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:	610 Market Street
	Philadelphia, PA 19106

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

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

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2021

Item 1. Reports to Stockholders

Table of Contents













	Annual report

Fixed income mutual funds

Delaware Tax-Free Minnesota Fund

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Minnesota High-Yield Municipal Bond Fund

August 31, 2021

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

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

Table of Contents

Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management review		1
Performance summaries		6
Disclosure of Fund expenses		21
Security type / sector / state / territory allocations		24
Schedules of investments		27
Statements of assets and liabilities		65
Statements of operations		67
Statements of changes in net assets		68
Financial highlights		74
Notes to financial statements		92
Report of independent registered public accounting firm		106
Other Fund information		107
Board of trustees / directors and officers addendum		113
About the organization		121

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

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

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

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

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®Minnesota municipal bond funds	September 7, 2021 (Unaudited)

Performance preview (for the year ended August 31, 2021)
Delaware Tax-Free Minnesota Fund (Institutional Class shares)	1-year return	+4.31	%
Delaware Tax-Free Minnesota Fund (Class A shares)	1-year return	+4.05	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40	%
Lipper Minnesota Municipal Debt Funds Average	1-year return	+3.03	%

Past performance does not guarantee future results.

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

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

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

The Lipper Minnesota Municipal Debt Funds Average compares funds that invest primarily in municipal debt issues that are exempt from taxation in Minnesota.

Please see page 10 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free Minnesota Intermediate Fund	1-year return	+3.29%
(Institutional Class shares)	1-year return	+3.29%
Delaware Tax-Free Minnesota Intermediate Fund (Class A shares)	1-year return	+3.13	%
Bloomberg 3–15 Year Blend Municipal Bond Index (benchmark)	1-year return	+2.75	%
Lipper Other States Intermediate Municipal Debt Funds Average	1-year return	+1.85	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Minnesota Intermediate Fund, please see the table on page 11.

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

The Lipper Other States Intermediate Municipal Debt Funds Average compares funds that invest in municipal debt issues with dollar-weighted average maturities of 5 to 10 years and are exempt from taxation on a specified state or city basis.

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

Delaware Minnesota High-Yield Municipal Bond Fund	1-year return	+5.89%
(Institutional Class shares)	1-year return	+5.89%
Delaware Minnesota High-Yield Municipal Bond Fund (Class A shares)	1-year return	+5.71	%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40	%
Lipper Minnesota Municipal Debt Funds Average	1-year return	+3.03	%

Past performance does not guarantee future results.

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

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

The Lipper Minnesota Municipal Debt Funds Average compares funds that invest primarily in municipal debt issues that are exempt from taxation in Minnesota.

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®Minnesota municipal bond funds

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

Investment objectives

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

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

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

Economic backdrop

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

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

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

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

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

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

Table of Contents

Municipal bond market conditions

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

Municipal bonds benefited from a favorable technical backdrop, with robust demand for tax-exempt bonds accompanied by relatively limited supply. As the pandemic progressed, investors’ appetite for municipal debt remained strong, reflecting increased confidence in issuers’ underlying credit quality and expectations for higher tax rates in the future.

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

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

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

Returns by credit rating
AAA		1.70%
AA		2.50%
A		4.72%
BBB		8.52%
Source: Bloomberg.

A consistent management approach

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

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

In the three Funds covered by this report, however, we regularly balance this approach with the recognition that lower-rated, higher yielding bonds tend to be scarce in Minnesota relative to other state marketplaces. In Minnesota, municipal bond issuance tends to feature highly rated, lower-coupon state and local general obligation bonds. Accordingly, our focus with these Funds involves investing in bonds offering what we view as the most attractive risk-reward trade-offs available, while we regularly remain on the lookout for suitable lower-rated issues to support our portfolio management objectives.

As of August 31, 2021, roughly 29% of the net assets of Delaware Tax-Free Minnesota Fund was invested in bonds with lower-investment-grade credit ratings, while about 33% of the net assets of Delaware Tax-Free Minnesota Intermediate Fund was invested in these credit tiers. Both Funds also maintained allocations to high yield municipal bonds. By prospectus, both Funds may hold up to 20% of their net assets in high yield debt.

Consistent with its mandate, Delaware Minnesota High-Yield Municipal Bond Fund maintained the largest high yield exposure of the three Funds. As of August 31, 2021, about 40% of the Fund’s portfolio was held in bonds with credit ratings below BBB, including nonrated bonds.

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®Minnesota municipal bond funds

Consistently seeking value

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

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

Especially in Delaware Minnesota High-Yield Municipal Bond Fund, and to a far more limited extent in Delaware Tax-Free Minnesota Fund and Delaware Tax-Free Minnesota Intermediate Fund, we bought higher yielding bonds early in the fiscal year at depressed valuations. These included select opportunities among bonds in the healthcare and education sectors. Over time, bonds in these sectors experienced narrowing credit spreads and provided lower yields, gradually making them less attractive areas for new investment, in our view.

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

Over time, as credit spreads narrowed, we became especially selective with new investments, focusing on purchasing bonds that we believed offered the Funds’ shareholders a favorable risk-reward trade-off. As attractive value opportunities became harder to find, we continued to prioritize our research efforts to try to find higher yielding Minnesota bonds that we believed represented long-term value, and we were willing to remain patient while pursuing this goal.

Individual performance effects

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

In all three Funds, for example, the strongest-performing securities were bonds affiliated with Puerto Rico. (Bonds issued by Puerto Rico and other US territories are generally fully tax-exempt for US residents.) In Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, Puerto Rico Electric Power Authority bonds were the leading individual performers. These bonds, yielding 5.25% and maturing in 2024, returned nearly 45% for the Funds, benefiting from investors’ increased optimism about the issuer’s debt restructuring efforts and the bonds’ relatively low valuation to begin the fiscal year. Meanwhile, Delaware Tax-Free Minnesota Intermediate Fund similarly benefited from a position in Puerto Rico general obligation debt, which gained 30%.

In addition, all three Funds benefited from exposure to senior-housing bonds that came into the fiscal year at depressed valuations but enjoyed strong results as investors eased their concerns about issuers’ credit quality. For example, nonrated bonds of Chosen Valley Care Center, a skilled-nursing facility in Chatwood, gained more than 25%, lifting the performance of Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund, while bonds for the senior living facility project in Apple Valley and the Deephaven Woods project gained more than 25% and close to 20%, respectively, boosting results for Delaware Tax-Free Minnesota Fund.

Further adding value for Delaware Minnesota High-Yield Municipal Bond Fund were bonds for

Table of Contents

Stride Academy, a St. Cloud charter school. As the issuer’s underlying credit quality strengthened during the fiscal year, these bonds continued to gain in value, rising more than 40%.

In contrast, most of the Funds’ weakest-performing bonds – many of which still managed a small positive return – featured relatively high credit quality or short durations. In both Delaware Tax-Free Minnesota Fund and Delaware Tax-Free Minnesota Intermediate Fund, for instance, holdings in pre-refunded state general obligation bonds produced a relatively flat return, lagging the overall market by several percentage points. Pre-refunded bonds, with their high degree of credit quality and short durations, were relative laggards in a market environment that rewarded bonds of lower quality and longer durations.

Meanwhile, AAA-rated Metropolitan Council (St. Paul) water-and-sewer debt gained only modestly for Delaware Tax-Free Minnesota Fund, while similarly high-rated debt for Hennepin County did the same for Delaware Tax-Free Minnesota Intermediate Fund.

For Delaware Minnesota High-Yield Municipal Bond Fund, University of Minnesota bonds’ modest return reflected their addition to the Fund’s portfolio at a relative high point for the market, leading to a lower return for the Fund’s fiscal year. A holding in pre-refunded bonds for the HealthEast Care System also lagged the benchmark.

Minnesota economic backdrop

Minnesota finished its 2021 fiscal year with $26.6 billion in its General Fund, outpacing earlier projections by more than 11% and representing a $2.9 billion swing from the budget deficit that had been projected in mid-2020. The state’s corporate tax revenues ended the fiscal year 38.4% above projections, while personal income taxes finished 12.4% higher. The state’s new biennial budget (which begins on July 1 of every odd-numbered year) is $52 billion, representing a 7.7% increase over the previous biennial budget. Of the new budget, about 41% represents spending on K-12 education and 36% on Human Services. The budget also includes $1 billion in tax relief related to COVID-19. In April 2021, Minnesota received $2.8 billion from the American Rescue Plan Act, and in 2020 the state received $1.9 billion in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. As of July 2021, the state’s unemployment rate was down to 3.9%, higher than the July 2019 rate of 3.1% but below the pandemic high of 11.3% in May 2020.

Table of Contents

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

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

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year		5 year		10 year		Lifetime
Class A (Est. February 27, 1984)
Excluding sales charge	+4.05	%	+2.69	%	+3.65	%	+6.00	%
Including sales charge	-0.65	%	+1.74	%	+3.17	%	+5.87	%
Class C (Est. May 4, 1994)
Excluding sales charge	+3.35	%	+1.94	%	+2.88	%	+3.91	%
Including sales charge	+2.35	%	+1.94	%	+2.88	%	+3.91	%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+4.31	%	+2.95	%	—		+4.11	%
Including sales charge	+4.31	%	+2.95	%	—		+4.11	%
Bloomberg Municipal Bond Index	+3.40	%	+3.30	%	+4.05	%	+4.34	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.

¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Table of Contents

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

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

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

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

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

Table of Contents

Performance summaries
Delaware Tax-Free Minnesota Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.60% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.93%	1.68%	0.68%
Net expenses (including fee
waivers, if any)	0.85%	1.60%	0.60%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value	Ending value
	Bloomberg Municipal Bond Index	$10,000	$14,874
	Delaware Tax-Free Minnesota Fund – Class A shares	$9,550	$13,664

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value	Ending value
	Delaware Tax-Free Minnesota Fund – Institutional Class shares	$10,000	$13,621
	Bloomberg Municipal Bond Index	$10,000	$13,550

Table of Contents

Performance summaries
Delaware Tax-Free Minnesota Fund

The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on August 31, 2011, and includes the effect of a 4.50% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2011.

The “Performance of a $10,000 investment” graph for Institutional Class shares assumes $10,000 invested in Institutional Class shares of the Fund on December 31, 2013, and includes the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of December 31, 2013.

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 8. Please note additional details on pages 6 through 10.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

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

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

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

	Nasdaq symbols	CUSIPs
Class A	DEFFX	928918101
Class C	DMOCX	928918408
Institutional Class	DMNIX	928918705

Table of Contents

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

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. October 27, 1985)
Excluding sales charge	+3.13%	+2.32%	+2.98%	+4.58%
Including sales charge	+0.33%	+1.75%	+2.70%	+4.50%
Class C (Est. May 4, 1994)
Excluding sales charge	+2.26%	+1.43%	+2.10%	+3.15%
Including sales charge	+1.26%	+1.43%	+2.10%	+3.15%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+3.29%	+2.45%	–	+3.32%
Including sales charge	+3.29%	+2.45%	–	+3.32%
Bloomberg 3–15 Year Blend Municipal Bond
Index	+2.75%	+3.05%	+3.57%	+3.80%*

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

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

Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. This fee was contractually limited to 0.15% of average daily net assets from September 1, 2020 through August 31, 2021.* Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

Table of Contents

Performance summaries
Delaware Tax-Free Minnesota Intermediate Fund

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

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

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

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.02%	1.77%	0.77%
Net expenses (including fee waivers, if any)	0.71%	1.56%	0.56%
Type of waiver	Contractual	Contractual	Contractual

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

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value	Ending value
	Bloomberg 3–15 Year Blend Municipal Bond Index	$10,000	$14,195
	Delaware Tax-Free Minnesota Intermediate Fund — Class A shares	$9,725	$13,054

Table of Contents

Performance summaries
Delaware Tax-Free Minnesota Intermediate Fund

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value	Ending value
	Bloomberg 3–15 Year Blend Municipal Bond Index	$10,000	$13,141
	Delaware Tax-Free Minnesota Intermediate Fund — Institutional Class shares	$10,000	$12,845

The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on August 31, 2011, and includes the effect of a 2.75% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg 3-15 Year Blend Municipal Bond Index as of August 31, 2011.

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 13. Please note additional details on pages 11 through 15.

The Bloomberg 3-15 Year Blend Municipal Bond Index measures the total return performance of investment grade, US tax-exempt bonds with maturities from 2 to 17 years.

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

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

Table of Contents

	Nasdaq symbols	CUSIPs
Class A	DXCCX	928930106
Class C	DVSCX	928930205
Institutional Class	DMIIX	92910U109

Table of Contents

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

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. June 4, 1996)
Excluding sales charge	+5.71%	+3.28%	+4.10%	+4.95%
Including sales charge	+0.94%	+2.34%	+3.63%	+4.76%
Class C (Est. June 7, 1996)
Excluding sales charge	+4.92%	+2.51%	+3.33%	+4.17%
Including sales charge	+3.92%	+2.51%	+3.33%	+4.17%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+5.89%	+3.54%	—	+4.64%
Including sales charge	+5.89%	+3.54%	—	+4.64%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.34%*

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

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

Table of Contents

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

Performance summaries
Delaware Minnesota High-Yield Municipal Bond Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.64% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.97%	1.72%	0.72%
Net expenses (including fee
waivers, if any)	0.89%	1.64%	0.64%
Type of waiver	Contractual	Contractual	Contractual

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

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000		$14,874
	Delaware Minnesota High-Yield Municipal Bond Fund — Class A
	shares		$9,550		$14,285

Table of Contents

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Minnesota High-Yield Municipal Bond Fund —
	Institutional Class shares		$10,000		$14,158
	Bloomberg Municipal Bond Index		$10,000		$13,550

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 18. Please note additional details on pages 16 through 20.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

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

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

Table of Contents

Performance summaries
Delaware Minnesota High-Yield Municipal Bond Fund

	Nasdaq symbols	CUSIPs
Class A	DVMHX	928928316
Class C	DVMMX	928928282
Institutional Class	DMHIX	928928175

Table of Contents

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2021 to August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Table of Contents

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

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,025.80	0.85%		$	4.34
Class C			1,000.00			1,022.70	1.60%			8.16
Institutional Class			1,000.00			1,027.90	0.60%			3.07
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.92	0.85%		$	4.33
Class C			1,000.00			1,017.14	1.60%			8.13
Institutional Class			1,000.00			1,022.18	0.60%			3.06

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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,023.80	0.71%		$	3.62
Class C			1,000.00			1,019.40	1.56%			7.94
Institutional Class			1,000.00			1,024.50	0.56%			2.86
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.63	0.71%		$	3.62
Class C			1,000.00			1,017.34	1.56%			7.93
Institutional Class			1,000.00			1,022.38	0.56%			2.85

Table of Contents

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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,032.30	0.89%		$	4.56
Class C			1,000.00			1,028.40	1.64%			8.38
Institutional Class			1,000.00			1,033.60	0.64%			3.28
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.72	0.89%		$	4.53
Class C			1,000.00			1,016.94	1.64%			8.34
Institutional Class			1,000.00			1,021.98	0.64%			3.26

^*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.50	%
Corporate Revenue Bonds		1.38	%
Education Revenue Bonds		18.07	%
Electric Revenue Bonds		7.57	%
Healthcare Revenue Bonds		22.84	%
Housing Revenue Bonds		0.54	%
Lease Revenue Bonds		2.72	%
Local General Obligation Bonds		13.16	%
Pre-Refunded/Escrowed to Maturity Bonds		7.13	%
Special Tax Revenue Bonds		3.19	%
State General Obligation Bonds		12.88	%
Transportation Revenue Bonds		6.16	%
Water & Sewer Revenue Bonds		2.86	%
Short-Term Investments		1.08	%
Total Value of Securities		99.58	%
Receivables and Other Assets Net of Liabilities		0.42	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.37	%
Minnesota		95.28	%
Puerto Rico		3.59	%
US Virgin Islands		0.34	%
Total Value of Securities		99.58	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.70	%
Corporate Revenue Bond		1.00	%
Education Revenue Bonds		15.00	%
Electric Revenue Bonds		5.98	%
Healthcare Revenue Bonds		23.12	%
Housing Revenue Bonds		0.66	%
Lease Revenue Bonds		4.16	%
Local General Obligation Bonds		17.24	%
Pre-Refunded/Escrowed to Maturity Bonds		5.01	%
Special Tax Revenue Bonds		3.09	%
State General Obligation Bonds		15.78	%
Transportation Revenue Bonds		5.44	%
Water & Sewer Revenue Bonds		2.22	%
Short-Term Investments		0.88	%
Total Value of Securities		99.58	%
Receivables and Other Assets Net of Liabilities		0.42	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Guam		0.74	%
Minnesota		96.13	%
Puerto Rico		2.71	%
Total Value of Securities		99.58	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		96.00	%
Corporate Revenue Bonds		1.86	%
Education Revenue Bonds		22.79	%
Electric Revenue Bonds		5.34	%
Healthcare Revenue Bonds		30.98	%
Housing Revenue Bonds		1.70	%
Lease Revenue Bonds		1.99	%
Local General Obligation Bonds		7.74	%
Pre-Refunded/Escrowed to Maturity Bonds		4.71	%
Special Tax Revenue Bonds		4.42	%
State General Obligation Bonds		8.41	%
Transportation Revenue Bonds		5.06	%
Water & Sewer Revenue Bonds		1.00	%
Short-Term Investments		3.42	%
Total Value of Securities		99.42	%
Receivables and Other Assets Net of Liabilities		0.58	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Minnesota		94.80	%
Puerto Rico		4.62	%
Total Value of Securities		99.42	%

Table of Contents

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

			Principal amount°	Value (US $)
Municipal Bonds – 98.50%
Corporate Revenue Bonds – 1.38%
	Cottonwood Revenue
		(Extreme Holdings LLC Project)
		Series A 144A 5.00% 12/1/50 (AMT) #	1,000,000	$	1,029,200
	St. Paul Port Authority Solid Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	7,250,000		7,393,260
					8,422,460
Education Revenue Bonds – 18.07%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/32	840,000		915,239
		Series A 4.25% 7/1/47	1,550,000		1,674,852
		Series A 4.375% 7/1/52	400,000		433,264
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/34	2,260,000		2,406,674
		Series A 5.00% 3/1/39	385,000		407,103
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/34	250,000		268,528
		Series A 5.00% 7/1/45	1,390,000		1,477,278
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/50	2,000,000		2,242,680
	Duluth Housing & Redevelopment Authority Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/38	700,000		786,744
		Series A 5.00% 11/1/48	2,800,000		3,103,968
	Duluth Independent School District No. 709 Certificates of
		Participation
		Series B 5.00% 2/1/28	350,000		432,870
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy Project)
		Series A 5.25% 8/1/43	400,000		461,032
		Series A 5.375% 8/1/50	1,690,000		1,952,271
		Series A 5.50% 8/1/36	580,000		608,472
		Series A 5.75% 8/1/44	1,190,000		1,250,524
	Ham Lake Charter School Lease Revenue
		(Davinci Academy Project)
		Series A 5.00% 7/1/36	765,000		835,602
		Series A 5.00% 7/1/47	2,290,000		2,476,933

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34	580,000	$	617,891
		Series A 5.00% 7/1/44	1,770,000		1,865,297
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/31	885,000		967,447
		Series A 5.00% 7/1/47	2,300,000		2,470,039
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		5.25% 8/1/39	470,000		504,173
		5.50% 8/1/49	2,260,000		2,424,935
	Minnesota Colleges & Universities Revenue Fund
		Series A 5.00% 10/1/26	4,990,000		6,126,073
	Minnesota Higher Education Facilities Authority Revenue
		(Bethel University)
		5.00% 5/1/37	1,250,000		1,415,600
		5.00% 5/1/47	250,000		279,583
		(Carleton College)
		4.00% 3/1/35	1,000,000		1,135,530
		4.00% 3/1/36	415,000		471,008
		5.00% 3/1/44	2,110,000		2,530,903
		(College of St. Benedict)
		Series 8-K 4.00% 3/1/43	1,000,000		1,078,650
		(College of St. Scholastica)
		4.00% 12/1/29	280,000		336,568
		4.00% 12/1/30	290,000		345,947
		4.00% 12/1/33	500,000		588,495
		4.00% 12/1/34	500,000		586,805
		4.00% 12/1/40	1,200,000		1,387,056
		(Gustavus Adolphus College)
		5.00% 10/1/47	5,600,000		6,681,864
		(St. Catherine University)
		Series A 4.00% 10/1/36	925,000		1,045,398
		Series A 5.00% 10/1/35	875,000		1,060,815
		Series A 5.00% 10/1/45	2,120,000		2,519,578
		(St. John’s University)
		Series 8-I 5.00% 10/1/32	500,000		580,470
		Series 8-I 5.00% 10/1/33	250,000		290,060
		(St. Olaf College)
		3.00% 10/1/41	1,585,000		1,743,579

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		4.00% 10/1/46	750,000	$	890,040
		4.00% 10/1/50	565,000		668,050
		Series 8-G 5.00% 12/1/31	745,000		871,948
		Series 8-G 5.00% 12/1/32	670,000		783,431
		Series 8-N 4.00% 10/1/35	500,000		568,725
		(Trustees of The Hamline University)
		Series B 5.00% 10/1/37	955,000		1,064,453
		Series B 5.00% 10/1/38	1,000,000		1,113,450
		Series B 5.00% 10/1/39	170,000		188,821
		Series B 5.00% 10/1/40	625,000		693,594
		Series B 5.00% 10/1/47	1,060,000		1,165,597
		(University of St. Thomas)
		4.00% 10/1/36	1,450,000		1,709,434
		4.00% 10/1/37	750,000		881,685
		4.00% 10/1/44	1,255,000		1,451,997
		5.00% 10/1/40	500,000		627,735
		Series 8-L 5.00% 4/1/35	1,250,000		1,455,637
		Series A 4.00% 10/1/34	400,000		461,480
		Series A 4.00% 10/1/36	500,000		574,955
	Minnesota Office of Higher Education Revenue
		(Senior Supplemental Student Loan Program)
		2.65% 11/1/38 (AMT)	1,000,000		1,032,280
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/34	520,000		551,434
		Series A 5.00% 9/1/44	1,165,000		1,221,747
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	875,000		798,796
	St. Paul Housing & Redevelopment Authority Charter School Lease
		Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,945,000		2,094,843
		(Great River School Project)
		Series A 144A 4.75% 7/1/29 #	300,000		331,077
		Series A 144A 5.50% 7/1/52 #	735,000		831,741
		(Hmong College Preparatory Academy Project)
		Series A 5.00% 9/1/43	750,000		904,927
		Series A 5.75% 9/1/46	1,000,000		1,166,090

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority Charter School Lease
		Revenue
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	500,000	$	531,260
		Series A 4.125% 9/1/47	1,750,000		1,849,977
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	1,440,000		1,594,685
	University of Minnesota
		Series A 5.00% 11/1/32	985,000		1,322,894
		Series A 5.00% 4/1/34	925,000		1,097,022
		Series A 5.00% 9/1/34	2,625,000		3,228,566
		Series A 5.00% 4/1/35	3,175,000		3,765,455
		Series A 5.00% 4/1/36	2,650,000		3,142,821
		Series A 5.00% 4/1/37	1,125,000		1,334,216
		Series A 5.00% 9/1/40	1,560,000		1,898,520
		Series A 5.00% 9/1/41	1,750,000		2,129,103
		Series A 5.00% 4/1/44	3,000,000		3,762,990
					110,549,274
Electric Revenue Bonds – 7.57%
	Chaska Electric Revenue
		(Generating Facilities)
		Series A 5.00% 10/1/28	350,000		413,182
		Series A 5.00% 10/1/30	1,150,000		1,357,598
	Minnesota Municipal Power Agency Electric Revenue
		4.00% 10/1/41	1,000,000		1,127,030
		5.00% 10/1/29	395,000		449,893
		5.00% 10/1/30	500,000		569,485
		5.00% 10/1/33	1,205,000		1,370,471
		5.00% 10/1/47	2,000,000		2,371,200
		Series A 5.00% 10/1/30	1,060,000		1,207,308
		Series A 5.00% 10/1/34	750,000		852,248
		Series A 5.00% 10/1/35	1,525,000		1,730,905
	Northern Municipal Power Agency Electric System Revenue
		5.00% 1/1/27	540,000		639,322
		5.00% 1/1/28	560,000		667,874
		5.00% 1/1/29	805,000		954,783
		5.00% 1/1/30	520,000		611,505
		5.00% 1/1/31	200,000		240,976
		5.00% 1/1/32	210,000		252,710
		5.00% 1/1/35	160,000		191,725
		5.00% 1/1/36	180,000		214,927

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Northern Municipal Power Agency Electric System Revenue
		5.00% 1/1/41	400,000	$	475,280
		Series A 5.00% 1/1/25	125,000		132,621
		Series A 5.00% 1/1/26	425,000		450,560
		Series A 5.00% 1/1/31	520,000		551,132
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	430,000		421,400
		Series AAA 5.25% 7/1/25 ‡	250,000		245,938
		Series CCC 5.25% 7/1/27 ‡	1,875,000		1,844,531
		Series WW 5.00% 7/1/28 ‡	1,775,000		1,739,500
		Series WW 5.25% 7/1/33 ‡	1,250,000		1,229,687
		Series XX 4.75% 7/1/26 ‡	260,000		253,825
		Series XX 5.25% 7/1/40 ‡	750,000		737,812
		Series XX 5.75% 7/1/36 ‡	925,000		915,750
		Series ZZ 4.75% 7/1/27 ‡	210,000		205,013
		Series ZZ 5.25% 7/1/24 ‡	350,000		344,313
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/42	1,395,000		1,669,076
		Series A 5.00% 12/1/47	2,265,000		2,688,396
	Southern Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/41	1,310,000		1,530,172
		Series A 5.00% 1/1/42	1,500,000		1,817,130
		Series A 5.00% 1/1/46	2,000,000		2,321,380
		Series A 5.00% 1/1/47	3,130,000		3,766,579
	Southern Minnesota Municipal Power Agency Revenue Capital
		Appreciation
		Series A 4.965% 1/1/25 ^	5,000,000		4,888,300
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/30	1,235,000		1,418,163
		Series A 4.00% 10/1/31	885,000		1,011,785
		Series A 4.00% 10/1/33	365,000		414,341
					46,295,826
Healthcare Revenue Bonds – 22.84%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	1,100,000		1,162,843
		5.375% 11/1/34	320,000		344,566
	Apple Valley Senior Housing Revenue
		(PHS Apple Valley Senior Housing, Inc. - Orchard Path Project)
		5.00% 9/1/43	465,000		491,100
		5.00% 9/1/58	3,220,000		3,381,419

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Apple Valley Senior Living Revenue
(Senior Living LLC Project)
2nd Tier Series B 5.00% 1/1/47	1,640,000	$	1,285,514
2nd Tier Series B 5.25% 1/1/37	480,000		422,266
4th Tier Series D 7.00% 1/1/37	1,585,000		1,293,328
4th Tier Series D 7.25% 1/1/52	2,580,000		2,000,945
Bethel Housing & Health Care Facilities Revenue
(Benedictine Health System – St. Peter Communities Project)
Series A 5.50% 12/1/48	2,350,000		2,501,246
Bethel Senior Housing Revenue
(The Lodge at The Lakes at Stillwater Project)
5.00% 6/1/38	450,000		470,259
5.00% 6/1/48	1,000,000		1,039,630
5.00% 6/1/53	2,450,000		2,544,962
Center City Health Care Facilities Revenue
(Hazelden Betty Ford Foundation Project)
4.00% 11/1/34	500,000		582,695
4.00% 11/1/41	800,000		918,776
5.00% 11/1/26	500,000		565,165
Chatfield Healthcare and Housing Facilities Revenue
(Chosen Valley Care Center Project)
5.00% 9/1/44	500,000		530,250
Crookston Health Care Facilities Revenue
(Riverview Health Project)
5.00% 5/1/38	100,000		105,225
5.00% 5/1/44	1,500,000		1,568,835
5.00% 5/1/51	1,585,000		1,647,243
Dakota County Community Development Agency Senior Housing
Revenue
(Walker Highview Hills Project)
Series A 144A 5.00% 8/1/36 #	280,000		286,869
Series A 144A 5.00% 8/1/46 #	2,380,000		2,432,931
Deephaven Housing & Healthcare Revenue
(St. Therese Senior Living Project)
Series A 5.00% 4/1/38	730,000		743,403
Series A 5.00% 4/1/40	705,000		717,076
Series A 5.00% 4/1/48	315,000		319,429
Duluth Economic Development Authority
(Essentia Health Obligated Group)
Series A 4.25% 2/15/43	2,000,000		2,300,460
Series A 5.00% 2/15/48	1,850,000		2,224,347

Table of Contents

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Duluth Economic Development Authority
(St. Luke’s Hospital of Duluth Obligated Group)
5.75% 6/15/32	3,750,000	$	3,883,462
6.00% 6/15/39	3,570,000		3,693,094
Series A 3.00% 6/15/44	850,000		877,251
Series A 4.00% 6/15/34	215,000		254,306
Series A 4.00% 6/15/36	990,000		1,154,217
Series A 4.00% 6/15/37	380,000		437,597
Series A 4.00% 6/15/38	150,000		175,460
Series A 4.00% 6/15/39	150,000		174,818
Glencoe Health Care Facilities Revenue
(Glencoe Regional Health Services Project)
4.00% 4/1/24	500,000		509,425
4.00% 4/1/25	660,000		671,708
4.00% 4/1/31	60,000		60,701
Hayward Health Care Facilities Revenue
(American Baptist Homes Midwest Obligated Group)
5.375% 8/1/34	660,000		670,712
5.75% 2/1/44	500,000		510,025
(St. John’s Lutheran Home of Albert Lea Project)
5.375% 10/1/44	575,000		580,244
Maple Grove Health Care Facilities Revenue
(Maple Grove Hospital Corporation)
4.00% 5/1/37	2,000,000		2,253,320
5.00% 5/1/27	1,400,000		1,719,200
5.00% 5/1/29	1,000,000		1,216,430
5.00% 5/1/30	850,000		1,028,288
5.00% 5/1/31	500,000		602,525
5.00% 5/1/32	500,000		601,015
(North Memorial Health Care)
5.00% 9/1/31	1,000,000		1,146,590
5.00% 9/1/32	1,000,000		1,144,760
Maple Plain Senior Housing & Health Care Revenue
(Haven Homes Project)
5.00% 7/1/54	3,500,000		3,732,155
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 4.00% 11/15/48	5,600,000		6,376,664
Series A 5.00% 11/15/33	825,000		993,298
Series A 5.00% 11/15/34	500,000		582,385
Series A 5.00% 11/15/35	1,000,000		1,256,920

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Minneapolis Health Care System Revenue
(Fairview Health Services)
Series A 5.00% 11/15/44	1,000,000	$	1,160,290
Series A 5.00% 11/15/49	3,475,000		4,251,454
Minneapolis Senior Housing & Healthcare Revenue
(Ecumen-Abiitan Mill City Project)
5.00% 11/1/35	500,000		508,670
5.25% 11/1/45	1,950,000		1,981,200
5.375% 11/1/50	455,000		462,817
Minneapolis – St. Paul Housing & Redevelopment Authority Health
Care Facilities Revenue
(Allina Health System)
Series A 5.00% 11/15/28	1,550,000		1,914,932
Red Wing Senior Housing
(Deer Crest Project)
Series A 5.00% 11/1/27	430,000		435,044
Series A 5.00% 11/1/32	330,000		333,871
Series A 5.00% 11/1/42	1,250,000		1,264,662
Rochester Health Care & Housing Revenue
(The Homestead at Rochester Project)
Series A 6.875% 12/1/48	2,980,000		3,204,692
Rochester Health Care Facilities Revenue
(Mayo Clinic)
4.00% 11/15/41	4,515,000		4,622,728
Sartell Health Care Facilities Revenue
(Country Manor Campus Project)
Series A 5.25% 9/1/27	1,280,000		1,306,944
Series A 5.30% 9/1/37	1,200,000		1,236,864
Sauk Rapids Health Care Housing Facilities Revenue
(Good Shepherd Lutheran Home)
5.125% 1/1/39	1,350,000		1,363,824
Shakopee Health Care Facilities Revenue
(St. Francis Regional Medical Center)
4.00% 9/1/31	915,000		968,244
5.00% 9/1/24	575,000		647,059
5.00% 9/1/25	750,000		838,995
5.00% 9/1/26	575,000		641,113
5.00% 9/1/27	405,000		450,060
5.00% 9/1/28	425,000		469,379
5.00% 9/1/29	425,000		467,900
5.00% 9/1/34	730,000		790,831

Table of Contents

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
St. Cloud Health Care Revenue
(Centracare Health System Project)
4.00% 5/1/49	5,315,000	$	6,090,458
5.00% 5/1/48	5,090,000		6,272,305
Series A 4.00% 5/1/37	965,000		1,085,403
Series A 5.00% 5/1/46	3,715,000		4,384,629
St. Paul Housing & Redevelopment Authority Health Care Facilities
Revenue
(Fairview Health Services)
Series A 4.00% 11/15/43	2,450,000		2,810,566
Series A 5.00% 11/15/47	1,560,000		1,893,778
(HealthPartners Obligated Group Project)
Series A 5.00% 7/1/29	2,200,000		2,580,204
Series A 5.00% 7/1/32	3,000,000		3,510,960
Series A 5.00% 7/1/33	1,260,000		1,473,028
St. Paul Housing & Redevelopment Authority Housing & Health Care
Facilities Revenue
(Episcopal Homes Project)
5.125% 5/1/48	3,100,000		3,123,095
St. Paul Housing & Redevelopment Authority Multifamily Housing
Revenue
(Marian Center Project)
Series A 5.30% 11/1/30	500,000		500,670
Series A 5.375% 5/1/43	500,000		500,435
Wayzata Senior Housing Revenue
(Folkestone Senior Living Community)
3.75% 8/1/36	500,000		527,040
4.00% 8/1/44	800,000		841,880
5.00% 8/1/49	1,000,000		1,079,560
5.00% 8/1/54	875,000		942,051
West St. Paul Housing and Health Care Facilities Revenue
(Walker Westwood Ridge Campus Project)
4.50% 11/1/40	250,000		255,218
4.75% 11/1/52	750,000		765,277
Winona Health Care Facilities Revenue
(Winona Health Obligation Group)
4.50% 7/1/25	850,000		852,227
4.65% 7/1/26	540,000		541,431
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.00% 12/1/34	500,000		529,265

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

	Principal
	amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Woodbury Housing & Redevelopment Authority Revenue
(St. Therese of Woodbury)
5.125% 12/1/44	1,605,000	$	1,688,845
			139,757,250
Housing Revenue Bonds – 0.54%
Minnesota Housing Finance Agency
Series I 2.00% 7/1/40	690,000		688,399
Series I 2.20% 1/1/51	1,290,000		1,276,068
Northwest Multi-County Housing & Redevelopment Authority
(Pooled Housing Program)
5.50% 7/1/45	1,330,000		1,373,664
			3,338,131
Lease Revenue Bonds – 2.72%
Minnesota General Fund Revenue Appropriations
Series A 5.00% 6/1/38	1,250,000		1,346,475
Series A 5.00% 6/1/43	3,835,000		4,118,445
Series B 5.00% 3/1/28	2,500,000		2,559,400
Series B 5.00% 3/1/29	1,000,000		1,023,710
Minnesota Housing Finance Agency
(State Appropriation – Housing Infrastructure)
Series C 5.00% 8/1/34	1,565,000		1,769,545
Series C 5.00% 8/1/35	1,645,000		1,857,452
University of Minnesota Special Purpose Revenue
(State Supported Biomed Science Research Facilities Funding
Project)
Series A 5.00% 8/1/35	3,960,000		3,975,801
			16,650,828
Local General Obligation Bonds – 13.16%
Anoka-Hennepin Independent School District No. 11
(Minnesota School District Credit Enhancement Program)
Series A 3.00% 2/1/43	750,000		812,543
Brainerd Independent School District No. 181
(School Building)
Series A 4.00% 2/1/38	1,500,000		1,706,730
Series A 4.00% 2/1/43	3,500,000		3,950,310
Burnsville-Eagan-Savage Independent School District No. 191
(Alternative Facilities)
Series A 4.00% 2/1/28	920,000		1,026,242
Series A 4.00% 2/1/29	1,800,000		2,003,562

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Chaska Independent School District No. 112
		(School Building)
		Series A 5.00% 2/1/27	1,905,000	$	2,282,285
	Duluth
		(DECC Improvement)
		Series A 5.00% 2/1/30	630,000		749,599
		Series A 5.00% 2/1/32	1,000,000		1,188,390
		Series A 5.00% 2/1/33	3,585,000		4,255,216
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	160,000		183,630
		Series A 4.00% 2/1/28	1,250,000		1,430,213
	Hennepin County
		Series A 5.00% 12/1/26	2,635,000		3,254,093
		Series A 5.00% 12/1/33	2,000,000		2,687,860
		Series A 5.00% 12/1/36	940,000		1,149,921
		Series A 5.00% 12/1/37	5,495,000		6,770,095
		Series A 5.00% 12/1/38	3,310,000		4,102,778
		Series B 5.00% 12/1/30	1,000,000		1,230,280
		Series C 5.00% 12/1/28	1,500,000		1,952,970
		Series C 5.00% 12/1/30	1,245,000		1,531,699
		Series C 5.00% 12/1/37	3,000,000		3,664,740
	Lakeville Independent School District No. 194
		Series B 4.00% 2/1/28	1,975,000		2,379,124
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/30	445,000		514,687
	Marshall
		Series B 4.00% 4/1/28	275,000		332,307
		Series B 4.00% 4/1/29	285,000		350,445
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	450,000		536,382
		Series A 4.00% 2/1/37	600,000		713,292
		Series A 4.00% 2/1/38	625,000		741,406
		Series A 5.00% 2/1/33	1,420,000		2,006,347
		Series B 4.00% 2/1/36	945,000		1,126,402
		Series B 4.00% 2/1/37	1,255,000		1,491,969
		Series B 4.00% 2/1/38	1,305,000		1,548,056
		(School Building)
		Series B 4.00% 2/1/37	1,000,000		1,210,250

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Mounds View Independent School District No. 621
		(Minnesota School District Credit Enhancement Program)
		Series A 4.00% 2/1/43	3,000,000	$	3,394,320
	Mountain Iron-Buhl Independent School District No. 712
		(School Building)
		Series A 4.00% 2/1/26	1,315,000		1,515,551
	St. Michael-Albertville Independent School District No. 885
		(School Building)
		Series A 5.00% 2/1/27	1,865,000		2,243,427
	Virginia, Minnesota Sales Tax Revenue
		(General Obligation Sales Tax)
		Series A 4.00% 2/1/35 (AGM)	500,000		575,310
	Wayzata Independent School District No. 284
		Series A 5.00% 2/1/28	1,950,000		2,403,004
	White Bear Lake Independent School District No. 624
		Series A 3.00% 2/1/43	10,645,000		11,505,648
					80,521,083
Pre-Refunded/Escrowed to Maturity Bonds – 7.13%
	Dakota & Washington Counties Housing & Redevelopment Authority
		Single Family Residential Mortgage Revenue
		(City of Bloomington)
		Series B 8.375% 9/1/21	14,115,000		14,115,000
	Minnesota
		Series A Unrefunded Balance 5.00% 10/1/24-21 §	2,555,000		2,565,092
		Series A Unrefunded Balance 5.00% 10/1/27-21 §	5,200,000		5,220,540
		(State Trunk Highway)
		Series B 5.00% 10/1/29-21 §	5,000,000		5,019,750
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/23-22 §	350,000		368,281
		Series 7-Q 5.00% 10/1/24-22 §	475,000		499,809
		Series 7-Q 5.00% 10/1/27-22 §	200,000		210,446
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	2,355,000		2,458,149
	Rochester Electric Utility Revenue
		Series B 5.00% 12/1/27-23 §	295,000		327,084
		Series B 5.00% 12/1/28-23 §	275,000		304,909
		Series B 5.00% 12/1/31-23 §	1,365,000		1,513,457
		Series B 5.00% 12/1/33-23 §	300,000		332,628

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/24-23 §	295,000	$	320,630
		5.00% 7/1/33-23 §	650,000		706,472
	St. Paul Housing & Redevelopment Authority Hospital Facility
		Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	910,000		1,083,855
		Series A 5.00% 11/15/30-25 §	670,000		798,004
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/34-24 §	4,000,000		4,451,160
		Series A 5.00% 1/1/46-24 §	3,000,000		3,338,370
					43,633,636
Special Tax Revenue Bonds – 3.19%
	Minneapolis Development Revenue
		(Limited Tax Supported Common Bond Fund)
		Series 2-A 6.00% 12/1/40	3,000,000		3,042,570
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/30	250,000		270,860
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	10,200,000		11,672,880
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/30	655,000		748,488
		Series G 5.00% 11/1/31	1,500,000		1,713,585
	Virgin Islands Public Finance Authority
		(Matching Fund Senior Lien)
		5.00% 10/1/29 (AGM)	2,000,000		2,065,400
					19,513,783
State General Obligation Bonds – 12.88%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	2,530,000		2,337,087
	Minnesota
		(State Trunk Highway)
		Series E 5.00% 10/1/26	3,395,000		4,181,384
		(Various Purposes)
		Series A 5.00% 8/1/27	7,590,000		8,969,179
		Series A 5.00% 8/1/29	3,200,000		3,780,096
		Series A 5.00% 8/1/30	14,480,000		18,209,921

Table of Contents

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 5.00% 8/1/32	3,875,000	$	4,397,195
		Series A 5.00% 8/1/33	3,750,000		4,894,606
		Series A 5.00% 10/1/33	3,000,000		3,743,550
		Series A 5.00% 8/1/35	5,975,000		7,706,044
		Series A 5.00% 8/1/38	5,335,000		6,863,632
		Series A 5.00% 8/1/40	1,750,000		2,292,465
		Series A Unrefunded Balance 4.00% 8/1/27	955,000		987,947
		Series D 5.00% 8/1/26	6,000,000		7,351,320
		Series D 5.00% 8/1/27	2,525,000		3,081,283
					78,795,709
Transportation Revenue Bonds – 6.16%
	Minneapolis – St. Paul Metropolitan Airports Commission Revenue
		(Senior)
		Series A 5.00% 1/1/32	1,245,000		1,506,836
		Series C 5.00% 1/1/29	410,000		501,221
		Series C 5.00% 1/1/33	850,000		1,028,551
		Series C 5.00% 1/1/36	600,000		723,306
		Series C 5.00% 1/1/41	600,000		721,482
		Series C 5.00% 1/1/46	1,595,000		1,918,434
		(Subordinate)
		Series A 5.00% 1/1/35	1,000,000		1,104,550
		Series A 5.00% 1/1/44	3,000,000		3,733,980
		Series A 5.00% 1/1/49	5,000,000		6,204,200
		Series B 5.00% 1/1/26	575,000		584,108
		Series B 5.00% 1/1/27	1,160,000		1,178,374
		Series B 5.00% 1/1/28	2,750,000		2,793,092
		Series B 5.00% 1/1/29	120,000		121,864
		Series B 5.00% 1/1/30	1,675,000		1,700,845
		Series B 5.00% 1/1/31	1,750,000		1,777,003
		Series B 5.00% 1/1/44 (AMT)	3,595,000		4,465,601
		Series B 5.00% 1/1/49 (AMT)	6,150,000		7,595,619
					37,659,066
Water & Sewer Revenue Bonds – 2.86%
	Guam Government Waterworks Authority
		5.00% 7/1/40	1,930,000		2,240,769
	Metropolitan Council General Obligation Wastewater Revenue
		(Minneapolis-St. Paul Metropolitan Area)
		Series B 4.00% 9/1/27	2,400,000		2,490,096

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Metropolitan Council General Obligation Wastewater Revenue
		(Minneapolis-St. Paul Metropolitan Area)
		Series B 5.00% 9/1/25	2,000,000	$	2,095,000
		Series C 4.00% 3/1/31	3,120,000		3,643,224
		Series C 4.00% 3/1/32	3,225,000		3,755,867
		Series E 5.00% 9/1/23	2,000,000		2,095,000
	Minnesota Public Facilities Authority
		Series B 4.00% 3/1/26	1,000,000		1,162,640
					17,482,596
Total Municipal Bonds (cost $566,515,166)					602,619,642

Short-Term Investments – 1.08%
Variable Rate Demand Notes – 1.08%¤
	Minneapolis Health Care System Revenue
		(Fairview Health Services) Series C 0.02% 11/15/48 (LOC – Wells
		Fargo Bank N.A.)	3,950,000		3,950,000
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
		Care Revenue
		(Allina Health System)
		Series B-1 0.01% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	2,630,000		2,630,000
Total Short-Term Investments (cost $6,580,000)					6,580,000
Total Value of Securities–99.58%
	(cost $573,095,166)			$	609,199,642

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $14,763,227, which represents 2.41% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Fund

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

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

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

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.70%
Corporate Revenue Bond – 1.00%
	St. Paul Port Authority Solid Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	885,000	$	902,488
					902,488
Education Revenue Bonds – 15.00%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/32	425,000		463,067
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/34	485,000		516,477
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/29	305,000		331,013
	Duluth Housing & Redevelopment Authority Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/38	400,000		449,568
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy Project)
		Series A 5.50% 8/1/36	420,000		440,618
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/29	530,000		569,432
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/31	500,000		546,580
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		5.25% 8/1/39	525,000		563,173
	Minnesota Higher Education Facilities Authority Revenue
		(Bethel University)
		5.00% 5/1/32	750,000		858,420
		(Gustavus Adolphus College)
		5.00% 10/1/34	435,000		530,000
		5.00% 10/1/35	555,000		675,302
		(St. Catherine University)
		Series A 5.00% 10/1/35	565,000		684,983
		(St. John’s University)
		Series 8-I 5.00% 10/1/31	130,000		151,226
		(St. Olaf College)
		3.00% 10/1/41	415,000		456,521
		Series 8-G 5.00% 12/1/31	125,000		146,300

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		Series 8-G 5.00% 12/1/32	125,000	$	146,163
		(University of St. Thomas)
		4.00% 10/1/36	300,000		353,676
		5.00% 10/1/34	350,000		445,403
		5.00% 10/1/35	750,000		952,792
		Series 7-U 4.00% 4/1/26	1,400,000		1,476,776
		Series A 5.00% 10/1/29	630,000		778,730
	St. Paul Housing & Redevelopment Authority Charter School Lease
		Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	340,000		366,194
		(Great River School Project)
		Series A 144A 5.25% 7/1/33 #	140,000		160,681
		(Hmong College Prep Academy Project)
		Series A 5.00% 9/1/40	1,000,000		1,215,580
		(Twin Cities Academy Project)
		Series A 5.30% 7/1/45	260,000		287,929
					13,566,604
Electric Revenue Bonds – 5.98%
	Central Minnesota Municipal Power Agency
		(Brookings Twin Cities Transmission Project)
		Series E 5.00% 1/1/23	1,000,000		1,015,680
	Chaska Electric Revenue
		Series A 5.00% 10/1/28	250,000		295,130
	Minnesota Municipal Power Agency Electric Revenue
		Series A 5.00% 10/1/29	500,000		569,485
		Series A 5.00% 10/1/30	240,000		273,353
	Northern Municipal Power Agency Electric System Revenue
		5.00% 1/1/29	150,000		176,676
		5.00% 1/1/30	235,000		283,584
		5.00% 1/1/31	350,000		411,425
		Series A 5.00% 1/1/25	200,000		212,194
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/28	300,000		368,562
		Series A 5.00% 12/1/29	500,000		612,525
		Series A 5.00% 12/1/31	575,000		702,408
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/30	425,000		488,032
					5,409,054

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 23.12%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.375% 11/1/34	270,000	$	290,728
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		3rd Tier Series C 4.25% 1/1/27	475,000		394,863
		3rd Tier Series C 5.00% 1/1/32	400,000		305,404
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System - St. Peter Communities Project)
		Series A 5.50% 12/1/48	250,000		266,090
	Bethel Senior Housing Revenue
		(The Lodge at the Lakes at Stillwater Project)
		5.00% 6/1/38	250,000		261,255
	Center City Health Care Facilities Revenue
		(Hazelden Betty Ford Foundation Project)
		5.00% 11/1/24	600,000		681,552
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		4.00% 9/1/34	100,000		102,766
		4.00% 9/1/39	100,000		100,912
	Crookston Health Care Facilities Revenue
		(RiverView Health Project)
		5.00% 5/1/38	400,000		420,900
	Dakota County Community Development Agency Senior Housing
		Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/36 #	480,000		491,774
	Duluth Economic Development Authority
		(Essentia Health Obligated Group)
		Series A 5.00% 2/15/37	750,000		910,440
		Series A 5.00% 2/15/48	390,000		468,917
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32	750,000		776,692
		Series A 4.00% 6/15/33	380,000		452,299
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/26	270,000		274,609
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated Group)
		4.25% 8/1/24	348,334		349,107

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	500,000	$	563,330
		5.00% 5/1/28	1,000,000		1,223,500
		(North Memorial Health Care)
		5.00% 9/1/31	320,000		366,909
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/33	500,000		583,060
		Series A 5.00% 11/15/34	500,000		582,385
		Series A 5.00% 11/15/35	500,000		628,460
		Series A 5.00% 11/15/49	1,000,000		1,223,440
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.00% 11/1/35	530,000		539,190
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
		Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/27	1,205,000		1,491,585
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		Series C 4.50% 11/15/38 •	925,000		933,112
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.00% 9/1/21	1,050,000		1,050,000
	Sauk Rapids Health Care Housing Facilities Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	575,000		580,888
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		5.00% 5/1/48	810,000		998,147
	St. Paul Housing & Redevelopment Authority Health Care Facilities
		Revenue
		(Fairview Health Services)
		Series A 5.00% 11/15/47	275,000		333,839
		(HealthPartners Obligated Group Project)
		Series A 5.00% 7/1/32	1,000,000		1,170,320
		Series A 5.00% 7/1/33	200,000		233,814
	St. Paul Housing & Redevelopment Authority Housing & Health Care
		Facilities Revenue
		(Episcopal Homes Project)
		5.00% 5/1/33	500,000		507,215

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		5.00% 8/1/34	125,000	$	136,386
		5.00% 8/1/35	150,000		163,529
	West St. Paul, Housing and Health Care Facilities Revenue
		(Walker Westwood Ridge Campus Project)
		5.00% 11/1/37	500,000		522,485
	Woodbury Housing & Redevelopment Authority Revenue
		(St. Therese of Woodbury)
		5.00% 12/1/34	500,000		529,265
					20,909,167
Housing Revenue Bonds – 0.66%
	Minnesota Housing Finance Agency Residential Housing Finance
		Series I 2.00% 7/1/40	300,000		299,304
	Northwest Multi-County Housing & Redevelopment Authority
		(Pooled Housing Program)
		5.50% 7/1/45	285,000		294,357
					593,661
Lease Revenue Bonds – 4.16%
	Minnesota General Fund Revenue Appropriations
		Series A 5.00% 6/1/38	1,100,000		1,184,898
		Series A 5.00% 6/1/43	715,000		767,846
		Series B 5.00% 3/1/27	1,000,000		1,023,760
	Minnesota Housing Finance Agency State Appropriation
		(Housing Infrastructure)
		Series A 4.00% 8/1/33	655,000		785,070
					3,761,574
Local General Obligation Bonds – 17.24%
	Chaska Independent School District No. 112
		(School Building)
		Series A 5.00% 2/1/28	1,000,000		1,195,140
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/28	250,000		286,042
	Hennepin County
		Series A 5.00% 12/1/36	1,500,000		1,834,980
		Series A 5.00% 12/1/38	1,055,000		1,307,683
		Series C 5.00% 12/1/30	1,500,000		1,845,420
	Hennepin County Regional Railroad Authority
		Series D 5.00% 12/1/30	2,365,000		3,217,535

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	220,000	$	262,231
		Series B 4.00% 2/1/36	465,000		554,262
		Series B 4.00% 2/1/37	600,000		726,150
	St. Michael-Albertville Independent School District No. 885
		(School Building)
		Series A 5.00% 2/1/27	500,000		601,455
	Virginia, Minnesota
		(General Obligation Sales Tax Revenue)
		Series A 4.00% 2/1/38 (AGM)	1,000,000		1,142,380
	White Bear Lake Independent School District No. 624
		Series A 3.00% 2/1/43	2,420,000		2,615,657
					15,588,935
Pre-Refunded/Escrowed to Maturity Bonds – 5.01%
	Minnesota
		Series A Unrefunded Balance 5.00% 10/1/24-21 §	1,000,000		1,003,950
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/22	425,000		447,198
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	325,000		339,235
	St. Paul Housing & Redevelopment Authority Hospital Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	165,000		196,523
		Series A 5.00% 11/15/30-25 §	120,000		142,926
	University of Minnesota
		Series D 5.00% 12/1/26-21 §	1,000,000		1,012,130
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/33-24 §	1,250,000		1,390,987
					4,532,949
Special Tax Revenue Bonds – 3.09%
	Minneapolis Revenue
		(YMCA Greater Twin Cities Project)
		4.00% 6/1/27	150,000		166,051
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	830,000		955,097
		Series A-1 4.75% 7/1/53	655,000		749,582
		Series A-2 4.536% 7/1/53	378,000		427,522

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Paul Sales Tax Revenue
		Series G 5.00% 11/1/28	435,000	$	497,088
					2,795,340
State General Obligation Bonds – 15.78%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series B 5.75% 7/1/38 ‡	345,000		318,694
	Minnesota
		Series A 5.00% 8/1/30	450,000		578,295
		Series A 5.00% 8/1/30	2,000,000		2,635,860
		Series A 5.00% 8/1/33	285,000		365,219
		Series A 5.00% 8/1/34	1,000,000		1,279,470
		Series A 5.00% 8/1/35	2,000,000		2,600,600
		Series A 5.00% 8/1/40	750,000		982,485
		Series D 5.00% 8/1/26	2,500,000		3,063,050
		Series D 5.00% 8/1/27	1,500,000		1,830,465
		Series E 5.00% 10/1/26	500,000		615,815
					14,269,953
Transportation Revenue Bonds – 5.44%
	Minneapolis – St. Paul Metropolitan Airports Commission Revenue
		(Subordinate)
		Series B 5.00% 1/1/26	710,000		721,246
		Series B 5.00% 1/1/31	750,000		761,573
		Series B 5.00% 1/1/44 (AMT)	1,600,000		1,987,472
	St. Paul Housing & Redevelopment Authority
		(Parking Enterprise)
		Series A 4.00% 8/1/26	450,000		485,644
		Series A 4.00% 8/1/27	545,000		585,439
		Series A 4.00% 8/1/28	350,000		374,332
					4,915,706
Water & Sewer Revenue Bonds – 2.22%
	Guam Government Waterworks Authority Water & Wastewater
		System Revenue
		5.00% 7/1/37	575,000		670,226
	Metropolitan Council General Obligation Wastewater Revenue
		(Minneapolis – St. Paul Metropolitan Area)
		Series C 4.00% 3/1/31	565,000		659,750

Table of Contents

Schedules of investments
Delaware Tax-Free Minnesota Intermediate Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Metropolitan Council General Obligation Wastewater Revenue
		(Minneapolis – St. Paul Metropolitan Area)
		Series C 4.00% 3/1/32	585,000	$	681,297
					2,011,273
Total Municipal Bonds (cost $84,654,906)					89,256,704

Short-Term Investments – 0.88%
Variable Rate Demand Note – 0.88%¤
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
		Care Facilities Revenue
		(Allina Health System) Series B-1 0.01% 11/15/35
		(LOC – JPMorgan Chase Bank N.A.)	800,000		800,000
Total Short-Term Investments (cost $800,000)					800,000
Total Value of Securities–99.58%
	(cost $85,454,906)			$	90,056,704

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $1,894,178, which represents 2.09% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.

Table of Contents

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

USD – US Dollar

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

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 96.00%
Corporate Revenue Bonds – 1.86%
	Cottonwood
		(Extreme Holdings LLC Project)
		Series A 144A 5.00% 12/1/50 (AMT) #	1,210,000	$	1,245,332
	St. Paul Port Authority Solid Waste Disposal Revenue
		(Gerdau St. Paul Steel Mill Project)
		Series 7 144A 4.50% 10/1/37 (AMT) #	2,975,000		3,033,786
					4,279,118
Education Revenue Bonds – 22.79%
	Bethel Charter School Lease Revenue
		(Spectrum High School Project)
		Series A 4.00% 7/1/37	850,000		919,878
		Series A 4.25% 7/1/47	750,000		810,413
	Brooklyn Park Charter School Lease Revenue
		(Prairie Seeds Academy Project)
		Series A 5.00% 3/1/39	1,270,000		1,342,911
	Cologne Charter School Lease Revenue
		(Cologne Academy Project)
		Series A 5.00% 7/1/34	250,000		268,527
		Series A 5.00% 7/1/45	230,000		244,442
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/50	1,000,000		1,121,340
	Duluth Housing & Redevelopment Authority Revenue
		(Duluth Public Schools Academy Project)
		Series A 5.00% 11/1/48	1,000,000		1,108,560
	Forest Lake Charter School Lease Revenue Fund
		(Lakes International Language Academy)
		Series A 5.375% 8/1/50	660,000		762,425
		Series A 5.75% 8/1/44	585,000		614,753
	Ham Lake Charter School Lease Revenue
		(Davinci Academy Project)
		Series A 5.00% 7/1/36	235,000		256,688
		Series A 5.00% 7/1/47	710,000		767,957
		(Parnassus Preparatory School Project)
		Series A 5.00% 11/1/47	650,000		721,253
	Hugo Charter School Lease Revenue
		(Noble Academy Project)
		Series A 5.00% 7/1/34	165,000		175,779
		Series A 5.00% 7/1/44	495,000		521,651

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minneapolis Charter School Lease Revenue
		(Hiawatha Academies Project)
		Series A 5.00% 7/1/36	1,000,000	$	1,080,770
		Series A 5.00% 7/1/47	800,000		859,144
	Minneapolis Student Housing Revenue
		(Riverton Community Housing Project)
		144A 4.75% 8/1/43 #	750,000		796,830
		144A 5.00% 8/1/53 #	570,000		608,538
		5.25% 8/1/39	800,000		858,168
	Minnesota Higher Education Facilities Authority Revenue
		(Bethel University)
		5.00% 5/1/32	1,150,000		1,316,244
		5.00% 5/1/47	1,500,000		1,677,495
		(Carleton College)
		4.00% 3/1/37	635,000		718,890
		(Gustavus Adolphus College)
		5.00% 10/1/47	1,000,000		1,193,190
		(Macalester College)
		3.00% 3/1/40	365,000		402,580
		3.00% 3/1/43	325,000		354,880
		4.00% 3/1/31	125,000		156,591
		4.00% 3/1/32	155,000		192,557
		4.00% 3/1/33	150,000		185,517
		4.00% 3/1/34	150,000		184,976
		4.00% 3/1/35	125,000		153,339
		4.00% 3/1/36	125,000		152,716
		4.00% 3/1/37	100,000		121,873
		(Minneapolis College of Art & Design)
		4.00% 5/1/24	250,000		260,932
		4.00% 5/1/25	200,000		208,396
		4.00% 5/1/26	100,000		104,039
		(St. Catherine University)
		Series A 4.00% 10/1/37	580,000		653,846
		Series A 5.00% 10/1/32	715,000		874,023
		Series A 5.00% 10/1/45	670,000		796,282
		(St. John’s University)
		Series 8-I 5.00% 10/1/34	215,000		249,041
		(St. Olaf College)
		3.00% 10/1/41	530,000		583,026
		4.00% 10/1/50	935,000		1,105,535
		Series 8-G 5.00% 12/1/31	205,000		239,932

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Minnesota Higher Education Facilities Authority Revenue
		(St. Olaf College)
		Series 8-G 5.00% 12/1/32	205,000	$	239,707
		Series 8-N 4.00% 10/1/34	800,000		911,016
		Series 8-N 4.00% 10/1/35	590,000		671,095
		(Trustees of the Hamline University of Minnesota)
		Series B 5.00% 10/1/37	300,000		334,383
		Series B 5.00% 10/1/39	770,000		855,247
		(University of St. Thomas)
		4.00% 10/1/37	500,000		587,790
		4.00% 10/1/41	1,000,000		1,164,700
		4.00% 10/1/44	950,000		1,099,121
		Series A 4.00% 10/1/35	400,000		460,848
	Otsego Charter School Lease Revenue
		(Kaleidoscope Charter School)
		Series A 5.00% 9/1/44	1,435,000		1,504,899
	St. Cloud Charter School Lease Revenue
		(Stride Academy Project)
		Series A 5.00% 4/1/46	750,000		684,683
	St. Paul Housing & Redevelopment Authority Charter School Lease
		Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	1,750,000		1,884,820
		(Great River School Project)
		Series A 144A 5.50% 7/1/52 #	265,000		299,879
		(Hmong College Preparatory Academy Project)
		Series A 5.00% 9/1/43	250,000		301,643
		Series A 5.00% 9/1/55	1,000,000		1,192,990
		Series A 5.75% 9/1/46	500,000		583,045
		Series A 6.00% 9/1/51	3,500,000		4,113,445
		(Nova Classical Academy Project)
		Series A 4.00% 9/1/36	1,270,000		1,349,400
		Series A 4.125% 9/1/47	500,000		528,565
		(Twin Cities Academy Project)
		Series A 5.375% 7/1/50	1,500,000		1,662,330
	University of Minnesota
		Series A 5.00% 4/1/34	2,115,000		2,508,326
		Series A 5.00% 9/1/40	900,000		1,095,300
		Series A 5.00% 9/1/41	620,000		754,311
	Woodbury Charter School Lease Revenue
		(MSA Building Company)
		Series A 4.00% 12/1/50	450,000		490,743

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Woodbury Charter School Lease Revenue
		(Woodbury Leadership Academy Project)
		Series A 4.00% 7/1/51	660,000	$	724,409
		Series A 4.00% 7/1/56	575,000		629,223
					52,357,845
Electric Revenue Bonds – 5.34%
	Central Minnesota Municipal Power Agency
		(Brookings Twin Cities Transmission Project)
		5.00% 1/1/42	1,500,000		1,521,825
	Hutchinson Utilities Commission Revenue
		Series A 5.00% 12/1/22	490,000		519,425
		Series A 5.00% 12/1/26	360,000		381,103
	Minnesota Municipal Power Agency Electric Revenue
		5.00% 10/1/27	165,000		188,039
		5.00% 10/1/28	500,000		569,485
		5.00% 10/1/47	745,000		883,272
	Northern Municipal Power Agency Electric System Revenue
		5.00% 1/1/26	500,000		593,380
		5.00% 1/1/28	500,000		590,560
		5.00% 1/1/29	470,000		553,585
		5.00% 1/1/33	225,000		270,187
		5.00% 1/1/34	200,000		239,982
		Series A 5.00% 1/1/24	335,000		355,612
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	165,000		161,700
		Series AAA 5.25% 7/1/25 ‡	95,000		93,456
		Series CCC 5.25% 7/1/27 ‡	650,000		639,438
		Series WW 5.00% 7/1/28 ‡	585,000		573,300
		Series XX 4.75% 7/1/26 ‡	105,000		102,506
		Series XX 5.25% 7/1/40 ‡	295,000		290,206
		Series XX 5.75% 7/1/36 ‡	370,000		366,300
		Series ZZ 4.75% 7/1/27 ‡	85,000		82,981
		Series ZZ 5.25% 7/1/24 ‡	130,000		127,888
	Rochester Electric Utility Revenue
		Series A 5.00% 12/1/34	450,000		547,897
		Series A 5.00% 12/1/35	500,000		607,625
		Series A 5.00% 12/1/36	520,000		630,734
	Southern Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/41	400,000		467,228

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Energy Revenue
		Series A 4.00% 10/1/32	800,000	$	911,432
					12,269,146
Healthcare Revenue Bonds – 30.98%
	Anoka Healthcare & Housing Facilities Revenue
		(The Homestead at Anoka Project)
		5.125% 11/1/49	400,000		422,852
	Apple Valley Senior Housing Revenue
		(PHS Senior Housing, Inc. Orchard Path Project)
		4.50% 9/1/53	840,000		874,062
		5.00% 9/1/43	535,000		565,029
		5.00% 9/1/58	1,175,000		1,233,903
	Apple Valley Senior Living Revenue
		(Senior Living LLC Project)
		2nd Tier Series B 5.00% 1/1/47	535,000		419,360
		4th Tier Series D 7.00% 1/1/37	490,000		399,830
		4th Tier Series D 7.25% 1/1/52	1,495,000		1,159,462
	Bethel Housing & Health Care Facilities Revenue
		(Benedictine Health System - St. Peter Communities Project)
		Series A 5.50% 12/1/48	1,280,000		1,362,381
	Bethel Senior Housing Revenue
		(The Lodge at the Lakes at Stillwater Project)
		5.25% 6/1/58	1,475,000		1,537,068
	Brooklyn Center Multifamily Housing Revenue
		(Sanctuary at Brooklyn Center Project)
		Series A 5.50% 11/1/35	645,000		640,685
	Chatfield Healthcare and Housing Facilities Revenue
		(Chosen Valley Care Center Project)
		4.00% 9/1/39	250,000		252,280
		5.00% 9/1/52	1,500,000		1,576,740
	City of West St. Paul Minnesota
		(Walker Westwood Ridge Campus Project)
		5.00% 11/1/49	1,500,000		1,546,470
	Crookston Health Care Facilities Revenue
		(Riverview Health Project)
		5.00% 5/1/51	1,025,000		1,065,252
	Dakota County Community Development Agency Senior Housing
		Revenue
		(Walker Highview Hills Project)
		Series A 144A 5.00% 8/1/51 #	870,000		888,949

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Deephaven Housing & Healthcare Revenue
		(St. Therese Senior Living Project)
		Series A 5.00% 4/1/38	335,000	$	341,151
		Series A 5.00% 4/1/40	315,000		320,396
		Series A 5.00% 4/1/48	185,000		187,601
	Duluth Economic Development Authority
		(Benedictine Health System)
		Series A 4.00% 7/1/41	930,000		1,020,517
		(Essentia Health Obligated Group)
		Series A 4.25% 2/15/43	2,500,000		2,875,575
		Series A 5.00% 2/15/48	1,590,000		1,911,736
		(St. Luke’s Hospital of Duluth Obligated Group)
		5.75% 6/15/32	2,000,000		2,071,180
		6.00% 6/15/39	1,000,000		1,034,480
		Series A 4.00% 6/15/38	400,000		458,936
		Series A 4.00% 6/15/39	250,000		285,748
	Glencoe Health Care Facilities Revenue
		(Glencoe Regional Health Services Project)
		4.00% 4/1/31	185,000		187,161
	Hayward Health Care Facilities Revenue
		(American Baptist Homes Midwest Obligated Group)
		5.375% 8/1/34	750,000		762,172
		(St. John’s Lutheran Home of Albert Lea Project)
		5.375% 10/1/44	165,000		166,505
	Maple Grove Health Care Facilities Revenue
		(Maple Grove Hospital Corporation)
		4.00% 5/1/37	1,155,000		1,301,292
		5.00% 5/1/26	1,300,000		1,554,644
		5.00% 5/1/29	500,000		608,215
		(North Memorial Health Care)
		5.00% 9/1/30	610,000		701,024
	Maple Plain Senior Housing & Health Care Revenue
		(Haven Homes Incorporate Project)
		5.00% 7/1/49	1,000,000		1,068,190
	Minneapolis Health Care System Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/48	1,000,000		1,138,690
		Series A 5.00% 11/15/33	1,200,000		1,399,344
		Series A 5.00% 11/15/34	500,000		582,385
		Series A 5.00% 11/15/44	1,000,000		1,160,290
		Series A 5.00% 11/15/49	1,450,000		1,773,988

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Minneapolis Senior Housing & Healthcare Revenue
		(Ecumen-Abiitan Mill City Project)
		5.375% 11/1/50	1,700,000	$	1,729,206
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
		Care Facilities Revenue
		(Allina Health System)
		Series A 5.00% 11/15/29	415,000		512,152
	Morris Health Care Facilities Revenue
		(Farmington Health Services)
		4.10% 8/1/44	500,000		503,220
		4.20% 8/1/49	1,500,000		1,508,550
	Rochester Health Care & Housing Revenue
		(The Homestead at Rochester Project)
		Series A 5.25% 12/1/23	175,000		185,484
	Rochester Health Care Facilities Revenue
		(Mayo Clinic)
		4.00% 11/15/41	1,790,000		1,832,709
	Rochester, Minnesota
		(The Homestead at Rochester Project)
		Series A 6.875% 12/1/48	950,000		1,021,630
	Sartell Health Care Facilities Revenue
		(Country Manor Campus Project)
		Series A 5.25% 9/1/22	1,080,000		1,108,415
	Sauk Rapids Health Care Housing Facilities Revenue
		(Good Shepherd Lutheran Home)
		5.125% 1/1/39	825,000		833,448
	Shakopee Health Care Facilities Revenue
		(St. Francis Regional Medical Center)
		4.00% 9/1/31	130,000		137,565
		5.00% 9/1/34	105,000		113,749
	St. Cloud Health Care Revenue
		(Centracare Health System Project)
		4.00% 5/1/49	250,000		286,475
		5.00% 5/1/48	3,900,000		4,805,892
		Series A 4.00% 5/1/37	1,440,000		1,619,669
		Series A 5.00% 5/1/46	2,000,000		2,360,500
	St. Joseph Senior Housing & Healthcare Revenue
		(Woodcrest Country Manor Project)
		5.00% 7/1/55	1,000,000		1,027,100

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	St. Paul Housing & Redevelopment Authority Health Care Facilities
		Revenue
		(Fairview Health Services)
		Series A 4.00% 11/15/43	645,000	$	739,925
		Series A 5.00% 11/15/47	485,000		588,770
		(HealthPartners Obligated Group Project)
		Series A 4.00% 7/1/33	1,320,000		1,462,019
		Series A 5.00% 7/1/29	1,000,000		1,172,820
		Series A 5.00% 7/1/32	900,000		1,053,288
		Series A 5.00% 7/1/33	1,540,000		1,800,368
	St. Paul Housing & Redevelopment Authority Housing & Health Care
		Facilities Revenue
		(Episcopal Homes Project)
		5.125% 5/1/48	1,700,000		1,712,665
		Series A 5.15% 11/1/42	775,000		775,744
	St. Paul Housing & Redevelopment Authority Multifamily Housing
		Revenue
		(Marian Center Project)
		Series A 5.375% 5/1/43	1,000,000		1,000,870
	St. Paul Housing & Redevelopment Authority Revenue
		(Amherst H. Wilder Foundation Project)
		Series A 5.00% 12/1/36	1,000,000		1,219,060
	Victoria Health Care Facilities Revenue
		(Augustana Emerald Care Project)
		5.00% 8/1/39	1,500,000		1,501,080
	Wayzata Senior Housing Revenue
		(Folkestone Senior Living Community)
		4.00% 8/1/38	500,000		529,365
		4.00% 8/1/39	400,000		423,028
		4.00% 8/1/44	350,000		368,323
		5.00% 8/1/54	350,000		376,820
					71,165,452
Housing Revenue Bonds – 1.70%
	Bethel Senior Housing Revenue
		(Birchwood Landing at the Lakes at Stillwater Project)
		5.00% 5/1/54	1,000,000		1,059,320
	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)	296		297
	Minnesota Housing Finance Agency
		Series I 2.20% 1/1/51	680,000		672,656

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds (continued)
	Minnesota Housing Finance Agency State Appropriation
		(Housing Infrastructure)
		Series C 5.00% 8/1/33	100,000	$	113,195
	Northwest Multi-County Housing & Redevelopment Authority
		(Pooled Housing Program)
		5.50% 7/1/45	1,275,000		1,316,858
	Stillwater Multifamily Housing Revenue
		(Orleans Homes Project)
		5.50% 2/1/42 (AMT)	750,000		750,795
					3,913,121
Lease Revenue Bonds – 1.99%
	Minnesota General Fund Revenue Appropriations
		Series A 5.00% 6/1/38	1,750,000		1,885,065
		Series A 5.00% 6/1/43	1,000,000		1,073,910
	Minnesota Housing Finance Agency State Appropriation
		(Housing Infrastructure)
		Series C 5.00% 8/1/32	1,415,000		1,602,586
					4,561,561
Local General Obligation Bonds – 7.74%
	Anoka-Hennepin Independent School District No. 11
		Series A 3.00% 2/1/43	500,000		541,695
	Duluth General Obligation Entertainment Convention Center
		Improvement
		Series A 5.00% 2/1/34	1,000,000		1,185,040
	Duluth Independent School District No. 709
		Series A 4.00% 2/1/27	440,000		504,984
		Series A 4.20% 3/1/34	750,000		805,522
	Hennepin County
		Series A 5.00% 12/1/33	1,560,000		2,096,531
		Series A 5.00% 12/1/37	910,000		1,130,001
		Series C 5.00% 12/1/37	2,500,000		3,053,950
	Lakeville Independent School District No. 194
		Series B 4.00% 2/1/29	1,625,000		1,992,656
	Mahtomedi Independent School District No. 832
		(School Building)
		Series A 5.00% 2/1/28	1,000,000		1,158,080
		Series A 5.00% 2/1/29	1,000,000		1,156,600
		Series A 5.00% 2/1/31	1,000,000		1,156,230
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/36	160,000		190,714
		Series A 4.00% 2/1/37	215,000		255,596

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Minneapolis Special School District No. 1
		Series A 4.00% 2/1/38	220,000	$	260,975
		Series B 4.00% 2/1/36	335,000		399,307
		Series B 4.00% 2/1/37	445,000		529,025
		Series B 4.00% 2/1/38	465,000		551,606
	Wayzata Independent School District No. 284
		(School Building)
		Series A 5.00% 2/1/28	650,000		801,002
					17,769,514
Pre-Refunded/Escrowed to Maturity Bonds – 4.71%
	Deephaven Charter School Lease Revenue
		(Eagle Ridge Academy Project)
		Series A 5.50% 7/1/43-23 §	500,000		547,035
	Minnesota
		Series A Unrefunded Balance 5.00% 10/1/24-21 §	985,000		988,891
	Minnesota Higher Education Facilities Authority Revenue
		(St. Catherine University)
		Series 7-Q 5.00% 10/1/25-22 §	325,000		341,975
		Series 7-Q 5.00% 10/1/26-22 §	280,000		294,624
	Rice County Educational Facilities Revenue
		(Shattuck-St. Mary’s School)
		Series A 144A 5.00% 8/1/22 #	1,520,000		1,586,576
	Rochester Health Care Facilities Revenue
		(Olmsted Medical Center Project)
		5.00% 7/1/22	350,000		363,933
		5.00% 7/1/27-23 §	245,000		266,286
		5.00% 7/1/28-23 §	225,000		244,548
	St. Paul Housing & Redevelopment Authority Charter School Lease
		Revenue
		(Nova Classical Academy Project)
		Series A 6.625% 9/1/42-21 §	1,500,000		1,500,000
	St. Paul Housing & Redevelopment Authority Hospital Facility
		Revenue
		(Healtheast Care System Project)
		Series A 5.00% 11/15/29-25 §	275,000		327,539
		Series A 5.00% 11/15/30-25 §	205,000		244,165
	Western Minnesota Municipal Power Agency Revenue
		Series A 5.00% 1/1/30-24 §	500,000		556,395
		Series A 5.00% 1/1/33-24 §	750,000		834,592
		Series A 5.00% 1/1/34-24 §	450,000		500,756

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

		Principal
		amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Western Minnesota Municipal Power Agency Revenue
	Series A 5.00% 1/1/40-24 §	2,000,000	$	2,225,580
				10,822,895
Special Tax Revenue Bonds – 4.42%
	Minneapolis Revenue
	(YMCA Greater Twin Cities Project)
	4.00% 6/1/31	250,000		269,413
	Minneapolis Tax Increment Revenue
	(Grant Park Project)
	4.00% 3/1/27	200,000		205,722
	4.00% 3/1/30	260,000		266,276
	(Village of St. Anthony Falls Project)
	4.00% 3/1/24	700,000		722,330
	4.00% 3/1/27	650,000		668,304
	Puerto Rico Sales Tax Financing Revenue
	(Restructured)
	Series A-1 4.75% 7/1/53	3,155,000		3,610,582
	Series A-1 5.00% 7/1/58	275,000		318,409
	Series A-2 4.536% 7/1/53	3,000,000		3,393,030
	St. Paul Sales Tax Revenue
	Series G 5.00% 11/1/28	600,000		685,638
				10,139,704
State General Obligation Bonds – 8.41%
	Commonwealth of Puerto Rico
	(Public Improvement)
	Series B 5.75% 7/1/38 ‡	920,000		849,850
	Minnesota
	Series A 5.00% 8/1/27	750,000		886,283
	Series A 5.00% 8/1/29	1,000,000		1,181,280
	Series A 5.00% 8/1/30	1,250,000		1,606,375
	Series A 5.00% 8/1/33	660,000		845,770
	Series A 5.00% 8/1/34	2,185,000		2,795,642
	Series A 5.00% 8/1/35	1,000,000		1,300,300
	Series D 5.00% 8/1/26	1,000,000		1,225,220
	Series D 5.00% 8/1/27	1,000,000		1,220,310
	Series E 5.00% 10/1/26	1,085,000		1,336,319
	(Various Purposes)
	Series A 5.00% 8/1/32	1,915,000		2,173,065
	Series A 5.00% 8/1/38	1,000,000		1,270,290

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds (continued)
	Minnesota
	(Various Purposes)
	Series A 5.00% 8/1/38	2,000,000	$	2,632,500
				19,323,204
Transportation Revenue Bonds – 5.06%
	Minneapolis – St. Paul Metropolitan Airports Commission Revenue
	(Senior)
	Series C 5.00% 1/1/46	185,000		222,514
	(Subordinate)
	Series A 5.00% 1/1/32	500,000		552,890
	Series A 5.00% 1/1/49	1,500,000		1,861,260
	Series B 5.00% 1/1/29	2,130,000		2,163,079
	Series B 5.00% 1/1/44 (AMT)	4,000,000		4,968,680
	Series B 5.00% 1/1/49 (AMT)	1,500,000		1,852,590
				11,621,013
Water & Sewer Revenue Bonds – 1.00%
	Metropolitan Council General Obligation Wastewater Revenue
	(Minneapolis – St. Paul Metropolitan Area)
	Series C 4.00% 3/1/31	965,000		1,126,830
	Series C 4.00% 3/1/32	1,000,000		1,164,610
				2,291,440
Total Municipal Bonds (cost $207,844,606)				220,514,013

Short-Term Investments – 3.42%
Variable Rate Demand Notes – 3.42%¤
	Minneapolis Health Care System Revenue
	(Fairview Health Services) Series C 0.02% 11/15/48 (LOC – Wells
	Fargo Bank N.A.)	3,200,000		3,200,000
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
	Care Revenue
	(Allina Health System)
	Series B-1A 0.01% 11/15/35
	(LOC – JPMorgan Chase Bank N.A.)	3,650,000		3,650,000

Table of Contents

Schedules of investments
Delaware Minnesota High-Yield Municipal Bond Fund

		Principal
		amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Minneapolis – St. Paul Housing & Redevelopment Authority Health
	Care Revenue
	(Allina Health System)
	Series B-2 0.01% 11/15/35
	(LOC – JPMorgan Chase Bank N.A.)	1,005,000	$	1,005,000
Total Short-Term Investments (cost $7,855,000)				7,855,000
Total Value of Securities–99.42%
	(cost $215,699,606)		$	228,369,013

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $8,459,890, which represents 3.68% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

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

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

Table of Contents

Statements of assets and liabilities

August 31, 2021

						Delaware
						Minnesota
				Delaware Tax-Free		High-Yield
		Delaware Tax-Free		Minnesota		Municipal Bond
		Minnesota Fund		Intermediate Fund		Fund
Assets:
	Investments, at value*	$	609,199,642	$	90,056,704	$	228,369,013
	Cash		146,559		125,894		287,364
	Interest receivable		6,723,592		866,878		2,431,944
	Receivable for fund shares sold		445,016		1,385		176,586
	Total Assets		616,514,809		91,050,861		231,264,907
Liabilities:
	Payable for securities purchased		3,073,990		452,310		744,865
	Payable for fund shares redeemed		956,208		56,442		576,799
	Investment management fees payable to
	affiliates		248,103		31,585		92,337
	Distribution payable		194,007		14,830		17,324
	Distribution fees payable to affiliates		94,603		10,654		36,079
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		60,877		10,528		25,885
	Other accrued expenses		58,040		16,473		32,394
	Accounting and administration expenses
	payable to non-affiliates		32,764		15,894		20,294
	Audit and tax fees payable		4,950		4,950		4,950
	Dividend disbursing and transfer agent
	fees and expenses payable to affiliates		4,437		657		1,662
	Accounting and administration expenses
	payable to affiliates		2,190		614		1,033
	Trustees’ fees and expenses payable to
	affiliates		1,798		266		670
	Legal fees payable to affiliates		1,537		228		573
	Reports and statements to shareholders
	expenses payable to affiliates		745		110		280
	Total Liabilities		4,734,249		615,541		1,555,145
Total Net Assets		$	611,780,560	$	90,435,320	$	229,709,762

Net Assets Consist of:
	Paid-in capital	$	576,138,172	$	85,993,759	$	217,735,288
	Total distributable earnings (loss)		35,642,388		4,441,561		11,974,474
Total Net Assets		$	611,780,560	$	90,435,320	$	229,709,762

Table of Contents

Statements of assets and liabilities

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

Class A:
Net assets	$	375,799,001		$	63,499,498		$	112,606,029
Shares of beneficial interest outstanding,
unlimited authorization, no par		29,579,246			5,659,465			9,933,434
Net asset value per share	$	12.70		$	11.22		$	11.34
Sales charge		4.50	%		2.75	%		4.50	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	13.30		$	11.54		$	11.87
Class C:
Net assets	$	17,095,736		$	2,989,658		$	14,316,383
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,341,176			265,910			1,260,454
Net asset value per share	$	12.75		$	11.24		$	11.36
Institutional Class:
Net assets	$	218,885,823		$	23,946,164		$	102,787,350
Shares of beneficial interest outstanding,
unlimited authorization, no par		17,232,229			2,133,456			9,069,993
Net asset value per share	$	12.70		$	11.22		$	11.33
____________________
*Investments, at cost	$	573,095,166		$	85,454,906		$	215,699,606

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

Table of Contents

Statements of operations

Year ended August 31, 2021

								Delaware Minnesota
					Delaware Tax-Free			High-Yield
		Delaware Tax-Free			Minnesota			Municipal Bond
		Minnesota Fund			Intermediate Fund			Fund
Investment Income:
	Interest	$	18,735,878		$	2,436,939		$	7,166,291
Expenses:
	Management fees		3,225,990			447,955			1,156,633
	Distribution expenses — Class A		934,860			152,566			267,816
	Distribution expenses — Class C		203,386			38,835			162,333
	Dividend disbursing and transfer agent fees and expenses		382,930			61,585			154,759
	Accounting and administration expenses		133,963			53,269			72,551
	Registration fees		54,792			15,654			18,691
	Reports and statements to shareholders expenses		49,083			14,392			19,561
	Audit and tax fees		41,723			40,626			41,006
	Legal fees		34,957			5,325			12,056
	Trustees’ fees and expenses		25,516			3,854			8,908
	Custodian fees		17,599			2,856			6,538
	Other		58,272			22,241			33,478
			5,163,071			859,158			1,954,330
	Less expenses waived		(453,391	)		(165,941	)		(178,624	)
	Less waived distribution expenses — Class A		—			(61,027	)		—
	Less expenses paid indirectly		(206	)		(34	)		(86	)
	Total operating expenses		4,709,474			632,156			1,775,620
Net Investment Income			14,026,404			1,804,783			5,390,671
Net Realized and Unrealized Gain:
	Net realized gain on investments		363,044			8,561			131,524
	Net change in unrealized appreciation (depreciation) of investments		9,593,632			950,052			6,128,862
Net Realized and Unrealized Gain			9,956,676			958,613			6,260,386
Net Increase in Net Assets Resulting from Operations		$	23,983,080		$	2,763,396		$	11,651,057

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

Table of Contents

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

		Year ended
		8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	14,026,404		$	14,887,472
	Net realized gain		363,044			932,823
	Net change in unrealized appreciation (depreciation)		9,593,632			(8,816,749	)
	Net increase in net assets resulting from operations		23,983,080			7,003,546

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(8,602,767	)		(10,479,934	)
	Class C		(317,142	)		(567,741	)
	Institutional Class		(5,112,180	)		(5,376,871	)
			(14,032,089	)		(16,424,546	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		32,776,523			30,564,638
	Class C		2,912,226			2,044,174
	Institutional Class		50,547,588			49,162,276
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Class A		7,926,134			9,360,817
	Class C		317,438			554,458
	Institutional Class		3,667,541			3,892,433
			98,147,450			95,578,796

Table of Contents

	Year ended
	8/31/21			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(44,859,294	)	$	(47,198,375	)
Class C		(11,729,082	)		(6,825,961	)
Institutional Class		(19,881,471	)		(37,945,871	)
		(76,469,847	)		(91,970,207	)
Increase in net assets derived from capital share transactions		21,677,603			3,608,589
Net Increase (Decrease) in Net Assets		31,628,594			(5,812,411	)

Net Assets:
Beginning of year		580,151,966			585,964,377
End of year	$	611,780,560		$	580,151,966

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

Table of Contents

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

		Year ended
		8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	1,804,783		$	1,942,599
	Net realized gain (loss)		8,561			(68,890	)
	Net change in unrealized appreciation (depreciation)		950,052			(916,519	)
	Net increase in net assets resulting from operations		2,763,396			957,190

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(1,225,791	)		(1,346,270	)
	Class C		(45,202	)		(98,584	)
	Institutional Class		(533,028	)		(497,364	)
			(1,804,021	)		(1,942,218	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		8,198,066			8,419,718
	Class C		203,775			635,657
	Institutional Class		2,572,951			11,917,665
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Class A		1,062,594			1,146,384
	Class C		45,232			94,088
	Institutional Class		517,558			463,348
			12,600,176			22,676,860

Table of Contents

		Year ended
		8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(4,194,808	)	$	(6,850,828	)
	Class C		(2,455,208	)		(2,655,009	)
	Institutional Class		(4,259,309	)		(5,203,976	)
			(10,909,325	)		(14,709,813	)
	Increase in net assets derived from capital share transactions		1,690,851			7,967,047
Net Increase in Net Assets			2,650,226			6,982,019

Net Assets:
	Beginning of year		87,785,094			80,803,075
	End of year	$	90,435,320		$	87,785,094

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

Table of Contents

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

	Year ended
	8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,390,671		$	5,533,266
Net realized gain		131,524			180,719
Net change in unrealized appreciation (depreciation)		6,128,862			(4,939,126	)
Net increase in net assets resulting from operations		11,651,057			774,859

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,693,124	)		(2,770,295	)
Class C		(287,866	)		(393,155	)
Institutional Class		(2,391,905	)		(2,354,836	)
		(5,372,895	)		(5,518,286	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		14,985,779			12,533,954
Class C		1,946,841			3,689,377
Institutional Class		37,821,169			28,268,095

Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		2,555,804			2,475,879
Class C		286,098			369,511
Institutional Class		2,344,543			2,262,483
		59,940,234			49,599,299

Table of Contents

	Year ended
	8/31/21			8/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(12,024,584	)	$	(12,513,039	)
Class C		(7,801,987	)		(5,297,308	)
Institutional Class		(15,296,157	)		(28,132,087	)
		(35,122,728	)		(45,942,434	)
Increase in net assets derived from capital share transactions		24,817,506			3,656,865
Net Increase (Decrease) in Net Assets		31,095,668			(1,086,562	)

Net Assets:
Beginning of year		198,614,094			199,700,656
End of year	$	229,709,762		$	198,614,094

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

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.49		$	12.68		$	12.14		$	12.54		$	12.87


	0.29			0.31			0.36			0.37			0.38
	0.21			(0.16	)		0.54			(0.34	)		(0.32	)
	0.50			0.15			0.90			0.03			0.06


	(0.29	)		(0.31	)		(0.36	)		(0.37	)		(0.39	)
	—			(0.03	)		—			(0.06	)		—
	(0.29	)		(0.34	)		(0.36	)		(0.43	)		(0.39	)

$	12.70		$	12.49		$	12.68		$	12.14		$	12.54

	4.05%			1.30%			7.54%			0.26%			0.49%


$	375,799		$	373,691		$	386,790		$	390,477		$	423,497
	0.85%			0.85%			0.85%			0.85%			0.85%
	0.93%			0.93%			0.93%			0.94%			0.95%
	2.30%			2.53%			2.92%			2.99%			3.08%
	2.22%			2.45%			2.84%			2.90%			2.98%
	3%			15%			13%			16%			17%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.53		$	12.72		$	12.18		$	12.58		$	12.91


	0.20			0.22			0.27			0.28			0.29
	0.22			(0.16	)		0.54			(0.34	)		(0.33	)
	0.42			0.06			0.81			(0.06	)		(0.04	)


	(0.20	)		(0.22	)		(0.27	)		(0.28	)		(0.29	)
	—			(0.03	)		—			(0.06	)		—
	(0.20	)		(0.25	)		(0.27	)		(0.34	)		(0.29	)

$	12.75		$	12.53		$	12.72		$	12.18		$	12.58

	3.35%			0.54%			6.73%			(0.49%	)		(0.25%	)


$	17,096		$	25,219		$	29,933		$	35,642		$	51,045
	1.60%			1.60%			1.60%			1.60%			1.60%
	1.68%			1.68%			1.68%			1.69%			1.70%
	1.55%			1.78%			2.17%			2.24%			2.33%
	1.47%			1.70%			2.09%			2.15%			2.23%
	3%			15%			13%			16%			17%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.49		$	12.68		$	12.14		$	12.54		$	12.87


	0.32			0.34			0.39			0.40			0.41
	0.21			(0.16	)		0.54			(0.34	)		(0.32	)
	0.53			0.18			0.93			0.06			0.09


	(0.32	)		(0.34	)		(0.39	)		(0.40	)		(0.42	)
	—			(0.03	)		—			(0.06	)		—
	(0.32	)		(0.37	)		(0.39	)		(0.46	)		(0.42	)

$	12.70		$	12.49		$	12.68		$	12.14		$	12.54

	4.31%			1.55%			7.81%			0.51%			0.75%


$	218,886		$	181,242		$	169,241		$	119,894		$	88,826
	0.60%			0.60%			0.60%			0.60%			0.60%
	0.68%			0.68%			0.68%			0.69%			0.70%
	2.55%			2.78%			3.17%			3.24%			3.33%
	2.47%			2.70%			3.09%			3.15%			3.23%
	3%			15%			13%			16%			17%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.10		$	11.25		$	10.82		$	11.17		$	11.44


	0.23			0.27			0.31			0.30			0.31
	0.11			(0.15	)		0.43			(0.31	)		(0.25	)
	0.34			0.12			0.74			(0.01	)		0.06


	(0.22	)		(0.27	)		(0.31	)		(0.30	)		(0.31	)
	—			—			—			(0.04	)		(0.02	)
	(0.22	)		(0.27	)		(0.31	)		(0.34	)		(0.33	)

$	11.22		$	11.10		$	11.25		$	10.82		$	11.17

	3.13%			1.08%			7.00%			(0.01%	)		0.55%


$	63,499		$	57,788		$	55,918		$	59,284		$	68,934
	0.71%			0.71%			0.71%			0.79%			0.84%
	1.00%			1.02%			1.04%			1.00%			0.99%
	2.01%			2.39%			2.87%			2.77%			2.79%
	1.72%			2.08%			2.54%			2.56%			2.64%
	7%			20%			19%			17%			22%

Table of Contents

Financial highlights
Delaware Tax-Free Minnesota Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.12		$	11.27		$	10.84		$	11.19		$	11.47


	0.13			0.17			0.22			0.21			0.22
	0.12			(0.15	)		0.43			(0.31	)		(0.26	)
	0.25			0.02			0.65			(0.10	)		(0.04	)


	(0.13	)		(0.17	)		(0.22	)		(0.21	)		(0.22	)
	—			—			—			(0.04	)		(0.02	)
	(0.13	)		(0.17	)		(0.22	)		(0.25	)		(0.24	)

$	11.24		$	11.12		$	11.27		$	10.84		$	11.19

	2.26%			0.22%			6.09%			(0.86%	)		(0.39%	)


$	2,990		$	5,149		$	7,167		$	8,558		$	11,885
	1.56%			1.56%			1.56%			1.64%			1.69%
	1.75%			1.77%			1.79%			1.75%			1.74%
	1.16%			1.54%			2.02%			1.92%			1.94%
	0.97%			1.33%			1.79%			1.81%			1.89%
	7%			20%			19%			17%			22%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.10		$	11.25		$	10.83		$	11.17		$	11.45


	0.24			0.28			0.33			0.32			0.33
	0.12			(0.15	)		0.42			(0.30	)		(0.26	)
	0.36			0.13			0.75			0.02			0.07


	(0.24	)		(0.28	)		(0.33	)		(0.32	)		(0.33	)
	—			—			—			(0.04	)		(0.02	)
	(0.24	)		(0.28	)		(0.33	)		(0.36	)		(0.35	)

$	11.22		$	11.10		$	11.25		$	10.83		$	11.17

	3.29%			1.23%			7.06%			0.23%			0.61%


$	23,946		$	24,848		$	17,718		$	11,470		$	18,800
	0.56%			0.56%			0.56%			0.64%			0.69%
	0.75%			0.77%			0.79%			0.75%			0.74%
	2.16%			2.54%			3.02%			2.92%			2.94%
	1.97%			2.33%			2.79%			2.81%			2.89%
	7%			20%			19%			17%			22%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.00		$	11.21		$	10.66		$	10.88		$	11.13


	0.28			0.29			0.32			0.32			0.33
	0.34			(0.21	)		0.55			(0.22	)		(0.25	)
	0.62			0.08			0.87			0.10			0.08


	(0.28	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)
	(0.28	)		(0.29	)		(0.32	)		(0.32	)		(0.33	)

$	11.34		$	11.00		$	11.21		$	10.66		$	10.88

	5.71%			0.81%			8.33%			0.95%			0.84%


$	112,606		$	103,913		$	103,487		$	98,980		$	98,491
	0.89%			0.89%			0.89%			0.89%			0.89%
	0.97%			0.97%			0.99%			0.99%			0.99%
	2.52%			2.69%			2.97%			2.98%			3.08%
	2.44%			2.61%			2.87%			2.88%			2.98%
	3%			18%			12%			14%			19%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.02		$	11.23		$	10.68		$	10.90		$	11.15


	0.20			0.21			0.24			0.24			0.25
	0.34			(0.21	)		0.55			(0.22	)		(0.25	)
	0.54			—	²		0.79			0.02			—	²


	(0.20	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)
	(0.20	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)

$	11.36		$	11.02		$	11.23		$	10.68		$	10.90

	4.92%			0.05%			7.51%			0.19%			0.09%


$	14,317		$	19,376		$	21,059		$	21,651		$	32,223
	1.64%			1.64%			1.64%			1.64%			1.64%
	1.72%			1.72%			1.74%			1.74%			1.74%
	1.77%			1.94%			2.22%			2.23%			2.33%
	1.69%			1.86%			2.12%			2.13%			2.23%
	3%			18%			12%			14%			19%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.00		$	11.20		$	10.66		$	10.87		$	11.12


	0.31			0.32			0.35			0.35			0.36
	0.33			(0.20	)		0.54			(0.21	)		(0.25	)
	0.64			0.12			0.89			0.14			0.11


	(0.31	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)
	(0.31	)		(0.32	)		(0.35	)		(0.35	)		(0.36	)

$	11.33		$	11.00		$	11.20		$	10.66		$	10.87

	5.89%			1.15%			8.50%			1.30%			1.09%


$	102,787		$	75,325		$	75,155		$	53,501		$	44,805
	0.64%			0.64%			0.64%			0.64%			0.64%
	0.72%			0.72%			0.74%			0.74%			0.74%
	2.77%			2.94%			3.22%			3.23%			3.33%
	2.69%			2.86%			3.12%			3.13%			3.23%
	3%			18%			12%			14%			19%

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®Minnesota municipal bond funds	August 31, 2021

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

1. Significant Accounting Policies

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

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

Table of Contents

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

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

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

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

Table of Contents

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

1. Significant Accounting Policies (continued)

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

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

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

Fund	Earnings Credits
Delaware Tax-Free Minnesota Fund		$	206
Delaware Tax-Free Minnesota Intermediate Fund			34
Delaware Minnesota High-Yield Municipal Bond Fund			86

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

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

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

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through August 31, 2021.* These waivers and reimbursements may only be

Table of Contents

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

	Operating expense
	limitation as
	a percentage
	of average
Fund	daily net assets
Delaware Tax-Free Minnesota Fund		0.60%
Delaware Tax-Free Minnesota Intermediate Fund		0.56%
Delaware Minnesota High-Yield Municipal Bond Fund		0.64%

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

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	24,322
Delaware Tax-Free Minnesota Intermediate Fund		7,055
Delaware Minnesota High-Yield Municipal Bond Fund		11,183

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	51,258
Delaware Tax-Free Minnesota Intermediate Fund		7,717
Delaware Minnesota High-Yield Municipal Bond Fund		18,101

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

Table of Contents

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

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

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

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

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

Fund	Fees
Delaware Tax-Free Minnesota Fund	$	18,829
Delaware Tax-Free Minnesota Intermediate Fund		2,832
Delaware Minnesota High-Yield Municipal Bond Fund		6,637

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

Fund	Commissions
Delaware Tax-Free Minnesota Fund		$	13,588
Delaware Tax-Free Minnesota Intermediate Fund			4,108
Delaware Minnesota High-Yield Municipal Bond Fund			6,439

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

Fund	Class A		Class C
Delaware Tax-Free Minnesota Fund	$	—	$	631
Delaware Tax-Free Minnesota Intermediate Fund		150		101
Delaware Minnesota High-Yield Municipal Bond Fund		4,624		590

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

Table of Contents

Cross trades for the year ended August 31, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/ trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended August 31, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:

	Purchases		Sales			Net realized gain (loss)
Delaware Tax-Free Minnesota Fund	$	16,807,978		$	10,587,914		$	70,219
Delaware Tax-Free Minnesota
Intermediate Fund		3,291,428			3,180,040			—
Delaware Minnesota High-Yield
Municipal Bond Fund		10,236,740			8,977,566			85,207

____________________

Delaware Tax-Free Minnesota Intermediate Fund did not have any realized gains (losses) during the year ended August 31, 2021.

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

3. Investments

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

Fund	Purchases		Sales
Delaware Tax-Free Minnesota Fund	$	50,815,590	$	19,757,824
Delaware Tax-Free Minnesota Intermediate Fund		9,900,899		6,007,467
Delaware Minnesota High-Yield Municipal Bond Fund		27,236,355		5,650,987

Table of Contents

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

3. Investments (continued)

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:

				Aggregate	Aggregate
				unrealized	unrealized			Net unrealized
	Cost of			appreciation	depreciation			appreciation
Fund	investments			of investments	of investments			of investments
Delaware Tax-Free
Minnesota Fund	$	573,273,076	$	37,487,425	$	(1,560,859	)	$	35,926,566
Delaware Tax-Free
Minnesota
Intermediate Fund		85,452,125		4,807,876		(203,297	)		4,604,579
Delaware Minnesota
High-Yield Municipal
Bond Fund		215,736,037		13,308,430		(675,454	)		12,632,976

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

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

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

Table of Contents

Level 3 –

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2021:

	Delaware Tax-Free Minnesota Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	602,619,642
Short-Term Investments			6,580,000
Total Value of Securities		$	609,199,642

	Delaware Tax-Free Minnesota Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	89,256,704
Short-Term Investments			800,000
Total Value of Securities		$	90,056,704

	Delaware Minnesota High-Yield Municipal Bond Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	220,514,013
Short-Term Investments			7,855,000
Total Value of Securities		$	228,369,013

During the year ended August 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

Table of Contents

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

3. Investments (continued)

4. Dividend and Distribution Information

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

					Long-term
	Tax-exempt		Ordinary		capital
	income		income		gains		Total
Year ended August 31, 2021:
Delaware Tax-Free Minnesota Fund	$	13,865,208	$	52,559	$	114,322	$	14,032,089
Delaware Tax-Free Minnesota Intermediate Fund		1,804,021		—		—		1,804,021
Delaware Minnesota High-Yield Municipal
Bond Fund		5,372,873		22		—		5,372,895

Year ended August 31, 2020:
Delaware Tax-Free Minnesota Fund		14,903,273		843,521		677,752		16,424,546
Delaware Tax-Free Minnesota Intermediate Fund		1,942,218		—		—		1,942,218
Delaware Minnesota High-Yield Municipal
Bond Fund		5,518,266		20		—		5,518,286

5. Components of Net Assets on a Tax Basis

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

				Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free			Minnesota				High-Yield Municipal
	Minnesota Fund			Intermediate Fund				Bond Fund
Shares of beneficial interest	$	576,138,172			$	85,993,759			$	217,735,288
Undistributed tax-exempt
income		—				10,640				17,324
Qualified late year loss
deferrals		(90,171	)			—				—
Distributions payable		(194,007	)			(14,830	)			(17,324	)
Capital loss carryforwards		—				(158,828	)			(658,502	)
Unrealized appreciation of
investments		35,926,566				4,604,579				12,632,976
Net assets	$	611,780,560			$	90,435,320			$	229,709,762

100

Table of Contents

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

Qualified late year ordinary and capital losses (including currency and specified gain (loss) items) represent losses realized from January 1, 2021 through August 31, 2021 and November 1, 2020 through August 31, 2021, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2021, the Funds utilized capital loss carryforwards as follows:

Delaware Tax-Free Minnesota Fund	$	—
Delaware Tax-Free Minnesota Intermediate Fund		8,561
Delaware Minnesota High-Yield Municipal Bond Fund		131,523

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

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

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

101

Table of Contents

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

6. Capital Shares

Transactions in capital shares were as follows:

					Delaware Tax-Free				Delaware Minnesota
	Delaware Tax-Free				Minnesota				High-Yield Municipal
	Minnesota Fund				Intermediate Fund				Bond Fund
	Year ended				Year ended				Year ended
	8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
Class A	2,598,178		2,470,484		733,303		760,322		1,335,478		1,132,737
Class C	229,665		162,787		18,231		58,542		173,126		332,654
Institutional Class	4,005,429		3,968,576		230,335		1,097,848		3,378,165		2,563,763

Shares issued upon reinvestment of dividends and distributions:
Class A	628,677		756,678		95,192		104,225		228,413		227,598
Class C	25,115		44,653		4,046		8,531		25,557		33,910
Institutional Class	290,920		314,844		46,357		42,075		209,471		208,101
	7,777,984		7,718,022		1,127,464		2,071,543		5,350,210		4,498,763

Shares redeemed:
Class A	(3,561,554	)	(3,813,207	)	(375,043	)	(629,289	)	(1,077,601	)	(1,146,037	)
Class C	(925,806	)	(547,958	)	(219,279	)	(240,006	)	(696,408	)	(483,508	)
Institutional Class	(1,575,505	)	(3,120,080	)	(380,986	)	(476,666	)	(1,367,958	)	(2,628,916	)
	(6,062,865	)	(7,481,245	)	(975,308	)	(1,345,961	)	(3,141,967	)	(4,258,461	)
Net increase	1,715,119		236,777		152,156		725,582		2,208,243		240,302

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

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Minnesota Fund
Year ended
8/31/21	98,743	222,179	218,722	103,060	$	4,062,123
8/31/20	73,750	57,333	55,209	76,105		1,625,460
Delaware Tax-Free Minnesota Intermediate Fund
Year ended
8/31/21	—	37,029	37,119	—		415,214
8/31/20	—	20,392	20,195	252		225,863

102

Table of Contents

			Exchange
	Exchange Redemptions		Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Minnesota High-Yield Municipal Bond Fund
Year ended
8/31/21	629	56,466	56,330	936	$	636,964
8/31/20	4,022	46,853	45,608	5,405		559,234

7. Line of Credit

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

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

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

8. Geographic, Credit, and Market Risks

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

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

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact

103

Table of Contents

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

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

investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

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

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

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

104

Table of Contents

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.”

9. 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.

10. Recent Accounting Pronouncements

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

11. Subsequent Events

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

105

Table of Contents

Report of independent registered public accounting firm

To the Board of Trustees of Voyageur Tax-Free Funds, Voyageur Intermediate Tax-Free Funds and Voyageur Mutual Funds and Shareholders of Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund

Opinions on the Financial Statements

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

Basis for Opinions

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

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

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

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

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

106

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®Minnesota municipal bond funds

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

107

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®Minnesota municipal bond funds

Tax Information

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

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

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

(A)

Long-Term

(B)

(C)

Capital Gains

Ordinary Income

Tax-Exempt

Total

Distributions

(Tax Basis)

Delaware Tax-Free

Minnesota Fund

0.82

0.37

98.81

100.00

Delaware Tax-Free

Minnesota Intermediate

Fund

–

100.00

Delaware Minnesota

High-Yield Municipal

Bond Fund

–

100.00

____________________

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

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

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

108

Table of Contents

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

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

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

109

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®Minnesota municipal bond funds

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

Delaware Tax-Free Minnesota Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional Minnesota municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year, 5-year, and since inception periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Minnesota Intermediate Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” intermediate municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year period was in the third quartile of its Performance Universe and the Fund’s total return for the 5-year and since inception periods was in the first quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the performance attribution included in the Meeting materials, as well as the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

Delaware Minnesota High-Yield Municipal Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield municipal debt funds category. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year period was in the third quartile of its Performance Universe and the Fund’s total return for the five-year and since inception periods was in the fourth quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the performance attribution included in the Meeting materials, as well as the numerous investment and performance reports and other information delivered

110

Table of Contents

by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve comparative Fund performance and to meet the Board’s performance objective.

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

Delaware Tax-Free Minnesota Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting and fund accounting oversight services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free Minnesota Intermediate Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting and fund accounting oversight services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Minnesota High-Yield Municipal Bond Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and

111

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®Minnesota municipal bond funds

custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed each Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2021, Delaware Tax-Free Minnesota Fund’s net assets exceeded the first breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Fund and its shareholders. Although, as of March 31, 2021, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund had each not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

112

Table of Contents

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

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

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

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

113

Table of Contents

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

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

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

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

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

114

Table of Contents

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

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

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

115

Table of Contents

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

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

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

116

Table of Contents

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

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

117

Table of Contents

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

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

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

118

Table of Contents

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

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company
Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None³
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

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

119

Table of Contents

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

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

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

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

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

120

Table of Contents

About the organization

Board of trustees

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

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

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

Affiliated officers

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

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

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

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

121

Table of Contents













	Annual report

Fixed income mutual funds

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware National High-Yield Municipal Bond Fund

August 31, 2021

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

Table of Contents

Experience Delaware Funds by Macquarie^®

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

The Funds are governed by US laws and regulations.

Table of contents

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

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

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

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

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

Table of Contents

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

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

Past performance does not guarantee future results.

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

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

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

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

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

Past performance does not guarantee future results.

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

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

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

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

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

Past performance does not guarantee future results.

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

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

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

Table of Contents

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

Investment objectives

Delaware Tax-Free USA Fund seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital.

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

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

Economic backdrop

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

Municipal bond market conditions

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

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

Table of Contents

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

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

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

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

Source: Bloomberg.

A consistent management approach

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

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

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

Consistently seeking value

Table of Contents

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

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

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

Individual performance effects

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

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

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

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

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

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

Table of Contents

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

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

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

Table of Contents

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

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

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

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

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Table of Contents

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

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

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

Table of Contents

Performance summaries
Delaware Tax-Free USA Fund

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

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

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

Table of Contents

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

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

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

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

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

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

Table of Contents

Performance summaries
Delaware Tax-Free USA Fund

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

Table of Contents

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

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

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

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

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

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

Table of Contents

Performance summaries
Delaware Tax-Free USA Intermediate Fund

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

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

Table of Contents

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.50% of the Fund’s average daily net assets during the period from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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

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

Table of Contents

Performance summaries
Delaware Tax-Free USA Intermediate Fund

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

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

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

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

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

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

Table of Contents

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

Table of Contents

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

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

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

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

Table of Contents

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

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

Table of Contents

Performance summaries
Delaware National High-Yield Municipal Bond Fund

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

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

Table of Contents

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

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

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

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

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

Table of Contents

Performance summaries
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2021 to August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes

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

Table of Contents

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

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

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

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

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

Table of Contents

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

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

*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.99	%
Corporate Revenue Bonds		12.27	%
Education Revenue Bonds		8.51	%
Electric Revenue Bonds		3.53	%
Healthcare Revenue Bonds		11.77	%
Housing Revenue Bonds		0.06	%
Lease Revenue Bonds		5.87	%
Local General Obligation Bonds		5.21	%
Pre-Refunded/Escrowed to Maturity Bonds		2.92	%
Resource Recovery Revenue Bond		0.18	%
Special Tax Revenue Bonds		15.45	%
State General Obligation Bonds		15.04	%
Transportation Revenue Bonds		15.95	%
Water & Sewer Revenue Bonds		2.23	%
Short-Term Investments		2.26	%
Total Value of Securities		101.25	%
Liabilities Net of Receivables and Other Assets		(1.25	%)
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Alabama		2.17	%
Arizona		5.41	%
California		11.01	%
Colorado		3.44	%
Connecticut		0.85	%
District of Columbia		0.80	%
Florida		4.85	%
Georgia		1.89	%
Guam		0.21	%
Idaho		0.09	%
Illinois		8.44	%
Indiana		0.61	%
Kansas		0.29	%
Louisiana		0.22	%
Maryland		1.06	%
Massachusetts		3.43	%
Michigan		0.69	%

Table of Contents

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

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		102.76	%
Corporate Revenue Bonds		12.03	%
Education Revenue Bonds		6.27	%
Electric Revenue Bonds		5.07	%
Healthcare Revenue Bonds		8.91	%
Lease Revenue Bonds		6.33	%
Local General Obligation Bonds		4.67	%
Pre-Refunded/Escrowed to Maturity Bonds		5.20	%
Special Tax Revenue Bonds		18.94	%
State General Obligation Bonds		16.58	%
Transportation Revenue Bonds		16.54	%
Water & Sewer Revenue Bonds		2.22	%
Short-Term Investments		0.91	%
Total Value of Securities		103.67	%
Liabilities Net of Receivables and Other Assets		(3.67	%)
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Alabama		0.69	%
Arizona		8.33	%
California		11.88	%
Colorado		2.11	%
Connecticut		0.64	%
District of Columbia		1.00	%
Florida		4.24	%
Georgia		2.14	%
Guam		0.09	%
Hawaii		0.29	%
Idaho		0.40	%
Illinois		12.14	%
Iowa		0.04	%
Kansas		0.10	%
Kentucky		0.46	%
Louisiana		1.41	%
Maryland		0.99	%
Massachusetts		2.34	%
Michigan		1.49	%

Table of Contents

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

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.67	%
Corporate Revenue Bonds		22.03	%
Education Revenue Bonds		16.73	%
Electric Revenue Bonds		4.07	%
Healthcare Revenue Bonds		19.51	%
Housing Revenue Bond		0.05	%
Lease Revenue Bonds		3.44	%
Local General Obligation Bonds		1.71	%
Pre-Refunded/Escrowed to Maturity Bonds		2.39	%
Resource Recovery Revenue Bonds		0.76	%
Special Tax Revenue Bonds		10.91	%
State General Obligation Bonds		12.38	%
Transportation Revenue Bonds		3.65	%
Water & Sewer Revenue Bonds		2.04	%
Short-Term Investments		0.19	%
Total Value of Securities		99.86	%
Receivables and Other Assets Net of Liabilities		0.14	%
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
Alabama		2.78	%
Arizona		6.84	%
California		12.52	%
Colorado		2.47	%
Delaware		0.08	%
District of Columbia		1.37	%
Florida		4.65	%
Georgia		1.40	%
Guam		0.16	%
Hawaii		0.18	%
Idaho		0.72	%
Illinois		6.33	%
Indiana		0.74	%
Iowa		0.25	%
Kansas		0.27	%
Kentucky		0.51	%
Louisiana		1.26	%

Table of Contents

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

Table of Contents

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

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

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

Table of Contents


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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund


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

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

Table of Contents

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $83,126,534, which represents 7.15% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 in “Notes to financial statements.”

Table of Contents

Schedules of investments
Delaware Tax-Free USA Fund

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMBAC – Insured by AMBAC Assurance Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

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

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Arizona Industrial Development Authority Revenue
		(Macombs Facility Project)
		Series A 4.00% 7/1/61	2,000,000	$	2,263,620
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	875,000		952,586
	Bucks County, Pennsylvania Industrial Development Authority
		Revenue
		(School Lane Charter School Project)
		5.125% 3/15/36	2,000,000		2,270,080
	California Municipal Finance Authority
		Series A 144A 5.50% 6/1/53 #	1,000,000		1,121,550
		(Creative Center of Los Altos Project - Pinewood School &
		Oakwood School)
		Series B 144A 4.50% 11/1/46 #	500,000		522,210
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 4.75% 10/1/24	270,000		286,459
		Series A 5.875% 10/1/44	300,000		332,847
	California State University
		(Systemwide)
		Series A 5.00% 11/1/31	2,000,000		2,479,540
	California Statewide Communities Development Authority
		Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	2,215,000		2,460,400
		(Green Dot Public Schools - Animo Inglewood Charter High
		School Project)
		Series A 7.25% 8/1/41	500,000		502,350
	Capital Trust Agency, Florida Revenue
		(Liza Jackson Preparatory School Project)
		Series A 5.00% 8/1/40	300,000		367,791
		Series A 5.00% 8/1/55	800,000		961,704
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/43 #	2,000,000		2,371,160
	District of Columbia Revenue
		(KIPP DC Issue)
		4.00% 7/1/39	1,275,000		1,465,358
		4.00% 7/1/44	740,000		840,129
	Fulton County, Georgia Development Authority Revenue
		(Georgia Institute of Technology)
		5.00% 6/15/44	3,100,000		3,887,865

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Miami-Dade County, Florida Educational Facilities Authority
		(University of Miami)
		Series A 5.00% 4/1/30	520,000	$	598,458
		Series A 5.00% 4/1/31	1,090,000		1,253,162
	New York State Dormitory Authority Revenue
		(New York University)
		Series A 5.75% 7/1/27 (NATL)	8,800,000		10,394,736
		(Touro College & University System)
		Series A 5.25% 1/1/34	1,335,000		1,476,724
	Newark, Texas Higher Education Finance
		(Village Tech Schools)
		Series A 5.125% 8/15/47	1,250,000		1,262,513
	Oregon State Facilities Authority Revenue
		(Metro East Web Academy Project)
		Series A 144A 5.00% 6/15/39 #	500,000		550,735
		Series A 144A 5.00% 6/15/49 #	500,000		545,475
	Phoenix, Arizona Industrial Development Authority Housing
		Revenue
		(Downtown Phoenix Student Housing, LLC-Arizona State
		University Project)
		Series A 5.00% 7/1/30	350,000		429,495
		Series A 5.00% 7/1/32	235,000		285,650
	Pima County, Arizona Industrial Development Authority
		Education Revenue
		(Facility American Leadership Academy Project)
		144A 5.00% 6/15/47 #	745,000		756,279
	South Carolina Jobs - Economic Development Authority
		Educational Facilities Revenue
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/39 #	1,345,000		1,575,398
		University of Texas Permanent University Fund
		Series B 5.00% 7/1/27	3,715,000		4,206,457
	University of Washington
		Series A 4.00% 4/1/35	1,000,000		1,244,540
					76,579,550
Electric Revenue Bonds – 5.07%
	Guam Power Authority Revenue
		Series A 5.00% 10/1/40	1,000,000		1,154,530
	Long Island, New York Power Authority
		5.00% 9/1/33	250,000		309,382
		5.00% 9/1/35	1,000,000		1,240,850
		Series A 5.00% 9/1/34	500,000		661,795

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	California Health Facilities Financing Authority Senior Living
		Revenue
		(Lucile Salter Packard Children’s Hospital At Stanford)
		Series A 5.00% 5/15/23	25,000	$	26,114
	California Statewide Communities Development Authority
		(Loma Linda University Medical Center)
		Series A 144A 5.00% 12/1/41 #	1,685,000		1,898,085
		Series A 5.25% 12/1/34	2,790,000		3,171,560
	Capital Trust Agency, Florida
		(Tuscan Gardens Senior Living Center)
		Series A 7.00% 4/1/35	1,630,000		912,996
	Colorado Health Facilities Authority Revenue
		(CommonSpirit Health)
		Series A 4.00% 8/1/37	500,000		586,095
		Series A 4.00% 8/1/38	1,500,000		1,753,080
		Series A-2 5.00% 8/1/37	1,105,000		1,392,742
	County of Hamilton, Ohio Hospital Facilities Revenue
		(Cincinnati Children’s Hospital Medical Center)
		Series CC 5.00% 11/15/49	7,510,000		11,780,787
	Cumberland County, Pennsylvania Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	1,000,000		1,105,570
	Cuyahoga County, Ohio
		(The Metrohealth System)
		5.00% 2/15/37	1,000,000		1,186,720
	Escambia County, Health Facilities Authority Revenue
		(Baptist Health Care Corporation Obligated Group)
		Series A 4.00% 8/15/50	2,605,000		2,960,035
	Glendale, Arizona Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.25% 11/15/46	875,000		900,988
		(Royal Oaks Life Care Community)
		4.00% 5/15/28	1,000,000		1,083,760
		4.00% 5/15/30	1,385,000		1,493,695
		4.00% 5/15/31	500,000		537,990
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	975,000		1,040,032
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.50% 5/15/54	875,000		930,895

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	New York City, New York Transitional Finance Authority Future
		Tax Secured
		Subseries E-1 5.00% 2/1/26	4,020,000	$	4,101,244
		Subseries E-1 5.00% 2/1/35	5,000,000		6,082,100
	New York State Dormitory Authority Revenue
		Series A 5.00% 3/15/31	1,000,000		1,157,060
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,128,650
		Series D 5.00% 2/15/37	5,000,000		5,108,450
	New York State Urban Development Revenue
		(General Purpose)
		Series B 5.00% 3/15/35	5,000,000		5,869,850
		Series C 5.00% 3/15/33	3,000,000		3,985,920
		Series E 4.00% 3/15/38	8,000,000		9,504,320
		Series E 5.00% 3/15/33	2,000,000		2,622,660
	Orange County, California Local Transportation Authority
		5.00% 2/15/39	4,000,000		5,075,400
	Public Finance Authority, Wisconsin
		(American Dream @ Meadowlands Project)
		144A 7.00% 12/1/50 #	1,010,000		1,161,500
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	6,015,000		6,921,581
		Series A-1 4.75% 7/1/53	7,890,000		9,029,316
		Series A-1 5.00% 7/1/58	3,820,000		4,422,987
		Series A-2 4.329% 7/1/40	18,625,000		21,172,528
		Series A-2 4.329% 7/1/40	5,636,000		6,406,892
		Series A-2 4.784% 7/1/58	1,460,000		1,670,809
	Richmond Heights, Missouri Tax Increment & Transaction Sales
		Tax Revenue Refunding & Improvement
		(Francis Place Redevelopment Project)
		5.625% 11/1/25	715,000		715,701
	Wyandotte County, Kansas City, Kansas Unified Government
		Special Obligation Revenue
		(Sales Tax - Vacation Village Project Area 1 and 2A)
		Series 2015A 5.00% 9/1/27	1,220,000		1,240,301
					231,324,271
State General Obligation Bonds – 16.58%
	California State
		(School Facilities)
		5.00% 11/1/30	5,000,000		5,511,850

Table of Contents

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

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Dallas Fort Worth International Airport, Texas
		Series A 4.00% 11/1/34	2,500,000	$	3,086,250
		Series A 4.00% 11/1/35	1,000,000		1,231,950
	Delaware River Port Authority Revenue
		5.00% 1/1/30	350,000		388,497
	Georgia State Road & Tollway Authority Revenue
		(Managed Lane System)
		Series A 4.00% 7/15/46	5,000,000		6,063,350
	Hillsborough County, Florida Port District
		(Tampa Port Authority Project)
		Series B 5.00% 6/1/28 (AMT)	375,000		466,853
	Kansas City, Missouri Industrial Development Authority Revenue
		(Kansas City International Airport Terminal Modernization
		Project)
		Series D 5.00% 3/1/33 (AMT)	3,100,000		3,991,994
	Lee County, Florida Airport Revenue
		5.00% 10/1/33	4,305,000		5,068,750
	Metropolitan Washington D.C. Airports Authority Dulles Toll
		Road Revenue
		(Dulles Metrorail and Capital Improvement Project)
		Series B 4.00% 10/1/37	1,500,000		1,770,825
	Miami-Dade County, Florida Aviation Revenue
		Series B 5.00% 10/1/37	5,700,000		6,477,081
	New Jersey State Turnpike Authority Turnpike Revenue
		Series A 4.00% 1/1/42	6,980,000		8,334,469
		Series A 5.00% 1/1/33	1,770,000		2,155,170
		Series E 5.00% 1/1/32	5,050,000		6,351,385
	New Orleans, Louisiana Aviation Board
		(North Terminal Project)
		Series B 5.00% 1/1/32 (AGM) (AMT)	2,900,000		3,313,946
		Series B 5.00% 1/1/33 (AGM) (AMT)	2,900,000		3,308,784
	New York State Thruway Authority
		Series J 5.00% 1/1/27	5,705,000		6,328,214
		Series J 5.00% 1/1/32	5,000,000		5,540,050
		Series K 5.00% 1/1/31	5,000,000		5,728,000
	New York Transportation Development Special Facilities
		Revenue
		(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		4.00% 10/1/30 (AMT)	1,950,000		2,341,131
		5.00% 1/1/33 (AMT)	790,000		960,450
		5.00% 10/1/35 (AMT)	1,125,000		1,432,148

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Salt Lake City, Utah Airport Revenue
		Series B 5.00% 7/1/33	1,000,000	$	1,225,210
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal)
		Series B 5.00% 1/1/24 (AMT)	180,000		198,115
		Series B 5.00% 1/1/25 (AMT)	390,000		444,740
		Series B 5.00% 1/1/30 (AMT)	230,000		281,844
		Series B 5.00% 1/1/32 (AMT)	215,000		261,492
		Series B 5.00% 1/1/33 (AMT)	705,000		855,962
		Series B 5.00% 1/1/34 (AMT)	880,000		1,066,463
		Series B 5.00% 1/1/35 (AMT)	675,000		816,507
		Series B 5.00% 1/1/36 (AMT)	660,000		796,237
		Series B 5.00% 1/1/37 (AMT)	430,000		517,970
	Texas Private Activity Bond Surface Transportation Corporate
		Senior Lien Revenue
		(NTE Mobility Partners Segments 3 LLC Segment 3A and 3B
		Facility)
		7.00% 12/31/38 (AMT)	3,750,000		4,239,412
	Washington Metropolitan Area Transit Authority
		(Green Bonds - Climate Bond Certified)
		Series A 5.00% 7/15/31	1,885,000		2,576,531
	Wayne County, Michigan Airport Authority
		Series D 5.00% 12/1/45 (AGM)	6,300,000		7,413,525
	Westchester County, New York Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	875,000		942,218
					202,111,907
Water & Sewer Revenue Bonds – 2.22%
	Collier County Water-Sewer District
		4.00% 7/1/45	10,365,000		12,536,571
	Dominion, Colorado Water & Sanitation District
		5.25% 12/1/27	450,000		463,959
	Great Lakes, Michigan Water Authority Water Supply System
		Revenue
		(Senior Lien Bond)
		Series C 5.00% 7/1/31	3,000,000		3,625,830
	New York City, New York Municipal Water Finance Authority
		Water & Sewer System Revenue
		(General Resolution Revenue Bonds)
		Series EE 5.00% 6/15/39	5,000,000		5,911,550
	San Antonio, Texas Water System Revenue
		Series A 5.00% 5/15/32	1,500,000		1,844,745

Table of Contents

Schedules of investments
Delaware Tax-Free USA Intermediate Fund

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

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $61,052,323, which represents 5.00% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

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

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California School Finance Authority
		(View Park Elementary & Middle Schools)
		Series A 5.875% 10/1/44	1,000,000	$	1,109,490
		Series A 6.00% 10/1/49	720,000		801,497
	California State University
		(Systemwide)
		Series A 5.00% 11/1/26	2,000,000		2,468,380
	California Statewide Communities Development Authority
		Charter School Revenue
		(Green Dot Public Schools)
		Series A 7.25% 8/1/41	1,915,000		1,924,001
	California Statewide Communities Development Authority
		Revenue
		(Lancer Educational Student Housing Project)
		Series A 144A 5.00% 6/1/46 #	1,500,000		1,719,630
	Capital Trust Agency, Florida
		(Pineapple Cove Classical Academy Inc. Project)
		Series A 144A 5.375% 7/1/54 #	6,000,000		6,812,820
		(River City Education Services Project)
		Series A 5.375% 2/1/35	870,000		922,565
		Series A 5.625% 2/1/45	1,500,000		1,588,215
		(The Pepin Academies Inc. Project)
		Series A 5.75% 7/1/55	2,625,000		2,883,274
		(University Bridge, LLC Student Housing Project)
		Series A 144A 5.25% 12/1/58 #	8,000,000		9,368,720
	Chester County, Pennsylvania Industrial Development Authority
		Student Housing Revenue
		(University Student Housing, LLC Project at West Chester
		University of Pennsylvania)
		Series A 5.00% 8/1/30	2,200,000		2,279,090
	Colorado Educational & Cultural Facilities Authority Revenue
		(Charter School - Community Leadership Academy)
		7.45% 8/1/48	2,000,000		2,196,860
		(Charter School - Loveland Classical School)
		144A 5.00% 7/1/46 #	1,500,000		1,643,100
		(Global Village Academy - Northglenn Project)
		144A 5.00% 12/1/40 #	1,110,000		1,240,503
		144A 5.00% 12/1/55 #	1,720,000		1,882,368
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	500,000		537,040
		(Windsor Charter Academy Project)
		Series 2016 5.00% 9/1/36	1,000,000		1,000,680

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Public Finance Authority Revenue, Wisconsin
		(Minnesota College of Osteopathic Medicine)
		Subordinate Series B 144A 7.75% 12/1/48 #, ●	2,500,000	$	250,000
		(Wilson Preparatory Academy)
		Series A 144A 4.125% 6/15/29 #	470,000		510,204
		Series A 144A 5.00% 6/15/39 #	500,000		553,180
		Series A 144A 5.00% 6/15/49 #	1,100,000		1,204,544
	South Carolina Jobs-Economic Development Authority
		Educational Facilities Revenue
		(Green Charter Schools Project)
		Series A 144A 4.00% 6/1/36 #	1,000,000		1,099,090
		Series A 144A 4.00% 6/1/46 #	1,150,000		1,234,260
		Series A 144A 4.00% 6/1/56 #	1,530,000		1,626,589
		(High Point Academy Project)
		Series A 144A 5.75% 6/15/49 #	5,000,000		5,789,000
	St. Paul, Minnesota Housing & Redevelopment Authority Charter
		School Lease Revenue
		(Academia Cesar Chavez School Project)
		Series A 5.25% 7/1/50	2,560,000		2,757,222
	University of Texas System Board of Regents
		Series B 5.00% 8/15/49	21,400,000		33,433,220
	University of Virginia
		Series A 2.18% 11/1/51	10,000,000		9,675,200
	Utah State Charter School Finance Authority Revenue
		(Leadership Learning Academy Project)
		Series A 144A 5.00% 6/15/39 #	1,000,000		1,119,460
		Series A 144A 5.00% 6/15/50 #	2,200,000		2,433,046
	Wisconsin Public Finance Authority Revenue
		(Pine Lake Preparatory)
		144A 5.50% 3/1/45 #	3,460,000		3,847,382
		(Roseman University Health Sciences Project)
		5.75% 4/1/42	2,000,000		2,052,220
	Yonkers, New York Economic Development Corporation
		Education Revenue
		(Lamartine/Warburton LLC - Charter School of Educational
		Excellence Project)
		Series A 5.00% 10/15/54	465,000		541,390
					294,181,657
Electric Revenue Bonds – 4.07%
	Build NYC Resource, New York
		(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
		144A 5.25% 12/31/33 (AMT) #	4,520,000		4,999,572

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Decatur, Texas Hospital Authority
		(Wise Regional Health Systems)
		Series A 5.25% 9/1/29	500,000	$	563,055
		Series A 5.25% 9/1/44	2,000,000		2,219,900
	Florida Development Finance
		(UF Health - Jacksonville Project)
		Series A 6.00% 2/1/33	490,000		524,192
	Glendale, Arizona Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	830,000		855,987
		5.25% 11/15/51	1,350,000		1,386,950
	Guilderland, New York Industrial Development Agency
		Series A 144A 5.875% 1/1/52 #, ‡	6,000,000		4,500,000
	Hawaii State Department of Budget & Finance Special Purpose
		Senior Living Revenue
		(Kahala Nui)
		5.25% 11/15/37	1,000,000		1,046,370
	Hospital Facilities Authority of Multnomah County, Oregon
		(Mirabella at South Waterfront)
		5.50% 10/1/49	2,400,000		2,606,928
	Idaho Health Facilities Authority Revenue
		(St. Luke’s Health System Project)
		Series A 5.00% 3/1/33	485,000		606,236
		(Valley Vista Care Corporation)
		Series A 5.00% 11/15/32	455,000		488,010
	Illinois Finance Authority Revenue
		(The Admiral at the Lake Project)
		5.25% 5/15/42	900,000		956,106
		5.25% 5/15/54	5,600,000		5,922,280
	Illinois Housing Development Authority
		(Stonebridge of Gurnee Project)
		Series A 144A 5.45% 1/1/46 #	2,500,000		2,416,825
		Series A 144A 5.60% 1/1/56 #	2,630,000		2,497,474
	Iowa Finance Authority
		(PHS Council Bluffs Project)
		5.125% 8/1/48	1,750,000		1,835,890
		5.25% 8/1/55	2,500,000		2,622,725
	Kalispell, Montana
		(Immanuel Lutheran Corporation Project)
		Series A 5.25% 5/15/47	1,400,000		1,532,034

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Payne County, Oklahoma Economic Development Authority
		(Epworth Living at the Ranch)
		Series A 7.00% 11/1/51 ‡	961,600	$	4,808
	Pennsylvania Economic Development Financing Authority
		(Tapestry Moon Senior Housing Project)
		Series 2018A 144A 6.75% 12/1/53 #, ‡	9,495,000		5,602,050
	Prince George’s County, Maryland
		(Collington Episcopal Life Care Community)
		5.25% 4/1/47	2,000,000		2,142,440
	Public Finance Authority, Wisconsin
		(Bancroft Neurohealth Project)
		Series A 144A 5.00% 6/1/36 #	960,000		1,075,440
		Series A 144A 5.125% 6/1/48 #	1,375,000		1,529,055
	Puerto Rico Industrial Tourist Educational Medical &
		Environmental Control Facilities Financing Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	5,630,000		5,647,678
	Rochester, Minnesota
		(The Homestead at Rochester)
		Series A 6.875% 12/1/48	2,500,000		2,688,500
	Salem, Oregon Hospital Facility Authority Revenue
		(Capital Manor)
		6.00% 5/15/47	1,500,000		1,542,240
	Seminole County, Florida Industrial Development Authority
		Revenue
		(Legacy Pointe at UCF Project)
		Series A 5.50% 11/15/49	2,000,000		2,227,540
		Series A 5.75% 11/15/54	6,000,000		6,737,820
	Shelby County, Tennessee Health Educational & Housing
		Facilities Board Revenue
		(The Farms at Bailey Station Project)
		5.75% 10/1/59	3,670,000		3,942,865
	Southeastern Ohio Port Authority
		(Memorial Health Systems)
		5.00% 12/1/43	805,000		854,540
		5.50% 12/1/43	1,250,000		1,356,212
	St. Louis County, Missouri Industrial Development Authority
		(Nazareth Living Center Project)
		Series A 5.00% 8/15/35	600,000		650,694
		Series A 5.125% 8/15/45	1,800,000		1,925,586

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

			Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Martin County, Florida Health Facilities Authority Revenue
		(Martin Memorial Medical Center)
		5.50% 11/15/42-21 §	1,000,000	$	1,010,860
	Nampa Development Corporation, Idaho Revenue
		144A 5.00% 9/1/31-24 #, §	2,940,000		3,420,955
	New Jersey Health Care Facilities Financing Authority Revenue
		(Barnabas Health Services)
		Series A 4.00% 7/1/26-22 §	980,000		1,011,713
	North Texas Education Finance Revenue
		(Uplift Education)
		Series A 5.25% 12/1/47-22 §	2,100,000		2,179,128
	Onondaga, New York Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	1,000,000		1,036,170
	Philadelphia, Pennsylvania Authority for Industrial Development
		Revenue
		(New Foundation Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,081,930
	Public Finance Authority, Wisconsin Airport Facilities Revenue
		(AFCO Investors II Portfolio)
		144A 5.75% 10/1/31-22 (AMT) #, §	3,925,000		4,155,123
	San Buenaventura, California Revenue
		(Community Memorial Health System)
		7.50% 12/1/41-21 §	4,475,000		4,555,326
	Southwestern Illinois Development Authority Revenue
		(Memorial Group)
		7.125% 11/1/30-23 §	1,420,000		1,630,203
		7.125% 11/1/43-23 §	2,500,000		2,870,075
					41,955,068
Resource Recovery Revenue Bonds – 0.76%
	Blythe Township, Pennsylvania Solid Waste Authority Revenue
		7.75% 12/1/37 (AMT)	3,000,000		3,594,150
	South Carolina Jobs-Economic Development Authority
		Educational Facilities Revenue
		(Last Step Recycling Project)
		Series A 144A 6.50% 6/1/51 (AMT) #	1,500,000		1,576,020
	Union County, New Jersey Improvement Authority
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	7,800,000		8,265,504
					13,435,674

Table of Contents

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

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	St. Louis, Missouri Industrial Development Authority Tax
		Increment Revenue Improvement
		(Grand Center Redevelopment Project)
		6.375% 12/1/25	510,000	$	510,908
	Wyandotte County, Kansas City, Kansas Unified Government
		Special Obligation Revenue
		(Sales Tax Vacation Village Project)
		Series A 6.00% 9/1/35	4,690,000		4,783,519
					191,814,094
State General Obligation Bonds – 12.38%
	California State
		4.00% 3/1/36	12,475,000		15,201,161
		(Various Purpose)
		4.00% 3/1/37	2,340,000		2,838,701
		5.00% 8/1/27	5,000,000		6,107,000
		5.00% 10/1/28	5,000,000		6,483,550
		5.00% 11/1/30	7,000,000		9,498,090
		5.00% 11/1/34	4,390,000		5,847,085
	Commonwealth of Massachusetts
		Series B 5.00% 1/1/32	5,000,000		6,288,500
		Series D 4.00% 11/1/35	5,000,000		6,203,600
		Series D 4.00% 11/1/36	4,595,000		5,682,315
	Commonwealth of Puerto Rico
		Series A 8.00% 7/1/35 ‡	200,000		167,250
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	4,525,000		3,885,844
		Series A 5.125% 7/1/37 ‡	15,070,000		13,223,925
		Series A 5.25% 7/1/22 ‡	1,810,000		1,708,188
		Series A 5.25% 7/1/29 ‡	4,460,000		4,209,125
		Series A 5.25% 7/1/30 ‡	1,955,000		1,845,031
		Series A 5.25% 7/1/31 ‡	6,980,000		6,657,175
		Series A 5.375% 7/1/33 ‡	900,000		843,750
		Series A 5.50% 7/1/26 ‡	5,000,000		4,475,000
		Series A 5.50% 7/1/39 ‡	5,165,000		4,648,500
		Series A 5.75% 7/1/28 ‡	5,580,000		5,035,950
		Series A 5.75% 7/1/41 ‡	11,750,000		10,912,812
		Series A 6.00% 7/1/38 ‡	4,520,000		4,305,300
		Series A 8.00% 7/1/35 ‡	30,995,000		26,384,494
		Series C 6.00% 7/1/39 ‡	1,000		918
		Series C 6.00% 7/1/39 ‡	9,485,000		8,844,762

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

Table of Contents

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Pennsylvania Turnpike Commission
		Series B 4.00% 12/1/51	5,000,000	$	5,876,450
	Phoenix, Arizona Civic Improvement
		(Junior Lien)
		Series A 5.00% 7/1/40	30,000		34,849
	Port Beaumont, Texas Navigation District Dock & Wharf Facility
		Revenue
		(Jefferson Gulf Coast Energy Project)
		Series A 144A 2.75% 1/1/36 (AMT) #	1,500,000		1,506,720
		Series A 144A 2.875% 1/1/41 (AMT) #	1,750,000		1,756,633
		Series A 144A 3.00% 1/1/50 (AMT) #	4,500,000		4,465,845
	Public Finance Authority Revenue, Wisconsin
		(Sky Harbour Capital LLC Aviation Facilities Project)
		4.25% 7/1/54 (AMT)	3,000,000		3,074,730
	Riverside County, California Transportation Senior Lien
		Series A 5.75% 6/1/48	1,000,000		1,078,450
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal Revenue)
		Series A 5.00% 1/1/49	1,110,000		1,334,109
		Series B 5.00% 1/1/48 (AMT)	2,000,000		2,375,380
	Texas Private Activity Bond Surface Transportation Corporate
		Senior Lien
		(NTE Mobility Partners Segments 3 LLC Segment 3C Project)
		5.00% 6/30/58 (AMT)	6,500,000		7,901,010
		(NTE Mobility)
		6.75% 6/30/43 (AMT)	1,905,000		2,142,934
		7.00% 12/31/38 (AMT)	1,335,000		1,509,231
	Virginia Small Business Financing Authority
		(Transform 66 P3 Project)
		5.00% 12/31/56 (AMT)	2,975,000		3,566,281
					64,211,723
Water & Sewer Revenue Bonds – 2.04%
	Chicago, Illinois Waterworks Revenue
		(2nd Lien)
		5.00% 11/1/26	180,000		218,556
		5.00% 11/1/28	30,000		36,332
	Dominion, Colorado Water & Sanitation District Revenue
		6.00% 12/1/46	3,865,000		3,982,419
	Jefferson County, Alabama Sewer Revenue
		(Senior Lien-Warrants)
		Series A 5.50% 10/1/53 (AGM)	2,500,000		2,797,200

Table of Contents

Schedules of investments
Delaware National High-Yield Municipal Bond Fund

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

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

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $464,693,842, which represents 26.42% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 10 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

ICE – Intercontinental Exchange, Inc.

KIPP – Knowledge is Power Program

L.P. – Limited Partnership

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

August 31, 2021

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

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

100

Table of Contents

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

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

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

101

Table of Contents

Statements of operations

Year ended August 31, 2021

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

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

102

Table of Contents

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

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

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

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

103

Table of Contents

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

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

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

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

104

Table of Contents

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

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

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

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

105

Table of Contents

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

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

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

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

106

Table of Contents

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

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

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

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

107

Table of Contents

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

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

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

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

108

Table of Contents

Financial highlights
Delaware Tax-Free USA Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

110

Table of Contents

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


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


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

$	12.56		$	11.94		$	11.96		$	11.44		$	11.70

	9.03%			3.44%			8.35%			1.44%			0.41%


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

111

Table of Contents

Financial highlights
Delaware Tax-Free USA Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

112

Table of Contents

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


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


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

$	12.56		$	11.94		$	11.96		$	11.44		$	11.70

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


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

113

Table of Contents

Financial highlights
Delaware Tax-Free USA Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

114

Table of Contents

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


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


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

$	12.66		$	12.03		$	12.05		$	11.52		$	11.79

	9.34%			3.70%			8.68%			1.61%			0.68%


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

115

Table of Contents

Financial highlights
Delaware Tax-Free USA Intermediate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

116

Table of Contents

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


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


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

$	12.63		$	12.26		$	12.28		$	11.76		$	12.06

	5.79%			2.76%			7.71%			0.57%			0.35%


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

117

Table of Contents

Financial highlights
Delaware Tax-Free USA Intermediate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

118

Table of Contents

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


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


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

$	12.62		$	12.25		$	12.27		$	11.75		$	12.05

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


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

119

Table of Contents

Financial highlights
Delaware Tax-Free USA Intermediate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

120

Table of Contents

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


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


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

$	12.75		$	12.38		$	12.40		$	11.87		$	12.17

	5.92	%		2.92	%		7.92%			0.75%			0.44%


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

121

Table of Contents

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

122

Table of Contents

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


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


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

$	12.04		$	11.15		$	11.48		$	11.00		$	11.05

	12.12%			1.06%			8.81%			3.80%			0.72%


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

123

Table of Contents

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

124

Table of Contents

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


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


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

$	12.09		$	11.20		$	11.52		$	11.04		$	11.09

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


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

125

Table of Contents

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

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

126

Table of Contents

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


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


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

$	12.15		$	11.26		$	11.58		$	11.10		$	11.15

	12.32%			1.44%			9.03%			4.07%			0.92%


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

127

Table of Contents

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

Delaware Group^®Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or together, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

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

128

Table of Contents

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

Federal Income Taxes – No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended August 31, 2021, and for all open tax years (years ended August 31, 2018–August 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2021, the Funds did not incur any interest or tax penalties.

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

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

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

129

Table of Contents

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

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

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

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

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

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through August 31, 2021.* These expense waivers and reimbursements may

130

Table of Contents

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

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

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

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

131

Table of Contents

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

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

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

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

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

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

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

132

Table of Contents

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

Cross trades for the year ended August 31, 2021, were executed by each Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended August 31, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

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

____________________

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

3. Investments

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

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

133

Table of Contents

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

3. Investments (continued)

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
Fund	investments		of investments		of investments				of investments
Delaware Tax-Free
USA Fund	$	1,071,354,395	$	112,344,100	$	(5,860,407	)	$	106,483,693
Delaware Tax-Free
USA Intermediate
Fund		1,165,326,134		104,343,509		(3,206,403	)		101,137,106
Delaware National
High-Yield
Municipal Bond
Fund		1,589,101,649		190,637,171		(23,364,237	)		167,272,934

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

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

134

Table of Contents

Level 3 –

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2021:

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

135

Table of Contents

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

3. Investments (continued)

	Delaware Tax-Free USA Intermediate Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	1,255,333,240
Short-Term Investments			11,130,000
Total Value of Securities		$	1,266,463,240

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

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to each Fund’s net assets at the beginning, interim, or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to each Fund’s net assets at the end of the year.

4. Dividend and Distribution Information

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

136

Table of Contents

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

5. Components of Net Assets on a Tax Basis

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

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

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

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

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

137

Table of Contents

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

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

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

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

	Loss carryforward character
	Short-term		Long-term	Total
Delaware Tax-Free USA
Intermediate Fund	$	3,105,252	$—	$	3,105,252

At August 31, 2021, there were no capital loss carryforwards for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund.

138

Table of Contents

6. Capital Shares

Transactions in capital shares were as follows:

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

Shares from merger:¹
	Class A	27,065,090		—		37,970,562		—		—		—
	Institutional Class	490,723		—		1,475,716		—		—		—

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

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

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

¹	See Note 7.

139

Table of Contents

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

6. Capital Shares (continued)

	Exchange Redemptions				Exchange Subscriptions
			Institutional				Institutional
	Class A	Class C	Class		Class A		Class
	Shares	Shares	Shares		Shares		Shares		Value
Delaware Tax-Free USA Fund
Year ended
8/31/21	36,729	24,482		—		24,518		36,473	$	761,979
8/31/20	118,464	60,517		—		60,554		117,593		2,113,033
Delaware Tax-Free USA Intermediate Fund
Year ended
8/31/21	107,662	11,026		538		11,563		106,713		1,488,442
8/31/20	119,341	17,213		—		17,222		118,367		1,660,124
Delaware National High-Yield Municipal Bond Fund
Year ended
8/31/21	43,780	52,403		1,754		34,517		63,161		1,126,321
8/31/20	320,408	19,256		—		15,368		321,944		3,710,189

7. Reorganization

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

140

Table of Contents

The share transactions associated with the merger are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
		Delaware Tax-Exempt Opportunities Fund			Delaware Tax-Free USA Fund
Class A	$	328,299,539	19,434,282	27,065,090	$	496,595,841		1.393
Class C		—	—	—		10,599,349		—
Institutional
Class		5,996,641	354,397	490,723		131,648,773		1.385

				Shares
		Acquired	Acquired	Converted		Acquiring
		Funds	Fund Shares	to Acquiring		Fund		Conversion
		Net Assets	Outstanding	Fund		Net Assets		Ratio
		Delaware Tax-Exempt Income			Delaware Tax-Free USA Intermediate
		Fund			Fund
Class A	$	470,834,974	49,412,013	37,970,562	$	108,082,382		0.768
Class C		—	—	—		11,623,405		—
Institutional
Class		18,475,967	1,938,317	1,475,716		474,092,009		0.761

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

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the year ended August 31, 2021, would have been as follows:

	Delaware Tax-Free USA Fund			Delaware Tax-Free USA Intermediate Fund
Net investment income		$	37,814,794		$	41,528,548
Net realized gain on
investments			16,302,449			7,470,384
Net change in unrealized
appreciation			41,284,161			27,642,344
Net increase in net assets
resulting from
operations		$	95,401,404		$	76,641,276

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Funds’ Statement of Operations since the Reorganization was consummated on December 4, 2020.

141

Table of Contents

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

8. Line of Credit

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

9. Securities Lending

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

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

142

Table of Contents

government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. Each fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

During the year ended August 31, 2021, Delaware Tax-Free USA Intermediate Fund had no securities out on loan. For the year ended August 31, 2021, Delaware Tax-Fee USA Fund and Delaware National High-Yield Municipal Bond Fund were not included in the Lending Agreement.

10. Geographic, Credit, and Market Risks

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

143

Table of Contents

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

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

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

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

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

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

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

144

Table of Contents

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.

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

11. Contractual Obligations

145

Table of Contents

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

12. Recent Accounting Pronouncements

13. Subsequent Events

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

146

Table of Contents

Report of independent
registered public accounting firm

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

Opinions on the Financial Statements

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

Basis for Opinions

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

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

147

Table of Contents

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

Liquidity Risk Management Program

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

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

148

Table of Contents

Tax Information

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

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

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

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

____________________

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

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

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

149

Table of Contents

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

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

150

Table of Contents

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

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

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

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

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

151

Table of Contents

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

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

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

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

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

152

Table of Contents

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

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

153

Table of Contents

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

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

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

154

Table of Contents

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

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

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

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

155

Table of Contents

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

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

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

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

156

Table of Contents

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

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

157

Table of Contents

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

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

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

158

Table of Contents

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

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

159

Table of Contents

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

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

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

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

160

Table of Contents

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

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

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

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

161

Table of Contents

About the organization

Board of trustees

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

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

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

Affiliated officers

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

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

162

Table of Contents













	Annual report

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

August 31, 2021

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

Table of Contents

Experience Delaware Funds by Macquarie^®

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.

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management review		1
Performance summaries		9
Disclosure of Fund expenses		39
Security type / sector / state / territory allocations		43
Schedules of investments		49
Statements of assets and liabilities		107
Statements of operations		111
Statements of changes in net assets		113
Financial highlights		126
Notes to financial statements		162
Report of independent registered public accounting firm		181
Other Fund information		182
Board of trustees / directors and officers addendum		189
About the organization		197

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

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

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

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

Table of Contents

Portfolio management review
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2021 (Unaudited)

Performance preview (for the year ended August 31, 2021)
Delaware Tax-Free Arizona Fund (Institutional Class shares)	1-year return	+7.78%
Delaware Tax-Free Arizona Fund (Class A shares)	1-year return	+7.51%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Other States Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Arizona Fund, please see the table on page 9.

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

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation on a specified city or state basis.

Please see page 13 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free California Fund (Institutional Class shares)	1-year return	+7.14%
Delaware Tax-Free California Fund (Class A shares)	1-year return	+6.88%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper California Municipal Debt Funds Average	1-year return	+4.86%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free California Fund, please see the table on page 14.

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

The Lipper California Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation in California (double tax-exempt) or a city in California (triple tax-exempt).

Please see page 18 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free Colorado Fund (Institutional Class shares)	1-year return	+5.91%
Delaware Tax-Free Colorado Fund (Class A shares)	1-year return	+5.64%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Colorado Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Colorado Fund, please see the table on page 19.

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

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation on a specified city or state basis.

Please see page 23 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Table of Contents

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

Delaware Tax-Free Idaho Fund (Institutional Class shares)	1-year return	+6.29%
Delaware Tax-Free Idaho Fund (Class A shares)	1-year return	+6.03%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Other States Municipal Debt Funds Average	1-year return	+1.85%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Idaho Fund, please see the table on page 24.

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

The Lipper Other States Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation on a specified city or state basis.

Please see page 28 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free New York Fund (Institutional Class shares)	1-year return	+6.73%
Delaware Tax-Free New York Fund (Class A shares)	1-year return	+6.46%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper New York Municipal Debt Funds Average	1-year return	+5.55%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free New York Fund, please see the table on page 29.

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

The Lipper New York Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation in New York (double tax-exempt) or a city in New York (triple tax-exempt).

Please see page 33 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Tax-Free Pennsylvania Fund (Institutional Class shares)	1-year return	+7.31%
Delaware Tax-Free Pennsylvania Fund (Class A shares)	1-year return	+7.04%
Bloomberg Municipal Bond Index (benchmark)	1-year return	+3.40%
Lipper Pennsylvania Municipal Debt Funds Average	1-year return	+4.59%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Pennsylvania Fund, please see the table on page 34.

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

The Lipper Pennsylvania Municipal Debt Funds Average compares funds that limit assets to those securities that are exempt from taxation in Pennsylvania (double tax-exempt) or a city in Pennsylvania (triple tax-exempt).

Please see page 38 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Table of Contents

Investment objectives

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

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

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

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

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

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

Economic backdrop

Table of Contents

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

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

Municipal bond market conditions

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

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

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

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

Source: Bloomberg.

Economic backdrop in the states

Arizona’s budget for the 2022 fiscal year included a significant change to the state’s approach to taxing personal income. With this $12.8 billion budget, the state begins to phase in a flat income tax by 2025 and eliminates the progressive income tax. At 2.5%, Arizona’s rate will be the lowest of the seven US states with a flat income tax. As a result of Proposition 208, which passed on the state’s November 2020 ballot and will help fund higher teacher salaries, high-income taxpayers will continue to pay a 3.5% surcharge on incomes. Going into the COVID-19 pandemic, Arizona had a $1 billion rainy day fund. From three federal aid programs to help states manage pandemic-related revenue losses, Arizona received $4.7 billion, of which the state has allocated 35% to date. Revenues for the 2021 fiscal year were 8.3% above projections. In July 2021, Arizona’s unemployment rate was 6.6%, exceeding the 4.9% rate of July 2019 but below the state’s April 2020 pandemic high of 14.2%. According to the 2020 US Census, Phoenix is now the country’s fifth-largest city and grew faster than any other large US city in the past decade. (Sources: azospb.gov, azleg.gov, bls.gov.)

California’s revenue projections meaningfully shifted with COVID-19. Before the pandemic, California had anticipated a budget surplus of $5.6 billion. Afterwards, the state faced a budget shortfall of $54 billion and the prospect of major budget cuts for the 2021 fiscal year. However, California ended up with a $75 billion surplus, reflecting the impact of federal aid programs and capital-gains tax collections due to a rising equity market. Of this surplus, $27 billion will go to K-12 education spending. California’s two largest pension funds generated returns of 21% and 27% during the 2021 fiscal year. Meanwhile, personal-income taxes, originally projected to fall by 7.1%, instead rose by 7.4% from the prior fiscal year. California’s budget for fiscal 2022 was

Table of Contents

$196 billion, the state’s largest ever and a $30 billion increase over the fiscal 2021 budget. State reserves reached $25.2 billion, or $3 billion more than the previous high. California is receiving $26 billion in funding from the federal American Rescue Plan Act, on top of the $9.2 billion of federal aid the state already received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In July 2021, California’s unemployment rate was 7.6%, considerably higher than the 4.1% jobless rate seen two years earlier but less than half the pandemic high of 16% in April 2020. (Sources: dof.ca.gov, bls.gov, politico.com, standardandpoors.com.)

The $34.1 billion budget for Colorado’s 2022 fiscal year, which began on June 30, was $4 billion higher than the state’s fiscal 2021 budget. The current budget includes a 3% raise for state employees, an additional $480 million for K-12 education spending (amounting to 32.8% of General Fund spending), $430 million of restored cuts to state higher education, and $800 million for infrastructure spending. The budget does not include $3.8 billion of federal American Rescue Plan Act stimulus funds. In fiscal 2021, Colorado received $1.7 billion in COVID-19 federal stimulus funds via the CARES Act. With the revenue improvement came a $1.5 billion deposit into the state’s reserve fund, totaling 13% of General Fund spending. The state’s original projections for the 2021 fiscal year included a budget deficit of $3 billion, though Colorado finished the year with a nearly $5.3 billion surplus. Colorado’s unemployment rate was 6.1% in July 2021, higher than the 2.6% rate seen in July 2019 but well below the state’s 12.1% pandemic high in April 2020. (Sources: bls.gov, cpr.org, leg.colorado.gov.)

Idaho received approximately $1.3 billion in pandemic-related federal funding through the CARES Act, as well as $3.2 billion from the American Rescue Plan Act. Spending the latter will require two-thirds’ approval from the Idaho legislature, which has not yet provided approval. Idaho ended its 2021 fiscal year with its largest-ever budget surplus of $900 million. Revenues were $600 million ahead of estimates, as sales, personal-income, and corporate taxes were 7.7%, 24.5%, and 33.2% higher than budgeted amounts, respectively. The state provided $435 million in tax relief in fiscal year 2022, including $220 million via a one-time tax rebate. Idaho’s unemployment rate in July 2021 was the country’s second lowest at 3%, slightly above the state’s July 2019 rate of 2.8% and far below the April 2020 pandemic-era high of 11.6%. (Sources: dfm.idaho.gov, legislature.idaho.gov, bls.gov.)

New York’s fiscal year ends on March 31, so early in the pandemic the state, anticipating economic decline, had to rapidly cut its budget for the 2021 fiscal year. New York’s revenue collections for fiscal 2021 wound up $513.3 million below the prior year’s, even as they were still $3 billion above budget. The state will receive a total of $12.7 billion in federal pandemic assistance via the American Rescue Plan Act. As with most states, New York has spent only a small portion of that amount so far ($378 million since April). The state’s fiscal 2022 budget of $212 billion ($20 billion higher than the governor’s request) included a record $29.5 billion in K-12 education spending. New York’s pension-discount rate was lowered to less than 6%, the lowest nationally, due to outsized returns for the 2021 fiscal year. As part of its fiscal 2022 budget, the state increased tax rates for corporations as well as the highest earners. As of July 2021, the state’s unemployment rate was 7.6%, double the level in July 2019 but below the high of 16.2% seen in April 2020. (Sources: bls.gov, budget.ny.gov, bloomberg.com.)

Pennsylvania finished its 2021 fiscal year in June with $40.4 billion in General Fund revenue, 9.3% higher than originally estimated and contrasting with the prior year’s estimate of a 9.1% decline.

Table of Contents

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

Sales-tax receipts for fiscal 2021 were 7.8% above budget, while personal-income tax and corporate-tax revenues were 5.5% and 23.3% higher, respectively. Pennsylvania’s budget for fiscal 2022 featured a spending increase of 7.8% and was the state’s first budget to exceed $40 billion. Pennsylvania received $7 billion from three federal aid packages due to the COVID-19 pandemic, using $1 billion of that amount in its budget for fiscal 2022. The state is spending an additional $300 million on education, putting K-12 expenditures at 33.2% of all state spending. Pennsylvania will have nearly $8 billion in cash available to begin the 2022 fiscal year, compared with just $246 million the prior fiscal year. The state will put $2.5 billion in its rainy day fund. As of July 2021, Pennsylvania’s unemployment rate was down to 6.6%, higher than the July 2019 rate of 4.4% but below the pandemic high of 16.2% in May 2020. (Sources: bls.gov, patreasury.gov.)

A consistent management approach

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

We prefer to overweight bonds with lower-investment-grade or below-investment-grade credit ratings and that, in our opinion, are backed by solid underlying credit quality, due to these securities’ tendency to offer better income characteristics.

In certain states, particularly those with larger municipal bond marketplaces, executing this strategy tends to be straightforward. However, in other states with more constrained supply of municipal debt – especially lower-rated municipal debt – it could sometimes be difficult to invest in the bonds we would ordinarily prefer. In these cases, to keep the Funds fully invested, we sought bonds that offered what we viewed as an appropriate risk-reward trade-off, while remaining on the lookout for suitable lower-rated issues to support our long-term portfolio management objectives.

As of the end of the fiscal year on August 31, 2021, roughly 39% of the net assets of Delaware Tax-Free Arizona Fund was invested in bonds with lower-investment-grade credit ratings (A and BBB), while about 40% of the net assets of Delaware Tax-Free California Fund was invested in these same credit tiers. Roughly 29% of Delaware Tax-Free Colorado Fund was invested in bonds rated lower investment grade, compared with about 32% of Delaware Tax-Free Idaho Fund, 32% of Delaware Tax-Free New York Fund, and 44% of Delaware Tax-Free Pennsylvania Fund.

All six Funds also maintained allocations to high yield municipal bonds. By prospectus, the Funds may hold up to 20% of their net assets in high yield debt.

Consistently seeking value

When possible, we prioritized opportunities to buy suitable higher yielding bonds in these and other sectors that we believed would allow us to enhance the Funds’ income-generating capability while potentially providing total return opportunity. These included select opportunities among bonds in the healthcare and education sectors. Over

Table of Contents

time, bonds in these sectors experienced narrowing credit spreads and provided lower yields, gradually making them less attractive areas for new investment, in our view.

Over time, as credit spreads narrowed, we became especially selective with new investments, focusing on purchasing bonds that we believed offered the Funds’ shareholders a favorable risk-reward trade-off. As attractive value opportunities became harder to find, we continued to prioritize our research efforts to try to find higher yielding state bonds that we believed represented long-term value, and we were willing to remain patient while pursuing this goal.

Individual performance effects

In Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free Pennsylvania Fund, for example, the strongest-performing securities were Puerto Rico dedicated-tax bonds. (Bonds issued by Puerto Rico and other US territories are generally fully tax-exempt for US residents.) These bonds, with a credit rating below investment grade and a 2040 maturity date, generated returns ranging between 45% and 55%, having benefited from Puerto Rico’s improved credit quality, investors’ optimism about its debt restructuring plan, and the bonds’ relatively low valuations to begin the fiscal year. In addition, Delaware Tax-Free Colorado Fund and Delaware Tax-Free New York Fund saw strong performance from a position in Puerto Rico Electric Power Authority bonds. These bonds, yielding 5.25% and maturing in 2024, returned nearly 45% for the Funds.

In Delaware Tax-Free Arizona Fund, bonds for the Legacy Sports Park USA project in Mesa were strong individual performers. The securities gained 30% for the Fund’s fiscal year, reflecting favorable revenue projections for this sports-facility project. The Fund also benefited from the timing of this purchase, as we bought these bonds early in the pandemic at what we anticipated was a temporarily depressed price. As the municipal bond market bounced back, this debt gained disproportionately in value, lifting the Fund’s result.

Many other strong performers similarly reflected recoveries from unusually low valuations to begin the fiscal year. Delaware Tax-Free Colorado Fund, for instance, benefited from an investment in bonds for Sunny Vista Living Center, a Colorado Springs continuing care retirement facility. These nonrated bonds returned more than 14% for the Fund. In Delaware Tax-Free Pennsylvania Fund, senior-housing bonds issued by the Cumberland County Municipal Authority strongly appreciated this fiscal year, gaining more than 19% for the Fund.

Delaware Tax-Free California Fund benefited from its holding in nonrated zero-coupon Inland Empire tobacco-securitization bonds, which rose 45% for the Fund. Similarly, Delaware Tax-Free New York Fund benefited from Erie County tobacco securitization bonds, which gained close to 20%. Older tobacco bonds such as these continued to benefit from their relative scarcity, rising in price as many tobacco issuers have refinanced outstanding debt and replaced older bonds with newer, lower-coupon debt.

Table of Contents

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

Another notable individual contributor was bonds for the North Star Charter School in Eagle, Idaho. These securities gained more than 55% for Delaware Tax-Free Idaho Fund as investors’ concerns about the issuer’s credit quality eased.

In contrast, many of the Funds’ weakest-performing bonds – many of which still managed a small positive return – featured relatively high credit quality or short durations. In Delaware Tax-Free Arizona Fund, for example, pre-refunded bonds for Regents University and water quality bonds issued by Arizona Water Infrastructure Finance Authority achieved only a small gain for the Fund’s fiscal year, trailing the overall municipal bond market by several percentage points.

Delaware Tax-Free California Fund’s leading detractors for the fiscal year, because of their high credit quality or limited durations, included AAA-rated Stanford University bonds, which declined more than 1%, and California State Prisons municipal lease debt, which had a roughly flat return.

Delaware Tax-Free Colorado Fund saw relative underperformance from its position in pre-refunded North Colorado Medical Center hospital bonds issued by the Colorado Health Facilities Authority, as well as general obligation debt of Jefferson County School District. Highly rated, low-duration school district bonds for Madison County and Canyon County were weaker performers for Delaware Tax-Free Idaho Fund, while Delaware Tax-Free New York Fund’s detractors included pre-refunded bonds for Nazareth College and short-duration municipal lease debt for the 4 World Trade Center Project in New York City.

Table of Contents

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

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. April 1, 1991)

Excluding sales charge

+7.51

+3.58

+4.20

+5.20

Including sales charge

+2.71

+2.63

+3.72

+5.04

Class C (Est. May 25, 1994)

Excluding sales charge

+6.70

+2.79

+3.42

+4.04

Including sales charge

+5.70

+2.79

+3.42

+4.04

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+7.78

+3.82

—

+5.09

Including sales charge

+7.78

+3.82

—

+5.09

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 11. Performance would have been lower had expense limitations not been in effect.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the

Table of Contents

Performance summaries
Delaware Tax-Free Arizona Fund

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.59% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.01%	1.76%	0.76%
Net expenses (including fee
waivers, if any)	0.84%	1.59%	0.59%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance summaries
Delaware Tax-Free Arizona Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000		$14,874
	Delaware Tax-Free Arizona Fund — Class A shares		$9,550		$14,411

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free Arizona Fund — Institutional Class shares		$10,000		$14,632
	Bloomberg Municipal Bond Index		$10,000		$13,550

Table of Contents

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 11. Please note additional details on pages 9 through 13.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols	CUSIPs
Class A	VAZIX	928916204
Class C	DVACX	928916501
Institutional Class	DAZIX	928916873

Table of Contents

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

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. March 2, 1995)

Excluding sales charge

+6.88

+3.57

+4.90

+5.39

Including sales charge

+2.10

+2.62

+4.41

+5.21

Class C (Est. April 9, 1996)

Excluding sales charge

+5.99

+2.79

+4.12

+4.54

Including sales charge

+4.99

+2.79

+4.12

+4.54

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+7.14

+3.83

—

+5.35

Including sales charge

+7.14

+3.83

—

+5.35

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 16. Performance would have been lower had expense limitations not been in effect.

Table of Contents

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

Performance summaries
Delaware Tax-Free California Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.57% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.03%	1.78%	0.78%
Net expenses (including fee
waivers, if any)	0.82%	1.57%	0.57%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free California Fund — Class A shares		$	9,550		$	15,402
	Bloomberg Municipal Bond Index		$	10,000		$	14,874

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free California Fund — Institutional Class shares		$	10,000		$	14,911
	Bloomberg Municipal Bond Index		$	10,000		$	13,550

Table of Contents

Performance summaries
Delaware Tax-Free California Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 16. Please note additional details on pages 14 through 18.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols	CUSIPs
Class A	DVTAX	928928829
Class C	DVFTX	928928795
Institutional Class	DCTIX	928928167

Table of Contents

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

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. April 23, 1987)

Excluding sales charge

+5.64

+3.26

+4.19

+5.57

Including sales charge

+0.85

+2.31

+3.72

+5.42

Class C (Est. May 5, 1994)

Excluding sales charge

+4.85

+2.49

+3.41

+4.06

Including sales charge

+3.85

+2.49

+3.41

+4.06

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+5.91

+3.52

—

+4.96

Including sales charge

+5.91

+3.52

—

+4.96

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 21. Performance would have been lower had expense limitations not been in effect.

Class C shares are sold with a contingent deferred sales (CDSC) charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Table of Contents

Performance summaries
Delaware Tax-Free Colorado Fund

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.57% of the Fund’s average daily net assets from December 29, 2020 to August 31, 2021.* Prior to December 29, 2020, expense waiver was 0.59% of the Fund’s average daily net assets. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.96%	1.71%	0.71%
Net expenses (including fee
waivers, if any)	0.82%	1.57%	0.57%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance summaries
Delaware Tax-Free Colorado Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value			Ending value
	Bloomberg Municipal Bond Index		$	10,000		$	14,874
	Delaware Tax-Free Colorado Fund — Class A shares		$	9,550		$	14,406

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value			Ending value
	Delaware Tax-Free Colorado Fund — Institutional Class shares		$	10,000		$	14,495
	Bloomberg Municipal Bond Index		$	10,000		$	13,550

Table of Contents

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 21. Please note additional details on pages 19 through 23.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols	CUSIPs
Class A	VCTFX	928920107
Class C	DVCTX	92907R101
Institutional Class	DCOIX	92907R200

Table of Contents

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

Fund and benchmark performance^1,2

Average annual total returns through August 31, 2021

1 year

5 year

10 year

Lifetime

Class A (Est. January 4, 1995)

Excluding sales charge

+6.03

+3.16

+3.33

+4.74

Including sales charge

+1.28

+2.21

+2.86

+4.56

Class C (Est. January 10, 1995)

Excluding sales charge

+5.24

+2.39

+2.56

+3.94

Including sales charge

+4.24

+2.39

+2.56

+3.94

Institutional Class (Est. December 31, 2013)

Excluding sales charge

+6.29

+3.42

—

+4.33

Including sales charge

+6.29

+3.42

—

+4.33

Bloomberg Municipal Bond Index

+3.40

+3.30

+4.05

+4.34

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 26. Performance would have been lower had expense limitations not been in effect.

Table of Contents

bond was paying. A portfolio may then have to reinvest that money at a lower interest rate. Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

Performance summaries
Delaware Tax-Free Idaho Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.61% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.02%	1.77%	0.77%
Net expenses (including fee
waivers, if any)	0.86%	1.61%	0.61%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value	Ending value
	Bloomberg Municipal Bond Index	$10,000	$14,874
	Delaware Tax-Free Idaho Fund — Class A shares	$9,550	$13,258

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value	Ending value
	Delaware Tax-Free Idaho Fund — Institutional Class shares	$10,000	$13,841
	Bloomberg Municipal Bond Index	$10,000	$13,550

Table of Contents

Performance summaries
Delaware Tax-Free Idaho Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 26. Please note additional details on pages 24 through 28.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols	CUSIPs
Class A	VIDAX	928928704
Class C	DVICX	928928803
Institutional Class	DTIDX	928928159

Table of Contents

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

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. November 6, 1987)
Excluding sales charge	+6.46%	+3.31%	+4.43%	+5.48%
Including sales charge	+1.67%	+2.37%	+3.95%	+5.34%
Class C (Est. April 26, 1995)
Excluding sales charge	+5.68%	+2.54%	+3.64%	+3.95%
Including sales charge	+4.68%	+2.54%	+3.64%	+3.95%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+6.73%	+3.58%	—	+5.07%
Including sales charge	+6.73%	+3.58%	—	+5.07%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.34%*

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 31. Performance would have been lower had expense limitations not been in effect.

Table of Contents

Performance summaries
Delaware Tax-Free New York Fund

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

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.55% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.05%	1.80%	0.80%
Net expenses (including fee
waivers, if any)	0.80%	1.55%	0.55%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance summaries
Delaware Tax-Free New York Fund

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000		$14,874
	Delaware Tax-Free New York Fund — Class A shares		$9,550		$14,726

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free New York Fund — Institutional Class shares		$10,000		$14,610
	Bloomberg Municipal Bond Index		$10,000		$13,550

Table of Contents

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 31. Please note additional details on pages 29 through 33.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols		CUSIPs
Class A		FTNYX	928928274
Class C		DVFNX	928928258
Institutional Class		DTNIX	928928142

Table of Contents

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

Fund and benchmark performance^1,2	Average annual total returns through August 31, 2021
	1 year	5 year	10 year	Lifetime
Class A (Est. March 23, 1977)
Excluding sales charge	+7.04%	+3.53%	+4.30%	+5.47%
Including sales charge	+2.23%	+2.57%	+3.83%	+5.36%
Class C (Est. November 29, 1995)
Excluding sales charge	+6.24%	+2.75%	+3.52%	+3.72%
Including sales charge	+5.24%	+2.75%	+3.52%	+3.72%
Institutional Class (Est. December 31, 2013)
Excluding sales charge	+7.31%	+3.78%	—	+5.05%
Including sales charge	+7.31%	+3.78%	—	+5.05%
Bloomberg Municipal Bond Index	+3.40%	+3.30%	+4.05%	+4.34%	*

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 36. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate, currently 0.24% 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. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

Table of Contents

assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

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

Table of Contents

Performance summaries
Delaware Tax-Free Pennsylvania Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.59% of the Fund’s average daily net assets from September 1, 2020 to August 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	0.92%	1.68%	0.68%
Net expenses (including fee
waivers, if any)	0.83%	1.59%	0.59%
Type of waiver	Contractual	Contractual	Contractual

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

Table of Contents

Performance of a $10,000 investment¹

Class A shares
Average annual total returns from August 31, 2011 through August 31, 2021

For period beginning August 31, 2011 through August 31, 2021		Starting value		Ending value
	Bloomberg Municipal Bond Index		$10,000	$14,874
	Delaware Tax-Free Pennsylvania Fund — Class A shares		$9,550	$14,556

Institutional Class shares
Average annual total returns from December 31, 2013 (inception date) through August 31, 2021

For period beginning December 31, 2013 through August 31, 2021		Starting value		Ending value
	Delaware Tax-Free Pennsylvania Fund — Institutional Class shares		$10,000	$14,584
	Bloomberg Municipal Bond Index		$10,000	$13,550

Table of Contents

Performance summaries
Delaware Tax-Free Pennsylvania Fund

The graphs do not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 36. Please note additional details on pages 34 through 38.

The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

Gross domestic product, mentioned on page 3, is a measure of all goods and services produced by a nation in a year.

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

	Nasdaq symbols	CUSIPs
Class A	DELIX	233216100
Class C	DPTCX	233216308
Institutional Class	DTPIX	24609H701

Table of Contents

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2021 to August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.90	0.84%		$	4.32
Class C			1,000.00			1,036.90	1.59%			8.16
Institutional Class			1,000.00			1,041.30	0.59%			3.04
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.97	0.84%		$	4.28
Class C			1,000.00			1,017.19	1.59%			8.08
Institutional Class			1,000.00			1,022.23	0.59%			3.01

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,037.10	0.86%		$	4.42
Class C			1,000.00			1,033.20	1.61%			8.25
Institutional Class			1,000.00			1,038.40	0.61%			3.13
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.87	0.86%		$	4.38
Class C			1,000.00			1,017.09	1.61%			8.19
Institutional Class			1,000.00			1,022.13	0.61%			3.11

Table of Contents

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,033.40	0.83%		$	4.25
Class C			1,000.00			1,029.50	1.58%			8.08
Institutional Class			1,000.00			1,034.70	0.58%			2.97
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02	0.83%		$	4.23
Class C			1,000.00			1,017.24	1.58%			8.03
Institutional Class			1,000.00			1,022.28	0.58%			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
	3/1/21			8/31/21			Expense Ratio	3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,033.60	0.86%		$	4.41
Class C			1,000.00			1,029.70	1.61%			8.24
Institutional Class			1,000.00			1,034.90	0.61%			3.13
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.87	0.86%		$	4.38
Class C			1,000.00			1,017.09	1.61%			8.19
Institutional Class			1,000.00			1,022.13	0.61%			3.11

Table of Contents

Disclosure of Fund expenses
For the six-month period from March 1, 2021 to August 31, 2021 (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
	3/1/21			8/31/21			Expense Ratio			3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.30		0.83	%		$	4.27
Class C			1,000.00			1,036.40		1.58	%			8.11
Institutional Class			1,000.00			1,042.50		0.58	%			2.99
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02		0.83	%		$	4.23
Class C			1,000.00			1,017.24		1.58	%			8.03
Institutional Class			1,000.00			1,022.28		0.58	%			2.96

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	3/1/21			8/31/21			Expense Ratio			3/1/21 to 8/31/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,040.30		0.83	%		$	4.27
Class C			1,000.00			1,035.10		1.59	%			8.16
Institutional Class			1,000.00			1,040.30		0.59	%			3.03
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.02		0.83	%		$	4.23
Class C			1,000.00			1,017.19		1.59	%			8.08
Institutional Class			1,000.00			1,022.23		0.59	%			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 184/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds’ expenses reflected above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.43	%
Corporate Revenue Bonds		5.69	%
Education Revenue Bonds		26.36	%
Electric Revenue Bonds		7.00	%
Healthcare Revenue Bonds		21.42	%
Lease Revenue Bonds		4.68	%
Local General Obligation Bonds		3.85	%
Pre-Refunded Bonds		2.16	%
Special Tax Revenue Bonds		13.69	%
State General Obligation Bonds		2.96	%
Transportation Revenue Bonds		5.15	%
Water & Sewer Revenue Bonds		5.47	%
Short-Term Investments		0.89	%
Total Value of Securities		99.32	%
Receivables and Other Assets Net of Liabilities		0.68	%
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		82.30	%
Guam		0.32	%
Puerto Rico		16.70	%
Total Value of Securities		99.32	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.22	%
Corporate Revenue Bonds		10.85	%
Education Revenue Bonds		22.26	%
Electric Revenue Bonds		3.14	%
Healthcare Revenue Bonds		10.36	%
Housing Revenue Bonds		3.11	%
Lease Revenue Bonds		3.70	%
Local General Obligation Bonds		3.35	%
Pre-Refunded/Escrowed to Maturity Bonds		9.41	%
Special Tax Revenue Bonds		13.35	%
State General Obligation Bonds		10.23	%
Transportation Revenue Bonds		10.46	%
Short-Term Investments		0.74	%
Total Value of Securities		100.96	%
Liabilities Net of Receivables and Other Assets		(0.96	%)
Total Net Assets		100.00	%

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

State / territory	Percentage of net assets
California		84.63	%
Guam		0.32	%
Puerto Rico		14.72	%
Texas		0.37	%
US Virgin Islands		0.17	%
Wisconsin		0.75	%
Total Value of Securities		100.96	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		97.39	%
Corporate Revenue Bonds		2.87	%
Education Revenue Bonds		12.39	%
Electric Revenue Bonds		6.86	%
Healthcare Revenue Bonds		24.02	%
Lease Revenue Bonds		1.83	%
Local General Obligation Bonds		10.08	%
Pre-Refunded Bonds		10.88	%
Special Tax Revenue Bonds		15.09	%
State General Obligation Bonds		2.68	%
Transportation Revenue Bonds		6.48	%
Water & Sewer Revenue Bonds		4.21	%
Short-Term Investments		2.11	%
Total Value of Securities		99.50	%
Receivables and Other Assets Net of Liabilities		0.50	%
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		86.84	%
Guam		1.75	%
Puerto Rico		10.49	%
US Virgin Islands		0.42	%
Total Value of Securities		99.50	%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		98.27%
Corporate Revenue Bonds		4.53%
Education Revenue Bonds		21.26%
Electric Revenue Bonds		5.59%
Healthcare Revenue Bonds		10.31%
Housing Revenue Bonds		2.26%
Lease Revenue Bonds		13.27%
Local General Obligation Bonds		15.51%
Pre-Refunded Bonds		6.36%
Special Tax Revenue Bonds		12.95%
State General Obligation Bonds		3.69%
Transportation Revenue Bonds		1.77%
Water & Sewer Revenue Bonds		0.77%
Short-Term Investments		2.33%
Total Value of Securities		100.60%
Liabilities Net of Receivables and Other Assets		(0.60%	)
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		2.88%
Idaho		82.84%
Puerto Rico		14.88%
Total Value of Securities		100.60%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		99.45%
Corporate Revenue Bonds		6.58%
Education Revenue Bonds		23.50%
Electric Revenue Bonds		8.25%
Healthcare Revenue Bonds		5.80%
Lease Revenue Bonds		7.90%
Local General Obligation Bonds		3.35%
Pre-Refunded Bonds		2.81%
Resource Recovery Revenue Bond		0.73%
Special Tax Revenue Bonds		19.33%
State General Obligation Bonds		2.98%
Transportation Revenue Bonds		13.00%
Water & Sewer Revenue Bonds		5.22%
Short-Term Investments		0.37%
Total Value of Securities		99.82%
Receivables and Other Assets Net of Liabilities		0.18%
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		0.85%
New York		85.18%
Puerto Rico		13.71%
US Virgin Islands		0.08%
Total Value of Securities		99.82%

Table of Contents

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

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

Security type / sector	Percentage of net assets
Municipal Bonds*		100.70%
Corporate Revenue Bonds		6.10%
Education Revenue Bonds		10.84%
Electric Revenue Bonds		4.78%
Healthcare Revenue Bonds		33.18%
Lease Revenue Bonds		1.08%
Local General Obligation Bonds		5.87%
Pre-Refunded/Escrowed to Maturity Bonds		7.42%
Special Tax Revenue Bonds		12.86%
State General Obligation Bonds		4.29%
Transportation Revenue Bonds		13.69%
Water & Sewer Revenue Bond		0.59%
Total Value of Securities		100.70%
Liabilities Net of Receivables and Other Assets		(0.70%	)
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
Pennsylvania		85.23%
Puerto Rico		15.47%
Total Value of Securities		100.70%

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds — 98.43%
Corporate Revenue Bonds — 5.69%
	Arizona Industrial Development Authority Revenue
		(Legacy Cares Project)
		Series A 144A 6.00% 7/1/51 #	550,000	$	610,907
		Series A 144A 7.75% 7/1/50 #	285,000		343,528
	Chandler, Arizona Industrial Development Authority Revenue
		(Intel Corporation Project)
		2.70% 12/1/37 (AMT) ●	1,300,000		1,357,200
	Salt Verde Financial Senior Gas Revenue
		5.00% 12/1/37	2,000,000		2,829,360
					5,140,995
Education Revenue Bonds — 26.36%
	Arizona Industrial Development Authority Revenue
		(Academies of Math & Science Projects)
		Series A 5.00% 7/1/51	1,000,000		1,151,190
		(ACCEL Schools Project)
		Series A 144A 5.25% 8/1/48 #	350,000		399,536
		(American Charter Schools Foundation Project)
		144A 6.00% 7/1/37 #	250,000		309,110
		144A 6.00% 7/1/47 #	400,000		486,644
		(Doral Academy of Nevada - Fire Mesa and Red Rock Campus
		Projects)
		Series A 144A 5.00% 7/15/49 #	375,000		426,750
		(Empower College Prep Project)
		144A 6.00% 7/1/49 #	500,000		554,010
		(Equitable School Revolving Fund)
		Series A 4.00% 11/1/49	1,600,000		1,790,832
		(Great Hearts Arizona Projects)
		Series A 2.25% 7/1/46	1,000,000		965,610
		Series A 2.375% 7/1/52	1,000,000		973,130
		(KIPP NYC Public Charter Schools - Macombs Facility Project)
		Series A 4.00% 7/1/61	1,980,000		2,240,984
		(Odyssey Preparatory Academy Project)
		Series A 144A 5.50% 7/1/52 #	375,000		408,251
		(Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose
		Campus Projects)
		Series A 144A 5.75% 7/15/48 #	250,000		292,145
	Arizona State University Energy Management Revenue
		(Arizona State University Tempe Campus II Project)
		4.50% 7/1/24	1,000,000		1,003,560
	Glendale Industrial Development Authority Revenue
		(Midwestern University)
		5.00% 5/15/31	645,000		661,480

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Maricopa County Industrial Development Authority Revenue
		(Arizona Autism Charter Schools Project)
		Series A 144A 5.00% 7/1/40 #	250,000	$	293,025
		(Creighton University Project)
		4.00% 7/1/50	1,000,000		1,160,870
		(Great Hearts Arizona Projects)
		Series A 5.00% 7/1/52	725,000		844,966
		(Highland Prep Projects)
		Series A 4.00% 7/1/56	2,000,000		2,303,180
		(Reid Traditional Schools Projects)
		5.00% 7/1/47	785,000		885,652
	McAllister Academic Village Revenue
		(Arizona State University Hassayampa Academic Village Project)
		5.00% 7/1/31	500,000		599,830
	Phoenix Industrial Development Authority
		(Choice Academies Project)
		5.625% 9/1/42	1,250,000		1,287,850
		(Eagle College Preparatory Project)
		Series A 5.00% 7/1/43	500,000		510,360
		(Great Hearts Academic Project)
		5.00% 7/1/46	1,000,000		1,109,860
		(Rowan University Project)
		5.00% 6/1/42	2,000,000		2,064,440
	Pima County Industrial Development Authority Education Revenue
		(Edkey Charter Schools Project)
		144A 5.00% 7/1/55 #	500,000		547,610
	University of Arizona Board of Regents
		Series A 4.00% 6/1/44	475,000		556,025
					23,826,900
Electric Revenue Bonds – 7.00%
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	450,000		441,000
		Series A 5.05% 7/1/42 ‡	55,000		53,900
		Series AAA 5.25% 7/1/25 ‡	35,000		34,431
		Series WW 5.00% 7/1/28 ‡	450,000		441,000
		Series WW 5.25% 7/1/33 ‡	430,000		423,012
		Series WW 5.50% 7/1/38 ‡	620,000		611,475
		Series XX 4.75% 7/1/26 ‡	35,000		34,169
		Series XX 5.25% 7/1/40 ‡	355,000		349,231
		Series XX 5.75% 7/1/36 ‡	125,000		123,750
		Series ZZ 4.75% 7/1/27 ‡	30,000		29,288
		Series ZZ 5.25% 7/1/24 ‡	45,000		44,269

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Salt River Project Agricultural Improvement & Power District Electric
		System Revenue
		Series A 5.00% 1/1/39	2,000,000	$	2,463,900
		Series A 5.00% 1/1/47	1,000,000		1,276,010
					6,325,435
Healthcare Revenue Bonds – 21.42%
	Arizona Health Facilities Authority Hospital System Revenue
		(Phoenix Children’s Hospital)
		Series A 5.00% 2/1/34	995,000		1,014,572
		(Scottsdale Lincoln Hospital Project)
		5.00% 12/1/42	1,000,000		1,138,490
	Arizona Industrial Development Authority Revenue
		(Great Lakes Senior Living Communities LLC Project First Tier)
		Series A 5.00% 1/1/54	145,000		152,663
		(Great Lakes Senior Living Communities LLC Project Fourth Tier)
		144A 7.75% 1/1/54 #	150,000		120,014
		(Great Lakes Senior Living Communities LLC Project Second Tier)
		Series B 5.00% 1/1/49	55,000		54,398
		Series B 5.125% 1/1/54	65,000		65,037
		(Great Lakes Senior Living Communities LLC Project Third Tier)
		Series C 144A 5.00% 1/1/49 #	500,000		450,495
		(Phoenix Children’s Hospital)
		Series A 4.00% 2/1/50	1,040,000		1,214,138
	Glendale Industrial Development Authority Revenue
		(Glencroft Retirement Community Project)
		5.00% 11/15/36	270,000		278,454
		5.25% 11/15/46	415,000		427,325
		(Royal Oaks Inspirita Pointe Project)
		Series A 5.00% 5/15/56	1,000,000		1,139,820
		(Sun Health Services)
		Series A 5.00% 11/15/48	1,000,000		1,161,030
		(The Beatitudes Campus Project)
		5.00% 11/15/45	200,000		214,754
		(The Terraces of Phoenix Project)
		Series A 5.00% 7/1/48	275,000		293,343
	Maricopa County Industrial Development Authority Health Facilities
		Revenue
		(Banner Health)
		Series A 4.00% 1/1/41	1,000,000		1,147,780
		Series A 4.00% 1/1/44	1,500,000		1,753,650

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

			Principal
			amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Maricopa County Industrial Development Authority Hospital
		Revenue
		(HonorHealth)
		Series A 3.00% 9/1/51	500,000	$	529,250
		Series A 4.00% 9/1/51	250,000		294,462
	Maricopa County Industrial Development Authority Senior Living
		Facility Revenue
		(Christian Care Surprise Project)
		144A 6.00% 1/1/48 #	405,000		421,982
	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		792,480
	Tempe Industrial Development Authority Revenue
		(Friendship Village)
		Series A 6.25% 12/1/42	1,200,000		1,209,276
		(Mirabella at ASU Project)
		Series A 144A 6.125% 10/1/52 #	800,000		889,552
	Yavapai County Industrial Development Authority Hospital Facility
		(Yavapai Regional Medical Center)
		4.00% 8/1/43	1,500,000		1,744,110
		Series A 5.25% 8/1/33	2,000,000		2,178,300
	Yuma Industrial Development Authority Hospital Revenue
		(Yuma Regional Medical Center)
		Series A 5.00% 8/1/32	295,000		331,999
		Series A 5.25% 8/1/32	300,000		340,722
					19,358,096
Lease Revenue Bonds – 4.68%
	Arizona Game & Fish Department & Community Beneficial Interest
		Certificates
		(Administration Building Project)
		5.00% 7/1/32	1,000,000		1,003,970
	Arizona Sports & Tourism Authority Senior Revenue
		(Multipurpose Stadium Facility)
		Series A 5.00% 7/1/36	350,000		360,693
	Maricopa County Industrial Development Authority Correctional
		Contract Revenue
		(Phoenix West Prison)
		Series B 5.375% 7/1/22 (ACA)	355,000		356,061

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Phoenix Civic Improvement Airport Revenue
		(Junior Lien)
		Series A 5.00% 7/1/49	2,000,000	$	2,508,340
					4,229,064
Local General Obligation Bonds – 3.85%
	Maricopa County High School District No. 214 Tolleson Union High
		School
		(School Improvement Project)
		Series B 4.00% 7/1/37	1,000,000		1,174,610
	Maricopa County School District No. 3 Tempe Elementary
		(School Improvement Project)
		Series B 5.00% 7/1/30	560,000		709,632
	Maricopa County Unified School District No. 69 Paradise Valley
		4.00% 7/1/39	600,000		720,942
	Maricopa County Unified School District No. 95 Queen Creek
		(School Improvement)
		4.00% 7/1/35	500,000		592,065
	Pinal County Community College District
		4.00% 7/1/31	250,000		286,935
					3,484,184
Pre-Refunded Bonds – 2.16%
	Arizona Health Facilities Authority Hospital System Revenue
		(Banner Health)
		Series A 5.00% 1/1/43-22 §	500,000		508,110
	University of Arizona Board of Regents
		Series A 5.00% 6/1/25-22 §	10,000		10,366
		Series A 5.00% 6/1/38-23 §	1,000,000		1,084,770
		Unrefunded Series A 5.00% 6/1/25-22 §	335,000		346,738
					1,949,984
Special Tax Revenue Bonds – 13.69%
	Bullhead City, Arizona Excise Taxes Revenue
		2.30% 7/1/41	1,000,000		999,890
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	1,431,462		1,345,574
	Glendale Municipal Property Excise Tax Revenue
		(Senior Lien)
		Series B 5.00% 7/1/33	570,000		604,360
	Glendale Transportation Excise Tax Revenue
		5.00% 7/1/30 (AGM)	1,000,000		1,166,590

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Puerto Rico Sales Tax Financing Revenue
	(Restructured)
	Series A-1 4.75% 7/1/53	2,485,000	$	2,843,834
	Series A-1 4.922% 7/1/51 ^	3,150,000		765,482
	Series A-1 5.00% 7/1/58	750,000		868,387
	Series A-2 4.329% 7/1/40	2,825,000		3,211,403
	Regional Public Transportation Authority
	(Maricopa County Public Transportation)
	5.25% 7/1/24	500,000		571,040
				12,376,560
State General Obligation Bonds – 2.96%
	Commonwealth of Puerto Rico
	Series A 5.00% 7/1/41 ‡	235,000		201,806
	Series A 5.125% 7/1/37 ‡	1,190,000		1,044,225
	Series A 5.375% 7/1/33 ‡	270,000		253,125
	Series A 8.00% 7/1/35 ‡	640,000		544,800
	Series B 5.75% 7/1/38 ‡	680,000		628,150
				2,672,106
Transportation Revenue Bonds – 5.15%
	Arizona Department of Transportation State Highway Fund Revenue
	5.00% 7/1/35	500,000		599,815
	Phoenix Civic Improvement Airport Revenue
	(Junior Lien)
	Series B 5.00% 7/1/49 (AMT)	400,000		494,024
	(Senior Lien)
	4.00% 7/1/48 (AMT)	500,000		567,020
	5.00% 7/1/32 (AMT)	500,000		540,395
	Series A 5.00% 7/1/36 (AMT)	1,000,000		1,225,490
	Series B 5.00% 7/1/37	1,000,000		1,233,120
				4,659,864
Water & Sewer Revenue Bonds – 5.47%
	Arizona Water Infrastructure Finance Authority
	(Water Quality Revenue)
	Series A 5.00% 10/1/26	1,000,000		1,145,270
	Central Arizona Water Conservation District
	(Central Arizona Project)
	5.00% 1/1/31	600,000		710,922
	Guam Government Waterworks Authority Revenue
	5.00% 7/1/37	250,000		291,403

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds (continued)
	Mesa Utility System Revenue
	4.00% 7/1/31	850,000	$	976,879
	Phoenix Civic Improvement Corporation
	(Junior Lien)
	5.00% 7/1/27	1,000,000		1,216,060
	5.00% 7/1/31	500,000		602,980
				4,943,514
Total Municipal Bonds (cost $81,748,359)				88,966,702

Short-Term Investments – 0.89%
Variable Rate Demand Note – 0.89%¤
	Phoenix Industrial Development Authority
	(Mayo Clinic) Series B 0.01% 11/15/52
	(SPA - Northern Trust Company)	800,000		800,000
Total Short-Term Investments (cost $800,000)				800,000
Total Value of Securities–99.32%
	(cost $82,548,359)		$	89,766,702

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $6,553,559, which represents 7.25% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

Schedules of investments
Delaware Tax-Free Arizona Fund

Summary of abbreviations:
ACA – Insured by American Capital Access
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
ICE – Intercontinental Exchange, Inc.
KIPP – Knowledge is Power Program
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability Corporation
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

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

		Principal
		amount°	Value (US $)
Municipal Bonds – 100.22%
Corporate Revenue Bonds – 10.85%
	California Pollution Control Financing Authority
	Solid Waste Disposal Revenue
	(CalPlant I Project)
	144A 8.00% 7/1/39 (AMT) #, ‡	300,000	$	195,000
	Golden State Tobacco Securitization Settlement Revenue
	(Asset-Backed)
	Series A-2 5.00% 6/1/47	2,400,000		2,479,968
	(Capital Appreciation Asset-Backed)
	First Subordinate Series B 1.302% 6/1/47 ^	2,335,000		528,737
	(Enhanced Asset-Backed)
	Series A 5.00% 6/1/29	1,000,000		1,084,540
	Series A 5.00% 6/1/45	1,000,000		1,147,570
	Inland Empire Tobacco Securitization Authority
	(Capital Appreciation Turbo Asset-Backed)
	Series F 144A 1.386% 6/1/57 #, ^	29,440,000		1,739,904
	M-S-R Energy Authority Revenue
	Series B 6.50% 11/1/39	500,000		821,945
	Tobacco Securitization Authority of Northern California
	(Sacramento County)
	Series A Class 1 Senior 4.00% 6/1/36	300,000		370,284
	Series A Class 1 Senior 4.00% 6/1/37	300,000		368,862
	Series A Class 1 Senior 4.00% 6/1/38	400,000		490,016
	Series A Class 1 Senior 4.00% 6/1/39	250,000		305,513
	Series A Class 1 Senior 4.00% 6/1/40	300,000		365,985
	Series A Class 1 Senior 4.00% 6/1/49	1,000,000		1,200,100
	Tobacco Securitization Authority of Southern California
	(San Diego County)
	Capital Appreciation Second Subordinate
	Series C 0.549% 6/1/46 ^	13,190,000		2,775,308
	Capital Appreciation Third Subordinate Series D 0.301% 6/1/46 ^	4,915,000		874,673
				14,748,405
Education Revenue Bonds – 22.26%
	California Educational Facilities Authority
	(Loma Linda University)
	Series A 5.00% 4/1/47	1,000,000		1,179,770
	(Stanford University - Green Bonds)
	Series V-2 2.25% 4/1/51	300,000		296,763
	(Stanford University)
	Series U-1 5.25% 4/1/40	1,840,000		2,762,429
	Series V-1 5.00% 5/1/49	1,460,000		2,278,841

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	California Municipal Finance Authority
		(Bella Mente Montessori Academy Project)
		Series A 144A 5.00% 6/1/48 #	500,000	$	576,800
		(Biola University)
		5.00% 10/1/39	1,000,000		1,185,680
		(California Baptist University)
		Series A 144A 5.375% 11/1/40 #	1,000,000		1,157,580
		(CHF - Davis I, LLC - West Village Student Housing Project)
		5.00% 5/15/48	1,000,000		1,235,010
		(Emerson College)
		Series B 5.00% 1/1/32	1,000,000		1,221,760
		(Julian Charter School Project)
		Series A 144A 5.625% 3/1/45 #	850,000		884,918
		(Literacy First Charter Schools Project)
		Series A 5.00% 12/1/49	750,000		904,965
		(Southwestern Law School)
		6.50% 11/1/41	1,140,000		1,149,485
	California School Finance Authority
		(Aspire Public Schools - Obligated Group Issue #3)
		Series A 144A 5.00% 8/1/40 #	1,000,000		1,206,790
		(Aspire Public Schools - Obligated Group)
		Series A 144A 5.00% 8/1/45 #	715,000		808,636
		(Encore Education Obligated Group)
		Series A 144A 5.00% 6/1/42 #	500,000		502,475
		(Escuela Popular Project)
		144A 6.50% 7/1/50 #	250,000		283,868
		(Granada Hills Charter Obligated Group)
		144A 5.00% 7/1/49 #	475,000		542,607
		(Green Dot Public Schools Project)
		Series A 144A 5.00% 8/1/35 #	1,000,000		1,128,580
		(Grimmway Schools - Obligated Group)
		Series A 144A 5.00% 7/1/36 #	500,000		569,220
		(ICEF - View Park Elementary & Middle Schools)
		Series A 5.625% 10/1/34	575,000		637,140
		(KIPP LA Projects)
		Series A 5.125% 7/1/44	1,000,000		1,100,490
		(KIPP SoCal Projects)
		Series A 144A 5.00% 7/1/49 #	1,000,000		1,216,290
		(Partnerships to Uplift Communities Valley Project)
		Series A 144A 6.75% 8/1/44 #	1,000,000		1,107,860
	California State University Systemwide Revenue
		Series A 5.00% 11/1/47	1,000,000		1,219,230

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	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	300,000	$	301,410
	California Statewide Communities Development Authority Revenue
		(California Baptist University)
		Series A 6.125% 11/1/33	750,000		833,092
	California Statewide Communities Development Authority Student
		Housing Revenue
		(University of California Irvine East Campus Apartments)
		5.375% 5/15/38	1,000,000		1,003,840
	Mt. San Antonio Community College District Convertible Capital
		Appreciation Election 2008
		Series A 0.00% 8/1/28 ~	1,000,000		1,188,610
	Regents of the University of California General Revenue
		Series BE 4.00% 5/15/50	1,500,000		1,768,350
					30,252,489
Electric Revenue Bonds – 3.14%
	Los Angeles Department of Water & Power Revenue
		(Power System)
		Series A 5.00% 7/1/42	1,000,000		1,207,240
	Puerto Rico Electric Power Authority Revenue
		Series A 5.00% 7/1/42 ‡	350,000		343,000
		Series A 5.05% 7/1/42 ‡	70,000		68,600
		Series A 6.75% 7/1/36 ‡	185,000		186,156
		Series AAA 5.25% 7/1/25 ‡	40,000		39,350
		Series CCC 5.25% 7/1/27 ‡	325,000		319,719
		Series TT 5.00% 7/1/32 ‡	340,000		333,200
		Series WW 5.00% 7/1/28 ‡	470,000		460,600
		Series WW 5.25% 7/1/33 ‡	335,000		329,556
		Series WW 5.50% 7/1/38 ‡	480,000		473,400
		Series XX 4.75% 7/1/26 ‡	45,000		43,931
		Series XX 5.25% 7/1/40 ‡	230,000		226,263
		Series XX 5.75% 7/1/36 ‡	150,000		148,500
		Series ZZ 4.75% 7/1/27 ‡	35,000		34,169
		Series ZZ 5.25% 7/1/24 ‡	55,000		54,106
					4,267,790

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds – 10.36%
	ABAG Finance Authority for Nonprofit Corporations
		(Episcopal Senior Communities)
		6.125% 7/1/41	850,000	$	853,119
	California Health Facilities Financing Authority Revenue
		(Cedars-Sinai Medical Center)
		Series B 4.00% 8/15/36	500,000		570,280
		(Children’s Hospital Los Angeles)
		Series A 5.00% 11/15/34	500,000		522,115
		Series A 5.00% 8/15/47	500,000		596,225
		(Children’s Hospital of Orange County)
		Series A 2.125% 11/1/41	2,500,000		2,445,325
		(Kaiser Permanente)
		Subordinate Series A-2 4.00% 11/1/44	1,005,000		1,168,091
	California Municipal Finance Authority Revenue
		(Community Medical Centers)
		Series A 5.00% 2/1/42	750,000		898,170
		Series A 5.00% 2/1/47	250,000		297,658
		(Goodwill Industry of Sacramento Valley & Northern Nevada
		Project)
		5.00% 1/1/35	635,000		639,140
		(Northbay Healthcare Group)
		Series A 5.25% 11/1/47	500,000		581,795
	California Public Finance Authority Senior Living Revenue
		(Enso Village Project - Green Bonds)
		Series A 144A 5.00% 11/15/51 #	500,000		581,640
	California Statewide Communities Development Authority Revenue
		(Adventist Health System/West)
		Series A 4.00% 3/1/48	1,000,000		1,137,080
		(Emanate Health)
		Series A 4.00% 4/1/45	255,000		298,113
		(Episcopal Communities & Services)
		5.00% 5/15/32	600,000		615,204
		(Huntington Memorial Hospital)
		4.00% 7/1/48	500,000		565,995
		(Marin General Hospital - Green Bonds)
		Series A 4.00% 8/1/45	500,000		518,400
		(Redlands Community Hospital)
		5.00% 10/1/46	1,000,000		1,162,850
	Palomar Health
		5.00% 11/1/47 (AGM)	500,000		618,660
					14,069,860

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 3.11%
	California Housing Finance Agency
		Series 2019-2 Class A 4.00% 3/20/33	487,194	$	582,061
	California Municipal Finance Authority Mobile Home Park Revenue
		(Caritas Projects)
		Series A 5.50% 8/15/47	250,000		258,507
	Independent Cities Finance Authority Mobile Home Park Revenue
		(Pillar Ridge)
		Series A 5.25% 5/15/44	1,000,000		1,085,180
		Series A 5.25% 5/15/49	1,200,000		1,300,368
	Santa Clara County Multifamily Housing Authority Revenue
		(RiverTown Apartments Project)
		Series A 5.85% 8/1/31 (AMT)	1,000,000		1,003,490
					4,229,606
Lease Revenue Bonds – 3.70%
	California Infrastructure & Economic Development Bank
		(Academy of Motion Picture Arts & Sciences Obligated Group)
		Series A 5.00% 11/1/41	1,000,000		1,101,220
	California Municipal Finance Authority
		(Orange County Civic Center Infrastructure Improvement Program
		- Phase II)
		Series A 5.00% 6/1/43	750,000		918,075
	California State Public Works Board
		(Various Capital Projects)
		Series I 5.50% 11/1/30	1,000,000		1,112,690
	City of Concord Certificates of Participation
		(2021 Capital Improvement Project)
		2.125% 4/1/41	780,000		753,706
	Oceanside Public Financing Authority
		(EL Corazon Aquatics Center Project)
		4.00% 11/1/49	1,000,000		1,144,140
					5,029,831
Local General Obligation Bonds – 3.35%
	Anaheim School District Capital Appreciation
		Election of 2002
		4.58% 8/1/25 (NATL) ^	1,000,000		965,690
	Fresno Unified School District
		Election of 2016
		Series A 5.00% 8/1/41	500,000		593,010

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Los Angeles Unified School District
		Election of 2008
		(Dedicated Unlimited Ad Valorem Property Tax)
		Series A 5.00% 7/1/40	500,000	$	579,785
	Moreno Valley Unified School District
		Election of 2014
		Series B 5.00% 8/1/43 (AGM)	500,000		615,050
	Natomas Unified School District
		(1999 Refunding)
		5.95% 9/1/21 (NATL)	40,000		40,000
	New Haven Unified School District
		Election of 2014
		Series A 5.00% 8/1/40	1,000,000		1,162,610
	San Francisco Bay Area Rapid Transit District Election of 2016
		(Green Bonds)
		Series B-1 4.00% 8/1/44	500,000		599,735
					4,555,880
Pre-Refunded/Escrowed to Maturity Bonds – 9.41%
	ABAG Finance Authority for Nonprofit Corporations
		(Jackson Laboratory)
		5.00% 7/1/37-22 §	1,000,000		1,040,410
		(Sharp HealthCare)
		Series A 5.00% 8/1/28-22 §	250,000		255,045
	Bay Area Toll Authority
		Series S-4 5.00% 4/1/32-23 §	1,000,000		1,077,360
	California Educational Facilities Authority
		(Harvey Mudd College)
		5.25% 12/1/31-21 §	500,000		506,375
	California Health Facilities Financing Authority Revenue
		(Sutter Health)
		Series A 5.00% 8/15/43-25 §	1,000,000		1,184,970
	California State Public Works Board
		(California State University: Various Buildings)
		Series E 5.00% 9/1/33-22 §	1,000,000		1,048,930
		(Department of Corrections and Rehabilitation)
		Series C 5.00% 10/1/26	1,000,000		1,003,870
		(Various Judicial Council Projects)
		Series D 5.00% 12/1/29	500,000		505,935
	California Statewide Communities Development Authority Revenue
		(Covenant Retirement Communities)
		Series C 5.625% 12/1/36-23 §	1,000,000		1,119,880

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	La Verne
		(Brethren Hillcrest Homes)
		5.00% 5/15/36-22 §	750,000	$	782,917
	Oro Grande Elementary School District Certificates of Participation
		5.00% 9/15/27-22 §	25,000		26,032
	Rancho Santa Fe Community Services District Financing Authority
		Revenue
		(Superior Lien Bonds)
		Series A 5.75% 9/1/30-21 §	800,000		800,000
	San Buenaventura
		(Community Memorial Health System)
		7.50% 12/1/41-21 §	785,000		799,091
	San Francisco Municipal Transportation Agency Revenue
		5.00% 3/1/32-23 §	1,000,000		1,073,290
		Series B 5.00% 3/1/37-22 §	1,000,000		1,024,500
	San Jose Financing Authority Lease Revenue
		(Civic Center Project)
		Series A 5.00% 6/1/33-23 §	500,000		542,205
					12,790,810
Special Tax Revenue Bonds – 13.35%
	City of Irvine Limited Obligation Improvement Bonds (Reassessment
		District No. 21-1)
		4.00% 9/2/46 (BAM)	1,340,000		1,616,134
	GDB Debt Recovery Authority
		7.50% 8/20/40	1,419,650		1,334,471
	Public Finance Authority Subordinate Secured Revenue
		(Mclemore Hotel & Conference Center)
		Series B 144A 6.50% 6/1/56 #	1,000,000		1,017,150
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	3,105,000		3,553,362
		Series A-1 4.822% 7/1/46 ^	8,105,000		2,708,124
		Series A-1 4.91% 7/1/51 ^	2,250,000		546,772
		Series A-1 5.00% 7/1/58	2,720,000		3,149,352
		Series A-2 4.329% 7/1/40	1,485,000		1,688,118
	Sacramento Transient Occupancy Tax Revenue
		(Convention Center Complex)
		Senior Series A 5.00% 6/1/38	500,000		605,060
		Senior Series A 5.00% 6/1/48	1,000,000		1,191,360

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Virgin Islands Public Finance Authority Revenue
		(Virgin Islands Matching Fund Loan Note)
		Series A Senior Lien/ Working Capital 5.00% 10/1/29	100,000	$	100,251
		Series A Working Capital 4.00% 10/1/22	130,000		128,967
	Yucaipa Special Tax Community Facilities District No. 98-1
		(Chapman Heights)
		5.375% 9/1/30	500,000		503,715
					18,142,836
State General Obligation Bonds – 10.23%
	California
		(Various Purpose)
		4.00% 3/1/36	500,000		609,265
		5.00% 9/1/31	1,000,000		1,093,660
		5.00% 4/1/32	300,000		418,161
		5.00% 9/1/32	2,500,000		3,436,600
		5.00% 4/1/37	2,000,000		2,146,500
		5.00% 8/1/46	1,000,000		1,200,880
		5.25% 4/1/35	1,000,000		1,029,310
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	265,000		249,431
		Series A 5.00% 7/1/41 ‡	425,000		364,969
		Series A 5.125% 7/1/37 ‡	560,000		491,400
		Series A 5.25% 7/1/34 ‡	395,000		374,756
		Series A 5.375% 7/1/33 ‡	485,000		454,688
		Series A 8.00% 7/1/35 ‡	855,000		727,819
		Series B 5.00% 7/1/35 ‡	180,000		169,650
		Series B 5.75% 7/1/38 ‡	610,000		563,488
		Series C 6.00% 7/1/39 ‡	615,000		573,487
					13,904,064
Transportation Revenue Bonds – 10.46%
	Bay Area Toll Authority
		Series S-H 5.00% 4/1/44	1,000,000		1,255,150
	California Municipal Finance Authority Senior Lien
		(LINXS APM Project)
		Series A 5.00% 12/31/47 (AMT)	745,000		902,419
	Long Beach Marina Revenue
		(Alamitos Bay Marina Project)
		5.00% 5/15/45	500,000		550,275

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Los Angeles Department of Airports
		(Los Angeles International Airport)
		Senior Series D 5.00% 5/15/36 (AMT)	1,000,000	$	1,154,870
		Series A Private Activity 5.00% 5/15/51 (AMT)	1,500,000		1,901,025
	Port Authority of Guam Revenue
		(Governmental)
		Series A 5.00% 7/1/48	375,000		440,775
	Port of Beaumont Texas Navigation District Dock & Wharf Facility
		Revenue
		(Jefferson Gulf Coast Energy Project)
		Series A 144A 3.00% 1/1/50 (AMT) #	500,000		496,205
	Riverside County Transportation Commission Senior Lien
		(Current Interest Obligations)
		Series A 5.75% 6/1/44	500,000		539,245
	Sacramento County Airport System Revenue
		Series C 5.00% 7/1/39 (AMT)	500,000		615,550
		Subordinate Series B 5.00% 7/1/41	500,000		595,625
	San Diego Redevelopment Agency
		(Centre City Redevelopment Project)
		Series A 6.40% 9/1/25	745,000		748,829
	San Francisco City & County Airports Commission
		(San Francisco International Airport)
		Second Series A 5.00% 5/1/34 (AMT)	1,000,000		1,265,670
		Second Series A 5.00% 5/1/49 (AMT)	1,000,000		1,227,970
		Second Series E 5.00% 5/1/50 (AMT)	500,000		613,150
	San Jose Airport Revenue
		Series B 5.00% 3/1/36	575,000		694,715
		Series B 5.00% 3/1/42	1,000,000		1,207,610
					14,209,083
Total Municipal Bonds (cost $124,851,645)					136,200,654

Short-Term Investments – 0.74%
Variable Rate Demand Notes – 0.74%¤
	Los Angeles Department of Water & Power Revenue (Power System)
		Subordinate Series A-1 0.01% 7/1/50 (SPA - Royal Bank of
		Canada)	500,000		500,000

Table of Contents

Schedules of investments
Delaware Tax-Free California Fund

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	Metropolitan Water District of Southern California
		Series A-2 0.01% 7/1/37 (SPA - TD Bank N.A.)	500,000	$	500,000
Total Short-Term Investments (cost $1,000,000)					1,000,000
Total Value of Securities–100.96%
	(cost $125,851,645)			$	137,200,654

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $14,015,523, which represents 10.31% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2021.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

ICE – Intercontinental Exchange, Inc.

ICEF – Inner City Education Foundation

KIPP – Knowledge is Power Program

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

Table of Contents

Summary of abbreviations: (continued)

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.

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 97.39%
Corporate Revenue Bonds – 2.87%
	Denver City & County
		(United Airlines Project)
		5.00% 10/1/32 (AMT)	415,000	$	441,884
	Public Authority for Colorado Energy Natural Gas Revenue
		6.50% 11/15/38	4,250,000		6,637,480
					7,079,364
Education Revenue Bonds – 12.39%
	Board of Governors of the Colorado State University System
		Enterprise Revenue
		Series A 5.00% 3/1/43	2,480,000		3,609,814
	Board of Trustees For Colorado Mesa University Enterprise Revenue
		Series B 5.00% 5/15/44	1,000,000		1,250,760
		Series B 5.00% 5/15/49	750,000		933,997
	Colorado Educational & Cultural Facilities Authority Revenue
		(Alexander Dawson School-Nevada Project)
		5.00% 5/15/29	1,230,000		1,449,998
		(Aspen Ridge School Project)
		Series A 144A 5.00% 7/1/36 #	500,000		546,905
		Series A 144A 5.25% 7/1/46 #	1,350,000		1,470,825
		(Aspen View Academy Project)
		4.00% 5/1/51	500,000		554,845
		4.00% 5/1/61	750,000		824,955
		(Atlas Preparatory Charter School)
		144A 5.25% 4/1/45 #	1,300,000		1,362,062
		(Charter School Project)
		5.00% 7/15/37	1,150,000		1,186,363
		(Community Leadership Academy, Inc. Second Campus Project)
		7.45% 8/1/48	1,000,000		1,098,430
		(Global Village Academy)
		144A 5.00% 12/1/50 #	1,000,000		1,098,500
		(Liberty Common Charter School Project)
		Series A 5.00% 1/15/39	1,000,000		1,069,400
		(Littleton Preparatory Charter School Project)
		5.00% 12/1/33	450,000		465,966
		5.00% 12/1/42	540,000		556,454
		(Loveland Classical Schools Project)
		144A 5.00% 7/1/36 #	625,000		695,356
		144A 5.00% 7/1/46 #	500,000		547,700
		(Pinnacle Charter School Project)
		5.00% 6/1/26	700,000		753,053

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Colorado Educational & Cultural Facilities Authority Revenue
		(Science Technology Engineering and Math School Project)
		5.00% 11/1/44	890,000	$	950,653
		5.00% 11/1/54	1,500,000		1,596,825
		(Skyview Charter School)
		144A 5.375% 7/1/44 #	860,000		923,709
		144A 5.50% 7/1/49 #	870,000		936,164
		(University of Denver Project)
		Series A 4.00% 3/1/35	400,000		458,544
		Series A 4.00% 3/1/36	550,000		628,920
		(University of Lab Charter School)
		5.00% 12/15/45	500,000		543,295
		(Vail Mountain School Project)
		4.00% 5/1/46	80,000		84,471
		5.00% 5/1/31	1,000,000		1,134,850
		(Vega Collegiate Academy Project)
		Series A 144A 5.00% 2/1/34 #	200,000		229,072
		Series A 144A 5.00% 2/1/61 #	1,435,000		1,589,793
		(Windsor Charter Academy Project)
		5.00% 9/1/46	890,000		890,516
	State of Colorado Building Excellent
		Certificates of Participation
		Series R 4.00% 3/15/45	1,000,000		1,169,130
					30,611,325
Electric Revenue Bonds – 6.86%
	Colorado Springs Utilities System Revenue
		Series B 4.00% 11/15/46	3,750,000		4,548,713
	Loveland Colorado Electric & Communications Enterprise Revenue
		Series A 5.00% 12/1/44	2,185,000		2,702,255
	Platte River Power Authority Revenue
		Series JJ 5.00% 6/1/27	3,300,000		4,000,788
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	170,000		166,600
		Series AAA 5.25% 7/1/25 ‡	95,000		93,456
		Series CCC 5.25% 7/1/27 ‡	705,000		693,544
		Series WW 5.00% 7/1/28 ‡	660,000		646,800
		Series WW 5.25% 7/1/33 ‡	210,000		206,588
		Series WW 5.50% 7/1/17 ‡	460,000		446,775
		Series WW 5.50% 7/1/19 ‡	360,000		350,550
		Series XX 4.75% 7/1/26 ‡	105,000		102,506
		Series XX 5.25% 7/1/40 ‡	1,840,000		1,810,100

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Puerto Rico Electric Power Authority Revenue
		Series XX 5.75% 7/1/36 ‡	365,000	$	361,350
		Series ZZ 4.75% 7/1/27 ‡	85,000		82,981
		Series ZZ 5.00% 7/1/19 ‡	620,000		600,625
		Series ZZ 5.25% 7/1/24 ‡	140,000		137,725
					16,951,356
Healthcare Revenue Bonds – 24.02%
	Colorado Health Facilities Authority Revenue
		(AdventHealth Obligated Group)
		Series A 3.00% 11/15/51	3,825,000		4,110,268
		Series A 4.00% 11/15/43	4,000,000		4,726,560
		(American Baptist)
		7.625% 8/1/33	150,000		160,034
		8.00% 8/1/43	1,000,000		1,069,930
		(Bethesda Project)
		Series A-1 5.00% 9/15/48	2,250,000		2,634,570
		(Cappella of Grand Junction Project)
		144A 5.00% 12/1/54 #	2,070,000		2,139,055
		(Christian Living Community Project)
		5.25% 1/1/37	1,500,000		1,525,065
		6.375% 1/1/41	1,000,000		1,020,350
		(CommonSpirit Health)
		Series A-1 4.00% 8/1/39	2,000,000		2,331,880
		Series A-1 4.00% 8/1/44	2,000,000		2,303,180
		Series A-2 4.00% 8/1/49	3,000,000		3,434,370
		Series A-2 5.00% 8/1/39	1,505,000		1,888,293
		(Covenant Living Communities and Services)
		Series A 4.00% 12/1/40	1,250,000		1,457,925
		(Covenant Retirement Communities)
		5.00% 12/1/35	1,000,000		1,128,250
		(Craig Hospital Project)
		5.00% 12/1/32	3,500,000		3,661,525
		(Frasier Meadows Retirement Community Project)
		Series B 5.00% 5/15/48	660,000		693,759
		(Mental Health Center Denver Project)
		Series A 5.75% 2/1/44	2,000,000		2,178,800
		(National Jewish Health Project)
		5.00% 1/1/27	300,000		304,194
		(Sanford Health)
		Series A 5.00% 11/1/44	4,500,000		5,676,120

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Colorado Health Facilities Authority Revenue
		(SCL Health System)
		Series A 4.00% 1/1/37	2,150,000	$	2,567,896
		Series A 4.00% 1/1/38	3,895,000		4,630,921
		Series A 5.00% 1/1/44	3,050,000		3,361,375
		(Sunny Vista Living Center)
		Series A 144A 6.25% 12/1/50 #	935,000		1,017,869
		(Vail Valley Medical Center Project)
		5.00% 1/15/35	1,000,000		1,163,380
		(Valley View Hospital Association Project)
		Series A 4.00% 5/15/35	685,000		776,146
	Denver Health & Hospital Authority Health Care Revenue
		Series A 4.00% 12/1/39	1,000,000		1,162,430
		Series A 4.00% 12/1/40	250,000		290,003
	Puerto Rico Industrial Tourist Educational Medical & Environmental
		Control Facilities Financing Authority
		(Auxilio Mutuo)
		Series A 6.00% 7/1/33	1,945,000		1,951,107
					59,365,255
Lease Revenue Bonds – 1.83%
	Colorado Department of Transportation
		Certificates of Participation
		5.00% 6/15/34	660,000		785,592
		5.00% 6/15/36	1,055,000		1,251,409
	Denver Health & Hospital Authority
		4.00% 12/1/38	750,000		862,657
	Regional Transportation District Certificates of Participation
		Series A 5.00% 6/1/33	1,500,000		1,609,500
					4,509,158
Local General Obligation Bonds – 10.08%
	Adams & Weld Counties School District No. 27J Brighton
		4.00% 12/1/30	300,000		344,427
		4.00% 12/1/31	1,000,000		1,146,380
	Arapahoe County School District No. 6 Littleton
		(Littleton Public Schools)
		Series A 5.50% 12/1/33	1,000,000		1,323,540
		Series A 5.50% 12/1/38	350,000		458,945
	Beacon Point Metropolitan District
		5.00% 12/1/30 (AGM)	1,130,000		1,338,587
	Boulder Valley School District No. Re-2 Boulder
		Series A 4.00% 12/1/48	1,370,000		1,601,242

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			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	$	2,249,036
	El Paso County School District No 2. Harrison
		5.00% 12/1/38	1,000,000		1,266,860
	Grand River Hospital District
		5.25% 12/1/35 (AGM)	1,000,000		1,234,220
	Jefferson County School District No. R-1
		5.25% 12/15/24	1,250,000		1,455,088
	Leyden Rock Metropolitan District No. 10
		Series A 5.00% 12/1/45	1,000,000		1,034,980
	Sierra Ridge Metropolitan District No. 2
		Series A 5.50% 12/1/46	1,000,000		1,035,560
	Verve Metropolitan District No. 1
		5.00% 12/1/51	2,000,000		2,200,800
	Weld County Reorganized School District No. Re-8
		5.00% 12/1/31	990,000		1,210,512
		5.00% 12/1/32	660,000		806,243
	Weld County School District No. Re-1
		5.00% 12/15/31 (AGM)	1,000,000		1,215,930
	Weld County School District No. Re-2 Eaton
		Series 2 5.00% 12/1/44	2,000,000		2,550,780
	Weld County School District No. Re-3J
		5.00% 12/15/34 (BAM)	2,000,000		2,437,660
					24,910,790
Pre-Refunded Bonds – 10.88%
	Central Colorado Water Conservancy District
		(Limited Tax)
		5.00% 12/1/33-23 §	1,000,000		1,107,560
	Colorado Educational & Cultural Facilities Authority Revenue
		(Johnson & Wales University)
		Series A 5.25% 4/1/37-23 §	1,790,000		1,930,193
	Colorado Health Facilities Authority Revenue
		(Catholic Health Initiatives)
		Series A 5.25% 1/1/45-23 §	2,000,000		2,133,560
		(Covenant Retirement Communities)
		Series A 5.00% 12/1/33-22 §	4,000,000		4,241,080
		(NCMC Project)
		4.00% 5/15/32-26 §	2,000,000		2,322,900
		(The Evangelical Lutheran Good Samaritan Society Project)
		5.625% 6/1/43-23 §	1,150,000		1,258,962

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded Bonds (continued)
	Denver City & County Airport System Revenue
		Series B 5.00% 11/15/30-22 §	250,000	$	264,533
		Series B 5.00% 11/15/32-22 §	1,000,000		1,058,130
		Series B 5.00% 11/15/37-22 §	8,000,000		8,465,040
	Eaton Area Park & Recreation District
		5.25% 12/1/34-22 §	360,000		382,820
		5.50% 12/1/38-22 §	700,000		745,640
	Tallyn’s Reach Metropolitan District No. 3
		5.125% 11/1/38-23 §	740,000		815,495
	University of Colorado
		Series A 5.00% 6/1/33-23 §	2,000,000		2,169,540
					26,895,453
Special Tax Revenue Bonds – 15.09%
	Broomfield Colorado Sales & Use Tax Revenue
		5.00% 12/1/33	1,000,000		1,246,350
	Central Platte Valley Metropolitan District
		5.00% 12/1/43	725,000		767,209
	Commerce City
		5.00% 8/1/44 (AGM)	1,500,000		1,676,115
	Denver Convention Center Hotel Authority Revenue
		5.00% 12/1/40	2,660,000		3,077,833
	Fountain Urban Renewal Authority Tax Increment Revenue
		(Academy Highlands Project)
		Series A 5.50% 11/1/44	1,375,000		1,464,705
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42	1,795,000		1,823,630
		Series A 5.25% 1/1/36	1,675,000		1,702,420
	Lincoln Park Metropolitan District
		5.00% 12/1/46 (AGM)	1,000,000		1,195,080
	Plaza Metropolitan District No. 1
		144A 5.00% 12/1/40 #	1,265,000		1,299,142
	Prairie Center Metropolitan District No. 3
		Series A 144A 5.00% 12/15/41 #	1,000,000		1,096,840
	Pueblo Urban Renewal Authority Revenue
		(EVRAZ Project)
		Series B 144A 5.00% 12/1/25 #, ^	200,000		174,990
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.75% 7/1/53	4,045,000		4,629,098
		Series A-1 5.00% 7/1/58	3,122,000		3,614,808
		Series A-2 4.536% 7/1/53	3,000,000		3,393,030

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Regional Transportation District Sales Tax Revenue
		(FasTracks Project)
		Series A 5.00% 11/1/30	670,000	$	817,313
		Series A 5.00% 11/1/31	1,495,000		1,822,868
		Series A 5.00% 11/1/36	2,750,000		3,323,540
	Solaris Metropolitan District No. 3
		Series A 5.00% 12/1/46	500,000		518,840
	Southlands Metropolitan District No. 1
		Series A-1 5.00% 12/1/37	300,000		345,765
		Series A-1 5.00% 12/1/47	700,000		794,535
	Thornton Development Authority
		(East 144th Avenue I-25 Project)
		Series B 5.00% 12/1/35	485,000		550,655
		Series B 5.00% 12/1/36	810,000		918,815
	Virgin Islands Public Finance Authority
		(Matching Fund Loan Senior Lien)
		5.00% 10/1/29 (AGM)	1,000,000		1,032,700
					37,286,281
State General Obligation Bonds – 2.68%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/41 ‡	680,000		583,950
		Series A 5.375% 7/1/33 ‡	675,000		632,812
		Series A 5.50% 7/1/39 ‡	2,950,000		2,655,000
		Series A 8.00% 7/1/35 ‡	1,215,000		1,034,269
		Series B 5.75% 7/1/38 ‡	960,000		886,800
		Series C 6.00% 7/1/39 ‡	890,000		829,925
					6,622,756
Transportation Revenue Bonds – 6.48%
	Colorado High Performance Transportation Enterprise Revenue
		(C-470 Express Lanes)
		5.00% 12/31/56	2,000,000		2,278,120
		(Senior U.S. 36 & I-25 Managed Lanes)
		5.75% 1/1/44 (AMT)	2,140,000		2,290,570
	Denver City & County Airport System Revenue
		Series A 4.00% 12/1/48 (AMT)	400,000		453,192
		Series A 5.00% 11/15/30 (AMT)	1,500,000		1,856,790
		Series A 5.00% 12/1/48 (AMT)	2,000,000		2,445,420
	E-470 Public Highway Authority
		Series A 5.00% 9/1/34	900,000		1,176,030
		Series A 5.00% 9/1/35	400,000		521,744

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	E-470 Public Highway Authority
		Series A 5.00% 9/1/36	1,300,000	$	1,690,780
	Regional Transportation District
		(Denver Transit Partners Eagle P3 Project)
		Series A 4.00% 7/15/39	1,000,000		1,319,470
		Series A 4.00% 7/15/40	1,500,000		1,990,530
					16,022,646
Water & Sewer Revenue Bonds – 4.21%
	Arapahoe County Water & Wastewater Authority
		4.00% 12/1/37	1,000,000		1,213,260
		4.00% 12/1/38	1,845,000		2,233,151
	Central Weld County Water District
		4.00% 12/1/39 (AGM)	1,150,000		1,387,912
	Dominion Water & Sanitation District
		6.00% 12/1/46	725,000		747,026
	Douglas County Centennial Water & Sanitation District
		4.00% 12/1/38	500,000		593,025
	Guam Government Waterworks Authority Water & Wastewater
		System Revenue
		5.00% 7/1/37	675,000		786,787
	Johnstown Wastewater Revenue
		4.00% 12/1/51 (AGM)	1,000,000		1,191,550
	Metro Wastewater Reclamation District
		Series A 5.00% 4/1/33	1,000,000		1,320,340
	Morgan County Quality Water District
		4.00% 12/1/50 (AGM)	790,000		926,962
					10,400,013
Total Municipal Bonds (cost $222,662,848)					240,654,397

			Number of
			shares
Short-Term Investments – 2.11%
Money Market Mutual Funds – 0.33%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
		Institutional Shares (seven-day effective yield 0.00%)	828,461		828,461
					828,461

Table of Contents

Schedules of investments
Delaware Tax-Free Colorado Fund

			Principal
			amount°	Value (US $)
Variable Rate Demand Notes – 1.78%¤
	Colorado Educational & Cultural Facilities Authority Revenue
		(National Jewish Federation Bond Program)
		Series B-5 0.01% 1/1/39 (LOC - TD Bank N.A.)	350,000	$	350,000
		Series D-6 0.01% 9/1/38 (LOC - JPMorgan Chase Bank, N.A.)	480,000		480,000
		Series F-2 0.01% 7/1/41 (LOC - Northern Trust Company)	380,000		380,000
	Colorado Health Facilities Authority Revenue (Children’s Hospital)
		Series A 0.01% 12/1/52 (LOC - TD Bank N.A.)	400,000		400,000
	Denver City & County
		Series A1 0.01% 12/1/29 (SPA - JPMorgan Chase Bank, N.A.)	190,000		190,000
		Series A2 0.01% 12/1/29 (SPA - JPMorgan Chase Bank, N.A.)	1,210,000		1,210,000
		Series A3 0.01% 12/1/31 (SPA - JPMorgan Chase Bank, N.A.)	1,390,000		1,390,000
					4,400,000
Total Short-Term Investments (cost $5,228,461)					5,228,461
Total Value of Securities–99.50%
	(cost $227,891,309)			$	245,882,858

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $15,127,982, which represents 6.12% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LOC – Letter of Credit
N.A. – National Association

Table of Contents

Summary of abbreviations: (continued)
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.27%
Corporate Revenue Bonds – 4.53%
	Idaho State Board of Correction
		(Management & Training Corporation)
		5.50% 8/1/29	2,523,144	$	2,503,867
	Nez Perce County Pollution Control Revenue
		(Potlatch Project)
		2.75% 10/1/24	1,250,000		1,332,688
	Power County Industrial Development Revenue
		(FMC Project)
		6.45% 8/1/32 (AMT)	2,000,000		2,010,640
					5,847,195
Education Revenue Bonds – 21.26%
	Boise State University Revenue
		(General Project)
		Series A 5.00% 4/1/47	500,000		601,125
		Series A 5.00% 4/1/48	1,000,000		1,214,470
	Idaho Housing & Finance Association
		(Anser of Idaho Project)
		Series A 2.25% 5/1/51	1,165,000		1,106,482
		Series A 3.00% 5/1/41	1,650,000		1,765,714
		Series A 4.00% 5/1/56	1,585,000		1,811,275
		(Compass Public Charter School Project)
		Series A 144A 5.00% 7/1/54 #	1,000,000		1,129,240
		Series A 144A 6.00% 7/1/39 #	370,000		456,325
		Series A 144A 6.00% 7/1/49 #	595,000		722,907
		Series A 144A 6.00% 7/1/54 #	570,000		690,544
		(Idaho Arts Charter School Project)
		Series A 4.00% 5/1/41	330,000		387,974
		Series A 4.00% 5/1/50	285,000		330,808
		Series A 4.00% 5/1/55	205,000		237,101
		Series A 5.00% 12/1/38	2,050,000		2,364,654
		Series A 144A 5.00% 12/1/46 #	1,000,000		1,119,580
		(North Star Charter School Project)
		Capital Appreciation Subordinate Series B
		144A 4.88% 7/1/49 #, ^	2,888,155		759,960
		Series A 6.75% 7/1/48	529,151		600,137
		(Sage International School of Boise Project)
		Series A 4.00% 5/1/50	2,005,000		2,310,021
		Series A 4.00% 5/1/55	2,640,000		3,030,773

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Idaho Housing & Finance Association
		(Victory Charter School Project)
		Series B 5.00% 7/1/39	1,000,000	$	1,144,610
		(Xavier Charter School Project)
		Series A 5.00% 6/1/50	1,275,000		1,411,782
	Idaho State University Revenue
		3.00% 4/1/49	1,700,000		1,771,298
		5.00% 4/1/43	250,000		305,942
		5.00% 4/1/44	250,000		305,350
	The Regents of the University of Idaho
		Series A 5.00% 4/1/38 (AGM)	275,000		362,280
		Series A 5.00% 4/1/39 (AGM)	250,000		328,445
		Series A 5.00% 4/1/40 (AGM)	250,000		327,685
		Series A 5.00% 4/1/41 (AGM)	300,000		392,106
	University of Idaho
		Unrefunded Series A 5.00% 4/1/41	340,000		414,759
					27,403,347
Electric Revenue Bonds – 5.59%
	Boise-Kuna Irrigation District Revenue
		(Idaho Arrowrock Hydroelectric Project)
		5.00% 6/1/34	2,000,000		2,265,920
	Idaho Energy Resources Authority
		(Idaho Falls Power Project)
		5.00% 9/15/33	1,325,000		1,789,028
	Puerto Rico Electric Power Authority Revenue
		Series A 5.05% 7/1/42 ‡	75,000		73,500
		Series AAA 5.25% 7/1/25 ‡	45,000		44,269
		Series CCC 5.25% 7/1/27 ‡	345,000		339,394
		Series WW 5.00% 7/1/28 ‡	320,000		313,600
		Series WW 5.50% 7/1/38 ‡	1,500,000		1,479,375
		Series XX 4.75% 7/1/26 ‡	50,000		48,812
		Series XX 5.25% 7/1/40 ‡	595,000		585,331
		Series XX 5.75% 7/1/36 ‡	175,000		173,250
		Series ZZ 4.75% 7/1/27 ‡	40,000		39,050
		Series ZZ 5.25% 7/1/24 ‡	60,000		59,025
					7,210,554
Healthcare Revenue Bonds – 10.31%
	Idaho Health Facilities Authority Revenue
		(Madison Memorial Hospital Project)
		5.00% 9/1/37	1,350,000		1,550,124

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			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	$	1,225,160
		Series A 5.00% 3/1/33	1,250,000		1,562,462
		Series A 5.00% 3/1/37	500,000		618,520
		Series A 5.00% 3/1/47	1,500,000		1,530,180
		(Trinity Health Credit Group)
		Series A 5.00% 12/1/47	390,000		477,941
		Series ID 4.00% 12/1/43	1,000,000		1,163,920
		Series ID 5.00% 12/1/46	750,000		909,878
		(Valley Vista Care Corporation)
		Series A 4.00% 11/15/27	950,000		979,697
		Series A 5.25% 11/15/37	1,005,000		1,074,476
		Series A 5.25% 11/15/47	1,130,000		1,178,443
	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		1,023,203
					13,294,004
Housing Revenue Bonds – 2.26%
	Idaho Housing & Finance Association
		Series A 4.50% 1/21/49 (GNMA)	415,901		427,913
	Idaho Housing & Finance Association Single Family Mortgage
		Revenue
		Series A 3.05% 7/1/39 (GNMA)	1,115,000		1,167,438
		Series A 3.25% 1/1/43 (GNMA)	545,000		571,481
		Series C 3.00% 1/1/43 (FHA)	710,000		743,555
					2,910,387
Lease Revenue Bonds – 13.27%
	Boise Urban Renewal Agency
		5.00% 12/15/31	750,000		892,252
		5.00% 12/15/32	750,000		890,138
	Fremont County Annual Appropriation Certificates of Participation
		4.00% 9/1/36	750,000		900,510
	Idaho Falls Certificates of Participation
		4.00% 9/15/39	1,050,000		1,248,041
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters Office Project)
		4.00% 12/1/36	650,000		771,290
		4.00% 12/1/39	1,545,000		1,812,702
		4.00% 12/1/42	1,300,000		1,514,162

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Idaho Fish & Wildlife Foundation
		(Idaho Department of Fish & Game Headquarters Office Project)
		4.00% 12/1/44	250,000	$	289,990
		(Idaho Department of Fish & Game Nampa Regional Office
		Project)
		5.00% 12/1/41	200,000		243,314
	Idaho Housing & Finance Association Economic Development
		Facilities Revenue
		(TDF Facilities Project)
		Series A 6.50% 2/1/26	885,000		888,390
		Series A 7.00% 2/1/36	1,500,000		1,505,295
	Idaho Housing & Finance Association Grant and Revenue
		Anticipation Bonds
		Series A 4.00% 7/15/39	1,750,000		2,116,800
	Idaho State Building Authority Revenue
		(Capitol Mall Parking Project)
		Series A 4.50% 9/1/26	485,000		525,832
		Series A 4.50% 9/1/27	505,000		546,895
		(Department of Health & Welfare Project)
		Series A 5.00% 9/1/24	2,025,000		2,152,413
		Series B 4.00% 9/1/48	750,000		815,842
					17,113,866
Local General Obligation Bonds – 15.51%
	Ada & Boise Counties Independent School District Boise City
		5.00% 8/1/31	1,350,000		1,726,582
		5.00% 8/1/33	1,010,000		1,227,362
		5.00% 8/1/34	1,500,000		1,818,765
		5.00% 8/1/35	1,160,000		1,404,772
		5.00% 8/1/36	500,000		604,320
	Ada & Canyon Counties Joint School District No. 3 Kuna
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/33	1,000,000		1,224,450
		Series B 5.00% 9/15/35	1,100,000		1,342,275
	Canyon County School District No. 131 Nampa
		(School Board Guaranteed)
		Series B 5.00% 8/15/23	1,295,000		1,407,794
	Canyon County School District No. 132 Caldwell
		Series A 5.00% 9/15/22 (AGM)	1,000,000		1,003,960
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		Series B 5.00% 9/15/24	1,480,000		1,553,808

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Idaho Bond Bank Authority Revenue
		Series A 4.00% 9/15/33	530,000	$	610,115
		Series A 4.00% 9/15/37	1,000,000		1,142,720
		Series C 5.00% 9/15/42	500,000		604,545
	Madison County School District No. 321 Rexburg
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 8/15/25	1,080,000		1,276,582
		Series B 5.00% 8/15/26	500,000		610,065
	Nez Perce County Independent School District
		No. 1
		(Sales Tax & Credit Enhancement Guaranty)
		Series B 5.00% 9/15/36	1,000,000		1,219,250
		Series B 5.00% 9/15/37	1,000,000		1,216,210
					19,993,575
Pre-Refunded Bonds – 6.36%
	Boise State University Revenue
		(General Project)
		Series A 4.00% 4/1/37-22 §	1,250,000		1,278,350
		Series A 5.00% 4/1/42-22 §	1,350,000		1,388,462
	Canyon County School District No. 139 Vallivue
		(School Board Guaranteed)
		5.00% 9/15/33-23 §	1,000,000		1,098,560
	Idaho Health Facilities Authority Revenue
		(Trinity Health Credit Group)
		Series ID 5.00% 12/1/32-22 §	1,000,000		1,036,200
	Idaho State Building Authority Revenue
		Series B 5.00% 9/1/40-22 §	250,000		262,180
	Nampa Development Corporation Revenue
		(Library Square Project)
		144A 5.00% 9/1/31-24 #, §	1,000,000		1,163,590
	Twin Falls County School District No. 411
		(School Board Guaranteed)
		Series A 4.75% 9/15/37-24 §	1,000,000		1,136,340
	University of Idaho
		Series A 5.00% 4/1/41-28 §	660,000		839,282
					8,202,964
Special Tax Revenue Bonds – 12.95%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	3,369,108		3,166,961
	Guam Government Business Privilege Tax Revenue
		Series A 5.125% 1/1/42	545,000		553,693

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36	705,000	$	716,541
		Series B-1 5.00% 1/1/42	1,425,000		1,447,144
	Idaho Water Resource Board Loan Program Revenue
		(Ground Water Rights Mitigation)
		Series A 5.00% 9/1/32	3,565,000		3,721,860
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	875,000		1,006,880
		Series A-1 4.75% 7/1/53	2,735,000		3,129,934
		Series A-1 5.00% 7/1/58	1,831,000		2,120,023
		Series A-2 4.329% 7/1/40	730,000		829,850
					16,692,886
State General Obligation Bonds – 3.69%
	Commonwealth of Puerto Rico
		Series A 5.00% 7/1/24 ‡	210,000		197,663
		Series A 5.00% 7/1/41 ‡	325,000		279,094
		Series A 5.125% 7/1/37 ‡	1,645,000		1,443,487
		Series A 5.25% 7/1/34 ‡	880,000		834,900
		Series A 5.375% 7/1/33 ‡	365,000		342,187
		Series A 8.00% 7/1/35 ‡	775,000		659,719
		Series B 5.00% 7/1/35 ‡	145,000		136,663
		Series B 5.75% 7/1/38 ‡	460,000		424,925
		Series C 6.00% 7/1/39 ‡	465,000		433,612
					4,752,250
Transportation Revenue Bonds – 1.77%
	Boise City Airport Revenue
		(Parking Facilities Project)
		4.00% 9/1/32	2,180,000		2,180,000
	Idaho Housing & Finance Association
		(Federal Highway Trust Fund)
		Series A 5.00% 7/15/31	80,000		103,300
					2,283,300
Water & Sewer Revenue Bonds – 0.77%
	Guam Government Waterworks Authority
		5.00% 7/1/40	370,000		429,577
		5.00% 1/1/46	500,000		565,150
					994,727
Total Municipal Bonds (cost $118,485,352)					126,699,055

Table of Contents

Schedules of investments
Delaware Tax-Free Idaho Fund

		Number of
		shares	Value (US $)
Short-Term Investments – 2.33%
Money Market Mutual Funds – 2.33%
	Dreyfus AMT-Free Tax Exempt Cash Management Fund -
	Institutional Shares (seven-day effective yield 0.00%)	3,002,704	$	3,002,704
Total Short-Term Investments (cost $3,002,704)				3,002,704
Total Value of Securities–100.60%
	(cost $121,488,056)		$	129,701,759

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $6,042,146, which represents 4.69% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

USD – US Dollar

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

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 99.45%
Corporate Revenue Bonds – 6.58%
	Erie County Tobacco Asset Securitization
		(Asset-Backed)
		Series A 144A 1.449% 6/1/60 #, ^	65,000,000	$	3,544,450
	New York City Industrial Development Agency
		(Queens Baseball Stadium Project)
		Series A 3.00% 1/1/37 (AGM)	1,000,000		1,103,700
		Series A 3.00% 1/1/39 (AGM)	1,000,000		1,095,810
		Series A 3.00% 1/1/46 (AGM)	2,000,000		2,138,560
	New York Liberty Development
		(Goldman Sachs Headquarters Issue)
		5.25% 10/1/35	1,000,000		1,437,770
	New York Transportation Development Corporation Special
		Facilities Revenue
		(Delta Air Lines - LaGuardia Airport Terminals C&D
		Redevelopment Project)
		5.00% 1/1/34 (AMT)	1,000,000		1,212,620
		5.00% 1/1/36 (AMT)	1,000,000		1,210,370
	Suffolk Tobacco Asset Securitization
		(Asset-Backed)
		Series B 5.25% 6/1/37	700,000		717,080
	TSASC Revenue
		(Senior)
		Fiscal 2017 Series A 5.00% 6/1/41	900,000		1,056,546
	Westchester Tobacco Asset Securitization
		Subordinate Series C 5.00% 6/1/45	750,000		784,980
					14,301,886
Education Revenue Bonds – 23.50%
	Albany Industrial Development Agency Civic Facilities Revenue
		(Brighter Choice Charter School)
		Series A 5.00% 4/1/37	250,000		250,815
	Buffalo & Erie County Industrial Land Development
		(Tapestry Charter School Project)
		Series A 5.00% 8/1/52	500,000		568,605
	Build NYC Resource
		(Bronx Charter School for Excellence Project)
		Series A 5.00% 4/1/33	500,000		527,060
		Series A 5.50% 4/1/43	500,000		528,000
		(Inwood Academy for Leadership Charter School Project)
		Series A 144A 5.50% 5/1/48 #	500,000		584,840
		(Manhattan College Project)
		5.00% 8/1/47	500,000		598,120

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Build NYC Resource
	(Metropolitan College of New York Project)
	5.50% 11/1/44	600,000	$	659,154
	(Metropolitan Lighthouse Charter School Project)
	Series A 144A 5.00% 6/1/52 #	250,000		279,065
	(New Dawn Charter Schools Project)
	144A 5.75% 2/1/49 #	500,000		547,980
	(New World Preparatory Charter School Project)
	Series A 4.00% 6/15/51	315,000		346,298
	Series A 4.00% 6/15/56	450,000		492,696
	(The Packer Collegiate Institute Project)
	5.00% 6/1/40	750,000		834,105
	Dutchess County Local Development
	(The Culinary Institute of America Project)
	Series A-1 5.00% 7/1/46	300,000		339,531
	(Vassar College Project)
	5.00% 7/1/35	1,000,000		1,230,730
	5.00% 7/1/36	1,000,000		1,228,670
	5.00% 7/1/37	1,000,000		1,227,380
	Hempstead Town Local Development
	(Hofstra University Project)
	5.00% 7/1/42	500,000		610,525
	Madison County Capital Resource Revenue
	(Colgate University Refunding Project)
	Series A 5.00% 7/1/35	1,000,000		1,157,890
	Series B 5.00% 7/1/39	1,000,000		1,156,650
	Monroe County Industrial Development Revenue
	(St. John Fisher College Project)
	Series A 5.50% 6/1/39	300,000		335,481
	(True North Rochester Preparatory Charter School Project)
	Series A 144A 5.00% 6/1/40 #	1,000,000		1,192,980
	(University of Rochester Project)
	Series A 5.00% 7/1/37	1,000,000		1,229,930
	Series C 4.00% 7/1/43	500,000		573,270
	New York City Trust for Cultural Resources
	(Alvin Ailey Dance Foundation)
	Series A 4.00% 7/1/46	1,000,000		1,102,040
	(Whitney Museum of American Art)
	5.00% 7/1/31	3,015,000		4,124,520
	New York State Dormitory Authority
	(Barnard College)
	Series A 5.00% 7/1/35	400,000		461,844

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	New York State Dormitory Authority
	(Fordham University)
	5.00% 7/1/44	650,000	$	725,751
	(New York University)
	5.50% 7/1/40 (AMBAC)	740,000		1,115,602
	(Touro College & University)
	Series A 5.50% 1/1/44	1,000,000		1,101,920
	New York State Dormitory Authority Revenue Non-State Supported
	Debt
	(Hudson City School District)
	Unrefunded Series A 5.625% 10/1/29 (AGC)	375,000		376,699
	(New York State University Dormitory Facilities)
	Series A 5.00% 7/1/35	50,000		62,589
	Series A 5.00% 7/1/37	2,200,000		2,733,896
	Series A 5.00% 7/1/42	1,645,000		2,005,501
	(New York University)
	Series A 5.00% 7/1/36	2,000,000		2,400,300
	Series A 5.00% 7/1/39	2,000,000		2,390,860
	(School Districts Financing Program)
	Series B 5.00% 10/1/42 (AGM)	3,565,000		4,331,903
	(Vaughn College of Aeronautics and Technology)
	Series A 144A 5.50% 12/1/46 #	300,000		329,421
	Onondaga Civic Development Revenue
	(Le Moyne College Project)
	Series B 4.00% 7/1/38	255,000		297,636
	Series B 4.00% 7/1/39	325,000		378,352
	Series B 4.00% 7/1/40	300,000		348,213
	Saratoga County Capital Resource Revenue
	(Skidmore College Project)
	5.00% 7/1/43	3,570,000		4,389,850
	5.00% 7/1/48	1,000,000		1,219,290
	St. Lawrence County Industrial Development Agency Civic
	Development Revenue
	(St. Lawrence University Project)
	Series A 4.00% 7/1/43	1,000,000		1,109,860
	Tompkins County Development
	(Ithaca College Project)
	5.00% 7/1/34	750,000		865,875
	5.00% 7/1/41	500,000		613,750
	Troy Capital Resource
	(Rensselaer Polytechnic Institute Project)
	4.00% 9/1/35	170,000		204,384

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	Troy Capital Resource
	(Rensselaer Polytechnic Institute Project)
	4.00% 9/1/36	280,000	$	335,639
	Troy Industrial Development Authority
	(Rensselaer Polytechnic Institute Project)
	Series E 5.20% 4/1/37	500,000		500,000
	Yonkers Economic Development Educational Revenue
	(Lamartine/Warburton LLC - Charter School of Educational
	Excellence Project)
	Series A 5.00% 10/15/49	640,000		747,674
	Series A 5.00% 10/15/50	250,000		295,975
				51,069,119
Electric Revenue Bonds – 8.25%
	Build NYC Resource
	(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)
	144A 5.25% 12/31/33 (AMT) #	1,000,000		1,106,100
	Long Island Power Authority Electric System Revenue
	5.00% 9/1/37	450,000		571,415
	5.00% 9/1/39	2,000,000		2,526,120
	5.00% 9/1/42	2,000,000		2,442,660
	5.00% 9/1/47	500,000		606,795
	Series A 5.00% 9/1/44	1,950,000		2,190,669
	Series B 5.00% 9/1/41	1,000,000		1,197,190
	New York State Power Authority Revenue
	Series A 4.00% 11/15/50	1,000,000		1,179,780
	Puerto Rico Electric Power Authority Revenue
	Series A 5.05% 7/1/42 ‡	65,000		63,700
	Series A 6.75% 7/1/36 ‡	625,000		628,906
	Series AAA 5.25% 7/1/25 ‡	35,000		34,431
	Series TT 5.00% 7/1/32 ‡	1,120,000		1,097,600
	Series WW 5.00% 7/1/28 ‡	270,000		264,600
	Series WW 5.25% 7/1/33 ‡	195,000		191,831
	Series WW 5.50% 7/1/17 ‡	420,000		407,925
	Series WW 5.50% 7/1/19 ‡	330,000		321,338
	Series XX 4.75% 7/1/26 ‡	40,000		39,050
	Series XX 5.25% 7/1/40 ‡	1,430,000		1,406,762
	Series XX 5.75% 7/1/36 ‡	140,000		138,600
	Series ZZ 4.75% 7/1/27 ‡	30,000		29,288
	Series ZZ 5.00% 7/1/19 ‡	570,000		552,187
	Series ZZ 5.25% 7/1/24 ‡	50,000		49,188

Table of Contents

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
	Utility Debt Securitization Authority
	(Restructuring Bonds)
	5.00% 12/15/37	750,000	$	887,775
				17,933,910
Healthcare Revenue Bonds – 5.80%
	Buffalo & Erie County Industrial Land Development
	(Catholic Health System Project)
	Series N 5.25% 7/1/35	250,000		289,567
	Build NYC Resource
	(The Children’s Aid Society Project)
	4.00% 7/1/49	1,000,000		1,151,200
	Dutchess County Local Development
	(Nuvance Health)
	Series B 4.00% 7/1/49	1,000,000		1,151,200
	Guilderland, Industrial Development Agency
	(Albany Place Development Project)
	Series A 144A 5.875% 1/1/52 #, ‡	500,000		375,000
	Monroe County Industrial Development
	(The Rochester General Hospital Project)
	5.00% 12/1/36	405,000		475,863
	5.00% 12/1/46	540,000		622,469
	Nassau County Local Economic Assistance
	(Catholic Health Services of Long Island Obligated Group Project)
	5.00% 7/1/33	725,000		810,637
	New York State Dormitory Authority
	(Montefiore Obligated Group)
	Series A 4.00% 8/1/38	1,000,000		1,140,930
	Series A 4.00% 9/1/50	2,500,000		2,846,525
	(NYU Langone Hospitals Obligated Group)
	Series A 4.00% 7/1/53	500,000		582,750
	New York State Dormitory Authority Revenue Non-State Supported
	Debt
	(NYU Hospitals Center)
	Series A 4.00% 7/1/40	465,000		519,084
	(Orange Regional Medical Center Obligated Group)
	144A 5.00% 12/1/34 #	500,000		603,605
	144A 5.00% 12/1/45 #	700,000		799,967
	Orange County Funding Assisted Living Residence Revenue
	(The Hamlet at Wallkill Assisted Living Project)
	6.50% 1/1/46	400,000		404,664

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Southold Local Development Revenue
		(Peconic Landing at Southold Project)
		5.00% 12/1/45	750,000	$	822,855
					12,596,316
Lease Revenue Bonds – 7.90%
	Hudson Yards Infrastructure
		Unrefunded Fiscal 2012 Series A 5.75% 2/15/47	945,000		949,262
	MTA Hudson Rail Yards Trust Obligations
		(The Metropolitan Transportation Authority)
		Series A 5.00% 11/15/56	710,000		762,739
	New York City Industrial Development Agency
		(Senior Trips)
		Series A 5.00% 7/1/28 (AMT)	1,500,000		1,551,030
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2020 Subordinate Series S-1B 4.00% 7/15/45	445,000		523,703
	New York Liberty Development
		(4 World Trade Center Project)
		5.00% 11/15/31	500,000		504,975
		(Class 1 - 3 World Trade Center Project)
		144A 5.00% 11/15/44 #	2,000,000		2,211,420
		(Class 2 - 3 World Trade Center Project)
		144A 5.375% 11/15/40 #	500,000		562,860
	New York State Dormitory Authority
		(State Sales Tax)
		Series A 4.00% 3/15/48	80,000		91,720
	New York State Dormitory Authority Revenue Non-State Supported
		Debt
		(Court Facility)
		Series A 5.50% 5/15/27 (AMBAC)	2,500,000		3,172,675
	New York State Environmental Facilities Clean Water and Drinking
		Water Revenue
		(New York City Municipal Water Finance Authority Projects -
		Second Resolution)
		Series B 5.00% 6/15/43	2,175,000		2,717,597
	New York State Thruway Authority State Personal Income Tax
		Revenue
		Series A-1 4.00% 3/15/52	3,500,000		4,114,775
					17,162,756
Local General Obligation Bonds – 3.35%
	New York City
		Fiscal 2017 Subordinate Series B-1 5.00% 12/1/34	2,500,000		3,051,075

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	New York City
		Fiscal 2018 Subordinate Series E-1 5.25% 3/1/35	500,000	$	633,440
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35	1,895,000		2,357,494
		Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39	1,000,000		1,235,770
					7,277,779
Pre-Refunded Bonds – 2.81%
	Build NYC Resource
		(YMCA of Greater New York Project)
		5.00% 8/1/40-25 §	450,000		529,920
	Dutchess County Local Development
		(Health Quest Systems Project)
		Series A 5.00% 7/1/44-24 §	1,000,000		1,133,580
	Monroe County, Industrial Development Revenue
		(Nazareth College of Rochester Project)
		5.50% 10/1/41-21 §	500,000		502,135
	New York State Dormitory Authority
		(Pratt Institute)
		Series A 5.00% 7/1/34-24 §	500,000		566,790
	New York State Dormitory Authority Revenue Non-State Supported
		Debt
		(New York University)
		Series A 5.00% 7/1/37-23 §	1,000,000		1,089,010
	Onondaga Civic Development Revenue
		(St. Joseph’s Hospital Health Center Project)
		4.50% 7/1/32-22 §	380,000		393,745
		5.00% 7/1/42-22 §	750,000		780,240
	Onondaga County Trust for Cultural Resources
		(Syracuse University Project)
		Series A 5.00% 12/1/30-23 §	1,000,000		1,109,000
					6,104,420
Resource Recovery Revenue Bond – 0.73%
	Niagara Area Development Revenue
		(Covanta Project)
		Series A 144A 4.75% 11/1/42 (AMT) #	1,500,000		1,583,745
					1,583,745
Special Tax Revenue Bonds – 19.33%
	GDB Debt Recovery Authority of Puerto Rico
		(Taxable)
		7.50% 8/20/40	3,470,000		3,261,800

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Glen Cove, Local Economic Assistance
		(Garvies Point Public Improvement Project)
		Series A 5.00% 1/1/56	250,000	$	276,915
	Guam Government Business Privilege Tax Revenue
		Series A 5.25% 1/1/36	240,000		243,929
	Metropolitan Transportation Authority
		(Climate Bond Certified)
		Subordinate Series B-2 5.00% 11/15/36	3,500,000		4,222,365
	New York City Transitional Finance Authority Revenue
		(Building Aid)
		Fiscal 2015 Subordinate Series S-1 5.00% 7/15/43	1,000,000		1,145,670
		Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37	1,000,000		1,259,740
		(Future Tax Secured)
		Fiscal 2014 Subordinate Series B-1 5.00% 11/1/40	750,000		837,652
		Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42	2,000,000		2,252,080
		Fiscal 2015 Subordinate Series E-1 5.00% 2/1/41	1,000,000		1,145,210
		Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42	500,000		589,860
		Fiscal 2017 Subordinate Series A-1 4.00% 5/1/42	500,000		553,765
		Fiscal 2017 Subordinate Series E-1 5.00% 2/1/43	1,000,000		1,206,430
		Series A-1 5.00% 11/1/42	750,000		821,468
	New York Convention Center Development Revenue
		(Hotel Unit Fee Secured)
		5.00% 11/15/35	1,000,000		1,177,430
		5.00% 11/15/40	1,000,000		1,172,890
	New York State Dormitory Authority Personal Income Tax Revenue
		(General Purpose)
		Series A 5.00% 3/15/40	5,000,000		6,257,300
	New York State Urban Development Revenue
		(Personal Income Tax)
		Series A 4.00% 3/15/36	500,000		565,220
	Puerto Rico Sales Tax Financing Revenue
		(Restructured)
		Series A-1 4.55% 7/1/40	425,000		489,056
		Series A-1 4.75% 7/1/53	5,720,000		6,545,968
		Series A-1 5.00% 7/1/58	5,085,000		5,887,667
		Series A-2 4.329% 7/1/40	370,000		420,609
		Series A-2 4.536% 7/1/53	1,330,000		1,504,243
	Virgin Islands Public Finance Authority Revenue
		Series A 5.00% 10/1/29	170,000		170,427
					42,007,694

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
State General Obligation Bonds – 2.98%
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	270,000	$	254,138
		Series A 5.00% 7/1/41 ‡	675,000		579,656
		Series A 5.125% 7/1/37 ‡	685,000		601,087
		Series A 5.25% 7/1/34 ‡	945,000		896,569
		Series A 5.375% 7/1/33 ‡	665,000		623,437
		Series A 8.00% 7/1/35 ‡	1,920,000		1,634,400
		Series B 5.00% 7/1/35 ‡	185,000		174,363
		Series B 5.75% 7/1/38 ‡	625,000		577,344
		Series C 6.00% 7/1/39 ‡	1,215,000		1,132,987
					6,473,981
Transportation Revenue Bonds – 13.00%
	Buffalo & Fort Erie Public Bridge Authority
		5.00% 1/1/47	435,000		519,908
	Metropolitan Transportation Authority Revenue
		Series D 5.00% 11/15/32	500,000		525,705
		(Climate Bond Certified)
		Series E 4.00% 11/15/45	1,500,000		1,729,320
		(Green Bonds)
		Series B 4.00% 11/15/50	1,000,000		1,126,480
		Series C-1 5.25% 11/15/55	1,500,000		1,863,135
		Subordinate Series A-1 5.00% 11/15/47	2,000,000		2,465,160
	New York State Thruway Authority General Revenue
		Series B 4.00% 1/1/50	1,000,000		1,164,220
		Series L 5.00% 1/1/35	1,535,000		1,894,420
		(Junior Indebtedness Obligation)
		Series A 5.25% 1/1/56	1,000,000		1,176,850
	New York Transportation Development Corporation Special
		Facilities Revenue
		(Terminal 4 John F. Kennedy International Airport Project)
		Series A 4.00% 12/1/40 (AMT)	335,000		388,392
	Niagara Frontier Transportation Authority Revenue
		(Buffalo Niagara International Airport)
		Series A 5.00% 4/1/33 (AMT)	715,000		903,567
		Series A 5.00% 4/1/35 (AMT)	775,000		974,376
		Series A 5.00% 4/1/37 (AMT)	750,000		937,530
		Series A 5.00% 4/1/39 (AMT)	350,000		435,600
	Port Authority of Guam
		(Governmental)
		Series A 5.00% 7/1/48	1,375,000		1,616,175

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Port Authority of New York & New Jersey
		(Consolidated Bonds - Two Hundred Seventeen Series)
		4.00% 11/1/49	1,000,000	$	1,166,190
		(Consolidated Bonds - Two Hundred Sixteen Series)
		4.00% 9/1/49	1,000,000		1,163,050
		(Consolidated Bonds - Two Hundredth Series)
		5.00% 10/15/42	2,500,000		3,024,125
	Triborough Bridge & Tunnel Authority
		(MTA Bridges and Tunnels)
		Series A 5.00% 11/15/41	2,000,000		2,361,960
		Series A 5.00% 11/15/47	1,000,000		1,218,220
		Series A 5.00% 11/15/49	325,000		418,187
	Westchester County Industrial Development Agency
		(Million Air Two LLC General Aviation Facilities Project)
		Series A 144A 7.00% 6/1/46 (AMT) #	1,100,000		1,184,502
					28,257,072
Water & Sewer Revenue Bonds – 5.22%
	New York City Municipal Water Finance Authority Water & Sewer
		System Revenue
		(Second General Resolution)
		Fiscal 2015 Series HH 5.00% 6/15/39	2,000,000		2,327,260
		Fiscal 2017 Series DD 5.00% 6/15/47	1,000,000		1,210,740
		Fiscal 2018 Series EE 5.00% 6/15/40	2,500,000		3,098,325
		Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49	1,000,000		1,169,310
		Fiscal 2020 Series AA 4.00% 6/15/40	1,000,000		1,197,980
		Fiscal 2021 Subordinate Series BB-1 4.00% 6/15/50	1,000,000		1,173,110
	New York State Environmental Facilities Clean Water and Drinking
		Water Revenue
		(New York City Municipal Water Finance Authority Projects -
		Second Resolution)
		Series B 4.00% 6/15/49	1,000,000		1,171,700
					11,348,425
Total Municipal Bonds (cost $195,492,288)					216,117,103

Short-Term Investments – 0.37%
Variable Rate Demand Notes – 0.37%¤
	New York City
		Fiscal 2018 Subordinate Series B-4 0.01% 10/1/46 (SPA -
		Barclays Bank)	170,000		170,000

Table of Contents

			Principal
			amount°	Value (US $)
Short-Term Investments (continued)
Variable Rate Demand Notes (continued)
	New York City Municipal Water Finance Authority Water & Sewer
		System Revenue
		(Second General Resolution) Fiscal 2011
		Series DD-1 0.01% 6/15/43 (SPA - TD Bank N.A.)	390,000	$	390,000
	New York City Transitional Finance Authority Revenue
		(Future Tax Secured) Fiscal 2010 Subordinate Series G-6 0.01%
		5/1/34 (SPA - Barclays Bank)	250,000		250,000
Total Short-Term Investments (cost $810,000)					810,000
Total Value of Securities–99.82%
	(cost $196,302,288)			$	216,927,103

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $14,905,935, which represents 6.86% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2021.

Table of Contents

Schedules of investments
Delaware Tax-Free New York Fund

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
L.P. – Limited Partnership
LLC – Limited Liability Corporation
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar

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

Table of Contents

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

			Principal
			amount°	Value (US $)
Municipal Bonds – 100.70%
Corporate Revenue Bonds – 6.10%
	Allegheny County Industrial Development Authority Revenue
		(United States Steel Corporation Project)
		4.875% 11/1/24	2,650,000	$	2,880,682
		5.125% 5/1/30	750,000		915,210
	Pennsylvania Commonwealth Financing Authority Revenue
		(Tobacco Master Settlement Payment Revenue)
		4.00% 6/1/39 (AGM)	5,045,000		5,797,008
	Pennsylvania Economic Development Financing Authority
		(National Gypsum)
		5.50% 11/1/44 (AMT)	4,000,000		4,269,560
	Pennsylvania Economic Development Financing Authority Solid
		Waste Disposal Revenue
		(Proctor & Gamble Paper Project)
		5.375% 3/1/31 (AMT)	11,000,000		14,864,960
					28,727,420
Education Revenue Bonds – 10.84%
	Allegheny County Higher Education Building Authority Revenue
		(Carnegie Mellon University)
		Series A 5.00% 3/1/24	1,000,000		1,023,660
		(Chatham University)
		Series A 5.00% 9/1/30	1,500,000		1,545,720
		(Robert Morris University)
		5.00% 10/15/47	1,500,000		1,714,230
	Bucks County Industrial Development Authority Revenue
		(School Lane Charter School Project)
		Series A 5.125% 3/15/46	2,500,000		2,794,050
	Chester County Industrial Development Authority Revenue
		(Avon Grove Charter School Project)
		Series A 5.00% 12/15/47	1,160,000		1,302,715
		Series A 5.00% 12/15/51	770,000		863,663
		(Renaissance Academy Charter School Project)
		5.00% 10/1/34	1,000,000		1,098,370
		5.00% 10/1/39	1,250,000		1,366,350
		5.00% 10/1/44	1,000,000		1,087,750
		(Westtown School)
		Series A 2.625% 1/1/52	750,000		710,025
		Series A 4.00% 1/1/52	2,250,000		2,610,450
	City of Erie Higher Education Building Authority Revenue
		(Gannon University Project - AICUP Financing Program)
		Series TT1 4.00% 5/1/36	300,000		345,987
		Series TT1 4.00% 5/1/41	475,000		540,165

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
	City of Erie Higher Education Building Authority Revenue
		(Gannon University Project - AICUP Financing Program)
		Series TT1 5.00% 5/1/47	475,000	$	582,882
	Delaware County Authority Revenue
		(Cabrini University)
		5.00% 7/1/47	2,000,000		2,283,900
	Montgomery County Higher Education and Health Authority
		(Arcadia University)
		5.75% 4/1/40	2,000,000		2,187,500
	Montgomery County Industrial Development Authority Revenue
		(Germantown Academy Project)
		Series A 4.00% 10/1/36	1,000,000		1,114,170
		Series A 4.00% 10/1/46	1,550,000		1,807,796
	Northeastern Pennsylvania Hospital and Education Authority
		Revenue
		(King’s College Project)
		5.00% 5/1/44	1,000,000		1,187,500
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Drexel University)
		5.00% 5/1/41	1,000,000		1,224,400
	Pennsylvania State University
		Series A 5.00% 9/1/45	4,000,000		5,098,720
		Series A 5.00% 9/1/47	2,730,000		3,452,767
	Philadelphia Authority for Industrial Development Revenue
		(First Philadelphia Preparatory Charter School Project)
		Series A 7.25% 6/15/43	2,500,000		2,872,200
		(Green Woods Charter School Project)
		Series A 5.50% 6/15/22	200,000		207,042
		Series A 5.75% 6/15/42	2,500,000		2,581,450
		(International Apartments of Temple University)
		Series A 5.375% 6/15/30	1,385,000		1,388,698
		Series A 5.625% 6/15/42	3,000,000		3,006,930
		(Tacony Academy Charter School Project)
		Series A-1 6.75% 6/15/33	1,020,000		1,118,950
		Series A-1 7.00% 6/15/43	1,535,000		1,680,319
	State Public School Building Authority
		(Montgomery County Community College)
		5.00% 5/1/28	2,000,000		2,301,220
					51,099,579

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds – 4.78%
	City of Philadelphia Gas Works Revenue
		(1998 General Ordinance)
		Sixteenth Series A 4.00% 8/1/45 (AGM)	2,000,000	$	2,346,640
		Sixteenth Series B 4.00% 8/1/37 (AGM)	2,000,000		2,395,760
		Sixteenth Series B 4.00% 8/1/38 (AGM)	4,250,000		5,078,113
		Sixteenth Series B 4.00% 8/1/39 (AGM)	1,300,000		1,549,210
	Puerto Rico Electric Power Authority
		Series A 5.00% 7/1/42 ‡	1,110,000		1,087,800
		Series A 5.05% 7/1/42 ‡	400,000		392,000
		Series AAA 5.25% 7/1/25 ‡	225,000		221,344
		Series WW 5.00% 7/1/28 ‡	1,895,000		1,857,100
		Series WW 5.25% 7/1/33 ‡	1,055,000		1,037,856
		Series WW 5.50% 7/1/38 ‡	1,530,000		1,508,963
		Series XX 4.75% 7/1/26 ‡	185,000		180,606
		Series XX 5.25% 7/1/40 ‡	3,825,000		3,762,844
		Series XX 5.75% 7/1/36 ‡	655,000		648,450
		Series ZZ 4.75% 7/1/27 ‡	145,000		141,556
		Series ZZ 5.25% 7/1/24 ‡	315,000		309,881
					22,518,123
Healthcare Revenue Bonds – 33.18%
	Allegheny County Hospital Development Authority Revenue
		(Allegheny Health Network Obligated Group Issue)
		Series A 4.00% 4/1/44	1,350,000		1,533,020
		(University of Pittsburgh Medical Center)
		Series A 4.00% 7/15/36	1,750,000		2,075,307
		Series A 4.00% 7/15/37	1,500,000		1,772,685
	Berks County Industrial Development Authority Revenue
		(The Highlands at Wyomissing)
		5.00% 5/15/38	415,000		470,602
		5.00% 5/15/43	500,000		564,090
		5.00% 5/15/48	1,000,000		1,124,720
		Series A 5.00% 5/15/37	1,365,000		1,605,554
		Series A 5.00% 5/15/42	500,000		583,675
		Series A 5.00% 5/15/47	600,000		696,534
		Series C 5.00% 5/15/42	1,000,000		1,110,620
		Series C 5.00% 5/15/47	1,000,000		1,107,510
	Bucks County Industrial Development Authority Revenue
		(Saint Luke’s University Health Network Project)
		4.00% 8/15/44	2,400,000		2,744,352
		4.00% 8/15/50	1,400,000		1,591,366

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Butler County Hospital Authority Revenue
		(Butler Health System Project)
		Series A 5.00% 7/1/39	1,625,000	$	1,834,901
	Centre County Hospital Authority Revenue
		(Mount Nittany Medical Center Project)
		Series A 4.00% 11/15/47	1,400,000		1,588,090
	Chester County Health and Education Facilities Authority
		(Main Line Health System)
		Series A 4.00% 9/1/40	785,000		937,580
		Series A 4.00% 9/1/50	2,750,000		3,227,428
	Cumberland County Municipal Authority Revenue
		(Asbury Pennsylvania Obligated Group)
		5.00% 1/1/45	3,000,000		3,316,710
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38	1,805,000		2,005,084
		(Penn State Health)
		4.00% 11/1/49	9,825,000		11,320,856
	DuBois Hospital Authority
		(Penn Highlands Healthcare)
		4.00% 7/15/48	2,000,000		2,213,060
	Geisinger Authority Health System Revenue
		(Geisinger Health System)
		Series A 4.00% 4/1/50	8,085,000		9,317,962
		Series A-1 5.00% 2/15/45	5,000,000		5,927,600
	General Authority of Southcentral Pennsylvania Revenue
		(WellSpan Health Obligated Group)
		Series A 5.00% 6/1/39	5,000,000		6,318,900
	Indiana County Hospital Authority Revenue
		(Indiana Regional Medical Center)
		Series A 6.00% 6/1/39	1,625,000		1,719,673
	Lancaster County Hospital Authority Revenue
		(Brethren Village Project)
		5.25% 7/1/35	250,000		273,710
		5.50% 7/1/45	1,000,000		1,091,300
		(Landis Homes Retirement Community Project)
		Series A 5.00% 7/1/45	2,000,000		2,198,380
		(Masonic Villages Project)
		5.00% 11/1/35	1,000,000		1,207,530
		5.00% 11/1/36	510,000		614,443
		5.00% 11/1/37	250,000		300,702

100

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Lehigh County General Purpose Authority Revenue
		(Bible Fellowship Church Homes Project)
		5.25% 7/1/42	1,500,000	$	1,531,260
	Lehigh County General Purpose Hospital Authority Revenue
		(Lehigh Valley Health Network)
		Series A 4.00% 7/1/49	5,000,000		5,728,550
	Monroe County Hospital Authority Revenue
		(Pocono Medical Center)
		5.00% 7/1/36	1,710,000		2,010,721
		5.00% 7/1/41	1,000,000		1,169,060
	Monroeville Finance Authority
		(University of Pittsburgh Medical Center)
		5.00% 2/15/25	1,000,000		1,158,930
	Montgomery County Higher Education and Health Authority
		(Thomas Jefferson University)
		5.00% 9/1/51	2,000,000		2,457,900
		Series A 4.00% 9/1/49	2,500,000		2,835,175
	Montgomery County Industrial Development Authority Revenue
		(Waverly Heights Project)
		5.00% 12/1/44	500,000		579,580
		5.00% 12/1/49	1,250,000		1,444,113
		(Whitemarsh Continuing Care Retirement Community Project)
		4.00% 1/1/25	430,000		445,785
		5.375% 1/1/50	4,000,000		4,311,960
		Series A 5.375% 1/1/51	1,500,000		1,643,745
	Moon Industrial Development Authority Revenue
		(Baptist Homes Society)
		6.125% 7/1/50	4,000,000		4,322,440
	Pennsylvania Economic Development Financing Authority First
		Mortgage Revenue
		(Tapestry Moon Senior Housing Project)
		Series A 144A 6.50% 12/1/38 #, ‡	715,000		421,850
		Series A 144A 6.75% 12/1/53 #, ‡	5,400,000		3,186,000
	Pennsylvania Economic Development Financing Authority Revenue
		(University of Pittsburgh Medical Center)
		Series A 5.00% 7/1/43	1,265,000		1,363,088
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Thomas Jefferson University)
		Series A 5.00% 9/1/45	5,000,000		5,676,600
		Series A 5.25% 9/1/50	2,500,000		2,856,600

101

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority Revenue
		(University of Pennsylvania Health System)
		4.00% 8/15/49	6,000,000	$	6,978,060
		5.00% 8/15/49	5,000,000		6,272,550
		Series A 4.00% 8/15/42	4,000,000		4,560,600
	Philadelphia Authority for Industrial Development Revenue
		(Children’s Hospital of Philadelphia Project)
		5.00% 7/1/34	5,000,000		6,165,600
		Series A 5.00% 7/1/32	4,750,000		6,597,465
		(Thomas Jefferson University)
		Series A 5.00% 9/1/47	2,500,000		2,986,600
		(Wesley Enhanced Living Obligated Group)
		Series A 5.00% 7/1/49	2,500,000		2,795,300
	Pocono Mountains Industrial Park Authority Revenue
		(St. Luke’s Hospital - Monroe Project)
		Series A 5.00% 8/15/40	4,000,000		4,475,960
					156,369,436
Lease Revenue Bonds – 1.08%
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/29 (AMT)	500,000		598,030
	Philadelphia Municipal Authority Revenue
		(Juvenile Justice Services Center)
		5.00% 4/1/37	1,250,000		1,502,775
		5.00% 4/1/38	1,000,000		1,199,060
		5.00% 4/1/39	1,500,000		1,795,515
					5,095,380
Local General Obligation Bonds – 5.87%
	Allegheny County
		Series C-77 5.00% 11/1/43	4,535,000		5,645,621
	Chester County
		4.00% 7/15/32	1,000,000		1,214,330
	City of Philadelphia
		5.00% 8/1/41	1,260,000		1,524,486
		Series A 5.00% 8/1/37	1,750,000		2,128,735
	Mechanicsburg Area School District
		Series AA 4.00% 5/15/50	2,875,000		3,335,719
	Montgomery County
		Series A 5.00% 1/1/35	2,000,000		2,672,340
		Series A 5.00% 1/1/37	2,500,000		3,313,300

102

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
	Philadelphia School District
		Series F 5.00% 9/1/36	2,000,000	$	2,392,220
		Series F 5.00% 9/1/37	1,500,000		1,790,925
		Series F 5.00% 9/1/38	2,000,000		2,383,600
	Punxsutawney Area School District
		2.00% 10/15/28 (AGM)	325,000		340,802
		2.00% 10/15/29 (AGM)	700,000		728,805
		2.00% 10/15/30 (AGM)	190,000		196,933
					27,667,816
Pre-Refunded/Escrowed to Maturity Bonds – 7.42%
	Allegheny County
		Series C-70 5.00% 12/1/33-22 §	2,205,000		2,339,329
	Bucks County Industrial Development Authority Revenue
		(George School Project)
		5.00% 9/15/36	4,455,000		4,462,796
	City of Philadelphia
		Series A 5.25% 7/15/29-24 §	2,500,000		2,798,275
	City of Pittsburgh
		Series B 5.00% 9/1/26-22 §	3,000,000		3,146,160
	Cumberland County Municipal Authority Revenue
		(Diakon Lutheran Social Ministries)
		5.00% 1/1/38-25 §	195,000		224,786
	Delaware County Regional Water Quality Control Authority
		5.00% 5/1/32-23 §	2,000,000		2,161,480
	Monroe County Hospital Authority
		(Pocono Medical Center)
		Series A 5.00% 1/1/32-22 §	1,150,000		1,167,871
		Series A 5.00% 1/1/41-22 §	1,500,000		1,523,310
	Montgomery County Industrial Development Authority Retirement
		Community Revenue
		(ACTS Retirement Life Communities Obligated Group)
		5.00% 11/15/27-22 §	1,250,000		1,293,100
		5.00% 11/15/28-22 §	1,600,000		1,655,168
		5.00% 11/15/29-22 §	680,000		703,446
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Indiana University - Student Housing Project)
		Series A 5.00% 7/1/27-22 §	1,740,000		1,810,000
		Series A 5.00% 7/1/41-22 §	1,500,000		1,560,345

103

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
	Pennsylvania Higher Educational Facilities Authority College &
		University Revenue
		(Philadelphia University)
		5.00% 6/1/32-23 §	2,000,000	$	2,167,700
		(University of the Arts)
		5.20% 3/15/25 (AGC)	3,680,000		4,037,660
	Philadelphia Authority for Industrial Development Revenue
		(New Foundations Charter School Project)
		6.625% 12/15/41-22 §	1,000,000		1,081,930
	Philadelphia Water & Wastewater Revenue
		Series A 5.00% 7/1/45-24 §	2,500,000		2,837,000
					34,970,356
Special Tax Revenue Bonds – 12.86%
	Allentown Neighborhood Improvement Zone Development Authority
		Revenue
		Series A 5.00% 5/1/42	2,500,000		2,579,725
		(Forward Delivery)
		5.00% 5/1/35	850,000		1,086,903
		5.00% 5/1/36	850,000		1,083,623
		5.00% 5/1/42	4,000,000		5,031,880
	Chester County Industrial Development Authority Special Obligation
		Revenue
		(Woodlands at Greystone Project)
		144A 5.00% 3/1/38 #	460,000		547,391
		144A 5.125% 3/1/48 #	1,000,000		1,181,540
	CPR Custodial Receipt
		(Taxable)
		Series 1 144A 0.649% 1/1/45 #	7,000,000		6,475,000
	GDB Debt Recovery Authority
		(Taxable)
		7.50% 8/20/40	8,414,512		7,909,641
	Northampton County Industrial Development Authority
		(Route 33 Project)
		7.00% 7/1/32	1,700,000		1,822,349
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 5.399% 7/1/46 ^	10,665,000		3,563,497
		(Restructured)
		Series A-1 4.75% 7/1/53	7,958,000		9,107,135
		Series A-1 5.00% 7/1/58	10,000,000		11,578,500
		Series A-2 4.329% 7/1/40	5,150,000		5,854,417
		Series A-2 4.536% 7/1/53	1,000,000		1,131,010

104

Table of Contents

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
	Washington County Redevelopment Authority Revenue
		(Victory Centre Tax Increment Financing Project)
		5.00% 7/1/35	1,500,000	$	1,650,840
					60,603,451
State General Obligation Bonds – 4.29%
	Commonwealth of Pennsylvania
		5.00% 9/15/26	3,340,000		4,089,229
	Commonwealth of Puerto Rico
		(Public Improvement)
		Series A 5.00% 7/1/24 ‡	890,000		837,712
		Series A 5.125% 7/1/37 ‡	8,195,000		7,191,112
		Series A 5.25% 7/1/34 ‡	725,000		687,844
		Series A 5.375% 7/1/33 ‡	600,000		562,500
		Series A 6.00% 7/1/38 ‡	880,000		838,200
		Series A 8.00% 7/1/35 ‡	2,175,000		1,851,469
		Series B 5.00% 7/1/35 ‡	605,000		570,213
		Series B 5.75% 7/1/38 ‡	2,000,000		1,847,500
		Series C 6.00% 7/1/39 ‡	1,880,000		1,753,100
					20,228,879
Transportation Revenue Bonds – 13.69%
	Delaware River Joint Toll Bridge Commission
		(Pennsylvania - New Jersey)
		5.00% 7/1/47	5,000,000		5,989,550
	Pennsylvania Economic Development Financing Authority Exempt
		Facilities Revenue
		(Amtrak Project)
		Series A 5.00% 11/1/32 (AMT)	3,500,000		3,674,335
		Series A 5.00% 11/1/41 (AMT)	5,000,000		5,232,900
	Pennsylvania Economic Development Financing Authority
		Tax-Exempt Private Activity Revenue
		(The Pennsylvania Rapid Bridge Replacement Project)
		5.00% 12/31/34 (AMT)	2,115,000		2,501,347
	Pennsylvania Turnpike Commission Revenue
		Series A 5.00% 12/1/23	2,450,000		2,715,996
		Series A 5.00% 12/1/49	2,000,000		2,519,580
		Series C 5.00% 12/1/44	5,000,000		5,674,250
		Subordinate Series A 4.00% 12/1/50	1,000,000		1,173,370
		Subordinate Series B 4.00% 12/1/46	6,500,000		7,655,895
		Subordinate Series B 4.00% 12/1/51	4,285,000		5,036,118
	Philadelphia Airport Revenue
		5.00% 7/1/51 (AMT)	9,500,000		12,041,060

105

Table of Contents

Schedules of investments
Delaware Tax-Free Pennsylvania Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
	Philadelphia Airport Revenue
		Series A 5.00% 7/1/47	3,750,000	$	4,595,625
		Series B 5.00% 7/1/47 (AMT)	3,000,000		3,603,030
	Susquehanna Area Regional Airport Authority Revenue
		5.00% 1/1/35 (AMT)	800,000		942,872
		5.00% 1/1/38 (AMT)	1,000,000		1,170,310
					64,526,238
Water & Sewer Revenue Bond — 0.59%
	Allegheny County Sanitary Authority
		5.00% 12/1/28 (BAM)	2,345,000		2,789,823
					2,789,823
Total Municipal Bonds (cost $435,284,106)					474,596,501
Total Value of Securities–100.70%
	(cost $435,284,106)			$	474,596,501

°	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.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2021, the aggregate value of Rule 144A securities was $11,811,781, which represents 2.51% of the Fund’s net assets. See Note 9 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 9 in “Notes to financial statements.”
^	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
AICUP – Association of Independent Colleges & Universities of Pennsylvania
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
USD – US Dollar

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

106

Table of Contents

Statements of assets and liabilities

August 31, 2021

		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Arizona Fund		California Fund		Colorado Fund
Assets:
	Investments, at value*	$	89,766,702	$	137,200,654	$	245,882,858
	Cash		442,262		523,267		23,305
	Dividend and interest receivable		647,296		1,339,986		2,319,073
	Receivable for fund shares sold		50,555		667,538		469,031
	Other assets		—		2,021		—
	Total Assets		90,906,815		139,733,466		248,694,267
Liabilities:
	Payable for securities purchased		214,747		3,403,700		1,183,480
	Payable for fund shares redeemed		200,998		261,049		146,716
	Investment management fees payable to
	affiliates		30,787		41,171		94,669
	Accounting and administration expenses
	payable to non-affiliates		15,884		17,318		20,869
	Distribution fees payable to affiliates		15,557		21,504		40,649
	Distribution payable		14,661		46,717		41,464
	Other accrued expenses		8,269		17,148		12,881
	Reports and statements to shareholders
	expenses payable to non-affiliates		8,005		8,875		14,021
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		7,391		10,691		22,120
	Audit and tax fees payable		4,950		5,099		4,950
	Dividend disbursing and transfer agent
	fees and expenses payable to affiliates		656		980		1,784
	Accounting and administration expenses
	payable to affiliates		614		749		1,084
	Trustees’ fees and expenses payable to
	affiliates		267		397		718
	Legal fees payable to affiliates		228		339		614
	Reports and statements to shareholders
	expenses payable to affiliates		110		165		301
	Total Liabilities		523,124		3,835,902		1,586,320
Total Net Assets		$	90,383,691	$	135,897,564	$	247,107,947

Net Assets Consist of:
	Paid-in capital	$	82,566,891	$	124,259,775	$	230,794,943
	Total distributable earnings (loss)		7,816,800		11,637,789		16,313,004
Total Net Assets		$	90,383,691	$	135,897,564	$	247,107,947

107

Table of Contents

Statements of assets and liabilities

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
Net Asset Value
Class A:
Net assets	$	66,709,639		$	86,058,896		$	164,257,602
Shares of beneficial interest outstanding,
unlimited authorization, no par		5,519,596			6,809,482			14,037,157
Net asset value per share	$	12.09		$	12.64		$	11.70
Sales charge		4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	12.66		$	13.24		$	12.25
Class C:
Net assets	$	1,527,424		$	3,843,137		$	6,757,853
Shares of beneficial interest outstanding,
unlimited authorization, no par		126,065			303,494			576,076
Net asset value per share	$	12.12		$	12.66		$	11.73
Institutional Class:
Net assets	$	22,146,628		$	45,995,531		$	76,092,492
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,832,164			3,638,742			6,503,004
Net asset value per share	$	12.09		$	12.64		$	11.70
____________________
*Investments, at cost	$	82,548,359		$	125,851,645		$	227,891,309

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

108

Table of Contents

		Delaware Tax-Free		Delaware Tax-Free		Delaware Tax-Free
		Idaho Fund		New York Fund		Pennsylvania Fund
Assets:
	Investments, at value*	$	129,701,759	$	216,927,103	$	474,596,501
	Cash		21,172		923,687		4,218,080
	Dividend and interest receivable		1,383,111		2,048,545		4,509,789
	Receivable for fund shares sold		181,824		225,876		313,710
	Other assets		—		5,720		—
	Total Assets		131,287,866		220,130,931		483,638,080
Liabilities:
	Payable for securities purchased		2,125,329		2,334,665		11,308,090
	Payable for fund shares redeemed		98,515		232,294		524,774
	Investment management fees payable to
	affiliates		45,174		64,113		191,085
	Distribution fees payable to affiliates		20,466		38,519		91,909
	Distribution payable		18,998		64,607		106,962
	Accounting and administration expenses
	payable to non-affiliates		17,003		20,001		28,162
	Other accrued expenses		12,242		27,677		19,970
	Dividend disbursing and transfer agent
	fees and expenses payable to
	non-affiliates		11,095		18,231		41,777
	Reports and statements to shareholders
	expenses payable to non-affiliates		8,853		11,565		23,582
	Audit and tax fees payable		4,950		4,950		4,950
	Dividend disbursing and transfer agent
	fees and expenses payable to affiliates		922		1,576		3,412
	Accounting and administration expenses
	payable to affiliates		724		997		1,763
	Trustees’ fees and expenses payable to
	affiliates		369		639		1,386
	Legal fees payable to affiliates		315		547		574
	Reports and statements to shareholders
	expenses payable to affiliates		157		265		1,185
	Total Liabilities		2,365,112		2,820,646		12,349,581
Total Net Assets		$	128,922,754	$	217,310,285	$	471,288,499

Net Assets Consist of:
	Paid-in capital	$	125,173,618	$	197,052,062	$	430,653,680
	Total distributable earnings (loss)		3,749,136		20,258,223		40,634,819
Total Net Assets		$	128,922,754	$	217,310,285	$	471,288,499

109

Table of Contents

Statements of assets and liabilities

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Idaho Fund			New York Fund			Pennsylvania Fund
Net Asset Value
Class A:
Net assets	$	71,344,918		$	161,593,469		$	384,915,619
Shares of beneficial interest outstanding,
unlimited authorization, no par		5,991,537			13,397,605			46,158,217
Net asset value per share	$	11.91		$	12.06		$	8.34
Sales charge		4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	12.47		$	12.63		$	8.73
Class C:
Net assets	$	6,452,973		$	4,720,276		$	14,040,087
Shares of beneficial interest outstanding,
unlimited authorization, no par		542,369			392,284			1,683,191
Net asset value per share	$	11.90		$	12.03		$	8.34
Institutional Class:
Net assets	$	51,124,863		$	50,996,540		$	72,332,793
Shares of beneficial interest outstanding,
unlimited authorization, no par		4,292,611			4,229,331			8,680,239
Net asset value per share	$	11.91		$	12.06		$	8.33
____________________
* Investments, at cost	$	121,488,056		$	196,302,288		$	435,284,106

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

110

Table of Contents

Statements of operations

Year ended August 31, 2021

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Arizona Fund			California Fund			Colorado Fund
Investment Income:
Interest	$	2,920,073		$	4,416,892		$	7,823,699
Dividends		—			—			133
		2,920,073			4,416,892			7,823,832

Expenses:
Management fees		424,142			637,906			1,276,395
Distribution expenses — Class A		162,046			181,524			407,268
Distribution expenses — Class C		19,713			50,501			71,993
Dividend disbursing and transfer agent
fees and expenses		55,513			65,334			143,283
Accounting and administration expenses		52,513			59,437			76,019
Audit and tax fees		40,626			51,719			40,626
Registration fees		17,896			27,055			10,068
Reports and statements to shareholders
expenses		15,684			24,962			28,536
Legal fees		4,967			40,990			13,237
Trustees’ fees and expenses		3,601			4,787			9,874
Custodian fees		2,692			3,874			6,990
Other		19,063			22,791			27,476
		818,456			1,170,880			2,111,765
Less expenses waived		(136,242	)		(229,803	)		(295,200	)
Less expenses paid indirectly		(20	)		(49	)		(68	)
Total operating expenses		682,194			941,028			1,816,497
Net Investment Income		2,237,879			3,475,864			6,007,335
Net Realized and Unrealized Gain:
Net realized gain on investments		682,993			538,129			297,584
Net change in unrealized appreciation
(depreciation) of investments		3,130,355			3,306,320			6,384,297
Net Realized and Unrealized Gain		3,813,348			3,844,449			6,681,881
Net Increase in Net Assets Resulting
from Operations	$	6,051,227		$	7,320,313		$	12,689,216

111

Table of Contents

Statements of operations

	Delaware Tax-Free			Delaware Tax-Free			Delaware Tax-Free
	Idaho Fund			New York Fund			Pennsylvania Fund
Investment Income:
Interest	$	3,903,101		$	5,931,679		$	16,672,525
Dividends		104			—			—
		3,903,205			5,931,679			16,672,525

Expenses:
Management fees		633,664			987,578			2,482,577
Distribution expenses — Class A		163,169			325,202			905,148
Distribution expenses — Class C		75,347			57,206			158,524
Dividend disbursing and transfer agent
fees and expenses		74,244			101,271			260,864
Accounting and administration expenses		57,363			69,555			111,018
Audit and tax fees		40,626			52,371			40,626
Registration fees		14,085			40,201			19,803
Reports and statements to shareholders
expenses		17,033			31,460			52,929
Legal fees		6,597			44,303			27,293
Trustees’ fees and expenses		4,859			7,240			19,290
Custodian fees		3,393			5,667			14,172
Other		20,432			28,825			34,962
		1,110,812			1,750,879			4,127,206
Less expenses waived		(169,840	)		(330,412	)		(400,261	)
Less expenses paid indirectly		(22	)		(122	)		(202	)
Total operating expenses		940,950			1,420,345			3,726,743
Net Investment Income		2,962,255			4,511,334			12,945,782
Net Realized and Unrealized Gain:
Net realized gain on investments		417,531			272,033			3,678,994
Net change in unrealized appreciation
(depreciation) of investments		3,296,257			5,957,639			14,018,485
Net Realized and Unrealized Gain		3,713,788			6,229,672			17,697,479
Net Increase in Net Assets Resulting
from Operations	$	6,676,043		$	10,741,006		$	30,643,261

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

112

Table of Contents

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

	Year ended
	8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,237,879		$	2,279,854
Net realized gain		682,993			142,666
Net change in unrealized appreciation (depreciation)		3,130,355			(1,042,553	)
Net increase in net assets resulting from operations		6,051,227			1,379,967

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,730,876	)		(1,860,733	)
Class C		(38,579	)		(63,009	)
Institutional Class		(522,100	)		(503,085	)
		(2,291,555	)		(2,426,827	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		6,099,220			4,040,085
Class C		276,688			475,896
Institutional Class		8,718,668			4,314,261

Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		1,537,728			1,492,624
Class C		37,027			58,762
Institutional Class		506,851			476,431
		17,176,182			10,858,059

113

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(5,997,493	)	$	(4,618,457	)
		Class C		(1,441,218	)		(1,028,355	)
		Institutional Class		(2,932,869	)		(3,614,076	)
				(10,371,580	)		(9,260,888	)
	Increase in net assets derived from capital share transactions			6,804,602			1,597,171
Net Increase in Net Assets				10,564,274			550,311
Net Assets:
	Beginning of year			79,819,417			79,269,106
	End of year		$	90,383,691		$	79,819,417

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

114

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	3,475,864		$	2,951,871
	Net realized gain (loss)			538,129			(75,285	)
	Net change in unrealized appreciation (depreciation)			3,306,320			(2,508,025	)
	Net increase in net assets resulting from operations			7,320,313			368,561

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(2,115,156	)		(1,696,888	)
		Class C		(112,952	)		(337,450	)
		Institutional Class		(1,216,639	)		(1,813,306	)
				(3,444,747	)		(3,847,644	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		12,832,211			9,654,592
		Class C		629,708			600,032
		Institutional Class		16,266,239			21,957,497

	Net assets from merger:¹
		Class A		34,679,243			—
		Institutional Class		1,655,513			—

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,912,654			1,518,859
		Class C		110,017			281,331
		Institutional Class		853,026			1,276,762
				68,938,611			35,289,073

115

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(9,752,132	)	$	(8,275,307	)
		Class C		(3,919,733	)		(5,300,634	)
		Institutional Class		(8,230,770	)		(31,647,616	)
				(21,902,635	)		(45,223,557	)
	Increase (decrease) in net assets derived from capital share
		transactions		47,035,976			(9,934,484	)
Net Increase (Decrease) in Net Assets				50,911,542			(13,413,567	)
Net Assets:
	Beginning of year			84,986,022			98,399,589
	End of year		$	135,897,564		$	84,986,022

¹	See Note 7 in the Notes to financial statements.

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

116

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	6,007,335		$	6,482,950
	Net realized gain			297,584			841,092
	Net change in unrealized appreciation (depreciation)			6,384,297			(3,462,710	)
	Net increase in net assets resulting from operations			12,689,216			3,861,332

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,143,610	)		(4,770,153	)
		Class C		(129,827	)		(201,810	)
		Institutional Class		(1,718,272	)		(1,499,974	)
				(5,991,709	)		(6,471,937	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		12,168,978			13,355,973
		Class C		897,711			755,250
		Institutional Class		30,007,649			23,852,027

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		3,824,323			4,244,536
		Class C		130,352			195,451
		Institutional Class		1,584,582			1,381,497
				48,613,595			43,784,734

117

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(19,435,502	)	$	(19,822,488	)
		Class C		(2,612,192	)		(3,060,813	)
		Institutional Class		(9,172,538	)		(15,090,632	)
				(31,220,232	)		(37,973,933	)
	Increase in net assets derived from capital share transactions			17,393,363			5,810,801
Net Increase in Net Assets				24,090,870			3,200,196

Net Assets:
	Beginning of year			223,017,077			219,816,881
	End of year		$	247,107,947		$	223,017,077

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

118

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,962,255		$	3,013,071
	Net realized gain (loss)			417,531			(436,187	)
	Net change in unrealized appreciation (depreciation)			3,296,257			(1,157,926	)
	Net increase in net assets resulting from operations			6,676,043			1,418,958

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(1,641,809	)		(1,630,043	)
		Class C		(135,399	)		(231,712	)
		Institutional Class		(1,164,232	)		(1,140,918	)
				(2,941,440	)		(3,002,673	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		11,579,114			11,036,343
		Class C		1,980,826			1,110,294
		Institutional Class		18,581,380			12,301,476
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		1,564,179			1,518,853
		Class C		134,242			222,405
		Institutional Class		1,022,029			1,009,131
				34,861,770			27,198,502

119

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(4,580,947	)	$	(6,770,542	)
		Class C		(4,746,986	)		(5,190,934	)
		Institutional Class		(5,888,406	)		(11,622,682	)
				(15,216,339	)		(23,584,158	)
	Increase in net assets derived from capital share transactions			19,645,431			3,614,344
Net Increase in Net Assets				23,380,034			2,030,629

Net Assets:
	Beginning of year			105,542,720			103,512,091
	End of year		$	128,922,754		$	105,542,720

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

120

Table of Contents

Statements of changes in net assets
Delaware Tax-Free New York Fund

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	4,511,334		$	2,506,580
	Net realized gain			272,033			721,770
	Net change in unrealized appreciation (depreciation)			5,957,639			(1,943,082	)
	Net increase in net assets resulting from operations			10,741,006			1,285,268

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(3,347,685	)		(1,250,944	)
		Class C		(128,393	)		(299,096	)
		Institutional Class		(1,363,462	)		(1,387,966	)
				(4,839,540	)		(2,938,006	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		7,493,592			11,463,562
		Class C		398,690			553,210
		Institutional Class		14,181,292			9,818,570
	Net assets from merger:¹
		Class A		119,588,826			—
		Institutional Class		2,252,578			—
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		2,783,113			1,098,145
		Class C		87,874			204,540
		Institutional Class		1,239,511			1,267,893
				148,025,476			24,405,920

121

Table of Contents

Statements of changes in net assets
Delaware Tax-Free New York Fund

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(15,016,082	)	$	(5,523,695	)
		Class C		(3,001,127	)		(6,950,159	)
		Institutional Class		(6,544,242	)		(11,214,772	)
				(24,561,451	)		(23,688,626	)
	Increase in net assets derived from capital share transactions			123,464,025			717,294
Net Increase (Decrease) in Net Assets				129,365,491			(935,444	)

Net Assets:
	Beginning of year			87,944,794			88,880,238
	End of year		$	217,310,285		$	87,944,794

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

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

122

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	12,945,782		$	13,510,292
	Net realized gain			3,678,994			1,773,628
	Net change in unrealized appreciation (depreciation)			14,018,485			(8,662,514	)
	Net increase in net assets resulting from operations			30,643,261			6,621,406

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(12,542,265	)		(14,779,475	)
		Class C		(434,719	)		(710,638	)
		Institutional Class		(2,305,167	)		(2,147,319	)
				(15,282,151	)		(17,637,432	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		34,561,794			34,845,316
		Class C		1,969,889			2,876,652
		Institutional Class		20,875,991			14,679,950

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		11,233,439			13,086,822
		Class C		422,283			679,779
		Institutional Class		2,035,086			1,843,684
				71,098,482			68,012,203

123

Table of Contents

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

			Year ended
			8/31/21			8/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(37,976,217	)	$	(51,146,281	)
		Class C		(7,917,147	)		(8,994,602	)
		Institutional Class		(8,685,397	)		(6,718,565	)
				(54,578,761	)		(66,859,448	)
	Increase in net assets derived from capital share transactions			16,519,721			1,152,755
Net Increase (Decrease) in Net Assets				31,880,831			(9,863,271	)

Net Assets:
	Beginning of year			439,407,668			449,270,939
	End of year		$	471,288,499		$	439,407,668

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

124

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

126

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.55		$	11.70		$	11.24		$	11.48		$	11.83


	0.31			0.33			0.37			0.36			0.37
	0.55			(0.13	)		0.46			(0.24	)		(0.35	)
	0.86			0.20			0.83			0.12			0.02


	(0.31	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)
	(0.01	)		—			—			—			—
	(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)

$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

	7.51%			1.79%			7.51%			1.11%			0.24%


$	66,710		$	62,186		$	62,033		$	63,327		$	66,839
	0.84%			0.84%			0.84%			0.84%			0.84%
	1.00%			1.01%			1.02%			1.00%			0.97%
	2.60%			2.87%			3.29%			3.23%			3.25%
	2.44%			2.70%			3.11%			3.07%			3.12%
	19%			36%			31%			6%			9%

127

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

128

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.58		$	11.73		$	11.27		$	11.51		$	11.87


	0.22			0.24			0.28			0.28			0.29
	0.55			(0.12	)		0.46			(0.24	)		(0.37	)
	0.77			0.12			0.74			0.04			(0.08	)


	(0.22	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)
	(0.01	)		—			—			—			—
	(0.23	)		(0.27	)		(0.28	)		(0.28	)		(0.28	)

$	12.12		$	11.58		$	11.73		$	11.27		$	11.51

	6.70%			1.03%			6.70%			0.36%			(0.59%	)


$	1,527		$	2,561		$	3,100		$	3,122		$	5,215
	1.59%			1.59%			1.59%			1.59%			1.59%
	1.75%			1.76%			1.77%			1.75%			1.72%
	1.85%			2.12%			2.54%			2.48%			2.50%
	1.69%			1.95%			2.36%			2.32%			2.37%
	19%			36%			31%			6%			9%

129

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

130

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.55		$	11.70		$	11.24		$	11.48		$	11.84


	0.34			0.36			0.39			0.39			0.40
	0.55			(0.13	)		0.46			(0.24	)		(0.36	)
	0.89			0.23			0.85			0.15			0.04


	(0.34	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)
	(0.01	)		—			—			—			—
	(0.35	)		(0.38	)		(0.39	)		(0.39	)		(0.40	)

$	12.09		$	11.55		$	11.70		$	11.24		$	11.48

	7.78%			2.05%			7.78%			1.36%			0.40%


$	22,147		$	15,072		$	14,136		$	10,097		$	7,080
	0.59%			0.59%			0.59%			0.59%			0.59%
	0.75%			0.76%			0.77%			0.75%			0.72%
	2.85%			3.12%			3.54%			3.48%			3.50%
	2.69%			2.95%			3.36%			3.32%			3.37%
	19%			36%			31%			6%			9%

131

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

132

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


	0.37			0.38			0.40			0.40			0.41
	0.46			(0.20	)		0.53			(0.28	)		(0.34	)
	0.83			0.18			0.93			0.12			0.07


	(0.37	)		(0.38	)		(0.40	)		(0.40	)		(0.41	)
	—			(0.11	)		(0.02	)		—			—
	(0.37	)		(0.49	)		(0.42	)		(0.40	)		(0.41	)

$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

	6.88%			1.59%			7.99%			1.00%			0.63%


$	86,059		$	44,059		$	42,203		$	53,171		$	54,076
	0.86%			0.82%			0.82%			0.82%			0.82%
	1.06%			1.03%			1.03%			1.02%			1.01%
	2.95%			3.17%			3.36%			3.30%			3.36%
	2.75%			2.96%			3.15%			3.10%			3.17%
	14%			36%			32%			16%			27%

133

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

134

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.21		$	12.52		$	12.00		$	12.28		$	12.62


	0.27			0.29			0.32			0.31			0.32
	0.45			(0.20	)		0.54			(0.28	)		(0.34	)
	0.72			0.09			0.86			0.03			(0.02	)


	(0.27	)		(0.29	)		(0.32	)		(0.31	)		(0.32	)
	—			(0.11	)		(0.02	)		—			—
	(0.27	)		(0.40	)		(0.34	)		(0.31	)		(0.32	)

$	12.66		$	12.21		$	12.52		$	12.00		$	12.28

	5.99%			0.83%			7.26%			0.25%			(0.12%	)


$	3,843		$	6,829		$	11,551		$	13,015		$	16,473
	1.61%			1.57%			1.57%			1.57%			1.57%
	1.81%			1.78%			1.78%			1.77%			1.76%
	2.20%			2.42%			2.61%			2.55%			2.61%
	2.00%			2.21%			2.40%			2.35%			2.42%
	14%			36%			32%			16%			27%

135

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

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

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

136

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	12.18		$	12.49		$	11.98		$	12.26		$	12.60


	0.40			0.41			0.43			0.43			0.44
	0.46			(0.20	)		0.53			(0.28	)		(0.34	)
	0.86			0.21			0.96			0.15			0.10


	(0.40	)		(0.41	)		(0.43	)		(0.43	)		(0.44	)
	—			(0.11	)		(0.02	)		—			—
	(0.40	)		(0.52	)		(0.45	)		(0.43	)		(0.44	)

$	12.64		$	12.18		$	12.49		$	11.98		$	12.26

	7.14%			1.84%			8.25%			1.26%			0.89%


$	45,996		$	34,098		$	44,646		$	32,953		$	28,209
	0.61%			0.57%			0.57%			0.57%			0.57%
	0.81%			0.78%			0.78%			0.77%			0.76%
	3.20%			3.42%			3.61%			3.55%			3.61%
	3.00%			3.21%			3.40%			3.35%			3.42%
	14%			36%			32%			16%			27%

137

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

138

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


	0.29			0.33			0.37			0.37			0.39
	0.34			(0.12	)		0.44			(0.24	)		(0.37	)
	0.63			0.21			0.81			0.13			0.02


	(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)
	(0.29	)		(0.33	)		(0.37	)		(0.37	)		(0.39	)

$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

	5.64%			1.88%			7.48%			1.22%			0.26%


$	164,258		$	162,955		$	167,136		$	164,087		$	165,554
	0.83%			0.84%			0.84%			0.84%			0.84%
	0.96%			0.96%			0.97%			0.97%			0.96%
	2.54%			2.91%			3.31%			3.36%			3.48%
	2.41%			2.79%			3.18%			3.23%			3.36%
	10%			18%			16%			6%			17%

139

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

140

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.39		$	11.51		$	11.07		$	11.31		$	11.68


	0.21			0.24			0.29			0.29			0.31
	0.34			(0.12	)		0.44			(0.24	)		(0.37	)
	0.55			0.12			0.73			0.05			(0.06	)


	(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)
	(0.21	)		(0.24	)		(0.29	)		(0.29	)		(0.31	)

$	11.73		$	11.39		$	11.51		$	11.07		$	11.31

	4.85%			1.12%			6.67%			0.47%			(0.48%	)


$	6,758		$	8,121		$	10,364		$	10,923		$	15,975
	1.58%			1.59%			1.59%			1.59%			1.59%
	1.71%			1.71%			1.72%			1.72%			1.71%
	1.79%			2.16%			2.56%			2.61%			2.73%
	1.66%			2.04%			2.43%			2.48%			2.61%
	10%			18%			16%			6%			17%

141

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

142

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.36		$	11.48		$	11.04		$	11.28		$	11.65


	0.32			0.36			0.40			0.40			0.42
	0.34			(0.12	)		0.44			(0.24	)		(0.37	)
	0.66			0.24			0.84			0.16			0.05


	(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)
	(0.32	)		(0.36	)		(0.40	)		(0.40	)		(0.42	)

$	11.70		$	11.36		$	11.48		$	11.04		$	11.28

	5.91%			2.14%			7.74%			1.47%			0.51%


$	76,092		$	51,941		$	42,317		$	27,433		$	19,788
	0.58%			0.59%			0.59%			0.59%			0.59%
	0.71%			0.71%			0.72%			0.72%			0.71%
	2.79%			3.16%			3.56%			3.61%			3.73%
	2.66%			3.04%			3.43%			3.48%			3.61%
	10%			18%			16%			6%			17%

143

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

144

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


	0.30			0.33			0.35			0.34			0.35
	0.39			(0.13	)		0.44			(0.28	)		(0.30	)
	0.69			0.20			0.79			0.06			0.05


	(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)
	(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.35	)

$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

	6.03%			1.77%			7.19%			0.56%			0.47%


$	71,345		$	60,667		$	55,480		$	59,425		$	67,907
	0.86%			0.86%			0.86%			0.86%			0.86%
	1.01%			1.02%			1.03%			1.01%			1.00%
	2.53%			2.87%			3.11%			3.04%			3.03%
	2.38%			2.71%			2.94%			2.89%			2.89%
	17%			22%			14%			11%			10%

145

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

146

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.51		$	11.64		$	11.20		$	11.48		$	11.78


	0.21			0.24			0.27			0.26			0.26
	0.39			(0.13	)		0.44			(0.28	)		(0.30	)
	0.60			0.11			0.71			(0.02	)		(0.04	)


	(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
	(0.21	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)

$	11.90		$	11.51		$	11.64		$	11.20		$	11.48

	5.24%			1.00%			6.40%			(0.19%	)		(0.29%	)


$	6,453		$	8,819		$	12,875		$	17,597		$	29,375
	1.61%			1.61%			1.61%			1.61%			1.61%
	1.76%			1.77%			1.78%			1.76%			1.75%
	1.78%			2.12%			2.36%			2.29%			2.28%
	1.63%			1.96%			2.19%			2.14%			2.14%
	17%			22%			14%			11%			10%

147

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

148

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.52		$	11.65		$	11.21		$	11.49		$	11.79


	0.33			0.36			0.38			0.37			0.37
	0.39			(0.13	)		0.44			(0.28	)		(0.29	)
	0.72			0.23			0.82			0.09			0.08


	(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)
	(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.38	)

$	11.91		$	11.52		$	11.65		$	11.21		$	11.49

	6.29%			2.02%			7.46%			0.82%			0.71%


$	51,125		$	36,057		$	35,157		$	21,310		$	12,090
	0.61%			0.61%			0.61%			0.61%			0.61%
	0.76%			0.77%			0.78%			0.76%			0.75%
	2.78%			3.12%			3.36%			3.29%			3.28%
	2.63%			2.96%			3.19%			3.14%			3.14%
	17%			22%			14%			11%			10%

149

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

150

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.66		$	11.86		$	11.33		$	11.62		$	11.98


	0.29			0.33			0.36			0.36			0.35
	0.45			(0.14	)		0.53			(0.29	)		(0.35	)
	0.74			0.19			0.89			0.07			—²


	(0.29	)		(0.33	)		(0.36	)		(0.36	)		(0.36	)
	(0.05	)		(0.06	)		—			—			—
	(0.34	)		(0.39	)		(0.36	)		(0.36	)		(0.36	)

$	12.06		$	11.66		$	11.86		$	11.33		$	11.62

	6.46%			1.68%			8.00%			0.60%			0.05%


$	161,593		$	42,514		$	36,058		$	38,139		$	40,647
	0.83%			0.80%			0.80%			0.80%			0.80%
	1.01%			1.05%			1.07%			1.08%			1.03%
	2.47%			2.86%			3.12%			3.10%			3.04%
	2.29%			2.61%			2.85%			2.82%			2.81%
	13%			31%			21%			10%			14%

151

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

152

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.63		$	11.83		$	11.30		$	11.59		$	11.95


	0.21			0.24			0.27			0.27			0.26
	0.45			(0.14	)		0.53			(0.29	)		(0.35	)
	0.66			0.10			0.80			(0.02	)		(0.09	)


	(0.21	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)
	(0.05	)		(0.06	)		—			—			—
	(0.26	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)

$	12.03		$	11.63		$	11.83		$	11.30		$	11.59

	5.68%			0.92%			7.20%			(0.16%	)		(0.71%	)


$	4,720		$	7,037		$	13,459		$	14,941		$	17,073
	1.58%			1.55%			1.55%			1.55%			1.55%
	1.76%			1.80%			1.82%			1.83%			1.78%
	1.72%			2.11%			2.37%			2.35%			2.29%
	1.54%			1.86%			2.10%			2.07%			2.06%
	13%			31%			21%			10%			14%

153

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

154

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	11.66		$	11.85		$	11.33		$	11.61		$	11.97


	0.32			0.36			0.38			0.39			0.38
	0.45			(0.13	)		0.52			(0.28	)		(0.35	)
	0.77			0.23			0.90			0.11			0.03


	(0.32	)		(0.36	)		(0.38	)		(0.39	)		(0.39	)
	(0.05	)		(0.06	)		—			—			—
	(0.37	)		(0.42	)		(0.38	)		(0.39	)		(0.39	)

$	12.06		$	11.66		$	11.85		$	11.33		$	11.61

	6.73%			2.03%			8.17%			0.93%			0.29%


$	50,997		$	38,394		$	39,363		$	32,981		$	32,192
	0.58%			0.55%			0.55%			0.55%			0.55%
	0.76%			0.80%			0.82%			0.83%			0.78%
	2.72%			3.11%			3.37%			3.35%			3.29%
	2.54%			2.86%			3.10%			3.07%			3.06%
	13%			31%			21%			10%			14%

155

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

156

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


	0.23			0.25			0.28			0.28			0.28
	0.32			(0.11	)		0.32			(0.20	)		(0.25	)
	0.55			0.14			0.60			0.08			0.03


	(0.23	)		(0.25	)		(0.28	)		(0.28	)		(0.28	)
	(0.04	)		(0.08	)		—			(0.01	)		—
	(0.27	)		(0.33	)		(0.28	)		(0.29	)		(0.28	)

$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

	7.04%			1.72%			7.72%			0.93%			0.48%


$	384,915		$	364,480		$	376,965		$	378,038		$	399,001
	0.83%			0.83%			0.85%			0.88%			0.88%
	0.92%			0.92%			0.93%			0.93%			0.94%
	2.86%			3.09%			3.49%			3.48%			3.51%
	2.77%			3.00%			3.41%			3.43%			3.45%
	32%			40%			23%			19%			15%

157

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

158

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.06		$	8.25		$	7.93		$	8.14		$	8.39


	0.17			0.19			0.22			0.22			0.22
	0.32			(0.11	)		0.32			(0.20	)		(0.25	)
	0.49			0.08			0.54			0.02			(0.03	)


	(0.17	)		(0.19	)		(0.22	)		(0.22	)		(0.22	)
	(0.04	)		(0.08	)		—			(0.01	)		—
	(0.21	)		(0.27	)		(0.22	)		(0.23	)		(0.22	)

$	8.34		$	8.06		$	8.25		$	7.93		$	8.14

	6.24%			0.95%			6.91%			0.16%			(0.27%	)


$	14,040		$	19,009		$	25,065		$	26,376		$	33,298
	1.59%			1.59%			1.61%			1.64%			1.64%
	1.68%			1.68%			1.69%			1.69%			1.70%
	2.10%			2.33%			2.73%			2.72%			2.75%
	2.01%			2.24%			2.65%			2.67%			2.69%
	32%			40%			23%			19%			15%

159

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

160

Table of Contents

Year ended
8/31/21			8/31/20			8/31/19			8/31/18			8/31/17
$	8.05		$	8.25		$	7.92		$	8.13		$	8.38


	0.25			0.27			0.30			0.30			0.30
	0.32			(0.12	)		0.33			(0.20	)		(0.25	)
	0.57			0.15			0.63			0.10			0.05


	(0.25	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)
	(0.04	)		(0.08	)		—			(0.01	)		—
	(0.29	)		(0.35	)		(0.30	)		(0.31	)		(0.30	)

$	8.33		$	8.05		$	8.25		$	7.92		$	8.13

	7.31%			1.84%			8.12%			1.16%			0.73%


$	72,333		$	55,919		$	47,241		$	41,427		$	33,373
	0.59%			0.59%			0.61%			0.64%			0.64%
	0.68%			0.68%			0.69%			0.69%			0.70%
	3.10%			3.33%			3.73%			3.72%			3.75%
	3.01%			3.24%			3.65%			3.67%			3.69%
	32%			40%			23%			19%			15%

161

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds	August 31, 2021

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 together, the Funds). Each Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund prior to December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware Tax-Free Arizona Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, or Delaware Tax-Free Pennsylvania Fund on or after December 2, 2019, or for shares of Delaware Tax-Free California Fund or Delaware Tax-Free New York Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. 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.

1. Significant Accounting Policies

162

Table of Contents

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). 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 Board.

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.

163

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

1. Significant Accounting Policies (continued)

Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Fund	Earnings Credits
Delaware Tax-Free Arizona Fund		$	20
Delaware Tax-Free California Fund			49
Delaware Tax-Free Colorado Fund			68
Delaware Tax-Free Idaho Fund			22
Delaware Tax-Free New York Fund			122
Delaware Tax-Free Pennsylvania Fund			202

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

	Delaware		Delaware		Delaware				Delaware		Delaware
	Tax-Free		Tax-Free		Tax-Free		Delaware		Tax-Free		Tax-Free
	Arizona		California		Colorado		Tax-Free		New York		Pennsylvania
	Fund		Fund		Fund		Idaho Fund		Fund		Fund
On the first $500 million		0.5000%		0.5500%		0.5500%		0.5500%		0.5500%		0.5500%
On the next $500 million		0.4750%		0.5000%		0.5000%		0.5000%		0.5000%		0.5000%
On the next $1.5 billion		0.4500%		0.4500%		0.4500%		0.4500%		0.4500%		0.4500%
In excess of $2.5 billion		0.4250%		0.4250%		0.4250%		0.4250%		0.4250%		0.4250%

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and

164

Table of Contents

expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets from September 1, 2020 through August 31, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	September 1, 2020-	December 29, 2020-
Fund	December 28, 2020	August 31, 2021
Delaware Tax-Free Arizona Fund	0.59%	0.59%
Delaware Tax-Free California Fund	0.57%	0.57%
Delaware Tax-Free Colorado Fund	0.59%	0.57%
Delaware Tax-Free Idaho Fund	0.61%	0.61%
Delaware Tax-Free New York Fund	0.55%	0.55%
Delaware Tax-Free Pennsylvania Fund	0.59%	0.59%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	6,894
Delaware Tax-Free California Fund		8,231
Delaware Tax-Free Colorado Fund		11,924
Delaware Tax-Free Idaho Fund		7,933
Delaware Tax-Free New York Fund		10,409
Delaware Tax-Free
Pennsylvania Fund		19,413

165

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax-Free Arizona Fund	$	7,300
Delaware Tax-Free California Fund		10,584
Delaware Tax-Free Colorado Fund		19,981
Delaware Tax-Free Idaho Fund		9,910
Delaware Tax-Free New York Fund		15,326
Delaware Tax-Free Pennsylvania Fund		38,868

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, 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 acquired prior to June 1, 1992, and (ii) 0.25% of average daily net assets representing shares acquired on or after June 1, 1992. All of the Fund’s Class A shareholders bear 12b-1 fees at the same blended rate, currently 0.24% 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. 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.

166

Table of Contents

Fund	Fees
Delaware Tax-Free Arizona Fund	$	2,690
Delaware Tax-Free California Fund		7,071
Delaware Tax-Free Colorado Fund		7,311
Delaware Tax-Free Idaho Fund		3,643
Delaware Tax-Free New York Fund		9,191
Delaware Tax-Free
Pennsylvania Fund		14,224

For the year ended August 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Tax-Free Arizona Fund		$	1,421
Delaware Tax-Free California Fund			3,037
Delaware Tax-Free Colorado Fund			11,132
Delaware Tax-Free Idaho Fund			11,309
Delaware Tax-Free New York Fund			4,658
Delaware Tax-Free Pennsylvania Fund			14,162

Fund	Class A		Class C
Delaware Tax-Free Arizona Fund	$	2,500		$	800
Delaware Tax-Free California Fund		101			87
Delaware Tax-Free Colorado Fund		6,018			841
Delaware Tax-Free Idaho Fund		2,488			74
Delaware Tax-Free New York Fund		2,269			—
Delaware Tax-Free Pennsylvania Fund		4,657			222

Cross trades for the year ended August 31, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross

167

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/ trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended August 31, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:

	Purchases			Sales			Net realized gain (loss)
Delaware Tax-Free Arizona Fund		$	4,017,514		$	9,341,835		$	306,110
Delaware Tax-Free California Fund			12,019,473			12,905,387			104,013
Delaware Tax-Free Colorado Fund			6,174,915			5,870,021			—
Delaware Tax-Free Idaho Fund			11,958,262			3,906,215			147,049
Delaware Tax-Free New York Fund			6,959,039			2,315,402			(712	)
Delaware Tax-Free
Pennsylvania Fund			9,235,737			20,415,634			799,408

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*	The aggregate contractual waiver period covering this report is from December 27, 2019 through December 29, 2021.

3. Investments

For the year ended August 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax-Free Arizona Fund	$	22,988,692	$	15,495,786
Delaware Tax-Free California Fund		30,982,032		15,986,528
Delaware Tax-Free Colorado Fund		37,726,224		23,345,899
Delaware Tax-Free Idaho Fund		40,481,563		19,270,318
Delaware Tax-Free New York Fund		26,152,372		23,112,733
Delaware Tax-Free Pennsylvania Fund		170,595,671		143,283,871

168

Table of Contents

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
Fund	investments		of investments		of investments			of investments
Delaware Tax-Free
Arizona Fund	$	82,515,141	$	7,337,422	$	(85,861	)	$	7,251,561
Delaware Tax-Free
California Fund		125,785,668		11,639,463		(224,477	)		11,414,986
Delaware Tax-Free
Colorado Fund		227,908,964		18,024,250		(50,356	)		17,973,894
Delaware Tax-Free
Idaho Fund		121,432,567		8,390,126		(120,934	)		8,269,192
Delaware Tax-Free New
York Fund		196,256,356		20,872,291		(201,544	)		20,670,747
Delaware Tax-Free
Pennsylvania Fund		435,329,338		42,129,932		(2,862,769	)		39,267,163

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt

169

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

3. Investments (continued)

	securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2021:

	Delaware Tax-Free Arizona Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	88,966,702
Short-Term Investments			800,000
Total Value of Securities		$	89,766,702

	Delaware Tax-Free California Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	136,200,654
Short-Term Investments			1,000,000
Total Value of Securities		$	137,200,654

	Delaware Tax-Free Colorado Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	240,654,397	$	240,654,397
Short-Term Investments¹		828,461		4,400,000		5,228,461
Total Value of Securities	$	828,461	$	245,054,397	$	245,882,858

170

Table of Contents

	Delaware Tax-Free Idaho Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	126,699,055	$	126,699,055
Short-Term Investments		3,002,704		—		3,002,704
Total Value of Securities	$	3,002,704	$	126,699,055	$	129,701,759

	Delaware Tax-Free New York Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	216,117,103
Short-Term Investments			810,000
Total Value of Securities		$	216,927,103

	Delaware Tax-Free Pennsylvania Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	474,596,501

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Delaware Tax-Free
	Colorado Fund
	Level 1		Level 2		Total
Short-Term Investments	15.85	%	84.15	%	100.00	%

171

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

4. Dividend and Distribution Information

	Tax-exempt income		Ordinary income		Long-term capital gains		Total
Year ended August 31, 2021:
Delaware Tax-Free Arizona Fund	$	2,225,211	$	17,738	$	48,606	$	2,291,555
Delaware Tax-Free California Fund		3,444,661		86		—		3,444,747
Delaware Tax-Free Colorado Fund		5,990,721		988		—		5,991,709
Delaware Tax-Free Idaho Fund		2,941,289		151		—		2,941,440
Delaware Tax-Free New York Fund		4,474,462		—		365,078		4,839,540
Delaware Tax-Free Pennsylvania Fund		12,345,155		600,806		2,336,190		15,282,151
Year ended August 31, 2020:
Delaware Tax-Free Arizona Fund		2,294,008		132,819		—		2,426,827
Delaware Tax-Free California Fund		2,942,472		328,078		577,094		3,847,644
Delaware Tax-Free Colorado Fund		6,470,990		947		—		6,471,937
Delaware Tax-Free Idaho Fund		3,002,673		—		—		3,002,673
Delaware Tax-Free New York Fund		2,498,126		291,958		147,922		2,938,006
Delaware Tax-Free Pennsylvania Fund		13,525,071		1,397,137		2,715,224		17,637,432

5. Components of Net Assets on a Tax Basis

As of August 31, 2021, the components of net assets on a tax basis were as follows:

	Delaware Tax-Free Arizona Fund				Delaware Tax-Free California Fund				Delaware Tax-Free Colorado Fund
Shares of beneficial interest		$	82,566,891			$	124,259,775			$	230,794,943
Undistributed ordinary
income			107,751				—				—
Undistributed tax-exempt
income			34,542				56,488				394,022
Undistributed long-term
capital gains			437,607				213,032				—
Distributions payable			(14,661	)			(46,717	)			(41,464	)
Capital loss carryforwards			—				—				(2,013,448	)
Unrealized appreciation of
investments			7,251,561				11,414,986				17,973,894
Net assets		$	90,383,691			$	135,897,564			$	247,107,947

172

Table of Contents

	Delaware Tax-Free Idaho Fund				Delaware Tax-Free New York Fund				Delaware Tax-Free Pennsylvania Fund
Shares of beneficial interest		$	125,173,618			$	197,052,062			$	430,653,680
Undistributed ordinary
income			—				—				1,474,618
Undistributed tax-exempt
income			2,259				65,740				—
Undistributed long-term
capital gains			—				53,570				—
Distributions payable			(18,998	)			(64,607	)			(106,962	)
Capital loss carryforwards			(4,503,317	)			(467,227	)*			—
Unrealized appreciation of
investments			8,269,192				20,670,747				39,267,163
Net assets		$	128,922,754			$	217,310,285			$	471,288,499

*	A portion of the Fund’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended August 31, 2021, Delaware Tax-Free New York Fund adjustments were to decrease total distributable earnings and increase paid-in capital in excess of par by $635,917 due to capital loss carryforward from merger. Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free Pennsylvania Fund had no reclassifications.

Delaware Tax-Free Arizona Fund	$	86,581
Delaware Tax-Free Colorado Fund		297,584
Delaware Tax-Free Idaho Fund		416,478
Delaware Tax-Free New York Fund		168,690

173

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

5. Components of Net Assets on a Tax Basis (continued)

At August 31, 2021, capital loss carryforwards available to offset future realized capital gains, are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax-Free
Colorado Fund	$	2,013,448	$	—	$	2,013,448
Delaware Tax-Free
Idaho Fund		2,289,541		2,213,776		4,503,317
Delaware Tax-Free
New York Fund		467,227		—		467,227

At August 31, 2021, there were no capital loss carryforwards for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, and Delaware Tax-Free Pennsylvania Fund.

6. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Arizona Fund				California Fund				Colorado Fund
		Year ended				Year ended				Year ended
		8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
	Class A	513,124		349,787		1,023,677		798,154		1,050,651		1,177,515
	Class C	23,292		41,794		50,194		48,347		77,408		66,422
	Institutional Class	733,558		372,503		1,301,732		1,795,851		2,586,555		2,117,070

Shares from merger:¹
	Class A	—		—		2,796,713		—		—		—
	Institutional Class	—		—		133,509		—		—		—

Shares issued upon reinvestment of dividends and distributions:
	Class A	129,794		130,770		153,210		125,573		331,105		378,666
	Class C	3,131		5,131		8,850		23,216		11,269		17,390
	Institutional Class	42,741		41,773		68,426		105,460		137,029		123,322
		1,445,640		941,758		5,536,311		2,896,601		4,194,017		3,880,385

Shares redeemed:
	Class A	(505,741	)	(400,570	)	(780,314	)	(685,580	)	(1,684,720	)	(1,773,322	)
	Class C	(121,492	)	(90,096	)	(315,080	)	(434,992	)	(225,450	)	(271,283	)
	Institutional Class	(248,526	)	(318,049	)	(663,751	)	(2,676,045	)	(791,630	)	(1,355,362	)
		(875,759	)	(808,715	)	(1,759,145	)	(3,796,617	)	(2,701,800	)	(3,399,967	)
Net increase (decrease)		569,881		133,043		3,777,166		(900,016	)	1,492,217		480,418

174

Table of Contents

		Delaware Tax-Free				Delaware Tax-Free				Delaware Tax-Free
		Idaho Fund				New York Fund				Pennsylvania Fund
		Year ended				Year ended				Year ended
		8/31/21		8/31/20		8/31/21		8/31/20		8/31/21		8/31/20
Shares sold:
	Class A	981,935		959,882		627,672		995,411		4,204,401		4,314,169
	Class C	169,886		95,887		33,490		47,380		240,336		354,617
	Institutional Class	1,578,301		1,075,303		1,191,983		842,455		2,547,206		1,831,656

Shares from merger:¹
	Class A	—		—		10,151,853		—		—		—
	Institutional Class	—		—		191,220		—		—		—

Shares issued upon reinvestment of dividends and distributions:
	Class A	133,396		133,062		233,817		95,051		1,375,466		1,636,289
	Class C	11,485		19,494		7,458		17,739		51,827		84,927
	Institutional Class	87,070		88,432		104,568		109,851		249,015		230,937
		2,962,073		2,372,060		12,542,061		2,107,887		8,668,251		8,452,595

Shares redeemed:
	Class A	(389,583	)	(589,708	)	(1,260,818	)	(486,526	)	(4,647,494	)	(6,405,705	)
	Class C	(405,039	)	(455,467	)	(253,594	)	(598,180	)	(967,055	)	(1,117,945	)
	Institutional Class	(501,800	)	(1,052,192	)	(551,930	)	(980,134	)	(1,059,421	)	(847,916	)
		(1,296,422	)	(2,097,367	)	(2,066,342	)	(2,064,840	)	(6,673,970	)	(8,371,566	)
Net increase		1,665,651		274,693		10,475,719		43,047		1,994,281		81,029

¹	See Note 7.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and on the “Statements of changes in net assets.” For the years ended August 31, 2021 and 2020, each Fund had the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Arizona Fund
Year ended
8/31/21	—	17,945	—	517	17,475	$	212,441
Delaware Tax-Free California Fund
Year ended
8/31/21	41	9,178	—	9,199	41		115,246
8/31/20	41,500	—	—	—	41,591		497,495

175

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

6. Capital Shares (continued)

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A	Class C	Class	Class A	Class
	Shares	Shares	Shares	Shares	Shares	Value
Delaware Tax-Free Colorado Fund
Year ended
8/31/21	363	23,555	—	23,639	363	$	277,845
8/31/20	14,854	—	—	—	14,879		162,881

Delaware Tax-Free Idaho Fund
Year ended
8/31/21	17,257	39,913	—	30,392	26,800		675,359
8/31/20	975	47	—	47	976		11,445

Delaware Tax-Free New York Fund
Year ended
8/31/21	—	4,465	8,571	13,029	—		156,853
8/31/20	—	689	—	687	—		7,995

Delaware Tax-Free Pennsylvania Fund
Year ended
8/31/21	42,470	104,699	647	89,432	58,557		1,214,761
8/31/20	178,615	34,561	—	27,646	185,745		1,704,166

Delaware Tax-Free Arizona Fund did not have any exchange transactions for the year ended August 31, 2020.

7. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize Delaware Tax-Free California II Fund and Delaware Tax-Free New York II Fund, each a series of Delaware Group Limited-Term Government Funds (the “Acquired Funds”) with and into Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund (the “Acquiring Funds”), (the “Reorganization”) respectively. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Funds, and (ii) the Trust, on behalf of the Acquiring Funds, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on December 4, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

176

Table of Contents

The share transactions associated with the merger are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Tax-Free California II			Delaware Tax-Free California
	Fund			Fund
Class A	$	34,679,243	2,710,905	2,796,713	$	44,625,207	1.0317
Class C		—	—	—		6,281,715	—
Institutional
Class		1,655,513	129,715	133,509		34,207,309	1.0292

	Delaware Tax-Free New York II			Delaware Tax-Free New York
	Fund			Fund
Class A		119,588,826	8,207,503	10,151,853		42,891,574	1.2369
Class C		—	—	—		6,850,309	—
Institutional
Class		2,252,578	154,568	191,220		40,282,693	1.2371

The net assets of the Acquiring Funds before the Reorganization were $85,114,231 and $90,024,576 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively. The net assets of the Acquiring Funds immediately following the Reorganization were $121,448,987 and $211,865,980 for Delaware Tax-Free California Fund and Delaware Tax-Free New York Fund, respectively.

Assuming the Reorganization had been completed on September 1, 2020, the Acquiring Funds’ pro forma results of operations for the year ended August 31, 2021, would have been as follows:

		Delaware Tax-Free California Fund			Delaware Tax-Free New York Fund
Net investment income			$	4,467,220		$	7,736,030
Net realized gain on
	investments			1,105,213			1,210,748
Net change in unrealized
	appreciation
	(depreciation)			2,876,395			6,857,850
Net increase in net assets
	resulting from operations		$	8,448,828		$	15,804,628

177

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^® state tax-free funds

8. Line of Credit

The Funds had no amounts outstanding as of August 31, 2021, or at any time during the year then ended.

9. Geographic, Credit, and Market Risks

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

The Funds concentrate their investments in securities issued by 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

178

Table of Contents

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.

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 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.

179

Table of Contents

Notes to financial statements
Delaware Funds by Macquarie^®state tax-free funds

9. Geographic, Credit, and Market Risks (continued)

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

10. Contractual Obligations

11. Recent Accounting Pronouncements

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

180

Table of Contents

Report of independent registered public accounting firm

To the Board of Trustees of Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II and Delaware Group^®State Tax-Free Income Trust and Shareholders of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, Delaware Tax-Free Colorado Fund and Delaware Tax-Free Pennsylvania Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Tax-Free Arizona Fund (constituting Voyageur Insured Funds), Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund (three of the funds constituting Voyageur Mutual Funds), Delaware Tax-Free Colorado Fund (constituting Voyageur Mutual Funds II) and Delaware Tax-Free Pennsylvania Fund (constituting Delaware Group^®State Tax-Free Income Trust) (hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021 and each of the financial highlights for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2021

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^®since 2010.

181

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Liquidity Risk Management Program

182

Table of Contents

Tax Information

The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended August 31, 2021, the Fund reports distributions paid during the year as follows:

	(A)
	Long-Term	(B)	(C)
	Capital Gains	Ordinary Income	Tax-Exempt	Total
	Distributions	Distributions	Distributions	Distributions
	(Tax Basis)	(Tax Basis)	(Tax Basis)	(Tax Basis)
Delaware Tax-Free
Arizona Fund	2.12%	0.77%	97.11%	100.00%
Delaware Tax-Free
California Fund	—	—	100.00%	100.00%
Delaware Tax-Free
Colorado Fund	—	0.02%	99.98%	100.00%
Delaware Tax-Free
Idaho Fund	—	0.01%	99.99%	100.00%
Delaware Tax-Free New
York Fund	7.54%	—	92.46%	100.00%
Delaware Tax-Free
Pennsylvania Fund	15.29%	3.93%	80.78%	100.00%

____________________

(A), (B) and (C) are based on a percentage of each Fund’s total distributions.

183

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Board consideration of Investment Advisory Agreements 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 a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for Delaware 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” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds; the costs of such services to the Funds; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

184

Table of Contents

the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Delaware Tax-Free Arizona Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free California Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional California municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year, 5-year, and since inception periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Colorado Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Idaho Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year and since inception periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3- and 5-year period was in the first quartile of its Performance Universe. The Board was satisfied with performance.

185

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

Delaware Tax-Free New York Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional New York municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Pennsylvania Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional Pennsylvania municipal debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year, 5-year, and since inception periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Delaware Tax-Free Arizona Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free California Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered favorably fee waivers in place through December 2021 and various initiatives implemented by Management, such as a negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

186

Table of Contents

Delaware Tax-Free Colorado Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Delaware Tax-Free Idaho Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free New York Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Delaware Tax-Free Pennsylvania Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Board noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered fee waivers in place through December 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight services, and custody, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

187

Table of Contents

Other Fund information (Unaudited)
Delaware Funds by Macquarie^®state tax-free funds

procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

188

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee

Shawn K. Lytle¹	President,	President and	Global Head of Macquarie	150	Trustee — UBS Relationship
610 Market Street	Chief Executive	Chief Executive	Investment Management²		Funds, SMA Relationship Trust,
Philadelphia, PA	Officer,	Officer	(January 2019–Present)		and UBS Funds
19106-2354	and Trustee	since August 2015	Head of Americas of		(May 2010–April 2015)
February 1970		Trustee since	Macquarie Group
		September 2015	(December 2017–Present)
			Deputy Global Head of
			Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment
			Management Americas
			(2015–2017)

189

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees

Jerome D.	Trustee	Since January 2019	Managing Member, Stonebrook	150	None
Abernathy			Capital Management, LLC
610 Market Street			(financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959

Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	150	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private	150	Director — Banco Santander
610 Market Street			Wealth Management		International
Philadelphia, PA			(2011–2013) and Market		(October 2016–December 2019)
19106-2354			Manager, New Jersey Private		Director — Santander Bank, N.A.
November 1958			Bank (2005–2011) — J.P.		(December 2016–December 2019)
			Morgan Chase & Co.

190

Table of Contents

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Joseph W. Chow	Trustee	Since January 2013	Private Investor	150	Director and Audit Committee
610 Market Street			(April 2011–Present)		Member — Hercules Technology
Philadelphia, PA					Growth Capital, Inc.
19106-2354					(July 2004–July 2014)
January 1953

John A. Fry	Trustee	Since January 2001	President — Drexel University	150	Director; Compensation
610 Market Street			(August 2010–Present)		Committee and Governance
Philadelphia, PA			President — Franklin & Marshall		Committee Member —
19106-2354			College (July 2002–June 2010)		Community Health Systems
May 1960					(May 2004–Present)
					Director — Drexel Morgan & Co.
					(2015–2019)
					Director, Audit and
					Compensation Committee
					Member — vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit Committee
					Member — FS Credit Real Estate
					Income Trust, Inc.
					(2018–Present)
					Director — Federal Reserve
					Bank of Philadelphia
					(January 2020–Present)

191

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Frances A.	Trustee	Since September	Private Investor	150	Trust Manager and Audit
Sevilla-Sacasa		2011	(January 2017–Present)		Committee Chair — Camden
610 Market Street			Chief Executive Officer — Banco		Property Trust
Philadelphia, PA			Itaú International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Audit
January 1956			Executive Advisor to Dean		and Compensation
			(August 2011–March 2012) and		Committee Member —
			Interim Dean		Callon Petroleum Company
			(January 2011–July 2011) —		(December 2019–Present)
			University of Miami School of		Director — New Senior
			Business Administration		Investment Group Inc.
			President — U.S. Trust, Bank of		(January 2021–Present)
			America Private Wealth		Director; Audit Committee
			Management (Private Banking)		Member — Carrizo Oil & Gas,
			(July 2007-December 2008)		Inc. (March 2018–December
					2019)

192

Table of Contents

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman — PNC Financial	150	Director — HSBC North America
610 Market Street			Services Group (2010–April 2013)		Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank USA,
					National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April 2018)

193

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and	150	Director; Finance Committee and
610 Market Street			President — Gore Creek Capital,		Audit Committee Member —
Philadelphia, PA			Ltd. (August 2009–Present)		H&R Block Corporation
19106-2354					(July 2008–Present)
August 1959					Director; Investments
					Committee, Capital and Finance
					Committee, and Audit
					Committee Member — Grange
					Insurance (2013–Present)
					Trustee; Chair of Nominating and
					Governance Committee and
					Audit Committee Member —
					The Merger Fund
					(2013–October 2021),
					The Merger Fund VL
					(2013–October 2021); WCM
					Alternatives: Event-Driven Fund
					(2013–October 2021), and WCM
					Alternatives: Credit Event Fund
					(December 2017–October 2021)
					Director; Chair of Governance
					Committee and Audit Committee
					Member — International
					Securities Exchange (2010–2016)

194

Table of Contents

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer	150	Director; Personnel and
610 Market Street			(January 2006–July 2012), Vice		Compensation Committee Chair;
Philadelphia, PA			President — Mergers &		Member of Nominating,
19106-2354			Acquisitions		Investments, and Audit
July 1948			(January 2003–January 2006),		Committees for various periods
			and Vice President and Treasurer		throughout directorship —
			(July 1995–January 2003) — 3M		Okabena Company (2009–2017)
			Company
Officers

David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in	150	None³
610 Market Street	General Counsel, and	since May 2013;	various capacities at different
Philadelphia, PA	Secretary	General Counsel	times at Macquarie Investment
19106-2354		since May 2015;	Management.
December 1963		Secretary since
		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	Daniel V. Geatens has served in	150	None³
610 Market Street	and Treasurer	and Treasurer since	various capacities at different
Philadelphia, PA		October 2007	times at Macquarie Investment
19106-2354			Management.
October 1972

195

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer

Richard Salus	Senior Vice President	Senior Vice President	Richard Salus has served in	150	None
610 Market Street	and Chief Financial	and Chief Financial	various capacities at different
Philadelphia, PA	Officer	Officer since	times at Macquarie Investment
19106-2354		November 2006	Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

196

Table of Contents

About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Philadelphia, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO

Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ	Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA	Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	John A. Fry President Drexel University Philadelphia, PA

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This annual report is for the information of Delaware Tax-Free 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.

197

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie^®Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees/Directors has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $178,848 for the fiscal year ended August 31, 2021.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2021.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $958,376 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $27,500 for the fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $27,500 for the fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended August 31, 2021.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item $0 for the fiscal year ended August 31, 2020.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds^®by Macquarie.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $9,044,000 and $5,607,000 for the registrant’s fiscal years ended August 31, 2021 and August 31, 2020, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)	(1) Code of Ethics

	Not applicable.

	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

	(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

	Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

VOYAGEUR MUTUAL FUNDS

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	November 3, 2021

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	November 3, 2021