N-CSR 1 mimvmf4252524-ncsr.htm N-CSR

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-07742
   
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, 2023
   

 

Item 1. Reports to Stockholders

Annual report

Fixed income mutual funds

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware National High-Yield Municipal Bond Fund

August 31, 2023

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

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


   

Experience Delaware Funds by Macquarie®

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management reviews 1
Performance summaries 6
Disclosure of Fund expenses 21
Security type / sector / state / territory allocations 24
Schedules of investments 30
Statements of assets and liabilities 107
Statements of operations 109
Statements of changes in net assets 110
Financial highlights 116
Notes to financial statements 134
Report of independent registered public accounting firm 150
Other Fund information 151
Board of trustees and officers addendum 159

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

Unless otherwise noted, views expressed herein are current as of August 31, 2023, and subject to change for events occurring after such date.

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

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

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

© 2023 Macquarie Management Holdings, Inc.


   

Portfolio management reviews  
Delaware Funds by Macquarie® national tax-free funds August 31, 2023 (Unaudited)

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

Past performance does not guarantee future results.

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

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

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

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

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

Past performance does not guarantee future results.

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

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

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

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

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

Past performance does not guarantee future results.

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

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

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

Please see page 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.


  1 

Portfolio management reviews

Delaware Funds by Macquarie® national tax-free funds

Investment objectives

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

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

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

Economic backdrop

During the fiscal year ended August 31, 2023, there was a growing consensus that the US economy could continue to expand and potentially even achieve a “soft landing,” despite various challenges that investors anticipated could lead to a recession. These challenges included the US Federal Reserve’s cycle of rate hikes, a regional banking crisis, and concerns about the impact of China’s slowdown on the global economy.

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

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

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

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

Municipal bond market conditions

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

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

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


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

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

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

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

Returns by maturity  
1 year 1.83%
3 years 1.12%
5 years 0.98%
10 years 2.01%
22+ years 1.45%
   
Returns by credit rating  
AAA 1.21%
AA 1.62%
A 2.19%
BBB 2.29%
Source: Bloomberg.  

Maintaining our management approach

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

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

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

Consistent with its mandate, Delaware National High-Yield Municipal Bond Fund maintained the largest high yield exposure of the three Funds. As of August 31, 2023,


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Portfolio management reviews

Delaware Funds by Macquarie® national tax-free funds

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

Responding to market conditions

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

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

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

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

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

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

Individual performance effects

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

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


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

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

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

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

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

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

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


  5 

Performance summaries  
Delaware Tax-Free USA Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year
Class A (Est. January 11, 1984)      
Excluding sales charge -0.72% +1.17% +2.83%
Including sales charge -5.23% +0.24% +2.36%
Class C (Est. November 29, 1995)      
Excluding sales charge -1.46% +0.41% +2.06%
Including sales charge -2.42% +0.41% +2.06%
Institutional Class (Est. December 31, 2008)      
Excluding sales charge -0.43% +1.44% +3.09%
Including sales charge -0.43% +1.44% +3.09%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81%

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

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

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

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

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


6   

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

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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

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

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


  7 

Performance summaries

Delaware Tax-Free USA Fund

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.91% 1.66% 0.66%
Net expenses (including fee waivers, if any) 0.80% 1.55% 0.55%
       
Type of waiver Contractual Contractual Contractual

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Performance of a $10,000 investment1

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

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

1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 8. Please note additional details on pages 6 through 10.

The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2013. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

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

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

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


  9 

Performance summaries

Delaware Tax-Free USA Fund

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

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Performance summaries  
Delaware Tax-Free USA Intermediate Fund August 31, 2023 (Unaudited)

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 performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year
Class A (Est. January 7, 1993)      
Excluding sales charge +0.17% +1.02% +2.05%
Including sales charge -2.58% +0.46% +1.76%
Class C (Est. November 29, 1995)      
Excluding sales charge -0.58% +0.19% +1.19%
Including sales charge -1.55% +0.19% +1.19%
Institutional Class (Est. December 31, 2008)    
Excluding sales charge +0.45% +1.20% +2.21%
Including sales charge +0.45% +1.20% +2.21%
Bloomberg 3–15 Year Blend Municipal Bond Index +1.68% +1.65% +2.54%

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

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

Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by


  11 

Performance summaries

Delaware Tax-Free USA Intermediate Fund

a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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

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

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


12   

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

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

  13 

Performance summaries

Delaware Tax-Free USA Intermediate Fund

Performance of a $10,000 investment1

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

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

1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, and includes the effect of a 2.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 13. Please note additional details on pages 11 through 15.

The graph also assumes $10,000 invested in the Bloomberg 3–15 Year Blend Municipal Bond Index as of August 31, 2013. The Bloomberg 3–15 Year Blend Municipal Bond Index measures the total return performance of investment grade, US tax-exempt bonds with maturities from 2 to 17 years.

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

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


14   

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

  15 

Performance summaries  
Delaware National High-Yield Municipal Bond Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year
Class A (Est. September 22, 1986)      
Excluding sales charge -1.92% +1.60% +4.20%
Including sales charge -6.36% +0.66% +3.73%
Class C (Est. May 26, 1997)      
Excluding sales charge -2.64% +0.85% +3.43%
Including sales charge -3.57% +0.85% +3.43%
Institutional Class (Est. December 31, 2008)    
Excluding sales charge -1.62% +1.87% +4.47%
Including sales charge -1.62% +1.87% +4.47%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81%

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

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

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at


16   

the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

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

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

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


  17 

Performance summaries

Delaware National High-Yield Municipal Bond Fund

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

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

18   

Performance of a $10,000 investment1

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

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

1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on August 31, 2013, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 18. Please note additional details on pages 16 through 20.

The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of August 31, 2013. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.

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

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


  19 

Performance summaries

Delaware National High-Yield Municipal Bond Fund

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

20   

Disclosure of Fund expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2023 to August 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


  21 

Disclosure of Fund expenses

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

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

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

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

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

22   

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

   Beginning
Account Value
3/1/23		  Ending
Account Value
8/31/23		  Annualized
Expense Ratio		  Expenses
Paid During Period
3/1/23 to 8/31/23*
Actual Fund return†                  
Class A        $1,000.00         $1,010.00   0.85%         $4.31       
Class C   1,000.00    1,006.30   1.60%   8.09 
Institutional Class   1,000.00    1,011.40   0.60%   3.04 
Hypothetical 5% return (5% return before expenses)
Class A  $1,000.00   $1,020.92   0.85%  $4.33 
Class C   1,000.00    1,017.14   1.60%   8.13 
Institutional Class   1,000.00    1,022.18   0.60%   3.06 

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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


  23 

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

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

Security type / sector  Percentage of net assets
Municipal Bonds*   100.43%
Education Revenue Bonds   12.31%
Electric Revenue Bonds   2.18%
Healthcare Revenue Bonds   14.48%
Housing Revenue Bonds   3.07%
Industrial Development Revenue/Pollution Control Revenue Bonds   17.40%
Lease Revenue Bonds   7.87%
Local General Obligation Bonds   1.80%
Pre-Refunded Bond   0.55%
Resource Recovery Revenue Bond   0.14%
Special Tax Revenue Bonds   19.73%
State General Obligation Bonds   8.64%
Transportation Revenue Bonds   10.80%
Water & Sewer Revenue Bonds   1.46%
Total Value of Securities   100.43%
Liabilities Net of Receivables and Other Assets   (0.43)%
Total Net Assets   100.00%

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

State / territory  Percentage of net assets
Alabama   2.59%
Alaska   0.94%
Arizona   3.38%
Arkansas   1.37%
California   14.88%
Colorado   3.72%
Connecticut   0.28%
District of Columbia   0.12%
Florida   4.32%
Georgia   2.82%
Guam   0.50%
Illinois   10.21%
Indiana   0.70%
Iowa   0.98%
Kansas   0.30%
Louisiana   0.18%

24   

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

  25 

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

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

Security type / sector  Percentage of net assets
Municipal Bonds*   99.20%
Education Revenue Bonds   6.38%
Electric Revenue Bonds   4.60%
Healthcare Revenue Bonds   7.22%
Housing Revenue Bonds   2.30%
Industrial Development Revenue/Pollution Control Revenue Bonds   15.85%
Lease Revenue Bonds   7.13%
Local General Obligation Bonds   3.22%
Pre-Refunded/Escrowed to Maturity Bonds   3.59%
Special Tax Revenue Bonds   17.23%
State General Obligation Bonds   12.49%
Transportation Revenue Bonds   17.22%
Water & Sewer Revenue Bonds   1.97%
Short-Term Investments   0.03%
Total Value of Securities   99.23%
Receivables and Other Assets Net of Liabilities   0.77%
Total Net Assets   100.00%

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

State / territory  Percentage of net assets
Alabama   1.79%
Arizona   4.73%
Arkansas   0.67%
California   10.87%
Colorado   3.77%
Connecticut   0.57%
District of Columbia   0.30%
Florida   5.30%
Georgia   1.83%
Guam   0.72%
Hawaii   0.18%
Idaho   0.57%
Illinois   9.14%
Indiana   0.05%
Iowa   0.49%
Kansas   0.08%

26   

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

  27 

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

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

Security type / sector  Percentage of net assets
Municipal Bonds*   97.53%
Education Revenue Bonds   17.68%
Electric Revenue Bonds   1.88%
Healthcare Revenue Bonds   14.10%
Housing Revenue Bonds   1.55%
Industrial Development Revenue/Pollution Control Revenue Bonds   25.30%
Lease Revenue Bonds   3.78%
Local General Obligation Bonds   2.28%
Pre-Refunded/Escrowed to Maturity Bonds   1.44%
Resource Recovery Revenue Bonds   0.42%
Special Tax Revenue Bonds   14.87%
State General Obligation Bonds   6.54%
Transportation Revenue Bonds   6.47%
Water & Sewer Revenue Bonds   1.22%
Short-Term Investments   2.07%
Total Value of Securities   99.60%
Receivables and Other Assets Net of Liabilities   0.40%
Total Net Assets   100.00%

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

State / territory  Percentage of net assets
Alabama   1.94%
Arizona   4.83%
Arkansas   1.98%
California   13.38%
Colorado   1.85%
Delaware   0.05%
District of Columbia   1.32%
Florida   4.51%
Georgia   0.89%
Guam   0.60%
Hawaii   0.09%
Idaho   1.14%
Illinois   6.12%
Indiana   0.76%
Iowa   0.63%

28   

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

  29 

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

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

30   

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

  31 

Schedules of investments

Delaware Tax-Free USA Fund

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

32   

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

  33 

Schedules of investments

Delaware Tax-Free USA Fund

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

34   

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

  35 

Schedules of investments

Delaware Tax-Free USA Fund

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

36   

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

  37 

Schedules of investments

Delaware Tax-Free USA Fund

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

38   

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

  39 

Schedules of investments

Delaware Tax-Free USA Fund

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

40   

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

  41 

Schedules of investments

Delaware Tax-Free USA Fund

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)          
Transportation Revenue Bonds (continued)          
Georgia Ports Authority Revenue           
4.00% 7/1/52   1,200,000   $1,143,144 
Harris County, Texas Toll Road First Lien Revenue           
and Refunding          
4.00% 8/15/50   3,175,000    2,868,422 
Harris County, Texas Toll Road Senior Lien Revenue           
and Refunding          
Series A 5.00% 8/15/27   1,000,000    1,072,760 
Kansas City, Missouri Industrial Development Authority Revenue          
(Kansas City International Airport Terminal Modernization Project)          
5.00% 3/1/57 (AGM) (AMT)   2,450,000    2,483,786 
Lee County, Florida Airport Revenue           
Series B 4.00% 10/1/51 (AMT)   4,430,000    3,883,072 
Los Angeles, California Department of Airports Revenue           
Subseries F 4.00% 5/15/49 (AMT)   2,500,000    2,276,250 
Massachusetts Port Authority Revenue           
Series A 5.00% 7/1/40 (AMT)   2,000,000    2,077,820 
Metropolitan Transportation Authority Revenue, New York          
(Climate Bond Certified)           
Series D 5.00% 11/15/33   1,140,000    1,200,967 
(Green Bonds)          
Subseries A-2 4.00% 11/15/41   1,370,000    1,281,594 
Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue          
(Dulles Metrorail and Capital Improvement Projects)           
Series B 4.00% 10/1/49   1,000,000    902,800 
New York Transportation Development Corporation Special Facilities Revenue          
(Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project)          
4.375% 10/1/45 (AMT)   7,825,000    7,379,601 
North Texas Tollway Authority Revenue          
(2nd Tier)           
Series A 5.00% 1/1/34   3,825,000    3,875,337 
Series A 4.00% 1/1/44   5,750,000    5,378,147 
Phoenix City, Arizona Civic Improvement Airport Revenue          
Series B 5.00% 7/1/49 (AMT)   1,370,000    1,395,044 

42   

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

  43 

Schedules of investments

Delaware Tax-Free USA Fund

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

° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $71,509,978, which represents 9.63% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
‡ Non-income producing security. Security is currently in default.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

PSF – Guaranteed by Permanent School Fund


44   

Summary of abbreviations: (continued)

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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


  45 

Schedules of investments  
Delaware Tax-Free USA Intermediate Fund August 31, 2023
   
   Principal
amount°		   Value (US $) 
Municipal Bonds — 99.20%        
Education Revenue Bonds — 6.38%          
Arizona Industrial Development Authority Revenue          
(American Charter Schools Foundation Project)          
144A 6.00% 7/1/37 #   1,345,000   $1,371,012 
(Empower College Prep Project)          
144A 6.00% 7/1/49 #   875,000    840,560 
(KIPP NYC Public Charter Schools - Macombs Facility Project)          
Series A 4.00% 7/1/61   2,000,000    1,558,380 
(Odyssey Preparatory Academy Project)          
Series A 144A 5.50% 7/1/52 #   875,000    829,010 
Board of Governors of the Colorado State University          
System Enterprise Revenue          
Series A 5.00% 3/1/43   2,000,000    2,243,540 
Bucks County, Pennsylvania Industrial Development Authority Revenue          
(School Lane Charter School Project)          
5.125% 3/15/36   2,000,000    2,019,980 
Build NYC, New York Resource Revenue          
(East Harlem Scholars Academy Charter School Project)          
144A 5.00% 6/1/32 #   375,000    380,325 
144A 5.75% 6/1/42 #   750,000    765,435 
(KIPP NYC Public School Facilities - Canal West Project)          
5.00% 7/1/30   510,000    540,452 
5.00% 7/1/32   560,000    598,304 
5.00% 7/1/33   585,000    622,832 
5.00% 7/1/34   415,000    440,004 
5.00% 7/1/36   415,000    431,326 
5.00% 7/1/37   550,000    566,010 
5.00% 7/1/42   1,000,000    1,004,890 
California Community College Financing Authority Revenue          
(Napa Valley College Project)          
Series A 144A 4.25% 7/1/32 #   1,480,000    1,406,577 
California Educational Facilities Authority Revenue          
(Stanford University)          
Series T-1 5.00% 3/15/39   5,000,000    5,756,100 
Series V-1 5.00% 5/1/49   1,075,000    1,224,490 
California Municipal Finance Authority Revenue          
Series A 144A 5.50% 6/1/53 #   1,000,000    948,140 

46   

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

  47 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

48   

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Newark, Texas Higher Education Finance Revenue          
(Village Tech Schools)          
Series A 5.125% 8/15/47   1,250,000   $1,107,575 
Oregon State Facilities Authority Revenue          
(Metro East Web Academy Project)          
Series A 144A 5.00% 6/15/49 #   1,000,000    860,200 
Phoenix, Arizona Industrial Development Authority Housing Revenue          
(Downtown Phoenix Student Housing, LLC-Arizona State University Project)          
Series A 5.00% 7/1/30   350,000    365,036 
Series A 5.00% 7/1/32   235,000    244,156 
Public Finance Authority, Wisconsin Revenue          
(CFP3 – Eastern Michigan University Student Housing Project)          
Series A-1 5.25% 7/1/42 (BAM)   3,000,000    3,227,760 
South Carolina Jobs - Economic Development          
Authority Educational Facilities Revenue          
(High Point Academy Project)          
Series A 144A 5.75% 6/15/39 #   1,345,000    1,357,630 
University of Minnesota Revenue          
Series A 5.00% 4/1/34   1,855,000    1,932,984 
Westchester County, New York Local Development Revenue          
(Pace University)          
Series A 5.00% 5/1/34   4,150,000    4,167,555 
         74,538,446 
Electric Revenue Bonds — 4.60%          
American Municipal Power Revenue          
(AMP Fremont Energy Center Project)          
Series A 4.00% 2/15/37   1,330,000    1,305,914 
California Community Choice Financing Authority Revenue          
(Clean Energy Project)          
Series C 5.25% 1/1/54 •   3,325,000    3,448,723 
Guam Power Authority Revenue          
Series A 5.00% 10/1/32   4,000,000    4,316,760 
Series A 5.00% 10/1/33   2,915,000    3,131,993 
(Tax-Exempt Forward Delivery)          
Series A 5.00% 10/1/41   915,000    933,135 
Long Island, New York Power Authority Revenue          
5.00% 9/1/33   250,000    267,123 

  49 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

50   

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

  51 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

52   

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

  53 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

54   

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

  55 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

56   

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

  57 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

58   

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

  59 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

60   

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

  61 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

62   

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

  63 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

64   

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue Refunding & Improvement          
(Francis Place Redevelopment Project)          
5.625% 11/1/25   475,000   $465,785 
Utah Telecommunication Open Infrastructure Agency Revenue          
5.25% 6/1/33   1,000,000    1,137,010 
5.25% 6/1/34   1,000,000    1,136,200 
5.25% 6/1/35   1,000,000    1,128,480 
5.25% 6/1/37   2,100,000    2,322,852 
5.50% 6/1/40   2,000,000    2,211,360 
Village Community Development District No. 15, Florida Revenue          
144A 4.85% 5/1/38 #   1,000,000    1,003,740 
Washington County, Pennsylvania Redevelopment Authority Revenue          
(Victory Centre Tax Increment Financing Project)          
5.00% 7/1/35   500,000    486,480 
Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue          
(Sales Tax - Vacation Village Project Area 1 and 2A)          
Series 2015A 5.00% 9/1/27   990,000    933,570 
         201,379,607 
State General Obligation Bonds — 12.49%          
California State          
5.25% 9/1/47   1,000,000    1,108,950 
(Various Purpose)          
4.00% 10/1/36   3,875,000    3,977,881 
4.00% 10/1/37   2,000,000    2,037,400 
5.00% 8/1/26   3,120,000    3,294,564 
5.00% 10/1/26   2,500,000    2,649,150 
5.00% 9/1/32   4,100,000    4,313,323 
5.00% 9/1/32   1,400,000    1,610,266 
5.00% 9/1/35   8,000,000    8,403,520 
5.00% 10/1/42   7,000,000    7,745,570 
5.00% 11/1/42   470,000    518,983 
5.25% 9/1/30   5,000,000    5,009,800 
Series C 5.00% 9/1/30   5,985,000    6,195,852 
Commonwealth of Massachusetts          
Series A 5.00% 1/1/37   7,500,000    8,081,325 

  65 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

66   

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

  67 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

68   

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

  69 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

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

70   

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)        
Water & Sewer Revenue Bonds (continued)          
Tampa, Florida Water & Wastewater System Revenue          
Series A 5.00% 10/1/52   4,500,000   $4,811,625 
         23,062,727 
Total Municipal Bonds (cost $1,198,798,349)        1,159,248,539 
           
Short-Term Investments — 0.03%          
Variable Rate Demand Note — 0.03%¤          
Massachusetts Health & Educational Facilities Authority          
Series K-1 3.80% 7/1/39 (LOC - TD Bank N.A.)   300,000    300,000 
Total Short-Term Investments (cost $300,000)        300,000 
Total Value of Securities—99.23%
(cost $1,199,098,349)		       $1,159,548,539 

° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $80,441,377, which represents 6.88% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡ Non-income producing security. Security is currently in default.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”

  71 

Schedules of investments

Delaware Tax-Free USA Intermediate Fund

¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

NATL – Insured by National Public Finance Guarantee Corporation

PSF – Guaranteed by Permanent School Fund

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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


72   

Schedules of investments  
Delaware National High-Yield Municipal Bond Fund August 31, 2023
   
   Principal
amount°		   Value (US $) 
Municipal Bonds — 97.53%          
Education Revenue Bonds — 17.68%          
Arizona Industrial Development Authority Revenue          
(Academies of Math & Science Projects)          
144A 5.25% 7/1/43 #   255,000   $246,445 
144A 5.375% 7/1/53 #   965,000    912,272 
144A 5.50% 7/1/58 #   1,115,000    1,061,904 
(ACCEL Schools Project)          
Series A 144A 5.25% 8/1/48 #   3,200,000    2,835,104 
(American Charter Schools Foundation Project)          
144A 6.00% 7/1/37 #   1,155,000    1,177,338 
144A 6.00% 7/1/47 #   8,995,000    9,051,938 
(Basis Schools Projects)          
Series A 144A 5.125% 7/1/37 #   750,000    735,750 
(Benjamin Franklin Charter School Projects)          
Series A 144A 5.25% 7/1/53 #   1,000,000    917,030 
Series A 144A 5.50% 7/1/58 #   1,385,000    1,287,981 
(Empower College Prep Project)          
144A 6.00% 7/1/49 #   1,000,000    960,640 
(Kaizen Education Foundation Project)          
144A 5.80% 7/1/52 #   4,000,000    4,017,120 
(Leman Academy Of Excellence of Projects)          
Series A 4.50% 7/1/54   5,000,000    4,313,950 
(Odyssey Preparatory Academy Project)          
144A 5.00% 7/1/54 #   5,000,000    4,363,900 
(Pinecrest Academy Nevada-Horizon, Inspirada)          
Series A 144A 5.75% 7/15/48 #   2,500,000    2,448,000 
Arlington, Texas Higher Education Finance Revenue          
(KIPP Texas, Inc.)          
3.00% 8/15/49 (PSF)   4,000,000    2,857,000 
Build NYC, New York Resource Revenue          
5.00% 11/1/39   1,000,000    750,000 
(East Harlem Scholars Academy Charter School          
Project)          
144A 5.75% 6/1/52 #   1,000,000    1,008,220 
144A 5.75% 6/1/62 #   1,000,000    1,002,660 
(Inwood Academy for Leadership Charter School          
Project)          
Series A 144A 5.125% 5/1/38 #   575,000    553,449 
Series A 144A 5.50% 5/1/48 #   1,500,000    1,452,690 
(KIPP NYC Public School Facilities - Canal West          
Project)          
5.25% 7/1/52   1,265,000    1,273,096 
5.25% 7/1/62   6,355,000    6,354,047 

  73 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

74   

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

  75 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

76   

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

  77 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

78   

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)          
Education Revenue Bonds (continued)          
Phoenix, Arizona Industrial Development Authority Student Housing Revenue          
(Downtown Phoenix Student Housing, LLC-Arizona          
State University Project)          
Series A 5.00% 7/1/42   1,000,000   $1,003,750 
Pima County, Arizona Industrial Development Authority Education Revenue          
(American Leadership Academy Project)          
144A 4.00% 6/15/57 #   4,500,000    3,203,280 
(Career Success Schools Project)          
144A 5.50% 5/1/40 #   500,000    473,350 
144A 5.75% 5/1/50 #   2,530,000    2,379,060 
(Edkey Charter Schools Project)          
144A 5.00% 7/1/49 #   7,000,000    6,048,980 
144A 5.00% 7/1/55 #   7,370,000    6,241,727 
Pottsboro, Texas Higher Education Finance Authority Revenue          
Series A 5.00% 8/15/36   755,000    728,469 
Series A 5.00% 8/15/46   1,000,000    899,180 
South Carolina Jobs-Economic Development Authority Revenue          
(Green Charter Schools Project)          
Series A 144A 4.00% 6/1/46 #   2,300,000    1,615,405 
Series A 144A 4.00% 6/1/56 #   1,530,000    982,795 
(High Point Academy Project)          
Series A 144A 5.75% 6/15/49   #   5,000,000    5,011,300 
(Virtus Academy Project)          
Series A 144A 6.75% 6/15/43   #   940,000    933,787 
Series A 144A 7.00% 6/15/53   #   1,830,000    1,831,885 
Series A 144A 7.125% 6/15/58 #   1,510,000    1,515,557 
St. Louis, Missouri Industrial Development Authority          
Tax Increment Revenue Improvement          
(Confluence Academy Project)          
Series A 144A 5.625% 6/15/53 #   4,805,000    4,225,421 
St. Paul, Minnesota Housing & Redevelopment          
Authority Charter School Lease Revenue          
(Academia Cesar Chavez School Project)          
Series A 5.25% 7/1/50   2,560,000    2,108,518 
University of Texas System Board of Regents          
Series B 5.00% 8/15/49   33,875,000    37,748,267 
University of Virginia          
Series A 2.18% 11/1/51   10,000,000    5,762,400 

  79 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

80   

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

  81 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

82   

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

  83 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

84   

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

  85 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

86   

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

  87 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

88   

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

  89 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

90   

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

  91 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

92   

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

  93 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

94   

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

  95 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

96   

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)          
Pre-Refunded/Escrowed to Maturity Bonds — 1.44%          
Blythe Township, Pennsylvania Solid Waste Authority Revenue          
7.75% 12/1/37-27 (AMT) §   2,800,000   $3,167,332 
Camden County, New Jersey Improvement Authority Revenue          
(Cooper Health System Obligation Group)          
5.75% 2/15/42   2,050,000    2,051,066 
Foothill-Eastern Transportation Corridor Agency Revenue          
Series A 6.00% 1/15/49-24 §   7,690,000    7,770,745 
Henderson, Nevada Public Improvement Trust          
(Touro College & University System)          
Series A 5.50% 1/1/39-24 §   560,000    569,212 
Hospital Facilities Authority of Multnomah County, Oregon          
(Mirabella at South Waterfront)          
Series A 5.50% 10/1/49-24 §   2,400,000    2,451,672 
Nampa, Idaho Development Revenue          
(Library Square Project)          
144A 5.00% 9/1/31-24 #, §   2,940,000    3,044,987 
New Jersey Economic Development Authority Special Facility Revenue          
Series WW 5.25% 6/15/30-25 §   5,000,000    5,183,650 
Washington State Housing Finance Commission Revenue          
(Heron’s Key)          
Series A 144A 7.00% 7/1/45-25 #, §   1,000,000    1,053,740 
Series A 144A 7.00% 7/1/50-25 #, §   3,625,000    3,819,808 
Wisconsin Public Finance Authority Revenue          
(Rose Villa Project)          
Series A 144A 5.75% 11/15/44-24 #, §   2,000,000    2,043,140 
         31,155,352 
Resource Recovery Revenue Bonds — 0.42%          
Brazoria County, Texas Industrial Development Solid          
Waste Disposal Facilities Revenue          
(Aleon Renewable Metals, LLC Project)          
144A 10.00% 6/1/42 (AMT) #, •   3,000,000    2,896,140 
South Carolina Jobs-Economic Development          
Authority Educational Facilities Revenue          
(Last Step Recycling Project)          
Series A 144A 6.50% 6/1/51 (AMT) #   1,500,000    1,108,635 

  97 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

98   

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

  99 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

100   

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

  101 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

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

102   

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

  103 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

   Principal
amount°		   Value (US $) 
Municipal Bonds (continued)          
Transportation Revenue Bonds (continued)          
Texas Private Activity Bond Surface Transportation Revenue          
(NTE Mobility Partners Segments 3 LLC Segment 3C Project)          
5.00% 6/30/58 (AMT)   23,780,000   $23,825,895 
         140,300,369 
Water & Sewer Revenue Bonds — 1.22%          
Chicago, Illinois Waterworks Revenue          
(Second Lien)          
5.00% 11/1/26   180,000    187,749 
5.00% 11/1/28   30,000    30,965 
Irvine, California Facilities Financing Authority Revenue          
(Irvine Great Park Infrastructure Project)          
Series A 4.00% 9/1/58 (BAM)   3,000,000    2,811,960 
Jefferson County, Alabama Sewer Revenue          
(Senior Lien-Warrants)          
Series A 5.50% 10/1/53 (AGM)   2,500,000    2,532,025 
(Sub Lien-Warrants)          
Series D 7.00% 10/1/51   5,000,000    5,257,150 
King County, Washington Sewer Revenue          
Series A 4.00% 1/1/52   5,000,000    4,566,400 
New York City Municipal Water Finance Authority Revenue          
Subseries AA-1 3.00% 6/15/51   5,800,000    4,183,946 
Subseries BB-1 3.00% 6/15/44   8,750,000    6,756,487 
         26,326,682 
Total Municipal Bonds (cost $2,285,251,590)        2,115,031,343 
           
Short-Term Investments — 2.07%          
Variable Rate Demand Notes — 2.07%¤          
City of New York, New York          
Subordinate Series F-5 3.95% 6/1/44          
(SPA - Barclays Bank)   4,335,000    4,335,000 
Illinois Finance Authority Revenue          
(Northwestern Memorial Healthcare) Series C          
3.95%7/15/55          
(SPA - Barclays Bank)   3,500,000    3,500,000 

104   

   Principal
amount°		   Value (US $) 
Short-Term Investments (continued)          
Variable Rate Demand Notes¤ (continued)          
Los Angeles, California Department of Water & Power Revenue          
Subordinate          
Series B-3 2.75% 7/1/34          
(SPA - Barclays Bank)   13,000,000   $13,000,000 
Los Angeles, California Department of Water & Power Water System Revenue          
Series A-2 2.75% 7/1/45          
(SPA - Barclays Bank)   8,400,000    8,400,000 
Minneapolis, Minnesota Health Care System Revenue          
(Fairview Health Services) Series C 3.80%          
11/15/48          
(LOC – Wells Fargo Bank N.A.)   2,500,000    2,500,000 
New York City Municipal Water Finance Authority Revenue          
Series CC 3.90% 6/15/41          
(SPA - State Street)   5,680,000    5,680,000 
New York City Transitional Finance Authority Future Tax Secured Revenue          
Subordinate Series A-4 4.00% 8/1/45          
(SPA - JP Morgan Chase Bank)   750,000    750,000 
Phoenix, Arizona Industrial Development Authority Revenue          
(Mayo Clinic) Series B 3.80% 11/15/52          
(SPA - Northern Trust)   6,800,000    6,800,000 
Total Short-Term Investments (cost $44,965,000)        44,965,000 
Total Value of Securities—99.60%
(cost $2,330,216,590)		       $2,159,996,343 
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $586,007,936, which represents 27.02% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡ Non-income producing security. Security is currently in default.

  105 

Schedules of investments

Delaware National High-Yield Municipal Bond Fund

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
   
~ Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2023.
   
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 9 in “Notes to financial statements.”
   
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

PSF – Guaranteed by Permanent School Fund

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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


106   

Statements of assets and liabilities

August 31, 2023

   Delaware
Tax-Free
USA Fund		  Delaware
Tax-Free USA
Intermediate Fund		  Delaware
National High-Yield
Municipal Bond Fund		 
Assets:               
Investments, at value*  $745,650,366   $1,159,548,539   $2,159,996,343 
Cash   1,028,215    27,222    5,241,231 
Interest receivable   7,121,998    12,782,557    22,357,798 
Receivable for fund shares sold   1,871,489    2,170,933    4,267,296 
Prepaid expenses   31,047    35,110    58,694 
Receivable for securities sold   —    2,567,108    1,854,291 
Other assets   7,206    8,545    12,692 
Total Assets   755,710,321    1,177,140,014    2,193,788,345 
Liabilities:               
Payable for securities purchased   10,632,449    4,558,667    16,443,909 
Payable for fund shares redeemed   1,645,939    2,834,409    6,496,694 
Investment management fees payable to affiliates   323,489    302,169    475,789 
Distribution payable   291,554    410,124    1,071,116 
Other accrued expenses   253,098    355,238    463,468 
Distribution fees payable to affiliates   104,446    92,600    103,902 
Administration expenses payable to affiliates   11,739    12,115    12,907 
Total Liabilities   13,262,714    8,565,322    25,067,785 
Total Net Assets  $742,447,607   $1,168,574,692   $2,168,720,560 
                
Net Assets Consist of:               
Paid-in capital  $846,767,005   $1,269,472,810   $2,401,685,422 
Total distributable earnings (loss)   (104,319,398)   (100,898,118)   (232,964,862)
Total Net Assets  $742,447,607   $1,168,574,692   $2,168,720,560 

  107 

Statements of assets and liabilities

   Delaware
Tax-Free
USA Fund		   Delaware
Tax-Free USA
Intermediate Fund		  Delaware
National High-Yield
Municipal Bond
Fund		 
Net Asset Value               
                
Class A:               
Net assets  $469,979,598   $411,551,450   $315,959,077 
Shares of beneficial interest outstanding, unlimited authorization, no par   46,847,191    38,599,585    32,657,761 
Net asset value per share  $10.03   $10.66   $9.67 
Sales charge   4.50%   2.75%   4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge)  $10.50   $10.96   $10.13 
                
Class C:               
Net assets  $6,723,425   $5,176,560   $43,123,123 
Shares of beneficial interest outstanding, unlimited authorization, no par   670,049    485,956    4,439,591 
Net asset value per share  $10.03   $10.65   $9.71 
                
Institutional Class:               
Net assets  $265,744,584   $751,846,682   $1,809,638,360 
Shares of beneficial interest outstanding, unlimited authorization, no par   26,277,749    69,849,480    185,317,381 
Net asset value per share  $10.11   $10.76   $9.77 
                  
*Investments, at cost  $783,412,385   $1,199,098,349   $2,330,216,590 

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


108   

Statements of operations Year ended August 31, 2023
   
   Delaware
Tax-Free
USA Fund		  Delaware
Tax-Free USA
Intermediate Fund		  Delaware
National High-Yield
Municipal Bond
Fund		 
Investment Income:               
Interest  $35,098,479   $46,216,873   $109,078,324 
                
Expenses:               
Management fees   3,957,562    5,395,131    9,720,050 
Distribution expenses — Class A   1,224,341    1,077,731    729,931 
Distribution expenses — Class C   73,471    58,096    435,748 
Dividend disbursing and transfer agent fees and expenses   586,264    975,863    1,760,369 
Registration fees   289,670    228,347    332,287 
Accounting and administration expenses   96,237    144,431    237,183 
Reports and statements to shareholders expenses   59,922    59,057    82,413 
Audit and tax fees   52,096    41,095    52,096 
Custodian fees   30,689    36,412    9,125 
Legal fees   28,923    67,448    98,886 
Trustees’ fees and expenses   24,208    51,512    74,778 
Other   77,336    79,054    159,701 
    6,500,719    8,214,177    13,692,567 
Less expenses waived   (1,122,815)   (1,498,578)   (585,337)
Less expenses paid indirectly   (250)   (226)   (31)
Total operating expenses   5,377,654    6,715,373    13,107,199 
Net Investment Income (Loss)   29,720,825    39,501,500    95,971,125 
                
Net Realized and Unrealized Gain (Loss):               
Net realized gain (loss) on investments   (30,645,705)   (19,902,832)   (18,871,167)
Net change in unrealized appreciation (depreciation) on investments   (10,710,260)   (12,794,094)   (111,713,910)
Net Realized and Unrealized Gain (Loss)   (41,355,965)   (32,696,926)   (130,585,077)
Net Increase (Decrease) in Net Assets Resulting from Operations  $(11,635,140)  $6,804,574   $(34,613,952)

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


  109 

Statements of changes in net assets

Delaware Tax-Free USA Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $29,720,825   $28,748,280 
Net realized gain (loss)   (30,645,705)   (32,326,956)
Net change in unrealized appreciation (depreciation)   (10,710,260)   (135,309,676)
Net increase (decrease) in net assets resulting from operations   (11,635,140)   (138,888,352)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (19,406,727)   (31,900,298)
Class C   (234,267)   (346,866)
Institutional Class   (10,079,832)   (11,084,625)
    (29,720,826)   (43,331,789)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   64,922,267    253,814,461 
Class C   2,019,449    3,778,437 
Institutional Class   199,258,747    339,475,248 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   17,429,261    29,634,976 
Class C   225,820    338,804 
Institutional Class   8,676,864    9,707,948 
    292,532,408    636,749,874 

110   

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(124,176,268)  $(558,816,551)
Class C   (3,565,123)   (3,819,203)
Institutional Class   (293,420,592)   (142,795,609)
    (421,161,983)   (705,431,363)
Decrease in net assets derived from capital share transactions   (128,629,575)   (68,681,489)
Net Decrease in Net Assets   (169,985,541)   (250,901,630)
           
Net Assets:          
Beginning of year   912,433,148    1,163,334,778 
End of year  $742,447,607  $912,433,148 

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


  111 

Statements of changes in net assets

Delaware Tax-Free USA Intermediate Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $39,501,500   $34,441,127 
Net realized gain (loss)   (19,902,832)   (38,294,341)
Net change in unrealized appreciation (depreciation)   (12,794,094)   (127,905,368)
Net increase (decrease) in net assets resulting from operations   6,804,574    (131,758,582)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (14,615,401)   (14,242,426)
Class C   (153,171)   (149,437)
Institutional Class   (24,733,154)   (20,049,264)
    (39,501,726)   (34,441,127)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   48,083,715    45,547,114 
Class C   1,188,284    2,873,486 
Institutional Class   528,477,921    521,335,408 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   12,840,577    12,394,377 
Class C   149,566    146,413 
Institutional Class   21,906,539    17,674,611 
    612,646,602    599,971,409 

112   

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(88,524,439)  $(99,996,602)
Class C   (2,825,816)   (2,610,271)
Institutional Class   (389,254,059)   (483,548,428)
    (480,604,314)   (586,155,301)
Increase in net assets derived from capital share transactions   132,042,288    13,816,108 
Net Increase (Decrease) in Net Assets   99,345,136    (152,383,601)
           
Net Assets:          
Beginning of year   1,069,229,556    1,221,613,157 
End of year  $1,168,574,692   $1,069,229,556 

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


  113 

Statements of changes in net assets

Delaware National High-Yield Municipal Bond Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $95,971,125   $73,710,021 
Net realized gain (loss)   (18,871,167)   (42,953,091)
Net change in unrealized appreciation (depreciation)   (111,713,910)   (225,036,921)
Net increase (decrease) in net assets resulting from operations   (34,613,952)   (194,279,991)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (13,967,631)   (10,155,975)
Class C   (1,769,724)   (1,727,407)
Institutional Class   (83,695,859)   (63,585,989)
    (99,433,214)   (75,469,371)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   153,803,317    132,767,302 
Class C   15,810,320    11,602,221 
Institutional Class   1,557,341,473    1,068,879,793 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   12,838,334    9,284,028 
Class C   1,666,105    1,640,114 
Institutional Class   72,106,517    53,416,421 
    1,813,566,066    1,277,589,879 

114   

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(93,380,058)  $(89,531,641)
Class C   (17,682,031)   (17,118,633)
Institutional Class   (1,252,490,538)   (807,206,556)
    (1,363,552,627)   (913,856,830)
Increase in net assets derived from capital share transactions   450,013,439    363,733,049 
Net Increase in Net Assets   315,966,273    93,983,687 
           
Net Assets:          
Beginning of year   1,852,754,287    1,758,770,600 
End of year  $2,168,720,560   $1,852,754,287 

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


  115 

Financial highlights

Delaware Tax-Free USA Fund Class A

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


116   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.51   $12.56   $11.94   $11.96   $11.44 
                         
                         
   0.40    0.33    0.36    0.38    0.41 
   (0.48)   (1.88)   0.70    0.01    0.52 
   (0.08)   (1.55)   1.06    0.39    0.93 
                         
                         
   (0.40)   (0.33)   (0.36)   (0.38)   (0.41)
   —    (0.17)   (0.08)   (0.03)   —2 
   (0.40)   (0.50)   (0.44)   (0.41)   (0.41)
                         
  $10.03   $10.51   $12.56   $11.94   $11.96 
                         
   (0.72)%   (12.65)%   9.03%   3.44%   8.35%
                         
                         
  $469,980   $534,749   $944,054   $478,671   $472,153 
   0.80%   0.80%   0.82%   0.81%   0.81%
   0.95%   0.91%   0.92%   0.95%   0.95%
   3.93%   2.82%   2.84%   3.24%   3.55%
   3.78%   2.71%   2.74%   3.10%   3.41%
   65%   71%   40%   77%   43%

  117 

Financial highlights

Delaware Tax-Free USA Fund Class C

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


118   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.51   $12.56   $11.94   $11.96   $11.44 
                         
                         
   0.32    0.24    0.26    0.29    0.32 
   (0.48)   (1.88)   0.70    0.01    0.52 
   (0.16)   (1.64)   0.96    0.30    0.84 
                         
                         
   (0.32)   (0.24)   (0.26)   (0.29)   (0.32)
   —    (0.17)   (0.08)   (0.03)   —2 
   (0.32)   (0.41)   (0.34)   (0.32)   (0.32)
                         
  $10.03   $10.51   $12.56   $11.94   $11.96 
                         
   (1.46)%   (13.31)%   8.22%   2.66%   7.55%
                         
                         
  $6,723   $8,366   $9,834   $10,778   $16,051 
   1.55%   1.55%   1.57%   1.56%   1.56%
   1.70%   1.66%   1.67%   1.70%   1.70%
   3.18%   2.07%   2.09%   2.49%   2.80%
   3.03%   1.96%   1.99%   2.35%   2.66%
   65%   71%   40%   77%   43%

  119 

Financial highlights

Delaware Tax-Free USA Fund Institutional Class

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return3
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


120   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.59   $12.66   $12.03   $12.05   $11.52 
                         
                         
   0.43    0.36    0.39    0.41    0.44 
   (0.48)   (1.90)   0.71    0.01    0.53 
   (0.05)   (1.54)   1.10    0.42    0.97 
                         
                         
   (0.43)   (0.36)   (0.39)   (0.41)   (0.44)
   —    (0.17)   (0.08)   (0.03)   —2 
   (0.43)   (0.53)   (0.47)   (0.44)   (0.44)
                         
  $10.11   $10.59   $12.66   $12.03   $12.05 
                         
   (0.43)%   (12.48)%   9.34%   3.70%   8.68%
                         
                         
  $265,745   $369,318   $209,447   $135,801   $134,112 
   0.55%   0.55%   0.57%   0.56%   0.56%
   0.70%   0.66%   0.67%   0.70%   0.70%
   4.18%   3.07%   3.09%   3.49%   3.80%
   4.03%   2.96%   2.99%   3.35%   3.66%
   65%   71%   40%   77%   43%

  121 

Financial highlights

Delaware Tax-Free USA Intermediate Fund Class A

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


122   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.01   $12.63   $12.26   $12.28   $11.76 
                         
                         
   0.37    0.33    0.33    0.35    0.37 
   (0.35)   (1.62)   0.37    (0.02)   0.52 
   0.02    (1.29)   0.70    0.33    0.89 
                         
                         
   (0.37)   (0.33)   (0.33)   (0.35)   (0.37)
   (0.37)   (0.33)   (0.33)   (0.35)   (0.37)
                         
  $10.66   $11.01   $12.63   $12.26   $12.28 
                         
   0.17%   (10.33)%   5.79%   2.76%   7.71%
                         
                         
  $411,551   $452,772   $564,932   $106,135   $123,691 
   0.75%   0.71%   0.65%   0.65%   0.65%
   0.88%   0.87%   0.88%   0.91%   0.91%
   3.39%   2.80%   2.64%   2.87%   3.11%
   3.26%   2.64%   2.41%   2.61%   2.85%
   27%   59%   23%   27%   25%

  123 

Financial highlights

Delaware Tax-Free USA Intermediate Fund Class C

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


124   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.00   $12.62   $12.25   $12.27   $11.75 
                         
                         
   0.28    0.24    0.23    0.24    0.27 
   (0.35)   (1.62)   0.37    (0.02)   0.52 
   (0.07)   (1.38)   0.60    0.22    0.79 
                         
                         
   (0.28)   (0.24)   (0.23)   (0.24)   (0.27)
   (0.28)   (0.24)   (0.23)   (0.24)   (0.27)
                         
  $10.65   $11.00   $12.62   $12.25   $12.27 
                         
   (0.58)%   (11.04)%   4.90%   1.89%   6.81%
                         
                         
  $5,177   $6,872   $7,497   $11,864   $22,874 
   1.50%   1.50%   1.50%   1.50%   1.50%
   1.63%   1.62%   1.63%   1.66%   1.66%
   2.64%   2.01%   1.79%   2.02%   2.26%
   2.51%   1.89%   1.66%   1.86%   2.10%
   27%   59%   23%   27%   25%

  125 

Financial highlights

Delaware Tax-Free USA Intermediate Fund Institutional Class

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


126   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.11   $12.75   $12.38   $12.40   $11.87 
                         
                         
   0.40    0.36    0.35    0.37    0.39 
   (0.35)   (1.64)   0.37    (0.02)   0.53 
   0.05    (1.28)   0.72    0.35    0.92 
                         
                         
   (0.40)   (0.36)   (0.35)   (0.37)   (0.39)
   (0.40)   (0.36)   (0.35)   (0.37)   (0.39)
                         
  $10.76   $11.11   $12.75   $12.38   $12.40 
                         
   0.45%   (10.17)%   5.92%   2.92%   7.92%
                         
                         
  $751,847   $609,586   $649,184   $453,727   $399,830 
   0.50%   0.50%   0.50%   0.50%   0.50%
   0.63%   0.62%   0.63%   0.66%   0.66%
   3.64%   3.01%   2.79%   3.02%   3.26%
   3.51%   2.89%   2.66%   2.86%   3.10%
   27%   59%   23%   27%   25%

  127 

Financial highlights

Delaware National High-Yield Municipal Bond Fund Class A

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


128   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.35   $12.04   $11.15   $11.48   $11.00 
                         
                         
   0.46    0.44    0.42    0.44    0.46 
   (0.66)   (1.67)   0.91    (0.33)   0.48 
   (0.20)   (1.23)   1.33    0.11    0.94 
                         
                         
   (0.44)   (0.43)   (0.42)   (0.44)   (0.46)
   (0.04)   (0.03)   (0.02)   —    — 
   (0.48)   (0.46)   (0.44)   (0.44)   (0.46)
                         
  $9.67   $10.35   $12.04   $11.15   $11.48 
                         
   (1.92)%   (10.49)%   12.12%   1.06%   8.81%
                         
                         
  $315,959   $261,839   $247,542   $182,214   $208,549 
   0.85%   0.85%   0.85%   0.85%   0.85%
   0.88%   0.88%   0.88%   0.91%   0.90%
   4.62%   3.94%   3.65%   3.99%   4.22%
   4.59%   3.91%   3.62%   3.93%   4.17%
   18%   56%   16%   44%   33%

  129 

Financial highlights

Delaware National High-Yield Municipal Bond Fund Class C

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


130   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.39   $12.09   $11.20   $11.52   $11.04 
                         
                         
   0.38    0.35    0.33    0.36    0.38 
   (0.66)   (1.67)   0.91    (0.32)   0.48 
   (0.28)   (1.32)   1.24    0.04    0.86 
                         
                         
   (0.36)   (0.35)   (0.33)   (0.36)   (0.38)
   (0.04)   (0.03)   (0.02)   —    — 
   (0.40)   (0.38)   (0.35)   (0.36)   (0.38)
                         
  $9.71   $10.39   $12.09   $11.20   $11.52 
                         
   (2.64)%   (11.18)%   11.25%   0.41%   7.98%
                         
                         
  $43,123   $46,410   $58,285   $68,993   $91,184 
   1.60%   1.60%   1.60%   1.60%   1.60%
   1.63%   1.63%   1.63%   1.66%   1.65%
   3.87%   3.19%   2.90%   3.24%   3.47%
   3.84%   3.16%   2.87%   3.18%   3.42%
   18%   56%   16%   44%   33%

  131 

Financial highlights

Delaware National High-Yield Municipal Bond Fund Institutional Class

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

Net asset value, beginning of period
 
Income (loss) from investment operations:
Net investment income1
Net realized and unrealized gain (loss)
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

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

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


132   

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.45   $12.15   $11.26   $11.58   $11.10 
                         
                         
   0.49    0.47    0.45    0.47    0.49 
   (0.66)   (1.68)   0.91    (0.32)   0.48 
   (0.17)   (1.21)   1.36    0.15    0.97 
                         
                         
   (0.47)   (0.46)   (0.45)   (0.47)   (0.49)
   (0.04)   (0.03)   (0.02)   —    — 
   (0.51)   (0.49)   (0.47)   (0.47)   (0.49)
                         
  $9.77   $10.45   $12.15   $11.26   $11.58 
                         
   (1.62)%   (10.22)%   12.32%   1.44%   9.03%
                         
                         
  $1,809,639   $1,544,505   $1,452,944   $1,095,548   $1,141,973 
   0.60%   0.60%   0.60%   0.60%   0.60%
   0.63%   0.63%   0.63%   0.66%   0.65%
   4.87%   4.19%   3.90%   4.24%   4.47%
   4.84%   4.16%   3.87%   4.18%   4.42%
   18%   56%   16%   44%   33%

  133 

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

Delaware Group® Tax-Free Fund is organized as a Delaware statutory trust and offers two series: Delaware Tax-Free USA Fund and Delaware Tax-Free USA Intermediate Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, and Delaware Tax-Free New York Fund. Delaware Group Tax-Free Fund and Voyageur Mutual Funds are each referred to as a Trust, or collectively, as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund (each a Fund, or collectively, the Funds). Each Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Delaware Tax-Free USA Fund and Delaware National High-Yield Municipal Bond Fund, and 2.75% for Delaware Tax-Free USA Intermediate Fund. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund prior to December 2, 2019 or for shares of Delaware Tax-Free USA Fund prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year or for shares of Delaware Tax-Free USA Intermediate Fund prior to December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, for shares of Delaware National High-Yield Municipal Bond Fund on or after December 2, 2019 or for shares of Delaware Tax-Free USA Fund on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase or for shares of Delaware Tax-Free USA Intermediate Fund on or after December 2, 2019, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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


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

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended August 31, 2023, and for all open tax years (years ended August 31, 2020–August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2023, the Funds did not incur any interest or tax penalties.

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

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and


  135 

Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

1. Significant Accounting Policies (continued)

expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

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

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

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

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

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

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


136   

but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from September 1, 2022 through December 29, 2023. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

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

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

   Operating expense limitation as a percentage of average daily net assets  
Fund  Class A  Class C  Institutional Class  
Delaware Tax-Free USA Fund  0.80%  1.55%  0.55%  
Delaware Tax-Free USA Intermediate Fund  0.75%  1.50%  0.50%  
Delaware National High-Yield Municipal Bond Fund  0.85%  1.60%  0.60%  

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

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

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Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

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

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

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

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

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


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

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

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

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

For the year ended August 31, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund  Class A   Class C 
Delaware Tax-Free USA Fund  $41,566   $164 
Delaware Tax-Free USA Intermediate Fund   3,961    427 
Delaware National High-Yield Municipal Bond Fund   35,891    2,695 

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

Cross trades for the year ended August 31, 2023, were executed by each Fund pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds’ compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended


  139 

Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

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

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

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

3. Investments

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

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

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

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

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

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2023:

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

  141 

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  $1,159,248,539 
Short-Term Investments   300,000 
Total Value of Securities  $1,159,548,539 

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

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

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

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2023 and 2022 were as follows:

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

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

5. Components of Net Assets on a Tax Basis

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

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

* A portion of the Fund’s capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

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

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to in-kind distributions for shareholder redemptions. Results of operations and net assets were not affected by these reclassifications. For the year ended August 31, 2023, Delaware Tax-Free USA Fund had increase to paid-in-capital and decrease to distributable earnings of $843. Delaware Tax-Free USA Intermediate Fund and Delaware National High-Yield Municipal Bond Fund had no reclassifications.


  143 

Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

5. Components of Net Assets on a Tax Basis (continued)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, each Fund has capital loss carryforwards available to offset future realized capital gains as follows:

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

6. Capital Shares

Transactions in capital shares were as follows:

   Delaware Tax-Free
USA Fund		   Delaware Tax-Free USA
Intermediate Fund		   Delaware National High-Yield
Municipal Bond Fund		 
   Year ended   Year ended   Year ended 
   8/31/23   8/31/22   8/31/23   8/31/22   8/31/23   8/31/22 
Shares sold:                              
Class A   6,444,065    21,643,136    4,500,219    3,867,874    15,539,442    12,029,757 
Class C   200,006    317,604    110,390    239,606    1,589,181    1,024,094 
Institutional Class   19,371,149    30,397,160    48,946,268    44,237,789    156,610,912    97,284,036 
                               
Shares issued upon reinvestment of dividends and distributions:
Class A   1,723,149    2,523,875    1,196,194    1,056,330    1,306,224    833,394 
Class C   22,343    28,962    13,954    12,554    168,989    146,115 
Institutional Class   850,586    833,445    2,020,209    1,495,970    7,269,709    4,757,740 
    28,611,298    55,744,182    56,787,234    50,910,123    182,484,457    116,075,136 
                               
Shares redeemed:                              
Class A   (12,223,030)   (48,417,109)   (8,237,446)   (8,512,381)   (9,485,208)   (8,128,802)
Class C   (348,509)   (333,039)   (263,388)   (221,305)   (1,784,899)   (1,526,414)
Institutional Class   (28,817,690)   (12,898,965)   (35,987,523)   (41,779,806)   (126,415,803)   (73,781,566)
    (41,389,229)   (61,649,113)   (44,488,357)   (50,513,492)   (137,685,910)   (83,436,782)
Net increase (decrease)   (12,777,931)   (5,904,931)   12,298,877    396,631    44,798,547    32,638,354 

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

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

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022. The Agreement was extended to October 30, 2023.

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

8. Securities Lending

Delaware Tax-Free USA Intermediate Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and


  145 

Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

8. Securities Lending (continued)

foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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


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

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

9. Geographic, Credit, and Market Risks

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

The Funds concentrate their investments in securities issued by municipalities, and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam, whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.


  147 

Notes to financial statements

Delaware Funds by Macquarie® national tax-free funds

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

As of August 31, 2023, Delaware Tax-Free USA Fund invested in municipal bonds issued by the states of California, Illionis, and territory of Puerto Rico, which constituted approximately 14.88%, 10.21%, and 17.46%, respectively, of the Fund’s net assets. As of August 31, 2023, Delaware Tax-Free USA Intermediate Fund invested in municipal bonds issued by the states of California and New York, which constituted approximately 10.87% and 16.97%, respectively, of the Fund’s net assets. As of August 31, 2023, Delaware National High-Yield Municipal Bond Fund invested in municipal bonds issued by the state of California and territory of Puerto Rico, which constituted approximately 13.38% and 14.64%, respectively, of the Fund’s net assets. These investments could make each Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.

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

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

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

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


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remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

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

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

10. Contractual Obligations

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

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in the Funds’ financial statements.


  149 

Report of independent
registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund (constituting Delaware Group® Tax-Free Fund) and Delaware National High-Yield Municipal Bond Fund (one of the funds constituting Voyageur Mutual Funds) (hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

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

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


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Other Fund information (Unaudited)

Delaware Funds by Macquarie® national tax-free funds

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.


  151 

Other Fund information (Unaudited)

Delaware Funds by Macquarie® national tax-free funds

Tax Information

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

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

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

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

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

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

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


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

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

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

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

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

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


  153 

Other Fund information (Unaudited)

Delaware Funds by Macquarie® national tax-free funds

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

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

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

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

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

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

Delaware Tax-Free USA Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional general and insured municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3-, 5- and 10-year periods was in the second quartile of its


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

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

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

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


  155 

Other Fund information (Unaudited)

Delaware Funds by Macquarie® national tax-free funds

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

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

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

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

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

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

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


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

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

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

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

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


  157 

Other Fund information (Unaudited)

Delaware Funds by Macquarie® national tax-free funds

Form N-PORT and proxy voting information

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

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


158   

Board of trustees and officers addendum

Delaware Funds by Macquarie®

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

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
Interested Trustee                    
                     
Shawn K. Lytle2
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1970		   President,
Chief Executive
Officer,
and Trustee		   President and
Chief Executive
Officer
since August 2015

Trustee since
September 2015		   105   Macquarie Asset
Management3
(2015–Present)
-Global Head of
Macquarie Asset
Management Public
Investments
(2019–Present)
-Head of Americas of
Macquarie Group
(2017–Present)		   None

  159 

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
Independent Trustees                    
                     
Jerome D.
Abernathy
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1959		   Trustee   Since January 2019   105   Stonebrook Capital
Management, LLC
(financial
technology: macro
factors and databases)
-Managing Member
(1993-Present)		   None
                     
Ann D. Borowiec
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1958		   Trustee   Since March 2015   105   J.P. Morgan Chase & Co.
(1987-2013)
-Chief Executive Officer,
Private Wealth
Management
(2011–2013)		   Banco Santander International
(2016–2019)
Santander Bank, N.A.
(2016-2019)

160   

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Joseph W. Chow
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1953		   Trustee   Since January 2013   105   Private Investor
(2011–Present)
State Street Bank and
Trust Company
(1996-2011)
-Executive Vice President
of Enterprise Risk
Management and
Emerging Economies
Strategy; and Chief Risk
and Corporate
Administration Officer		   None
                     
H. Jeffrey Dobbs
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1955		   Trustee   Since April 20194   105   KPMG LLP
(2002-2015)
-Global Sector Chairman,
Industrial Manufacturing
(2010-2015)		   TechAccel LLC
(2015–Present)
PatientsVoices, Inc.
(2018–Present)
Valparaiso University Board
(2012-Present)
Ivy Funds Complex
(2019-2021)

  161 

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
John A. Fry
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1960		   Trustee   Since January 2001   105   Drexel University
-President
(2010–Present)		   Federal Reserve
Bank of Philadelphia
(2020–Present)
Kresge Foundation
(2018-Present)
FS Credit Real Estate Income
Trust, Inc.
(2018–Present)
vTv Therapeutics Inc.
(2017–Present)
Community Health Systems
(2004–Present)
Drexel Morgan & Co.
(2015–2019)

162   

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Joseph Harroz, Jr.
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1967		   Trustee   Since November
19984		   105   University of Oklahoma
-President
(2020–Present)
-Interim President
(2019–2020)
-Vice President and
Dean, College of Law
(2010–2019)
Brookhaven Investments
LLC (commercial
enterprises)
-Managing Member
(2019–Present)
St. Clair, LLC
(commercial enterprises)
-Managing Member
(2019–Present)		   OU Medicine, Inc.
(2020–Present)
Big 12 Athletic Conference
(2019-Present)
Valliance Bank
(2007–Present)
Ivy Funds Complex
(1998-2021)

  163 

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Sandra A.J. Lawrence
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1957		   Trustee   Since April 20194   105   Children’s Mercy
Hospitals and Clinics
(2005–2019)
-Chief Administrative
Officer
(2016–2019)		   Brixmor Property Group Inc.
(2021-Present)
Sera Prognostics Inc.
(biotechnology) (2021-Present)
Recology (resource recovery)
(2021-2023)
Evergy, Inc., Kansas City Power
& Light Company, KCP&L
Greater Missouri Operations
Company, Westar Energy, Inc.
and Kansas Gas and Electric
Company (related utility
companies) (2018-Present)
National Association of Corporate
Directors
(2017-Present)
American Shared Hospital
Services (medical device)
(2017-2021)
Ivy Funds Complex
(2019-2021)

164   

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Frances A.
Sevilla-Sacasa
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1956		   Trustee   Since September
2011		   105   Banco Itaú International
-Chief Executive Officer
(2012–2016)
Bank of America,
U.S. Trust Private Wealth
-President (2007-2008)
U.S. Trust Corp.
-President & CEO
(2005-2007)		   Invitation Homes Inc.
(2023-Present)
Florida Chapter of National
Association of Corporate
Directors
(2021-Present)
Callon Petroleum Company
(2019-Present)
Camden Property Trust
(2011-Present)
New Senior Investment
Group Inc. (REIT) (2021)
Carrizo Oil & Gas, Inc.
(2018-2019)
                     
Thomas K. Whitford
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1956		   Chair and Trustee  

Trustee since January
2013

Chair since January
2023

   105   PNC Financial Services
Group (1983–2013)
-Vice Chairman
(2009-2013)		   HSBC USA Inc.
(2014–2022)
HSBC North America
Holdings Inc.
(2013–2022)

  165 

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Christianna Wood
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1959		   Trustee   Since January 2019   105   Gore Creek
Capital, Ltd.
-Chief Executive Officer
and President
(2009–Present)
Capital Z Asset
Management
-Chief Executive Officer
(2008-2009)
California Public
Employees’ Retirement
System (CalPERS)
-Senior Investment
Officer of Global Equity
(2002-2008)		   The Merger Fund
(2013–2021),
The Merger Fund VL
(2013–2021),
WCM Alternatives: Event-Driven
Fund
(2013–2021),
and WCM Alternatives: Credit
Event Fund (2017–2021)
Grange Insurance
(2013–Present)
H&R Block Corporation
(2008–2022)
International Securities
Exchange
(2010-2018)
Vassar College Trustee
(2006-2018)

166   

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Janet L. Yeomans
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1948		   Trustee   Since April 1999   105   3M Company
(1995-2012)
-Vice President and
Treasurer (2006–2012)		   Temple University Hospital
(2017-Present)
Pennsylvania State System of
Higher Education (2018-Present)
Officers                    
David F. Connor
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1963		   Senior Vice President,
General Counsel, and
Secretary		   Senior Vice President,
since May 2013;
General Counsel
since May 2015;
Secretary since
October 2005		   105   David F. Connor has
served in various
capacities at different
times at Macquarie Asset
Management.		   None5
                     
Daniel V. Geatens
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1972		   Senior Vice President
and Treasurer		   Senior Vice President
and Treasurer since
October 2007		   105   Daniel V. Geatens has
served in various
capacities at different
times at Macquarie Asset
Management.		   None5

  167 

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		   Position(s)
Held with
the Trust		   Length of Time
Served1		   Number of
Funds in Fund
Complex Overseen
by Trustee		   Principal
Occupation(s)
During the
Past Five Years		   Other
Directorships
Held by Trustee
During the
Past Five Years
                     
Richard Salus
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1963		   Senior Vice President
and Chief Financial
Officer		   Senior Vice President
and Chief Financial
Officer since
November 2006		   105   Richard Salus has
served in various
capacities at different
times at Macquarie Asset
Management.		   None

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

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

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

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

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

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


168   

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, 2023

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

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

 

Experience Delaware Funds by Macquarie®

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

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

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

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management reviews 1
Performance summaries 7
Disclosure of Fund expenses 22
Security type / sector / state / territory allocations 25
Schedules of investments 28
Statements of assets and liabilities 68
Statements of operations 70
Statements of changes in net assets 72
Financial highlights 78
Notes to financial statements 96
Report of independent registered public accounting firm 110
Other Fund information 111
Board of trustees and officers addendum 119

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.

Unless otherwise noted, views expressed herein are current as of August 31, 2023, and subject to change for events occurring after such date.

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

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

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

© 2023 Macquarie Management Holdings, Inc.

 


Portfolio management reviews  
Delaware Funds by Macquarie® Minnesota municipal bond funds August 31, 2023 (Unaudited)
Performance preview (for the year ended August 31, 2023)    
Delaware Tax-Free Minnesota Fund (Institutional Class shares) 1-year return -0.64%
Delaware Tax-Free Minnesota Fund (Class A shares) 1-year return -0.89%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Minnesota Fund, please see the table on page 7.

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

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

Please see page 11 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 (Institutional Class shares) 1-year return +0.97%
Delaware Tax-Free Minnesota Intermediate Fund (Class A shares) 1-year return +0.72%
Bloomberg 3–15 Year Blend Municipal Bond Index (benchmark) 1-year return +1.68%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Minnesota Intermediate Fund, please see the table on page 12.

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

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

Please see page 16 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 (Institutional Class shares) 1-year return -0.71%
Delaware Minnesota High-Yield Municipal Bond Fund (Class A shares) 1-year return -1.06%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

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 17.

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

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

Please see page 21 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.

1


Portfolio management reviews

Delaware Funds by Macquarie® Minnesota municipal bond funds

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

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

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

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

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

Economic backdrop in Minnesota

For the 2023 fiscal year, non-farm employment in Minnesota increased 1.9% to 3.0 million. For July 2023, the state reported a preliminary unemployment rate of 3.0%, above the 2.4% rate it reported a year earlier but better than the national average of 3.5%. Minnesota’s general fund net receipts for fiscal 2023 were $30.4 billion, 1.8% above forecast. Meanwhile, net individual income-tax collections for the 2023 fiscal year totaled $15.8 billion, 2.0% above forecast, while net corporate income-tax collections were $2.9 billion, 5.9% greater than

2

anticipated. Net sales and use tax collections for fiscal 2023 totaled $7.4 billion, marginally below forecast. The state’s biennial budget for the 2024 and 2025 fiscal years, which was finalized in May, projects $37.6 billion in general fund spending in fiscal 2024 and $32.0 billion in fiscal 2025.

Municipal bond market conditions

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

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

At the start of the 12-month period, yields on municipal bonds were rising, and bond prices correspondingly falling, amid steady outflows from municipal bond mutual funds. Late in 2022 and into early 2023, however, the backdrop for municipal bonds improved. Inflation eased, and expectations grew that the Fed would begin to slow the pace of interest rate hikes. This led to an improvement in the technical backdrop and a better balance between demand and supply for municipal securities.

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

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

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

Returns by maturity  
1 year 1.83%
3 years 1.12%
5 years 0.98%
10 years 2.01%
22+ years 1.45%
   
Returns by credit rating  
AAA 1.21%
AA 1.62%
A 2.19%
BBB 2.29%
Source: Bloomberg.  

Maintaining our management approach

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

In pursuing our strategy, we typically maintain relatively less exposure to highly rated, lower yielding bonds, as we believe these types of securities provide less value for shareholders. Instead, we generally see better opportunity from lower-rated, higher yielding bonds of issuers with what we believe is solid underlying credit quality.

3


Portfolio management reviews

Delaware Funds by Macquarie® Minnesota municipal bond funds

For these three Funds, however, we note that the unique characteristics of Minnesota’s municipal bond market can sometimes make it challenging to identify as many of the lower-rated, higher yielding bonds we typically favor for investment. The reason is that municipal bond issuance in Minnesota tends to feature a greater concentration of state and local general obligation issues with relatively high credit ratings. Accordingly, our approach with these Funds is to purchase bonds that we view as having the most attractive opportunities at any given time, while we monitor supply in the new-issue and secondary municipal bond markets in search of suitable lower-rated bonds that have the potential to satisfy our management objectives.

Following this approach, in both Delaware Tax-Free Minnesota Fund and Delaware Tax-Free Minnesota Intermediate Fund, we continued to prioritize bonds with lower-investment-grade credit ratings (A and BBB), while we maintained a portion of each Fund’s portfolio in high yield tax-exempt debt (bonds rated below BBB-).

At the end of the Funds’ fiscal year on August 31, 2023, approximately 35% of Delaware Tax-Free Minnesota Fund’s net assets were invested in bonds rated A and BBB. About 33% of the net assets of Delaware Tax-Free Minnesota Intermediate Fund were invested in these same credit tiers. Both Funds also maintained meaningful allocations to high yield municipal bonds. By prospectus, each Fund may hold up to 20% of its net assets in high yield debt.

Consistent with its mandate, Delaware Minnesota High-Yield Municipal Bond Fund maintained the largest high yield exposure of the three Funds. As of August 31, 2023, about 38% of its portfolio was held in bonds with credit ratings below BBB-, including non-rated bonds.

Responding to market conditions

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

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

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

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

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downside to higher-coupon issues but better upside opportunity.

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

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

Individual performance effects

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

For example, Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund all benefited from our holdings in senior housing bonds for Apple Valley, Minn. These non-rated securities, which offered relatively high yields and had final maturity dates ranging from 2032 to 2052, benefited from perceived improvements in the issuer’s underlying financial position. Also, the securities, which came into the fiscal year at a relatively low price, regained a portion of their previously lost value amid a market downturn. These bonds, regardless of the specific issue we owned in the Funds, all gained more than 8% for the fiscal year.

Another senior-housing bond investment, the Walker Methodist – Westwood Ridge senior housing facility in West St. Paul, Minn., further boosted the performance of Delaware Tax-Free Minnesota Intermediate Fund. These non-rated securities gained close to 6% for the fiscal year.

An investment in Minnesota Office of Higher Education student loan bonds, which gained more than 9%, also added to performance in Delaware Tax-Free Minnesota Fund. These AA-rated bonds with a 2038 maturity date benefited from the combination of their relatively low dollar price and higher duration, both of which proved to be in-demand characteristics this reporting period.

Meanwhile, the performance of Delaware Tax-Free Minnesota Intermediate Fund was boosted by a position in zero-coupon Puerto Rico dedicated-tax bonds, which recovered off a low valuation coming into the reporting period and gained about 6% during the fiscal year. Additionally, in Delaware Minnesota High-Yield Municipal Bond Fund, bonds for Riverton Community Student Housing outperformed, gaining roughly 4% as a result of the securities’ relatively high coupon and favorable positioning on the yield curve.

In contrast, Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund both saw negative performance from tax-exempt bonds issued by the Puerto Rico Electric Power Authority, often referred to as PREPA. These bonds, which declined more than 65% for the 12-month period, lost significant value when PREPA, which is going through a restructuring,

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Portfolio management reviews

Delaware Funds by Macquarie® Minnesota municipal bond funds

received an unfavorable ruling in bankruptcy court over the summer, which dragged down the securities’ prices.

Bonds for RiverView Health, a Crookston, Minn., hospital system, also weighed on the performance of all three Funds. These non-rated securities declined more than 18% for Delaware Tax-Free Minnesota Fund and Delaware Minnesota High-Yield Municipal Bond Fund, and, owing to their shorter final maturity, declined roughly 13% for Delaware Tax-Free Minnesota Intermediate Fund. Concerns about the issuer’s credit quality lay behind the securities’ subpar performance for the fiscal year.

An investment in the debt of The Lakes at Stillwater, a senior housing community in Bethel, Minn., was another performance challenge for these three Funds. Investors’ concerns about occupancy rates at the facility hampered the performance of these bonds, which declined between 9% and 14% during the Funds’ fiscal year.

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Performance summaries  
Delaware Tax-Free Minnesota Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. February 27, 1984)        
Excluding sales charge -0.89% +0.55% +2.16% —
Including sales charge -5.39% -0.37% +1.70% —
Class C (Est. May 4, 1994)        
Excluding sales charge -1.71% -0.21% +1.39% —
Including sales charge -2.67% -0.21% +1.39% —
Institutional Class (Est. December 31, 2013)      
Excluding sales charge -0.64% +0.80% — +2.26%
Including sales charge -0.64% +0.80% — +2.26%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 9. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

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Performance summaries

Delaware Tax-Free Minnesota Fund

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.93% 1.68% 0.68%
Net expenses (including fee waivers, if any) 0.84% 1.59% 0.59%
       
Type of waiver Contractual Contractual Contractual

 

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Performance summaries

Delaware Tax-Free Minnesota Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free Minnesota Fund - Class A shares  $9,550   $11,832 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $12,874 
Delaware Tax-Free Minnesota Fund - Institutional Class shares  $10,000   $12,413 

 

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1The “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, 2013, 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, 2013.

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 9. Please note additional details on pages 7 through 11.

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

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

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

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

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

 

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Performance summaries  
Delaware Tax-Free Minnesota Intermediate Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. October 27, 1985)        
Excluding sales charge +0.72% +0.59% +1.81% —
Including sales charge -2.01% +0.03% +1.52% —
Class C (Est. May 4, 1994)        
Excluding sales charge -0.03% -0.22% +0.97% —
Including sales charge -1.01% -0.22% +0.97% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge +0.97% +0.76% — +1.83%
Including sales charge +0.97% +0.76% — +1.83%
Bloomberg 3–15 Year Blend Municipal Bond Index +1.68% +1.65% +2.54% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 14. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

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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.

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

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

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

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

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Performance summaries

Delaware Tax-Free Minnesota Intermediate Fund

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 1.01% 1.76% 0.76%
Net expenses (including fee waivers, if any) 0.81% 1.56% 0.56%
       
Type of waiver Contractual Contractual Contractual

 

14

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg 3–15 Year Blend Municipal Bond Index  $10,000   $12,847 
Delaware Tax-Free Minnesota Intermediate Fund - Class A shares  $9,725   $11,631 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Bloomberg 3–15 Year Blend Municipal Bond Index  $10,000   $12,570 
Delaware Tax-Free Minnesota Intermediate Fund - Institutional Class shares  $10,000   $11,917 

 

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Performance summaries

Delaware Tax-Free Minnesota Intermediate Fund

1The “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, 2013, 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, 2013.

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 3-15 Year Blend 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 14. Please note additional details on pages 12 through 16.

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.

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

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

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

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

 

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Performance summaries  
Delaware Minnesota High-Yield Municipal Bond Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. June 4, 1996)        
Excluding sales charge -1.06% +0.82% +2.50% —
Including sales charge -5.47% -0.10% +2.03% —
Class C (Est. June 7, 1996)        
Excluding sales charge -1.79% +0.07% +1.74% —
Including sales charge -2.75% +0.07% +1.74% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge -0.71% +1.07% — +2.63%
Including sales charge -0.71% +1.07% — +2.63%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 19. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

17

Performance summaries

Delaware Minnesota High-Yield Municipal Bond Fund

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.98% 1.73% 0.73%
Net expenses (including fee waivers, if any) 0.86% 1.61% 0.61%
       
Type of waiver Contractual Contractual Contractual

 

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Performance summaries

Delaware Minnesota High-Yield Municipal Bond Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Minnesota High-Yield Municipal Bond Fund - Class A shares  $9,550   $12,230 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $12,874 
Delaware Minnesota High-Yield Municipal Bond Fund - Institutional Class shares  $10,000   $12,852 

 

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1The “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, 2013, 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, 2013.

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 19. Please note additional details on pages 17 through 21.

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

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

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

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

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

 

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Disclosure of Fund expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2023 to August 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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Delaware Tax-Free Minnesota Fund

Expense analysis of an investment of $1,000

   Beginning  Ending     Expenses
   Account Value  Account Value  Annualized  Paid During Period
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,001.00   0.84%  $4.24 
Class C   1,000.00    996.40   1.59%   8.00 
Institutional Class   1,000.00    1,002.30   0.59%   2.98 
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 Minnesota Intermediate Fund

Expense analysis of an investment of $1,000

   Beginning  Ending     Expenses
   Account Value  Account Value  Annualized  Paid During Period
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,008.40   0.81%  $4.10 
Class C   1,000.00    1,004.70   1.56%   7.88 
Institutional Class   1,000.00    1,008.70   0.56%   2.84 
Hypothetical 5% return (5% return before expenses)         
Class A  $1,000.00   $1,021.12   0.81%  $4.13 
Class C   1,000.00    1,017.34   1.56%   7.93 
Institutional Class   1,000.00    1,022.38   0.56%   2.85 

 

23

Disclosure of Fund expenses

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

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
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,003.90   0.86%  $4.34 
Class C   1,000.00    1,000.10   1.61%   8.12 
Institutional Class   1,000.00    1,005.10   0.61%   3.08 
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 

*“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.

24

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 99.02%  
Education Revenue Bonds 22.79%  
Electric Revenue Bonds 7.29%  
Healthcare Revenue Bonds 32.86%  
Housing Revenue Bonds 1.34%  
Industrial Development Revenue/Pollution Control Revenue Bonds 2.52%  
Lease Revenue Bonds 1.32%  
Local General Obligation Bonds 16.07%  
Pre-Refunded/Escrowed to Maturity Bonds 1.16%  
Special Tax Revenue Bonds 3.09%  
State General Obligation Bonds 3.86%  
Transportation Revenue Bonds 5.38%  
Water & Sewer Revenue Bonds 1.34%  
Total Value of Securities 99.02%  
Receivables and Other Assets Net of Liabilities 0.98%  
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
Minnesota 95.98%  
Puerto Rico 3.04%  
Total Value of Securities 99.02%  

 

25

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.01%  
Education Revenue Bonds 16.14%  
Electric Revenue Bonds 6.60%  
Healthcare Revenue Bonds 36.37%  
Housing Revenue Bonds 1.24%  
Industrial Development Revenue/Pollution Control Revenue Bond 2.02%  
Lease Revenue Bonds 1.05%  
Local General Obligation Bonds 20.45%  
Pre-Refunded/Escrowed to Maturity Bonds 0.45%  
Special Tax Revenue Bonds 2.89%  
State General Obligation Bonds 5.20%  
Transportation Revenue Bonds 3.80%  
Water & Sewer Revenue Bonds 1.80%  
Total Value of Securities 98.01%  
Receivables and Other Assets Net of Liabilities 1.99%  
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
Minnesota 95.35%  
Puerto Rico 2.66%  
Total Value of Securities 98.01%  

 

26

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 99.20%  
Education Revenue Bonds 29.22%  
Electric Revenue Bonds 2.47%  
Healthcare Revenue Bonds 40.89%  
Housing Revenue Bonds 2.10%  
Industrial Development Revenue/Pollution Control Revenue Bonds 3.07%  
Lease Revenue Bonds 1.61%  
Local General Obligation Bonds 8.45%  
Pre-Refunded/Escrowed to Maturity Bonds 0.24%  
Special Tax Revenue Bonds 3.82%  
State General Obligation Bonds 2.11%  
Transportation Revenue Bonds 4.23%  
Water & Sewer Revenue Bonds 0.99%  
Short-Term Investments 0.10%  
Total Value of Securities 99.30%  
Receivables and Other Assets Net of Liabilities 0.70%  
Total Net Assets 100.00%  

*As of the date of this report, Delaware 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 95.76%  
Puerto Rico 3.44%  
Total Value of Securities 99.20%  

 

27

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 99.02%          
Education Revenue Bonds — 22.79%          
Bethel, Minnesota Charter School Lease Revenue          
(Spectrum High School Project)          
Series A 4.25% 7/1/47   1,550,000   $1,198,584 
Series A 4.375% 7/1/52   1,250,000    950,712 
Brooklyn Park, Minnesota Charter School Lease Revenue          
(Prairie Seeds Academy Project)          
Series A 5.00% 3/1/34   2,120,000    1,980,186 
Series A 5.00% 3/1/39   385,000    345,434 
Cologne, Minnesota Charter School Lease Revenue          
(Cologne Academy Project)          
Series A 5.00% 7/1/45   1,705,000    1,539,172 
Deephaven, Minnesota Charter School Revenue          
(Eagle Ridge Academy Project)          
Series A 5.25% 7/1/37   590,000    585,947 
Series A 5.25% 7/1/40   500,000    490,360 
Series A 5.50% 7/1/50   2,000,000    1,966,760 
Duluth Housing & Redevelopment Authority Revenue          
(Duluth Public Schools Academy Project)          
Series A 5.00% 11/1/48   3,355,000    2,917,978 
Duluth Independent School District No. 709 Revenue          
Series B 5.00% 2/1/28   350,000    373,257 
Forest Lake, Minnesota Charter School Revenue          
(Lakes International Language Academy Project)          
Series A 5.25% 8/1/43   400,000    384,228 
Series A 5.375% 8/1/50   2,290,000    2,161,050 
Series A 5.50% 8/1/36   580,000    582,807 
Series A 5.75% 8/1/44   1,895,000    1,900,174 
Ham Lake, Minnesota Charter School Lease Revenue          
(DaVinci Academy Project)          
Series A 5.00% 7/1/36   765,000    735,517 
Series A 5.00% 7/1/47   2,290,000    2,019,917 
Hugo, Minnesota Charter School Lease Revenue          
(Noble Academy Project)          
Series A 5.00% 7/1/44   2,545,000    2,294,801 
Minneapolis, Minnesota Charter School Lease Revenue          
(Cyber Village Academy Project)          
Series A 5.25% 6/1/42   750,000    702,352 
Series A 5.50% 6/1/57   500,000    465,995 
(Hiawatha Academies Project)          
Series A 144A 5.00% 7/1/32 #   300,000    293,700 
Series A 144A 5.375% 7/1/42 #   880,000    815,575 

 

28

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Minneapolis, Minnesota Charter School Lease Revenue          
(Hiawatha Academies Project)          
Series A 144A 5.50% 7/1/52 #   1,440,000   $1,298,146 
Series A 144A 5.50% 7/1/57 #   1,120,000    997,965 
Minneapolis, Minnesota Student Housing Revenue          
(Riverton Community Housing Project)          
5.25% 8/1/39   675,000    676,262 
5.50% 8/1/49   3,250,000    3,254,615 
Minnesota Higher Education Facilities Authority Revenue          
(Bethel University)          
5.00% 5/1/37   1,500,000    1,427,130 
(Carleton College)          
4.00% 3/1/35   1,000,000    1,011,200 
4.00% 3/1/36   415,000    417,449 
4.00% 3/1/47   3,500,000    3,293,745 
5.00% 3/1/44   1,275,000    1,315,111 
5.00% 3/1/53   2,000,000    2,125,620 
(College of St. Benedict)          
Series 8-K 4.00% 3/1/43   1,000,000    873,510 
(College of St. Scholastica)          
4.00% 12/1/29   280,000    274,540 
4.00% 12/1/30   290,000    283,139 
4.00% 12/1/33   500,000    479,645 
4.00% 12/1/34   500,000    475,175 
4.00% 12/1/40   1,200,000    1,042,536 
(Gustavus Adolphus College)          
5.00% 10/1/47   6,850,000    6,922,747 
(Macalester College)          
4.00% 3/1/42   500,000    486,020 
(St. Catherine University)          
5.00% 10/1/52   2,000,000    1,949,760 
Series A 4.00% 10/1/36   925,000    880,498 
Series A 5.00% 10/1/32   715,000    753,131 
Series A 5.00% 10/1/35   875,000    905,922 
Series A 5.00% 10/1/45   2,905,000    2,895,036 
(St. John's University)          
Series 8-I 5.00% 10/1/32   500,000    514,195 
Series 8-I 5.00% 10/1/33   250,000    257,098 
(St. Olaf College)          
3.00% 10/1/38   1,000,000    807,060 
4.00% 10/1/46   565,000    523,535 
4.00% 10/1/50   700,000    638,078 

 

29

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Minnesota Higher Education Facilities Authority Revenue          
(St. Olaf College)          
Series 8-G 5.00% 12/1/31   670,000   $688,036 
Series 8-G 5.00% 12/1/32   670,000    687,889 
Series 8-N 4.00% 10/1/35   500,000    496,730 
(Trustees of the Hamline University)          
Series B 5.00% 10/1/37   955,000    960,539 
Series B 5.00% 10/1/38   1,000,000    1,003,770 
Series B 5.00% 10/1/39   940,000    941,814 
Series B 5.00% 10/1/40   625,000    625,194 
Series B 5.00% 10/1/47   1,060,000    1,038,556 
(University of St. Thomas)          
4.00% 10/1/36   1,450,000    1,435,239 
4.00% 10/1/37   750,000    726,915 
4.00% 10/1/44   1,800,000    1,633,878 
5.00% 10/1/40   2,395,000    2,471,903 
Series 8-L 5.00% 4/1/35   1,250,000    1,297,437 
Series A 4.00% 10/1/34   400,000    404,356 
Series A 4.00% 10/1/36   500,000    494,910 
Series A 5.00% 10/1/35   1,720,000    1,847,934 
Minnesota Office of Higher Education Revenue          
(Senior Supplemental Student Loan Program)          
2.65% 11/1/38 (AMT)   645,000    579,694 
4.00% 11/1/42 (AMT)   1,300,000    1,192,009 
Minnesota State Colleges & Universities Revenue          
Series A 5.00% 10/1/26   4,990,000    5,239,749 
Otsego, Minnesota Charter School Lease Revenue          
(Kaleidoscope Charter School)          
Series A 5.00% 9/1/34   520,000    490,568 
Series A 5.00% 9/1/44   1,565,000    1,349,453 
St. Cloud, Minnesota Charter School Lease Revenue          
(Stride Academy Project)          
Series A 5.00% 4/1/46   875,000    635,635 
St. Paul Housing & Redevelopment Authority Charter          
School Lease Revenue          
(Twin Cities Academy Project)          
Series A 5.30% 7/1/45   1,440,000    1,329,624 
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue          
(Academia Cesar Chavez School Project)          
Series A 5.25% 7/1/50   2,770,000    2,281,483 

 

30

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Education Revenue Bonds (continued)          
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue          
(Great River School Project)          
Series A 144A 5.50% 7/1/52 #   735,000   $701,263 
(Hmong College Preparatory Academy Project)          
Series A 5.00% 9/1/55   1,000,000    857,520 
Series A 5.75% 9/1/46   1,000,000    991,180 
(Nova Classical Academy Project)          
Series A 4.125% 9/1/47   1,750,000    1,369,025 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Hmong College Preparatory Academy Project)          
Series A 5.00% 9/1/40   375,000    347,824 
University of Minnesota Revenue          
Series A 5.00% 4/1/34   2,115,000    2,203,915 
Series A 5.00% 9/1/34   1,125,000    1,202,287 
Series A 5.00% 4/1/35   3,175,000    3,299,714 
Series A 5.00% 4/1/36   1,650,000    1,709,053 
Series A 5.00% 4/1/37   1,125,000    1,161,619 
Series A 5.00% 11/1/39   2,000,000    2,176,280 
Series A 5.00% 4/1/41   1,100,000    1,127,379 
Series A 5.00% 9/1/41   750,000    779,678 
Series A 5.00% 9/1/42   1,000,000    1,038,020 
Woodbury, Minnesota Revenue          
(Woodbury Leadership Academy Project)          
Series A 4.00% 7/1/51   1,500,000    1,068,045 
         111,369,491 
Electric Revenue Bonds — 7.29%          
Chaska, Minnesota Electric Revenue          
(Generating Facilities)          
Series A 5.00% 10/1/30   1,150,000    1,186,259 
Minnesota Municipal Power Agency Electric Revenue          
4.00% 10/1/41   1,000,000    972,010 
5.00% 10/1/29   395,000    401,387 
5.00% 10/1/30   500,000    507,980 
5.00% 10/1/33   1,205,000    1,221,942 
5.00% 10/1/47   2,000,000    2,053,860 
Series A 5.00% 10/1/30   1,060,000    1,076,918 
Series A 5.00% 10/1/34   750,000    760,545 
Series A 5.00% 10/1/35   1,525,000    1,545,954 

 

31

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Electric Revenue Bonds (continued)          
Northern Municipal Power Agency Electric System Revenue          
5.00% 1/1/29   585,000   $605,650 
5.00% 1/1/41   400,000    408,416 
Series A 5.00% 1/1/26   425,000    425,468 
Series A 5.00% 1/1/31   520,000    520,515 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   430,000    118,250 
Series AAA 5.25% 7/1/25 ‡   250,000    68,750 
Series CCC 5.25% 7/1/27 ‡   1,875,000    515,625 
Series WW 5.00% 7/1/28 ‡   1,775,000    488,125 
Series WW 5.25% 7/1/33 ‡   1,250,000    343,750 
Series XX 4.75% 7/1/26 ‡   260,000    71,500 
Series XX 5.25% 7/1/40 ‡   750,000    206,250 
Series XX 5.75% 7/1/36 ‡   925,000    254,375 
Series ZZ 4.75% 7/1/27 ‡   210,000    57,750 
Series ZZ 5.25% 7/1/24 ‡   350,000    96,250 
Rochester, Minnesota Electric Utility Revenue          
Series A 5.00% 12/1/42   1,395,000    1,430,586 
Series A 5.00% 12/1/47   2,265,000    2,314,513 
Southern Minnesota Municipal Power Agency Revenue          
Series A 5.00% 1/1/41   1,310,000    1,340,051 
Series A 5.00% 1/1/42   1,500,000    1,584,570 
Series A 5.00% 1/1/46   2,000,000    2,033,880 
Series A 5.00% 1/1/47   3,130,000    3,265,404 
(Capital Appreciation)          
Series A 4.965% 1/1/25 (NATL) ^   5,000,000    4,760,500 
St. Paul Housing & Redevelopment Authority Revenue          
Series A 4.00% 10/1/31   885,000    899,638 
Series A 4.00% 10/1/33   365,000    369,289 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
Series A 4.00% 10/1/30   1,235,000    1,261,466 
Western Minnesota Municipal Power Agency Supply Revenue          
Series A 5.00% 1/1/30   1,000,000    1,112,040 
(Red Rock Hydroelectric Project)          
Series A 5.00% 1/1/49   1,300,000    1,349,751 
         35,629,217 

 

32

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds — 32.86%          
Anoka, Minnesota Healthcare & Housing Facilities Revenue          
(The Homestead at Anoka Project)          
5.375% 11/1/34   320,000   $301,888 
5.125% 11/1/49   1,100,000    895,543 
Apple Valley, Minnesota Senior Housing Revenue          
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)          
4.00% 9/1/51   500,000    377,825 
4.00% 9/1/61   500,000    357,815 
(PHS Senior Housing, Inc. Orchard Path Project)          
4.50% 9/1/53   500,000    421,795 
5.00% 9/1/58   4,825,000    4,362,379 
Apple Valley, Minnesota Senior Living Revenue          
(Senior Living LLC Project)          
2nd Tier Series B 5.00% 1/1/47   1,640,000    994,693 
2nd Tier Series B 5.25% 1/1/37   480,000    353,246 
4th Tier Series D 7.00% 1/1/37   1,585,000    1,118,424 
4th Tier Series D 7.25% 1/1/52   2,580,000    1,654,451 
Bethel, Minnesota Housing & Health Care Facilities Revenue          
(Benedictine Health System – St. Peter Communities Project)          
Series A 5.50% 12/1/48   2,350,000    1,890,222 
Bethel, Minnesota Senior Housing Revenue          
(The Lodge at the Lakes at Stillwater Project)          
5.00% 6/1/38   450,000    376,767 
5.00% 6/1/48   1,000,000    751,140 
5.00% 6/1/53   2,450,000    1,785,462 
Center City, Minnesota Health Care Facilities Revenue          
(Hazelden Betty Ford Foundation Project)          
4.00% 11/1/34   500,000    473,605 
4.00% 11/1/41   2,000,000    1,765,240 
4.50% 11/1/34   1,700,000    1,691,058 
5.00% 11/1/24   600,000    606,204 
5.00% 11/1/26   500,000    504,325 
Chatfield, Minnesota Healthcare & Housing Facilities Revenue          
(Chosen Valley Care Center Project)          
5.00% 9/1/44   500,000    409,310 

 

33

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Crookston, Minnesota Health Care Facilities Revenue          
(Riverview Health Project)          
5.00% 5/1/38   100,000   $80,738 
5.00% 5/1/44   1,500,000    1,142,565 
5.00% 5/1/51   1,585,000    1,148,364 
Dakota County Community Development Agency Senior Housing Revenue          
(Walker Highview Hills Project)          
Series A 144A 5.00% 8/1/36 #   280,000    276,839 
Series A 144A 5.00% 8/1/46 #   1,500,000    1,368,330 
Series A 144A 5.00% 8/1/51 #   880,000    784,300 
Deephaven, Minnesota Housing & Healthcare Facility Revenue          
(St. Therese Senior Living Project)          
Series A 5.00% 4/1/38   730,000    629,684 
Series A 5.00% 4/1/40   705,000    596,726 
Series A 5.00% 4/1/48   315,000    249,612 
Duluth Economic Development Authority Revenue          
(Benedictine Health System)          
Series A 4.00% 7/1/31   1,125,000    1,028,205 
(Essentia Health Obligated Group)          
Series A 4.25% 2/15/43   3,300,000    3,063,555 
Series A 5.00% 2/15/53   2,850,000    2,839,654 
Series A 5.00% 2/15/58   14,350,000    14,301,784 
Series A 5.25% 2/15/58   7,250,000    7,272,402 
(St. Luke’s Hospital of Duluth Obligated Group)          
Series A 3.00% 6/15/44   850,000    568,080 
Series A 4.00% 6/15/34   215,000    204,934 
Series A 4.00% 6/15/36   990,000    911,463 
Series A 4.00% 6/15/37   380,000    341,472 
Series A 4.00% 6/15/38   150,000    131,798 
Series A 4.00% 6/15/39   150,000    130,043 
Series B 5.25% 6/15/52   500,000    489,235 
Glencoe, Minnesota Health Care Facilities Revenue          
(Glencoe Regional Health Services Project)          
4.00% 4/1/24   500,000    499,335 
4.00% 4/1/25   660,000    650,740 
4.00% 4/1/31   60,000    58,170 
Hayward, Minnesota Health Care Facilities Revenue          
(American Baptist Homes Midwest Obligated Group)          
5.375% 8/1/34   660,000    582,305 

 

34

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Hayward, Minnesota Health Care Facilities Revenue          
(American Baptist Homes Midwest Obligated Group)          
5.75% 2/1/44   500,000   $411,060 
(St. John's Lutheran Home of Albert Lea Project)          
Series A 5.375% 10/1/44 ‡   400,000    244,000 
Maple Grove, Minnesota Health Care Facilities Revenue          
(Maple Grove Hospital Corporation)          
4.00% 5/1/37   2,000,000    1,822,040 
5.00% 5/1/27   1,400,000    1,445,654 
5.00% 5/1/29   1,000,000    1,032,060 
5.00% 5/1/30   850,000    877,625 
5.00% 5/1/31   500,000    515,660 
5.00% 5/1/32   825,000    847,795 
(North Memorial Health Care)          
4.00% 9/1/35   350,000    326,151 
5.00% 9/1/31   1,000,000    1,017,730 
5.00% 9/1/32   1,000,000    1,015,450 
Maple Plain, Minnesota Senior Housing & Health Care Revenue          
(Haven Homes Project)          
5.00% 7/1/54   3,500,000    2,773,505 
Minneapolis, Minnesota Senior Housing & Healthcare Revenue          
(Ecumen-Abiitan Mill City Project)          
5.00% 11/1/35   500,000    452,430 
5.25% 11/1/45   1,950,000    1,698,664 
5.375% 11/1/50   655,000    571,265 
Minneapolis. Minnesota Health Care System Revenue          
(Allina Health System)          
4.00% 11/15/40   4,500,000    4,264,245 
(Fairview Health Services)          
Series A 4.00% 11/15/48   6,790,000    5,669,379 
Series A 5.00% 11/15/33   500,000    510,395 
Series A 5.00% 11/15/34   500,000    510,025 
Series A 5.00% 11/15/35   1,500,000    1,551,435 
Series A 5.00% 11/15/44   1,000,000    1,004,610 
Series A 5.00% 11/15/49   6,115,000    6,143,190 
Minneapolis – St. Paul, Minnesota Housing & Redevelopment Authority Health Care Revenue          
(Allina Health System)          
Series A 5.00% 11/15/28   1,550,000    1,634,459 

 

35

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Rochester, Minnesota Health Care Facilities Revenue          
(Mayo Clinic)          
4.00% 11/15/39   9,350,000   $9,311,665 
5.00% 11/15/57   7,250,000    7,631,350 
Series B 5.00% 11/15/36   1,950,000    2,270,911 
(The Homestead at Rochester Project)          
Series A 6.875% 12/1/48   3,230,000    3,167,015 
Sartell, Minnesota Health Care & Housing Facilities Revenue          
(Country Manor Campus LLC Project)          
5.30% 9/1/37   1,200,000    1,137,528 
Series A 5.00% 9/1/35   250,000    235,360 
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue          
(Good Shepherd Lutheran Home)          
5.125% 1/1/39   1,375,000    1,149,679 
Shakopee, Minnesota Health Care Facilities Revenue          
(St. Francis Regional Medical Center)          
4.00% 9/1/31   915,000    904,972 
5.00% 9/1/24   575,000    581,014 
5.00% 9/1/25   750,000    757,342 
5.00% 9/1/26   575,000    580,894 
5.00% 9/1/27   405,000    409,184 
5.00% 9/1/28   425,000    429,275 
5.00% 9/1/29   425,000    429,106 
5.00% 9/1/34   730,000    734,650 
St. Cloud, Minnesota Health Care Revenue          
(Centracare Health System Project)          
4.00% 5/1/49   6,315,000    5,711,097 
Series A 4.00% 5/1/37   1,765,000    1,719,392 
Series A 5.00% 5/1/46   5,275,000    5,314,510 
St. Paul Housing & Redevelopment Authority Multifamily Housing Revenue          
(Marian Center Project)          
Series A 5.30% 11/1/30   475,000    455,577 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Amherst H. Wilder Foundation Project)          
Series A 5.00% 12/1/30   300,000    302,514 
Series A 5.00% 12/1/36   750,000    735,713 
(Fairview Health Services)          
Series A 4.00% 11/15/43   2,450,000    2,158,989 

 

36

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Fairview Health Services)          
Series A 5.00% 11/15/47   2,240,000   $2,251,827 
(HealthPartners Obligated Group Project)          
Series A 5.00% 7/1/30   2,200,000    2,241,492 
Series A 5.00% 7/1/33   4,760,000    4,841,491 
(Marian Center Project)          
Series A 5.375% 5/1/43   500,000    426,690 
St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue          
(Episcopal Homes Project)          
5.125% 5/1/48   4,000,000    3,232,200 
Wayzata, Minnesota Senior Housing Revenue          
(Folkestone Senior Living Community)          
3.75% 8/1/36   500,000    436,295 
4.00% 8/1/44   800,000    651,960 
5.00% 8/1/49   1,000,000    927,430 
West St. Paul, Minnesota Housing & Health Care Facilities Revenue          
(Walker Westwood Ridge Campus Project)          
4.50% 11/1/40   250,000    221,683 
4.75% 11/1/52   750,000    641,670 
Woodbury, Minnesota Housing & Redevelopment Authority Revenue          
(St. Therese of Woodbury)          
5.125% 12/1/44   2,105,000    1,821,751 
         160,602,778 
Housing Revenue Bonds — 1.34%          
Minnesota Housing Finance Agency Revenue          
Series D 5.50% 7/1/53   1,990,000    2,090,893 
Series F 4.50% 1/1/43   1,405,000    1,380,258 
Series I 2.00% 7/1/40   630,000    466,351 
Series I 2.20% 1/1/51   1,195,000    844,363 
Northwest Multi-County Housing & Redevelopment Authority Revenue          
(Pooled Housing Program)          
5.50% 7/1/45   1,890,000    1,784,444 
         6,566,309 

 

37

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 2.52%          
Cottonwood Revenue, Minnesota          
(Extreme Holdings LLC Project)          
Series A 144A 5.00% 12/1/50 (AMT) #   1,000,000   $733,210 
Minnesota Municipal Gas Agency Revenue          
(Subordinate)          
Series A 4.00% 12/1/52 •   2,000,000    1,975,520 
Sub-Series A 4.00% 12/1/27   1,300,000    1,288,651 
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue          
(Gerdau St. Paul Steel Mill Project)          
Series 7 144A 4.50% 10/1/37 (AMT) #   8,665,000    8,298,211 
         12,295,592 
Lease Revenue Bonds — 1.32%          
Hibbing Independent School District No. 701 Revenue          
Series A 3.00% 3/1/41   1,250,000    993,862 
Minnesota Housing Finance Agency Revenue          
(State Appropriation Housing Infrastructure)          
Series A 4.00% 8/1/33   655,000    673,170 
Series C 5.00% 8/1/34   1,565,000    1,580,791 
Series C 5.00% 8/1/35   1,645,000    1,659,706 
New London Economic Development Authority Revenue          
(SWWC Service Cooperative Lease with Option to          
Purchase Project)          
4.50% 2/1/33   345,000    341,077 
5.125% 2/1/43   1,250,000    1,223,613 
         6,472,219 
Local General Obligation Bonds — 16.07%          
Anoka-Hennepin Independent School District No. 11          
(Minnesota School District Credit Enhancement Program)          
Series A 3.00% 2/1/43   750,000    614,355 
Series A 3.00% 2/1/45   2,600,000    2,079,116 
Brainerd, Minnesota Independent School District No. 181          
(School Building)          
Series A 4.00% 2/1/38   1,500,000    1,504,035 
Series A 4.00% 2/1/42   3,500,000    3,417,715 
Cass Lake-Bena Independent School District No. 115          
(Minnesota School District Credit Enhancement Program)          
Series A 4.00% 2/1/41   915,000    899,317 

 

38

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Local General Obligation Bonds (continued)          
Cass Lake-Bena Independent School District No. 115          
(Minnesota School District Credit Enhancement Program)          
Series A 4.00% 2/1/42   2,260,000   $2,215,410 
Series A 4.00% 2/1/43   1,925,000    1,874,026 
Corcoran, Minnesota          
Series A 4.00% 2/1/53 (BAM)   2,000,000    1,836,540 
Dilworth Glyndon Felton Independent School District No. 2164          
Series A 3.00% 2/1/37   1,000,000    893,310 
Series A 3.00% 2/1/41   1,000,000    830,840 
Duluth, Minnesota          
(DECC Improvement)          
Series A 5.00% 2/1/33   3,585,000    3,695,310 
Series A 5.00% 2/1/34   1,000,000    1,029,140 
Elk River Independent School District No. 728          
Series A 3.00% 2/1/40   1,555,000    1,305,174 
Gibbon, Minnesota Independent School District No. 2365          
Series A 4.125% 2/1/52   1,000,000    955,530 
Series A 5.00% 2/1/48   1,850,000    1,943,684 
Hennepin County, Minnesota          
Series A 5.00% 12/1/36   700,000    733,320 
Series A 5.00% 12/1/37   2,850,000    3,032,628 
Series A 5.00% 12/1/38   3,310,000    3,515,716 
Series B 5.00% 12/1/30   1,000,000    1,056,090 
Series C 5.00% 12/1/28   1,500,000    1,654,365 
Series C 5.00% 12/15/38   3,000,000    3,263,100 
Maple Grove, Minnesota          
Series A 4.00% 2/1/35   1,000,000    1,038,600 
Metropolitan Council General Obligation Wastewater          
(Minneapolis-St. Paul Metropolitan Area)          
Series C 4.00% 3/1/43   1,250,000    1,217,312 
Minneapolis Special School District No. 1          
(School Building)          
Series B 4.00% 2/1/39   600,000    597,486 
Minneapolis, Minnesota          
(Green Bonds)          
3.00% 12/1/37   3,075,000    2,669,869 
3.00% 12/1/38   2,975,000    2,554,722 
3.00% 12/1/40   1,875,000    1,564,706 
3.00% 12/1/42   3,400,000    2,756,652 

 

39

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Local General Obligation Bonds (continued)          
Mounds View, Minnesota Independent School District No. 621          
Series A 4.00% 2/1/39   1,850,000   $1,858,417 
(Minnesota School District Credit Enhancement Program)          
Series A 4.00% 2/1/43   3,000,000    2,947,950 
Mountain Iron-Buhl Independent School District No. 712          
(School Building)          
Series A 4.00% 2/1/26   1,315,000    1,326,730 
Ramsey County, Minnesota          
Series B 4.00% 2/1/42   1,000,000    977,220 
Redwood Area Schools Independent School District No. 2897          
4.00% 2/1/42   2,210,000    2,160,827 
4.00% 2/1/43   1,130,000    1,103,016 
Rice County, Minnesota          
Series A 5.00% 2/1/44   3,865,000    4,218,841 
Rosemount, Minnesota          
Series A 4.00% 2/1/53   3,755,000    3,500,824 
Rosemount-Apple Valley-Eagan Independent School District No. 196          
Series A 4.00% 2/1/44   2,590,000    2,522,505 
St. Michael-Albertville Independent School District No. 885          
(School Building)          
Series A 5.00% 2/1/27   1,865,000    1,933,278 
Virginia Independent School District No. 706          
Series A 3.00% 2/1/40   2,000,000    1,669,300 
White Bear Lake Independent School District No. 624          
Series A 3.00% 2/1/42   4,400,000    3,569,236 
         78,536,212 
Pre-Refunded/Escrowed to Maturity Bonds — 1.16%          
St. Paul Housing & Redevelopment Authority Hospital Facility Revenue          
(Healtheast Care System Project)          
Series A 5.00% 11/15/29-25 §   910,000    942,150 
Series A 5.00% 11/15/30-25 §   670,000    693,671 
Western Minnesota Municipal Power Agency Supply Revenue          
Series A 5.00% 1/1/34-24 §   1,000,000    1,005,310 

 

40

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Pre-Refunded/Escrowed to Maturity Bonds (continued)          
Western Minnesota Municipal Power Agency Supply Revenue          
Series A 5.00% 1/1/46-24 §   3,000,000   $3,015,930 
         5,657,061 
Special Tax Revenue Bonds — 3.09%          
Commonwealth of Puerto Rico Revenue          
(Restructured)          
3.154% 11/1/43 •   1,169,897    603,959 
Minneapolis, Minnesota Charter School Lease Revenue          
(YMCA Greater Twin Cities Project)          
4.00% 6/1/30   250,000    253,035 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 0.098% 7/1/46 ^   2,750,000    765,930 
Series A-1 1.26% 7/1/51 ^   31,552,000    6,521,168 
Series A-1 4.75% 7/1/53   5,100,000    4,781,097 
St. Paul, Minnesota Sales Tax Revenue          
Series G 5.00% 11/1/30   655,000    665,041 
Series G 5.00% 11/1/31   1,500,000    1,522,320 
         15,112,550 
State General Obligation Bonds — 3.86%          
Minnesota State          
Series A 4.00% 9/1/38   625,000    637,631 
Series A 5.00% 8/1/30   1,250,000    1,373,988 
Series A 5.00% 8/1/35   2,975,000    3,243,732 
Series A 5.00% 8/1/39   1,000,000    1,111,080 
(State Trunk Highway)          
Series E 5.00% 10/1/26   3,480,000    3,683,441 
(Various Purposes)          
Series A 5.00% 8/1/27   1,000,000    1,033,460 
Series A 5.00% 8/1/32   2,755,000    2,793,129 
Series A 5.00% 8/1/33   2,075,000    2,279,927 
Series A 5.00% 10/1/33   1,000,000    1,082,790 
Series A 5.00% 8/1/35   500,000    553,595 
Series A 5.00% 8/1/38   1,000,000    1,070,790 
         18,863,563 

 

41

Schedules of investments

Delaware Tax-Free Minnesota Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Transportation Revenue Bonds — 5.38%          
Minneapolis – St. Paul Metropolitan Airports Commission Revenue          
(Private Activity)          
Series B 5.00% 1/1/39 (AMT)   1,000,000   $1,030,980 
Series B 5.25% 1/1/47 (AMT)   2,000,000    2,080,880 
(Senior)          
Series C 5.00% 1/1/33   850,000    894,413 
Series C 5.00% 1/1/36   600,000    627,126 
Series C 5.00% 1/1/41   600,000    615,672 
Series C 5.00% 1/1/46   1,595,000    1,629,962 
(Subordinate)          
Series A 5.00% 1/1/35   1,000,000    1,003,320 
Series A 5.00% 1/1/44   200,000    207,936 
Series B 5.00% 1/1/31 (AMT)   960,000    1,021,526 
Series B 5.00% 1/1/35 (AMT)   1,205,000    1,300,942 
Series B 5.00% 1/1/44 (AMT)   12,600,000    12,839,274 
Series B 5.00% 1/1/47 (AMT)   1,000,000    1,023,360 
Series B 5.00% 1/1/49 (AMT)   2,000,000    2,030,440 
         26,305,831 
Water & Sewer Revenue Bonds — 1.34%          
Metropolitan Council General Obligation Wastewater Revenue          
(Minneapolis-St. Paul Metropolitan Area)          
Series C 4.00% 3/1/31   3,120,000    3,217,344 
Series C 4.00% 3/1/32   3,225,000    3,321,621 
         6,538,965 
Total Municipal Bonds (cost $511,747,597)        483,949,788 
Total Value of Securities—99.02%          
(cost $511,747,597)       $483,949,788 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $15,567,539, which represents 3.19% 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.

 

42

•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
§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.”

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

LLC – Limited Liability Corporation

NATL – Insured by National Public Finance Guarantee Corporation

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

43

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.01%          
Education Revenue Bonds — 16.14%          
Bethel, Minnesota Charter School Lease Revenue          
(Spectrum High School Project)          
Series A 4.00% 7/1/32   425,000   $388,123 
Brooklyn Park, Minnesota Charter School Lease Revenue          
(Prairie Seeds Academy Project)          
Series A 5.00% 3/1/34   455,000    424,993 
Cologne, Minnesota Charter School Lease Revenue          
(Cologne Academy Project)          
Series A 5.00% 7/1/29   305,000    301,492 
Series A 5.00% 7/1/34   150,000    143,579 
Duluth Housing & Redevelopment Authority Revenue          
(Duluth Public Schools Academy Project)          
Series A 5.00% 11/1/38   400,000    373,728 
Forest Lake, Minnesota Charter School Revenue          
(Lakes International Language Academy Project)          
Series A 5.50% 8/1/36   420,000    422,033 
Hugo, Minnesota Charter School Lease Revenue          
(Noble Academy Project)          
Series A 5.00% 7/1/29   530,000    525,479 
Minneapolis, Minnesota Charter School Lease Revenue          
(Cyber Village Academy Project)          
Series A 5.25% 6/1/42   250,000    234,117 
(Hiawatha Academies Project)          
Series A 144A 5.00% 7/1/32 #   500,000    489,500 
Minneapolis, Minnesota Student Housing Revenue          
(Riverton Community Housing Project)          
5.25% 8/1/39   525,000    525,982 
Minnesota Higher Education Facilities Authority Revenue          
(Bethel University)          
5.00% 5/1/32   375,000    375,221 
(Carleton College)          
4.00% 3/1/47   275,000    258,794 
(Gustavus Adolphus College)          
5.00% 10/1/34   435,000    457,072 
5.00% 10/1/35   555,000    579,453 
(Macalester College)          
4.00% 3/1/42   235,000    228,429 
(St. Catherine University)          
5.00% 10/1/52   250,000    243,720 
Series A 5.00% 10/1/35   565,000    584,967 
(St. John's University)          
Series 8-I 5.00% 10/1/31   130,000    133,739 

 

44

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Education Revenue Bonds (continued)          
Minnesota Higher Education Facilities Authority Revenue          
(St. Olaf College)          
Series 8-G 5.00% 12/1/31   125,000   $128,365 
Series 8-G 5.00% 12/1/32   125,000    128,338 
(University of St. Thomas)          
4.00% 10/1/36   300,000    296,946 
5.00% 10/1/34   350,000    377,353 
5.00% 10/1/35   750,000    807,615 
Series 7-U 4.00% 4/1/26   1,000,000    1,000,220 
Minnesota Office of Higher Education Revenue          
(Senior Supplemental Student Loan Program)          
4.00% 11/1/42 (AMT)   200,000    183,386 
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue          
(Academia Cesar Chavez School Project)          
Series A 5.25% 7/1/50   340,000    280,037 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Great River School Project)          
Series A 144A 4.75% 7/1/29 #   100,000    98,199 
Series A 144A 5.25% 7/1/33 #   140,000    140,903 
(Hmong College Preparatory Academy Project)          
Series A 5.00% 9/1/40   125,000    115,941 
(Nova Classical Academy Project)          
Series A 4.00% 9/1/36   150,000    128,556 
(Twin Cities Academy Project)          
Series A 5.30% 7/1/45   260,000    240,071 
         10,616,351 
Electric Revenue Bonds — 6.60%          
Central Minnesota Municipal Power Agency Revenue          
(Brookings SouthEast Twin Cities Transmission Project)          
3.00% 1/1/38 (AGM)   300,000    254,109 
Chaska, Minnesota Electric Revenue          
(Generating Facilities)          
Series A 5.00% 10/1/28   250,000    258,188 
Minnesota Municipal Power Agency Electric Revenue          
Series A 5.00% 10/1/29   500,000    508,085 
Series A 5.00% 10/1/30   240,000    243,830 
Northern Municipal Power Agency Electric System Revenue          
5.00% 1/1/30   235,000    247,323 

 

45

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Electric Revenue Bonds (continued)          
Northern Municipal Power Agency Electric System Revenue          
5.00% 1/1/31   350,000   $362,198 
Series A 5.00% 1/1/25   200,000    200,202 
Rochester, Minnesota Electric Utility Revenue          
Series A 5.00% 12/1/28   300,000    316,587 
Series A 5.00% 12/1/29   500,000    526,230 
Series A 5.00% 12/1/31   575,000    604,078 
Southern Minnesota Municipal Power Agency Revenue          
Series A 5.00% 1/1/41   375,000    383,602 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
Series A 4.00% 10/1/30   425,000    434,108 
         4,338,540 
Healthcare Revenue Bonds — 36.37%          
Anoka, Minnesota Healthcare & Housing Facilities Revenue          
(The Homestead at Anoka Project)          
5.375% 11/1/34   270,000    254,718 
Apple Valley, Minnesota Senior Housing Revenue          
(PHS Senior Housing, Inc. Orchard Path Project)          
4.50% 9/1/53   660,000    556,769 
Apple Valley, Minnesota Senior Living Revenue          
(PHS Apple Valley Senior Housing Orchard Path Phase II Project)          
4.00% 9/1/61   370,000    264,783 
(Senior Living LLC Project)          
3rd Tier Series C 4.25% 1/1/27   380,000    330,855 
3rd Tier Series C 5.00% 1/1/32   400,000    305,488 
Bethel, Minnesota Housing & Health Care Facilities Revenue          
(Benedictine Health System – St. Peter Communities Project)          
Series A 5.50% 12/1/48   250,000    201,087 
Bethel, Minnesota Senior Housing Revenue          
(The Lodge at the Lakes at Stillwater Project)          
5.00% 6/1/38   250,000    209,315 
Chatfield, Minnesota Healthcare & Housing Facilities Revenue          
(Chosen Valley Care Center Project)          
4.00% 9/1/34   100,000    80,786 
4.00% 9/1/39   100,000    74,070 

 

46

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Crookston, Minnesota Health Care Facilities Revenue          
(Riverview Health Project)          
5.00% 5/1/38   400,000   $322,952 
Dakota County Community Development Agency Senior Housing Revenue          
(Walker Highview Hills Project)          
Series A 144A 5.00% 8/1/36 #   480,000    474,581 
Duluth Economic Development Authority Revenue          
(Benedictine Health System)          
Series A 4.00% 7/1/31   500,000    456,980 
(Essentia Health Obligated Group)          
Series A 4.25% 2/15/43   300,000    278,505 
Series A 5.00% 2/15/37   750,000    770,655 
Series A 5.00% 2/15/53   800,000    797,096 
Series A 5.00% 2/15/58   1,810,000    1,803,918 
Series A 5.25% 2/15/58   750,000    752,318 
(St. Luke’s Hospital of Duluth Obligated Group)          
Series B 5.25% 6/15/47   500,000    498,795 
Glencoe, Minnesota Health Care Facilities Revenue          
(Glencoe Regional Health Services Project)          
4.00% 4/1/26   270,000    264,964 
Hayward, Minnesota Health Care Facilities Revenue          
(American Baptist Homes Midwest Obligated Group)          
4.25% 8/1/24   103,334    101,377 
Maple Grove, Minnesota Health Care Facilities Revenue          
(Maple Grove Hospital Corporation)          
4.00% 5/1/37   500,000    455,510 
5.00% 5/1/28   1,000,000    1,032,770 
(North Memorial Health Care)          
5.00% 9/1/31   320,000    325,674 
Minneapolis, Minnesota Health Care System Revenue          
(Allina Health System)          
4.00% 11/15/40   1,250,000    1,184,512 
(Fairview Health Services)          
Series A 5.00% 11/15/33   1,360,000    1,412,458 
Series A 5.00% 11/15/34   500,000    510,025 
Minneapolis, Minnesota Senior Housing & Healthcare Revenue          
(Ecumen-Abiitan Mill City Project)          
5.00% 11/1/35   530,000    479,576 

 

47

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Rochester, Minnesota Health Care & Housing Revenue          
(The Homestead at Rochester Project)          
Series A 6.875% 12/1/48   290,000   $284,345 
Rochester, Minnesota Health Care Facilities Revenue          
(Mayo Clinic)          
4.00% 11/15/39   3,100,000    3,087,290 
Series B 5.00% 11/15/36   150,000    174,685 
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue          
(Good Shepherd Lutheran Home)          
5.125% 1/1/39   575,000    480,775 
Shakopee, Minnesota Health Care Facilities Revenue          
(St. Francis Regional Medical Center)          
5.00% 9/1/34   165,000    166,051 
St. Cloud, Minnesota Health Care Revenue          
(Centracare Health System Project)          
4.00% 5/1/49   1,000,000    904,370 
Series A 4.00% 5/1/37   240,000    233,799 
Series A 5.00% 5/1/46   235,000    236,760 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Allina Health System)          
Series A 5.00% 11/15/27   1,205,000    1,274,649 
(Episcopal Homes Project)          
5.00% 5/1/33   500,000    464,405 
(HealthPartners Obligated Group Project)          
Series A 5.00% 7/1/33   965,000    981,521 
Wayzata, Minnesota Senior Housing Revenue          
(Folkestone Senior Living Community)          
5.00% 8/1/34   500,000    466,974 
West St. Paul, Minnesota Housing & Health Care Facilities Revenue          
(Walker Westwood Ridge Campus Project)          
5.00% 11/1/37   500,000    489,050 
Woodbury Housing & Redevelopment Authority Revenue          
(St. Therese of Woodbury)          
5.00% 12/1/34   500,000    474,780 
         23,919,991 
Housing Revenue Bonds — 1.24%          
Minnesota Housing Finance Agency Residential Housing Finance Revenue          
Series F 4.20% 7/1/38   350,000    342,398 

 

48

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Housing Revenue Bonds (continued)          
Minnesota Housing Finance Agency Residential Housing Finance Revenue          
Series I 2.00% 7/1/40   275,000   $203,566 
Northwest Multi-County Housing & Redevelopment Authority Revenue          
(Pooled Housing Program)          
5.50% 7/1/45   285,000    269,083 
         815,047 
Industrial Development Revenue/Pollution Control Revenue Bond — 2.02%          
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue          
(Gerdau St. Paul Steel Mill Project)          
Series 7 144A 4.50% 10/1/37 (AMT) #   1,385,000    1,326,373 
         1,326,373 
Lease Revenue Bonds — 1.05%          
Hibbing Independent School District No. 701 Revenue          
Series A 3.00% 3/1/41   250,000    198,772 
New London Economic Development Authority Revenue          
(SWWC Service Cooperative Lease With Option to Purchase Project)          
4.50% 2/1/33   500,000    494,315 
         693,087 
Local General Obligation Bonds — 20.45%          
Anoka-Hennepin Independent School District No. 11          
(Minnesota School District Credit Enhancement Program)          
Series A 3.00% 2/1/45   500,000    399,830 
Cass Lake-Bena Independent School District No. 115          
(Minnesota School District Credit Enhancement Program)          
Series A 4.00% 2/1/41   130,000    127,772 
Series A 4.00% 2/1/42   320,000    313,686 
Series A 4.00% 2/1/43   275,000    267,718 
Cottage Grove, Minnesota          
Series A 3.00% 2/1/35   500,000    464,465 
Duluth, Minnesota General Obligation Improvement          
(DECC Improvement)          
Series A 5.00% 2/1/30   250,000    259,270 
Elk River Independent School District No. 728          
Series A 3.00% 2/1/40   415,000    348,326 

 

49

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Local General Obligation Bonds (continued)          
Hennepin County, Minnesota          
Series A 5.00% 12/1/36   1,500,000   $1,571,400 
Series A 5.00% 12/1/38   1,055,000    1,120,568 
Series C 5.00% 12/1/30   1,000,000    1,056,090 
Lakeville Independent School District No. 194          
(Minnesota School District Credit Enhancement Program)          
Series B 4.00% 2/1/28   1,475,000    1,533,956 
Maple Grove, Minnesota          
Series A 4.00% 2/1/35   210,000    218,106 
Marshall, Minnesota General Obligation Improvement          
Series B 4.00% 4/1/28   275,000    285,214 
Metropolitan Council General Obligation Wastewater          
(Minneapolis-St. Paul Metropolitan Area)          
Series C 4.00% 3/1/43   175,000    170,424 
Minneapolis Special School District No. 1          
(School Building)          
Series B 4.00% 2/1/39   1,360,000    1,354,302 
Minneapolis, Minnesota          
(Green Bonds)          
3.00% 12/1/37   425,000    369,006 
3.00% 12/1/42   600,000    486,468 
Rice County, Minnesota          
Series A 5.00% 2/1/44   715,000    780,458 
Rosemount, Minnesota          
Series A 4.00% 2/1/53   350,000    326,308 
Rosemount-Apple Valley-Eagan Independent School District No. 196          
Series A 4.00% 2/1/44   340,000    331,140 
St. Cloud, Minnesota General Obligation Tax Abatement          
Series C 3.00% 10/1/32   425,000    413,108 
St. Michael-Albertville Independent School District No. 885          
(School Building)          
Series A 5.00% 2/1/27   500,000    518,305 
Virginia Independent School District No. 706          
Series A 3.00% 2/1/40   295,000    246,222 
White Bear Lake Independent School District No. 624          
Series A 3.00% 2/1/42   600,000    486,714 
         13,448,856 

 

50

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Pre-Refunded/Escrowed to Maturity Bonds — 0.45%          
St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility          
(Healtheast Care System Project)          
Series A 5.00% 11/15/29-25 §   165,000   $170,829 
Series A 5.00% 11/15/30-25 §   120,000    124,240 
         295,069 
Special Tax Revenue Bonds — 2.89%          
Commonwealth of Puerto Rico Revenue          
(Restructured)          
2.632% 11/1/43 •   405,244    209,207 
Minneapolis, Minnesota Revenue          
(YMCA Greater Twin Cities Project)          
4.00% 6/1/27   150,000    151,989 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 4.55% 7/1/40   830,000    809,267 
Series A-1 4.62% 7/1/46 ^   530,000    147,616 
Series A-1 4.75% 7/1/53   195,000    182,807 
Series A-1 5.216% 7/1/51 ^   289,000    59,730 
Series A-2 4.536% 7/1/53   378,000    342,105 
         1,902,721 
State General Obligation Bonds — 5.20%          
Minnesota State          
Series A 5.00% 9/1/31   1,750,000    2,010,032 
Series A 5.00% 8/1/33   285,000    313,147 
Series A 5.00% 8/1/34   1,000,000    1,096,820 
         3,419,999 
Transportation Revenue Bonds — 3.80%          
Minneapolis – St. Paul Metropolitan Airports Commission Revenue          
(Private Activity)          
Series B 5.00% 1/1/39 (AMT)   715,000    737,151 
(Subordinate)          
Series A 5.00% 1/1/44   1,000,000    1,039,680 
Series B 5.00% 1/1/31 (AMT)   160,000    170,254 
St. Paul, Minnesota Housing & Redevelopment Authority Revenue          
(Parking Enterprise)          
Series A 4.00% 8/1/27   200,000    201,952 

 

51

Schedules of investments

Delaware Tax-Free Minnesota Intermediate Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Transportation Revenue Bonds (continued)          
St. Paul, Minnesota Housing & Redevelopment Authority Revenue          
(Parking Enterprise)          
Series A 4.00% 8/1/28   350,000   $354,155 
         2,503,192 
Water & Sewer Revenue Bonds — 1.80%          
Metropolitan Council General Obligation Wastewater Revenue          
(Minneapolis St. Paul Metropolitan Area)          
Series C 4.00% 3/1/31   565,000    582,628 
Series C 4.00% 3/1/32   585,000    602,527 
         1,185,155 
Total Municipal Bonds (cost $66,399,867)        64,464,381 
Total Value of Securities—98.01%          
(cost $66,399,867)       $64,464,381 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $2,529,556, which represents 3.85% of the Fund's net assets. See Note 8 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 8 in “Notes to financial statements.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

LLC – Limited Liability Corporation

52

Summary of abbreviations: (continued)

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

53

Schedules of investments  
Delaware Minnesota High-Yield Municipal Bond Fund August 31, 2023

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 99.20%          
Education Revenue Bonds — 29.22%          
Bethel, Minnesota Charter School Lease Revenue          
(Spectrum High School Project)          
Series A 4.00% 7/1/32   840,000   $767,113 
Series A 4.00% 7/1/37   850,000    720,273 
Series A 4.25% 7/1/47   750,000    579,960 
Series A 4.375% 7/1/52   250,000    190,143 
Brooklyn Park, Minnesota Charter School Lease Revenue          
(Prairie Seeds Academy Project)          
Series A 5.00% 3/1/39   1,270,000    1,139,482 
Cologne, Minnesota Charter School Lease Revenue          
(Cologne Academy Project)          
Series A 5.00% 7/1/29   270,000    266,895 
Series A 5.00% 7/1/34   350,000    335,017 
Series A 5.00% 7/1/45   360,000    324,986 
Deephaven, Minnesota Charter School Revenue          
(Eagle Ridge Academy Project)          
Series A 5.50% 7/1/50   1,000,000    983,380 
Duluth Housing & Redevelopment Authority Revenue          
(Duluth Public Schools Academy Project)          
Series A 5.00% 11/1/38   700,000    654,024 
Series A 5.00% 11/1/48   1,700,000    1,478,558 
Forest Lake, Minnesota Charter School Lease Revenue          
(Lakes International Language Academy)          
Series A 5.375% 8/1/50   975,000    920,098 
Series A 5.75% 8/1/44   585,000    586,597 
Ham Lake, Minnesota Charter School Lease Revenue          
(DaVinci Academy Project)          
Series A 5.00% 7/1/36   235,000    225,943 
Series A 5.00% 7/1/47   710,000    626,263 
(Parnassus Preparatory School Project)          
Series A 5.00% 11/1/47   650,000    585,156 
Hugo, Minnesota Charter School Lease Revenue          
(Noble Academy Project)          
Series A 5.00% 7/1/34   1,000,000    962,700 
Series A 5.00% 7/1/44   495,000    446,336 
Minneapolis, Minnesota Charter School Lease Revenue          
(Cyber Village Academy Project)          
Series A 5.50% 6/1/57   1,400,000    1,304,786 
(Hiawatha Academies Project)          
Series A 144A 5.375% 7/1/42 #   690,000    639,485 
Series A 144A 5.50% 7/1/52 #   1,130,000    1,018,684 
Series A 144A 5.50% 7/1/57 #   880,000    784,115 

 

54

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Education Revenue Bonds (continued)          
Minneapolis, Minnesota Student Housing Revenue          
(Riverton Community Housing Project)          
144A 4.75% 8/1/43 #   750,000   $685,395 
144A 5.00% 8/1/53 #   570,000    533,127 
5.25% 8/1/39   800,000    801,496 
Minnesota Higher Education Facilities Authority Revenue          
(Bethel University)          
5.00% 5/1/32   1,525,000    1,525,900 
5.00% 5/1/37   1,250,000    1,189,275 
5.00% 5/1/47   3,000,000    2,661,270 
(Carleton College)          
4.00% 3/1/37   635,000    636,168 
4.00% 3/1/47   1,500,000    1,411,605 
(Green Bonds)          
Series A 5.00% 10/1/32   500,000    544,135 
(Gustavus Adolphus College)          
5.00% 10/1/47   2,350,000    2,374,957 
(Macalester College)          
3.00% 3/1/40   365,000    301,092 
3.00% 3/1/43   325,000    253,474 
4.00% 3/1/48   600,000    561,792 
(Minneapolis College of Art & Design)          
4.00% 5/1/24   250,000    249,668 
4.00% 5/1/25   200,000    199,316 
4.00% 5/1/26   100,000    99,668 
(St. Catherine University)          
5.00% 10/1/52   750,000    731,160 
Series A 4.00% 10/1/37   580,000    542,880 
Series A 4.00% 10/1/38   920,000    851,442 
Series A 5.00% 10/1/45   670,000    667,702 
(St. John's University)          
Series 8-I 5.00% 10/1/34   215,000    221,179 
(St. Olaf College)          
4.00% 10/1/46   935,000    866,380 
Series 8-G 5.00% 12/1/31   205,000    210,519 
Series 8-G 5.00% 12/1/32   205,000    210,474 
(Trustees of the Hamline University of Minnesota)          
Series B 5.00% 10/1/37   300,000    301,740 
Series B 5.00% 10/1/39   1,000,000    1,001,930 
Series B 5.00% 10/1/47   1,055,000    1,033,657 

 

55

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          
(University of St. Thomas)          
4.00% 10/1/37   300,000   $290,766 
4.00% 10/1/41   1,000,000    922,570 
4.00% 10/1/44   950,000    862,324 
5.00% 10/1/40   1,365,000    1,408,830 
Series A 4.00% 10/1/35   400,000    401,772 
Minnesota Office of Higher Education Revenue          
(Senior Supplemental Student Loan Program)          
4.00% 11/1/42 (AMT)   250,000    229,232 
Otsego, Minnesota Charter School Lease Revenue          
(Kaleidoscope Charter School)          
Series A 5.00% 9/1/44   1,435,000    1,237,357 
St. Cloud, Minnesota Charter School Lease Revenue          
(Stride Academy Project)          
Series A 5.00% 4/1/46   750,000    544,830 
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue          
(Academia Cesar Chavez School Project)          
Series A 5.25% 7/1/50   1,750,000    1,441,370 
(Great River School Project)          
Series A 144A 5.50% 7/1/52 #   265,000    252,836 
(Hmong College Preparatory Academy Project)          
Series A 5.00% 9/1/43   1,000,000    910,450 
Series A 5.00% 9/1/55   1,000,000    857,520 
Series A 5.75% 9/1/46   500,000    495,590 
Series A 6.00% 9/1/51   3,500,000    3,506,580 
(Nova Classical Academy Project)          
Series A 4.125% 9/1/47   1,250,000    977,875 
(Twin Cities Academy Project)          
Series A 5.375% 7/1/50   1,500,000    1,373,745 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Great River School Project)          
Series A 144A 4.75% 7/1/29 #   300,000    294,597 
(Hmong College Preparatory Academy Project)          
Series A 5.00% 9/1/40   715,000    663,184 
(Nova Classical Academy Project)          
Series A 4.00% 9/1/36   1,620,000    1,388,405 
University of Minnesota Revenue          
Series A 5.00% 11/1/32   985,000    1,112,577 
Series A 5.00% 4/1/41   900,000    922,401 

 

56

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Education Revenue Bonds (continued)          
University of Minnesota Revenue          
Series A 5.00% 9/1/41   620,000   $644,534 
(State Supported Biomedical Science Research Facilities Funding Program)          
Series A 5.00% 8/1/31   1,000,000    1,141,790 
Woodbury, Minnesota Charter School Lease Revenue          
(MSA Building Company)          
Series A 4.00% 12/1/50   450,000    349,353 
(Woodbury Leadership Academy Project)          
Series A 4.00% 7/1/51   1,140,000    811,714 
Series A 4.00% 7/1/56   575,000    394,226 
         59,643,823 
Electric Revenue Bonds — 2.47%          
Hutchinson Utilities Commission Revenue          
Series A 5.00% 12/1/26   360,000    360,421 
Minnesota Municipal Power Agency Electric Revenue          
5.00% 10/1/27   165,000    167,721 
5.00% 10/1/28   500,000    508,140 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   165,000    45,375 
Series AAA 5.25% 7/1/25 ‡   95,000    26,125 
Series CCC 5.25% 7/1/27 ‡   650,000    178,750 
Series WW 5.00% 7/1/28 ‡   585,000    160,875 
Series XX 4.75% 7/1/26 ‡   105,000    28,875 
Series XX 5.25% 7/1/40 ‡   295,000    81,125 
Series XX 5.75% 7/1/36 ‡   370,000    101,750 
Series ZZ 4.75% 7/1/27 ‡   85,000    23,375 
Series ZZ 5.25% 7/1/24 ‡   130,000    35,750 
Rochester, Minnesota Electric Utility Revenue          
Series A 5.00% 12/1/34   450,000    470,786 
Series A 5.00% 12/1/35   500,000    520,450 
Series A 5.00% 12/1/36   520,000    540,940 
Southern Minnesota Municipal Power Agency Revenue          
Series A 5.00% 1/1/41   400,000    409,176 
St. Paul, Minnesota Housing & Redevelopment Energy Revenue          
Series A 4.00% 10/1/32   800,000    810,616 

 

57

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Electric Revenue Bonds (continued)          
Western Minnesota Municipal Power Agency Supply Revenue          
(Red Rock Hydroelectric Project)          
Series A 5.00% 1/1/49   555,000   $576,240 
         5,046,490 
Healthcare Revenue Bonds — 40.89%          
Anoka, Minnesota Healthcare & Housing Facilities Revenue          
(The Homestead at Anoka Project)          
5.125% 11/1/49   400,000    325,652 
Apple Valley, Minnesota Senior Housing Revenue          
(PHS Senior Housing, Inc. Orchard Path Project)          
4.50% 9/1/53   840,000    708,616 
5.00% 9/1/43   1,000,000    949,100 
5.00% 9/1/58   1,175,000    1,062,341 
Apple Valley, Minnesota Senior Living Revenue          
(Senior Living LLC Project)          
2nd Tier Series B 5.00% 1/1/47   535,000    324,488 
4th Tier Series D 7.00% 1/1/37   490,000    345,759 
4th Tier Series D 7.25% 1/1/52   1,495,000    958,684 
Bethel, Minnesota Housing & Health Care Facilities Revenue          
(Benedictine Health System – St. Peter Communities Project)          
Series A 5.50% 12/1/48   1,280,000    1,029,568 
Bethel, Minnesota Senior Housing Revenue          
(The Lodge at the Lakes at Stillwater Project)          
5.25% 6/1/58   1,475,000    1,097,828 
Brooklyn Center, Minnesota Multifamily Housing Revenue          
(Sanctuary at Brooklyn Center Project)          
Series A 5.50% 11/1/35 ‡   645,000    387,000 
Center City, Minnesota Healthcare Facilities Revenue          
(Hazelden Betty Ford Foundation Project)          
4.50% 11/1/34   1,000,000    994,740 
Chatfield, Minnesota Healthcare & Housing Facilities Revenue          
(Chosen Valley Care Center Project)          
4.00% 9/1/39   250,000    185,175 
5.00% 9/1/52   1,500,000    1,161,615 
Crookston, Minnesota Health Care Facilities Revenue          
(Riverview Health Project)          
5.00% 5/1/51   1,025,000    742,633 

 

58

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Dakota County Community Development Agency Senior Housing Revenue          
(Walker Highview Hills Project)          
Series A 144A 5.00% 8/1/51 #   1,995,000   $1,778,044 
Deephaven, Minnesota Housing & Healthcare Facility Revenue          
(St. Therese Senior Living Project)          
Series A 5.00% 4/1/38   335,000    288,964 
Series A 5.00% 4/1/40   315,000    266,622 
Series A 5.00% 4/1/48   185,000    146,598 
Duluth Economic Development Authority Revenue          
(Benedictine Health System)          
Series A 4.00% 7/1/31   1,500,000    1,370,940 
Series A 4.00% 7/1/41   930,000    726,302 
(Essentia Health Obligated Group)          
Series A 4.25% 2/15/43   2,900,000    2,692,215 
Series A 5.00% 2/15/53   1,590,000    1,584,228 
Series A 5.00% 2/15/58   6,940,000    6,916,682 
Series A 5.25% 2/15/58   2,000,000    2,006,180 
(St. Luke’s Hospital of Duluth Obligated Group)          
Series A 4.00% 6/15/33   380,000    362,839 
Series A 4.00% 6/15/38   400,000    351,460 
Series A 4.00% 6/15/39   250,000    216,738 
Series B 5.25% 6/15/52   1,000,000    978,470 
Glencoe, Minnesota Health Care Facilities Revenue          
(Glencoe Regional Health Services Project)          
4.00% 4/1/31   185,000    179,357 
Hayward, Minnesota Health Care Facilities Revenue          
(American Baptist Homes Midwest Obligated Group)          
5.375% 8/1/34   750,000    661,710 
(St. John's Lutheran Home of Albert Lea Project)          
5.375% 10/1/44 ‡   90,000    54,900 
Maple Grove, Minnesota Health Care Facilities Revenue          
(Maple Grove Hospital Corporation)          
4.00% 5/1/37   1,155,000    1,052,228 
5.00% 5/1/26   1,300,000    1,329,042 
5.00% 5/1/29   500,000    516,030 
(North Memorial Health Care)          
4.00% 9/1/35   300,000    279,558 
5.00% 9/1/30   610,000    621,218 

 

59

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Maple Plain, Minnesota Senior Housing & Health Care Revenue          
(Haven Homes Incorporate Project)          
5.00% 7/1/49   1,000,000   $815,520 
Minneapolis, Minnesota Health Care System Revenue          
(Allina Health System)          
4.00% 11/15/40   1,000,000    947,610 
(Fairview Health Services)          
Series A 4.00% 11/15/48   2,855,000    2,383,811 
Series A 5.00% 11/15/33   2,600,000    2,693,422 
Series A 5.00% 11/15/34   500,000    510,025 
Series A 5.00% 11/15/44   1,000,000    1,004,610 
Series A 5.00% 11/15/49   1,000,000    1,004,610 
Minneapolis, Minnesota Senior Housing & Healthcare Revenue          
(Ecumen-Abiitan Mill City Project)          
5.375% 11/1/50   1,700,000    1,482,672 
Morris, Minnesota Health Care Facilities Revenue          
(Farmington Health Services)          
4.10% 8/1/44   500,000    361,560 
4.20% 8/1/49   1,500,000    1,048,770 
Rochester, Minnesota Health Care & Housing Revenue          
(The Homestead at Rochester Project)          
Series A 5.25% 12/1/23   175,000    174,744 
Series A 6.875% 12/1/48   1,200,000    1,176,600 
Rochester, Minnesota Health Care Facilities Revenue          
(Mayo Clinic)          
4.00% 11/15/39   3,500,000    3,485,650 
5.00% 11/15/57   5,175,000    5,447,205 
Series B 5.00% 11/15/36   500,000    582,285 
Sartell, Minnesota Health Care & Housing Facilities Revenue          
(Country Manor Campus LLC Project)          
5.30% 9/1/37   600,000    568,764 
Series A 5.00% 9/1/32   1,000,000    964,210 
Series A 5.00% 9/1/35   350,000    329,504 
Sauk Rapids, Minnesota Health Care Housing Facilities Revenue          
(Good Shepherd Lutheran Home)          
5.125% 1/1/39   825,000    689,807 

 

60

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Shakopee, Minnesota Health Care Facilities Revenue          
(St. Francis Regional Medical Center)          
4.00% 9/1/31   130,000   $128,575 
5.00% 9/1/34   105,000    105,669 
St. Cloud, Minnesota Health Care Revenue          
(Centracare Health System Project)          
4.00% 5/1/49   2,250,000    2,034,832 
Series A 4.00% 5/1/37   1,695,000    1,651,201 
Series A 5.00% 5/1/46   2,630,000    2,649,699 
St. Joseph, Minnesota Senior Housing & Healthcare Revenue          
(Woodcrest Country Manor Project)          
5.00% 7/1/55   1,000,000    779,480 
St. Paul, Minnesota Housing & Redevelopment Authority Health Care Facilities Revenue          
(Allina Health System)          
Series A 5.00% 11/15/29   415,000    436,870 
(Episcopal Homes Obligated Group)          
Series A 4.00% 11/1/42   700,000    541,142 
(Fairview Health Services)          
Series A 4.00% 11/15/43   1,550,000    1,365,891 
Series A 5.00% 11/15/47   760,000    764,013 
(HealthPartners Obligated Group Project)          
Series A 5.00% 7/1/30   1,000,000    1,018,860 
Series A 5.00% 7/1/33   2,540,000    2,583,485 
(Marian Center Project)          
Series A 5.375% 5/1/43   1,000,000    853,380 
St. Paul, Minnesota Housing & Redevelopment Authority Revenue          
(Amherst H. Wilder Foundation Project)          
Series A 5.00% 12/1/36   1,000,000    980,950 
St. Paul, Minnesota Housing & Redevelopment Authority Senior Housing & Health Care Revenue          
(Episcopal Homes Project)          
5.125% 5/1/48   2,000,000    1,616,100 
Victoria, Minnesota Health Care Facilities Revenue          
(Augustana Emerald Care Project)          
5.00% 8/1/39   1,500,000    1,211,085 
Wayzata, Minnesota Senior Housing Revenue          
(Folkestone Senior Living Community)          
3.75% 8/1/37   500,000    430,630 
4.00% 8/1/38   500,000    438,750 

 

61

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Healthcare Revenue Bonds (continued)          
Wayzata, Minnesota Senior Housing Revenue          
(Folkestone Senior Living Community)          
4.00% 8/1/39   400,000   $346,120 
4.00% 8/1/44   700,000    570,465 
5.00% 8/1/35   150,000    150,153 
5.00% 8/1/54   1,250,000    1,138,600 
West St. Paul, Minnesota Rochester Health Care & Housing Revenue          
(Walker Westwood Ridge Campus Project)          
5.00% 11/1/49   1,500,000    1,354,260 
         83,475,113 
Housing Revenue Bonds — 2.10%          
Bethel, Minnesota Senior Housing Revenue          
(Birchwood Landing at the Lakes at Stillwater Project)          
5.00% 5/1/54   1,000,000    790,600 
Minnesota Housing Finance Agency Revenue          
Series D 5.50% 7/1/53   1,000,000    1,050,700 
Series I 2.20% 1/1/51   635,000    448,679 
(State Appropriation - Housing Infrastructure)          
Series C 5.00% 8/1/33   100,000    101,036 
Northwest Multi-County Housing & Redevelopment Authority Revenue          
(Pooled Housing Program)          
5.50% 7/1/45   1,275,000    1,203,791 
Stillwater, Minnesota Multifamily Housing Revenue          
(Orleans Homes Project)          
5.50% 2/1/42 (AMT)   750,000    686,640 
         4,281,446 
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 3.07%          
Cottonwood, Minnesota Revenue          
(Extreme Holdings LLC Project)          
Series A 144A 5.00% 12/1/50 (AMT) #   1,210,000    887,184 
Minneapolis, Minnesota Revenue          
(YMCA Greater Twin Cities Project)          
4.00% 6/1/31   250,000    252,858 
St. Paul, Minnesota Port Authority Solid Waste Disposal Revenue          
(Gerdau St. Paul Steel Mill Project)          
Series 7 144A 4.50% 10/1/37 (AMT) #   5,350,000    5,123,534 
         6,263,576 

 

62

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Lease Revenue Bonds — 1.61%          
Hibbing Independent School District No. 701 Revenue          
Series A 3.00% 3/1/41   500,000   $397,545 
Minnesota Housing Finance Agency Revenue          
(State Appropriation - Housing Infrastructure)          
Series C 5.00% 8/1/32   1,415,000    1,430,409 
(State Appropriation)          
5.00% 8/1/31   250,000    250,320 
New London Economic Development Authority Revenue          
(SWWC Service Cooperative Lease With Option to          
Purchase Project)          
4.50% 2/1/33   345,000    341,077 
5.00% 2/1/38   880,000    866,642 
         3,285,993 
Local General Obligation Bonds — 8.45%          
Anoka-Hennepin Independent School District No. 11          
(Minnesota School District Credit Enhancement Program)          
Series A 3.00% 2/1/43   500,000    409,570 
Series A 3.00% 2/1/45   750,000    599,745 
Cass Lake-Bena Independent School District No. 115          
(Minnesota School District Credit Enhancement Program)          
Series A 4.00% 2/1/41   375,000    368,572 
Series A 4.00% 2/1/42   925,000    906,750 
Series A 4.00% 2/1/43   800,000    778,816 
Dilworth Glyndon Felton Independent School District No. 2164          
Series A 3.00% 2/1/41   225,000    186,939 
Duluth Independent School District No. 709          
Series A 4.20% 3/1/34   750,000    715,628 
Duluth, Minnesota General Obligation Entertainment Convention Center Improvement          
Series A 5.00% 2/1/34   1,000,000    1,029,140 
Elk River Independent School District No. 728          
Series A 3.00% 2/1/40   530,000    444,850 
Gibbon, Minnesota Independent School District No. 2365          
Series A 4.125% 2/1/52   1,250,000    1,194,412 
Hennepin County, Minnesota          
Series A 5.00% 12/1/37   910,000    968,313 

 

63

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Local General Obligation Bonds (continued)          
Metropolitan Council General Obligation Wastewater          
(Minneapolis-St. Paul Metropolitan Area)          
Series C 4.00% 3/1/43   575,000   $559,964 
Minneapolis, Minnesota          
(Green Bonds)          
3.00% 12/1/37   1,300,000    1,128,725 
3.00% 12/1/38   1,970,000    1,691,698 
3.00% 12/1/42   1,000,000    810,780 
Ramsey County, Minnesota          
Series B 4.00% 2/1/42   500,000    488,610 
Rice County, Minnesota          
Series A 5.00% 2/1/44   1,000,000    1,091,550 
Rosemount, Minnesota          
Series A 4.00% 2/1/53   1,100,000    1,025,541 
Rosemount-Apple Valley-Eagan Independent School District No. 196          
Series A 4.00% 2/1/44   1,070,000    1,042,116 
Virginia, Minnesota          
(General Obligation Sales Tax Revenue)          
Series A 4.00% 2/1/38 (AGM)   1,000,000    994,150 
White Bear Lake Independent School District No. 624          
Series A 3.00% 2/1/42   1,000,000    811,190 
         17,247,059 
Pre-Refunded/Escrowed to Maturity Bonds — 0.24%          
St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue          
(Healtheast Care System Project)          
Series A 5.00% 11/15/30-25 §   205,000    212,242 
St. Paul, Minnesota Housing & Redevelopment Authority Hospital Facility Revenue          
(Healtheast Care System Project)          
Series A 5.00% 11/15/29-25 §   275,000    284,716 
         496,958 
Special Tax Revenue Bonds — 3.82%          
Commonwealth of Puerto Rico Revenue          
2.632% 11/1/43 •   1,594,652    823,239 
Minneapolis, Minnesota Tax Increment Revenue          
(Grant Park Project)          
4.00% 3/1/27   200,000    197,478 
4.00% 3/1/30   260,000    250,684 

 

64

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Special Tax Revenue Bonds (continued)          
Minneapolis, Minnesota Tax Increment Revenue          
(Village of St. Anthony Falls Project)          
4.00% 3/1/24   350,000   $349,514 
4.00% 3/1/27   650,000    641,803 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 4.75% 7/1/53   1,505,000    1,410,893 
Series A-1 5.721% 7/1/51 ^   6,809,000    1,407,284 
Series A-2 4.536% 7/1/53   3,000,000    2,715,120 
         7,796,015 
State General Obligation Bonds — 2.11%          
Minnesota State          
Series A 4.00% 9/1/38   550,000    561,116 
Series A 5.00% 9/1/31   1,250,000    1,435,737 
Series A 5.00% 8/1/39   500,000    555,540 
Series A 5.00% 8/1/40   750,000    813,997 
Series A 5.00% 8/1/41   860,000    947,961 
         4,314,351 
Transportation Revenue Bonds — 4.23%          
Minneapolis – St. Paul Metropolitan Airports Commission Revenue          
(Private Activity)          
Series B 5.00% 1/1/39 (AMT)   500,000    515,490 
Series B 5.25% 1/1/47 (AMT)   500,000    520,220 
(Subordinate)          
Series A 5.00% 1/1/44   4,000,000    4,158,720 
Series B 5.00% 1/1/31 (AMT)   420,000    446,918 
Series B 5.00% 1/1/44 (AMT)   2,150,000    2,190,829 
Series B 5.00% 1/1/47 (AMT)   600,000    614,016 
St. Paul, Minneapolis Metropolitan Airports Commission Revenue          
(Senior)          
Series C 5.00% 1/1/46   185,000    189,055 
         8,635,248 
Water & Sewer Revenue Bonds — 0.99%          
Metropolitan Council General Obligation Wastewater Revenue          
(Minneapolis – St. Paul Metropolitan Area)          
Series C 4.00% 3/1/31   965,000    995,108 

 

65

Schedules of investments

Delaware Minnesota High-Yield Municipal Bond 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   1,000,000   $1,029,960 
         2,025,068 
Total Municipal Bonds (cost $218,885,354)        202,511,140 
           
Short-Term Investments — 0.10%          
Variable Rate Demand Note — 0.10%¤          
Minneapolis, Minnesota Health Care System Revenue          
(Fairview Health Services) Series C 2.65% 11/15/48
(LOC – Wells Fargo Bank N.A.)		   200,000    200,000 
Total Short-Term Investments (cost $200,000)        200,000 
Total Value of Securities—99.30%          
(cost $219,085,354)       $202,711,140 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $11,997,001, which represents 5.88% 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.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^Zero-coupon security. The rate shown is the effective yield at the time of purchase.

66

¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

67

Statements of assets and liabilities August 31, 2023

 

           Delaware 
           Minnesota 
       Delaware Tax-Free   High-Yield 
   Delaware Tax-Free   Minnesota   Municipal Bond 
   Minnesota Fund   Intermediate Fund   Fund 
Assets:               
Investments, at value*  $483,949,788   $64,464,381   $202,711,140 
Cash   —    228,272    193,453 
Receivable for securities sold   9,597,171    635,067    — 
Interest receivable   5,740,177    732,869    2,682,341 
Receivable for fund shares sold   751,230    110,003    311,971 
Prepaid expenses   60,495    36,288    54,078 
Receivable from investment manager   —    29,097    — 
Other assets   4,099    605    1,586 
Total Assets   500,102,960    66,236,582    205,954,569 
Liabilities:               
Due to custodian   2,516,960    —    — 
Payable for securities purchased   6,471,692    324,897    1,022,471 
Payable for fund shares redeemed   1,773,403    50,414    568,900 
Distribution payable   253,358    16,310    15,707 
Other accrued expenses   218,396    49,245    94,816 
Distribution fees payable to affiliates   67,012    11,501    26,665 
Investment management fees payable to affiliates   38,732    —    66,974 
Administration expenses payable to affiliates   11,085    10,314    10,530 
Total Liabilities   11,350,638    462,681    1,806,063 
Total Net Assets  $488,752,322   $65,773,901   $204,148,506 
 
Net Assets Consist of:               
Paid-in capital  $538,330,931   $71,653,336   $228,237,913 
Total distributable earnings (loss)   (49,578,609)   (5,879,435)   (24,089,407)
Total Net Assets  $488,752,322   $65,773,901   $204,148,506 

68

           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  $276,595,986   $47,433,318   $91,115,158 
Shares of beneficial interest outstanding, unlimited authorization, no par   25,310,859    4,805,681    9,442,575 
Net asset value per share  $10.93   $9.87   $9.65 
Sales charge   4.50%   2.75%   4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge)  $11.45   $10.15   $10.10 
                
Class C:               
Net assets  $8,592,231   $1,523,740   $8,163,028 
Shares of beneficial interest outstanding, unlimited authorization, no par   783,640    154,057    844,344 
Net asset value per share  $10.96   $9.89   $9.67 
                
Institutional Class:               
Net assets  $203,564,105   $16,816,843   $104,870,320 
Shares of beneficial interest outstanding, unlimited authorization, no par   18,632,113    1,703,139    10,871,744 
Net asset value per share  $10.93   $9.87   $9.65 
 
               
*Investments, at cost  $511,747,597   $66,399,867   $219,085,354 

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

69

Statements of operations Year ended August 31, 2023

 

       Delaware Tax-Free   Delaware Minnesota 
   Delaware Tax-Free   Minnesota   High-Yield Municipal 
   Minnesota Fund   Intermediate Fund   Bond Fund 
Investment Income:               
Interest  $18,952,629  $2,584,716  $8,840,247 
 
Expenses:               
Management fees   2,791,142    363,363    1,158,996 
Distribution expenses — Class A   735,967    125,072    241,748 
Distribution expenses — Class C   104,069    18,574    99,201 
Dividend disbursing and transfer agent fees and expenses   424,513    64,000    190,995 
Registration fees   180,164    48,617    14,355 
Accounting and administration expenses   86,890    43,035    60,754 
Reports and statements to shareholders expenses   48,231    12,468    20,360 
Audit and tax fees   40,625    40,625    40,625 
Legal fees   35,471    5,398    12,994 
Trustees’ fees and expenses   24,032    3,431    9,129 
Custodian fees   17,279    14,661    15,888 
Other   58,372    24,277    37,701 
    4,546,755    763,521    1,902,746 
Less expenses waived   (690,153)   (212,780)   (262,591)
Less expenses paid indirectly   (63)   (10)   (24)
Total operating expenses   3,856,539    550,731    1,640,131 
Net Investment Income (Loss)   15,096,090    2,033,985    7,200,116 

70

       Delaware Tax-Free   Delaware Minnesota 
   Delaware Tax-Free   Minnesota   High-Yield Municipal 
   Minnesota Fund   Intermediate Fund   Bond Fund 
Net Realized and Unrealized Gain (Loss):               
Net realized gain (loss) on investments  $(15,001,894)  $(2,953,631)  $(5,129,123)
Net change in unrealized appreciation (depreciation) on investments   (5,140,655)   1,510,919    (4,535,253)
Net Realized and Unrealized Gain (Loss)   (20,142,549)    (1,442,712)    (9,664,376) 
Net Increase (Decrease) in Net Assets Resulting from Operations  $(5,046,459)  $591,273   $(2,464,260)

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

71

Statements of changes in net assets

   Delaware Tax-Free Minnesota Fund 
   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $15,096,090  $13,338,910 
Net realized gain (loss)   (15,001,894)   (5,994,882)
Net change in unrealized appreciation (depreciation)   (5,140,655)   (58,761,630)
Net increase (decrease) in net assets resulting from operations   (5,046,459)   (51,417,602)
 
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (8,698,787)   (7,696,597)
Class C   (227,836)   (224,436)
Institutional Class   (6,535,249)   (5,374,031)
    (15,461,872)   (13,295,064)
 
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   68,439,065    78,404,017 
Class C   1,456,957    1,924,033 
Institutional Class   131,692,831    123,458,808 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   8,076,183    7,030,872 
Class C   226,411    222,610 
Institutional Class   4,268,668    3,728,698 
    214,160,115    214,769,038 

72

   Delaware Tax-Free Minnesota Fund 
   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(105,517,160)  $(105,934,797)
Class C   (5,517,111)   (4,721,588)
Institutional Class   (135,208,517)   (109,837,221)
    (246,242,788)   (220,493,606)
Decrease in net assets derived from capital share transactions   (32,082,673)   (5,724,568)
Net Decrease in Net Assets   (52,591,004)   (70,437,234)
           
Net Assets:          
Beginning of year   541,343,326    611,780,560 
End of year  $488,752,322  $541,343,326 

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

73

Statements of changes in net assets

   Delaware Tax-Free Minnesota Intermediate 
   Fund 
   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $2,033,985  $1,813,825 
Net realized gain (loss)   (2,953,631)   (858,493)
Net change in unrealized appreciation (depreciation)   1,510,919    (8,048,203)
Net increase (decrease) in net assets resulting from operations   591,273    (7,092,871)
 
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (1,361,277)   (1,236,691)
Class C   (36,272)   (35,021)
Institutional Class   (610,743)   (539,394)
    (2,008,292)   (1,811,106)
 
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   11,495,192    4,787,242 
Class C   304,264    354,310 
Institutional Class   12,015,007    16,667,624 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   1,198,434    1,081,064 
Class C   36,100    34,988 
Institutional Class   591,317    530,155 
    25,640,314    23,455,383 

74

   Delaware Tax-Free Minnesota Intermediate 
   Fund 
   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(15,577,188)  $(11,647,254)
Class C   (998,846)   (869,136)
Institutional Class   (21,037,831)   (13,305,865)
    (37,613,865)   (25,822,255)
Decrease in net assets derived from capital share transactions   (11,973,551)   (2,366,872)
Net Decrease in Net Assets   (13,390,570)   (11,270,849)
           
Net Assets:          
Beginning of year   79,164,471    90,435,320 
End of year  $65,773,901  $79,164,471 

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

75

Statements of changes in net assets

   Delaware Minnesota High-Yield Municipal 
   Bond Fund 
   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $7,200,116  $5,933,666 
Net realized gain (loss)   (5,129,123)   (2,014,639)
Net change in unrealized appreciation (depreciation)   (4,535,253)   (24,508,368)
Net increase (decrease) in net assets resulting from operations   (2,464,260)   (20,589,341)
 
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (3,179,809)   (2,698,669)
Class C   (250,269)   (232,692)
Institutional Class   (3,687,208)   (2,961,633)
    (7,117,286)   (5,892,994)
 
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   24,733,272    16,556,227 
Class C   1,407,398    2,605,070 
Institutional Class   56,284,847    55,946,931 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   3,072,064    2,584,003 
Class C   247,254    230,068 
Institutional Class   3,631,762    2,920,723 
    89,376,597    80,843,022 

76

   Delaware Minnesota High-Yield Municipal 
   Bond Fund 
   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(31,088,176)  $(20,548,181)
Class C   (4,514,906)   (4,141,665)
Institutional Class   (57,410,992)   (42,013,074)
    (93,014,074)   (66,702,920)
Increase (decrease) in net assets derived from capital share transactions   (3,637,477)   14,140,102 
Net Decrease in Net Assets   (13,219,023)   (12,342,233)
           
Net Assets:          
Beginning of year   217,367,529    229,709,762 
End of year  $204,148,506  $217,367,529 

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

77

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

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

78

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.36   $12.70   $12.49   $12.68   $12.14 
   
   
   0.32    0.27    0.29    0.31    0.36 
   (0.42)   (1.34)   0.21    (0.16)   0.54 
   (0.10)   (1.07)   0.50    0.15    0.90 
   
   
   (0.33)   (0.27)   (0.29)   (0.31)   (0.36)
   —    —    —    (0.03)   — 
   (0.33)   (0.27)   (0.29)   (0.34)   (0.36)
   
  $10.93   $11.36   $12.70   $12.49   $12.68 
   
   (0.89)%   (8.51)%   4.05%   1.30%   7.54%
   
   
  $276,596   $317,184   $375,799   $373,691   $386,790 
   0.84%   0.85%   0.85%   0.85%   0.85%
   0.98%   0.93%   0.93%   0.93%   0.93%
   2.89%   2.25%   2.30%   2.53%   2.92%
   2.75%   2.17%   2.22%   2.45%   2.84%
   35%   24%   3%   15%   13%

79

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

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

80

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.40   $12.75   $12.53   $12.72   $12.18 
   
   
   0.24    0.18    0.20    0.22    0.27 
   (0.43)   (1.35)   0.22    (0.16)   0.54 
   (0.19)   (1.17)   0.42    0.06    0.81 
   
   
   (0.25)   (0.18)   (0.20)   (0.22)   (0.27)
   —    —    —    (0.03)   — 
   (0.25)   (0.18)   (0.20)   (0.25)   (0.27)
   
  $10.96   $11.40   $12.75   $12.53   $12.72 
   
    (1.71)%   (9.23)%   3.35%   0.54%   6.73%
   
   
  $8,592   $12,837   $17,096   $25,219   $29,933 
   1.59%   1.60%   1.60%   1.60%   1.60%
   1.73%   1.68%   1.68%   1.68%   1.68%
   2.14%   1.50%   1.55%   1.78%   2.17%
   2.00%   1.42%   1.47%   1.70%   2.09%
   35%   24%   3%   15%   13%

81

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

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

82

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.36   $12.70   $12.49   $12.68   $12.14 
   
   
   0.35    0.30    0.32    0.34    0.39 
   (0.42)   (1.34)   0.21    (0.16)   0.54 
   (0.07)   (1.04)   0.53    0.18    0.93 
   
   
   (0.36)   (0.30)   (0.32)   (0.34)   (0.39)
   —    —    —    (0.03)   — 
   (0.36)   (0.30)   (0.32)   (0.37)   (0.39)
   
  $10.93   $11.36   $12.70   $12.49   $12.68 
   
   (0.64)%   (8.28)%   4.31%   1.55%   7.81%
   
   
  $203,564   $211,322   $218,886   $181,242   $169,241 
   0.59%   0.60%   0.60%   0.60%   0.60%
   0.73%   0.68%   0.68%   0.68%   0.68%
   3.14%   2.50%   2.55%   2.78%   3.17%
   3.00%   2.42%   2.47%   2.70%   3.09%
   35%   24%   3%   15%   13%

83

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

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

84

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.07   $11.22   $11.10   $11.25   $10.82 
   
   
   0.27    0.23    0.23    0.27    0.31 
   (0.20)   (1.15)   0.11    (0.15)   0.43 
   0.07    (0.92)   0.34    0.12    0.74 
   
   
   (0.27)   (0.23)   (0.22)   (0.27)   (0.31)
   (0.27)   (0.23)   (0.22)   (0.27)   (0.31)
   
  $9.87   $10.07   $11.22   $11.10   $11.25 
   
   0.72%   (8.32)%   3.13%   1.08%   7.00%
   
   
  $47,433   $51,298   $63,499   $57,788   $55,918 
   0.81%   0.78%   0.71%   0.71%   0.71%
   1.10%   1.01%   1.00%   1.02%   1.04%
   2.75%   2.11%   2.01%   2.39%   2.87%
   2.46%   1.88%   1.72%   2.08%   2.54%
   32%   28%   7%   20%   19%

85

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

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

86

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.09   $11.24   $11.12   $11.27   $10.84 
   
   
   0.20    0.14    0.13    0.17    0.22 
   (0.20)   (1.15)   0.12    (0.15)   0.43 
   —    (1.01)   0.25    0.02    0.65 
   
   
   (0.20)   (0.14)   (0.13)   (0.17)   (0.22)
   (0.20)   (0.14)   (0.13)   (0.17)   (0.22)
   
  $9.89   $10.09   $11.24   $11.12   $11.27 
   
   (0.03)%   (9.02)%   2.26%   0.22%   6.09%
   
   
  $1,524   $2,222   $2,990   $5,149   $7,167 
   1.56%   1.56%   1.56%   1.56%   1.56%
   1.85%   1.76%   1.75%   1.77%   1.79%
   2.00%   1.33%   1.16%   1.54%   2.02%
   1.71%   1.13%   0.97%   1.33%   1.79%
   32%   28%   7%   20%   19%

87

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

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

88

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.07   $11.22   $11.10   $11.25   $10.83 
   
   
   0.30    0.25    0.24    0.28    0.33 
   (0.20)   (1.15)   0.12    (0.15)   0.42 
   0.10    (0.90)   0.36    0.13    0.75 
   
   
   (0.30)   (0.25)   (0.24)   (0.28)   (0.33)
   (0.30)   (0.25)   (0.24)   (0.28)   (0.33)
   
  $9.87   $10.07   $11.22   $11.10   $11.25 
   
   0.97%   (8.12)%   3.29%   1.23%   7.06%
   
   
  $16,817   $25,644   $23,946   $24,848   $17,718 
   0.56%   0.56%   0.56%   0.56%   0.56%
   0.85%   0.76%   0.75%   0.77%   0.79%
   3.00%   2.33%   2.16%   2.54%   3.02%
   2.71%   2.13%   1.97%   2.33%   2.79%
   32%   28%   7%   20%   19%

89

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

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

90

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.08   $11.34   $11.00   $11.21   $10.66 
   
   
   0.32    0.27    0.28    0.29    0.32 
   (0.43)   (1.26)   0.34    (0.21)   0.55 
   (0.11)   (0.99)   0.62    0.08    0.87 
   
   
   (0.32)   (0.27)   (0.28)   (0.29)   (0.32)
   (0.32)   (0.27)   (0.28)   (0.29)   (0.32)
   
  $9.65   $10.08   $11.34   $11.00   $11.21 
   
   (1.06)%   (8.79)%   5.71%   0.81%   8.33%
   
   
  $91,116   $98,592   $112,606   $103,913   $103,487 
   0.87%   0.88%   0.89%   0.89%   0.89%
   0.99%   0.98%   0.97%   0.97%   0.99%
   3.33%   2.58%   2.52%   2.69%   2.97%
   3.21%   2.48%   2.44%   2.61%   2.87%
   36%   23%   3%   18%   12%

91

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

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

92

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.10   $11.36   $11.02   $11.23   $10.68 
   
   
   0.25    0.19    0.20    0.21    0.24 
   (0.43)   (1.26)   0.34    (0.21)   0.55 
   (0.18)   (1.07)   0.54    —2    0.79 
   
   
   (0.25)   (0.19)   (0.20)   (0.21)   (0.24)
   (0.25)   (0.19)   (0.20)   (0.21)   (0.24)
   
  $9.67   $10.10   $11.36   $11.02   $11.23 
   
   (1.79)%   (9.46)%   4.92%   0.05%   7.51%
   
   
  $8,163   $11,476   $14,317   $19,376   $21,059 
   1.62%   1.63%   1.64%   1.64%   1.64%
   1.74%   1.73%   1.72%   1.72%   1.74%
   2.58%   1.82%   1.77%   1.94%   2.22%
   2.46%   1.73%   1.69%   1.86%   2.12%
   36%   23%   3%   18%   12%

93

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

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

94

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.07   $11.33   $11.00   $11.20   $10.66 
   
   
   0.35    0.30    0.31    0.32    0.35 
   (0.42)   (1.26)   0.33    (0.20)   0.54 
   (0.07)   (0.96)   0.64    0.12    0.89 
   
   
   (0.35)   (0.30)   (0.31)   (0.32)   (0.35)
   (0.35)   (0.30)   (0.31)   (0.32)   (0.35)
   
  $9.65   $10.07   $11.33   $11.00   $11.20 
   
   (0.71)%   (8.58)%   5.89%   1.15%   8.50%
   
   
  $104,870   $107,300   $102,787   $75,325   $75,155 
   0.62%   0.63%   0.64%   0.64%   0.64%
   0.74%   0.73%   0.72%   0.72%   0.74%
   3.58%   2.83%   2.77%   2.94%   3.22%
   3.46%   2.73%   2.69%   2.86%   3.12%
   36%   23%   3%   18%   12%

95

Notes to financial statements  
Delaware Funds by Macquarie® Minnesota municipal bond funds August 31, 2023

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

1. Significant Accounting Policies

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

Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income

96

security valuations are then reviewed by DMC as part of its duties as the Fund's valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by DMC. Subject to the oversight of each Trust's Board of Trustees (each, a Board, or collectively, the Boards), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund's tax positions taken or expected to be taken on each Fund's federal income tax returns through the year ended August 31, 2023, and for all open tax years (years ended August 31, 2020–August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund's financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2023, the Funds did not incur any interest or tax penalties.

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

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

97

Notes to financial statements

Delaware Funds by Macquarie® Minnesota municipal bond funds

1. Significant Accounting Policies (continued)

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

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

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

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

      Delaware Tax-Free  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 and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, 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

98

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

   Operating expense
   limitation a
   a percentage of average
Fund  daily net assets
Delaware Tax-Free Minnesota Fund  0.59 %*
Delaware Tax-Free Minnesota Intermediate Fund  0.56 %
Delaware Minnesota High-Yield Municipal Bond Fund  0.61 %**

*Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense limitation for Delaware Tax-Free Minnesota Fund was 0.60%.

**Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense limitation for Delaware Minnesota High-Yield Municipal Bond Fund was 0.63%.

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

   Operating expense limitation as a percentage of average daily net assets
Fund  Class A  Class C  Institutional Class
Delaware Tax-Free Minnesota Fund  0.84 %*  1.59 %*  0.59 %*
Delaware Tax-Free Minnesota Intermediate Fund  0.81 %  1.56 %  0.56 % 
Delaware Minnesota High-Yield Municipal Bond Fund  0.86 %**  1.61 %**  0.61 %**

*Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense caps were as follows for Class A, Class C and Institutional Class, respectively: 0.85%, 1.60% and 0.60%.

**Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense caps were as follows for Class A, Class C and Institutional Class, respectively: 0.88%, 1.63% and 0.63%.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of

99

Notes to financial statements

Delaware Funds by Macquarie® Minnesota municipal bond funds

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

aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

Fund  Fees 
Delaware Tax-Free Minnesota Fund  $18,993 
Delaware Tax-Free Minnesota Intermediate Fund   6,143 
Delaware Minnesota High-Yield Municipal Bond Fund   10,218 

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

Fund  Fees 
Delaware Tax-Free Minnesota Fund  $32,097 
Delaware Tax-Free Minnesota Intermediate Fund   4,588 
Delaware Minnesota High-Yield Municipal Bond Fund   13,311 

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

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.

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

Fund  Fees 
Delaware Tax-Free Minnesota Fund  $16,127 
Delaware Tax-Free Minnesota Intermediate Fund   2,327 
Delaware Minnesota High-Yield Municipal Bond Fund   12,980 

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

Fund  Class A 
Delaware Tax-Free Minnesota Fund  $3,530 
Delaware Tax-Free Minnesota Intermediate Fund   704 
Delaware Minnesota High-Yield Municipal Bond Fund   2,900 

For the year ended August 31, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund  Class A   Class C 
Delaware Tax-Free Minnesota Fund  $2,139   $2,402 
Delaware Tax-Free Minnesota Intermediate Fund   1,869    33 
Delaware Minnesota High-Yield Municipal Bond Fund   7,511    1,591 

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

Cross trades for the year ended August 31, 2023, were executed by 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

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Notes to financial statements

Delaware Funds by Macquarie® Minnesota municipal bond funds

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

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

   Purchases   Sales   Net realized gain (loss) 
Delaware Tax-Free Minnesota Fund  $3,035,052   $—   $— 
Delaware Tax-Free Minnesota               
Intermediate Fund   —    934,995    197 

3. Investments

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

Fund  Purchases   Sales 
Delaware Tax-Free Minnesota Fund  $175,007,281   $190,765,602 
Delaware Tax-Free Minnesota Intermediate Fund   22,596,184    33,885,169 
Delaware Minnesota High-Yield Municipal Bond Fund   75,962,654    73,601,638 

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

       Aggregate   Aggregate   Net unrealized 
       unrealized   unrealized   appreciation 
   Cost of   appreciation   depreciation   (depreciation) 
Fund  investments   of investments   of investments   of investments 
Delaware Tax-Free Minnesota Fund  $512,172,776   $2,589,543   $(30,812,531)  $(28,222,988)
Delaware Tax-Free Minnesota Intermediate Fund   66,368,513    316,029    (2,220,161)   (1,904,132)
Delaware Minnesota High-Yield Municipal Bond Fund   219,044,545    1,224,181    (17,557,586)   (16,333,405)

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

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

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2023:

   Delaware Tax-Free Minnesota Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $483,949,788 

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Notes to financial statements

Delaware Funds by Macquarie® Minnesota municipal bond funds

3. Investments (continued)

   Delaware Tax-Free Minnesota Intermediate Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $64,464,381 
     
   Delaware Minnesota High-Yield Municipal Bond Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $202,511,140 
Short-Term Investments   200,000 
Total Value of Securities  $202,711,140 

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

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

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2023 and 2022 were as follows:

   Tax-exempt   Ordinary     
   income   income   Total 
Year ended August 31, 2023:               
Delaware Tax-Free Minnesota Fund  $15,458,644   $3,228   $15,461,872 
Delaware Tax-Free Minnesota Intermediate Fund   2,007,786    506    2,008,292 
Delaware Minnesota High-Yield Municipal Bond Fund   7,115,273    2,013    7,117,286 
Year ended August 31, 2022:               
Delaware Tax-Free Minnesota Fund   13,295,000    64    13,295,064 
Delaware Tax-Free Minnesota Intermediate Fund   1,811,106    —    1,811,106 
Delaware Minnesota High-Yield Municipal Bond Fund   5,892,972    22    5,892,994 

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5. Components of Net Assets on a Tax Basis

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

       Delaware Tax-Free   Delaware Minnesota 
   Delaware Tax-Free   Minnesota   High-Yield Municipal 
   Minnesota Fund   Intermediate Fund   Bond Fund 
Shares of beneficial interest  $538,330,931   $71,653,336   $228,237,913 
Undistributed tax-exempt income   59,352    12,120    15,707 
Distributions payable   (253,358)   (16,310)   (15,707)
Capital loss carryforwards   (21,161,615)   (3,971,113)   (7,756,002)
Unrealized appreciation (depreciation) of investments   (28,222,988)   (1,904,132)   (16,333,405)
Net assets  $488,752,322   $65,773,901   $204,148,506 

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.

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, 2023, the Funds had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, each Fund has capital loss carryforwards available to offset future realized capital gains as follows:

   Loss carryforward character     
   Short-term   Long-term   Total 
Delaware Tax-Free Minnesota Fund  $7,274,626   $13,886,989   $21,161,615 
Delaware Tax-Free Minnesota Intermediate Fund   561,415    3,409,698    3,971,113 
Delaware Minnesota High-Yield Municipal Bond Fund   4,044,218    3,711,784    7,756,002 

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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 
   8/31/23   8/31/22   8/31/23   8/31/22   8/31/23   8/31/22 
Shares sold:                              
Class A   6,212,711    6,675,584    1,166,387    459,040    2,520,760    1,570,364 
Class C   131,667    158,306    30,724    33,463    142,713    243,560 
Institutional Class   11,868,644    10,473,884    1,206,119    1,633,157    5,729,835    5,317,085 
                               
Shares issued upon reinvestment of dividends and distributions:
Class A   728,413    585,945    120,576    102,035    314,143    242,222 
Class C   20,362    18,503    3,627    3,305    25,248    21,551 
Institutional Class   385,083    310,784    59,589    50,147    371,678    274,448 
    19,346,880    18,223,006    2,587,022    2,281,147    9,104,377    7,669,230 
 
Shares redeemed:                              
Class A   (9,555,213)   (8,915,827)   (1,575,131)   (1,126,691)   (3,176,663)   (1,961,685)
Class C   (494,878)   (391,496)   (100,472)   (82,500)   (460,254)   (388,928)
Institutional Class   (12,230,968)   (9,407,543)   (2,108,041)   (1,271,288)   (5,882,046)   (4,009,249)
    (22,281,059)   (18,714,866)   (3,783,644)   (2,480,479)   (9,518,963)   (6,359,862)
Net increase (decrease)   (2,934,179)   (491,860)   (1,196,622)   (199,332)   (414,586)   1,309,368 

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the years ended August 31, 2023 and 2022, 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 Minnesota Fund
Year ended                              
8/31/23   133,658    29,308    1,304    20,971    143,436   $1,824,634 
8/31/22   35,428    12,655    —    12,701    35,432    592,244 

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   Exchange Redemptions   Exchange Subscriptions     
       Institutional       Institutional     
   Class A   Class C   Class   Class A   Class     
   Shares   Shares   Shares   Shares   Shares   Value 
Delaware Tax-Free Minnesota Intermediate Fund
Year ended                              
8/31/23   7,086    10,790    —    10,823    7,080   $178,880 
8/31/22   10,192    737    —    738    10,192    117,346 
                               
Delaware Minnesota High-Yield Municipal Bond Fund
Year ended                              
8/31/23   226    13,236    39    13,317    226    133,068 
8/31/22   629    16,920    —    16,961    629    195,261 

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022. The Agreement was extended to October 30, 2023.

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

8. Geographic, Credit, and Market Risks

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

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Notes to financial statements

Delaware Funds by Macquarie® Minnesota municipal bond funds

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

The Funds concentrate their investments in securities issued by municipalities, mainly in Minnesota, and are 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 usually not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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

Each Fund 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

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

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

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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in the Funds' financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of 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, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; 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 20, 2023

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

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Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

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Tax Information

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

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

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

  (A) (B)  
  Tax-Exempt Ordinary Income Total
  Distributions Distributions Distributions
  (Tax Basis) (Tax Basis) (Tax Basis)
Delaware Tax-Free Minnesota Fund 99.98% 0.02% 100.00%
Delaware Tax-Free Minnesota Intermediate Fund 99.97% 0.03% 100.00%
Delaware Minnesota High-Yield Municipal Bond Fund 99.97% 0.03% 100.00%

 

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

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

At a meeting held on August 8-10, 2023 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund and Delaware Minnesota High-Yield Municipal Bond Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreements with Delaware Management Company (“DMC”).

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

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

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

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

113

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

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreements and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates.

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

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

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

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

114

performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2022.

Delaware Tax-Free Minnesota Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional Minnesota municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was in the second quartile of its Performance Universe and for the since inception period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-and 5-year and since inception periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

Delaware Tax-Free Minnesota Intermediate Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” intermediate municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was in the fourth quartile of its Performance Universe and for the since inception period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe and for the since inception period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 5-year and since inception periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

Delaware Minnesota High-Yield Municipal Bond Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional Minnesota municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the third and second quartile, respectively, of its Performance Universe and for the 5-year and since inception periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3- and 5-year and since inception periods was above the median of its Performance Universe and for the 1-year period was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods and was approximately equal to its benchmark index for the since inception period. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as

115

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

of its most recently completed fiscal year. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

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

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

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

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

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds, including the current breakpoints. The

116

Board noted that, as of March 31, 2023, Delaware Tax-Free Minnesota Fund’s net assets exceeded its first breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

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

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

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

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

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

117

Form N-PORT and proxy voting information

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that 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 Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

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.

118

Board of trustees and officers addendum

Delaware Funds by Macquarie®

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

Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
Interested Trustee        
           
Shawn K. Lytle2
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1970		 President,
Chief Executive
Officer,
and Trustee		 President and
Chief Executive
Officer
since August 2015

Trustee since
September 2015

 105 Macquarie Asset
Management3
(2015–Present)
-Global Head of
Macquarie Asset
Management Public
Investments
(2019–Present)
-Head of Americas of
Macquarie Group
(2017–Present)

 None

119

Board of trustees and officers addendum

Delaware Funds by Macquarie®

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

Jerome D.

Abernathy

100 Independence

610 Market Street

Philadelphia, PA

19106-2354

1959

 Trustee Since January 2019 105

Stonebrook Capital

Management, LLC

(financial

technology: macro

factors and databases)

-Managing Member

(1993-Present)

 None
 
Ann D. Borowiec
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1958		 Trustee Since March 2015 105 J.P. Morgan Chase & Co.
(1987-2013)
-Chief Executive Officer,
Private Wealth
Management
(2011–2013)		 Banco Santander International
(2016–2019)
Santander Bank, N.A.
(2016-2019)

120


Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Joseph W. Chow
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1953

 Trustee

 Since January 2013

 105

 Private Investor
(2011–Present)
State Street Bank and
Trust Company
(1996-2011)
-Executive Vice President
of Enterprise Risk
Management and
Emerging Economies
Strategy; and Chief Risk
and Corporate
Administration Officer		 None
 
H. Jeffrey Dobbs
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1955

 Trustee Since April 20194 105 KPMG LLP
(2002-2015)
-Global Sector Chairman,
Industrial Manufacturing
(2010-2015)

 TechAccel LLC
(2015–Present)
PatientsVoices, Inc.
(2018–Present)
Valparaiso University Board
(2012-Present)
Ivy Funds Complex (2019-2021)

121

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
John A. Fry
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1960		 Trustee Since January 2001 105 Drexel University
-President
(2010–Present)

 Federal Reserve
Bank of Philadelphia
(2020–Present)
Kresge Foundation
(2018-Present)
FS Credit Real Estate Income
Trust, Inc. (2018–Present)
vTv Therapeutics Inc.
(2017–Present)
Community Health Systems
(2004–Present)
Drexel Morgan & Co.
(2015–2019)

122


Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Joseph Harroz, Jr.
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1967		 Trustee Since November
19984		 105 University of Oklahoma
-President
(2020–Present)
-Interim President
(2019–2020)
-Vice President and
Dean, College of Law
(2010–2019)
Brookhaven Investments
LLC (commercial
enterprises)
-Managing Member
(2019–Present)
St. Clair, LLC
(commercial enterprises)
-Managing Member
(2019–Present)		 OU Medicine, Inc.
(2020–Present)
Big 12 Athletic Conference
(2019-Present)
Valliance Bank
(2007–Present)
Ivy Funds Complex
(1998-2021)

123

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Sandra A.J.
Lawrence
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1957		 Trustee Since April 20194 105 Children’s Mercy
Hospitals and Clinics
(2005–2019)
-Chief Administrative
Officer
(2016–2019)		 Brixmor Property Group Inc.
(2021-Present)
Sera Prognostics Inc.
(biotechnology) (2021-Present)
Recology (resource recovery)
(2021-2023)
Evergy, Inc., Kansas City Power
& Light Company, KCP&L
Greater Missouri Operations
Company, Westar Energy, Inc.
and Kansas Gas and Electric
Company (related utility
companies) (2018-Present)
National Association of Corporate
Directors (2017-Present)
American Shared Hospital
Services (medical device)
(2017-2021)
Ivy Funds Complex (2019-2021)

124


Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Frances A.
Sevilla-Sacasa
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1956		 Trustee Since September
2011		 105 Banco Itaú International
-Chief Executive Officer
(2012–2016)
Bank of America,
U.S. Trust Private Wealth
-President (2007-2008)
U.S. Trust Corp.
-President & CEO
(2005-2007)		 Invitation Homes Inc.
(2023-Present)
Florida Chapter of National
Association of Corporate
Directors (2021-Present)
Callon Petroleum Company
(2019-Present)
Camden Property Trust
(2011-Present)
New Senior Investment
Group Inc. (REIT) (2021)
Carrizo Oil & Gas, Inc.
(2018-2019)
 
Thomas K. Whitford
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1956		 Chair and Trustee

Trustee since January
2013

Chair since January
2023

 105 PNC Financial Services
Group (1983–2013)
-Vice Chairman
(2009-2013)

 HSBC USA Inc.
(2014–2022)
HSBC North America
Holdings Inc.
(2013–2022)


125

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Christianna Wood
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1959		 Trustee Since January 2019 105 Gore Creek
Capital, Ltd.
-Chief Executive Officer
and President
(2009–Present)
Capital Z Asset
Management
-Chief Executive Officer
(2008-2009)
California Public
Employees' Retirement
System (CalPERS)
-Senior Investment
Officer of Global Equity
(2002-2008)

 The Merger Fund
(2013–2021),
The Merger Fund VL
(2013–2021),
WCM Alternatives: Event-Driven
Fund (2013–2021),
and WCM Alternatives: Credit
Event Fund (2017–2021)
Grange Insurance
(2013–Present)
H&R Block Corporation
(2008–2022)
International Securities
Exchange (2010-2018)
Vassar College Trustee
(2006-2018)

126


Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Janet L. Yeomans
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1948		 Trustee Since April 1999

 105 3M Company
(1995-2012)
-Vice President and
Treasurer (2006–2012)		 Temple University Hospital
(2017-Present)
Pennsylvania State System of
Higher Education (2018-Present)
Officers          
David F. Connor
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1963		 Senior Vice President,
General Counsel, and
Secretary		 Senior Vice President,
since May 2013;
General Counsel
since May 2015;
Secretary since
October 2005		 105 David F. Connor has
served in various
capacities at different
times at Macquarie Asset
Management.		 None5
           
Daniel V. Geatens
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1972		 Senior Vice President
and Treasurer		 Senior Vice President
and Treasurer since
October 2007		 105 Daniel V. Geatens has
served in various
capacities at different
times at Macquarie Asset
Management.		 None5

127

Board of trustees and officers addendum

Delaware Funds by Macquarie®

Name,
Address,
and Birth Year		 Position(s)
Held with
the Trust		 Length of Time
Served1		 Number of
Funds in Fund
Complex Overseen
by Trustee		 Principal
Occupation(s)
During the
Past Five Years		 Other
Directorships
Held by Trustee
During the
Past Five Years
 
Richard Salus
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1963		 Senior Vice President
and Chief Financial
Officer		 Senior Vice President
and Chief Financial
Officer since
November 2006		 105 Richard Salus has
served in various
capacities at different
times at Macquarie Asset
Management.		 None

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

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

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

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

5 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 manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust.

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

128

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, 2023

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

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

   

Experience Delaware Funds by Macquarie®

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

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Tax-Free 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.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

Portfolio management reviews 1
Performance summaries 10
Disclosure of Fund expenses 35
Security type / sector / state / territory allocations 39
Schedules of investments 45
Statements of assets and liabilities 107
Statements of operations 111
Statements of changes in net assets 113
Financial highlights 125
Notes to financial statements 161
Report of independent registered public accounting firm 181
Other Fund information 182
Board of trustees and officers addendum 191

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.

Unless otherwise noted, views expressed herein are current as of August 31, 2023, and subject to change for events occurring after such date.

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

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

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

© 2023 Macquarie Management Holdings, Inc.

   

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Delaware Funds by Macquarie® state tax-free funds August 31, 2023 (Unaudited)

 

Performance preview (for the year ended August 31, 2023)     
Delaware Tax-Free Arizona Fund (Institutional Class shares) 1-year return -2.60%
Delaware Tax-Free Arizona Fund (Class A shares) 1-year return -2.84%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Arizona Fund, please see the table on page 10.

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

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

Please see page 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 +1.22%
Delaware Tax-Free California Fund (Class A shares) 1-year return +0.87%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free California Fund, please see the table on page 14.

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

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

Please see page 17 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 -0.14%
Delaware Tax-Free Colorado Fund (Class A shares) 1-year return -0.39%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Colorado Fund, please see the table on page 18.

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

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

Please see page 21 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

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Delaware Tax-Free Idaho Fund (Institutional Class shares) 1-year return -0.17%
Delaware Tax-Free Idaho Fund (Class A shares) 1-year return -0.51%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Idaho Fund, please see the table on page 22.

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

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

Please see page 25 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 +0.54%
Delaware Tax-Free New York Fund (Class A shares) 1-year return +0.29%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free New York Fund, please see the table on page 26.

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

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

Please see page 29 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 +0.53%
Delaware Tax-Free Pennsylvania Fund (Class A shares) 1-year return +0.29%
Bloomberg Municipal Bond Index (benchmark) 1-year return +1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Tax-Free Pennsylvania Fund, please see the table on page 30.

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

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

Please see page 34 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

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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

During the fiscal year ended August 31, 2023, there was a growing consensus that the US economy could continue to expand and potentially even achieve a “soft landing,” despite various challenges that investors anticipated could lead to a recession. These challenges included the US Federal Reserve’s cycle of rate hikes, a regional banking crisis, and concerns about the impact of China’s slowdown on the global economy.

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

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

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

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

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Municipal bond market conditions

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

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

At the start of the 12-month period, yields on municipal bonds were rising, and bond prices correspondingly falling, amid steady outflows from municipal bond mutual funds. Late in 2022 and into early 2023, however, the backdrop for municipal bonds improved. Inflation eased, and expectations grew that the Fed would begin to slow the pace of interest rate hikes. This led to an improvement in the technical backdrop and a better balance between demand and supply for municipal securities.

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

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

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

Returns by maturity  
1 year 1.83%
3 years 1.12%
5 years 0.98%
10 years 2.01%
22+ years 1.45%
   
Returns by credit rating  
AAA 1.21%
AA 1.62%
A 2.19%
BBB 2.29%

Source: Bloomberg.

Economic backdrop in the states

In the 2023 fiscal year, Arizona saw its non-farm employment increase to 3.2 million, up 2.1% from the prior fiscal year. The state reported a preliminary July 2023 unemployment rate of 3.6%, a 0.3% improvement from a year earlier but slightly above the national average of 3.5%. The state’s general fund revenues totaled $13.5 billion for fiscal 2023, 0.6% above forecast but 19.2% below the level attained in the prior fiscal year. Meanwhile, Arizona’s sales and use tax collections for fiscal 2023 were $7.7 billion, 0.8% below forecast yet 6.5% above the state’s fiscal 2022 collections. Individual income-tax collections were $5.2 billion for fiscal 2023, 4.3% below forecast and 30.4% below collections for fiscal 2022. The decline in individual income-tax collection was due to phased-in tax reductions and higher refunds. Of final note, corporate income-tax collections for fiscal 2023 totaled $1.8 billion, 6.0% above forecast and 55.3% above the prior fiscal year’s collections. Arizona’s budget for the 2024 fiscal year totals

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$64.8 billion, with $17.8 billion of that composed of general fund spending.

California saw its non-farm employment increase by 2.2% to 18.1 million during this fiscal year. The state’s preliminary unemployment rate of 4.6% in July 2023 was 0.8% percentage points higher than a year earlier and worse than the national average of 3.5%. California’s general fund revenues totaled $168.6 billion, above forecast by 0.6%. Meanwhile, the state’s personal income-tax collections for fiscal 2023 were $95.0 billion, 0.8% below forecast, while California’s corporate income-tax collections were 3.4% above forecast, totaling $30.0 billion. Of final note, the state’s sales and use tax collections totaled $34.7 billion in fiscal 2023, 0.2% above forecast. The budget California enacted for fiscal 2024 calls for $225.9 billion in general fund spending, representing a 3.7% fiscal-year-over-year decline.

For the 2023 fiscal year, non-farm employment in Colorado increased 1.4% to 2.90 million. For July 2023, the state reported a preliminary unemployment rate of 2.9%, above the 2.7% rate of a year earlier but better than the national average of 3.5%. Colorado’s general fund revenues for fiscal 2023 were $17.4 billion, 2.5% below revenue collections for the prior fiscal year. Meanwhile, net individual income-tax collections for fiscal 2023 totaled $10.3 billion, 13.4% below fiscal 2022 collections. Net sales, use, and excise tax collections for the 2023 fiscal year totaled $4.6 billion, a 7.3% increase over fiscal 2022 collections, while net corporate income-tax collections for fiscal 2023 totaled $2.4 billion, 57.0% above the level seen in fiscal 2022. The state’s fiscal 2024 operating budget totals $40.5 billion.

In Idaho, non-farm employment grew by 3.4% to 851,000 in the 2023 fiscal year. In July 2023, the state reported a preliminary unemployment rate of 2.8%, a 0.1 percentage point increase from a year earlier but significantly better than the 3.5% national average. For fiscal 2023, the state’s general fund revenues were $5.9 billion, 1.4% higher than forecast but 4.0% below the prior fiscal year’s revenue collections. Meanwhile, individual income-tax collections totaled $2.4 billion for fiscal 2023, 0.1% lower than forecast and 17.4% lower than in fiscal 2022. Sales tax collections in Idaho for the 2023 fiscal year totaled $2.3 billion, 0.9% lower than forecast but 4.7% above fiscal 2022 collections. Of final note, the state’s corporate income-tax collections for fiscal 2023 totaled $1.0 billion, 7.5% above forecast but 0.7% lower than collections in the prior fiscal year. For fiscal 2024, Idaho’s budget calls for $5.18 billion in general fund appropriations, a 12.0% increase.

For fiscal 2023, New York’s labor market saw a 2.0% increase in non-farm employment, which stood at 9.7 million. According to preliminary figures, the state’s jobless rate for July 2023 was 3.9%, an incremental improvement from a year earlier but still above the national average of 3.5%. New York’s general fund receipts for fiscal 2023 were $60.9 billion, a decline of 3.7% relative to the prior fiscal year’s receipts. Meanwhile, the state’s personal income-tax collections for fiscal 2023 totaled $27.6 billion, a 17.5% reduction from the prior year. Business-tax receipts for fiscal 2023 totaled $16.7 billion, a 6.9% year-over-year increase, while consumption and use tax receipts for fiscal 2023 totaled $7.2 billion, a 53.4% increase. New York’s fiscal 2024 budget, enacted in May, totals $229.0 billion, an increase of 4.1%.

Pennsylvania’s labor market saw a 2.6% increase in non-farm employment, reaching 6.13 million in the 2023 fiscal year. The state

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finished July 2023 with an unemployment rate of 3.5%, well ahead of the 4.3% rate it reported a year earlier and matching the national average. Pennsylvania closed fiscal 2023 with $44.9 billion in general fund collections, 3.1% above estimates but 6.7% below collections for the prior fiscal year. The state’s sales-tax receipts for fiscal 2023 totaled $14.0 billion, 1.5% above estimates and 0.8% higher than collections in fiscal 2022. Meanwhile, personal income tax revenue totaled $17.6 billion, 2.9% below estimates and 2.7% below collections in the prior fiscal year, while corporate tax revenues were $8.3 billion, 19.8% above estimates and 12.8% higher than collections in fiscal year 2022. As of period end, the state’s “rainy day” fund balance held $5.0 billion. Pennsylvania’s budget for fiscal 2024 totaled $45.0 billion in general fund spending.

Maintaining our management approach

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

In pursuing our strategy, we typically maintain relatively less exposure to highly rated, lower yielding bonds, as we believe these types of securities provide less value for shareholders. Instead, we generally see better opportunity from lower-rated, higher yielding bonds of issuers with what we believe is solid underlying credit quality.

For some of these Funds, particularly in states that have large municipal bond marketplaces, it can be relatively straightforward to find the lower-rated, credit-oriented securities we regularly favor for investment. In other state marketplaces, however, the supply of municipal debt, especially lower-rated municipal debt, can be more limited. When investing in these marketplaces, our approach typically involves buying the bonds that we see as the most attractive opportunities at any given time, while we monitor supply in the new-issue and secondary municipal bond markets as we seek to find suitable lower-rated bonds to satisfy our management objectives. Following this approach, as of the end of the fiscal year on August 31, 2023, roughly 37% of the net assets of Delaware Tax-Free Arizona Fund were invested in bonds with lower-investment-grade credit ratings (A and BBB), while about 41% of the net assets of Delaware Tax-Free California Fund were invested in these same credit tiers. Roughly 35% of Delaware Tax-Free Colorado Fund were invested in bonds rated lower investment grade, compared with about 37% of Delaware Tax-Free Idaho Fund, 42% of Delaware Tax-Free New York Fund, and 55% of Delaware Tax-Free Pennsylvania Fund.

All these Funds also maintained allocations to high yield municipal debt (bonds with credit ratings below BBB-). By prospectus, each Fund may hold up to 20% of its net assets in high yield debt.

Responding to market conditions

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

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of opportunities to buy bonds we found attractive at prices we believed were temporarily depressed.

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

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

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

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

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

Individual performance effects

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

In Delaware Tax-Free Arizona Fund, Phoenix Civic Improvement Corporation airport bonds led performance. These holdings, which gained more than 6% for the 12-month period, benefited from their favorable positioning on the yield curve. Another holding that also outperformed was in zero-coupon Puerto Rico dedicated-tax bonds, whose favorable duration characteristics and relatively low valuation coming into the fiscal year allowed the securities to gain about 6%. Further boosting the Fund’s return were Arizona Game and Fish Department state appropriations bonds, which gained about 5%, as a result of their favorable structures.

On the negative side, this Fund – and the other five Funds profiled in this report – saw a significantly negative performance impact from tax-exempt bonds issued by the Puerto Rico Electric Power Authority, often referred to as PREPA. These bonds, which declined more

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than 65% for the 12-month period, lost significant value when PREPA, which is going through a restructuring, received an unfavorable ruling in bankruptcy court over the summer, which dragged down the securities’ prices. Bonds of Mirabella at ASU, a retirement community on the campus of Arizona State University in Tempe, also detracted from performance. This relatively new senior-housing facility has seen its occupancy rate fall short of investors’ expectations. This led the securities to significantly underperform. The bonds declined nearly 30% for the 12-month time frame.

In Delaware Tax-Free California Fund, holdings in Inland Empire tobacco securitization bonds were the strongest performers during this fiscal year. These California zero-coupon bonds gained more than 15%. Student-housing bonds for Napa Valley College, which benefited from their relatively high yield and longer duration, as well as investors’ apparently increased comfort with the issuer’s underlying creditworthiness also contributed to performance. On the negative side, besides the PREPA bonds mentioned earlier, the Fund saw a negative effect from bonds for San Antonio Gardens senior apartments, a continuing care retirement community in California whose debt declined close to 10% for the fiscal year.

In Delaware Tax-Free Colorado Fund, the strongest performing holding was a bond investment in the Eagle P3 commuter rail-line project. These bonds benefited from their lower-investment-grade credit rating and desirable structure, returning more than 6% for the Fund’s fiscal year. Additional performance contributors included the Fund’s holding in the same Puerto Rico dedicated-tax bonds mentioned earlier for Delaware Tax-Free Arizona Fund, as well as Valley View Hospital Association bonds, which gained more than 5% for the fiscal year. In contrast, the Fund’s largest individual detractor, after the PREPA bonds previously discussed, was a holding in Verve Metropolitan District No. 1 bonds. The issuer’s underlying credit quality appeared to lag investors’ expectations, causing the bonds to decline more than 13% for the fiscal year. A weak-performing continuing care retirement community bond issue for Aberdeen Ridge in Colorado Springs, which declined more than 9% for the period, was another notable detractor.

In Delaware Tax-Free Idaho Fund, Idaho Housing and Finance Association recovery zone revenue bonds gained approximately 7% for the Fund, while solid waste disposal bonds issued on behalf of FMC Corporation also outperformed, returning more than 6%. Both issues benefited from their relatively high coupon and currently callable status. On the negative side, in addition to the PREPA bonds previously cited, bonds for the North Star Charter School in Eagle, Idaho, fell more than 8%, as the school’s lagging enrollment weighed on the debt. Another detractor included IDAWY solid waste district bonds, which declined roughly 6%.

The strongest performing holding for Delaware Tax-Free New York Fund was an issue of non-rated zero-coupon tobacco-securitization bonds. These New York County securities, which benefited from their high coupon and low dollar price, gained more than 15% for the Fund over the 12-month period. Triborough Bridge and Tunnel Authority sales-tax revenue bonds, whose attractive structures benefited these holdings, also added to Fund performance, gaining more than 6% for the fiscal year. In contrast, besides the PREPA bonds discussed earlier, bonds for Metropolitan College of New York meaningfully struggled, declining more than 20% for the fiscal year on investors’ concerns about

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enrollment. Bonds for the Catholic Health System in the Buffalo area, which declined roughly 10% on concerns about the issuer’s credit quality, also detracted from performance.

Delaware Tax-Free Pennsylvania Fund saw favorable results from Pennsylvania Economic Development Financing Authority parking system revenue bonds. Besides benefiting from their relatively long duration, these bonds gained off a relatively low valuation in October 2022, when we purchased the securities. The timing of our purchase was favorable since we acquired the securities at a relative low point in the market. The bonds gained about 11% during the fiscal year. The Fund’s holding in The Highlands at Wyomissing senior housing community bonds also contributed to performance. These bonds benefited from being pre-refunded this period and gained more than 8%. The Puerto Rico zero-coupon dedicated-tax bonds discussed earlier also added value, returning about 6% for the Fund.

On the negative side, the formerly mentioned PREPA bonds similarly weighed on performance. Two weak-performing continuing care retirement community bonds also detracted from results. These underperformers included bonds of Moon Industrial Development Authority for the Baptist Homes Society, which has struggled with occupancies, and those of Montgomery County for The Hill at Whitemarsh, which announced its need for additional funds for upgrades and refurbishing of its facility. These bonds declined roughly 16% and 11%, respectively, for the fiscal year.

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Performance summaries  
Delaware Tax-Free Arizona Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. April 1, 1991)        
Excluding sales charge -2.84% +0.33% +2.40% —
Including sales charge -7.22% -0.59% +1.93% —
Class C (Est. May 25, 1994)        
Excluding sales charge -3.65% -0.43% +1.62% —
Including sales charge -4.59% -0.43% +1.62% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge -2.60% +0.58% — +2.51%
Including sales charge -2.60% +0.58% — +2.51%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 11. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

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the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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.

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.

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 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

 

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Performance summaries

Delaware Tax-Free Arizona Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free Arizona Fund - Class A shares  $9,550   $12,106 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $12,874 
Delaware Tax-Free Arizona Fund - Institutional Class shares  $10,000   $12,707 

 

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1The “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, 2013, 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, 2013.

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 11. Please note additional details on pages 10 through 13.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A VAZIX 928916204
Class C DVACX 928916501
Institutional Class DAZIX 928916873

 

13

Performance summaries  
Delaware Tax-Free California Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. March 2, 1995)        
Excluding sales charge +0.87% +1.15% +3.09% —
Including sales charge -3.70% +0.23% +2.62% —
Class C (Est. April 9, 1996)        
Excluding sales charge +0.12% +0.79% +2.11% —
Including sales charge -0.85% +0.79% +2.11% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge +1.22% +1.42% — +3.19%
Including sales charge +1.22% +1.42% — +3.19%
Bloomberg Municipal Bond Index +1.70% -1.32% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 15. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

14

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.99% 1.74% 0.74%
Net expenses (including fee waivers, if any) 0.80% 1.55% 0.55%
       
Type of waiver Contractual Contractual Contractual

 

15

Performance summaries

Delaware Tax-Free California Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free California Fund - Class A shares  $9,550   $12,949 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Delaware Tax-Free California Fund - Institutional Class shares  $10,000   $13,544 
Bloomberg Municipal Bond Index  $10,000   $12,874 

 

16

1The “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, 2013, 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, 2013.

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 15. Please note additional details on pages 14 through 17.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A DVTAX 928928829
Class C DVFTX 928928795
Institutional Class DCTIX 928928167

 

17

Performance summaries  
Delaware Tax-Free Colorado Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. April 23, 1987)        
Excluding sales charge -0.39% +0.85% +2.72% —
Including sales charge -4.92% -0.08% +2.25% —
Class C (Est. May 5, 1994)        
Excluding sales charge -1.14% +0.08% +1.95% —
Including sales charge -2.10% +0.08% +1.95% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge -0.14% +1.10% — +2.86%
Including sales charge -0.14% +1.10% — +2.86%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 19. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

18

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.96% 1.71% 0.71%
Net expenses (including fee waivers, if any) 0.82% 1.57% 0.57%
       
Type of waiver Contractual Contractual Contractual

 

19

Performance summaries

Delaware Tax-Free Colorado Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free Colorado Fund - Class A shares  $9,550   $12,498 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Delaware Tax-Free Colorado Fund - Institutional Class shares  $10,000   $13,133 
Bloomberg Municipal Bond Index  $10,000   $12,874 

 

20

1The “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, 2013, 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, 2013.

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 19. Please note additional details on pages 18 through 21.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A VCTFX 928920107
Class C DVCTX 92907R101
Institutional Class DCOIX 92907R200

 

21

Performance summaries  
Delaware Tax-Free Idaho Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. January 4, 1995)        
Excluding sales charge -0.51% +0.70% +2.13% —
Including sales charge -4.97% -0.22% +1.66% —
Class C (Est. January 10, 1995)        
Excluding sales charge -1.26% +0.03% +1.38% —
Including sales charge -2.22% +0.03% +1.38% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge -0.17% +0.98% — +2.31%
Including sales charge -0.17% +0.98% — +2.31%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 23. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

22

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 1.01% 1.76% 0.76%
Net expenses (including fee waivers, if any) 0.86% 1.61% 0.61%
       
Type of waiver Contractual Contractual Contractual

 

23

Performance summaries

Delaware Tax-Free Idaho Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free Idaho Fund - Class A shares  $9,550   $11,791 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $12,874 
Delaware Tax-Free Idaho Fund - Institutional Class shares  $10,000   $12,468 

 

24

1The “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, 2013, 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, 2013.

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 23. Please note additional details on pages 22 through 25.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A VIDAX 928928704
Class C DVICX 928928803
Institutional Class DTIDX 928928159

 

25

Performance summaries  
Delaware Tax-Free New York Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. November 6, 1987)        
Excluding sales charge +0.29% +1.09% +2.85% —
Including sales charge -4.24% +0.17% +2.38% —
Class C (Est. April 26, 1995)        
Excluding sales charge -0.37% +0.35% +2.09% —
Including sales charge -1.34% +0.35% +2.09% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge +0.54% +1.32% — +2.95%
Including sales charge +0.54% +1.32% — +2.95%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 27. Performance would have been lower had expense limitations not been in effect.

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

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

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at

26

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.

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

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

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

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

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.97% 1.72% 0.72%
Net expenses (including fee waivers, if any) 0.80% 1.55% 0.55%
       
Type of waiver Contractual Contractual Contractual

 

27

Performance summaries

Delaware Tax-Free New York Fund

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free New York Fund - Class A shares  $9,550   $12,647 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Delaware Tax-Free New York Fund - Institutional Class shares  $10,000   $13,247 
Bloomberg Municipal Bond Index  $10,000   $12,874 

 

28

1The “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, 2013, 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, 2013.

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 27. Please note additional details on pages 26 through 29.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A FTNYX 928928274
Class C DVFNX 928928258
Institutional Class DTNIX 928928142

 

29

Performance summaries  
Delaware Tax-Free Pennsylvania Fund August 31, 2023 (Unaudited)

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

Fund and benchmark performance1,2 Average annual total returns through August 31, 2023
  1 year 5 year 10 year Lifetime
Class A (Est. March 23, 1977)        
Excluding sales charge +0.29% +1.24% +2.87% —
Including sales charge -4.17% +0.32% +2.40% —
Class C (Est. November 29, 1995)        
Excluding sales charge -0.33% +0.50% +2.11% —
Including sales charge -1.30% +0.50% +2.11% —
Institutional Class (Est. December 31, 2013)        
Excluding sales charge +0.53% +1.51% — +3.00%
Including sales charge +0.53% +1.51% — +3.00%
Bloomberg Municipal Bond Index +1.70% +1.52% +2.81% —

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

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 32. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. The 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 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

30

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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.

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.

31

Performance summaries

Delaware Tax-Free Pennsylvania Fund

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

Fund expense ratios Class A Class C Institutional Class
Total annual operating expenses (without fee waivers) 0.94% 1.69% 0.69%
Net expenses (including fee waivers, if any) 0.84% 1.59% 0.59%
       
Type of waiver Contractual Contractual Contractual

 

32

Performance of a $10,000 investment1

Class A shares

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

 

     Starting value  Ending value
Bloomberg Municipal Bond Index  $10,000   $13,194 
Delaware Tax-Free Pennsylvania Fund - Class A shares  $9,550   $12,671 

Institutional Class shares

For the period December 31, 2013 (inception date) through August 31, 2023

 

     Starting value  Ending value
Delaware Tax-Free Pennsylvania Fund - Institutional Class shares  $10,000   $13,304 
Bloomberg Municipal Bond Index  $10,000   $12,874 

 

33

Performance summaries

Delaware Tax-Free Pennsylvania Fund

1The “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, 2013, 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, 2013.

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 32. Please note additional details on pages 30 through 34.

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

The US Consumer Price Index (CPI), mentioned on page 3, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

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

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

  Nasdaq symbols CUSIPs
Class A DELIX 233216100
Class C DPTCX 233216308
Institutional Class DTPIX 24609H701

 

34

Disclosure of Fund expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2023 to August 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

35

Disclosure of Fund expenses

For the six-month period from March 1, 2023 to August 31, 2023 (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
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $996.10   0.84%  $4.23 
Class C   1,000.00    991.40   1.59%   7.98 
Institutional Class   1,000.00    997.30   0.59%   2.97 
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
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,016.40   0.80%  $4.07 
Class C   1,000.00    1,013.50   1.55%   7.87 
Institutional Class   1,000.00    1,018.60   0.55%   2.80 
Hypothetical 5% return (5% return before expenses)         
Class A  $1,000.00   $1,021.17   0.80%  $4.08 
Class C   1,000.00    1,017.39   1.55%   7.88 
Institutional Class   1,000.00    1,022.43   0.55%   2.80 

 

36

Delaware Tax-Free Colorado Fund

Expense analysis of an investment of $1,000

   Beginning  Ending     Expenses
   Account Value  Account Value  Annualized  Paid During Period
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,008.30   0.82%  $4.15 
Class C   1,000.00    1,003.60   1.57%   7.93 
Institutional Class   1,000.00    1,009.60   0.57%   2.89 
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 Idaho Fund

Expense analysis of an investment of $1,000

   Beginning  Ending     Expenses
   Account Value  Account Value  Annualized  Paid During Period
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,004.40   0.86%  $4.34 
Class C   1,000.00    1,001.60   1.61%   8.12 
Institutional Class   1,000.00    1,006.70   0.61%   3.09 
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 

 

37

Disclosure of Fund expenses

For the six-month period from March 1, 2023 to August 31, 2023 (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
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,013.80   0.80%  $4.06 
Class C   1,000.00    1,010.00   1.55%   7.85 
Institutional Class   1,000.00    1,015.10   0.55%   2.79 
Hypothetical 5% return (5% return before expenses)         
Class A  $1,000.00   $1,021.17   0.80%  $4.08 
Class C   1,000.00    1,017.39   1.55%   7.88 
Institutional Class   1,000.00    1,022.43   0.55%   2.80 

Delaware Tax-Free Pennsylvania Fund

Expense analysis of an investment of $1,000

   Beginning  Ending     Expenses
   Account Value  Account Value  Annualized  Paid During Period
   3/1/23  8/31/23  Expense Ratio  3/1/23 to 8/31/23*
Actual Fund return†                  
Class A  $1,000.00   $1,015.10   0.84%  $4.27 
Class C   1,000.00    1,011.20   1.59%   8.06 
Institutional Class   1,000.00    1,016.30   0.59%   3.00 
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 

*“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 and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), in which it invests. The tables above and on the previous pages do not reflect the expenses of any Underlying Funds.

38

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.66%  
Education Revenue Bonds 28.38%  
Electric Revenue Bonds 6.28%  
Healthcare Revenue Bonds 23.27%  
Industrial Development Revenue/Pollution Control Revenue Bonds 7.08%  
Lease Revenue Bonds 2.54%  
Local General Obligation Bonds 4.06%  
Special Tax Revenue Bonds 15.84%  
State General Obligation Bonds 0.55%  
Transportation Revenue Bonds 6.58%  
Water & Sewer Revenue Bonds 4.08%  
Short-Term Investments 0.67%  
Total Value of Securities 99.33%  
Receivables and Other Assets Net of Liabilities 0.67%  
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 82.02%  
Puerto Rico 16.13%  
US Virgin Islands 0.51%  
Total Value of Securities 98.66%  

39

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.43%  
Education Revenue Bonds 18.75%  
Electric Revenue Bonds 3.51%  
Healthcare Revenue Bonds 13.20%  
Housing Revenue Bonds 3.43%  
Industrial Development Revenue/Pollution Control Revenue Bonds 12.01%  
Lease Revenue Bonds 4.89%  
Local General Obligation Bonds 1.84%  
Pre-Refunded Bonds 2.84%  
Special Tax Revenue Bonds 15.10%  
State General Obligation Bonds 7.78%  
Transportation Revenue Bonds 13.29%  
Water & Sewer Revenue Bonds 1.79%  
Short-Term Investments 1.35%  
Total Value of Securities 99.78%  
Receivables and Other Assets Net of Liabilities 0.22%  
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 82.27%  
Guam 0.67%  
Puerto Rico 15.24%  
US Virgin Islands 0.25%  
Total Value of Securities 98.43%  

40

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.52%  
Education Revenue Bonds 13.64%  
Electric Revenue Bonds 5.14%  
Healthcare Revenue Bonds 21.04%  
Housing Revenue Bond 1.16%  
Industrial Development Revenue/Pollution Control Revenue Bonds 4.14%  
Lease Revenue Bonds 2.31%  
Local General Obligation Bonds 9.78%  
Pre-Refunded Bonds 4.09%  
Special Tax Revenue Bonds 19.51%  
State General Obligation Bonds 1.03%  
Transportation Revenue Bonds 12.35%  
Water & Sewer Revenue Bonds 4.33%  
Short-Term Investments 0.82%  
Total Value of Securities 99.34%  
Receivables and Other Assets Net of Liabilities 0.66%  
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 79.91%  
Guam 1.09%  
Puerto Rico 17.31%  
US Virgin Islands 0.21%  
Total Value of Securities 98.52%  

41

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.36%  
Education Revenue Bonds 22.80%  
Electric Revenue Bonds 2.42%  
Healthcare Revenue Bonds 12.47%  
Housing Revenue Bonds 4.82%  
Industrial Development Revenue/Pollution Control Revenue Bonds 4.42%  
Lease Revenue Bonds 11.70%  
Local General Obligation Bonds 6.95%  
Pre-Refunded Bonds 2.27%  
Resource Recovery Revenue Bond 0.32%  
Special Tax Revenue Bonds 23.15%  
State General Obligation Bond 0.16%  
Transportation Revenue Bonds 5.12%  
Water & Sewer Revenue Bond 1.76%  
Short-Term Investments 0.66%  
Total Value of Securities 99.02%  
Receivables and Other Assets Net of Liabilities 0.98%  
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
Idaho 81.04%  
Puerto Rico 17.32%  
Total Value of Securities 98.36%  

42

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 96.53%  
Education Revenue Bonds 18.88%  
Electric Revenue Bonds 5.88%  
Healthcare Revenue Bonds 9.41%  
Housing Revenue Bonds 2.43%  
Industrial Development Revenue/Pollution Control Revenue Bonds 9.17%  
Lease Revenue Bonds 7.33%  
Local General Obligation Bonds 2.84%  
Pre-Refunded Bonds 1.01%  
Resource Recovery Revenue Bond 0.65%  
Special Tax Revenue Bonds 23.90%  
State General Obligation Bonds 1.34%  
Transportation Revenue Bonds 10.93%  
Water & Sewer Revenue Bonds 2.76%  
Short-Term Investments 1.90%  
Total Value of Securities 98.43%  
Receivables and Other Assets Net of Liabilities 1.57%  
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 0.69%  
New York 79.04%  
Puerto Rico 16.55%  
US Virgin Islands 0.25%  
Total Value of Securities 96.53%  

43

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

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

Security type / sector Percentage of net assets
Municipal Bonds* 98.49%  
Education Revenue Bonds 9.57%  
Electric Revenue Bonds 1.09%  
Healthcare Revenue Bonds 33.19%  
Housing Revenue Bond 1.34%  
Industrial Development Revenue/Pollution Control Revenue Bonds 9.28%  
Lease Revenue Bonds 1.20%  
Local General Obligation Bonds 4.34%  
Pre-Refunded/Escrowed to Maturity Bonds 1.06%  
Special Tax Revenue Bonds 17.99%  
State General Obligation Bonds 0.96%  
Transportation Revenue Bonds 17.56%  
Water & Sewer Revenue Bonds 0.91%  
Short-Term Investments 0.52%  
Total Value of Securities 99.01%  
Receivables and Other Assets Net of Liabilities 0.99%  
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 79.95%  
Puerto Rico 17.22%  
US Virgin Islands 1.32%  
Total Value of Securities 98.49%  

 

44

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.66%          
Education Revenue Bonds — 28.38%          
Arizona Industrial Development Authority Revenue          
(Academies of Math & Science Projects)          
Series A 5.00% 7/1/51   1,000,000   $975,630 
(ACCEL Schools Project)          
Series A 144A 5.25% 8/1/48 #   350,000    310,089 
(American Charter Schools Foundation Project)          
144A 6.00% 7/1/37 #   250,000    254,835 
144A 6.00% 7/1/47 #   800,000    805,064 
(Doral Academy of Nevada - Fire Mesa and Red Rock          
Campus Projects)          
Series A 5.00% 7/15/49   375,000    341,719 
(Empower College Prep Project)          
144A 6.00% 7/1/49 #   500,000    480,320 
(Great Hearts Arizona Projects)          
Series A 2.25% 7/1/46   1,000,000    609,130 
Series A 2.375% 7/1/52   1,205,000    687,465 
(KIPP NYC Public Charter Schools - Macombs Facility Project)          
Series A 4.00% 7/1/61   1,980,000    1,542,796 
(Odyssey Preparatory Academy Project)          
Series A 144A 5.50% 7/1/52 #   375,000    355,290 
(Social Bonds - Equitable School)          
Series A 4.00% 11/1/50   1,600,000    1,365,392 
Arizona State University Revenue System          
Series A 5.00% 7/1/43   1,000,000    1,064,070 
Maricopa County, Arizona Industrial Development Authority Education Revenue          
(Choice Academies, Inc. Project)          
144A 5.75% 9/1/45 #   1,250,000    1,193,037 
Maricopa County, Arizona Industrial Development Authority Revenue          
(Arizona Autism Charter Schools Project)          
Series A 144A 5.00% 7/1/40 #   250,000    238,485 
(Creighton University Project)          
4.00% 7/1/50   1,000,000    868,530 
(Great Hearts Arizona Projects)          
Series A 5.00% 7/1/52   725,000    728,763 
(Highland Prep Projects)          
Series A 4.00% 7/1/56   2,000,000    1,678,860 
(Reid Traditional Schools Projects)          
5.00% 7/1/47   785,000    767,070 

 

45

Schedules of investments

Delaware Tax-Free Arizona Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
McAllister, Arizona Academic Village Revenue          
(Arizona State University Hassayampa Academic Village Project)          
5.00% 7/1/31   500,000   $519,895 
Phoenix, Arizona Industrial Development Authority Revenue          
(Great Hearts Academic Project)          
5.00% 7/1/46   1,000,000    941,180 
Pima County, Arizona Industrial Development Authority Education Revenue          
(Edkey Charter Schools Project)          
144A 5.00% 7/1/55 #   750,000    635,183 
University of Arizona Board of Regents          
Series A 4.00% 6/1/44   475,000    454,067 
         16,816,870 
Electric Revenue Bonds — 6.28%          
Mesa, Arizona Utility System Revenue          
4.00% 7/1/42   550,000    531,597 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   55,000    15,125 
Series AAA 5.25% 7/1/25 ‡   35,000    9,625 
Series WW 5.00% 7/1/28 ‡   550,000    151,250 
Series WW 5.50% 7/1/38 ‡   710,000    195,250 
Series XX 4.75% 7/1/26 ‡   35,000    9,625 
Series XX 5.25% 7/1/40 ‡   355,000    97,625 
Series XX 5.75% 7/1/36 ‡   125,000    34,375 
Series ZZ 4.75% 7/1/27 ‡   30,000    8,250 
Series ZZ 5.25% 7/1/24 ‡   45,000    12,375 
Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue          
Series A 5.00% 1/1/39   1,000,000    1,053,600 
(Salt River Project)          
Series A 5.00% 1/1/50   1,500,000    1,604,610 
         3,723,307 
Healthcare Revenue Bonds — 23.27%          
Arizona Health Facilities Authority Hospital System Revenue          
(Scottsdale Lincoln Hospital Project)          
5.00% 12/1/42   1,000,000    999,960 

 

46

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Arizona Industrial Development Authority Revenue          
(Children’s National Prince George’s County Regional Medical Center)          
Series A 4.00% 9/1/46   2,250,000   $1,989,247 
(Great Lakes Senior Living Communities LLC Project First Tier)          
Series A 5.00% 1/1/54   145,000    86,551 
(Great Lakes Senior Living Communities LLC Project Fourth Tier)          
144A 7.75% 1/1/54 #   150,000    76,031 
(Great Lakes Senior Living Communities LLC Project Second Tier)          
Series B 5.00% 1/1/49   55,000    28,629 
Series B 5.125% 1/1/54   65,000    32,649 
(Great Lakes Senior Living Communities LLC Project Third Tier)          
Series C 144A 5.00% 1/1/49 #   500,000    235,590 
(Phoenix Children’s Hospital)          
Series A 4.00% 2/1/50   1,000,000    899,870 
Glendale, Arizona Industrial Development Authority Revenue          
(Glencroft Retirement Community Project)          
5.00% 11/15/36   150,000    117,846 
5.25% 11/15/46   415,000    296,771 
(Royal Oaks Inspirita Pointe Project)          
Series A 5.00% 5/15/56   1,000,000    841,170 
(Sun Health Services)          
Series A 5.00% 11/15/48   1,000,000    943,900 
(The Beatitudes Campus Project)          
5.00% 11/15/45   200,000    160,986 
(The Terraces of Phoenix Project)          
Series A 5.00% 7/1/48   275,000    217,676 
Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue          
(Banner Health)          
Series A 4.00% 1/1/41   1,000,000    965,390 
Series F 4.00% 1/1/45   1,750,000    1,638,998 
Maricopa County, Arizona Industrial Development Authority Hospital Revenue          
(HonorHealth)          
Series A 3.00% 9/1/51   975,000    674,320 

 

47

Schedules of investments

Delaware Tax-Free Arizona Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue          
(Christian Care Surprise Project)          
144A 6.00% 1/1/48 #   405,000   $284,897 
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue          
(Hospital Auxilio Mutuo Obligated Group Project)          
4.00% 7/1/39   325,000    290,394 
5.00% 7/1/30   105,000    111,915 
Tempe, Arizona Industrial Development Authority Revenue          
(Mirabella at ASU Project)          
Series A 144A 6.125% 10/1/52 #   800,000    480,800 
Yavapai County, Arizona Industrial Development Authority Hospital Facility          
(Yavapai Regional Medical Center)          
4.00% 8/1/43   1,500,000    1,314,450 
Series A 5.25% 8/1/33   500,000    500,195 
Yuma, Arizona Industrial Development Authority Hospital Revenue          
(Yuma Regional Medical Center)          
Series A 5.00% 8/1/32   295,000    297,224 
Series A 5.25% 8/1/32   300,000    303,696 
         13,789,155 
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 7.08%          
Arizona Industrial Development Authority Revenue          
(Legacy Cares, Inc. Project)          
Series A 144A 6.00% 7/1/51 #, ‡   450,000    45,000 
Series A 144A 7.75% 7/1/50 #, ‡   285,000    28,500 
Chandler, Arizona Industrial Development Authority Revenue          
(Intel Corporation Project)          
5.00% 9/1/42 (AMT) •   1,000,000    1,029,360 
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   15,000,000    1,043,100 
Salt Verde, Arizona Financial Senior Gas Revenue          
5.00% 12/1/37   2,000,000    2,049,820 
         4,195,780 

 

48

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Lease Revenue Bonds — 2.54%          
Arizona Game & Fish Department & Community Beneficial Interest Certificates          
(Administration Building Project)          
5.00% 7/1/32   1,000,000   $1,001,010 
Tucson and Pima County, Arizona Industrial Development Authority Revenue          
Series A 4.70% 7/1/43   500,000    502,075 
         1,503,085 
Local General Obligation Bonds — 4.06%          
City of Goodyear, Arizona          
3.00% 7/1/39   750,000    629,730 
Maricopa County, Arizona High School District No. 214 Tolleson Union High School          
(School Improvement Project)          
Series B 4.00% 7/1/37   1,000,000    1,005,590 
Maricopa County, Arizona Unified School District No. 95 Queen Creek          
(School Improvement Project)          
4.00% 7/1/35   500,000    513,465 
Pinal County, Arizona Community College District          
4.00% 7/1/31   250,000    255,503 
         2,404,288 
Special Tax Revenue Bonds — 15.84%          
Arizona Regional Public Transportation Authority Revenue          
(Maricopa County Public Transportation)          
5.25% 7/1/24   500,000    507,830 
Bullhead City, Arizona Excise Taxes Revenue          
2.55% 7/1/46   1,000,000    673,450 
4.00% 7/1/52   1,035,000    936,841 
Commonwealth of Puerto Rico          
(Restructured)          
2.949% 11/1/43 •   1,238,703    639,480 
GDB Debt Recovery Authority of Puerto Rico Revenue          
(Taxable)          
7.50% 8/20/40   2,360,762    1,929,923 
Matching Fund Special Purpose Securitization, Virgin Islands          
Series A 5.00% 10/1/32   300,000    301,074 

 

49

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          
(Capital Appreciation - Restructured)          
Series A-1 4.697% 7/1/46 ^   1,180,000   $328,654 
Series A-1 5.509% 7/1/51 ^   3,814,000    788,277 
(Restructured)          
Series A-1 4.75% 7/1/53   2,485,000    2,329,613 
Series A-2 4.329% 7/1/40   1,000,000    948,540 
         9,383,682 
State General Obligation Bonds — 0.55%          
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/41   185,336    160,269 
Series A-1 4.00% 7/1/46   200,000    166,494 
         326,763 
Transportation Revenue Bonds — 6.58%          
Arizona Department of Transportation State Highway Fund Revenue          
5.00% 7/1/35   500,000    522,675 
Phoenix, Arizona Civic Improvement Airport Revenue          
(Junior Lien)          
Series B 4.00% 7/1/37 (AMT)   2,250,000    2,220,727 
Series B 5.00% 7/1/49 (AMT)   400,000    407,312 
(Senior Lien)          
4.00% 7/1/48 (AMT)   500,000    457,935 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series A 5.00% 7/1/62   100,000    98,625 
Series C 0.000% 7/1/53 ~   305,000    193,294 
         3,900,568 
Water & Sewer Revenue Bonds — 4.08%          
Central Arizona Water Conservation District          
(Central Arizona Project)          
5.00% 1/1/31   600,000    619,872 
Goodyear, Arizona Water & Sewer Revenue          
Second Series 4.00% 7/1/45 (AGM)   1,000,000    936,970 
Mesa, Arizona Utility System Revenue          
4.00% 7/1/31   850,000    861,135 
         2,417,977 
Total Municipal Bonds (cost $65,580,200)        58,461,475 

 

50

 

   Principal     
   amount°   Value (US $) 
Short-Term Investments — 0.67%        
Variable Rate Demand Note — 0.67%¤          
Arizona Industrial Development Authority Revenue          
(Mayo Clinic) Series B 3.80% 11/15/52 (SPA - Northern Trust)   400,000   $400,000 
Total Short-Term Investments (cost $400,000)        400,000 
Total Value of Securities—99.33%          
(cost $65,980,200)       $58,861,475 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $5,423,121, which represents 9.15% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
‡Non-income producing security. Security is currently in default.
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^Zero-coupon security. The rate shown is the effective yield at the time of purchase.
~Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2023.
¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

SOFR01M – Secured Overnight Financing Rate 1 Month

51

Schedules of investments

Delaware Tax-Free Arizona Fund

Summary of abbreviations: (continued)

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

52

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.43%        
Education Revenue Bonds — 18.75%          
California Community College Financing Authority Student Housing Revenue          
(Napa Valley College Project)          
Series A 144A 5.75% 7/1/60 #   1,500,000   $1,477,275 
California Educational Facilities Authority Revenue          
(Loma Linda University)          
Series A 5.00% 4/1/47   1,700,000    1,727,846 
(Stanford University - Green Bonds)          
Series V-2 2.25% 4/1/51   300,000    187,107 
(Stanford University)          
Series U-1 5.25% 4/1/40   1,840,000    2,168,882 
Series V-1 5.00% 5/1/49   4,455,000    5,074,512 
California Enterprise Development Authority Revenue          
(Heights Christian Schools Project)          
Series A 144A 6.375% 6/1/63 #   1,480,000    1,427,134 
California Municipal Finance Authority Revenue          
(Bella Mente Montessori Academy Project)          
Series A 144A 5.00% 6/1/48 #   500,000    444,750 
(California Baptist University)          
Series A 144A 5.375% 11/1/40 #   1,000,000    1,006,080 
(CHF - Davis I, LLC - West Village Student Housing Project)          
5.00% 5/15/48   1,000,000    997,110 
(Literacy First Charter Schools Project)          
Series A 5.00% 12/1/49   750,000    725,798 
(Southwestern Law School)          
4.00% 11/1/41   575,000    511,411 
(The Creative Center of Los Altos Project - Pinewood School and Oakwood School)          
Series B 144A 4.50% 11/1/46 #   500,000    405,150 
(Biola University)          
5.00% 10/1/39   1,000,000    1,015,030 
(Emerson College)          
Series B 5.00% 1/1/32   1,000,000    1,029,310 
(Julian Charter School Project)          
Series A 144A 5.625% 3/1/45 #   850,000    776,415 
(Palmdale Aerospace Academy Project)          
Series A 144A 5.00% 7/1/46 #   670,000    612,072 
California School Finance Authority Revenue          
(Aspire Public School)          
144A 5.00% 8/1/41 #   225,000    224,996 
(Aspire Public Schools-Obligated Group)          
Series A 144A 5.00% 8/1/45 #   715,000    700,464 

 

53

Schedules of investments

Delaware Tax-Free California Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
California School Finance Authority Revenue          
(Aspire Public Schools-Obligated Group-Issue Number 3)          
Series A 144A 5.00% 8/1/40 #   1,000,000   $1,002,210 
(Camino Nuevo Charter Academy - Obligated Group)          
Series A 144A 5.25% 6/1/53 #   1,000,000    955,010 
(Classical Academies Project)          
Series A 144A 5.00% 10/1/50 #   250,000    234,780 
(Encore Education Obligated Group)          
Series A 144A 5.00% 6/1/42 #   500,000    399,545 
(Escuela Popular Project)          
144A 6.50% 7/1/50 #   250,000    250,890 
(Granada Hills Charter Obligated Group)          
144A 5.00% 7/1/49 #   1,725,000    1,660,312 
(Green Dot Public Schools Project)          
Series A 144A 5.00% 8/1/35 #   1,000,000    1,010,910 
(Grimmway Schools - Obligated Group)          
Series A 144A 5.00% 7/1/36 #   500,000    500,355 
(Hawking Steam Charter School Project)          
Series A 144A 5.50% 7/1/62 #   775,000    736,909 
(ICEF - View Park Elementary & Middle Schools)          
Series A 5.625% 10/1/34   575,000    576,535 
(John Adams Academies - Obligated Group)          
Series A 144A 5.00% 7/1/52 #   1,000,000    887,250 
(KIPP LA Projects)          
Series A 144A 5.125% 7/1/44 #   1,000,000    1,003,050 
(KIPP SoCal Projects)          
Series A 144A 5.00% 7/1/49 #   1,000,000    1,002,090 
(Partnerships To Uplift Communities Project)          
144A 5.25% 8/1/38 #   500,000    494,880 
144A 5.50% 8/1/47 #   525,000    516,737 
(Stem Preparatory Schools - Obligated Group)          
Series A 144A 5.00% 6/1/43 #   280,000    270,589 
Series A 144A 5.125% 6/1/53 #   500,000    474,025 
Series A 144A 5.375% 5/1/63 #   1,000,000    958,050 
California State University Systemwide Revenue          
Series A 3.00% 11/1/52   2,400,000    1,743,744 
California Statewide Communities Development Authority Revenue          
(California Baptist University)          
Series A 144A 6.125% 11/1/33 #   750,000    752,280 
Regents of the University of California General Revenue          
Series BE 4.00% 5/15/50   1,500,000    1,469,205 

 

54

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Regents of the University of California Limited Project Revenue          
Series Q 3.00% 5/15/51   1,000,000   $740,930 
         38,151,628 
Electric Revenue Bonds — 3.51%          
California Community Choice Financing Authority Revenue          
(Clean Energy Project)          
Series C 5.25% 1/1/54 •   2,000,000    2,074,420 
Guam Power Authority Revenue          
(Tax-Exempt Forward Delivery)          
Series A 5.00% 10/1/41   970,000    989,225 
Los Angeles, California Department of Water & Power Revenue          
(Power System)          
Series A 5.00% 7/1/42   1,000,000    1,041,460 
Series D 5.00% 7/1/26   2,000,000    2,110,700 
Puerto Rico Electric Power Authority Revenue          
Series A 5.00% 7/1/42 ‡   350,000    96,250 
Series A 5.05% 7/1/42 ‡   70,000    19,250 
Series A 6.75% 7/1/36 ‡   185,000    50,875 
Series AAA 5.25% 7/1/25 ‡   40,000    11,000 
Series CCC 5.25% 7/1/27 ‡   325,000    89,375 
Series TT 5.00% 7/1/32 ‡   340,000    93,500 
Series WW 5.00% 7/1/28 ‡   470,000    129,250 
Series WW 5.25% 7/1/33 ‡   335,000    92,125 
Series WW 5.50% 7/1/38 ‡   730,000    200,750 
Series XX 4.75% 7/1/26 ‡   45,000    12,375 
Series XX 5.25% 7/1/40 ‡   230,000    63,250 
Series XX 5.75% 7/1/36 ‡   150,000    41,250 
Series ZZ 4.75% 7/1/27 ‡   35,000    9,625 
Series ZZ 5.25% 7/1/24 ‡   55,000    15,125 
         7,139,805 
Healthcare Revenue Bonds — 13.20%          
California Educational Facilities Authority Revenue          
(Stanford University)          
Series V-2 5.00% 4/1/51   500,000    569,795 
California Health Facilities Financing Authority Revenue          
(Cedars-Sinai Health System)          
Series A 3.00% 8/15/51   1,900,000    1,420,877 
Series A 3.00% 8/15/51 (BAM)   1,910,000    1,468,274 

 

55

Schedules of investments

Delaware Tax-Free California Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
California Health Facilities Financing Authority Revenue          
(Children’s Hospital Los Angeles)          
Series A 5.00% 8/15/47   500,000   $500,385 
(Children’s Hospital of Orange County)          
Series A 2.125% 11/1/41   2,500,000    1,652,825 
(CommonSpirit Health)          
Series A 4.00% 4/1/45   1,280,000    1,157,363 
Series A 4.00% 4/1/49   1,000,000    881,540 
(Kaiser Permanente)          
Subordinate Series A-2 5.00% 11/1/47   2,500,000    2,730,575 
Subordinate Series A-2 4.00% 11/1/44   1,005,000    988,257 
(Lucile Salter Packard Children’s Hospital At Stanford)          
Series A 4.00% 5/15/51   1,000,000    929,990 
California Municipal Finance Authority Revenue          
(Community Medical Centers)          
Series A 5.00% 2/1/47   1,000,000    1,010,450 
(Goodwill Industry of Sacramento Valley & Northern Nevada Project)          
5.00% 1/1/35   635,000    537,693 
(Humangood California Obligated Group)          
Series A 4.00% 10/1/28   290,000    290,403 
(Northbay Healthcare Group)          
Series A 5.25% 11/1/47   500,000    456,165 
(Palomar Health Certificates)          
Series A 5.25% 11/1/52 (AGM)   500,000    534,140 
California Municipal Finance Authority Senior Living Revenue          
(Mt. San Antonio Gardens Project)          
Series A 4.00% 11/15/52   750,000    542,018 
Series A 4.00% 11/15/56   1,075,000    758,692 
California Public Finance Authority Senior Living Revenue          
(Enso Village Project - Green Bonds)          
Series A 144A 5.00% 11/15/51 #   500,000    436,635 
California Statewide Communities Development Authority Revenue          
(Adventist Health System/West)          
Series A 4.00% 3/1/48   1,000,000    853,170 
(Emanate Health)          
Series A 4.00% 4/1/45   825,000    758,554 
(Huntington Memorial Hospital)          
4.00% 7/1/48   500,000    451,270 
(John Muir Health)          
Series A 5.00% 8/15/51   1,500,000    1,524,765 

 

56

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
California Statewide Communities Development Authority Revenue          
(Marin General Hospital - Green Bonds)          
Series A 4.00% 8/1/45   500,000   $422,910 
(Redlands Community Hospital)          
5.00% 10/1/46   1,000,000    1,004,900 
(Enloe Medical Center)          
Series A 5.25% 8/15/52 (AGM)   2,000,000    2,141,700 
(Front Porch Communities and Services)          
4.00% 4/1/51   1,000,000    877,600 
Palomar Health, California          
5.00% 11/1/47 (AGM)   500,000    512,830 
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue          
(Hospital Auxilio Mutuo Obligated Group Project)          
5.00% 7/1/30   445,000    474,308 
5.00% 7/1/32   900,000    964,971 
         26,853,055 
Housing Revenue Bonds — 3.43%          
California Housing Finance Agency Revenue          
Series 2019-2 Class A 4.00% 3/20/33   470,421    454,210 
CSCDA Community Improvement Authority Essential Housing Revenue          
(Jefferson-Anaheim)          
Series A-2 144A 3.125% 8/1/56 #   1,500,000    1,015,470 
(Pasadena Portfolio)          
Series A-2 144A 3.00% 12/1/56 #   3,510,000    2,310,703 
Independent Cities, California Finance Authority Mobile Home Park Revenue          
(Pillar Ridge)          
Series A 5.25% 5/15/44   1,000,000    1,004,770 
Series A 5.25% 5/15/49   1,200,000    1,205,124 
Los Angeles, California Housing Authority Revenue          
(Union Portfolio Project)          
Series A 4.00% 6/1/30   135,000    138,429 
Santa Clara County, California Multifamily Housing Authority Revenue          
(RiverTown Apartments Project)          
Series A 5.85% 8/1/31 (AMT)   845,000    846,471 
         6,975,177 

 

57

Schedules of investments

Delaware Tax-Free California Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 12.01%          
California Community Choice Financing Authority Revenue          
(Clean Energy Project- Green Bonds)          
Series A-1 5.00% 12/1/53 •   1,500,000   $1,545,480 
Series D 5.50% 5/1/54 •   2,000,000    2,099,860 
California Infrastructure & Economic Development Bank Revenue          
(Brightline West Passenger Rail Project)          
144A 8.08% 1/1/50 (AMT) #, •   1,250,000    1,250,188 
California M-S-R Energy Authority Revenue          
Series B 6.50% 11/1/39   750,000    891,180 
Series C 6.50% 11/1/39   1,905,000    2,263,597 
California Pollution Control Financing Authority Revenue          
(Calplant I Project - Green Bonds)          
144A 8.00% 7/1/39 (AMT) #, ‡   300,000    15,000 
(Poseidon Resources (ChannelSide) LP Desalination Project)          
144A 5.00% 11/21/45 (AMT) #   940,000    917,750 
(Waste Management Project)          
Series A1 3.375% 7/1/25 (AMT)   300,000    295,689 
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   47,000,000    3,268,380 
Golden State, California Tobacco Securitization Settlement Revenue          
(Capital Appreciation)          
Subordinate Series B-2 0.915% 6/1/66 ^   14,450,000    1,436,908 
(Tobacco Settlement Asset-Backed)          
Series A-1 5.00% 6/1/51   3,500,000    3,636,220 
Inland, California Empire Tobacco Securitization Revenue          
(Capital Appreciation Turbo Asset-Backed)          
Series E 144A 0.935% 6/1/57 #, ^   8,500,000    575,875 
Series F 144A 1.386% 6/1/57 #, ^   29,440,000    1,626,560 
Tobacco Securitization Authority of Northern California          
(Sacramento County)          
Series A Class 1 Senior 4.00% 6/1/49   1,000,000    896,050 
Tobacco Securitization Authority of Southern California          
(San Diego County)          
Capital Appreciation Second Subordinate          
Series C 0.603% 6/1/46 ^   16,770,000    2,988,246 

 

58

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Industrial Development Revenue/Pollution Control          
Revenue Bonds (continued)          
Tobacco Securitization Authority of Southern California          
(San Diego County)          
Capital Appreciation Third Subordinate          
Series D 0.317% 6/1/46 ^   4,965,000   $734,324 
         24,441,307 
Lease Revenue Bonds — 4.89%          
California Infrastructure & Economic Development Bank Revenue          
(Academy of Motion Picture Arts & Sciences Obligated Group)          
Series A 5.00% 11/1/41   1,000,000    1,002,340 
California Municipal Finance Authority Revenue          
(Orange County Civic Center Infrastructure Improvement Program - Phase II)          
Series A 5.00% 6/1/43   750,000    785,115 
California State Public Works Board Revenue          
Series E 3.00% 10/1/36 (AGM)   1,525,000    1,344,043 
(Various Capital Projects)          
Series I 5.50% 11/1/30   1,000,000    1,002,950 
(Green Bonds)          
Series D 4.00% 5/1/47   2,520,000    2,394,958 
Irvine, California Facilities Financing Authority Revenue          
(Gateway Preserve Land Acquisition Project)          
4.25% 5/1/53   2,500,000    2,484,775 
Oceanside, California Public Financing Authority Revenue          
(EL Corazon Aquatics Center Project)          
4.00% 11/1/49   1,000,000    925,560 
         9,939,741 
Local General Obligation Bonds — 1.84%          
Anaheim, California School District Capital Appreciation          
Election of 2002          
5.00% 8/1/25 (NATL) ^   1,000,000    934,270 
Long Beach, California Community College District          
Series D 3.00% 8/1/38   1,250,000    1,065,500 
Palomar Health, California          
Series B 4.00% 8/1/37   1,000,000    962,910 
San Bernardino County, California Oro Grande Elementary School District          
4.00% 9/15/32   300,000    285,537 

 

59

Schedules of investments

Delaware Tax-Free California Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Local General Obligation Bonds (continued)          
San Francisco Bay Area, California Rapid Transit District Election of 2016          
(Green Bonds)          
Series B-1 4.00% 8/1/44   500,000   $486,170 
         3,734,387 
Pre-Refunded Bonds — 2.84%          
Bay Area, California Toll Authority          
Series S-H 5.00% 4/1/44-29 §   1,000,000    1,119,510 
California Health Facilities Financing Authority Revenue          
(Sutter Health)          
Series A 5.00% 8/15/43-25 §   1,000,000    1,037,760 
California School Finance Authority Revenue          
(Partnerships to Uplift Communities Valley Project)          
Series A 144A 6.75% 8/1/44-24 #, §   1,000,000    1,012,160 
Fresno, California Unified School District Election of 2016          
Series A 5.00% 8/1/41-26 §   500,000    528,690 
Golden State, California Tobacco Securitization Settlement Revenue          
(Enhanced Asset-Backed)          
Series A 5.00% 6/1/45-25 §   1,000,000    1,035,190 
New Haven, California Unified School District Election of 2014          
Series A 5.00% 8/1/40-25 §   1,000,000    1,035,890 
         5,769,200 
Special Tax Revenue Bonds — 15.10%          
California State Public Works Board Revenue          
(Various Capital Projects)          
Series B 4.00% 5/1/39   1,555,000    1,568,217 
Series B 4.00% 5/1/46   1,000,000    954,980 
Commonwealth of Puerto Rico          
(Restructured)          
3.371% 11/1/43 •   2,504,562    1,292,980 
GDB Debt Recovery Authority of Puerto Rico Revenue          
7.50% 8/20/40   7,342,826    6,002,760 
Irvine, California Community Facilities District          
(Great Park)          
4.00% 9/1/58 (BAM)   750,000    706,837 
5.25% 9/1/53 (BAM)   1,000,000    1,102,060 

 

60

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
Irvine, California Facilities Financing Authority Revenue          
(Irvine Great Park Infrastructure Project)          
Series A 5.00% 9/1/48 (BAM)   1,000,000   $1,081,690 
Matching Fund Special Purpose Securitization, Virgin Islands          
Series A 5.00% 10/1/32   500,000    501,790 
Newport Beach, California          
Series A 5.00% 9/2/43   650,000    667,206 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 4.75% 7/1/53   2,780,000    2,606,167 
Series A-1 4.863% 7/1/51 ^   28,678,000    5,927,169 
Series A-1 5.00% 7/1/58   1,975,000    1,916,540 
Series A-1 5.634% 7/1/46 ^   10,100,000    2,813,052 
Series A-2 4.329% 7/1/40   1,595,000    1,513,817 
Sacramento County, California Transient Occupancy Tax Revenue          
(Convention Center Complex)          
Senior Series A 5.00% 6/1/38   500,000    526,305 
Senior Series A 5.00% 6/1/48   1,000,000    1,035,100 
Yucaipa, California Special Tax Community Facilities District No. 98-1 Revenue          
(Chapman Heights)          
5.375% 9/1/30   500,000    501,765 
         30,718,435 
State General Obligation Bonds — 7.78%          
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/41   1,785,743    1,544,221 
Series A-1 4.00% 7/1/46   1,550,000    1,290,329 
State of California          
(Various Purpose)          
3.00% 3/1/46   3,000,000    2,395,200 
4.00% 10/1/36   500,000    513,275 
4.00% 9/1/42   1,750,000    1,751,312 
5.00% 9/1/31   1,000,000    1,001,780 
5.00% 4/1/32   2,520,000    2,930,735 
5.00% 8/1/46   1,000,000    1,037,060 
5.25% 10/1/45   3,000,000    3,362,730 
         15,826,642 

 

61

Schedules of investments

Delaware Tax-Free California Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds — 13.29%          
California Municipal Finance Authority Senior Lien Revenue          
(LINXS APM Project)          
Series A 4.00% 12/31/47 (AMT)   1,750,000   $1,492,628 
Series A 5.00% 12/31/43 (AMT)   1,995,000    1,996,077 
Series A 5.00% 12/31/47 (AMT)   615,000    607,515 
Foothill-Eastern, California Transportation Corridor Agency Revenue          
Series A 4.00% 1/15/46   2,000,000    1,877,840 
Series B-2 3.50% 1/15/53 (AGM)   500,000    416,780 
Series C 4.00% 1/15/43   2,275,000    2,158,429 
Long Beach, California Marina Revenue          
(Alamitos Bay Marina Project)          
5.00% 5/15/45   500,000    500,480 
Los Angeles, California Department of Airports Revenue          
Series A 5.00% 5/15/33 (AMT)   1,390,000    1,521,980 
Series B 5.00% 5/15/46 (AMT)   300,000    303,420 
Series D 4.00% 5/15/41 (AMT)   3,000,000    2,871,810 
Series D 5.00% 5/15/36 (AMT)   1,000,000    1,015,070 
Series F 4.00% 5/15/49 (AMT)   2,000,000    1,821,000 
Series H 4.00% 5/15/47 (AMT)   1,500,000    1,389,825 
Port Authority of Guam Revenue          
(Governmental)          
Series A 5.00% 7/1/48   375,000    377,209 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series A 5.00% 7/1/62   500,000    493,125 
Sacramento County, California Airport System Revenue          
Series C 5.00% 7/1/39 (AMT)   500,000    514,190 
Subordinate Series B 5.00% 7/1/41   500,000    515,775 
San Diego County, California Redevelopment Agency Revenue          
(Centre City Redevelopment Project)          
Series A 6.40% 9/1/25   475,000    476,083 
San Diego County, California Regional Airport Authority Revenue          
Series A 4.00% 7/1/56   2,000,000    1,835,540 
Series B 4.00% 7/1/56 (AMT) (BAM)   690,000    606,386 
Series B 5.00% 7/1/51 (AMT)   1,500,000    1,528,530 

 

62

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds (continued)          
San Francisco City & County, California Airports Commission Revenue          
(San Francisco International Airport) Second Series A 5.00% 5/1/34 (AMT)   1,000,000   $1,069,510 
San Jose, California Airport Revenue          
Series B 5.00% 3/1/36   575,000    607,982 
Series B 5.00% 3/1/42   1,000,000    1,036,540 
         27,033,724 
Water & Sewer Revenue Bonds — 1.79%          
Arvin-Edison, California Water Storage District Revenue          
4.00% 5/1/40   315,000    301,950 
California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds          
(San Diego County Water Authority Desalination Project Pipeline)          
144A 5.00% 11/21/45 #   250,000    250,792 
Irvine, California Facilities Financing Authority Revenue          
(Irvine Great Park Infrastructure Project)          
Series A 4.00% 9/1/58 (BAM)   1,000,000    937,320 
San Diego County, California Water Authority Financing Agency Revenue          
Series A 5.00% 5/1/52   2,000,000    2,156,600 
         3,646,662 
Total Municipal Bonds (cost $210,990,691)        200,229,763 
           
Short-Term Investments — 1.35%          
Variable Rate Demand Note — 1.35%¤          
Los Angeles, California Department of Water & Power Revenue          
Subordinate Series A-2 2.75% 7/1/45          
(SPA - Barclays Bank)   2,750,000    2,750,000 
Total Short-Term Investments (cost $2,750,000)        2,750,000 
Total Value of Securities—99.78%          
(cost $213,740,691)       $202,979,763 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $29,595,341, which represents 14.55% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

63

Schedules of investments

Delaware Tax-Free California Fund

•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡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.”
¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

CHF – Collegiate Housing Foundation

CSCDA – California Statewide Communities Development Authority

ICEF – Inner City Education Foundation

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

NATL – Insured by National Public Finance Guarantee Corporation

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

64

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.52%        
Education Revenue Bonds — 13.64%          
Board of Governors of the Colorado State University System Enterprise Revenue          
Series A 5.00% 3/1/43   4,990,000   $5,597,632 
Colorado Educational & Cultural Facilities Authority Revenue          
(Loveland Classical Schools Project)          
144A 5.00% 7/1/36 #   1,250,000    1,222,725 
(Science Technology Engineering and Math School Project)          
5.00% 11/1/54   1,500,000    1,355,625 
(Alexander Dawson School-Nevada Project)          
5.00% 5/15/29   1,230,000    1,265,941 
(Aspen View Academy Project)          
4.00% 5/1/51   500,000    387,805 
4.00% 5/1/61   750,000    554,093 
(Charter School - Aspen Ridge School Project)          
Series A 144A 5.00% 7/1/36 #   500,000    481,180 
Series A 144A 5.25% 7/1/46 #   1,350,000    1,266,313 
(Charter School - Skyview Academy Project)          
144A 5.50% 7/1/49 #   870,000    848,842 
(Charter School Project)          
5.00% 7/15/37   1,150,000    1,151,000 
(Community Leadership Academy, Inc. Second Campus Project)          
7.45% 8/1/48   1,000,000    1,000,770 
(Global Village Academy - Northglenn Project)          
144A 5.00% 12/1/50 #   950,000    797,610 
144A 5.00% 12/1/55 #   1,000,000    823,840 
(Liberty Common Charter School Project)          
Series A 5.00% 1/15/39   1,000,000    1,000,230 
(Littleton Preparatory Charter School Project)          
5.00% 12/1/33   450,000    450,041 
5.00% 12/1/42   540,000    513,686 
(Loveland Classical Schools Project)          
144A 5.00% 7/1/46 #   500,000    453,630 
(Pinnacle Charter School Project)          
5.00% 6/1/26   700,000    705,019 
(Science Technology Engineering and Math School Project)          
5.00% 11/1/44   890,000    830,183 
(Skyview Academy Project)          
144A 5.375% 7/1/44 #   860,000    841,476 

 

65

Schedules of investments

Delaware Tax-Free Colorado Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Colorado Educational & Cultural Facilities Authority Revenue          
(University of Denver Project)          
Series A 4.00% 3/1/35   400,000   $399,092 
Series A 4.00% 3/1/36   550,000    540,837 
(University of Lab Charter School)          
144A 5.00% 12/15/45 #   500,000    501,180 
(Vail Mountain School Project)          
4.00% 5/1/46   80,000    65,702 
5.00% 5/1/31   1,000,000    1,015,630 
Colorado Mesa University Enterprise Revenue          
Series B 5.00% 5/15/44   1,000,000    1,043,070 
University of Colorado          
(University Enterprise Refunding Revenue)          
Series C-4 4.00% 6/1/51   4,250,000    3,903,370 
         29,016,522 
Electric Revenue Bonds — 5.14%          
Colorado Utilities System Refunding Revenue          
Series A 4.00% 11/15/50   2,035,000    1,917,458 
Guam Power Authority Revenue          
(Tax-Exempt Forward Delivery)          
Series A 5.00% 10/1/35   1,640,000    1,734,530 
Loveland, Colorado Electric & Communications Enterprise Revenue          
Series A 5.00% 12/1/44   2,185,000    2,243,427 
Platte River, Colorado Power Authority Revenue          
Series JJ 5.00% 6/1/27   3,300,000    3,455,166 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   170,000    46,750 
Series AAA 5.25% 7/1/25 ‡   95,000    26,125 
Series CCC 5.25% 7/1/27 ‡   705,000    193,875 
Series WW 5.00% 7/1/28 ‡   660,000    181,500 
Series WW 5.25% 7/1/33 ‡   210,000    57,750 
Series WW 5.50% 7/1/17 ‡   460,000    125,350 
Series WW 5.50% 7/1/19 ‡   360,000    98,100 
Series XX 4.75% 7/1/26 ‡   105,000    28,875 
Series XX 5.25% 7/1/40 ‡   1,840,000    506,000 
Series XX 5.75% 7/1/36 ‡   365,000    100,375 
Series ZZ 4.75% 7/1/27 ‡   85,000    23,375 
Series ZZ 5.00% 7/1/19 ‡   620,000    168,950 

 

66

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Electric Revenue Bonds (continued)          
Puerto Rico Electric Power Authority Revenue          
Series ZZ 5.25% 7/1/24 ‡   140,000   $38,500 
         10,946,106 
Healthcare Revenue Bonds — 21.04%          
Colorado Health Facilities Authority Revenue          
(Aberdeen Ridge)          
Series A 5.00% 5/15/58   1,500,000    1,045,530 
(AdventHealth Obligated Group)          
Series A 3.00% 11/15/51   6,325,000    4,532,242 
Series A 4.00% 11/15/43   2,290,000    2,196,797 
Series A 4.00% 11/15/50   6,015,000    5,515,093 
(American Baptist)          
7.625% 8/1/33   150,000    150,221 
8.00% 8/1/43   1,000,000    999,880 
(Bethesda Project)          
Series A-1 5.00% 9/15/48   2,250,000    1,973,520 
(Cappella of Grand Junction Project)          
144A 5.00% 12/1/54 #   2,220,000    1,422,021 
(CommonSpirit Health)          
Series A-1 4.00% 8/1/37   1,885,000    1,800,552 
Series A-1 4.00% 8/1/38   120,000    113,172 
Series A-1 4.00% 8/1/44   300,000    267,087 
Series A-2 4.00% 8/1/49 (BAM)   3,670,000    3,315,111 
Series A-2 5.00% 8/1/37   1,500,000    1,555,455 
Series A-2 5.00% 8/1/39   5,000    5,142 
(Covenant Living Communities and Services)          
Series A 4.00% 12/1/40   1,250,000    1,087,275 
(Covenant Retirement Communities, Inc.)          
Series A 5.00% 12/1/35   1,000,000    1,002,530 
(Craig Hospital Project)          
Series A 5.00% 12/1/47   1,830,000    1,859,243 
(Frasier Project)          
Series A 4.00% 5/15/48   1,000,000    757,690 
(Mental Health Center Denver Project)          
Series A 5.75% 2/1/44   2,000,000    2,006,060 
(National Jewish Health Project)          
5.00% 1/1/27   300,000    294,540 
(Parkview Medical Center, Inc. Project)          
Series A 4.00% 9/1/50   1,750,000    1,469,125 
(Sanford)          
Series A 5.00% 11/1/44   3,410,000    3,444,236 

 

67

Schedules of investments

Delaware Tax-Free Colorado Fund

   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   4,470,000   $4,470,224 
(Sunny Vista Living Center)          
Series A 144A 6.25% 12/1/50 #   935,000    620,803 
(Vail Valley Medical Center Project)          
5.00% 1/15/35   1,000,000    1,027,310 
(Valley View Hospital Association Project)          
Series A 4.00% 5/15/35   685,000    685,370 
Denver, Colorado Health & Hospital Authority Revenue          
Series A 4.00% 12/1/39   1,000,000    881,480 
Series A 4.00% 12/1/40   250,000    217,975 
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue          
(Hospital Auxilio Mutuo Obligated Group Project)          
4.00% 7/1/39   75,000    67,014 
         44,782,698 
Housing Revenue Bond — 1.16%          
Denver City & County, Colorado Housing Authority Revenue          
(Flo Senior Apartments Project)          
4.50% 7/1/41   2,500,000    2,469,675 
         2,469,675 
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 4.14%          
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   52,100,000    3,623,034 
Denver City & County, Colorado Special Facilities Airport Revenue          
(United Airlines, Inc. Project)          
5.00% 10/1/32 (AMT)   215,000    213,753 
Public Authority for Colorado Energy Natural Gas Revenue          
6.50% 11/15/38   4,250,000    4,984,782 
         8,821,569 
Lease Revenue Bonds — 2.31%          
Colorado Department of Transportation Revenue          
5.00% 6/15/34   660,000    683,001 

 

68

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Lease Revenue Bonds (continued)          
Colorado Department of Transportation Revenue          
5.00% 6/15/36   1,055,000   $1,086,144 
Colorado Higher Education Lease Purchase Financing Program          
4.00% 9/1/41   1,000,000    970,190 
Denver, Colorado Health & Hospital Authority Revenue          
(550 Acoma, Inc.)          
4.00% 12/1/38   750,000    669,510 
State of Colorado          
4.00% 3/15/37   1,500,000    1,505,235 
         4,914,080 
Local General Obligation Bonds — 9.78%          
Adams & Weld Counties, Colorado School District No. 27J Brighton          
4.00% 12/1/30   300,000    303,405 
4.00% 12/1/31   1,000,000    1,011,820 
4.00% 12/1/46   1,370,000    1,286,800 
Arapahoe County, Colorado School District No. 6 Littleton          
(Littleton Public Schools)          
Series A 5.50% 12/1/33   1,000,000    1,117,490 
Series A 5.50% 12/1/38   350,000    381,969 
Beacon Point, Colorado Metropolitan District          
5.00% 12/1/30 (AGM)   1,130,000    1,161,459 
Commerce City, Colorado Northern Infrastructure General Improvement District          
5.00% 12/1/32 (AGM)   2,125,000    2,127,040 
Denver City & County, Colorado School District No 1          
Series A 5.00% 12/1/45   5,000,000    5,398,850 
El Paso County, Colorado School District No. 2 Harrison          
5.00% 12/1/38   1,000,000    1,064,210 
Grand River, Colorado Hospital District          
5.25% 12/1/35 (AGM)   1,000,000    1,048,640 
Jefferson County, Colorado School District No. R-1          
5.25% 12/15/24   1,250,000    1,279,713 
Verve Metropolitan District No. 1, Colorado          
5.00% 12/1/51   2,000,000    1,494,580 
Weld County, Colorado School District No. Re-1          
5.00% 12/15/31 (AGM)   1,000,000    1,049,640 
Weld County, Colorado School District No. Re-3J          
5.00% 12/15/34 (BAM)   2,000,000    2,078,480 
         20,804,096 

 

69

Schedules of investments

Delaware Tax-Free Colorado Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Pre-Refunded Bonds — 4.09%          
Colorado Educational & Cultural Facilities Authority Revenue          
(Atlas Preparatory Charter School)          
144A 5.25% 4/1/45-25 #, §   1,300,000   $1,335,087 
Colorado Health Facilities Authority Revenue          
(NCMC Project)          
4.00% 5/15/32-26 §   2,000,000    2,038,240 
(SCL Health System)          
Series A 5.00% 1/1/44-24 §   3,050,000    3,065,189 
Commerce City, Colorado Sales and Use Tax Revenue          
5.00% 8/1/44-24 (AGM) §   1,500,000    1,519,905 
Tallyn’s Reach Metropolitan District No. 3, Colorado          
144A 5.125% 11/1/38-23 #, §   740,000    742,575 
         8,700,996 
Special Tax Revenue Bonds — 19.51%          
Broomfield Colorado Sales & Use Tax Revenue          
5.00% 12/1/33   1,000,000    1,061,770 
Colorado Regional Transportation District Sales Tax Revenue          
(FasTracks Project)          
Series A 5.00% 11/1/30   670,000    706,113 
Series A 5.00% 11/1/31   1,495,000    1,575,581 
Series A 5.00% 11/1/36   930,000    968,195 
Commonwealth of Puerto Rico          
3.325% 11/1/43 •   4,557,792    2,352,960 
3.799% 11/1/51 •   1,361,097    566,557 
Denver City & County, Colorado Dedicated Excise Tax Revenue          
Series A 4.00% 8/1/51   1,000,000    916,250 
Denver, Colorado Convention Center Hotel Authority Revenue          
5.00% 12/1/40   2,660,000    2,582,700 
Fountain, Colorado Urban Renewal Authority Tax Increment Revenue          
(South Academy Highlands Project)          
Series A 5.50% 11/1/44   1,375,000    1,294,659 
GDB Debt Recovery Authority of Puerto Rico          
7.50% 8/20/40   9,100,763    7,439,874 
Lincoln Park Metropolitan District Douglas County, Colorado Revenue          
5.00% 12/1/46 (AGM)   1,000,000    1,033,030 

 

70

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
Matching Fund Special Purpose Securitization, Virgin Islands          
Series A 5.00% 10/1/32   450,000   $451,611 
Plaza Metropolitan District No. 1, Colorado          
144A 5.00% 12/1/40 #   1,265,000    1,189,517 
Prairie Center Metropolitan District No. 3, Colorado          
Series A 144A 5.00% 12/15/41 #   1,000,000    971,560 
Puerto Rico Sales Tax Financing Revenue          
(Capital Appreciation - Restructured)          
Series A-1 5.696% 7/1/46 ^   10,000,000    2,785,200 
Series A-1 6.018% 7/1/51 ^   20,624,000    4,262,568 
(Restructured)          
Series A-1 4.75% 7/1/53   3,986,000    3,736,756 
Series A-1 5.00% 7/1/58   2,910,000    2,823,864 
Series A-2 4.536% 7/1/53   3,000,000    2,715,120 
Southlands Metropolitan District No. 1, Colorado          
Series A-1 5.00% 12/1/37   500,000    487,140 
Series A-1 5.00% 12/1/47   300,000    277,050 
Thornton, Colorado Development Authority Revenue          
(East 144th Avenue & I-25 Project)          
Series B 5.00% 12/1/35   485,000    490,611 
Series B 5.00% 12/1/36   810,000    819,275 
         41,507,961 
State General Obligation Bonds — 1.03%          
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/37   295,740    266,077 
Series A-1 4.00% 7/1/41   1,834,787    1,586,632 
Series A-1 4.00% 7/1/46   400,000    332,988 
         2,185,697 
Transportation Revenue Bonds — 12.35%          
Colorado High Performance Transportation Enterprise Revenue          
(C-470 Express Lanes)          
5.00% 12/31/56   3,250,000    3,177,557 
(U.S. 36 & I-25 Managed Lanes)          
5.75% 1/1/44 (AMT)   2,140,000    2,142,547 
Colorado Regional Transportation District          
(Denver Transit Partners Eagle P3 Project)          
Series A 4.00% 7/15/34   1,100,000    1,114,146 
Series A 4.00% 7/15/38   700,000    677,453 

 

71

Schedules of investments

Delaware Tax-Free Colorado Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds (continued)          
Colorado Regional Transportation District          
(Denver Transit Partners Eagle P3 Project)          
Series A 4.00% 7/15/39   1,500,000   $1,438,575 
Series A 4.00% 7/15/40   2,815,000    2,676,136 
Series A 5.00% 7/15/31   1,050,000    1,139,712 
Colorado, E-470 Public Highway Authority Revenue          
Series A 5.00% 9/1/36   1,300,000    1,419,223 
Denver City & County, Colorado Airport System Revenue          
Series A 4.00% 11/15/41 (AMT)   710,000    679,094 
Series A 4.00% 12/1/43 (AMT)   4,445,000    4,109,491 
Series A 4.00% 12/1/48 (AMT)   400,000    357,764 
Series A 5.00% 11/15/30 (AMT)   1,500,000    1,571,190 
Series A 5.00% 11/15/47 (AMT)   1,000,000    1,029,860 
Series A 5.25% 12/1/43 (AMT)   2,000,000    2,059,240 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series A 5.00% 7/1/62   2,720,000    2,682,600 
         26,274,588 
Water & Sewer Revenue Bonds — 4.33%          
Arapahoe County, Colorado Water & Wastewater Authority Revenue          
4.00% 12/1/36   3,000,000    3,025,290 
Central Weld County, Colorado Water District          
4.00% 12/1/39 (AGM)   1,150,000    1,134,107 
Douglas County, Colorado Centennial Water & Sanitation District          
4.00% 12/1/38   500,000    498,615 
Guam Government Waterworks Authority Water & Wastewater System Revenue          
5.00% 7/1/37   575,000    582,055 
Johnstown, Colorado Wastewater Revenue          
4.00% 12/1/51 (AGM)   2,875,000    2,584,366 
Metro Wastewater Reclamation District, Colorado          
Series A 3.00% 4/1/38   1,620,000    1,394,950 
         9,219,383 
Total Municipal Bonds (cost $224,133,776)        209,643,371 

 

72

 

   Number of     
   shares   Value (US $) 
Short-Term Investments — 0.82%        
Money Market Mutual Funds — 0.18%          
Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 4.13%)   375,648   $375,648 
         375,648 
           
   Principal      
   amount°      
Variable Rate Demand Note — 0.64%¤          
Colorado Educational & Cultural Facilities Authority Revenue          
(National Jewish Federation Bond Program) Series F-2          
3.93% 7/1/41 (LOC - TD Bank, N.A.)   1,375,000    1,375,000 
         1,375,000 
Total Short-Term Investments (cost $1,750,648)        1,750,648 
Total Value of Securities—99.34%          
(cost $225,884,424)       $211,394,019 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $13,518,359, which represents 6.35% 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.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

73

Schedules of investments

Delaware Tax-Free Colorado Fund

¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

LOC – Letter of Credit

N.A. – National Association

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

74

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.36%        
Education Revenue Bonds — 22.80%          
Boise city, Idaho State University Revenue          
(General Project)          
Series A 5.00% 4/1/47   500,000   $511,405 
Series A 5.00% 4/1/48   435,000    446,949 
Idaho Housing & Finance Association Revenue          
(Alturas International Academy Project)          
4.00% 5/1/52   1,500,000    1,227,945 
(Anser of Idaho Project)          
Series A 2.25% 5/1/51   1,165,000    655,114 
Series A 3.00% 5/1/41   3,150,000    2,420,366 
Series A 4.00% 5/1/56   1,585,000    1,281,124 
(Compass Public Charter School Project)          
Series A 144A 6.00% 7/1/39 #   370,000    385,325 
Series A 144A 6.00% 7/1/49 #   595,000    613,231 
Series A 144A 6.00% 7/1/54 #   570,000    586,245 
(Compass Public Charter School)          
Series A 144A 5.00% 7/1/54 #   1,000,000    902,840 
(Gem Prep: Meridian Project)          
Series A 4.00% 5/1/57   1,000,000    792,850 
(Idaho Arts Charter School Project)          
Series A 4.00% 5/1/41   330,000    307,425 
Series A 4.00% 5/1/50   520,000    459,092 
Series A 4.00% 5/1/55   305,000    263,239 
Series A 144A 5.00% 12/1/38 #   2,050,000    2,053,772 
Series A 144A 5.00% 12/1/46 #   1,000,000    998,150 
(Meridian South Charter School Project)          
144A 4.00% 5/1/46 #   1,000,000    715,860 
(North Star Charter School)          
Capital Appreciation Subordinate Series B          
144A 4.88% 7/1/49 #, ^   2,888,155    482,611 
Series A 6.75% 7/1/48   529,151    549,740 
(Sage International School of Boise Project)          
Series A 4.00% 5/1/50   3,000,000    2,644,500 
Series A 4.00% 5/1/55   1,100,000    949,388 
(Victory Charter School Project)          
Series A 144A 5.00% 7/1/39 #   1,000,000    1,003,840 
(Xavier Charter School Project)          
Series A 5.00% 6/1/50   1,275,000    1,241,595 
Idaho State University General Revenue          
Series A 4.00% 4/1/37   350,000    345,828 
Series A 4.50% 4/1/52   1,750,000    1,713,390 
Series A 5.25% 4/1/42   605,000    656,008 

 

75

Schedules of investments

Delaware Tax-Free Idaho Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Idaho State University Revenue          
3.00% 4/1/49   1,700,000   $1,222,436 
The Regents of The University of Idaho General Revenue          
Series A 4.00% 4/1/45 (BAM)   700,000    664,783 
Series A 5.00% 4/1/35 (AGM)   580,000    648,353 
University of Idaho Revenue          
Unrefunded Series A 5.00% 4/1/41   680,000    713,014 
         27,456,418 
Electric Revenue Bonds — 2.42%          
Boise-Kuna, Idaho Irrigation District Revenue          
(Idaho Arrowrock Hydroelectric Project)          
5.00% 6/1/34   2,000,000    2,027,980 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   75,000    20,625 
Series AAA 5.25% 7/1/25 ‡   45,000    12,375 
Series CCC 5.25% 7/1/27 ‡   345,000    94,875 
Series WW 5.00% 7/1/28 ‡   320,000    88,000 
Series WW 5.50% 7/1/38 ‡   1,500,000    412,500 
Series XX 4.75% 7/1/26 ‡   50,000    13,750 
Series XX 5.25% 7/1/40 ‡   595,000    163,625 
Series XX 5.75% 7/1/36 ‡   175,000    48,125 
Series ZZ 4.75% 7/1/27 ‡   40,000    11,000 
Series ZZ 5.25% 7/1/24 ‡   60,000    16,500 
         2,909,355 
Healthcare Revenue Bonds — 12.47%          
Idaho Health Facilities Authority Revenue          
(Madison Memorial Hospital Project)          
5.00% 9/1/37   1,350,000    1,322,487 
(St. Luke’s Health System Project)          
3.00% 3/1/51 (BAM)   3,300,000    2,374,944 
4.00% 3/1/51 (BAM)   2,210,000    2,011,166 
Series A 3.00% 3/1/51   3,000,000    2,074,590 
Series A 4.00% 3/1/46   500,000    449,835 
(Trinity Health Credit Group)          
Series ID 4.00% 12/1/43   3,900,000    3,674,736 
Series ID 5.00% 12/1/46   750,000    761,385 
(Valley Vista Care Corporation)          
Series A 4.00% 11/15/27   705,000    690,435 
Series A 5.25% 11/15/37   1,005,000    832,421

 

76

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Idaho Health Facilities Authority Revenue          
(Valley Vista Care Corporation)          
Series A 5.25% 11/15/47   1,130,000   $831,036 
         15,023,035 
Housing Revenue Bonds — 4.82%          
Idaho Housing & Finance Association Multifamily Housing Revenue          
(Sunset Landing Apartments Project)          
Series A 2.75% 7/1/40   1,300,000    1,001,377 
Series A 3.125% 7/1/54   2,000,000    1,389,320 
Idaho Housing & Finance Association Revenue          
Series A 4.50% 1/21/49 (GNMA)   222,560    222,565 
Idaho Housing & Finance Association Single Family Mortgage Revenue          
Series A 4.75% 1/1/48 (GNMA)   1,000,000    1,003,160 
Series C 3.00% 1/1/43 (FHA)   425,000    376,971 
Series C 4.80% 7/1/53 (GNMA)   1,800,000    1,808,172 
         5,801,565 
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 4.42%          
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   30,000,000    2,086,200 
Nez Perce County, Idaho Pollution Control Revenue          
(Potlatch Project)          
2.75% 10/1/24   1,250,000    1,236,188 
Power County, Idaho Industrial Development Revenue          
(FMC Project)          
6.45% 8/1/32 (AMT)   2,000,000    2,005,920 
         5,328,308 
Lease Revenue Bonds — 11.70%          
Boise City, Idaho Urban Renewal Agency Revenue          
5.00% 12/15/31   750,000    775,980 
5.00% 12/15/32   750,000    775,283 
Idaho Falls City, Annual Appropriation Certificates of Participation Revenue          
4.00% 9/15/39   1,050,000    1,014,604 
144A 5.25% 5/15/51 #   2,000,000    1,880,500 

 

77

Schedules of investments

Delaware Tax-Free Idaho Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)          
Lease Revenue Bonds (continued)          
Idaho Fish & Wildlife Foundation Revenue          
(Idaho Department of Fish & Game Headquarters Office Project)          
4.00% 12/1/36   525,000   $528,843 
4.00% 12/1/39   1,540,000    1,505,766 
4.00% 12/1/42   1,300,000    1,246,544 
4.00% 12/1/44   250,000    235,405 
(Idaho Department of Fish & Game Nampa Regional Office Project)          
5.00% 12/1/41   200,000    211,628 
Idaho Housing & Finance Association Economic Development Facilities Revenue          
(TDF Facilities Project)          
Series A 6.50% 2/1/26   595,000    595,726 
Series A 7.00% 2/1/36   1,500,000    1,502,400 
Idaho Housing & Finance Association Revenue          
Series A 4.00% 7/15/39   2,735,000    2,608,260 
Idaho State Building Authority Revenue          
(Department of Health & Welfare Project)          
Series B 4.00% 9/1/48   1,290,000    1,208,549 
         14,089,488 
Local General Obligation Bonds — 6.95%          
Ada & Boise Counties, Idaho Independent School District Boise City          
5.00% 8/1/35   1,160,000    1,218,742 
5.00% 8/1/34   1,000,000    1,054,920 
5.00% 8/1/36   500,000    522,210 
Canyon County, Idaho School District No. 139 Vallivue          
(School Board Guaranteed)          
Series B 5.00% 9/15/24   1,480,000    1,481,806 
Idaho Bond Bank Authority Revenue          
Series A 4.00% 9/15/33   530,000    545,253 
Series A 4.00% 9/15/37   1,000,000    1,003,230 
Series C 5.00% 9/15/42   500,000    518,015 
Ketchum City, Idaho          
2.125% 9/15/41   500,000    336,650 
Madison County, Idaho School District No. 321 Rexburg          
(Sales Tax & Credit Enhancement Guaranty)          
Series B 5.00% 9/15/31   600,000    636,978 

 

78

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Local General Obligation Bonds (continued)          
Nez Perce County, Idaho Independent School District No. 1          
(Sales Tax & Credit Enhancement Guaranty)          
Series B 5.00% 9/15/36   1,000,000   $1,046,010 
         8,363,814 
Pre-Refunded Bonds — 2.27%          
Ada & Canyon Counties, Idaho Joint School District No. 3 Kuna          
(Sales Tax & Credit Enhancement Guaranty)          
Series B 5.00% 9/15/35-27 §   1,100,000    1,173,183 
Idaho State Building Authority Revenue          
(State Office Campus Project)          
Series A 4.00% 9/1/48-27 §   500,000    519,735 
Nampa city, Idaho Development Corporation Revenue          
(Library Square Project)          
144A 5.00% 9/1/31-24 #, §   1,000,000    1,035,710 
         2,728,628 
Resource Recovery Revenue Bond — 0.32%          
Idawy, Idaho Solid Waste District Revenue          
Series A 3.00% 1/1/50   550,000    381,095 
         381,095 
Special Tax Revenue Bonds — 23.15%          
Commonwealth of Puerto Rico Revenue          
3.799% 11/1/51 •   3,469,212    1,444,059 
(Restructured)          
3.35% 11/1/43 •   2,473,832    1,277,116 
GDB Debt Recovery Authority of Puerto Rico Revenue          
7.50% 8/20/40   5,620,130    4,594,456 
Idaho Bond Bank Authority Revenue          
Series A 4.00% 9/15/39   230,000    226,173 
Idaho Housing & Finance Association Sales Tax Revenue          
(Transportation Expansion And Congestion Mitigation)          
5.00% 8/15/47   5,295,000    5,609,682 
Series A 4.00% 8/15/48   2,370,000    2,234,484 
Series A 5.00% 8/15/42   1,325,000    1,423,010 
Idaho Water Resource Board Loan Program Revenue          
(Ground Water Rights Mitigation)          
Series A 5.00% 9/1/32   3,565,000    3,566,747 
Puerto Rico Sales Tax Financing Revenue          
(Capital Appreciation - Restructured)          
Series A-1 5.462% 7/1/46 ^   3,320,000    924,686 

 

79

Schedules of investments

Delaware Tax-Free Idaho Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
Puerto Rico Sales Tax Financing Revenue          
(Capital Appreciation - Restructured)          
Series A-1 5.733% 7/1/51 ^   10,663,000   $2,203,829 
(Restructured)          
Series A-1 4.55% 7/1/40   875,000    853,143 
Series A-1 4.75% 7/1/53   3,045,000    2,854,596 
Series A-1 5.00% 7/1/58   691,000    670,546 
         27,882,527 
State General Obligation Bond — 0.16%          
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/41   221,605    191,633 
         191,633 
Transportation Revenue Bonds — 5.12%          
Boise City, Idaho Airport Revenue          
(Employee Parking Facilities Project) Series B 4.00% 9/1/51 (AMT)   1,955,000    1,716,764 
(Public Parking Facilities Project)          
Series A 5.00% 9/1/51   1,500,000    1,562,565 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series A 5.00% 7/1/62   1,940,000    1,913,325 
Series C 5.259% 7/1/53   1,540,000    975,975 
         6,168,629 
Water & Sewer Revenue Bond — 1.76%          
Boise City, Idaho Water Renewal Revenue          
5.00% 9/1/51   2,000,000    2,125,600 
         2,125,600 
Total Municipal Bonds (cost $128,296,218)        118,450,095 

 

80

 

   Number of     
   shares   Value (US $) 
Short-Term Investments — 0.66%        
Money Market Mutual Funds — 0.66%          
Dreyfus Tax Exempt Cash Management - Institutional Shares (seven-day effective yield 4.13%)   793,110   $793,110 
Total Short-Term Investments (cost $793,110)        793,110 
Total Value of Securities—99.02%          
(cost $129,089,328)       $119,243,205 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $10,658,084, which represents 8.85% of the Fund’s net assets. See Note 8 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 8 in “Notes to financial statements.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

USD – US Dollar

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

81

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

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds — 96.53%        
Education Revenue Bonds — 18.88%          
Buffalo & Erie County, New York Industrial Land Development Revenue          
(Tapestry Charter School Project)          
Series A 5.00% 8/1/52   500,000   $443,575 
Build NYC, New York Resource Revenue          
(Classical Charter Schools Project)          
Series A 4.75% 6/15/53   1,700,000    1,572,466 
(East Harlem Scholars Academy Charter School Project)          
144A 5.75% 6/1/62 #   1,000,000    1,002,660 
(Inwood Academy for Leadership Charter School Project)          
Series A 144A 5.50% 5/1/48 #   500,000    484,230 
(KIPP NYC Public School Facilities - Canal West Project)          
5.00% 7/1/35   530,000    556,479 
5.00% 7/1/42   1,365,000    1,371,675 
(Manhattan College Project)          
5.00% 8/1/47   500,000    503,015 
(Metropolitan College of New York Project)          
5.50% 11/1/44   600,000    450,000 
(Metropolitan Lighthouse Charter School Project)          
Series A 144A 5.00% 6/1/52 #   250,000    221,210 
(New Dawn Charter Schools Project)          
144A 5.75% 2/1/49 #   500,000    456,515 
(New World Preparatory Charter School Project)          
Series A 144A 4.00% 6/15/51 #   315,000    226,964 
Series A 144A 4.00% 6/15/56 #   450,000    315,211 
(The Packer Collegiate Institute Project)          
5.00% 6/1/40   750,000    755,932 
Dutchess County, New York Local Development Revenue          
(Vassar College Project)          
5.00% 7/1/36   1,000,000    1,047,580 
5.00% 7/1/37   1,000,000    1,042,480 
Hempstead Town, New York Local Development Revenue          
(Hofstra University Project)          
5.00% 7/1/42   500,000    515,565 
Madison County, New York Capital Resource Revenue          
(Colgate University Refunding Project)          
Series B 5.00% 7/1/39   1,000,000    1,015,500 

 

82

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Monroe County, New York Industrial Development Revenue          
(St. John Fisher College Project)          
Series A 5.50% 6/1/39   300,000   $302,697 
(True North Rochester Preparatory Charter School Project)          
Series A 144A 5.00% 6/1/40 #   1,000,000    986,800 
Series A 144A 5.00% 6/1/59 #   1,000,000    926,420 
(University of Rochester Project)          
Series A 5.00% 7/1/37   1,000,000    1,043,200 
Nassau County, New York Local Economic Assistance Revenue          
(Roosevelt Children’s Academy Charter School Project)          
Series A 5.00% 7/1/55   1,750,000    1,661,730 
New York City, New York Trust for Cultural Resources Revenue          
(Alvin Ailey Dance Foundation)          
Series A 4.00% 7/1/46   1,000,000    891,200 
New York State Dormitory Authority Revenue          
(Columbia University)          
Series A 5.00% 10/1/50   2,325,000    2,603,163 
(Fordham University)          
5.00% 7/1/44   650,000    653,790 
(New York University)          
5.50% 7/1/40 (AMBAC)   740,000    859,591 
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    375,649 
(New York State University Dormitory Facilities)          
Series A 5.00% 7/1/37   2,200,000    2,325,730 
(New York University)          
Series A 5.00% 7/1/36   2,000,000    2,076,760 
Series A 5.00% 7/1/39   2,000,000    2,064,800 
(Vaughn College of Aeronautics and Technology)          
Series A 144A 5.50% 12/1/46 #   300,000    271,899 
Saratoga County, New York Capital Resource Revenue          
(Skidmore College Project)          
5.00% 7/1/43   3,570,000    3,712,050 
5.00% 7/1/48   1,000,000    1,035,140 

 

83

Schedules of investments

Delaware Tax-Free New York Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
St. Lawrence County, New York Industrial Development Agency Civic Development Revenue          
(St. Lawrence University Project)          
Series A 4.00% 7/1/43   1,000,000   $933,720 
Tompkins County, New York Development Revenue          
(Ithaca College Project)          
5.00% 7/1/34   750,000    765,518 
Westchester County, New York Local Development Revenue          
(Pace University)          
Series A 5.00% 5/1/34   1,725,000    1,732,297 
Yonkers, New York Economic Development Educational Revenue          
(Lamartine/Warburton LLC - Charter School of Educational Excellence Project)          
Series A 5.00% 10/15/49   640,000    563,718 
Series A 5.00% 10/15/50   250,000    219,120 
         37,986,049 
Electric Revenue Bonds — 5.88%          
Build NYC, New York Resource Revenue          
(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)          
144A 5.25% 12/31/33 (AMT) #   1,000,000    913,990 
Guam Power Authority Revenue          
(Tax-Exempt Forward Delivery)          
Series A 5.00% 10/1/35   1,310,000    1,385,508 
Long Island, New York Power Authority Electric System Revenue          
5.00% 9/1/37   450,000    478,175 
5.00% 9/1/39   2,000,000    2,104,400 
5.00% 9/1/47   1,500,000    1,547,130 
Series B 5.00% 9/1/41   2,065,000    2,131,286 
New York State Power Authority Revenue          
Series A 4.00% 11/15/50   1,000,000    954,510 
(Green Transmission Project)          
4.00% 11/15/42 (AGM)   1,000,000    966,690 
Puerto Rico Electric Power Authority Revenue          
Series A 5.05% 7/1/42 ‡   65,000    17,875 
Series A 6.75% 7/1/36 ‡   625,000    171,875 
Series AAA 5.25% 7/1/25 ‡   35,000    9,625 
Series TT 5.00% 7/1/32 ‡   1,120,000    308,000 
Series WW 5.25% 7/1/33 ‡   195,000    53,625 

 

84

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Electric Revenue Bonds (continued)          
Puerto Rico Electric Power Authority Revenue          
Series WW 5.50% 7/1/17 ‡   420,000   $114,450 
Series WW 5.50% 7/1/19 ‡   330,000    89,925 
Series XX 4.75% 7/1/26 ‡   40,000    11,000 
Series XX 5.25% 7/1/40 ‡   1,430,000    393,250 
Series ZZ 4.75% 7/1/27 ‡   30,000    8,250 
Series ZZ 5.00% 7/1/19 ‡   570,000    155,325 
Series ZZ 5.25% 7/1/24 ‡   50,000    13,750 
         11,828,639 
Healthcare Revenue Bonds — 9.41%          
Buffalo & Erie County, New York Industrial Land Development Revenue          
(Catholic Health System Project)          
Series N 5.25% 7/1/35   250,000    215,362 
Build NYC, New York Resource Revenue          
(The Children’s Aid Society Project)          
4.00% 7/1/49   1,000,000    895,170 
Dutchess County, New York Local Development Revenue          
(Nuvance Health)          
Series B 4.00% 7/1/49   1,000,000    834,600 
Guilderland, New York Industrial Development Agency Revenue          
(Albany Place Development Project)          
Series A 144A 5.875% 1/1/52 #, ‡   500,000    325,000 
Monroe County, New York Industrial Development Revenue          
(Rochester General Hospital Project)          
5.00% 12/1/36   405,000    409,390 
5.00% 12/1/46   540,000    519,637 
(Rochester Regional Health Project)          
Series D 4.00% 12/1/38   2,550,000    2,314,380 
Nassau County, New York Local Economic Assistance Revenue          
(Catholic Health Services of Long Island Obligated Group Project)          
5.00% 7/1/33   725,000    730,133 
New York State Dormitory Authority Revenue          
(Maimonides Medical Center)          
3.00% 2/1/50 (FHA)   3,135,000    2,234,722 
(Montefiore Obligated Group)          
Series A 4.00% 8/1/38   1,000,000    889,450 
Series A 4.00% 9/1/50   2,500,000    2,041,900 

 

85

Schedules of investments

Delaware Tax-Free New York Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
New York State Dormitory Authority Revenue          
(Northwell Health Obligated Group)          
Series A 5.00% 5/1/52   3,000,000   $3,086,070 
New York State Dormitory Authority Revenue Non-State Supported Debt          
(NYU Hospitals Center)          
Series A 4.00% 7/1/40   465,000    441,769 
(Orange Regional Medical Center Obligated Group)          
144A 5.00% 12/1/34 #   800,000    792,544 
144A 5.00% 12/1/45 #   700,000    642,271 
Orange County, New York Funding Assisted Living Residence Revenue          
(The Hamlet at Wallkill Assisted Living Project)          
6.50% 1/1/46   300,000    236,400 
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue          
(Hospital Auxilio Mutuo Obligated Group Project)          
4.00% 7/1/36   400,000    366,184 
Southold, New York Local Development Revenue          
(Peconic Landing at Southold Project)          
5.00% 12/1/45   750,000    692,205 
Westchester County, New York Local Development Revenue          
(Purchase Senior Learning Community, Inc. Project)          
Series A 144A 5.00% 7/1/46 #   615,000    499,103 
Series A 144A 5.00% 7/1/56 #   1,000,000    773,180 
         18,939,470 
Housing Revenue Bonds — 2.43%          
New York City, New York Housing Development Revenue          
(Sustainable Development Bonds)          
4.80% 2/1/53   1,750,000    1,756,440 
Series A 5.00% 5/1/63   2,125,000    2,138,324 
New York State Mortgage Agency Homeowner Revenue          
(Social Bonds)          
Series 250 4.80% 10/1/48   1,000,000    1,004,760 
         4,899,524 

 

86

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 9.17%          
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   48,900,000   $3,400,506 
Erie County, New York Tobacco Asset Securitization Revenue          
(Asset-Backed)          
Series A 144A 5.84% 6/1/60 #, ^   65,350,000    3,766,120 
New York City, New York Industrial Development Agency Revenue          
(Queens Baseball Stadium Project)          
Series A 3.00% 1/1/46 (AGM)   2,000,000    1,478,420 
(Yankee Stadium Project)          
Series A 3.00% 3/1/40 (AGM)   1,000,000    803,010 
Series A 4.00% 3/1/45 (AGM)   1,000,000    934,290 
New York Counties Tobacco Trust V Pass-Through Revenue          
(Subordinate Turbo CABs)          
Series S4B 144A 0.971% 6/1/60 #, t, ^   39,000,000    1,602,120 
New York Transportation Development Special Facilities Revenue          
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)          
5.00% 1/1/36 (AMT)   2,015,000    2,054,574 
(Terminal 4 John F. Kennedy International Airport Project)          
5.00% 12/1/37 (AMT)   340,000    353,325 
Suffolk County, New York Tobacco Asset Securitization Revenue          
Senior Series A-2 4.00% 6/1/50   1,595,000    1,397,316 
TSASC, New York          
Fiscal 2017 Senior Series A 5.00% 6/1/41   1,900,000    1,923,731 
Westchester County, New York Tobacco Asset Securitization Revenue          
Subordinate Series C 5.00% 6/1/45   750,000    750,030 
         18,463,442 
Lease Revenue Bonds — 7.33%          
Hudson Yards, New York Infrastructure Revenue          
(Tax-Exempt)          
Series A 4.00% 2/15/44   2,875,000    2,681,110 

 

87

Schedules of investments

Delaware Tax-Free New York Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Lease Revenue Bonds (continued)          
New York City, New York Industrial Development Agency Revenue          
(Senior Trips)          
Series A 5.00% 7/1/28 (AMT)   1,290,000   $1,290,077 
New York Liberty Development Revenue          
(4 World Trade Center - Green Bond)          
Series A 2.875% 11/15/46 (BAM)   1,620,000    1,193,244 
(Class 1 - 3 World Trade Center Project)          
144A 5.00% 11/15/44 #   4,000,000    3,828,320 
(Class 2 - 3 World Trade Center Project)          
144A 5.375% 11/15/40 #   500,000    496,355 
(Class 3 - 3 World Trade Center Project)          
144A 7.25% 11/15/44 #   1,500,000    1,513,545 
New York State Dormitory Authority Revenue Non-State Supported Debt          
(Court Facility)          
Series A 5.50% 5/15/27 (AMBAC)   2,500,000    2,697,300 
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   1,000,000    1,059,750 
         14,759,701 
Local General Obligation Bonds — 2.84%          
New York City, New York          
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/35   1,895,000    2,022,609 
Fiscal 2018 Subordinate Series F-1 5.00% 4/1/39   1,000,000    1,046,910 
Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47   1,500,000    1,626,315 
Series F-1 3.00% 3/1/51 (BAM)   1,360,000    1,015,526 
         5,711,360 
Pre-Refunded Bonds — 1.01%          
Dutchess County, New York Local Development          
(Health Quest Systems Project)          
Series A 5.00% 7/1/44-24 §   1,000,000    1,013,650 
New York State Dormitory Authority          
(Touro College & University)          
Series A 5.50% 1/1/44-24 §   1,000,000    1,017,670 
         2,031,320 

 

88

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Resource Recovery Revenue Bond — 0.65%          
Niagara Area, New York Development Revenue          
(Covanta Project)          
Series A 144A 4.75% 11/1/42 (AMT) #   1,500,000   $1,311,300 
         1,311,300 
Special Tax Revenue Bonds — 23.90%          
Commonwealth of Puerto Rico Revenue          
3.799% 11/1/51 •   995,550    414,398 
(Restructured)          
3.154% 11/1/43 •   4,048,909    2,090,249 
GDB Debt Recovery Authority of Puerto Rico Revenue          
(Taxable)          
7.50% 8/20/40   6,563,763    5,365,876 
Glen Cove, New York Local Economic Assistance Revenue          
(Garvies Point Public Improvement Project)          
Series A 5.00% 1/1/56   250,000    213,848 
Matching Fund Special Purpose Securitization, Virgin Islands          
Series A 5.00% 10/1/32   500,000    501,790 
New York City, New York Transitional Finance Authority Building Aid Revenue          
Fiscal 2019 Subordinate Series S-3A 5.00% 7/15/37   1,000,000    1,060,060 
New York City, New York Transitional Finance Authority Future Tax Secured Revenue          
Fiscal 2015 Subordinate Series B-1 5.00% 8/1/42   2,000,000    2,014,080 
Fiscal 2016 Subordinate Series C-1 4.00% 11/1/42   500,000    487,920 
Fiscal 2020 Subordinate Series A-3 3.00% 5/1/45   2,000,000    1,541,020 
New York Convention Center Development Revenue          
(Hotel Unit Fee Secured)          
5.00% 11/15/35   1,000,000    1,019,150 
5.00% 11/15/40   1,000,000    1,013,660 
New York Metropolitan Transportation Authority Revenue          
(Climate Bond Certified - Green Bonds)          
Subordinate Series B-2 5.00% 11/15/36   1,500,000    1,567,200 
New York State Dormitory Authority Personal Income Tax Revenue          
(General Purpose)          
Series A 4.00% 3/15/49   1,000,000    940,610 
Series A 5.00% 3/15/40   5,000,000    5,272,750 
Series E 3.00% 3/15/50   1,500,000    1,098,645 
Series E 4.00% 3/15/48   1,000,000    943,280 

 

89

Schedules of investments

Delaware Tax-Free New York Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
New York State Dormitory Authority Revenue Non-State Supported Debt          
(New York State University Dormitory Facilities)          
Series A 5.00% 7/1/42   1,300,000   $1,347,450 
New York State Thruway Authority State Personal Income Tax Revenue          
(Climate Bond Certified - Green Bonds)          
Series C 5.00% 3/15/55   1,000,000    1,051,110 
New York Triborough Bridge & Tunnel Authority Sales Tax Revenue          
(TBTA Capital Lockbox - City Sales Tax)          
Series A 4.00% 5/15/48   2,000,000    1,905,280 
Series A 4.00% 5/15/57   1,000,000    933,270 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 1.941% 7/1/51 ^   6,855,000    1,416,791 
Series A-1 4.55% 7/1/40   444,000    432,909 
Series A-1 4.75% 7/1/53   6,805,000    6,379,483 
Series A-1 5.00% 7/1/58   3,665,000    3,556,516 
Series A-1 5.791% 7/1/46 ^   13,880,000    3,865,858 
Series A-2 4.329% 7/1/40   480,000    455,808 
Series A-2 4.536% 7/1/53   1,330,000    1,203,703 
         48,092,714 
State General Obligation Bonds — 1.34%          
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/41   1,445,926    1,250,365 
Series A-1 4.00% 7/1/46   1,730,000    1,440,173 
         2,690,538 
Transportation Revenue Bonds — 10.93%          
New York Metropolitan Transportation Authority Revenue          
Series A-2 4.00% 11/15/43   2,500,000    2,316,425 
(Climate Bond Certified - Green Bonds)          
Series 1 4.00% 11/15/46   3,250,000    2,957,565 
Series B 4.00% 11/15/50   1,000,000    892,640 
Series E 4.00% 11/15/45   1,500,000    1,373,625 
Subordinate Series C-1 5.25% 11/15/55   1,500,000    1,543,305 
New York State Thruway Authority General Revenue          
Series B 4.00% 1/1/50   1,000,000    915,800 
(Junior Indebtedness Obligation)          
Series B 4.00% 1/1/45   1,500,000    1,398,990 

 

90

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds (continued)          
New York Transportation Development Special Facilities Revenue          
(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)          
4.00% 1/1/36 (AMT)   750,000   $719,183 
(LaGuardia Airport Terminal B Redevelopment Project)          
Series A 5.25% 1/1/50 (AMT)   1,000,000    999,980 
(Terminal 4 John F. Kennedy International Airport Project)          
5.00% 12/1/32 (AMT)   2,000,000    2,152,520 
Series A 4.00% 12/1/40 (AMT)   335,000    310,568 
New York Triborough Bridge & Tunnel Authority Revenue          
(MTA Bridges and Tunnels Climate Bond Certified - Green Bonds)          
Series D-2 5.50% 5/15/52   1,000,000    1,104,050 
(MTA Bridges and Tunnels)          
Series A 5.00% 11/15/41   2,000,000    2,057,420 
Niagara, New York Frontier Transportation Authority Revenue          
(Buffalo Niagara International Airport)          
Series A 5.00% 4/1/35 (AMT)   775,000    807,186 
Series A 5.00% 4/1/37 (AMT)   750,000    772,395 
Series A 5.00% 4/1/39 (AMT)   350,000    356,972 
Port Authority of New York & New Jersey          
Two Hundred Twenty-First Series 4.00%          
7/15/60 (AMT)   1,130,000    992,061 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series C 0.00% 7/1/53 ~   500,000    316,875 
         21,987,560 
Water & Sewer Revenue Bonds — 2.76%          
New York City, New York Municipal Water Finance Authority Revenue          
(Second General Resolution)          
Series GG 4.00% 6/15/50   1,000,000    946,630 
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue          
(Second General Resolution)          
Fiscal 2017 Series DD 5.00% 6/15/47   1,000,000    1,033,450 
Fiscal 2018 Series EE 5.00% 6/15/40   2,500,000    2,617,500 

 

91

Schedules of investments

Delaware Tax-Free New York Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Water & Sewer Revenue Bonds (continued)          
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue          
(Second General Resolution)          
Fiscal 2019 Subordinate Series FF-1 4.00% 6/15/49   1,000,000   $949,990 
         5,547,570 
Total Municipal Bonds (cost $204,505,531)        194,249,187 
           
Short-Term Investments — 1.90%          
Variable Rate Demand Notes — 1.90%¤          
New York City, New York          
Fiscal 2006 Subordinate Series I-4 3.90% 4/1/36 (LOC - TD Bank, N.A.)   550,000    550,000 
Fiscal 2014 Subordinate Series D-4 3.90% 8/1/40 (LOC - TD Bank, N.A.)   200,000    200,000 
Fiscal 2015 Subordinate Series F-5 3.95% 6/1/44 (SPA - Barclays Bank)   500,000    500,000 
Fiscal 2023 Subordinate Series A-4 3.90% 9/1/49 (SPA - TD Bank, N.A.)   800,000    800,000 
New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue          
(Second General Resolution) Fiscal 2011 Series DD          
3.90% 6/15/43          
(SPA - TD Bank, N.A.)   680,000    680,000 
(Second General Resolution) Fiscal 2023 Subordinate          
Series BB-2 3.85% 6/15/44          
(SPA - Mizuho Bank)   1,100,000    1,100,000 
Total Short-Term Investments (cost $3,830,000)        3,830,000 
Total Value of Securities—98.43%          
(cost $208,335,531)       $198,079,187 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $21,355,757, which represents 10.61% 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.

92

tPass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
§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.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
~Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at August 31, 2023.
¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

93

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

BAM – Insured by Build America Mutual Assurance

FHA – Federal Housing Administration

KIPP – Knowledge is Power Program

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

94

Schedules of investments  
Delaware Tax-Free Pennsylvania Fund August 31, 2023
   Principal     
   amount°   Value (US $) 
Municipal Bonds — 98.49%        
Education Revenue Bonds — 9.57%          
Allegheny County, Pennsylvania Higher Education Building Authority Revenue          
(Robert Morris University)          
5.00% 10/15/47   1,500,000   $1,360,065 
Bucks County, Pennsylvania Industrial Development Authority Revenue          
(School Lane Charter School Project)          
Series A 5.125% 3/15/46   2,500,000    2,410,025 
Chester County, Pennsylvania Industrial Development Authority Revenue          
(Avon Grove Charter School Project)          
Series A 5.00% 12/15/47   1,160,000    1,084,577 
Series A 5.00% 12/15/51   770,000    709,285 
(Renaissance Academy Charter School Project)          
5.00% 10/1/34   1,000,000    996,150 
5.00% 10/1/39   1,250,000    1,172,400 
5.00% 10/1/44   1,000,000    912,110 
(Westtown School)          
Series A 4.00% 1/1/52   2,250,000    2,062,305 
City of Erie, Pennsylvania Higher Education Building Authority Revenue          
(AICUP Financing Program - Gannon University Project)          
Series TT1 4.00% 5/1/41   475,000    394,269 
City of Philadelphia, Pennsylvania Authority for Industrial Development Revenue          
(First Philadelphia Preparatory Charter School Project)          
Series A 7.25% 6/15/43   2,870,000    2,928,691 
(International Apartments of Temple University)          
Series A 5.375% 6/15/30   1,145,000    1,124,837 
Series A 5.625% 6/15/42   3,000,000    2,750,730 
(Saint Joseph’s University Project)          
5.50% 11/1/60   6,000,000    6,307,620 
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue          
(AICUP Financing Program - Gwynedd Mercy University Project)          
5.00% 5/1/42   2,500,000    2,313,925 
(Arcadia University)          
5.75% 4/1/40   2,000,000    2,000,300 

 

95

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Education Revenue Bonds (continued)          
Montgomery County, Pennsylvania Industrial Development Authority Revenue          
(Germantown Academy Project)          
Series A 4.00% 10/1/51   1,430,000   $1,084,083 
Northeastern Pennsylvania Hospital and Education Authority Revenue          
(King’s College Project)          
5.00% 5/1/44   1,000,000    918,670 
Pennsylvania Higher Educational Facilities Authority Revenue          
(Ursinus College Project)          
Series A 5.00% 11/1/32   1,130,000    1,181,189 
Pennsylvania State University          
Series A 5.25% 9/1/52   2,000,000    2,167,140 
Upper Dauphin, Pennsylvania Industrial Development Authority Revenue          
(Pennsylvania Steam Academy Charter School Project)          
Series A 144A 6.25% 7/1/57 #   2,500,000    2,270,850 
Series B 144A 6.00% 7/1/29 #   235,000    224,888 
         36,374,109 
Electric Revenue Bonds — 1.09%          
City of Philadelphia, Pennsylvania Gas Works Revenue          
(1998 General Ordinance)          
Sixteenth Series A 4.00% 8/1/45 (AGM)   1,950,000    1,839,533 
Sixteenth Series B 4.00% 8/1/39 (AGM)   1,300,000    1,270,789 
Puerto Rico Electric Power Authority Revenue          
Series A 5.00% 7/1/42 ‡   1,110,000    305,250 
Series A 5.05% 7/1/42 ‡   400,000    110,000 
Series WW 5.25% 7/1/33 ‡   1,055,000    290,125 
Series WW 5.50% 7/1/38 ‡   1,190,000    327,250 
         4,142,947 
Healthcare Revenue Bonds — 33.19%          
Allegheny County, Pennsylvania Hospital Development Authority Revenue          
(Allegheny Health Network Obligated Group Issue)          
Series A 4.00% 4/1/44   2,300,000    1,991,156 
Series A 5.00% 4/1/47   13,240,000    13,240,927 
(University of Pittsburgh Medical Center)          
Series A 4.00% 7/15/38   1,125,000    1,074,611 
Series A 4.00% 7/15/39   2,000,000    1,894,040 

 

96

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Berks County, Pennsylvania Industrial Development Authority Revenue          
(The Highlands at Wyomissing)          
Series A 5.00% 5/15/37   1,365,000   $1,320,214 
Series A 5.00% 5/15/42   470,000    433,439 
Series A 5.00% 5/15/47   600,000    535,710 
Series C 5.00% 5/15/42   1,000,000    922,210 
Series C 5.00% 5/15/47   1,000,000    892,850 
Bucks County, Pennsylvania Industrial Development Authority Revenue          
(St. Luke’s University Health Network Project)          
4.00% 8/15/44 (BAM)   2,400,000    2,215,488 
4.00% 8/15/50   1,400,000    1,197,476 
4.00% 8/15/50 (BAM)   1,600,000    1,452,320 
Butler County, Pennsylvania Hospital Authority Revenue          
(Butler Health System Project)          
Series A 5.00% 7/1/39   1,625,000    1,485,136 
Centre County, Pennsylvania Hospital Authority Revenue          
(Mount Nittany Medical Center Project)          
Series A 4.00% 11/15/47   1,400,000    1,275,792 
Chester County, Pennsylvania Health and Education Facilities Authority Revenue          
(Main Line Health System)          
Series A 4.00% 9/1/50   2,060,000    1,837,376 
Chester County, Pennsylvania Industrial Development Authority Revenue          
(Longwood Gardens, Inc. Project)          
4.00% 12/1/46   1,330,000    1,258,712 
City of DuBois, Pennsylvania Hospital Authority Revenue          
(Penn Highlands Healthcare)          
4.00% 7/15/45   1,495,000    1,324,540 
4.00% 7/15/48   2,000,000    1,743,580 
City of Philadelphia, Pennsylvania Authority for Industrial Development Revenue          
(Thomas Jefferson University)          
Series A 5.00% 9/1/47   2,500,000    2,510,500 
(Wesley Enhanced Living Obligated Group)          
Series A 5.00% 7/1/49   2,500,000    1,972,050 
Cumberland County, Pennsylvania Municipal Authority Revenue          
(Asbury Pennsylvania Obligated Group)          
5.00% 1/1/45   3,000,000    2,539,410 

 

97

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Cumberland County, Pennsylvania Municipal Authority Revenue          
(Diakon Lutheran Social Ministries)          
5.00% 1/1/38   995,000   $994,920 
(Penn State Health)          
Series A 4.00% 11/1/44   5,000,000    4,528,550 
Geisinger Authority, Pennsylvania Health System Revenue          
(Geisinger Health System)          
Series A-2 5.00% 2/15/39   1,150,000    1,172,712 
Lancaster County, Pennsylvania Hospital Authority Revenue          
(Brethren Village Project)          
5.00% 7/1/31   130,000    122,975 
5.25% 7/1/35   250,000    238,535 
5.50% 7/1/45   1,000,000    920,140 
(Landis Homes Retirement Community Project)          
Series A 5.00% 7/1/45   2,000,000    1,796,340 
(Masonic Villages Project)          
5.00% 11/1/35   1,000,000    1,022,500 
5.00% 11/1/36   510,000    518,532 
5.00% 11/1/37   250,000    252,880 
Lehigh County, Pennsylvania General Purpose Hospital Authority Revenue          
(Lehigh Valley Health Network)          
Series A 4.00% 7/1/49   11,105,000    10,035,033 
Maxatawny Township, Pennsylvania Municipal Authority Revenue          
(Diakon Lutheran Social Ministries Project)          
Series A 4.50% 1/1/45   2,000,000    1,721,300 
Monroe County, Pennsylvania Hospital Authority Revenue          
(Pocono Medical Center)          
5.00% 7/1/41   1,000,000    1,001,230 
Monroeville, Pennsylvania Finance Authority Revenue          
Series B 4.00% 2/15/41   2,100,000    1,967,574 
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue          
(Thomas Jefferson University)          
Series A 4.00% 9/1/49   2,500,000    2,233,150 
Series B 4.00% 5/1/47   4,000,000    3,613,560 
Series B 4.00% 5/1/52   5,950,000    5,184,651 
Series B 4.00% 5/1/56   2,550,000    2,185,121 

 

98

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Healthcare Revenue Bonds (continued)          
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue          
(Thomas Jefferson University)          
Series B 5.00% 5/1/57   3,000,000   $3,031,200 
Montgomery County, Pennsylvania Industrial Development Authority Revenue          
(Foulkeways at Gwynedd Project)          
5.00% 12/1/46   1,500,000    1,393,425 
(Waverly Heights Project)          
5.00% 12/1/44   500,000    501,495 
5.00% 12/1/49   1,250,000    1,245,050 
(Whitemarsh Continuing Care Retirement Community Project)          
4.00% 1/1/25   145,000    142,361 
5.375% 1/1/50   4,000,000    3,404,720 
Series A 5.25% 1/1/48   1,000,000    844,950 
Series A 5.375% 1/1/51   1,600,000    1,355,008 
Moon, Pennsylvania Industrial Development Authority Revenue          
(Baptist Homes Society)          
6.125% 7/1/50   4,090,000    2,934,330 
Northampton County, Pennsylvania Industrial Development Authority Revenue          
(Morningstar Senior Living, Inc. Project)          
5.00% 11/1/44   1,000,000    852,230 
Pennsylvania Economic Development Financing Authority First Mortgage Revenue          
(Tapestry Moon Senior Housing Project)          
Series A 144A 6.50% 12/1/38 #, ‡   715,000    272,594 
Series A 144A 6.75% 12/1/53 #, ‡   5,400,000    2,058,750 
Pennsylvania Economic Development Financing Authority Revenue          
(Presbyterian Senior Living Project)          
Series B-1 5.25% 7/1/49   2,500,000    2,482,325 
Series B-2 5.25% 7/1/46   2,500,000    2,503,300 
(University of Pittsburgh Medical Center)          
Series A 4.00% 11/15/42   5,200,000    4,839,120 
Subordinate Series A-2 4.00% 5/15/48   2,250,000    2,035,440 
Pennsylvania Higher Educational Facilities Authority Revenue          
(Thomas Jefferson University)          
Series A 5.00% 9/1/45   5,000,000    5,008,050 

 

99

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          
(Thomas Jefferson University)          
Series A 5.25% 9/1/50   2,500,000   $2,503,800 
(University of Pennsylvania Health System)          
4.00% 8/15/49   110,000    99,040 
Series A 4.00% 8/15/42   4,000,000    3,767,520 
Pocono Mountains, Pennsylvania Industrial Park Authority Revenue          
(St. Luke’s Hospital - Monroe Project)          
Series A 5.00% 8/15/40   2,245,000    2,245,045 
         126,146,993 
Housing Revenue Bond — 1.34%          
Pennsylvania Housing Finance Agency Single Family Mortgage Revenue          
(Social Bonds)          
Series 142-A 5.00% 10/1/50   5,000,000    5,079,000 
         5,079,000 
Industrial Development Revenue/Pollution Control          
Revenue Bonds — 9.28%          
Allegheny County, Pennsylvania Industrial Development Authority Revenue          
(United States Steel Corporation Project)          
4.875% 11/1/24   2,650,000    2,660,017 
5.125% 5/1/30   750,000    764,978 
5.75% 8/1/42 (AMT)   725,000    727,980 
Chester County, Pennsylvania Industrial Development Authority Revenue          
(Longwood Gardens, Inc. Project)          
4.00% 12/1/51   2,635,000    2,420,221 
Children’s Trust Fund Revenue, Commonwealth of Puerto Rico          
(Tobacco Settlement Asset-Backed)          
Series A 8.21% 5/15/57 ^   95,000,000    6,606,300 
Pennsylvania Commonwealth Financing Authority Revenue          
(Tobacco Master Settlement Payment Revenue)          
4.00% 6/1/39 (AGM)   5,045,000    4,806,220 
Pennsylvania Economic Development Financing Authority Revenue          
(National Gypsum)          
5.50% 11/1/44 (AMT)   4,000,000    4,006,760 

 

100

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Industrial Development Revenue/Pollution Control          
Revenue Bonds (continued)          
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue          
(Proctor & Gamble Paper Project)          
5.375% 3/1/31 (AMT)   11,000,000   $12,302,070 
Washington County, Pennsylvania Redevelopment Authority Revenue          
(Victory Centre Tax Increment Financing Project)          
5.00% 7/1/35   1,000,000    972,960 
         35,267,506 
Lease Revenue Bonds — 1.20%          
City of Philadelphia, Pennsylvania Municipal Authority Revenue          
(Juvenile Justice Services Center)          
5.00% 4/1/37   1,250,000    1,317,525 
5.00% 4/1/38   1,000,000    1,047,780 
5.00% 4/1/39   1,600,000    1,674,016 
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue          
(Pennsylvania Rapid Bridge Replacement Project)          
5.00% 12/31/29 (AMT)   500,000    508,930 
         4,548,251 
Local General Obligation Bonds — 4.34%          
City of Philadelphia, Pennsylvania          
5.00% 8/1/41   1,260,000    1,307,628 
Series A 4.00% 5/1/42   500,000    475,140 
Series A 5.00% 8/1/37   1,750,000    1,832,355 
City of Pittsburgh, Pennsylvania          
5.00% 9/1/41   1,000,000    1,060,190 
5.00% 9/1/42   1,000,000    1,055,890 
5.00% 9/1/43   500,000    527,060 
Council Rock, Pennsylvania School District          
4.00% 11/15/52   2,975,000    2,770,885 
Marple Newtown, Pennsylvania School District          
3.00% 6/1/40   3,740,000    3,093,092 
Punxsutawney Area, Pennsylvania School District          
2.00% 10/15/28 (AGM)   225,000    202,972 
2.00% 10/15/29 (AGM)   700,000    613,697 
2.00% 10/15/30 (AGM)   190,000    163,066 
Township of Lower Paxton, Pennsylvania          
Series A 4.00% 4/1/50   1,100,000    1,018,325 

 

101

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Local General Obligation Bonds (continued)          
West Branch Area School District, Pennsylvania          
4.00% 5/15/41 (AGM)   930,000   $896,939 
4.00% 5/15/44 (AGM)   1,595,000    1,494,770 
         16,512,009 
Pre-Refunded/Escrowed to Maturity Bonds — 1.06%          
Berks County, Pennsylvania Industrial Development Authority Revenue          
(The Highlands at Wyomissing)          
5.00% 5/15/38-25 §   415,000    433,567 
5.00% 5/15/43-25 §   500,000    522,370 
5.00% 5/15/48-25 §   1,000,000    1,044,740 
City of Philadelphia, Pennsylvania School District          
Series F 5.00% 9/1/38-26 §   5,000    5,269 
Cumberland County, Pennsylvania Municipal Authority Revenue          
(Diakon Lutheran Social Ministries)          
5.00% 1/1/38-25 §   1,005,000    1,025,743 
Pennsylvania Higher Educational Facilities Authority Revenue          
(University of the Arts)          
5.20% 3/15/25 (AGC)   1,000,000    1,014,390 
         4,046,079 
Special Tax Revenue Bonds — 17.99%          
Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue          
(City Center Project)          
144A 5.25% 5/1/42 #   4,500,000    4,467,915 
(Forward Delivery)          
5.00% 5/1/26   60,000    61,219 
5.00% 5/1/27   185,000    190,147 
5.00% 5/1/29   230,000    239,094 
5.00% 5/1/42   2,000,000    1,973,620 
Chester County, Pennsylvania Industrial Development Authority Revenue          
(Woodlands at Greystone Project)          
144A 5.125% 3/1/48 #   802,000    736,958 
Commonwealth of Puerto Rico          
(Restructured)          
3.186% 11/1/43 •   2,148,258    1,109,038 
GDB Debt Recovery Authority of Puerto Rico Revenue          
7.50% 8/20/40   22,353,254    18,273,785 

 

102

 

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Special Tax Revenue Bonds (continued)          
Matching Fund Special Purpose Securitization          
Series A 5.00% 10/1/39   5,040,000   $5,012,280 
Northampton County, Pennsylvania Industrial Development Authority Revenue          
(Route 33 Project)          
7.00% 7/1/32   1,710,000    1,712,377 
Puerto Rico Sales Tax Financing Revenue          
(Restructured)          
Series A-1 4.75% 7/1/53   7,858,000    7,366,639 
Series A-1 5.00% 7/1/58   5,000,000    4,852,000 
Series A-1 5.588% 7/1/51 ^   22,294,000    4,607,724 
Series A-1 5.614% 7/1/46 ^   26,050,000    7,255,446 
Series A-2 4.329% 7/1/40   10,150,000    9,636,904 
Series A-2 4.536% 7/1/53   1,000,000    905,040 
         68,400,186 
State General Obligation Bonds — 0.96%          
Commonwealth of Pennsylvania          
4.00% 10/1/39   1,000,000    982,990 
Series D 4.00% 8/15/34   1,370,000    1,381,686 
Commonwealth of Puerto Rico          
(Restructured)          
Series A-1 4.00% 7/1/41   1,169,072    1,010,955 
Series A-1 4.00% 7/1/46   330,000    274,715 
         3,650,346 
Transportation Revenue Bonds — 17.56%          
City of Philadelphia, Pennsylvania Airport Revenue          
4.00% 7/1/46 (AGM) (AMT)   3,125,000    2,847,969 
5.00% 7/1/51 (AMT)   3,000,000    3,043,320 
Series A 4.00% 7/1/33   11,420,000    11,591,642 
Series B 5.00% 7/1/47 (AMT)   3,000,000    3,022,890 
Delaware River Joint Toll Bridge Commission Revenue          
(Pennsylvania - New Jersey)          
5.00% 7/1/42   5,000,000    5,171,750 
Pennsylvania Economic Development Financing Authority Revenue          
Series B-2 4.859% 1/1/45 (BAM) ^   3,345,000    1,160,815 
Series B-2 5.52% 1/1/46 (BAM) ^   1,885,000    618,770 
Series B-2 5.54% 1/1/47 (BAM) ^   2,050,000    636,669 

 

103

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

   Principal     
   amount°   Value (US $) 
Municipal Bonds (continued)        
Transportation Revenue Bonds (continued)          
Pennsylvania Economic Development Financing Authority Tax-Exempt Private Activity Revenue          
(Pennsylvania Rapid Bridge Replacement Project)          
5.00% 12/31/34 (AMT)   2,115,000   $2,144,758 
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue          
Series A 5.00% 12/1/46   2,750,000    2,895,503 
Pennsylvania Turnpike Commission Revenue          
Series A 4.00% 12/1/38   2,250,000    2,239,335 
Series A 5.00% 12/1/44   2,000,000    2,090,100 
Series A-1 5.00% 12/1/45   1,000,000    1,013,170 
Series C 3.00% 12/1/51   2,825,000    2,020,638 
Series C 5.00% 12/1/44   2,500,000    2,528,300 
Subordinate Series A 4.00% 12/1/49 (AGM)   2,375,000    2,208,513 
Subordinate Series B 3.00% 12/1/51   7,550,000    5,289,152 
Subordinate Series B 4.00% 12/1/51   1,200,000    1,103,004 
Puerto Rico Highway & Transportation Authority Revenue          
(Restructured)          
Series A 5.00% 7/1/62   2,545,000    2,510,006 
Southeastern Pennsylvania Transportation Authority Revenue          
(Asset Improvement Program)          
5.25% 6/1/52   10,000,000    10,818,000 
Susquehanna Area, Pennsylvania Regional Airport Authority Revenue          
5.00% 1/1/35 (AMT)   800,000    807,024 
5.00% 1/1/38 (AMT)   1,000,000    987,350 
         66,748,678 
Water & Sewer Revenue Bonds — 0.91%          
Allegheny County, Pennsylvania Sanitary Authority Revenue          
5.00% 6/1/53   1,750,000    1,837,395 
Pennsylvania Economic Development Financing Authority Revenue          
(Pennsylvania-American Water Company Project)          
3.00% 4/1/39   2,000,000    1,613,640 
         3,451,035 
Total Municipal Bonds (cost $390,788,696)        374,367,139 

 

104

 

   Principal     
   amount°   Value (US $) 
Short-Term Investments — 0.52%        
Variable Rate Demand Note — 0.52%¤          
Allegheny County, Pennsylvania Higher Education Building Authority Revenue          
(Carnegie Mellon University) 4.00% 12/1/37          
(SPA - Bank of New York)   2,000,000   $2,000,000 
Total Short-Term Investments (cost $2,000,000)        2,000,000 
Total Value of Securities—99.01%          
(cost $392,788,696)       $376,367,139 

 

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2023, the aggregate value of Rule 144A securities was $10,031,955, which represents 2.64% 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.”
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at August 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
¤Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of August 31, 2023.

Summary of abbreviations:

AGC – Insured by Assured Guaranty Corporation

AGM – Insured by Assured Guaranty Municipal Corporation

AICUP – Association of Independent Colleges & Universities of Pennsylvania

105

Schedules of investments

Delaware Tax-Free Pennsylvania Fund

Summary of abbreviations: (continued)

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

USD – US Dollar

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

106

Statements of assets and liabilities

August 31, 2023

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Arizona Fund   California Fund   Colorado Fund 
Assets:               
Investments, at value*  $58,861,475   $202,979,763   $211,394,019 
Cash   62,936    318,327    — 
Dividend and interest receivable   558,979    2,103,809    2,272,492 
Prepaid expenses   46,847    46,351    45,954 
Receivable for fund shares sold   9,727    244,682    551,354 
Receivable from investment manager   —    4,213    — 
Other assets   617    958    1,740 
Total Assets   59,540,581    205,698,103    214,265,559 
Liabilities:               
Due to custodian   —    —    285,340 
Payable for fund shares redeemed   183,548    898,062    943,577 
Other accrued expenses   59,198    34,907    102,223 
Distribution payable   15,944    56,965    47,661 
Distribution fees payable to affiliates   10,532    16,205    29,938 
Administration expenses payable to affiliates   10,321    10,403    10,559 
Investment management fees payable to affiliates   2,694    —    49,393 
Payable for securities purchased   —    1,250,000    — 
Total Liabilities   282,237    2,266,542    1,468,691 
Total Net Assets  $59,258,344   $203,431,561   $212,796,868 
                
Net Assets Consist of:               
Paid-in capital  $68,390,897   $216,982,528   $235,965,388 
Total distributable earnings (loss)   (9,132,553)   (13,550,967)   (23,168,520)
Total Net Assets  $59,258,344   $203,431,561   $212,796,868 

 

107

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  $45,650,314   $69,092,626   $127,477,211 
Shares of beneficial interest outstanding, unlimited authorization, no par   4,669,039    6,467,107    12,851,708 
Net asset value per share  $9.78   $10.68   $9.92 
Sales charge   4.50%   4.50%   4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge)  $10.24   $11.18   $10.39 
                
Class C:               
Net assets  $833,939   $2,000,809   $3,110,868 
Shares of beneficial interest outstanding, unlimited authorization, no par   85,077    186,893    312,831 
Net asset value per share  $9.80   $10.71   $9.94 
                
Institutional Class:               
Net assets  $12,774,091   $132,338,126   $82,208,789 
Shares of beneficial interest outstanding, unlimited authorization, no par   1,306,646    12,384,422    8,287,994 
Net asset value per share  $9.78   $10.69   $9.92 
 
 
               
*Investments, at cost  $65,980,200   $213,740,691   $225,884,424 

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

108

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Idaho Fund   New York Fund   Pennsylvania Fund 
Assets:               
Investments, at value*  $119,243,205   $198,079,187   $376,367,139 
Cash   —    1,278,665    342,737 
Dividend and interest receivable   1,413,153    2,185,252    4,318,383 
Receivable for fund shares sold   190,742    360,432    311,711 
Prepaid expenses   62,258    44,646    46,566 
Other assets   967    1,461    3,181 
Total Assets   120,910,325    201,949,643    381,389,717 
Liabilities:               
Due to custodian   108,321    —    — 
Payable for fund shares redeemed   230,256    430,111    794,744 
Other accrued expenses   69,001    93,593    172,564 
Investment management fees payable to affiliates   32,908    46,464    105,437 
Distribution fees payable to affiliates   17,771    30,043    73,235 
Distribution payable   14,019    92,778    115,923 
Administration expenses payable to affiliates   10,398    10,493    10,866 
Total Liabilities   482,674    703,482    1,272,769 
Total Net Assets  $120,427,651   $201,246,161   $380,116,948 
                
Net Assets Consist of:               
Paid-in capital  $138,992,113   $214,213,000   $412,452,379 
Total distributable earnings (loss)   (18,564,462)   (12,966,839)   (32,335,431)
Total Net Assets  $120,427,651   $201,246,161   $380,116,948 

 

109

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  $64,691,064   $130,791,392   $307,781,074 
Shares of beneficial interest outstanding, unlimited authorization, no par   6,427,622    12,784,474    43,574,315 
Net asset value per share  $10.06   $10.23   $7.06 
Sales charge   4.50%   4.50%   4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge)  $10.53   $10.71   $7.39 
                
Class C:               
Net assets  $4,531,500   $2,757,355   $8,853,932 
Shares of beneficial interest outstanding, unlimited authorization, no par   450,511    270,166    1,253,172 
Net asset value per share  $10.06   $10.21   $7.07 
                
Institutional Class:               
Net assets  $51,205,087   $67,697,414   $63,481,942 
Shares of beneficial interest outstanding, unlimited authorization, no par   5,086,418    6,622,757    8,994,275 
Net asset value per share  $10.07   $10.22   $7.06 
 
 
               
*Investments, at cost  $129,089,328   $208,335,531   $392,788,696 

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

110

Statements of operations

Year ended August 31, 2023

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Arizona Fund   California Fund   Colorado Fund 
Investment Income:               
Interest  $2,727,363   $7,825,398   $9,202,767 
                
Expenses:               
Management fees   328,969    972,747    1,191,018 
Distribution expenses — Class A   126,380    171,930    333,035 
Distribution expenses — Class C   9,395    21,469    38,455 
Dividend disbursing and transfer agent fees and expenses   59,660    134,592    174,867 
Accounting and administration expenses   43,450    55,703    59,290 
Audit and tax fees   40,625    47,183    40,625 
Registration fees   20,268    25,652    13,272 
Custodian fees   15,063    18,014    23,955 
Reports and statements to shareholders expenses   14,184    16,016    24,685 
Legal fees   9,418    13,152    14,538 
Trustees’ fees and expenses   3,617    6,566    10,074 
Other   21,421    28,622    30,349 
    692,450    1,511,646    1,954,163 
Less expenses waived   (168,369)   (335,373)   (347,995)
Less expenses paid indirectly   (7)   (25)   (21)
Total operating expenses   524,074    1,176,248    1,606,147 
Net Investment Income (Loss)   2,203,289    6,649,150    7,596,620 
                
Net Realized and Unrealized Gain (Loss):               
Net realized gain (loss) on investments   (1,651,704)   (1,542,727)   (5,137,100)
Net change in unrealized appreciation (depreciation) on investments   (2,578,957)   (3,894,500)   (3,603,204)
Net Realized and Unrealized Gain (Loss)   (4,230,661)   (5,437,227)   (8,740,304)
Net Increase (Decrease) in Net Assets Resulting from Operations  $(2,027,372)  $1,211,923   $(1,143,684)

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

111

Statements of operations

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Idaho Fund   New York Fund   Pennsylvania Fund 
Investment Income:               
Interest  $4,904,146   $8,376,790   $18,008,599 
                
Expenses:               
Management fees   652,559    1,057,586    2,157,539 
Distribution expenses — Class A   161,007    314,878    775,368 
Distribution expenses — Class C   48,155    29,185    93,572 
Dividend disbursing and transfer agent fees and expenses   98,929    135,438    323,116 
Accounting and administration expenses   48,723    56,623    82,955 
Audit and tax fees   40,624    40,624    40,625 
Custodian fees   20,164    16,070    13,027 
Reports and statements to shareholders expenses   15,450    23,002    47,632 
Registration fees   10,056    25,053    19,268 
Legal fees   9,941    12,965    27,685 
Trustees’ fees and expenses   5,778    8,220    18,422 
Other   23,038    34,029    35,670 
    1,134,424    1,753,673    3,634,879 
Less expenses waived   (201,333)   (351,681)   (450,820)
Less expenses paid indirectly   (7)   (67)   (70)
Total operating expenses   933,084    1,401,925    3,183,989 
Net Investment Income (Loss)   3,971,062    6,974,865    14,824,610 
                
Net Realized and Unrealized Gain (Loss):               
Net realized gain (loss) on investments   (2,376,811)   (2,131,943)   (10,953,077)
Net change in unrealized appreciation (depreciation) on investments   (2,403,529)   (4,834,624)   (3,634,903)
Net Realized and Unrealized Gain (Loss)   (4,780,340)   (6,966,567)   (14,587,980)
Net Increase (Decrease) in Net Assets Resulting from Operations  $(809,278)  $8,298   $236,630 

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

112

Statements of changes in net assets

Delaware Tax-Free Arizona Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $2,203,289   $2,351,650 
Net realized gain (loss)   (1,651,704)   (457,665)
Net change in unrealized appreciation (depreciation)   (2,578,957)   (11,758,111)
Net increase (decrease) in net assets resulting from operations   (2,027,372)   (9,864,126)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (1,643,098)   (2,089,058)
Class C   (23,479)   (33,764)
Institutional Class   (500,798)   (767,658)
    (2,167,375)   (2,890,480)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   3,574,099    3,450,236 
Class C   203,897    265,951 
Institutional Class   4,382,454    11,245,008 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   1,466,847    1,904,687 
Class C   23,475    32,694 
Institutional Class   479,748    736,314 
    10,130,520    17,634,890 

 

113

Statements of changes in net assets

Delaware Tax-Free Arizona Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(13,153,564)  $(5,846,661)
Class C   (448,544)   (514,815)
Institutional Class   (9,951,656)   (12,026,164)
    (23,553,764)   (18,387,640)
Decrease in net assets derived from capital share transactions   (13,423,244)   (752,750)
Net Decrease in Net Assets   (17,617,991)   (13,507,356)
           
Net Assets:          
Beginning of year   76,876,335    90,383,691 
End of year  $59,258,344   $76,876,335 

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

114

Statements of changes in net assets

Delaware Tax-Free California Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $6,649,150   $4,229,613 
Net realized gain (loss)   (1,542,727)   (1,460,722)
Net change in unrealized appreciation (depreciation)   (3,894,500)   (18,215,437)
Net increase (decrease) in net assets resulting from operations   1,211,923    (15,446,546) 
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (2,431,975)   (2,432,541)
Class C   (59,702)   (76,340)
Institutional Class   (4,027,340)   (1,926,235)
    (6,519,017)   (4,435,116)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   12,292,940    20,137,487 
Class C   375,687    454,010 
Institutional Class   90,167,613    71,643,689 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   2,227,676    2,220,247 
Class C   58,605    73,058 
Institutional Class   3,500,222    1,525,423 
    108,622,743    96,053,914 

115

Statements of changes in net assets

Delaware Tax-Free California Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(14,852,977)  $(25,977,701)
Class C   (844,429)   (1,431,105)
Institutional Class   (37,873,243)   (30,974,449)
    (53,570,649)   (58,383,255)
Increase in net assets derived from capital share transactions   55,052,094    37,670,659 
Net Increase in Net Assets   49,745,000    17,788,997 
           
Net Assets:          
Beginning of year   153,686,561    135,897,564 
End of year  $ 203,431,561  $ 153,686,561 

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

116

Statements of changes in net assets

Delaware Tax-Free Colorado Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $7,596,620   $6,853,984 
Net realized gain (loss)   (5,137,100)   (2,049,598)
Net change in unrealized appreciation (depreciation)   (3,603,204)   (28,878,750)
Net increase (decrease) in net assets resulting from operations   (1,143,684)   (24,074,364)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (4,466,012)   (4,285,002)
Class C   (99,573)   (121,908)
Institutional Class   (2,867,680)   (2,423,301)
    (7,433,265)   (6,830,211)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   7,142,609    14,671,622 
Class C   265,872    624,715 
Institutional Class   32,457,083    48,683,482 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   4,097,868    3,898,619 
Class C   97,526    120,257 
Institutional Class   2,685,949    2,295,028 
    46,746,907    70,293,723 

 

117

Statements of changes in net assets

Delaware Tax-Free Colorado Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(21,503,738)  $(20,207,612)
Class C   (1,948,138)   (1,856,539)
Institutional Class   (32,101,650)   (34,252,508)
    (55,553,526)   (56,316,659)
Increase (decrease) in net assets derived from capital share transactions   (8,806,619)   13,977,064 
Net Decrease in Net Assets   (17,383,568)   (16,927,511)
           
Net Assets:          
Beginning of year   230,180,436    247,107,947 
End of year  $212,796,868   $230,180,436 

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

118

Statements of changes in net assets

Delaware Tax-Free Idaho Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $3,971,062   $3,528,605 
Net realized gain (loss)   (2,376,811)   (2,007,208)
Net change in unrealized appreciation (depreciation)   (2,403,529)   (15,656,297)
Net increase (decrease) in net assets resulting from operations   (809,278)   (14,134,900)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (2,049,712)   (1,825,616)
Class C   (117,116)   (112,483)
Institutional Class   (1,697,616)   (1,570,088)
    (3,864,444)   (3,508,187)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   16,995,143    13,572,945 
Class C   705,381    873,521 
Institutional Class   21,898,695    28,883,730 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   1,953,262    1,745,380 
Class C   116,674    109,662 
Institutional Class   1,607,629    1,491,925 
    43,276,784    46,677,163 

119

Statements of changes in net assets

Delaware Tax-Free Idaho Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(18,952,998)  $(10,298,057)
Class C   (1,109,842)   (1,623,624)
Institutional Class   (19,749,321)   (24,398,399)
    (39,812,161)   (36,320,080)
Increase in net assets derived from capital share transactions   3,464,623    10,357,083 
Net Decrease in Net Assets   (1,209,099)   (7,286,004)
           
Net Assets:          
Beginning of year   121,636,750    128,922,754 
End of year  $120,427,651   $121,636,750 

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

120

Statements of changes in net assets

Delaware Tax-Free New York Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $6,974,865   $5,752,659 
Net realized gain (loss)   (2,131,943)   (413,164)
Net change in unrealized appreciation (depreciation)   (4,834,624)   (26,046,535)
Net increase (decrease) in net assets resulting from operations   8,298    (20,707,040)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (4,350,900)   (4,051,766)
Class C   (78,647)   (86,390)
Institutional Class   (2,350,712)   (1,607,905)
    (6,780,259)   (5,746,061)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   25,930,760    10,730,406 
Class C   548,305    727,697 
Institutional Class   36,258,510    46,697,915 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   3,637,579    3,353,448 
Class C   65,957    60,731 
Institutional Class   2,018,704    1,436,549 
    68,459,815    63,006,746 

121

Statements of changes in net assets

Delaware Tax-Free New York Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(25,172,845)  $(25,585,926)
Class C   (1,546,228)   (1,126,545)
Institutional Class   (32,708,869)   (28,165,210)
    (59,427,942)   (54,877,681)
Increase in net assets derived from capital share transactions   9,031,873    8,129,065 
Net Increase (Decrease) in Net Assets   2,259,912    (18,324,036)
           
Net Assets:          
Beginning of year   198,986,249    217,310,285 
End of year  $201,246,161   $198,986,249 

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

122

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund

   Year ended 
   8/31/23   8/31/22 
Increase (Decrease) in Net Assets from Operations:          
Net investment income (loss)  $14,824,610   $12,352,695 
Net realized gain (loss)   (10,953,077)   (4,807,510)
Net change in unrealized appreciation (depreciation)   (3,634,903)   (52,099,049)
Net increase (decrease) in net assets resulting from operations   236,630    (44,553,864)
           
Dividends and Distributions to Shareholders from:          
Distributable earnings:          
Class A   (11,855,458)   (11,150,166)
Class C   (280,340)   (292,574)
Institutional Class   (2,688,812)   (2,439,217)
    (14,824,610)   (13,881,957)
           
Capital Share Transactions:          
Proceeds from shares sold:          
Class A   90,808,169    109,442,517 
Class C   1,929,675    1,733,363 
Institutional Class   30,568,725    41,965,797 
           
Net asset value of shares issued upon reinvestment of dividends and distributions:          
Class A   10,596,263    10,037,495 
Class C   271,565    285,547 
Institutional Class   2,610,502    2,360,450 
    136,784,899    165,825,169 

123

Statements of changes in net assets

Delaware Tax-Free Pennsylvania Fund

   Year ended 
   8/31/23   8/31/22 
Capital Share Transactions (continued):          
Cost of shares redeemed:          
Class A  $(120,653,920)  $(118,594,370)
Class C   (3,528,529)   (3,825,938)
Institutional Class   (39,578,290)   (34,576,771)
    (163,760,739)   (156,997,079)
Increase (decrease) in net assets derived from capital share transactions   (26,975,840)   8,828,090 
Net Decrease in Net Assets   (41,563,820)   (49,607,731)
           
Net Assets:          
Beginning of year   421,680,768    471,288,499 
End of year  $380,116,948   $421,680,768 

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

124

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

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

125

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.40   $12.09   $11.55   $11.70   $11.24 
                         
                         
   0.33    0.30    0.31    0.33    0.37 
   (0.63)   (1.61)   0.55    (0.13)   0.46 
   (0.30)   (1.31)   0.86    0.20    0.83 
                         
                         
   (0.32)   (0.30)   (0.31)   (0.35)   (0.37)
   —2    (0.08)   (0.01)   —    — 
   (0.32)   (0.38)   (0.32)   (0.35)   (0.37)
                         
  $9.78   $10.40   $12.09   $11.55   $11.70 
                         
   (2.84)%   (11.06)%   7.51%   1.79%   7.51%
                         
                         
  $45,650   $56,882   $66,710   $62,186   $62,033 
   0.84%   0.84%   0.84%   0.84%   0.84%
   1.10%   1.01%   1.00%   1.01%   1.02%
   3.31%   2.70%   2.60%   2.87%   3.29%
   3.05%   2.53%   2.44%   2.70%   3.11%
   22%   30%   19%   36%   31%

126

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

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

127

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.43   $12.12   $11.58   $11.73   $11.27 
                         
                         
   0.26    0.22    0.22    0.24    0.28 
   (0.64)   (1.61)   0.55    (0.12)   0.46 
   (0.38)   (1.39)   0.77    0.12    0.74 
                         
                         
   (0.25)   (0.22)   (0.22)   (0.27)   (0.28)
   —2    (0.08)   (0.01)   —    — 
   (0.25)   (0.30)   (0.23)   (0.27)   (0.28)
                         
  $9.80   $10.43   $12.12   $11.58   $11.73 
                         
   (3.65)%   (11.70)%   6.70%   1.03%   6.70%
                         
                         
  $834   $1,119   $1,527   $2,561   $3,100 
   1.59%   1.59%   1.59%   1.59%   1.59%
   1.85%   1.76%   1.75%   1.76%   1.77%
   2.56%   1.95%   1.85%   2.12%   2.54%
   2.30%   1.78%   1.69%   1.95%   2.36%
   22%   30%   19%   36%   31%

128

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

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

129

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.40   $12.09   $11.55   $11.70   $11.24 
                         
                         
   0.36    0.33    0.34    0.36    0.39 
   (0.63)   (1.61)   0.55    (0.13)   0.46 
   (0.27)   (1.28)   0.89    0.23    0.85 
                         
                         
   (0.35)   (0.33)   (0.34)   (0.38)   (0.39)
   —2    (0.08)   (0.01)   —    — 
   (0.35)   (0.41)   (0.35)   (0.38)   (0.39)
                         
  $9.78   $10.40   $12.09   $11.55   $11.70 
                         
   (2.60)%   (10.84)%   7.78%   2.05%   7.78%
                         
                         
  $12,774   $18,875   $22,147   $15,072   $14,136 
   0.59%   0.59%   0.59%   0.59%   0.59%
   0.85%   0.76%   0.75%   0.76%   0.77%
   3.56%   2.95%   2.85%   3.12%   3.54%
   3.30%   2.78%   2.69%   2.95%   3.36%
   22%   30%   19%   36%   31%

130

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

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

131

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.97   $12.64   $12.18   $12.49   $11.98 
                         
                         
   0.39    0.35    0.37    0.38    0.40 
   (0.30)   (1.65)   0.46    (0.20)   0.53 
   0.09    (1.30)   0.83    0.18    0.93 
                         
                         
   (0.38)   (0.35)   (0.37)   (0.38)   (0.40)
   —    (0.02)   —    (0.11)   (0.02)
   (0.38)   (0.37)   (0.37)   (0.49)   (0.42)
                         
  $10.68   $10.97   $12.64   $12.18   $12.49 
                         
   0.87%   (10.48)%   6.88%   1.59%   7.99%
                         
                         
  $69,093   $71,308   $86,059   $44,059   $42,203 
   0.81%   0.82%   0.86%   0.82%   0.82%
   1.00%   0.99%   1.06%   1.03%   1.03%
   3.62%   2.94%   2.95%   3.17%   3.36%
   3.43%   2.77%   2.75%   2.96%   3.15%
   22%   31%   14%   36%   32%

132

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

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

133

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $11.00   $12.66   $12.21   $12.52   $12.00 
                         
                         
   0.31    0.26    0.27    0.29    0.32 
   (0.30)   (1.64)   0.45    (0.20)   0.54 
   0.01    (1.38)   0.72    0.09    0.86 
                         
                         
   (0.30)   (0.26)   (0.27)   (0.29)   (0.32)
   —    (0.02)   —    (0.11)   (0.02)
   (0.30)   (0.28)   (0.27)   (0.40)   (0.34)
                         
  $10.71   $11.00   $12.66   $12.21   $12.52 
                         
   0.12%   (11.05)%   5.99%   0.83%   7.26%
                         
                         
  $2,001   $2,479   $3,843   $6,829   $11,551 
   1.56%   1.57%   1.61%   1.57%   1.57%
   1.75%   1.74%   1.81%   1.78%   1.78%
   2.87%   2.19%   2.20%   2.42%   2.61%
   2.68%   2.02%   2.00%   2.21%   2.40%
   22%   31%   14%   36%   32%

134

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

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

135

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.97   $12.64   $12.18   $12.49   $11.98 
                         
                         
   0.42    0.38    0.40    0.41    0.43 
   (0.29)   (1.65)   0.46    (0.20)   0.53 
   0.13    (1.27)   0.86    0.21    0.96 
                         
                         
   (0.41)   (0.38)   (0.40)   (0.41)   (0.43)
   —    (0.02)   —    (0.11)   (0.02)
   (0.41)   (0.40)   (0.40)   (0.52)   (0.45)
                         
  $10.69   $10.97   $12.64   $12.18   $12.49 
                         
   1.22%   (10.26)%   7.14%   1.84%   8.25%
                         
                         
  $132,338   $79,900   $45,996   $34,098   $44,646 
   0.56%   0.57%   0.61%   0.57%   0.57%
   0.75%   0.74%   0.81%   0.78%   0.78%
   3.87%   3.19%   3.20%   3.42%   3.61%
   3.68%   3.02%   3.00%   3.21%   3.40%
   22%   31%   14%   36%   32%

136

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

137

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.30   $11.70   $11.36   $11.48   $11.04 
                         
                         
   0.35    0.30    0.29    0.33    0.37 
   (0.39)   (1.40)   0.34    (0.12)   0.44 
   (0.04)   (1.10)   0.63    0.21    0.81 
                         
                         
   (0.34)   (0.30)   (0.29)   (0.33)   (0.37)
   (0.34)   (0.30)   (0.29)   (0.33)   (0.37)
                         
  $9.92   $10.30   $11.70   $11.36   $11.48 
                         
   (0.39)%   (9.49)%   5.64%   1.88%   7.48%
                         
                         
  $127,477   $142,904   $164,258   $162,955   $167,136 
   0.82%   0.82%   0.83%   0.84%   0.84%
   0.98%   0.96%   0.96%   0.96%   0.97%
   3.43%   2.76%   2.54%   2.91%   3.31%
   3.27%   2.62%   2.41%   2.79%   3.18%
   34%   24%   10%   18%   16%

138

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

139

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.32   $11.73   $11.39   $11.51   $11.07 
                         
                         
   0.27    0.22    0.21    0.24    0.29 
   (0.39)   (1.41)   0.34    (0.12)   0.44 
   (0.12)   (1.19)   0.55    0.12    0.73 
                         
                         
   (0.26)   (0.22)   (0.21)   (0.24)   (0.29)
   (0.26)   (0.22)   (0.21)   (0.24)   (0.29)
                         
  $9.94   $10.32   $11.73   $11.39   $11.51 
                         
   (1.14)%   (10.22)%   4.85%   1.12%   6.67%
                         
                         
  $3,111   $4,845   $6,758   $8,121   $10,364 
   1.57%   1.57%   1.58%   1.59%   1.59%
   1.73%   1.71%   1.71%   1.71%   1.72%
   2.68%   2.01%   1.79%   2.16%   2.56%
   2.52%   1.87%   1.66%   2.04%   2.43%
   34%   24%   10%   18%   16%

140

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

141

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.30   $11.70   $11.36   $11.48   $11.04 
                         
                         
   0.37    0.33    0.32    0.36    0.40 
   (0.39)   (1.40)   0.34    (0.12)   0.44 
   (0.02)   (1.07)   0.66    0.24    0.84 
                         
                         
   (0.36)   (0.33)   (0.32)   (0.36)   (0.40)
   (0.36)   (0.33)   (0.32)   (0.36)   (0.40)
                         
  $9.92   $10.30   $11.70   $11.36   $11.48 
                         
   (0.14)%   (9.27)%   5.91%   2.14%   7.74%
                         
                         
  $82,209   $82,431   $76,092   $51,941   $42,317 
   0.57%   0.57%   0.58%   0.59%   0.59%
   0.73%   0.71%   0.71%   0.71%   0.72%
   3.68%   3.01%   2.79%   3.16%   3.56%
   3.52%   2.87%   2.66%   3.04%   3.43%
   34%   24%   10%   18%   16%

142

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

143

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.44   $11.91   $11.52   $11.65   $11.21 
                         
                         
   0.34    0.30    0.30    0.33    0.35 
   (0.39)   (1.47)   0.39    (0.13)   0.44 
   (0.05)   (1.17)   0.69    0.20    0.79 
                         
                         
   (0.33)   (0.30)   (0.30)   (0.33)   (0.35)
   (0.33)   (0.30)   (0.30)   (0.33)   (0.35)
                         
  $10.06   $10.44   $11.91   $11.52   $11.65 
                         
   (0.51)%   (10.00)%   6.03%   1.77%   7.19%
                         
                         
  $64,691   $67,247   $71,345   $60,667   $55,480 
   0.86%   0.86%   0.86%   0.86%   0.86%
   1.03%   1.01%   1.01%   1.02%   1.03%
   3.27%   2.62%   2.53%   2.87%   3.11%
   3.10%   2.47%   2.38%   2.71%   2.94%
   25%   38%   17%   22%   14%

144

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

145

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.44   $11.90   $11.51   $11.64   $11.20 
                         
                         
   0.26    0.21    0.21    0.24    0.27 
   (0.39)   (1.46)   0.39    (0.13)   0.44 
   (0.13)   (1.25)   0.60    0.11    0.71 
                         
                         
   (0.25)   (0.21)   (0.21)   (0.24)   (0.27)
   (0.25)   (0.21)   (0.21)   (0.24)   (0.27)
                         
  $10.06   $10.44   $11.90   $11.51   $11.64 
                         
   (1.26)%   (10.59)%   5.24%   1.00%   6.40%
                         
                         
  $4,532   $4,997   $6,453   $8,819   $12,875 
   1.61%   1.61%   1.61%   1.61%   1.61%
   1.78%   1.76%   1.76%   1.77%   1.78%
   2.52%   1.87%   1.78%   2.12%   2.36%
   2.35%   1.72%   1.63%   1.96%   2.19%
   25%   38%   17%   22%   14%

146

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
1Calculated using average shares outstanding.
2Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
3Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

147

  Year ended
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.44   $11.91   $11.52   $11.65   $11.21 
                         
                         
   0.36    0.32    0.33    0.36    0.38 
   (0.38)   (1.47)   0.39    (0.13)   0.44 
   (0.02)   (1.15)   0.72    0.23    0.82 
                         
                         
   (0.35)   (0.32)   (0.33)   (0.36)   (0.38)
   (0.35)   (0.32)   (0.33)   (0.36)   (0.38)
                         
  $10.07   $10.44   $11.91   $11.52   $11.65 
                         
   (0.17)%   (9.77)%   6.29%   2.02%   7.46%
                         
                         
  $51,205   $49,393   $51,125   $36,057   $35,157 
   0.61%   0.61%   0.61%   0.61%   0.61%
   0.78%   0.76%   0.76%   0.77%   0.78%
   3.52%   2.87%   2.78%   3.12%   3.36%
   3.35%   2.72%   2.63%   2.96%   3.19%
   25%   38%   17%   22%   14%

148

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

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

149

  Year ended
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.56   $12.06   $11.66   $11.86   $11.33 
                         
                         
   0.37    0.31    0.29    0.33    0.36 
   (0.34)   (1.50)   0.45    (0.14)   0.53 
   0.03    (1.19)   0.74    0.19    0.89 
                         
                         
   (0.36)   (0.31)   (0.29)   (0.33)   (0.36)
   —    —2    (0.05)   (0.06)   — 
   (0.36)   (0.31)   (0.34)   (0.39)   (0.36)
                         
  $10.23   $10.56   $12.06   $11.66   $11.86 
                         
   0.29%   (9.96)%   6.46%   1.68%   8.00%
                         
                         
  $130,791   $130,721   $161,593   $42,514   $36,058 
   0.80%   0.80%   0.83%   0.80%   0.80%
   0.98%   0.97%   1.01%   1.05%   1.07%
   3.56%   2.78%   2.47%   2.86%   3.12%
   3.38%   2.61%   2.29%   2.61%   2.85%
   24%   30%   13%   31%   21%

150

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

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

151

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.53   $12.03   $11.63   $11.83   $11.30 
                         
                         
   0.29    0.23    0.21    0.24    0.27 
   (0.33)   (1.50)   0.45    (0.14)   0.53 
   (0.04)   (1.27)   0.66    0.10    0.80 
                         
                         
   (0.28)   (0.23)   (0.21)   (0.24)   (0.27)
   —    —2    (0.05)   (0.06)   — 
   (0.28)   (0.23)   (0.26)   (0.30)   (0.27)
                         
  $10.21   $10.53   $12.03   $11.63   $11.83 
                         
   (0.37)%   (10.66)%   5.68%   0.92%   7.20%
                         
                         
  $2,757   $3,818   $4,720   $7,037   $13,459 
   1.55%   1.55%   1.58%   1.55%   1.55%
   1.73%   1.72%   1.76%   1.80%   1.82%
   2.81%   2.02%   1.72%   2.11%   2.37%
   2.63%   1.85%   1.54%   1.86%   2.10%
   24%   30%   13%   31%   21%

152

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

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

153

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $10.55   $12.06   $11.66   $11.85   $11.33 
                         
                         
   0.39    0.34    0.32    0.36    0.38 
   (0.34)   (1.51)   0.45    (0.13)   0.52 
   0.05    (1.17)   0.77    0.23    0.90 
                         
                         
   (0.38)   (0.34)   (0.32)   (0.36)   (0.38)
   —    —2    (0.05)   (0.06)   — 
   (0.38)   (0.34)   (0.37)   (0.42)   (0.38)
                         
  $10.22   $10.55   $12.06   $11.66   $11.85 
                         
   0.54%   (9.82)%   6.73%   2.03%   8.17%
                         
                         
  $67,698   $64,447   $50,997   $38,394   $39,363 
   0.55%   0.55%   0.58%   0.55%   0.55%
   0.73%   0.72%   0.76%   0.80%   0.82%
   3.81%   3.03%   2.72%   3.11%   3.37%
   3.63%   2.86%   2.54%   2.86%   3.10%
   24%   30%   13%   31%   21%

154

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

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

155

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $7.31   $8.34   $8.06   $8.25   $7.93 
                         
                         
   0.27    0.22    0.23    0.25    0.28 
   (0.25)   (1.00)   0.32    (0.11)   0.32 
   0.02    (0.78)   0.55    0.14    0.60 
                         
                         
   (0.27)   (0.22)   (0.23)   (0.25)   (0.28)
   —    (0.03)   (0.04)   (0.08)   — 
   (0.27)   (0.25)   (0.27)   (0.33)   (0.28)
                         
  $7.06   $7.31   $8.34   $8.06   $8.25 
                         
   0.29%   (9.59)%   7.04%   1.72%   7.72%
                         
                         
  $307,781   $338,811   $384,915   $364,480   $376,965 
   0.84%   0.84%   0.83%   0.83%   0.85%
   0.95%   0.94%   0.92%   0.92%   0.93%
   3.75%   2.75%   2.86%   3.09%   3.49%
   3.64%   2.65%   2.77%   3.00%   3.41%
   35%   47%   32%   40%   23%

156

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

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

157

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $7.31   $8.34   $8.06   $8.25   $7.93 
                         
                         
   0.21    0.16    0.17    0.19    0.22 
   (0.24)   (1.00)   0.32    (0.11)   0.32 
   (0.03)   (0.84)   0.49    0.08    0.54 
                         
                         
   (0.21)   (0.16)   (0.17)   (0.19)   (0.22)
   —    (0.03)   (0.04)   (0.08)   — 
   (0.21)   (0.19)   (0.21)   (0.27)   (0.22)
                         
  $7.07   $7.31   $8.34   $8.06   $8.25 
                         
   (0.33)%   (10.27)%   6.24%   0.95%   6.91%
                         
                         
  $8,854   $10,540   $14,040   $19,009   $25,065 
   1.59%   1.59%   1.59%   1.59%   1.61%
   1.70%   1.69%   1.68%   1.68%   1.69%
   3.00%   1.99%   2.10%   2.33%   2.73%
   2.89%   1.89%   2.01%   2.24%   2.65%
   35%   47%   32%   40%   23%

158

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

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

159

  Year ended 
  8/31/23   8/31/22   8/31/21   8/31/20   8/31/19 
  $7.31   $8.33   $8.05   $8.25   $7.92 
                         
                         
   0.29    0.24    0.25    0.27    0.30 
   (0.25)   (0.99)   0.32    (0.12)   0.33 
   0.04    (0.75)   0.57    0.15    0.63 
                         
                         
   (0.29)   (0.24)   (0.25)   (0.27)   (0.30)
   —    (0.03)   (0.04)   (0.08)   — 
   (0.29)   (0.27)   (0.29)   (0.35)   (0.30)
                         
  $7.06   $7.31   $8.33   $8.05   $8.25 
                         
   0.53%   (9.26)%   7.31%   1.84%   8.12%
                         
                         
  $63,482   $72,330   $72,333   $55,919   $47,241 
   0.59%   0.59%   0.59%   0.59%   0.61%
   0.70%   0.69%   0.68%   0.68%   0.69%
   4.00%   2.99%   3.10%   3.33%   3.73%
   3.89%   2.89%   3.01%   3.24%   3.65%
   35%   47%   32%   40%   23%

160

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

Voyageur Insured Funds is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Arizona Fund. Voyageur Mutual Funds is organized as a Delaware statutory trust and offers five series: Delaware Minnesota High-Yield Municipal Bond Fund, Delaware National High-Yield Municipal Bond Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund. Voyageur Mutual Funds II is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Colorado Fund. Delaware Group® State Tax-Free Income Trust is organized as a Delaware statutory trust and offers one series: Delaware Tax-Free Pennsylvania Fund. Voyageur Insured Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, and Delaware Group State Tax-Free Income Trust are each referred to as a Trust, or collectively as the Trusts. These financial statements and the related notes pertain to Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, and Delaware Tax-Free Pennsylvania Fund (each a Fund or collectively, the Funds). Each 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 million 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 these 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 California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund or Delaware Tax-Free Pennsylvania Fund 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 have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included

161

within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies, other than exchange-traded funds (ETFs), 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 by DMC. Subject to the oversight of each Trust’s Board of Trustees (each, a Board, or collectively, the Boards), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended August 31, 2023, and for all open tax years (years ended August 31, 2020–August 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended August 31, 2023, the Funds did not incur any interest or tax penalties.

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

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and

162

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

1. Significant Accounting Policies (continued)

expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

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

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

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

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

   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%

163

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from September 1, 2022 (except as noted) through December 29, 2023. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

   Operating expense 
   limitation as 
   a percentage 
   of average 
Fund  daily net assets 
Delaware Tax-Free Arizona Fund  0.59%
Delaware Tax-Free California Fund   0.55%*
Delaware Tax-Free Colorado Fund  0.57%
Delaware Tax-Free Idaho Fund  0.61%
Delaware Tax-Free New York Fund  0.55%
Delaware Tax-Free Pennsylvania Fund  0.59%

*Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense limitation for Delaware Tax-Free California Fund was 0.57%.

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

   Operating expense limitation as a percentage of average daily net assets
Fund  Class A  Class C  Institutional Class
Delaware Tax-Free Arizona Fund  0.84%  1.59%  0.59%
Delaware Tax-Free California Fund  0.80%**  1.55%**  0.55%**
Delaware Tax-Free Colorado Fund  0.82%  1.57%  0.57%
Delaware Tax-Free Idaho Fund  0.86%  1.61%  0.61%
Delaware Tax-Free New York Fund  0.80%  1.55%  0.55%
Delaware Tax-Free Pennsylvania Fund  0.84%  1.59%  0.59%

164

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

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

**Effective December 29, 2022. For the period September 1, 2022 through December 28, 2022, the expense limitation were as follows for Class A, Class C and Institutional Class, respectively: 0.82%, 1.57% and 0.57%.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

Fund  Fees 
Delaware Tax-Free Arizona Fund  $5,938 
Delaware Tax-Free California Fund   9,231 
Delaware Tax-Free Colorado Fund   10,388 
Delaware Tax-Free Idaho Fund   7,503 
Delaware Tax-Free New York Fund   9,675 
Delaware Tax-Free Pennsylvania Fund   15,571 

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended August 31, 2023, each Fund paid for these services as follows:

Fund  Fees 
Delaware Tax-Free Arizona Fund  $4,149 
Delaware Tax-Free California Fund   11,195 
Delaware Tax-Free Colorado Fund   13,675 
Delaware Tax-Free Idaho Fund   7,497 
Delaware Tax-Free New York Fund   12,147 

165

Fund  Fees 
Delaware Tax-Free Pennsylvania Fund  $24,771 

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 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Each Fund pays 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fee.

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

Fund  Fees 
Delaware Tax-Free Arizona Fund  $1,911 
Delaware Tax-Free California Fund   5,586 
Delaware Tax-Free Colorado Fund   6,568 
Delaware Tax-Free Idaho Fund   6,291 
Delaware Tax-Free New York Fund   6,085 
Delaware Tax-Free Pennsylvania Fund   11,371 

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

Fund  Class A 
Delaware Tax-Free Arizona Fund  $320 
Delaware Tax-Free California Fund   2,738 

166

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

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

Fund  Class A 
Delaware Tax-Free Colorado Fund  $2,943 
Delaware Tax-Free Idaho Fund   4,663 
Delaware Tax-Free New York Fund   4,632 
Delaware Tax-Free Pennsylvania Fund   5,825 

For the year ended August 31, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund  Class A   Class C 
Delaware Tax-Free Arizona Fund  $3,848   $— 
Delaware Tax-Free California Fund   1,132    323 
Delaware Tax-Free Colorado Fund   21,766    415 
Delaware Tax-Free Idaho Fund   3,593    539 
Delaware Tax-Free New York Fund   2,143    340 
Delaware Tax-Free Pennsylvania Fund   10,346    225 

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

Cross trades for the year ended August 31, 2023, were executed by 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, 2023, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

   Purchases   Sales   Net realized gain (loss) 
Delaware Tax-Free Arizona Fund  $1,000,000   $—   $— 
Delaware Tax-Free California Fund   1,000,022    2,300,266    — 
Delaware Tax-Free Colorado Fund   100,003    —    — 
Delaware Tax-Free New York Fund   —    850,107    — 

167

Delaware Tax-Free Idaho Fund and Delaware Tax-Free Pennsylvania Fund did not engage in Rule 17a-7 securities purchases and/or securities sales for the year ended August 31, 2023.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs 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 any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

3. Investments

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

Fund  Purchases   Sales 
Delaware Tax-Free Arizona Fund  $14,113,779   $27,129,063 
Delaware Tax-Free California Fund   98,467,252    36,900,296 
Delaware Tax-Free Colorado Fund   72,068,498    77,424,877 
Delaware Tax-Free Idaho Fund   35,979,334    28,906,521 
Delaware Tax-Free New York Fund   53,838,114    45,460,515 
Delaware Tax-Free Pennsylvania Fund   134,214,466    165,314,483 

168

Notes to financial statements

Delaware Funds by Macquarie® state tax-free 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 which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At August 31, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:

       Aggregate   Aggregate   Net unrealized 
       unrealized   unrealized   appreciation 
   Cost of   appreciation   depreciation   (depreciation) 
Fund  investments   of investments   of investments   of investments 
Delaware Tax-Free Arizona Fund  $65,912,022   $282,204   $(7,332,751)  $(7,050,547)
Delaware Tax-Free California Fund   213,864,204    1,581,893    (12,466,334)   (10,884,441)
Delaware Tax-Free Colorado Fund   226,542,790    1,789,138    (16,937,909)   (15,148,771)
Delaware Tax-Free Idaho Fund   129,492,165    808,947    (11,057,907)   (10,248,960)
Delaware Tax-Free New York Fund   208,512,729    2,371,771    (12,805,313)   (10,433,542)
Delaware Tax-Free Pennsylvania Fund   392,833,927    4,278,476    (20,745,264)   (16,466,788)

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

169

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

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

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of August 31, 2023:

   Delaware Tax-Free Arizona Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $58,461,475 
Short-Term Investments   400,000 
Total Value of Securities  $58,861,475 

170

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

3. Investments (continued)

   Delaware Tax-Free California Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $200,229,763 
Short-Term Investments   2,750,000 
Total Value of Securities  $202,979,763 
   Delaware Tax-Free Colorado Fund 
   Level 1   Level 2   Total 
Securities               
Assets:               
Municipal Bonds  $—   $209,643,371   $209,643,371 
Short-Term Investments   375,648    1,375,000    1,750,648 
Total Value of Securities  $375,648   $211,018,371   $211,394,019 
   Delaware Tax-Free Idaho Fund 
   Level 1   Level 2   Total 
Securities               
Assets:               
Municipal Bonds  $—   $118,450,095   $118,450,095 
Short-Term Investments   793,110    —    793,110 
Total Value of Securities  $793,110   $118,450,095   $119,243,205 
   Delaware Tax-Free New York Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $194,249,187 
Short-Term Investments   3,830,000 
Total Value of Securities  $198,079,187 
   Delaware Tax-Free Pennsylvania Fund 
   Level 2 
Securities     
Assets:     
Municipal Bonds  $374,367,139 
Short-Term Investments   2,000,000 
Total Value of Securities  $376,367,139 

171

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

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

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended August 31, 2023 and 2022 were as follows:

           Long-term         
   Tax-exempt   Ordinary   capital   Distributions in     
   income   income   gains   excess of income   Total 
Year ended August 31, 2023:                         
Delaware Tax-Free Arizona Fund  $2,159,007   $8,368   $—   $—   $2,167,375 
Delaware Tax-Free California Fund   6,497,314    21,703    —    —    6,519,017 
Delaware Tax-Free Colorado Fund   7,420,640    12,625    —    —    7,433,265 
Delaware Tax-Free Idaho Fund   3,861,880    2,564    —    —    3,864,444 
Delaware Tax-Free New York Fund   6,617,949    162,310    —    —    6,780,259 
Delaware Tax-Free Pennsylvania Fund   14,540,382    284,228    —    —    14,824,610 

172

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

4. Dividend and Distribution Information (continued)

           Long-term         
   Tax-exempt   Ordinary   capital   Distributions in     
   income   income   gains   excess of income   Total 
Year ended August 31, 2022:                         
Delaware Tax-Free Arizona Fund  $2,345,122   $107,751   $437,607   $—   $2,890,480 
Delaware Tax-Free California Fund   4,206,176    15,908    213,032    —    4,435,116 
Delaware Tax-Free Colorado Fund   6,829,954    257    —    —    6,830,211 
Delaware Tax-Free Idaho Fund   3,504,976    —    —    3,211    3,508,187 
Delaware Tax-Free New York Fund   5,691,604    887    53,570    —    5,746,061 
Delaware Tax-Free Pennsylvania Fund   12,165,258    1,663,148    —    53,551    13,881,957 

5. Components of Net Assets on a Tax Basis

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

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Arizona Fund   California Fund   Colorado Fund 
Shares of beneficial interest  $68,390,897   $216,982,528   $235,965,388 
Undistributed tax-exempt income   7,275    88,132    400,217 
Distributions payable   (15,944)   (56,965)   (47,661)
Capital loss carryforwards   (2,073,337)   (2,697,693)   (8,372,305)
Unrealized appreciation (depreciation) of investments   (7,050,547)   (10,884,441)   (15,148,771)
Net assets  $59,258,344   $203,431,561   $212,796,868 

173

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Idaho Fund   New York Fund   Pennsylvania Fund 
Shares of beneficial interest  $138,992,113   $214,213,000   $412,452,379 
Undistributed tax-exempt income   486    359,804    7,868 
Distributions payable   (14,019)   (92,778)   (115,923)
Capital loss carryforwards   (8,301,969)   (2,800,323)*   (15,760,588)
Unrealized appreciation (depreciation) of investments   (10,248,960)   (10,433,542)   (16,466,788)
Net assets  $120,427,651   $201,246,161   $380,116,948 

* 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 treatment of market discount and premium on debt instruments and tax deferral of losses due to wash sales, as applicable.

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, 2023, the Funds had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At August 31, 2023, each Fund has capital loss carryforwards available to offset future realized capital gains as follows:

   Loss carryforward character     
   Short-term   Long-term   Total 
Delaware Tax-Free Arizona Fund  $716,403   $1,356,934   $2,073,337 
Delaware Tax-Free California Fund   1,683,951    1,013,742    2,697,693 
Delaware Tax-Free Colorado Fund   5,164,789    3,207,516    8,372,305 
Delaware Tax-Free Idaho Fund   4,816,396    3,485,573    8,301,969 
Delaware Tax-Free New York Fund   1,445,209    1,355,114    2,800,323 
Delaware Tax-Free Pennsylvania Fund   7,316,673    8,443,915    15,760,588 

174

Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

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 
   8/31/23   8/31/22   8/31/23   8/31/22   8/31/23   8/31/22 
Shares sold:                              
Class A   355,524    300,220    1,148,802    1,745,483    708,020    1,335,477 
Class C   19,939    24,116    34,458    38,036    26,393    55,260 
Institutional Class   439,574    1,007,938    8,325,544    6,229,536    3,225,993    4,468,748 
                               
Shares issued upon reinvestment of dividends and distributions:
Class A   146,699    168,065    207,624    187,969    408,205    355,561 
Class C   2,342    2,871    5,457    6,147    9,701    10,933 
Institutional Class   48,027    64,976    325,448    130,790    267,560    209,604 
    1,012,105    1,568,186    10,047,333    8,337,961    4,645,872    6,435,583 
                               
Shares redeemed:                              
Class A   (1,301,114)   (519,951)   (1,387,649)   (2,244,604)   (2,142,669)   (1,850,043)
Class C   (44,564)   (45,692)   (78,456)   (122,243)   (192,575)   (172,957)
Institutional Class   (995,521)   (1,090,512)   (3,546,840)   (2,718,798)   (3,210,723)   (3,176,192)
    (2,341,199)   (1,656,155)   (5,012,945)   (5,085,645)   (5,545,967)   (5,199,192)
Net increase (decrease)   (1,329,094)   (87,969)   5,034,388    3,252,316    (900,095)   1,236,391 

175

   Delaware Tax-Free   Delaware Tax-Free   Delaware Tax-Free 
   Idaho Fund   New York Fund   Pennsylvania Fund 
   Year ended   Year ended   Year ended 
   8/31/23   8/31/22   8/31/23   8/31/22   8/31/23   8/31/22 
Shares sold:                              
Class A   1,656,764    1,222,948    2,493,095    967,256    12,904,727    14,365,895 
Class C   68,969    74,579    52,421    65,179    269,783    217,372 
Institutional Class   2,147,615    2,537,889    3,512,151    4,263,727    4,359,438    5,473,407 
                               
Shares issued upon reinvestment of dividends and distributions:       
Class A   191,593    156,483    353,002    297,179    1,490,669    1,283,255 
Class C   11,454    9,851    6,418    5,413    38,195    36,449 
Institutional Class   157,640    133,514    195,980    127,769    367,405    302,064 
    4,234,035    4,135,264    6,613,067    5,726,523    19,430,217    21,678,442 
                               
Shares redeemed:                              
Class A   (1,861,186)   (930,517)   (2,443,964)   (2,279,699)   (17,159,399)   (15,469,049)
Class C   (108,766)   (147,945)   (151,146)   (100,403)   (495,977)   (495,841)
Institutional Class   (1,948,199)   (2,234,652)   (3,195,136)   (2,511,065)   (5,632,202)   (4,556,076)
    (3,918,151)   (3,313,114)   (5,790,246)   (4,891,167)   (23,287,578)   (20,520,966)
Net increase (decrease)   315,884    822,150    822,821    835,356    (3,857,361)   1,157,476 

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

   Exchange Redemptions   Exchange Subscriptions     
           Institutional       Institutional     
   Class A   Class C   Class   Class A   Class     
   Shares   Shares   Shares   Shares   Shares   Value 
Delaware Tax-Free Arizona Fund
Year ended                              
8/31/23   —    —    29,308    29,308    —   $287,804 
8/31/22   8,660    4,736    —    —    13,404    157,073 
Delaware Tax-Free California Fund
Year ended                              
8/31/23   2,606    —    —    —    2,606    28,713 

176

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                              
8/31/23   74,673    2,690    2,116    4,815    74,673   $798,445 
8/31/22   28,759    29,958    —    —    58,786    624,114 
                               
Delaware Tax-Free Idaho Fund*
Year ended                              
8/31/22   —    2,774    —    868    1,906    31,924 
                               
Delaware Tax-Free New York Fund                              
Year ended                              
8/31/23   20,232    6,789    —    6,785    20,252    273,391 
8/31/22   2,825    299    —    298    2,833    37,182 
                               
Delaware Tax-Free Pennsylvania Fund
Year ended                              
8/31/23   105,897    28,025    —    28,056    105,970    955,662 
8/31/22   59,419    9,495    —    9,502    59,480    539,221 

*Delaware Tax-Free Idaho Fund did not have any exchange transactions for the year ended August 31, 2023.

7. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022. The Agreement was extended to October 30, 2023.

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

8. Geographic, Credit, and Market Risks

The global outbreak of COVID-19 resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in

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healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the outbreak, its full economic impact and ongoing effects at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on a Fund’s performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

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

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Notes to financial statements

Delaware Funds by Macquarie® state tax-free funds

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

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

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

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or

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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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of 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 Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York 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, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

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

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

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Other Fund information (Unaudited)

Delaware Funds by Macquarie® state tax-free funds

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

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Other Fund information (Unaudited)

Delaware Funds by Macquarie® state tax-free funds

Tax Information

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

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

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

   (A)   (B)     
   Ordinary Income   Tax-Exempt   Total 
   Distributions   Distributions   Distributions 
   (Tax Basis)   (Tax Basis)   (Tax Basis) 
Delaware Tax-Free Arizona Fund  0.39%  99.61%  100.00%
Delaware Tax-Free California Fund  0.33%  99.67%  100.00%
Delaware Tax-Free Colorado Fund  0.17%  99.83%  100.00%
Delaware Tax-Free Idaho Fund  0.07%  99.93%  100.00%
Delaware Tax-Free New York Fund  2.39%  97.61%  100.00%
Delaware Tax-Free Pennsylvania Fund  1.92%  98.08%  100.00%

 

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

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

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

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

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

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

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

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Other Fund information (Unaudited)

Delaware Funds by Macquarie® state tax-free funds

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

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreements and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates.

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

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

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

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

185

performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2022.

Delaware Tax-Free Arizona Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was in the fourth, third, second, and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was below the median of its Performance Universe and for the 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund slightly outperformed its benchmark index for the 10-year period and underperformed its benchmark index for the 1-, 3- and 5-year periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

Delaware Tax-Free California Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional California municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3- and 5-year and since inception periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3- and 5-year and since inception periods was above the median of its Performance Universe and for the 1-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the since inception period and underperformed its benchmark index for the 1-, 3- and 5-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

Delaware Tax-Free Colorado Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional “other states” municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth and second quartile, respectively, of its Performance Universe and for the 5-year and since inception periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3- and 5-year and since inception periods was above the median of its Performance Universe and for the 1-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the since inception period and underperformed its benchmark index for the 1-, 3- and 5-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

186

Other Fund information (Unaudited)

Delaware Funds by Macquarie® state tax-free funds

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

Delaware Tax-Free Idaho Fund. The Performance Universe for the Fund consisted of the Fund all retail and institutional “other states” municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was in the fourth and first quartile, respectively, and for the 3-year and since inception periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3- and 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 5-year and since inception periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods and its Performance Universe for the 1-year period.

Delaware Tax-Free New York Fund. The Performance Universe for the Fund consisted of the Fund all retail and institutional New York municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe and for the 3- and 5-year and since inception periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3- and 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods and outperformed its benchmark index for the since inception period. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board also noted that the Fund added a portfolio manager in May 2023. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

Delaware Tax-Free Pennsylvania Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional Pennsylvania municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe and for the 3- and 5-year and since inception periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3- and 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 5-year periods and outperformed its benchmark index for the since inception periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

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Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

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

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

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

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

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

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

188

Other Fund information (Unaudited)

Delaware Funds by Macquarie® state tax-free funds

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

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

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds, including the current breakpoints. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

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

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

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

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

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

Form N-PORT and proxy voting information

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that 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 Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

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.

190

Board of trustees and officers addendum

Delaware Funds by Macquarie®

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

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time  Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
Interested Trustee    
           
Shawn K. Lytle2
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1970		 President, Chief Executive Officer, and Trustee

President and Chief Executive Officer since August 2015

 

Trustee since September 2015

 105 Macquarie Asset Management3 (2015–Present) -Global Head of
Macquarie Asset Management Public Investments (2019–Present) -Head of Americas of Macquarie Group
(2017–Present)		 None

191

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time  Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
Independent Trustees      
           
Jerome D.
Abernathy
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1959		 Trustee Since January 2019 105 Stonebrook Capital
Management, LLC
(financial
technology: macro
factors and databases)
-Managing Member
(1993-Present)		 None
           
Ann D. Borowiec
100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1958		 Trustee Since March 2015 105 J.P. Morgan Chase & Co.
(1987-2013)
-Chief Executive Officer,
Private Wealth
Management
(2011–2013)		 Banco Santander International
(2016–2019) Santander Bank, N.A.
(2016-2019)

192

Board of trustees and officers addendum

Delaware Funds by Macquarie®

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
           
Joseph W. Chow
 100 Independence
610 Market Street
Philadelphia, PA
19106-2354
1953		 Trustee Since January 2013 105 Private Investor
(2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer		 None
           
H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354
1955		 Trustee Since April 20194 105 KPMG LLP
(2002-2015) -Global Sector Chairman, Industrial Manufacturing
(2010-2015)		 TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019-2021)

 

193

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time  Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
 
John A. Fry
100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960		 Trustee Since January 2001 105 Drexel University -President
(2010–Present)		 Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc.
(2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co.
(2015–2019)

194

Board of trustees and officers addendum

Delaware Funds by Macquarie®

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
 
Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354
1967		 Trustee Since November 19984 105 University of Oklahoma -President
(2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member
(2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member
(2019–Present)		 OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference
(2019-Present) Valliance Bank
(2007–Present) Ivy Funds Complex
(1998-2021)

195

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
           
Sandra A.J. Trustee Since April 20194 105 Children’s Mercy Brixmor Property
Lawrence
100 Independence
610 Market Street Philadelphia, PA 19106-2354
1957		       Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019) Group Inc.
(2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery)
(2021-2023) Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies)
(2018-Present) National Association of Corporate
Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019-2021)

196

Board of trustees and officers addendum

Delaware Funds by Macquarie®

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
 
Frances A. Sevilla-Sacasa
100 Independence
610 Market Street Philadelphia, PA 19106-2354
1956		 Trustee Since September 2011 105 Banco Itaú International -Chief Executive Officer (2012–2016) Bank of America, U.S. Trust Private Wealth -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007) Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors
(2021-Present) Callon Petroleum Company
(2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc.
(2018-2019)
           
Thomas K. Whitford
100 Independence
610 Market Street Philadelphia, PA 19106-2354
1956		 Chair and Trustee

Trustee since January 2013

 

Chair since January 2023

 105 PNC Financial Services Group
(1983–2013) -Vice Chairman
(2009-2013)		 HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc.
(2013–2022)

197

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
           
Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354
1959		 Trustee Since January 2019 105 Gore Creek Capital, Ltd. -Chief Executive Officer and President
(2009–Present) Capital Z Asset Management -Chief Executive Officer
(2008-2009) California Public Employees’ Retirement System (CalPERS) -Senior Investment Officer of Global Equity
6(2002-2008)		 The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event-Driven Fund
(2013–2021), and WCM Alternatives: Credit Event Fund
(2017–2021) Grange Insurance
(2013–Present) H&R Block Corporation
(2008–2022) International Securities Exchange (2010-2018) Vassar College Trustee (2006-2018)

198

Board of trustees and officers addendum

Delaware Funds by Macquarie®

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
           
Janet L. Yeomans 100 Independence 610 Market Street Philadelphia, PA 19106-2354
1948		 Trustee Since April 1999 105 3M Company
(1995-2012) -Vice President and Treasurer
(2006–2012)		 Temple University Hospital
(2017-Present) Pennsylvania State System of Higher Education
(2018-Present)
Officers          
David F. Connor
 100 Independence
610 Market Street Philadelphia, PA 19106-2354
1963		 Senior Vice President, General Counsel, and Secretary Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 105 David F. Connor has served in various capacities at different times at Macquarie Asset Management. None5
           
Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354
1972		 Senior Vice President and Treasurer Senior Vice President and Treasurer since October 2007 105 Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management. None5

199

          Other
      Number of Principal Directorships
Name, Position(s)   Funds in Fund Occupation(s) Held by Trustee
Address, Held with  Length of Time   Complex Overseen During the During the
and Birth Year the Trust Served1 by Trustee Past Five Years Past Five Years
           
Richard Salus
 100 Independence
610 Market Street Philadelphia, PA 19106-2354
1963		 Senior Vice President and Chief Financial Officer Senior Vice President and Chief Financial Officer since November 2006 105 Richard Salus has served in various capacities at different times at Macquarie Asset Management. None

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

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

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

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

5 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 manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust.

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

200

 

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie® Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a.       An understanding of generally accepted accounting principles and financial statements;

b.       The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c.       Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d.       An understanding of internal controls and procedures for financial reporting; and

e.       An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a.       Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b.       Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c.       Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d.       Other relevant experience.

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of

 

 

the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

H. Jeffrey Dobbs

Sandra A.J. Lawrence

Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $194,944 for the fiscal year ended August 31, 2023.

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 $194,944 for the fiscal year ended August 31, 2022.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2023.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,362,878 for the registrant’s fiscal year ended August 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended August 31, 2022.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval

 

 

requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $26,485 for the fiscal year ended August 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $26,485 for the fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended August 31, 2023.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services 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, 2022.

 

 

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended August 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie®.

Service Range of Fees
Audit Services  
Statutory audits or financial audits for new Funds up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters

up to $10,000 per Fund

Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)

up to $25,000 in the aggregate

Audit-Related Services  
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)

up to $25,000 in the aggregate

Tax Services  
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)

up to $25,000 in the aggregate

U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

 

 

Service Range of Fees
Non-Audit Services  
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $24,428,000 and $9,044,000 for the registrant’s fiscal years ended August 31, 2023 and August 31, 2022, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

(i) Not applicable.

(j) Not applicable.

Item 5.   Audit Committee of Listed Registrants

Not applicable.

Item 6.   Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

 

 

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a)(1)  Code of Ethics

Not applicable.

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

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

Not applicable.

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

 

 

SIGNATURES

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

VOYAGEUR MUTUAL FUNDS

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

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

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