Facilities Authority Revenue
144A 5.00% 7/1/36 #		500,000		501,310
5.00% 11/1/44		890,000		868,569
144A 5.25% 7/1/46 #		1,350,000		1,347,948
(Academy Charter School Project)
5.50% 5/1/36 (SGI)		2,280,000		2,284,902
7.45% 8/1/48		1,000,000		1,122,660
(Alexander Dawson School-Nevada Project) 5.00% 5/15/29		1,490,000		1,730,605
(Atlas Preparatory Charter School) 144A 5.25% 4/1/45 #		1,300,000		1,299,948
(Charter School Project) 5.00% 7/15/37		1,150,000		1,221,668
(Johnson & Wales University) Series A 5.25% 4/1/37		1,790,000		1,905,365
(Liberty Common Charter School Project) Series A 5.00% 1/15/39		1,000,000		1,060,170
(Littleton Preparatory Charter School Project)
5.00% 12/1/33		450,000		455,629
5.00% 12/1/42		540,000		531,112
(Loveland Classical Schools Project)
144A 5.00% 7/1/36 #		625,000		634,144
144A 5.00% 7/1/46 #		500,000		501,790
(Pinnacle Charter School Project) 5.00% 6/1/26		700,000		765,100
(Skyview Charter School)
144A 5.375% 7/1/44 #		860,000		871,644
144A 5.50% 7/1/49 #		870,000		884,764
(University of Denver Project)
Series A 4.00% 3/1/35		400,000		423,712
Series A 4.00% 3/1/36		550,000		581,069
(University of Lab Charter School) 5.00% 12/15/45		500,000		517,095
(Vail Mountain School Project) 4.00% 5/1/46		80,000		76,035
(Windsor Charter Academy Project) 144A 5.00% 9/1/46 #		890,000		864,110
(Woodrow Wilson Charter School Project) 5.25% 12/1/34 (SGI)		1,960,000		1,963,038

				22,412,387


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Electric Revenue Bonds – 1.96%
Platte River Power Authority Revenue
Series JJ 5.00% 6/1/27		3,300,000	$	3,953,763

				3,953,763

Healthcare Revenue Bonds – 25.26%
Colorado Health Facilities Authority Revenue
(American Baptist)
7.625% 8/1/33		150,000		166,049
8.00% 8/1/43		1,000,000		1,119,400
(Bethesda Project) Series A-1 5.00% 9/15/48		2,250,000		2,363,333
(Catholic Health Initiatives)
Series A 5.00% 7/1/39		1,540,000		1,546,222
Series A 5.00% 2/1/41		2,250,000		2,316,443
Series A 5.25% 2/1/33		1,000,000		1,046,260
Series A 5.25% 1/1/45		3,000,000		3,181,950
Series D 6.25% 10/1/33		2,000,000		2,007,600
(Christian Living Community Project)
5.25% 1/1/37		1,500,000		1,545,885
6.375% 1/1/41		1,000,000		1,068,850
(Covenant Retirement Communities)
Series A 5.00% 12/1/33		4,000,000		4,261,240
Series A 5.00% 12/1/35		1,000,000		1,084,050
(Craig Hospital Project) 5.00% 12/1/32		3,500,000		3,808,350
(Evangelical Lutheran)
5.00% 12/1/42		2,500,000		2,591,225
5.625% 6/1/43		1,150,000		1,248,670
(Frasier Meadows Retirement Community Project)
Series A 5.25% 5/15/37		485,000		522,068
Series B 5.00% 5/15/48		660,000		683,681
(Mental Health Center Denver Project)
Series A 5.75% 2/1/44		2,000,000		2,167,080
(National Jewish Health Project) 5.00% 1/1/27		300,000		313,521
(NCMC Project) 4.00% 5/15/32		2,000,000		2,123,000
(SCL Health Systems) Series A 5.00% 1/1/44		3,050,000		3,297,385
(Sisters of Charity of Leavenworth Health System)
Series B 5.25% 1/1/25		2,500,000		2,569,825
(Sunny Vista Living Center)
Series A 144A 6.25% 12/1/50 #		935,000		975,027
(Vail Valley Medical Center Project) 5.00% 1/15/35		1,000,000		1,124,650
(Valley View Hospital Association Project) Series A 4.00% 5/15/35		685,000		710,331
Denver Health & Hospital Authority Health Care Revenue
(Recovery Zone Facilities) 5.625% 12/1/40		2,500,000		2,594,800


Schedules of investments
Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Auxilio Mutuo) Series A 6.00% 7/1/33		1,945,000	$	2,020,349
University of Colorado Hospital Authority Revenue
Series A 6.00% 11/15/29		2,460,000		2,528,929

				50,986,173

Housing Revenue Bonds – 0.09%
Colorado Housing & Finance Authority
(Single Family Program Class 1)
Series AA 4.50% 5/1/23 (GNMA)		95,000		95,230
Series AA 4.50% 11/1/23 (GNMA)		95,000		95,287

				190,517

Lease Revenue Bonds – 3.36%
Aurora Certificates of Participation
Series A 5.00% 12/1/30		2,370,000		2,424,842
Colorado Department of Transportation Certificates of Participation
5.00% 6/15/34		660,000		754,248
5.00% 6/15/36		1,055,000		1,194,830
Denver Health & Hospital Authority
4.00% 12/1/38		750,000		756,473
Regional Transportation District Certificates of Participation
Series A 5.00% 6/1/33		1,500,000		1,657,185

				6,787,578

Local General Obligation Bonds – 15.33%
Adams & Weld Counties School District No. 27J Brighton
4.00% 12/1/30		300,000		327,219
4.00% 12/1/31		1,000,000		1,085,900
5.00% 12/1/32		500,000		592,240
Arapahoe County School District No. 1 Englewood
4.00% 12/1/30		1,500,000		1,629,300
Arapahoe County School District No. 6 Littleton
(Littleton Public Schools)
Series A 5.50% 12/1/33		1,000,000		1,258,400
Series A 5.50% 12/1/38		350,000		430,668
Beacon Point Metropolitan District
5.00% 12/1/30 (AGM)		1,130,000		1,308,676
Central Colorado Water Conservancy District
(Limited Tax) 5.00% 12/1/33		1,000,000		1,117,440


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Local General Obligation Bonds (continued)
Commerce City Northern Infrastructure General Improvement District
5.00% 12/1/32 (AGM)		2,125,000	$	2,345,001
Denver City & County
(Better Denver & Zoo) Series A 5.00% 8/1/25		3,215,000		3,259,110
Denver International Business Center Metropolitan District No. 1
5.00% 12/1/30		350,000		358,613
Douglas County School District No. 1
(Douglas & Elbert Counties) 5.00% 12/15/22		1,175,000		1,281,831
Eaton Area Park & Recreation District
5.25% 12/1/34		360,000		375,091
5.50% 12/1/38		455,000		477,823
El Paso County School District No 2. Harrison
5.00% 12/1/38		1,000,000		1,178,720
Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork
4.00% 12/15/31		1,300,000		1,404,468
Grand River Hospital District
5.25% 12/1/35 (AGM)		1,000,000		1,159,570
Jefferson County School District No. R-1
5.25% 12/15/24		1,250,000		1,487,663
Leyden Rock Metropolitan District No. 10
Series A 5.00% 12/1/45		1,000,000		1,006,870
Rangely Hospital District
6.00% 11/1/26		2,250,000		2,442,173
Sierra Ridge Metropolitan District No. 2
Series A 5.50% 12/1/46		1,000,000		1,016,620
Weld County Reorganized School District No. Re-8
5.00% 12/1/31		990,000		1,163,785
5.00% 12/1/32		660,000		771,712
Weld County School District No. Re-1
5.00% 12/15/31 (AGM)		1,000,000		1,164,600
Weld County School District No. Re-3J
5.00% 12/15/34 (BAM)		2,000,000		2,303,600

				30,947,093

Pre-Refunded Bonds – 5.91%
Colorado Building Excellent Schools Today Certificates of Participation
Series G 5.00% 3/15/32-21 §		2,000,000		2,134,080

Schedules of investments

Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Pre-Refunded Bonds (continued)
Colorado Health Facilities Authority Revenue (Total Long-Term Care)
Series A 6.00% 11/15/30-20 §		2,365,000	$	2,533,530
Series A 6.25% 11/15/40-20 §		750,000		806,565
Platte River Power Authority Revenue
Series HH 5.00% 6/1/27-19 §		1,795,000		1,809,863
Series HH 5.00% 6/1/29-19 §		2,355,000		2,374,499
University of Colorado
Series A 5.00% 6/1/33-23 §		2,000,000		2,267,180

				11,925,717

Special Tax Revenue Bonds – 19.29%
Broomfield Colorado Sales & Use Tax Revenue
5.00% 12/1/33		1,000,000		1,176,700
Canyons Metropolitan District No. 5
Series A 6.125% 12/1/47		500,000		503,645
Central Platte Valley Metropolitan District
5.00% 12/1/43		725,000		759,495
Commerce City
5.00% 8/1/44 (AGM)		1,500,000		1,664,580
Denver City & County
Series A 5.00% 8/1/26		500,000		600,700
Denver Convention Center Hotel Authority Revenue
5.00% 12/1/40		2,660,000		2,865,086
Denver International Business Center Metropolitan District No. 1
5.375% 12/1/35		1,750,000		1,793,277
Denver Urban Renewal Authority
(Stapleton) Senior Subordinated Series B 5.00% 12/1/25		1,250,000		1,483,525
Fountain Urban Renewal Authority Tax Increment Revenue
(Academy Highlands Project) Series A 5.50% 11/1/44		2,235,000		2,273,420
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		1,250,000		1,283,950
Series A 5.25% 1/1/36		1,675,000		1,749,269
Lincoln Park Metropolitan District
5.00% 12/1/46 (AGM)		1,000,000		1,118,690
Plaza Metropolitan District No. 1
144A 5.00% 12/1/40 #		1,265,000		1,302,267
Prairie Center Metropolitan District No. 3
Series A 144A 5.00% 12/15/41 #		1,000,000		1,013,430


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Special Tax Revenue Bonds (continued)
Regional Transportation District
(Fastracks Project)
Series A 5.00% 11/1/30		670,000	$	794,814
Series A 5.00% 11/1/31		1,495,000		1,758,957
Series A 5.00% 11/1/36		2,750,000		3,177,433
Series B 5.00% 11/1/33		1,865,000		2,209,950
Certificates of Participation
Series A 5.375% 6/1/31		1,540,000		1,603,494
Regional Transportation District Sales Revenue
(Denver Transit Partners)
6.00% 1/15/34		1,450,000		1,490,963
6.00% 1/15/41		2,400,000		2,462,952
Solaris Metropolitan District No. 3
(Limited Tax Convertible) Series A 5.00% 12/1/46		500,000		505,930
Southlands Metropolitan District No. 1
Series A-1 5.00% 12/1/37		300,000		318,516
Series A-1 5.00% 12/1/47		700,000		731,710
Sterling Ranch Community Authority Board
Series A 5.75% 12/1/45		975,000		996,372
Tallyns Reach Metropolitan District No. 3
(Limited Tax Convertible) 5.125% 11/1/38		740,000		772,664
Thornton Development Authority
(East 144th Avenue & I-25 Project)
Series B 5.00% 12/1/35		485,000		551,081
Series B 5.00% 12/1/36		810,000		918,508
Virgin Islands Public Finance Authority
(Matching Fund Loan Senior Lien)
5.00% 10/1/29 (AGM)		1,000,000		1,048,150

				38,929,528

Transportation Revenue Bonds – 12.59%
Colorado High Performance Transportation Enterprise Revenue
(C-470 Express Lanes) 5.00% 12/31/56		2,000,000		2,136,100
(Senior U.S. 36 & I-25 Managed Lanes)
5.75% 1/1/44 (AMT)		2,140,000		2,321,237
Denver City & County Airport System Revenue
Series A 4.00% 12/1/48 (AMT)		400,000		402,200
Series A 5.00% 11/15/30 (AMT)		1,750,000		2,047,727
Series A 5.00% 12/1/48 (AMT)		2,000,000		2,240,320
Series A 5.25% 11/15/36		2,500,000		2,557,825
Series B 5.00% 11/15/30		1,000,000		1,099,390
Series B 5.00% 11/15/32		1,000,000		1,095,280


Schedules of investments
Delaware Tax-Free Colorado Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Transportation Revenue Bonds (continued)
Denver City & County Airport System Revenue
Series B 5.00% 11/15/37		8,000,000	$	8,708,880
E-470 Public Highway Authority
Series C 5.25% 9/1/25		690,000		719,470
Series C 5.375% 9/1/26		2,000,000		2,087,560

				25,415,989

Water & Sewer Revenue Bonds – 1.02%
Dominion Water & Sanitation District
6.00% 12/1/46		750,000		791,587
Douglas County Centennial Water & Sanitation District
4.00% 12/1/38		500,000		532,275
Guam Government Waterworks Authority Water & Wastewater System Revenue
5.00% 7/1/37		675,000		735,129

				2,058,991

Total Municipal Bonds (cost $189,259,005)				196,504,224

	Number of shares


Short-Term Investments – 1.65%


Money Market Mutual Fund – 0.09%
Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares (seven-day effective yield 1.58%)		169,380		169,380

				169,380

	Principal amount°
Variable Rate Demand Notes – 1.56%¤
Denver City & County
Series A1 1.71% 12/1/29
(SPA-JPMorgan Chase Bank N.A.)		1,500,000		1,500,000
Series A2 1.71% 12/1/29
(SPA-JPMorgan Chase Bank N.A.)		1,655,000		1,655,000

				3,155,000

Total Short-Term Investments (cost $3,324,380)				3,324,380


Total Value of Securities – 99.00% (cost $192,583,385)			$	199,828,604

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $10,196,382, which represents 5.05% of the Fund’s net assets. 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 Feb. 28, 2019.

§	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.”

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

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

GNMA – Government National Mortgage Association collateral

N.A. – National Association

SGI – Insured by Syncora Guarantee Inc.

SPA – Stand-by Purchase Agreement

USD – US Dollar

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


Schedules of investments
Delaware Tax-Free Idaho Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 96.85%


Corporate Revenue Bonds – 3.31%
Nez Perce County Pollution Control Revenue
(Potlatch Project) 2.75% 10/1/24		1,250,000	$	1,224,975
Power County Industrial Development Revenue
(FMC Project) 6.45% 8/1/32 (AMT)		2,000,000		2,007,260

				3,232,235

Education Revenue Bonds – 16.08%
Boise State University Revenue
(General Project)
Series A 4.00% 4/1/37		1,250,000		1,273,475
Series A 5.00% 4/1/42		1,350,000		1,455,745
Series A 5.00% 4/1/47		500,000		564,295
Series A 5.00% 4/1/48		750,000		850,935
Idaho Housing & Finance Association
(Compass Public Charter School Project)
Series A 144A 6.00% 7/1/39 #		370,000		393,025
Series A 144A 6.00% 7/1/49 #		595,000		626,178
Series A 144A 6.00% 7/1/54 #		570,000		595,599
(Idaho Arts Charter School Project)
Series A 5.00% 12/1/38		1,000,000		1,048,300
Series A 144A 5.00% 12/1/46 #		1,000,000		1,031,660
(North Star Charter School Project)
Capital Appreciation Subordinate Series B 144A 4.88% 7/1/49 #^		2,888,155		375,720
Series A 6.75% 7/1/48		529,151		542,956
(Victory Charter School Project) Series B 5.00% 7/1/39		1,000,000		1,045,420
(Xavier Charter School Project) Series A 5.00% 6/1/50		1,275,000		1,340,854
University of Idaho
Series 2011 5.25% 4/1/41 •		1,755,000		1,867,952
Series A 5.00% 4/1/41		1,000,000		1,152,500
Series B 5.00% 4/1/28		1,000,000		1,033,130
Series B 5.00% 4/1/32		500,000		515,915

				15,713,659

Electric Revenue Bonds – 3.41%
Boise-Kuna Irrigation District Revenue
(Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34		2,000,000		2,253,080
Guam Power Authority Revenue
Series A 5.00% 10/1/40		1,000,000		1,074,480

				3,327,560

Healthcare Revenue Bonds – 13.17%
Idaho Health Facilities Authority Revenue
(Madison Memorial Hospital Project) 5.00% 9/1/37		2,350,000		2,497,345


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Idaho Health Facilities Authority Revenue
(St. Luke’s Health System Project)
Series A 5.00% 3/1/27		1,000,000	$	1,186,190
Series A 5.00% 3/1/47		1,500,000		1,578,510
(Trinity Health Credit Group)
Series D 4.50% 12/1/37		1,385,000		1,441,993
Series ID 4.00% 12/1/43		1,000,000		1,011,940
Series ID 5.00% 12/1/32		1,000,000		1,079,690
Series ID 5.00% 12/1/46		750,000		832,897
(Valley Vista Care Corporation)
Series A 5.25% 11/15/37		1,005,000		1,033,894
Series A 5.25% 11/15/47		1,130,000		1,144,871
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
(Hospital Auxilio Mutuo Obligated Group Project) Series A 6.00% 7/1/33		1,020,000		1,059,515

				12,866,845

Housing Revenue Bonds – 1.84%
Idaho Housing & Finance Association
Series A 4.50% 1/21/49 (GNMA)		998,570		1,047,350
Idaho Housing & Finance Association Single Family Mortgage Revenue
Series A Class II 4.375% 7/1/32		515,000		523,379
Series C Class II 4.95% 7/1/31		230,000		231,339

				1,802,068

Lease Revenue Bonds – 9.89%
Boise Urban Renewal Agency
5.00% 12/15/31		750,000		853,657
5.00% 12/15/32		750,000		849,113
Idaho Fish & Wildlife Foundation
5.00% 12/1/41		200,000		230,112
Idaho Housing & Finance Association Revenue
(Grant & Revenue Anticipation Bonds) Series A 5.00% 7/15/27		750,000		903,120
(TDF Facilities Project-Recovery Zone)
Series A 6.50% 2/1/26		1,370,000		1,478,134
Series A 7.00% 2/1/36		1,500,000		1,608,690
Idaho State Building Authority Revenue
Series B 5.00% 9/1/40		1,250,000		1,365,150
(Capitol Mall Parking Project)
Series A 4.50% 9/1/25		455,000		507,330
Series A 4.50% 9/1/26		485,000		539,233

Schedules of investments

Delaware Tax-Free Idaho Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Lease Revenue Bonds (continued)
Idaho State Building Authority Revenue
(Capitol Mall Parking Project)
Series A 4.50% 9/1/27		505,000	$	559,631
(Department of Health & Welfare Project) Series B 4.00% 9/1/48		750,000		763,830

				9,658,000

Local General Obligation Bonds – 23.54%
Ada & Boise Counties Independent School District Boise City
5.00% 8/1/33		1,010,000		1,185,033
5.00% 8/1/34		1,500,000		1,753,110
5.00% 8/1/35		1,160,000		1,351,574
5.00% 8/1/36		500,000		580,225
Ada & Canyon Counties Joint School District No. 2 Meridian
4.50% 7/30/22		1,500,000		1,556,235
Ada & Canyon Counties Joint School District No. 3 Kuna
(Sales Tax & Credit Enhancement Guaranty) Series B 5.00% 9/15/35		1,100,000		1,280,114
Canyon County School District No. 131 Nampa
(School Board Guaranteed)
Series B 5.00% 8/15/23		1,295,000		1,477,349
Canyon County School District No. 132 Caldwell
Series A 5.00% 9/15/22 (AGM)		1,725,000		1,729,433
Series A 5.00% 9/15/23 (AGM)		1,810,000		1,814,652
Canyon County School District No. 139 Vallivue
(School Board Guaranteed)
5.00% 9/15/33		1,000,000		1,126,820
Series B 5.00% 9/15/24		1,480,000		1,643,806
Idaho Bond Bank Authority Revenue
Series A 4.00% 9/15/33		530,000		572,983
Series A 4.00% 9/15/37		1,000,000		1,059,580
Series C 5.00% 9/15/42		500,000		573,340
Madison County School District No. 321 Rexburg (Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 8/15/25		1,080,000		1,281,917
Series B 5.00% 8/15/26		500,000		603,310
Nez Perce County Independent School District No. 1
(Sales Tax & Credit Enhancement Guaranty)
Series B 5.00% 9/15/36		1,000,000		1,158,930
Series B 5.00% 9/15/37		1,000,000		1,153,010


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Local General Obligation Bonds (continued)
Twin Falls County School District No. 411
(School Board Guaranteed)
Series A 4.75% 9/15/37		1,000,000	$	1,096,340

				22,997,761

Pre-Refunded Bonds – 5.72%
Boise State University Revenue
Series A 5.00% 4/1/39-19 §		1,000,000		1,002,630
Idaho Bond Bank Authority Revenue
(State Intercept)
Series A 5.25% 9/15/26-19 §		570,000		570,644
Unrefunded Series A 5.00% 9/15/28-19 §		890,000		890,952
Unrefunded Series A 5.25% 9/15/26-19 §		500,000		500,575
Idaho Health Facilities Authority Revenue
(St. Luke’s Regional Medical Center Project) 5.00% 7/1/35-20 (AGM) §		2,500,000		2,610,275
Puerto Rico Sales Tax Financing Revenue
First Subordinate Series A 5.50% 8/1/28-19 §		15,000		15,236

				5,590,312

Special Tax Revenue Bonds – 14.16%
Guam Government Business Privilege Tax Revenue
Series A 5.125% 1/1/42		545,000		559,802
Series A 5.25% 1/1/36		705,000		736,260
Series B-1 5.00% 1/1/42		1,425,000		1,457,091
Idaho Water Resource Board Loan Program Revenue
(Ground Water Rights Mitigation) Series A 5.00% 9/1/32		3,565,000		3,894,656
Ketchum Urban Renewal Agency Tax Increment Revenue
5.50% 10/15/34		1,500,000		1,526,760
Nampa Development Corporation Revenue
5.90% 3/1/30		3,000,000		3,041,430
(Library Square Project) 144A 5.00% 9/1/31 #		1,000,000		1,042,670
Virgin Islands Public Finance Authority Revenue
(Senior Lien-Matching Fund Loan Note)
5.00% 10/1/29 (AGM)		1,500,000		1,572,225

				13,830,894

Transportation Revenue Bonds – 4.41%
Boise City Airport Revenue
(Air Terminal Facilities Project)
5.75% 9/1/19 (AGM) (AMT)		1,000,000		1,019,200
5.75% 9/1/20 (AGM) (AMT)		1,000,000		1,056,510
(Parking Facilities Project) 4.00% 9/1/32		2,180,000		2,235,699

				4,311,409

Schedules of investments

Delaware Tax-Free Idaho Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Water & Sewer Revenue Bonds – 1.32%
Guam Government Waterworks Authority
5.00% 7/1/40		370,000	$	399,263
5.00% 1/1/46		835,000		888,882

				1,288,145

Total Municipal Bonds (cost $92,323,744)				94,618,888

	Number of shares


Short-Term Investments – 1.79%


Money Market Mutual Fund – 1.35%
Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares (seven-day effective yield 1.58%)		1,321,339		1,321,339

				1,321,339

	Principal amount°
Variable Rate Demand Note – 0.44%¤
Idaho Health Facilities Authority Revenue (St. Luke’s Health System Project)
Series C 1.71% 3/1/48 (LOC - US Bank N.A.)		425,000		425,000

				425,000

Total Short-Term Investments (cost $1,746,339)				1,746,339

Total Value of Securities – 98.64%
(cost $94,070,083)			$	96,365,227

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $4,064,852, which represents 4.16% 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.”

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

•

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 description above.

^	Zero coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

GNMA – Government National Mortgage Association collateral

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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


Schedules of investments
Delaware Tax-Free New York Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 98.82%


Corporate Revenue Bonds – 6.60%
Nassau County Tobacco Settlement
(Asset-Backed) Series A-3 5.125% 6/1/46		680,000	$	647,095
New York Counties Tobacco Trust VI
(Tobacco Settlement Pass Through) Series C 5.00% 6/1/51		500,000		507,240
New York Liberty Development Revenue
(Second Priority - Bank of America Tower at One Bryant Park Project)
Class 2 5.625% 7/15/47		500,000		516,310
Class 3 6.375% 7/15/49		865,000		896,538
New York Transportation Development Corporation Special Facilities Revenue
(Delta Air Lines - LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/36 (AMT)		1,000,000		1,120,760
Suffolk Tobacco Asset Securitization
Series B 5.25% 6/1/37		700,000		738,290
TSASC Revenue
(Senior) Fiscal 2017 Series A 5.00% 6/1/41		900,000		954,819

				5,381,052

Education Revenue Bonds – 23.43%
Albany Industrial Development Agency Civic Facilities Revenue
(Brighter Choice Charter School) Series A 5.00% 4/1/37		250,000		234,425
Buffalo & Erie County Industrial Land Development
(Buffalo State College Foundation Housing Project)
Series A 6.00% 10/1/31		525,000		569,095
(Tapestry Charter School Project) Series A 5.00% 8/1/52		500,000		515,200
Build NYC Resource
(Bronx Charter School for Excellence Project)
Series A 5.00% 4/1/33		500,000		520,140
Series A 5.50% 4/1/43		500,000		523,525
(Inwood Academy for Leadership Charter School Project) Series A 144A 5.50% 5/1/48 #		500,000		514,450
(Manhattan College Project) 5.00% 8/1/47		500,000		557,855
(Metropolitan College of New York Project) 5.50% 11/1/44		600,000		611,334
(Metropolitan Lighthouse Charter School Project)
Series A 144A 5.00% 6/1/52 #		250,000		255,157
(New Dawn Charter Schools Project) 144A 5.75% 2/1/49 #		500,000		503,365
(The Packer Collegiate Institute Project) 5.00% 6/1/40		750,000		839,633


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Education Revenue Bonds (continued)
Dutchess County Local Development
(The Culinary Institute of America Project)
Series A-1 5.00% 7/1/41		200,000	$	218,286
Series A-1 5.00% 7/1/46		300,000		326,178
Hempstead Town Local Development
(Hofstra University Project) 5.00% 7/1/42		500,000		561,440
Madison County Capital Resource Revenue
(Colgate University Project) Series A 5.00% 7/1/28		400,000		418,104
Monroe County Industrial Development Revenue
(Nazareth College of Rochester Project)
Series A 5.00% 10/1/22		340,000		372,874
Series A 5.00% 10/1/23		470,000		524,229
(St. John Fisher College Project) Series A 5.50% 6/1/39		300,000		343,662
(University of Rochester Project) Series C 4.00% 7/1/43		500,000		518,850
New York City Trust for Cultural Resources
(Alvin Ailey Dance Foundation) Series A 4.00% 7/1/46		1,000,000		1,015,730
(Whitney Museum of American Art) 5.00% 7/1/31		500,000		528,570
New York State Dormitory Authority
(Barnard College) Series A 5.00% 7/1/35		400,000		458,472
(Brooklyn Law School) 5.75% 7/1/33		340,000		343,604
(Cornell University) Series A 5.00% 7/1/34		170,000		171,805
(Fordham University) 5.00% 7/1/44		650,000		716,085
(Marymount Manhattan College) 5.00% 7/1/24		350,000		353,503
(Pratt Institute) Series A 5.00% 7/1/34		1,000,000		1,119,460
(Rockefeller University) Series A 5.00% 7/1/27		250,000		252,670
(Touro College & University) Series A 5.50% 1/1/44		1,000,000		1,078,200
(University of Rochester Project) Unrefunded Series A 5.125% 7/1/39		20,000		20,213
Onondaga Civic Development Revenue
(Le Moyne College Project) 5.20% 7/1/29		500,000		519,635
St. Lawrence County Industrial Development Agency Civic
Development Revenue
(St. Lawrence University Project) Series A 4.00% 7/1/43		1,000,000		1,013,660
Tompkins County Development
(Ithaca College Project)
5.00% 7/1/34		750,000		855,390
5.00% 7/1/41		500,000		567,475
Troy Industrial Development Authority
(Rensselaer Polytechnic Institute Project) Series E 5.20% 4/1/37		500,000		534,815

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Education Revenue Bonds (continued)
Yonkers Economic Development Educational Revenue
(Charter School of Educational Excellence Project)
Series A 6.25% 10/15/40		600,000	$	615,102

				19,092,191

Electric Revenue Bonds – 4.41%
Long Island Power Authority Electric System Revenue
5.00% 9/1/37		450,000		519,750
5.00% 9/1/47		500,000		560,280
Series A 5.00% 9/1/44		750,000		826,837
New York State Power Authority Revenue
Series A 5.00% 11/15/38		500,000		540,140
Utility Debt Securitization Authority
(Restructuring Bonds) 5.00% 12/15/37		1,000,000		1,146,690

				3,593,697

Healthcare Revenue Bonds – 15.08%
Buffalo & Erie County Industrial Land Development
(Catholic Health System Project) 5.25% 7/1/35		250,000		278,300
Dutchess County Local Development
(Health Quest Systems Project)
Series A 5.00% 7/1/34		350,000		386,582
Series A 5.00% 7/1/44		1,000,000		1,083,310
Guilderland Industrial Development Agency
(Albany Place Development Project) Series A 144A 5.875% 1/1/52 #		500,000		488,925
Monroe County Industrial Development
(The Rochester General Hospital Project)
5.00% 12/1/36		405,000		455,763
5.00% 12/1/46		540,000		592,294
Series A 5.00% 12/1/27		330,000		361,795
(The Unity Hospital of Rochester Project) 5.50% 8/15/40 (FHA)		585,000		624,797
Nassau County Local Economic Assistance
(Catholic Health Services of Long Island Obligated Group Project)
5.00% 7/1/29		375,000		416,617
5.00% 7/1/33		725,000		786,197
New York City Health & Hospital Revenue
(Health System) Series A 5.00% 2/15/30		500,000		514,000
New York State Dormitory Authority Revenue
(Montefiore Obligated Group) Series A 4.00% 8/1/38		1,000,000		1,005,700


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
New York State Dormitory Authority Revenue Non-State
Supported Debt
(Mt. Sinai Hospital) Series A 5.00% 7/1/26		600,000	$	624,252
(New York University Hospitals Center) Series A 4.00% 7/1/40		465,000		478,118
(Orange Regional Medical Center Obligated Group)
144A 5.00% 12/1/34 #		500,000		557,770
144A 5.00% 12/1/45 #		700,000		750,120
Orange County Funding Assisted Living Residence Revenue
(The Hamlet at Wallkill Assisted Living Project) 6.50% 1/1/46		400,000		410,956
Saratoga County Capital Resource Revenue
(The Saratoga Hospital Project) Series A 5.00% 12/1/26		500,000		562,835
Southold Local Development Revenue
(Peconic Landing at Southold Project) 5.00% 12/1/45		750,000		769,500
Suffolk County Economic Development Revenue
(Catholic Health Services) Unrefunded 5.00% 7/1/28		430,000		458,273
(Peconic Landing at Southhold Project) 6.00% 12/1/40		650,000		681,909

				12,288,013

Lease Revenue Bonds – 8.72%
Hudson Yards Infrastructure
Unrefunded Fiscal 2012 Series A 5.75% 2/15/47		385,000		412,866
MTA Hudson Rail Yards Trust Obligations
(The Metropolitan Transportation Authority) Series A
5.00% 11/15/56		710,000		770,982
New York City Industrial Development Agency
(Senior Trips)
Series A 5.00% 7/1/22 (AMT)		1,085,000		1,185,905
Series A 5.00% 7/1/28 (AMT)		1,500,000		1,604,670
New York Liberty Development
(4 World Trade Center Project) 5.00% 11/15/31		500,000		537,675
(Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 #		1,500,000		1,564,005
(Class 2 - 3 World Trade Center Project) 144A 5.375% 11/15/40 #		500,000		530,240
United Nations Development Revenue
(Senior Lien) Series A 5.00% 7/1/26		500,000		505,145

				7,111,488

Local General Obligation Bonds – 3.01%
New York City
Fiscal 2011 Series E 5.00% 8/1/28		125,000		130,686
Fiscal 2014 Subordinate Series D-1 5.00% 8/1/31		1,000,000		1,120,730

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Local General Obligation Bonds (continued)
New York City
Fiscal 2018 Series B-1 4.00% 10/1/41		500,000	$	519,980
Subordinate Series E-1 5.25% 3/1/35		500,000		597,440
Unrefunded Subordinate Series I-1 5.375% 4/1/36		25,000		25,067
New York State Dormitory Authority
(School District Financing Program)
Unrefunded Series A 5.00% 10/1/23		25,000		27,057
Unrefunded Series A 5.00% 10/1/25 (AGM)		30,000		31,461

				2,452,421

Pre-Refunded Bonds – 8.24%
Brooklyn Arena Local Development
(Barclays Center Project)
6.25% 7/15/40-20 §		500,000		520,430
6.375% 7/15/43-20 §		500,000		520,965
6.50% 7/15/30-20 §		500,000		521,455
Hudson Yards Infrastructure
Fiscal 2012 Series A 5.75% 2/15/47-21 §		615,000		664,477
Long Island Power Authority Electric System Revenue
Series B 5.75% 4/1/33-19 §		250,000		250,797
Metropolitan Transportation Authority Revenue
Series D 5.25% 11/15/27-20 §		500,000		531,380
Monroe County Industrial Development Revenue
(Nazareth College of Rochester Project)
5.25% 10/1/31-21 §		500,000		545,720
5.50% 10/1/41-21 §		500,000		548,860
New York City Transitional Finance Authority Revenue
(Future Tax Secured) Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29-21 §		305,000		325,600
New York State Dormitory Authority Revenue Non-State Supported Debt
(The Northwell Health Obligated Group)
Series A 5.00% 5/1/41-21 §		500,000		536,355
Series A 5.50% 5/1/37-19 §		500,000		503,170
Onondaga Civic Development Revenue
(St. Joseph’s Hospital Health Center Project)
4.50% 7/1/32-22 §		380,000		415,150
5.00% 7/1/42-22 §		750,000		831,465

				6,715,824

Resource Recovery Revenue Bond – 1.83%
Niagara Area Development Revenue
(Covanta Project) Series A 144A 4.75% 11/1/42 (AMT) #		1,500,000		1,489,365

				1,489,365


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Special Tax Revenue Bonds – 17.17%
Build NYC Resource
(YMCA of Greater New York Project) 5.00% 8/1/40		450,000	$	499,824
Glen Cove Local Economic Assistance
(Garvies Point Public Improvement Project) Series A 5.00% 1/1/56		250,000		256,163
Guam Government Business Privilege Tax Revenue
Series A 5.25% 1/1/36		240,000		250,642
New York City Transitional Finance Authority Revenue
(Building Aid)
Fiscal 2012 Subordinate Series S-1A 5.25% 7/15/37		1,000,000		1,074,240
Fiscal 2015 Series S-1 5.00% 7/15/43		1,000,000		1,109,620
(Future Tax Secured)
Fiscal 2014 Subordinate Series A-1 5.00% 11/1/42		750,000		833,640
Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40		750,000		837,405
Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41		1,000,000		1,120,010
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/33		670,000		765,944
Fiscal 2016 Subordinate Series A-1 5.00% 8/1/34		1,500,000		1,709,100
Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42		500,000		519,080
Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43		1,000,000		1,125,160
Unrefunded Fiscal 2011 Subordinate Series C 5.25% 11/1/25		310,000		327,865
Unrefunded Fiscal 2011 Subordinate Series D-1 5.25% 2/1/29		195,000		207,589
New York Convention Center Development Revenue
(Hotel Unit Fee Secured) 5.00% 11/15/35		1,000,000		1,142,710
New York State Dormitory Authority Revenue
(General Purpose)
Series C 5.00% 3/15/34		500,000		530,070
Series E 5.00% 3/15/32		1,000,000		1,155,020
New York State Urban Development Revenue
(General Purpose) Series A 4.00% 3/15/36		500,000		528,355

				13,992,437

State General Obligation Bond – 0.61%
New York State
Series A 5.00% 3/1/38		500,000		501,250

				501,250

Transportation Revenue Bonds – 6.70%
Buffalo & Fort Erie Public Bridge Authority 5.00% 1/1/47		435,000		485,034
Metropolitan Transportation Authority Revenue
Series D 5.00% 11/15/32		500,000		545,230

Schedules of investments

Delaware Tax-Free New York Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Transportation Revenue Bonds (continued)
New York State Thruway Authority General Revenue
Series I 5.00% 1/1/32 (AGM)		700,000	$	750,169
Series L 5.00% 1/1/35		100,000		117,642
(Junior Indebtedness Obligation) Series A 5.25% 1/1/56		1,000,000		1,116,710
Port Authority of New York & New Jersey
(JFK International Air Terminal Project)
Series 8 6.00% 12/1/42		700,000		739,858
Series 8 6.50% 12/1/28		550,000		573,903
Triborough Bridge & Tunnel Authority
(MTA Bridges and Tunnels) Series A 5.00% 11/15/47		1,000,000		1,132,770

				5,461,316

Water & Sewer Revenue Bonds – 3.02%
New York City Municipal Water Finance Authority Water & Sewer System Revenue
(Second General Resolution)
Fiscal 2009 Series FF-2 5.50% 6/15/40		250,000		252,625
Fiscal 2012 Series BB 5.25% 6/15/44		500,000		542,860
Fiscal 2017 Series DD 5.00% 6/15/47		1,000,000		1,127,180
New York State Environmental Facilities Revenue
(New York City Municipal Water Finance Authority Projects - Second Resolution) Series B 5.00% 6/15/30		500,000		535,740

				2,458,405

Total Municipal Bonds (cost $78,472,101)				80,537,459




Short-Term Investment – 0.37%


Variable Rate Demand Note – 0.37%¤
New York City Fiscal 2014 Subordinate Series D-3
1.72% 8/1/38 (SPA - JPMorgan Chase Bank, N.A.)		300,000		300,000

Total Short-Term Investment (cost $300,000)				300,000


Total Value of Securities – 99.19% (cost $78,772,101)			$	80,837,459

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $6,653,397, which represents 8.16% 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.”

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

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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


Schedules of investments
Delaware Tax-Free Pennsylvania Fund		February 28, 2019 (Unaudited)


	Principal amount°		Value (US $)


Municipal Bonds – 100.36%


Corporate Revenue Bonds – 5.98%
Pennsylvania Commonwealth Financing Authority Revenue
(Tobacco Master Settlement Payment Revenue) 4.00% 6/1/39 (AGM)		5,045,000	$	5,172,336
Pennsylvania Economic Development Financing Authority
(National Gypsum) 5.50% 11/1/44 (AMT)		4,000,000		4,157,120
Pennsylvania Economic Development Financing Authority
Solid Waste Disposal Revenue
(Proctor & Gamble Paper Project) 5.375% 3/1/31 (AMT)		11,000,000		13,452,340
Pennsylvania Economic Development Financing Authority
Water Facility Revenue
(Pennsylvania-American Water Project) 6.20% 4/1/39		2,850,000		2,858,863

				25,640,659

Education Revenue Bonds – 13.81%
Allegheny County Higher Education Building Authority Revenue
(Carnegie Mellon University)
5.00% 3/1/28		2,000,000		2,238,720
Series A 5.00% 3/1/24		1,000,000		1,096,690
(Chatham University) Series A 5.00% 9/1/30		1,500,000		1,558,830
(Robert Morris University)
5.00% 10/15/47		1,500,000		1,572,645
Series A 5.50% 10/15/30		1,275,000		1,323,169
Series A 5.75% 10/15/40		2,200,000		2,276,230
Bucks County Industrial Development Authority Revenue
(George School Project) 5.00% 9/15/36		4,455,000		4,761,682
(School Lane Charter School Project) Series A 5.125% 3/15/46		2,500,000		2,621,475
Chester County Industrial Development Authority Revenue
(Avon Grove Charter School Project)
Series A 5.00% 12/15/47		1,160,000		1,191,436
Series A 5.00% 12/15/51		770,000		785,300
(Renaissance Academy Charter School Project)
5.00% 10/1/34		1,000,000		1,056,660
5.00% 10/1/39		1,250,000		1,309,325
5.00% 10/1/44		1,000,000		1,044,420
Chester County Industrial Development Authority Student Housing Revenue
(University Student Housing Project at West Chester University)
Series A 5.00% 8/1/30		1,100,000		1,159,466
Series A 5.00% 8/1/45		1,250,000		1,291,337
Delaware County Authority Revenue
(Cabrini University) 5.00% 7/1/47		2,000,000		2,086,400


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Education Revenue Bonds (continued)
East Hempfield Township Industrial Development Authority
(Student Services - Student Housing Project at Millersville University)
5.00% 7/1/39		875,000	$	911,435
5.00% 7/1/45		2,500,000		2,575,200
5.00% 7/1/46		1,425,000		1,476,058
5.00% 7/1/47		1,000,000		1,041,160
Montgomery County Higher Education & Health Authority Revenue
(Arcadia University)
5.625% 4/1/40		2,375,000		2,429,221
5.75% 4/1/40		2,000,000		2,157,900
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(Drexel University) 5.00% 5/1/41		1,000,000		1,110,800
(University Properties Student Housing - East Stroudsburg University of Pennsylvania) 5.00% 7/1/42		500,000		506,945
Philadelphia Authority for Industrial Development Revenue
(First Philadelphia Preparatory Charter School Project)
Series A 7.25% 6/15/43		2,500,000		2,784,925
(Green Woods Charter School Project)
Series A 5.50% 6/15/22		735,000		758,277
Series A 5.75% 6/15/42		2,500,000		2,559,000
(International Apartments of Temple University)
Series A 5.375% 6/15/30		1,500,000		1,539,015
Series A 5.625% 6/15/42		3,000,000		3,057,420
(Philadelphia Performing Arts Charter School Project) 144A 6.75% 6/15/43 #		2,550,000		2,626,500
(Tacony Academy Charter School Project)
Series A-1 6.75% 6/15/33		1,020,000		1,096,449
Series A-1 7.00% 6/15/43		1,535,000		1,653,671
(Temple University Second Series) 5.00% 4/1/36		1,145,000		1,287,999
State Public School Building Authority
(Montgomery County Community College) 5.00% 5/1/28		2,000,000		2,295,020

				59,240,780

Healthcare Revenue Bonds – 29.32%
Allegheny County Hospital Development Authority
Revenue
(Allegheny Health Network Obligated Group Issue)
Series A 4.00% 4/1/44		1,350,000		1,337,931
(University of Pittsburgh Medical Center) Series A 5.50% 8/15/34		3,980,000		4,042,008

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Berks County Industrial Development Authority Revenue
(The Highlands at Wyomissing)
5.00% 5/15/38		415,000	$	442,639
5.00% 5/15/43		500,000		529,540
5.00% 5/15/48		1,000,000		1,052,460
Series A 5.00% 5/15/37		1,365,000		1,455,827
Series A 5.00% 5/15/42		500,000		526,205
Series A 5.00% 5/15/47		600,000		628,596
Series C 5.00% 5/15/42		1,000,000		1,063,090
Series C 5.00% 5/15/47		1,000,000		1,058,290
(Tower Health Project)
4.00% 11/1/47		2,500,000		2,475,250
5.00% 11/1/50		2,000,000		2,176,960
Berks County Municipal Authority Revenue
(Reading Hospital & Medical Center Project) Unrefunded Series A-3 5.50% 11/1/31		5,005,000		5,123,518
Butler County Hospital Authority Revenue
(Butler Health System Project) Series A 5.00% 7/1/39		1,625,000		1,762,296
Central Bradford Progress Authority
(Guthrie Health Issue) 5.375% 12/1/41		1,000,000		1,071,550
Centre County Hospital Authority Revenue
(Mount Nittany Medical Center Project) Series A 4.00% 11/15/47		1,400,000		1,410,276
Chester County Health & Education Facilities Authority Revenue
(Simpson Senior Services Project)
Series A 5.00% 12/1/35		775,000		782,889
Series A 5.25% 12/1/45		1,360,000		1,388,506
Cumberland County Municipal Authority Revenue
(Diakon Lutheran Social Ministries Project) 5.00% 1/1/38		2,000,000		2,115,800
Dauphin County General Authority Health System Revenue
(Pinnacle Health System Project) Unrefunded 6.00% 6/1/36		795,000		801,924
DuBois Hospital Authority
(Penn Highlands Healthcare) 4.00% 7/15/48		2,000,000		2,000,400
Franklin County Industrial Development Authority Revenue
(Chambersburg Hospital Project) 5.375% 7/1/42		4,980,000		5,183,533
(Menno-Haven Project) 5.00% 12/1/53		1,900,000		1,933,592
Geisinger Authority Health System Revenue
(Geisinger Health System)
Series A-1 5.00% 2/15/45		5,000,000		5,541,450
Series A-1 5.125% 6/1/41		4,000,000		4,252,960


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Indiana County Hospital Authority Revenue
(Indiana Regional Medical Center) Series A 6.00% 6/1/39		1,625,000	$	1,747,574
Lancaster County Hospital Authority Revenue
(Brethren Village Project)
5.25% 7/1/35		250,000		263,297
5.25% 7/1/41		1,000,000		1,046,580
5.50% 7/1/45		1,000,000		1,059,530
(Landis Homes Retirement Community Project) Series A 5.00% 7/1/45		2,000,000		2,083,440
(Masonic Villages Project)
5.00% 11/1/35		1,000,000		1,108,490
5.00% 11/1/36		510,000		562,841
5.00% 11/1/37		250,000		274,450
(St. Anne’s Retirement Community Project)
5.00% 4/1/27		1,425,000		1,461,651
5.00% 4/1/33		1,830,000		1,855,931
Lehigh County General Purpose Authority Revenue
(Bible Fellowship Church Homes Project)
5.125% 7/1/32		1,000,000		1,006,450
5.25% 7/1/42		1,500,000		1,509,420
Monroe County Hospital Authority Revenue
(Pocono Medical Center)
5.00% 7/1/36		1,710,000		1,906,565
5.00% 7/1/41		1,000,000		1,098,190
Monroeville Finance Authority
(University of Pittsburgh Medical Center) 5.00% 2/15/25		1,000,000		1,163,410
Montgomery County Higher Education & Health Authority Revenue
(Thomas Jefferson University) Series A 4.00% 9/1/49		2,500,000		2,513,400
Montgomery County Industrial Development Authority Retirement Community Revenue
(ACTS Retirement Life Communities Obligated Group)
5.00% 11/15/27		1,250,000		1,334,763
5.00% 11/15/28		1,600,000		1,702,976
5.00% 11/15/29		680,000		721,242
Montgomery County Industrial Development Authority Revenue
(Albert Einstein Healthcare Network) Series A 5.25% 1/15/45		2,500,000		2,687,475
(Whitemarsh Continuing Care Retirement Community Project) 5.375% 1/1/50		4,000,000		4,004,640

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Healthcare Revenue Bonds (continued)
Montgomery County Industrial Development Authority Revenue
(Whitemarsh Continuing Care Retirement Community Project)
Series A 5.375% 1/1/51		1,500,000	$	1,503,195
Moon Industrial Development Authority Revenue
(Baptist Homes Society) 6.125% 7/1/50		4,000,000		4,221,160
Northampton County Industrial Development Authority
(Morningstar Senior Living Project)
5.00% 7/1/27		1,400,000		1,438,710
5.00% 7/1/32		1,275,000		1,295,196
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project) Series A 144A 6.75% 12/1/53 #		2,450,000		2,391,984
Pennsylvania Economic Development Financing Authority Revenue
(University of Pittsburgh Medical Center) Series A 5.00% 7/1/43		1,265,000		1,363,974
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(Thomas Jefferson University)
Series A 5.00% 9/1/45		7,000,000		7,799,750
Series A 5.25% 9/1/50		2,500,000		2,811,000
Pennsylvania Higher Educational Facilities Authority Revenue
(University of Pennsylvania Health System)
5.00% 8/15/40		2,000,000		2,225,140
Series A 4.00% 8/15/42		4,000,000		4,068,040
Philadelphia Authority for Industrial Development Revenue
(Children’s Hospital of Philadelphia Project) 5.00% 7/1/34		5,000,000		5,780,050
(Thomas Jefferson University) Series A 5.00% 9/1/47		2,500,000		2,743,650
(Wesley Enhanced Living Obligated Group) Series A 5.00% 7/1/49		2,500,000		2,526,975
Pocono Mountains Industrial Park Authority Revenue
(St. Luke’s Hospital - Monroe Project) Series A 5.00% 8/15/40		4,000,000		4,330,200

				125,768,829


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Housing Revenue Bond – 0.49%
Philadelphia Authority for Industrial Development Revenue
(The PresbyHomes Germantown Project) Series A 5.625% 7/1/35 (HUD)		2,100,000	$	2,101,701

				2,101,701

Lease Revenue Bonds – 3.72%
Allegheny County Industrial Development Authority Revenue
(Residential Resource Project)
5.10% 9/1/26		1,335,000		1,337,003
5.125% 9/1/31		435,000		435,331
Pennsylvania Commonwealth Financing Authority Revenue
Series B 5.00% 6/1/31 (AGC)		10,000,000		10,069,600
Philadelphia Municipal Authority Revenue
(Juvenile Justice Services Center)
5.00% 4/1/37		1,250,000		1,381,663
5.00% 4/1/38		1,000,000		1,101,660
5.00% 4/1/39		1,500,000		1,648,455

				15,973,712

Local General Obligation Bonds – 7.93%
Allegheny County
Series C-69 5.00% 12/1/28		1,000,000		1,106,580
Series C-70 5.00% 12/1/33		2,205,000		2,423,273
Series C-77 5.00% 11/1/43		4,535,000		5,168,041
Chester County
4.00% 7/15/32		2,000,000		2,222,940
5.00% 7/15/30		3,000,000		3,696,930
City of Philadelphia 5.00% 8/1/41		1,260,000		1,377,193
Series A 5.00% 8/1/37		1,750,000		1,935,955
Series A 5.25% 7/15/29		2,500,000		2,816,175
City of Pittsburgh
4.00% 9/1/35		750,000		797,078
4.00% 9/1/36		500,000		529,165
Series B 5.00% 9/1/26		3,000,000		3,302,880
Philadelphia School District
Series F 5.00% 9/1/36		2,000,000		2,220,480
Series F 5.00% 9/1/37		1,500,000		1,657,320
Series F 5.00% 9/1/38		2,000,000		2,203,040
Tredyffrin Easttown School District 5.00% 2/15/38		2,250,000		2,573,708

				34,030,758

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Pre-Refunded/Escrowed to Maturity Bonds – 21.41%
Allegheny County Higher Education Building Authority Revenue
(Carlow University Project)
6.75% 11/1/31-21§		750,000	$	846,757
7.00% 11/1/40-21§		1,000,000		1,134,350
Butler County Hospital Authority Revenue
(Butler Health System Project) Series B 7.25% 7/1/39-19§		8,000,000		8,142,960
Chester County
5.00% 11/15/32-21§		3,000,000		3,268,140
5.00% 11/15/33-21§		2,625,000		2,859,623
Dauphin County General Authority Health System Revenue
(Pinnacle Health System Project) 6.00% 6/1/36-19§		4,205,000		4,249,909
Delaware County Regional Water Quality Control Authority 5.00% 5/1/32-23§		2,000,000		2,262,980
Guam Government Limited Obligation Revenue
(Section 30) Series A 5.625% 12/1/29-19§		90,000		92,726
Huntingdon County General Authority Revenue
(Juniata College) Series A 5.00% 5/1/30-20§		2,650,000		2,793,683
Monroe County Hospital Authority
(Pocono Medical Center)
Series A 5.00% 1/1/32-22§		1,150,000		1,250,889
Series A 5.00% 1/1/41-22§		1,500,000		1,633,770
Montgomery County Higher Education & Health Authority Revenue
(Abington Memorial Hospital Obligated Group) Series A 5.00% 6/1/31-22§		4,000,000		4,403,840
Montgomery County Industrial Development Authority Retirement Community Revenue
(ACTS Retirement Life Communities)
Series A-1 6.25% 11/15/29-19§		700,000		722,211
Montgomery County Industrial Development Authority Revenue
(New Regional Medical Center Project) 5.375% 8/1/38-20 (FHA)§		995,000		1,046,083
Pennsylvania Economic Development Financing Authority Health System Revenue
(Albert Einstein Healthcare) Series A 6.25% 10/15/23-19§		3,355,000		3,446,088
Pennsylvania Higher Educational Facilities Authority College & University Revenue
(AICUP Financing Program - St. Francis University Project) Series JJ2 6.25% 11/1/41-21§		2,355,000		2,632,278


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Pre-Refunded/Escrowed to Maturity Bonds (continued)
Pennsylvania Higher Educational Facilities Authority
College & University Revenue
(Edinboro University Foundation Student Housing Project) 6.00% 7/1/43-20§		1,000,000	$	1,055,800
(Indiana University - Student Housing Project)
Series A 5.00% 7/1/27-22§		1,740,000		1,920,073
Series A 5.00% 7/1/41-22§		1,500,000		1,655,235
(Philadelphia University) 5.00% 6/1/32-23§		2,000,000		2,267,180
(Shippensburg University - Student Housing Project)
5.00% 10/1/44-22§		1,500,000		1,666,560
6.25% 10/1/43-21§		2,000,000		2,228,280
(University of the Arts) 5.20% 3/15/25 (AGC)		4,490,000		5,038,184
Pennsylvania Higher Educational Facilities Authority Revenue
(Trustees of the University of Pennsylvania) Series A 5.00% 9/1/29-21§		1,000,000		1,066,790
(University of Pennsylvania Health System)
Series A 5.00% 8/15/24-21§		4,850,000		5,238,097
Series A 5.25% 8/15/26-21§		3,910,000		4,246,221
Series A 5.75% 8/15/23-21§		2,500,000		2,744,825
Pennsylvania Turnpike Commission Revenue
Series E 5.00% 12/1/29-21§		5,000,000		5,426,000
Series E 5.00% 12/1/30-21§		2,000,000		2,170,400
Philadelphia Authority for Industrial Development Revenue
(MaST Charter School Project) 6.00% 8/1/35-20§		1,610,000		1,704,282
(New Foundations Charter School Project) 6.625% 12/15/41-22§		1,000,000		1,173,140
Philadelphia Hospitals & Higher Education Facilities Authority Revenue
(Presbyterian Medical Center) 6.65% 12/1/19		2,020,000		2,094,700
Philadelphia Municipal Authority Revenue 6.50% 4/1/39-19§		1,000,000		1,003,740
South Fork Municipal Hospital Authority Revenue
(Conemaugh Health System Project) 5.50% 7/1/29-20§		3,500,000		3,672,480
St. Mary Hospital Authority Health System Revenue
(Catholic Health East) 6.25% 11/15/34-19§		4,630,000		4,672,781

				91,831,055

Resource Recovery Revenue Bond – 0.51%
Delaware County Industrial Development Authority
(Covanta Project) Series A 5.00% 7/1/43		2,155,000		2,171,055

				2,171,055

Schedules of investments

Delaware Tax-Free Pennsylvania Fund


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Special Tax Revenue Bonds – 4.24%
Allentown Neighborhood Improvement Zone Development Authority Revenue
Series A 5.00% 5/1/42		2,500,000	$	2,559,600
(City Center Project)
144A 5.00% 5/1/42 #		2,500,000		2,684,050
144A 5.375% 5/1/42 #		1,800,000		1,833,084
(City Center Refunding Project) 144A 5.00% 5/1/42 #		2,500,000		2,667,050
Chester County Industrial Development Authority Special Obligation Revenue
(Woodlands at Greystone Project)
144A 5.00% 3/1/38 #		560,000		564,844
144A 5.125% 3/1/48 #		1,000,000		1,009,680
Northampton County Industrial Development Authority
(Route 33 Project) 7.00% 7/1/32		2,000,000		2,235,140
Sports & Exhibition Authority of Pittsburgh & Allegheny County
(Hotel Room Excise Tax) 5.00% 2/1/35 (AGM)		3,000,000		3,110,460
Washington County Redevelopment Authority Revenue
(Victory Centre Tax Increment Financing Project)
5.00% 7/1/35		1,500,000		1,521,270

				18,185,178

State General Obligation Bond – 0.93%
Commonwealth of Pennsylvania
5.00% 9/15/26		3,340,000		3,973,030

				3,973,030

Transportation Revenue Bonds – 8.56%
Delaware River Joint Toll Bridge Commission
(Pennsylvania - New Jersey) 5.00% 7/1/47		5,000,000		5,643,450
Pennsylvania Economic Development Financing Authority
Exempt Facilities Revenue
(Amtrak Project)
Series A 5.00% 11/1/32 (AMT)		3,500,000		3,766,420
Series A 5.00% 11/1/41 (AMT)		5,000,000		5,350,050
Pennsylvania Turnpike Commission Revenue
Series A 5.00% 12/1/22		2,550,000		2,844,219
Series A 5.00% 12/1/23		2,450,000		2,797,998
Series C 5.00% 12/1/44		5,000,000		5,451,550
Philadelphia Airport Revenue
Series B 5.00% 7/1/47 (AMT)		3,000,000		3,300,930
Port Authority of Allegheny County
5.75% 3/1/29		5,200,000		5,595,408


	Principal amount°		Value (US $)


Municipal Bonds (continued)


Transportation Revenue Bonds (continued)
Susquehanna Area Regional Airport Authority Revenue
5.00% 1/1/35 (AMT)		800,000	$	875,400
5.00% 1/1/38 (AMT)		1,000,000		1,085,390

				36,710,815

Water & Sewer Revenue Bonds – 3.46%
Allegheny County Sanitary Authority
5.00% 12/1/28 (BAM)		2,345,000		2,738,022
Bucks County Water & Sewer Authority
5.00% 12/1/28 (AGM)		1,000,000		1,208,990
Series A 5.00% 12/1/37 (AGM)		780,000		887,624
Series A 5.00% 12/1/40 (AGM)		1,000,000		1,134,530
Philadelphia Water & Wastewater Revenue
5.00% 11/1/28		4,500,000		4,959,540
Series A 5.00% 7/1/45		2,500,000		2,758,075
Series A 5.25% 10/1/52		1,000,000		1,140,460

				14,827,241

Total Municipal Bonds (cost $413,772,593)				430,454,813




Short-Term Investment – 0.08%


Variable Rate Demand Note – 0.08%¤
Philadelphia Hospitals & Higher Education Facilities
Authority Revenue (Children’s Hospital of Philadelphia
Project) Series B 1.71% 7/1/41
(SPA - Wells Fargo Bank N.A.)		350,000		350,000

Total Short-Term Investment (cost $350,000)				350,000


Total Value of Securities – 100.44% (cost $414,122,593)			$	430,804,813

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2019, the aggregate value of Rule 144A securities was $13,777,192, which represents 3.21% 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.”

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

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

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

HUD – Housing and Urban Development Section 8

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

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Statements of assets and liabilities
		February 28, 2019 (Unaudited)


	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund
Assets:
Investments, at value¹		$	73,662,451		$	90,031,244		$	199,828,604
Cash			66,277			47,500			—
Interest receivable			700,716			1,107,912			2,284,141
Receivable for fund shares sold			9,985			80,352			265,000

Total assets			74,439,429			91,267,008			202,377,745

Liabilities:
Cash due to custodian			—			—			156,779
Payable for securities purchased			681,926			—			—
Payable for fund shares redeemed			456,850			864,994			115,513
Distribution payable			27,134			34,717			72,652
Audit and tax fees payable			22,555			22,555			22,555
Investment management fees payable to affiliates			18,974			23,879			65,030
Other accrued expenses			18,627			30,355			17,561
Distribution fees payable to affiliates			13,683			17,354			38,180
Dividend disbursing and transfer agent fees and expenses payable to affiliates			560			691			1,528
Accounting and administration expenses payable to affiliates			521			571			890
Trustees’ fees and expenses payable			250			306			674
Legal fees payable to affiliates			119			145			324
Reports and statements to shareholders expenses payable to affiliates			71			88			196
Reports and statements to shareholders expenses payable to non-affiliates			—			—			10,246
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates			—			—			19,953

Total liabilities			1,241,270			995,655			522,081

Total Net Assets		$	73,198,159		$	90,271,353		$	201,855,664


Net Assets Consist of:
Paid-in capital		$	71,428,492		$	86,989,731		$	198,217,675
Total distributable earnings (loss)			1,769,667			3,281,622			3,637,989

Total Net Assets		$	73,198,159		$	90,271,353		$	201,855,664


	Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund
Net Asset Value
Class A:
Net assets		$	59,601,337			$	44,542,700			$	161,088,168
Shares of beneficial interest outstanding, unlimited authorization, no par			5,320,392				3,752,440				14,614,206
Net asset value per share		$	11.20			$	11.87			$	11.02
Sales charge			4.50	%			4.50	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.73			$	12.43			$	11.54

Class C:
Net assets		$	2,886,123			$	11,144,165			$	9,788,822
Shares of beneficial interest outstanding, unlimited authorization, no par			256,976				937,178				885,691
Net asset value per share		$	11.23			$	11.89			$	11.05

Institutional Class:
Net assets		$	10,710,699			$	34,584,488			$	30,978,674
Shares of beneficial interest outstanding, unlimited authorization, no par			956,018				2,913,538				2,810,550
Net asset value per share		$	11.20			$	11.87			$	11.02


¹Investments, at cost		$	71,493,356			$	86,705,587			$	192,583,385

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

Statements of assets and liabilities


	Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Assets:
Investments, at value¹		$	96,365,227			$	80,837,459		$	430,804,813
Cash			34,793				22,169			30,522
Interest receivable			1,400,494				836,578			5,636,949
Receivable for fund shares sold			79,562				164,662			211,787

Total assets			97,880,076				81,860,868			436,684,071

Liabilities:
Payable for fund shares redeemed			42,929				247,990			38,109
Distribution payable			33,236				28,058			171,311
Payable for securities purchased			—				—			7,220,033
Investment management fees payable to affiliates			28,614				20,432			140,642
Audit and tax fees payable			22,555				22,555			22,555
Distribution fees payable to affiliates			21,923				17,299			85,974
Accounting and administration expenses payable to affiliates			13,775				545			1,549
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates			10,312				8,512			—
Other accrued expenses			8,380				16,334			91,623
Dividend disbursing and transfer agent fees and expenses payable to affiliates			739				624			3,250
Accounting and administration expenses payable to non-affiliates			589				—			—
Trustees’ fees and expenses payable			324				276			1,429
Legal fees payable to affiliates			154				129			683
Reports and statements to shareholders expenses payable to affiliates			95				79			416

Total liabilities			183,625				362,833			7,777,574

Total Net Assets		$	97,696,451			$	81,498,035		$	428,906,497


Net Assets Consist of:
Paid-in capital		$	100,024,831			$	79,845,583		$	412,507,406
Total distributable earnings (loss)			(2,328,380	)			1,652,452			16,399,091

Total Net Assets		$	97,696,451			$	81,498,035		$	428,906,497


	Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Net Asset Value
Class A:
Net assets		$	55,695,175			$	34,258,186			$	361,829,370
Shares of beneficial interest outstanding, unlimited authorization, no par			4,970,152				3,027,450				45,874,267
Net asset value per share		$	11.21			$	11.32			$	7.89
Sales charge			4.50	%			4.50	%			4.50	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	11.74			$	11.85			$	8.26

Class C:
Net assets		$	14,202,539			$	13,779,505			$	24,467,760
Shares of beneficial interest outstanding, unlimited authorization, no par			1,268,449				1,220,789				3,101,019
Net asset value per share		$	11.20			$	11.29			$	7.89

Institutional Class:
Net assets		$	27,798,737			$	33,460,344			$	42,609,367
Shares of beneficial interest outstanding, unlimited authorization, no par			2,480,219				2,958,230				5,405,928
Net asset value per share		$	11.21			$	11.31			$	7.88


¹Investments, at cost		$	94,070,083			$	78,772,101			$	414,122,593

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


Statements of operations
		Six months ended February 28, 2019 (Unaudited)


	Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund

Investment Income:
Interest		$	1,570,742			$	1,986,508			$	4,177,734


Expenses:
Management fees			184,822				258,702				542,102
Distribution expenses — Class A			75,321				60,477				198,964
Distribution expenses — Class C			15,126				58,816				50,569
Accounting and administration expenses			28,539				30,351				39,637
Audit and tax fees			23,328				23,328				23,328
Dividend disbursing and transfer agent fees and expenses			20,324				25,820				57,032
Reports and statements to shareholders expenses			8,467				8,930				14,047
Registration fees			7,725				6,483				6,475
Legal fees			1,981				2,277				4,959
Trustees’ fees and expenses			1,761				2,252				4,648
Custodian fees			1,204				1,705				3,051
Other			6,875				8,287				10,922

			375,473				487,428				955,734
Less expenses waived			(66,112	)			(98,853	)			(123,661	)
Less expenses paid indirectly			(685	)			(803	)			(879	)

Total operating expenses			308,676				387,772				831,194

Net Investment Income			1,262,066				1,598,736				3,346,540


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss)			34,522				(46,877	)			(80,597	)
Net change in unrealized appreciation (depreciation) of investments			(322,518	)			(739,212	)			(229,515	)

Net Realized and Unrealized Loss			(287,996	)			(786,089	)			(310,112	)

Net Increase in Net Assets Resulting from Operations		$	974,070			$	812,647			$	3,036,428

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


	Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund

Investment Income:
Interest		$	1,926,141			$	1,654,287			$	9,623,633


Expenses:
Management fees			262,118				228,533				1,170,306
Distribution expenses — Class A			71,277				44,018				438,179
Distribution expenses — Class C			77,954				70,085				125,279
Accounting and administration expenses			30,465				29,365				60,206
Dividend disbursing and transfer agent fees and expenses			28,827				25,316				124,906
Audit and tax fees			23,328				23,328				23,328
Reports and statements to shareholders expenses			8,069				12,253				28,694
Registration fees			6,045				6,045				8,725
Legal fees			2,526				3,613				15,260
Trustees’ fees and expenses			2,259				1,970				10,115
Custodian fees			1,869				1,479				7,261
Other			6,782				8,705				16,062

			521,519				454,710				2,028,321
Less expenses waived			(80,954	)			(111,406	)			(137,014	)
Less expenses paid indirectly			(559	)			(468	)			(1,813	)

Total operating expenses			440,006				342,836				1,889,494

Net Investment Income			1,486,135				1,311,451				7,734,139


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss)			(17,514	)			138,504				(150,666	)
Net change in unrealized appreciation (depreciation) of investments			(88,613	)			(318,494	)			(2,319,634	)

Net Realized and Unrealized Loss			(106,127	)			(179,990	)			(2,470,300	)

Net Increase in Net Assets Resulting from Operations		$	1,380,008			$	1,131,461			$	5,263,839

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

Statements of changes in net assets

Delaware Tax-Free Arizona Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,262,066		$	2,490,400
Net realized gain		34,522			379,155
Net change in unrealized appreciation (depreciation)		(322,518	)		(2,032,054	)

Net increase in net assets resulting from operations		974,070			837,501


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(1,007,258	)		(2,075,708	)
Class C		(39,182	)		(115,956	)
Institutional Class		(191,735	)		(287,750	)

		(1,238,175	)		(2,479,414	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,535,708			4,543,493
Class C		119,962			428,738
Institutional Class		3,646,495			5,486,278

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		828,081			1,649,081
Class C		36,982			106,674
Institutional Class		186,031			266,147

		6,353,259			12,480,411


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(5,866,488	)	$	(8,330,769	)
Class C		(383,053	)		(2,522,165	)
Institutional Class		(3,187,757	)		(2,573,565	)

		(9,437,298	)		(13,426,499	)

Decrease in net assets derived from capital share transactions		(3,084,039	)		(946,088	)

Net Decrease in Net Assets		(3,348,144	)		(2,588,001	)

Net Assets:
Beginning of period		76,546,303			79,134,304

End of period¹	$	73,198,159		$	76,546,303

¹	Net Assets – End of period includes undistributed net investment income of $19,881 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


	Class A			Class C			Institutional Class
Dividends from net investment income	$	(2,075,708	)	$	(115,956	)	$	(287,750	)

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

Statements of changes in net assets

Delaware Tax-Free California Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,598,736		$	3,236,364
Net realized gain (loss)		(46,877	)		507,199
Net change in unrealized appreciation (depreciation)		(739,212	)		(2,807,521	)

Net increase in net assets resulting from operations		812,647			936,042


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(904,826	)		(1,745,468	)
Class C		(175,221	)		(400,194	)
Institutional Class		(676,284	)		(1,100,024	)

		(1,756,331	)		(3,245,686	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,128,836			5,808,059
Class C		1,106,972			1,122,941
Institutional Class		13,596,339			11,785,738

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		833,019			1,550,043
Class C		146,343			344,098
Institutional Class		451,824			680,219

		17,263,333			21,291,098


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(10,052,116	)	$	(7,031,840	)
Class C		(2,999,452	)		(4,542,970	)
Institutional Class		(12,135,886	)		(7,025,452	)

		(25,187,454	)		(18,600,262	)

Increase (decrease) in net assets derived from capital share transactions		(7,924,121	)		2,690,836

Net Increase (Decrease) in Net Assets		(8,867,805	)		381,192

Net Assets:
Beginning of period		99,139,158			98,757,966

End of period¹	$	90,271,353		$	99,139,158

¹	Net Assets – End of period includes undistributed net investment income of $18,763 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(1,745,468	)	$	(400,194	)	$	(1,100,024	)

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

Statements of changes in net assets

Delaware Tax-Free Colorado Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,346,540		$	6,720,675
Net realized gain (loss)		(80,597	)		124,725
Net change in unrealized appreciation (depreciation)		(229,515	)		(4,554,837	)

Net increase in net assets resulting from operations		3,036,428			2,290,563


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(2,704,837	)		(5,512,421	)
Class C		(133,939	)		(376,689	)
Institutional Class		(507,764	)		(831,565	)

		(3,346,540	)		(6,720,675	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		5,713,480			16,867,445
Class C		438,972			1,730,260
Institutional Class		8,623,524			12,748,594

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,474,799			4,746,976
Class C		129,832			353,393
Institutional Class		468,694			731,288

		17,849,301			37,177,956


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(10,910,519	)	$	(19,482,166	)
Class C		(1,678,475	)		(6,807,914	)
Institutional Class		(5,537,928	)		(5,330,875	)

		(18,126,922	)		(31,620,955	)

Increase (decrease) in net assets derived from capital share transactions		(277,621	)		5,557,001

Net Increase (Decrease) in Net Assets		(587,733	)		1,126,889

Net Assets:
Beginning of period		202,443,397			201,316,508

End of period¹	$	201,855,664		$	202,443,397

¹	Net Assets – End of period includes undistributed net investment income of $352,558 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(5,512,421	)	$	(376,689	)	$	(831,565	)

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

Statements of changes in net assets

Delaware Tax-Free Idaho Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,486,135		$	3,014,702
Net realized gain (loss)		(17,514	)		294,775
Net change in unrealized appreciation (depreciation)		(88,613	)		(2,885,211	)

Net increase in net assets resulting from operations		1,380,008			424,266


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(905,286	)		(1,888,287	)
Class C		(188,866	)		(543,768	)
Institutional Class		(388,749	)		(576,813	)

		(1,482,901	)		(3,008,868	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		2,422,465			5,531,468
Class C		411,946			1,325,139
Institutional Class		12,720,930			14,737,822

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		859,887			1,651,109
Class C		187,425			512,413
Institutional Class		334,079			496,728

		16,936,732			24,254,679


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(6,944,116	)	$	(14,113,035	)
Class C		(3,966,975	)		(12,991,897	)
Institutional Class		(6,558,138	)		(5,605,597	)

		(17,469,229	)		(32,710,529	)

Decrease in net assets derived from capital share transactions		(532,497	)		(8,455,850	)

Net Decrease in Net Assets		(635,390	)		(11,040,452	)

Net Assets:
Beginning of period		98,331,841			109,372,293

End of period¹	$	97,696,451		$	98,331,841

¹	Net Assets – End of period includes distributions in excess of net investment income of $16,709 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(1,888,287	)	$	(543,768	)	$	(576,813	)

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

Statements of changes in net assets

Delaware Tax-Free New York Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,311,451		$	2,699,074
Net realized gain		138,504			176,041
Net change in unrealized appreciation (depreciation)		(318,494	)		(2,366,192	)

Net increase in net assets resulting from operations		1,131,461			508,923


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(561,453	)		(1,233,582	)
Class C		(170,811	)		(388,892	)
Institutional Class		(584,490	)		(1,091,556	)

		(1,316,754	)		(2,714,030	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		5,221,445			5,120,312
Class C		950,239			2,254,999
Institutional Class		9,299,433			8,726,165

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		534,154			1,130,238
Class C		121,351			299,712
Institutional Class		534,333			968,692

		16,660,955			18,500,118


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(9,521,118	)	$	(7,776,362	)
Class C		(2,193,824	)		(4,270,778	)
Institutional Class		(9,323,478	)		(8,099,299	)

		(21,038,420	)		(20,146,439	)

Decrease in net assets derived from capital share transactions		(4,377,465	)		(1,646,321	)

Net Decrease in Net Assets		(4,562,758	)		(3,851,428	)

Net Assets:
Beginning of period		86,060,793			89,912,221

End of period¹	$	81,498,035		$	86,060,793

¹	Net Assets – End of period includes distributions in excess of net investment income of $650 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(1,233,582	)	$	(388,892	)	$	(1,091,556	)

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

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,734,139		$	15,788,290
Net realized gain (loss)		(150,666	)		469,560
Net change in unrealized appreciation (depreciation)		(2,319,634	)		(12,352,389	)

Net increase in net assets resulting from operations		5,263,839			3,905,461


Dividends and Distributions to Shareholders from:
Distributable earnings*:
Class A		(6,605,147	)		(13,755,590	)
Class C		(362,982	)		(877,582	)
Institutional Class		(766,011	)		(1,441,931	)

		(7,734,140	)		(16,075,103	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		17,552,885			28,325,061
Class C		1,378,992			2,076,171
Institutional Class		15,248,838			16,590,343

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,853,335			11,749,727
Class C		347,859			840,401
Institutional Class		671,356			1,235,791

		41,053,265			60,817,494


	Six months
	ended
	2/28/19			Year ended
	(Unaudited)			8/31/18
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(37,517,812	)	$	(50,721,030	)
Class C		(3,487,788	)		(8,984,224	)
Institutional Class		(14,511,421	)		(8,774,119	)

		(55,517,021	)		(68,479,373	)

Decrease in net assets derived from capital share transactions		(14,463,756	)		(7,661,879	)

Net Decrease in Net Assets		(16,934,057	)		(19,831,521	)

Net Assets:
Beginning of period		445,840,554			465,672,075

End of period¹	$	428,906,497		$	445,840,554

¹	Net Assets – End of period includes distributions in excess of net investment income of $108,965 in 2018. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the six months ended Feb. 28, 2019, the Fund has adopted amendments to Regulation S-X (see Note 8 in “Notes to financial statements”). For the year ended Aug. 31, 2018, the dividends and distributions to shareholders were as follows:


							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(13,512,474	)	$	(857,030	)	$	(1,418,785	)
Distributions from net realized gain	$	(243,116	)	$	(20,552	)	$	(23,146	)

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

Financial highlights

Delaware Tax-Free Arizona Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.24		$	11.48		$	11.83		$	11.44		$	11.45		$	10.69


		0.18			0.36			0.37			0.38			0.38			0.43
		(0.04	)		(0.24	)		(0.35	)		0.39			(0.01	)		0.79

		0.14			0.12			0.02			0.77			0.37			1.22



		(0.18	)		(0.36	)		(0.37	)		(0.38	)		(0.38	)		(0.43	)
		—			—			—			—			—			(0.03	)

		(0.18	)		(0.36	)		(0.37	)		(0.38	)		(0.38	)		(0.46	)


	$	11.20		$	11.24		$	11.48		$	11.83		$	11.44		$	11.45


		1.31%			1.11%			0.24%			6.79%			3.24%			11.56%


	$	59,601		$	63,327		$	66,839		$	74,556		$	77,085		$	81,592
		0.84%			0.84%			0.84%			0.84%			0.85%			0.84%
		1.02%			1.00%			0.97%			0.96%			0.97%			0.96%
		3.41%			3.23%			3.25%			3.23%			3.28%			3.86%
		3.23%			3.07%			3.12%			3.11%			3.16%			3.74%
		8%			6%			9%			14%			12%			11%

Financial highlights

Delaware Tax-Free Arizona Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.27		$	11.51		$	11.87		$	11.47		$	11.48		$	10.72


		0.14			0.28			0.29			0.29			0.29			0.35
		(0.04	)		(0.24	)		(0.37	)		0.40			(0.01	)		0.78

		0.10			0.04			(0.08	)		0.69			0.28			1.13



		(0.14	)		(0.28	)		(0.28	)		(0.29	)		(0.29	)		(0.34	)
		—			—			—			—			—			(0.03	)

		(0.14	)		(0.28	)		(0.28	)		(0.29	)		(0.29	)		(0.37	)


	$	11.23		$	11.27		$	11.51		$	11.87		$	11.47		$	11.48


		0.93%			0.36%			(0.59%	)		6.07%			2.47%			10.72%


	$	2,886		$	3,122		$	5,215		$	6,816		$	6,747		$	6,238
		1.59%			1.59%			1.59%			1.59%			1.60%			1.59%
		1.77%			1.75%			1.72%			1.71%			1.72%			1.71%
		2.66%			2.48%			2.50%			2.48%			2.54%			3.11%
		2.48%			2.32%			2.37%			2.36%			2.42%			2.99%
		8%			6%			9%			14%			12%			11%

Financial highlights

Delaware Tax-Free Arizona Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.24		$	11.48		$	11.84		$	11.44		$	11.45		$	10.77


		0.20			0.39			0.40			0.41			0.41			0.33
		(0.04	)		(0.24	)		(0.36	)		0.39			(0.01	)		0.67

		0.16			0.15			0.04			0.80			0.40			1.00



		(0.20	)		(0.39	)		(0.40	)		(0.40	)		(0.41	)		(0.32	)

		(0.20	)		(0.39	)		(0.40	)		(0.40	)		(0.41	)		(0.32	)


	$	11.20		$	11.24		$	11.48		$	11.84		$	11.44		$	11.45


		1.43%			1.36%			0.40%			7.14%			3.49%			9.39%


	$	10,711		$	10,097		$	7,080		$	3,645		$	744		$	219
		0.59%			0.59%			0.59%			0.59%			0.60%			0.59%
		0.77%			0.75%			0.72%			0.71%			0.72%			0.71%
		3.66%			3.48%			3.50%			3.48%			3.54%			4.06%
		3.48%			3.32%			3.37%			3.36%			3.42%			3.94%
		8%			6%			9%			14%			12%			11%	⁵

Financial highlights

Delaware Tax-Free California Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.98		$	12.26		$	12.60		$	12.11		$	12.08		$	11.11


		0.20			0.40			0.41			0.43			0.42			0.43
		(0.09	)		(0.28	)		(0.34	)		0.48			0.03			0.97

		0.11			0.12			0.07			0.91			0.45			1.40



		(0.20	)		(0.40	)		(0.41	)		(0.42	)		(0.42	)		(0.43	)
		(0.02	)		—			—			—			—			—

		(0.22	)		(0.40	)		(0.41	)		(0.42	)		(0.42	)		(0.43	)


	$	11.87		$	11.98		$	12.26		$	12.60		$	12.11		$	12.08


		0.93%			1.00%			0.63%			7.67%			3.73%			12.79%


	$	44,543		$	53,171		$	54,076		$	63,284		$	60,550		$	73,955
		0.82%			0.82%			0.82%			0.82%			0.83%			0.82%
		1.03%			1.02%			1.01%			1.01%			1.01%			1.00%
		3.40%			3.30%			3.36%			3.43%			3.42%			3.69%
		3.19%			3.10%			3.17%			3.24%			3.24%			3.51%
		6%			16%			27%			18%			24%			13%

Financial highlights

Delaware Tax-Free California Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	12.00		$	12.28		$	12.62		$	12.13		$	12.10		$	11.12


		0.16			0.31			0.32			0.33			0.33			0.34
		(0.09	)		(0.28	)		(0.34	)		0.49			0.02			0.98

		0.07			0.03			(0.02	)		0.82			0.35			1.32



		(0.16	)		(0.31	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)
		(0.02	)		—			—			—			—			—

		(0.18	)		(0.31	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)


	$	11.89		$	12.00		$	12.28		$	12.62		$	12.13		$	12.10


		0.56%			0.25%			(0.12%	)		6.86%			2.95%			12.04%


	$	11,144		$	13,015		$	16,473		$	18,827		$	15,853		$	15,473
		1.57%			1.57%			1.57%			1.57%			1.58%			1.57%
		1.78%			1.77%			1.76%			1.76%			1.76%			1.75%
		2.65%			2.55%			2.61%			2.68%			2.67%			2.94%
		2.44%			2.35%			2.42%			2.49%			2.49%			2.76%
		6%			16%			27%			18%			24%			13%

Financial highlights

Delaware Tax-Free California Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.98		$	12.26		$	12.60		$	12.11		$	12.08		$	11.27


		0.22			0.43			0.44			0.46			0.45			0.32
		(0.09	)		(0.28	)		(0.34	)		0.49			0.03			0.81

		0.13			0.15			0.10			0.95			0.48			1.13



		(0.22	)		(0.43	)		(0.44	)		(0.46	)		(0.45	)		(0.32	)
		(0.02	)		—			—			—			—			—

		(0.24	)		(0.43	)		(0.44	)		(0.46	)		(0.45	)		(0.32	)


	$	11.87		$	11.98		$	12.26		$	12.60		$	12.11		$	12.08


		1.05%			1.26%			0.89%			7.94%			3.98%			10.10%


	$	34,584		$	32,953		$	28,209		$	17,410		$	10,308		$	5,983
		0.57%			0.57%			0.57%			0.57%			0.58%			0.57%
		0.78%			0.77%			0.76%			0.76%			0.76%			0.75%
		3.65%			3.55%			3.61%			3.68%			3.67%			3.89%
		3.44%			3.35%			3.42%			3.49%			3.49%			3.71%
		6%			16%			27%			18%			24%			13%	⁵

Financial highlights

Delaware Tax-Free Colorado Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.04		$	11.28		$	11.65		$	11.24		$	11.32		$	10.49


		0.18			0.37			0.39			0.40			0.40			0.41
		(0.02	)		(0.24	)		(0.37	)		0.41			(0.08	)		0.82

		0.16			0.13			0.02			0.81			0.32			1.23



		(0.18	)		(0.37	)		(0.39	)		(0.40	)		(0.40	)		(0.40	)

		(0.18	)		(0.37	)		(0.39	)		(0.40	)		(0.40	)		(0.40	)


	$	11.02		$	11.04		$	11.28		$	11.65		$	11.24		$	11.32


		1.51%			1.22%			0.26%			7.33%			2.87%			11.94%


	$	161,088		$	164,087		$	165,554		$	182,764		$	174,078		$	183,560
		0.84%			0.84%			0.84%			0.84%			0.85%			0.84%
		0.97%			0.97%			0.96%			0.96%			0.97%			0.97%
		3.40%			3.36%			3.48%			3.50%			3.54%			3.69%
		3.27%			3.23%			3.36%			3.38%			3.42%			3.56%
		3%			6%			17%			6%			10%			22%

Financial highlights

Delaware Tax-Free Colorado Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.07		$	11.31		$	11.68		$	11.27		$	11.35		$	10.52


		0.14			0.29			0.31			0.32			0.32			0.32
		(0.02	)		(0.24	)		(0.37	)		0.41			(0.08	)		0.83

		0.12			0.05			(0.06	)		0.73			0.24			1.15



		(0.14	)		(0.29	)		(0.31	)		(0.32	)		(0.32	)		(0.32	)

		(0.14	)		(0.29	)		(0.31	)		(0.32	)		(0.32	)		(0.32	)


	$	11.05		$	11.07		$	11.31		$	11.68		$	11.27		$	11.35


		1.14%			0.47%			(0.48%	)		6.52%			2.10%			11.09%


	$	9,789		$	10,923		$	15,975		$	16,461		$	12,192		$	12,029
		1.59%			1.59%			1.59%			1.59%			1.60%			1.59%
		1.72%			1.72%			1.71%			1.71%			1.72%			1.72%
		2.65%			2.61%			2.73%			2.75%			2.79%			2.94%
		2.52%			2.48%			2.61%			2.63%			2.67%			2.81%
		3%			6%			17%			6%			10%			22%

Financial highlights

Delaware Tax-Free Colorado Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.04		$	11.28		$	11.65		$	11.24		$	11.32		$	10.59


		0.20			0.40			0.42			0.43			0.43			0.33
		(0.02	)		(0.24	)		(0.37	)		0.41			(0.08	)		0.71

		0.18			0.16			0.05			0.84			0.35			1.04



		(0.20	)		(0.40	)		(0.42	)		(0.43	)		(0.43	)		(0.31	)

		(0.20	)		(0.40	)		(0.42	)		(0.43	)		(0.43	)		(0.31	)


	$	11.02		$	11.04		$	11.28		$	11.65		$	11.24		$	11.32


		1.64%			1.47%			0.51%			7.60%			3.13%			9.89%


	$	30,979		$	27,433		$	19,788		$	12,211		$	5,102		$	3,077
		0.59%			0.59%			0.59%			0.59%			0.60%			0.59%
		0.72%			0.72%			0.71%			0.71%			0.72%			0.72%
		3.65%			3.61%			3.73%			3.75%			3.79%			3.91%
		3.52%			3.48%			3.61%			3.63%			3.67%			3.78%
		3%			6%			17%			6%			10%			22%	⁵

Financial highlights

Delaware Tax-Free Idaho Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.21		$	11.49		$	11.79		$	11.51		$	11.56		$	10.99


		0.18			0.34			0.35			0.36			0.37			0.37
		—			(0.28	)		(0.30	)		0.28			(0.06	)		0.57

		0.18			0.06			0.05			0.64			0.31			0.94



		(0.18	)		(0.34	)		(0.35	)		(0.36	)		(0.36	)		(0.37	)

		(0.18	)		(0.34	)		(0.35	)		(0.36	)		(0.36	)		(0.37	)


	$	11.21		$	11.21		$	11.49		$	11.79		$	11.51		$	11.56


		1.58%			0.56%			0.47%			5.66%			2.76%			8.71%


	$	55,695		$	59,425		$	67,907		$	70,306		$	75,163		$	80,600
		0.86%			0.86%			0.86%			0.86%			0.88%			0.88%
		1.03%			1.01%			1.00%			0.99%			1.00%			0.99%
		3.18%			3.04%			3.03%			3.11%			3.17%			3.32%
		3.01%			2.89%			2.89%			2.98%			3.05%			3.21%
		5%			11%			10%			11%			7%			16%

Financial highlights

Delaware Tax-Free Idaho Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.20		$	11.48		$	11.78		$	11.50		$	11.55		$	10.98


		0.13			0.26			0.26			0.27			0.28			0.29
		—			(0.28	)		(0.30	)		0.28			(0.05	)		0.57

		0.13			(0.02	)		(0.04	)		0.55			0.23			0.86



		(0.13	)		(0.26	)		(0.26	)		(0.27	)		(0.28	)		(0.29	)

		(0.13	)		(0.26	)		(0.26	)		(0.27	)		(0.28	)		(0.29	)


	$	11.20		$	11.20		$	11.48		$	11.78		$	11.50		$	11.55


		1.21%			(0.19%	)		(0.29%	)		4.88%			1.99%			7.91%


	$	14,202		$	17,597		$	29,375		$	30,834		$	28,557		$	31,178
		1.61%			1.61%			1.61%			1.61%			1.63%			1.63%
		1.78%			1.76%			1.75%			1.74%			1.75%			1.74%
		2.43%			2.29%			2.28%			2.36%			2.42%			2.57%
		2.26%			2.14%			2.14%			2.23%			2.30%			2.46%
		5%			11%			10%			11%			7%			16%

Financial highlights

Delaware Tax-Free Idaho Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.21		$	11.49		$	11.79		$	11.51		$	11.57		$	11.06


		0.19			0.37			0.37			0.39			0.40			0.29
		—			(0.28	)		(0.29	)		0.28			(0.07	)		0.51

		0.19			0.09			0.08			0.67			0.33			0.80


		(0.19	)		(0.37	)		(0.38	)		(0.39	)		(0.39	)		(0.29	)

		(0.19	)		(0.37	)		(0.38	)		(0.39	)		(0.39	)		(0.29	)


	$	11.21		$	11.21		$	11.49		$	11.79		$	11.51		$	11.57


		1.71%			0.82%			0.71%			5.92%			2.92%			7.31%


	$	27,799		$	21,310		$	12,090		$	10,248		$	2,588		$	1,080
		0.61%			0.61%			0.61%			0.61%			0.63%			0.63%
		0.78%			0.76%			0.75%			0.74%			0.75%			0.74%
		3.43%			3.29%			3.28%			3.36%			3.42%			3.46%
		3.26%			3.14%			3.14%			3.23%			3.30%			3.35%
		5%			11%			10%			11%			7%			16%	⁵

Financial highlights

Delaware Tax-Free New York Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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

100


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.33		$	11.62		$	11.98		$	11.48		$	11.46		$	10.57


		0.18			0.36			0.35			0.36			0.37			0.37
		(0.01	)		(0.29	)		(0.35	)		0.50			0.02			0.89

		0.17			0.07			—			0.86			0.39			1.26



		(0.18	)		(0.36	)		(0.36	)		(0.36	)		(0.37	)		(0.37	)

		(0.18	)		(0.36	)		(0.36	)		(0.36	)		(0.37	)		(0.37	)


	$	11.32		$	11.33		$	11.62		$	11.98		$	11.48		$	11.46


		1.50%			0.60%			0.05%			7.57%			3.41%			12.06%


	$	34,258		$	38,139		$	40,647		$	55,418		$	51,708		$	52,589
		0.80%			0.80%			0.80%			0.80%			0.83%			0.80%
		1.07%			1.08%			1.03%			1.02%			1.07%			1.06%
		3.18%			3.10%			3.04%			3.06%			3.18%			3.32%
		2.91%			2.82%			2.81%			2.84%			2.94%			3.06%
		2%			10%			14%			8%			6%			20%

101

Financial highlights

Delaware Tax-Free New York Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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

102


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.30		$	11.59		$	11.95		$	11.45		$	11.44		$	10.54


		0.14			0.27			0.26			0.27			0.28			0.28
		(0.01	)		(0.29	)		(0.35	)		0.50			0.01			0.90

		0.13			(0.02	)		(0.09	)		0.77			0.29			1.18



		(0.14	)		(0.27	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)

		(0.14	)		(0.27	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)


	$	11.29		$	11.30		$	11.59		$	11.95		$	11.45		$	11.44


		1.13%			(0.16%	)		(0.71%	)		6.78%			2.55%			11.35%


	$	13,780		$	14,941		$	17,073		$	20,899		$	17,825		$	18,491
		1.55%			1.55%			1.55%			1.55%			1.58%			1.55%
		1.82%			1.83%			1.78%			1.77%			1.82%			1.81%
		2.43%			2.35%			2.29%			2.31%			2.43%			2.57%
		2.16%			2.07%			2.06%			2.09%			2.19%			2.31%
		2%			10%			14%			8%			6%			20%

103

Financial highlights

Delaware Tax-Free New York Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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

104


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	11.33		$	11.61		$	11.97		$	11.47		$	11.46		$	10.71


		0.19			0.39			0.38			0.39			0.40			0.28
		(0.02	)		(0.28	)		(0.35	)		0.50			0.01			0.75

		0.17			0.11			0.03			0.89			0.41			1.03



		(0.19	)		(0.39	)		(0.39	)		(0.39	)		(0.40	)		(0.28	)

		(0.19	)		(0.39	)		(0.39	)		(0.39	)		(0.40	)		(0.28	)


	$	11.31		$	11.33		$	11.61		$	11.97		$	11.47		$	11.46


		1.54%			0.93%			0.29%			7.84%			3.58%			9.69%


	$	33,460		$	32,981		$	32,192		$	19,929		$	12,667		$	1,769
		0.55%			0.55%			0.55%			0.55%			0.58%			0.55%
		0.82%			0.83%			0.78%			0.77%			0.82%			0.80%
		3.43%			3.35%			3.29%			3.31%			3.43%			3.55%
		3.16%			3.07%			3.06%			3.09%			3.19%			3.30%
		2%			10%			14%			8%			6%			20%	⁵

105

Financial highlights

Delaware Tax-Free Pennsylvania Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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.

106


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	7.93		$	8.14		$	8.39		$	8.15		$	8.16		$	7.59


		0.14			0.28			0.28			0.29			0.29			0.29
		(0.04	)		(0.20	)		(0.25	)		0.24			(0.01	)		0.57

		0.10			0.08			0.03			0.53			0.28			0.86



		(0.14	)		(0.28	)		(0.28	)		(0.29	)		(0.29	)		(0.29	)
		—			(0.01	)		—			—			—			—

		(0.14	)		(0.29	)		(0.28	)		(0.29	)		(0.29	)		(0.29	)


	$	7.89		$	7.93		$	8.14		$	8.39		$	8.15		$	8.16


		1.32%			0.93%			0.48%			6.60%			3.45%			11.58%


	$	361,829		$	378,038		$	399,001		$	439,379		$	441,904		$	451,301
		0.86%			0.88%			0.88%			0.88%			0.89%			0.88%
		0.92%			0.93%			0.94%			0.94%			0.95%			0.95%
		3.66%			3.48%			3.51%			3.50%			3.51%			3.73%
		3.60%			3.43%			3.45%			3.44%			3.45%			3.66%
		5%			19%			15%			14%			13%			7%

107

Financial highlights

Delaware Tax-Free Pennsylvania Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding have been applied for per share information.

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

108


Six months ended
2/28/19¹				Year ended


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	7.93		$	8.14		$	8.39		$	8.15		$	8.16		$	7.59


		0.11			0.22			0.22			0.23			0.23			0.23
		(0.04	)		(0.20	)		(0.25	)		0.24			(0.01	)		0.57

		0.07			0.02			(0.03	)		0.47			0.22			0.80



		(0.11	)		(0.22	)		(0.22	)		(0.23	)		(0.23	)		(0.23	)
		—			(0.01	)		—			—			—			—

		(0.11	)		(0.23	)		(0.22	)		(0.23	)		(0.23	)		(0.23	)


	$	7.89		$	7.93		$	8.14		$	8.39		$	8.15		$	8.16


		0.93%			0.16%			(0.27%	)		5.79%			2.67%			10.74%


	$	24,468		$	26,376		$	33,298		$	36,215		$	32,799		$	32,096
		1.62%			1.64%			1.64%			1.64%			1.65%			1.64%
		1.68%			1.69%			1.70%			1.70%			1.71%			1.71%
		2.90%			2.72%			2.75%			2.74%			2.75%			2.97%
		2.84%			2.67%			2.69%			2.68%			2.69%			2.90%
		5%			19%			15%			14%			13%			7%

109

Financial highlights

Delaware Tax-Free Pennsylvania Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding have been applied for per share information.

⁴

⁵	Portfolio turnover is representative of the Fund for the year ended Aug. 31, 2014.

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

110


Six months ended																12/31/13²
2/28/19¹				Year ended												to


(Unaudited)				8/31/18			8/31/17			8/31/16			8/31/15			8/31/14


	$	7.92		$	8.13		$	8.38		$	8.14		$	8.16		$	7.67


		0.15			0.30			0.30			0.31			0.31			0.23
		(0.04	)		(0.20	)		(0.25	)		0.24			(0.02	)		0.49

		0.11			0.10			0.05			0.55			0.29			0.72



		(0.15	)		(0.30	)		(0.30	)		(0.31	)		(0.31	)		(0.23	)
		—			(0.01	)		—			—			—			—

		(0.15	)		(0.31	)		(0.30	)		(0.31	)		(0.31	)		(0.23	)


	$	7.88		$	7.92		$	8.13		$	8.38		$	8.14		$	8.16


		1.43%			1.16%			0.73%			6.86%			3.57%			9.44%


	$	42,609		$	41,427		$	33,373		$	26,372		$	16,740		$	3,733
		0.62%			0.64%			0.64%			0.64%			0.65%			0.64%
		0.68%			0.69%			0.70%			0.70%			0.71%			0.71%
		3.90%			3.72%			3.75%			3.74%			3.75%			3.89%
		3.84%			3.67%			3.69%			3.68%			3.69%			3.82%
		5%			19%			15%			14%			13%			7%	⁵

111


Notes to financial statements
Delaware Funds^® by Macquarie state tax-free funds		February 28, 2019 (Unaudited)

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group^® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund, or collectively, the Funds). Each Fund 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%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a 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.

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

1. Significant Accounting Policies

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

112

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

113


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

1. Significant Accounting Policies (continued)

For the six months ended Feb. 28, 2019, each Fund earned the following amounts under this arrangement:


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$662	$784	$822	$533	$450	$1,654


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$23	$19	$57	$26	$18	$159

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


	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund			Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
On the first $500 million		0.500	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%
On the next $500 million		0.475	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%
On the next $1.5 billion		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%
In excess of $2.5 billion		0.425	%		0.425	%		0.425	%		0.425	%		0.425	%		0.425	%

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed specified percentages of each Fund’s average daily net assets from Sept. 1, 2018 through Feb. 28, 2019.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Boards and DMC. These expense waivers and

114

reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.


	Delaware Tax-Free Arizona Fund			Delaware Tax-Free California Fund			Delaware Tax-Free Colorado Fund			Delaware Tax-Free Idaho Fund			Delaware Tax-Free New York Fund			Delaware Tax-Free Pennsylvania Fund
Operating expense limitation
as a percentage of average daily net assets Sept. 1, 2018 through Dec. 27, 2018		0.59	%		0.57	%		0.59	%		0.61	%		0.55	%		0.64	%
Operating expense limitation
as a percentage of average daily net assets Dec. 28, 2018 through Feb. 28, 2019		0.59	%		0.57	%		0.59	%		0.61	%		0.55	%		0.59	%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$3,390	$3,773	$5,734	$3,797	$3,564	$10,079

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.”

115


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

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

For the six months ended Feb. 28, 2019, each Fund was charged for these services as follows:


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$2,457	$3,114	$6,616	$3,177	$2,773	$14,101

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares (except for Delaware Tax-Free Pennsylvania Fund). The Board for Delaware Tax-Free Pennsylvania Fund has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares that were acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares that were acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.24% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Prior to Dec. 28, 2018, the blended rate was 0.25% of average daily net assets. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended Feb. 28, 2019, each Fund was charged for internal legal, tax, and regulatory services provided by DMC and/or its affiliates’ employees as follows:


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$1,068	$1,362	$2,867	$1,369	$1,199	$6,174

116

For the six months ended Feb. 28, 2019, DDLP earned commissions on sales of Class A shares for each Fund as follows:


Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
$2,614	$607	$8,236	$4,517	$1,243	$13,695

For the six months ended Feb. 28, 2019, 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. For the six months ended Feb. 28, 2019, Delaware Tax-Free Arizona Fund did not receive gross CDSC commissions on redemptions for Class A and Class C shares. The amounts received were as follows:


	Delaware Tax-Free Arizona Fund		Delaware Tax-Free California Fund		Delaware Tax-Free Colorado Fund		Delaware Tax-Free Idaho Fund		Delaware Tax-Free New York Fund		Delaware Tax-Free Pennsylvania Fund
Class A		$ —		$ —		$ —		$ —		$4,874		$ —
Class C		10		15		247		1,370		—		9

Cross trades for the six months ended Feb. 28, 2019, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review such transactions for compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the six months ended Feb. 28, 2019, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows, and did not result in any net realized gains (losses):


	Delaware Tax-Free Arizona Fund		Delaware Tax-Free California Fund		Delaware Tax-Free Colorado Fund		Delaware Tax-Free Idaho Fund		Delaware Tax-Free New York Fund		Delaware Tax-Free Pennsylvania Fund
Purchases	$	—	$	—		$705,424	$	527,736	$	—	$	—
Sales		750,413		1,100,103		450,308		—		450,018		605,395

*	The aggregate contractual waiver period covering this report is from Dec. 29, 2017 through Dec. 28, 2019.

117


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

3. Investments

For the six months ended Feb. 28, 2019, each Fund made purchases and sales of investment securities other than short-term investments as follows:


	Delaware Tax-Free Arizona Fund		Delaware Tax-Free California Fund		Delaware Tax-Free Colorado Fund		Delaware Tax-Free Idaho Fund		Delaware Tax-Free New York Fund		Delaware Tax-Free Pennsylvania Fund
Purchases		$5,658,730		$ 5,886,675		$5,698,155		$4,489,098		$1,516,420		$22,809,820
Sales		7,502,968		14,379,831		8,442,066		6,351,632		6,973,893		29,448,951

At Feb. 28, 2019, 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 Feb. 28, 2019, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:


	Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund				Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Cost of investments		$	71,324,626			$	86,716,265			$	192,583,385			$	94,043,351			$	78,766,911			$	414,122,593

Aggregate unrealized appreciation of investments		$	2,519,878			$	3,613,840			$	7,497,999			$	2,587,563			$	2,482,841			$	17,125,512
Aggregate unrealized depreciation of investments			(182,053	)			(298,861	)			(252,780	)			(265,687	)			(412,293	)			(443,292	)

Net unrealized appreciation of investments		$	2,337,825			$	3,314,979			$	7,245,219			$	2,321,876			$	2,070,548			$	16,682,220

Qualified late year losses of $23,497, represent losses realized on investment transactions from Nov. 1, 2017 through Aug. 31, 2018 that, in accordance with federal income tax regulations, Delaware Tax-Free Pennsylvania Fund has elected to defer and treat as having arisen in the following fiscal year.

118

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Aug. 31, 2018, capital loss carryforwards available to offset future realized capital gains, were as follows:


	No expiration
	Post-enactment capital loss character
	Short-term		Long-term		Total
Delaware Tax-Free Arizona Fund	$	122,999	$	499,361	$	622,360
Delaware Tax-Free Colorado Fund		2,984,098		895,093		3,879,191
Delaware Tax-Free Idaho Fund		1,843,008		2,773,159		4,616,167
Delaware Tax-Free New York Fund		549,357		—		549,357

At Aug. 31, 2018, there were no capital loss carryforwards for Delaware Tax-Free California Fund and Delaware Tax-Free Pennsylvania Fund.


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

119


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

3. Investments (continued)


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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Feb. 28, 2019:


	Delaware Tax-Free Arizona Fund

	Level 2
Securities

Assets:
Municipal Bonds		$	72,762,451
Short-Term Investments			900,000

Total Value of Securities		$	73,662,451


	Delaware Tax-Free California Fund
	Level 2
Securities

Assets:
Municipal Bonds		$	89,331,244
Short-Term Investments			700,000

Total Value of Securities		$	90,031,244


	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	196,504,224	$	196,504,224
Short-Term Investments¹		169,380		3,155,000		3,324,380

Total Value of Securities	$	169,380	$	199,659,224	$	199,828,604

120


	Delaware Tax-Free Idaho Fund

	Level 1		Level 2		Total
Securities

Assets:
Municipal Bonds	$	—	$	94,618,888	$	94,618,888
Short-Term Investments¹		1,321,339		425,000		1,746,339

Total Value of Securities	$	1,321,339	$	95,043,888	$	96,365,227



	Delaware Tax-Free New York Fund

	Level 2
Securities

Assets:
Municipal Bonds		$	80,537,459
Short-Term Investments			300,000

Total Value of Securities		$	80,837,459


	Delaware Tax-Free Pennsylvania Fund

	Level 2
Securities

Assets:
Municipal Bonds		$	430,454,813
Short-Term Investments			350,000

Total Value of Securities		$	430,804,813

¹Security type is valued across multiple levels. Level 1 investments represent open-end investment company investments while Level 2 investments represent matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of this security type for the Funds:


Short-Term Investments	Delaware Tax-Free Colorado Fund			Delaware Tax-Free Idaho Fund
Level 1		5.10	%		75.66	%
Level 2		94.90	%		24.34	%

Total		100.00	%		100.00	%

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. During the six months ended Feb. 28, 2019, there were no Level 3 investments.

121


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

4. Capital Shares

Transactions in capital shares were as follows:


	Delaware Tax-Free Arizona Fund						Delaware Tax-Free California Fund						Delaware Tax-Free Colorado Fund
	Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18
Shares sold:
Class A		137,615			401,414			95,463			481,529			522,064			1,516,496
Class C		10,769			37,968			93,542			92,304			39,929			154,631
Institutional Class		327,340			484,339			1,152,798			976,452			789,361			1,145,931
Shares issued upon reinvestment of dividends and distributions:
Class A		74,344			145,750			70,607			128,458			226,047			426,365
Class C		3,311			9,402			12,382			28,460			11,835			31,641
Institutional Class		16,702			23,553			38,284			56,412			42,826			65,726

		570,081			1,102,426			1,463,076			1,763,615			1,632,062			3,340,790

Shares redeemed:
Class A		(527,182	)		(735,408	)		(852,941	)		(581,599	)		(999,204	)		(1,750,927	)
Class C		(34,245	)		(223,437	)		(253,446	)		(377,386	)		(152,961	)		(611,405	)
Institutional Class		(286,526	)		(226,311	)		(1,028,730	)		(582,597	)		(506,982	)		(480,166	)

		(847,953	)		(1,185,156	)		(2,135,117	)		(1,541,582	)		(1,659,147	)		(2,842,498	)

Net increase (decrease)		(277,872	)		(82,730	)		(672,041	)		222,033			(27,085	)		498,292


	Delaware Tax-Free Idaho Fund						Delaware Tax-Free New York Fund						Delaware Tax-Free Pennsylvania Fund
	Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18			Six months ended 2/28/19			Year ended 8/31/18
Shares sold:
Class A		217,402			491,709			464,367			446,716			2,239,711			3,540,085
Class C		36,996			116,633			85,054			196,498			175,697			257,821
Institutional Class		1,141,945			1,301,911			831,129			762,592			1,948,093			2,068,244
Shares issued upon reinvestment of dividends and distributions:
Class A		77,256			146,253			47,619			98,908			746,677			1,467,605
Class C		16,856			45,404			10,842			26,286			44,326			104,907
Institutional Class		30,005			44,060			47,649			84,790			85,641			154,540

		1,520,460			2,145,970			1,486,660			1,615,790			5,240,145			7,593,202

Shares redeemed:
Class A		(624,996	)		(1,248,164	)		(849,726	)		(679,446	)		(4,792,338	)		(6,343,711	)
Class C		(356,257	)		(1,149,919	)		(196,698	)		(374,553	)		(444,477	)		(1,126,446	)
Institutional Class		(592,124	)		(497,691	)		(832,093	)		(708,326	)		(1,856,434	)		(1,096,801	)

		(1,573,377	)		(2,895,774	)		(1,878,517	)		(1,762,325	)		(7,093,249	)		(8,566,958	)

Net decrease		(52,917	)		(749,804	)		(391,857	)		(146,535	)		(1,853,104	)		(973,756	)

122

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and the “Statements of changes in net assets.” For the six months ended Feb. 28, 2019 and the year ended Aug. 31, 2018, the Funds had the following exchange transactions:


					Six months ended
					2/28/19

	Exchange Redemptions				Exchange Subscriptions

	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
Delaware Tax-Free Colorado Fund		7,756		1,836		1,841		7,761	$	105,495
Delaware Tax-Free Idaho Fund		9,228		—		—		9,234		103,328
Delaware Tax-Free New York Fund		6,590		—		—		6,591		73,949
Delaware Tax-Free Pennsylvania Fund		35,415		986		988		35,428		285,415

					Year ended
					8/31/18

	Exchange Redemptions				Exchange Subscriptions

	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
Delaware Tax-Free Arizona Fund		—		35,940		36,057		—	$	405,639
Delaware Tax-Free California Fund		—		31,170		31,265		—		374,556
Delaware Tax-Free Colorado Fund		25,842		65,040		65,280		25,862		1,012,424
Delaware Tax-Free Idaho Fund		70,345		75,131		75,134		70,345		1,632,222
Delaware Tax-Free New York Fund		—		2,096		2,095		—		23,755
Delaware Tax-Free Pennsylvania Fund		234,332		340,876		331,960		243,871		4,583,905

Delaware Tax-Free Arizona Fund and Delaware Tax-Free California Fund did not have any exchange shares for the six months ended Feb. 28, 2019.

5. Line of Credit

123


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

5. Line of Credit (continued)

of liquidity to fund redemptions of investor shares. The revolving line of credit available was reduced from $155,000,000 to $130,000,000 on Sept. 6, 2018. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 5, 2018.

On Nov. 5, 2018, the Participants entered into an amendment to the agreement for a $190,000,000 revolving line of credit. The revolving line of credit available was increased to $220,000,000 on Nov. 29, 2018. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 4, 2019.

The Funds had no amounts outstanding as of Feb. 28, 2019, or at any time during the period then ended.

6. Geographic, Credit, and Market Risks

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

124

At Feb. 28, 2019, the percentages of each Fund’s net assets insured by bond insurers are listed below and these securities have been identified on the “Schedules of investments.”


	Delaware Tax-Free Arizona Fund	Delaware Tax-Free California Fund	Delaware Tax-Free Colorado Fund	Delaware Tax-Free Idaho Fund	Delaware Tax-Free New York Fund	Delaware Tax-Free Pennsylvania Fund
American Capital Access	1.37%	—	—	—	—	—
Assured Guaranty Corporation	—	—	—	—	—	3.52%
Assured Guaranty Municipal Corporation	3.68%	1.60%	4.86%	10.03%	0.96%	2.69%
AMBAC Assurance Corporation	1.34%	—	—	—	—	—
Build America Mutual Assurance	—	—	1.14%	—	—	0.64%
National Public Finance Guarantee Corporation	—	0.95%	—	—	—	—
Syncora Guarantee Inc.	—	—	2.10%	—	—	—

	6.39%	2.55%	8.10%	10.03%	0.96%	6.85%

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

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

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

125


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

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

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.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities held by the Funds have been identified on the “Schedules of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

7. Contractual Obligations

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

8. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU

126

2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2019, that would require recognition or disclosure in the Funds’ financial statements.

127

About the organization


Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds^® by Macquarie Philadelphia, PA Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC New York, NY	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Lucinda S. Landreth Former Chief Investment Officer Assurant, Inc. New York, NY 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	Daniel V. Geatens	Richard Salus
Senior Vice President,	Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

128

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

VOYAGEUR MUTUAL FUNDS

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 6, 2019

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.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 6, 2019

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 6, 2019

I, Shawn K. Lytle, certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Mutual 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 second fiscal quarter of 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, 2019

SHAWN K. LYTLE
By:		Shawn K. Lytle
Title:		President and Chief Executive Officer

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-CSR of Voyageur Mutual 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 second fiscal quarter of 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.

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.

Delaware

Tax-Free

Minnesota Fund

Delaware Tax-Free
Minnesota

Intermediate Fund

Delaware Minnesota

High-Yield Municipal

Bond Fund